[November 08, 2018] |
|
PCTEL Reports $18.4 Million in Third Quarter Revenue
PCTEL, Inc. (Nasdaq: PCTI), a leader in Performance Critical
TELecom solutions, announced its results for the third quarter
ended September 30, 2018.
Highlights from Continuing Operations
-
Revenue of $18.4 million in the quarter and $61.7 million year to
date, 22% lower in the quarter and 9% lower year-to-date compared
to last year. Revenue was lower in both the antenna and test &
measurement product lines in the quarter and year to date.
-
Gross profit margin of 36.5% in the quarter and 36.3% year to date, down
6.4% in the quarter and 5.6% year-to-date compared to last year. The
two primary reasons for the decrease in both the quarter and
year-to-date are lower test & measurement product revenue which has
higher margin compared to antenna products, and price erosion in the
small cell antenna market.
-
Net loss per share of $0.10 in the quarter and $0.22 year to date,
compared to net income of $0.04 per share in the quarter and
year-to-date last year.
-
Non-GAAP net income and adjusted EBITDA are measures the Company
uses to reflect the results of its core earnings. A reconciliation
of those non-GAAP measures to our financial statements is provided
later in the press release.
-
Non-GAAP net loss per share of $0.06 in the quarter and a net
loss of $0.07 year to date compared to net income of $0.09 in
the quarter and $0.20 year-to-date last year. The third quarter of
this year included $0.04 non-GAAP restructuring charges related to
the Company's recent reorganization.
-
Adjusted EBITDA margin as a percent of revenue of negative 3%
in the quarter and positive 1% year to date compared to 11% in
the quarter and 9% year-to-date last year.
-
$37.1 million of cash and short-term investments at September 30,
2018 and no debt.
"Our small cell revenue has stabilized with wins in China, North
American and Europe, and we are encouraged with the early 5G deployment
activity," said David Neumann, PCTEL's CEO. "However, carrier spending
was down on legacy networks and several antenna projects were completed
in Q2, which negatively affected the quarter and 2018 year to date
results. We believe that improving market conditions and our recent
reorganization to improve business development will position PCTEL to
take advantage of the long-term growth opportunities in 5G, antennas,
and industrial IoT."
CONFERENCE CALL / WEBCAST
PCTEL's management team will discuss the Company's results today at 4:30
p.m. ET. The call can be accessed by dialing (888) 782-2072 (U.S.
/ Canada) or (706) 679-6397 (International), conference ID: 1369318.
The call will also be webcast at http://investor.pctel.com/news-events/webcasts-presentations.
REPLAY: A replay will be available for two weeks after the call on
either the website listed above or by calling (855) 859-2056
(U.S./Canada), or International (404) 537-3406, conference ID: 1369318.
About PCTEL
PCTEL, Inc. provides Performance Critical TELecom
technology solutions. We are a leading global supplier of antennas and
wireless network testing solutions. Our precision
antennas are deployed in small cells, enterprise Wi-Fi access
points, fleet management and transit systems, and in equipment and
devices for the Industrial Internet of Things (IIoT). We offer in-house
design, testing, radio integration, and manufacturing capabilities for
our customers. PCTEL's test
and measurement tools improve the performance of wireless networks
globally, with a focus on LTE, public safety, and emerging 5G
technologies. Network operators, neutral hosts, and equipment
manufacturers rely on our scanning receivers and testing solutions to
analyze, design, and optimize their networks.
For more information, please visit our website at https://www.pctel.com/.
PCTEL Safe Harbor Statement
This press release and our related comments in our earnings conference
call contain "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. Specifically, the statements
regarding our future financial performance, growth of our antenna
solutions and test and measurement businesses, anticipated demand for
certain products including those related to antennas, the industrial IoT
and the rollout of 5G, our expectations regarding increasing capital
expenditures in 2019 by wireless operators, the impact of tariffs on
certain imports from China, and the anticipated growth of public and
private wireless systems are forward-looking statements within the
meaning of the safe harbor. These statements are based on management's
current expectations and actual results may differ materially from those
projected as a result of certain risks and uncertainties, including the
impact of data densification and IoT on capacity and coverage demand,
impact of 5G, customer demand for these types of products and services
generally including demand from customers in China, growth and
continuity in PCTEL's vertical markets, and PCTEL's ability to grow its
wireless products business and create, protect and implement new
technologies and solutions. These and other risks and uncertainties are
detailed in PCTEL's Securities and Exchange Commission filings. These
forward-looking statements are made only as of the date hereof, and
PCTEL disclaims any obligation to update or revise the information
contained in any forward-looking statement, whether as a result of new
information, future events or otherwise.
|
|
|
|
|
PCTEL, INC.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands, except share data)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
2018
|
|
2017
|
ASSETS
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
5,377
|
|
|
$
|
5,559
|
|
Short-term investment securities
|
|
|
31,770
|
|
|
|
32,499
|
|
Accounts receivable, net of allowances of $278 and $319 at
September 30, 2018 and December 31, 2017, respectively
|
|
|
13,261
|
|
|
|
18,624
|
|
Inventories, net
|
|
|
12,691
|
|
|
|
12,756
|
|
Prepaid expenses and other assets
|
|
|
1,185
|
|
|
|
1,605
|
|
Total current assets
|
|
|
64,284
|
|
|
|
71,043
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
12,491
|
|
|
|
12,369
|
|
Goodwill
|
|
|
3,332
|
|
|
|
3,332
|
|
Intangible assets, net
|
|
|
1,280
|
|
|
|
2,113
|
|
Deferred tax assets, net
|
|
|
8,685
|
|
|
|
7,734
|
|
Other noncurrent assets
|
|
|
52
|
|
|
|
72
|
|
TOTAL ASSETS
|
|
$
|
90,124
|
|
|
$
|
96,663
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Accounts payable
|
|
$
|
5,392
|
|
|
$
|
5,471
|
|
Accrued liabilities
|
|
|
5,069
|
|
|
|
7,481
|
|
Total current liabilities
|
|
|
10,461
|
|
|
|
12,952
|
|
Long-term liabilities
|
|
|
383
|
|
|
|
392
|
|
Total liabilities
|
|
|
10,844
|
|
|
|
13,344
|
|
Stockholders' equity:
|
|
|
|
|
Common stock, $0.001 par value, 100,000,000 shares authorized,
18,318,141 and 17,806,792 shares issued and outstanding at
September 30, 2018 and December 31, 2017, respectively
|
|
|
18
|
|
|
|
18
|
|
Additional paid-in capital
|
|
|
134,455
|
|
|
|
134,505
|
|
Accumulated deficit
|
|
|
(54,920
|
)
|
|
|
(51,258
|
)
|
Accumulated other comprehensive (loss) income
|
|
|
(273
|
)
|
|
|
54
|
|
Total stockholders' equity
|
|
|
79,280
|
|
|
|
83,319
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
90,124
|
|
|
$
|
96,663
|
|
|
|
|
|
|
|
|
|
|
PCTEL, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2018
|
|
|
|
2017
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
$
|
18,426
|
|
|
$
|
23,665
|
|
$
|
61,739
|
|
|
$
|
68,136
|
|
COST OF REVENUES
|
|
|
11,705
|
|
|
|
13,515
|
|
|
39,355
|
|
|
|
39,570
|
|
GROSS PROFIT
|
|
|
6,721
|
|
|
|
10,150
|
|
|
22,384
|
|
|
|
28,566
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
3,028
|
|
|
|
2,757
|
|
|
9,021
|
|
|
|
8,141
|
|
Sales and marketing
|
|
|
2,957
|
|
|
|
3,230
|
|
|
9,059
|
|
|
|
9,394
|
|
General and administrative
|
|
|
3,029
|
|
|
|
3,146
|
|
|
9,172
|
|
|
|
10,081
|
|
Amortization of intangible assets
|
|
|
85
|
|
|
|
124
|
|
|
333
|
|
|
|
372
|
|
Total operating expenses
|
|
|
9,099
|
|
|
|
9,257
|
|
|
27,585
|
|
|
|
27,988
|
|
OPERATING (LOSS) INCOME
|
|
|
(2,378
|
)
|
|
|
893
|
|
|
(5,201
|
)
|
|
|
578
|
|
Other income, net
|
|
|
226
|
|
|
|
32
|
|
|
486
|
|
|
|
74
|
|
(LOSS) INCOME BEFORE INCOME TAXES
|
|
|
(2,152
|
)
|
|
|
925
|
|
|
(4,715
|
)
|
|
|
652
|
|
(Benefit) expense for income taxes
|
|
|
(482
|
)
|
|
|
206
|
|
|
(961
|
)
|
|
|
(68
|
)
|
(LOSS) INCOME FROM CONTINUING OPERATIONS
|
|
|
(1,670
|
)
|
|
|
719
|
|
|
(3,754
|
)
|
|
|
720
|
|
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT
|
|
|
0
|
|
|
|
236
|
|
|
0
|
|
|
|
(148
|
)
|
NET (LOSS) INCOME
|
|
$
|
(1,670
|
)
|
|
$
|
955
|
|
$
|
(3,754
|
)
|
|
$
|
572
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income per Share from Continuing Operations:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.10
|
)
|
|
$
|
0.04
|
|
$
|
(0.22
|
)
|
|
$
|
0.04
|
|
Diluted
|
|
$
|
(0.10
|
)
|
|
$
|
0.04
|
|
$
|
(0.22
|
)
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) per Share from Discontinued Operations:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.00
|
|
|
$
|
0.01
|
|
$
|
0.00
|
|
|
$
|
(0.01
|
)
|
Diluted
|
|
$
|
0.00
|
|
|
$
|
0.01
|
|
$
|
0.00
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income per Share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.10
|
)
|
|
$
|
0.06
|
|
$
|
(0.22
|
)
|
|
$
|
0.03
|
|
Diluted
|
|
$
|
(0.10
|
)
|
|
$
|
0.06
|
|
$
|
(0.22
|
)
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
17,234
|
|
|
|
16,757
|
|
|
17,145
|
|
|
|
16,526
|
|
Diluted
|
|
|
17,234
|
|
|
|
17,065
|
|
|
17,145
|
|
|
|
16,830
|
|
|
|
|
|
|
|
|
|
|
Cash dividend per share
|
|
$
|
0.055
|
|
|
$
|
0.055
|
|
$
|
0.155
|
|
|
$
|
0.155
|
|
|
|
|
|
|
PCTEL, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
.
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
Operating Activities:
|
|
|
|
|
Net (loss) income from continuing operations
|
|
$
|
(3,754
|
)
|
|
$
|
720
|
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation
|
|
|
2,088
|
|
|
|
1,913
|
|
Intangible asset amortization
|
|
|
833
|
|
|
|
872
|
|
Stock-based compensation
|
|
|
2,572
|
|
|
|
2,458
|
|
Loss on disposal of property and equipment
|
|
|
11
|
|
|
|
18
|
|
Restructuring costs
|
|
|
(28
|
)
|
|
|
(88
|
)
|
Bad debt provision
|
|
|
248
|
|
|
|
38
|
|
Deferred tax provision
|
|
|
(868
|
)
|
|
|
(282
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
|
4,968
|
|
|
|
672
|
|
Inventories
|
|
|
(173
|
)
|
|
|
1,809
|
|
Prepaid expenses and other assets
|
|
|
425
|
|
|
|
509
|
|
Accounts payable
|
|
|
255
|
|
|
|
(1,078
|
)
|
Income taxes payable
|
|
|
(39
|
)
|
|
|
(154
|
)
|
Other accrued liabilities
|
|
|
(2,395
|
)
|
|
|
(426
|
)
|
Deferred revenue
|
|
|
(43
|
)
|
|
|
95
|
|
Net cash provided by operating activities
|
|
|
4,100
|
|
|
|
7,076
|
|
Investing Activities:
|
|
|
|
|
Capital expenditures
|
|
|
(2,205
|
)
|
|
|
(2,097
|
)
|
Proceeds from disposal of property and equipment
|
|
|
14
|
|
|
|
1
|
|
Purchases of investments
|
|
|
(33,978
|
)
|
|
|
(37,579
|
)
|
Redemptions/maturities of short-term investments
|
|
|
34,707
|
|
|
|
26,056
|
|
Net cash used in investing activities
|
|
|
(1,462
|
)
|
|
|
(13,619
|
)
|
Financing Activities:
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
686
|
|
|
|
1,375
|
|
Payment of withholding tax on stock-based compensation
|
|
|
(301
|
)
|
|
|
(1,190
|
)
|
Principle payments on capital leases
|
|
|
(91
|
)
|
|
|
(64
|
)
|
Cash dividends
|
|
|
(3,007
|
)
|
|
|
(2,730
|
)
|
Net cash used in financing activities
|
|
|
(2,713
|
)
|
|
|
(2,609
|
)
|
Cash flows from discontinued operations:
|
|
|
|
|
Net cash used in operating activities
|
|
|
0
|
|
|
|
(697
|
)
|
Net cash provided by investing activities
|
|
|
0
|
|
|
|
1,434
|
|
Net cash flows provided by discontinued operations
|
|
|
0
|
|
|
|
737
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(75
|
)
|
|
|
(8,415
|
)
|
Effect of exchange rate changes on cash
|
|
|
(107
|
)
|
|
|
87
|
|
Cash and cash equivalents, beginning of period
|
|
|
5,559
|
|
|
|
14,855
|
|
Cash and Cash Equivalents, End of Period
|
|
$
|
5,377
|
|
|
$
|
6,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PCTEL, INC.
|
P&L INFORMATION BY SEGMENT - Continuing Operations (unaudited)
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2018
|
|
|
|
|
Test &
|
|
|
|
|
|
|
|
Test &
|
|
|
|
|
|
|
Antenna
|
|
Measurement
|
|
|
|
|
|
Antenna
|
|
Measurement
|
|
|
|
|
|
|
Products
|
|
Products
|
|
Corporate
|
|
Total
|
|
Products
|
|
Products
|
|
Corporate
|
|
Total
|
REVENUES
|
|
$
|
14,877
|
|
|
|
$
|
3,556
|
|
|
|
|
($7
|
)
|
|
|
$
|
18,426
|
|
|
$
|
50,120
|
|
|
|
$
|
11,691
|
|
|
|
|
($72
|
)
|
|
|
$
|
61,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
$
|
4,504
|
|
|
|
$
|
2,201
|
|
|
|
$
|
16
|
|
|
|
$
|
6,721
|
|
|
$
|
14,734
|
|
|
|
$
|
7,627
|
|
|
|
$
|
23
|
|
|
|
$
|
22,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT %
|
|
|
30.3
|
%
|
|
|
|
61.9
|
%
|
|
|
|
|
|
|
36.5
|
%
|
|
|
29.4
|
%
|
|
|
|
65.2
|
%
|
|
|
|
|
|
|
36.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2017
|
|
|
|
|
Test &
|
|
|
|
|
|
|
|
Test &
|
|
|
|
|
|
|
Antenna
|
|
Measurement
|
|
|
|
|
|
Antenna
|
|
Measurement
|
|
|
|
|
|
|
Products
|
|
Products
|
|
Corporate
|
|
Total
|
|
Products
|
|
Products
|
|
Corporate
|
|
Total
|
REVENUES
|
|
$
|
17,988
|
|
|
|
$
|
5,739
|
|
|
|
|
($62
|
)
|
|
|
$
|
23,665
|
|
|
$
|
52,125
|
|
|
|
$
|
16,157
|
|
|
|
|
($146
|
)
|
|
|
$
|
68,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
$
|
6,148
|
|
|
|
$
|
4,006
|
|
|
|
|
($4
|
)
|
|
|
$
|
10,150
|
|
|
$
|
17,283
|
|
|
|
$
|
11,275
|
|
|
|
$
|
8
|
|
|
|
$
|
28,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT %
|
|
|
34.2
|
%
|
|
|
|
69.8
|
%
|
|
|
|
|
|
|
42.9
|
%
|
|
|
33.2
|
%
|
|
|
|
69.8
|
%
|
|
|
|
|
|
|
41.9
|
%
|
|
|
|
|
Reconciliation of GAAP to non-GAAP
Results - Continuing Operations (unaudited)
|
(in thousands except per share information)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP operating loss to
non-GAAP operating (loss) income - Continuing Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) Income
|
|
($2,378
|
)
|
|
$
|
893
|
|
|
($5,201
|
)
|
|
$
|
578
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Add:
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
-Cost of revenues
|
|
167
|
|
|
|
167
|
|
|
500
|
|
|
|
500
|
|
|
-Operating expenses
|
|
85
|
|
|
|
124
|
|
|
333
|
|
|
|
372
|
|
|
Stock Compensation:
|
|
|
|
|
|
|
|
|
|
-Cost of revenues
|
|
(50
|
)
|
|
|
68
|
|
|
131
|
|
|
|
200
|
|
|
-Engineering
|
|
165
|
|
|
|
128
|
|
|
462
|
|
|
|
394
|
|
|
-Sales & marketing
|
|
174
|
|
|
|
116
|
|
|
462
|
|
|
|
362
|
|
|
-General & administrative
|
|
496
|
|
|
|
349
|
|
|
1,517
|
|
|
|
1,501
|
|
|
|
|
1,037
|
|
|
|
952
|
|
|
3,405
|
|
|
|
3,329
|
|
|
Non-GAAP Operating (Loss) Income
|
|
($1,341
|
)
|
|
$
|
1,845
|
|
|
($1,796
|
)
|
|
$
|
3,907
|
|
|
% of revenue
|
|
-7.3
|
%
|
|
|
7.8
|
%
|
|
-2.9
|
%
|
|
|
5.7
|
%
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net loss to
non-GAAP net (loss) income - Continuing Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income
|
|
($1,670
|
)
|
|
$
|
719
|
|
|
($3,754
|
)
|
|
$
|
720
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
(a)
|
Non-GAAP adjustment to operating loss
|
|
1,037
|
|
|
|
952
|
|
|
3,405
|
|
|
|
3,329
|
|
|
Income Taxes
|
|
(393
|
)
|
|
|
(132
|
)
|
|
(856
|
)
|
|
|
(785
|
)
|
|
|
|
644
|
|
|
|
820
|
|
|
2,549
|
|
|
|
2,544
|
|
|
Non-GAAP Net (Loss) Income
|
|
($1,026
|
)
|
|
$
|
1,539
|
|
|
($1,205
|
)
|
|
$
|
3,264
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP (Loss) Income per Share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
($0.06
|
)
|
|
$
|
0.09
|
|
|
($0.07
|
)
|
|
$
|
0.20
|
|
|
Diluted
|
|
($0.06
|
)
|
|
$
|
0.09
|
|
|
($0.07
|
)
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighed Average Shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
17,234
|
|
|
|
16,757
|
|
|
17,145
|
|
|
|
16,526
|
|
|
Diluted
|
|
17,234
|
|
|
|
17,065
|
|
|
17,145
|
|
|
|
16,830
|
|
|
This schedule reconciles the Company's GAAP operating loss to its
non-GAAP operating (loss) income. The Company believes that
presentation of this schedule provides meaningful supplemental
information to both management and investors that is indicative of
the Company's core operating results and facilitates comparison of
operating results across reporting periods. The Company uses these
non-GAAP measures when evaluating its financial results as well as
for internal planning and forecasting purposes. These non-GAAP
measures should not be viewed as a substitute for the Company's GAAP
results.
|
|
|
|
|
The adjustments to GAAP operating loss (a) consist of stock
compensation expense and amortization of intangible assets. The
adjustments to GAAP net loss include the non-GAAP adjustments to
operating loss as well as adjustments for (b) non-cash income tax
expense.
|
|
|
|
|
|
|
|
|
|
PCTEL, Inc.
|
Reconciliation of GAAP operating loss to
Adjusted EBITDA - Continuing Operations
|
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) Income
|
|
($2,378
|
)
|
|
$
|
893
|
|
|
|
($5,201
|
)
|
|
$
|
578
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
708
|
|
|
|
652
|
|
|
|
2,088
|
|
|
|
1,913
|
|
Intangible amortization
|
|
252
|
|
|
|
291
|
|
|
|
833
|
|
|
|
872
|
|
Stock compensation expenses
|
|
785
|
|
|
|
661
|
|
|
|
2,572
|
|
|
|
2,458
|
|
Adjusted EBITDA
|
|
($633
|
)
|
|
$
|
2,497
|
|
|
$
|
292
|
|
|
$
|
5,821
|
|
% of revenue
|
|
-3.4
|
%
|
|
|
10.6
|
%
|
|
|
0.5
|
%
|
|
|
8.5
|
%
|
|
This schedule reconciles the Company's GAAP operating loss to
Adjusted EBITDA. The Company believes that this schedule provides
meaningful supplemental information to both management and investors
that is indicative of the Company's core operating results and
facilitates comparison of operating results across reporting
periods. The Company uses Adjusted EBITDA when evaluating its
financial results as well as for internal planning and forecasting
purposes. Adjusted EBITDA should not be viewed as a substitute for
the Company's GAAP results.
|
|
|
|
|
Adjusted EBITDA is defined as net income before interest, income
taxes, depreciation and amortization. The adjustments on this
schedule consist of depreciation, amortization of intangible assets,
and stock compensation expenses
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181108005857/en/
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