Achieved Year-Over-Year Growth of 49% in
Revenue
Signed 20 Existing Customers for Newly Acquired
Logistics and Enterprise Software
USA Technologies, Inc. (NASDAQ:USAT) (“USAT”), a premier
payment technology service provider of integrated cashless and
mobile transactions in the self-service retail market, today
reported results for its second quarter ended December 31,
2017.
Second Quarter Financial Highlights:
- Revenue of $32.5 million, which
reflects the acquisition of Cantaloupe Systems, Inc. (“Cantaloupe”)
on November 9, 2017, increased 49% year-over-year, marking the 33rd
consecutive quarter of growth
- On a pro-forma basis, as if the
acquisition of Cantaloupe had occurred on July 1, 2016, revenue
increased 26% year-over-year
- New net connections of 311,000, which
include approximately 270,000 connections related to the
acquisition of Cantaloupe and bring total connections over
900,000
- License and transaction fee revenue
of $22.9 million, an increase of 37% year-over-year
- Operating loss of $(3.2) million
- Adjusted operating income (non-GAAP) of
$0.6 million
- Net loss of $(12.5) million, or $(0.24)
per share and includes a one-time charge of $9.1 million, or $0.17
per share, primarily related to the enactment of the U.S. Tax Cuts
and Jobs Act as well as $3.4 million, or $0.06 per share, in
one-time integration and acquisition related expenses
- Non-GAAP net income of $1.2 million, or
$0.02 per share
- Adjusted EBITDA of $2.9 million, an
increase of 68% year-over-year
- Ended the quarter with $15.4 million in
cash
“We are very pleased with the significant progress we have made
in integrating Cantaloupe into our organization,” said Stephen P.
Herbert, USA Technologies’ Chairman and Chief Executive Officer.
“Our strong second quarter results were fueled by our ability to
leverage our combined platform to provide a turnkey enterprise
solution to our customers. We are very encouraged by the early
success that we achieved in cross selling our newly acquired
cloud-based analytics software, with 20 customers having already
signed agreements during the second quarter to adopt elements of
our performance optimization software. We remain focused on
executing on our strategy to grow our market share and believe that
our product offering and the unprecedented value proposition we can
now offer prospective and existing customers positions us well for
future growth.”
“We’re extremely pleased to report strong financial results for
our first quarter as a combined company,” said Priyanka Singh, USA
Technologies’ Chief Financial Officer. “The integration with
Cantaloupe is proceeding very well, and we believe that cost
reduction actions we are implementing will result in cost savings
of approximately $3 million on an annualized basis. Additionally,
with our sales teams fully integrated, we are excited about
additional cross selling opportunities ahead of us.”
Fiscal Year 2018 Outlook
USAT is raising its outlook for fiscal year 2018. For full
fiscal year 2018, the company now expects revenue to be between
$140 million to $145 million and adjusted EBITDA to be between
$13.5 million to $14.5 million. USAT expects total connections to
its service as of the end of the fiscal year to be in the 1.03
million to 1.07 million range. USAT continues to expect the
Cantaloupe transaction to be accretive in fiscal 2018, net of
one-time transaction and integration expenses and any purchase
accounting adjustments.
USA Technologies has not reconciled the company’s adjusted
EBITDA outlook to GAAP net income (loss) due to the uncertainty and
potential variability of the provision for (benefit from) income
taxes, and integration and acquisition costs, each of which is a
reconciling item between adjusted EBITDA and GAAP net income
(loss). Because these items are uncertain, depend on various
factors, cannot be reasonably predicted, and could have a
significant impact on the calculation of GAAP net income (loss),
USA Technologies has not provided guidance for GAAP net income
(loss) or a reconciliation of the company’s adjusted EBITDA outlook
to GAAP net income (loss). Accordingly, a GAAP net income (loss)
outlook and a reconciliation of adjusted EBITDA outlook to GAAP net
income (loss) is not available without unreasonable effort. For
information regarding the reconciliation of historical non-GAAP
financial measures to the nearest comparable GAAP measures, see
"Discussion of Non-GAAP Financial Measures" below and the
reconciliation tables included in this press release under
“Financial Schedules”.
Webcast and Conference Call
USA Technologies will host a conference call and webcast the
event beginning at 8:30 a.m. Eastern Time today, February 8,
2018.
To participate in the conference call, please dial (866)
393-1608 approximately 10 minutes prior to the call.
International callers should dial (224) 357-2194. Please reference
conference ID # 5299336.
A live webcast of the conference call will be available at
http://usat.client.shareholder.com/events.cfm. Please access the
website 15 minutes prior to the start of the call to download and
install any necessary audio software. A telephone replay of the
conference call will be available from 11:30 a.m. Eastern Time on
February 8, 2018 until 11:30 a.m. Eastern Time on February 11, 2018
and may be accessed by calling (855) 859-2056 (domestic dial-in) or
(404) 537-3406 (international dial-in) and reference conference ID
# 5299336. An archived replay of the conference call will also be
available in the investor relations section of the company's
website.
About USA Technologies
USA Technologies, Inc. is a premier payment technology
service provider of integrated cashless and mobile transactions in
the self-service retail market. The company also provides a broad
line of cashless acceptance technologies including its NFC-ready
ePort® G-series, ePort Mobile™ for customers on the go, ePort®
Interactive, and QuickConnect, an API Web service for developers.
Through its recent acquisition of Cantaloupe, the company also
offers logistics, dynamic route scheduling, automated pre-kitting,
responsive merchandising, inventory management, warehouse and
accounting management solutions. Cantaloupe is a premier provider
of cloud and mobile solutions for vending, micro markets, and
office coffee services. USA Technologies and Cantaloupe have
85 United States and foreign patents in force; and have agreements
with Verizon, Visa, Chase Paymentech and customers such as
Compass, AMI Entertainment and others. For more
information, please visit the website at www.usatech.com.
Discussion of Non-GAAP Financial Measures:
This press release contains certain non-GAAP financial measures.
Generally, a non-GAAP financial measure is a numerical measure of a
company's performance, financial position or cash flows that either
excludes or includes amounts that are not normally excluded or
included in the most directly comparable measure calculated and
presented in accordance with GAAP (Generally Accepted Accounting
Principles). Reconciliations between non-GAAP financial measures
and the most comparable GAAP financial measures are set forth below
in Financial Schedule E.
The following non-GAAP financial measures are discussed herein:
adjusted EBITDA, adjusted operating income, non-GAAP net income
(loss), and non-GAAP net income (loss) per share. The presentation
of these additional financial measures is not intended to be
considered in isolation from, superior to, as a substitute for, or
as a measure of, the financial measures prepared and presented in
accordance with GAAP, including the net income or net loss of USAT,
net cash provided/used by operating activities, profitability or
net earnings. Management recognizes that non-GAAP financial
measures have limitations in that they do not reflect all of the
items associated with USAT's net income or net loss as determined
in accordance with GAAP. These non-GAAP financial measures are not
required by or defined under GAAP and may be materially different
from the non-GAAP financial measures used by other companies. USAT
has provided below in Financial Schedule E the reconciliations of
the non-GAAP financial measures to the most directly comparable
GAAP financial measures.
As used herein, non-GAAP net income (loss) represents GAAP net
income (loss) excluding costs or benefits relating to any
adjustment for fair value of warrant liabilities, non-cash portions
of the Company’s income tax benefit (provision), non-recurring fees
and charges that were incurred in connection with the acquisition
and integration of Cantaloupe during the current fiscal year and
VendScreen, Inc. (“VendScreen”) during the prior fiscal year, and
non-cash expenses for equity awards under our equity incentive
plans. This is the first financial period for which we have
adjusted for the non-cash expenses attributable to equity awards,
and we intend to make such adjustments for future financial
periods. Management believes that non-GAAP net income (loss) is an
important measure of USAT’s business. Non-GAAP income (loss) per
common share is calculated by dividing non-GAAP net income (loss)
by the weighted average number of common shares outstanding.
Management believes that non-GAAP net income (loss) and non-GAAP
net income (loss) per share are important measures of the Company's
business. Management uses the aforementioned non-GAAP measures to
monitor and evaluate ongoing operating results and trends and to
gain an understanding of our comparative operating performance. We
believe that these non-GAAP financial measures serve as a useful
metric for our management and investors because they enable a
better understanding of the long-term performance of our core
business and facilitate comparisons of our operating results over
multiple periods, and when taken together with the corresponding
GAAP financial measures and our reconciliations, enhance investors’
overall understanding of our current and future financial
performance. Additionally, the Company utilizes non-GAAP net income
(loss) as a metric in its executive officer and management
incentive compensation plans.
As used herein, Adjusted EBITDA represents net loss before
interest income, interest expense, income tax provision (benefit),
depreciation, amortization, non-recurring fees and charges that
were incurred in connection with the acquisition and integration of
Cantaloupe during the current fiscal year and VendScreen during the
prior fiscal year, change in fair value of warrant liabilities, and
stock-based compensation expense. We have excluded the
non-operating item, change in fair value of warrant liabilities,
because it represents a non-cash gain or charge that is not related
to the Company’s operations. We have excluded the non-cash expense,
stock-based compensation, as it does not reflect the cash-based
operations of the Company. We have excluded the non-recurring costs
and expenses incurred in connection with the acquisition of
Cantaloupe during the current fiscal year and VendScreen during the
prior fiscal year in order to allow more accurate comparison of the
financial results to historical operations. Adjusted EBITDA is
presented because we believe it is useful to investors as a measure
of comparative operating performance. Additionally, the Company
utilizes Adjusted EBITDA as a metric in its executive officer and
management incentive compensation plans.
As used herein, adjusted operating income represents operating
income before the non-recurring costs and expenses incurred in
connection with the acquisition of Cantaloupe during the current
fiscal year and VendScreen during the prior fiscal year, and the
amortization expenses related to our acquisition-related
intangibles. We have excluded these non-recurring costs and
expenses in order to allow more accurate comparison of the
financial results to historical operations and we believe such a
comparison is useful to investors as a measure of comparative
operating performance. This is the first financial period for which
we have adjusted for the amortization expenses related to our
acquisition-related intangibles, and we intend to make such
adjustments for future financial periods.
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: All statements other than statements of
historical fact included in this release, including without
limitation the business strategy and the plans and objectives of
USAT's management for future operations, are forward-looking
statements. When used in this release, words such as "anticipate",
"believe", "estimate", "expect", "intend", and similar expressions,
as they relate to USAT or its management, identify forward looking
statements. Such forward-looking statements are based on the
beliefs of USAT's management, as well as assumptions made by and
information currently available to USAT's management. Actual
results could differ materially from those contemplated by the
forward-looking statements as a result of certain factors,
including but not limited to, the ability of management to
accurately predict or forecast future financial results, including
earnings or taxable income of USAT; the incurrence by USAT of any
unanticipated or unusual non-operational expenses which would
require us to divert our cash resources from achieving our business
plan; the ability of USAT to retain key customers from whom a
significant portion of its revenues is derived; the ability of USAT
to compete with its competitors to obtain market share; whether
USAT's customers continue to utilize USAT's transaction processing,
route scheduling, inventory management, and related services, as
our customer agreements are generally cancelable by the customer on
thirty to sixty days' notice; the ability of USAT to raise funds in
the future through the sales of securities or debt financings in
order to sustain its operations if an unexpected or unusual
non-operational event would occur; the ability of USAT to use
available data to predict future market conditions, consumer
behavior and any level of cashless usage; the ability to prevent a
security breach of our systems or services or third party services
or systems utilized by us; whether any patents issued to USAT will
provide USAT with any competitive advantages or adequate protection
for its products, or would be challenged, invalidated or
circumvented by others; the ability of USAT to operate without
infringing or violating the intellectual property rights of others;
the ability of the Company to sell to third party lenders all or a
portion of our finance receivables; the ability of a sufficient
number of our customers to utilize third party financing companies
under our QuickStart program which would improve our net cash used
by operating activities; whether USAT experiences material
weaknesses in its internal controls over financial reporting in
future periods, which would result in USAT not being able to
accurately or timely report its financial condition or results of
operations; the effect that the integration of Cantaloupe into
USAT’s business will have on USAT’s forecasted revenues,
connections, or adjusted EBITDA for fiscal year 2018; the
possibility that all or a portion of the expected benefits and
efficiencies from the combined offering of the services of USAT and
Cantaloupe, including increases in revenue, business efficiencies
and competitiveness, and decrease in operational costs, will not be
realized or would not be realized within the expected time period;
and whether USAT's existing or anticipated customers purchase, rent
or utilize ePort or Seed devices or our other products or services
in the future at levels currently anticipated by USAT. Readers are
cautioned not to place undue reliance on these forward-looking
statements. Any forward-looking statement made by us in this
release speaks only as of the date of this release. Unless required
by law, USAT does not undertake to release publicly any revisions
to these forward-looking statements to reflect future events or
circumstances or to reflect the occurrence of unanticipated
events.
Financial Schedules:
A. Statements of Operations for the 3 Months and 6 Months Ended
December 31, 2017 and December 31, 2016
B. Five Quarter Select Key Performance Indicators
C. Balance Sheets at December 31, 2017 and
at June 30, 2017
D. Statements of Cash Flows for the 6 Months Ended December 31,
2017 and December 31, 2016
E. Reconciliation of GAAP to Non-GAAP Financial Measures for the
3 and 6 Months Ended December 31, 2017 and December
31, 2016
(A) Statements of Operations for
the 3 Months and 6 Months Ended December 31,
2017 and December 31, 2016
Three months ended December 31, Six months ended
December 31, ($ in thousands, except shares and per share
data) 2017 2016 % Change 2017
2016 % Change Revenues: License and transaction fees
$ 22,853 $ 16,639 37.3 % $ 42,797 $ 33,004 29.7 % Equipment sales
9,653 5,117 88.6 % 15,326
10,340 48.2 % Total revenues 32,506 21,756 49.4 %
58,123 43,344 34.1 % Costs of sales/revenues: Cost of
services 14,362 11,389 26.1 % 27,688 22,632 22.3 % Cost of
equipment 8,943 4,033 121.7 %
14,033 8,211 70.9 % Total costs of
sales/revenues 23,305 15,422 51.1 % 41,721 30,843 35.3 %
Gross profit: License and transaction gross profit 8,491 5,250 61.7
% 15,109 10,372 45.7 % Equipment gross profit 710
1,084 (34.5 %) 1,293 2,129
(39.3 %) Total gross profit 9,201 6,334
45.3 % 16,402 12,501 31.2 %
Gross margin (as a percentage): License and transaction fees
37.2 % 31.6 % 5.6 % 35.3 % 31.4 % 3.9 % Equipment sales 7.4
% 21.2 % (13.8 %) 8.4 % 20.6 % (12.2 %) Total
gross margin 28.3 % 29.1 % (0.8 %) 28.2 %
28.8 % (0.6 %) Operating expenses: Selling, general
and administrative 8,329 5,785 44.0 % 15,075 12,593 19.7 %
Integration and acquisition costs 3,335 8 41587.5 % 4,097 109
3658.7 % Depreciation and amortization 737 307
140.1 % 982 515 90.7 % Total
operating expenses 12,401 6,100 103.3 %
20,154 13,217 52.5 % Operating
(loss) income (3,200 ) 234 (1467.5 %) (3,752 ) (716 ) 424.0 %
Other income (expense): Interest income 251 200 25.5 % 331
273 21.2 % Interest expense (494 ) (201 ) 145.8 % (703 ) (413 )
70.2 % Change in fair value of warrant liabilities —
— — — (1,490 ) (100.0 %)
Total other expense, net (243 ) (1 ) 24200.0 %
(372 ) (1,630 ) (77.2 %) (Loss) income before income
taxes (3,443 ) 233 (1577.7 %) (4,124 ) (2,346 ) 75.8 % (Provision)
benefit for income taxes (9,073 ) — 100.0 %
(8,605 ) 115 (7582.6 %) Net (loss)
income (12,516 ) 233 (5471.7 %) (12,729 ) (2,231 ) 470.6 %
Cumulative preferred dividends — — —
(334 ) (334 ) — Net (loss) income
applicable to common shares $ (12,516 ) $ 233 (5471.7 %) $
(13,063 ) $ (2,565 ) 409.3 % Net (loss) income per common share:
Basic $ (0.24 ) $ 0.01 (4252.0 %) $ (0.26 ) $ (0.07 ) 302.4
% Diluted $ (0.24 ) $ 0.01 (4295.4 %) $ (0.26 ) $ (0.07 )
302.4 % Weighted average number of common shares outstanding: Basic
52,150,106 40,308,934 29.4 %
49,861,735 39,398,469 26.6 % Diluted
52,150,106 40,730,712 28.0 % 49,861,735
39,398,469 26.6 %
(B) Five Quarter Select Key
Performance Indicators
As of and for the three months ended December
31, September 30, June 30, March 31,
December 31, ($ in thousand) 2017 2017
2017 2017 2016 Connections: Gross New
connections 317,000 28,000 70,000 40,000 25,000 % from existing
customer base 44 % 82 % 93 % 88 % 80 % Net New connections *
311,000 26,000 64,000 35,000 21,000 Total connections 905,000
594,000 568,000 504,000 469,000 Customers: New customers
added * 1,800 550 300 500 500 Total customers 15,050 13,250 12,700
12,400 11,900 Volumes: Total number of transactions
(millions) 144.8 121.1 114.8 104.9 100.1 Transaction volume
(millions) $ 272.7 $ 239.2 $ 225.6 $ 202.5 $ 191.5 Financing
structure of new connections: JumpStart 0.4 % 4.1 % 3.3 % 8.6 % 6.8
% QuickStart & All Others ** 99.6 % 95.9 %
96.7 % 91.4 % 93.2 % Total 100.0 %
100.0 % 100.0 % 100.0 % 100.0 % *
Includes new net connections and new customers related to the
acquisition of Cantaloupe of approximately 270,000 and 1,400,
respectively. *Includes credit sales with standard trade receivable
terms
(C) Balance Sheets at December 31,
2017 and at June 30, 2017
December 31, June 30, ($ in thousands,
except shares) 2017 2017 Assets Current
assets: Cash and cash equivalents $ 15,386 $ 12,745 Accounts
receivable, less allowance of $3,740 and $3,149, respectively
15,472 7,193 Finance receivables, less allowance of $49 and $19,
respectively 5,517 11,010 Inventory 11,215 4,586 Prepaid expenses
and other current assets 1,941 968
Total current assets 49,531 36,502 Non-current assets:
Finance receivables, less current portion 11,215 8,607 Other assets
1,128 687 Property and equipment, net 12,622 12,111 Deferred income
taxes 14,774 27,670 Intangibles, net 30,910 622 Goodwill
64,449 11,492 Total non-current assets 135,098
61,189 Total assets $
184,629 $ 97,691 Liabilities and shareholders’
equity Current liabilities: Accounts payable $ 23,775 $ 16,054
Accrued expenses 6,798 4,130 Line of credit, net — 7,036 Capital
lease obligations and current obligations under long-term debt
5,180 3,230 Income taxes payable 6 10 Deferred revenue, current
portion 595 — Deferred gain from sale-leaseback transactions
198 239 Total current liabilities 36,552
30,699 Long-term liabilities: Revolving credit facility, net
9,936 — Capital lease obligations and long-term debt, less current
portion 23,857 1,061 Accrued expenses, less current portion 65 53
Deferred gain from sale-leaseback transactions, less current
portion 49 100 Total long-term liabilities
33,907 1,214 Total
liabilities $ 70,459 $ 31,913 Shareholders’
equity: Preferred stock, no par value, 1,800,000 shares authorized,
no shares issued — —
Series A convertible preferred stock,
900,000 shares authorized, 445,063issued and outstanding, with
liquidation preferences of $19,109 and $18,775at December 31, 2017
and June 30, 2017, respectively
3,138 3,138
Common stock, no par value, 640,000,000
shares authorized, 53,619,898and 40,331,645 shares issued and
outstanding at December 31, 2017 andJune 30, 2017, respectively
307,053 245,999 Accumulated deficit (196,021 )
(183,359 ) Total shareholders’ equity 114,170
65,778 Total liabilities and shareholders’ equity $ 184,629
$ 97,691
(D) Statements of Cash Flows for
the 6 Months Ended December 31, 2017 and December
31, 2016
Six months ended December 31, ($ in thousands)
2017 2016 OPERATING ACTIVITIES: Net loss $ (12,729 )
$ (2,231 ) Adjustments to reconcile net loss to net cash provided
by (used in) operating activities: Non-cash stock based
compensation 1,356 445 Gain on disposal of property and equipment
(83 ) (31 ) Non-cash interest and amortization of debt discount 86
26 Bad debt expense 291 450 Depreciation and amortization 3,476
2,564 Change in fair value of warrant liabilities — 1,490 Excess
tax benefits 67 — Deferred income taxes, net 8,537 (115 )
Recognition of deferred gain from sale-leaseback transactions (93 )
(430 ) Changes in operating assets and liabilities: Accounts
receivable (5,290 ) (2,347 ) Finance receivables 7,958 2,119
Inventory (5,822 ) (2,689 ) Prepaid expenses and other current
assets (606 ) (542 ) Accounts payable and accrued expenses 6,950
(3,840 ) Income taxes payable 40 (12 ) Net
cash provided by (used in) operating activities 4,138 (5,143 )
INVESTING ACTIVITIES: Purchase of property and equipment,
including rentals (1,767 ) (1,944 ) Proceeds from sale of property
and equipment, including rentals 157 61 Cash paid for assets
acquired from Cantaloupe (65,181 ) — Net cash
used in investing activities (66,791 ) (1,883 ) FINANCING
ACTIVITIES: Cash used in retirement of common stock — (31 )
Proceeds from exercise of common stock warrants — 6,193 Payment of
debt issuance costs (445 ) — Proceeds from issuance of long-term
debt 25,100 — Proceeds from revolving credit facility 10,000 —
Issuance of common stock in public offering, net 39,888 — Repayment
of capital lease obligations and long-term debt (9,249 )
(374 ) Net cash provided by financing activities 65,294
5,788 Net increase (decrease) in cash and cash equivalents
2,641 (1,238 ) Cash and cash equivalents at beginning of year
12,745 19,272 Cash and cash equivalents
at end of period $ 15,386 $ 18,034
Supplemental disclosures of cash flow information: Interest paid in
cash $ 413 $ 469 Income taxes paid in cash (refund),
net $ — $ — Supplemental disclosures of noncash
financing and investing activities: Equity issued in connection
with Cantaloupe Acquisition $ 19,810 $ — Equipment
and software acquired under capital lease $ 227 $ 272
(E) Reconciliation of GAAP to Non-GAAP
Financial Measures for the 3 Months and 6 Months
Ended December 31, 2017 and December 31,
2016
Reconciliation of Net (Loss) Income to Adjusted
EBITDA: Three months ended December 31, Six
months ended December 31, ($ in thousand) 2017
2016 % Change 2017 2016 % Change
Net (loss) income $ (12,516 ) $ 233 (5472 )% $ (12,729 ) $ (2,231 )
471 % Less interest income (251 ) (200 ) 26 % (331 ) (273 ) 21 %
Plus interest expense 494 201 146 % 703 413 70 % Plus income tax
provision (benefit) 9,073 — 100 % 8,605 (115 ) (7583 )% Plus
depreciation expense 1,515 1,220 24 % 2,971 2,477 20 % Plus
amortization expense 469 43 991 %
520 87 498 % EBITDA $ (1,216 ) $ 1,497
(181 )% $ (261 ) $ 358 (173 )% Plus loss on
fair value of warrant liabilities — — — — 1,490 (100 )% Plus
stock-based compensation 780 233 235 % 1,656 445 272 % Plus
litigation related professional fees — — — — 33 (100 )% Plus
integration and acquisition costs 3,358 8
41875 % 4,120 109 3680 %
Adjustments to EBITDA 4,138 241 1617 %
5,776 2,077 178 % Adjusted EBITDA $
2,922 $ 1,738 68 % $ 5,515 $ 2,435 126
%
Reconciliation of Operating Loss to Adjusted
Operating (Loss) Income: Three months ended December
31, Six months ended December 31, ($ in thousand)
2017 2016 % Change 2017 2016
% Change Operating (loss) income $ (3,200 ) $ 234 (1468 )% $
(3,752 ) $ (716 ) 424 % Plus amortization expense 469 43 991 % 520
87 498 % Plus integration and acquisition costs 3,358
8 41875 % 4,120 109 3680
% Adjusted operating income (loss) $ 627 $ 285 120 %
$ 888 $ (520 ) (271 )%
Reconciliation of
Net Loss to Non-GAAP Net (Loss) Income: Three months
ended December 31, Six months ended December 31, ($
in thousands, except shares and per share data)
2017 2016 % Change 2017 2016
% Change Net (loss) income $ (12,516 ) $ 233 (5472 )% $
(12,729 ) $ (2,231 ) 471 % Non-GAAP adjustments: Loss on fair value
of warrant liabilities — — — — 1,490 (100 )% Non-cash portion of
income tax benefit 9,073 — — 8,605 (115 ) (7583 )% Amortization of
intangible assets acquired 469 43 991 % 520 87 498 % Stock-based
compensation 780 233 235 % 1,656 445 272 % Litigation related
professional fees — — — — 33 (100 )% Integration and acquisition
costs 3,413 8 42563 % 4,175
109 3730 % Non-GAAP net income (loss) $ 1,219
$ 517 136 % $ 2,227 $ (182 ) (1324 )%
Non-GAAP net income (loss) per common share: Basic $ 0.02 $
0.01 82 % $ 0.04 $ (0.00 ) (1067 )% Diluted $ 0.02
$ 0.01 82 % $ 0.04 $ (0.00 ) (1056 )%
Weighted average number of common shares outstanding: Basic
52,150,106 40,308,934 29 % 49,861,735
39,398,469 27 % Diluted 52,795,523
40,730,712 30 % 50,443,356
39,398,469 28 %
F-USAT
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version on businesswire.com: http://www.businesswire.com/news/home/20180208005372/en/
The Blueshirt GroupMonica Gould, +1
212-871-3927monica@blueshirtgroup.comorLindsay Savarese, +1
212-331-8417lindsay@blueshirtgroup.com
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