Sequential Quarterly Revenue Growth of
10.3%; Continued Momentum with Growth Forward Plan Driven by
Expansion of Omni IQsm Product
Line
Inteliquent, Inc. (NASDAQ:IQNT), the nation’s premier voice and
messaging interconnection partner for communications service
providers of all types, today announced its financial results for
the second quarter of 2016.
“We continued to deliver a strong and consistent
performance during the second quarter as we achieved our fourth
consecutive quarter of sequential revenue and traffic growth,
reflecting the successful implementation of our Growth Forward
business strategy,” said Matt Carter, Inteliquent’s President and
Chief Executive Officer. “The acquisition of Shopety’s
Next-Generation Software and Switching Platform will expand the
capabilities and addressable market of our Omni IQ product line by
allowing more customers to use Inteliquent’s services, and
diversify our revenue stream. Overall, we are pleased with the
positive momentum to transform our business and our positioning in
the market to deliver value for our shareholders.”
Second Quarter 2016
Results
Inteliquent generated revenue of $90.8 million
in the second quarter of 2016, an increase of 71.6%, or $37.9
million, from $52.9 million of revenue in the second quarter of
2015. The growth was primarily driven by an increase in
minutes of use, as well as an increase in the average rate per
minute. Minutes of use increased 55.8% to 53.9 billion minutes in
the second quarter of 2016, compared to 34.6 billion minutes in the
second quarter of 2015. The average rate per minute for the
second quarter of 2016 was $0.00168, an increase of 9.8%, compared
to $0.00153 for the second quarter of 2015.
Network and facilities expense for the second
quarter of 2016 was $58.6 million, or 64.5% of revenue, compared to
$21.3 million, or 40.3% of revenue, for the second quarter of
2015. The $37.3 million, or 175.1% increase in network and
facilities expense was primarily due to an increase in
traffic. The cost as a percent of revenue increased during the
three months ended June 30, 2016, primarily as a result of a
significant increase in the volume of long distance traffic, which
in turn resulted in an increase in the costs Inteliquent pays to
third parties to terminate that traffic.
Combined operating expenses consisting of
Operations, Sales and Marketing, and General and Administrative
expenses were $14.2 million, or 15.6% of revenue for the second
quarter of 2016, compared to $13.1 million, or 24.8% of revenue for
the second quarter of 2015. The $1.1 million, or 8.4%
increase in operating expenses was primarily due to higher
professional fees, consisting of contract labor fees, litigation
fees and Shopety transaction costs, as well as higher software
licensing and hardware maintenance costs and higher transaction
taxes and surcharges related to the growth of our business.
Partially offsetting these increases was a decrease to our general
and administrative expenses due to non-recurring charges for the
resolution of certain employee matters related to the separation of
prior members of executive management that occurred during the
three months ended June 30, 2015.
Depreciation and amortization expense was $3.5
million for the second quarter of 2016, or 3.9% of revenue,
compared to $2.6 million for the second quarter of 2015, or 4.9% of
revenue. The increase in depreciation and amortization
expense for the second quarter 2016 was due to the significant
increase in the property and equipment asset base necessary to
accommodate the growth in traffic.
Net Income in the second quarter of 2016 was
$9.0 million, compared to $10.0 million for the second quarter of
2015.
Adjusted EBITDA (a non-GAAP financial measure)
in the second quarter of 2016 was $19.2 million, a decrease of 8.6%
or $1.8 million, from $21.0 million for the second quarter of
2015. See “Use of Non-GAAP Financial Measures” below for a
discussion of the presentation of Adjusted EBITDA and
reconciliation to net income.
2016 Business Outlook
As a result of Inteliquent’s year-to-date
results and the updated forecast for the remainder of the year,
Inteliquent is revising its financial estimates for 2016. The
new outlook is as follows:
|
|
Current Estimates |
|
Prior Estimates |
Revenue |
|
$360 to
$370 million |
|
$370 to
$390 million |
Adjusted
EBITDA |
|
$80 to
$85 million |
|
$82 to
$92 million |
Capital
Expenditures |
|
$23 to
$26 million |
|
$25 to
$28 million |
|
|
|
|
|
Conference Call & Web
CastThe second quarter conference call will be held on
Tuesday, August 2, 2016 at 10:00 a.m. (ET). A live web cast of the
conference call as well as a replay will be available online on the
Company's corporate web site at www.inteliquent.com. Participants
can also access the call by dialing 1-800-768-6570 (within the
United States and Canada), or 1-785-830-1942 (international
callers) and entering the conference ID number: 9626194. A replay
of the call will be available approximately two hours after the
call has ended and will be available until 1:00 p.m. (ET) on
September 1, 2016. To access the replay, dial 1-888-203-1112
(within the United States and Canada), or 1-719-457-0820
(international callers) and enter the conference ID number:
9626194.
Cautionary Statement Regarding
Forward-Looking StatementsThis press release
contains “forward-looking statements” that involve substantial
risks and uncertainties. All statements, other than statements of
historical fact, included in this press release are forward-looking
statements. The words “anticipates,” “believes,” “efforts,”
“expects,” “estimates,” “projects,” “proposed,” “plans,” “intends,”
“may,” “will,” “would,” and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual
results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements we make. Factors that might cause such differences
include, but are not limited to: the effects of competition,
including direct connects (also referred to as IP direct connects
or peering), and downward pricing pressure resulting from such
competition; our regular review of strategic alternatives; the
impact of current and future regulation, including intercarrier
compensation reform enacted by the Federal Communications
Commission; our ability to perform under the agreement we announced
with T-Mobile USA. Inc. on August 17, 2015 (as amended, the
“T-Mobile Agreement”), including the risk that the traffic we carry
under the T-Mobile Agreement will not meet our targets for
profitability, including EBITDA and Adjusted EBITDA, that we incur
damages or similar costs if we fail to meet certain terms in the
T-Mobile Agreement, or that T-Mobile terminates the T-Mobile
Agreement; the risk that our costs to perform under the T-Mobile
Agreement will be higher than we expect; our ability to market
Inteliquent’s Omni IQ voice and messaging service, including the
risk that the service will not meet our targets for revenue or
profitability, including EBITDA and Adjusted EBITDA; the risk that
our costs to provide Inteliquent’s Omni IQ voice and messaging
service will be higher than we expect; the risk that a receiving
carrier will refuse to accept terminating text messages or other
problems preventing us from providing our Omni IQ services; the
risks associated with our ability to successfully develop and
market new voice services, many of which are beyond our control and
all of which could delay or negatively affect our ability to offer
or market new voice services successfully; the ability to develop
and provide other new services; technological developments; the
ability to obtain and protect intellectual property rights; the
impact of current or future litigation; the potential impact of any
future acquisitions, mergers or divestitures; natural or man-made
disasters; changes in general economic or market conditions; and
other important factors included in our reports filed with the
Securities and Exchange Commission, particularly in the “Risk
Factors” section of our Annual Report on Form 10-K for the period
ended December 31, 2015, as such Risk Factors may be updated
from time to time in subsequent reports. Furthermore, such
forward-looking statements speak only as of the date of this press
release. We undertake no obligation to update any forward-looking
statements to reflect events or circumstances after the date of
such statements.
About Inteliquent
Inteliquent is a premier interconnection partner
for communication service providers of all types. As the
nation’s highest quality provider of voice and messaging
interconnection services, Inteliquent is used by nearly all
national and regional wireless carriers, cable companies, and CLECs
in the markets it serves, and its network carries approximately 19
billion minutes of traffic per month. With the recent launch of its
Omni solution, Inteliquent is now also fully dedicated to
supporting the growing market of next generation service
providers.
The Condensed Consolidated Statements of Income,
Balance Sheets and Statements of Cash Flows are unaudited and
subject to reclassification.
INTELIQUENT, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(Unaudited) |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
(In thousands,
except per share amounts) |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Revenue |
|
$ |
90,752 |
|
|
$ |
52,886 |
|
|
$ |
173,081 |
|
|
$ |
107,940 |
|
Operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Network and facilities expense
(excluding depreciation and amortization) |
|
|
58,614 |
|
|
|
21,295 |
|
|
|
108,812 |
|
|
|
44,060 |
|
Operations |
|
|
8,980 |
|
|
|
7,391 |
|
|
|
17,813 |
|
|
|
15,011 |
|
Sales and marketing |
|
|
1,015 |
|
|
|
765 |
|
|
|
1,918 |
|
|
|
1,408 |
|
General and administrative |
|
|
4,214 |
|
|
|
4,942 |
|
|
|
8,589 |
|
|
|
9,497 |
|
Depreciation and amortization |
|
|
3,487 |
|
|
|
2,600 |
|
|
|
6,830 |
|
|
|
5,243 |
|
Gain on sale of property and
equipment |
|
|
— |
|
|
|
(149 |
) |
|
|
(5 |
) |
|
|
(116 |
) |
Total operating expense |
|
|
76,310 |
|
|
|
36,844 |
|
|
|
143,957 |
|
|
|
75,103 |
|
Income from
operations |
|
|
14,442 |
|
|
|
16,042 |
|
|
|
29,124 |
|
|
|
32,837 |
|
Other (income)
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income) expense |
|
|
(90 |
) |
|
|
11 |
|
|
|
(141 |
) |
|
|
27 |
|
Other income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,290 |
) |
Total other (income) expense |
|
|
(90 |
) |
|
|
11 |
|
|
|
(141 |
) |
|
|
(1,263 |
) |
Income before provision
for income taxes |
|
|
14,532 |
|
|
|
16,031 |
|
|
|
29,265 |
|
|
|
34,100 |
|
Provision for income
taxes |
|
|
5,557 |
|
|
|
6,031 |
|
|
|
11,154 |
|
|
|
12,918 |
|
Net income |
|
$ |
8,975 |
|
|
$ |
10,000 |
|
|
$ |
18,111 |
|
|
$ |
21,182 |
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.26 |
|
|
$ |
0.30 |
|
|
$ |
0.53 |
|
|
$ |
0.63 |
|
Diluted |
|
$ |
0.26 |
|
|
$ |
0.29 |
|
|
$ |
0.53 |
|
|
$ |
0.62 |
|
Weighted average number
of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
34,147 |
|
|
|
33,568 |
|
|
|
34,063 |
|
|
|
33,532 |
|
Diluted |
|
|
34,374 |
|
|
|
34,033 |
|
|
|
34,302 |
|
|
|
33,988 |
|
Dividends paid per
share: |
|
$ |
0.16 |
|
|
$ |
0.15 |
|
|
$ |
0.31 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTELIQUENT, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(Unaudited) |
|
|
June 30, |
|
|
December 31, |
|
(In thousands,
except per share amounts) |
2016 |
|
|
2015 |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
119,883 |
|
|
$ |
109,050 |
|
Receivables — net of allowance of
$2,407 and $2,365, respectively |
|
48,451 |
|
|
|
39,589 |
|
Prepaid expenses |
|
3,395 |
|
|
|
9,376 |
|
Other current assets |
|
120 |
|
|
|
219 |
|
Total current assets |
|
171,849 |
|
|
|
158,234 |
|
Property and
equipment—net |
|
46,537 |
|
|
|
37,336 |
|
Goodwill |
|
1,731 |
|
|
|
— |
|
Restricted cash |
|
320 |
|
|
|
345 |
|
Deferred income
taxes-noncurrent |
|
8 |
|
|
|
1,059 |
|
Other assets |
|
948 |
|
|
|
1,075 |
|
Total assets |
$ |
221,393 |
|
|
$ |
198,049 |
|
LIABILITIES AND
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
3,426 |
|
|
$ |
424 |
|
Accrued liabilities: |
|
|
|
|
|
|
|
Taxes payable |
|
2,329 |
|
|
|
624 |
|
Network and facilities |
|
18,801 |
|
|
|
10,984 |
|
Rent |
|
2,043 |
|
|
|
1,969 |
|
Payroll and related items |
|
2,379 |
|
|
|
2,918 |
|
Other |
|
2,585 |
|
|
|
1,297 |
|
Total current liabilities |
|
31,563 |
|
|
|
18,216 |
|
Shareholders’
equity: |
|
|
|
|
|
|
|
Preferred stock—par value of $.001;
50,000 authorized shares; no shares issued and outstanding
at June 30, 2016 and December 31, 2015 |
|
— |
|
|
|
— |
|
Common stock—par value of $.001;
150,000 authorized shares; 37,301 and 34,218 shares issued and
outstanding at June 30, 2016, respectively and 37,242 and 33,891
shares issued and outstanding at December 31, 2015,
respectively |
|
37 |
|
|
|
34 |
|
Less treasury stock, at cost; 3,083
shares at June 30, 2016 and 3,351 shares at December 31, 2015 |
|
(50,106 |
) |
|
|
(51,668 |
) |
Additional paid-in capital |
|
226,370 |
|
|
|
225,474 |
|
Retained earnings |
|
13,529 |
|
|
|
5,993 |
|
Total shareholders’ equity |
|
189,830 |
|
|
|
179,833 |
|
Total liabilities and
shareholders' equity |
$ |
221,393 |
|
|
$ |
198,049 |
|
|
|
|
|
|
|
|
|
INTELIQUENT, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Unaudited) |
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
(In thousands) |
|
2016 |
|
|
2015 |
|
Operating |
|
|
|
|
|
|
|
|
Net income |
|
$ |
18,111 |
|
|
$ |
21,182 |
|
Adjustments to reconcile net income
to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,830 |
|
|
|
5,243 |
|
Deferred income taxes |
|
|
(180 |
) |
|
|
(790 |
) |
Gain on sale of property and
equipment |
|
|
(5 |
) |
|
|
(116 |
) |
Gain on settlement of Tinet
escrow |
|
|
— |
|
|
|
(1,290 |
) |
Non-cash share-based
compensation |
|
|
2,153 |
|
|
|
2,711 |
|
Provision (benefit) for
uncollectible accounts |
|
|
42 |
|
|
|
(30 |
) |
Excess tax benefit associated with
share-based payments |
|
|
(645 |
) |
|
|
(313 |
) |
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
Receivables |
|
|
(8,904 |
) |
|
|
753 |
|
Other current assets |
|
|
6,080 |
|
|
|
593 |
|
Other noncurrent assets |
|
|
127 |
|
|
|
(275 |
) |
Accounts payable |
|
|
627 |
|
|
|
868 |
|
Accrued liabilities |
|
|
10,071 |
|
|
|
1,384 |
|
Net cash provided by operating
activities |
|
|
34,307 |
|
|
|
29,920 |
|
Investing |
|
|
|
|
|
|
|
|
Purchase of property and
equipment |
|
|
(9,756 |
) |
|
|
(4,930 |
) |
Proceeds from sale of property and
equipment |
|
|
5 |
|
|
|
125 |
|
Cash used in acquisitions |
|
|
(3,650 |
) |
|
|
— |
|
Decrease in restricted cash |
|
|
25 |
|
|
|
— |
|
Net cash used for investing
activities |
|
|
(13,376 |
) |
|
|
(4,805 |
) |
Financing |
|
|
|
|
|
|
|
|
Proceeds from the exercise of stock
options |
|
|
396 |
|
|
|
253 |
|
Restricted shares withheld to cover
employee taxes paid |
|
|
(564 |
) |
|
|
(750 |
) |
Dividends paid |
|
|
(10,575 |
) |
|
|
(10,066 |
) |
Excess tax benefit associated with
share-based payments |
|
|
645 |
|
|
|
313 |
|
Net cash used for financing
activities |
|
|
(10,098 |
) |
|
|
(10,250 |
) |
Net increase in cash
and cash equivalents |
|
|
10,833 |
|
|
|
14,865 |
|
Cash and cash
equivalents — Beginning |
|
|
109,050 |
|
|
|
104,737 |
|
Cash and cash
equivalents — Ending |
|
$ |
119,883 |
|
|
$ |
119,602 |
|
Supplemental disclosure
of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for taxes |
|
$ |
3,335 |
|
|
$ |
13,164 |
|
Cash paid for interest |
|
$ |
— |
|
|
$ |
— |
|
Supplemental disclosure
of noncash flow items: |
|
|
|
|
|
|
|
|
Investing activity — Accrued
purchases of property and equipment |
|
$ |
2,394 |
|
|
$ |
767 |
|
Investing activity — Accrued
acquisition contingent consideration |
|
$ |
750 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
The following table includes selected financial and
operational metrics.
Selected Financial and Operational
Metrics:
|
|
Three Months Ended |
|
(In millions, except per minute amounts and # of
employees) |
|
|
Jun. 30 |
|
|
Sept. 30 |
|
|
Dec. 31 |
|
|
Mar. 31 |
|
|
Jun. 30 |
|
|
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
$ |
52.9 |
|
|
$ |
63.7 |
|
|
$ |
77.0 |
|
|
$ |
82.3 |
|
|
$ |
90.8 |
|
Net Income |
|
|
$ |
10.0 |
|
|
$ |
8.3 |
|
|
$ |
8.7 |
|
|
$ |
9.1 |
|
|
$ |
9.0 |
|
Adjusted EBITDA |
|
|
$ |
21.0 |
|
|
$ |
16.9 |
|
|
$ |
18.4 |
|
|
$ |
19.1 |
|
|
$ |
19.2 |
|
Total Capital
Expenditures |
|
|
$ |
2.8 |
|
|
$ |
16.0 |
|
|
$ |
5.5 |
|
|
$ |
2.8 |
|
|
$ |
7.0 |
|
Average Revenue per
Minute* |
|
|
$ |
0.00153 |
|
|
$ |
0.00159 |
|
|
$ |
0.00166 |
|
|
$ |
0.00167 |
|
|
$ |
0.00168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minutes of Use *: |
|
|
|
34,591 |
|
|
|
40,157 |
|
|
|
46,348 |
|
|
|
49,366 |
|
|
|
53,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# of Employees |
|
|
|
160 |
|
|
|
171 |
|
|
|
177 |
|
|
|
183 |
|
|
|
205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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* Historical Minutes of Use and Average Rate per Minute figures
have been adjusted to include all minutes that were carried on our
network for each respective quarter.
Use of Non-GAAP Financial
Measure
In this press release we disclose “Adjusted
EBITDA” which is a non-GAAP financial measure. For purposes of SEC
rules, a non-GAAP financial measure is a numerical measure of a
company’s performance, financial position, or cash flows that
either excludes or includes amounts that are not normally excluded
or included in the most directly comparable measure, calculated and
prepared in accordance with generally accepted accounting
principles in the United Sates (GAAP).
EBITDA is defined as net income before
(a) interest expense (income), net (b) income tax expense
and (c) depreciation and amortization. Adjusted EBITDA is
defined as EBITDA as further adjusted to eliminate: non-cash
share-based compensation; amounts paid in connection with the
separation of prior members of executive management and the
resolution of related matters; and legal fees associated with the
Shopety, Inc. acquisition. We believe that the presentation of
Adjusted EBITDA included in this press release provides useful
information to investors regarding our results of operations
because it assists in analyzing and benchmarking the performance
and value of our business. We believe that presenting Adjusted
EBITDA facilitates company-to-company operating performance
comparisons of companies within the same or similar industries by
backing out differences caused by variations in capital structure,
taxation and depreciation of facilities and equipment (affecting
relative depreciation expense), which may vary for different
companies for reasons unrelated to operating performance. These
measures provide an assessment of controllable operating expenses
and afford management the ability to make decisions, which are
expected to facilitate meeting current financial goals as well as
achieve optimal financial performance. Furthermore, we believe that
the presentation of Adjusted EBITDA has economic substance because
it provides important insight into our profitability trends, as a
component of net income, and allows management and investors to
analyze operating results with and without the impact of
depreciation and amortization, interest expense (income), income
tax expense, non-cash share-based compensation; amounts paid in
connection with the separation of prior members of executive
management and the resolution of related matters; and legal fees
associated with the Shopety, Inc. acquisition. Accordingly, these
metrics measure our financial performance based on operational
factors that management can impact in the short-term, namely the
operational cost structure and expenses of our business. In
addition, we believe Adjusted EBITDA is used by securities
analysts, investors and other interested parties in evaluating
companies, many of which present an EBITDA measure when reporting
their results. Although we use Adjusted EBITDA as a financial
measure to assess the performance of our business, the use of
Adjusted EBITDA is limited because it does not include certain
material costs, such as depreciation, amortization and interest and
taxes, necessary to operate our business. We disclose the
reconciliation between EBITDA and Adjusted EBITDA and net income
below to compensate for this limitation. While we use net income as
a significant measure of profitability, we also believe that
Adjusted EBITDA, when presented along with net income, provides
balanced disclosure which, for the reasons set forth above, is
useful to investors in evaluating our operating performance and
profitability. Adjusted EBITDA included in this press release
should be considered in addition to, and not as a substitute for,
net income as calculated in accordance with generally accepted
accounting principles as a measure of performance.
For more information on the non-GAAP financial
measure, please see the “Reconciliation of net income to EBITDA and
Adjusted EBITDA” table in this press release. This accompanying
table has more details on the EBITDA, which is most directly
comparable to Adjusted EBITDA and the related reconciliation
between these financial measures. Additionally, the company has not
reconciled Adjusted EBITDA guidance to net income guidance because
it does not provide guidance for either Interest expense (income),
net, GAAP provision for income taxes, GAAP provision for
depreciation and amortization, non-cash share-based compensation,
amounts paid in connection with the separation of prior members of
executive management and the resolution of related matters, or
legal fees associated with the Shopety, Inc. acquisition, which are
reconciling items between net income and Adjusted EBITDA. As items
that impact net income are out of the company's control and/or
cannot be reasonably predicted, the company is unable to provide
such guidance. Accordingly, a reconciliation to net income is not
available without unreasonable effort.
The following is a reconciliation of net income to EBITDA and
Adjusted EBITDA:
|
|
Three Months Ended |
|
|
(In thousands) |
|
Jun. 30 |
|
|
Sept. 30 |
|
|
Dec. 31 |
|
|
Mar. 31 |
|
|
Jun. 30 |
|
|
|
|
2015 |
|
|
2015 |
|
|
2015 |
|
|
2016 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
10,000 |
|
|
$ |
8,267 |
|
|
$ |
8,680 |
|
|
$ |
9,136 |
|
|
$ |
8,975 |
|
|
Interest expense
(income) |
|
|
11 |
|
|
|
9 |
|
|
|
(7 |
) |
|
|
(51 |
) |
|
|
(90 |
) |
|
Provision for income
taxes |
|
|
6,031 |
|
|
|
4,399 |
|
|
|
5,255 |
|
|
|
5,597 |
|
|
|
5,557 |
|
|
Depreciation and
amortization |
|
|
2,600 |
|
|
|
2,894 |
|
|
|
3,255 |
|
|
|
3,343 |
|
|
|
3,487 |
|
|
EBITDA |
|
$ |
18,642 |
|
|
$ |
15,569 |
|
|
$ |
17,183 |
|
|
$ |
18,025 |
|
|
$ |
17,929 |
|
|
Non-cash share-based
compensation |
|
|
933 |
|
|
|
1,338 |
|
|
|
1,173 |
|
|
|
1,028 |
|
|
|
1,125 |
|
|
Separation of prior
members of executive management and the resolution of related
matters |
|
|
1,440 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Legal Fees Associated
with Shopety Acquisition |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
187 |
|
|
Adjusted EBITDA |
|
$ |
21,015 |
|
|
$ |
16,907 |
|
|
$ |
18,356 |
|
|
$ |
19,053 |
|
|
$ |
19,241 |
|
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Analyst Contact:
Kurt Abkemeier
investorrelations@inteliquent.com
Inteliquent, Inc. (NASDAQ:IQNT)
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