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EX-99.1

Exhibit 99.1

Fleetmatics Announces Second Quarter 2014 Financial Results

Reports record revenue of $55.3 million, up 30% year-over-year

 

  •   GAAP EPS of $0.08; non-GAAP adjusted EPS of $0.18

 

  •   Adjusted EBITDA of $15.0 million

 

  •   Generated operating cash flow of $13.6 million, free cash flow of $2.4 million

 

  •   Over 499,000 total subscribed vehicles attained

Dublin, Ireland and Boston, Massachusetts, August 6, 2014 — Fleetmatics Group PLC (NYSE: FLTX), a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS), today announced financial results for its second quarter ended June 30, 2014.

“We are pleased to report another solid quarter and a great first half of the year, growing our revenues by 30% and our subscriber base by 29% year-over-year, while continuing to be a market leader in the fleet management space,” stated Jim Travers, Chairman and Chief Executive Officer of Fleetmatics. “During the quarter, our ability to meet or exceed our revenue and profitability expectations was driven by solid execution by our team, particularly to SMB customers. The combination of the recent introduction of our new platform, new product offering, and our international expansion positions Fleetmatics to increase market share worldwide.”

Second Quarter 2014 Financial Highlights

 

  •   Revenue: Total revenue for the second quarter was $55.3 million, an increase of 30.0% compared to $42.5 million for the second quarter of 2013.

 

  •   Gross Profit: GAAP gross profit for the second quarter was $40.7 million, compared to $31.7 million for the second quarter of 2013. GAAP gross margin was 73.7% compared to 74.5% for the same period in 2013. Non-GAAP gross profit, which excludes share-based compensation and amortization of intangible assets, was $41.2 million for the quarter compared to $31.8 million in the year ago period. Non-GAAP gross margin was 74.5% for the second quarter of 2014, compared to 74.9% during the same period last year.

 

  •   Operating Income: GAAP operating income for the second quarter was $4.6 million, compared to $8.6 million for the second quarter of 2013. Non-GAAP operating income, which excludes share-based compensation, amortization of intangible assets and other items as defined in “Non-GAAP Financial Measures”, was $8.9 million, compared to $10.9 million for the second quarter of 2013.

 

  •   Net Income: GAAP net income for the second quarter was $3.2 million, compared to $5.7 million for the same period last year. GAAP net income per share for the second quarter was $0.08 based on 38.4 million weighted-average diluted shares outstanding, compared to $0.16 for the same period last year, based on 36.4 million weighted-average diluted shares outstanding, for the same period last year.


Non-GAAP adjusted earnings, which excludes share-based compensation, amortization of intangible assets and other items as defined below in “Non-GAAP Financial Measures”, was $6.8 million for the second quarter, compared to $8.3 million for the second quarter of 2013. Non-GAAP adjusted earnings per share for the second quarter was $0.18 per share based on 38.4 million weighted-average diluted shares outstanding compared to $0.23 per share, based on 36.4 million weighted-average diluted shares outstanding for the same period last year.

 

  •   Adjusted EBITDA: Adjusted EBITDA for the second quarter was $15.0 million, compared to $14.2 million for the second quarter of 2013. Adjusted EBITDA margin was 27.2% for the second quarter of 2014, compared to a 33.5% margin for the same period last year. Adjusted EBITDA is defined as net income (loss) plus (benefit) provision for income taxes; interest (income) expense, net; foreign currency transaction (gain) loss, net; depreciation and amortization of property and equipment; amortization of capitalized in-vehicle devices owned by customers; amortization of intangible assets; share-based compensation; and other items as defined below in “Non-GAAP Financial Measures.”

A reconciliation of GAAP to non-GAAP financial measures 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.”

 

  •   Balance Sheet: As of June 30, 2014, Fleetmatics had cash of $155.5 million, an increase of $7.3 million since March 31, 2014.

During the second quarter of 2014, the Company generated $13.6 million in net cash from operations and invested $11.2 million in purchases of property and equipment and capitalization of internally developed software, resulting in free cash flow of positive $2.4 million. During the second quarter of 2013, the Company generated $11.1 million in net cash from operations and invested $9.5 million in capital expenditures and capitalization of software, resulting in free cash flow of positive $1.6 million.

Second Quarter 2014 Operating Highlights

 

  •   Fleetmatics ended the second quarter of 2014 with over 499,000 active vehicles under subscription, up 28.6% compared to over 388,000 during the second quarter of 2013.

 

  •   Quarterly net churn during the second quarter of 2014 was 1.1%, compared to 1.3% during the second quarter of 2013, which excludes the impact of a large enterprise customer. An explanation of this measure is included below under the heading “Non-GAAP Financial Measures.”

 

  •   Fleetmatics acquired Florence, Italy-based KKT Srl, the developer of Routist, a SaaS-based, intelligent vehicle routing solution for businesses looking to optimize the utilization of their fleets and mobile resources.


Financial Outlook

As of August 6, 2014, Fleetmatics is providing guidance for the third quarter of 2014 and full year 2014 as follows:

Third Quarter 2014 Guidance: Total revenue is expected to be in the range of $58.2 million to $59.5 million. Adjusted EBITDA is expected to be in the range of $16.0 million to $17.0 million. Non-GAAP adjusted earnings per share is expected to be in the range of $0.21 to $0.23 based on approximately 38.7 million weighted-average diluted shares outstanding.

Full Year 2014 Guidance: Total revenue is expected to be in the range of $228.0 million to $230.0 million, which represents growth of 29.1% year-over-year at the midpoint. Adjusted EBITDA is expected to be in the range of $62.8 million to $65.3 million. Non-GAAP diluted adjusted earnings per share is expected to be in the range of $0.82 to $0.87 based on approximately 38.7 million weighted-average diluted shares outstanding.

Quarterly Conference Call

Fleetmatics will host a conference call today at 5:00 p.m. EDT to discuss the Company’s financial results for the second quarter 2014, its business outlook and other matters. To access this call, dial +1-888-481-2864 (United States), or +1-719-325-2381 (international), with conference ID #8681119. A live webcast of this conference call will also be available on the investor relations portion of the Company’s website at ir.fleetmatics.com, and a replay will be archived on the website as well. A replay of this conference call will also be available through August 20, 2014, by dialing +1-877-870-5176 (United States), or +1-858-384-5517 (international). The recording access code is #8681119.

About Fleetmatics Group PLC

Fleetmatics Group PLC is a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS). Our solutions enable businesses to meet the challenges associated with managing local fleets, and improve the productivity of their mobile workforces, by extracting actionable business intelligence from real-time and historical vehicle and driver behavioral data.

Fleetmatics Group’s intuitive, cost-effective Web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce, enabling them to reduce operating and capital costs, as well as increase revenue. An integrated, full-featured mobile workforce management product provides additional efficiencies related to job management by empowering the field worker and speeding the job completion process – quote through payment. As of June 30, 2014, Fleetmatics served over 23,000 customers, with over 499,000 subscribed vehicles worldwide.

To learn more about Fleetmatics, visit www.fleetmatics.com.


Investor Contact:

ICR Inc. on behalf of Fleetmatics

Seth Potter, (646) 277-1230

fleetmatics@icrinc.com

Non-GAAP Financial Measures

In this release, Fleetmatics’ non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP adjusted earnings, non-GAAP diluted adjusted earnings per share, adjusted EBITDA and adjusted EBITDA margin are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. Non-GAAP gross profit and non-GAAP gross margin exclude share-based compensation and amortization of intangible assets. Non-GAAP operating income, non-GAAP adjusted earnings and non-GAAP diluted adjusted earnings per share exclude share-based compensation; amortization of intangible assets; foreign currency transaction (gain) loss; certain non-recurring litigation and settlement costs; certain non-recurring secondary public offering costs; acquisition-related transaction costs; the tax effects related to these items, and the tax reserve component of the income tax provision.

Adjusted EBITDA is defined as net income (loss) plus (benefit) provision for income taxes; interest (income) expense, net; foreign currency transaction (gain) loss, net; depreciation and amortization of property and equipment; amortization of capitalized in-vehicle devices owned by customers; amortization of intangible assets; share-based compensation; certain non-recurring litigation and settlement costs; certain non-recurring secondary public offering costs; and acquisition-related transaction costs.

We calculate our net churn for a period by dividing (i) the number of vehicles under subscription added from existing customers less vehicles under subscription lost from existing customers over that period by (ii) the total vehicles under subscription at the beginning of that period. A positive net churn in each period means we added more vehicles from existing customers than we lost from those customers during the particular period.

Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the company’s performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company’s financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

The Company’s earnings press releases containing such non-GAAP reconciliations can be found on the Investors section of the Company’s web site at ir.fleetmatics.com.


Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our future market share and our expected financial results for the third quarter of 2014 and the full year of 2014. These forward-looking statements include, but are not limited to: plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with our ability to effectively and efficiently attract, sell to and retain SMB customers; our ability to attract customers on a cost-effective basis; our dependence on various lead generation programs; our ability to retain and increase sales to our existing customers; our ability to successfully complete and integrate acquisitions; expectations regarding the widespread adoption of fleet management solutions; our ability to expand the sales of our products to customers located outside the U.S.; our ability to continue to compete in a highly fragmented market and the risk of future competitors by way of recent and future acquisitions or otherwise; keeping up with the rapid technological change required to remain competitive in our industry; our ability to migrate customers to newer technologies; and the impact of adverse economic conditions on information technology spending by SMB business, collection of our accounts receivable and other risks set forth under the caption “Risk Factors” in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission on March 17, 2014, as updated by our subsequently filed quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.


FLEETMATICS GROUP PLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2014     2013     2014     2013  

Subscription revenue

   $ 55,268      $ 42,529      $ 107,165      $ 80,948   

Cost of subscription revenue

     14,534        10,834        27,280        20,831   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     40,734        31,695        79,885        60,117   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Sales and marketing

     22,049        13,600        40,411        26,201   

Research and development

     4,613        2,461        8,790        4,555   

General and administrative

     9,486        7,080        20,758        15,020   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     36,148        23,141        69,959        45,776   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     4,586        8,554        9,926        14,341   

Interest income (expense), net

     (210     (372     (373     (738

Foreign currency transaction gain (loss), net

     402        (300     354        (656

Other income (expense), net

     —         —         41        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     4,778        7,882        9,948        12,947   

Provision for income taxes

     1,545        2,200        3,087        4,305   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 3,233      $ 5,682      $ 6,861      $ 8,642   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

        

Basic

   $ 0.09      $ 0.16      $ 0.18      $ 0.25   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.08      $ 0.16      $ 0.18      $ 0.24   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average ordinary shares outstanding:

        

Basic

     37,411,223        34,990,936        37,271,047        34,802,543   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     38,360,498        36,441,602        38,376,232        36,353,988   
  

 

 

   

 

 

   

 

 

   

 

 

 


FLEETMATICS GROUP PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

     June 30,
2014
     December 31,
2013
 
     (Unaudited)         

Assets

     

Current assets:

     

Cash

   $ 155,473       $ 137,171   

Restricted cash

     —           64   

Accounts receivable, net of allowances of $1,827 and $1,395 at June 30, 2014 and December 31, 2013, respectively

     14,717         20,240   

Deferred tax assets

     6,746         6,505   

Prepaid expenses and other current assets

     20,752         13,675   
  

 

 

    

 

 

 

Total current assets

     197,688         177,655   

Property and equipment, net

     72,744         61,732   

Goodwill

     30,161         28,706   

Intangible assets, net

     7,714         7,765   

Deferred tax assets, net

     1,009         1,282   

Other assets

     10,561         9,399   
  

 

 

    

 

 

 

Total assets

   $ 319,877       $ 286,539   
  

 

 

    

 

 

 

Liabilities and Shareholders’ Equity

     

Current liabilities:

     

Accounts payable

   $ 10,586       $ 9,952   

Accrued expenses and other current liabilities

     20,882         14,855   

Deferred revenue

     24,099         21,163   
  

 

 

    

 

 

 

Total current liabilities

     55,567         45,970   
  

 

 

    

 

 

 

Deferred revenue

     10,931         9,029   

Accrued income taxes

     3,245         2,094   

Long-term debt

     23,750         23,750   

Other liabilities

     4,758         3,888   
  

 

 

    

 

 

 

Total liabilities

     98,251         84,731   
  

 

 

    

 

 

 

Total shareholders’ equity

     221,626         201,808   
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 319,877       $ 286,539   
  

 

 

    

 

 

 


FLEETMATICS GROUP PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     Six Months Ended
June 30,
 
     2014     2013  

Cash flows from operating activities:

    

Net income

   $ 6,861      $ 8,642   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization of property and equipment

     10,116        6,065   

Amortization of capitalized in-vehicle devices owned by customers

     658        446   

Amortization of intangible assets

     1,221        934   

Amortization of deferred commissions, other deferred costs and debt discount

     3,791        2,989   

Provision for (benefit from) deferred tax assets

     (284     (73

Provision for accounts receivable allowances

     985        697   

Unrealized foreign currency transaction (gain) loss

     (388     640   

Loss on disposal of property and equipment and other assets

     778        1,499   

Share-based compensation

     6,427        2,205   

Excess tax benefits on share-based awards

     (8,752     —     

Changes in operating assets and liabilities:

    

Accounts receivable

     4,677        (3,094

Prepaid expenses and other current and long-term assets

     (3,219     (4,288

Accounts payable, accrued expenses and other current liabilities

     5,008        2,252   

Accrued income taxes

     1,149        668   

Deferred revenue

     4,822        3,614   
  

 

 

   

 

 

 

Net cash provided by operating activities

     33,850        23,196   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchases of property and equipment

     (18,390     (17,542

Capitalization of internal-use software costs

     (1,342     (904

Proceeds from sale of property and equipment

     41        —     

Payment for business acquired, net of cash acquired

     (2,228     —     

Net decrease in restricted cash

     64        —     
  

 

 

   

 

 

 

Net cash used in investing activities

     (21,855     (18,446
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Payments of Term Loan

     —         (625

Proceeds from exercise of stock options

     1,391        2,625   

Taxes paid related to net share settlement of equity awards

     (3,150     —    

Excess tax benefits from share-based awards

     8,752        —    

Payments of previously accrued initial public offering costs

     —         (1,329

Payments of capital lease obligations

     (365     (180

Payments of notes payable

     (179     —    
  

 

 

   

 

 

 

Net cash provided by financing activities

     6,449        491   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

     (142     (119
  

 

 

   

 

 

 

Net increase in cash

     18,302        5,122   

Cash, beginning of period

     137,171        100,087   
  

 

 

   

 

 

 

Cash, end of period

   $ 155,473      $ 105,209   
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information:

    

Cash paid for interest

   $ 348      $ 658   

Cash paid (refunds received), net for income taxes

   $ 742      $ 1,205   

Supplemental disclosure of non-cash financing and investing activities:

    

Acquisition of property and equipment and software through capital leases and note payable

   $ 1,940      $ —    

Additions to property and equipment included in accounts payable or accrued expenses at the balance sheet dates

   $ 2,433      $ 1,300   

Issuance of ordinary shares under employee share purchase plan

   $ 441      $ —    


RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND OPERATING INCOME

(In thousands)

(Unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2014     2013     2014     2013  

Gross Profit GAAP

   $ 40,734      $ 31,695      $ 79,885      $ 60,117   

Share-based compensation

     172        101        319        143   

Amortization of intangible assets

     291        52        549        104   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross Profit Non-GAAP

   $ 41,197      $ 31,848      $ 80,753      $ 60,364   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subscription revenue

   $ 55,268      $ 42,529      $ 107,165      $ 80,948   

Gross Margin Percentages:

        

GAAP

     73.7     74.5     74.5     74.3

Non-GAAP

     74.5     74.9     75.4     74.6
     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2014     2013     2014     2013  

Operating income GAAP

   $ 4,586      $ 8,554      $ 9,926      $ 14,341   

Share-based compensation

     3,423        1,601        6,427        2,205   

Amortization of intangible assets

     627        467        1,221        934   

Secondary public offering costs

     —          256       —          893   

Litigation and settlements

     97        (72     217        288   

Acquisition-related transaction costs

     129        114        218        114   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income Non-GAAP

   $ 8,862      $ 10,920      $ 18,009      $ 18,775   
  

 

 

   

 

 

   

 

 

   

 

 

 


RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2014     2013     2014     2013  

Reconciliation of Net Income to Adjusted EBITDA:

        

Net income

   $ 3,233      $ 5,682      $ 6,861      $ 8,642   

Provision for income taxes

     1,545        2,200        3,087        4,305   

Interest (income) expense, net

     210        372        373        738   

Foreign currency transaction (gain) loss, net

     (402     300        (354     656   

Depreciation and amortization of property and equipment

     5,813        3,073        10,116        6,065   

Amortization of capitalized in-vehicle devices owned by customers

     372        233        658        446   

Amortization of intangible assets

     627        467        1,221        934   

Share-based compensation

     3,423        1,601        6,427        2,205   

Secondary public offering costs

     —          256       —          893   

Litigation and settlements

     97        (72 )     217        288   

Acquisition-related transaction costs

     129        114       218        114   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 15,047      $ 14,226      $ 28,824      $ 25,286   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subscription revenue

   $ 55,268      $ 42,529      $ 107,165      $ 80,948   

Adjusted EBITDA margin

     27.2     33.5     26.9     31.2


RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS AND EPS

(In thousands, except share and per share data)

(Unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2014     2013     2014     2013  

Net income

   $ 3,233      $ 5,682      $ 6,861      $ 8,642   

Amortization of intangible assets

     627        467        1,221        934   

Share-based compensation

     3,423        1,601        6,427        2,205   

Foreign currency transaction (gain) loss, net

     (402     300        (354     656   

Secondary public offering costs

     —          256       —          893   

Litigation and settlements

     97        (72 )     217        288   

Acquisition-related transaction costs

     129        114       218        114   

Tax effect of non-GAAP adjustments above at 15%

     (581     (400 )     (1,159     (764

Tax reserve component of income tax provision

     262        391       525        821   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted earnings

   $ 6,788      $ 8,339      $ 13,956      $ 13,789   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average ordinary shares outstanding — diluted

     38,360,498        36,441,602        38,376,232        36,353,988   

Non-GAAP adjusted EPS

   $ 0.18      $ 0.23      $ 0.36      $ 0.38   
  

 

 

   

 

 

   

 

 

   

 

 

 


FLEETMATICS GROUP PLC

RECONCILIATION TO NON-GAAP INCOME

(In thousands)

(Unaudited)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2014     2013     2014     2013  

Cost of subscription revenue

        

Share-based compensation

   $ 172      $ 101      $ 319      $ 143   

Amortization of intangible assets

     291        52        549        104   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal cost of subscription revenue

     463        153        868        247   

Sales and marketing

        

Share-based compensation

     1,329        560        2,502        803   

Amortization of intangible assets

     336        415        672        830   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal sales and marketing

     1,665        975        3,174        1,633   

Research and development

        

Share-based compensation

     468        256        865        308   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal research and development

     468        256        865        308   

General and administrative

        

Share-based compensation

     1,454        684        2,741        951   

Secondary public offering costs

     —          256        —          893   

Litigation and settlements

     97        (72     217        288   

Acquisition-related transaction costs

     129        114        218        114   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal general and administrative

     1,680        982        3,176        2,246   

Foreign currency transaction (gain) loss, net

     (402     300        (354     656   

Tax effect of non-GAAP adjustments, net of tax reserve component of income tax provision

     (319     (9     (634     57   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expense add-backs

   $ 3,555      $ 2,657      $ 7,095      $ 5,147   
  

 

 

   

 

 

   

 

 

   

 

 

 
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