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EX-99.1

Exhibit 99.1

 

LOGO

Fleetmatics Reports Third Quarter 2014 Financial Results

—Company Raises Outlook for 2014—

 

  •   Revenue of $60.4 million, up 30.5% year-over-year

 

  •   GAAP EPS of $0.21; Non-GAAP1 adjusted EPS of $0.29

 

  •   Adjusted EBITDA1 of $21.0 million, or 34.7% of total revenue

 

  •   Generated operating cash flow of $13.7 million

 

  •   Approximately 523,000 active vehicles under subscription

Dublin, Ireland and Boston, Massachusetts – October 29, 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 third quarter ended September 30, 2014 and updated management’s guidance for 2014.

“We are delighted to be reporting strong third quarter results highlighted by record revenue and earnings,” said Jim Travers, Chairman and Chief Executive Officer of Fleetmatics. “Our results reflect strong new customer adoption of our software platform particularly among mid-market fleet operators, continued progress in new international markets, and cross selling of complimentary products such as Fleetmatics WORK. Looking ahead, we remain focused on increasing our penetration in North America, driving continued growth in international markets and delivering additional value to our customers with our growing portfolio of products.”

Results for the Third Quarter of 2014

Total revenue for the third quarter of 2014 was $60.4 million, an increase of 30.5% compared to $46.3 million for the third quarter of 2013. GAAP net income for the third quarter of 2014 was $8.2 million, or $0.21 per diluted share, compared to $5.6 million, or $0.15 per diluted share, for the third quarter of 2013. Non-GAAP adjusted earnings for the third quarter of 2014 was $11.3 million, or $0.29 per diluted share, compared to $9.3 million, or $0.25 per diluted share, for the third quarter of 2013. Non-GAAP adjusted earnings excludes share-based compensation, amortization of intangible assets and other items as defined below in “Non-GAAP Financial Measures”. Adjusted EBITDA for the third quarter of 2014 was $21.0 million, an increase of 39.3% compared to $15.1 million for the third quarter of 2013. Adjusted EBITDA margin for the third quarter of 2014 was 34.7%, compared to 32.5% for the third quarter of 2013. 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.” As of September 30, 2014, the Company had cash of $161.0 million, an increase of $5.5 million from June 30, 2014. During the third quarter of 2014, the Company generated $13.7 million in net cash from operations and invested $11.7 million in purchases of property and equipment and capitalization of internally developed software, resulting in free cash flow of positive $2.0 million. During the third quarter of 2013, the Company generated $16.6 million in net cash from operations and invested $8.7 million in capital expenditures and capitalization of internally developed software, resulting in free cash flow of positive $7.9 million. 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.”

Company Issues Fourth Quarter Guidance and Raises Full Year Guidance

The Company today issued guidance for the fourth quarter of 2014 and revised its previously issued guidance for the full year. The Company’s guidance is based on the current indications for its business, which may change at any time.

 

  •   Fourth Quarter 2014 Guidance: The Company expects total revenue to be in the range of $63.5 million to $64.5 million. Adjusted EBITDA is expected to be in the range of $20.5 million to $21.5 million. Non-GAAP adjusted earnings per share is expected to be in the range of $0.29 to $0.30 based on approximately 38.7 million weighted average diluted shares outstanding.

 

  •   Full Year 2014 Guidance: The Company expects total revenue to be in the range of $231.0 million to $232.0 million, which represents growth of 30.5% year-over-year at the midpoint. Adjusted EBITDA is expected to be in the range of $70.5 million to $71.5 million. Non-GAAP adjusted earnings per share is expected to be in the range of $0.95 to $0.96 based on approximately 38.4 million weighted average diluted shares outstanding.

“We remain on track to deliver strong results across the Company as we close the year,” said Steve Lifshatz, Chief Financial Officer of Fleetmatics. “Looking ahead to 2015, our preliminary estimates call for full year revenue growth in the range of 25%. While we will continue to invest for growth in 2015, we do not expect to do so as aggressively as in 2014. We will look to balance the growth we forecast in the business with the investments we have made to drive modest expansion in full year adjusted EBITDA margins. We will provide formal detailed 2015 guidance when we release results for the fourth quarter of 2014.”

Recent Operational Highlights

 

  •   Fleetmatics ended the third quarter of 2014 with approximately 523,000 active vehicles under subscription, up 25.4% compared to over 417,000 during the third quarter of 2013.

 

  •   Quarterly net churn1 during the third quarter of 2014 was 0.4%, compared to 1.1% during the third quarter of 2013.

 

  •   The Company announced the introduction of Logbook, a new product feature for its Fleetmatics REVEAL™ platform, which allows fleet-based businesses to remove the manual step from Hours of Service (HOS) paper processing. Logbook seamlessly tracks HOS information by obtaining the vehicle information through the engine and communicating directly to the Fleetmatics driver log mobile application, providing managers with visibility into HOS for any driver.


Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 5:00 p.m. Eastern Time today to discuss the financial results as well as management’s outlook for the business and other matters. The conference call may be accessed in the United States by dialing 1.800.230.1096 and using access code “FLTX”. The conference call may be accessed outside of the United States by dialing +1.612.332.0226 and using access code “FLTX”. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://ir.fleetmatics.com. A replay of the conference call will be available approximately two hours after the call by dialing 1.800.475.6701 or +1.320.365.3844 and using access code 339681 or by accessing the webcast replay on the Company’s investor relations website. The Company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

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 September 30, 2014, Fleetmatics served over 24,000 customers, with approximately 523,000 subscribed vehicles worldwide. To learn more about Fleetmatics, visit www.fleetmatics.com.

Investor Relations:

Fleetmatics Group PLC

Brian Norris, +1 781.250.3829

brian.norris@fleetmatics.com

1Non-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 in North America and internationally, the addition of new products and our expected financial results for the fourth quarter of 2014, the full year of 2014, as well as our preliminary outlook for 2015. 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 enterprise customers; 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 businesses, 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
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

Subscription revenue

   $ 60,421      $ 46,314      $ 167,586      $ 127,262   

Cost of subscription revenue

     15,056        11,498        42,336        32,329   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     45,365        34,816        125,250        94,933   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Sales and marketing

     19,153        14,266        59,564        40,467   

Research and development

     4,259        3,130        13,049        7,685   

General and administrative

     10,623        10,506        31,381        25,526   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     34,035        27,902        103,994        73,678   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     11,330        6,914        21,256        21,255   

Interest income (expense), net

     (149     (373     (522     (1,111

Foreign currency transaction gain (loss), net

     316        (118     670        (774

Other income (expense), net

     (42     —         (1     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     11,455        6,423        21,403        19,370   

Provision for income taxes

     3,260        845        6,347        5,150   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 8,195      $ 5,578      $ 15,056      $ 14,220   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

        

Basic

   $ 0.22      $ 0.15      $ 0.40      $ 0.40   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.21      $ 0.15      $ 0.39      $ 0.39   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average ordinary shares outstanding:

        

Basic

     37,575,672        36,313,259        37,373,705        35,311,648   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     38,532,609        37,618,615        38,424,555        36,777,137   
  

 

 

   

 

 

   

 

 

   

 

 

 


FLEETMATICS GROUP PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

     September 30,
2014
     December 31,
2013
 
     (Unaudited)         

Assets

     

Current assets:

     

Cash

   $ 161,008       $ 137,171   

Restricted cash

     —           64   

Accounts receivable, net of allowances of $1,726 and $1,395 at September 30, 2014 and December 31, 2013, respectively

     15,165         20,240   

Deferred tax assets

     6,715         6,505   

Prepaid expenses and other current assets

     22,413         13,675   
  

 

 

    

 

 

 

Total current assets

     205,301         177,655   

Property and equipment, net

     77,265         61,732   

Goodwill

     30,207         28,706   

Intangible assets, net

     7,088         7,765   

Deferred tax assets, net

     955         1,282   

Other assets

     10,035         9,399   
  

 

 

    

 

 

 

Total assets

   $ 330,851       $ 286,539   
  

 

 

    

 

 

 

Liabilities and Shareholders’ Equity

     

Current liabilities:

     

Accounts payable

   $ 6,751       $ 9,952   

Accrued expenses and other current liabilities

     21,736         14,855   

Deferred revenue

     22,733         21,163   
  

 

 

    

 

 

 

Total current liabilities

     51,220         45,970   

Deferred revenue

     11,233         9,029   

Accrued income taxes

     3,508         2,094   

Long-term debt

     23,750         23,750   

Other liabilities

     4,875         3,888   
  

 

 

    

 

 

 

Total liabilities

     94,586         84,731   
  

 

 

    

 

 

 

Total shareholders’ equity

     236,265         201,808   
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 330,851       $ 286,539   
  

 

 

    

 

 

 


FLEETMATICS GROUP PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     Nine Months Ended
September 30,
 
     2014     2013  

Cash flows from operating activities:

    

Net income

   $ 15,056      $ 14,220   

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

    

Depreciation and amortization of property and equipment

     15,951        9,404   

Amortization of capitalized in-vehicle devices owned by customers

     896        715   

Amortization of intangible assets

     1,902        1,570   

Amortization of deferred commissions, other deferred costs and debt discount

     5,955        4,670   

Provision for (benefit from) deferred tax assets

     (277     213   

Provision for accounts receivable allowances

     1,672        1,109   

Unrealized foreign currency transaction (gain) loss

     (735     753   

Loss on disposal of property and equipment and other assets

     1,315        2,428   

Share-based compensation

     9,717        4,535   

Excess tax benefits on share-based awards

     (13,056     —     

Changes in operating assets and liabilities:

    

Accounts receivable

     3,440        (3,731

Prepaid expenses and other current and long-term assets

     (2,277     (6,459

Accounts payable, accrued expenses and other current liabilities

     2,751        6,400   

Accrued income taxes

     1,415        408   

Deferred revenue

     3,797        3,552   
  

 

 

   

 

 

 

Net cash provided by operating activities

     47,522        39,787   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchases of property and equipment

     (28,908     (25,673

Capitalization of internal-use software costs

     (2,491     (1,496

Proceeds from sale of property and equipment

     41        —     

Payment for business acquired, net of cash acquired

     (2,274     (6,851

Net decrease in restricted cash

     64        —     
  

 

 

   

 

 

 

Net cash used in investing activities

     (33,568     (34,020
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Payments of Term Loan

     —         (938

Proceeds from secondary public offering, net of offering costs

     —         32,060   

Proceeds from exercise of stock options

     1,967        4,685   

Payments of previously accrued initial public offering costs

     —         (1,355

Taxes paid related to net share settlement of equity awards

     (3,703     —    

Excess tax benefits from share-based awards

     13,056        —    

Payments of capital lease obligations

     (620     (276

Payments of notes payable

     (365     —    
  

 

 

   

 

 

 

Net cash provided by financing activities

     10,335        34,176   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

     (452     (183
  

 

 

   

 

 

 

Net increase in cash

     23,837        39,760   

Cash, beginning of period

     137,171        100,087   
  

 

 

   

 

 

 

Cash, end of period

   $ 161,008      $ 139,847   
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information:

    

Cash paid for interest

   $ 525      $ 876   

Cash paid (refunds received), net for income taxes

   $ 1,234      $ 1,204   

Supplemental disclosure of non-cash financing and investing activities:

    

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

   $ 2,647      $ —    

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

   $ 2,167      $ 2,177   

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
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

Gross Profit GAAP

   $ 45,365      $ 34,816      $ 125,250      $ 94,933   

Share-based compensation

     176        132        495        275   

Amortization of intangible assets

     345        221        894        326   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross Profit Non-GAAP

   $ 45,886      $ 35,169      $ 126,639      $ 95,534   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subscription revenue

   $ 60,421      $ 46,314      $ 167,586      $ 127,262   

Gross Margin Percentages:

        

GAAP

     75.1     75.2     74.7     74.6

Non-GAAP

     75.9     75.9     75.6     75.1
     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

Operating income GAAP

   $ 11,330      $ 6,914      $ 21,256      $ 21,255   

Share-based compensation

     3,290        2,330        9,717        4,535   

Amortization of intangible assets

     681        636        1,902        1,570   

Secondary public offering costs

     —          392        —          1,285   

Litigation and settlements

     (364     915        (147     1,203   

Acquisition-related transaction costs

     —          258        218        372   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income Non-GAAP

   $ 14,937      $ 11,445      $ 32,946      $ 30,220   
  

 

 

   

 

 

   

 

 

   

 

 

 


RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

Reconciliation of Net Income to Adjusted EBITDA:

        

Net income

   $ 8,195      $ 5,578      $ 15,056      $ 14,220   

Provision for income taxes

     3,260        845        6,347        5,150   

Interest (income) expense, net

     149        373        522        1,111   

Foreign currency transaction (gain) loss, net

     (316     118        (670     774   

Depreciation and amortization of property and equipment

     5,835        3,339        15,951        9,404   

Amortization of capitalized in-vehicle devices owned by customers

     238        269        896        715   

Amortization of intangible assets

     681        636        1,902        1,570   

Share-based compensation

     3,290        2,330        9,717        4,535   

Secondary public offering costs

     —          392       —          1,285   

Litigation and settlements

     (364     915       (147     1,203   

Acquisition-related transaction costs

     —          258       218        372   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 20,968      $ 15,053      $ 49,792      $ 40,339   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subscription revenue

   $ 60,421      $ 46,314      $ 167,586      $ 127,262   

Adjusted EBITDA margin

     34.7     32.5     29.7     31.7


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

(In thousands, except share and per share data)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

Net income

   $ 8,195      $ 5,578      $ 15,056      $ 14,220   

Amortization of intangible assets

     681        636        1,902        1,570   

Share-based compensation

     3,290        2,330        9,717        4,535   

Foreign currency transaction (gain) loss, net

     (316     118        (670     774   

Secondary public offering costs

     —          392        —          1,285   

Litigation and settlements

     (364     915        (147     1,203   

Acquisition-related transaction costs

     —          258       218        372   

Tax effect of non-GAAP adjustments above at 15%

     (494     (697 )     (1,653     (1,461

Tax reserve component of income tax provision

     266        (260 )     791        560   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted earnings

   $ 11,258      $ 9,270      $ 25,214      $ 23,058   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average ordinary shares outstanding — diluted

     38,532,609        37,618,615        38,424,555        36,777,137   

Non-GAAP adjusted EPS

   $ 0.29      $ 0.25      $ 0.66      $ 0.63   
  

 

 

   

 

 

   

 

 

   

 

 

 


RECONCILIATION TO NON-GAAP INCOME

(In thousands)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

Cost of subscription revenue

        

Share-based compensation

   $ 176      $ 132      $ 495      $ 275   

Amortization of intangible assets

     345        221        894        326   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal cost of subscription revenue

     521        353        1,389        601   

Sales and marketing

        

Share-based compensation

     1,113        909        3,615        1,712   

Amortization of intangible assets

     336        415        1,008        1,244   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal sales and marketing

     1,449        1,324        4,623        2,956   

Research and development

        

Share-based compensation

     519        367        1,384        675   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal research and development

     519        367        1,384        675   

General and administrative

        

Share-based compensation

     1,482        922        4,223        1,873   

Secondary public offering costs

     —          392        —          1,285   

Litigation and settlements

     (364     915        (147     1,203   

Acquisition-related transaction costs

     —          258        218        372   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal general and administrative

     1,118        2,487        4,294        4,733   

Foreign currency transaction (gain) loss, net

     (316     118        (670     774   

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

     (228     (957     (862     (901
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expense add-backs

   $ 3,063      $ 3,692      $ 10,158      $ 8,838   
  

 

 

   

 

 

   

 

 

   

 

 

 
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