FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering
clean, innovative and affordable fuel cell solutions for the
supply, recovery and storage of energy, today reported financial
results for its fourth quarter and fiscal year ended October 31,
2018 and key business highlights.
Financial Results FuelCell Energy, Inc. (the
“Company”) reported total revenues for the fourth quarter of fiscal
2018 of $17.9 million, compared to $47.9 million for the fourth
quarter of fiscal 2017, including:
- Product sales totaling $9.4 million for the fourth quarter of
fiscal 2018, compared to $39.9 million for the fourth quarter of
fiscal 2017. The difference between the periods is primarily
due to fiscal 2017 revenue including partial delivery under a 20
megawatt (“MW”) order to South Korea, as compared to the sale of
the Trinity College fuel cell project to AEP Onsite Partners, LLC
in the fourth quarter of fiscal 2018.
- Service and license revenue totaling $2.9 million for the
fourth quarter of fiscal 2018, compared to $2.7 million for the
fourth quarter of fiscal 2017.
- Generation revenue totaling $1.8 million for the fourth quarter
of fiscal 2018, which was consistent with the fourth quarter of
fiscal 2017.
- Advanced Technologies contract revenue totaling $3.7 million
for the fourth quarter of fiscal 2018, compared to $3.5 million for
the fourth quarter of fiscal 2017.
The gross profit generated in the fourth quarter
of fiscal 2018 totaled $1.1 million and the gross margin was 6.4
percent, compared to a gross profit of $3.2 million generated in
the fourth quarter of fiscal 2017 and a gross margin of 6.6
percent. Both periods were impacted by the under-absorption of
fixed overhead costs due to low production volumes.
Manufacturing variances, primarily related to low production
volumes, totaled approximately $2.7 million for the three months
ended October 31, 2018, compared to approximately $3.4 million for
the three months ended October 31, 2017.
Operating expenses for the fourth quarter of fiscal 2018 totaled
$13.0 million, compared to $11.3 million for the fourth quarter of
fiscal 2017. This increase is related to the timing of
professional related expenditures due to business activities in the
fourth quarter of fiscal 2018 and expenses related to increased
development efforts.
Net loss attributable to common stockholders for the fourth
quarter of fiscal 2018 totaled $17.9 million, or $0.19 per basic
and diluted share, compared to $10.8 million, or $0.17 per basic
and diluted share, for the fourth quarter of fiscal 2017. Net loss
attributable to common stockholders in the fourth quarter of fiscal
2018 includes a deemed dividend totaling $1.0 million on the
Company’s Series C Convertible Preferred Stock, as well as $2.1
million of redemption accretion on the Company’s Series D
Convertible Preferred Stock. See the appendix at the end of this
release for further details regarding the deemed dividend and
redemption accretion.
Adjusted loss before interest, taxes, depreciation and
amortization (Adjusted EBITDA, a Non-GAAP measure) in the fourth
quarter of fiscal 2018 totaled ($8.8) million, compared to ($5.0)
million in the fourth quarter of fiscal 2017. Refer to the
discussion of Non-GAAP financial measures in the appendix at the
end of this release regarding the Company’s calculation of Adjusted
EBITDA.
Backlog and Project AwardsThe Company had a
contract backlog totaling approximately $1.2 billion as of October
31, 2018. The Company also had project awards totaling an
additional $792.5 million, resulting in total backlog and awards of
approximately $2.0 billion, as of October 31, 2018.
Subsequent to the end of the fourth quarter of
fiscal 2018, on December 19, 2018, the Company executed the first
of three long-term power purchase agreements (“PPAs”) under the
Fuel Cell Resources Feed-In Tariff IV (“FIT IV”) program
administered by PSEG Long Island for the Long Island Power
Authority (“LIPA”). The 7.4 MW fuel cell project located in
Yaphank, NY had been previously classified as an award. As a
result of the executed PPA, the revenue associated with the PPA is
now reflected as generation backlog.
Backlog by revenue category is as follows:
- Services backlog totaled $316.0 million as of October 31, 2018,
compared to $182.3 million as of October 31, 2017. Services backlog
includes future contracted revenue from routine maintenance and
module exchanges for power plants under service agreements.
- Generation backlog totaled $839.5 million as of October 31,
2018, compared to $296.3 million as of October 31, 2017. Generation
backlog represents future contracted energy sales under contracted
PPAs between the Company and the end-user of the power.
- Product sales backlog totaled $1.0 thousand as of October 31,
2018, compared to $31.3 million as of October 31, 2017.
Product sales backlog for fiscal 2017 included the remaining
components for the 20 MW power plant for Korea Southern Power
Company which was successfully completed in the third quarter of
fiscal 2018.
- Advanced Technologies contracts backlog totaled $32.4 million
as of October 31, 2018, compared to $44.3 million as of October 31,
2017.
Backlog
represents definitive agreements executed by the Company and our
customers. Projects with respect to which the Company intends to
retain ownership are included in generation backlog which
represents future revenue under long-term PPAs. Projects sold to
customers (and not retained by the Company) are included in product
sales and service backlog. Project awards referenced by the Company
are notifications that the Company has been selected, typically
through a competitive bidding process, to enter into definitive
agreements. These awards have been publicly disclosed. The
Company is working to enter into definitive agreements with respect
to these project awards and, upon execution of a definitive
agreement with respect to a project award, that project award will
become backlog. Project awards that were not included in backlog as
of October 31, 2018 include the 39.8 MW LIPA project awards. Upon
execution of a definitive agreement, the LIPA project awards are
expected to become generation backlog (including the LIPA project
award for which a PPA was executed in December 2018 and moved into
backlog). These awards in total represent approximately $792.5
million of future revenue potential over the life of the projects,
assuming the Company retains ownership of the LIPA
projects.
Cash, Restricted Cash and Project FinanceCash,
cash equivalents and restricted cash totaled $80.2 million as of
October 31, 2018, including $39.3 million of unrestricted cash and
cash equivalents and $40.9 million of restricted cash and cash
equivalents.
Subsequent to quarter end, in December 2018, the Company,
through an indirect wholly-owned subsidiary, entered into a project
finance debt facility (the “Facility”) with Generate Lending, LLC
(“Generate Lending”). The Facility provides for aggregate principal
commitments of up to $100 million, with accordion features enabling
expansion up to $300 million, subject to funding availability and
approval. The initial draw amount under this Facility, funded at
closing, was $10 million. The initial draw reflects loan
advances for the first approved project under the Facility, the
Bolthouse Farms 5 MW project in California. Additional drawdowns
are expected to take place as the Company achieves certain project
milestones. The Company expects to use this Facility to fund the
construction of its utility-scale backlog, including the three LIPA
projects totaling 39.8 MW and the two projects awarded pursuant to
the Connecticut DEEP RFP, totaling 22.2 MW. Lastly, also in
December, the Company drew down $5.8 million under its existing
loan facility with NRG Energy, Inc. This advance will be used to
support the completion of construction of the 2.8 MW Tulare BioMAT
project in California. This plant is expected to achieve commercial
operation in March 2019.
The Company continues to work with the
Connecticut Green Bank to source financing for the construction of
the 7.4 MW plant for the Connecticut Municipal Electric Energy
Cooperative located on the U.S. Navy submarine base in Groton, CT,
and the 3.7 MW Triangle Street project in Danbury, CT as well as
the acquisition of the 14.9 MW Bridgeport fuel cell park from
Dominion Energy. These financings are expected to close in early
2019.
Project Assets Long term project assets
consist of projects developed by the Company that are structured
with PPAs, which generate recurring monthly generation revenue and
cash flow, as well as projects the Company is developing and
expects to retain and operate. The value of long term project
assets totaled $99.6 million as of October 31, 2018, with such
project assets consisting of five projects totaling 11.2 MW plus
costs incurred to date for an additional 83.1 MW of previously
announced projects that are in various stages of construction.
These projects have commercial operation dates between the first
quarter of fiscal 2019 and second quarter of fiscal 2021.
Business Highlights and Recent
Developments
- Sold 1.4 MW Trinity College project to AEP OnSite
Partners.
- Signed the PPA agreements for the Connecticut DEEP project
awards totaling 22.2 MW.
- Announced the planned acquisition of the 14.9 MW fuel cell park
located in Bridgeport, Connecticut from Dominion Energy,
accelerating the strategy of growing the generation portfolio and
the recurring revenue and profit profile of the Company.
- Entered into a $100+ million project finance debt facility with
Generate Lending that will be used by the Company to finance the
construction, installation and commissioning of the Company’s
current and future project backlog and awards.
- Continued to execute on 83.1 MW of projects in the generation
portfolio.
“Our focus has been squarely on execution, and we have made
significant strides executing on our strategy as evidenced by the
recent signing of the LIPA PPA and the construction finance
facility,” said Chip Bottone, President and Chief Executive
Officer, FuelCell Energy. “Add to that the acquisition of the
Bridgeport fuel cell park project, the sale of the Trinity College
project to AEP OnSite Partners, and the signing of the PPAs for the
two Connecticut project awards totaling 22.2 megawatts, and we feel
we have established a tremendous foundation for the Company’s
future. We are a global leader in power made from stationary fuel
cell technology and have generated well over eight million megawatt
hours globally. As we enter 2019, execution on our business plan
will continue.”
Conference Call InformationFuelCell Energy
management will host a conference call with investors beginning at
10:00 a.m. Eastern Standard Time on Thursday, January 10, 2019 to
discuss the fourth quarter and full year results for fiscal 2018.
Participants can access the live call via webcast on the Company
website or by telephone as follows:
- The live webcast of the call and supporting slide presentation
will be available at www.fuelcellenergy.com. To listen to the
call, select “Investors” on the home page, proceed to the “Events
& Presentations” page and then click on the “Webcast” link
listed under the January 10th earnings call event, or click
here.
- Alternatively, participants can dial 647-689-4106 and state
FuelCell Energy or the conference ID number 1191069.
The replay of the conference call will be available via webcast
on the Company’s Investors’ page at www.fuelcellenergy.com
approximately two hours after the conclusion of the call.
Cautionary Language This news release
contains forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, including, without limitation, statements with respect to
the Company’s anticipated financial results and statements
regarding the Company’s plans and expectations regarding the
continuing development, commercialization and financing of its fuel
cell technology and business plans. All forward-looking statements
are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Factors that
could cause such a difference include, without limitation, changes
to projected deliveries and order flow, changes to production rate
and product costs, general risks associated with product
development, manufacturing, changes in the regulatory environment,
customer strategies, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
potential volatility of energy prices, rapid technological change,
competition, and the Company’s ability to achieve its sales plans
and cost reduction targets, as well as other risks set forth in the
Company’s filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the
date of this press release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) delivers
state-of-the-art fuel cell power plants that provide
environmentally responsible solutions for various applications such
as utility-scale and on-site power generation, carbon capture,
local hydrogen production for both transportation and industry, and
long duration energy storage. Our systems cater to the needs
of customers across several industries, including utility
companies, municipalities, universities, government entities and a
variety of industrial and commercial enterprises. With our
megawatt-scale SureSource™ installations on three continents and
with more than 8.0 million megawatt hours of ultra-clean power
produced, FuelCell Energy is a global leader in designing,
manufacturing, installing, operating and maintaining
environmentally responsible fuel cell distributed power solutions.
Visit us online at www.fuelcellenergy.com and follow us on Twitter
@FuelCell_Energy.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Contact: |
FuelCell Energy,
Inc.ir@fce.com203.205.2491 Source: FuelCell
Energy |
FUELCELL ENERGY,
INC.Consolidated Balance
Sheets(Unaudited)(Amounts in thousands, except
share and per share amounts) |
|
|
|
October 31, 2018 |
|
|
October 31, 2017 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash
equivalents, unrestricted |
$ |
39,291 |
|
|
$ |
49,294 |
|
Restricted cash
and cash equivalents – short-term |
|
5,806 |
|
|
|
4,628 |
|
Accounts
receivable, net |
|
23,039 |
|
|
|
68,521 |
|
Inventories |
|
53,575 |
|
|
|
74,496 |
|
Other current
assets |
|
8,592 |
|
|
|
6,571 |
|
Total
current assets |
|
130,303 |
|
|
|
203,510 |
|
|
|
|
|
|
|
Restricted cash and
cash equivalents – long-term |
|
35,142 |
|
|
|
33,526 |
|
Project assets |
|
99,600 |
|
|
|
73,001 |
|
Property, plant and
equipment, net |
|
48,204 |
|
|
|
43,565 |
|
Goodwill |
|
4,075 |
|
|
|
4,075 |
|
Intangible assets |
|
9,592 |
|
|
|
9,592 |
|
Other assets |
|
13,505 |
|
|
|
16,517 |
|
Total
assets |
$ |
340,421 |
|
|
$ |
383,786 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Current portion
of long-term debt |
$ |
17,596 |
|
|
$ |
28,281 |
|
Accounts
payable |
|
22,594 |
|
|
|
42,616 |
|
Accrued
liabilities |
|
7,632 |
|
|
|
18,381 |
|
Deferred
revenue |
|
11,347 |
|
|
|
7,964 |
|
Preferred stock obligation of subsidiary |
|
952 |
|
|
|
836 |
|
Total
current liabilities |
|
60,121 |
|
|
|
98,078 |
|
|
|
|
|
|
|
Long-term deferred
revenue |
|
16,793 |
|
|
|
18,915 |
|
Long-term preferred
stock obligation of subsidiary |
|
14,965 |
|
|
|
14,221 |
|
Long-term debt and
other liabilities |
|
71,619 |
|
|
|
63,759 |
|
Total liabilities |
|
163,498 |
|
|
|
194,973 |
|
Redeemable Series B preferred stock (liquidation preference of
$64,020 at October 31, 2018 and 2017) |
|
59,857 |
|
|
|
59,857 |
|
Redeemable Series C
preferred stock (liquidation preference of $8,992 and $33,300 as of
October 31, 2018 and 2017, respectively) |
|
7,480 |
|
|
|
27,700 |
|
Redeemable Series D
preferred stock (liquidation preference of $30,680 and $0 as
of October 31, 2018 and 2017, respectively) |
|
27,392 |
|
|
|
- |
|
Total
Equity: |
|
|
|
|
|
Stockholders’
equity Common stock ($0.0001 par value; 225,000,000 and
125,000,000 shares authorized at October 31, 2018 and 2017,
respectively; 95,672,237 and 69,492,816 shares issued
and outstanding at October 31, 2018 and 2017,
respectively) |
|
10 |
|
|
|
7 |
|
Additional
paid-in capital |
|
1,073,454 |
|
|
|
1,045,197 |
|
Accumulated
deficit |
|
(990,867 |
) |
|
|
(943,533 |
) |
Accumulated
other comprehensive loss |
|
(403 |
) |
|
|
(415 |
) |
Treasury stock, Common,
at cost (156,501 and 88,861 at October 31, 2018 and 2017,
respectively) |
|
(363 |
) |
|
|
(280 |
) |
Deferred
compensation |
|
363 |
|
|
|
280 |
|
Total
stockholders’ equity |
|
82,194 |
|
|
|
101,256 |
|
Total
liabilities and stockholders’ equity |
$ |
340,421 |
|
|
$ |
383,786 |
|
|
FUELCELL ENERGY,
INC.Consolidated Statements of
Operations(Unaudited)(Amounts in thousands, except
share and per share amounts) |
|
|
Three Months EndedOctober
31, |
|
2018 |
|
|
2017 |
|
Revenues: |
|
|
|
|
|
Product |
$ |
9,432 |
|
|
$ |
39,892 |
|
Service and
license |
|
2,898 |
|
|
|
2,713 |
|
Generation |
|
1,842 |
|
|
|
1,824 |
|
Advanced
Technologies |
|
3,712 |
|
|
|
3,460 |
|
Total
revenues |
|
17,884 |
|
|
|
47,889 |
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
Product |
|
10,321 |
|
|
|
38,318 |
|
Service and
license |
|
3,125 |
|
|
|
2,407 |
|
Generation |
|
1,401 |
|
|
|
1,167 |
|
Advanced
Technologies |
|
1,894 |
|
|
|
2,833 |
|
Total cost of
revenues |
|
16,741 |
|
|
|
44,725 |
|
|
|
|
|
|
|
Gross profit |
|
1,143 |
|
|
|
3,164 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Administrative
and selling expenses |
|
5,581 |
|
|
|
7,119 |
|
Research and
development expense |
|
7,432 |
|
|
|
4,226 |
|
Total
costs and expenses |
|
13,013 |
|
|
|
11,345 |
|
|
|
|
|
|
|
Loss from
operations |
|
(11,870 |
) |
|
|
(8,181 |
) |
|
|
|
|
|
|
Interest
expense |
|
(2,421 |
) |
|
|
(2,315 |
) |
Other income
(expense), net |
|
200 |
|
|
|
517 |
|
|
|
|
|
|
|
Loss before provision
for income taxes |
|
(14,091 |
) |
|
|
(9,979 |
) |
|
|
|
|
|
|
Provision
for income taxes |
|
(5 |
) |
|
|
- |
|
|
|
|
|
|
|
Net loss |
|
(14,096 |
) |
|
|
(9,979 |
) |
|
|
|
|
|
|
Series B
preferred stock dividends |
|
(800 |
) |
|
|
(800 |
) |
Series C
preferred stock deemed dividend |
|
(958 |
) |
|
|
- |
|
Series D
preferred stock redemption accretion |
|
(2,075 |
) |
|
|
- |
|
|
|
|
|
|
|
Net loss attributable
to common stockholders |
$ |
(17,929 |
) |
|
$ |
(10,779 |
) |
|
|
|
|
|
|
Loss per share basic
and diluted: |
|
|
|
|
|
Net loss
per share attributable to common stockholders |
$ |
(0.19 |
) |
|
$ |
(0.17 |
) |
Basic and
diluted weighted average shares outstanding |
|
93,027,461 |
|
|
|
61,730,835 |
|
|
FUELCELL ENERGY,
INC.Consolidated Statements of
Operations(Unaudited)(Amounts in thousands, except
share and per share amounts) |
|
|
Year EndedOctober
31, |
|
2018 |
|
|
2017 |
|
Revenues: |
|
|
|
|
|
Product |
$ |
52,490 |
|
|
$ |
43,047 |
|
Service and
license |
|
15,757 |
|
|
|
27,050 |
|
Generation |
|
7,171 |
|
|
|
7,233 |
|
Advanced
Technologies |
|
14,019 |
|
|
|
18,336 |
|
Total
revenues |
|
89,437 |
|
|
|
95,666 |
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
Product |
|
54,504 |
|
|
|
49,843 |
|
Service and
license |
|
15,059 |
|
|
|
25,285 |
|
Generation |
|
6,421 |
|
|
|
5,076 |
|
Advanced
Technologies |
|
10,360 |
|
|
|
12,728 |
|
Total cost of
revenues |
|
86,344 |
|
|
|
92,932 |
|
|
|
|
|
|
|
Gross profit |
|
3,093 |
|
|
|
2,734 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Administrative
and selling expenses |
|
24,908 |
|
|
|
25,916 |
|
Research and
development expense |
|
22,817 |
|
|
|
20,398 |
|
Restructuring
expense |
|
- |
|
|
|
1,355 |
|
Total
costs and expenses |
|
47,725 |
|
|
|
47,669 |
|
|
|
|
|
|
|
Loss from
operations |
|
(44,632 |
) |
|
|
(44,935 |
) |
|
|
|
|
|
|
Interest
expense |
|
(9,055 |
) |
|
|
(9,171 |
) |
Other income
(expense), net |
|
3,338 |
|
|
|
247 |
|
|
|
|
|
|
|
Loss before benefit
(provision) for income taxes |
|
(50,349 |
) |
|
|
(53,859 |
) |
|
|
|
|
|
|
Benefit
(provision) for income taxes |
|
3,015 |
|
|
|
(44 |
) |
|
|
|
|
|
|
Net loss |
|
(47,334 |
) |
|
|
(53,903 |
) |
|
|
|
|
|
|
Series B
preferred stock dividends |
|
(3,200 |
) |
|
|
(3,200 |
) |
Series C
preferred stock deemed dividend |
|
(9,559 |
) |
|
|
- |
|
Series D
preferred stock redemption accretion |
|
(2,075 |
) |
|
|
- |
|
|
|
|
|
|
|
Net loss attributable
to common stockholders |
$ |
(62,168 |
) |
|
$ |
(57,103 |
) |
|
|
|
|
|
|
Loss per share basic
and diluted: |
|
|
|
|
|
Net loss
per share attributable to common stockholders |
$ |
(0.75 |
) |
|
$ |
(1.14 |
) |
Basic and
diluted weighted average shares outstanding |
|
82,754,268 |
|
|
|
49,914,904 |
|
Appendix
Further Detail on Statement of Operations Accounting for
the Series C Convertible Preferred Stock and the Series D
Convertible Preferred Stock:
Net loss attributable to common stockholders in the fourth
quarter of fiscal 2018 includes a deemed dividend totaling $1.0
million on the Company’s Series C Convertible Preferred Stock, as
well as a $2.1 million redemption accretion on the Company’s Series
D Convertible Preferred Stock. Installment conversions occurring
prior to August 27, 2018 in which the conversion price was below
the initial conversion price of $1.84 per share and installment
conversions occurring between August 27, 2018 and October 31, 2018
in which the conversion price was below the adjusted conversion
price of $1.50 per share resulted in a variable number of shares
being issued to settle the installment amount and were treated as a
partial redemption of the Series C Convertible Preferred Stock.
The Series D Convertible Preferred Stock redemption
accretion of $2.1 million for the year ended October 31, 2018
reflects the accretion of the difference between the carrying value
and the amount that would be redeemed should stockholder approval
not be obtained for common stock issuance equal to 20% or more of
the Company’s outstanding voting stock as of the date of issuance
of the Series D Convertible Preferred Stock.
Non-GAAP Financial Measures
Financial Results are presented in accordance with accounting
principles generally accepted in the United States (“GAAP”).
Management also uses non-GAAP measures to analyze and make
operating decisions on the business. Earnings before interest,
taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA
are alternate, non-GAAP measures of cash utilization by the
Company.
These supplemental non-GAAP measures are provided to assist
readers in determining operating performance. Management believes
EBITDA and Adjusted EBITDA are useful in assessing performance and
highlighting trends on an overall basis. Management also believes
these measures are used by companies in the fuel cell sector and by
securities analysts and investors when comparing the results of
FuelCell Energy with those of other companies. EBITDA differs from
the most comparable GAAP measure, net loss attributable to FuelCell
Energy, Inc., primarily because it does not include finance
expense, income taxes and depreciation of property, plant and
equipment and project assets. Adjusted EBITDA adjusts EBITDA for
stock-based compensation and restructuring charges, which are
considered either non-cash or non-recurring.
While management believes that these non-GAAP financial measures
provide useful supplemental information to investors, there are
limitations associated with the use of these measures. The measures
are not prepared in accordance with GAAP and may not be directly
comparable to similarly titled measures of other companies due to
potential differences in the exact method of calculation. The
Company's non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
financial measures, and should be read only in conjunction with the
Company's consolidated financial statements prepared in accordance
with GAAP.
The following table calculates EBITDA and Adjusted EBITDA and
reconciles these figures to the GAAP financial statement measure
Net loss.
|
Three Months Ended October 31, |
|
Year Ended October 31, |
(Amounts in
thousands) |
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Net loss |
$ |
(14,096 |
) |
|
$ |
(9,979 |
) |
|
$ |
(47,334 |
) |
|
$ |
(53,903 |
) |
Depreciation |
2,123 |
|
|
2,016 |
|
|
8,648 |
|
|
8,518 |
|
Provision/(benefit) for
income taxes |
5 |
|
|
- |
|
|
(3,015 |
) |
|
44 |
|
Other (income) expense,
net(1) |
(200 |
) |
|
(517 |
) |
|
(3,338 |
) |
|
(247 |
) |
Interest expense |
|
2,421 |
|
|
|
2,315 |
|
|
|
9,055 |
|
|
|
9,171 |
|
EBITDA |
$ |
(9,747 |
) |
|
$ |
(6,165 |
) |
|
$ |
(35,984 |
) |
|
$ |
(36,417 |
) |
Stock-based
compensation expense |
929 |
|
|
1,153 |
|
|
3,238 |
|
|
4,585 |
|
Restructuring
expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,355 |
|
Adjusted
EBITDA |
$ |
(8,818 |
) |
|
$ |
(5,012 |
) |
|
$ |
(32,746 |
) |
|
$ |
(30,477 |
) |
- Other (income) expense, net includes gains and losses from
transactions denominated in foreign currencies, changes in fair
value of embedded derivatives, and other items incurred
periodically, which are not the result of the Company’s normal
business operations.
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