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8-K - 8-K - YODLEE INCd819784d8k.htm
EX-99.2 - EX-99.2 - YODLEE INCd819784dex992.htm

Exhibit 99.1

Yodlee Announces Third Quarter 2014 Financial Results

 

   

Total revenue of $23.2 million grew 27% year-over-year

 

   

Subscription revenue of $19.8 million grew 38% year-over-year

 

   

Subsequent to the end of the third quarter, Initial Public Offering raised $74.5 million in net proceeds

Redwood City, CA – November 11, 2014 – Yodlee, Inc. (Nasdaq:YDLE), a leading cloud-based financial platform powering dynamic innovation in digital financial services, today announced its third quarter fiscal 2014 results.

“Yodlee delivered strong third quarter results, which were highlighted by 38% year over year growth in our subscription revenue. We are experiencing broad-based strength across our business, which is best exemplified by the 33% growth in our user base relative to the third quarter of 2013. Additionally, we saw strong uptake of our newer ARPU enhancing data solutions” said Anil Arora, Chairman and CEO of Yodlee.

Arora added, “The Yodlee Financial Cloud is uniquely positioned to drive innovation and is transforming digital financial services among Financial Institutions as well as Internet innovators. We are excited about Yodlee’s market opportunity, and our recent IPO was a seminal milestone for our company and provides the strategic position to continue to drive growth.”

Revenue

 

   

Total revenue was $23.2 million, an increase of 27% compared to the third quarter of 2013.

 

   

Subscription revenue was $19.8 million, an increase of 38% compared to the third quarter of 2013.

 

   

Professional services revenue was $3.4 million, a decrease compared to $4.0 million in the third quarter of 2013.

Operating Income

 

   

GAAP operating loss was ($1.0) million, compared to operating income of $0.7 million in the third quarter of 2013.

 

   

Non-GAAP operating income was $0.8 million, compared to $1.1 million in the third quarter of 2013.

Net Income

 

   

GAAP net loss was ($1.6) million compared to a net income of $0.2 million for the third quarter of 2013. Diluted GAAP net loss per share was ($0.21), based on 7.7 million weighted average common shares outstanding, compared to a diluted GAAP net income per share of $0.01 for the third quarter of 2013, based on 23.2 million diluted weighted average common shares outstanding.

 

   

Non-GAAP net income was $0.2 million, compared to $0.6 million in the third quarter of 2013. Diluted non-GAAP net income per share was $0.01, based on 31.0 million diluted weighted average common shares outstanding. Diluted non-GAAP net income per share was $0.02 for the third quarter of 2013, based on 30.2 million diluted weighted average common shares outstanding.


These non-GAAP earnings per share calculations assume conversion of our convertible preferred stock to common stock and sale of our common stock in an IPO at the beginning of the periods for the third quarters of both 2014 and 2013.

Adjusted EBITDA

 

   

Adjusted EBITDA was $1.8 million, an increase from $1.7 million in the third quarter of 2013.

Balance Sheet and Cash Flow

 

   

Cash and cash equivalents at September 30, 2014 totaled $6.8 million.

 

   

Cash flow from operations was $1.5 million for the third quarter of 2014. This compares to cash flow from operations of $0.5 million for the third quarter of 2013.

 

   

Subsequent to the end of the third quarter, the company’s initial public offering raised $74.5 million in net proceeds.

A reconciliation of GAAP to non-GAAP financial measures has been provided in this press release in the accompanying tables. 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 11, 2014, Yodlee is issuing guidance for the fourth quarter and full year 2014 as indicated below.

Full Year 2014:

 

   

Total revenue is expected to be in the range of $88.2 to $88.7 million.

 

   

Non-GAAP operating income is expected to be in the range of $1.2 million to $1.5 million.

 

   

Non-GAAP net loss is expected to be in the range of ($0.3) million to ($0.6) million, or ($0.01) to ($0.02) per share, based on 29.1 million basic weighted average common shares outstanding.

Fourth Quarter 2014:

 

   

Total revenue is expected to be in the range of $24.0 million to $24.4 million.

 

   

Non-GAAP operating income (loss) is expected to be in the range of $0.0 to ($0.3) million.

 

   

Non-GAAP net loss is expected to be in the range of ($0.5) million to ($0.8) million, or ($0.02) to ($0.03) per share, based on 29.3 million basic weighted average common shares outstanding.


Conference Call Details:

In conjunction with this announcement, Yodlee will host a conference call today, November 11, 2014 at 2:00 p.m. Pacific Time to discuss the company’s financial results. To access this call, dial 1-877-407-0784 or 1-201-689-8560. A live webcast can be accessed at www.yodlee.com. A replay of the call will be available, beginning at approximately 5:00 pm PT on November 11, 2014 for two days, at 1-877-870-5176 or 1-858-384-5517, and archived via webcast at www.yodlee.com. The replay access code is 13593994.

About Yodlee

Yodlee (NASDAQ: YDLE) is a leading technology and applications platform powering dynamic, cloud-based innovation for digital financial services. More than 750 companies in over 10 countries, including 9 of the 15 largest U.S. banks and hundreds of Internet services companies, subscribe to the Yodlee platform to power personalized financial apps and services for millions of consumers. Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and deepen customer engagement. Yodlee is headquartered in Redwood City, CA with global offices in London and Bangalore.

Non-GAAP Financial Measures

To supplement Yodlee’s financial information presented in accordance with generally accepted accounting principles in the United States, or GAAP, Yodlee considers certain financial measures that are not prepared in accordance with GAAP, including non-GAAP operating income, non-GAAP net income and adjusted EBITDA.

Yodlee defines non-GAAP operating income as operating income before provision for stock-based compensation expense, Yodlee defines non-GAAP net income as net income before provision for stock-based compensation expense, and Yodlee defines adjusted EBITDA as net income (loss) before provision for (benefit from) income taxes; other (income) expense, net; depreciation and amortization and stock-based compensation expense.

Yodlee believes that non-GAAP operating income, non-GAAP net income and adjusted EBITDA, each a non-GAAP financial measure, provide investors and other users of its financial information consistency and comparability with its past financial performance and facilitates period-to-period comparisons of operations. Yodlee believes that these non-GAAP measures are useful in evaluating its operating performance compared to that of other companies in its industry, as these metrics generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. Yodlee uses non-GAAP operating income, non-GAAP net income and adjusted EBITDA in conjunction with traditional GAAP measures as part of its overall assessment of its performance, including the preparation of its annual operating budget and quarterly forecasts, to evaluate the effectiveness of its business strategies and to communicate with its board of directors concerning its financial performance.

These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

For future periods, Yodlee has not provided a reconciliation of adjusted non-GAAP operating income (loss) to GAAP operating income (loss), non-GAAP net loss to GAAP net loss or non-GAAP net loss per share to GAAP net loss per share because the Company does not provide


guidance for stock-based compensation, which is the reconciling item between those non-GAAP and GAAP measures. As items that impact operating income (loss), net loss and net loss per share are out of the Company’s control and/or cannot be reasonably predicted, the Company is unable to provide such guidance. Accordingly, a reconciliation to operating income (loss), net loss and net loss per share is not available without unreasonable effort.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Yodlee’s future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, Yodlee’s expectations regarding the business outlook and guidance for full fiscal year 2014 and fourth quarter 2014, including statements regarding its total revenue, operating income, net loss and stock-based compensation expense for the fourth quarter and full year 2014. Yodlee’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward looking statements. These risks include the possibility that: Yodlee’s paid user base does not continue to grow; Yodlee is unable to secure new subscriptions and deployments of the Yodlee platform by new customers; existing customers fail to renew subscriptions or do not generate additional paid users and sources of revenue; Yodlee is unable to derive revenue from data analytics, market research services and/or revenue-sharing arrangements with partners who develop premium FinApps; and Yodlee experiences expenses that exceed its expectations. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the Prospectus related to the initial public offering of common stock filed with the Securities and Exchange Commission (“SEC”) on October 3, 2014 pursuant to Rule 424(b) under the Securities Act of 1933 (Registration Statement No. 333-197116). Yodlee’s SEC filings are available on the Investor Relations section of the Company’s website at http://ir.yodlee.com and on the SEC’s website at www.sec.gov. The forward-looking statements in this press release are based on information available to Yodlee as of the date hereof, and Yodlee disclaims any obligation to update any forward-looking statements, except as required by law.

Media Contact:

Melanie Flanigan

Senior Director, Marketing

MFlanigan@yodlee.com

1-650-980-3707

Investor Contact:

Sheila B. Ennis

ICR, Inc.

IR@yodlee.com

1-650-980-3661


Yodlee, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

Revenue:

    

Subscription

   $ 19,787      $ 14,298      $ 54,690      $ 40,418   

Professional services and other

     3,366        3,968        9,530        9,704   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     23,153        18,266        64,220        50,122   

Cost of revenue(1):

    

Subscription

     6,728        4,867        18,127        14,073   

Professional services and other

     2,263        1,839        6,655        5,684   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenue

     8,991        6,706        24,782        19,757   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     14,162        11,560        39,438        30,365   

Operating expenses(1):

    

Research and development

     6,225        4,096        16,485        13,505   

Sales and marketing

     5,966        3,946        15,657        11,347   

General and administrative

     3,018        2,795        8,537        6,978   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     15,209        10,837        40,679        31,830   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     (1,047     723        (1,241     (1,465

Other income (expense), net

     (40     (257     47        (217
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before provision for income taxes

     (1,087     466        (1,194     (1,682

Provision for income taxes

     532        261        1,374        745   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ (1,619   $ 205      $ (2,568   $ (2,427
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per share attributable to common stockholders:

    

Basic and diluted

   $ (0.21   $ 0.01      $ (0.34   $ (0.34
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares used to compute net income (loss) per share attributable to common stockholders

    

Basic

     7,678        7,248        7,572        7,228   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     7,678        23,196        7,572        7,228   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Amounts include stock-based compensation expense as follows (in thousands):

 

     Three Months  Ended
September 30,
     Nine Months  Ended
September 30,
 
     2014      2013      2014      2013  

Cost of revenue—subscription

   $ 249       $ 46       $ 348       $ 152   

Cost of revenue—professional services and other

     142         24         206         79   

Research and development

     314         57         442         184   

Sales and marketing

     391         68         563         221   

General and administrative

     731         181         1,187         458   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total stock-based compensation expense

   $ 1,827       $ 376       $ 2,746       $ 1,094   
  

 

 

    

 

 

    

 

 

    

 

 

 


Yodlee, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

Net income (loss)

   $ (1,619   $ 205      $ (2,568   $ (2,427

Other comprehensive income (loss), net of taxes:

        

Foreign currency translation loss

     (180     (238     (30     (324

Change in unrealized gain (loss) on foreign currency contracts designated as cash flow hedges

     (283     (72     120        (741
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (463     (310     90        (1,065
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive loss

   $ (2,082   $ (105   $ (2,478   $ (3,492
  

 

 

   

 

 

   

 

 

   

 

 

 


Yodlee, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except par value)

(Unaudited)

 

     September 30,
2014
    December 31,
2013
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 6,782      $ 8,134   

Accounts receivable, net of allowance for doubtful accounts of $98 and $20 as of September 30, 2014 and December 31, 2013, respectively

     10,732        9,873   

Accounts receivable—related parties

     2,981        2,301   

Prepaid expenses and other current assets

     5,353        3,529   
  

 

 

   

 

 

 

Total current assets

     25,848        23,837   

Property and equipment, net

     9,432        6,297   

Restricted cash

     —          146   

Goodwill

     3,068        3,068   

Other assets

     5,233        1,112   
  

 

 

   

 

 

 

Total assets

   $ 43,581      $ 34,460   
  

 

 

   

 

 

 

Liabilities, convertible preferred stock and stockholders’ deficit

    

Current liabilities:

    

Accounts payable

   $ 4,438      $ 1,880   

Accrued liabilities

     3,480        2,707   

Accrued compensation

     7,080        6,577   

Convertible preferred stock warrant liabilities

     909        760   

Deferred revenue, current portion

     7,219        7,655   

Bank borrowings, current portion

     8,056        3,471   

Capital lease obligations, current portion

     988        574   
  

 

 

   

 

 

 

Total current liabilities

     32,170        23,624   

Deferred revenue, net of current portion

     152        329   

Bank borrowings, net of current portion

     1,557        2,914   

Capital lease obligations, net of current portion

     1,535        804   

Other long-term liabilities

     2,986        2,644   
  

 

 

   

 

 

 

Total liabilities

     38,400        30,315   

Convertible preferred stock, $0.001 par value—14,666 shares authorized;14,445 shares issued and outstanding as of September 30, 2014 and December 31, 2013 (aggregate liquidation preference of $103,494)

     102,224        102,224   

Stockholders’ deficit:

    

Common stock, $0.001 par value—30,000 shares authorized as of September 30, 2014, and 27,800 as of December 31, 2013; 7,708 and 7,444 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively

     8        7   

Additional paid-in capital

     257,429        253,917   

Accumulated other comprehensive loss

     (1,640     (1,730

Accumulated deficit

     (352,840     (350,273
  

 

 

   

 

 

 

Total stockholders’ deficit

     (97,043     (98,079
  

 

 

   

 

 

 

Total liabilities, convertible preferred stock and stockholders’ deficit

   $ 43,581      $ 34,460   
  

 

 

   

 

 

 


Yodlee, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 

     Nine Months Ended
September 30,
 
     2014     2013  

Cash flows from operating activities

    

Net loss

   $ (2,568   $ (2,427

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

    

Depreciation and amortization

     2,621        1,918   

Proceeds from insurance settlement

     —          (141

Revaluation of warrant liabilities

     149        117   

Stock-based compensation expense

     2,746        1,094   

Changes in operating assets and liabilities:

    

Accounts receivable, net

     (1,539     (2,431

Prepaid expenses and other assets

     (2,153     407   

Accounts payable

     999        (235

Accrued liabilities and other long term liabilities

     414        (1,102

Accrued compensation

     503        1,546   

Deferred revenue

     (614     (286
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     558        (1,540

Cash flows from investing activities

    

Purchases of property and equipment

     (4,003     (2,323

Proceeds from insurance settlement

     —          141   
  

 

 

   

 

 

 

Net cash used in investing activities

     (4,003     (2,182

Cash flows from financing activities

    

Proceeds from bank borrowings

     6,600        6,000   

Principal payments on bank borrowings

     (3,373     (4,498

Proceeds from issuance of common stock upon exercise of stock options

     1,241        282   

Principal payments on capital lease obligations

     (660     (324

Deferred offering costs

     (1,242     —     

Repurchase of common stock

     (473     —     
  

 

 

   

 

 

 

Net cash provided by financing activities

     2,093        1,460   
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (1,352     (2,262

Cash and cash equivalents—beginning of period

     8,134        7,963   
  

 

 

   

 

 

 

Cash and cash equivalents—end of period

   $ 6,782      $ 5,701   
  

 

 

   

 

 

 

Supplemental disclosures of cash flow information:

    

Cash paid for interest

   $ 454      $ 453   

Cash paid for income taxes

   $ 704      $ 639   

Supplemental disclosures of non-cash investing and financing information:

    

Property and equipment financed through capital lease

   $ 1,804      $ 863   

Property and equipment purchased but not paid at period-end

   $ 106      $ 181   

Issuance of convertible preferred stock upon exercise of warrants

   $ —        $ 13   

Unpaid deferred offering costs

   $ 2,544      $ —     

 


Yodlee, Inc.

Pro forma Condensed Consolidating Balance Sheet

(in thousands)

(Unaudited)

 

     Historical as of
September 30, 2014
    Pro Forma
Adjustments
    Pro forma as of
September 30, 2014
 
     (in thousands)  

ASSETS

  

Total current assets

   $ 25,848      $ 66,083      $ 91,931   

Total long-term assets

     17,733        (3,787     13,946   
  

 

 

   

 

 

   

 

 

 

Total assets

     43,581        62,296        105,877   
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

      

Total current liabilities

     32,170        (11,509     20,661   

Total long-term liabilities

     6,230        (1,557     4,673   

Convertible preferred stock

     102,224        (102,224     —     

Stockholders’ equity (deficit):

      

Common stock

     8        21        29   

Additional paid-in capital

     257,429        177,565        434,994   

Accumulated other comprehensive loss

     (1,640     —          (1,640

Accumulated deficit

     (352,840     —          (352,840
  

 

 

   

 

 

   

 

 

 

Total stockholders’ equity (deficit)

     (97,043     177,586        80,543   
  

 

 

   

 

 

   

 

 

 

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

   $ 43,581      $ 62,296      $ 105,877   
  

 

 

   

 

 

   

 

 

 

The pro forma balance sheet data in the table above reflects $65.95 for the sale of common stock by the Company in its IPO and $8.5 million from the exercise by the underwriters of their option to purchase shares of the Company’s common stock at a public price of $12.00 per share, after deducting the underwriting discounts and commissions, and estimated offering expenses payable by the Company, and the repayment of the outstanding balance of $9.6 million under the credit facility upon receipt of proceeds from the IPO. In addition, the pro forma balance sheet reflects the automatic conversion of all outstanding shares of the convertible preferred stock into an aggregate of 14.4 million shares of the common stock, which conversion occurred immediately prior to the closing of the IPO, and the reclassification of preferred stock warrant liabilities to additional paid-in capital.


Yodlee, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(in thousands)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

GAAP subscription gross profit

   $ 13,059      $ 9,431      $ 36,563      $ 26,345   

Add share-based compensation

     249        46        348        152   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP subscription gross profit

     13,308        9,477        36,911        26,497   

Non-GAAP subscription gross margin

     67     66     67     66

GAAP subscription gross margin

     66     66     67     65

GAAP gross profit

     14,162        11,560        39,438        30,365   

Add share-based compensation

     391        70        554        231   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP gross profit

     14,554        11,630        39,992        30,596   

Non-GAAP gross margin

     63     64     62     61

GAAP gross margin

     61     63     61     61

GAAP sales and marketing

     5,966        3,946        15,657        11,347   

Less share-based compensation

     (391     (68     (563     (221
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP sales and marketing

     5,576        3,878        15,094        11,126   

Non-GAAP sales and marketing as percentage of revenue

     24     21     24     22

GAAP sales and marketing as percentage of revenue

     26     22     24     23

GAAP research and development

     6,225        4,096        16,485        13,505   

Less share-based compensation

     (314     (57     (442     (184
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP research and development

     5,911        4,039        16,043        13,321   

Non-GAAP research and development as percentage of revenue

     26     22     25     27

GAAP research and development as percentage of revenue

     27     22     26     27

GAAP general and administrative

     3,018        2,795        8,537        6,978   

Less share-based compensation

     (731     (181     (1,187     (458
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP general and administrative

     2,287        2,614        7,350        6,520   

Non-GAAP general and administrative as percentage of revenue

     10     14     11     13

GAAP general and administrative as percentage of revenue

     13     15     13     14

GAAP operating income (loss)

     (1,047     723        (1,241     (1,465

Add share-based compensation

     1,827        376        2,746        1,094   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP operating profit

     780        1,099        1,505        (371

Non-GAAP operating margin

     3     6     2     -1

GAAP operating margin

     -5     4     -2     -3

GAAP net income (loss)

     (1,619     205        (2,568     (2,427

Add share-based compensation

     1,827        376        2,746        1,094   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net income (loss)

     208        581        178        (1,333
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted non-GAAP net income (loss) per share

   $ 0.01      $ 0.02      $ 0.01      $ (0.04
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares used in computing GAAP diluted income (loss) per share attributable to common stockholders

     7,678        23,196        7,572        7,228   

Additional weighted average shares assuming:

    

Conversion of preferred shares at the beginning of the period

     14,445        —          14,445        14,445   

Dilutive impact of stock options

     1,784        —          1,895        —     

Conversion of preferred stock warrants to common stock warrants at the beginning of the period

     53        27        53        —     

Shares issued in the initial public offering at the beginning of the period

     6,250        6,250        6,250        6,250   

Shares issued upon the exercise of underwriters option to purchase Company’s common stock at the beginning of the period

     761        761        761        761   
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in computing non-GAAP diluted income (loss) per share

     30,971        30,234        30,976        28,684   
  

 

 

   

 

 

   

 

 

   

 

 

 


The following table provides a reconciliation of net income (loss) to adjusted EBITDA:

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2014     2013      2014     2013  

Net income (loss)

   $ (1,619   $ 205       $ (2,568   $ (2,427

Provision for income taxes

     532        261         1,374        745   

Other expense (income), net

     40        257         (47     217   

Depreciation and amortization

     1,051        625         2,621        1,918   

Stock-based compensation

     1,827        376         2,746        1,094   
  

 

 

   

 

 

    

 

 

   

 

 

 

Adjusted EBITDA

   $ 1,831      $ 1,724       $ 4,126      $ 1,547