Fourth quarter total revenue of $34.1 million
increases 7 percent year-over-year Fourth quarter GAAP net
loss of $(0.5) million Fourth quarter Adjusted EBITDA of $3.9
million
ChannelAdvisor Corporation (NYSE:ECOM), a leading provider of
cloud-based e-commerce solutions that enable retailers and branded
manufacturers to increase global sales, today announced its
financial results for the fourth quarter and full year ended
December 31, 2017.
"We had a solid finish to the year," said David Spitz, CEO of
ChannelAdvisor. "Our fourth quarter results were within our
guidance ranges, with an underlying improvement in sales activity.
We believe our overall improvement in net new sales during the year
signals that we are nearing the completion of our transition to
larger customers. This transition continued to contribute to our
increasing average revenue per customer, which grew nine percent in
the fourth quarter. With ongoing platform innovation, we believe we
are even better positioned to help our customers succeed in an
ever-evolving e-commerce market. Our outlook reflects our ability
to share in their success, combined with moderated assumptions for
variable revenue, as we continue to focus on driving an improving
overall top-line performance."
Fourth Quarter 2017 Financial Results
- Total revenue of $34.1 million for the fourth quarter of 2017
increased 7 percent compared with total revenue of $31.8 million in
the fourth quarter of 2016.
- GAAP net loss was $(0.5) million in the fourth quarter of 2017
compared with GAAP net income of $5.8 million in the fourth quarter
of 2016. GAAP basic and diluted net loss per share was $(0.02),
based on 26.6 million weighted average shares outstanding, compared
with GAAP basic net income per share of $0.23, based on 25.9
million weighted average shares outstanding, and GAAP diluted net
income per share of $0.21, based on 27.6 million weighted average
shares outstanding in the year-ago period.
- Non-GAAP net income, which excludes non-cash stock-based
compensation expense, was $2.4 million for the fourth quarter of
2017 compared with non-GAAP net income of $8.9 million for the
fourth quarter of 2016.
- Adjusted EBITDA, a non-GAAP measure, was $3.9 million for the
fourth quarter of 2017 compared with $5.2 million for the fourth
quarter of 2016. Adjusted EBITDA excludes depreciation,
amortization, income tax expense (benefit), interest expense and
stock-based compensation expense.
- Cash and cash equivalents at quarter end totaled $53.4 million,
compared with $54.2 million at the end of the third quarter of
2017.
Full Year 2017 Financial Results
- Total revenue of $122.5 million for the year increased 8
percent compared with total revenue of $113.2 million in 2016.
- GAAP net loss was $(16.6) million in 2017 compared with a net
loss of $(8.0) million in 2016. GAAP net loss per share was
$(0.63), based on 26.4 million weighted average shares outstanding
in 2017, compared with a net loss per share of $(0.31), based on
25.6 million weighted average shares outstanding in 2016.
- Non-GAAP net loss, which excludes non-cash stock-based
compensation expense in 2017 and 2016 and a one-time charge in 2017
in connection with our entering into voluntary disclosure
agreements ("VDAs") related to our potential unpaid sales taxes
obligations, was $(2.1) million in 2017 compared with non-GAAP net
income of $5.3 million in 2016.
- Adjusted EBITDA was $4.6 million in 2017 compared with $7.4
million in 2016. Adjusted EBITDA excludes depreciation,
amortization, income tax expense (benefit), interest expense,
stock-based compensation expense and the one-time charge for VDAs
related to sales taxes described above.
Recent Business Highlights
- Average revenue per customer, calculated on a trailing
twelve-month basis, increased 9 percent to $42,693 at the end of
the fourth quarter, compared with $39,339 at the end of the fourth
quarter of 2016. Total customer count was 2,840 at the end of the
fourth quarter, compared with 2,875 customers at the end of the
fourth quarter of 2016.
- For the fourth quarter of 2017, fixed subscription fees were 73
percent of total revenue and variable subscription fees were 27
percent of total revenue. This compares to 71 percent and 29
percent, respectively, for the fourth quarter of 2016. For both
full years 2017 and 2016, fixed subscription fees were 76 percent
of total revenue and variable subscription fees were 24 percent of
total revenue.
- Processed $8.9 billion in total gross merchandise value in
2017, an increase of 10 percent from 2016.
- Added new top-tier customers including Aosom, Electrolux
Singapore and TUMI.
- Named #1 marketplace management provider to the Internet
Retailer Top 1000 for the sixth year in a row.
- Named Beth Segovia as Vice President, Services.
- Announced Catalyst Americas 2018 conference will be held in San
Diego, April 17-19.
Financial Outlook
Based on information available as of today, ChannelAdvisor is
issuing the following guidance for the first quarter and full year
of 2018:
First Quarter 2018
- Total revenue between $29.4 million and $29.8 million.
- Adjusted EBITDA* between $(700) thousand and $(300)
thousand.
- Stock-based compensation expense between $2.7 million and $3.1
million.
- 26.7 million weighted average shares outstanding.
*Note: Adjusted EBITDA includes an estimated benefit from
amortization of contract costs of $1.5 million as a result of our
adoption of ASC 606 as of January 1, 2018. Under ASC 605, Adjusted
EBITDA would be approximately $(2.2) million to $(1.8) million.
Full Year 2018
- Total revenue between $128.0 million and $130.0 million.
- Adjusted EBITDA* between $6.0 million and $8.0 million.
- Stock-based compensation expense between $12.2 million and
$13.2 million.
- 27.1 million weighted average shares outstanding.
*Note: Adjusted EBITDA includes an estimated benefit from
amortization of contract costs of $5.0 million to $7.0 million as a
result of our adoption of ASC 606 as of January 1, 2018. Under ASC
605, Adjusted EBITDA would be approximately $0.0 million to $2.0
million.
Refer to the "Adjusted EBITDA Guidance Reconciliation" table
included with the financial tables at the end of this release for
the reconciliation to the most comparable GAAP financial
measure.
Conference Call Information
What: |
ChannelAdvisor Fourth
Quarter and Full Year 2017 Financial Results Conference Call |
When: |
Tuesday, February 13,
2018 |
Time: |
4:30 p.m. ET |
Live Call: |
(855) 638-4821,
Passcode 7481508, Domestic |
|
(704) 288-0612,
Passcode 7481508, International |
Webcast: |
http://ir.channeladvisor.com (live and replay) |
Key Financial and Operating Metrics
Average revenue per customer is revenue for a particular period
divided by the average monthly number of customers during the
period, which is calculated by taking the sum of the number of
customers at the end of each month in the period and dividing by
the number of months in the period.
Number of customers includes all customers who subscribe to at
least one of our solutions, but excludes the approximately 50 net
new customers acquired from our acquisition of HubLogix and
customers who subscribe only to certain legacy product offerings
that are no longer part of our strategic focus.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial
measures: non-GAAP net (loss) income and adjusted EBITDA.
ChannelAdvisor believes that these non-GAAP measures of
financial results provide useful information to management and
investors relating to ChannelAdvisor’s financial condition and
results of operations. The company’s management uses these non-GAAP
measures to compare the company’s performance to that of prior
periods for trend analyses, and for budgeting and planning
purposes. The company believes that the use of these non-GAAP
financial measures provides an additional tool for investors to use
in evaluating ongoing operating results and trends and in comparing
the company’s financial measures with other software companies,
many of which present similar non-GAAP financial measures to
investors, and that it allows for greater transparency with respect
to key metrics used by management in its financial and operational
decision-making.
Management of the company 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 that are required by GAAP to be recorded in the company’s
financial statements. In order to compensate for these limitations,
management presents non-GAAP financial measures together with GAAP
results. Non-GAAP measures should be considered in addition to
results and guidance prepared in accordance with GAAP, but should
not be considered a substitute for, or superior to, GAAP results.
Reconciliation tables of the most comparable GAAP financial
measures to the non-GAAP financial measures used in this press
release are included with the financial tables at the end of this
release. ChannelAdvisor urges investors to review the
reconciliation and not to rely on any single financial measure to
evaluate the company’s business. In addition, other companies,
including companies in our industry, may calculate similarly named
non-GAAP measures differently than we do, which limits their
usefulness in comparing our financial results with theirs.
About ChannelAdvisor
ChannelAdvisor (NYSE:ECOM) is a leading e-commerce cloud
platform whose mission is to connect and optimize the world’s
commerce. For nearly two decades, ChannelAdvisor has helped
retailers and branded manufacturers worldwide improve their online
performance by expanding sales channels, connecting with consumers
around the world, optimizing their operations for peak performance
and providing actionable analytics to improve competitiveness.
Thousands of customers depend on ChannelAdvisor to securely power
their sales and optimize fulfillment on channels such as Amazon,
eBay, Google, Facebook, Walmart and hundreds more. For more
information, visit www.channeladvisor.com.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding our financial outlook and guidance and
expectations regarding our growth and that of the e-commerce
industry. These forward-looking statements are made as of the date
of this release and are based on current expectations, estimates,
forecasts and projections, as well as the current beliefs and
assumptions of management. Forward-looking statements are subject
to a number of risks and uncertainties, many of which involve
factors or circumstances that are beyond ChannelAdvisor’s control.
ChannelAdvisor’s actual results could differ materially from those
stated or implied in forward-looking statements due to a number of
factors, including but not limited to, risks detailed in
ChannelAdvisor’s Annual Report on Form 10-K for the year ended
December 31, 2017, as well as other documents that may be filed by
the company from time to time with the Securities and Exchange
Commission. These documents are available on the ‘SEC Filings’
section of the Investor Relations page of our website at
http://ir.channeladvisor.com. In particular, the following factors,
among others, could cause results to differ materially from those
expressed or implied by such forward-looking statements: our
reliance for a significant portion of our revenue on sales by our
customers on the Amazon and eBay marketplaces and through
advertisements on Google; our ability to respond to rapid changes
in channel technologies or requirements; our ability to compete
successfully against current and future competitors, which could
include the channels themselves; our reliance in part on a pricing
model under which a portion of the subscription fees we receive
from customers is variable, based upon the amount of transaction
volume that those customers process through our platform; our
reliance on non-redundant data centers and cloud computing
providers to deliver our SaaS solutions; the potential that the
e-commerce market does not grow, or grows more slowly than we
expect, particularly on the channels that our solutions support;
challenges and risks associated with our increasing international
operations; and security or privacy breaches. The forward-looking
statements included in this press release represent
ChannelAdvisor’s views as of the date of this press release.
ChannelAdvisor undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Accordingly, these forward-looking
statements should not be relied upon as representing
ChannelAdvisor’s views as of any date subsequent to the date of
this press release.
Media Contact:Caroline RiddleChannelAdvisor
Corporationcaroline.riddle@channeladvisor.com 919-439-8026
Investor Contact:Garo ToomajanianICR,
LLCir@channeladvisor.com 919-228-2003
|
ChannelAdvisor Corporation and
SubsidiariesConsolidated Balance Sheets(in thousands,
except share and per share data) |
|
|
December 31, |
|
2017 |
|
2016 |
Assets |
(unaudited) |
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
53,422 |
|
|
$ |
65,420 |
|
Accounts
receivable, net of allowance of $609 and $594 as of
December 31, 2017 and 2016, respectively |
27,452 |
|
|
19,445 |
|
Prepaid
expenses and other current assets |
16,462 |
|
|
10,972 |
|
Total
current assets |
97,336 |
|
|
95,837 |
|
Property and equipment,
net |
10,877 |
|
|
13,252 |
|
Goodwill |
23,486 |
|
|
21,632 |
|
Intangible assets,
net |
2,503 |
|
|
2,660 |
|
Long-term deferred tax
assets, net |
5,550 |
|
|
5,244 |
|
Other assets |
759 |
|
|
533 |
|
Total assets |
$ |
140,511 |
|
|
$ |
139,158 |
|
Liabilities and
stockholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
7,243 |
|
|
$ |
4,709 |
|
Accrued
expenses |
12,611 |
|
|
11,067 |
|
Deferred
revenue |
27,143 |
|
|
23,474 |
|
Other
current liabilities |
4,477 |
|
|
4,450 |
|
Total
current liabilities |
51,474 |
|
|
43,700 |
|
Long-term capital
leases, net of current portion |
641 |
|
|
1,262 |
|
Lease incentive
obligation |
3,328 |
|
|
4,206 |
|
Other long-term
liabilities |
3,157 |
|
|
2,993 |
|
Total liabilities |
58,600 |
|
|
52,161 |
|
Commitments and
contingencies |
|
|
|
Stockholders’
equity: |
|
|
|
Preferred
stock, $0.001 par value, 5,000,000 shares authorized, no shares
issued and outstanding as of December 31, 2017 and 2016,
respectively |
— |
|
|
— |
|
Common
stock, $0.001 par value, 100,000,000 shares authorized, 26,601,626
and 25,955,759 shares issued and outstanding as of December 31,
2017 and 2016, respectively |
27 |
|
|
26 |
|
Additional paid-in capital |
262,805 |
|
|
252,158 |
|
Accumulated other comprehensive loss |
(789 |
) |
|
(1,612 |
) |
Accumulated deficit |
(180,132 |
) |
|
(163,575 |
) |
Total
stockholders’ equity |
81,911 |
|
|
86,997 |
|
Total liabilities and
stockholders’ equity |
$ |
140,511 |
|
|
$ |
139,158 |
|
|
|
|
|
|
|
|
|
ChannelAdvisor Corporation and
SubsidiariesConsolidated Statements of Operations(in
thousands, except share and per share data) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Revenue |
$ |
34,105 |
|
|
$ |
31,763 |
|
|
$ |
122,535 |
|
|
$ |
113,200 |
|
Cost of revenue (1)
(2) |
6,039 |
|
|
7,033 |
|
|
25,950 |
|
|
27,620 |
|
Gross profit |
28,066 |
|
|
24,730 |
|
|
96,585 |
|
|
85,580 |
|
Operating expenses (1)
(2): |
|
|
|
|
|
|
|
Sales and
marketing |
16,264 |
|
|
13,538 |
|
|
63,495 |
|
|
56,602 |
|
Research
and development |
5,990 |
|
|
4,659 |
|
|
21,868 |
|
|
17,736 |
|
General
and administrative |
6,248 |
|
|
6,311 |
|
|
27,800 |
|
|
25,079 |
|
Total
operating expenses |
28,502 |
|
|
24,508 |
|
|
113,163 |
|
|
99,417 |
|
(Loss) income from
operations |
(436 |
) |
|
222 |
|
|
(16,578 |
) |
|
(13,837 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
Interest
income (expense), net |
73 |
|
|
10 |
|
|
222 |
|
|
(1 |
) |
Other
(expense) income, net |
(23 |
) |
|
36 |
|
|
83 |
|
|
173 |
|
Total
other income (expense) |
50 |
|
|
46 |
|
|
305 |
|
|
172 |
|
(Loss) income before
income taxes |
(386 |
) |
|
268 |
|
|
(16,273 |
) |
|
(13,665 |
) |
Income tax expense
(benefit) |
75 |
|
|
(5,567 |
) |
|
284 |
|
|
(5,658 |
) |
Net (loss) income |
$ |
(461 |
) |
|
$ |
5,835 |
|
|
$ |
(16,557 |
) |
|
$ |
(8,007 |
) |
Net (loss)
income per share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.02 |
) |
|
$ |
0.23 |
|
|
$ |
(0.63 |
) |
|
$ |
(0.31 |
) |
Diluted |
$ |
(0.02 |
) |
|
$ |
0.21 |
|
|
$ |
(0.63 |
) |
|
$ |
(0.31 |
) |
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
26,583,657 |
|
|
25,878,260 |
|
|
26,366,748 |
|
|
25,604,893 |
|
Diluted |
26,583,657 |
|
|
27,577,027 |
|
|
26,366,748 |
|
|
25,604,893 |
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation as follows: |
|
|
|
|
|
|
|
Cost of
revenue |
$ |
54 |
|
|
$ |
318 |
|
|
$ |
807 |
|
|
$ |
1,259 |
|
Sales and
marketing |
1,011 |
|
|
1,124 |
|
|
3,971 |
|
|
4,775 |
|
Research
and development |
601 |
|
|
477 |
|
|
2,260 |
|
|
1,962 |
|
General
and administrative |
1,149 |
|
|
1,136 |
|
|
4,909 |
|
|
5,266 |
|
|
$ |
2,815 |
|
|
$ |
3,055 |
|
|
$ |
11,947 |
|
|
$ |
13,262 |
|
|
|
|
|
|
|
|
|
(2) Includes
depreciation and amortization as follows: |
|
|
|
|
|
|
|
Cost of
revenue |
$ |
897 |
|
|
$ |
1,135 |
|
|
$ |
3,955 |
|
|
$ |
4,632 |
|
Sales and
marketing |
250 |
|
|
283 |
|
|
1,062 |
|
|
1,136 |
|
Research
and development |
100 |
|
|
113 |
|
|
424 |
|
|
458 |
|
General
and administrative |
290 |
|
|
346 |
|
|
1,137 |
|
|
1,612 |
|
|
$ |
1,537 |
|
|
$ |
1,877 |
|
|
$ |
6,578 |
|
|
$ |
7,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChannelAdvisor Corporation and
SubsidiariesConsolidated Statements of Cash Flows(in
thousands) |
|
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
(unaudited) |
|
|
Cash flows from
operating activities |
|
|
|
Net loss |
$ |
(16,557 |
) |
|
$ |
(8,007 |
) |
Adjustments to
reconcile net loss to net cash and cash equivalents (used in)
provided by operating activities: |
|
|
|
Depreciation and amortization |
6,578 |
|
|
7,838 |
|
Bad debt
expense |
727 |
|
|
528 |
|
Non-cash
stock-based compensation expense |
11,947 |
|
|
13,262 |
|
Deferred
income taxes |
130 |
|
|
(5,649 |
) |
Other
items, net |
(869 |
) |
|
(875 |
) |
Changes
in assets and liabilities, net of effects from acquisition: |
|
|
|
Accounts
receivable |
(8,261 |
) |
|
(1,885 |
) |
Prepaid
expenses and other assets |
(5,514 |
) |
|
(2,014 |
) |
Accounts
payable and accrued expenses |
5,242 |
|
|
3,697 |
|
Deferred
revenue |
3,581 |
|
|
4,676 |
|
Net cash and cash
equivalents (used in) provided by operating activities |
(2,996 |
) |
|
11,571 |
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
Purchases of property
and equipment |
(2,790 |
) |
|
(1,755 |
) |
Payment of internal-use
software development costs |
(293 |
) |
|
(208 |
) |
Acquisition, net of
cash acquired |
(2,177 |
) |
|
— |
|
Net cash and cash
equivalents used in investing activities |
(5,260 |
) |
|
(1,963 |
) |
|
|
|
|
Cash flows from
financing activities |
|
|
|
Repayment of capital
leases |
(2,840 |
) |
|
(2,096 |
) |
Proceeds from exercise
of stock options |
1,428 |
|
|
930 |
|
Payment of contingent
consideration |
— |
|
|
(338 |
) |
Payment of statutory
tax withholding related to net-share settlement of restricted stock
units |
(2,727 |
) |
|
(2,394 |
) |
Net cash and cash
equivalents used in financing activities |
(4,139 |
) |
|
(3,898 |
) |
|
|
|
|
Effect of currency
exchange rate changes on cash and cash equivalents |
397 |
|
|
(764 |
) |
Net (decrease) increase
in cash and cash equivalents |
(11,998 |
) |
|
4,946 |
|
|
|
|
|
Cash and cash
equivalents, beginning of year |
65,420 |
|
|
60,474 |
|
Cash and cash
equivalents, end of year |
$ |
53,422 |
|
|
$ |
65,420 |
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Gross Profit and GAAP
Gross Margin to Non-GAAP Gross Profit and Non-GAAP Gross
Margin |
(unaudited; in thousands) |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenue |
$ |
34,105 |
|
|
$ |
31,763 |
|
|
$ |
122,535 |
|
|
$ |
113,200 |
|
|
|
|
|
|
|
|
|
Gross profit
(GAAP) |
$ |
28,066 |
|
|
$ |
24,730 |
|
|
$ |
96,585 |
|
|
$ |
85,580 |
|
Plus: Stock-based
compensation expense |
54 |
|
|
318 |
|
|
807 |
|
|
1,259 |
|
Gross profit
(Non-GAAP) |
$ |
28,120 |
|
|
$ |
25,048 |
|
|
$ |
97,392 |
|
|
$ |
86,839 |
|
Gross margin
(GAAP) |
82.3 |
% |
|
77.9 |
% |
|
78.8 |
% |
|
75.6 |
% |
Gross margin
(Non-GAAP) |
82.5 |
% |
|
78.9 |
% |
|
79.5 |
% |
|
76.7 |
% |
Reconciliation of GAAP Operating Expenses to
Non-GAAP Operating Expenses |
(unaudited; in thousands) |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Operating expenses
(GAAP) |
$ |
28,502 |
|
|
$ |
24,508 |
|
|
$ |
113,163 |
|
|
$ |
99,417 |
|
Less: Stock-based
compensation expense |
2,761 |
|
|
2,737 |
|
|
11,140 |
|
|
12,003 |
|
Less: One-time charge
for VDAs related to sales taxes |
— |
|
|
— |
|
|
2,539 |
|
|
— |
|
Operating expenses
(Non-GAAP) |
$ |
25,741 |
|
|
$ |
21,771 |
|
|
$ |
99,484 |
|
|
$ |
87,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP (Loss) Income from
Operations and GAAP Operating Margin to Non-GAAP Income (Loss) from
Operations and Non-GAAP Operating Margin |
(unaudited; in thousands) |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenue |
$ |
34,105 |
|
|
$ |
31,763 |
|
|
$ |
122,535 |
|
|
$ |
113,200 |
|
|
|
|
|
|
|
|
|
(Loss) income from
operations (GAAP) |
$ |
(436 |
) |
|
$ |
222 |
|
|
$ |
(16,578 |
) |
|
$ |
(13,837 |
) |
Plus: Stock-based
compensation expense |
2,815 |
|
|
3,055 |
|
|
11,947 |
|
|
13,262 |
|
Plus: One-time charge
for VDAs related to sales taxes |
— |
|
|
— |
|
|
2,539 |
|
|
— |
|
Income (loss) from
operations (Non-GAAP) |
$ |
2,379 |
|
|
$ |
3,277 |
|
|
$ |
(2,092 |
) |
|
$ |
(575 |
) |
Operating margin
(GAAP) |
(1.3 |
)% |
|
0.7 |
% |
|
(13.5 |
)% |
|
(12.2 |
)% |
Operating margin
(Non-GAAP) |
7.0 |
% |
|
10.3 |
% |
|
(1.7 |
)% |
|
(0.5 |
)% |
Reconciliation of GAAP Net (Loss) Income to
Non-GAAP Net Income (Loss) |
(unaudited; in thousands) |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net (loss) income
(GAAP) |
$ |
(461 |
) |
|
$ |
5,835 |
|
|
$ |
(16,557 |
) |
|
$ |
(8,007 |
) |
Plus: Stock-based
compensation expense |
2,815 |
|
|
3,055 |
|
|
11,947 |
|
|
13,262 |
|
Plus: One-time charge
for VDAs related to sales taxes |
— |
|
|
— |
|
|
2,539 |
|
|
— |
|
Net income (loss)
(Non-GAAP) |
$ |
2,354 |
|
|
$ |
8,890 |
|
|
$ |
(2,071 |
) |
|
$ |
5,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net (Loss) Income to
Adjusted EBITDA |
(unaudited; in thousands) |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net (loss) income |
$ |
(461 |
) |
|
$ |
5,835 |
|
|
$ |
(16,557 |
) |
|
$ |
(8,007 |
) |
Adjustments: |
|
|
|
|
|
|
|
Interest
(income) expense, net |
(73 |
) |
|
(10 |
) |
|
(222 |
) |
|
1 |
|
Income
tax expense (benefit) |
75 |
|
|
(5,567 |
) |
|
284 |
|
|
(5,658 |
) |
Depreciation and amortization expense |
1,537 |
|
|
1,877 |
|
|
6,578 |
|
|
7,838 |
|
Total
adjustments |
1,539 |
|
|
(3,700 |
) |
|
6,640 |
|
|
2,181 |
|
EBITDA |
1,078 |
|
|
2,135 |
|
|
(9,917 |
) |
|
(5,826 |
) |
Stock-based compensation expense |
2,815 |
|
|
3,055 |
|
|
11,947 |
|
|
13,262 |
|
One-time
charge for VDAs related to sales taxes |
— |
|
|
— |
|
|
2,539 |
|
|
— |
|
Adjusted EBITDA |
$ |
3,893 |
|
|
$ |
5,190 |
|
|
$ |
4,569 |
|
|
$ |
7,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow Reconciliation |
(unaudited; in thousands) |
|
Year Ended December 31, |
|
2017 |
|
2016 |
Cash (used in) provided
by operating activities |
$ |
(2,996 |
) |
|
$ |
11,571 |
|
Less: Purchases of
property and equipment |
(2,790 |
) |
|
(1,755 |
) |
Free cash flow |
$ |
(5,786 |
) |
|
$ |
9,816 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Guidance
Reconciliation |
(unaudited; in millions) |
|
First Quarter 2018 |
|
Full Year 2018 |
|
Low |
|
High |
|
Low |
|
High |
Net loss
(estimate) |
$ |
(5.4 |
) |
|
$ |
(4.5 |
) |
|
$ |
(12.8 |
) |
|
$ |
(9.3 |
) |
Adjustments (estimates): |
|
|
|
|
|
|
|
Interest
(income) expense, net |
0.0 |
|
|
(0.1 |
) |
|
(0.2 |
) |
|
(0.4 |
) |
Income
tax expense (benefit) |
0.1 |
|
|
0.1 |
|
|
0.5 |
|
|
0.4 |
|
Depreciation and amortization expense |
1.5 |
|
|
1.5 |
|
|
5.3 |
|
|
5.1 |
|
Total
adjustments |
1.6 |
|
|
1.5 |
|
|
5.6 |
|
|
5.1 |
|
EBITDA |
(3.8 |
) |
|
(3.0 |
) |
|
(7.2 |
) |
|
(4.2 |
) |
Stock-based compensation expense (estimate) |
3.1 |
|
|
2.7 |
|
|
13.2 |
|
|
12.2 |
|
Adjusted EBITDA
guidance |
$ |
(0.7 |
) |
|
$ |
(0.3 |
) |
|
$ |
6.0 |
|
|
$ |
8.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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