Exhibit 99.1
LifeLock Announces 2013 Third Quarter Results
Record quarterly revenue of $95.7 million, up 33% year-over-year
Q3 cumulative ending members of approximately 2.9 million, up 21% year-over-year
Q3 monthly average revenue per member of $10.48, up 12% year-over-year
TEMPE, AZ (October 29, 2013) –LifeLock, Inc. (NYSE: LOCK), an industry leader in identity theft protection, today announced financial results for the third quarter ended September 30, 2013.
Third Quarter 2013 Financial Highlights:
• | Revenue: Total revenue was $95.7 million for the third quarter of 2013, up 33% from $72.1 million for the third quarter of 2012. Consumer revenue was $88.4 million for the third quarter of 2013, up 35% from $65.6 million for the third quarter of 2012. Enterprise revenue was $7.4 million for the third quarter of 2013, up 12% from $6.5 million for the third quarter of 2012. |
• | Net Income (Loss): Net income was $5.4 million for the third quarter of 2013, compared to net income of $7.9 million for the third quarter of 2012. Net income per diluted share was $0.06 for the third quarter of 2013 based on 96.4 million weighted-average shares outstanding, compared with net loss per diluted share of $0.16 for the third quarter of 2012 based on 19.5 million weighted-average shares outstanding. |
• | Adjusted Net Income: Adjusted net income was $11.4 million for the third quarter of 2013, up from $8.9 million for the third quarter of 2012. Adjusted net income per diluted share was $0.12 for the third quarter of 2013 based on 96.4 million weighted-average shares outstanding, compared with $0.12 per diluted share for the third quarter of 2012 based on 71.5 million weighted-average shares outstanding. |
• | Adjusted EBITDA: Adjusted EBITDA was $12.8 million for the third quarter of 2013, compared with $10.9 million for the third quarter of 2012. |
• | Cash Flow: Cash flow from operations was $18.2 million for the third quarter of 2013, leading to free cash flow of $16.6 million after taking into consideration $1.6 million of capital expenditures. This compares with cash flow from operations of $17.6 million and free cash flow of $16.2 million, after taking into consideration $1.4 million of capital expenditures, for the third quarter of 2012. |
• | Balance Sheet: Total cash and marketable securities at the end of the third quarter of 2013 was $191.9 million, up from $134.2 million at the end of the fourth quarter of 2012. |
“We are pleased to celebrate our one year anniversary as a public company,” said Todd Davis, LifeLock’s Chairman and CEO. “LifeLock showed solid growth on both the top and bottom line in the third quarter. We saw strong adoption of our LifeLock Ultimate service offering once again, as consumers are increasingly choosing our premium offering in an effort to protect themselves from identity theft. The value provided by our unique technology platform continues to resonate with consumers and enterprises alike.”
A reconciliation of GAAP to non-GAAP financial measures 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.”
Third Quarter 2013 & Recent Business Highlights:
• | Recorded the 34th consecutive quarter of sequential growth in revenue and cumulative ending members. |
• | Added approximately 218,000 gross new members in the third quarter of 2013 and ended the quarter with approximately 2.864 million members. |
• | Achieved a retention rate of 87.6% for the third quarter of 2013, compared with 85.9% for the third quarter of 2012. |
• | Increased monthly average revenue per member to $10.48 for the third quarter of 2013 from $9.39 for the third quarter of 2012. |
• | Appointed Gary Briggs, Chief Marketing Officer of Facebook, to the LifeLock Board of Directors. |
• | Awarded the 2013 LifeLock Ultimate Award to Delaware Attorney General Joseph R. “Beau” Biden, III. |
• | Marked the fifth anniversary of a partnership with the FBI Law Enforcement Executive Development Association in a program that has trained more than 8,900 U.S. law enforcement officers to recognize and investigate identity theft crimes. |
Guidance:
As of October 29, 2013, we are initiating guidance for our fourth quarter of 2013 as well as updating our guidance for the full year 2013.
• | Fourth Quarter 2013 Guidance: Total revenue is expected to be in the range of $99.0 million to $101.0 million. Adjusted net income per share is expected to be in the range of $0.21 to $0.22 based on approximately 98 million weighted-average shares outstanding. Adjusted EBITDA is expected to be in the range of $23 million to $24 million. |
• | Full Year 2013 Guidance: Total revenue is expected to be in the range of $366.0 million to $368.0 million. Adjusted net income per share is expected to be in the range of $0.37 to $0.38 based on approximately 96 million weighted-average shares outstanding. Adjusted EBITDA is expected to be in the range of $42.0 million to $43.0 million. Free cash flow is expected to be in the range of $60.0 million to $65.0 million. |
Conference Call Details:
• | What: LifeLock third quarter 2013 financial results. |
• | When: Tuesday, October 29, 2013 at 2PM PT (5PM ET). |
• | Dial in: To access the call in the United States, please dial (877) 407-3982, and for international callers dial (201) 493-6780. Callers may provide confirmation number 10000538 to access the call more quickly, and are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining. |
• | Webcast:http://investor.lifelock.com/ (live and replay) |
• | Replay:A replay of the call will be available via telephone for seven days, beginning two hours after the call. To listen to the telephone replay in the U.S., please dial (877) 870-5176, and for international callers dial (858) 384-5517 and enter access code 10000538. |
About LifeLock
LifeLock, Inc. (NYSE:LOCK) is a leading provider of proactive identity theft protection services for consumers and identity risk and credit worthiness assessment services for enterprises. Leveraging unique data, science and patented technology from ID Analytics, Inc., a wholly-owned subsidiary, LifeLock gains a comprehensive perspective into identity risk to best protect consumers. As part of its commitment to fighting identity theft, LifeLock regularly works with law enforcement officials to better understand identity theft threats and trends.
Forward-Looking Statements
This press release contains “forward-looking” statements, as that term is defined under the federal securities laws, including statements regarding the success of our LifeLock Ultimate service, the value provided by our technology platform, our competition, our outlook for 2013, and our expected total revenue, adjusted net income per share, adjusted EBITDA, and free cash flow for the fourth quarter of 2013 and for fiscal year 2013. These forward-looking statements are based on our current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement.
The risks and uncertainties referred to above include, but are not limited to, risks associated with our ability to achieve or maintain profitability on an annual basis; our ability to protect our customers’ confidential information; our ability to maintain and enhance our brand recognition and reputation; the competitive nature of the industries in which we conduct our business; our ability to maintain access to data sources; our ability to retain our existing customers and attract new customers; our ability to improve our services and develop and introduce new services with broad appeal; our ability to maintain existing and secure new relationships with strategic partners; the effects of laws, regulations, and enforcement; the outcome of any litigation or regulatory proceeding; our ability to protect our intellectual property and not infringe on the intellectual property of others; and other “Risk Factors” set forth in our most recent filings with the Securities and Exchange Commission (the “SEC”).
Further information on these and other factors that could affect our financial results and the forward-looking statements in this press release is included in the filings we make with the SEC from time to time, including our Form 10-K for the year ended December 31, 2012, particularly under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Copies of these documents may be obtained by visiting our Investor Relations website at http://investor.lifelock.com/ or the SEC’s website atwww.sec.gov.
We assume no obligation and do not intend to update these forward-looking statements, except as required by law.
Non-GAAP Financial Measures
Our reported results include certain non-GAAP financial measures, including adjusted net income, adjusted net income per share, adjusted EBITDA, and free cash flow. We define adjusted net income as net income (loss) excluding amortization of acquired intangible assets, change in fair value of warrant liabilities, change in fair value of embedded derivatives, share-based compensation, and income tax benefits resulting from the acquisition of ID Analytics. We define adjusted net income per share as adjusted net income per share of stock assuming all preferred stock converted into common stock at the later of the start of the period or the date of issuance and excluding the impact of warrants to purchase Series E and Series E-2 preferred stock. We define adjusted EBITDA as net income (loss) excluding depreciation and amortization, interest expense, interest income, change in fair value of warrant liabilities, change in fair value of embedded derivative, other income (expense), income taxes, and share-based compensation. We define free cash flow as net cash provided by (used in) operating activities less net cash used in investing activities for acquisitions of property and equipment.
We have included adjusted net income, adjusted net income per share, and adjusted EBITDA in this press release because they are key measures used by us to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating adjusted net income and adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, adjusted EBITDA is a key financial measure used in determining management’s incentive compensation.
We have included free cash flow in this press release because it typically presents a more conservative measure of cash flow as purchases of property and equipment are necessary components of ongoing operations. We believe that this non-GAAP financial measure is useful in evaluating our business because free cash flow reflects the cash surplus available to fund the expansion of our business after payment of capital expenditures relating to the necessary components of ongoing operations. We also believe that the use of free cash flow provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.
Although adjusted net income, adjusted EBITDA, and free cash flow are frequently used by investors in their evaluations of companies, these non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered alongside other financial performance measures.
We have not reconciled adjusted net income per share guidance to net income per share guidance or adjusted EBITDA guidance to net income guidance because we do not provide guidance for share-based compensation expense, provision for income taxes, interest income, interest expense, change in fair value of warrant liabilities, change in fair value of embedded derivatives, other income and expenses, depreciation expense or amortization of intangible assets, which are reconciling items between net income (loss) and adjusted net income and net income (loss) and adjusted EBITDA. As items that impact net income (loss) are out of our control and/or cannot be reasonably predicted, we are unable to provide such guidance. Accordingly, reconciliation to net income (loss) is not available without unreasonable effort. For a reconciliation of historical non-GAAP financial measures to the nearest comparable GAAP measures, see the reconciliation tables included in this press release.
Media Contact:
Media@lifelock.com
480-457-2032
Investor Relations Contact:
Greg Kleiner
ICR for LifeLock
Investor.relations@lifelock.com
480-457-5000
LifeLock, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue | ||||||||||||||||
Consumer revenue | $ | 88,386 | $ | 65,579 | $ | 246,053 | $ | 183,903 | ||||||||
Enterprise revenue | 7,353 | 6,538 | 21,300 | 13,709 | ||||||||||||
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Total revenue | 95,739 | 72,117 | 267,353 | 197,612 | ||||||||||||
Cost of services | 24,935 | 19,762 | 73,965 | 57,727 | ||||||||||||
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Gross profit | 70,804 | 52,355 | 193,388 | 139,885 | ||||||||||||
Expenses: | ||||||||||||||||
Sales and marketing | 40,609 | 29,926 | 125,651 | 91,431 | ||||||||||||
Technology and development | 10,734 | 7,943 | 30,128 | 20,936 | ||||||||||||
General and administrative | 11,837 | 6,297 | 32,160 | 15,834 | ||||||||||||
Amortization of acquired intangible assets | 1,966 | 1,966 | 5,898 | 4,291 | ||||||||||||
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Total expenses | 65,146 | 46,132 | 193,837 | 132,492 | ||||||||||||
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Income (loss) from operations | 5,658 | 6,223 | (449 | ) | 7,393 | |||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (82 | ) | (854 | ) | (228 | ) | (2,139 | ) | ||||||||
Interest income | 29 | 4 | 75 | 6 | ||||||||||||
Change in fair value of warrant liabilities | — | 6,058 | — | 3,117 | ||||||||||||
Change in fair value of embedded derivative | — | (3,499 | ) | — | (2,785 | ) | ||||||||||
Other | (7 | ) | (1 | ) | (11 | ) | (3 | ) | ||||||||
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Total other income (expense) | (60 | ) | 1,708 | (164 | ) | (1,804 | ) | |||||||||
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Income (loss) before provision for income taxes | 5,598 | 7,931 | (613 | ) | 5,589 | |||||||||||
Income tax (benefit) expense | 171 | 63 | 142 | (13,834 | ) | |||||||||||
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Net income (loss) | 5,427 | 7,868 | (755 | ) | 19,423 | |||||||||||
Accretion of convertible redeemable preferred stock | — | (4,207 | ) | — | (8,959 | ) | ||||||||||
Net income allocable to convertible redeemable preferred stockholders | — | (2,550 | ) | — | (7,067 | ) | ||||||||||
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Net income available (loss attributable) to common stockholders | $ | 5,427 | $ | 1,111 | $ | (755 | ) | $ | 3,397 | |||||||
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Net income available (loss attributable) per share to common stockholders: | ||||||||||||||||
Basic | $ | 0.06 | $ | 0.06 | $ | (0.01 | ) | $ | 0.17 | |||||||
Diluted | $ | 0.06 | $ | (0.16 | ) | $ | (0.01 | ) | $ | 0.07 | ||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 89,318 | 19,501 | 87,841 | 19,469 | ||||||||||||
Diluted | 96,395 | 19,501 | 87,841 | 52,993 |
LifeLock, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
September 30, 2013 | December 31, 2012 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 167,888 | $ | 134,197 | ||||
Marketable securities | 24,048 | — | ||||||
Trade and other receivables, net | 11,540 | 7,560 | ||||||
Prepaid expenses and other current assets | 5,359 | 5,753 | ||||||
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Total current assets | 208,835 | 147,510 | ||||||
Property and equipment, net | 12,586 | 9,701 | ||||||
Goodwill | 129,428 | 129,428 | ||||||
Intangible assets, net | 45,344 | 51,242 | ||||||
Other non-current assets | 1,759 | 1,707 | ||||||
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Total assets | $ | 397,952 | $ | 339,588 | ||||
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Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,922 | $ | 1,151 | ||||
Accrued expenses and other liabilities | 33,589 | 27,329 | ||||||
Deferred revenue | 115,816 | 90,877 | ||||||
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Total current liabilities | 152,327 | 119,357 | ||||||
Other non-current liabilities | 4,006 | 265 | ||||||
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Total liabilities | 156,333 | 119,622 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock | 90 | 87 | ||||||
Additional paid-in capital | 462,330 | 439,883 | ||||||
Accumulated other comprehensive loss | (43 | ) | — | |||||
Accumulated deficit | (220,758 | ) | (220,004 | ) | ||||
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Total stockholders’ equity | 241,619 | 219,966 | ||||||
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Total liabilities and stockholders’ equity | $ | 397,952 | $ | 339,588 | ||||
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LifeLock, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Operating activities | ||||||||
Net income (loss) | $ | (755 | ) | $ | 19,423 | |||
Adjustment to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 9,484 | 7,487 | ||||||
Share-based compensation | 10,270 | 3,994 | ||||||
Provision for (recovery of) doubtful accounts | 220 | (10 | ) | |||||
Change in fair value of warrant liabilities | — | (3,117 | ) | |||||
Change in fair value of embedded derivative | — | 2,785 | ||||||
Deferred income tax benefit | (19 | ) | (14,310 | ) | ||||
Other | 28 | 3 | ||||||
Change in operating assets and liabilities: | ||||||||
Trade and other receivables | (3,698 | ) | (2,344 | ) | ||||
Prepaid expenses and other current assets | 413 | 2,039 | ||||||
Other non-current assets | 380 | (1,184 | ) | |||||
Accounts payable | 831 | 5,822 | ||||||
Accrued expenses and other liabilities | 5,993 | 959 | ||||||
Deferred revenue | 24,939 | 19,388 | ||||||
Other non-current liabilities | 3,741 | (214 | ) | |||||
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Net cash provided by operating activities | 51,827 | 40,721 | ||||||
Investing activities | ||||||||
Acquisition of ID Analytics, net of cash acquired | — | (157,430 | ) | |||||
Acquisition of property and equipment | (5,264 | ) | (3,506 | ) | ||||
Purchases of marketable securities | (24,247 | ) | — | |||||
Decrease in restricted cash | — | 1,748 | ||||||
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Net cash used in investing activities | (29,511 | ) | (159,188 | ) | ||||
Financing activities | ||||||||
Proceeds from: | ||||||||
Term loan | — | 68,000 | ||||||
Issuance of convertible redeemable preferred stock, net of offering costs | — | 102,165 | ||||||
Issuance of warrants | — | 4,373 | ||||||
Stock based compensation plans | 11,815 | 222 | ||||||
Payments for: | ||||||||
Term loan | — | (5,440 | ) | |||||
Initial public offering costs | — | (1,530 | ) | |||||
Debt issuance costs related to credit facilities | (440 | ) | (1,511 | ) | ||||
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Net cash provided by financing activities | 11,375 | 166,279 | ||||||
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Net increase in cash and cash equivalents | 33,691 | 47,812 | ||||||
Cash and cash equivalents at beginning of period | 134,197 | 28,850 | ||||||
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Cash and cash equivalents at end of period | $ | 167,888 | $ | 76,662 | ||||
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Share-Based Compensation
(in thousands)
(Unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of services | $ | 210 | $ | 186 | $ | 622 | $ | 437 | ||||||||
Sales and marketing | 573 | 299 | 1,292 | 712 | ||||||||||||
Technology and development | 1,054 | 498 | 2,393 | 1,208 | ||||||||||||
General and administrative | 2,172 | 648 | 5,963 | 1,637 | ||||||||||||
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Total share-based compensation expense | $ | 4,009 | $ | 1,631 | $ | 10,270 | $ | 3,994 | ||||||||
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Key Financial and Operating Metrics
(in thousands except percentages and per member data)
(Unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Consumer revenue | $ | 88,386 | $ | 65,579 | $ | 246,053 | $ | 183,903 | ||||||||
Enterprise revenue | 7,353 | 6,538 | 21,300 | 13,709 | ||||||||||||
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Total revenue | $ | 95,739 | $ | 72,117 | $ | 267,353 | $ | 197,612 | ||||||||
Adjusted net income | $ | 11,402 | $ | 8,906 | $ | 15,413 | $ | 13,066 | ||||||||
Adjusted EBITDA | $ | 12,791 | $ | 10,938 | $ | 19,305 | $ | 18,874 | ||||||||
Free cash flow | $ | 16,629 | $ | 16,196 | $ | 46,563 | $ | 37,215 | ||||||||
Cumulative ending members | 2,864 | 2,376 | 2,864 | 2,376 | ||||||||||||
Gross new members | 218 | 187 | 698 | 564 | ||||||||||||
Member retention rate | 87.6 | % | 85.9 | % | 87.6 | % | 85.9 | % | ||||||||
Average cost of acquisition per member | $ | 173 | $ | 147 | $ | 168 | $ | 153 | ||||||||
Monthly average revenue per member | $ | 10.48 | $ | 9.39 | $ | 10.17 | $ | 9.18 | ||||||||
Enterprise transactions | 53,042 | 57,295 | 159,850 | 162,774 |
Reconciliation of GAAP to Adjusted Results
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Reconciliation of Gross Profit to Adjusted Gross Profit | ||||||||||||||||
Gross profit | $ | 70,804 | $ | 52,355 | $ | 193,388 | $ | 139,885 | ||||||||
Share-based compensation | 210 | 186 | 622 | 437 | ||||||||||||
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Adjusted gross profit | $ | 71,014 | $ | 52,541 | $ | 194,010 | $ | 140,322 | ||||||||
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Reconciliation of Sales and Marketing Expenses to Adjusted Sales and Marketing Expenses | ||||||||||||||||
Sales and marketing expenses | $ | 40,609 | $ | 29,926 | $ | 125,651 | $ | 91,431 | ||||||||
Share-based compensation | (573 | ) | (299 | ) | (1,292 | ) | (712 | ) | ||||||||
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Adjusted sales and marketing expenses | $ | 40,036 | $ | 29,627 | $ | 124,359 | $ | 90,719 | ||||||||
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Reconciliation of Technology and Development Expenses to Adjusted Technology and Development Expenses | ||||||||||||||||
Technology and development expenses | $ | 10,734 | $ | 7,943 | $ | 30,128 | $ | 20,936 | ||||||||
Share-based compensation | (1,054 | ) | (498 | ) | (2,393 | ) | (1,208 | ) | ||||||||
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Adjusted technology and development expenses | $ | 9,680 | $ | 7,445 | $ | 27,735 | $ | 19,728 | ||||||||
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Reconciliation of General and Administrative Expenses to Adjusted General and Administrative Expenses | ||||||||||||||||
General and administrative expense | $ | 11,837 | $ | 6,297 | $ | 32,160 | $ | 15,834 | ||||||||
Share-based compensation | (2,172 | ) | (648 | ) | (5,963 | ) | (1,637 | ) | ||||||||
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Adjusted general and administrative expense | $ | 9,665 | $ | 5,649 | $ | 26,197 | $ | 14,197 | ||||||||
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Reconciliation of Income (Loss) from Operations to Adjusted Income from Operations | ||||||||||||||||
Income (Loss) from operations | $ | 5,658 | $ | 6,223 | $ | (449 | ) | $ | 7,393 | |||||||
Share-based compensation | 4,009 | 1,631 | 10,270 | 3,994 | ||||||||||||
Amortization of acquired intangible assets | 1,966 | 1,966 | 5,898 | 4,291 | ||||||||||||
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Adjusted income from operations | $ | 11,633 | $ | 9,820 | $ | 15,719 | $ | 15,678 | ||||||||
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Reconciliation of Net Income (Loss) to Adjusted Net Income | ||||||||||||||||
Net income (loss) | $ | 5,427 | $ | 7,868 | $ | (755 | ) | $ | 19,423 | |||||||
Amortization of acquired intangible assets | 1,966 | 1,966 | 5,898 | 4,291 | ||||||||||||
Change in fair value of warrant liabilities | — | (6,058 | ) | — | (3,117 | ) | ||||||||||
Change in fair value of embedded derivative | — | 3,499 | — | 2,785 | ||||||||||||
Tax benefit from acquisition | — | — | — | (14,310 | ) | |||||||||||
Share-based compensation | 4,009 | 1,631 | 10,270 | 3,994 | ||||||||||||
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Adjusted net income | $ | 11,402 | $ | 8,906 | $ | 15,413 | $ | 13,066 | ||||||||
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Reconciliation of Diluted Shares to Adjusted Diluted Shares | ||||||||||||||||
Diluted shares | 96,395 | 19,501 | 87,840 | 52,993 | ||||||||||||
Assumed preferred stock conversion | — | 44,599 | — | 13,404 | ||||||||||||
Dilutive securities excluded due to net loss available for distribution | — | 10,837 | 7,469 | 2,526 | ||||||||||||
Other dilutive equity awards excluded | — | (3,443 | ) | — | (2,526 | ) | ||||||||||
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Adjusted diluted shares | 96,395 | 71,494 | 95,309 | 66,397 | ||||||||||||
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Reconciliation of Net Income (Loss) per Diluted Share to Adjusted Net Income per Diluted Share | ||||||||||||||||
Net Income (Loss) per share | $ | 0.06 | $ | (0.16 | ) | $ | (0.01 | ) | $ | 0.07 | ||||||
Net income attributable to participating securities | — | — | — | 0.09 | ||||||||||||
Adjustments to net income (loss) | 0.06 | 0.01 | 0.17 | (0.10 | ) | |||||||||||
Adjustments to diluted shares | — | 0.27 | — | 0.14 | ||||||||||||
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Adjusted net income per share | $ | 0.12 | $ | 0.12 | $ | 0.16 | $ | 0.20 | ||||||||
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Reconciliation of Net Income (Loss) to Adjusted EBITDA | ||||||||||||||||
Net income (loss) | $ | 5,427 | $ | 7,868 | $ | (755 | ) | $ | 19,423 | |||||||
Depreciation and amortization | 3,124 | 3,084 | 9,484 | 7,487 | ||||||||||||
Interest expense | 82 | 854 | 228 | 2,139 | ||||||||||||
Interest income | (29 | ) | (4 | ) | (75 | ) | (6 | ) | ||||||||
Change in fair value of warrant liabilities | — | (6,058 | ) | — | (3,117 | ) | ||||||||||
Change in fair value of embedded derivatives | — | 3,499 | — | 2,785 | ||||||||||||
Other income and expense | 7 | 1 | 11 | 3 | ||||||||||||
Income tax (benefit) expense | 171 | 63 | 142 | (13,834 | ) | |||||||||||
Share-based compensation | 4,009 | 1,631 | 10,270 | 3,994 | ||||||||||||
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Adjusted EBITDA | $ | 12,791 | $ | 10,938 | $ | 19,305 | $ | 18,874 | ||||||||
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Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow | ||||||||||||||||
Net cash provided by operating activities | $ | 18,241 | $ | 17,622 | $ | 51,827 | $ | 40,721 | ||||||||
Acquisitions of property and equipment | (1,612 | ) | (1,426 | ) | (5,264 | ) | (3,506 | ) | ||||||||
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Free cash flow | $ | 16,629 | $ | 16,196 | $ | 46,563 | $ | 37,215 | ||||||||
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