ZAGG Inc (Nasdaq: ZAGG), a leading global mobile lifestyle company,
today announced financial results for the third quarter ended
September 30, 2019.
Third Quarter 2019 Review (Comparisons versus Third
Quarter 2018)
- Net sales of $146.5 million, an increase of 4% compared to
$141.1 million
- Gross profit of 37% compared to 37%
- Net income of $8.7 million compared to $14.6 million
- Diluted earnings per share of $0.30 compared to of $0.51
- Adjusted EBITDA of $20.8 million compared to $23.8 million
Year-to-Date 2019 Review (Comparisons versus
Year-to-Date 2018)
- Net sales of $332.0 million compared to $371.7 million
- Gross profit of 35% compared to 34%
- Net loss of $11.1 million compared to net income of $24.9
million
- Diluted loss per share of $0.38 compared to diluted earnings
per share of $0.87
- Adjusted EBITDA of $14.2 million compared to $48.3 million
Chris Ahern, chief executive officer, commented, “While the
first half of 2019 was challenging, we are pleased with the
performance in the third quarter of 2019, which was in line with
our expectations. Specifically, we began to experience the benefits
of our recent acquisitions in a much more meaningful way during the
third quarter of 2019. Sales of Gear4 protective cases and HALO
power products helped to more than offset the headwinds we have
faced in our core business. Although sales of InvisibleShield
screen protection were down year-over-year, the decline was
lessened in part by the launch of several innovative new products,
including Glass Elite VisionGuard + with anti-microbial technology.
The introduction of our new family of mophie wireless charging
products has received a strong reception and we look forward to
getting these products across our partner base during the fourth
quarter. More recently in late October, we introduced mophie juice
pack access battery cases compatible with the newest iPhones, which
is the fastest we’ve ever brought to market the next iteration of
this industry leading product line. I am very proud of how our
global team is executing as we continue to focus on driving
innovative products and growing our distribution footprint. The
team is focused on ensuring a strong finish to 2019 while our
management team and Board of Directors also continues to work
closely with BofA Merrill Lynch on our continuing strategic
alternatives process.”
Third Quarter Results(Amounts in millions,
except per share amounts)
| |
For the Three Months Ended |
| |
September 30, 2019 |
|
September 30, 2018 |
| |
|
|
|
|
Net sales |
$ |
146.5 |
|
$ |
141.1 |
| Gross
profit |
$ |
54.3 |
|
$ |
52.2 |
| Gross profit
margin |
37% |
|
37% |
| Net
income |
$ |
8.7 |
|
$ |
14.6 |
| Diluted earnings per
share |
$ |
0.30 |
|
$ |
0.51 |
| Diluted operating
earnings per share |
$ |
0.42 |
|
$ |
0.51 |
| Adjusted
EBITDA |
$ |
20.8 |
|
$ |
23.8 |
| |
|
|
|
|
|
Net sales increased 4% to $146.5 million, compared to $141.1
million. The increase in net sales was primarily attributable
to (1) increased sales of protective cases under our Gear4 brand
and (2) increased power management sales driven primarily by HALO
product sales and new mophie product launches during the quarter.
This was partially offset by lower sales of screen protection
products.
Gross profit was $54.3 million (37% of net sales) compared to
$52.2 million (37% of net sales). Gross profit margin has not
changed significantly due to decreases in our screen protection
sales offset by an increase in sales of Gear4 brand cases, HALO
branded power products, and InvisibleShield VisionGuard
products.
Operating expenses increased 26% to $42.7 million (29% of net
sales) compared to $33.9 million (24% of net sales). The increase
in operating expenses was primarily attributable to (1) additional
selling, general and administrative expense associated with the
newly acquired BRAVEN, Gear4, and HALO brands, (2) severance
charges of $1.8 million associated with a corporate restructuring
during the third quarter of 2019, (3) increased marketing
investments to support our growing portfolio of brands and
products, and (4) higher amortization of long-lived intangibles
related to the BRAVEN, Gear4, and HALO acquisitions.
Net income was $8.7 million, or diluted earnings per share of
$0.30, compared to net income of $14.6 million, or diluted earnings
per share of $0.51.
Adjusted EBITDA was $20.8 million compared to $23.8 million.
Year-to-Date Results(Amounts in millions,
except per share amounts)
| |
For the Nine Months Ended |
| |
September 30, 2019 |
|
September 30, 2018 |
| |
|
|
|
|
Net sales |
$ |
332.0 |
|
|
$ |
371.7 |
| Gross
profit |
$ |
115.9 |
|
|
$ |
127.4 |
| Gross profit
margin |
35% |
|
|
34% |
| Net (loss)
income |
$ |
(11.1 |
) |
|
$ |
24.9 |
| Diluted (loss)
earnings per share |
$ |
(0.38 |
) |
|
$ |
0.87 |
| Diluted operating
(loss) earnings per share |
$ |
(0.10 |
) |
|
$ |
0.87 |
| Adjusted
EBITDA |
$ |
14.2 |
|
|
$ |
48.3 |
| |
|
|
|
|
|
|
Net sales decreased 11% to $332.0 million, compared to $371.7
million. The decrease in net sales was primarily attributable to
(1) a decrease in sales of screen protection products due to a pull
forward of shipments into the fourth quarter of 2018 ahead of a
then-expected tariff increase and (2) decreased sales of mophie
power management due to challenging sell-in comparisons during the
first half of 2019. These decreases were partially offset by
increased sales of Gear4 cases and HALO products.
Gross profit was 115.9 million (35% of net sales) compared to
127.4 million (34% of net sales). Gross profit margin has not
changed significantly due to decreases in our screen protection
sales offset by an increase in sales of Gear4 brand cases, HALO
branded power products, and InvisibleShield VisionGuard
products.
Operating expenses increased 33% to $127.5 million (38% of
net sales) compared to $96.1 million (26% of net sales). The
increase in operating expenses was primarily attributable to (1)
additional selling, general and administrative expense associated
with the newly acquired BRAVEN, Gear4, and HALO brands, (2)
severance charges of $2.2 million associated with corporate
restructurings during the second and third quarter of 2019, (3)
increased marketing investments to support our growing portfolio of
brands and products, and (4) higher amortization of long-lived
intangibles related to the BRAVEN, Gear4, and HALO
acquisitions.
Net loss was $11.1 million, or diluted loss per share of $0.38,
compared to net income of $24.9 million, or diluted earnings per
share of $0.87.
Adjusted EBITDA was $14.2 million compared to $48.3 million.
Restructuring
In response to 2019 profitability headwinds and to position the
Company for long-term profitable growth, the Company initiated a
restructuring plan during the second quarter of 2019 and which
extended into the third quarter of 2019. These initiatives included
reductions of approximately 10% of our global headcount,
acceleration of cost synergies from recent acquisitions into 2019,
and the reduction of a number of discretionary operating expense
categories.
As a result, 2019 results include one-time severance
restructuring charges totaling approximately $2.2 million, of which
$0.4 million was recorded in the second quarter of 2019 and the
remaining was recorded in the third quarter of 2019. The headcount
reductions are expected to provide gross annualized savings of
approximately $8.0 million.
2019 Business Outlook
For the full year of 2019, the Company still expects:
- Net sales of $520 to $550 million
- Gross profit margin as a percentage of net sales in the mid
30's range
- Adjusted EBITDA of $52 million to $62 million
- Diluted operating earnings per share of $0.75 to $1.00.
Conference Call
A conference call will be held today, November 6, 2019, at
5:00 p.m. Eastern to review these results. Interested parties may
access via the Internet on the Company's website at
investors.zagg.com (the URLs are included here in this exhibit as
inactive textual references and information contained on, or
accessible through, our websites is not a part of, and is not
incorporated by reference into, this report).
About Non-U.S. GAAP Financial Information
This press release includes Adjusted EBITDA and Diluted
Operating Earnings Per Share, which are not financial measures
prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”). Readers are
cautioned that (1) Adjusted EBITDA (earnings before stock-based
compensation expense, depreciation and amortization, other expense,
net, transaction costs, BRAVEN employee retention bonus, former CFO
retention bonus, inventory step-up in conjunction with 2018 and
2019 acquisitions, consulting fee to former CEO, restructuring
expenses, adjustment to fair value of acquisition contingent
consideration and income tax provision (benefit)) and (2) Diluted
Operating Earnings (Loss) Per Share (diluted earnings (loss) per
share excluding the impact of transaction costs, inventory step-up,
amortization expense – all in conjunction with the BRAVEN, Gear4
and HALO acquisitions, BRAVEN employee retention bonus,
restructuring expenses, stock-based compensation issued as
retention, and adjustment to fair value of acquisition contingent
consideration) are not financial measures under U.S. GAAP. In
addition, this financial information should not be construed as an
alternative to any other measure of performance determined in
accordance with U.S. GAAP, or as an indicator of operating
performance, liquidity or cash flows generated by operating,
investing and financing activities, as there may be significant
factors or trends that it fails to address. As such, it should be
read only in conjunction with our consolidated financial statements
prepared in accordance with U.S. GAAP. We present Adjusted EBITDA
and Diluted Operating Earnings Per Share because we believe that
these measures are helpful to some investors as a measure of
performance and to normalize the impact of acquisitions. We caution
readers that non-U.S. GAAP financial information, by its nature,
departs from traditional accounting conventions. Accordingly, its
use can make it difficult to compare current results with results
from other reporting periods and with the financial results of
other companies. We have provided a reconciliation of Adjusted
EBITDA and Diluted Operating Earnings Per Share to the most
directly comparable U.S. GAAP measures in the supplemental
financial information attached to this press release.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains (and oral communications made by us
may contain) “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 can be
identified by words such as “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “predict,” “project,” “target,”
“future,” “seek,” “likely,” “strategy,” “may,” “should,” “will” and
similar references to future periods. Examples of forward-looking
statements include, among others, statements we make regarding our
outlook for the Company and statements that estimate or project
future results of operations or the performance of the Company.
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, the following:
- the ability to design, produce, and distribute the
creative product solutions required to retain existing customers
and to attract new customers;
- building and maintaining marketing and distribution functions
sufficient to gain meaningful international market share for our
products;
- the ability to respond quickly with appropriate products after
the adoption and introduction of new mobile devices by major
manufacturers like Apple®, Samsung®, and Google®;
- changes or delays in announced launch schedules for (or recalls
or withdrawals of) new mobile devices by major manufacturers like
Apple, Samsung, and Google;
- the ability to successfully integrate new operations or
acquisitions;
- the impacts of inconsistent quality or reliability of new
product offerings;
- the impacts of lower profit margins in certain new and existing
product categories, including certain mophie products;
- the impacts of changes in economic conditions, including on
customer demand;
- managing inventory in light of constantly shifting consumer
demand;
- the failure of information systems or technology solutions or
the failure to secure information system data, failure to comply
with privacy laws, security breaches, or the effect on the Company
from cyber-attacks, terrorist incidents or the threat of terrorist
incidents;
- changes in U.S. and international trade policy and tariffs,
including the effect of increases in U.S.-China tariffs on selected
materials used in the manufacture of products sold by the Company
which are sourced from China;
- adoption of or changes in accounting policies, principles, or
estimates; and
- changes in the law, economic and financial conditions,
including the effect of enactment of US tax reform or other tax law
changes.
Any forward-looking statement made by us in this press release
speaks only as of the date on which such statement is made. New
factors emerge from time to time and it is not possible for
management to predict all such factors, nor can it assess the
impact of any such factor on the business or the extent to which
any factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking statement.
Readers should also review the risks and uncertainties listed in
our most recent Annual Report on Form 10-K and other reports we
file with the U.S. Securities and Exchange Commission, including
(but not limited to) Item 1A - “Risk Factors” in the Form 10-K and
Management's Discussion and Analysis of Financial Condition and
Results of Operations and the risks described therein from time to
time. 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. The forward-looking
statements contained in this press release are intended to qualify
for the safe harbor provisions of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended.
About ZAGG Inc
ZAGG Inc (NASDAQ:ZAGG) is a global leader in accessories and
technologies that empower mobile lifestyles. The Company has an
award-winning product portfolio that includes screen protection,
mobile keyboards, power management solutions, social tech, and
personal audio sold under the ZAGG®, mophie®, InvisibleShield®,
IFROGZ®, BRAVEN®, Gear4®, and HALO® brands. ZAGG has operations in
the United States, Ireland, and China. ZAGG products are available
worldwide, and can be found at leading retailers including Best
Buy, Verizon, AT&T, Sprint, T-Mobile, Walmart, Target, and
Amazon.com. For more information, please visit the Company’s
websites at www.ZAGG.com and www.BestHALO.com and follow us on
Facebook, Twitter, and Instagram.
CONTACT:
Investor Relations:ICR Inc.Brendon
Frey203-682-8216brendon.frey@icrinc.com
Company:ZAGG IncJeff DuBois801-506-7336jeff.dubois@ZAGG.com
ZAGG INC AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands, except par value
amounts)(Unaudited)
| |
|
September 30, 2019 |
|
December 31, 2018 |
| |
|
|
|
|
|
ASSETS |
|
|
|
| Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
14,669 |
|
|
$ |
15,793 |
|
| |
Accounts receivable, net of
allowances of $879 and $885 |
135,345 |
|
|
156,667 |
|
| |
Income tax receivable |
3,007 |
|
|
375 |
|
| |
Inventories |
138,452 |
|
|
82,919 |
|
| |
Prepaid expenses and other
current assets |
4,871 |
|
|
5,473 |
|
| Total
current assets |
296,344 |
|
|
261,227 |
|
| |
|
|
|
|
| Property and
equipment, net of accumulated depreciation of $14,801 and
$11,844 |
18,644 |
|
|
16,118 |
|
| Intangible assets,
net of accumulated amortization of $91,640 and $78,627 |
67,102 |
|
|
52,054 |
|
| Deferred income
tax assets |
13,994 |
|
|
19,403 |
|
| Operating lease
right of use assets |
10,067 |
|
|
— |
|
| Goodwill |
43,569 |
|
|
27,638 |
|
| Other assets |
1,103 |
|
|
1,571 |
|
| Total
assets |
$ |
450,823 |
|
|
$ |
378,011 |
|
| |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
| Current
liabilities: |
|
|
|
| |
Accounts payable |
$ |
97,978 |
|
|
$ |
80,908 |
|
| |
Sales returns liability |
41,244 |
|
|
54,432 |
|
| |
Accrued wages and wage related
expenses |
6,934 |
|
|
6,624 |
|
| |
Accrued liabilities |
18,911 |
|
|
13,723 |
|
| |
Current portion of operating
lease liabilities |
2,129 |
|
|
— |
|
| Total
current liabilities |
167,196 |
|
|
155,687 |
|
| |
|
|
|
|
| Line of
credit |
111,363 |
|
|
58,363 |
|
| Operating lease
liabilities |
11,135 |
|
|
— |
|
| Other long-term
liabilities |
— |
|
|
5,470 |
|
| Total
liabilities |
289,694 |
|
|
219,520 |
|
| |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
| |
Common stock, $0.001 par
value; 100,000 shares authorized; 36,163 and 34,457 shares
issued |
36 |
|
|
34 |
|
| |
Treasury stock, 7,055 and
6,983 common shares at cost |
(50,455 |
) |
|
(49,733 |
) |
| |
Additional paid-in
capital |
111,917 |
|
|
96,486 |
|
| |
Accumulated other
comprehensive loss |
(2,366 |
) |
|
(1,410 |
) |
| |
Retained earnings |
101,997 |
|
|
113,114 |
|
| Total
stockholders’ equity |
161,129 |
|
|
158,491 |
|
| Total
liabilities and stockholders’ equity |
$ |
450,823 |
|
|
$ |
378,011 |
|
ZAGG INC AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS(Amounts in thousands, except per share
amounts)(Unaudited)
| |
For the Three Months Ended |
|
For the Nine Months Ended |
| |
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
| |
|
|
|
|
|
|
|
|
Net sales |
$ |
146,488 |
|
|
$ |
141,087 |
|
|
$ |
332,034 |
|
|
$ |
371,718 |
|
| Cost of
sales |
92,143 |
|
|
88,916 |
|
|
216,108 |
|
|
244,297 |
|
| Gross
profit |
54,345 |
|
|
52,171 |
|
|
115,926 |
|
|
127,421 |
|
| |
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
Advertising and marketing |
4,129 |
|
|
3,089 |
|
|
13,228 |
|
|
8,322 |
|
|
Selling, general and administrative |
34,063 |
|
|
27,349 |
|
|
100,138 |
|
|
78,692 |
|
|
Transaction costs |
547 |
|
|
618 |
|
|
1,168 |
|
|
635 |
|
|
Amortization of intangible assets |
3,948 |
|
|
2,859 |
|
|
13,013 |
|
|
8,404 |
|
| Total operating
expenses |
42,687 |
|
|
33,915 |
|
|
127,547 |
|
|
96,053 |
|
| |
|
|
|
|
|
|
|
| Income (loss) from
operations |
11,658 |
|
|
18,256 |
|
|
(11,621 |
) |
|
31,368 |
|
| |
|
|
|
|
|
|
|
| Other (expense)
income: |
|
|
|
|
|
|
|
|
Interest expense |
(1,221 |
) |
|
(286 |
) |
|
(3,334 |
) |
|
(1,132 |
) |
|
Other (expense) income |
(462 |
) |
|
(176 |
) |
|
214 |
|
|
(362 |
) |
| Total other
expense |
(1,683 |
) |
|
(462 |
) |
|
(3,120 |
) |
|
(1,494 |
) |
| |
|
|
|
|
|
|
|
| Income (loss) before
provision for income taxes |
9,975 |
|
|
17,794 |
|
|
(14,741 |
) |
|
29,874 |
|
| |
|
|
|
|
|
|
|
| Income tax (provision)
benefit |
(1,293 |
) |
|
(3,168 |
) |
|
3,663 |
|
|
(5,003 |
) |
| |
|
|
|
|
|
|
|
| Net income
(loss) |
$ |
8,682 |
|
|
$ |
14,626 |
|
|
$ |
(11,078 |
) |
|
$ |
24,871 |
|
| |
|
|
|
|
|
|
|
| Earnings (loss) per
share attributable to stockholders: |
|
|
|
|
|
|
|
| Basic earnings (loss) per
share |
$ |
0.30 |
|
|
$ |
0.52 |
|
|
$ |
(0.38 |
) |
|
$ |
0.88 |
|
| Diluted earnings (loss) per
share |
$ |
0.30 |
|
|
$ |
0.51 |
|
|
$ |
(0.38 |
) |
|
$ |
0.87 |
|
ZAGG INC AND
SUBSIDIARIESRECONCILIATION OF NON-U.S. GAAP
FINANCIAL INFORMATION TO U.S. GAAP(Amounts in
thousands)(Unaudited)
| UNAUDITED
SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
| The following information are not
financial measures prepared in accordance with accounting
principles generally accepted in the United States of America
(“U.S. GAAP”). In addition, they should not be construed as an
alternative to any other measures of performance determined in
accordance with U.S. GAAP, or as an indicator of our operating
performance, liquidity, or cash flows generated by operating,
investing, and financing activities as there may be significant
factors or trends that it fails to address. We present this
financial information because we believe that these measures are
helpful to some investors as a measure of our operations. We
caution investors that non-U.S. GAAP financial information, by its
nature, departs from traditional accounting conventions;
accordingly, its use can make it difficult to compare our results
with our results from other reporting periods and with the results
of other companies. |
|
| |
| |
| |
| |
| |
|
ADJUSTED EBITDA RECONCILIATION |
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
Net income (loss) in accordance with U.S.
GAAP |
$ |
8,682 |
|
$ |
14,626 |
|
$ |
(11,078 |
) |
|
$ |
24,871 |
|
| |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
| a. |
Stock-based compensation
expense |
632 |
|
757 |
|
3,291 |
|
|
2,165 |
|
| b. |
Depreciation and
amortization |
5,751 |
|
4,099 |
|
18,007 |
|
|
13,330 |
|
| c. |
Other expense, net |
1,683 |
|
462 |
|
3,120 |
|
|
1,494 |
|
| d. |
Transaction costs |
547 |
|
618 |
|
1,168 |
|
|
635 |
|
| e. |
BRAVEN employee retention
bonus |
— |
|
— |
|
93 |
|
|
— |
|
| f. |
Former CFO retention
bonus |
— |
|
— |
|
110 |
|
|
— |
|
| g. |
Inventory step-up amount in
connection with acquisitions in 2018 and 2019 |
— |
|
72 |
|
589 |
|
|
72 |
|
| h. |
Consulting fee to former
CEO |
— |
|
— |
|
— |
|
|
700 |
|
| i. |
Restructuring expenses |
1,818 |
|
— |
|
2,225 |
|
|
— |
|
| j. |
Adjustment to fair value of
acquisition contingent consideration |
355 |
|
— |
|
355 |
|
|
— |
|
| k. |
Income tax provision
(benefit) |
1,293 |
|
3,168 |
|
(3,663 |
) |
|
5,003 |
|
| Total
Adjustments |
12,079 |
|
9,176 |
|
25,295 |
|
|
23,399 |
|
| |
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
$ |
20,761 |
|
$ |
23,802 |
|
$ |
14,217 |
|
|
$ |
48,270 |
|
ZAGG INC AND
SUBSIDIARIESRECONCILIATION OF NON-U.S. GAAP
FINANCIAL INFORMATION TO U.S. GAAP(Amounts in thousands,
except per share amounts)(Unaudited)
|
DILUTED OPERATING (LOSS) EARNINGS PER SHARE
RECONCILIATION |
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
| |
|
|
|
|
|
|
|
|
|
Net income (loss) in accordance with U.S.
GAAP |
$ |
8,682 |
|
|
$ |
14,626 |
|
$ |
(11,078 |
) |
|
$ |
24,871 |
| |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
| a. |
Amortization expense related
to 2018 and 2019 acquisitions |
1,975 |
|
|
— |
|
5,926 |
|
|
— |
| b. |
Transaction costs |
547 |
|
|
— |
|
1,168 |
|
|
— |
| c. |
Inventory step-up amount in
connection with acquisitions in 2018 and 2019 |
— |
|
|
— |
|
589 |
|
|
— |
| d. |
BRAVEN employee retention
bonus |
— |
|
|
— |
|
93 |
|
|
— |
| e. |
Restructuring expenses |
1,818 |
|
|
— |
|
2,225 |
|
|
— |
| f. |
Stock-based compensation
issued as retention |
341 |
|
|
— |
|
1,031 |
|
|
— |
| g. |
Adjustment to fair value of
acquisition contingent consideration |
355 |
|
|
— |
|
355 |
|
|
— |
| Total
adjustments before tax |
5,036 |
|
|
— |
|
11,387 |
|
|
— |
| |
Tax effect 1 |
(1,363 |
) |
|
— |
|
(3,075 |
) |
|
— |
| |
Adjustments, net of tax |
3,673 |
|
|
— |
|
8,312 |
|
|
— |
| Adjusted
net income (loss) |
$ |
12,355 |
|
|
$ |
14,626 |
|
$ |
(2,766 |
) |
|
$ |
24,871 |
| |
|
|
|
|
|
|
|
|
| Diluted shares
outstanding |
29,127 |
|
|
28,563 |
|
29,009 |
|
|
28,640 |
| Diluted
operating earnings (loss) per share |
$ |
0.42 |
|
|
$ |
0.51 |
|
$ |
(0.10 |
) |
|
$ |
0.87 |
1 Income tax effect calculated using the estimated 2019
statutory rate of 27.04%
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