| [May 05, 2016] |
 |
Amber Road Announces First Quarter 2016 Financial Results
Amber Road, Inc. (NYSE: AMBR), a leading provider of global trade
management (GTM) solutions, today announced its financial results for
the first quarter ended March 31, 2016.
Jim Preuninger, Chief Executive Officer of Amber Road, stated, "I am
very pleased with our start to 2016. Our performance in the quarter
shows that the drivers of our business are healthy, and demand for our
Global Trade Management solutions is strong. We made great progress
towards our 2016 objectives of returning to solid top-line growth,
taking meaningful steps towards profitability, and moving our company
back to cash flow breakeven. Our sales force is executing well by
consistently closing new business each quarter, and our marketing
programs continue to build a strong pipeline for the rest of the year."
First Quarter 2016 Financial Highlights
Revenue
-
GAAP total revenue was $17.0 million, compared to $15.2 million for
the comparable period of 2015.
-
Non-GAAP total revenue(1) was $17.0 million, which includes
an adjustment of $69,095 related to the purchase accounting deferred
revenue adjustment associated with our acquisition of ecVision in 2015.
-
GAAP Subscription revenue was $12.4 million, compared to $10.3 million
for the comparable period of 2015.
-
GAAP Professional Services revenue was $4.5 million, compared to $4.9
million for the comparable period of 2015.
Operating Loss
-
GAAP operating loss was $(5.4) million, compared to $(6.7) million for
the comparable period of 2015.
-
Non-GAAP adjusted operating loss(2) was $(3.7) million,
compared to $(4.2) million for the comparable period of 2015.
Net Loss
-
GAAP net loss was $(5.7) million, compared to $(7.0) million for the
comparable period of 2015.
-
GAAP basic and diluted net loss per common share was $(0.22), compared
to $(0.27) for the comparable period of 2015, based on 26.4 million
and 26.0 million basic and diluted weighted average common shares
outstanding, respectively.
-
Non-GAAP adjusted net loss(2) was $(4.0) million, compared
to $(4.4) million for the comparable period of 2015.
-
Non-GAAP adjusted net loss per common share was $(0.15), compared to
$(0.17) for the comparable period of 2015, based on 26.4 million and
26.0 million basic and diluted weighted average common shares
outstanding, respectively.
Adjusted EBITDA
-
Adjusted EBITDA was $(2.1) million for the three months ended
March 31, 2016 and $(2.6) million for the comparable period of 2015.
Balance Sheet and Cash Flow
-
Cash and cash equivalents at March 31, 2016 totaled $17.6 million,
compared with $17.9 million at December 31, 2015.
-
Cash provided by operating activities was $3.1 million for the first
three months of 2016, compared to cash used in operating activities of
$(3.0) million for the first three months of 2015.
A reconciliation of GAAP operating loss and net loss to Non-GAAP
adjusted operating loss and net loss, of GAAP net loss to Adjusted
EBITDA and of GAAP total revenue to Non-GAAP total revenue has been
provided in the financial statement tables included in this press
release. An explanation of these measures is also included below under
the heading "Non-GAAP Financial Measures."
Business Outlook
Based on information available as of May 5, 2016, Amber Road is issuing
guidance for the second quarter and full year 2016 as indicated below:
Second Quarter 2016:
-
Total GAAP revenue is expected to be in the range of $17.4 million to
$18.0 million.
-
Non-GAAP adjusted operating loss(2) is expected to be in
the range of $(4.0) million to $(4.6) million.
-
Non-GAAP adjusted net loss per common share(2) is expected
to be in the range of $(0.17) to $(0.19). This assumes 26.5 million
basic shares outstanding.
Full Year 2016:
-
Total non-GAAP revenue(1) is expected to be in the range of
$72.0 million to $75.0 million.
-
Non-GAAP adjusted operating loss(2) is expected to be in
the range of $(11.9) million to $(14.9) million.
-
Non-GAAP adjusted net loss per common share(2) is expected
to be in the range of $(0.49) to $(0.61). This assumes 26.5 million
basic shares outstanding.
Endnotes:
(1) For 2016 and 2015, non-GAAP total revenue includes the purchase
accounting deferred revenue adjustment.
(2) For 2016, non-GAAP adjusted operating loss and adjusted net loss
excludes stock-based compensation, change in fair value of contingent
consideration liability, acquisition compensation costs, acquisition
related costs, and purchase accounting deferred revenue adjustment. For
2015, non-GAAP adjusted operating loss excludes stock-based
compensation, puttable stock compensation, change in fair value of
contingent consideration liability, purchase accounting deferred revenue
adjustment, acquisition compensation costs and acquisition related costs.
Conference Call Information
Amber Road will host a conference call on Thursday, May 5, 2016 at 5:00
p.m. Eastern Time (ET) to discuss the Company's first quarter financial
results and its business outlook. To access this call, dial (888)
337-8198 (domestic) or (719) 457-2689 (international). The conference ID
is 5284473. Additionally, a live webcast of the conference call will be
available in the "Investor Relations" section of the Company's web site
at www.AmberRoad.com.
Following the conference call, a replay will be available at (877)
870-5176 (domestic) or (858) 384-5517 (international) from May 5, 2016,
8:00pm ET to May 12, 2016, 11:59pm ET. The replay pass code is 5284473.
An archived webcast of this conference call will also be available in
the "Investor Relations" section of the Company's web site at www.AmberRoad.com.
About Amber Road
Amber Road's (NYSE: AMBR) mission is to improve the way companies manage
their international supply chains and conduct global trade. As a leading
provider of cloud based global trade management (GTM) solutions, we
automate the global supply chain across sourcing, logistics,
cross-border trade and regulatory compliance activities to dramatically
improve operating efficiencies and financial performance. This includes
collaborating with suppliers on development, sourcing and quality
assurance; executing import and export compliance checks and generating
international shipping documentation; booking international carriers and
tracking goods as they move around the world; and minimizing the
associated duties through preferential trade agreements and foreign
trade zones. Our solution combines enterprise-class software, trade
content sourced from government agencies and transportation providers in
147 countries, and a global supply chain network connecting our
customers with their trading partners, including suppliers,
testing/auditing firms, freight forwarders, customs brokers and
transportation carriers. We deliver our GTM solution using a
Software-as-a-Service (SaaS) model and leverage a highly flexible
technology framework to quickly and efficiently meet our customers'
unique requirements around the world. For more information, please visit www.AmberRoad.com,
email [email protected]
or call 201-935-8588.
Non-GAAP Financial Measures
To provide investors with additional information regarding our financial
results, Amber Road has provided within this press release non-GAAP
adjusted operating and net loss, adjusted EBITDA and non-GAAP total
revenue, financial measures that are not calculated in accordance with
generally accepted accounting principles, or GAAP. Provided below is a
reconciliation of GAAP operating and net loss to non-GAAP adjusted
operating and net loss, net loss to adjusted EBITDA and GAAP total
revenue to Non-GAAP total revenue. EBITDA consists of net loss plus
depreciation and amortization, interest expense (income) and income tax
expense. Adjusted EBITDA consists of EBITDA plus stock-based
compensation, puttable stock compensation, changes in the fair value of
contingent consideration liability, purchase accounting adjustment to
deferred revenue, acquisition compensation costs and acquisition related
costs. Non-GAAP total revenue is defined as GAAP total revenue before
purchase accounting adjustments as a result of an acquisition. Amber
Road has included these non-GAAP measures in this press release because
it assists in comparing performance on a consistent basis across
reporting periods, as it removes from operating results the impact of
the Company's capital structure. Amber Road believes these non-GAAP
measures are useful to an investor in evaluating its operating
performance because they are often used by the financial community to
measure a company's operating performance without regard to items such
as depreciation and amortization, which can vary depending upon
accounting methods and the book value of assets, and to present a
meaningful measure of performance exclusive of its capital structure and
the method by which assets were acquired.
Amber Road's use of these non-GAAP measures has limitations as an
analytical tool, and you should not consider it in isolation or as a
substitute for analysis of its results as reported under GAAP. Some of
these limitations are:
-
although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized may have to be replaced in the
future, and these non-GAAP measures do not reflect cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements;
-
these non-GAAP measures do not reflect changes in, or cash
requirements for, working capital needs;
-
these non-GAAP measures do not reflect the potentially dilutive impact
of equity-based compensation;
-
these non-GAAP measures do not reflect interest or tax payments that
may represent a reduction in cash available; and
-
other companies, including companies in Amber Road's industry, may
calculate adjusted EBITDA differently, which reduces its usefulness as
a comparative measure.
Because of these and other limitations, you should consider these
non-GAAP measures together with other GAAP-based financial performance
measures, including various cash flow metrics, net loss and other GAAP
results. A reconciliation of GAAP operating and net loss to non-GAAP
adjusted operating and net loss, and adjusted EBITDA, and GAAP total
revenue to non-GAAP total revenue, has been provided in the financial
statement tables included in this press release.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not historical facts, but instead
represent only our current expectations and beliefs, and therefore,
contain risks and uncertainties about future events or our future
financial performance, including, but not limited to, achieving revenue
from bookings, closing business from the sales pipeline, new customer
deployments and maintaining these relationships, the ability to reduce
operating losses and use of cash, and attaining profitability. In some
cases, you can identify forward-looking statements by terminology such
as "may," "will," "could," "should," "expect," "intend," "plan,"
"anticipate," "believe," "estimate," "predict," "potential," or
"continue," and similar expressions, whether in the negative or
affirmative. These statements are only predictions and may be
inaccurate. Actual events or results may differ materially. In
evaluating these statements, you should specifically consider various
factors, including the risks outlined in our filings with the Securities
and Exchange Commission (SEC), including, without limitation, our
annual, periodic and current SEC reports. These factors may cause our
actual results to differ materially from any forward-looking statement.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, our future results, levels of
activity, performance or achievements may differ from our expectations.
Other than as required by law, we do not undertake to update any of the
forward-looking statements after the date of this press release, even
though our situation may change in the future.
|
|
|
AMBER ROAD, INC. AND SUBSIDIARIES
|
|
Condensed Consolidated Balance Sheets
|
|
(Unaudited)
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
2016
|
|
2015
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
17,599,856
|
|
|
$
|
17,854,523
|
|
|
Accounts receivable, net
|
|
15,250,744
|
|
|
18,308,547
|
|
|
Unbilled receivables
|
|
302,424
|
|
|
1,024,861
|
|
|
Deferred commissions
|
|
3,805,502
|
|
|
3,767,432
|
|
|
Prepaid expenses and other current assets
|
|
2,608,900
|
|
|
2,003,849
|
|
|
Total current assets
|
|
39,567,426
|
|
|
42,959,212
|
|
|
Property and equipment, net
|
|
11,712,563
|
|
|
12,180,109
|
|
|
Goodwill
|
|
43,904,616
|
|
|
43,913,185
|
|
|
Other intangibles, net
|
|
7,290,001
|
|
|
7,673,661
|
|
|
Deferred commissions
|
|
6,578,094
|
|
|
7,007,518
|
|
|
Deposits and other assets
|
|
777,262
|
|
|
890,059
|
|
|
Total assets
|
|
$
|
109,829,962
|
|
|
$
|
114,623,744
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
1,553,483
|
|
|
$
|
1,451,463
|
|
|
Accrued expenses
|
|
9,450,025
|
|
|
8,805,159
|
|
|
Current portion of capital lease obligations
|
|
1,559,760
|
|
|
1,598,450
|
|
|
Deferred revenue
|
|
31,487,108
|
|
|
30,532,404
|
|
|
Current portion of term loan, net of discount and debt financing
costs
|
|
312,086
|
|
|
312,086
|
|
|
Total current liabilities
|
|
44,362,462
|
|
|
42,699,562
|
|
|
Capital lease obligations, less current portion
|
|
1,554,503
|
|
|
1,916,944
|
|
|
Deferred revenue, less current portion
|
|
2,338,639
|
|
|
2,393,345
|
|
|
Term loan, net of discount and debt financing costs, less current
portion
|
|
14,129,829
|
|
|
14,207,850
|
|
|
Revolving credit facility
|
|
3,250,000
|
|
|
5,000,000
|
|
|
Other noncurrent liabilities
|
|
4,423,028
|
|
|
3,909,728
|
|
|
Total liabilities
|
|
70,058,461
|
|
|
70,127,429
|
|
|
Commitments and contingencies
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized;
issued and outstanding 26,346,987 and 26,260,459 shares at March 31,
2016 and December 31, 2015, respectively
|
|
26,347
|
|
|
26,261
|
|
|
Additional paid-in capital
|
|
182,941,280
|
|
|
181,457,089
|
|
|
Accumulated other comprehensive loss
|
|
(1,306,117
|
)
|
|
(783,209
|
)
|
|
Accumulated deficit
|
|
(141,890,009
|
)
|
|
(136,203,826
|
)
|
|
Total stockholders' equity
|
|
39,771,501
|
|
|
44,496,315
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
109,829,962
|
|
|
$
|
114,623,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMBER ROAD, INC. AND SUBSIDIARIES
|
|
Condensed Consolidated Statements of Operations
|
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
Revenue:
|
|
|
|
|
|
Subscription
|
|
$
|
12,438,984
|
|
|
$
|
10,341,350
|
|
|
Professional services
|
|
4,525,688
|
|
|
4,852,775
|
|
|
Total revenue
|
|
16,964,672
|
|
|
15,194,125
|
|
|
Cost of revenue (1):
|
|
|
|
|
|
Cost of subscription revenue
|
|
5,049,875
|
|
|
4,388,240
|
|
|
Cost of professional services revenue
|
|
3,967,701
|
|
|
3,816,518
|
|
|
Total cost of revenue
|
|
9,017,576
|
|
|
8,204,758
|
|
|
Gross profit
|
|
7,947,096
|
|
|
6,989,367
|
|
|
Operating expenses (1):
|
|
|
|
|
|
Sales and marketing
|
|
5,495,541
|
|
|
5,715,141
|
|
|
Research and development
|
|
3,887,996
|
|
|
3,625,719
|
|
|
General and administrative
|
|
3,998,636
|
|
|
4,383,423
|
|
|
Total operating expenses
|
|
13,382,173
|
|
|
13,724,283
|
|
|
Loss from operations
|
|
(5,435,077
|
)
|
|
(6,734,916
|
)
|
|
Interest income
|
|
21,628
|
|
|
11,948
|
|
|
Interest expense
|
|
(200,380
|
)
|
|
(124,933
|
)
|
|
Loss before income taxes
|
|
(5,613,829
|
)
|
|
(6,847,901
|
)
|
|
Income tax expense
|
|
72,354
|
|
|
102,275
|
|
|
Net loss
|
|
$
|
(5,686,183
|
)
|
|
$
|
(6,950,176
|
)
|
|
|
|
|
|
|
|
Net loss per common share:
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.22
|
)
|
|
$
|
(0.27
|
)
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
Basic and diluted
|
|
26,440,343
|
|
|
25,959,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
Cost of subscription revenue
|
|
$
|
207,711
|
|
|
$
|
194,552
|
|
|
Cost of professional services revenue
|
|
121,692
|
|
|
123,481
|
|
|
Sales and marketing
|
|
202,244
|
|
|
245,860
|
|
|
Research and development
|
|
266,015
|
|
|
306,694
|
|
|
General and administrative
|
|
550,859
|
|
|
846,712
|
|
|
|
|
$
|
1,348,521
|
|
|
$
|
1,717,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMBER ROAD, INC. AND SUBSIDIARIES
|
|
Condensed Consolidated Statements of Cash Flows
|
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Net loss
|
|
$
|
(5,686,183
|
)
|
|
$
|
(6,950,176
|
)
|
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
1,683,162
|
|
|
1,556,956
|
|
|
Bad debt expense
|
|
174,221
|
|
|
1,261
|
|
|
Stock-based compensation
|
|
1,348,521
|
|
|
1,717,299
|
|
|
Compensation related to puttable common stock
|
|
-
|
|
|
13,691
|
|
|
Acquisition related deferred compensation
|
|
283,977
|
|
|
-
|
|
|
Changes in fair value of contingent consideration liability
|
|
(20,000
|
)
|
|
(287,441
|
)
|
|
Non-cash interest expense related to debt
|
|
-
|
|
|
58,644
|
|
|
Amortization of debt financing costs and accretion of debt discount
|
|
15,729
|
|
|
9,060
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
2,886,825
|
|
|
2,337,994
|
|
|
Unbilled receivables
|
|
721,950
|
|
|
(360,182
|
)
|
|
Prepaid expenses and other assets
|
|
(215,749
|
)
|
|
(490,462
|
)
|
|
Accounts payable
|
|
71,753
|
|
|
(397,589
|
)
|
|
Accrued expenses
|
|
671,913
|
|
|
(2,208,237
|
)
|
|
Other liabilities
|
|
220,323
|
|
|
375,352
|
|
|
Deferred revenue
|
|
897,943
|
|
|
1,602,165
|
|
|
Net cash provided by (used in) operating activities
|
|
3,054,385
|
|
|
(3,021,665
|
)
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Capital expenditures
|
|
(87,003
|
)
|
|
(110,241
|
)
|
|
Addition of capitalized software development costs
|
|
(721,048
|
)
|
|
(254,755
|
)
|
|
Addition of intangible assets
|
|
-
|
|
|
(550,000
|
)
|
|
Acquisition, net of cash acquired
|
|
-
|
|
|
(25,593,426
|
)
|
|
Cash received (paid) for deposits
|
|
-
|
|
|
(992
|
)
|
|
Decrease in restricted cash
|
|
113,094
|
|
|
-
|
|
|
Net cash used in investing activities
|
|
(694,957
|
)
|
|
(26,509,414
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Proceeds from revolving line of credit
|
|
3,250,000
|
|
|
-
|
|
|
Payments on revolving line of credit
|
|
(5,000,000
|
)
|
|
-
|
|
|
Proceeds from term loan
|
|
-
|
|
|
20,000,000
|
|
|
Payments on term loan
|
|
(93,750
|
)
|
|
-
|
|
|
Debt discount and financing costs
|
|
-
|
|
|
(183,854
|
)
|
|
Repayments on capital lease obligations
|
|
(401,131
|
)
|
|
(369,700
|
)
|
|
Proceeds from the exercise of stock options
|
|
135,756
|
|
|
986,182
|
|
|
Net cash provided by (used in) financing activities
|
|
(2,109,125
|
)
|
|
20,432,628
|
|
|
Effect of exchange rate on cash and cash equivalents
|
|
(504,970
|
)
|
|
(46,455
|
)
|
|
Net decrease in cash and cash equivalents
|
|
(254,667
|
)
|
|
(9,144,906
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
17,854,523
|
|
|
41,242,200
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
17,599,856
|
|
|
$
|
32,097,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Adjusted EBITDA
|
|
(unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
Net loss
|
|
$
|
(5,686,183
|
)
|
|
$
|
(6,950,176
|
)
|
|
Depreciation and amortization expense
|
|
1,683,162
|
|
|
1,556,956
|
|
|
Interest expense
|
|
200,380
|
|
|
124,933
|
|
|
Interest income
|
|
(21,628
|
)
|
|
(11,948
|
)
|
|
Income tax expense
|
|
72,354
|
|
|
102,275
|
|
|
EBITDA
|
|
(3,751,915
|
)
|
|
(5,177,960
|
)
|
|
Stock-based compensation
|
|
1,348,521
|
|
|
1,717,299
|
|
|
Puttable stock compensation
|
|
-
|
|
|
13,691
|
|
|
Change in fair value of contingent consideration liability
|
|
(20,000
|
)
|
|
(287,441
|
)
|
|
Purchase accounting deferred revenue adjustment
|
|
69,095
|
|
|
261,268
|
|
|
Acquisition compensation costs
|
|
283,977
|
|
|
136,911
|
|
|
Acquisition related costs
|
|
5,420
|
|
|
731,483
|
|
|
Adjusted EBITDA
|
|
$
|
(2,064,902
|
)
|
|
$
|
(2,604,749
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Total Revenue to Non-GAAP Total Revenue
|
|
(unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
Total revenue
|
|
$
|
16,964,672
|
|
|
$
|
15,194,125
|
|
Purchase accounting deferred revenue adjustment
|
|
69,095
|
|
|
261,268
|
|
Non-GAAP total revenue
|
|
$
|
17,033,767
|
|
|
$
|
15,455,393
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss
|
|
(unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
Net loss
|
|
$
|
(5,686,183
|
)
|
|
$
|
(6,950,176
|
)
|
|
Stock-based compensation
|
|
1,348,521
|
|
|
1,717,299
|
|
|
Puttable stock compensation
|
|
-
|
|
|
13,691
|
|
|
Change in fair value of contingent consideration liability
|
|
(20,000
|
)
|
|
(287,441
|
)
|
|
Purchase accounting deferred revenue adjustment
|
|
69,095
|
|
|
261,268
|
|
|
Acquisition compensation costs
|
|
283,977
|
|
|
136,911
|
|
|
Acquisition related costs
|
|
5,420
|
|
|
731,483
|
|
|
Non-GAAP adjusted net loss
|
|
$
|
(3,999,170
|
)
|
|
$
|
(4,376,965
|
)
|
|
|
|
|
|
|
|
Adjusted non-GAAP net loss per common share:
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.15
|
)
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
GAAP weighted average number of common shares outstanding - basic
and diluted
|
|
26,440,343
|
|
|
25,959,332
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Loss from Operations to Non-GAAP Adjusted
Loss from Operations
|
|
(unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2016
|
|
2015
|
|
Loss from operations
|
|
$
|
(5,435,077
|
)
|
|
$
|
(6,734,916
|
)
|
|
Stock-based compensation
|
|
1,348,521
|
|
|
1,717,299
|
|
|
Puttable stock compensation
|
|
-
|
|
|
13,691
|
|
|
Change in fair value of contingent consideration liability
|
|
(20,000
|
)
|
|
(287,441
|
)
|
|
Purchase accounting deferred revenue adjustment
|
|
69,095
|
|
|
261,268
|
|
|
Acquisition compensation costs
|
|
283,977
|
|
|
136,911
|
|
|
Acquisition related costs
|
|
5,420
|
|
|
731,483
|
|
|
Non-GAAP adjusted loss from operations
|
|
$
|
(3,748,064
|
)
|
|
$
|
(4,161,705
|
)
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160505006441/en/
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