Form 8-K IMPINJ INC For: May 07
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2018
Impinj, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
001-37824 |
|
91-2041398 |
|
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
400 Fairview Avenue North, Suite 1200
Seattle, Washington 98109
(Address of principal executive offices, including zip code)
(206) 517-5300
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
|
|
|
|
|
Emerging growth company |
|
☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On May 7, 2018 Impinj Inc. (“Impinj”) issued a press release announcing its financial results for the quarter ended March 31, 2018. A copy of the press release, entitled "Impinj Announces First Quarter 2018 Financial Results" is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information in this current report on Form 8-K and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
|
Section 9 |
Financial Statements and Exhibits |
|
Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits
|
99.1 |
|
Press Release entitled “Impinj Announces First Quarter 2018 Financial Results” dated May 7, 2018. |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
Impinj, Inc. |
||
|
|
|
|
|
By: |
|
/s/ Chris Diorio |
|
|
|
Chris Diorio Chief Executive Officer |
Date: May 7, 2018
Exhibit 99.1
Impinj Announces First Quarter 2018 Financial Results
SEATTLE, WA, May 7, 2018 – Impinj, Inc. (NASDAQ: PI), a leading provider and pioneer of RAIN RFID solutions for identifying, locating and authenticating everyday items, today announced its financial results for the quarter ended March 31, 2018.
“Based on team execution, enhanced partner inventory visibility and positive bookings trends,” said Chris Diorio, Impinj co-founder and CEO, “we believe we are on track to make the first half of 2018 the turning point for our business.”
First Quarter 2018 Financial Summary
|
|
• |
Revenue was $25.1 million |
|
|
• |
GAAP gross margin of 46.9%; non-GAAP gross margin of 49.2% |
|
|
• |
GAAP net loss of $14.4 million, or loss of $0.68 per basic and diluted share using 21.1 million shares |
|
|
• |
Adjusted EBITDA loss of $7.1 million |
|
|
• |
Non-GAAP net loss of $8.0 million, or loss of $0.38 per diluted share using 21.1 million shares, calculated using our historical methodology for non-GAAP net income; see "Non-GAAP Financial Measures" below for more information |
A reconciliation between GAAP and non-GAAP and a description of the methodology we intend to use for calculating non-GAAP net loss for future periods is provided in the "Non-GAAP Financial Measures" section below.
Second Quarter 2018 Financial Outlook
Impinj provides guidance based on current market conditions and expectations; actual results may differ materially. Please refer to the comments below regarding forward-looking statements. The following table presents Impinj’s financial outlook for the second quarter of 2018 (in millions, except per share data):
|
|
|
Three Months Ended |
|
|
|
June 30, |
|
|
|
2018 |
|
Revenue |
|
$25.0 to $27.0 |
|
GAAP Net loss (1) |
|
$(12.1) to $(10.6) |
|
Adjusted EBITDA |
|
$(7.75) to $(6.25) |
|
Non-GAAP Net loss |
|
$(8.0) to $(6.5) |
|
GAAP Weighted-average shares — basic and diluted |
|
21.3 to 21.6 |
|
GAAP Net loss per share — basic and diluted (1) |
|
$(0.57) to $(0.49) |
|
Non-GAAP Weighted-average shares — basic and diluted |
|
21.3 to 21.6 |
|
Non-GAAP Net loss per share — basic and diluted |
|
$(0.38) to $(0.30) |
|
(1) |
GAAP net loss guidance excludes the impact of forecasted stock-based compensation expense related to the voluntary stock option exchange offer announced on April 18, 2018. |
A reconciliation between GAAP and non-GAAP is provided in the "Non-GAAP Financial Measures" section below.
Conference Call Information
Impinj will host a conference call and webcast today, May 7, 2018 at 5:00 p.m. ET / 2:00 p.m. PT for analysts and investors to discuss our first quarter 2018 results as well as its outlook for its second quarter of 2018. Open to the public, investors may access the call by dialing +1-412-317-5196. A live webcast of the conference call will also be accessible on our website at investor.impinj.com. Following the webcast, an archived version will be available on the website for one year. A telephonic replay of the call will be available one hour after the call and will run for five business days and may be accessed by dialing +1-412-317-0088 and entering passcode 10119247.
Management’s prepared written remarks, along with quarterly financial data for the last eight quarters, will be made available on our website at investor.impinj.com commensurate with this release.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the market for RAIN RFID, our strategy, prospects, and financial outlook for the second quarter of 2018. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.
About Impinj
Impinj, Inc. (NASDAQ: PI) wirelessly connects billions of everyday items such as apparel, medical supplies, automobile parts, luggage and food to consumer and business applications such as inventory management, patient safety, asset tracking and item authentication. The Impinj platform uses RAIN RFID to deliver timely information about these items to the digital world, thereby enabling the Internet of Things.
###
Contacts:
Investor Relations
+1-206-315-4470
Gaylene Meyer
Sr. Director Communications
+1-206-812-9816
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value, unaudited)
|
|
|
March 31, |
|
|
December 31, |
|
||
|
|
|
2018 |
|
|
2017 |
|
||
|
Assets: |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
28,000 |
|
|
$ |
19,285 |
|
|
Short-term investments |
|
|
29,873 |
|
|
|
38,831 |
|
|
Accounts receivable, net |
|
|
17,023 |
|
|
|
22,244 |
|
|
Inventory |
|
|
54,706 |
|
|
|
47,083 |
|
|
Prepaid expenses and other current assets |
|
|
1,846 |
|
|
|
2,359 |
|
|
Total current assets |
|
|
131,448 |
|
|
|
129,802 |
|
|
Property and equipment, net |
|
|
17,507 |
|
|
|
18,110 |
|
|
Other non-current assets |
|
|
208 |
|
|
|
241 |
|
|
Goodwill and other intangible assets, net |
|
|
3,881 |
|
|
|
3,881 |
|
|
Total assets |
|
$ |
153,044 |
|
|
$ |
152,034 |
|
|
Liabilities and stockholders' equity: |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,499 |
|
|
$ |
4,666 |
|
|
Accrued compensation and employee related benefits |
|
|
4,444 |
|
|
|
5,729 |
|
|
Accrued liabilities |
|
|
3,374 |
|
|
|
3,162 |
|
|
Accrued restructuring costs |
|
|
2,352 |
|
|
|
— |
|
|
Current portion of long-term debt |
|
|
— |
|
|
|
4,088 |
|
|
Current portion of capital lease obligations |
|
|
814 |
|
|
|
936 |
|
|
Current portion of deferred rent |
|
|
363 |
|
|
|
628 |
|
|
Current portion of deferred revenue |
|
|
586 |
|
|
|
714 |
|
|
Total current liabilities |
|
|
16,432 |
|
|
|
19,923 |
|
|
Long-term debt, net of current portion |
|
|
19,841 |
|
|
|
5,500 |
|
|
Capital lease obligations, net of current portion |
|
|
625 |
|
|
|
745 |
|
|
Long-term liabilities — other |
|
|
548 |
|
|
|
532 |
|
|
Long-term restructuring liabilities |
|
|
1,286 |
|
|
|
— |
|
|
Deferred rent, net of current portion |
|
|
5,596 |
|
|
|
5,891 |
|
|
Deferred revenue, net of current portion |
|
|
156 |
|
|
|
501 |
|
|
Total liabilities |
|
|
44,484 |
|
|
|
33,092 |
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value — 5,000 shares authorized, no shares issued and outstanding at March 31, 2018 and December 31, 2017 |
|
|
— |
|
|
|
— |
|
|
Common stock, $0.001 par value — 495,000 shares authorized, 21,332 and 20,973 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively |
|
|
21 |
|
|
|
21 |
|
|
Additional paid-in capital |
|
|
327,562 |
|
|
|
323,482 |
|
|
Accumulated other comprehensive loss |
|
|
(56 |
) |
|
|
(36 |
) |
|
Accumulated deficit |
|
|
(218,967 |
) |
|
|
(204,525 |
) |
|
Total stockholders' equity |
|
|
108,560 |
|
|
|
118,942 |
|
|
Total liabilities and stockholders' equity |
|
$ |
153,044 |
|
|
$ |
152,034 |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, |
|
|||||
|
|
|
2018 |
|
|
2017 |
|
||
|
Revenue |
|
$ |
25,068 |
|
|
$ |
31,727 |
|
|
Cost of revenue |
|
|
13,306 |
|
|
|
14,959 |
|
|
Gross profit |
|
|
11,762 |
|
|
|
16,768 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
8,003 |
|
|
|
7,343 |
|
|
Sales and marketing |
|
|
8,859 |
|
|
|
7,336 |
|
|
General and administrative |
|
|
5,225 |
|
|
|
4,087 |
|
|
Restructuring costs |
|
|
3,927 |
|
|
|
— |
|
|
Total operating expenses |
|
|
26,014 |
|
|
|
18,766 |
|
|
Loss from operations |
|
|
(14,252 |
) |
|
|
(1,998 |
) |
|
Other income (expense), net |
|
|
90 |
|
|
|
269 |
|
|
Interest expense |
|
|
(229 |
) |
|
|
(374 |
) |
|
Loss before income taxes |
|
|
(14,391 |
) |
|
|
(2,103 |
) |
|
Income tax expense |
|
|
(51 |
) |
|
|
(57 |
) |
|
Net loss |
|
$ |
(14,442 |
) |
|
$ |
(2,160 |
) |
|
Net loss per share — basic and diluted |
|
$ |
(0.68 |
) |
|
$ |
(0.11 |
) |
|
Weighted-average shares outstanding — basic and diluted |
|
|
21,125 |
|
|
|
20,344 |
|
IMPINJ, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, unaudited)
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
||||||||||
|
|
|
March 31, |
|
|
March 31, |
|
||||||||||
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
Net loss |
|
$ |
(14,442 |
) |
|
$ |
(2,160 |
) |
|
$ |
(14,442 |
) |
|
$ |
(2,160 |
) |
|
Other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on investments |
|
|
(20 |
) |
|
|
(36 |
) |
|
|
(56 |
) |
|
|
(36 |
) |
|
Total other comprehensive loss |
|
|
(20 |
) |
|
|
(36 |
) |
|
|
(56 |
) |
|
|
(36 |
) |
|
Comprehensive loss |
|
$ |
(14,462 |
) |
|
$ |
(2,196 |
) |
|
$ |
(14,498 |
) |
|
$ |
(2,196 |
) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, |
|
|||||
|
|
|
2018 |
|
|
2017 |
|
||
|
Operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(14,442 |
) |
|
$ |
(2,160 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,120 |
|
|
|
874 |
|
|
Stock-based compensation |
|
|
2,065 |
|
|
|
1,370 |
|
|
Restructuring costs |
|
|
454 |
|
|
|
— |
|
|
Accretion of discount or amortization of premium on short-term investments |
|
|
(60 |
) |
|
|
59 |
|
|
Amortization of debt issuance costs |
|
|
21 |
|
|
|
23 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
5,221 |
|
|
|
(3,630 |
) |
|
Inventory |
|
|
(7,623 |
) |
|
|
(11,455 |
) |
|
Prepaid expenses and other assets |
|
|
561 |
|
|
|
543 |
|
|
Deferred revenue |
|
|
(473 |
) |
|
|
139 |
|
|
Deferred rent |
|
|
(1,123 |
) |
|
|
925 |
|
|
Accounts payable |
|
|
34 |
|
|
|
(50 |
) |
|
Accrued compensation and benefits |
|
|
(1,236 |
) |
|
|
(3,406 |
) |
|
Accrued liabilities |
|
|
307 |
|
|
|
147 |
|
|
Accrued restructuring costs |
|
|
3,638 |
|
|
|
— |
|
|
Net cash used in operating activities |
|
|
(11,536 |
) |
|
|
(16,621 |
) |
|
Investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of investments |
|
|
(8,857 |
) |
|
|
(17,293 |
) |
|
Proceeds from maturities of investments |
|
|
17,850 |
|
|
|
7,861 |
|
|
Purchases of property and equipment |
|
|
(698 |
) |
|
|
(1,220 |
) |
|
Net cash provided by (used in) investing activities |
|
|
8,295 |
|
|
|
(10,652 |
) |
|
Financing activities: |
|
|
|
|
|
|
|
|
|
Payments on capital lease financing obligations |
|
|
(242 |
) |
|
|
(280 |
) |
|
Payments on term loans |
|
|
(2,147 |
) |
|
|
(159 |
) |
|
Proceeds from term loans, net of debt issuance costs |
|
|
12,379 |
|
|
|
— |
|
|
Proceeds from exercise of stock options and employee stock purchase plan |
|
|
1,966 |
|
|
|
1,983 |
|
|
Payments of deferred offering costs |
|
|
— |
|
|
|
(600 |
) |
|
Net cash provided by financing activities |
|
|
11,956 |
|
|
|
944 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
8,715 |
|
|
|
(26,329 |
) |
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
19,285 |
|
|
|
33,636 |
|
|
End of period |
|
$ |
28,000 |
|
|
$ |
7,307 |
|
To supplement our condensed consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, we use non-GAAP financial measures by financial statement line items that exclude the effects of stock-based compensation, depreciation, restructuring costs and other expenses that we believe do not reflect our core operating performance. Our key non-GAAP liquidity and performance measures include adjusted EBITDA and non-GAAP net income (loss), see definitions of such below. We use adjusted EBITDA and non-GAAP net income (loss) as key measures to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operating plans. We believe excluding those expenses inherent in calculating adjusted EBITDA and non-GAAP net income (loss) can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that adjusted EBITDA and non-GAAP net income (loss) provide useful information to investors and others in understanding and evaluating our operating results in the same manner as it does for our management and board of directors. Our presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.
Adjusted EBITDA
We define adjusted EBITDA as net income (loss) determined in accordance with GAAP, excluding the effects of stock-based compensation, depreciation, restructuring costs, other income (expense), net, interest expense and income tax expense. Restructuring costs relate to an effort in the first quarter of 2018 to reduce headcount and sublease office space to match strategic and financial objectives and optimize resources for long term growth. We believe that adjusted EBITDA provides meaningful supplemental information regarding our performance and liquidity.
Non-GAAP Net Income (Loss) (historical methodology)
Non-GAAP net income (loss) historically consisted of net income (loss) determined in accordance with GAAP, excluding the effects of stock-based compensation, depreciation, restructuring costs not anticipated to be paid in cash during the period (for more information about restructuring costs, please refer to description in adjusted EBITDA above), amortization of debt issuance costs and non-cash income tax expense. We exclude the non-cash portion of income taxes because of our ability to offset a substantial portion of future income tax liabilities by utilizing our deferred tax assets, which primarily consist of federal net operating loss carryforwards and federal research and experimentation credit carryforwards.
Non-GAAP Net Income (Loss) (new methodology)
We have redefined non-GAAP net income (loss) to consist of net income (loss) determined in accordance with GAAP, excluding the effects of stock-based compensation, depreciation, restructuring costs (for more information about restructuring costs, please refer to description in adjusted EBITDA above), amortization of debt issuance costs and non-cash income tax expense. We exclude the non-cash portion of income taxes because of our ability to offset a substantial portion of future income tax liabilities by utilizing our deferred tax assets, which primarily consist of federal net operating loss carryforwards and federal research and experimentation credit carryforwards. We have added back all of the net restructuring costs, whether or not cash was paid during the period, because of the non-recurring nature of restructuring costs. By better reflecting our future operating performance we believe this presentation will enhance comparability of our operating results.
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except percentages, unaudited)
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, |
|
|||||
|
|
|
2018 |
|
|
2017 |
|
||
|
GAAP Gross profit |
|
$ |
11,762 |
|
|
$ |
16,768 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
500 |
|
|
|
385 |
|
|
Stock-based compensation |
|
|
83 |
|
|
|
46 |
|
|
Non-GAAP Gross profit |
|
$ |
12,345 |
|
|
$ |
17,199 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross margin |
|
|
46.9 |
% |
|
|
52.9 |
% |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
2.0 |
% |
|
|
1.2 |
% |
|
Stock-based compensation |
|
|
0.3 |
% |
|
|
0.1 |
% |
|
Non-GAAP Gross margin |
|
|
49.2 |
% |
|
|
54.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and development expense |
|
$ |
8,003 |
|
|
$ |
7,343 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
(385 |
) |
|
|
(306 |
) |
|
Stock-based compensation |
|
|
(759 |
) |
|
|
(483 |
) |
|
Non-GAAP Research and development expense |
|
$ |
6,859 |
|
|
$ |
6,554 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Sales and marketing expense |
|
$ |
8,859 |
|
|
$ |
7,336 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
(129 |
) |
|
|
(119 |
) |
|
Stock-based compensation |
|
|
(757 |
) |
|
|
(607 |
) |
|
Non-GAAP Sales and marketing expense |
|
$ |
7,973 |
|
|
$ |
6,610 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and administrative expense |
|
$ |
5,225 |
|
|
$ |
4,087 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
(106 |
) |
|
|
(64 |
) |
|
Stock-based compensation |
|
|
(466 |
) |
|
|
(234 |
) |
|
Non-GAAP General and administrative expense |
|
$ |
4,653 |
|
|
$ |
3,789 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Total operating expense |
|
$ |
26,014 |
|
|
$ |
18,766 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
(620 |
) |
|
|
(489 |
) |
|
Stock-based compensation |
|
|
(1,982 |
) |
|
|
(1,324 |
) |
|
Restructuring costs |
|
|
(3,927 |
) |
|
|
— |
|
|
Non-GAAP Total operating expense |
|
$ |
19,485 |
|
|
$ |
16,953 |
|
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data, unaudited)
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, |
|
|||||
|
|
|
2018 |
|
|
2017 |
|
||
|
GAAP Net loss |
|
$ |
(14,442 |
) |
|
$ |
(2,160 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,120 |
|
|
|
874 |
|
|
Stock-based compensation |
|
|
2,065 |
|
|
|
1,370 |
|
|
Other (income) expense, net |
|
|
(90 |
) |
|
|
(269 |
) |
|
Interest expense |
|
|
229 |
|
|
|
374 |
|
|
Income tax expense |
|
|
51 |
|
|
|
57 |
|
|
Restructuring costs |
|
|
3,927 |
|
|
|
— |
|
|
Adjusted EBITDA |
|
$ |
(7,140 |
) |
|
$ |
246 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation based on historical methodology |
|
|
|
|
|
|
|
|
|
GAAP Net loss |
|
$ |
(14,442 |
) |
|
$ |
(2,160 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,120 |
|
|
|
874 |
|
|
Stock-based compensation |
|
|
2,065 |
|
|
|
1,370 |
|
|
Amortization of debt issuance costs |
|
|
21 |
|
|
|
23 |
|
|
Non-cash income tax expense |
|
|
16 |
|
|
|
22 |
|
|
Restructuring costs not paid in cash in period presented |
|
|
3,184 |
|
|
|
— |
|
|
Non-GAAP Net income (loss) |
|
$ |
(8,036 |
) |
|
$ |
129 |
|
|
Non-GAAP Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.38 |
) |
|
$ |
0.01 |
|
|
Diluted |
|
$ |
(0.38 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation based on new methodology |
|
|
|
|
|
|
|
|
|
GAAP Net loss |
|
$ |
(14,442 |
) |
|
$ |
(2,160 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,120 |
|
|
|
874 |
|
|
Stock-based compensation |
|
|
2,065 |
|
|
|
1,370 |
|
|
Amortization of debt issuance costs |
|
|
21 |
|
|
|
23 |
|
|
Non-cash income tax expense |
|
|
16 |
|
|
|
22 |
|
|
Restructuring costs |
|
|
3,927 |
|
|
|
— |
|
|
Non-GAAP Net income (loss) |
|
$ |
(7,293 |
) |
|
$ |
129 |
|
|
Non-GAAP Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.35 |
) |
|
$ |
0.01 |
|
|
Diluted |
|
$ |
(0.35 |
) |
|
$ |
0.01 |
|
RECONCILIATIONS OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, |
|
|||||
|
|
|
2018 |
|
|
2017 |
|
||
|
GAAP and non-GAAP Weighted-average shares — basic |
|
|
21,125 |
|
|
|
20,344 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Weighted-average shares — diluted |
|
|
21,125 |
|
|
|
20,344 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Effects of dilutive securities |
|
|
|
|
|
|
|
|
|
Unvested shares of common stock subject to repurchase |
|
|
— |
|
|
|
100 |
|
|
Stock awards |
|
|
— |
|
|
|
1,244 |
|
|
Non-GAAP Weighted-average shares — diluted |
|
|
21,125 |
|
|
|
21,688 |
|
RECONCILIATIONS OF GAAP FINANCIAL OUTLOOK TO NON-GAAP FINANCIAL OUTLOOK
(in thousands, except per share data, unaudited)
|
|
|
Three Months Ended |
|
|
|
|
|
June 30, |
|
|
|
|
|
2018 |
|
|
|
GAAP Net loss |
|
$ |
(11,350 |
) |
|
Adjustments: |
|
|
|
|
|
Forecasted Depreciation |
|
|
1,550 |
|
|
Forecasted Stock-based compensation |
|
|
2,500 |
|
|
Forecasted Other (income) expense, net |
|
|
(90 |
) |
|
Forecasted Interest expense |
|
|
340 |
|
|
Forecasted Income tax expense |
|
|
50 |
|
|
Adjusted EBITDA |
|
$ |
(7,000 |
) |
|
|
|
|
|
|
|
GAAP Net loss |
|
$ |
(11,350 |
) |
|
Adjustments: |
|
|
|
|
|
Forecasted Depreciation |
|
|
1,550 |
|
|
Forecasted Stock-based compensation |
|
|
2,500 |
|
|
Forecasted Amortization of debt issuance costs |
|
|
25 |
|
|
Forecasted Non-cash income tax expense |
|
|
25 |
|
|
Non-GAAP Net loss |
|
$ |
(7,250 |
) |
|
Non-GAAP Net loss per share — basic and diluted |
|
$ |
(0.34 |
) |
|
Weighted-average shares — basic and diluted |
|
|
21,450 |
|