Appian (Nasdaq: APPN) today announced financial results for the
second quarter ended June 30, 2021.
“In Q2, Appian increased cloud subscription
revenue by 44% and announced the acquisition of a leading process
mining firm. With this acquisition, we are unifying process mining
and low-code automation. Companies can now discover their processes
and automate them within the Appian platform,” said Matt Calkins,
CEO & Founder.
Second Quarter 2021 Financial
Highlights:
-
Revenue: Cloud subscription revenue was $42.5
million for the second quarter of 2021, up 44% compared to the
second quarter of 2020. Total subscriptions revenue, which includes
sales of our SaaS subscriptions, on-premises term license
subscriptions, and maintenance and support, increased 37%
year-over-year to $56.9 million for the second quarter of 2021.
Professional services revenue was $26.1 million for the second
quarter of 2021, compared to $25.4 million for the second quarter
of 2020. Total revenue was $83.0 million for the second quarter of
2021, up 24% compared to the second quarter of 2020. Cloud
subscription revenue retention rate was 121% as of June 30,
2021.
-
Operating loss and non-GAAP operating loss: GAAP
operating loss was $(24.6) million for the second quarter of 2021,
compared to $(12.1) million for the second quarter of 2020.
Non-GAAP operating loss was $(17.6) million for the second quarter
of 2021, compared to $(8.5) million for the second quarter of
2020.
- Net loss
and non-GAAP net loss: GAAP net loss was $(23.8) million
for the second quarter of 2021, compared to $(11.8) million for the
second quarter of 2020. GAAP net loss per share was $(0.34) for the
second quarter of 2021, based on 71.0 million weighted-average
shares outstanding, compared to $(0.17) for the second quarter of
2020, based on 68.4 million weighted-average shares outstanding.
Non-GAAP net loss was $(16.9) million for the second quarter of
2021, compared to $(8.2) million for the second quarter of 2020.
Non-GAAP net loss per share was $(0.24) for the second quarter of
2021, based on 71.0 million basic and diluted shares outstanding,
compared to the $(0.12) net loss per share for the second quarter
of 2020, based on 68.4 million basic and diluted shares
outstanding.
- Adjusted
EBITDA: Adjusted EBITDA loss was $(16.3) million for the
second quarter of 2021, compared to adjusted EBITDA loss of $(7.0)
million for the second quarter of 2020.
- Balance sheet and cash
flows: As of June 30, 2021, Appian had total cash,
cash equivalents, and investments of $249.7 million. Net cash used
in operating activities was $(6.6) million for the three months
ended June 30, 2021 compared to $(3.1) million of net cash used in
operating activities for the same period in 2020.
A reconciliation of GAAP to non-GAAP financial
measures has been provided in the tables following the financial
statements in this press release. An explanation of these measures
is also included below under the heading “Non-GAAP Financial
Measures.”
Second Quarter 2021 Business
Highlights:
- Appian announced
KPMG, Accenture, PwC, Wipro, Infosys, Vuram, Appcino, GxP
Partners, and Needzaio as recipients of 2021 Partner
awards. The awards recognize their achievements and contributions
to the Appian community.
- Bankhaus
von der Heydt, one of Europe's oldest banks, delivers new
products 10x faster with the Appian Low-code Automation
Platform.
- CNA
Financial Corporation, a top commercial insurer, wins the
Celent 2021 Model Insurer Award. They were selected for developing
CNA ComPass, a solution built on the Appian Low-code Automation
Platform.
-
Entelgy, a consultancy company, deployed the
Appian Low-code Automation Platform and accelerated the time
between invoicing and payment by 35%. They process 98% of all
invoices without human intervention, using Appian Robotic Process
Automation.
- Appian unveiled the
latest version of its low-code automation
platform, including enhanced AI-driven Intelligent
Document Processing (IDP), new design guidance and developer
collaboration features, and enhanced DevSecOps capabilities.
Financial Outlook:
As of August 5, 2021, guidance for 2021 is
as follows:
- Third Quarter 2021 Guidance:
- Cloud subscription revenue is expected to be in the range of
$45.0 million and $45.5 million, representing year-over-year growth
of between 31% and 33%.
- Total revenue is expected to be in the range of $90.5 million
and $91.0 million, representing a year-over-year increase of
between 17% and 18%.
- Adjusted EBITDA loss is expected to be in the range of $(13.0)
million and $(11.0) million.
- Non-GAAP net loss per share is expected to be in the range of
$(0.20) and $(0.17), assuming weighted average common shares
outstanding of 71.3 million.
- Full Year 2021 Guidance:
- Cloud subscription revenue is expected to be in the range of
$174.0 million and $175.0 million, representing year-over-year
growth of 35%.
- Total revenue is expected to be in the range of $355.0 million
and $357.0 million, representing a year-over-year increase of
17%.
- Adjusted EBITDA loss is expected to be in the range of $(40.0)
million and $(38.0) million.
- Non-GAAP net loss per share is expected to be in the range of
$(0.68) and $(0.65), assuming weighted average common shares
outstanding of 71.3 million.
Conference Call Details:
Appian will host a conference call today,
August 5, 2021, at 5:00 p.m. ET to discuss Appian's financial
results for the second quarter ended June 30, 2021 and
business outlook.
The live webcast of the conference call can be
accessed on the Investor Relations page of Appian’s website at
http://investors.appian.com. To access the call, please dial (800)
430-8332 in the U.S. or (323) 347-3277 internationally (Conference
ID: 6145770). Following the call, an archived webcast will be
available at the same location on the Investor Relations
page. A telephone replay will be available for one week at
(844) 512-2921 in the U.S. or (412) 317-6671 internationally with
recording access code 6145770.
Management will present at the following
investor conferences:
- Oppenheimer 24th Annual Technology,
Internet & Communications Conference. The presentation is
scheduled for Tuesday, August 10th at 8:15 a.m. ET.
- Keybanc’s 2021 Technology
Leadership Forum. Management will be participating in a panel: The
Evolving Automation Software Stack – From RPA to Low Code/No-Code,
scheduled for Wednesday, August 11th at 10:00 a.m. ET. Management
will also participate in a fire-side chat presentation scheduled
for Wednesday, August 11th at 12:40 p.m. ET
About Appian
Appian helps organizations build apps and
workflows rapidly, with a low-code automation platform. Combining
people, technologies, and data in a single workflow, Appian can
help companies maximize their resources and improve business
results. Many of the world’s largest organizations use Appian
applications to improve customer experience, achieve operational
excellence, and simplify global risk management and compliance. For
more information, visit www.appian.com.
Non-GAAP Financial Measures
To supplement its consolidated financial
statements, which are prepared and presented in accordance with
GAAP, Appian provides investors with certain non-GAAP financial
measures, including non-GAAP operating loss, non-GAAP net loss,
non-GAAP net loss per share, non-GAAP weighted average shares
outstanding, and adjusted EBITDA. These non-GAAP financial measures
exclude the effect of stock-based compensation expense, gains or
losses on disposals of assets, and certain litigation-related
expenses consisting of legal and other professional fees which are
not indicative of our core operating performance and are not part
of our normal course of business.
The presentation of these non-GAAP financial
measures is not intended to be considered in isolation from, as a
substitute for, or superior to the financial information prepared
and presented in accordance with GAAP, and Appian’s non-GAAP
measures may be different from non-GAAP measures used by other
companies. For more information on these non-GAAP financial
measures, please see the reconciliation of these non-GAAP financial
measures to their nearest comparable GAAP measures at the end of
this press release. A reconciliation of non-GAAP guidance measures
to the most comparable GAAP measures is not available on a
forward-looking basis without unreasonable efforts due to the high
variability, complexity, and low visibility with respect to the
charges excluded from these non-GAAP measures.
Appian uses these non-GAAP financial measures
for financial and operational decision-making and as a means to
evaluate period-to-period comparisons. Appian’s management believes
these non-GAAP financial measures provide meaningful supplemental
information regarding Appian’s performance by excluding certain
expenses that may not be indicative of its recurring core business
operating results. Appian believes both management and investors
benefit from referring to these non-GAAP financial measures in
assessing Appian’s performance and when planning, forecasting, and
analyzing future periods. These non-GAAP financial measures also
facilitate management’s internal comparisons to historical
performance as well as comparisons to competitors’ operating
results. Appian believes these non-GAAP financial measures are
useful to investors both because (1) they allow for greater
transparency with respect to measures used by management in its
financial and operational decision-making and (2) they are used by
Appian’s institutional investors and the analyst community to help
them analyze the health of Appian’s business.
Forward-Looking Statements
This press release includes forward-looking
statements. All statements contained in this press release other
than statements of historical facts, including statements regarding
Appian’s future financial and business performance for the third
quarter and full year 2021, the impact of COVID-19 on our business
and on the global economy, future investment by Appian in its
go-to-market initiatives, increased demand for the Appian platform,
market opportunity and plans and objectives for future operations,
including Appian’s ability to drive continued subscriptions revenue
and total revenue growth, are forward-looking statements. The words
"anticipate," believe," "continue," "estimate," "expect," "intend,"
"may," "will," and similar expressions are intended to identify
forward-looking statements. Appian has based these forward-looking
statements on its current expectations and projections about future
events and financial trends that Appian believes may affect its
financial condition, results of operations, business strategy,
short-term and long-term business operations and objectives, and
financial needs. These forward-looking statements are subject to a
number of risks and uncertainties, including the risks and
uncertainties associated with Appian’s ability to grow its business
and manage its growth, Appian’s ability to sustain its revenue
growth rate, continued market acceptance of Appian’s platform and
adoption of low-code solutions to drive digital transformation, the
fluctuation of Appian’s operating results due to the length and
variability of its sales cycle, competition in the markets in which
Appian operates, risks and uncertainties associated with the
composition and concentration of Appian’s customer base and their
demand for its platform and satisfaction with the services provided
by Appian, the potential fluctuation of Appian’s future quarterly
results of operations, Appian’s ability to shift its revenue
towards subscriptions and away from professional services, Appian’s
ability to operate in compliance with applicable laws and
regulations, Appian’s strategic relationships with third parties
and use of third-party licensed software and its platform’s
compatibility with third-party applications, the timing of Appian’s
recognition of subscriptions revenue which may delay the effect of
near term changes in sales on its operating results, and the
additional risks and uncertainties set forth in the "Risk Factors"
section of Appian’s Annual Report on Form 10-K for the year ended
December 31, 2020 filed with the Securities and Exchange
Commission on February 18, 2021 and other reports that Appian has
filed with the Securities and Exchange Commission. Moreover, Appian
operates in a very competitive and rapidly changing environment.
New risks emerge from time to time. It is not possible for Appian’s
management to predict all risks, nor can Appian assess the impact
of all factors on its business or the extent to which any factor,
or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements
Appian may make. In light of these risks, uncertainties, and
assumptions, Appian cannot guarantee future results, levels of
activity, performance, achievements, or events and circumstances
reflected in the forward-looking statements will occur. Appian is
under no duty to update any of these forward-looking statements
after the date of this press release to conform these statements to
actual results or revised expectations, except as required by
law.
Investor ContactSrinivas
Anantha, CFA703-442-8844investors@appian.com
Media ContactBen
Farrell703-442-1067ben.farrell@appian.com
APPIAN
CORPORATION AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
As of |
|
June
30, |
|
December
31, |
|
|
2021 |
|
|
|
2020 |
|
|
(unaudited) |
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
131,279 |
|
|
$ |
112,462 |
|
Short-term investments and marketable securities |
|
111,324 |
|
|
|
109,826 |
|
Accounts receivable, net of allowance of $1,400 as of each of June
30, 2021 and December 31, 2020 |
|
82,301 |
|
|
|
97,278 |
|
Deferred commissions, current |
|
20,162 |
|
|
|
17,899 |
|
Prepaid expenses and other current assets |
|
28,074 |
|
|
|
27,955 |
|
Total current assets |
|
373,140 |
|
|
|
365,420 |
|
Property and
equipment, net |
|
34,064 |
|
|
|
35,404 |
|
Long-term
investments |
|
7,048 |
|
|
|
36,120 |
|
Goodwill |
|
4,707 |
|
|
|
4,862 |
|
Intangible
assets, net of accumulated amortization of $623 and $429 as of June
30, 2021 and December 31, 2020, respectively |
|
1,480 |
|
|
|
1,744 |
|
Operating
right-of-use assets |
|
30,528 |
|
|
|
30,659 |
|
Deferred
commissions, net of current portion |
|
39,275 |
|
|
|
34,198 |
|
Deferred tax
assets |
|
607 |
|
|
|
489 |
|
Other
assets |
|
3,066 |
|
|
|
3,625 |
|
Total assets |
$ |
493,915 |
|
|
$ |
512,521 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
5,020 |
|
|
$ |
2,967 |
|
Accrued expenses |
|
7,276 |
|
|
|
5,821 |
|
Accrued compensation and related benefits |
|
25,699 |
|
|
|
22,981 |
|
Deferred revenue, current |
|
113,805 |
|
|
|
116,256 |
|
Operating lease liabilities, current |
|
7,854 |
|
|
|
6,923 |
|
Other current liabilities |
|
6 |
|
|
|
940 |
|
Total current liabilities |
|
159,660 |
|
|
|
155,888 |
|
Operating
lease liabilities, net of current portion |
|
50,185 |
|
|
|
51,194 |
|
Deferred
revenue, net of current portion |
|
2,905 |
|
|
|
3,886 |
|
Deferred tax
liabilities |
|
35 |
|
|
|
70 |
|
Other
non-current liabilities |
|
4,784 |
|
|
|
4,878 |
|
Total liabilities |
|
217,569 |
|
|
|
215,916 |
|
Stockholders’ equity |
|
|
|
Class A
common stock - par value $0.0001; 500,000,000 shares authorized and
39,581,079 shares issued and outstanding as of June 30, 2021;
500,000,000 shares authorized and 38,971,324 shares issued and
outstanding as of December 31, 2020 |
|
4 |
|
|
|
4 |
|
Class B
common stock - par value $0.0001; 100,000,000 shares authorized and
31,499,516 shares issued and outstanding as of June 30, 2021;
100,000,000 shares authorized and 31,707,866 shares issued and
outstanding as of December 31, 2020 |
|
3 |
|
|
|
3 |
|
Additional
paid-in capital |
|
485,079 |
|
|
|
470,498 |
|
Accumulated
other comprehensive loss |
|
(2,438 |
) |
|
|
(5,010 |
) |
Accumulated
deficit |
|
(206,302 |
) |
|
|
(168,890 |
) |
Total stockholders’ equity |
|
276,346 |
|
|
|
296,605 |
|
Total liabilities and stockholders’ equity |
$ |
493,915 |
|
|
$ |
512,521 |
|
|
|
|
|
APPIAN
CORPORATION AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(unaudited,
in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenue |
|
|
|
|
|
|
|
Subscriptions |
$ |
56,946 |
|
|
$ |
41,418 |
|
|
$ |
120,712 |
|
|
$ |
91,854 |
|
Professional services |
|
26,053 |
|
|
|
25,357 |
|
|
|
51,142 |
|
|
|
53,785 |
|
Total revenue |
|
82,999 |
|
|
|
66,775 |
|
|
|
171,854 |
|
|
|
145,639 |
|
Cost
of revenue |
|
|
|
|
|
|
|
Subscriptions |
|
6,860 |
|
|
|
4,701 |
|
|
|
12,714 |
|
|
|
10,084 |
|
Professional services |
|
18,975 |
|
|
|
16,455 |
|
|
|
36,650 |
|
|
|
35,191 |
|
Total cost of revenue |
|
25,835 |
|
|
|
21,156 |
|
|
|
49,364 |
|
|
|
45,275 |
|
Gross profit |
|
57,164 |
|
|
|
45,619 |
|
|
|
122,490 |
|
|
|
100,364 |
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
40,520 |
|
|
|
29,086 |
|
|
|
76,504 |
|
|
|
63,258 |
|
Research and development |
|
23,862 |
|
|
|
17,178 |
|
|
|
44,552 |
|
|
|
33,216 |
|
General and administrative |
|
17,358 |
|
|
|
11,450 |
|
|
|
36,500 |
|
|
|
24,591 |
|
Total operating expenses |
|
81,740 |
|
|
|
57,714 |
|
|
|
157,556 |
|
|
|
121,065 |
|
Operating loss |
|
(24,576 |
) |
|
|
(12,095 |
) |
|
|
(35,066 |
) |
|
|
(20,701 |
) |
Other (income) expense |
|
|
|
|
|
|
|
Other (income) expense, net |
|
(1,081 |
) |
|
|
(682 |
) |
|
|
1,812 |
|
|
|
2,432 |
|
Interest expense |
|
80 |
|
|
|
128 |
|
|
|
161 |
|
|
|
271 |
|
Total other (income) expense |
|
(1,001 |
) |
|
|
(554 |
) |
|
|
1,973 |
|
|
|
2,703 |
|
Loss
before income taxes |
|
(23,575 |
) |
|
|
(11,541 |
) |
|
|
(37,039 |
) |
|
|
(23,404 |
) |
Income tax
expense |
|
250 |
|
|
|
274 |
|
|
|
373 |
|
|
|
80 |
|
Net
loss |
$ |
(23,825 |
) |
|
$ |
(11,815 |
) |
|
$ |
(37,412 |
) |
|
$ |
(23,484 |
) |
Net loss per
share: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.34 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.35 |
) |
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
70,952,917 |
|
|
|
68,369,823 |
|
|
|
70,842,263 |
|
|
|
67,949,270 |
|
|
|
|
|
|
|
|
|
APPIAN
CORPORATION AND SUBSIDIARIES |
STOCK BASED
COMPENSATION EXPENSE |
(unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Cost of
revenue |
|
|
|
|
|
|
|
Subscriptions |
$ |
295 |
|
$ |
229 |
|
$ |
592 |
|
$ |
442 |
Professional services |
|
865 |
|
|
317 |
|
|
1,506 |
|
|
529 |
Operating
expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
1,197 |
|
|
657 |
|
|
2,305 |
|
|
1,410 |
Research and development |
|
1,069 |
|
|
619 |
|
|
2,084 |
|
|
1,172 |
General and administrative |
|
1,172 |
|
|
1,792 |
|
|
6,005 |
|
|
3,537 |
Total stock-based compensation expense |
$ |
4,598 |
|
$ |
3,614 |
|
$ |
12,492 |
|
$ |
7,090 |
|
|
|
|
|
|
|
|
APPIAN
CORPORATION AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
Cash
flows from operating activities: |
|
|
|
Net loss |
$ |
(37,412 |
) |
|
$ |
(23,484 |
) |
Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
Depreciation and amortization |
|
2,561 |
|
|
|
2,980 |
|
Bad debt expense |
|
32 |
|
|
|
200 |
|
Loss on disposal of property and equipment |
― |
|
|
22 |
|
Change in fair value of available-for-sale securities |
|
(31 |
) |
|
― |
Deferred income taxes |
|
(144 |
) |
|
|
(168 |
) |
Stock-based compensation |
|
12,492 |
|
|
|
7,090 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
16,720 |
|
|
|
(2,084 |
) |
Prepaid expenses and other assets |
|
243 |
|
|
|
1,922 |
|
Deferred commissions |
|
(7,340 |
) |
|
|
(295 |
) |
Accounts payable and accrued expenses |
|
3,000 |
|
|
|
(1,674 |
) |
Accrued compensation and related benefits |
|
2,808 |
|
|
|
2,575 |
|
Other current and non-current liabilities |
|
(563 |
) |
|
|
1,271 |
|
Deferred revenue |
|
(1,791 |
) |
|
|
2,310 |
|
Operating lease liabilities |
|
52 |
|
|
|
2,378 |
|
Net cash used in operating activities |
|
(9,373 |
) |
|
|
(6,957 |
) |
Cash
flows from investing activities: |
|
|
|
Proceeds from sale of investments |
|
27,604 |
|
|
― |
Payments for acquisitions, net of cash acquired |
― |
|
|
(6,138 |
) |
Purchases of property and equipment |
|
(1,027 |
) |
|
|
(686 |
) |
Net cash provided by (used in) investing
activities |
|
26,577 |
|
|
|
(6,824 |
) |
Cash
flows from financing activities: |
|
|
|
Principal payments on finance leases |
― |
|
|
(716 |
) |
Proceeds from public offering, net of underwriting discounts |
― |
|
|
108,260 |
|
Payments of costs related to public offerings |
― |
|
|
(18 |
) |
Proceeds from exercise of common stock options |
|
2,089 |
|
|
|
2,242 |
|
Net cash provided by financing activities |
|
2,089 |
|
|
|
109,768 |
|
Effect of foreign exchange rate changes on cash and cash
equivalents |
|
(476 |
) |
|
|
404 |
|
Net
increase in cash and cash equivalents |
|
18,817 |
|
|
|
96,391 |
|
Cash
and cash equivalents, beginning of period |
|
112,462 |
|
|
|
159,755 |
|
Cash
and cash equivalents, end of period |
$ |
131,279 |
|
|
$ |
256,146 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
Cash paid for interest |
$ |
173 |
|
|
$ |
88 |
|
Cash paid for income taxes |
$ |
806 |
|
|
$ |
139 |
|
APPIAN
CORPORATION AND SUBSIDIARIES |
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES |
(unaudited,
in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Reconciliation of non-GAAP operating loss: |
|
|
|
|
|
|
|
GAAP operating loss |
$ |
(24,576 |
) |
|
$ |
(12,095 |
) |
|
$ |
(35,066 |
) |
|
$ |
(20,701 |
) |
Add back: |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
4,598 |
|
|
|
3,614 |
|
|
|
12,492 |
|
|
|
7,090 |
|
Litigation expenses(1) |
|
2,353 |
|
|
― |
|
|
4,040 |
|
|
― |
Non-GAAP operating loss |
$ |
(17,625 |
) |
|
$ |
(8,481 |
) |
|
$ |
(18,534 |
) |
|
$ |
(13,611 |
) |
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss: |
|
|
|
|
|
|
|
GAAP net loss |
$ |
(23,825 |
) |
|
$ |
(11,815 |
) |
|
$ |
(37,412 |
) |
|
$ |
(23,484 |
) |
Add back: |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
4,598 |
|
|
|
3,614 |
|
|
|
12,492 |
|
|
|
7,090 |
|
Litigation expenses(1) |
|
2,353 |
|
|
― |
|
|
4,040 |
|
|
― |
Loss on disposal of property and equipment |
― |
|
|
15 |
|
|
― |
|
|
22 |
|
Non-GAAP net loss |
$ |
(16,874 |
) |
|
$ |
(8,186 |
) |
|
$ |
(20,880 |
) |
|
$ |
(16,372 |
) |
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share: |
|
|
|
|
|
|
|
Non-GAAP net loss |
$ |
(16,874 |
) |
|
$ |
(8,186 |
) |
|
$ |
(20,880 |
) |
|
$ |
(16,372 |
) |
Non-GAAP weighted average shares used to compute net loss per
share, basic and diluted |
|
70,952,917 |
|
|
|
68,369,823 |
|
|
|
70,842,263 |
|
|
|
67,949,270 |
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.24 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss per share, basic and
diluted: |
|
|
|
|
|
|
|
GAAP net loss per share, basic and diluted |
$ |
(0.34 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.35 |
) |
Add back: |
|
|
|
|
|
|
|
Non-GAAP adjustments to net loss per share |
|
0.10 |
|
|
|
0.05 |
|
|
|
0.24 |
|
|
|
0.11 |
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.24 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
Reconciliation of adjusted EBITDA: |
|
|
|
|
|
|
|
GAAP net loss |
$ |
(23,825 |
) |
|
$ |
(11,815 |
) |
|
$ |
(37,412 |
) |
|
$ |
(23,484 |
) |
Other (income) expense, net |
|
(1,081 |
) |
|
|
(682 |
) |
|
|
1,812 |
|
|
|
2,432 |
|
Interest expense |
|
80 |
|
|
|
128 |
|
|
|
161 |
|
|
|
271 |
|
Income tax expense |
|
250 |
|
|
|
274 |
|
|
|
373 |
|
|
|
80 |
|
Depreciation and amortization expense |
|
1,283 |
|
|
|
1,469 |
|
|
|
2,561 |
|
|
|
2,980 |
|
Stock-based compensation expense |
|
4,598 |
|
|
|
3,614 |
|
|
|
12,492 |
|
|
|
7,090 |
|
Litigation expenses(1) |
|
2,353 |
|
|
― |
|
|
4,040 |
|
|
― |
Adjusted
EBITDA |
$ |
(16,342 |
) |
|
$ |
(7,012 |
) |
|
$ |
(15,973 |
) |
|
$ |
(10,631 |
) |
(1) Consists of
professional fees and other costs incurred in connection with two
separate lawsuits, one involving reciprocal false advertising and
related claims with a competitor and one involving an effort to
enforce our intellectual property. We believe the costs incurred
related to these cases are outside of our ordinary course of
business; therefore, exclusion of such costs aids to provide
supplemental information and comparable financial results from
period to period. |
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