Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - SPARK NETWORKS INC | lov_8k.htm |
Exhibit 99.1
SPARK NETWORKS® REPORTS FOURTH
QUARTER AND FULL YEAR 2016 RESULTS
LOS
ANGELES, Calif., March 21, 2017 -- Spark Networks, Inc. (NYSE MKT: LOV) reported fourth
quarter and full year 2016 financial results today.
“We
made clear progress in the fourth quarter to improve profitability
and implement a unified technology platform across our networks as
we work to reposition the business for the future,” said
Danny Rosenthal, Chief Executive Officer of Spark Networks.
“The significant improvement in adjusted EBITDA in Q4
reflects our actions to reduce costs as we focus on driving
operational efficiency and profitable growth in the
future.
“We
expect 2017 will be a transformational year for Spark. Our
priorities are clear: operating profitably, relaunching our
technology platform and driving future growth through effective
marketing investments. Importantly, we are on track to deliver our
new technology platform and re-launch JDate in Q2 and Christian
Mingle in Q3. We have more work to do, but with our new platform in
place and our focus on operating efficiently, we will be
well-positioned to invest behind data-driven marketing programs
that enable us to connect customers and drive future growth and
value creation.”
Key Quarterly Metrics
|
|
Q4 2016
|
Q3 2016
|
Q4 2015
|
|
Revenue
|
$7.7
Million
|
$8.4
Million
|
$10.7
Million
|
|
Contribution1
|
$7.1
Million
|
$7.2
Million
|
$6.8
Million
|
|
Net
Loss
|
$(3.7)
Million
|
$(94)
Thousand
|
$(1.2)
Million
|
|
Adjusted EBITDA2
|
$1.8
Million
|
$1.5
Million
|
$116
Thousand
|
|
Cash
Balance
|
$11.4
Million
|
$11.3
Million
|
$6.6
Million
|
|
Period Ending Subs3
|
142,372
|
158,233
|
200,023
|
|
Avg. Paying Subs3
|
150,675
|
173,564
|
199,781
|
|
ARPU
|
$16.89
|
$15.81
|
$17.26
|
Fourth Quarter 2016 Financial Results
Revenue: For the fourth quarter
of 2016, total revenue was $7.7 million, a decrease of 28% compared
to the year ago period, and an 8% decrease from the prior quarter.
The year over year decrease was primarily driven by decreases in
both average paying subscribers and average revenue per user
(“ARPU”). The sequential decrease was driven by
decreases in average paying subscribers, reflecting reduced direct
marketing investment in the Jewish and Christian Networks. These
decreases were partially offset by a 7% sequential increase in ARPU
from the prior quarter.
Contribution: Contribution was
$7.1 million in the quarter, an increase of 4% compared to the year
ago period, and a 1% decrease from the prior quarter. Our
contribution margin increased to 91% from 85% in the prior quarter
and 64% in the year ago period. Total direct marketing expenses
decreased 83% to $673,000 in the fourth quarter of 2016 as compared
to $3.9 million in the prior year period.
Net Loss: Net Loss was $(3.7)
million in the quarter, a $(2.5) million decline versus the year
ago period and a $(3.6) million decrease from the prior quarter. In
the fourth quarter, the Company recognized $4.5 million of non-cash
intangible and long-lived asset impairment expense. $4.2 million of
the impairment expense was related to goodwill and intangible
assets within our Jewish Networks reporting
unit.
Adjusted EBITDA: For the fourth
quarter of 2016, Adjusted EBITDA was $1.8 million, an increase of
$1.7 million versus the year ago period and a $252,000 increase
from the prior quarter. Current period Adjusted EBITDA does not
include $4.5 million of non-cash intangible and long-lived asset
impairment expense.
Cash: Cash provided by
operating activities in the fourth quarter was $568,000. At
December 31, 2016, the Company had $11.4 million in cash and cash equivalents, compared to
$11.3 million at the end of the prior quarter. At quarter end, the
Company had no outstanding debt.
Key Annual Metrics
|
|
2016
|
2015
|
|
Revenue
|
$35.1
Million
|
$48.1
Million
|
|
Contribution1
|
$26.7
Million
|
$28.4
Million
|
|
Net
Loss
|
$(6.9)
Million
|
$(1.4)
Million
|
|
Adjusted EBITDA2
|
$2.5
Million
|
$2.8
Million
|
|
Cash
Balance
|
$11.4
Million
|
$6.6
Million
|
|
Period Ending Subs3
|
142,372
|
200,023
|
|
Avg. Paying Subs3
|
178,407
|
203,557
|
|
ARPU
|
$16.13
|
$18.92
|
Full Year 2016 Financial Results
Revenue: For the full year 2016, total revenue was $35.1
million, a decrease of 27.1% compared to the year ago period. The
year over year decrease was primarily driven by 10.3% and 13.4%
decreases in average paying subscribers for the Jewish and
Christian Networks segments, respectively, coupled with decreases
in ARPU of 17.2% and 14.0%, within these segments,
respectively.
Contribution: For the full year 2016, contribution was $26.7
million, a decrease of 6% compared to the year ago period. Our
contribution margin increased to 76% from 59% in the year ago
period. The margin expansion was primarily driven by our Christian
Networks, which increased contribution margin to 67% from 39% in
the year ago period.
Net Loss: For the full year
2016, Net Loss was $(6.9) million, a $(5.5) million decline versus
the year ago period. In 2016, the Company recognized $4.6 million
of non-cash intangible and long-lived asset impairment expense.
$4.2 million of the impairment expense was related to goodwill and
intangible assets within our Jewish Networks reporting
unit.
Adjusted EBITDA: For the full year 2016, Adjusted EBITDA was
$2.5 million, a decrease from $2.8 million in the year ago period.
Current period Adjusted EBITDA does not include $1.2 million of
severance payments and $4.6 million of non-cash intangible and
long-lived asset impairment expense.
Cash: Cash used in operating activities in 2016 was $1.4
million. At December 31, 2016, the Company had $11.4 million in
cash and cash equivalents, compared to $6.6 million at the end of
2015. At year end, the Company had no outstanding
debt.
SPARK NETWORKS, INC.
SEGMENT4
RESULTS FROM OPERATIONS
(in
thousands except subscriber and ARPU information)
|
|
Q4 2016
|
Q3 2016
|
Q2 2016
|
Q1 2016
|
Q4 2015
|
Q4 '16 v. Q4 '15
|
Q4 '16 v. Q3 '16
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Jewish
Networks
|
$3,136
|
$3,322
|
$3,628
|
$3,995
|
$4,299
|
-27.1%
|
-5.6%
|
|
Christian
Networks
|
4,262
|
4,673
|
5,044
|
5,405
|
5,940
|
-28.2%
|
-8.8%
|
|
Other
Networks
|
335
|
385
|
413
|
438
|
446
|
-24.8%
|
-13.0%
|
|
Offline
& Other Businesses
|
10
|
11
|
13
|
21
|
20
|
-49.9%
|
-9.1%
|
|
Total Revenue
|
$7,743
|
$8,391
|
$9,098
|
$9,859
|
$10,705
|
-27.7%
|
-7.7%
|
|
|
|
|
|
|
|
|
|
|
Direct Mktg. Exp.
|
|
|
|
|
|
|
|
|
Jewish
Networks
|
$316
|
$420
|
$372
|
$497
|
$648
|
-51.2%
|
-24.7%
|
|
Christian
Networks
|
316
|
750
|
1,001
|
4,420
|
3,111
|
-89.8%
|
-57.9%
|
|
Other
Networks
|
41
|
60
|
105
|
120
|
129
|
-68.4%
|
-31.7%
|
|
Total Direct Mktg. Exp.
|
$673
|
$1,230
|
$1,478
|
$5,038
|
$3,888
|
-82.7%
|
-45.3%
|
|
|
|
|
|
|
|
|
|
|
Contribution
|
|
|
|
|
|
|
|
|
Jewish
Networks
|
$2,820
|
$2,902
|
$3,256
|
$3,497
|
$3,652
|
-22.8%
|
-2.8%
|
|
Christian
Networks
|
3,946
|
3,923
|
4,043
|
985
|
2,829
|
39.5%
|
0.6%
|
|
Other
Networks
|
294
|
325
|
308
|
318
|
316
|
-7.0%
|
-9.4%
|
|
Offline
& Other Businesses
|
10
|
11
|
13
|
20
|
20
|
-49.9%
|
-8.0%
|
|
Total Contribution
|
$7,070
|
$7,161
|
$7,620
|
$4,821
|
$6,817
|
3.7%
|
-1.3%
|
|
|
|
|
|
|
|
|
|
|
Period Ending Subs
|
|
|
|
|
|
|
|
|
Jewish
Networks
|
51,519
|
52,952
|
59,868
|
63,982
|
65,004
|
-20.7%
|
-2.7%
|
|
Christian
Networks
|
82,163
|
95,047
|
112,895
|
122,935
|
123,800
|
-33.6%
|
-13.6%
|
|
Other
Networks
|
8,690
|
10,234
|
10,915
|
11,321
|
11,219
|
-22.5%
|
-15.1%
|
|
Total Period Ending Subs.
|
142,372
|
158,233
|
183,678
|
198,238
|
200,023
|
-28.8%
|
-10.0%
|
|
|
|
|
|
|
|
|
|
|
Average Paying Subs.
|
|
|
|
|
|
|
|
|
Jewish
Networks
|
52,493
|
57,684
|
61,732
|
63,930
|
64,627
|
-18.8%
|
-9.0%
|
|
Christian
Networks
|
88,774
|
105,108
|
117,024
|
124,180
|
123,888
|
-28.3%
|
-15.5%
|
|
Other
Networks
|
9,408
|
10,772
|
11,182
|
11,341
|
11,266
|
-16.5%
|
-12.7%
|
|
Total Avg. Paying Subs.
|
150,675
|
173,564
|
189,938
|
199,451
|
199,781
|
-24.6%
|
-13.2%
|
|
|
|
|
|
|
|
|
|
|
ARPU
|
|
|
|
|
|
|
|
|
Jewish
Networks
|
$18.58
|
$18.79
|
$19.33
|
$20.46
|
$21.82
|
-14.8%
|
-1.1%
|
|
Christian
Networks
|
15.75
|
14.60
|
14.09
|
14.17
|
15.25
|
3.3%
|
7.9%
|
|
Other
Networks
|
11.55
|
11.69
|
12.15
|
12.52
|
12.72
|
-9.2%
|
-1.2%
|
|
Total ARPU5
|
$16.89
|
$15.81
|
$15.70
|
$16.12
|
$17.26
|
-2.2%
|
6.8%
|
Distribution of New Subscription
Purchases6
|
|
Q4 2016
|
Q3 2016
|
Q2 2016
|
Q1 2016
|
Q4 2015
|
|
|
|
|
|
|
|
|
Jewish Networks
|
|
|
|
|
|
|
1
month plans
|
45.7%
|
32.6%
|
28.2%
|
26.4%
|
32.8%
|
|
3
month plans
|
20.4%
|
18.4%
|
19.2%
|
17.0%
|
19.8%
|
|
6
month plans
|
33.9%
|
49.0%
|
52.6%
|
56.6%
|
47.3%
|
|
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
|
|
|
|
|
|
|
|
Christian Networks
|
|
|
|
|
|
|
1
month plans
|
52.7%
|
36.5%
|
39.2%
|
32.9%
|
38.5%
|
|
3
month plans
|
27.0%
|
22.4%
|
25.7%
|
20.5%
|
21.6%
|
|
6
month plans
|
20.3%
|
41.1%
|
35.1%
|
46.7%
|
39.9%
|
|
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
|
|
|
|
|
|
|
|
Other Networks
|
|
|
|
|
|
|
1
month plans
|
60.1%
|
51.1%
|
52.2%
|
55.8%
|
59.9%
|
|
3
month plans
|
10.5%
|
9.5%
|
10.8%
|
11.6%
|
10.6%
|
|
6
month plans
|
29.4%
|
39.4%
|
37.1%
|
32.6%
|
29.6%
|
|
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
Composition of Average Paying
Subscriber Base7
|
|
Q4 2016
|
Q3 2016
|
Q2 2016
|
Q1 2016
|
Q4 2015
|
|
|
|
|
|
|
|
|
Jewish Networks
|
|
|
|
|
|
|
First
Time Subscribers
|
22.0%
|
23.7%
|
24.6%
|
24.7%
|
23.1%
|
|
Winback
Subscribers
|
33.0%
|
34.6%
|
34.0%
|
32.5%
|
32.0%
|
|
Renewal
Subscribers
|
44.9%
|
41.7%
|
41.4%
|
42.8%
|
44.9%
|
|
Total
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
|
|
|
|
|
|
|
|
Christian Networks
|
|
|
|
|
|
|
First
Time Subscribers
|
37.2%
|
39.9%
|
42.0%
|
43.1%
|
41.3%
|
|
Winback
Subscribers
|
25.1%
|
26.4%
|
26.0%
|
24.6%
|
23.7%
|
|
Renewal
Subscribers
|
37.7%
|
33.7%
|
32.0%
|
32.3%
|
35.0%
|
|
Total
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
|
|
|
|
|
|
|
|
Other Networks
|
|
|
|
|
|
|
First
Time Subscribers
|
29.8%
|
32.7%
|
33.0%
|
31.9%
|
30.0%
|
|
Winback
Subscribers
|
22.2%
|
22.9%
|
22.4%
|
21.7%
|
21.0%
|
|
Renewal
Subscribers
|
48.0%
|
44.4%
|
44.6%
|
46.4%
|
49.1%
|
|
Total
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
Investor Conference Call
The
Company will discuss its financial results during a live
teleconference today at 1:30 p.m. Pacific time.
Toll-Free (United States): 1-877-705-6003
International:
1-201-493-6725
In
addition, the Company will host a webcast of the call which will be
accessible in the Investor Relations section of the Company’s
website at http://investor.spark.net.
A replay will begin approximately three hours after completion of
the call and run until April 4, 2017.
Replay
Toll-Free (United
States): 1-844-512-2921
International:
1-412-317-6671
Passcode:
13653078
Safe Harbor Statement:
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
statements regarding the Company’s new strategy and the
expected benefits to the Company of its new strategy, statements
regarding the expected launch of new versions of JDate and
Christian Mingle in 2017 on a new technology platform, and
statements regarding the Company’s efforts to engage
customers through data-driven marketing investments that support
future growth.
Any statements in this press release that are not statements of
historical fact may be considered to be forward-looking statements.
Written words, such as “may,” “will,”
“expect,” “believe,”
“anticipate,” “estimate,”
“intends,” “goal,” “objective,”
“seek,” “attempt,” or variations of these
or similar words, identify forward-looking statements. By their
nature, forward-looking statements and forecasts involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the near future. There are a
number of factors that could cause actual results and developments
to differ materially, including, but not limited to, our ability
to: successfully implement our strategy to stabilize our subscriber
base and grow; avoid significant subscriber declines; attract and
retain members; convert members into paying subscribers and retain
our paying subscribers; retain and enhance the new marketing team;
develop or acquire new product offerings and successfully implement
and expand those offerings; keep pace with rapid technological
changes, including making the technology stack more nimble; drive
use of newly-updated mobile applications; maintain the strength of
our existing brands and maintain and enhance those brands; continue
to depend upon the telecommunications infrastructure and our
networking hardware and software infrastructure; estimate on-going
general and administrative costs, and obtain financing on
acceptable terms. Additional factors that could cause actual
results to differ are discussed under the heading “Risk
Factors” and in other sections of the Company's filings with
the Securities and Exchange Commission (“SEC”), and in
the Company's other current and periodic reports filed or furnished
from time to time with the SEC. All forward-looking statements in
this press release are made as of the date hereof, based on
information available to the Company as of the date hereof, and the
Company assumes no obligation to update any forward-looking
statement.
About Spark Networks, Inc.:
The Spark Networks portfolio of consumer Web sites includes, among
others, JDate®.com (www.jdate.com),
ChristianMingle®.com (www.christianmingle.com), JSwipe
(www.jswipeapp.com), CROSSPATHS (www.crosspathsapp.com),
Spark®.com (www.spark.com),
BlackSingles.com®
(www.blacksingles.com), and
SilverSingles®.com
(www.silversingles.com).
For More Information
Investors:
Robert
O’Hare
rohare@spark.net
1 “Contribution” is defined as revenue, net of
credits and credit card chargebacks, less direct
marketing.
2 The Company reports Adjusted EBITDA as a supplemental
measure to generally accepted accounting principles ("GAAP"). This
non-GAAP measure is one of the primary metrics by which we evaluate
the performance of our businesses, budget, forecast and compensate
management. We believe this measure provides management and
investors with a consistent view, period to period, of the core
earnings generated from on-going operations and excludes the impact
of: (i) non-cash items such as stock-based compensation, asset
impairments, non-cash currency translation adjustments related to
an inter-company loan and (ii) one-time items that have not
occurred in the past two years and are not expected to recur in the
next two years. Adjusted EBITDA should not be construed as a
substitute for net income (loss) (as determined in accordance with
GAAP) for the purpose of analyzing our operating performance or
financial position, as Adjusted EBITDA is not defined by GAAP. A
reconciliation of the Adjusted EBITDA for the three and twelve
months ended December 31, 2016 and December 31, 2015 can be found
in the table below.
“Adjusted
EBITDA” is defined as earnings before interest, taxes,
depreciation, amortization, stock-based compensation, impairment of
intangible and long-lived assets, non-cash currency translation
adjustments for an inter-company loan and non-recurring significant
executive and non-executive severance, and acquisition
costs.
3 "Paying Subscribers" are defined as individuals who have
paid a monthly fee for access to communication and website features
beyond those provided to our members. Period ending subscribers for
each quarter represent the paying subscriber count as of the last
day of the period. Average paying subscribers for each month are
calculated as the sum of the paying subscribers at the beginning
and end of the month, divided by two. Average paying subscribers
for periods longer than one month are calculated as the sum of the
average paying subscribers for each month, divided by the number of
months in such period. The calculation
excludes results from the Company’s HurryDate business due to
its relative size.
4 In accordance with Segment Reporting guidance, the
Company’s financial reporting includes detailed data on four
separate operating segments. The Jewish Networks segment consists
of JDate, JDate.co.il, JDate.fr, JDate.co.uk, Cupid.co.il, and
JSwipe. The Christian Networks segment consists of ChristianMingle,
CrossPaths, ChristianMingle.co.uk, ChristianMingle.com.au,
Believe.com, ChristianCards.net, ChristianDating.com,
DailyBibleVerse.com and Faith.com. The Other Networks segment
consists of Spark.com and related other general market websites as
well as other properties which are primarily composed of sites
targeted towards various religious, ethnic, geographic and special
interest groups. The Offline & Other Businesses segment
consists of revenue generated from offline activities and HurryDate
events and subscriptions.
5 ARPU is defined as average revenue per user per month.
Total ARPU excludes results from the Company’s HurryDate
business due to its relative size.
6 One month plans may also include a small amount of two
month plans. Three month plans may include a small amount of four
month plans. Six month plans may include a small amount of twelve
month plans.
7 Represents the composition of average paying subscribers
in the period. First Time Subscribers are defined as those
subscribers that have never purchased a subscription from the
Company for that reporting segment. Winback Subscribers are defined
as those individuals who have purchased a subscription from the
Company for that reporting segment, allowed their subscription to
lapse, and subsequently purchased a subscription from the Company
for that reporting segment. Renewal Subscribers are defined as
those subscribers that have auto-renewed a subscription from the
Company for that reporting segment. Figures exclude results from
JSwipe and CrossPaths.
SPARK NETWORKS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
|
|
December 31,
|
December 31,
|
|
|
2016
|
2015
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$11,360
|
$6,565
|
|
Restricted
cash
|
454
|
747
|
|
Accounts
receivable (net of allowance for doubtful accounts of $0 and $99 at
December 31, 2016 and 2015, respectively)
|
525
|
790
|
|
Prepaid
expenses and other
|
1,408
|
1,341
|
|
Total
current assets
|
13,747
|
9,443
|
|
Property
and equipment, net
|
4,494
|
5,584
|
|
Goodwill
|
10,523
|
14,450
|
|
Intangible
assets, net
|
2,950
|
3,451
|
|
Deposits
and other assets
|
103
|
148
|
|
Total
assets
|
$31,817
|
$33,076
|
|
Liabilities and Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
819
|
1,749
|
|
Accrued
liabilities
|
2,590
|
3,854
|
|
Deferred
revenue
|
4,005
|
5,834
|
|
Total
current liabilities
|
7,414
|
11,437
|
|
Deferred
tax liability - non-current
|
2,092
|
2,136
|
|
Other
liabilities
|
246
|
537
|
|
Total
liabilities
|
9,752
|
14,110
|
|
Commitments
and Contingencies (Note 11)
|
|
|
|
Stockholders'
equity:
|
|
|
|
10,000,000
shares of Preferred Stock, $0.001 par value, 450,000 of which are
designated as Series C Junior Participating Cumulative Preferred
Stock, with no shares of Preferred Stock issued or
outstanding
|
-
|
-
|
|
100,000,000
shares of Common Stock, $0.001 par value, with 31,983,545 and
25,845,879 shares of Common Stock issued and outstanding at
December 31, 2016 and 2015, respectively:
|
32
|
27
|
|
Additional
paid-in-capital
|
87,198
|
77,188
|
|
Accumulated
other comprehensive income
|
713
|
739
|
|
Accumulated
deficit
|
(65,878)
|
(58,988)
|
|
Total
stockholders' equity
|
22,065
|
18,966
|
|
Total
liabilities and stockholders' equity
|
$31,817
|
$33,076
|
SPARK NETWORKS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited,
in thousands, except per share data)
|
|
For the Three Months Ended
December 31,
|
Years Ended
December 31,
|
||
|
|
2016
|
2015
|
2016
|
2015
|
|
Revenue
|
$7,743
|
$10,705
|
$35,091
|
$48,135
|
|
Cost
and expenses:
|
|
|
|
|
|
Cost
of revenue (exclusive of depreciation shown separately
below)
|
1,647
|
5,017
|
12,852
|
24,075
|
|
Sales
and marketing
|
854
|
1,242
|
4,789
|
4,137
|
|
Customer
service
|
545
|
826
|
2,901
|
3,065
|
|
Technical
operations
|
350
|
388
|
1,371
|
1,024
|
|
Development
|
748
|
1,059
|
3,920
|
4,037
|
|
General
and administrative
|
2,038
|
2,675
|
8,991
|
10,379
|
|
Depreciation
|
1,038
|
604
|
3,234
|
2,211
|
|
Amortization
of intangible assets
|
69
|
78
|
293
|
108
|
|
Impairment
of intangible and long-lived assets
|
4,480
|
65
|
4,629
|
197
|
|
Total
cost and expenses
|
11,769
|
11,954
|
42,980
|
49,233
|
|
Operating
loss
|
(4,026)
|
(1,249)
|
(7,889)
|
(1,098)
|
|
Interest
expense and other, net
|
138
|
16
|
29
|
96
|
|
Loss
before benefit for income taxes
|
(4,164)
|
(1,265)
|
(7,918)
|
(1,194)
|
|
Income
tax benefit
|
(447)
|
(23)
|
(1,028)
|
243
|
|
Net
loss
|
(3,717)
|
(1,242)
|
(6,890)
|
(1,437)
|
|
Basic
and diluted loss per share
|
$(0.12)
|
$(0.05)
|
$(0.24)
|
$(0.06)
|
|
Shares
used in computation of basic and diluted net loss per
share
|
31,895
|
25,675
|
28,232
|
25,170
|
|
|
|
|
|
|
|
Stock-based compensation:
|
|
|
|
|
|
|
|
|
|
|
|
Sales
and marketing
|
6
|
28
|
33
|
47
|
|
Customer
service
|
4
|
-
|
12
|
-
|
|
Technical
operations
|
(1)
|
-
|
11
|
-
|
|
Development
|
10
|
4
|
28
|
12
|
|
General
and administrative
|
179
|
238
|
898
|
723
|
|
Total
stock-based compensation
|
$198
|
$270
|
$982
|
$782
|
|
|
|
|
|
|
|
Reconciliation of Net Loss to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss
|
$(3,717)
|
$(1,242)
|
$(6,890)
|
$(1,437)
|
|
Interest
expense
|
31
|
33
|
83
|
68
|
|
Income
tax (benefit) provision
|
(447)
|
(23)
|
(1,028)
|
243
|
|
Depreciation
|
1,038
|
605
|
3,234
|
2,211
|
|
Impairment
of intangible and long-lived assets
|
4,480
|
65
|
4,629
|
197
|
|
Amortization
of intangible assets
|
69
|
78
|
293
|
108
|
|
Non-cash
currency translation adjustments
|
100
|
(24)
|
(66)
|
15
|
|
Stock-based
compensation
|
198
|
270
|
982
|
782
|
|
Non-recurring
financing, acquisition, and severance costs
|
-
|
354
|
1,234
|
644
|
|
Adjusted EBITDA
|
$1,752
|
$116
|
$2,471
|
$2,831
|