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EX-99.1

Exhibit 99.1

 

LOGO

 

Investor Relations:

Brian Norris

Vice President of Investor Relations

+1 781.250.3829

brian.norris@fleetmatics.com

  

Public Relations:

Juli Burda

Director of Public Relations

+1 847.378.4398

juli.burda@fleetmatics.com

Fleetmatics Reports Strong Fourth Quarter and Full Year 2015 Financial Results

— Company Raises Outlook for 2016 —

 

  •   Q4 Revenue of $77.2 million, up 21% year-over-year

 

  •   Q4 GAAP EPS of $0.32; Non-GAAP1 adjusted EPS of $0.50

 

  •   Q4 Adjusted EBITDA1 of $29.0 million, or 37.5% of total revenue

 

  •   Q4 Cash flow from operations of $22.5 million

 

  •   Active vehicles under subscription increases to 709,000

Dublin, Ireland and Boston, Massachusetts – February 24, 2016 – 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, 2015.

“We are delighted to be reporting strong full year results – highlighted by record revenue, profitability and free cash flow,” said Jim Travers, Chairman and Chief Executive Officer of Fleetmatics. “Looking ahead, we remain very well positioned to leverage several major trends reshaping the technology landscape including the proliferation of the internet of things (IoT), the widespread adoption of mobility, the migration to SaaS-based solutions and the growth of Big Data. In 2016, we will remain relentlessly focused on extending our leadership in our key markets to take full advantage of these trends for the benefit of our customers and our shareholders.”

Results for the Fourth Quarter of 2015

Total revenue for the fourth quarter of 2015 was $77.2 million, an increase of 21% compared to $64.0 million for the fourth quarter of 2014. GAAP net income for the fourth quarter of 2015 was $12.8 million, or $0.32 per diluted share, compared to $12.4 million, or $0.32 per diluted share, for the fourth quarter of 2014. Non-GAAP1 adjusted earnings for the fourth quarter of 2015 was $19.9 million, or $0.50 per diluted share, compared to $17.0 million, or $0.44 per diluted share, for the fourth quarter of 2014. Adjusted EBITDA1 for the fourth quarter of 2015 was $29.0 million, an increase of 20% compared to $24.2 million for the fourth quarter of 2014. Adjusted EBITDA1 margin for the fourth quarter of 2015 was 37.5% compared to 37.7% for the fourth quarter of 2014. As of December 31, 2015, the Company had cash of $177.1 million compared to $189.3 million at September 30, 2015. During the fourth quarter of 2015, the Company generated $22.5 million in net cash from operations and invested $10.6 million in purchases of property and equipment and capitalization of internally developed software, resulting in free cash flow of $11.9 million. During the fourth quarter of 2014, the Company generated $24.2 million in net cash from operations and invested $9.4 million in purchases of property and equipment and capitalization of internally developed software, resulting in free cash flow of $14.8 million.


Full Year 2015 Financial Highlights

Total revenue for the full year of 2015 was $284.8 million, an increase of 23% compared to $231.6 million for the full year of 2014. GAAP net income for the full year of 2015 was $38.8 million, or $0.99 per diluted share, compared to $27.5 million, or $0.71 per diluted share, for the full year of 2014. Non-GAAP1 adjusted earnings for the full year of 2015 was $62.1 million, or $1.58 per diluted share, compared to $42.2 million, or $1.09 per diluted share, for the full year of 2014. Adjusted EBITDA1 for the full year of 2015 was $96.2 million, an increase of 30% compared to $73.9 million for the full year of 2014. Adjusted EBITDA1 margin for the full year of 2015 was 33.8%, compared to 31.9% for the full year of 2014. The Company generated free cash flow of $45.2 million in 2015, compared to $30.9 million in 2014.

Company Issues First Quarter Guidance and Raises Full Year 2016 Outlook

The Company today issued guidance for the first quarter of 2016 and raised its full year 2016 outlook. The Company’s guidance is based on the current indications for its business, which may change at any time.

 

  •   First Quarter 2016 Guidance: The Company expects total revenue to be in the range of $78.0 million to $80.0 million. Adjusted EBITDA1 is expected to be in the range of $23.0 million to $24.0 million. Non-GAAP1 adjusted earnings per share is expected to be in the range of $0.33 to $0.35 based on approximately 40.0 million weighted average diluted shares outstanding.

 

  •   Full Year 2016 Guidance: The Company expects total revenue to be in the range of $342.0 million to $346.0 million. Adjusted EBITDA1 is expected to be in the range of $113.0 million to $117.0 million. Non-GAAP1 adjusted earnings per share is expected to be in the range of $1.72 to $1.80 based on approximately 40.5 million weighted average diluted shares outstanding.

“We are pleased to be reporting a strong finish to the most successful year in the Company’s history,” said Steve Lifshatz, Chief Financial Officer of Fleetmatics. “We believe that we are well positioned to deliver top line growth of approximately 20% in 2016 while driving expanded full year adjusted EBITDA margin of approximately 34% to 35%. Longer term, we continue to believe that there is additional leverage in our business model and remain focused on strong top line growth, adjusted EBITDA margin expansion and accelerating free cash flow margins.”

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 1.800.553.5275 and using access code “FLTX”. The conference call may be accessed outside of the United States by dialing +1.612.332.0725 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 382547 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, 2015, Fleetmatics served approximately 35,000 customers and approximately 709,000 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 excludes share-based compensation; amortization of intangible assets; certain non-recurring litigation and settlement costs; certain acquisition-related transaction costs; and contingent consideration expense. 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 acquisition-related transaction costs; loss on extinguishment of debt; contingent consideration expense; 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 provision for (benefit from) 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; loss on extinguishment of debt; contingent consideration expense; and certain acquisition-related transaction costs.

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.

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 positioning for future growth opportunities and underlying trends driving these growth opportunities, our expected financial results for the first quarter of 2016 and the full year of 2016 and beyond. 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 customers; our ability to retain and increase sales to our existing customers; our ability to successfully attract customers on a cost-effective basis; our dependence on enterprise customers; our dependence on various lead generation programs; 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 in new geographies using our current lead generation and sales model; the effect of fluctuations in foreign currency exchange rates; our ability to integrate and sell our products through indirect sales channels; our ability to maintain high levels of performance of our software offering; 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; our ability to keep up with the rapid technological change required to remain competitive in our industry; our ability to migrate customers to newer technologies; the impact of adverse economic conditions on information technology spending by our target customers; and 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 February 27, 2015, 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,
 
     2015     2014     2015     2014  

Subscription revenue

   $ 77,231      $ 63,995      $ 284,761      $ 231,581   

Cost of subscription revenue

     19,315        15,169        73,061        57,505   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     57,916        48,826        211,700        174,076   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Sales and marketing

     24,676        19,321        96,908        78,885   

Research and development

     5,973        4,041        21,440        17,090   

General and administrative

     14,913        11,384        53,966        42,765   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     45,562        34,746        172,314        138,740   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     12,354        14,080        39,386        35,336   

Interest income (expense), net

     (220     (182     (897     (704

Foreign currency transaction gain (loss), net

     1,543        162        3,538        832   

Loss on extinguishment of debt

     —          —         (107     —     

Other income (expense), net

     (1     —         (41     (1
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     13,676        14,060        41,879        35,463   

Provision for income taxes

     846        1,641        3,087        7,988   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 12,830      $ 12,419      $ 38,792      $ 27,475   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

        

Basic

   $ 0.33      $ 0.33      $ 1.01      $ 0.73   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.32      $ 0.32      $ 0.99      $ 0.71   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average ordinary shares outstanding:

        

Basic

     38,634,405        37,769,400        38,358,072        37,473,442   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     39,736,347        38,758,337        39,328,127        38,551,860   
  

 

 

   

 

 

   

 

 

   

 

 

 


FLEETMATICS GROUP PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

     December 31,
2015
     December 31,
2014
 
     (Unaudited)         

Assets

     

Current assets:

     

Cash

   $ 177,083       $ 175,400   

Restricted cash

     135         —     

Accounts receivable, net of allowances of $2,233 and $2,200 at December 31, 2015 and 2014, respectively

     20,971         16,876   

Deferred tax assets

     —           7,458   

Prepaid expenses and other current assets

     14,430         13,379   
  

 

 

    

 

 

 

Total current assets

     212,619         213,113   

Property and equipment, net

     104,506         79,734   

Goodwill

     54,178         30,207   

Intangible assets, net

     14,889         6,460   

Deferred tax assets, net

     6,573         6,353   

Other assets

     9,630         10,829   
  

 

 

    

 

 

 

Total assets

   $ 402,395       $ 346,696   
  

 

 

    

 

 

 

Liabilities and Shareholders’ Equity

     

Current liabilities:

     

Accounts payable

   $ 7,853       $ 8,001   

Accrued expenses and other current liabilities

     24,447         24,307   

Deferred revenue

     22,339         22,592   
  

 

 

    

 

 

 

Total current liabilities

     54,639         54,900   

Deferred revenue

     7,951         10,241   

Accrued income taxes

     3,739         3,164   

Long-term debt, net of discount of $717 at December 31, 2015

     23,033         23,750   

Other liabilities

     10,856         2,356   
  

 

 

    

 

 

 

Total liabilities

     100,218         94,411   
  

 

 

    

 

 

 

Total shareholders’ equity

     302,177         252,285   
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 402,395       $ 346,696   
  

 

 

    

 

 

 


FLEETMATICS GROUP PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     Year Ended
December 31,
 
     2015     2014  

Cash flows from operating activities:

    

Net income

   $ 38,792      $ 27,475   

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

    

Depreciation and amortization of property and equipment

     28,258        21,492   

Amortization of capitalized in-vehicle devices owned by customers

     682        1,123   

Amortization of intangible assets

     2,672        2,562   

Amortization of deferred commissions, other deferred costs and debt discount

     10,438        8,233   

Provision for (benefit from) deferred tax assets

     7,079        (8,938

Provision for accounts receivable allowances

     4,362        2,413   

Unrealized foreign currency transaction (gain) loss

     (5,401     (931

Loss on disposal of property and equipment and other assets

     2,987        1,740   

Share-based compensation

     24,513        13,207   

Adjustment to contingent consideration

     276        —    

Change in excess tax benefits from share-based awards

     2,917        (12,973

Loss on extinguishment of debt

     107        —    

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

    

Accounts receivable

     (7,403     895   

Prepaid expenses and other current and long-term assets

     (10,848     3,758   

Accounts payable, accrued expenses and other current liabilities

     (5,460     7,918   

Accrued income taxes

     588        1,075   

Deferred revenue

     (3,016     2,694   
  

 

 

   

 

 

 

Net cash provided by operating activities

     91,543        71,743   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchases of property and equipment

     (41,565     (37,080

Capitalization of internal-use software costs

     (4,744     (3,777

Proceeds from sale of property and equipment

     —         41  

Payments for businesses acquired, net of cash acquired

     (31,727     (2,274

Net (increase) decrease in restricted cash

     (149     64  
  

 

 

   

 

 

 

Net cash used in investing activities

     (78,185     (43,026
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from exercise of stock options

     2,880        2,844   

Taxes paid related to net share settlement of equity awards

     (7,808     (4,108

Payments of borrowings under Revolving Credit Facility

     (23,750     —    

Payments of borrowings under Credit Facility

     (23,750     —    

Proceeds from borrowings under Credit Facility

     46,132        —    

Change in excess tax benefits from share-based awards

     (2,917     12,973   

Payments of capital lease obligations

     (1,500     (833

Payments of notes payable

     (399     (620
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     (11,112     10,256   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

     (563     (744
  

 

 

   

 

 

 

Net increase in cash

     1,683        38,229   

Cash, beginning of period

     175,400        137,171   
  

 

 

   

 

 

 

Cash, end of period

   $ 177,083      $ 175,400   
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information:

    

Cash paid for interest

   $ 1,022      $ 654   

Cash paid (refunds received), net for income taxes

   $ (398   $ 1,375   

Supplemental disclosure of non-cash financing and investing activities:

    

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

   $ 3,758      $ 3,092   

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

   $ 1,264      $ 1,694   

Leasehold improvements financed by landlord through lease incentives

   $ 2,258      $ —     

Issuance of ordinary shares under employee share purchase plan

   $ 1,357      $ 949   


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

(In thousands)

(Unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2015     2014     2015     2014  

Gross Profit GAAP

   $ 57,916      $ 48,826      $ 211,700      $ 174,076   

Share-based compensation

     397        212        1,284        707   

Amortization of intangible assets

     349        324        1,266        1,218   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross Profit Non-GAAP

   $ 58,662      $ 49,362      $ 214,250      $ 176,001   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subscription revenue

   $ 77,231      $ 63,995      $ 284,761      $ 231,581   

Gross Margin Percentages:

        

GAAP

     75.0     76.3     74.3     75.2

Non-GAAP

     76.0     77.1     75.2     76.0
     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2015     2014     2015     2014  

Operating income GAAP

   $ 12,354      $ 14,080      $ 39,386      $ 35,336   

Share-based compensation

     7,503        3,490        24,513        13,207   

Amortization of intangible assets

     858        660        2,672        2,562   

Litigation and settlements

     —          66        (218     (81

Acquisition-related transaction costs

     225        90        661        308   

Contingent consideration expense

     276        —          276        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income Non-GAAP

   $ 21,216      $ 18,386      $ 67,290      $ 51,332   
  

 

 

   

 

 

   

 

 

   

 

 

 


RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2015     2014     2015     2014  

Net income

   $ 12,830      $ 12,419      $ 38,792      $ 27,475   

Provision for income taxes

     846        1,641        3,087        7,988   

Interest (income) expense, net

     220        182        897        704   

Foreign currency transaction (gain) loss, net

     (1,543     (162     (3,538     (832

Depreciation and amortization of property and equipment

     7,738        5,541        28,258        21,492   

Amortization of capitalized in-vehicle devices owned by customers

     43        227        682        1,123   

Amortization of intangible assets

     858        660        2,672        2,562   

Share-based compensation

     7,503        3,490        24,513        13,207   

Litigation and settlements

     —          66        (218     (81

Acquisition-related transaction costs

     225        90        661        308   

Loss on extinguishment of debt

     —          —         107        —     

Contingent consideration expense

     276        —         276        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 28,996      $ 24,154      $ 96,189      $ 73,946   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subscription revenue

   $ 77,231      $ 63,995      $ 284,761      $ 231,581   

Adjusted EBITDA margin

     37.5     37.7     33.8     31.9


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,
 
     2015     2014     2015     2014  

Net income

   $ 12,830      $ 12,419      $ 38,792      $ 27,475   

Amortization of intangible assets

     858        660        2,672        2,562   

Share-based compensation

     7,503        3,490        24,513        13,207   

Foreign currency transaction (gain) loss, net

     (1,543     (162     (3,538     (832

Litigation and settlements

     —          66        (218     (81

Acquisition-related transaction costs

     225        90        661        308   

Loss on extinguishment of debt

     —          —          107        —     

Contingent consideration expense

     276        —          276        —     

Tax effect of non-GAAP adjustments above at 8% and 15% for the three months and year ended December 31, 2015 and 2014, respectively

     (586     (622     (1,958     (2,275

Tax reserve component of income tax provision

     385        1,042        789        1,833   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted earnings

   $ 19,948      $ 16,983      $ 62,096      $ 42,197   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average ordinary shares outstanding — diluted

     39,736,347        38,758,337        39,328,127        38,551,860   

Non-GAAP adjusted EPS

   $ 0.50      $ 0.44      $ 1.58      $ 1.09   
  

 

 

   

 

 

   

 

 

   

 

 

 


RECONCILIATION TO NON-GAAP INCOME

(In thousands)

(Unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2015     2014     2015     2014  

Cost of subscription revenue

        

Share-based compensation

   $ 397      $ 212      $ 1,284      $ 707   

Amortization of intangible assets

     349        324        1,266        1,218   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal cost of subscription revenue

     746        536        2,550        1,925   

Sales and marketing

        

Share-based compensation

     2,370        1,136        8,203        4,751   

Amortization of intangible assets

     509        336        1,406        1,344   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal sales and marketing

     2,879        1,472        9,609        6,095   

Research and development

        

Share-based compensation

     1,113        562        3,467        1,946   
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal research and development

     1,113        562        3,467        1,946   

General and administrative

        

Share-based compensation

     3,623        1,580        11,559        5,803   

Litigation and settlements

     —          66        (218     (81

Acquisition-related transaction costs

     225        90        661        308   

Contingent consideration expense

     276        —          276        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal general and administrative

     4,124        1,736        12,278        6,030   

Foreign currency transaction (gain) loss, net

     (1,543     (162     (3,538     (832

Loss on extinguishment of debt

     —          —          107        —     

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

     (201     420        (1,169     (442
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expense add-backs

   $ 7,118      $ 4,564      $ 23,304      $ 14,722   
  

 

 

   

 

 

   

 

 

   

 

 

 
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