Attached files
| file | filename |
|---|---|
| 8-K - 8-K - OOMA INC | ooma-8k_20160830.htm |
Exhibit 99.1
Ooma Reports Second Quarter Fiscal 2017 Financial Results
- Record revenue of $25.5 million; up 21% year-over-year
- Subscription and services revenue of $22.4 million; up 28% year-over-year
Palo Alto, California –Tuesday August 30, 2016 - Ooma, Inc. (NYSE: OOMA), a leading smart communications platform for small businesses and consumers, today released financial results for the fiscal second quarter ended July 31, 2016.
Second Quarter Fiscal 2017 Financial Highlights:
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• |
Revenue: Total revenue of $25.5 million, up 21% year-over-year. Subscription and services revenue increased 28% year-over-year to $22.4 million, and was 88% of total revenue. Product and other revenue decreased 17% year-over-year to $3.1 million, and was 12% of total revenue. |
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• |
Net Loss: GAAP net loss was $3.3 million, or $0.19 per basic and diluted share, compared to GAAP net loss of $3.4 million, or $0.80 per basic and diluted share, in the second quarter of fiscal 2016. Non-GAAP net loss was $0.9 million, or $0.05 per basic and diluted share, compared to non-GAAP net loss of $2.5 million, or $0.58 per basic and diluted share, in the second quarter of fiscal 2016. |
For more information about non-GAAP net loss, see the section below titled “Non-GAAP Financial Measures” and the reconciliation from GAAP net loss in this release.
“I’m very pleased to report that Q2 was another strong quarter for Ooma,” said Eric Stang, chief executive officer of Ooma. “We are executing well on our key initiatives, and are particularly pleased by the growth of Ooma Office which was up more than 60% over the prior year quarter. We are actively investing to expand the power of the Ooma platform and introduce new products and services to capitalize on a very large market opportunity. Given the sizeable market opportunity our commitment to innovation, we believe we can continue to achieve significant revenue growth while also improving our bottom line.”
Recent Business Highlights:
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• |
Launched Ooma Office for Mobile, a cloud-based phone service that allows small business owners to run their business solely from their mobile phones. |
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• |
Announced Ooma Office Partner Program to enable resellers to market and sell our award winning Ooma Office platform. |
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• |
Upgraded the capabilities of our Blacklist feature to provide the most aggressive defense against unwanted callers. |
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Increased capacity of Personal Blacklist feature, combined with Community Blacklist and Expanded Blacklist, providing the most aggressive defense against unwanted callers. |
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Introduced New World Plus Plan to expand international calling options. |
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Announced Talkatone now provides consumers the ability to block unwanted calls and texts. |
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Appointed Susan Butenhoff to the board of directors. Butenhoff has 30 years of public relations experience assisting major multinational companies in communications and brand strategy. |
Business Outlook:
For the third quarter fiscal 2017, Ooma expects to report:
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• |
Total revenue between $26.5 million to $27.5 million. |
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• |
GAAP net loss is expected to be in the range of $3.2 million to $3.7 million, and non-GAAP net loss is expected to be in the range of $0.7 million to $1.0 million. |
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• |
GAAP net loss per share is expected to be in the range of $0.18 to $0.21, and non-GAAP net loss per share in the range of $0.04 to $0.06 based on approximately 17.7 million basic and diluted weighted average common shares outstanding. |
For the full fiscal year 2017, Ooma expects to report:
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• |
Total revenue in the range of $104.0 million to $107.0 million. |
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• |
GAAP net loss is expected to be in the range of $13.6 million to $14.9 million, and non-GAAP net loss in the range of $3.5 million to $4.5 million. |
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• |
GAAP net loss per share is expected to be in the range of $0.77 to $0.84, and non-GAAP net loss per share in the range of $0.20 to $0.25, based on approximately 17.6 million basic and diluted weighted average common shares outstanding. |
1
The following is a reconciliation of GAAP net loss to non-GAAP net loss and GAAP basic and diluted earnings per share to non-GAAP basic and diluted earnings per share guidance for the fiscal third quarter ending October 31, 2016 and for the fiscal year ending January 31, 2017:
Reconciliation of GAAP Net Loss and GAAP Basic and Diluted Net Loss per Share Guidance to
Non-GAAP Net Loss and Non-GAAP Basic and Diluted Net Loss per Share Guidance
(In millions, except per share data)
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Projected range |
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Three Months Ending |
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Fiscal Year Ending |
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October 31, 2016 |
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January 31, 2017 |
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(unaudited) |
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GAAP Net Loss |
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($3.2)-($3.7) |
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($13.6)-($14.9) |
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Stock-based compensation expense and related taxes |
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2.4-2.6 |
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9.7-10.0 |
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Amortization of intangibles |
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0.1 |
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0.4 |
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Non-GAAP Net Loss |
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($0.7)-($1.0) |
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($3.5)-($4.5) |
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Basic and Diluted Net Loss per Share on a GAAP basis |
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($0.18)-($0.21) |
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($0.77)-($0.84) |
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Stock-based compensation expense and related taxes |
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0.13-0.14 |
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0.55-0.57 |
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Amortization of intangibles |
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0.01 |
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0.02 |
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Basic and Diluted Net Loss per Share on a Non-GAAP basis |
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($0.04)-($0.06) |
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($0.20)-($0.25) |
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Weighted-average number of shares used in per share amounts: |
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Basic and diluted |
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17.70 |
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17.60 |
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2
Ooma will host a conference call and live webcast for analysts and investors at 5:00 p.m. Eastern time today, August 30, 2016. The news release with the financial results will be accessible from the company’s website prior to the conference call. Parties in the United States and Canada can access the call by dialing +1 (888)-312-3048, using conference code 2299406. International parties can access the call by dialing +1 (719)-325-2244, using conference code 2299406.
The webcast will be accessible on Ooma’s investor relations website at http://investors.ooma.com for a period of one year. A telephonic replay of the conference call will be available through Tuesday, September 6, 2016. To access the replay, parties in the United States and Canada should call +1 (888)-203-1112 and enter conference code 2299406. International parties should call + 1 (719)-457-0820 and enter conference code 2299406.
3
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including: non-GAAP net loss, non-GAAP net loss per share, non-GAAP gross profit and gross margin, non-GAAP operating loss, and Adjusted EBITDA. Adjusted EBITDA represents the net loss before interest and other income, depreciation and amortization and other non-GAAP expenses.
These non-GAAP financial measures exclude non-cash stock-based compensation expense, amortization of intangibles, the change in fair value of our acquisition-related contingent consideration, change in fair value of warrants and write-off of non-cash deferred debt issuance costs.
These non-GAAP financial measures are presented to enhance investors’ understanding of the results of Ooma’s core business operations. Ooma considers these non-GAAP financial measures to be useful measures of the operating performance of the company, because they contain adjustments for unusual events or factors that do not directly affect what management considers to be Ooma’s core operating performance, and are used by the company’s management for that purpose. Management also believes that these non-GAAP financial measures allow for a better evaluation of the company’s performance by facilitating a meaningful comparison of the company’s core operating results in a given period to those in prior and future periods. In addition, investors often use similar measures to evaluate the operating performance of a company.
Non-GAAP financial measures are presented for supplemental informational purposes only to aid an understanding of the company’s operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP financial measures presented by other companies. A limitation of the non-GAAP financial measures presented is that the adjustments relate to items that the company generally expects to continue to recognize. The adjustment of these items should not be construed as an inference that the adjusted gains or expenses are unusual, infrequent or non-recurring. Therefore, both GAAP financial measures of Ooma’s financial performance and the respective non-GAAP measures should be considered together. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure in the tables below.
Disclosure Information
Ooma uses the investor relations section on its website as means of complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Ooma’s investor relations website in addition to following Ooma’s press releases, SEC filings, and public conference calls and webcasts.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. In particular, statements regarding future economic performance, finances, and expectations and objectives of management constitute forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical facts and generally contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “anticipates,” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters. In particular, this press release includes forward looking statements regarding continued growth of our subscriber base, the strength and quality of our SaaS platform, our competitive advantage serving small business, home and mobile customers, and improvement in our financial performance. Although the forward-looking statements contained in this press release are based upon information available at the time the statements are made and reflect management’s good faith beliefs, forward-looking statements inherently involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from anticipated future results. Important factors that could cause actual results to differ materially from expectations include, among others: our inability to attract new customers on a cost-effective basis; our inability to retain customers; intense competition; our reliance on retailers and reseller partnerships to sell our products; our reliance on vendors to manufacture the on-premise appliances and end-point devices we sell; our reliance on third parties for our network connectivity and co-location facilities; our reliance on third parties for some of our software development, quality assurance and operations; our reliance on third parties to provide the majority of our customer service and support representatives; our limited operating history; and interruptions to our service. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law.
The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including the risk factors contained in our Annual Report Form 10-K for the year ended January 31, 2016, filed with the SEC on April 13, 2016. The forward-looking statements in this press release are based on information available to Ooma as of the date hereof, and Ooma disclaims any obligation to update any forward-looking statements, except as required by law.
4
Founded in 2004, Ooma creates new communications experiences for small businesses and consumers. Its smart platform serves as a communications hub, which offers cloud-based telephony and other connected services. Ooma combines PureVoice™ HD call quality and innovative features with mobile applications for reliable anytime, anywhere calling. The Company has been ranked the No. 1 home phone service for overall satisfaction and value for five consecutive years by the leading consumer research publication. Ooma is also partnering with connected device makers to create smarter offices and homes. Ooma is available in stores and online from leading retailers. For more information about Ooma, please visit www.ooma.com or follow us on Twitter, LinkedIn or Facebook.
Ooma, PureVoice and the Ooma logo are trademarks of Ooma, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.
CONTACT:
Investor Relations:
Cynthia Hiponia or Erin Rheaume
The Blueshirt Group for Ooma, Inc.
ir@ooma.com
Public Relations:
Brian Jaquet
Ooma, Inc.
Brian.Jaquet@ooma.com
(650) 300-2125
5
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
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July 31, |
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January 31, |
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2016 |
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2016 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
6,712 |
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|
$ |
27,413 |
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Short-term investments |
|
47,126 |
|
|
|
27,991 |
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|
Accounts receivable, net |
|
4,478 |
|
|
|
5,609 |
|
|
Inventories |
|
4,564 |
|
|
|
5,011 |
|
|
Deferred inventory costs |
|
2,037 |
|
|
|
2,013 |
|
|
Prepaid expenses and other current assets |
|
1,637 |
|
|
|
1,318 |
|
|
Total current assets |
|
66,554 |
|
|
|
69,355 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
4,478 |
|
|
|
4,291 |
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|
Intangible assets, net |
|
703 |
|
|
|
885 |
|
|
Goodwill |
|
1,117 |
|
|
|
1,117 |
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Other assets |
|
307 |
|
|
|
888 |
|
|
Total assets |
$ |
73,159 |
|
|
$ |
76,536 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
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|
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Current liabilities: |
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|
|
|
|
|
|
|
Accounts payable |
$ |
5,493 |
|
|
$ |
4,786 |
|
|
Accrued expenses |
|
10,805 |
|
|
|
13,010 |
|
|
Short-term capital lease |
|
— |
|
|
|
632 |
|
|
Deferred revenue |
|
15,134 |
|
|
|
15,036 |
|
|
Total current liabilities |
|
31,432 |
|
|
|
33,464 |
|
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
225 |
|
|
|
182 |
|
|
Total liabilities |
$ |
31,657 |
|
|
|
33,646 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock |
|
2 |
|
|
|
2 |
|
|
Additional paid-in capital |
|
113,562 |
|
|
|
107,679 |
|
|
Accumulated comprehensive income |
|
42 |
|
|
|
17 |
|
|
Accumulated deficit |
|
(72,104 |
) |
|
|
(64,808 |
) |
|
Total stockholders' equity |
|
41,502 |
|
|
|
42,890 |
|
|
Total liabilities and stockholders' equity |
$ |
73,159 |
|
|
$ |
76,536 |
|
6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
|
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|
Three Months Ended |
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Six Months Ended |
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July 31, |
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July 31, |
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July 31, |
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July 31, |
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|
2016 |
|
|
2015 |
|
|
2016 |
|
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2015 |
|
||||
|
|
|
(unaudited) |
|
|
(unaudited) |
|
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Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription and services |
|
$ |
22,417 |
|
|
$ |
17,449 |
|
|
$ |
43,907 |
|
|
$ |
33,025 |
|
|
Product and other |
|
|
3,077 |
|
|
|
3,687 |
|
|
|
6,046 |
|
|
|
7,963 |
|
|
Total revenue |
|
|
25,494 |
|
|
|
21,136 |
|
|
|
49,953 |
|
|
|
40,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription and services |
|
|
7,444 |
|
|
|
6,310 |
|
|
|
14,715 |
|
|
|
11,934 |
|
|
Product and other |
|
|
3,501 |
|
|
|
3,583 |
|
|
|
7,040 |
|
|
|
7,790 |
|
|
Total cost of revenue |
|
|
10,945 |
|
|
|
9,893 |
|
|
|
21,755 |
|
|
|
19,724 |
|
|
Gross profit |
|
|
14,549 |
|
|
|
11,243 |
|
|
|
28,198 |
|
|
|
21,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
8,578 |
|
|
|
6,813 |
|
|
|
16,673 |
|
|
|
12,708 |
|
|
Research and development |
|
|
5,839 |
|
|
|
4,284 |
|
|
|
11,580 |
|
|
|
8,381 |
|
|
General and administrative |
|
|
3,545 |
|
|
|
3,206 |
|
|
|
7,400 |
|
|
|
6,167 |
|
|
Total operating expenses |
|
|
17,962 |
|
|
|
14,303 |
|
|
|
35,653 |
|
|
|
27,256 |
|
|
Loss from operations: |
|
|
(3,413 |
) |
|
|
(3,060 |
) |
|
|
(7,455 |
) |
|
|
(5,992 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net |
|
|
100 |
|
|
|
(607 |
) |
|
|
164 |
|
|
|
(892 |
) |
|
Change in fair value of warrants |
|
|
— |
|
|
|
274 |
|
|
|
— |
|
|
|
(442 |
) |
|
Other (expense) income, net |
|
|
(27 |
) |
|
|
(10 |
) |
|
|
(5 |
) |
|
|
(12 |
) |
|
Net loss |
|
$ |
(3,340 |
) |
|
$ |
(3,403 |
) |
|
$ |
(7,296 |
) |
|
$ |
(7,338 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.19 |
) |
|
$ |
(0.80 |
) |
|
$ |
(0.42 |
) |
|
$ |
(2.14 |
) |
|
Weighted-average number of shares used in per share amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
17,280,985 |
|
|
|
4,233,193 |
|
|
|
17,180,671 |
|
|
|
3,422,521 |
|
7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
|
July 31, |
|
|
July 31, |
|
|
July 31, |
|
|
July 31, |
|
||||
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
|
|
(unaudited) |
|
|
(unaudited) |
|
||||||||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(3,340 |
) |
|
$ |
(3,403 |
) |
|
$ |
(7,296 |
) |
|
$ |
(7,338 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
2,399 |
|
|
|
738 |
|
|
|
4,873 |
|
|
|
1,289 |
|
|
Depreciation and amortization |
|
|
433 |
|
|
|
354 |
|
|
|
822 |
|
|
|
670 |
|
|
Amortization of intangibles |
|
|
85 |
|
|
|
98 |
|
|
|
182 |
|
|
|
197 |
|
|
Write-off of non-cash deferred debt issuance costs |
|
|
— |
|
|
|
332 |
|
|
|
— |
|
|
|
332 |
|
|
Other non-cash (income) expense, net |
|
|
(3 |
) |
|
|
20 |
|
|
|
(3 |
) |
|
|
64 |
|
|
Change in fair value of acquisition-related contingent consideration |
|
|
— |
|
|
|
43 |
|
|
|
— |
|
|
|
124 |
|
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
(274 |
) |
|
|
— |
|
|
|
442 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
544 |
|
|
|
(2,456 |
) |
|
|
1,131 |
|
|
|
(529 |
) |
|
Inventories |
|
|
(656 |
) |
|
|
1,055 |
|
|
|
447 |
|
|
|
860 |
|
|
Deferred inventory costs |
|
|
(196 |
) |
|
|
(753 |
) |
|
|
(24 |
) |
|
|
558 |
|
|
Prepaid expenses and other assets |
|
|
327 |
|
|
|
(221 |
) |
|
|
217 |
|
|
|
(178 |
) |
|
Accounts payable and accrued expenses |
|
|
286 |
|
|
|
1,188 |
|
|
|
(1,087 |
) |
|
|
3,293 |
|
|
Other liabilities |
|
|
(2 |
) |
|
|
(454 |
) |
|
|
(22 |
) |
|
|
(62 |
) |
|
Deferred revenue |
|
|
784 |
|
|
|
1,712 |
|
|
|
176 |
|
|
|
(372 |
) |
|
Net cash provided by (used in) operating activities |
|
|
661 |
|
|
|
(2,021 |
) |
|
|
(584 |
) |
|
|
(650 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of short-term investments |
|
|
(13,855 |
) |
|
|
— |
|
|
|
(33,115 |
) |
|
|
— |
|
|
Proceeds from maturity of short-term investments |
|
|
8,450 |
|
|
|
— |
|
|
|
10,950 |
|
|
|
— |
|
|
Proceeds from sale of short-term investments |
|
|
3,016 |
|
|
|
— |
|
|
|
3,016 |
|
|
|
— |
|
|
Purchases of property and equipment |
|
|
(709 |
) |
|
|
(458 |
) |
|
|
(1,030 |
) |
|
|
(866 |
) |
|
Net cash used in investing activities |
|
|
(3,098 |
) |
|
|
(458 |
) |
|
|
(20,179 |
) |
|
|
(866 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from initial public offering, net |
|
|
— |
|
|
|
59,301 |
|
|
|
— |
|
|
|
58,848 |
|
|
Proceeds from Series Beta preferred stock, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
Repayment of debt and capital leases |
|
|
— |
|
|
|
(10,760 |
) |
|
|
(628 |
) |
|
|
(11,294 |
) |
|
Payment of acquisition related earn-out |
|
|
— |
|
|
|
— |
|
|
|
(100 |
) |
|
|
(475 |
) |
|
Payment of preferred warrant liability |
|
|
— |
|
|
|
(584 |
) |
|
|
— |
|
|
|
(584 |
) |
|
Proceeds from issuance of common stock related to warrants and employee stock benefit plans |
|
|
167 |
|
|
|
60 |
|
|
|
790 |
|
|
|
61 |
|
|
Net cash provided by financing activities |
|
|
167 |
|
|
|
48,017 |
|
|
|
62 |
|
|
|
51,556 |
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(2,270 |
) |
|
|
45,538 |
|
|
|
(20,701 |
) |
|
|
50,040 |
|
|
Cash and cash equivalents at beginning of period |
|
|
8,982 |
|
|
|
13,635 |
|
|
|
27,413 |
|
|
|
9,133 |
|
|
Cash and cash equivalents at end of period |
|
$ |
6,712 |
|
|
$ |
59,173 |
|
|
$ |
6,712 |
|
|
$ |
59,173 |
|
8
Reconciliation of Non-GAAP Financial Measures
Impact of Non-GAAP Adjustments on Reported Net Loss
(Amounts in thousands, except percentages and per share data)
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
|
July 31, |
|
|
July 31, |
|
|
July 31, |
|
|
July 31, |
|
||||
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
|
|
(unaudited) |
|
|
(unaudited) |
|
||||||||||
|
Revenue |
|
$ |
25,494 |
|
|
$ |
21,136 |
|
|
$ |
49,953 |
|
|
$ |
40,988 |
|
|
Reconciliation of GAAP Gross Profit and GAAP Gross Margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Profit |
|
$ |
14,549 |
|
|
$ |
11,243 |
|
|
$ |
28,198 |
|
|
$ |
21,264 |
|
|
Stock-based compensation expense |
|
|
243 |
|
|
|
65 |
|
|
|
478 |
|
|
|
123 |
|
|
Amortization of intangibles |
|
|
42 |
|
|
|
41 |
|
|
|
82 |
|
|
|
82 |
|
|
Non-GAAP Gross Profit |
|
$ |
14,834 |
|
|
$ |
11,349 |
|
|
$ |
28,758 |
|
|
$ |
21,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin on a GAAP basis |
|
|
57 |
% |
|
|
53 |
% |
|
|
56 |
% |
|
|
52 |
% |
|
Gross Margin on a Non-GAAP basis |
|
|
58 |
% |
|
|
54 |
% |
|
|
58 |
% |
|
|
52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Loss on a GAAP Basis to Operating Loss on a Non-GAAP Basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Loss |
|
$ |
(3,413 |
) |
|
$ |
(3,060 |
) |
|
$ |
(7,455 |
) |
|
$ |
(5,992 |
) |
|
Stock-based compensation expense |
|
|
2,399 |
|
|
|
738 |
|
|
|
4,873 |
|
|
|
1,289 |
|
|
Amortization of intangibles |
|
|
85 |
|
|
|
98 |
|
|
|
182 |
|
|
|
197 |
|
|
Change in fair value of acquisition-related contingent consideration |
|
|
— |
|
|
|
43 |
|
|
|
— |
|
|
|
124 |
|
|
Non-GAAP Operating Loss |
|
$ |
(929 |
) |
|
$ |
(2,181 |
) |
|
$ |
(2,400 |
) |
|
$ |
(4,382 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Loss |
|
$ |
(3,340 |
) |
|
$ |
(3,403 |
) |
|
$ |
(7,296 |
) |
|
$ |
(7,338 |
) |
|
Stock-based compensation expense |
|
|
2,399 |
|
|
|
738 |
|
|
|
4,873 |
|
|
|
1,289 |
|
|
Amortization of intangibles |
|
|
85 |
|
|
|
98 |
|
|
|
182 |
|
|
|
197 |
|
|
Change in fair value of acquisition-related contingent consideration |
|
|
— |
|
|
|
43 |
|
|
|
— |
|
|
|
124 |
|
|
Change in fair value of warrants |
|
|
— |
|
|
|
(274 |
) |
|
|
— |
|
|
|
442 |
|
|
Write-off of non-cash deferred debt issuance costs |
|
|
— |
|
|
|
332 |
|
|
|
— |
|
|
|
332 |
|
|
Non-GAAP Net Loss |
|
$ |
(856 |
) |
|
$ |
(2,466 |
) |
|
$ |
(2,241 |
) |
|
$ |
(4,954 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Basic and Diluted Net Loss per Share on a GAAP Basis to Basic and Diluted Net Loss per Share on a Non-GAAP Basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Net Loss per share on a GAAP Basis |
|
$ |
(0.19 |
) |
|
$ |
(0.80 |
) |
|
$ |
(0.42 |
) |
|
$ |
(2.14 |
) |
|
Stock-based compensation expense |
|
|
0.14 |
|
|
|
0.17 |
|
|
|
0.28 |
|
|
|
0.37 |
|
|
Amortization of intangibles |
|
|
— |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
Change in fair value of acquisition-related contingent consideration |
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.04 |
|
|
Change in fair value of warrants |
|
|
— |
|
|
|
(0.06 |
) |
|
|
— |
|
|
|
0.13 |
|
|
Write-off of non-cash deferred debt issuance costs |
|
|
— |
|
|
|
0.08 |
|
|
|
— |
|
|
|
0.10 |
|
|
Basic and Diluted Net Loss per share on a Non-GAAP Basis |
|
$ |
(0.05 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.13 |
) |
|
$ |
(1.45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(3,340 |
) |
|
$ |
(3,403 |
) |
|
$ |
(7,296 |
) |
|
$ |
(7,338 |
) |
|
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other (income) expense, net |
|
|
(73 |
) |
|
|
285 |
|
|
|
(159 |
) |
|
|
572 |
|
|
Depreciation and amortization |
|
|
387 |
|
|
|
354 |
|
|
|
734 |
|
|
|
670 |
|
|
Amortization of intangibles |
|
|
85 |
|
|
|
98 |
|
|
|
182 |
|
|
|
197 |
|
|
Stock-based compensation expense |
|
|
2,399 |
|
|
|
738 |
|
|
|
4,873 |
|
|
|
1,289 |
|
|
Change in fair value of acquisition-related contingent consideration |
|
|
— |
|
|
|
43 |
|
|
|
— |
|
|
|
124 |
|
|
Change in fair value of warrants |
|
|
— |
|
|
|
(274 |
) |
|
|
— |
|
|
|
442 |
|
|
Write-off of non-cash deferred debt issuance costs |
|
|
— |
|
|
|
332 |
|
|
|
— |
|
|
|
332 |
|
|
Adjusted EBITDA |
|
$ |
(542 |
) |
|
$ |
(1,827 |
) |
|
$ |
(1,666 |
) |
|
$ |
(3,712 |
) |
9