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EX-99.1

Exhibit 99.1

 

LOGO

Investor Relations: Brian Norris, +1 781.250.3829, brian.norris@fleetmatics.com

Fleetmatics Reports Fourth Quarter and Full Year 2014 Financial Results

– Company Reports Full Year Revenue Growth of 31% and Full Year Adjusted EBITDA1 Margin of 32% –

– Company Reaffirms Full Year 2015 Revenue Guidance –

 

  •   Q4 Revenue of $64.0 million, up 28% year-over-year

 

  •   Q4 GAAP EPS of $0.32; Non-GAAP1 adjusted EPS of $0.44

 

  •   Q4 Adjusted EBITDA1 of $24.2 million, or 37.7% of total revenue

 

  •   Q4 Cash flow from operations of $24.2 million

 

  •   Active vehicles under subscription of 552,000, up 24% year over year

Dublin, Ireland and Boston, Massachusetts – February 24, 2015 – 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 fourth quarter and full year ended December 31, 2014.

“Without question, 2014 was a year of tremendous progress throughout the Company,” said Jim Travers, Chairman and Chief Executive Officer of Fleetmatics. “We opened up several new geographic markets and introduced innovative new cloud based solutions for fleet and field service management all while delivering significantly improved financial results. Looking ahead, we are focused on extending our leadership position in North America, increasing our addressable market by expanding into mainland Europe, and deepening our relationship with our customers through adjacent applications that further leverage our SaaS platform.”

Results for the Fourth Quarter of 2014

Total revenue for the fourth quarter of 2014 was $64.0 million, an increase of 28% compared to $50.1 million for the fourth quarter of 2013. GAAP net income for the fourth quarter of 2014 was $12.4 million, or $0.32 per diluted share, compared to $16.2 million, or $0.42 per diluted share, for the fourth quarter of 2013. Non-GAAP1 adjusted earnings for the fourth quarter of 2014 was $17.0 million, or $0.44 per diluted share, compared to $8.9 million, or $0.23 per diluted share, for the fourth quarter of 2013. Adjusted EBITDA1 for the fourth quarter of 2014 was $24.2 million, an increase of 50% compared to $16.1 million for the fourth quarter of 2013. Adjusted EBITDA1 margin for the fourth quarter of 2014 was 37.7%, compared to 32.2% for the fourth quarter of 2013. As of December 31, 2014, the Company had cash of $175.4 million compared to $161.0 million at September 30, 2014. During the fourth quarter of 2014, the Company generated free cash flow of $14.8 million compared to negative $7.1 million in the fourth quarter of 2013.


Full Year 2014 Financial Highlights

Total revenue for the full year of 2014 was $231.6 million, an increase of 31% compared to $177.4 million for the full year of 2013. GAAP net income for the full year of 2014 was $27.5 million, or $0.71 per diluted share, compared to $30.5 million, or $0.82 per diluted share, for the full year of 2013. Non-GAAP1 adjusted earnings for the full year of 2014 was $42.2 million, or $1.09 per diluted share, compared to $31.9 million, or $0.86 per diluted share, for the full year of 2013. Adjusted EBITDA1 for the full year of 2014 was $73.9 million, an increase of 31% compared to $56.5 million for the full year of 2013. Adjusted EBITDA1 margin for the full year of 2014 was 31.9%, compared to 31.8% for the full year of 2013. The Company generated free cash flow of $30.9 million in 2014, compared to $5.5 million in 2013.

Company Issues First Quarter Guidance and Full Year 2015 Guidance

The Company today issued guidance for the first quarter of 2015 and for the full year of 2015. The Company’s guidance is based on the current indications for its business, which may change at any time.

 

  •   First Quarter 2015 Guidance: The Company expects total revenue to be in the range of $64.0 million to $65.0 million, reflecting 90 days of revenue in the quarter and the impact of currently expected currency exchange headwinds. Adjusted EBITDA1 is expected to be in the range of $18.0 million to $19.0 million. Non-GAAP1 adjusted earnings per share is expected to be in the range of $0.24 to $0.26 based on approximately 38.8 million weighted average diluted shares outstanding.

 

  •   Full Year 2015 Guidance: The Company expects total revenue to be in the range of $288.0 million to $290.0 million, which represents growth of approximately 25% year-over-year at the midpoint. The Company’s estimate of total revenue reflects currently expected currency exchange headwinds of approximately $3.5 million partially offset by revenue contribution related to its acquisition of Ornicar SAS. Adjusted EBITDA1 is expected to be in the range of $92.0 million to $93.0 million, or approximately 32% of revenue at the midpoint. Non-GAAP1 adjusted earnings per share is expected to be in the range of $1.26 to $1.30 based on approximately 39.3 million weighted average diluted shares outstanding.

“We are pleased to be reporting strong full year results,” said Steve Lifshatz, Chief Financial Officer of Fleetmatics. “We believe that we are well positioned to deliver full year top line growth of approximately 25% in 2015 despite currency exchange headwinds which, given our growing focus on international expansion, does have an impact on the Company. Further, we expect to deliver full year adjusted EBITDA margin of approximately 32% in 2015. Longer term, we believe that there may be additional leverage in our business model and we are in the process of re-evaluating our longer term operating model.”

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 1.800.230.1059 and using access code “FLTX”. The conference call may be accessed outside of the United States by dialing +1.612.234.9960 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 349334 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 December 31, 2014, Fleetmatics served over 25,000 customers, with approximately 552,000 subscribed vehicles worldwide. To learn more about Fleetmatics, visit www.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 Investor Relations 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 leadership position in North America, our market opportunity in mainland Europe, the addition of new products, the impact of foreign currency exchange headwinds on our results of operations, revenue contribution related to our acquisition of Ornicar SAS, and our expected financial results for the first quarter of 2015, and the full year of 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 the fluctuations of foreign currency exchange rates and the impact on our revenue and expenses; 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 including Ornicar SAS; 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
December 31,
    Year Ended
December 31,
 
     2014     2013     2014     2013  

Subscription revenue

   $ 63,995      $ 50,088      $ 231,581      $ 177,350   

Cost of subscription revenue

     15,169        11,529        57,505        43,858   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

  48,826      38,559      174,076      133,492   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

Sales and marketing

  19,321      16,122      78,885      56,589   

Research and development

  4,041      3,351      17,090      11,036   

General and administrative

  11,384      10,849      42,765      36,375   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

  34,746      30,322      138,740      104,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

  14,080      8,237      35,336      29,492   

Interest income (expense), net

  (182   (888   (704   (1,999

Foreign currency transaction gain (loss), net

  162      (365   832      (1,139

Other income (expense), net

  —       —        (1   —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

  14,060      6,984      35,463      26,354   

Provision for (benefit from) income taxes

  1,641      (9,253   7,988      (4,103
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

$ 12,419    $ 16,237    $ 27,475    $ 30,457   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

Basic

$ 0.33    $ 0.44    $ 0.73    $ 0.85   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

$ 0.32    $ 0.42    $ 0.71    $ 0.82   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average ordinary shares outstanding:

Basic

  37,769,400      36,940,863      37,473,442      35,722,300   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

  38,758,337      38,316,578      38,551,860      37,139,839   
  

 

 

   

 

 

   

 

 

   

 

 

 


FLEETMATICS GROUP PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

     December 31,
2014
     December 31,
2013
 
     (Unaudited)         

Assets

     

Current assets:

     

Cash

   $ 175,400       $ 137,171   

Restricted cash

     —           64   

Accounts receivable, net of allowances of $2,200 and $1,395 at December 31, 2014 and 2013, respectively

     16,876         20,240   

Deferred tax assets

     7,458         6,505   

Prepaid expenses and other current assets

     13,379         13,675   
  

 

 

    

 

 

 

Total current assets

  213,113      177,655   

Property and equipment, net

  79,734      61,732   

Goodwill

  30,207      28,706   

Intangible assets, net

  6,460      7,765   

Deferred tax assets, net

  6,353      1,282   

Other assets

  10,829      9,399   
  

 

 

    

 

 

 

Total assets

$ 346,696    $ 286,539   
  

 

 

    

 

 

 

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$ 8,001    $ 9,952   

Accrued expenses and other current liabilities

  24,307      14,855   

Deferred revenue

  22,592      21,163   
  

 

 

    

 

 

 

Total current liabilities

  54,900      45,970   

Deferred revenue

  10,241      9,029   

Accrued income taxes

  3,164      2,094   

Long-term debt

  23,750      23,750   

Other liabilities

  2,356      3,888   
  

 

 

    

 

 

 

Total liabilities

  94,411      84,731   
  

 

 

    

 

 

 

Total shareholders’ equity

  252,285      201,808   
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

$ 346,696    $ 286,539   
  

 

 

    

 

 

 


FLEETMATICS GROUP PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     Year Ended
December 31,
 
     2014     2013  

Cash flows from operating activities:

    

Net income

   $ 27,475      $ 30,457   

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

    

Depreciation and amortization of property and equipment

     21,492        12,994   

Amortization of capitalized in-vehicle devices owned by customers

     1,123        960   

Amortization of intangible assets

     2,562        2,290   

Amortization of deferred commissions, other deferred costs and debt discount

     8,233        6,961   

Provision for (benefit from) deferred tax assets

     (8,938     866   

Provision for accounts receivable allowances

     2,413        1,601   

Unrealized foreign currency transaction (gain) loss

     (931     1,085   

Loss on disposal of property and equipment and other assets

     1,740        3,086   

Share-based compensation

     13,207        7,470   

Excess tax benefits from share-based awards

     (12,973     (3,813

Changes in operating assets and liabilities, net of effect of acquisition:

    

Accounts receivable

     895        (12,955

Prepaid expenses and other current and long-term assets

     3,758        (11,526

Accounts payable, accrued expenses and other current liabilities

     7,918        10,726   

Accrued income taxes

     1,075        (12,465

Deferred revenue

     2,694        4,174   
  

 

 

   

 

 

 

Net cash provided by operating activities

  71,743      41,911   
  

 

 

   

 

 

 

Cash flows from investing activities:

Purchases of property and equipment

  (37,080   (34,173

Capitalization of internal-use software costs

  (3,777   (2,225

Proceeds from sale of property and equipment

  41      —     

Payment for business acquired, net of cash acquired

  (2,274   (6,786

Net decrease in restricted cash

  64      —     
  

 

 

   

 

 

 

Net cash used in investing activities

  (43,026   (43,184
  

 

 

   

 

 

 

Cash flows from financing activities:

Payments of Term Loan

  —        (938

Proceeds from exercise of stock options

  2,844      5,517   

Proceeds from secondary public offering, net of offering costs

  —        32,060  

Taxes paid related to net share settlement of equity awards

  (4,108   —     

Excess tax benefits from share-based awards

  12,973      3,813   

Payments of previously accrued initial public offering costs

  —        (1,355

Payments of capital lease obligations

  (833   (437

Payments of notes payable

  (620   —     
  

 

 

   

 

 

 

Net cash provided by financing activities

  10,256      38,660   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

  (744   (303
  

 

 

   

 

 

 

Net increase in cash

  38,229      37,084   

Cash, beginning of period

  137,171      100,087   
  

 

 

   

 

 

 

Cash, end of period

$ 175,400    $ 137,171   
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information:

Cash paid for interest

$ 654    $ 1,262   

Cash paid (refunds received), net for income taxes

$ 1,375    $ 4,555   

Supplemental disclosure of non-cash financing and investing activities:

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

$ 3,092    $ 427   

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

$ 1,694    $ 1,416   

Issuance of ordinary shares under employee share purchase plan

$ 949    $ 283   


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

(In thousands)

(Unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2014     2013     2014     2013  

Gross Profit GAAP

   $ 48,826      $ 38,559      $ 174,076      $ 133,492   

Share-based compensation

     212        120        707        395   

Amortization of intangible assets

     324        305        1,218        631   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross Profit Non-GAAP

$ 49,362    $ 38,984    $ 176,001    $ 134,518   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subscription revenue

$ 63,995    $ 50,088    $ 231,581    $ 177,350   

Gross Margin Percentages:

GAAP

  76.3   77.0   75.2   75.3

Non-GAAP

  77.1   77.8   76.0   75.8
     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2014     2013     2014     2013  

Operating income GAAP

   $ 14,080      $ 8,237      $ 35,336      $ 29,492   

Share-based compensation

     3,490        2,935        13,207        7,470   

Amortization of intangible assets

     660        720        2,562        2,290   

Secondary public offering costs

     —          —          —          1,285   

Litigation and settlements

     66        406        (81     1,609   

Acquisition-related transaction costs

     90        —          308        372   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income Non-GAAP

$ 18,386    $ 12,298    $ 51,332    $ 42,518   
  

 

 

   

 

 

   

 

 

   

 

 

 


RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2014     2013     2014     2013  

Net income

   $ 12,419      $ 16,237      $ 27,475      $ 30,457   

Provision for (benefit from) income taxes

     1,641        (9,253     7,988        (4,103

Interest (income) expense, net

     182        888        704        1,999   

Foreign currency transaction (gain) loss, net

     (162     365        (832     1,139   

Depreciation and amortization of property and equipment

     5,541        3,590        21,492        12,994   

Amortization of capitalized in-vehicle devices owned by customers

     227        245        1,123        960   

Amortization of intangible assets

     660        720        2,562        2,290   

Share-based compensation

     3,490        2,935        13,207        7,470   

Secondary public offering costs

     —          —          —          1,285   

Litigation and settlements

     66        406        (81     1,609   

Acquisition-related transaction costs

     90        —          308        372   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

$ 24,154    $ 16,133    $ 73,946    $ 56,472   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subscription revenue

$ 63,995    $ 50,088    $ 231,581    $ 177,350   

Adjusted EBITDA margin

  37.7   32.2   31.9   31.8


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

(In thousands, except share and per share data)

(Unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2014     2013     2014     2013  

Net income

   $ 12,419      $ 16,237      $ 27,475      $ 30,457   

Amortization of intangible assets

     660        720        2,562        2,290   

Share-based compensation

     3,490        2,935        13,207        7,470   

Foreign currency transaction (gain) loss, net

     (162     365        (832     1,139   

Secondary public offering costs

     —          —          —          1,285   

Litigation and settlements

     66        406        (81     1,609   

Acquisition-related transaction costs

     90        —          308        372   

Tax effect of non-GAAP adjustments above at 15%

     (622     (664 )     (2,275     (2,125

Tax reserve component of income tax provision

     1,042        (11,138 )     1,833        (10,578
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted earnings

$ 16,983    $ 8,861    $ 42,197    $ 31,919   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average ordinary shares outstanding — diluted

  38,758,337      38,316,578      38,551,860      37,139,839   

Non-GAAP adjusted EPS

$ 0.44    $ 0.23    $ 1.09    $ 0.86   
  

 

 

   

 

 

   

 

 

   

 

 

 


RECONCILIATION TO NON-GAAP INCOME

(In thousands)

(Unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2014     2013     2014     2013  

Cost of subscription revenue

        

Share-based compensation

   $ 212      $ 120      $ 707      $ 395   

Amortization of intangible assets

     324        305        1,218        631   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal cost of subscription revenue

  536      425      1,925      1,026   

Sales and marketing

Share-based compensation

  1,136      873      4,751      2,586   

Amortization of intangible assets

  336      415      1,344      1,659   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal sales and marketing

  1,472      1,288      6,095      4,245   

Research and development

Share-based compensation

  562      394      1,946      1,069   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal research and development

  562      394      1,946      1,069   

General and administrative

Share-based compensation

  1,580      1,548      5,803      3,420   

Secondary public offering costs

  —        —        —        1,285   

Litigation and settlements

  66      406      (81   1,609   

Acquisition-related transaction costs

  90      —        308      372   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal general and administrative

  1,736      1,954      6,030      6,686   

Foreign currency transaction (gain) loss, net

  (162   365      (832   1,139   

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

  420      (11,802   (442   (12,703
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expense add-backs

$ 4,564    $ (7,376 $ 14,722    $ 1,462   
  

 

 

   

 

 

   

 

 

   

 

 

 
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