Attached files

file filename
8-K - 8-K - ENERNOC INCd674193d8k.htm

Exhibit 99.1

 

LOGO

 

Investor Relations Contact:

Brian Norris

EnerNOC, Inc.

+1.617.532.8104

bnorris@enernoc.com

 

Media and Analyst Contact:

Robin Deliso

EnerNOC, Inc.

+1.617.692.2601

rdeliso@enernoc.com

EnerNOC Reports Record Full Year Results for 2013

– Company Posts Record Full Year Revenue of $383.5 Million, Up 38% Year-Over-Year –

– Company Posts Record Full Year Adjusted EBITDA of $71.4 Million, up 287% Year-Over-Year –

– Company Issues Guidance for 2014 –

Boston, Massachusetts – February 13, 2014 — EnerNOC, Inc. (Nasdaq: ENOC), a leading provider of energy intelligence software, today announced results for the fourth quarter and year ended December 31, 2013 and issued management’s outlook for 2014.

Summary Financial Results

 

In Thousands, Except Per Share Amounts

   Q4 2013     Q4 2012     %
Change
    2013      2012     %
Change
 

Revenue

   $ 35,984      $ 42,314        (15.0 %)    $ 383,460       $ 277,984        37.9

Net (Loss) Income

             

GAAP

   $ (19,881   $ (25,792     22.9   $ 22,088       $ (22,293     n/a   

Non-GAAP1

   $ (14,076   $ (20,391     31.0   $ 44,985       $ (1,436     n/a   

Diluted Net (Loss) Income Per Share

             

GAAP

   $ (0.71   $ (0.96     26.0   $ 0.76       $ (0.84     n/a   

Non-GAAP1

   $ (0.51   $ (0.76     32.9   $ 1.55       $ (0.05     n/a   

Cash Flow From Operations

   $ 46,005      $ 18,145        153.5   $ 79,464       $ 31,011        156.2

Free Cash Flow1

   $ 42,267      $ 14,043        201.0   $ 42,801       $ 15,157        182.4

Adjusted EBITDA1

   $ (10,913   $ (13,899     21.5   $ 71,428       $ 18,446        287.2
1 Refer to “Statement of Use of Non-GAAP Measures” for non-GAAP definitions and refer to the financial schedules attached to this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures.

“Our strong performance in 2013 reflects our ability to effectively execute on our long term growth and market diversification strategy,” said Tim Healy, Chairman and Chief Executive Officer of EnerNOC, Inc. “In 2014, we are focused on expanding our footprint in both Europe and Asia, extending our leadership position in the Energy Intelligence Software market and delivering exceptional results for our customers. We have never been more excited about our strategy and our prospects for profitable growth.”


Company Issues First Quarter and Full Year Guidance

The Company today issued guidance for 2014 along with its outlook for the first quarter. The Company’s guidance is based on the current indications for its business, which may change at any time. The Company’s full year outlook is presented below with and without consideration of the forecasted impact of the Company’s acquisition of Entelios and Activation Energy.

 

     Guidance for Quarter Ending March 31, 2014  

Estimate

   Issued on
February 13, 2014 (a)
     Issued on
February 13, 2014 (b)
 

Total Revenue (in millions)

   $ 38.0-$43.0       $ 38.0-$43.0   

GAAP Loss Per Share2

     ($1.13)-($1.07)         ($1.20)-($1.14)   

Non-GAAP Loss Per Share1

     ($0.90)-($0.84)         ($0.96)-($0.90)   

Adjusted EBITDA1 (in millions)

     ($19.5)-($17.5)         ($21.0)-($19.0)   

 

     Guidance for Year Ending December 31, 2014  

Estimate

   Issued on
February 13, 2014 (a)
     Issued on
February 13, 2014 (b)
 

Total Revenue (in millions)

   $ 430.0-$450.0       $ 435.0-$460.0   

GAAP Earnings Per Diluted Share2

   $ 0.70-$0.80       $ 0.40-$0.50   

Non-GAAP Earnings Per Diluted Share1

   $ 1.47-$1.57       $ 1.25-$1.35   

Adjusted EBITDA1 (in millions)

   $ 80.0-$84.0       $ 74.0-$78.0   
(a) Excludes the forecasted impact of the acquisition of Entelios and Activation Energy which was announced by the Company on February 13, 2014.

 

(b) Includes the forecasted impact of the acquisition of Entelios and Activation Energy which was announced by the Company on February 13, 2014

 

(1) Refer to “Statement of Use of Non-GAAP Measures” for non-GAAP definitions and refer to the financial schedules attached to this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures.
(2) The Company is currently completing independent valuation analyses related to the acquisition of Entelios and Activation Energy. The completion of these analyses may cause the Company to recognize certain intangible assets and amortize them over their respective useful lives. The amortization of these intangible assets could have a material effect on the Company’s statement of operations in future periods as presented in accordance with GAAP. The Company expects that these independent valuation analyses will be substantially completed in the first quarter of 2014. When the Company releases its first quarter results, it expects to provide an update on these independent valuation analyses and its impact on the Company’s business outlook for 2014 on a GAAP basis.

Recent Operational Highlights

 

    The Company announced its expansion into continental Europe through its acquisition of Entelios AG, a leading provider of demand response solutions headquartered in Germany. Entelios is pre-qualified to offer demand response solutions by all four transmission system operators in Germany as well as major utilities with significant presence outside of Germany.


    The Company announced its acquisition of Activation Energy, the leading provider of demand response software and services in Ireland. This acquisition gives the Company an immediate presence in the Irish capacity market and further strengthens EnerNOC’s ability to deliver its full suite of energy intelligence software applications throughout Europe.

 

    The Company entered into a joint venture with Japan’s Marubeni Corporation to provide demand response solutions in Japan. The new company is named EnerNOC Japan K.K. and has an exclusive license to market EnerNOC’s DemandSMART™ cloud-based application throughout the country.

 

    The Company announced its investment in Genability, Inc., a San Francisco-based software company that will license its extensive database of electricity tariffs and rate engines to the Company for use in its EIS platform.

 

    The Company launched new features within its application that continue to strengthen the connection between energy usage and spend for customers. New features focus on enhancements to EnerNOC’s EfficiencySMART™ Insight software that delivers continuous energy savings, now allowing customers to view projected energy efficiency baseline information, benchmark their buildings against similar facilities, and analyze on- versus off-peak energy usage.

 

    The Company dispatched its global demand response network in mid-January 2014 in response to Australia’s extreme heat and the polar vortex-induced cold snap across the United States, relieving stress on the grid and underscoring the importance of demand response as a year round resource.

 

    The Company expanded its demand response offerings for electric utilities and retail energy suppliers. The Company introduced EnerNOC Demand ManagerTM, software-as-a-service (SaaS) that provides utilities and retailers tools to manage their own demand response programs, leveraging the Company’s industry-leading technology for commercial and industrial demand response. Several EnerNOC utility customers have already adopted and begun implementing EnerNOC Demand ManagerTM, including Louisville Gas & Electric and Kentucky Utilities Company (LG&E and KU) and ERM Power in Eastern Australia.


Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 5:00 p.m. eastern time today to discuss the financial results as well as management’s outlook for the business. The conference call may be accessed in the United States by dialing 1.800.230.1074 and using access code “ENOC.” The conference call may be accessed outside of the United States by dialing +1.612.234.9960 and using access code “ENOC.” The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://investor.enernoc.com. A replay of the conference call will be available approximately two hours after the call by dialing 1.800.475.6701 or +1.320.365.3844 and using access code 315196 or by accessing the webcast replay on the Company’s investor relations website.

About EnerNOC

EnerNOC (NASDAQ: ENOC) is a leading provider of energy intelligence software and related solutions. EnerNOC unlocks the full value of energy management for utility and commercial, institutional, and industrial (C&I) customers by delivering a comprehensive suite of demand-side management services that reduce real-time demand for electricity, increase energy efficiency, improve energy supply transparency in competitive markets, and mitigate emissions. EnerNOC’s Utility Solutions™ offerings, which include both implementation and consulting services, are helping hundreds of utilities and grid operators worldwide meet their demand-side management objectives. EnerNOC serves thousands of commercial, institutional, and industrial customers worldwide through a suite of energy management applications including: DemandSMART™, comprehensive demand response; EfficiencySMART™, continuous energy savings; and SupplySMART™, energy price and risk management. EnerNOC’s Network Operations Center (NOC) offers 24x7x365 customer support. For more information, visit www.enernoc.com.

EnerNOC, Inc. Safe Harbor Statement

Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the Company’s future financial performance on both a GAAP and non-GAAP basis and the future growth and success of the Company’s energy intelligence software and related solutions, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section “Risk Factors” in EnerNOC’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


EnerNOC, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

 

     Three Months Ended December 31,     Twelve Months Ended December 31,  
     2013     2012     2013     2012  

Revenues:

        

DemandSMART

   $ 23,659      $ 31,266      $ 342,212      $ 244,852   

EfficiencySMART, SupplySMART and other

     12,325        11,048        41,248        33,132   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     35,984        42,314        383,460        277,984   

Cost of revenues

     20,150        28,103       192,292        154,540   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     15,834        14,211        191,168        123,444   

Operating expenses:

        

Selling and marketing

     15,471        14,621        65,915        55,963   

General and administrative

     18,348        18,763        79,220        71,643   

Research and development

     4,192        4,690        18,317        16,226   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     38,011        38,074        163,452        143,832   
  

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from operations

     (22,177     (23,863     27,716        (20,388

Other (expense) income, net

     (458     141        (1,342     1,457   

Interest expense

     (434     (394     (1,646     (1,591
  

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income before income tax

     (23,069     (24,116     24,728        (20,522

Benefit from (provision for) income tax

     3,188        (1,676     (2,640     (1,771
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

   $ (19,881   $ (25,792   $ 22,088      $ (22,293
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income per common share

        

Basic

   $ (0.71   $ (0.96   $ 0.80      $ (0.84
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.71   $ (0.96   $ 0.76      $ (0.84
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common shares used in computing net (loss) income per common share

        

Basic

     27,832,793        26,791,280        27,774,778        26,551,234   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     27,832,793        26,791,280        29,045,066        26,551,234   
  

 

 

   

 

 

   

 

 

   

 

 

 


EnerNOC, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except par value and share data)

(unaudited)

 

     December 31, 2013     December 31, 2012  
ASSETS             

Current assets:

    

Cash and cash equivalents

   $   149,189      $ 115,041  

Trade accounts receivable, net

     35,933        35,208  

Unbilled revenue

     66,675        45,269  

Capitalized incremental direct customer contract costs

     9,509        10,226  

Prepaid expenses, deposits and other current assets

     9,377        6,945  
  

 

 

   

 

 

 

Total current assets

     270,683        212,689  

Property and equipment, net

     47,419        32,592  

Goodwill and intangible assets, net

     94,290        105,129  

Capitalized incremental direct customer contract costs

     1,995        3,929  

Deposits and other assets

     1,568        826  
  

 

 

   

 

 

 

Total assets

   $ 415,955      $ 355,165  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Current liabilities:

    

Accounts payable

   $ 2,031      $ 3,976  

Accrued capacity payments

     76,676        49,258  

Accrued payroll and related expenses

     13,370        13,044  

Accrued expenses and other current liabilities

     12,386        9,663  

Deferred revenue

     20,625        20,063  
  

 

 

   

 

 

 

Total current liabilities

     125,088        96,004  

Deferred tax liability

     6,211        4,222  

Deferred revenue

     6,819        11,837  

Other liabilities

     8,342        3,080  
  

 

 

   

 

 

 

Total long-term liabilities

     21,372        19,139  

Stockholders’ equity:

    

Common stock, $0.001 par value; 50,000,000 shares authorized,

    

29,920,807 and 29,019,923 shares issued and outstanding at

    

December 31, 2013 and December 31, 2012, respectively

     30        29  

Additional paid-in capital

     353,354        344,137  

Accumulated other comprehensive loss

     (2,535     (702

Accumulated deficit

     (81,354     (103,442
  

 

 

   

 

 

 

Total stockholders’ equity

     269,495        240,022  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 415,955      $ 355,165  
  

 

 

   

 

 

 


EnerNOC, Inc.

Condensed Consolidated Statements of Cash Flow Data

(in thousands)

(unaudited)

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Cash provided by operating activities

   $ 46,005      $ 18,145      $ 79,464      $ 31,011   

Cash (used in) provided by investing activities

     (4,086     3,562        (37,889     (3,585

Cash (used in) provided by financing activities

     (4,172     215        (6,804     356   

Effects of exchange rate changes on cash and cash equivalents

     212        (49     (623     (38
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in cash and cash equivalents

     37,959        21,873        34,148        27,744   

Cash and cash equivalents at beginning of period

     111,230        93,168        115,041        87,297   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $   149,189      $   115,041      $   149,189      $   115,041   
  

 

 

   

 

 

   

 

 

   

 

 

 


EnerNOC, Inc.

Statement on Use of Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements presented on a GAAP basis, the Company discloses certain non-GAAP measures that exclude certain amounts, including non-GAAP net (loss) income, non-GAAP net (loss) income per share, adjusted EBITDA and free cash flow. These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States.

The GAAP measure most comparable to non-GAAP net (loss) income is GAAP net (loss) income; the GAAP measure most comparable to non-GAAP net (loss) income per share is GAAP net (loss) income per share; the GAAP measure most comparable to adjusted EBITDA is GAAP net (loss) income; and the GAAP measure most comparable to free cash flow is cash flows provided by operating activities. Reconciliations of each of these non-GAAP financial measures to the corresponding GAAP measures are included below.

Management uses these non-GAAP measures when evaluating the Company’s operating performance and for internal planning and forecasting purposes. Management believes that such measures help indicate underlying trends in the business, are important in comparing current results with prior period results, and are useful to investors and financial analysts in assessing the Company’s operating performance. For example, management considers non-GAAP net (loss) income to be an important indicator of the overall performance because it eliminates the effects of events that are either not part of the Company’s core operations or are non-cash compensation expenses. In addition, management considers adjusted EBITDA to be an important indicator of the Company’s operational strength and performance of the business and a good measure of the Company’s historical operating trend. Moreover, management considers free cash flow to be an indicator of the Company’s operating trend and performance of the business.

The following is an explanation of the non-GAAP measures that management utilizes, including the adjustments that management excluded as part of the non-GAAP measures for the three and twelve month periods ended December 31, 2013 and 2012, respectively, as well as reasons for excluding these individual items:

 

    Management defines non-GAAP net (loss) income as net (loss) income before expenses related to stock-based compensation and amortization expenses related to acquisition-related intangible assets, net of related tax effects.

 

    Management defines adjusted EBITDA as net (loss) income, excluding depreciation, amortization, stock-based compensation, interest, income taxes and other (expense) income, net. Adjusted EBITDA eliminates items that are either not part of the Company’s core operations or do not require a cash outlay, such as stock-based compensation. Adjusted EBITDA also excludes depreciation and amortization expense, which is based on management’s estimate of the useful life of tangible and intangible assets. These estimates could vary from actual performance of the asset, are based on historical cost incurred to build out the Company’s deployed network and may not be indicative of current or future capital expenditures.

 

    Management defines free cash flow as net cash provided by operating activities less capital expenditures. Management defines capital expenditures as purchases of property and equipment, which includes capitalization of internal-use software development costs.

Non-GAAP net (loss) income, non-GAAP net (loss) income per share, adjusted EBITDA and free cash flow may have limitations as analytical tools. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for or superior to the financial information presented in accordance with GAAP and should not be considered measures of the Company’s liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare the Company’s performance to that of other companies.


EnerNOC, Inc.

Reconciliation Of Non-GAAP Measures To Nearest GAAP Measures

Reconciliation of Non-GAAP Net (Loss) Income And Net (Loss) Income Per Share

(in thousands, except share and per share data)

(Unaudited)

 

     Three Months Ended
December 31,
 
     2013      2012  

GAAP net loss

   $ (19,881    $ (25,792

ADD: Stock-based compensation (1)

     4,036         3,598   

ADD: Amortization expense of acquired intangible assets (1)

     1,769         1,803   
  

 

 

    

 

 

 

Non-GAAP net loss

   $ (14,076    $ (20,391
  

 

 

    

 

 

 

GAAP net loss per diluted share

   $ (0.71    $ (0.96

ADD: Stock-based compensation (1)

     0.14         0.13  

ADD: Amortization expense of acquired intangible assets (1)

     0.06         0.07  
  

 

 

    

 

 

 

Non-GAAP net loss per diluted share

   $ (0.51    $ (0.76
  

 

 

    

 

 

 

Weighted average number of diluted common shares outstanding

     27,832,793         26,791,280   
     Twelve Months Ended
December 31,
 
     2013      2012  

GAAP net income (loss)

   $ 22,088       $ (22,293

ADD: Stock-based compensation (1)

     15,868         13,616   

ADD: Amortization expense of acquired intangible assets (1)

     7,029         7,241   
  

 

 

    

Non-GAAP net income (loss)

   $ 44,985       $ (1,436
  

 

 

    

GAAP net income (loss) per diluted share

   $ 0.76       $ (0.84

ADD: Stock-based compensation (1)

     0.55         0.52   

ADD: Amortization expense of acquired intangible assets (1)

     0.24         0.27   
  

 

 

    

Non-GAAP net income (loss) per diluted share

   $ 1.55       $ (0.05
  

 

 

    

Weighted average number of diluted common shares outstanding

     29,045,066         26,551,234  

 

(1) The non-GAAP adjustments would have no impact on the provision for income taxes recorded during the three or twelve month periods ended December 31, 2013 and 2012, respectively.


EnerNOC, Inc.

Reconciliation of Adjusted EBITDA

(in thousands)

(unaudited)

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013      2012  

Net (loss) income

   $ (19,881   $ (25,792   $ 22,088       $ (22,293

Add back:

         

Depreciation and amortization

     7,228        6,366        27,844         25,218   

Stock-based compensation expense

     4,036        3,598        15,868         13,616   

Other expense (income), net

     458        (141 )     1,342         (1,457

Interest expense

     434        394       1,646         1,591   

(Benefit from) provision for income tax

     (3,188     1,676       2,640         1,771   
  

 

 

   

 

 

   

 

 

    

 

 

 

Adjusted EBITDA

   $ (10,913   $ (13,899   $ 71,428       $ 18,446   
  

 

 

   

 

 

   

 

 

    

 

 

 

EnerNOC, Inc.

Reconciliation of Free Cash Flow

(in thousands)

(unaudited)

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Net cash provided by operating activities

   $ 46,005      $ 18,145     $ 79,464      $ 31,011   

Subtract:

        

Purchases of property and equipment

     (3,738     (4,102     (36,663     (15,854
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

   $ 42,267      $ 14,043     $ 42,801      $ 15,157   
  

 

 

   

 

 

   

 

 

   

 

 

 


Non-GAAP Financial Guidance

This press release also includes estimates of future non-GAAP net (loss) income and net (loss) income per diluted share. A reconciliation of these amounts to the nearest expected GAAP results, which exclude the forecasted impact of the acquisition of Entelios AG and Activation Energy, as announced on February 13, 2014, is presented below:

 

     Three Months Ending     Twelve Months Ending  
     March 31, 2014     December 31, 2014  
                 Per Diluted Share                   Per Diluted Share  
In Millions, Except Per Share Amounts    Low     High     Low     High     Low      High      Low      High  

Projected GAAP Net (Loss) Income

   ($ 31.5   ($ 30.0   ($ 1.13   ($ 1.07   $ 21.0       $ 24.0       $ 0.70       $ 0.80   

Adjustments:

                   

Stock-based compensation

     4.5        4.6        0.16        0.16        16.0         16.0         0.53         0.53   

Amortization expense of acquired intangible assets

     1.8        1.8        0.07        0.07        7.0         7.0         0.24         0.24   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Projected Non-GAAP Net (Loss) Income

     (25.2     (23.6     (0.90     (0.84     44.0         47.0         1.47         1.57   

Adjustments:

                   

Depreciation

     5.7        5.8            23.0         23.0         

Interest and other expense, net

     0.5        0.5            2.0         2.0         

(Benefit from) provision for income taxes

     (0.5     (0.2         11.0         12.0         
  

 

 

   

 

 

       

 

 

    

 

 

       

Adjusted EBITDA

   ($ 19.5   ($ 17.5       $ 80.0       $ 84.0         
  

 

 

   

 

 

       

 

 

    

 

 

       

Weighted Average Number of Common Shares Outstanding-Diluted

     28.0        28.0            30.0         30.0         

 


Non-GAAP Financial Guidance

This press release also includes estimates of future non-GAAP net (loss) income and net (loss) income per diluted share. A reconciliation of these amounts to the nearest expected GAAP results, which include the forecasted impact of the acquisition of Entelios AG and Activation Energy, as announced on February 13, 2014, is presented below:

 

     Three Months Ending     Twelve Months Ending  
     March 31, 2014     December 31, 2014  
                 Per Diluted Share                   Per Diluted Share  
In Millions, Except Per Share Amounts    Low     High     Low     High     Low      High      Low      High  

Projected GAAP Net (Loss) Income

   ($ 33.5   ($ 32.0   ($ 1.20   ($ 1.14   $ 12.0       $ 15.0       $ 0.40       $ 0.50   

Adjustments:

                   

Stock-based compensation

     4.5        4.6        0.16        0.16        16.0         16.5         0.53         0.55   

Amortization expense of acquired intangible assets

     2.2        2.1        0.08        0.08        9.5         9.0         0.32         0.30   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Projected Non-GAAP Net (Loss) Income

     (26.8     (25.3     (0.96     (0.90     37.5         40.5         1.25         1.35   

Adjustments:

                   

Depreciation

     5.8        6.0            23.5         23.5         

Interest and other expense, net

     0.5        0.5            2.0         2.0         

(Benefit from) provision for income taxes

     (0.5     (0.2         11.0         12.0         
  

 

 

   

 

 

       

 

 

    

 

 

       

Adjusted EBITDA

   ($ 21.0   ($ 19.0       $ 74.0       $ 78.0         
  

 

 

   

 

 

       

 

 

    

 

 

       

Weighted Average Number of Common Shares Outstanding-Diluted

     28.0        28.0            30.0         30.0