Exhibit 99.1
TANGOE, INC.
Unaudited Consolidated Statements of Operations
(in thousands)
|
| Restated |
| Restated |
| Restated |
|
|
|
|
|
|
| ||||||
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Three Months Ended |
| Three Months Ended |
| ||||||
|
| December 31, |
| December 31, |
| December 31, |
| December 31, |
| March 31, |
| March 31, |
| ||||||
|
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 2016 |
| 2017 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Recurring technology and services |
| $ | 161,841 |
| $ | 181,307 |
| $ | 199,518 |
| $ | 207,730 |
| $ | 51,838 |
| $ | 50,404 |
|
Strategic consulting, software licenses and other |
| 17,337 |
| 17,563 |
| 15,481 |
| 15,743 |
| 4,445 |
| 2,563 |
| ||||||
Total revenue |
| 179,178 |
| 198,870 |
| 214,999 |
| 223,474 |
| 56,283 |
| 52,967 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Recurring technology and services |
| 76,228 |
| 88,670 |
| 97,378 |
| 100,313 |
| 25,739 |
| 24,181 |
| ||||||
Strategic consulting, software licenses and other |
| 8,750 |
| 8,954 |
| 8,716 |
| 6,873 |
| 1,247 |
| 1,934 |
| ||||||
Total cost of revenue |
| 84,978 |
| 97,624 |
| 106,094 |
| 107,186 |
| 26,986 |
| 26,115 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Gross profit |
| 94,200 |
| 101,246 |
| 108,905 |
| 116,288 |
| 29,297 |
| 26,852 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Sales and marketing |
| 33,382 |
| 39,433 |
| 43,613 |
| 39,570 |
| 10,741 |
| 7,275 |
| ||||||
General and administrative |
| 34,796 |
| 39,028 |
| 45,008 |
| 59,310 |
| 13,799 |
| 13,498 |
| ||||||
Research and development |
| 19,570 |
| 22,633 |
| 26,617 |
| 29,484 |
| 7,025 |
| 6,706 |
| ||||||
Depreciation and amortization |
| 10,452 |
| 9,763 |
| 9,576 |
| 10,480 |
| 2,465 |
| 2,715 |
| ||||||
Restructuring charge |
| 654 |
| — |
| — |
| 3,850 |
| — |
| — |
| ||||||
Income from operations |
| (4,654 | ) | (9,611 | ) | (15,909 | ) | (26,406 | ) | (4,733 | ) | (3,342 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
| (400 | ) | (103 | ) | (290 | ) | 582 |
| 74 |
| 111 |
| ||||||
Interest income |
| 60 |
| 35 |
| 25 |
| (9 | ) | (3 | ) | (1 | ) | ||||||
Other income |
| 1,201 |
| 114 |
| (139 | ) | (1,119 | ) | — |
| — |
| ||||||
Income before income tax provision |
| (3,793 | ) | (9,565 | ) | (16,313 | ) | (25,860 | ) | (4,804 | ) | (3,452 | ) | ||||||
Income tax provision |
| 1,011 |
| 2,314 |
| 2,724 |
| 2,643 |
| 399 |
| 558 |
| ||||||
Net income |
| $ | (4,804 | ) | $ | (11,879 | ) | $ | (19,037 | ) | $ | (28,503 | ) | $ | (5,203 | ) | $ | (4,010 | ) |
TANGOE, INC.
Unaudited Consolidated Balance Sheets
(in thousands)
|
| Restated |
| Restated |
| Restated |
|
|
|
|
|
|
| ||||||
|
| December 31, |
| December 31, |
| December 31, |
| December 31, |
| March 31, |
| March 31, |
| ||||||
|
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 2016 |
| 2017 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cash and cash equivalents |
| $ | 42,203 |
| $ | 49,606 |
| $ | 36,759 |
| $ | 9,589 |
| $ | 36,487 |
| $ | 12,715 |
|
Accounts receivable - net |
| 40,277 |
| 46,068 |
| 46,463 |
| 50,193 |
| 42,509 |
| 46,369 |
| ||||||
Prepaid expenses and other current assets |
| 4,537 |
| 5,901 |
| 13,304 |
| 12,281 |
| 12,169 |
| 11,928 |
| ||||||
Total current assets |
| 87,018 |
| 101,576 |
| 96,526 |
| 72,063 |
| 91,165 |
| 71,012 |
| ||||||
COMPUTERS, FURNITURE AND EQUIPMENT-NET |
| 4,317 |
| 5,217 |
| 6,672 |
| 12,944 |
| 7,264 |
| 12,277 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
OTHER ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Intangible assets-net |
| 34,991 |
| 26,285 |
| 29,843 |
| 22,230 |
| 25,262 |
| 22,964 |
| ||||||
Goodwill |
| 65,963 |
| 65,348 |
| 75,553 |
| 80,972 |
| 79,359 |
| 81,152 |
| ||||||
Security deposits and other non-current assets |
| 935 |
| 1,566 |
| 1,851 |
| 1,848 |
| 1,835 |
| 1,791 |
| ||||||
TOTAL ASSETS |
| $ | 193,224 |
| $ | 199,991 |
| $ | 210,445 |
| $ | 190,057 |
| $ | 204,885 |
| $ | 189,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Accounts payable |
| $ | 9,570 |
| $ | 10,733 |
| $ | 12,647 |
| $ | 7,274 |
| $ | 13,551 |
| $ | 6,919 |
|
Accrued expenses |
| 8,871 |
| 8,283 |
| 13,936 |
| 18,777 |
| 12,680 |
| 19,277 |
| ||||||
Deferred revenue-current portion |
| 9,063 |
| 10,858 |
| 11,792 |
| 11,172 |
| 12,343 |
| 12,805 |
| ||||||
Notes payable-current portion |
| 1,831 |
| 1,400 |
| 1,893 |
| 6,607 |
| 1,718 |
| 6,536 |
| ||||||
Other current liabilities |
| 768 |
| 1,606 |
| 2,452 |
| 2,452 |
| 2,452 |
| 2,452 |
| ||||||
Total current liabilities |
| 30,103 |
| 32,880 |
| 42,720 |
| 46,282 |
| 42,744 |
| 47,989 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
OTHER LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Deferred rent and other non-current liabilities |
| 3,598 |
| 4,372 |
| 5,141 |
| 6,043 |
| 5,644 |
| 6,043 |
| ||||||
Deferred revenue-less current portion |
| 7,787 |
| 10,535 |
| 12,224 |
| 8,848 |
| 8,278 |
| 10,864 |
| ||||||
Notes payable-less current portion |
| 203 |
| 166 |
| 2,340 |
| 5,178 |
| 1,921 |
| 3,824 |
| ||||||
Total liabilities |
| 41,691 |
| 47,953 |
| 62,424 |
| 66,351 |
| 58,587 |
| 68,720 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
COMMITMENT AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Common Stock |
| $ | 4 |
| $ | 4 |
| $ | 4 |
| $ | 4 |
| $ | 4 |
| $ | 4 |
|
Additional paid-in capital |
| 201,646 |
| 215,491 |
| 232,443 |
| 237,123 |
| 235,200 |
| 237,123 |
| ||||||
Warrants for common stock |
| 10,610 |
| 10,610 |
| 10,610 |
| 10,610 |
| 10,610 |
| 10,610 |
| ||||||
Accumulated deficit |
| (60,112 | ) | (71,991 | ) | (91,029 | ) | (119,100 | ) | (95,796 | ) | (121,968 | ) | ||||||
Other comprehensive gain (loss) |
| (615 | ) | (2,076 | ) | (4,007 | ) | (4,931 | ) | (3,720 | ) | (5,293 | ) | ||||||
Total stockholders’ equity |
| 151,533 |
| 152,038 |
| 148,021 |
| 123,706 |
| 146,298 |
| 120,476 |
| ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
| $ | 193,224 |
| $ | 199,991 |
| $ | 210,445 |
| $ | 190,057 |
| $ | 204,885 |
| $ | 189,196 |
|