[February 04, 2016] |
|
ChannelAdvisor Announces Fourth Quarter and Full Year 2015 Financial Results
ChannelAdvisor Corporation (NYSE: ECOM), a leading provider of
cloud-based e-commerce solutions that enable retailers and branded
manufacturers to increase global sales, today announced its financial
results for the fourth quarter and full year ended December 31, 2015.
"We had a very strong finish to the year, as our fourth quarter revenue
and adjusted EBITDA were above the high end of our guidance ranges,"
said David Spitz, CEO of ChannelAdvisor. "Improvements in pricing, our
focus on attracting and retaining larger retailers and branded
manufacturers, and our emphasis on customer success helped produce a
significant increase in gross merchandise value through our platform in
the quarter, as well as continued growth in average revenue per
customer. Revenue overperformance came largely from a meaningful
increase in variable subscription revenue and enabled us to exceed the
$100 million mark in annual revenue for the first time in our company's
history. While we continue to invest in long-term growth opportunities,
our profitability in the quarter was substantially above our
expectations and allowed us to achieve positive adjusted EBITDA for the
full year. Our growing and global scale continued to solidify our global
leadership position, and we enter 2016 with increased optimism and
confidence in our ability to deliver continued growth in the years
ahead."
Fourth Quarter 2015 Financial Results
-
Total revenue of $29.4 million for the fourth quarter of 2015
increased 24 percent compared with total revenue of $23.8 million in
the fourth quarter of 2014.
-
GAAP net loss was $(0.7) million compared with net loss of $(6.5)
million in the fourth quarter of 2014. GAAP net loss per share was
$(0.03), based on 25.2 million weighted average shares outstanding,
compared with net loss per share of $(0.26), based on 24.9 million
weighted average shares outstanding in the year-ago period.
-
Non-GAAP net income, which excludes non-cash stock-based compensation
expense in both 2015 and 2014, costs associated with our headquarters
relocation in 2015, one-time severance and related costs in 2015 and
acquisition-related costs during 2014, was $3.0 million for the fourth
quarter of 2015 compared with non-GAAP net loss of $(3.4) million for
the fourth quarter of 2014. Non-GAAP net income per diluted share was
$0.11 for the fourth quarter of 2015 compared with non-GAAP net loss
per diluted share of $(0.14) for the fourth quarter of 2014.
-
Adjusted EBITDA, a non-GAAP measure, was $5.4 million for the fourth
quarter of 2015 compared with $(1.5) million for the fourth quarter of
2014. Adjusted EBITDA excludes depreciation, amortization, income tax
expense, interest expense, stock-based compensation expense and the
headquarters relocation, severance and acquisition-related costs
described above.
-
Cash at quarter end totaled $60.5 million, compared with $59.0 million
at the end of the third quarter of 2015.
Full Year 2015 Financial Results
-
Total revenue of $100.6 million for the year increased 18 percent
compared with total revenue of $84.9 million in 2014.
-
GAAP net loss was $(21.0) million compared with a net loss of $(34.5)
million in 2014. GAAP net loss per share was $(0.84), based on 25.1
million weighted average shares outstanding, compared with a net loss
per share of $(1.40), based on 24.6 million weighted average shares
outstanding in 2014.
-
Non-GAAP net loss was $(7.3) million compared with a non-GAAP net loss
of $(26.0) million in 2014. Non-GAAP net loss per diluted share was
$(0.29) for 2015 compared with a non-GAAP net loss per diluted share
of $(1.06) for 2014.
-
Adjusted EBITDA was $1.4 million in 2015 compared with $(19.5) million
in 2014.
Recent Business Highlights
-
Fixed subscription fees were 69 percent of total revenue and variable
subscription fees were 31 percent of total revenue for the fourth
quarter of 2015. This compares to 71 percent and 29 percent,
respectively, for the fourth quarter of 2014.
-
Fixed subscription fees were 76 percent of total revenue and variable
subscription fees were 24 percent of total revenue for 2015. This
compares to 74 percent and 26 percent, respectively, for 2014.
-
Subscription dollar retention rate, the primary metric that we use to
measure customer retention, exceeded 100 percent for the quarter,
consistent with recent performance.
-
Processed more than a quarter billion dollars in gross merchandise
value over the Cyber Five period, a ChannelAdvisor record.
-
Processed $6.8 billion in total gross merchandise value in 2015, an
increase of 19 percent from 2014.
-
Total customer count was 2,898 at the end of the fourth quarter, an
increase of 2 percent from 2,841 customers at the end of the fourth
quarter of 2014.
-
Average revenue per customer, calculated on a trailing twelve-month
basis, increased 10 percent to $34,513 at the end of the fourth
quarter, compared with $31,400 at the end of the fourth quarter of
2014.
-
Added new top-tier customers including Birchbox, Diageo, Indochino
Apparel, Inc., Johnson & Johnson, LuckyVitamin, Maclaren Services,
Milestone AV Technologies and PFSweb.
-
Added support for Amazon's Sponsored Products advertising solution.
-
Opened registration for Catalyst Americas 2016 and AutoCommerce 2016.
-
Named Richard Cornetta as Vice President of Finance and Chief
Accounting Officer.
-
Named Mark Vandegrift as Vice President, Product Management.
Financial Outlook
Based on information available as of today, ChannelAdvisor is issuing
the following guidance for the first quarter and full year of 2016:
First Quarter 2016
-
Total revenue between $24.6 million and $25.0 million.
-
Adjusted EBITDA between $(2.5) million and $(1.5) million.
-
Stock-based compensation expense between $3.4 million and $3.8 million.
-
25.3 million weighted average shares outstanding.
Full Year 2016
-
Total revenue between $111.0 million and $113.0 million.
-
Adjusted EBITDA between $0.0 million and $3.0 million.
-
Stock-based compensation expense between $12.5 million and $14.5
million.
-
25.5 million weighted average shares outstanding.
Conference Call Information
What:
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ChannelAdvisor Fourth Quarter and Full Year 2015 Financial Results
Conference Call
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When:
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Thursday, February 4, 2016
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Time:
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4:30 p.m. ET
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Live Call:
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(855) 638-4821, Passcode 27380984, Domestic
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(704) 288-0612, Passcode 27380984, International
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Webcast:
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http://ir.channeladvisor.com
(live and replay)
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Key Operating Metrics
Number of customers includes all customers who subscribe to at
least one of our solutions, but excludes customers who subscribe only to
one of our legacy product offerings for lower-volume eBay sellers.
Average revenue per customer is revenue divided by the average
monthly number of customers during the period.
Subscription dollar retention rate is calculated for a particular
period by establishing the cohort of customers that had active contracts
as of the end of the prior period. We then calculate our subscription
dollar retention rate by taking the amount of fixed subscription revenue
we recognized for the cohort in the period for which we are reporting
the rate and dividing it by the fixed subscription revenue we recognized
for the same cohort in the prior period. For this purpose, we do not
include any variable subscription fees paid by our customers or any
implementation fees.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures:
non-GAAP net loss, non-GAAP net loss per share and adjusted EBITDA.
ChannelAdvisor believes that these non-GAAP measures of financial
results provide useful information to management and investors relating
to ChannelAdvisor's financial condition and results of operations. The
company's management uses these non-GAAP measures to compare the
company's performance to that of prior periods for trend analyses, and
for budgeting and planning purposes. The company believes that the use
of these non-GAAP financial measures provides an additional tool for
investors to use in evaluating ongoing operating results and trends and
in comparing the company's financial measures with other software
companies, many of which present similar non-GAAP financial measures to
investors, and that it allows for greater transparency with respect to
key metrics used by management in its financial and operational
decision-making.
Management of the company does not consider these non-GAAP measures in
isolation or as an alternative to financial measures determined in
accordance with GAAP. The principal limitation of these non-GAAP
financial measures is that they exclude significant expenses that are
required by GAAP to be recorded in the company's financial statements.
In order to compensate for these limitations, management presents
non-GAAP financial measures together with GAAP results. Non-GAAP
measures should be considered in addition to results and guidance
prepared in accordance with GAAP, but should not be considered a
substitute for, or superior to, GAAP results. Reconciliation tables of
the most comparable GAAP financial measures to the non-GAAP financial
measures used in this press release are included with the financial
tables at the end of this release. ChannelAdvisor urges investors to
review the reconciliation and not to rely on any single financial
measure to evaluate the company's business. In addition, other
companies, including companies in our industry, may calculate similarly
named non-GAAP measures differently than we do, which limits their
usefulness in comparing our financial results with theirs. With respect
to our expectations under "Financial Outlook" above, reconciliation of
non-GAAP Adjusted EBITDA guidance to the closest corresponding GAAP
measure is not available without unreasonable efforts on a
forward-looking basis due to the high variability, complexity and low
visibility with respect to the charges excluded from this non-GAAP
measure. We expect the variability of the above charges to have a
significant, and potentially unpredictable, impact on our future GAAP
financial results.
About ChannelAdvisor
ChannelAdvisor (NYSE: ECOM) is a leading provider of cloud-based
e-commerce solutions that enable online retailers and branded
manufacturers to integrate, manage and optimize their merchandise sales
across hundreds of online channels including Amazon, Google, eBay,
Facebook and more. Through automation, analytics and optimization,
ChannelAdvisor customers can leverage a single inventory feed to more
efficiently list and advertise products online, and connect with
shoppers to increase sales. Billions of dollars in merchandise value are
driven through ChannelAdvisor's platform every year, and thousands of
customers use ChannelAdvisor's solutions to help grow their
businesses. For more information, visit www.channeladvisor.com.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to, statements
regarding our financial outlook and guidance and expectations regarding
our growth and that of the e-commerce industry. These forward-looking
statements are made as of the date of this release and are based on
current expectations, estimates, forecasts and projections, as well as
the current beliefs and assumptions of management. Forward-looking
statements are subject to a number of risks and uncertainties, many of
which involve factors or circumstances that are beyond ChannelAdvisor's
control. ChannelAdvisor's actual results could differ materially from
those stated or implied in forward-looking statements due to a number of
factors, including but not limited to, risks detailed in
ChannelAdvisor's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2015, as well as other documents that may be filed by the
company from time to time with the Securities and Exchange Commission.
These documents are available on the 'SEC Filings' section of the
Investor Relations page of our website at http://ir.channeladvisor.com.
In particular, the following factors, among others, could cause results
to differ materially from those expressed or implied by such
forward-looking statements: our reliance for a significant portion of
our revenue on sales by our customers on the Amazon and eBay
marketplaces and through advertisements on Google; our ability to
respond to rapid changes in channel technologies or requirements; our
ability to compete successfully against current and future competitors,
which could include the channels themselves; our reliance in part on a
pricing model under which a portion of the subscription fees we receive
from customers is variable, based upon the amount of transaction volume
that those customers process through our platform; our reliance on
non-redundant data centers and cloud computing providers to deliver our
SaaS solutions; the potential that the e-commerce market does not grow,
or grows more slowly than we expect, particularly on the channels that
our solutions support; challenges and risks associated with our
increasing international operations; and security or privacy breaches.
The forward-looking statements included in this press release represent
ChannelAdvisor's views as of the date of this press release.
ChannelAdvisor undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Accordingly, these forward-looking
statements should not be relied upon as representing ChannelAdvisor's
views as of any date subsequent to the date of this press release.
The following financial information is preliminary and subject to
change pending the company's filing of its Form 10-K.
ChannelAdvisor Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)
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|
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December 31,
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|
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2015
|
|
|
2014
|
Assets
|
|
|
|
(unaudited)
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
60,474
|
|
|
|
$
|
68,366
|
|
Accounts receivable, net of allowance of $785 and $673 as of
December 31, 2015 and 2014, respectively
|
|
|
|
18,949
|
|
|
|
14,619
|
|
Prepaid expenses and other current assets
|
|
|
|
9,356
|
|
|
|
4,940
|
|
Total current assets
|
|
|
|
88,779
|
|
|
|
87,925
|
|
Property and equipment, net
|
|
|
|
16,696
|
|
|
|
12,603
|
|
Goodwill
|
|
|
|
21,632
|
|
|
|
21,518
|
|
Intangible assets, net
|
|
|
|
3,246
|
|
|
|
4,083
|
|
Restricted cash
|
|
|
|
67
|
|
|
|
633
|
|
Other assets
|
|
|
|
536
|
|
|
|
285
|
|
Total assets
|
|
|
|
$
|
130,956
|
|
|
|
$
|
127,047
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
2,435
|
|
|
|
$
|
564
|
|
Accrued expenses
|
|
|
|
9,908
|
|
|
|
7,292
|
|
Deferred revenue
|
|
|
|
19,835
|
|
|
|
16,840
|
|
Other current liabilities
|
|
|
|
4,188
|
|
|
|
2,563
|
|
Total current liabilities
|
|
|
|
36,366
|
|
|
|
27,259
|
|
Long-term capital leases, net of current portion
|
|
|
|
2,031
|
|
|
|
2,014
|
|
Lease incentive obligation
|
|
|
|
5,084
|
|
|
|
119
|
|
Other long-term liabilities
|
|
|
|
3,551
|
|
|
|
4,007
|
|
Total liabilities
|
|
|
|
47,032
|
|
|
|
33,399
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
Stockholders' equity:
|
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|
|
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Preferred stock, $0.001 par value, 5,000,000 shares authorized, no
shares issued and outstanding as of December 31, 2015 and
2014, respectively
|
|
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|
-
|
|
|
|
-
|
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Common stock, $0.001 par value, 100,000,000 shares authorized,
25,230,958 and 24,915,510 shares issued and outstanding as of
December 31, 2015 and 2014, respectively
|
|
|
|
25
|
|
|
|
25
|
|
Additional paid-in capital
|
|
|
|
240,360
|
|
|
|
228,370
|
|
Accumulated other comprehensive loss
|
|
|
|
(893
|
)
|
|
|
(130
|
)
|
Accumulated deficit
|
|
|
|
(155,568
|
)
|
|
|
(134,617
|
)
|
Total stockholders' equity
|
|
|
|
83,924
|
|
|
|
93,648
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
130,956
|
|
|
|
$
|
127,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChannelAdvisor Corporation and Subsidiaries
Consolidated Statements of Operations
(in thousands, except share and per share data)
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|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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Three Months Ended December 31,
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Year Ended December 31,
|
|
|
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2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
Revenue
|
|
|
|
$
|
29,434
|
|
|
|
$
|
23,827
|
|
|
|
$
|
100,585
|
|
|
|
$
|
84,901
|
|
Cost of revenue (excluding depreciation) (1)
|
|
|
|
5,277
|
|
|
|
5,027
|
|
|
|
20,848
|
|
|
|
20,713
|
|
Depreciation - cost of revenue
|
|
|
|
1,450
|
|
|
|
1,024
|
|
|
|
4,986
|
|
|
|
3,507
|
|
Gross profit
|
|
|
|
22,707
|
|
|
|
17,776
|
|
|
|
74,751
|
|
|
|
60,681
|
|
Operating expenses (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
|
11,151
|
|
|
|
13,427
|
|
|
|
51,941
|
|
|
|
54,902
|
|
Research and development
|
|
|
|
4,105
|
|
|
|
3,907
|
|
|
|
16,060
|
|
|
|
16,215
|
|
General and administrative
|
|
|
|
7,269
|
|
|
|
5,955
|
|
|
|
24,136
|
|
|
|
20,815
|
|
Depreciation and amortization
|
|
|
|
980
|
|
|
|
847
|
|
|
|
3,807
|
|
|
|
2,757
|
|
Total operating expenses
|
|
|
|
23,505
|
|
|
|
24,136
|
|
|
|
95,944
|
|
|
|
94,689
|
|
Loss from operations
|
|
|
|
(798
|
)
|
|
|
(6,360
|
)
|
|
|
(21,193
|
)
|
|
|
(34,008
|
)
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
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Interest expense, net
|
|
|
|
(42
|
)
|
|
|
(52
|
)
|
|
|
(184
|
)
|
|
|
(209
|
)
|
Other income (expense), net
|
|
|
|
101
|
|
|
|
(170
|
)
|
|
|
241
|
|
|
|
(256
|
)
|
Total other income (expense)
|
|
|
|
59
|
|
|
|
(222
|
)
|
|
|
57
|
|
|
|
(465
|
)
|
Loss before income taxes
|
|
|
|
(739
|
)
|
|
|
(6,582
|
)
|
|
|
(21,136
|
)
|
|
|
(34,473
|
)
|
Income tax (benefit) expense
|
|
|
|
(59
|
)
|
|
|
(46
|
)
|
|
|
(185
|
)
|
|
|
41
|
|
Net loss
|
|
|
|
$
|
(680
|
)
|
|
|
$
|
(6,536
|
)
|
|
|
$
|
(20,951
|
)
|
|
|
$
|
(34,514
|
)
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.26
|
)
|
|
|
$
|
(0.84
|
)
|
|
|
$
|
(1.40
|
)
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
25,188,595
|
|
|
|
24,891,086
|
|
|
|
25,062,610
|
|
|
|
24,619,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue (excluding depreciation)
|
|
|
|
$
|
215
|
|
|
|
$
|
160
|
|
|
|
$
|
992
|
|
|
|
$
|
533
|
|
Sales and marketing
|
|
|
|
583
|
|
|
|
1,078
|
|
|
|
4,349
|
|
|
|
2,911
|
|
Research and development
|
|
|
|
394
|
|
|
|
280
|
|
|
|
1,689
|
|
|
|
864
|
|
General and administrative
|
|
|
|
1,372
|
|
|
|
1,162
|
|
|
|
4,807
|
|
|
|
3,673
|
|
|
|
|
|
$
|
2,564
|
|
|
|
$
|
2,680
|
|
|
|
$
|
11,837
|
|
|
|
$
|
7,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChannelAdvisor Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(unaudited)
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(20,951
|
)
|
|
|
$
|
(34,514
|
)
|
Adjustments to reconcile net loss to net cash and cash equivalents
used in operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
8,793
|
|
|
|
6,264
|
|
Bad debt expense
|
|
|
|
1,236
|
|
|
|
1,315
|
|
Non-cash stock-based compensation expense
|
|
|
|
11,837
|
|
|
|
7,981
|
|
Other items, net
|
|
|
|
(329
|
)
|
|
|
142
|
|
Changes in assets and liabilities, net of effects from acquisition:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(5,833
|
)
|
|
|
(1,407
|
)
|
Prepaid expenses and other assets
|
|
|
|
(3,487
|
)
|
|
|
(1,106
|
)
|
Restricted cash
|
|
|
|
566
|
|
|
|
52
|
|
Accounts payable and accrued expenses
|
|
|
|
3,608
|
|
|
|
(2,709
|
)
|
Deferred revenue
|
|
|
|
3,101
|
|
|
|
2,447
|
|
Net cash and cash equivalents used in operating activities
|
|
|
|
(1,459
|
)
|
|
|
(21,535
|
)
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
(4,062
|
)
|
|
|
(5,971
|
)
|
Payment of internal-use software development costs
|
|
|
|
(190
|
)
|
|
|
(846
|
)
|
Acquisition, net of cash acquired
|
|
|
|
-
|
|
|
|
(8,034
|
)
|
Net cash and cash equivalents used in investing activities
|
|
|
|
(4,252
|
)
|
|
|
(14,851
|
)
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Repayment of capital leases
|
|
|
|
(1,745
|
)
|
|
|
(1,699
|
)
|
Proceeds from exercise of stock options
|
|
|
|
892
|
|
|
|
2,060
|
|
Payment of statutory tax withholding related to net-share settlement
of restricted stock units
|
|
|
|
(739
|
)
|
|
|
-
|
|
Net cash and cash equivalents (used in) provided by financing
activities
|
|
|
|
(1,592
|
)
|
|
|
361
|
|
|
|
|
|
|
|
|
|
Effect of currency exchange rate changes on cash and cash equivalents
|
|
|
|
(589
|
)
|
|
|
(15
|
)
|
Net decrease in cash and cash equivalents
|
|
|
|
(7,892
|
)
|
|
|
(36,040
|
)
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of year
|
|
|
|
68,366
|
|
|
|
104,406
|
|
Cash and cash equivalents, end of year
|
|
|
|
$
|
60,474
|
|
|
|
$
|
68,366
|
|
|
Reconciliation of GAAP Net Loss to Non-GAAP Net Income (Loss)
and Non-GAAP Net Income (Loss) Per Share
(unaudited; in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Net loss (GAAP)
|
|
|
|
$
|
(680
|
)
|
|
|
$
|
(6,536
|
)
|
|
|
$
|
(20,951
|
)
|
|
|
$
|
(34,514
|
)
|
Plus: stock-based compensation
|
|
|
|
2,564
|
|
|
|
2,680
|
|
|
|
11,837
|
|
|
|
7,981
|
|
Plus: headquarters relocation and related costs
|
|
|
|
1,109
|
|
|
|
-
|
|
|
|
1,109
|
|
|
|
-
|
|
Plus: one-time severance and related costs
|
|
|
|
-
|
|
|
|
-
|
|
|
|
656
|
|
|
|
-
|
|
Plus: acquisition-related costs
|
|
|
|
-
|
|
|
|
487
|
|
|
|
-
|
|
|
|
487
|
|
Net income (loss) (Non-GAAP)
|
|
|
|
$
|
2,993
|
|
|
|
$
|
(3,369
|
)
|
|
|
$
|
(7,349
|
)
|
|
|
$
|
(26,046
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
25,188,595
|
|
|
|
24,891,086
|
|
|
|
25,062,610
|
|
|
|
24,619,714
|
|
Diluted
|
|
|
|
26,421,450
|
|
|
|
24,891,086
|
|
|
|
25,062,610
|
|
|
|
24,619,714
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (non-GAAP)
|
|
|
|
$
|
0.12
|
|
|
|
$
|
(0.14
|
)
|
|
|
$
|
(0.29
|
)
|
|
|
$
|
(1.06
|
)
|
Diluted (non-GAAP)
|
|
|
|
$
|
0.11
|
|
|
|
$
|
(0.14
|
)
|
|
|
$
|
(0.29
|
)
|
|
|
$
|
(1.06
|
)
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Adjusted EBITDA
(unaudited; in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Net loss
|
|
|
|
$
|
(680
|
)
|
|
|
$
|
(6,536
|
)
|
|
|
$
|
(20,951
|
)
|
|
|
$
|
(34,514
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
42
|
|
|
|
52
|
|
|
|
184
|
|
|
|
209
|
|
Income tax (benefit) expense
|
|
|
|
(59
|
)
|
|
|
(46
|
)
|
|
|
(185
|
)
|
|
|
41
|
|
Depreciation and amortization expense
|
|
|
|
2,430
|
|
|
|
1,871
|
|
|
|
8,793
|
|
|
|
6,264
|
|
Total adjustments
|
|
|
|
2,413
|
|
|
|
1,877
|
|
|
|
8,792
|
|
|
|
6,514
|
|
EBITDA
|
|
|
|
1,733
|
|
|
|
(4,659
|
)
|
|
|
(12,159
|
)
|
|
|
(28,000
|
)
|
Stock-based compensation expense
|
|
|
|
2,564
|
|
|
|
2,680
|
|
|
|
11,837
|
|
|
|
7,981
|
|
Headquarters relocation and related costs
|
|
|
|
1,109
|
|
|
|
-
|
|
|
|
1,109
|
|
|
|
-
|
|
One-time severance and related costs
|
|
|
|
-
|
|
|
|
-
|
|
|
|
656
|
|
|
|
-
|
|
Acquisition-related costs
|
|
|
|
-
|
|
|
|
487
|
|
|
|
-
|
|
|
|
487
|
|
Adjusted EBITDA
|
|
|
|
$
|
5,406
|
|
|
|
$
|
(1,492
|
)
|
|
|
$
|
1,443
|
|
|
|
$
|
(19,532
|
)
|
|
|
|
|
|
|
|
|
Depreciation and Amortization by Financial Statement Line Item
(1)
(unaudited; in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Sales and marketing
|
|
|
|
$
|
351
|
|
|
|
$
|
271
|
|
|
|
$
|
1,264
|
|
|
|
$
|
927
|
|
Research and development
|
|
|
|
148
|
|
|
|
106
|
|
|
|
506
|
|
|
|
370
|
|
General and administrative
|
|
|
|
481
|
|
|
|
470
|
|
|
|
2,037
|
|
|
|
1,460
|
|
Total depreciation and amortization expense attributable to
operating expenses
|
|
|
|
$
|
980
|
|
|
|
$
|
847
|
|
|
|
$
|
3,807
|
|
|
|
$
|
2,757
|
|
(1) Amounts are excluded from each operating expense line item and
presented separately in Depreciation and amortization on the
Consolidated Statements of Operations
|
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