Bridgeline Digital, Inc. (NASDAQ: BLIN), The Digital Engagement
Company, today announced financial results for its fiscal fourth
quarter ended September 30, 2020.
“In our fourth quarter, recurring revenue grew
20% and we delivered another quarter of strong profits,” said Ari
Kahn, Bridgeline’s President and Chief Executive Officer. “In
addition to our App Sales, which have hit a new high, we won
multiple Enterprise Platform customers including a global franchise
who committed to a multi-year agreement valued at more than
$650,000 to power 200 websites with Bridgeline’s Unbound Franchise
software.”
“Bridgeline continues to evaluate opportunities
to acquire synergistic software companies that provide added value
to our growing customer base and drive cross-selling
opportunities,” continued Mr. Kahn. “The company evaluates several
opportunities every month and is careful to select candidates who
fulfill our strategic and financial goals.”
Fourth Quarter Summary:
- Total revenue,
which is comprised of License and Services revenue, was consistent
at $2.7 million for the quarters ended September 30, 2020 and 2019.
License revenue grew by 20% and Services decreased by 31%.
- Subscription and
perpetual licenses revenue, which is comprised of SaaS licenses,
maintenance and hosting revenue and perpetual license revenue
increased 20% to $2 million for the quarter ended September 30,
2020, from $1.7 million for the same period in 2019. As a
percentage of total revenue, Subscription and perpetual license
revenue increased 12% to 74% of total revenue for the quarter ended
September 30, 2020, compared to 62% for the same period in
2019.
- Services revenue
decreased $314,000 to $701,000 for the quarter ended September 30,
2020 as compared to $1 million for the same period in 2019. As a
percentage of total revenue, Services revenue accounted for 26% of
total revenue for the quarter ended September 30, 2020, compared to
38% for the same period in 2019.
- Gross profit
increased 16% or $253,000 to $1.8 million for the quarter ended
September 30, 2020 as compared to $1.6 million for the same period
in 2019. Cost of revenue decreased 21% or $236,000 to $885,000 for
the quarter ended September 30, 2020 compared to $1.1 million for
the same period in 2019. Gross margin increased to 67% for the
quarter ended September 30, 2020, compared to 58% for the same
period in 2019. Subscription and perpetual licenses gross margin
were 76% for three months ended September 30, 2020 as compared to
59% for the same period in 2019. Services gross margin were 43% for
the three months ended September 30, 2020 as compared to 57% for
the same period in 2019.
- Operating
expenses decreased 46% or $1.4 million to $1.7 million for the
quarter ended September 30, 2020 from $3.1 million for the same
period in 2019. Included within the quarterly totals as of
September 30, 2020 are the net benefits and overall efficiencies of
the previously announced reduction of our U.S. and Canada
operations by eliminating redundancies and combining certain
responsibilities and functions. Included within the quarter ended
September 2019 results are acquisition charges of $35,000 related
to the acquisition of Stantive and Celebros, respectively.
- Operating income
for the quarter ended September 30, 2020 is $164,000 as compared to
an operating loss of $1.5 million for the same period in 2019.
- Net income
applicable to common shareholders for the fiscal quarter ended
September 30, 2020 is $1.1 million, compared to net income of
$619,000 for the same period in 2019. Included within the net
income for the three months ended September 30, 2020 was the
non-cash loss of $50,000 attributable to the change in fair value
of certain derivative warrant liabilities offset by the government
grant income of $960,000 related to the forgiveness of the PPP
loan. For the three months ended September 30, 2019, the net gain
attributable to the change in fair value of certain derivative
warrant liabilities was $2.2 million offset by the dividend on
convertible preferred stock of $73,000, respectively.
Year to Date Summary:
- Total revenue,
which is comprised of License and Services revenue, increased 10%
to $11 million for the twelve months ended September 30, 2020, as
compared to $10 million for the same period in 2019. License
revenue grew by 29% and Services decreased by 17%.
- Subscription and
perpetual licenses revenue, which is comprised of SaaS licenses,
maintenance and hosting revenue and perpetual license revenue
increased 29% to $7.5 million for the twelve months ended September
30, 2020, from $5.8 million for the same period in 2019. As a
percentage of total revenue, Subscription and perpetual licenses
revenue increased 10% to 69% of total revenue for the twelve months
ended September 30, 2020, compared to 59% for the same period in
2019.
- Services revenue
decreased $708,000 to $3.4 million for the twelve months ended
September 30, 2020 as compared to $4.1 million for the same period
in 2019. As a percentage of total revenue, Services revenue
decreased 10% to 31% of total revenue for the twelve months ended
September 30, 2020, compared to 41% for the same period in
2019.
- Gross profit
increased 39% or $1.8 million to $6.4 million for the twelve months
ended September 30, 2020 as compared to $4.6 million for the same
period in 2019. Cost of revenue decreased 16% or $853,000 to $4.5
million for the twelve months ended September 30, 2020 compared to
$5.4 million for the same period in 2019. Gross margin increased to
59% for the twelve months ended September 30, 2020, compared to 46%
for the same period in 2019. Subscription and perpetual licenses
gross margin were 64% for twelve months ended September 30, 2020 as
compared to 44% for the same period in 2019. Services gross margin
were 46% for the twelve months ended September 30, 2020 as compared
to 50% for the same period in 2019.
- Operating
expenses decreased 49% or $7.6 million to $8.1 million for the
twelve months ended September 30, 2020 from $15.7 million for the
same period in 2019. Included within the twelve month totals as of
September 30, 2020 are restructuring charges of $366,000 which
reflect the net benefits and overall efficiencies of the previously
announced reduction of our U.S. and Canada operations by
eliminating redundancies and combining certain responsibilities and
functions. Included within the twelve months ended September 2019
results are acquisition charges of $1.1 million related to the
acquisition of Stantive and Celebros and a goodwill impairment
charge of $3.7 million respectively.
- Net loss
applicable to common shareholders for the twelve months ended
September 30, 2020 is $2.1 million, compared to $9.8 million for
the same period in 2019. Included within the net loss for the
twelve months ended September 30, 2020 is a non-cash gain of $1
million attributable to the change in fair value of certain
derivative warrant liabilities, government grant income of $960,000
related to the forgiveness of the PPP loan and a deemed dividend
expense on the amendment of convertible preferred stock of $2.3
million. For the twelve months ended September 30, 2019, the net
gain attributable to the change in fair value of certain derivative
warrant liabilities was $2.1 million offset by the dividend on
convertible preferred stock of $315,000, respectively.
Financial Results
Fourth Quarter
Total revenue, which is comprised of License and
Services revenue, was consistent at $2.7 million for the quarters
ended September 30, 2020 and 2019. License revenue grew by 20% and
Services decreased by 31%. Subscription and perpetual licenses
revenue, which is comprised of SaaS licenses, maintenance and
hosting revenue and perpetual license revenue increased 20% to $2
million for the quarter ended September 30, 2020, from $1.7 million
for the same period in 2019. As a percentage of total revenue,
Subscription and perpetual license revenue increased 12% to 74% of
total revenue for the quarter ended September 30, 2020, compared to
62% for the same period in 2019. Services revenue decreased
$314,000 to $701,000 for the quarter ended September 30, 2020 as
compared to $1 million for the same period in 2019. As a percentage
of total revenue, Services revenue accounted for 26% of total
revenue for the quarter ended September 30, 2020, compared to 38%
for the same period in 2019.
Gross profit increased 16% or $253,000 to $1.8
million for the quarter ended September 30, 2020 as compared to
$1.6 million for the same period in 2019. Cost of revenue decreased
21% or $236,000 to $885,000 for the quarter ended September 30,
2020 compared to $1.1 million for the same period in 2019. Gross
margin increased to 67% for the quarter ended September 30, 2020,
compared to 58% for the same period in 2019. Subscription and
perpetual licenses gross margin were 76% for three months ended
September 30, 2020 as compared to 59% for the same period in 2019.
Services gross margin were 43% for the three months ended September
30, 2020 as compared to 57% for the same period in 2019.
Operating expenses decreased 46% or $1.4 million
to $1.7 million for the quarter ended September 30, 2020 from $3.1
million for the same period in 2019. Included within the quarterly
totals as of September 30, 2020 are the net benefits and overall
efficiencies of the previously announced reduction of our U.S. and
Canada operations by eliminating redundancies and combining certain
responsibilities and functions. Included within the quarter ended
September 2019 results are acquisition charges of $35,000 related
to the acquisition of Stantive and Celebros, respectively.
Operating income for the quarter ended September
30, 2020 is $164,000 as compared to an operating loss of $1.5
million for the same period in 2019.
Net income applicable to common shareholders for
the fiscal quarter ended September 30, 2020 is $1.1 million,
compared to net income of $619,000 for the same period in 2019.
Included within the net income for the three months ended September
30, 2020 was the non-cash loss of $50,000 attributable to the
change in fair value of certain derivative warrant liabilities
offset by the government grant income of $960,000 related to the
forgiveness of the PPP loan. For the three months ended September
30, 2019, the net gain attributable to the change in fair value of
certain derivative warrant liabilities was $2.2 million offset by
the dividend on convertible preferred stock of $73,000,
respectively.
Adjusted EBITDA gain for the quarter ended
September 30, 2020 is $455,000 or $0.10 per diluted share, compared
to a loss of $1.2 million or $0.41 per diluted share for the same
period in 2019.
Year to Date
Total revenue, which is comprised of License and
Services revenue, increased 10% to $11 million for the twelve
months ended September 30, 2020, as compared to $10 million for the
same period in 2019. License revenue grew by 29% and Services
decreased by 17%. Subscription and perpetual licenses revenue,
which is comprised of SaaS licenses, maintenance and hosting
revenue and perpetual license revenue increased 29% to $7.5 million
for the twelve months ended September 30, 2020, from $5.8 million
for the same period in 2019. As a percentage of total revenue,
Subscription and perpetual licenses revenue increased 10% to 69% of
total revenue for the twelve months ended September 30, 2020,
compared to 59% for the same period in 2019. Services revenue
decreased $708,000 to $3.4 million for the twelve months ended
September 30, 2020 as compared to $4.1 million for the same period
in 2019. As a percentage of total revenue, Services revenue
decreased 10% to 31% of total revenue for the twelve months ended
September 30, 2020, compared to 41% for the same period in
2019.
Gross profit increased 39% or $1.8 million to
$6.4 million for the twelve months ended September 30, 2020 as
compared to $4.6 million for the same period in 2019. Cost of
revenue decreased 16% or $853,000 to $4.5 million for the twelve
months ended September 30, 2020 compared to $5.4 million for the
same period in 2019. Gross margin increased to 59% for the twelve
months ended September 30, 2020, compared to 46% for the same
period in 2019. Subscription and perpetual licenses gross margin
were 64% for twelve months ended September 30, 2020 as compared to
44% for the same period in 2019. Services gross margin were 46% for
the twelve months ended September 30, 2020 as compared to 50% for
the same period in 2019.
Operating expenses decreased 49% or $7.6 million
to $8.1 million for the twelve months ended September 30, 2020 from
$15.7 million for the same period in 2019. Included within the
twelve month totals as of September 30, 2020 are restructuring
charges of $366,000 which reflect the net benefits and overall
efficiencies of the previously announced reduction of our U.S. and
Canada operations by eliminating redundancies and combining certain
responsibilities and functions. Included within the twelve months
ended September 2019 results are acquisition charges of $1.1
million related to the acquisition of Stantive and Celebros and a
goodwill impairment charge of $3.7 million respectively.
Net loss applicable to common shareholders for
the twelve months ended September 30, 2020 is $2.1 million,
compared to $9.8 million for the same period in 2019. Included
within the net loss for the twelve months ended September 30, 2020
is a non-cash gain of $1 million attributable to the change in fair
value of certain derivative warrant liabilities, government grant
income of $960,000 related to the forgiveness of the PPP loan and a
deemed dividend expense on the amendment of convertible preferred
stock of $2.3 million. For the twelve months ended September 30,
2019, the net gain attributable to the change in fair value of
certain derivative warrant liabilities was $2.1 million offset by
the dividend on convertible preferred stock of $315,000,
respectively.
Adjusted EBITDA loss for the twelve months ended
September 30, 2020 is $128,000 or $0.04 per diluted share, compared
to $5.4 million or $4.49 per diluted share for the same period in
2019.
Conference Call:
Bridgeline Digital, Inc. will hold a conference
call today, December 23, 2020 at 8:30 a.m. Eastern Time to discuss
these results. The Company's President and Chief Executive Officer,
Ari Kahn and Chief Financial Officer, Mark G. Downey will host the
call, followed by a question and answer period.
The details of the conference call and replay are as
follows:
What: |
Bridgeline Digital Fourth Quarter 2020 Earnings
Call |
When: |
Wednesday, December 23, 2020 |
Time: |
8:30 a.m. ET |
Live
Call: |
(877) 837-3910, domestic |
|
(973) 796-5077, international |
Replay: |
(855) 859-2056 |
|
(404) 537-3406 |
Conference ID: |
5146118 |
Please call the conference telephone number 5 –
10 minutes prior to the start time. An operator will register your
name and organization.
Non-GAAP Financial Measures
This press release contains the following
non-GAAP financial measures: non-GAAP adjusted net income/(loss),
non-GAAP adjusted earnings/(loss) per diluted share, Adjusted
EBITDA and Adjusted EBITDA per diluted share.
Non-GAAP adjusted net income/(loss) and non-GAAP
adjusted earnings/(loss) per diluted share are calculated as net
income/(loss) or net income/(loss) per share on a diluted basis,
excluding, where applicable, amortization of intangible assets,
non-cash stock-based compensation, goodwill impairment charges,
restructuring and acquisition-related costs, preferred stock
dividends and any related tax effects.
Adjusted EBITDA and Adjusted EBITDA per diluted
share are defined as earnings before interest, taxes, depreciation
and amortization, non-cash stock-based compensation charges,
goodwill impairment charges, restructuring and acquisition-related
costs, changes in fair value of derivative liabilities and warrant
expense, amortization of debt discounts, preferred stock dividends
and any related tax effects. Bridgeline uses non-GAAP adjusted net
income/(loss) and Adjusted EBITDA as supplemental measures of our
performance that are not required by, or presented in accordance
with, accounting principles generally accepted in the United States
(“GAAP”).
Bridgeline’s management does not consider these
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP. The principal
limitation of these non-GAAP financial measures is that they
exclude significant expenses and income that are required by GAAP
to be recorded in the Company's financial statements. In addition,
they are subject to inherent limitations as they reflect the
exercise of judgments by management about which expenses and income
are excluded or included in determining these non-GAAP financial
measures. In order to compensate for these limitations, Bridgeline
management presents non-GAAP financial measures in connection with
GAAP results. Bridgeline urges investors to review the
reconciliation of its non-GAAP financial measures to the comparable
GAAP financial measures, which is included in this press release,
and not to rely on any single financial measure to evaluate
Bridgeline's financial performance.
Our definitions of non-GAAP adjusted net
income/(loss) and Adjusted EBITDA may differ from and therefore may
not be comparable with similarly titled measures used by other
companies, thereby limiting their usefulness as comparative
measures. As a result of the limitations that non-GAAP adjusted net
income and Adjusted EBITDA have as an analytical tool, investors
should not consider them in isolation, or as a substitute for
analysis of our operating results as reported under GAAP.
Safe Harbor for Forward-Looking Statements
Statement under the Private Securities Litigation Reform
Act of 1995
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, are based on our current expectations, estimates and
projections about our industry, management's beliefs, and certain
assumptions made by us, all of which are subject to change.
Forward-looking statements can often be identified by words such as
"anticipates," "expects," "intends," "plans," "predicts,"
"believes," "seeks," "estimates," "may," "will," "should," "would,"
"could," "potential," "continue," "ongoing," similar expressions,
and variations or negatives of these words. These statements appear
in a number of places in this press release and include statements
regarding the intent, belief or current expectations of Bridgeline
Digital, Inc. These forward-looking statements are not guarantees
of future results and are subject to risks, uncertainties and
assumptions, including, but not limited to, the impact of the
COVID-19 pandemic and related public health measures that may
affect our financial results; business operations and the business
of our customers, suppliers and partners; our ability to retain and
upgrade current customers, increasing our recurring revenue, our
ability to attract new customers, our revenue growth rate; our
history of net loss and our ability to achieve or maintain
profitability, our liability for any unauthorized access to our
data or our users’ content, including through privacy and data
security breaches; any decline in demand for our platform or
products; changes in the interoperability of our platform across
devices, operating systems, and Fourth party applications that we
do no control; competition in our markets; our ability to respond
to rapid technological changes, extend our platform, develop new
features or products, or gain market acceptance for such new
features or products, particularly in light of potential
disruptions to the productivity of our employees resulting from
remote work; our ability to manage our growth or plan for future
growth, and our acquisition of other businesses and the potential
of such acquisitions to require significant management attention,
disrupt our business, or dilute stockholder value; the volatility
of the market price of our common stock, the ability to maintain
our listing on the NASDAQ Capital Market, or our ability to
maintain an effective system of internal controls as well as other
risks described in our filings with the Securities and Exchange
Commission. Any of such risks could cause our actual results to
differ materially and adversely from those expressed in any
forward-looking statement. Bridgeline Digital, Inc. assumes no
obligation to, and does not currently intend to, update any such
forward-looking statements after the date of this release, except
as required by applicable law.
About Bridgeline Digital
Bridgeline Digital, The Digital Engagement Company, helps
customers maximize the performance of their omni-channel digital
experience from websites and intranets to online stores and
campaigns. Bridgeline’s Unbound platform is a Digital Experience
Platform (DXP) that deeply integrates Web Content Management,
eCommerce, Marketing Automation, Site Search, Authenticated
Portals, Social Media Management, Translation, Locator Pages and
Web Analytics to help the goal of assisting marketers to help
organizations deliver digital experiences that attract, engage,
nurture and convert their customers across all channels and
streamline business operations. OrchestraCMS is the only content
and digital experience platform built 100% native on Salesforce.
OrchestraCMS helps Salesforce create digital experiences for their
customers and partners; combining content with business data,
processes and applications across multiply channels and device
including Salesforce Communities, social media, portals, intranets,
websites, applications and services. Celebros Search is a commerce
oriented, site search product that provides for Natural Language
Processing with artificial intelligence (AI) to present very
relevant search results in seven languages. Headquartered in
Woburn, MA., Bridgeline customers range from small- and
medium-sized organizations to Fortune 1000 companies. To learn
more, please visit www.bridgeline.com or call (800) 603-9936.
Contact:
Company ContactBridgeline Digital, Inc.Mark G. DowneyChief
Financial Officer(631) 203-6820mdowney@bridgeline.com
BRIDGELINE DIGITAL, INC. |
|
RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
September 30 |
|
September 30 |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Reconciliation of GAAP net income/(loss) to |
|
|
|
|
|
|
|
|
|
non-GAAP adjusted net income/(loss): |
|
|
|
|
|
|
|
|
|
GAAP net income/(loss) |
|
$ |
1,068 |
|
|
$ |
619 |
|
|
$ |
(2,094 |
) |
|
$ |
(9,789 |
) |
|
Amortization of intangible assets |
|
|
213 |
|
|
|
234 |
|
|
|
891 |
|
|
|
544 |
|
|
Stock-based compensation |
|
|
61 |
|
|
|
39 |
|
|
|
194 |
|
|
|
249 |
|
|
Goodwill impairment charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,732 |
|
|
Restructuring and acquisition-related charges |
|
|
(7 |
) |
|
|
35 |
|
|
|
366 |
|
|
|
1,053 |
|
|
Convertible Preferred stock dividends |
|
|
- |
|
|
|
73 |
|
|
|
2,420 |
|
|
|
315 |
|
|
Non-GAAP adjusted net income/(loss) |
|
$ |
1,335 |
|
|
$ |
1,000 |
|
|
$ |
1,777 |
|
|
$ |
(3,896 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net earnings/(loss) per diluted
share to |
|
|
|
|
|
|
|
|
|
non-GAAP adjusted net earnings/(loss) per diluted
share: |
|
|
|
|
|
|
|
|
|
GAAP net income/(loss) |
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
(0.59 |
) |
|
$ |
(8.16 |
) |
|
Amortization of intangible assets |
|
|
0.05 |
|
|
|
0.08 |
|
|
|
0.25 |
|
|
|
0.45 |
|
|
Stock-based compensation |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.21 |
|
|
Goodwill impairment charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3.11 |
|
|
Restructuring and acquisition-related charges |
|
|
(0.00 |
) |
|
|
0.01 |
|
|
|
0.10 |
|
|
|
0.88 |
|
|
Convertible Preferred stock dividends |
|
|
- |
|
|
|
0.03 |
|
|
|
0.68 |
|
|
|
0.26 |
|
|
Non-GAAP adjusted net earnings/(loss) per diluted share |
|
$ |
0.29 |
|
|
$ |
0.34 |
|
|
$ |
0.50 |
|
|
$ |
(3.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income/(loss) to Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
GAAP net income/(loss) |
|
$ |
1,068 |
|
|
$ |
619 |
|
|
$ |
326 |
|
|
$ |
(9,789 |
) |
|
Provision for income tax |
|
|
2 |
|
|
|
(3 |
) |
|
|
11 |
|
|
|
4 |
|
|
Interest and other expense, net |
|
|
4 |
|
|
|
(1 |
) |
|
|
7 |
|
|
|
303 |
|
|
Government grant income |
|
|
(960 |
) |
|
|
- |
|
|
|
(960 |
) |
|
|
- |
|
|
Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
231 |
|
|
Change in fair value of warrants |
|
|
50 |
|
|
|
(2,212 |
) |
|
|
(1,028 |
) |
|
|
(13,404 |
) |
|
Warranty liability expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11,272 |
|
|
Amortization of intangible assets |
|
|
213 |
|
|
|
234 |
|
|
|
891 |
|
|
|
544 |
|
|
Depreciation |
|
|
21 |
|
|
|
16 |
|
|
|
61 |
|
|
|
66 |
|
|
Goodwill impairment charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,732 |
|
|
Restructuring and acquisition-related charges |
|
|
(7 |
) |
|
|
35 |
|
|
|
366 |
|
|
|
1,053 |
|
|
Other amortization |
|
|
3 |
|
|
|
7 |
|
|
|
16 |
|
|
|
39 |
|
|
Stock-based compensation |
|
|
61 |
|
|
|
39 |
|
|
|
194 |
|
|
|
249 |
|
|
Convertible Preferred stock dividends |
|
|
- |
|
|
|
73 |
|
|
|
- |
|
|
|
315 |
|
|
Adjusted EBITDA |
|
$ |
455 |
|
|
$ |
(1,193 |
) |
|
$ |
(116 |
) |
|
$ |
(5,385 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net earnings/(loss) per diluted
share to |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA per diluted share: |
|
|
|
|
|
|
|
|
|
GAAP net income/(loss) |
|
$ |
0.24 |
|
|
$ |
0.21 |
|
|
$ |
0.09 |
|
|
$ |
(8.16 |
) |
|
Provision for income tax |
|
|
0.00 |
|
|
|
(0.00 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
|
Interest and other expense, net |
|
|
0.00 |
|
|
|
(0.00 |
) |
|
|
0.00 |
|
|
|
0.25 |
|
|
Government grant income |
|
|
(0.21 |
) |
|
|
- |
|
|
|
(0.27 |
) |
|
|
- |
|
|
Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.19 |
|
|
Change in fair value of warrants |
|
|
0.01 |
|
|
|
(0.76 |
) |
|
|
(0.29 |
) |
|
|
(11.18 |
) |
|
Warranty liability expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9.40 |
|
|
Amortization of intangible assets |
|
|
0.05 |
|
|
|
0.08 |
|
|
|
0.25 |
|
|
|
0.45 |
|
|
Depreciation |
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
Goodwill impairment charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3.11 |
|
|
Restructuring and acquisition-related charges |
|
|
(0.00 |
) |
|
|
0.01 |
|
|
|
0.10 |
|
|
|
0.88 |
|
|
Other amortization |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.03 |
|
|
Stock-based compensation |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.21 |
|
|
Convertible Preferred stock dividends |
|
|
- |
|
|
|
0.03 |
|
|
|
- |
|
|
|
0.26 |
|
|
Adjusted EBITDA per diluted share |
|
$ |
0.10 |
|
|
$ |
(0.41 |
) |
|
$ |
(0.03 |
) |
|
$ |
(4.49 |
) |
|
BRIDGELINE DIGITAL, INC. |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Dollars in thousands, except share and per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
Digital engagement services |
|
$ |
701 |
|
|
$ |
1,015 |
|
|
$ |
3,409 |
|
|
$ |
4,117 |
|
|
Subscription and perpetual licenses |
|
|
2,004 |
|
|
|
1,673 |
|
|
|
7,498 |
|
|
|
5,835 |
|
|
Total revenue |
|
|
2,705 |
|
|
|
2,688 |
|
|
|
10,907 |
|
|
|
9,952 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
Digital engagement services |
|
|
399 |
|
|
|
434 |
|
|
|
1,831 |
|
|
|
2,070 |
|
|
Subscription and perpetual licenses |
|
|
486 |
|
|
|
687 |
|
|
|
2,676 |
|
|
|
3,290 |
|
|
Total cost of revenue |
|
|
885 |
|
|
|
1,121 |
|
|
|
4,507 |
|
|
|
5,360 |
|
|
Gross profit |
|
|
1,820 |
|
|
|
1,567 |
|
|
|
6,400 |
|
|
|
4,592 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
484 |
|
|
|
1,305 |
|
|
|
2,614 |
|
|
|
4,824 |
|
|
General and administrative |
|
|
519 |
|
|
|
806 |
|
|
|
2,455 |
|
|
|
3,246 |
|
|
Research and development |
|
|
423 |
|
|
|
686 |
|
|
|
1,641 |
|
|
|
2,185 |
|
|
Depreciation and amortization |
|
|
237 |
|
|
|
259 |
|
|
|
968 |
|
|
|
620 |
|
|
Goodwill impairment charge |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,732 |
|
|
Restructuring and acquisition-related |
|
|
(7 |
) |
|
|
35 |
|
|
|
366 |
|
|
|
1,053 |
|
|
Total operating expenses |
|
|
1,656 |
|
|
|
3,091 |
|
|
|
8,044 |
|
|
|
15,660 |
|
|
Income (loss) from operations |
|
|
164 |
|
|
|
(1,524 |
) |
|
|
(1,644 |
) |
|
|
(11,068 |
) |
|
Interest and other, net |
|
|
(4 |
) |
|
|
1 |
|
|
|
(7 |
) |
|
|
(303 |
) |
|
Government grant income (Note 10) |
|
|
960 |
|
|
|
- |
|
|
|
960 |
|
|
|
- |
|
|
Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(231 |
) |
|
Warranty liability expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(11,272 |
) |
|
Change in fair value of warrant liabilities |
|
|
(50 |
) |
|
|
2,212 |
|
|
|
1,028 |
|
|
|
13,404 |
|
|
Income (loss) before income taxes |
|
|
1,070 |
|
|
|
689 |
|
|
|
337 |
|
|
|
(9,470 |
) |
|
Provision for income taxes |
|
|
2 |
|
|
|
(3 |
) |
|
|
11 |
|
|
|
4 |
|
|
Net income (loss) |
|
$ |
1,068 |
|
|
$ |
692 |
|
|
$ |
326 |
|
|
$ |
(9,474 |
) |
|
Dividends on convertible preferred stock |
|
|
- |
|
|
|
(73 |
) |
|
|
(106 |
) |
|
|
(315 |
) |
|
Deemed dividend on amendment of Series A convertible |
|
|
|
|
|
|
|
|
preferred stock |
|
|
- |
|
|
|
- |
|
|
|
(2,314 |
) |
|
|
- |
|
|
Net income (loss) applicable to common shareholders |
|
$ |
1,068 |
|
|
$ |
619 |
|
|
$ |
(2,094 |
) |
|
$ |
(9,789 |
) |
|
Net income/(loss) per share attributable to common
shareholders: |
|
|
|
|
|
|
|
Basic |
|
$ |
0.24 |
|
|
$ |
0.22 |
|
|
$ |
(0.59 |
) |
|
$ |
(8.16 |
) |
|
Diluted |
|
$ |
0.24 |
|
|
$ |
0.18 |
|
|
$ |
(0.59 |
) |
|
$ |
(8.16 |
) |
|
Number of weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,419,614 |
|
|
|
2,795,604 |
|
|
|
3,555,032 |
|
|
|
1,199,322 |
|
|
Diluted |
|
|
4,526,700 |
|
|
|
2,915,438 |
|
|
|
3,555,032 |
|
|
|
1,199,322 |
|
|
BRIDGELINE DIGITAL, INC. |
|
CONSOLIDATED BALANCE SHEETS |
|
(Dollars in thousands, except share and per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
September 30 |
|
September 30 |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
861 |
|
|
$ |
296 |
|
|
Accounts receivable, net |
|
|
665 |
|
|
|
979 |
|
|
Prepaid expenses |
|
|
268 |
|
|
|
351 |
|
|
Other current assets |
|
|
111 |
|
|
|
49 |
|
|
Total current assets |
|
|
1,905 |
|
|
|
1,675 |
|
|
Property and equipment, net |
|
|
238 |
|
|
|
299 |
|
|
Operating lease assets |
|
|
294 |
|
|
|
- |
|
|
Intangible assets, net |
|
|
2,617 |
|
|
|
3,509 |
|
|
Goodwill |
|
|
5,557 |
|
|
|
5,557 |
|
|
Other assets |
|
|
49 |
|
|
|
115 |
|
|
Total assets |
|
$ |
10,660 |
|
|
$ |
11,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
96 |
|
|
$ |
- |
|
|
Accounts payable |
|
|
1,311 |
|
|
|
1,740 |
|
|
Accrued liabilities |
|
|
599 |
|
|
|
835 |
|
|
Paycheck Protection Program Liability (Note 10) |
|
|
88 |
|
|
|
- |
|
|
Deferred revenue |
|
|
1,511 |
|
|
|
1,262 |
|
|
Total current liabilities |
|
|
3,605 |
|
|
|
3,837 |
|
|
Operating lease liabilities, net of current portion |
|
|
198 |
|
|
|
- |
|
|
Warrant liabilities |
|
|
2,486 |
|
|
|
3,514 |
|
|
Other long-term liabilities |
|
|
15 |
|
|
|
8 |
|
|
Total liabilities |
|
|
6,304 |
|
|
|
7,359 |
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Preferred stock - $0.001 par value; 1,000,000
shares authorized; |
|
|
|
|
|
Series C Convertible Preferred stock: |
|
|
|
|
|
11,000 shares authorized; 350 shares at September 30, 2020 and 441
shares at September 30, 2019, issued and outstanding |
|
|
- |
|
|
|
- |
|
|
Series A Convertible Preferred stock: |
|
|
|
|
|
264,000 shares authorized; no shares outstanding at September 30,
2020 and 262,310 shares at September 30, 2019, issued and
outstanding |
|
|
- |
|
|
|
- |
|
|
Common stock - $0.001 par value; 50,000,000
shares authorized; |
|
|
|
|
|
4,420,170 shares at September 30, 2020 and 2,798,475 shares at
September 30, 2019, issued and outstanding |
|
|
4 |
|
|
|
3 |
|
|
Additional paid-in-capital |
|
|
78,316 |
|
|
|
75,620 |
|
|
Accumulated deficit |
|
|
(73,583 |
) |
|
|
(71,489 |
) |
|
Accumulated other comprehensive loss |
|
|
(381 |
) |
|
|
(338 |
) |
|
Total stockholders' equity |
|
|
4,356 |
|
|
|
3,796 |
|
|
Total liabilities and stockholders' equity |
|
$ |
10,660 |
|
|
$ |
11,155 |
|
|
Bridgeline Digital (NASDAQ:BLIN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bridgeline Digital (NASDAQ:BLIN)
Historical Stock Chart
From Sep 2023 to Sep 2024