[May 07, 2018] |
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Everbridge Announces First Quarter 2018 Financial Results
Everbridge,
Inc. (NASDAQ: EVBG), the global leader in critical event management and
incident response automation, today announced its financial results for
the first quarter ended March 31, 2018.
"Our first quarter results exceeded our guidance ranges for revenue and
profitability," said Jaime Ellertson, Chief Executive Officer and
Chairman of Everbridge. "This strong performance was driven by the
continued global adoption of Everbridge Mass Notification, the growing
number and size of multi-product deals, highlighted by upgrades to our
Critical Event Management platform, and continued success leveraging our
global partner network."
Ellertson continued, "We completed our acquisition of UMS in early
April, significantly expanding our global footprint and bringing us
capabilities to serve entire countries. We are optimistic that our
growing product portfolio and broadening geographic reach will further
enable us to extend our market leadership as we pursue the
multi-billion-dollar opportunity ahead of us."
First Quarter 2018 Financial Highlights
-
Total revenue was $30.5 million, an increase of 34% compared to $22.8
million for the first quarter of 2017.
-
GAAP operating loss was $(10.9) million, compared to a GAAP operating
loss of $(6.2) million for the first quarter of 2017.
-
Non-GAAP operating loss was $(3.4) million, compared to non-GAAP
operating loss of $(4.0) million for the first quarter of 2017.
Non-GAAP operating loss excludes stock-based compensation and
amortization of intangible assets related to acquisitions.
-
GAAP net loss was $(12.3) million, compared to $(6.2) million for the
first quarter of 2017. GAAP net loss per share was $(0.43), based on
28.4 million basic and diluted weighted average common shares
outstanding, compared to $(0.23) for the first quarter of 2017, based
on 27.2 million basic and diluted weighted average common shares
outstanding.
-
Non-GAAP net loss was $(4.8) million, compared to $(4.0) million in
the first quarter of 2017. Non-GAAP net loss per share was $(0.17),
based on 28.4 million basic and diluted weighted average common shares
outstanding, compared to $(0.15) for the first quarter of 2017, based
on 27.2 million basic and diluted weighted average common shares
outstanding. Non-GAAP net loss excludes stock-based compensation and
amortization of intangible assets related to acquisitions.
-
Adjusted EBITDA was a loss of $(1.8) million, compared to a loss of
$(2.3) million in the first quarter of 2017. Adjusted EBITDA
represents net loss before interest income and interest expense,
income tax expense and benefit, depreciation and amortization expense
and stock-based compensation expense.
-
Cash flow from operations was $7.5 million compared to $1.5 million
for the first quarter of 2017.
-
Free cash flow was $5.3 million compared to an outflow of $(0.3)
million for the first quarter of 2017. Free cash flow is cash flow
from operations, less cash used for capital expenditures and additions
to capitalized software development costs.
Recent Business Highlights
-
Ended the quarter with 3,811 global customers, up from 3,318 at the
end of the first quarter of 2017.
-
Announced the launch of its Integration Platform-as-a-Service offering
for IT alerting, which allows IT professionals to bring together the
key pieces of their end-to-end IT response processes to improve
incident response automation and orchestration.
-
Announced the integration of its IT Alerting solution with Cherwell
Software. The combined solution provides Cherwell® Service Management
(CSM) users with a full end-to-end Incident Response Management
platform to enable significant and measurable reduction of IT response
engagement times.
-
Completed the acquisition of Unified Messaging Systems to enhance
product offerings and expand geographic footprint.
Business Outlook
Based on information available as of today, Everbridge is issuing
guidance for the second quarter and full year 2018, including the
anticipated impact from its acquisition of Unified Messaging Systems, as
indicated below.
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Second Quarter 2018
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Full Year 2018
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Total Revenue
|
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$34.0
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to
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$34.3
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$138.7
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to
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$139.8
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GAAP net income/(loss)
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$(14.2)
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$(13.9)
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$(46.0)
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$(45.0)
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GAAP net income/(loss) per share
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$(0.50)
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$(0.49)
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$(1.58)
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$(1.54)
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Non-GAAP net income/(loss)
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$(6.5)
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$(6.2)
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$(17.3)
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$(16.6)
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Non-GAAP net income/(loss) per share
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$(0.23)
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$(0.22)
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$(0.59)
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$(0.57)
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Basic and diluted weighted average shares outstanding
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28.6
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28.6
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29.2
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29.2
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Adjusted EBITDA
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$(2.7)
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$(2.4)
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$(3.7)
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$(3.0)
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(All figures in millions, except per share data)
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Conference Call Information
What:
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Everbridge First Quarter 2018 Financial Results Conference Call
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When:
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Monday, May 7, 2018
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Time:
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4:30 p.m. ET
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Live Call:
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(866) 439-5043, domestic
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(409) 220-9843, international
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Replay:
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(855) 859-2056, passcode 1948679, domestic
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(404) 537-3406, passcode 1948679, international
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Webcast (live & replay):
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http://ir.everbridge.com
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About Everbridge, Inc.
Everbridge,
Inc. (NASDAQ: EVBG) is a global software company that provides
enterprise software applications that automate and accelerate
organizations' operational response to critical events in order to keep
people safe and businesses running faster. During public safety threats
such as active shooter situations, terrorist attacks or severe weather
conditions, as well as critical business events such as IT outages,
cyber-attacks or other incidents such as product recalls or supply-chain
interruptions, over 3,800 global customers rely on the company's
SaaS-based platform to quickly and reliably aggregate and assess threat
data, locate people at risk and responders able to assist, automate the
execution of pre-defined communications processes, and track progress on
executing response plans. The company's platform sent over 2 billion
messages in 2017, and offers the ability to reach more than 200
countries and territories with secure delivery to over 100 different
communication devices. The company's critical communications and
enterprise safety applications include Mass Notification, Incident
Management, Safety Connection™, IT Alerting, Visual Command Center®,
Crisis Commander®, Community Engagement™ and Secure Messaging.
Everbridge serves 9 of the 10 largest U.S. cities, 8 of the 10 largest
U.S.-based investment banks, all 25 of the 25 busiest North American
airports, six of the 10 largest global consulting firms, six of the 10
largest global automakers, all four of the largest global accounting
firms, four of the 10 largest U.S.-based health care providers and four
of the 10 largest U.S.-based health insurers. Everbridge is based in
Boston and Los Angeles with additional offices in San Francisco,
Lansing, Orlando, Beijing, London and Stockholm. For more information,
visit www.everbridge.com,
read the company blog,
and follow on Twitter
and Facebook.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures:
non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin,
non-GAAP sales and marketing, non-GAAP research and development,
non-GAAP general and administrative, non-GAAP operating expenses,
non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP
net income/(loss) per share, adjusted EBITDA, and free cash flow.
We believe that these non-GAAP measures of financial results provide
useful information to management and investors regarding certain
financial and business trends relating to Everbridge's financial
condition and results of operations. We use these non-GAAP measures for
financial, operational and budgetary decision-making purposes, to
understand and evaluate our core operating performance and trends, and
to generate future operating plans. We believe that these non-GAAP
financial measures provide useful information regarding past financial
performance and future prospects, and permit us to more thoroughly
analyze key financial metrics used to make operational decisions. We
believe 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 our financial measures with other
software companies, many of which present similar non-GAAP financial
measures to investors.
We do 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 and income that are required by GAAP
to be recorded in the Company's financial statements. In addition, they
are subject to inherent limitations as they reflect the exercise of
judgment by management about which expenses and income are excluded or
included in determining these non-GAAP financial measures. In order to
compensate for these limitations, management presents non-GAAP financial
measures in connection with GAAP results. We urge investors to review
the reconciliation of our non-GAAP financial measures to the comparable
GAAP financial measures, which are included in this press release, and
not to rely on any single financial measure to evaluate our business.
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 the anticipated opportunity and trends for growth in our
critical communications and enterprise safety applications and our
overall business, our market opportunity, our expectations regarding
sales of our products, our goal to maintain market leadership and extend
the markets in which we compete for customers, and our expected
financial results for the first quarter of 2018 and the full fiscal year
2018. These forward-looking statements are made as of the date of this
press release and were based on current expectations, estimates,
forecasts and projections as well as the beliefs and assumptions of
management. Words such as "expect," "anticipate," "should," "believe,"
"target," "project," "goals," "estimate," "potential," "predict," "may,"
"will," "could," "intend," variations of these terms or the negative of
these terms and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements are subject to a
number of risks and uncertainties, many of which involve factors or
circumstances that are beyond our control. Our 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: the
ability of our products and services to perform as intended and meet our
customers' expectations; our ability to attract new customers and retain
and increase sales to existing customers; our ability to increase sales
of our Mass Notification application and/or ability to increase sales of
our other applications; developments in the market for targeted and
contextually relevant critical communications or the associated
regulatory environment; our estimates of market opportunity and
forecasts of market growth may prove to be inaccurate; we have not been
profitable on a consistent basis historically and may not achieve or
maintain profitability in the future; the lengthy and unpredictable
sales cycles for new customers; nature of our business exposes us to
inherent liability risks; our ability to attract, integrate and retain
qualified personnel; our ability to successfully integrate businesses
and assets that we have acquired or may acquire in the future; our
ability to maintain successful relationships with our channel partners
and technology partners; our ability to manage our growth effectively;
our ability to respond to competitive pressures; potential liability
related to privacy and security of personally identifiable information;
our ability to protect our intellectual property rights, and the other
risks detailed in our risk factors discussed in filings with the U.S.
Securities and Exchange Commission ("SEC"), including but not limited to
our Annual Report on Form 10-K for the year ended December 31, 2017
filed with the SEC on March 12, 2018. The forward-looking statements
included in this press release represent our views as of the date of
this press release. We undertake no intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. These forward-looking
statements should not be relied upon as representing our views as of any
date subsequent to the date of this press release.
All Everbridge products are trademarks of Everbridge, Inc. in the USA
and other countries. All other product or company names mentioned are
the property of their respective owners.
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Consolidated Balance Sheets
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(in thousands)
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(unaudited)
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March 31, 2018
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December 31, 2017
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Current assets:
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|
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Cash and cash equivalents
|
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$
|
103,633
|
|
|
$
|
103,051
|
|
Short-term investments
|
|
|
48,499
|
|
|
|
42,908
|
|
Accounts receivable, net
|
|
|
22,393
|
|
|
|
31,699
|
|
Prepaid expenses
|
|
|
4,214
|
|
|
|
2,563
|
|
Deferred costs
|
|
|
5,038
|
|
|
|
2,429
|
|
Other current assets
|
|
|
3,079
|
|
|
|
811
|
|
Total current assets
|
|
|
186,856
|
|
|
|
183,461
|
|
Property and equipment, net
|
|
|
2,481
|
|
|
|
2,796
|
|
Capitalized software development costs, net
|
|
|
10,755
|
|
|
|
10,005
|
|
Goodwill
|
|
|
31,077
|
|
|
|
31,328
|
|
Intangible assets, net
|
|
|
7,952
|
|
|
|
8,634
|
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Deferred costs
|
|
|
7,478
|
|
|
|
-
|
|
Other assets
|
|
|
247
|
|
|
|
189
|
|
Total assets
|
|
$
|
246,846
|
|
|
$
|
236,413
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
3,029
|
|
|
$
|
2,446
|
|
Accrued payroll and employee related liabilities
|
|
|
15,513
|
|
|
|
11,111
|
|
Accrued expenses
|
|
|
3,209
|
|
|
|
1,825
|
|
Deferred revenue
|
|
|
68,514
|
|
|
|
70,090
|
|
Contingent consideration liabilities
|
|
|
674
|
|
|
|
682
|
|
Other current liabilities
|
|
|
1,331
|
|
|
|
808
|
|
Total current liabilities
|
|
|
92,270
|
|
|
|
86,962
|
|
Long-term liabilities:
|
|
|
|
|
Deferred revenue, noncurrent
|
|
|
2,486
|
|
|
|
2,982
|
|
Convertible debt
|
|
|
90,615
|
|
|
|
89,481
|
|
Deferred tax liabilities
|
|
|
512
|
|
|
|
482
|
|
Other long term liabilities
|
|
|
465
|
|
|
|
515
|
|
Total liabilities
|
|
$
|
186,348
|
|
|
$
|
180,422
|
|
|
|
|
|
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Stockholders' equity:
|
|
|
|
|
Common stock
|
|
|
29
|
|
|
|
28
|
|
Additional paid-in capital
|
|
|
173,013
|
|
|
|
164,995
|
|
Accumulated deficit
|
|
|
(112,497
|
)
|
|
|
(109,252
|
)
|
Accumulated other comprehensive income (loss)
|
|
|
(47
|
)
|
|
|
220
|
|
Total stockholders' equity
|
|
|
60,498
|
|
|
|
55,991
|
|
Total liabilities and stockholders' equity
|
|
$
|
246,846
|
|
|
$
|
236,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Consolidated Statements of Comprehensive Loss
|
|
|
|
|
(in thousands, except share and per share data)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Three months ended
|
|
|
March 31,
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
Revenue
|
|
$
|
30,519
|
|
|
$
|
22,844
|
|
Cost of revenue
|
|
|
9,660
|
|
|
|
7,654
|
|
Gross profit
|
|
|
20,859
|
|
|
|
15,190
|
|
|
|
|
68.35
|
%
|
|
|
66.49
|
%
|
Operating expenses:
|
|
|
|
|
Sales and marketing
|
|
|
15,776
|
|
|
|
10,906
|
|
Research and development
|
|
|
8,171
|
|
|
|
5,277
|
|
General and administrative
|
|
|
7,844
|
|
|
|
5,200
|
|
Total operating expenses
|
|
|
31,791
|
|
|
|
21,383
|
|
Operating loss
|
|
|
(10,932
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)
|
|
|
(6,193
|
)
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
Interest and investment income
|
|
|
456
|
|
|
|
51
|
|
Interest expense
|
|
|
(1,572
|
)
|
|
|
(1
|
)
|
Other income (expense), net
|
|
|
(198
|
)
|
|
|
(32
|
)
|
Total other income (expense), net
|
|
|
(1,314
|
)
|
|
|
18
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|
Loss before income taxes
|
|
|
(12,246
|
)
|
|
|
(6,175
|
)
|
Income taxes, net
|
|
|
(96
|
)
|
|
|
(27
|
)
|
Net loss
|
|
$
|
(12,342
|
)
|
|
$
|
(6,202
|
)
|
|
|
|
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|
Net loss per share attributable to common stockholders:
|
|
|
|
|
Basic
|
|
$
|
(0.43
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)
|
|
$
|
(0.23
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)
|
Diluted
|
|
$
|
(0.43
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)
|
|
$
|
(0.23
|
)
|
|
|
|
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
Basic
|
|
|
28,434,678
|
|
|
|
27,170,827
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|
Diluted
|
|
|
28,434,678
|
|
|
|
27,170,827
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
Foreign currency translation adjustment, net
|
|
|
(267
|
)
|
|
|
41
|
|
of tax
|
|
|
|
|
Total comprehensive loss
|
|
$
|
(12,609
|
)
|
|
$
|
(6,161
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)
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense included in the above:
|
|
|
(in thousands)
|
|
|
|
|
|
|
Three months ended
|
|
|
March 31,
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
625
|
|
|
$
|
65
|
|
Sales and marketing
|
|
|
2,435
|
|
|
|
277
|
|
Research and development
|
|
|
1,310
|
|
|
|
146
|
|
General and administrative
|
|
|
2,324
|
|
|
|
480
|
|
Total stock-based compensation
|
|
$
|
6,694
|
|
|
$
|
968
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
|
(in thousands)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Three months ended
|
|
|
March 31,
|
|
|
|
2018
|
|
|
|
2017
|
|
Cash flows from operating activities:
|
|
|
|
|
Net loss
|
|
$
|
(12,342
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)
|
|
$
|
(6,202
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)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
2,638
|
|
|
|
2,933
|
|
Amortization of deferred costs
|
|
|
1,233
|
|
|
|
1,421
|
|
Loss on disposal of assets
|
|
|
84
|
|
|
|
-
|
|
Deferred income taxes
|
|
|
34
|
|
|
|
-
|
|
Accretion of interest on convertible senior notes
|
|
|
1,134
|
|
|
|
-
|
|
Non-cash investment income
|
|
|
(159
|
)
|
|
|
-
|
|
Provision for doubtful accounts
|
|
|
(192
|
)
|
|
|
80
|
|
Stock-based compensation
|
|
|
6,586
|
|
|
|
955
|
|
Increase (decrease) in operating assets and liabilities:
|
|
|
|
|
Accounts receivable, net
|
|
|
9,595
|
|
|
|
4,277
|
|
Prepaid expenses
|
|
|
(1,651
|
)
|
|
|
(1,071
|
)
|
Deferred costs
|
|
|
(2,223
|
)
|
|
|
(984
|
)
|
Other assets
|
|
|
(2,018
|
)
|
|
|
(99
|
)
|
Accounts payable
|
|
|
702
|
|
|
|
(4
|
)
|
Accrued payroll and employee related liabilities
|
|
|
4,402
|
|
|
|
888
|
|
Accrued expenses
|
|
|
1,384
|
|
|
|
94
|
|
Deferred revenue
|
|
|
(2,072
|
)
|
|
|
(816
|
)
|
Other liabilities
|
|
|
373
|
|
|
|
(13
|
)
|
Net cash provided by operating activities
|
|
|
7,508
|
|
|
|
1,459
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Capital expenditures
|
|
|
(253
|
)
|
|
|
(223
|
)
|
Additions to capitalized software development costs
|
|
|
(1,999
|
)
|
|
|
(1,487
|
)
|
Additions to intangibles
|
|
|
(136
|
)
|
|
|
-
|
|
Payment for acquisition of business, net of acquired cash
|
|
|
-
|
|
|
|
(21,235
|
)
|
Purchase of cost investment
|
|
|
(308
|
)
|
|
|
-
|
|
Purchase of short-term investments
|
|
|
(30,932
|
)
|
|
|
-
|
|
Maturities of short-term investments
|
|
|
25,500
|
|
|
|
-
|
|
Net cash used in investing activities
|
|
|
(8,128
|
)
|
|
|
(22,945
|
)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
RSUs withheld to settle employee tax withholding liability
|
|
|
(1,022
|
)
|
|
|
-
|
|
Payments of public offering costs
|
|
|
-
|
|
|
|
(298
|
)
|
Payments of debt issuance costs
|
|
|
(84
|
)
|
|
|
-
|
|
Proceeds from employee stock purchase plan
|
|
|
881
|
|
|
|
854
|
|
Proceeds from stock option exercises
|
|
|
1,466
|
|
|
|
12
|
|
Net cash provided by financing activities
|
|
|
1,241
|
|
|
|
568
|
|
|
|
|
|
|
Effect of exchange rates on cash, cash equivalents and restricted
cash
|
|
|
(39
|
)
|
|
|
(168
|
)
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
|
582
|
|
|
|
(21,086
|
)
|
|
|
|
|
|
Cash, cash equivalents and restricted cash, beginning of period
|
|
|
103,051
|
|
|
|
60,765
|
|
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
103,633
|
|
|
$
|
39,679
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP measures to non-GAAP measures
|
|
|
(in thousands, except share and per share data)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Three months ended
|
|
|
March 31,
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
9,660
|
|
|
$
|
7,654
|
|
Amortization of acquired intangibles
|
|
|
(252
|
)
|
|
|
(741
|
)
|
Stock-based compensation
|
|
|
(625
|
)
|
|
|
(65
|
)
|
Non-GAAP cost of revenue
|
|
|
8,783
|
|
|
|
6,848
|
|
|
|
|
|
|
Gross profit
|
|
|
20,859
|
|
|
|
15,190
|
|
Amortization of acquired intangibles
|
|
|
252
|
|
|
|
741
|
|
Stock-based compensation
|
|
|
625
|
|
|
|
65
|
|
Non-GAAP gross profit
|
|
|
21,736
|
|
|
|
15,996
|
|
Non-GAAP gross margin
|
|
|
71.22
|
%
|
|
|
70.02
|
%
|
|
|
|
|
|
Sales and marketing
|
|
|
15,776
|
|
|
|
10,906
|
|
Stock-based compensation
|
|
|
(2,435
|
)
|
|
|
(277
|
)
|
Non-GAAP sales and marketing
|
|
|
13,341
|
|
|
|
10,629
|
|
|
|
|
|
|
Research and development
|
|
|
8,171
|
|
|
|
5,277
|
|
Stock-based compensation
|
|
|
(1,310
|
)
|
|
|
(146
|
)
|
Non-GAAP research and development
|
|
|
6,861
|
|
|
|
5,131
|
|
|
|
|
|
|
General and administrative
|
|
|
7,844
|
|
|
|
5,200
|
|
Amortization of acquired intangibles
|
|
|
(571
|
)
|
|
|
(448
|
)
|
Stock-based compensation
|
|
|
(2,324
|
)
|
|
|
(480
|
)
|
Non-GAAP general and administrative
|
|
|
4,949
|
|
|
|
4,272
|
|
|
|
|
|
|
Total operating expenses
|
|
|
31,791
|
|
|
|
21,383
|
|
Amortization of acquired intangibles
|
|
|
(571
|
)
|
|
|
(448
|
)
|
Stock-based compensation
|
|
|
(6,069
|
)
|
|
|
(903
|
)
|
Non-GAAP operating expenses
|
|
$
|
25,151
|
|
|
$
|
20,032
|
|
|
|
|
|
|
Operating loss
|
|
$
|
(10,932
|
)
|
|
$
|
(6,193
|
)
|
Amortization of acquired intangibles
|
|
|
823
|
|
|
|
1,189
|
|
Stock-based compensation
|
|
|
6,694
|
|
|
|
968
|
|
Non-GAAP operating loss
|
|
$
|
(3,415
|
)
|
|
$
|
(4,036
|
)
|
|
|
|
|
|
Net loss
|
|
$
|
(12,342
|
)
|
|
$
|
(6,202
|
)
|
Amortization of acquired intangibles
|
|
|
823
|
|
|
|
1,189
|
|
Stock-based compensation
|
|
|
6,694
|
|
|
|
968
|
|
Non-GAAP net loss
|
|
$
|
(4,825
|
)
|
|
$
|
(4,045
|
)
|
|
|
|
|
|
Weighted average common shares outstanding, basic and diluted
|
|
|
28,434,678
|
|
|
|
27,170,827
|
|
|
|
|
|
|
Non-GAAP net loss per share
|
|
$
|
(0.17
|
)
|
|
$
|
(0.15
|
)
|
|
|
|
|
|
Net loss
|
|
$
|
(12,342
|
)
|
|
$
|
(6,202
|
)
|
Interest (income) expense, net
|
|
|
1,116
|
|
|
|
(50
|
)
|
Income taxes, net
|
|
|
96
|
|
|
|
27
|
|
Depreciation and amortization
|
|
|
2,638
|
|
|
|
2,933
|
|
EBITDA
|
|
|
(8,492
|
)
|
|
|
(3,292
|
)
|
Stock-based compensation
|
|
|
6,694
|
|
|
|
968
|
|
Adjusted EBITDA
|
|
$
|
(1,798
|
)
|
|
$
|
(2,324
|
)
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
7,508
|
|
|
$
|
1,459
|
|
Capital expenditures
|
|
|
(253
|
)
|
|
|
(223
|
)
|
Additions to capitalized software development costs
|
|
|
(1,999
|
)
|
|
|
(1,487
|
)
|
Free cash flow
|
|
$
|
5,256
|
|
|
$
|
(251
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued) Reconciliation of GAAP measures to non-GAAP measures
|
|
|
|
|
(in millions, except share and per share data)
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Business outlook:
|
|
Three months ended
|
|
Year ended
|
|
|
June 30, 2018
|
|
December 31, 2018
|
|
|
Low end
|
|
High end
|
|
Low end
|
|
High end
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(14.2
|
)
|
|
$
|
(13.9
|
)
|
|
$
|
(46.0
|
)
|
|
$
|
(45.0
|
)
|
Amortization of acquired intangibles
|
|
|
1.4
|
|
|
|
1.4
|
|
|
|
5.0
|
|
|
|
4.7
|
|
Stock-based compensation
|
|
|
6.3
|
|
|
|
6.3
|
|
|
|
23.7
|
|
|
|
23.7
|
|
Non-GAAP net loss
|
|
$
|
(6.5
|
)
|
|
$
|
(6.2
|
)
|
|
$
|
(17.3
|
)
|
|
$
|
(16.6
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, basic and diluted
|
|
|
28,600,000
|
|
|
|
28,600,000
|
|
|
|
29,200,000
|
|
|
|
29,200,000
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
|
|
$
|
(0.50
|
)
|
|
$
|
(0.49
|
)
|
|
$
|
(1.58
|
)
|
|
$
|
(1.54
|
)
|
Non-GAAP net loss per share
|
|
$
|
(0.23
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.59
|
)
|
|
$
|
(0.57
|
)
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(14.2
|
)
|
|
$
|
(13.9
|
)
|
|
$
|
(46.0
|
)
|
|
$
|
(45.0
|
)
|
Interest (income) expense, net
|
|
|
1.2
|
|
|
|
1.2
|
|
|
|
5.1
|
|
|
|
5.1
|
|
Income taxes, net
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
-
|
|
Depreciation and amortization
|
|
|
3.9
|
|
|
|
3.9
|
|
|
|
13.5
|
|
|
|
13.2
|
|
EBITDA
|
|
|
(9.0
|
)
|
|
|
(8.7
|
)
|
|
|
(27.4
|
)
|
|
|
(26.7
|
)
|
Stock-based compensation
|
|
|
6.3
|
|
|
|
6.3
|
|
|
|
23.7
|
|
|
|
23.7
|
|
Adjusted EBITDA
|
|
$
|
(2.7
|
)
|
|
$
|
(2.4
|
)
|
|
$
|
(3.7
|
)
|
|
$
|
(3.0
|
)
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180507006072/en/
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