Amber Road Announces Third Quarter 2016 Financial Results
Amber Road, Inc. (NYSE: AMBR), a leading provider of global trade management (GTM) solutions, today announced its financial
results for the third quarter ended September 30, 2016.
Jim Preuninger, Chief Executive Officer of Amber Road, stated, “During the third quarter, we delivered healthy bookings and saw
demand across a broad range of offerings in our suite. We expanded our relationship with a key existing customer by signing one of
the largest deals in our history. This highlights our leadership and competitive advantage in the marketplace, and demonstrates our
ability to work with the world’s largest enterprise companies to help them automate and simplify their global trade functions. We
are effectively and consistently executing against the market opportunity by attracting new customers and expanding within our
existing base. We continue to take meaningful steps towards profitability and are moving our company back towards cash flow
breakeven.”
Third Quarter 2016 Financial Highlights
Revenue
- Total revenue was $18.9 million, an increase compared to $17.3 million for the comparable period of
2015.
- Subscription revenue was $14.1 million, an increase compared to $12.1 million for the comparable
period of 2015.
- Professional Services revenue was $4.8 million, compared to $5.2 million for the comparable period of
2015.
Operating Loss
- GAAP operating loss was $(3.5) million, compared to $(6.0) million for the comparable period of
2015.
- Non-GAAP adjusted operating loss(1) was $(1.7) million, compared to $(4.0) million for the
comparable period of 2015.
Net Loss
- GAAP net loss was $(3.8) million, compared to $(6.3) million for the comparable period of 2015.
- GAAP basic and diluted net loss per common share was $(0.14), compared to $(0.24) for the comparable
period of 2015, based on 26.8 million and 26.2 million basic and diluted weighted average common shares outstanding,
respectively.
- Non-GAAP adjusted net loss(1) was $(2.0) million, compared to $(4.3) million for the
comparable period of 2015.
- Non-GAAP adjusted net loss per common share was $(0.08), compared to $(0.16) for the comparable
period of 2015, based on 26.8 million and 26.2 million basic and diluted weighted average common shares outstanding,
respectively.
Adjusted EBITDA
- Adjusted EBITDA was $16,140 for the three months ended September 30, 2016 and $(2.2) million for
the comparable period of 2015.
Balance Sheet and Cash Flow
- Cash and cash equivalents at September 30, 2016 totaled $15.6 million, compared to $17.9 million
at December 31, 2015.
- Cash used in operating activities was $(38,854) for the first nine months of 2016, compared to cash
used in operating activities of $(10.8) million for the first nine months of 2015.
A reconciliation of GAAP operating loss and net loss to Non-GAAP adjusted operating loss and net loss, of GAAP net loss to
Adjusted EBITDA and of GAAP total revenue to Non-GAAP total revenue has been provided in the financial statement tables included in
this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Business Outlook
Based on information available as of November 3, 2016, Amber Road is issuing guidance for the fourth quarter and full year
2016. Refer to the reconciliation of GAAP guidance to non-GAAP guidance tables at the end of this release for details on non-GAAP
adjustments.
Fourth Quarter 2016:
- Total GAAP revenue is expected to be in the range of $18.5 million to $18.8 million.
- Non-GAAP adjusted operating loss(1) is expected to be in the range of $(2.3) million to
$(2.0) million.
- Non-GAAP adjusted net loss per common share is expected to be in the range of $(0.11) to $(0.09).
This assumes 27.0 million basic and diluted shares outstanding.
Full Year 2016:
- Total non-GAAP revenue(2) is expected to be in the range of $72.5 million to $72.8
million.
- Non-GAAP adjusted operating loss(1) is expected to be in the range of $(10.5) million to
$(10.2) million.
- Non-GAAP adjusted net loss per common share is expected to be in the range of $(0.45) to $(0.43).
This assumes 27.0 million basic and diluted shares outstanding.
Endnotes:
(1) For 2016, non-GAAP adjusted operating loss and adjusted net loss excludes stock-based compensation, change in fair value of
contingent consideration liability, purchase accounting deferred revenue adjustment, acquisition compensation costs, and
acquisition related costs. For 2015, non-GAAP adjusted operating loss excludes stock-based compensation, puttable stock
compensation, change in fair value of contingent consideration liability, purchase accounting deferred revenue adjustment,
acquisition compensation costs and acquisition related costs.
(2) Non-GAAP total revenue includes the purchase accounting deferred revenue adjustment.
Conference Call Information
Amber Road will host a conference call on Thursday, November 3, 2016 at 5:00 p.m. Eastern Time (ET) to discuss the
Company’s third quarter financial results and its business outlook. To access this call, dial (877)-718-5106 (domestic) or (719)
325-4799 (international). The conference ID is 3997087. Additionally, a live webcast of the conference call will be available in
the “Investor Relations” section of the Company’s web site at www.AmberRoad.com.
Following the conference call, a replay will be available at (877) 870-5176 (domestic) or (858) 384-5517 (international) from
November 4, 2016, 8:00pm EST to November 10, 2016, 11:59pm EST. The replay pass code is 3997087. An archived webcast of this
conference call will also be available in the “Investor Relations” section of the Company’s web site at www.AmberRoad.com.
About Amber Road
Amber Road’s (NYSE: AMBR) mission is to improve the way companies manage their international supply chains and conduct global
trade. As a leading provider of cloud based global trade management (GTM) solutions, we automate the global supply chain across
sourcing, logistics, cross-border trade and regulatory compliance activities to dramatically improve operating efficiencies and
financial performance. This includes collaborating with suppliers on development, sourcing and quality assurance; executing
import and export compliance checks and generating international shipping documentation; booking international carriers and
tracking goods as they move around the world; and minimizing the associated duties through preferential trade agreements and
foreign trade zones. Our solution combines enterprise-class software, trade content sourced from government agencies and
transportation providers in 147 countries, and a global supply chain network connecting our customers with their trading partners,
including suppliers, testing/auditing firms, freight forwarders, customs brokers and transportation carriers. We deliver our GTM
solution using a Software-as-a-Service (SaaS) model and leverage a highly flexible technology framework to quickly and efficiently
meet our customers’ unique requirements around the world. For more information, please visit www.AmberRoad.com, email Solutions@AmberRoad.com or
call 201-935-8588.
Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, Amber Road has provided non-GAAP financial
measures and non-GAAP guidance within this press release including non-GAAP adjusted operating and net loss, adjusted EBITDA and
non-GAAP total revenue, financial measures that are not calculated in accordance with generally accepted accounting principles, or
GAAP. Provided below is a reconciliation of GAAP operating and net loss to non-GAAP adjusted operating and net loss, net loss to
adjusted EBITDA and GAAP total revenue to Non-GAAP total revenue. EBITDA consists of net loss plus depreciation and amortization,
interest expense (income) and income tax expense. Adjusted EBITDA consists of EBITDA plus stock-based compensation, puttable stock
compensation, changes in the fair value of contingent consideration liability, purchase accounting adjustment to deferred revenue,
acquisition compensation costs and acquisition related costs. Non-GAAP total revenue is defined as GAAP total revenue before
purchase accounting adjustments as a result of an acquisition. Amber Road has included these non-GAAP measures in this press
release because it assists in comparing performance on a consistent basis across reporting periods, as it removes from operating
results the impact of the Company’s capital structure. Amber Road believes these non-GAAP measures are useful to an investor in
evaluating its operating performance because they are often used by the financial community to measure a company’s operating
performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the
book value of assets, and to present a meaningful measure of performance exclusive of its capital structure and the method by which
assets were acquired.
Amber Road’s use of these non-GAAP measures has limitations as an analytical tool, and you should not consider it in isolation
or as a substitute for analysis of its results as reported under GAAP. Some of these limitations are:
- although depreciation and amortization are non-cash charges, the assets being depreciated and
amortized may have to be replaced in the future, and these non-GAAP measures do not reflect cash capital expenditure requirements
for such replacements or for new capital expenditure requirements;
- these non-GAAP measures do not reflect changes in, or cash requirements for, working capital
needs;
- these non-GAAP measures do not reflect the potentially dilutive impact of equity-based
compensation;
- these non-GAAP measures do not reflect interest or tax payments that may represent a reduction in
cash available; and
- other companies, including companies in Amber Road’s industry, may calculate adjusted EBITDA
differently, which reduces its usefulness as a comparative measure.
Because of these and other limitations, you should consider these non-GAAP measures together with other GAAP-based financial
performance measures, including various cash flow metrics, net loss and other GAAP results. A reconciliation of GAAP operating and
net loss to non-GAAP adjusted operating and net loss, and adjusted EBITDA, and GAAP total revenue to non-GAAP total revenue, has
been provided in the financial statement tables included in this press release.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are not historical facts, but instead represent only our current expectations and beliefs, and
therefore, contain risks and uncertainties about future events or our future financial performance, including, but not limited to,
achieving revenue from bookings, closing business from the sales pipeline, new customer deployments and maintaining these
relationships, the ability to reduce operating losses and use of cash, and attaining profitability. In some cases, you can identify
forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “expect,” “intend,” “plan,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” or “continue,” and similar expressions, whether in the negative or affirmative.
These statements are only predictions and may be inaccurate. Actual events or results may differ materially. In evaluating these
statements, you should specifically consider various factors, including the risks outlined in our filings with the Securities and
Exchange Commission (SEC), including, without limitation, our annual, periodic and current SEC reports. These factors may cause our
actual results to differ materially from any forward-looking statement. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, our future results, levels of activity, performance or achievements may differ from our
expectations. Other than as required by law, we do not undertake to update any of the forward-looking statements after the date of
this press release, even though our situation may change in the future.
| |
|
AMBER ROAD, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
|
| |
|
|
|
September 30,
2016 |
|
December 31,
2015 |
| Assets |
|
|
|
|
|
| Current assets: |
|
|
|
|
|
| Cash and cash equivalents |
|
|
$ |
15,640,460 |
|
|
$ |
17,854,523 |
|
| Accounts receivable, net |
|
|
12,814,302 |
|
|
18,308,547 |
|
| Unbilled receivables |
|
|
620,537 |
|
|
1,024,861 |
|
| Deferred commissions |
|
|
4,318,424 |
|
|
3,767,432 |
|
| Prepaid expenses and other current assets |
|
|
2,216,621 |
|
|
2,003,849 |
|
| Total current assets |
|
|
35,610,344 |
|
|
42,959,212 |
|
| Property and equipment, net |
|
|
10,107,203 |
|
|
12,180,109 |
|
| Goodwill |
|
|
43,902,247 |
|
|
43,913,185 |
|
| Other intangibles, net |
|
|
6,528,042 |
|
|
7,673,661 |
|
| Deferred commissions |
|
|
8,292,329 |
|
|
7,007,518 |
|
| Deposits and other assets |
|
|
929,465 |
|
|
890,059 |
|
| Total assets |
|
|
$ |
105,369,630 |
|
|
$ |
114,623,744 |
|
| Liabilities and Stockholders’ Equity |
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
| Accounts payable |
|
|
$ |
1,026,892 |
|
|
$ |
1,451,463 |
|
| Accrued expenses |
|
|
12,028,437 |
|
|
8,805,159 |
|
| Current portion of capital lease obligations |
|
|
1,212,737 |
|
|
1,598,450 |
|
| Deferred revenue |
|
|
30,921,690 |
|
|
30,532,404 |
|
| Current portion of term loan, net of discount and debt financing costs |
|
|
499,586 |
|
|
312,086 |
|
| Total current liabilities |
|
|
45,689,342 |
|
|
42,699,562 |
|
| Capital lease obligations, less current portion |
|
|
1,028,088 |
|
|
1,916,944 |
|
| Deferred revenue, less current portion |
|
|
1,964,573 |
|
|
2,393,345 |
|
| Term loan, net of discount and debt financing costs, less current portion |
|
|
13,786,286 |
|
|
14,207,850 |
|
| Revolving credit facility |
|
|
5,500,000 |
|
|
5,000,000 |
|
| Other noncurrent liabilities |
|
|
1,883,861 |
|
|
3,909,728 |
|
| Total liabilities |
|
|
69,852,150 |
|
|
70,127,429 |
|
| Commitments and contingencies |
|
|
|
|
|
| Stockholders’ equity: |
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized; issued and outstanding
26,813,663 and 26,260,459 shares at September 30, 2016 and December 31, 2015, respectively
|
|
|
26,814 |
|
|
26,261 |
|
| Additional paid-in capital |
|
|
187,131,345 |
|
|
181,457,089 |
|
| Accumulated other comprehensive loss |
|
|
(1,219,035 |
) |
|
(783,209 |
) |
| Accumulated deficit |
|
|
(150,421,644 |
) |
|
(136,203,826 |
) |
| Total stockholders’ equity |
|
|
35,517,480 |
|
|
44,496,315 |
|
| Total liabilities and stockholders’ equity |
|
|
$ |
105,369,630 |
|
|
$ |
114,623,744 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
AMBER ROAD, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
| Revenue: |
|
|
|
|
|
|
|
|
|
| Subscription |
|
|
$ |
14,079,394 |
|
|
$ |
12,126,795 |
|
|
$ |
39,358,586 |
|
|
$ |
34,172,867 |
|
| Professional services |
|
|
4,771,407 |
|
|
5,209,392 |
|
|
14,595,827 |
|
|
15,734,841 |
|
| Total revenue |
|
|
18,850,801 |
|
|
17,336,187 |
|
|
53,954,413 |
|
|
49,907,708 |
|
| Cost of revenue (1): |
|
|
|
|
|
|
|
|
|
| Cost of subscription revenue |
|
|
4,964,971 |
|
|
5,129,733 |
|
|
14,988,695 |
|
|
14,438,918 |
|
| Cost of professional services revenue |
|
|
3,845,548 |
|
|
4,410,948 |
|
|
11,872,116 |
|
|
12,974,332 |
|
| Total cost of revenue |
|
|
8,810,519 |
|
|
9,540,681 |
|
|
26,860,811 |
|
|
27,413,250 |
|
| Gross profit |
|
|
10,040,282 |
|
|
7,795,506 |
|
|
27,093,602 |
|
|
22,494,458 |
|
| Operating expenses (1): |
|
|
|
|
|
|
|
|
|
| Sales and marketing |
|
|
5,488,309 |
|
|
5,994,557 |
|
|
16,968,999 |
|
|
18,196,448 |
|
| Research and development |
|
|
4,231,492 |
|
|
4,288,389 |
|
|
12,119,137 |
|
|
11,900,747 |
|
| General and administrative |
|
|
3,782,591 |
|
|
3,543,956 |
|
|
11,329,134 |
|
|
13,005,813 |
|
| Total operating expenses |
|
|
13,502,392 |
|
|
13,826,902 |
|
|
40,417,270 |
|
|
43,103,008 |
|
| Loss from operations |
|
|
(3,462,110 |
) |
|
(6,031,396 |
) |
|
(13,323,668 |
) |
|
(20,608,550 |
) |
| Interest income |
|
|
4,810 |
|
|
20,814 |
|
|
55,858 |
|
|
49,160 |
|
| Interest expense |
|
|
(221,370 |
) |
|
(263,133 |
) |
|
(643,543 |
) |
|
(654,760 |
) |
| Loss before income taxes |
|
|
(3,678,670 |
) |
|
(6,273,715 |
) |
|
(13,911,353 |
) |
|
(21,214,150 |
) |
| Income tax expense (benefit) |
|
|
112,580 |
|
|
(10,722 |
) |
|
306,465 |
|
|
217,469 |
|
| Net loss |
|
|
$ |
(3,791,250 |
) |
|
$ |
(6,262,993 |
) |
|
$ |
(14,217,818 |
) |
|
$ |
(21,431,619 |
) |
|
|
|
|
|
|
|
|
|
|
| Net loss per common share: |
|
|
|
|
|
|
|
|
|
| Basic and diluted |
|
|
$ |
(0.14 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.82 |
) |
| Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
| Basic and diluted |
|
|
26,809,137 |
|
|
26,204,955 |
|
|
26,609,322 |
|
|
26,082,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (1) Includes stock-based compensation as follows: |
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
| Cost of subscription revenue |
|
|
$ |
219,120 |
|
|
$ |
271,603 |
|
|
$ |
638,069 |
|
|
$ |
659,959 |
| Cost of professional services revenue |
|
|
128,254 |
|
|
163,527 |
|
|
377,467 |
|
|
435,669 |
| Sales and marketing |
|
|
238,324 |
|
|
302,850 |
|
|
675,057 |
|
|
698,418 |
| Research and development |
|
|
304,501 |
|
|
368,035 |
|
|
847,057 |
|
|
861,238 |
| General and administrative |
|
|
564,626 |
|
|
982,317 |
|
|
1,669,410 |
|
|
2,998,769 |
|
|
|
$ |
1,454,825 |
|
|
$ |
2,088,332 |
|
|
$ |
4,207,060 |
|
|
$ |
5,654,053 |
| |
|
AMBER ROAD, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
|
2016 |
|
2015 |
| Cash flows from operating activities: |
|
|
|
|
|
| Net loss |
|
|
$ |
(14,217,818 |
) |
|
$ |
(21,431,619 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
| Depreciation and amortization |
|
|
5,063,509 |
|
|
5,077,246 |
|
| Bad debt expense |
|
|
523,403 |
|
|
78,761 |
|
| Stock-based compensation |
|
|
4,207,060 |
|
|
5,654,053 |
|
| Compensation related to puttable common stock |
|
|
— |
|
|
41,073 |
|
| Acquisition related deferred compensation |
|
|
851,931 |
|
|
662,613 |
|
| Changes in fair value of contingent consideration liability |
|
|
10,469 |
|
|
(1,059,441 |
) |
| Amortization of debt financing costs and accretion of debt discount |
|
|
47,186 |
|
|
38,492 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
| Accounts receivable and unbilled receivables |
|
|
5,352,339 |
|
|
3,380,200 |
|
| Prepaid expenses and other assets |
|
|
(2,074,943 |
) |
|
(221,433 |
) |
| Accounts payable |
|
|
(418,732 |
) |
|
(872,574 |
) |
| Accrued expenses |
|
|
2,669,696 |
|
|
(2,537,302 |
) |
| Other liabilities |
|
|
(2,025,820 |
) |
|
(228,893 |
) |
| Deferred revenue |
|
|
(27,134 |
) |
|
665,631 |
|
| Net cash used in operating activities |
|
|
(38,854 |
) |
|
(10,753,193 |
) |
| Cash flows from investing activities: |
|
|
|
|
|
| Capital expenditures |
|
|
(220,718 |
) |
|
(930,688 |
) |
| Addition of capitalized software development costs |
|
|
(1,859,969 |
) |
|
(1,525,903 |
) |
| Addition of intangible assets |
|
|
(275,000 |
) |
|
(275,000 |
) |
| Acquisition, net of cash acquired |
|
|
— |
|
|
(25,717,139 |
) |
| Cash paid for deposits |
|
|
(143,836 |
) |
|
(37,878 |
) |
| Decrease in restricted cash |
|
|
113,094 |
|
|
112,815 |
|
| Net cash used in investing activities |
|
|
(2,386,429 |
) |
|
(28,373,793 |
) |
| Cash flows from financing activities: |
|
|
|
|
|
| Proceeds from revolving line of credit |
|
|
14,250,000 |
|
|
— |
|
| Payments on revolving line of credit |
|
|
(13,750,000 |
) |
|
— |
|
| Proceeds from term loan |
|
|
— |
|
|
20,000,000 |
|
| Payments on term loan |
|
|
(281,250 |
) |
|
(250,000 |
) |
| Debt discount and financing costs |
|
|
— |
|
|
(186,582 |
) |
| Repayments on capital lease obligations |
|
|
(1,052,029 |
) |
|
(1,118,401 |
) |
| Proceeds from the exercise of stock options |
|
|
1,467,749 |
|
|
1,299,427 |
|
| Net cash provided by financing activities |
|
|
634,470 |
|
|
19,744,444 |
|
| Effect of exchange rate on cash and cash equivalents |
|
|
(423,250 |
) |
|
(241,724 |
) |
| Net decrease in cash and cash equivalents |
|
|
(2,214,063 |
) |
|
(19,624,266 |
) |
| Cash and cash equivalents at beginning of period |
|
|
17,854,523 |
|
|
41,242,200 |
|
| Cash and cash equivalents at end of period |
|
|
$ |
15,640,460 |
|
|
$ |
21,617,934 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Reconciliation of Net Loss to Adjusted EBITDA
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
| Net loss |
|
|
$ |
(3,791,250 |
) |
|
$ |
(6,262,993 |
) |
|
$ |
(14,217,818 |
) |
|
$ |
(21,431,619 |
) |
| Depreciation and amortization expense |
|
|
1,729,448 |
|
|
1,818,477 |
|
|
5,063,509 |
|
|
5,077,246 |
|
| Interest expense |
|
|
221,370 |
|
|
263,133 |
|
|
643,543 |
|
|
654,760 |
|
| Interest income |
|
|
(4,810 |
) |
|
(20,814 |
) |
|
(55,858 |
) |
|
(49,160 |
) |
| Income tax expense (benefit) |
|
|
112,580 |
|
|
(10,722 |
) |
|
306,465 |
|
|
217,469 |
|
| EBITDA |
|
|
(1,732,662 |
) |
|
(4,212,919 |
) |
|
(8,260,159 |
) |
|
(15,531,304 |
) |
| Stock-based compensation |
|
|
1,454,825 |
|
|
2,088,332 |
|
|
4,207,060 |
|
|
5,654,053 |
|
| Puttable stock compensation |
|
|
— |
|
|
13,691 |
|
|
— |
|
|
41,073 |
|
| Change in fair value of contingent consideration liability |
|
|
10,000 |
|
|
(772,000 |
) |
|
10,469 |
|
|
(1,059,441 |
) |
| Purchase accounting deferred revenue adjustment |
|
|
— |
|
|
447,531 |
|
|
69,095 |
|
|
1,220,624 |
|
| Acquisition compensation costs |
|
|
283,977 |
|
|
118,169 |
|
|
851,931 |
|
|
662,613 |
|
| Acquisition related costs |
|
|
— |
|
|
97,500 |
|
|
5,420 |
|
|
1,245,721 |
|
| Adjusted EBITDA |
|
|
$ |
16,140 |
|
|
$ |
(2,219,696 |
) |
|
$ |
(3,116,184 |
) |
|
$ |
(7,766,661 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Reconciliation of GAAP Total Revenue to Non-GAAP Total Revenue
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
| Total revenue |
|
|
$ |
18,850,801 |
|
|
$ |
17,336,187 |
|
|
$ |
53,954,413 |
|
|
$ |
49,907,708 |
| Purchase accounting deferred revenue adjustment |
|
|
— |
|
|
447,531 |
|
|
69,095 |
|
|
1,220,624 |
| Non-GAAP total revenue |
|
|
$ |
18,850,801 |
|
|
$ |
17,783,718 |
|
|
$ |
54,023,508 |
|
|
$ |
51,128,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
| Net loss |
|
|
$ |
(3,791,250 |
) |
|
$ |
(6,262,993 |
) |
|
$ |
(14,217,818 |
) |
|
$ |
(21,431,619 |
) |
| Stock-based compensation |
|
|
1,454,825 |
|
|
2,088,332 |
|
|
4,207,060 |
|
|
5,654,053 |
|
| Puttable stock compensation |
|
|
— |
|
|
13,691 |
|
|
— |
|
|
41,073 |
|
| Change in fair value of contingent consideration liability |
|
|
10,000 |
|
|
(772,000 |
) |
|
10,469 |
|
|
(1,059,441 |
) |
| Purchase accounting deferred revenue adjustment |
|
|
— |
|
|
447,531 |
|
|
69,095 |
|
|
1,220,624 |
|
| Acquisition compensation costs |
|
|
283,977 |
|
|
118,169 |
|
|
851,931 |
|
|
662,613 |
|
| Acquisition related costs |
|
|
— |
|
|
97,500 |
|
|
5,420 |
|
|
1,245,721 |
|
| Non-GAAP adjusted net loss |
|
|
$ |
(2,042,448 |
) |
|
$ |
(4,269,770 |
) |
|
$ |
(9,073,843 |
) |
|
$ |
(13,666,976 |
) |
|
|
|
|
|
|
|
|
|
|
| Adjusted non-GAAP net loss per common share: |
|
|
|
|
|
|
|
|
|
| Basic and diluted |
|
|
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.52 |
) |
|
|
|
|
|
|
|
|
|
|
| Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
| GAAP weighted average number of common shares outstanding - basic and
diluted |
|
|
26,809,137 |
|
|
26,204,955 |
|
|
26,609,322 |
|
|
26,082,227 |
|
| |
|
Reconciliation of Loss from Operations to Non-GAAP Adjusted Loss from Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
| Loss from operations |
|
|
$ |
(3,462,110 |
) |
|
$ |
(6,031,396 |
) |
|
$ |
(13,323,668 |
) |
|
$ |
(20,608,550 |
) |
| Stock-based compensation |
|
|
1,454,825 |
|
|
2,088,332 |
|
|
4,207,060 |
|
|
5,654,053 |
|
| Puttable stock compensation |
|
|
— |
|
|
13,691 |
|
|
— |
|
|
41,073 |
|
| Change in fair value of contingent consideration liability |
|
|
10,000 |
|
|
(772,000 |
) |
|
10,469 |
|
|
(1,059,441 |
) |
| Purchase accounting deferred revenue adjustment |
|
|
— |
|
|
447,531 |
|
|
69,095 |
|
|
1,220,624 |
|
| Acquisition compensation costs |
|
|
283,977 |
|
|
118,169 |
|
|
851,931 |
|
|
662,613 |
|
| Acquisition related costs |
|
|
— |
|
|
97,500 |
|
|
5,420 |
|
|
1,245,721 |
|
| Non-GAAP adjusted loss from operations |
|
|
$ |
(1,713,308 |
) |
|
$ |
(4,038,173 |
) |
|
$ |
(8,179,693 |
) |
|
$ |
(12,843,907 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on information available as of November 3, 2016, the following tables show 2016 GAAP guidance reconciled to non-GAAP
guidance for the fourth quarter and full year 2016 as indicated below (numbers in millions, except per share data):
| |
|
Reconciliation of GAAP Total Revenue to Non-GAAP Total Revenue Guidance
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2016 |
|
Full Year 2016 |
|
|
|
Low |
|
High |
|
Low |
|
High |
| Total revenue |
|
|
$ |
18.5 |
|
|
$ |
18.8 |
|
|
$ |
72.4 |
|
|
$ |
72.7 |
| Purchase accounting deferred revenue adjustment |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
0.1 |
| Non-GAAP total revenue |
|
|
$ |
18.5 |
|
|
$ |
18.8 |
|
|
$ |
72.5 |
|
|
$ |
72.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Reconciliation of Loss from Operations to Non-GAAP Adjusted Loss from Operations Guidance
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2016 |
|
Full Year 2016 |
|
|
|
Low |
|
High |
|
Low |
|
High |
| Loss from operations |
|
|
$ |
(3.8 |
) |
|
$ |
(3.5 |
) |
|
$ |
(17.1 |
) |
|
$ |
(16.8 |
) |
| Stock-based compensation |
|
|
1.2 |
|
|
1.2 |
|
|
5.4 |
|
|
5.4 |
|
| Purchase accounting deferred revenue adjustment |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
| Acquisition compensation costs |
|
|
0.3 |
|
|
0.3 |
|
|
1.1 |
|
|
1.1 |
|
| Non-GAAP adjusted loss from operations |
|
|
$ |
(2.3 |
) |
|
$ |
(2.0 |
) |
|
$ |
(10.5 |
) |
|
$ |
(10.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Reconciliation of Net Loss per Share to Non-GAAP Adjusted Net Loss per Share Guidance
(1)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2016 |
|
Full Year 2016 |
|
|
|
Low |
|
High |
|
Low |
|
High |
| Net loss per share, basic and diluted |
|
|
$ |
(0.16 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.67 |
) |
| Stock-based compensation |
|
|
0.04 |
|
|
0.04 |
|
|
0.20 |
|
|
0.20 |
|
| Acquisition compensation costs |
|
|
0.01 |
|
|
0.01 |
|
|
0.04 |
|
|
0.04 |
|
| Non-GAAP adjusted net loss per share, basic and diluted |
|
|
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.43 |
) |
|
|
|
|
|
|
|
|
|
|
| (1) This assumes weighted average shares outstanding - basic and
diluted |
|
|
27.0 |
|
|
27.0 |
|
|
27.0 |
|
|
27.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact
ICR
Staci Mortenson, 201-806-3663
InvestorRelations@AmberRoad.com
or
Amber Road Contacts
US & Canada
Annika Helmrich, +1 201-806-3656
AnnikaHelmrich@AmberRoad.com
or
Europe & Asia
Martijn van Gils, +31 858769534
MartijnvanGils@AmberRoad.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20161103006447/en/