Full-Year SaaS License Revenue Increases
11.4%
Bridgeline Digital, Inc. (NASDAQ:BLIN), The Digital Engagement
Company™, today announced financial results for its fourth quarter
and fiscal year ended September 30, 2016.
“In fiscal 2016 Bridgeline’s iAPPS recurring
revenue increased by 27.1% compared to fiscal 2015,” said Ari Kahn,
Bridgeline’s President and Chief Executive Officer. “Our
focus on growing Bridgeline’s SaaS business helped drive gross
margins to 54.2% in fiscal 2016, compared to 42.6% in fiscal 2015
with Q4 gross margins reaching 59.3%.”
“We begin fiscal 2017 positioned for growth,”
continued Mr. Kahn, “and start the year with twice the sales
people, a much larger pipeline, and a faster sales cycle compared
to the beginning of fiscal 2016. We also have a larger
addressable market thanks to the 2016 release of our Pro-Series and
enhanced Marketier products that deliver more customer value out of
the box, have stronger license to services ratios, and even faster
sales cycles. Our new products and stronger sales teams are
expected to further accelerate customer acquisition and drive
stronger financials in 2017.”
Fourth Quarter Highlights:
- SaaS revenue increased 8.5% to $1.3 million in the fourth
quarter of fiscal 2016, compared to $1.2 million in the fourth
quarter of fiscal 2015.
- Recurring revenue increased 2.3% to $1.8 million in the fourth
quarter of fiscal 2016, compared to $1.7 million in the fourth
quarter of fiscal 2015; our iAPPS recurring revenue increased 19.3%
to $1.7 million in the fourth quarter of fiscal 2016, compared to
$1.4 million in the fourth quarter of fiscal 2015. This is part of
our continued strategy to focus only on iAPPS product and related
work.
- License and hosting revenue combined in the fourth quarter of
fiscal 2016 comprised 48.7% of total revenue, compared to 41.2% of
total revenue in the fourth quarter of fiscal 2015.
- Gross margin improved to 59.3% in the fourth quarter of fiscal
2016, from 50.3% in the fourth quarter of fiscal 2015. Cost of
revenue was reduced by $743,000, or 32.9%, to $1.5 million in the
fourth quarter of fiscal 2016, compared to $2.3 million in the
fourth quarter of fiscal 2015.
- Operating expenses were reduced by $298,000, or 9.1% to $3.0
million in the fourth quarter of fiscal 2016, from $3.3 million in
the fourth quarter of fiscal 2015 (excluding goodwill impairment
charges).
Year to Date Highlights:
- SaaS revenue increased 11.4% to $5.2 million in fiscal 2016,
compared to $4.7 million in fiscal 2015.
- Recurring revenue increased 2.9% to $7.0 million in fiscal
2016, compared to $6.8 million in fiscal 2015; our iAPPS recurring
revenue increased 27.1% to $6.4 million in fiscal 2016, compared to
$5.1 million in fiscal 2015. This is part of our continued strategy
to focus only on our iAPPS product and related work.
- Subscription and perpetual license revenue increased 5.1% to
$6.1 million in fiscal 2016, compared to $5.8 million in fiscal
2015.
- Gross margin improved to 54.2% in fiscal 2016, compared to
42.6% in fiscal 2015.
- Cost of revenue was reduced by $3.8 million in fiscal 2016, or
34.0%, to $7.3 million in fiscal 2016, from $11.0 million in fiscal
2015.
- Excluding a goodwill impairment charge in fiscal 2015,
operating expenses for fiscal 2016 were reduced by $1.6 million, or
11.8%, to $12.2 million, from $13.8 million in fiscal 2015.
- Adjusted EBITDA improved over $1.8 million, from a loss of $2.6
million in fiscal 2016 compared to a loss of $0.8 million in fiscal
2015.
- Debt has been reduced by $5.7 million, to $2.1 million at
September 30, 2016 compared to $7.8 million at September 30, 2015.
All debt is with our bank line of credit which is supported by our
Accounts Receivables.
Financial Results
Fourth Quarter
Revenue for the fourth quarter of fiscal 2016
was $3.7 million, compared to $4.5 million in the fourth quarter of
fiscal 2015. Subscription and perpetual license revenue remained
constant at $1.5 million in the fourth quarter of fiscal 2016,
compared to the fourth quarter of fiscal 2015. License and hosting
revenue combined in the fourth quarter of fiscal 2016 comprised
48.7% of total revenue, compared to 41.2% of total revenue in the
fourth quarter of fiscal 2015. SaaS revenue increased 8.5% to $1.3
million in the fourth quarter of fiscal 2016, compared to $1.2
million in the fourth quarter of fiscal 2015.
Gross margin improved to 59.3% in the fourth
quarter of fiscal 2016, from 50.3% in the fourth quarter of fiscal
2015, reflecting a larger mix of recurring and service-based
revenue. Cost of revenue was reduced by $743,000, or 32.9%, to $1.5
million in the fourth quarter of fiscal 2016, compared to $2.3
million in the fourth quarter of fiscal 2015.
Operating expenses were reduced by $298,000, or
9.1% to $3.0 million in the fourth quarter of fiscal 2016, compared
to $3.3 million (excluding goodwill impairment charges) in the
fourth quarter of fiscal 2015, reflecting management’s ongoing
expense control initiatives. Loss from Operations was $766,000 in
the fourth quarter of fiscal 2016, compared to $982,000 in the
fourth quarter of fiscal 2015 (excluding goodwill impairment
charges).
Inclusive of a $2.7 million non-cash charge
related to the inducement of convertible notes, net loss was $3.4
million in the fourth quarter of fiscal 2016, compared to a net
loss of $11.5 million in the fourth quarter of fiscal
2015.
Adjusted EBITDA was a loss of $300,000 in the
fourth quarter of fiscal 2016, compared to income of $21,000 in the
fourth quarter of fiscal 2015.
Year to Date
Revenue for the 12 months ending September 30,
2016 was $15.9 million, compared to $19.2 million in fiscal 2015.
Subscription and perpetual license revenue increased 5.1% to $6.1
million in fiscal 2016, compared to $5.8 million in fiscal 2015.
SaaS revenue increased 11.4% in fiscal 2016 to $5.2 million,
compared to $4.7 million in fiscal 2015. License and hosting
revenue combined for fiscal 2016 comprised 46.4% of total revenue,
compared to 38.1% of total revenue in fiscal 2015.
Gross margin improved to 54.2% in fiscal 2016,
from 42.6% in fiscal 2015. Cost of revenue was reduced by $3.8
million, or 34.0% to $7.3 million in fiscal 2016, from $11.0
million in fiscal 2015.
Operating expenses for fiscal 2016 were reduced
by $1.6 million, or 11.8%, to $12.2 million, from $13.8 million in
fiscal 2015 (excluding goodwill impairment charges).
Inclusive of a $3.4 million non-cash charge
related to the inducement of convertible notes, net loss decreased
by 53.3% to $7.8 million in fiscal 2016, from a net loss of $16.8
million in fiscal 2015.
Adjusted EBITDA improved by approximately $1.8
million to a loss of $785,000 in fiscal 2016, from a loss of $2.6
million in fiscal 2015.
Financial Outlook
For the first quarter of fiscal 2017 the Company
expects revenue in the range of $3.8 million to $4.0
million.
The Company also expects sequential revenue
growth for each quarter in fiscal 2017.
Conference Call Information
Bridgeline Digital will host a conference call
to discuss fourth quarter 2016 results at 4:30 p.m. ET today. To
listen to the conference call, please dial (877) 837-3910 within
the U.S. or (973) 796-5077 for international callers.
Non-GAAP Financial Measures
This press release contains the following
non-GAAP financial measures: non-GAAP adjusted net income, non-GAAP
adjusted earnings per diluted share, Adjusted EBITDA and Adjusted
EBITDA per diluted share.
Non-GAAP adjusted net income and non-GAAP
adjusted earnings per diluted share are calculated as net income or
net income per share on a diluted basis, excluding, where
applicable, amortization of intangible assets, stock-based
compensation, loss on inducement of convertible notes, goodwill
impairment charges, restructuring charges, preferred stock
dividends and any related tax effects.
Adjusted EBITDA and Adjusted EBITDA per diluted
share are defined as earnings before interest and inducement
charges on conversion of debt, taxes, depreciation and
amortization, goodwill impairment, stock-based compensation
charges, restructuring charges, preferred stock dividends and any
related tax effects. Bridgeline uses non-GAAP adjusted net income
and Adjusted EBITDA as supplemental measures of our performance
that are not required by, or presented in accordance with,
accounting principles generally accepted in the United States
(“GAAP”).
Bridgeline’s management does not consider these
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP. The principal
limitation of these non-GAAP financial measures is that they
exclude significant expenses and income that are required by GAAP
to be recorded in the Company's financial statements. In addition,
they are subject to inherent limitations as they reflect the
exercise of judgments by management about which expenses and income
are excluded or included in determining these non-GAAP financial
measures. In order to compensate for these limitations, Bridgeline
management presents non-GAAP financial measures in connection with
GAAP results. Bridgeline urges investors to review the
reconciliation of its non-GAAP financial measures to the comparable
GAAP financial measures, which is included in this press release,
and not to rely on any single financial measure to evaluate
Bridgeline's financial performance.
Our definitions of non-GAAP adjusted net income
and Adjusted EBITDA may differ from and therefore may not be
comparable with similarly titled measures used by other companies,
thereby limiting their usefulness as comparative measures. As a
result of the limitations that non-GAAP adjusted net income and
Adjusted EBITDA have as an analytical tool, investors should not
consider them in isolation, or as a substitute for analysis of our
operating results as reported under GAAP.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
All statements included in this press release,
other than statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking
statements can often be identified by words such as "anticipates,"
"expects," "intends," "plans," "predicts," "believes," "seeks,"
"estimates," "may," "will," "should," "would," "could,"
"potential," "continue," "ongoing," or similar expressions, and
variations or negatives of these words. These forward-looking
statements are not guarantees of future results and are subject to
risks, uncertainties and assumptions, including, but not limited
to, the impact of the weakness in the U.S. and international
economies on our business, our inability to manage our future
growth effectively or profitably, fluctuations in our revenue and
quarterly results, our license renewal rate, the impact of
competition and our ability to maintain margins or market share,
the limited market for our common stock, the volatility of the
market price of our common stock, the performance of our products,
our ability to respond to rapidly evolving technology and customer
requirements, our ability to protect our proprietary technology,
the security of our software, our dependence on our management team
and key personnel, our ability to hire and retain future key
personnel, or our ability to maintain an effective system of
internal controls as well as other risks described in our filings
with the Securities and Exchange Commission. Any of such risks
could cause our actual results to differ materially and adversely
from those expressed in any forward-looking statement. We expressly
disclaim any obligation to update any forward-looking
statement.
About Bridgeline Digital
Bridgeline Digital, The Digital Engagement
Company™, helps customers maximize the performance of their full
digital experience – from websites and intranets to online stores
and campaigns. Bridgeline’s iAPPS® platform deeply integrates Web
Content Management, eCommerce, eMarketing, Social Media management,
and Web Analytics to help marketers deliver digital experiences
that attract, engage and convert their customers across all
channels. Headquartered in Burlington, Mass., Bridgeline has
thousands of quality customers that range from small- and
medium-sized organizations to Fortune 1000 companies. To learn
more, please visit www.bridgeline.com or call (800) 603-9936.
BRIDGELINE DIGITAL,
INC. |
|
RECONCILIATION OF GAAP
TO NON-GAAP RESULTS |
|
(Dollars in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
September 30 |
|
September 30 |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Reconciliation of GAAP net loss
to |
|
|
|
|
|
|
|
|
|
non-GAAP adjusted net loss: |
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(3,473 |
) |
|
$ |
(11,507 |
) |
|
$ |
(7,955 |
) |
|
$ |
(16,882 |
) |
|
|
Amortization of
intangible assets |
|
|
157 |
|
|
|
107 |
|
|
|
480 |
|
|
|
554 |
|
|
|
Stock-based
compensation |
|
|
112 |
|
|
|
70 |
|
|
|
320 |
|
|
|
314 |
|
|
|
Goodwill impairment
charge |
|
|
- |
|
|
|
10,500 |
|
|
|
- |
|
|
|
10,500 |
|
|
|
Loss on inducement of
convertible notes |
|
|
2,688 |
|
|
|
- |
|
|
|
3,414 |
|
|
|
- |
|
|
|
Restructuring
charges |
|
|
53 |
|
|
|
437 |
|
|
|
879 |
|
|
|
496 |
|
|
|
Preferred stock
dividends |
|
|
34 |
|
|
|
32 |
|
|
|
131 |
|
|
|
114 |
|
|
|
Non-GAAP adjusted net
loss |
|
$ |
(429 |
) |
|
$ |
(361 |
) |
|
$ |
(2,731 |
) |
|
$ |
(4,904 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net loss per share to |
|
|
|
|
|
|
|
|
|
non-GAAP adjusted net loss per share: |
|
|
|
|
|
|
|
|
|
|
GAAP net loss per
share |
|
$ |
(0.20 |
) |
|
$ |
(2.59 |
) |
|
$ |
(0.84 |
) |
|
$ |
(3.88 |
) |
|
|
Amortization of
intangible assets |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.13 |
|
|
|
Stock-based
compensation |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.07 |
|
|
|
Goodwill impairment
charge |
|
|
- |
|
|
|
2.36 |
|
|
|
- |
|
|
|
2.41 |
|
|
|
Loss on inducement of
convertible notes |
|
|
0.16 |
|
|
|
- |
|
|
|
0.37 |
|
|
|
- |
|
|
|
Restructuring
charges |
|
|
- |
|
|
|
0.10 |
|
|
|
0.09 |
|
|
|
0.11 |
|
|
|
Preferred stock
dividends |
|
|
- |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
Non-GAAP adjusted net
loss per share |
|
$ |
(0.02 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.28 |
) |
|
$ |
(1.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net loss to Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(3,473 |
) |
|
$ |
(11,507 |
) |
|
$ |
(7,955 |
) |
|
$ |
(16,882 |
) |
|
|
Provision for income
tax |
|
|
(92 |
) |
|
|
(314 |
) |
|
|
(47 |
) |
|
|
(226 |
) |
|
|
Interest expense,
net |
|
|
77 |
|
|
|
307 |
|
|
|
914 |
|
|
|
892 |
|
|
|
Loss on inducement of
convertible notes |
|
|
2,688 |
|
|
|
- |
|
|
|
3,414 |
|
|
|
- |
|
|
|
Amortization of
intangible assets |
|
|
157 |
|
|
|
107 |
|
|
|
480 |
|
|
|
554 |
|
|
|
Depreciation |
|
|
100 |
|
|
|
251 |
|
|
|
707 |
|
|
|
1,065 |
|
|
|
Goodwill impairment
charge |
|
|
- |
|
|
|
10,500 |
|
|
|
- |
|
|
|
10,500 |
|
|
|
Restructuring
charges |
|
|
53 |
|
|
|
437 |
|
|
|
879 |
|
|
|
496 |
|
|
|
Other amortization |
|
|
44 |
|
|
|
138 |
|
|
|
372 |
|
|
|
549 |
|
|
|
Stock-based
compensation |
|
|
112 |
|
|
|
70 |
|
|
|
320 |
|
|
|
314 |
|
|
|
Preferred stock
dividends |
|
|
34 |
|
|
|
32 |
|
|
|
131 |
|
|
|
114 |
|
|
|
Adjusted EBITDA |
|
$ |
(300 |
) |
|
$ |
21 |
|
|
$ |
(785 |
) |
|
$ |
(2,624 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net loss per share
to |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA per share: |
|
|
|
|
|
|
|
|
|
|
GAAP net loss per
share |
|
$ |
(0.20 |
) |
|
$ |
(2.59 |
) |
|
$ |
(0.84 |
) |
|
$ |
(3.88 |
) |
|
|
Provision for income
tax |
|
|
(0.01 |
) |
|
|
(0.06 |
) |
|
|
- |
|
|
|
(0.05 |
) |
|
|
Interest expense,
net |
|
|
- |
|
|
|
0.08 |
|
|
|
0.10 |
|
|
|
0.21 |
|
|
|
Loss on inducement of
convertible notes |
|
|
0.16 |
|
|
|
- |
|
|
|
0.37 |
|
|
|
- |
|
|
|
Amortization of
intangible assets |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.13 |
|
|
|
Depreciation |
|
|
0.01 |
|
|
|
0.07 |
|
|
|
0.07 |
|
|
|
0.24 |
|
|
|
Goodwill impairment
charge |
|
|
- |
|
|
|
2.36 |
|
|
|
- |
|
|
|
2.41 |
|
|
|
Restructuring
charges |
|
|
- |
|
|
|
0.10 |
|
|
|
0.09 |
|
|
|
0.11 |
|
|
|
Other amortization |
|
|
- |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.13 |
|
|
|
Stock-based
compensation |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.07 |
|
|
|
Preferred stock
dividends |
|
|
- |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
Adjusted EBITDA per
share |
|
$ |
(0.02 |
) |
|
$ |
0.05 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.60 |
) |
|
BRIDGELINE DIGITAL, INC. |
|
CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(Dollars in thousands, except share and per share
data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
September 30 |
|
September 30 |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Digital
engagement services |
|
$ |
1,909 |
|
|
$ |
2,676 |
|
|
$ |
8,520 |
|
|
$ |
11,903 |
|
|
|
Subscription and perpetual licenses |
|
|
1,509 |
|
|
|
1,532 |
|
|
|
6,084 |
|
|
|
5,792 |
|
|
|
Managed
service hosting |
|
|
306 |
|
|
|
341 |
|
|
|
1,291 |
|
|
|
1,529 |
|
|
|
|
Total revenue |
|
|
3,724 |
|
|
|
4,549 |
|
|
|
15,895 |
|
|
|
19,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
Digital
engagement services |
|
|
1,034 |
|
|
|
1,548 |
|
|
|
5,143 |
|
|
|
8,738 |
|
|
|
Subscription and perpetual licenses |
|
|
411 |
|
|
|
628 |
|
|
|
1,835 |
|
|
|
1,994 |
|
|
|
Managed
service hosting |
|
|
71 |
|
|
|
83 |
|
|
|
304 |
|
|
|
307 |
|
|
|
|
Total cost of
revenue |
|
|
1,516 |
|
|
|
2,259 |
|
|
|
7,282 |
|
|
|
11,039 |
|
|
|
|
Gross profit |
|
|
2,208 |
|
|
|
2,290 |
|
|
|
8,613 |
|
|
|
8,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
1,406 |
|
|
|
1,171 |
|
|
|
4,934 |
|
|
|
5,760 |
|
|
|
General and
administrative |
|
|
795 |
|
|
|
826 |
|
|
|
3,456 |
|
|
|
3,935 |
|
|
|
Research
and development |
|
|
433 |
|
|
|
458 |
|
|
|
1,578 |
|
|
|
1,901 |
|
|
|
Depreciation and amortization |
|
|
287 |
|
|
|
380 |
|
|
|
1,309 |
|
|
|
1,695 |
|
|
|
Goodwill
impairment charge |
|
|
- |
|
|
|
10,500 |
|
|
|
- |
|
|
|
10,500 |
|
|
|
Restructuring charges |
|
|
53 |
|
|
|
437 |
|
|
|
879 |
|
|
|
496 |
|
|
|
|
Total operating
expenses |
|
|
2,974 |
|
|
|
13,772 |
|
|
|
12,156 |
|
|
|
24,287 |
|
|
Loss from
operations |
|
|
(766 |
) |
|
|
(11,482 |
) |
|
|
(3,543 |
) |
|
|
(16,102 |
) |
|
|
Interest
expense, net |
|
|
(77 |
) |
|
|
(307 |
) |
|
|
(914 |
) |
|
|
(892 |
) |
|
|
Loss on
inducement of convertible notes |
|
|
(2,688 |
) |
|
|
- |
|
|
|
(3,414 |
) |
|
|
- |
|
|
Loss before
income taxes |
|
|
(3,531 |
) |
|
|
(11,789 |
) |
|
|
(7,871 |
) |
|
|
(16,994 |
) |
|
|
Benefit for
income taxes |
|
|
(92 |
) |
|
|
(314 |
) |
|
|
(47 |
) |
|
|
(226 |
) |
|
Net
loss |
|
|
$ |
(3,439 |
) |
|
$ |
(11,475 |
) |
|
$ |
(7,824 |
) |
|
$ |
(16,768 |
) |
|
Dividends
on convertible preferred stock |
|
|
(34 |
) |
|
|
(32 |
) |
|
|
(131 |
) |
|
|
(114 |
) |
|
Net loss
applicable to common shareholders |
|
$ |
(3,473 |
) |
|
$ |
(11,507 |
) |
|
$ |
(7,955 |
) |
|
$ |
(16,882 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss
per share attributable to common shareholders: |
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.20 |
) |
|
$ |
(2.59 |
) |
|
$ |
(0.84 |
) |
|
$ |
(3.88 |
) |
|
Number of
weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
17,354,737 |
|
|
|
4,434,195 |
|
|
|
9,465,012 |
|
|
|
4,350,627 |
|
|
BRIDGELINE DIGITAL, INC. |
|
CONSOLIDATED BALANCE SHEETS |
|
(Dollars in thousands, except share and per share
data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
September 30 |
|
September 30 |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
Current
Assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
661 |
|
|
$ |
337 |
|
|
|
Accounts
receivable and unbilled revenues, net |
|
|
2,549 |
|
|
|
2,463 |
|
|
|
Prepaid
expenses and other current assets |
|
|
381 |
|
|
|
680 |
|
|
|
|
Total current
assets |
|
|
3,591 |
|
|
|
3,480 |
|
|
Equipment
and improvements, net |
|
|
512 |
|
|
|
1,315 |
|
|
Intangible
assets, net |
|
|
548 |
|
|
|
1,028 |
|
|
Goodwill |
|
|
12,641 |
|
|
|
12,641 |
|
|
Other
assets |
|
|
436 |
|
|
|
723 |
|
|
|
|
Total assets |
|
$ |
17,728 |
|
|
$ |
19,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
1,285 |
|
|
$ |
1,626 |
|
|
|
Accrued
liabilities |
|
|
946 |
|
|
|
1,046 |
|
|
|
Accrued
earnouts, current |
|
|
75 |
|
|
|
468 |
|
|
|
Debt,
current |
|
|
- |
|
|
|
92 |
|
|
|
Capital
lease obligations |
|
|
45 |
|
|
|
320 |
|
|
|
Deferred
revenue |
|
|
1,360 |
|
|
|
1,542 |
|
|
|
|
Total current
liabilities |
|
|
3,711 |
|
|
|
5,094 |
|
|
Debt, net
of current portion |
|
|
2,115 |
|
|
|
7,695 |
|
|
Other long
term liabilities |
|
|
400 |
|
|
|
726 |
|
|
|
|
Total liabilities |
|
|
6,226 |
|
|
|
13,515 |
|
|
|
|
|
|
|
|
|
|
Commitments
and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Preferred
stock - $0.001 par value; 1,000,000
shares authorized; |
|
|
|
|
|
|
221,092 and
208,222 issued and outstanding |
|
|
- |
|
|
|
- |
|
|
|
Common
stock - $0.001 par value; 50,000,000 shares authorized; |
|
|
|
|
|
|
18,667,709
and 4,637,684 issued and outstanding |
|
|
19 |
|
|
|
5 |
|
|
|
Additional
paid-in-capital |
|
|
64,202 |
|
|
|
50,434 |
|
|
|
Accumulated
deficit |
|
|
(52,366 |
) |
|
|
(44,411 |
) |
|
|
Accumulated
other comprehensive loss |
|
|
(353 |
) |
|
|
(356 |
) |
|
|
|
Total stockholders'
equity |
|
|
11,502 |
|
|
|
5,672 |
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
17,728 |
|
|
$ |
19,187 |
|
|
Bridgeline Digital, Inc.
Michael D. Prinn
Executive Vice President
& Chief Financial Officer
781.497.3016
mprinn@bridgeline.com
Bridgeline Digital (NASDAQ:BLIN)
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