[April 26, 2018] |
|
Brightcove Announces Financial Results for First Quarter Fiscal Year 2018
Brightcove Inc. (Nasdaq: BCOV), a leading global provider of
cloud services for video, today announced financial results for the
first quarter ended March 31, 2018.
"Brightcove delivered strong first quarter financial results that
exceeded expectations across all key metrics and were highlighted by
double digit year-over-year subscription revenue growth and 103%
recurring dollar retention rate," said Jeff Ray, Brightcove's chief
executive officer. "We had good sales activity across the company during
the quarter, driven by positive performance across all businesses and
geographies, and remain on track to deliver against our bookings growth
target for the year."
Ray continued, "As the new CEO of Brightcove, my focus is on putting
customer success at the heart of everything we do. I've been impressed
with the world-class team and market-leading product portfolio at
Brightcove and I am confident we can leverage these competitive
advantages to drive increased revenue growth and profitability over
time."
First Quarter 2018 Financial Highlights:
-
Revenue for the first quarter of 2018 was $41.2 million, an
increase of 10% compared to $37.6 million for the first quarter of
2017. Subscription and support revenue was $37.9 million, compared to
$34.2 million for the first quarter of 2017.
-
Gross profit for the first quarter of 2018 was $24.0 million,
representing a gross margin of 58%, compared to a gross profit of
$22.4 million for the first quarter of 2017. Non-GAAP gross profit for
the first quarter of 2018 was $24.6 million, representing a non-GAAP
gross margin of 60%, compared to a non-GAAP gross profit of $23.0
million for the first quarter of 2017. Non-GAAP gross profit and
non-GAAP gross margin exclude stock-based compensation expense and the
amortization of acquired intangible assets.
-
Loss from operations was $2.4 million for the first quarter of
2018, compared to a loss from operations of $5.1 million for the first
quarter of 2017. Non-GAAP loss from operations, which excludes
stock-based compensation expense, the amortization of acquired
intangible assets and merger-related expenses, was $74,000 for the
first quarter of 2018, compared to non-GAAP loss from operations of
$2.6 million during the first quarter of 2017.
-
Net loss was $2.3 million, or $0.06 per diluted share, for the
first quarter of 2018. This compares to a net loss of $5.1 million, or
$0.15 per diluted share, for the first quarter of 2017. Non-GAAP net
income, which excludes stock-based compensation expense, the
amortization of acquired intangible assets and merger-related
expenses, was $85,000 for the first quarter of 2018, or $0.00 per
diluted share, compared to non-GAAP net loss of $2.6 million for the
first quarter of 2017, or $0.08 per diluted share.
-
Adjusted EBITDA was $896,000 for the first quarter of 2018,
compared to an adjusted EBITDA loss of $1.6 million for the first
quarter of 2017. Adjusted EBITDA excludes stock-based compensation
expense, executive severance, the amortization of acquired intangible
assets, merger-related expenses, depreciation expense, other
income/expense and the provision for income taxes.
-
Cash flow from operations was $935,000 for the first quarter
for 2018, compared to cash flow used in operations of $6.6 million for
the first quarter of 2017.
-
Free cash flow was negative $604,000 after the company invested
$1.5 million in capital expenditures and capitalization of
internal-use software during the first quarter of 2018. Free cash flow
was negative $7.6 million for the first quarter of 2017.
-
Cash and cash equivalents were $26.4 million as of March 31,
2018 compared to $26.1 million at December 31, 2017.
A Reconciliation of GAAP to Non-GAAP results has been provided in the
financial statement tables included at the end of this press release. An
explanation of these measures is also included below under the heading
"Non-GAAP Financial Measures."
Other First Quarter and Recent Highlights:
-
Average annual subscription revenue per premium customer was $75,000
in the first quarter of 2018, excluding starter customers who had
average annualized revenue of $5,000 per customer. This compares to
$67,000 in the comparable period in 2017.
-
Recurring dollar retention rate was 103% in the first quarter of 2018,
which was well above our historical target of the low to mid 90% range.
-
Ended the quarter with 4,033 customers, of which 2,180 were premium.
-
Media and enterprise customers who expanded their relationship during
the quarter included: Discovery, Dunkin' Brands, EMC Corporation,
Forbes Media LLC, Harley-Davidson, Hess Corporation, MBS Spring,
Network Ten, News UK, Opel Automobile GmbH, Pandora, Production IG,
RLJ Entertainment, SoftBank, Sony Pictures India, and Spotify, among
others.
-
Appointed Jeff Ray as Chief Executive Officer to succeed Acting CEO
Andy Feinberg, who held the position since 2017 while a search for a
permanent replacement was undertaken. Mr. Ray brings to Brightcove
more than 30 years of experience and has held a number of executive
leadership roles at enterprise technology companies of scale,
including Ellucian, Ventyx (acquired by ABB), DS SolidWorks, Progress
Software, and Compuware. He was also appointed to the Board of
Directors.
-
The company also added two additional new members to its Board of
Directors: Tom Wheeler, former Chairman of the FCC and a
telecommunications entrepreneur, and Kristin Frank, an accomplished
operations-focused leader and former executive at Viacom. In
conjunction with the new director appointments, David Orfao, Managing
Partner at General Catalyst and an early investor in Brightcove,
stepped down from his position as a Director.
Business Outlook
Based on information as of today, April 26, 2018, the Company is issuing
the following financial guidance:
Second Quarter 2018:
-
Revenue is expected to be in the range of $41.3 million to
$41.8 million, including approximately $3.2 million of professional
services revenue.
-
Non-GAAP loss from operations is expected to be in the range of
$1.9 million to $2.4 million, which excludes stock-based compensation
of approximately $1.8 million, executive severance of approximately
$775,000 and the amortization of acquired intangible assets of
approximately $700,000.
-
Adjusted EBITDA loss is expected to be in the range of $0.9
million to $1.4 million, which excludes stock-based compensation of
approximately $1.8 million, executive severance of approximately
$775,000, the amortization of acquired intangible assets of
approximately $700,000, depreciation expense of approximately $1.0
million and other income/expense and the provision for income taxes of
approximately $150,000.
-
Non-GAAP net loss per diluted share is expected to be $0.06 to
$0.07, which excludes stock-based compensation of approximately $1.8
million, executive severance of approximately $775,000 and the
amortization of acquired intangible assets of approximately $700,000,
and assumes approximately 35.1 million weighted-average shares
outstanding.
Full Year 2018:
-
Revenue is expected to be in the range of $165.0 million to
$168.0 million, including approximately $12.1 million of professional
services revenue.
-
Non-GAAP income/loss from operations is expected to be in the
range of a loss of $1.5 million to income of $1.5 million, which
excludes stock-based compensation of approximately $7.9 million,
executive severance of approximately $775,000 and the amortization of
acquired intangible assets of approximately $2.3 million.
-
Adjusted EBITDA is expected to be in the range of $2.5 million
to $5.5 million, which excludes stock-based compensation of
approximately $7.9 million, executive severance of approximately
$775,000, the amortization of acquired intangible assets of
approximately $2.3 million, depreciation expense of approximately $3.8
million and other income/expense and the provision for income taxes of
approximately $300,000.
-
Non-GAAP net income/loss per diluted share is expected to be a
loss of $0.06 to income $0.02, which excludes stock-based compensation
of approximately $7.9 million, executive severance of approximately
$775,000 and the amortization of acquired intangible assets of
approximately $2.3 million, and assumes approximately 35.3 million
weighted-average shares outstanding.
Conference Call Information
Brightcove will host a conference call today, April 26, 2018, at 5:00
p.m. (Eastern Time) to discuss the Company's financial results and
current business outlook. A live webcast of the call will be available
at the "Investors" page of the Company's website, http://investor.brightcove.com.
To access the call, dial 855-327-6837 (domestic) or 631-891-4304
(international). A replay of this conference call will be available for
a limited time at 844-512-2921 (domestic) or 412-317-6671
(international). The replay conference ID is 13678331. A replay of the
webcast will also be available for a limited time at http://investor.brightcove.com.
About Brightcove
Brightcove Inc. (NASDAQ:BCOV) is the leading global provider of powerful
cloud solutions for delivering and monetizing video across connected
devices. The company offers a full suite of products and services that
reduce the cost and complexity associated with publishing, distributing,
measuring and monetizing video across devices. Brightcove has thousands
of customers in over 70 countries that rely on the company's cloud
solutions to successfully publish high-quality video experiences to
audiences everywhere. To learn more, visit www.brightcove.com.
Forward-Looking Statements
This press release includes certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995,
including statements concerning our financial guidance for the second
fiscal quarter of 2018 and full year 2018, our position to execute on
our growth strategy, and our ability to expand our leadership position
and market opportunity. These forward-looking statements include, but
are not limited to, plans, objectives, expectations and intentions and
other statements contained in this press release that are not historical
facts and statements identified by words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "estimates" or
words of similar meaning. These forward-looking statements reflect our
current views about our plans, intentions, expectations, strategies and
prospects, which are based on the information currently available to us
and on assumptions we have made. Although we believe that our plans,
intentions, expectations, strategies and prospects as reflected in or
suggested by those forward-looking statements are reasonable, we can
give no assurance that the plans, intentions, expectations or strategies
will be attained or achieved. Furthermore, actual results may differ
materially from those described in the forward-looking statements and
will be affected by a variety of risks and factors that are beyond our
control including, without limitation: our history of losses; our
limited operating history; expectations regarding the widespread
adoption of customer demand for our products; the effects of increased
competition and commoditization of services we offer, including data
delivery and storage; our ability to expand the sales of our products to
customers located outside the U.S.; keeping up with the rapid
technological change required to remain competitive in our industry; our
ability to retain existing customers; our ability to manage our growth
effectively and successfully recruit additional highly-qualified
personnel; the price volatility of our common stock; and other risks set
forth under the caption "Risk Factors" in our most recently filed Annual
Report on Form 10-K, as updated by our subsequently filed Quarterly
Reports on Form 10-Q and our other SEC filings. We assume no obligation
to update any forward-looking statements contained in this document as a
result of new information, future events or otherwise.
Non-GAAP Financial Measures
Brightcove has provided in this release the non-GAAP financial measures
of non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss)
from operations, non-GAAP net income (loss), adjusted EBITDA and
non-GAAP diluted net income (loss) per share. Brightcove uses these
non-GAAP financial measures internally in analyzing its financial
results and believes they are useful to investors, as a supplement to
GAAP measures, in evaluating Brightcove's ongoing operational
performance. Brightcove 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 its
financial results with other companies in Brightcove's industry, many of
which present similar non-GAAP financial measures to investors. As
noted, the non-GAAP financial results discussed above of non-GAAP gross
profit, non-GAAP gross margin, non-GAAP income (loss) from operations,
non-GAAP net income (loss) and non-GAAP diluted net income (loss) per
share exclude stock-based compensation expense, the amortization of
acquired intangible assets, executive severance and merger-related
expenses. The non-GAAP financial results discussed above of adjusted
EBITDA is defined as consolidated net income (loss), plus stock-based
compensation expense, the amortization of acquired intangible assets,
executive severance, merger-related expenses, depreciation expense,
other income/expense, including interest expense and interest income,
and the provision for income taxes. Merger-related expenses include fees
incurred in connection with closing an acquisition in addition to fees
associated with the retention of key employees. Non-GAAP financial
measures have limitations as an analytical tool and should not be
considered in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP. Investors are encouraged
to review the reconciliation of these non-GAAP measures to their most
directly comparable GAAP financial measures. As previously mentioned, a
reconciliation of our non-GAAP financial measures to their most directly
comparable GAAP measures has been provided in the financial statement
tables included below in this press release. The Company's earnings
press releases containing such non-GAAP reconciliations can be found on
the Investors section of the Company's web site at http://www.brightcove.com.
|
Brightcove Inc.
|
Condensed Consolidated Balance Sheets
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
26,419
|
|
|
|
$
|
26,132
|
|
|
Accounts receivable, net of allowance
|
|
|
|
27,408
|
|
|
|
|
25,236
|
|
|
Prepaid expenses and other current assets
|
|
|
|
13,227
|
|
|
|
|
7,036
|
|
|
|
|
Total current assets
|
|
|
|
67,054
|
|
|
|
|
58,404
|
|
Property and equipment, net
|
|
|
|
10,083
|
|
|
|
|
9,143
|
|
Intangible assets, net
|
|
|
|
7,562
|
|
|
|
|
8,236
|
|
Goodwill
|
|
|
|
|
|
50,776
|
|
|
|
|
50,776
|
|
Deferred tax asset
|
|
|
|
93
|
|
|
|
|
87
|
|
Other assets
|
|
|
|
2,141
|
|
|
|
|
969
|
|
|
|
|
Total assets
|
|
|
$
|
137,709
|
|
|
|
$
|
127,615
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
5,866
|
|
|
|
$
|
6,142
|
|
|
Accrued expenses
|
|
|
|
14,480
|
|
|
|
|
13,621
|
|
|
Capital lease liability
|
|
|
|
121
|
|
|
|
|
228
|
|
|
Equipment financing
|
|
|
|
-
|
|
|
|
|
26
|
|
|
Deferred revenue
|
|
|
|
43,200
|
|
|
|
|
39,370
|
|
|
|
|
Total current liabilities
|
|
|
|
63,667
|
|
|
|
|
59,387
|
|
Deferred revenue, net of current portion
|
|
|
|
148
|
|
|
|
|
244
|
|
Other liabilities
|
|
|
|
1,134
|
|
|
|
|
1,228
|
|
|
|
|
Total liabilities
|
|
|
|
64,949
|
|
|
|
|
60,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
35
|
|
|
|
|
35
|
|
|
Additional paid-in capital
|
|
|
|
241,109
|
|
|
|
|
238,700
|
|
|
Treasury stock, at cost
|
|
|
|
(871
|
)
|
|
|
|
(871
|
)
|
|
Accumulated other comprehensive loss
|
|
|
|
(562
|
)
|
|
|
|
(809
|
)
|
|
Accumulated deficit
|
|
|
|
(166,951
|
)
|
|
|
|
(170,299
|
)
|
Total stockholders' equity
|
|
|
|
72,760
|
|
|
|
|
66,756
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
137,709
|
|
|
|
$
|
127,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc. Condensed Consolidated Statements of
Operations (in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2018
|
|
|
2017
|
Revenue:
|
|
|
|
|
|
|
Subscription and support revenue
|
|
|
$
|
37,867
|
|
|
|
$
|
34,242
|
|
Professional services and other revenue
|
|
|
|
3,327
|
|
|
|
|
3,330
|
|
Total revenue
|
|
|
|
41,194
|
|
|
|
|
37,572
|
|
Cost of revenue: (1) (2)
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
|
13,456
|
|
|
|
|
12,154
|
|
Cost of professional services and other revenue
|
|
|
|
3,755
|
|
|
|
|
3,064
|
|
Total cost of revenue
|
|
|
|
17,211
|
|
|
|
|
15,218
|
|
Gross profit
|
|
|
|
23,983
|
|
|
|
|
22,354
|
|
Operating expenses: (1) (2)
|
|
|
|
|
|
|
Research and development
|
|
|
|
7,775
|
|
|
|
|
8,194
|
|
Sales and marketing
|
|
|
|
13,234
|
|
|
|
|
13,901
|
|
General and administrative
|
|
|
|
5,390
|
|
|
|
|
5,391
|
|
Total operating expenses
|
|
|
|
26,399
|
|
|
|
|
27,486
|
|
Loss from operations
|
|
|
|
(2,416
|
)
|
|
|
|
(5,132
|
)
|
Other income, net
|
|
|
|
271
|
|
|
|
|
138
|
|
Net loss before income taxes
|
|
|
|
(2,145
|
)
|
|
|
|
(4,994
|
)
|
Provision for income taxes
|
|
|
|
112
|
|
|
|
|
79
|
|
Net loss
|
|
|
$
|
(2,257
|
)
|
|
|
$
|
(5,073
|
)
|
|
|
|
|
|
|
|
Net loss per share-basic and diluted
|
|
|
$
|
(0.06
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
|
|
|
|
|
Weighted-average shares-basic and diluted
|
|
|
|
34,923
|
|
|
|
|
34,056
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation included in above line items:
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
$
|
114
|
|
|
|
$
|
102
|
|
Cost of professional services and other revenue
|
|
|
|
40
|
|
|
|
|
60
|
|
Research and development
|
|
|
|
346
|
|
|
|
|
407
|
|
Sales and marketing
|
|
|
|
665
|
|
|
|
|
746
|
|
General and administrative
|
|
|
|
503
|
|
|
|
|
475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Amortization of acquired intangible assets included in the above
line items:
|
|
|
|
|
|
|
Cost of subscription and support revenue
|
|
|
$
|
508
|
|
|
|
$
|
508
|
|
Research and development
|
|
|
|
-
|
|
|
|
|
11
|
|
Sales and marketing
|
|
|
|
166
|
|
|
|
|
193
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
|
|
|
|
|
Three Months Ended March 31,
|
Operating activities
|
|
|
2018
|
|
|
2017
|
Net loss
|
|
|
$
|
(2,257
|
)
|
|
|
$
|
(5,073
|
)
|
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
1,644
|
|
|
|
|
1,734
|
|
Stock-based compensation
|
|
|
|
1,668
|
|
|
|
|
1,790
|
|
Provision for reserves on accounts receivable
|
|
|
|
13
|
|
|
|
|
222
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(2,038
|
)
|
|
|
|
(1,011
|
)
|
Prepaid expenses and other current assets
|
|
|
|
(616
|
)
|
|
|
|
(2,221
|
)
|
Other assets
|
|
|
|
(179
|
)
|
|
|
|
37
|
|
Accounts payable
|
|
|
|
(128
|
)
|
|
|
|
695
|
|
Accrued expenses
|
|
|
|
(80
|
)
|
|
|
|
(3,870
|
)
|
Deferred revenue
|
|
|
|
2,908
|
|
|
|
|
1,102
|
|
Net cash (used in) provided by operating activities
|
|
|
|
935
|
|
|
|
|
(6,595
|
)
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Purchases of property and equipment, net of returns
|
|
|
|
(538
|
)
|
|
|
|
(378
|
)
|
Capitalization of internal-use software costs
|
|
|
|
(1,001
|
)
|
|
|
|
(603
|
)
|
Net cash used in investing activities
|
|
|
|
(1,539
|
)
|
|
|
|
(981
|
)
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
683
|
|
|
|
|
79
|
|
Payments of withholding tax on RSU vesting
|
|
|
|
(6
|
)
|
|
|
|
(118
|
)
|
Payments on equipment financing
|
|
|
|
(26
|
)
|
|
|
|
(76
|
)
|
Payments under capital lease obligation
|
|
|
|
(107
|
)
|
|
|
|
(174
|
)
|
Net cash (used in) provided by financing activities
|
|
|
|
544
|
|
|
|
|
(289
|
)
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
347
|
|
|
|
|
220
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
287
|
|
|
|
|
(7,645
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
26,132
|
|
|
|
|
36,813
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
26,419
|
|
|
|
$
|
29,168
|
|
|
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Reconciliation of GAAP Gross Profit, GAAP Loss From Operations,
GAAP Net Loss and GAAP Net Loss Per Share to
|
Non-GAAP Gross Profit, Non-GAAP Income (Loss) From Operations,
Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2018
|
|
2017
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
|
|
|
|
$
|
23,983
|
|
|
$
|
22,354
|
|
|
Stock-based compensation expense
|
|
|
|
|
154
|
|
|
|
162
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
508
|
|
|
|
508
|
|
Non-GAAP gross profit
|
|
|
|
|
$
|
24,645
|
|
|
$
|
23,024
|
|
LOSS FROM OPERATIONS:
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
|
$
|
(2,416
|
)
|
|
$
|
(5,132
|
)
|
|
Stock-based compensation expense
|
|
|
|
|
1,668
|
|
|
|
1,790
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
674
|
|
|
|
712
|
|
Non-GAAP income (loss) from operations
|
|
|
|
$
|
(74
|
)
|
|
$
|
(2,630
|
)
|
NET LOSS:
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
|
|
$
|
(2,257
|
)
|
|
$
|
(5,073
|
)
|
|
Stock-based compensation expense
|
|
|
|
|
1,668
|
|
|
|
1,790
|
|
|
Amortization of acquired intangible assets
|
|
|
|
|
674
|
|
|
|
712
|
|
Non-GAAP net income (loss)
|
|
|
|
|
$
|
85
|
|
|
$
|
(2,571
|
)
|
GAAP diluted net loss per share
|
|
|
|
|
$
|
(0.06
|
)
|
|
$
|
(0.15
|
)
|
Non-GAAP diluted net income (loss) per share
|
|
|
|
$
|
0.00
|
|
|
$
|
(0.08
|
)
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing GAAP diluted net loss per share
|
|
|
34,923
|
|
|
|
34,056
|
|
Shares used in computing Non-GAAP diluted net income (loss) per share
|
|
35,663
|
|
|
|
34,056
|
|
|
|
|
|
|
|
|
|
Brightcove Inc.
|
Calculation of Adjusted EBITDA
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
2018
|
|
2017
|
Net loss
|
|
|
|
|
$
|
(2,257
|
)
|
|
$
|
(5,073
|
)
|
|
Other (income) expense, net
|
|
|
|
(271
|
)
|
|
|
(138
|
)
|
|
Provision for income taxes
|
|
|
|
|
112
|
|
|
|
79
|
|
|
Depreciation and amortization
|
|
|
|
1,644
|
|
|
|
1,734
|
|
|
Stock-based compensation expense
|
|
|
|
1,668
|
|
|
|
1,790
|
|
Adjusted EBITDA
|
|
|
|
|
$
|
896
|
|
|
$
|
(1,608
|
)
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180426006644/en/
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