Q2 Revenue $9.9 Million, Up 168% Year-Over-Year;
Led by Media Placement Revenue of $8.3 Million, Up 285%
Year-Over-Year
SITO Mobile Ltd. (NASDAQ:SITO), a leading mobile engagement
platform, today announced its results for the second quarter
ended June 30, 2016.
Second Quarter 2016 Business Highlights
- TOTAL REVENUE: was $9.9 million, an increase
of 168% year-over-year.
- MEDIA PLACEMENT REVENUE: (SITO Mobile’s
programmatic advertising revenue) was $8.3 million, an increase of
285% year-over-year and 71% sequentially.
- GROSS PROFIT: was $5.4 million (55% gross
margin) in Q2 2016, up from $1.8 million (51% gross margin) in Q2
2015. (Please refer to the supplemental schedule below for
calculation of Gross Profit and Gross Margin).
- ADJUSTED EBITDA: was $1.8 million for
the quarter, up from $0.1 million in Q1 and ($0.2) million in Q2 of
2015. (See attached schedule for reconciliation of Adjusted
EBITDA to GAAP)
- NET INCOME: was $0.7 million, which
equates to $0.04 earnings per share on total shares outstanding of
17.4 million.
“In the Second quarter, we produced early indications of the
kind of consistent, solid revenue growth we’re expecting as we work
towards becoming a dominant player in location-based mobile
advertising,” said Jerry Hug, CEO of SITO Mobile. “The overall
market for mobile advertising is already measured in $10’s of
billions and is growing rapidly. Mobile Media is uniquely
equipped to handle location-based ad campaigns and SITO Mobile is
emerging as a leading player in this $18 billion segment of the
mobile advertising market. SITO Mobile is creating higher levels of
mobile consumer engagement – resulting in more clients, more
campaigns and larger campaign spending commitments, as the largest
global advertisers shift significant advertising dollars to mobile.
On this foundation, we look forward to producing meaningful revenue
growth for the balance of 2016 and beyond.”
Commenting on SITO’s new Board Member, Hug added, “We’re excited
to welcome Brent Rosenthal to our Board of Directors. Brent
is an accomplished investor and business professional with an
outstanding 20+ year track record of creating shareholder value in
cable, telecom, mobile, Out-of-Home and information
companies. Most recently, he spearheaded an investment in
Rentrak Corporation (NASDAQ:RENT) where he served on the Board of
Directors from 2008 – 2016, including as the Non-Executive Chairman
from 2011 – 2016. He worked closely with management to pivot
the Company which led to a dramatic increase in market
capitalization, culminating in a merger with comScore
(NASDAQ:SCOR). Brent’s business acumen, professional network
and extensive public company Board experience will be invaluable to
our team.”
Conference call information: Date: Monday,
August 15, 2016 Time: 4:30 P.M. Eastern Time (ET) Dial in Number
for U.S. & Canadian Callers: 877-407-8293 Dial in Number for
International Callers (Outside U.S. & Canada): 201-689-8349
Participating on the call will be SITO Mobile's Chief Executive
Officer Jerry Hug and Chief Financial Officer Kurt Streams. To join
the live conference call, please dial into the above referenced
telephone numbers five to ten minutes prior to the scheduled
conference call time.
A replay will be available for 2 weeks starting on August 15,
2016 at approximately 8:00 P.M. ET. To access the replay, please
dial 877-660-6853 in the U.S. and 201-612-7415 for international
callers. The conference ID# is 13642293.
About SITO Mobile Ltd.
SITO Mobile provides a mobile engagement platform that enables
brands to increase awareness, loyalty, and ultimately sales. For
more information, visit www.sitomobile.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict and many of which are outside of our
control. Our actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Important factors that could cause our actual results
and financial condition to differ materially from those indicated
in the forward-looking statements include, among others, sales
growth, our reliance on brand owners and wireless carriers, the
possible need for additional capital as well as other risks
identified in our filings with the SEC. Any forward-looking
statement made by us in this press release is based only on
information currently available to us and speaks only as of the
date on which it is made. We undertake no obligation to publicly
update any forward-looking statement, whether written or oral, that
may be made from time to time, whether as a result of new
information, future developments or otherwise.
[FINANCIAL TABLES TO FOLLOW]
SITO Mobile, Ltd. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Media
placement |
|
$ |
8,297,880 |
|
|
$ |
2,154,030 |
|
|
$ |
13,159,380 |
|
|
$ |
3,781,530 |
|
Wireless
applications |
|
|
1,454,428 |
|
|
|
1,387,313 |
|
|
|
2,945,078 |
|
|
|
3,391,629 |
|
Licensing
and royalties |
|
|
125,946 |
|
|
|
139,535 |
|
|
|
261,365 |
|
|
|
274,539 |
|
Total
revenue |
|
|
9,878,254 |
|
|
|
3,680,878 |
|
|
|
16,365,823 |
|
|
|
7,447,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
|
|
4,430,522 |
|
|
|
1,807,237 |
|
|
|
7,487,118 |
|
|
|
3,423,210 |
|
Sales and
marketing |
|
|
2,662,886 |
|
|
|
905,285 |
|
|
|
4,762,905 |
|
|
|
1,781,574 |
|
General
and administrative |
|
|
1,454,056 |
|
|
|
1,474,156 |
|
|
|
3,351,324 |
|
|
|
2,638,908 |
|
Depreciation and amortization |
|
|
160,444 |
|
|
|
77,361 |
|
|
|
324,804 |
|
|
|
145,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses |
|
|
8,707,908 |
|
|
|
4,264,039 |
|
|
|
15,926,151 |
|
|
|
7,989,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
|
1,170,346 |
|
|
|
(583,161 |
) |
|
|
439,672 |
|
|
|
(541,436 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
54,323 |
|
Interest
expense |
|
|
(445,091 |
) |
|
|
(454,199 |
) |
|
|
(885,113 |
) |
|
|
(888,758 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) before income taxes |
|
|
725,255 |
|
|
|
(1,037,360 |
) |
|
|
(445,441 |
) |
|
|
(1,375,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
725,255 |
|
|
$ |
(1,037,360 |
) |
|
$ |
(445,441 |
) |
|
$ |
(1,375,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
$ |
0.04 |
|
|
$ |
(0.07 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.09 |
) |
Basic weighted average shares outstanding |
|
|
17,355,478 |
|
|
|
15,404,817 |
|
|
|
17,288,445 |
|
|
|
15,385,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
|
$ |
0.04 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Diluted weighted average shares outstanding |
|
|
19,831,509 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
This press release uses Adjusted EBITDA, a non-GAAP financial
measure. Adjusted EBITDA should not be considered a replacement
for, and should be read together with, the most comparable GAAP
financial measure, which is Operating Profit (Loss). A
reconciliation of Adjusted EBITDA to Operating Profit (Loss) is
included herein.
To supplement our financial results and guidance presented in
accordance with U.S. generally accepted accounting principles
(GAAP), the Company uses certain non-GAAP financial measures in
this press release, including EBITDA. The Company believes that
non-GAAP financial measures are helpful in understanding its past
financial performance and potential future results, particularly in
light of the effect of various acquisition transactions effected by
the Company. Non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for or superior to
comparable GAAP measures and should be read in conjunction with the
consolidated financial statements prepared in accordance with
GAAP.
Management excludes stock based compensation expense because
they believe that the non-GAAP financial measures excluding this
item provide meaningful supplemental information regarding
operational performance. In particular, because of varying
available valuation methodologies, subjective assumptions and the
variety of award types that companies can use under FASB ASC 718,
we believe that providing non-GAAP financial measures that exclude
this expense allows investors to make more meaningful comparisons
between our operating results and those of other companies.
Accordingly, management believes that excluding this expense
provides investors and management with greater visibility to the
underlying performance of our business operations, facilitates
comparison of our results with other periods, and may also
facilitate comparison with the results of other companies in our
industry. Management uses Adjusted EBITDA in managing and
analyzing its business and financial condition. Management believes
that the presentation of non-GAAP financial measures provides
investors greater transparency into ongoing results of operations
allowing investors to better compare the Company's results from
period to period.
|
|
For the Three Months Ended June
30, |
|
For the Six Months Ended June 30, |
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
725,255 |
|
|
(1,037,360 |
) |
|
|
(445,441 |
) |
|
|
(1,375,871 |
) |
Adjustments to
reconcile net income (loss) to EBITDA: |
|
|
|
|
|
|
|
|
Depreciation and
amortization expense included in costs and expenses: |
|
|
|
|
|
|
|
|
Amortization
included in cost of revenue |
|
271,198 |
|
|
175,001 |
|
|
|
523,693 |
|
|
|
326,412 |
|
Depreciation and other amortization |
|
160,444 |
|
|
77,361 |
|
|
|
324,804 |
|
|
|
145,442 |
|
Total depreciation and
amortization expense |
|
431,642 |
|
|
252,362 |
|
|
|
848,497 |
|
|
|
471,854 |
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
|
|
|
|
|
|
|
54,323 |
|
Interest expense |
|
445,091 |
|
|
454,199 |
|
|
|
885,113 |
|
|
|
888,758 |
|
Provision for income
taxes |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
1,601,988 |
|
|
(330,799 |
) |
|
|
1,288,169 |
|
|
|
39,064 |
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile EBITDA: |
|
|
|
|
|
|
|
|
Stock based
compensation expense included in costs and expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
75,327 |
|
|
22,808 |
|
|
|
149,361 |
|
|
|
45,923 |
|
General and administrative |
|
110,604 |
|
|
124,491 |
|
|
|
410,072 |
|
|
|
251,342 |
|
Total stock based
compensation expense |
|
185,931 |
|
|
147,299 |
|
|
|
559,433 |
|
|
|
297,265 |
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
1,787,919 |
|
|
(183,500 |
) |
|
|
1,847,602 |
|
|
|
336,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SITO Mobile, Ltd.CONDENSED CONSOLIDATED
BALANCE SHEETS
|
|
June 30, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
1,682,785 |
|
|
$ |
2,615,184 |
|
Accounts
receivable, net |
|
|
8,819,725 |
|
|
|
6,167,816 |
|
Other
prepaid expenses |
|
|
91,055 |
|
|
|
123,692 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
10,593,565 |
|
|
|
8,906,692 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
492,010 |
|
|
|
585,356 |
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
|
|
|
|
|
|
Capitalized software development costs, net |
|
|
1,846,330 |
|
|
|
1,600,813 |
|
Intangible assets: |
|
|
|
|
|
|
|
|
Patents |
|
|
406,546 |
|
|
|
445,473 |
|
Patent
applications cost |
|
|
928,969 |
|
|
|
897,087 |
|
Other
intangible assets, net |
|
|
1,574,507 |
|
|
|
1,714,477 |
|
Goodwill |
|
|
6,444,225 |
|
|
|
6,444,225 |
|
Deferred
loan costs, net |
|
|
56,520 |
|
|
|
78,116 |
|
Other
assets including security deposits |
|
|
108,938 |
|
|
|
84,829 |
|
|
|
|
|
|
|
|
|
|
Total other assets |
|
|
11,366,035 |
|
|
|
11,265,020 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
22,451,610 |
|
|
$ |
20,757,068 |
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
June 30, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
6,837,561 |
|
|
$ |
4,828,600 |
|
Accrued
expenses |
|
|
1,795,234 |
|
|
|
1,277,896 |
|
Deferred
revenue |
|
|
563,976 |
|
|
|
532,909 |
|
Current
obligations under capital lease |
|
|
3,320 |
|
|
|
11,699 |
|
Note
payable, net - current portion |
|
|
2,068,450 |
|
|
|
3,984,219 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
11,268,541 |
|
|
|
10,635,323 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities |
|
|
|
|
|
|
|
|
Obligations under capital lease |
|
|
4,510 |
|
|
|
6,201 |
|
Note
payable |
|
|
5,315,989 |
|
|
|
4,934,966 |
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities |
|
|
5,320,499 |
|
|
|
4,941,167 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
16,589,040 |
|
|
|
15,576,490 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies - See notes 17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
Preferred
stock, $.0001 par value, 5,000,000 shares
authorized; none outstanding |
|
|
- |
|
|
|
- |
|
Common
stock, $.001 par value; 100,000,000 shares
authorized, 17,357,520 shares issued and outstanding as of
June 30, 2016 and $.001 par value; 300,000,000 shares
authorized, 17,157,520 shares issued and outstanding as of
December 31, 2015 |
|
|
17,3576 |
|
|
|
17,156 |
|
Additional paid-in capital |
|
|
145,665,480 |
|
|
|
144,538,247 |
|
Accumulated deficit |
|
|
(139,820,266 |
) |
|
|
(139,374,825 |
) |
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
|
5,862,570 |
|
|
|
5,180,578 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity |
|
$ |
22,451,610 |
|
|
$ |
20,757,068 |
|
|
|
|
|
|
|
|
|
|
SITO Mobile, Ltd.UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
For the Three Months Ended |
|
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
Cash Flows from
Operating Activities |
|
|
|
|
|
|
Net
income (loss) |
|
$ |
725,255 |
|
|
$ |
(1,037,364 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation expense |
|
|
43,263 |
|
|
|
35,419 |
|
Amortization expense - software development costs |
|
|
271,199 |
|
|
|
175,001 |
|
Amortization expense - patents |
|
|
49,431 |
|
|
|
43,645 |
|
Amortization expense - discount of debt |
|
|
198,910 |
|
|
|
152,585 |
|
Amortization expense - deferred costs |
|
|
9,432 |
|
|
|
13,334 |
|
Amortization expense - intangible assets |
|
|
67,750 |
|
|
|
- |
|
Provision
for bad debt |
|
|
95,005 |
|
|
|
- |
|
Loss on
disposition of assets |
|
|
- |
|
|
|
- |
|
Stock
based compensation |
|
|
185,931 |
|
|
|
147,299 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
(Increase) in accounts receivable, net |
|
|
(2,675,931 |
) |
|
|
(794,502 |
) |
Decrease
(increase) in prepaid expenses |
|
|
42,649 |
|
|
|
(134,211 |
) |
(Increase) decrease in other assets |
|
|
(10,794 |
) |
|
|
(250 |
|
Increase
(decrease) in accounts payable |
|
|
2,375,634 |
|
|
|
(1,032,077 |
) |
Increase
(decrease) in accrued expenses |
|
|
234,611 |
|
|
|
129,690 |
) |
Increase in deferred revenue |
|
|
249,054 |
|
|
|
308,669 |
|
Increase
in accrued interest |
|
|
60,474 |
|
|
|
83,513 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating
activities |
|
|
921,873 |
|
|
|
(1,909,249 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
|
Patents
and patent applications costs |
|
|
(41,449 |
) |
|
|
(74,148 |
) |
Purchase
of property and equipment |
|
|
(9,852 |
) |
|
|
(225,000 |
) |
Capitalized software development costs |
|
|
(342,673 |
) |
|
|
(340,350 |
) |
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
$ |
(393,974 |
) |
|
$ |
(639,498 |
) |
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
For the Three Months Ended |
|
|
|
June 30, |
|
|
|
2016 |
|
|
2015 |
|
Cash Flows from
Financing Activities |
|
|
|
|
|
|
Repayments on related party loans |
|
|
- |
|
|
|
525,000 |
|
Principal
reduction on obligation under capital lease |
|
|
(3,564 |
) |
|
|
(4,911 |
) |
Principal
reduction on repayment of debt |
|
|
(525,000 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing
activities |
|
|
(528,564 |
) |
|
|
520,089 |
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(665 |
) |
|
|
(2,028,658 |
) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents - beginning of period
|
|
|
1,683,450 |
|
|
|
4,815,907 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents - ending of period
|
|
$ |
1,682,785 |
|
|
$ |
2,787,249 |
|
|
|
|
|
|
|
|
|
|
Supplemental
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense paid |
|
$ |
115,812 |
|
|
$ |
204,685 |
|
Income
taxes paid |
|
$ |
17,729 |
|
|
$ |
4,600 |
|
SITO Mobile, Ltd. |
Supplemental Schedule |
Amounts in thousands except
percentages |
|
June 30, 2015 |
|
September 30, 2015 |
|
December 31, 2015 |
|
Fiscal Year 2015 |
|
March 31, 2016 |
|
June 30, 2016 |
|
Reported |
|
Adjusted |
|
Reported |
|
Adjusted |
|
Reported |
|
Reported |
|
Adjusted |
|
Reported |
|
Reported |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media
placement |
|
2,154 |
|
|
|
2,154 |
|
|
|
3,023 |
|
|
|
3,023 |
|
|
|
5,345 |
|
|
|
12,150 |
|
|
|
12,150 |
|
|
|
4,862 |
|
|
|
8,298 |
|
Wireless
Applications |
|
1,387 |
|
|
|
1,387 |
|
|
|
1,347 |
|
|
|
1,347 |
|
|
|
1,622 |
|
|
|
6,360 |
|
|
|
6,360 |
|
|
|
1,491 |
|
|
|
1,454 |
|
Licensing
and royalties |
|
140 |
|
|
|
140 |
|
|
|
144 |
|
|
|
144 |
|
|
|
245 |
|
|
|
664 |
|
|
|
664 |
|
|
|
135 |
|
|
|
126 |
|
Total Revenue |
|
3,681 |
|
|
|
3,681 |
|
|
|
4,514 |
|
|
|
4,514 |
|
|
|
7,212 |
|
|
|
19,174 |
|
|
|
19,174 |
|
|
|
6,488 |
|
|
|
9,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Revenue |
|
1,445 |
|
|
|
1,807 |
|
|
|
1,513 |
|
|
|
2,164 |
|
|
|
3,449 |
|
|
|
7,987 |
|
|
|
9,064 |
|
|
|
3,057 |
|
|
|
4,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
2,236 |
|
|
|
1,874 |
|
|
|
3,001 |
|
|
|
2,350 |
|
|
|
3,763 |
|
|
|
11,187 |
|
|
|
10,110 |
|
|
|
3,431 |
|
|
|
5,448 |
|
Gross Margin |
|
61 |
% |
|
|
51 |
% |
|
|
66 |
% |
|
|
52 |
% |
|
|
52 |
% |
|
|
58 |
% |
|
|
53 |
% |
|
|
53 |
% |
|
|
55 |
% |
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative |
|
1,459 |
|
|
|
1,474 |
|
|
|
2,241 |
|
|
|
2,254 |
|
|
|
1,584 |
|
|
|
6,439 |
|
|
|
6,476 |
|
|
|
1,897 |
|
|
|
1,454 |
|
Sales &
marketing |
|
1,268 |
|
|
|
906 |
|
|
|
1,849 |
|
|
|
1,198 |
|
|
|
1,877 |
|
|
|
5,906 |
|
|
|
4,829 |
|
|
|
2,100 |
|
|
|
2,663 |
|
Research and
development |
|
15 |
|
|
|
- |
|
|
|
13 |
|
|
|
- |
|
|
|
0 |
|
|
|
37 |
|
|
|
- |
|
|
|
0 |
|
|
|
0 |
|
Loss on
impairment of long-lived asset |
|
- |
|
|
|
- |
|
|
|
831 |
|
|
|
831 |
|
|
|
0 |
|
|
|
831 |
|
|
|
831 |
|
|
|
0 |
|
|
|
0 |
|
Depreciation
& amortization |
|
77 |
|
|
|
77 |
|
|
|
209 |
|
|
|
209 |
|
|
|
219 |
|
|
|
573 |
|
|
|
573 |
|
|
|
164 |
|
|
|
160 |
|
Total Operating
Expenses |
|
2,819 |
|
|
|
2,457 |
|
|
|
5,143 |
|
|
|
4,492 |
|
|
|
3,680 |
|
|
|
13,786 |
|
|
|
12,709 |
|
|
|
4,161 |
|
|
|
4,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Operations |
|
(583 |
) |
|
|
(583 |
) |
|
|
(2,142 |
) |
|
|
(2,142 |
) |
|
|
83 |
|
|
|
(2,599 |
) |
|
|
(2,599 |
) |
|
|
(730 |
) |
|
|
1,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain reclassifications have been made to conform the
fiscal 2015 quarterly amounts to the fiscal 2016 classifications
for comparative purposes. The Company is reporting a vendor cost in
cost or revenue that had been previously reported in sales and
marketing expense and is reporting research and development cost in
general and administrative expense. The changes are only expense
reclassifications and do not affect revenue, total costs and
revenues, income (loss) from operations, net income or any balance
sheet accounts. Amounts affected by the reclassification are shown
in bold in the table above.
Contact:
Investor Relations:
Joseph Wilkinson
SVP Investor Relations
Joseph.Wilkinson@sitomobile.com
Media Relations:
Alexandra Levy
Silicon Alley Media
alex@siliconalley-media.com
RELATED LINKS
http://www.sitomobile.com
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