[February 11, 2019] |
|
Amber Road Announces Fourth Quarter and Full Year 2018 Financial Results
Amber Road, Inc. (NYSE: AMBR), a leading provider of global trade
management (GTM) solutions, today announced its financial results for
the fourth quarter and full year ended December 31, 2018.
Jim Preuninger, Chief Executive Officer of Amber Road, stated, "Q4 was a
strong quarter for Amber Road, exceeding the high end of both our
revenue and profit guidance. Strength in the quarter was driven by
accelerating subscription growth rates. For the full year 2018, I am
pleased to report that we generated $3.3 million in cash flow from
operations. We also had very strong Adjusted EBITDA of $5.4 million or a
6.3% margin, a significant improvement from break-even in the prior
year. We have built a business that is financially strong with improving
levels of profit and cash flow. We believe in 2019 and beyond, we can
continue to deliver against these key metrics by taking advantage of
opportunities in global trade, bringing more focus to our sales and
marketing efforts, driving expansion into new markets, and returning
subscription revenue growth to the double-digit levels exiting the year."
Fourth Quarter 2018 Financial Highlights
Revenue
-
Total revenue was $21.9 million, an increase compared to $20.6 million
for the comparable period of 2017.
-
Subscription revenue was $16.3 million, an increase compared to $14.9
million for the comparable period of 2017.
-
Professional services revenue was $5.6 million, a decrease compared to
$5.7 million for the comparable period of 2017.
Operating Income (Loss)
-
GAAP operating loss was $(2.1) million, compared to $(1.9) million for
the comparable period of 2017.
-
Non-GAAP adjusted operating income (loss)(1) was $0.4
million, compared to $(0.1) million for the comparable period of 2017.
Net Loss
-
GAAP net loss was $(2.6) million, compared to $(1.8) million for the
comparable period of 2017.
-
GAAP basic and diluted net loss per share was $(0.09), compared to
$(0.07) for the comparable period of 2017, based on 28.1 million and
27.5 million basic and diluted weighted average shares outstanding,
respectively.
-
Non-GAAP adjusted net loss(1) was $(86,526), compared to
$(10,292) for the comparable period of 2017.
-
Non-GAAP adjusted net loss per share was $0.00, compared to $0.00 for
the comparable period of 2017, based on 28.1 million and 27.5 million
basic and diluted weighted average shares outstanding, respectively.
Adjusted EBITDA
-
Adjusted EBITDA was $1.6 million, compared to $1.3 million for the
comparable period of 2017.
Full Year 2018 Financial Highlights
Revenue
-
Total revenue was $85.2 million, an increase compared to $79.1 million
in 2017.
-
Subscription revenue was $62.6 million, an increase compared to $58.5
million in 2017.
-
Professional Services revenue was $22.5 million, an increase compared
to $20.6 million in 2017.
Operating Income (Loss)
-
GAAP operating loss was $(11.8) million, compared to $(11.4) million
in 2017.
-
Non-GAAP adjusted operating income (loss)(1) was $0.4
million, compared to $(5.3) million in 2017.
Net Loss
-
GAAP net loss was $(13.6) million, compared to $(13.0) million in 2017.
-
GAAP basic and diluted net loss per common share was $(0.49), compared
to $(0.47) in 2017, based on 27.8 million and 27.4 million basic and
diluted weighted average common shares outstanding, respectively.
-
Non-GAAP adjusted net loss(1) was $(1.3) million, compared
to $(6.9) million in 2017.
-
Non-GAAP adjusted net loss per common share was $(0.05), compared to
$(0.25) in 2017, based on 27.8 million and 27.4 million basic and
diluted weighted average common shares outstanding, respectively.
Adjusted EBITDA
-
Adjusted EBITDA was $5.4 million for 2018 and $0.1 million for the
comparable period of 2017.
Effect of Accounting Standards Codification (ASC) 606 versus ASC
605
The table below shows the effects of the adoption of ASC 606 versus ASC
605 on our consolidated financial statements for the three months and
year ended December 31, 2018 for the following items:
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|
|
Three Months Ended December 31, 2018
|
|
|
Year Ended December 31, 2018
|
(in millions, except per share info)
|
|
|
With Adoption of ASC 606
|
|
|
Without Adoption of ASC 606
|
|
|
Effect of Change Higher/ (Lower)
|
|
|
With Adoption of ASC 606
|
|
|
Without Adoption of ASC 606
|
|
|
Effect of Change Higher/ (Lower)
|
Total revenue
|
|
|
$
|
21.9
|
|
|
$
|
21.7
|
|
|
$
|
0.2
|
|
|
$
|
85.2
|
|
|
$
|
85.1
|
|
|
$
|
0.1
|
Non-GAAP adjusted income (loss) from operations
|
|
|
$
|
0.4
|
|
|
$
|
0.1
|
|
|
$
|
0.3
|
|
|
$
|
0.4
|
|
|
$
|
(0.3)
|
|
|
$
|
0.8
|
Non-GAAP net income (loss) per share, basic and diluted
|
|
|
$
|
0.00
|
|
|
$
|
(0.01)
|
|
|
$
|
0.01
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.07)
|
|
|
$
|
0.02
|
Balance Sheet and Cash Flow
-
Cash and cash equivalents at December 31, 2018 were $7.5 million,
compared to $9.4 million at September 30, 2018 and $9.4 million at
December 31, 2017.
-
Cash provided by operating activities was $3.3 million for the year
ended December 31, 2018, compared to cash used in operating activities
of $(0.7) million for the year ended December 31, 2017.
A reconciliation of GAAP operating loss and net loss to Non-GAAP
adjusted operating income (loss) and net loss, and of GAAP net loss to
Adjusted EBITDA 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 February 11, 2019, Amber Road is
issuing guidance for the first quarter and full year 2019. Refer to the
reconciliation of GAAP guidance to non-GAAP guidance tables at the end
of this release for details on non-GAAP adjustments.
We anticipate first quarter and full-year 2019 results to be in the
following ranges:
|
|
|
First Quarter
|
|
|
Full Year
|
(in millions, except per share info)
|
|
|
Low
|
|
|
High
|
|
|
Low
|
|
|
High
|
Revenue
|
|
|
$
|
20.3
|
|
|
$
|
20.9
|
|
|
$
|
88.7
|
|
|
$
|
91.7
|
Non-GAAP adjusted income (loss) from operations
|
|
|
$
|
(0.7)
|
|
|
$
|
(0.1)
|
|
|
$
|
0.0
|
|
|
$
|
3.0
|
Non-GAAP net income (loss) per share, basic and diluted
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.02)
|
|
|
$
|
(0.06)
|
|
|
$
|
0.04
|
Assumed weighted average shares outstanding - basic
|
|
|
28.3
|
|
|
28.3
|
|
|
29.0
|
|
|
29.0
|
Assumed weighted average shares outstanding - diluted
|
|
|
28.3
|
|
|
28.3
|
|
|
29.0
|
|
|
32.4
|
Endnote:
(1) For 2018, non-GAAP adjusted operating loss and adjusted net loss
excludes stock-based compensation. For 2017, non-GAAP adjusted operating
loss and adjusted net loss excludes stock-based compensation and change
in fair value of contingent consideration liability.
Conference Call Information
Amber Road will host a conference call on Monday, February 11, 2019 at
5:00 p.m. Eastern Time (ET) to discuss the Company's fourth quarter
financial results and its business outlook. To access this call, dial
(888)-394-8218 (domestic) or (323)-794-2588 (international). The
conference ID is 9818081. 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 until
February 18, 2019 at (844)-512-2921 (domestic) or (412)-317-6671
(international). The replay pass code is 9818081. 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 dramatically transform the way
companies conduct global trade. As a leading provider of cloud-based
global trade management (GTM) software, trade content and training, we
help companies all over the world create value through their global
supply chain by improving margins, achieving greater agility and
lowering risk. We do this by creating a digital model of the global
supply chain that enables collaboration between buyers, sellers and
logistics companies. We replace manual and outdated processes with
comprehensive automation for global trade activities, including
sourcing, supplier management, production tracking, transportation
management, supply chain visibility, import and export compliance, and
duty management. We provide rich data analytics to uncover areas for
optimization and deliver a platform that is responsive and flexible to
adapt to the ever-changing nature of global trade.
Non-GAAP Financial Measures
To provide investors with additional information regarding our financial
results, Amber Road has provided non-GAAP financial measures and
non-GAAP guidance within this press release including non-GAAP adjusted
operating and net income (loss) and adjusted EBITDA, 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 income
(loss), and net loss to adjusted EBITDA. 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 and changes in the fair value of contingent consideration
liability. 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 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 Consolidated
Balance Sheets (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
2018
|
|
|
2017
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
7,514,719
|
|
|
$
|
9,360,601
|
Accounts receivable, net
|
|
|
|
|
17,171,777
|
|
|
16,957,044
|
Unbilled receivables
|
|
|
|
|
1,004,447
|
|
|
884,104
|
Deferred commissions
|
|
|
|
|
4,023,473
|
|
|
4,400,015
|
Prepaid expenses and other current assets
|
|
|
|
|
1,977,662
|
|
|
1,715,534
|
Total current assets
|
|
|
|
|
31,692,078
|
|
|
33,317,298
|
Property and equipment, net
|
|
|
|
|
10,132,808
|
|
|
9,370,104
|
Goodwill
|
|
|
|
|
43,731,942
|
|
|
43,768,269
|
Other intangibles, net
|
|
|
|
|
3,953,582
|
|
|
4,999,885
|
Deferred commissions
|
|
|
|
|
9,092,591
|
|
|
6,734,326
|
Deposits and other assets
|
|
|
|
|
1,499,976
|
|
|
1,180,163
|
Total assets
|
|
|
|
|
$
|
100,102,977
|
|
|
$
|
99,370,045
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
2,110,956
|
|
|
$
|
2,650,582
|
Accrued expenses
|
|
|
|
|
9,509,165
|
|
|
7,589,482
|
Current portion of capital lease obligations
|
|
|
|
|
1,263,375
|
|
|
1,352,456
|
Deferred revenue
|
|
|
|
|
35,144,355
|
|
|
37,812,239
|
Current portion of term loan, net of discount
|
|
|
|
|
714,745
|
|
|
714,391
|
Total current liabilities
|
|
|
|
|
48,742,596
|
|
|
50,119,150
|
Capital lease obligations, less current portion
|
|
|
|
|
1,197,399
|
|
|
1,461,101
|
Deferred revenue, less current portion
|
|
|
|
|
265,324
|
|
|
1,830,706
|
Term loan, net of discount, less current portion
|
|
|
|
|
12,054,490
|
|
|
12,839,392
|
Revolving credit facility
|
|
|
|
|
6,000,000
|
|
|
6,000,000
|
Other noncurrent liabilities
|
|
|
|
|
1,808,479
|
|
|
1,619,744
|
Total liabilities
|
|
|
|
|
70,068,288
|
|
|
73,870,093
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized;
issued and outstanding 27,841,498 and 27,288,985 shares at December
31, 2018 and 2017, respectively
|
|
|
|
|
27,842
|
|
|
27,289
|
Additional paid-in capital
|
|
|
|
|
208,349,895
|
|
|
195,203,097
|
Accumulated other comprehensive loss
|
|
|
|
|
(1,840,300)
|
|
|
(1,822,396)
|
Accumulated deficit
|
|
|
|
|
(176,502,748)
|
|
|
(167,908,038)
|
Total stockholders' equity
|
|
|
|
|
30,034,689
|
|
|
25,499,952
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
100,102,977
|
|
|
$
|
99,370,045
|
|
|
|
|
|
|
|
|
|
|
|
|
AMBER ROAD, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription
|
|
|
|
|
$
|
16,262,921
|
|
|
$
|
14,946,927
|
|
|
$
|
62,636,891
|
|
|
$
|
58,479,139
|
Professional services
|
|
|
|
|
5,621,387
|
|
|
5,686,092
|
|
|
22,529,162
|
|
|
20,596,971
|
Total revenue
|
|
|
|
|
21,884,308
|
|
|
20,633,019
|
|
|
85,166,053
|
|
|
79,076,110
|
Cost of revenue (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscription revenue
|
|
|
|
|
5,387,445
|
|
|
5,084,777
|
|
|
21,557,794
|
|
|
21,151,419
|
Cost of professional services revenue
|
|
|
|
|
3,865,267
|
|
|
4,193,925
|
|
|
16,593,215
|
|
|
16,590,148
|
Total cost of revenue
|
|
|
|
|
9,252,712
|
|
|
9,278,702
|
|
|
38,151,009
|
|
|
37,741,567
|
Gross profit
|
|
|
|
|
12,631,596
|
|
|
11,354,317
|
|
|
47,015,044
|
|
|
41,334,543
|
Operating expenses (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
|
|
5,505,566
|
|
|
5,482,973
|
|
|
22,949,487
|
|
|
22,526,535
|
Research and development
|
|
|
|
|
3,598,839
|
|
|
3,739,819
|
|
|
14,664,843
|
|
|
14,941,394
|
General and administrative
|
|
|
|
|
5,670,514
|
|
|
4,015,475
|
|
|
21,248,179
|
|
|
15,263,297
|
Total operating expenses
|
|
|
|
|
14,774,919
|
|
|
13,238,267
|
|
|
58,862,509
|
|
|
52,731,226
|
Loss from operations
|
|
|
|
|
(2,143,323)
|
|
|
(1,883,950)
|
|
|
(11,847,465)
|
|
|
(11,396,683)
|
Interest income
|
|
|
|
|
2,080
|
|
|
2,242
|
|
|
8,741
|
|
|
4,806
|
Interest expense
|
|
|
|
|
(307,363)
|
|
|
(225,190)
|
|
|
(1,271,786)
|
|
|
(976,834)
|
Loss before income taxes
|
|
|
|
|
(2,448,606)
|
|
|
(2,106,898)
|
|
|
(13,110,510)
|
|
|
(12,368,711)
|
Income tax expense
|
|
|
|
|
174,067
|
|
|
(297,782)
|
|
|
492,010
|
|
|
608,775
|
Net loss
|
|
|
|
|
$
|
(2,622,673)
|
|
|
$
|
(1,809,116)
|
|
|
$
|
(13,602,520)
|
|
|
$
|
(12,977,486)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
$
|
(0.09)
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.49)
|
|
|
$
|
(0.47)
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
28,146,280
|
|
|
27,531,369
|
|
|
27,825,795
|
|
|
27,415,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Cost of subscription revenue
|
|
|
|
|
$
|
139,463
|
|
|
$
|
175,912
|
|
|
$
|
895,477
|
|
|
$
|
767,877
|
Cost of professional services revenue
|
|
|
|
|
97,358
|
|
|
144,249
|
|
|
661,499
|
|
|
549,378
|
Sales and marketing
|
|
|
|
|
257,222
|
|
|
234,681
|
|
|
1,435,055
|
|
|
1,015,307
|
Research and development
|
|
|
|
|
355,690
|
|
|
417,344
|
|
|
2,036,305
|
|
|
1,404,771
|
General and administrative
|
|
|
|
|
1,686,414
|
|
|
826,638
|
|
|
7,246,830
|
|
|
2,340,536
|
|
|
|
|
|
$
|
2,536,147
|
|
|
$
|
1,798,824
|
|
|
$
|
12,275,166
|
|
|
$
|
6,077,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMBER ROAD, INC. AND SUBSIDIARIES Consolidated
Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
2018
|
|
|
2017
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
$
|
(13,602,520)
|
|
|
$
|
(12,977,486)
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
4,979,615
|
|
|
5,386,789
|
Bad debt expense
|
|
|
|
|
195,372
|
|
|
568,193
|
Stock-based compensation
|
|
|
|
|
12,275,166
|
|
|
6,077,869
|
Changes in fair value of contingent consideration liability
|
|
|
|
|
-
|
|
|
18,525
|
Accretion of debt discount
|
|
|
|
|
35,608
|
|
|
37,884
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable and unbilled receivables
|
|
|
|
|
(577,960)
|
|
|
1,615,836
|
Prepaid expenses and other assets
|
|
|
|
|
(881,663)
|
|
|
1,313,029
|
Accounts payable
|
|
|
|
|
(556,039)
|
|
|
(166,898)
|
Accrued expenses
|
|
|
|
|
2,055,400
|
|
|
(2,988,525)
|
Settlement of contingent accrued compensation related to former
ecVision founder
|
|
|
|
|
-
|
|
|
(2,366,469)
|
Other liabilities
|
|
|
|
|
215,162
|
|
|
(209,859)
|
Deferred revenue
|
|
|
|
|
(846,843)
|
|
|
3,021,248
|
Net cash provided by (used in) operating activities
|
|
|
|
|
3,291,298
|
|
|
(669,864)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(219,945)
|
|
|
(257,893)
|
Addition of capitalized software development costs
|
|
|
|
|
(3,214,896)
|
|
|
(1,458,495)
|
Cash paid for deposits
|
|
|
|
|
(119,036)
|
|
|
(190,752)
|
Net cash used in investing activities
|
|
|
|
|
(3,553,877)
|
|
|
(1,907,140)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from revolving line of credit
|
|
|
|
|
23,850,000
|
|
|
24,350,000
|
Payments on revolving line of credit
|
|
|
|
|
(23,850,000)
|
|
|
(24,350,000)
|
Payments on term loan
|
|
|
|
|
(750,000)
|
|
|
(656,250)
|
Debt financing costs
|
|
|
|
|
(70,156)
|
|
|
(35,701)
|
Repayments on capital lease obligations
|
|
|
|
|
(1,497,865)
|
|
|
(1,556,097)
|
Proceeds from the exercise of stock options
|
|
|
|
|
872,185
|
|
|
313,695
|
Contingent consideration related to ecVision acquisition
|
|
|
|
|
-
|
|
|
(1,308,525)
|
Net cash used in financing activities
|
|
|
|
|
(1,445,836)
|
|
|
(3,242,878)
|
Effect of exchange rate on cash, cash equivalents and restricted cash
|
|
|
|
|
(137,467)
|
|
|
(227,391)
|
Net decrease in cash, cash equivalents and restricted cash
|
|
|
|
|
(1,845,882)
|
|
|
(6,047,273)
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
|
|
|
9,417,001
|
|
|
15,464,274
|
Cash, cash equivalents and restricted cash at end of period
|
|
|
|
|
$
|
7,571,119
|
|
|
$
|
9,417,001
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash equivalents and restricted cash to the
consolidated balance sheet:
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
7,514,719
|
|
|
$
|
9,360,601
|
Restricted cash in deposits and other assets
|
|
|
|
|
56,400
|
|
|
56,400
|
Total cash, cash equivalents and restricted cash
|
|
|
|
|
$
|
7,571,119
|
|
|
$
|
9,417,001
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
|
|
|
$
|
1,236,178
|
|
|
$
|
938,949
|
Non-cash property and equipment acquired under capital lease
|
|
|
|
|
1,145,082
|
|
|
1,936,990
|
Non-cash property and equipment purchases in accounts payable
|
|
|
|
|
136,623
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Adjusted EBITDA (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Net loss
|
|
|
$
|
(2,622,673)
|
|
|
$
|
(1,809,116)
|
|
|
$
|
(13,602,520)
|
|
|
$
|
(12,977,486)
|
Depreciation and amortization expense
|
|
|
1,218,133
|
|
|
1,371,549
|
|
|
4,979,615
|
|
|
5,386,789
|
Interest expense
|
|
|
307,363
|
|
|
225,190
|
|
|
1,271,786
|
|
|
976,834
|
Interest income
|
|
|
(2,080)
|
|
|
(2,242)
|
|
|
(8,741)
|
|
|
(4,806)
|
Income tax expense
|
|
|
174,067
|
|
|
(297,782)
|
|
|
492,010
|
|
|
608,775
|
EBITDA
|
|
|
(925,190)
|
|
|
(512,401)
|
|
|
(6,867,850)
|
|
|
(6,009,894)
|
Stock-based compensation
|
|
|
2,536,147
|
|
|
1,798,824
|
|
|
12,275,166
|
|
|
6,077,869
|
Change in fair value of contingent consideration liability
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
18,525
|
Adjusted EBITDA
|
|
|
$
|
1,610,957
|
|
|
$
|
1,286,423
|
|
|
$
|
5,407,316
|
|
|
$
|
86,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Net loss
|
|
|
$
|
(2,622,673)
|
|
|
$
|
(1,809,116)
|
|
|
$
|
(13,602,520)
|
|
|
$
|
(12,977,486)
|
Stock-based compensation
|
|
|
2,536,147
|
|
|
1,798,824
|
|
|
12,275,166
|
|
|
6,077,869
|
Change in fair value of contingent consideration liability
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
18,525
|
Non-GAAP adjusted net loss
|
|
|
$
|
(86,526)
|
|
|
$
|
(10,292)
|
|
|
$
|
(1,327,354)
|
|
|
$
|
(6,881,092)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.25)
|
GAAP Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
28,146,280
|
|
|
27,531,369
|
|
|
27,825,795
|
|
|
27,415,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Loss from Operations to Non-GAAP Adjusted
Income (Loss) from Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Loss from operations
|
|
|
$
|
(2,143,323)
|
|
|
$
|
(1,883,950)
|
|
|
$
|
(11,847,465)
|
|
|
$
|
(11,396,683)
|
Stock-based compensation
|
|
|
2,536,147
|
|
|
1,798,824
|
|
|
12,275,166
|
|
|
6,077,869
|
Change in fair value of contingent consideration liability
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
18,525
|
Non-GAAP adjusted income (loss) from operations
|
|
|
$
|
392,824
|
|
|
$
|
(85,126)
|
|
|
$
|
427,701
|
|
|
$
|
(5,300,289)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on information available as of February 11, 2019, the following
tables show 2019 GAAP guidance reconciled to non-GAAP guidance for the
first quarter and full year 2019 as indicated below (numbers in
millions, except per share data):
|
Reconciliation of Loss from Operations to Non-GAAP Adjusted
Loss from Operations Guidance
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter 2019
|
|
|
Full Year 2019
|
|
|
|
|
|
Low
|
|
|
High
|
|
|
Low
|
|
|
High
|
Loss from operations
|
|
|
|
|
$
|
(2.6)
|
|
|
$
|
(2.0)
|
|
|
$
|
(4.7)
|
|
|
$
|
(1.7)
|
Stock-based compensation
|
|
|
|
|
1.9
|
|
|
1.9
|
|
|
4.7
|
|
|
4.7
|
Non-GAAP adjusted loss from operations
|
|
|
|
|
$
|
(0.7)
|
|
|
$
|
(0.1)
|
|
|
$
|
0.0
|
|
|
$
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss per Share to Non-GAAP Adjusted Net
Loss per Share Guidance (1)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter 2019
|
|
|
Full Year 2019
|
|
|
|
|
|
Low
|
|
|
High
|
|
|
Low
|
|
|
High
|
Net loss per share, basic and diluted
|
|
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.09)
|
|
|
$
|
(0.22)
|
|
|
$
|
(0.12)
|
Stock-based compensation
|
|
|
|
|
0.07
|
|
|
0.07
|
|
|
0.16
|
|
|
0.16
|
Non-GAAP adjusted net loss per share, basic and diluted
|
|
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.02)
|
|
|
$
|
(0.06)
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This assumes weighted average shares outstanding - basic
|
|
|
|
|
28.3
|
|
|
28.3
|
|
|
29.0
|
|
|
29.0
|
(1) This assumes weighted average shares outstanding - diluted
|
|
|
|
|
28.3
|
|
|
28.3
|
|
|
29.0
|
|
|
32.4
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190211005703/en/
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