[November 13, 2012] |
|
Dialogic Inc. Reports Third Quarter 2012 Financial Results
MILPITAS, Calif. --(Business Wire)--
Dialogic Inc. (NASDAQ: DLGC), a leading provider of products and
technologies that enable operators to provide an enhanced mobile
experience, today announced third quarter financial results for the
period ending September 30, 2012.
On a GAAP basis, Dialogic achieved the following financial results for
the third quarter of 2012 as compared to the third quarter of 2011 and
the second quarter of 2012.
-
Total revenue for the third quarter of 2012 was $42.4 million,
compared to $47.4 million in the third quarter of 2011 and $38.6
million in the second quarter of 2012.
-
Gross margin for the third quarter of 2012 was 61.8%, compared to
59.8% in the third quarter of 2011 and 45.9% in the second quarter of
2012.
-
Operating expense for the third quarter of 2012 was $26.4 million,
compared to $37.3 million in the third quarter of 2011 and $35.5
million in the second quarter of 2012.
-
Net loss for the third quarter of 2012 was ($0.3) million, or ($0.03)
per share, compared to losses of ($13.1) million, or ($2.09) per
share, in the third quarter of 2011 and ($18.0) million, or ($2.85)
per share, in the second quarter of 2012. Earnings per share results
were calculated on a post-split basis, taking into effect the
company's 5 for 1 reverse stock split, effected on September 14, 2012,
retroactively applied for compared periods.
As reflected below in the Reconciliation of Condensed Consolidated
Statements of Operations to Adjusted EBITDA Results, on a non-GAAP
basis, Dialogic achieved the following financial results for the third
quarter of 2012, as compared to the third quarter of 2011 and to the
second quarter of 2012.
-
Total revenue for the third quarter of 2012 was $42.5 million,
compared to $48.0 million in the third quarter of 2011 and $39.3
million in the second quarter of 2012.
-
Gross margin for the third quarter of 2012 was 65.3%, compared to
65.3% in the third quarter of 2011 and 65.1% in the second quarter of
2012.
-
Operating expense for the third quarter of 2012 was $23.9 million,
compared to $30.3 million in the third quarter of 2011 and $27.5
million in the second quarter of 2012.
-
Adjusted EBITDA for the third quarter of 2012 was $3.8 million,
compared to $1.0 million in the third quarter of 2011 and ($2.0)
million in the second quarter of 2012.
"Dialogic is pleased to report that the organizational, operational and
financial initiatives that have been implemented over the past four
quarters are starting to yield better results across key dimensions of
our business," said Kevin Cook, President and CEO. "We are encouraged
that our Next-Gen portfolio achieved double digit sequential revenue
growth. In addition, we recorded the lowest quarterly non-GAAP operating
expenses and the highest adjusted EBITDA for 2012."
"Our customers continue to reinforce that we are uniquely enabling the
integration and delivery of complex video, voice and data services
across legacy and Next-Gen IMS/LTE networks," added Cook. "Throughout
the quarter, we demonstrated success in turning up new Next-Gen networks
with our ControlSwitch system, enhancing existing networks with our
BorderNet session border controllers and expanding the capacity of
severely constrained networks with our Session Bandwidth Optimization
portfolio. The company's ability to address the breadth of customer
opportunities served us well."
Conference Call Information
Dialogic will hold its third quarter earnings conference call at
approximately 4:30 p.m. Eastern Standard Time on Tuesday, November 13,
2012. Dialogic will offer a live webcast of the conference call on its
website at www.dialogic.com,
which will also include forward-looking information. For parties in the
United States, call 1-800-860-2442 to access the conference call.
International parties can access the call at 412-858-4600. A replay of
the webcast will be accessible from the "Investor Relations" section of
the Dialogic website. A telephonic replay of the conference call will
also be available one hour after the call and will run for 30 days. To
hear the telephonic replay, parties in the United States should call
1-877-344-7529 and enter passcode 10021152#. International parties
should call +1-412-317-0088 and enter passcode 10021152#. In addition,
Dialogic's press release will be distributed via Business Wire and
posted on the Dialogic website prior to the conference call.
About Dialogic
Dialogic (NASDAQ: DLGC) is a leading provider of products and
technologies that enable operators to provide an enhanced mobile
experience. Whether our products are used in mobile value-added service
solutions or to transform, connect and optimize communications services,
Dialogic understands that mobile experience matters. Our technology
touches over two billion mobile subscribers a day and our network
solutions carry more than 15 billion minutes of traffic per month.
For more information on Dialogic and the communications solutions built
on Dialogic® technology, visit www.dialogic.com
and www.dialogic.com/showcase.
This press release may contain forward-looking statements regarding
future events that involve risks and uncertainties. Readers are
cautioned that these forward-looking statements are only predictions and
may differ materially from actual future events or results. These
forward-looking statements involve risks and uncertainties, as well as
assumptions that if they do not fully materialize or prove incorrect,
could cause our results to differ materially from those expressed or
implied by such forward-looking statements. The risks and uncertainties
that could cause our results to differ materially from those expressed
or implied by such forward-looking statements include but are not
limited to our ability to continue to achieve operational,
organizational and financial savings through initiatives already in
process or which may be put in process, generate positive cash flow and
support continued revenue growth, the potential market for and market
acceptance of our products, industry and competitive market conditions,
gross margin expansion, creating new revenue opportunities, reducing
operating expenses and other risks and uncertainties described more
fully in our documents filed with or furnished to the SEC. More
information about these and other risks that may impact Dialogic's
business is set forth in the "Risk Factors" section in our Quarterly
Report on Form 10-Q for the three months ended June 30, 2012, as filed
with the SEC. These filings are available on a website maintained by the
SEC http://www.sec.gov/.
All forward-looking statements in this press release are based on
information available to us as of the date hereof, and we assume no
obligation to update these forward-looking statements.
Dialogic is a registered trademark and BorderNet and ControlSwitch are
trademarks of Dialogic Inc. or a subsidiary. All other company and
product names may be trademarks of the respective companies with which
they are associated. (DLGC-IR)
GAAP Financial Tables
|
DIALOGIC INC.
|
Condensed Consolidated Statements of Operations (GAAP)
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
32,140
|
|
|
$
|
36,604
|
|
|
$
|
92,249
|
|
|
$
|
118,428
|
|
Services
|
|
|
10,251
|
|
|
|
10,817
|
|
|
|
29,808
|
|
|
|
29,644
|
|
Total revenue
|
|
|
42,391
|
|
|
|
47,421
|
|
|
|
122,057
|
|
|
|
148,072
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
Products
|
|
|
11,070
|
|
|
|
13,700
|
|
|
|
38,038
|
|
|
|
45,237
|
|
Services
|
|
|
5,118
|
|
|
|
5,358
|
|
|
|
15,267
|
|
|
|
16,215
|
|
Total cost of revenue
|
|
|
16,188
|
|
|
|
19,058
|
|
|
|
53,305
|
|
|
|
61,452
|
|
Gross profit
|
|
|
26,203
|
|
|
|
28,363
|
|
|
|
68,752
|
|
|
|
86,620
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
9,266
|
|
|
|
13,540
|
|
|
|
33,459
|
|
|
|
42,262
|
|
Sales and marketing
|
|
|
9,261
|
|
|
|
12,664
|
|
|
|
31,935
|
|
|
|
41,829
|
|
General and administrative
|
|
|
7,375
|
|
|
|
9,391
|
|
|
|
23,766
|
|
|
|
27,553
|
|
Restructuring charges
|
|
|
457
|
|
|
|
1,674
|
|
|
|
4,760
|
|
|
|
6,420
|
|
Total operating expenses
|
|
|
26,359
|
|
|
|
37,269
|
|
|
|
93,920
|
|
|
|
118,064
|
|
Loss from operations
|
|
|
(156
|
)
|
|
|
(8,906
|
)
|
|
|
(25,168
|
)
|
|
|
(31,444
|
)
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
Interest and other income (expense), net
|
|
|
242
|
|
|
|
(3
|
)
|
|
|
95
|
|
|
|
(3
|
)
|
Interest expense
|
|
|
(1,792
|
)
|
|
|
(4,695
|
)
|
|
|
(8,836
|
)
|
|
|
(13,227
|
)
|
Change in fair value of warrants
|
|
|
1,750
|
|
|
|
-
|
|
|
|
2,154
|
|
|
|
-
|
|
Foreign exchange loss, net
|
|
|
(278
|
)
|
|
|
(51
|
)
|
|
|
(1,047
|
)
|
|
|
(384
|
)
|
Total other expense, net
|
|
|
(78
|
)
|
|
|
(4,749
|
)
|
|
|
(7,634
|
)
|
|
|
(13,614
|
)
|
Loss before provision (benefit) for income taxes
|
|
|
(234
|
)
|
|
|
(13,655
|
)
|
|
|
(32,802
|
)
|
|
|
(45,058
|
)
|
Income tax provision (benefit)
|
|
|
56
|
|
|
|
(557
|
)
|
|
|
304
|
|
|
|
588
|
|
Net loss
|
|
$
|
(290
|
)
|
|
$
|
(13,098
|
)
|
|
$
|
(33,106
|
)
|
|
$
|
(45,646
|
)
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted
|
|
$
|
(0.03
|
)
|
|
$
|
(2.09
|
)
|
|
$
|
(4.34
|
)
|
|
$
|
(7.30
|
)
|
Weighted average shares of common stock used in calculation of net
loss per share - basic and diluted
|
|
|
10,229
|
|
|
|
6,269
|
|
|
|
7,634
|
|
|
|
6,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIALOGIC INC.
|
Unaudited Condensed Consolidated Balance Sheets
|
(in thousands, except share and per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
2,661
|
|
|
$
|
10,353
|
|
Restricted cash
|
|
|
|
1,000
|
|
|
|
1,497
|
|
Accounts receivable, net of allowance of $3,797 and $3,622,
respectively
|
|
|
|
39,393
|
|
|
|
47,460
|
|
Inventory
|
|
|
|
9,741
|
|
|
|
20,127
|
|
Other current assets
|
|
|
|
7,845
|
|
|
|
9,157
|
|
Total current assets
|
|
|
|
60,640
|
|
|
|
88,594
|
|
Property and equipment, net
|
|
|
|
6,479
|
|
|
|
7,947
|
|
Intangible assets, net
|
|
|
|
26,675
|
|
|
|
33,267
|
|
Goodwill
|
|
|
|
31,223
|
|
|
|
31,223
|
|
Other assets
|
|
|
|
1,680
|
|
|
|
2,311
|
|
Total assets
|
|
|
$
|
126,697
|
|
|
$
|
163,342
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
19,414
|
|
|
$
|
21,569
|
|
Accrued liabilities
|
|
|
|
18,298
|
|
|
|
22,449
|
|
Deferred revenue, current portion
|
|
|
|
13,503
|
|
|
|
14,872
|
|
Bank indebtedness
|
|
|
|
10,709
|
|
|
|
12,509
|
|
Income taxes payable
|
|
|
|
920
|
|
|
|
1,665
|
|
Interest payable, related parties
|
|
|
|
50
|
|
|
|
3,452
|
|
Total current liabilities
|
|
|
|
62,894
|
|
|
|
76,516
|
|
Long-term debt, related parties, net of discount
|
|
|
|
64,233
|
|
|
|
94,675
|
|
Warrants
|
|
|
|
4,917
|
|
|
|
-
|
|
Other long-term liabilities
|
|
|
|
8,649
|
|
|
|
7,587
|
|
Total liabilities
|
|
|
|
140,693
|
|
|
|
178,778
|
|
Commitments and contingencies
|
|
|
|
|
|
Preferred stock, $0.001 par value:
|
|
|
|
|
|
Authorized - 10,000,000 shares; Issued and outstanding - 1 share
|
|
|
|
-
|
|
|
|
-
|
|
Stockholders' deficit:
|
|
|
|
|
|
Common stock, $0.001 par value:
|
|
|
|
|
|
Authorized - 200,000,000 shares; Issued and outstanding 14,401,747
and 6,295,230 shares, respectively
|
|
|
|
14
|
|
|
|
6
|
|
Additional paid-in capital
|
|
|
|
257,049
|
|
|
|
222,087
|
|
Accumulated other comprehensive loss
|
|
|
|
(22,630
|
)
|
|
|
(22,206
|
)
|
Accumulated deficit
|
|
|
|
(248,429
|
)
|
|
|
(215,323
|
)
|
Total stockholders' deficit
|
|
|
|
(13,996
|
)
|
|
|
(15,436
|
)
|
Total liabilities and stockholders' deficit
|
|
|
$
|
126,697
|
|
|
$
|
163,342
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures
Some of the measures in this press release are non-GAAP financial
measures within the meaning of the SEC Regulation G. Dialogic believes
that presenting non-GAAP Adjusted EBITDA is useful to investors, because
it reflects the operating performance of Dialogic. Dialogic management
uses these non-GAAP measures as important indicators of the company's
past performance and in planning and forecasting performance in future
periods. Dialogic considers EBITDA, as adjusted, an important measure of
its ability to generate cash flows to fund operating activities, service
debt, fund capital expenditures and fund other corporate investing and
financing activities. EBITDA, as adjusted, eliminates the non-cash
effect of tangible asset depreciation and amortization of intangible
assets and stock-based compensation, as well as certain nonrecurring
expenses. EBITDA should be considered in addition to, rather than as a
substitute for, pre-tax income, net income and cash flows from operating
activities. The non-GAAP financial information Dialogic presents may not
be comparable to similarly-titled financial measures used by other
companies, and investors should not consider non-GAAP financial measures
in isolation from, or in substitution for, financial information
presented in compliance with GAAP. You are encouraged to review the
reconciliation of GAAP financial measures to non-GAAP financial measures
included elsewhere in this press release.
In respect of the foregoing, Dialogic provides the following
supplemental information to provide additional context for the use and
consideration of the non-GAAP financial measures used elsewhere in this
press release:
"EBITDA" is defined as earnings before interest, income taxes,
depreciation and amortization. "Adjusted EBITDA" is defined as EBITDA,
plus adjustments for nonrecurring items or other adjustments. Adjusted
EBITDA includes EBITDA and also restructuring and integration costs,
product rationalization, non-cash stock compensation expense, purchase
accounting adjustments, SEC inquiry expenses and other income (expense)
items, which includes the change in the fair value of warrants and
foreign exchange gain (loss). Dialogic considers Adjusted EBITDA as a
key metric in evaluating its financial performance.
Non-GAAP Financial Tables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIALOGIC INC.
|
Reconciliation of Condensed Consolidated Statement of Operations
to Adjusted EBITDA Results
|
Three Months Ended September 30, 2012
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
Stock-based
|
|
Purchase
|
|
|
|
|
|
|
|
|
|
|
and
|
|
Restructuring and
|
|
Product
|
|
Compensation
|
|
Accounting
|
|
SEC
|
|
Other
|
|
Adjusted
|
|
|
GAAP
|
|
Amortization
|
|
Integration Costs
|
|
Rationalization
|
|
Expense
|
|
Adjustments
|
|
Inquiry
|
|
Adjustments
|
|
EBITDA
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
32,140
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
165
|
|
|
-
|
|
|
-
|
|
|
$
|
32,305
|
|
Services
|
|
|
10,251
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(77
|
)
|
|
-
|
|
|
-
|
|
|
|
10,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
11,070
|
|
|
(1,226
|
)
|
|
-
|
|
|
(516
|
)
|
|
(86
|
)
|
|
371
|
|
|
-
|
|
|
-
|
|
|
|
9,613
|
|
Services
|
|
|
5,118
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
5,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
9,266
|
|
|
(324
|
)
|
|
4
|
|
|
-
|
|
|
(146
|
)
|
|
73
|
|
|
-
|
|
|
-
|
|
|
|
8,872
|
|
Sales and marketing
|
|
|
9,261
|
|
|
(471
|
)
|
|
19
|
|
|
-
|
|
|
(175
|
)
|
|
6
|
|
|
-
|
|
|
-
|
|
|
|
8,641
|
|
General and administrative
|
|
|
7,375
|
|
|
(269
|
)
|
|
(486
|
)
|
|
-
|
|
|
(238
|
)
|
|
69
|
|
|
(64
|
)
|
|
-
|
|
|
|
6,387
|
|
Restructuring charges
|
|
|
457
|
|
|
-
|
|
|
(457
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense, net
|
|
|
(78
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
78
|
|
|
|
-
|
|
Income tax provision
|
|
|
56
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(56
|
)
|
|
|
-
|
|
Net (loss) income
|
|
$
|
(290
|
)
|
|
2,290
|
|
|
920
|
|
|
516
|
|
|
645
|
|
|
(431
|
)
|
|
64
|
|
|
134
|
|
|
$
|
3,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share - basic and diluted
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.38
|
|
Weighted average shares of common stock used in calculation of net
(loss) income per share - basic and diluted
|
|
|
10,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIALOGIC INC.
|
Reconciliation of Condensed Consolidated Statement of Operations
to Adjusted EBITDA Results
|
Three Months Ended September 30, 2011
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
Stock-based
|
|
Purchase
|
|
|
|
|
|
|
|
|
|
|
and
|
|
Restructuring and
|
|
Product
|
|
Compensation
|
|
Accounting
|
|
SEC
|
|
Other
|
|
|
|
|
GAAP
|
|
Amortization
|
|
Integration Costs
|
|
Rationalization
|
|
Expense
|
|
Adjustments
|
|
Inquiry
|
|
Adjustments
|
|
Non-GAAP
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
36,604
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
155
|
|
|
-
|
|
|
-
|
|
|
$
|
36,759
|
|
Services
|
|
|
10,817
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
413
|
|
|
-
|
|
|
-
|
|
|
|
11,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
13,700
|
|
|
(2,146
|
)
|
|
-
|
|
|
-
|
|
|
(89
|
)
|
|
(138
|
)
|
|
-
|
|
|
-
|
|
|
|
11,327
|
|
Services
|
|
|
5,358
|
|
|
-
|
|
|
(25
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
5,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
13,540
|
|
|
(437
|
)
|
|
(65
|
)
|
|
-
|
|
|
(239
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
12,799
|
|
Sales and marketing
|
|
|
12,664
|
|
|
(1,269
|
)
|
|
(21
|
)
|
|
-
|
|
|
(234
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
11,140
|
|
General and administrative
|
|
|
9,391
|
|
|
(812
|
)
|
|
(286
|
)
|
|
-
|
|
|
(198
|
)
|
|
-
|
|
|
(1,699
|
)
|
|
-
|
|
|
|
6,396
|
|
Restructuring charges
|
|
|
1,674
|
|
|
-
|
|
|
(1,674
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense, net
|
|
|
(4,749
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,749
|
|
|
|
-
|
|
Income tax benefit
|
|
|
(557
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
557
|
|
|
|
-
|
|
Net (loss) income
|
|
$
|
(13,098
|
)
|
|
4,664
|
|
|
2,071
|
|
|
-
|
|
|
760
|
|
|
706
|
|
|
1,699
|
|
|
4,192
|
|
|
$
|
994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share - basic and diluted
|
|
$
|
(2.09
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.16
|
|
Weighted average shares of common stock used in calculation of net
(loss) income per share - basic and diluted
|
|
|
6,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIALOGIC INC.
|
Reconciliation of Condensed Consolidated Statement of Operations
to Adjusted EBITDA Results
|
Three Months Ended June 30, 2012
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
Stock-based
|
|
Purchase
|
|
|
|
|
|
|
|
|
|
|
and
|
|
Restructuring and
|
|
Product
|
|
Compensation
|
|
Accounting
|
|
SEC
|
|
Other
|
|
|
|
|
GAAP
|
|
Amortization
|
|
Integration Costs
|
|
Rationalization
|
|
Expense
|
|
Adjustments
|
|
Inquiry
|
|
Adjustments
|
|
Non-GAAP
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
28,599
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
100
|
|
|
-
|
|
|
-
|
|
|
$
|
28,699
|
|
Services
|
|
|
9,960
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
596
|
|
|
-
|
|
|
-
|
|
|
|
10,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
15,901
|
|
|
(2,052
|
)
|
|
-
|
|
|
(4,821
|
)
|
|
(74
|
)
|
|
(215
|
)
|
|
-
|
|
|
-
|
|
|
|
8,739
|
|
Services
|
|
|
4,978
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
4,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
11,370
|
|
|
(430
|
)
|
|
-
|
|
|
-
|
|
|
(120
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
10,820
|
|
Sales and marketing
|
|
|
11,063
|
|
|
(833
|
)
|
|
-
|
|
|
-
|
|
|
(154
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
10,076
|
|
General and administrative
|
|
|
8,806
|
|
|
(289
|
)
|
|
(1,264
|
)
|
|
-
|
|
|
(217
|
)
|
|
-
|
|
|
(416
|
)
|
|
-
|
|
|
|
6,620
|
|
Restructuring charges
|
|
|
4,246
|
|
|
-
|
|
|
(4,246
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense, net
|
|
|
(338
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
338
|
|
|
|
-
|
|
Income tax benefit
|
|
|
(112
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
112
|
|
|
|
-
|
|
Net (loss) income
|
|
$
|
(18,031
|
)
|
|
3,604
|
|
|
5,510
|
|
|
4,821
|
|
|
565
|
|
|
911
|
|
|
416
|
|
|
226
|
|
|
$
|
(1,978
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share - basic and diluted
|
|
$
|
(2.85
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.31
|
)
|
Weighted average shares of common stock used in calculation of net
(loss) income per share - basic and diluted
|
|
|
6,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIALOGIC INC.
|
Reconciliation of Condensed Consolidated Statement of Operations
to Adjusted EBITDA Results
|
Nine Months Ended September 30, 2012
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
Stock-based
|
|
Purchase
|
|
|
|
|
|
|
|
|
|
|
and
|
|
Restructuring and
|
|
Product
|
|
Compensation
|
|
Accounting
|
|
SEC
|
|
Other
|
|
|
|
|
GAAP
|
|
Amortization
|
|
Integration Costs
|
|
Rationalization
|
|
Expense
|
|
Adjustments
|
|
Inquiry
|
|
Adjustments
|
|
Non-GAAP
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
92,249
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
434
|
|
|
-
|
|
|
-
|
|
|
$
|
92,683
|
|
Services
|
|
|
29,808
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
827
|
|
|
-
|
|
|
-
|
|
|
|
30,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
38,038
|
|
|
(4,844
|
)
|
|
-
|
|
|
(5,337
|
)
|
|
(149
|
)
|
|
156
|
|
|
-
|
|
|
-
|
|
|
|
27,864
|
|
Services
|
|
|
15,267
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(95
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
15,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
33,459
|
|
|
(1,106
|
)
|
|
4
|
|
|
-
|
|
|
(506
|
)
|
|
73
|
|
|
-
|
|
|
-
|
|
|
|
31,923
|
|
Sales and marketing
|
|
|
31,935
|
|
|
(2,119
|
)
|
|
19
|
|
|
-
|
|
|
(551
|
)
|
|
6
|
|
|
-
|
|
|
-
|
|
|
|
29,291
|
|
General and administrative
|
|
|
23,766
|
|
|
(1,136
|
)
|
|
(2,197
|
)
|
|
-
|
|
|
(595
|
)
|
|
69
|
|
|
(243
|
)
|
|
-
|
|
|
|
19,663
|
|
Restructuring charges
|
|
|
4,760
|
|
|
-
|
|
|
(4,760
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense, net
|
|
|
(7,634
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
7,634
|
|
|
|
-
|
|
Income tax provision
|
|
|
304
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(304
|
)
|
|
|
-
|
|
Net (loss) income
|
|
$
|
(33,106
|
)
|
|
9,205
|
|
|
6,934
|
|
|
5,337
|
|
|
1,896
|
|
|
957
|
|
|
243
|
|
|
7,938
|
|
|
$
|
(595
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share - basic and diluted
|
|
$
|
(4.34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.08
|
)
|
Weighted average shares of common stock used in calculation of net
(loss) income per share - basic and diluted
|
|
|
7,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIALOGIC INC.
|
Reconciliation of Condensed Consolidated Statement of Operations
to Adjusted EBITDA Results
|
Nine Months Ended September 30, 2011
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
Stock-based
|
|
Purchase
|
|
|
|
|
|
|
|
|
|
|
and
|
|
Restructuring and
|
|
Product
|
|
Compensation
|
|
Accounting
|
|
SEC
|
|
Other
|
|
|
|
|
GAAP
|
|
Amortization
|
|
Integration Costs
|
|
Rationalization
|
|
Expense
|
|
Adjustments
|
|
Inquiry
|
|
Adjustments
|
|
Non-GAAP
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
118,428
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,664
|
|
|
-
|
|
|
-
|
|
|
$
|
121,092
|
|
Services
|
|
|
29,644
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,801
|
|
|
-
|
|
|
-
|
|
|
|
31,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
45,237
|
|
|
(6,472
|
)
|
|
-
|
|
|
-
|
|
|
(182
|
)
|
|
1,128
|
|
|
-
|
|
|
-
|
|
|
|
39,711
|
|
Services
|
|
|
16,215
|
|
|
-
|
|
|
(25
|
)
|
|
-
|
|
|
(63
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
16,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
42,262
|
|
|
(1,298
|
)
|
|
(65
|
)
|
|
-
|
|
|
(565
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
40,334
|
|
Sales and marketing
|
|
|
41,829
|
|
|
(3,888
|
)
|
|
(21
|
)
|
|
-
|
|
|
(775
|
)
|
|
(389
|
)
|
|
-
|
|
|
-
|
|
|
|
36,756
|
|
General and administrative
|
|
|
27,553
|
|
|
(2,404
|
)
|
|
(286
|
)
|
|
-
|
|
|
(743
|
)
|
|
-
|
|
|
(2,526
|
)
|
|
-
|
|
|
|
21,594
|
|
Restructuring charges
|
|
|
6,420
|
|
|
-
|
|
|
(6,420
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense, net
|
|
|
(13,614
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
13,614
|
|
|
|
-
|
|
Income tax provision
|
|
|
588
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(588
|
)
|
|
|
-
|
|
Net (loss) income
|
|
$
|
(45,646
|
)
|
|
14,062
|
|
|
6,817
|
|
|
-
|
|
|
2,328
|
|
|
3,726
|
|
|
2,526
|
|
|
14,202
|
|
|
$
|
(1,985
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share - basic and diluted
|
|
$
|
(7.30
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.32
|
)
|
Weighted average shares of common stock used in calculation of net
(loss) income per share - basic and diluted
|
|
|
6,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,256
|
|
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