ooma-8k_20180306.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549 

 

FORM 8-K 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 6, 2018 

 

Ooma, Inc.

(Exact Name of Registrant as Specified in its Charter) 

 

 

 

 

 

 

 

Delaware

 

001-37493

 

06-1713274

(State or other jurisdiction

of incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

525 Almanor Avenue, Suite 200, Sunnyvale, California 94085

(Address of principal executive offices)

(650) 566-6600

(Registrant’s telephone number, including area code) 

 

Not applicable

(Former name or former address, if changed since last report.) 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 


 

Item 2.02. Results of Operations and Financial Condition

On March 6, 2018, Ooma, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended January 31, 2018. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information set forth in this Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits

 

(d)Exhibits

The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:

 

 

 

 

Exhibit No.

  

Description

 

 

99.1

  

Press release dated March 6, 2018 titled “Ooma Reports Fourth Quarter and Fiscal Year 2018 Financial Results”


 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

 

 

 

 

 

OOMA, INC.

 

 

 

 

Date: March 6, 2018

 

 

 

By:

 

/s/ Ravi Narula

 

 

 

 

 

 

Ravi Narula

 

 

 

 

 

 

Chief Financial Officer and Treasurer

 

ooma-ex991_6.htm

              Exhibit 99.1

Ooma Reports Fourth Quarter and Fiscal Year 2018 Financial Results

Sunnyvale, Calif., March 6, 2018 -- Ooma, Inc. (NYSE: OOMA), a smart communications platform for small businesses and consumers, today released financial results for the fourth quarter and fiscal year ended January 31, 2018.

Fourth Quarter Fiscal 2018 Financial Highlights

Revenue: Total revenue was $30.2 million, up 10% year-over-year. Subscription and services revenue increased to $27.2 million and was 90% of total revenue, driven by 22% year-over-year growth in our office and residential subscription and services revenue.

Net Loss: GAAP net loss was $2.9 million, or $0.15 per basic and diluted share, compared to GAAP net loss of $2.8 million, or $0.16 per basic and diluted share, in the fourth quarter fiscal 2017. Non-GAAP net loss was $0.5 million, or $0.03 per basic and diluted share, compared to non-GAAP net loss of $0.2 million, or $0.01 per basic and diluted share, in the prior year period.

Adjusted EBITDA: Adjusted EBITDA was ($0.2) million compared to $0.2 million in the prior year period.

Full Year Fiscal 2018 Financial Highlights

Revenue: Total revenue was $114.5 million, up 10% year-over-year. Subscription and services revenue increased 12% year-over-year to $102.0 million and was 89% of total revenue. Product and other revenue decreased 7% year-over-year to $12.5 million.

Net Loss: GAAP net loss was $13.1 million, or $0.71 per basic and diluted share, compared to GAAP net loss of $12.9 million, or $0.74 per basic and diluted share, in fiscal 2017. Non-GAAP net loss was $1.6 million, or $0.08 per basic and diluted share, compared to non-GAAP net loss of $2.7 million, or $0.16 per basic and diluted share, in fiscal 2017.

Adjusted EBITDA: Adjusted EBITDA was ($0.2) million for fiscal 2018 compared to ($1.4) million in the prior fiscal year.

For more information about non-GAAP net loss and Adjusted EBITDA, see the section below titled "Non-GAAP Financial Measures" and the reconciliation provided in this release.

“We are pleased to deliver another solid quarter driven by 55% year-over-year growth in our Office subscription and services revenue,” said Eric Stang, chief executive officer of Ooma.  “We achieved good progress on our growth initiatives to expand Ooma Office for small businesses and enhance home security on our Telo residential platform. We enter fiscal 2019 with added momentum due to two recent acquisitions: Voxter, which enables us to provide custom UCaaS solutions for mid-market and enterprise businesses; and Butterfleye, an AI powered video camera and security platform which strengthens our home security solution. We believe we are well positioned to execute our long-term strategy to bring unique and differentiated cloud communications and security solutions to the marketplace.”

Business Outlook

Our guidance below includes the effects of the new accounting standard ASC 606 and the impact of our recent acquisitions.

For the first quarter fiscal 2019, Ooma expects to report:

Total revenue in the range of $29.5 million to $30.0 million.

GAAP net loss in the range of $3.5 million to $4.2 million and GAAP net loss per share in the range of $0.19 to $0.21 based on approximately 19.3 million basic and diluted weighted average common shares outstanding.

Non-GAAP net loss in the range of $0.7 million to $1.2 million and non-GAAP net loss per share in the range of $0.04 to $0.06 based on approximately 19.3 million basic and diluted weighted average common shares outstanding.

For the full fiscal year 2019, Ooma expects to report:

Total revenue in the range of $123.0 million to $127.0 million.

GAAP net loss in the range of $14.5 million to $17.0 million, and GAAP net loss per share in the range of $0.73 to $0.85, based on approximately 19.9 million basic and diluted weighted average common shares outstanding.

Non-GAAP net loss in the range of $2.5 million to $4.5 million, and non-GAAP net loss per share in the range of $0.13 to $0.23 based on approximately 19.9 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 net loss per share to non-GAAP basic and diluted net loss per share guidance for the first fiscal quarter and the fiscal year ending January 31, 2019 (in millions, except per share data):

 

 

Projected range

 

 

 

Three Months Ending

 

 

Fiscal Year Ending

 

 

 

April 30, 2018

 

 

January 31, 2019

 

 

 

(unaudited)

 

GAAP net loss

 

($3.5)-($4.2)

 

 

($14.5)-($17.0)

 

Stock-based compensation and related taxes

 

2.6-2.7

 

 

11.2-11.5

 

Acquisition-related costs and amortization of acquired intangible assets

 

0.2-0.3

 

 

0.8-1.0

 

Non-GAAP net loss

 

($0.7)-($1.2)

 

 

($2.5)-($4.5)

 

 

 

 

 

 

 

 

 

 

GAAP basic and diluted net loss per share

 

($0.19)-($0.21)

 

 

($0.73)-($0.85)

 

Stock-based compensation and related taxes

 

0.14

 

 

0.56-0.57

 

Acquisition-related costs and amortization of acquired intangible assets

 

 

0.01

 

 

0.04-0.05

 

Non-GAAP basic and diluted net loss per share

 

($0.04)-($0.06)

 

 

($0.13)-($0.23)

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares used in per share amounts:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

19.3

 

 

 

19.9

 

 

Conference Call Information:

Ooma will host a conference call and live webcast for analysts and investors at 5:00 p.m. Eastern time today, March 6, 2018. 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 (833) 233-4456, using conference ID 2767865. International parties can access the call by dialing +1 (647) 689-4135, using conference ID 2767865.

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 Sunday, March 11, 2018. To access the replay, parties in the United States and Canada should call +1 (800) 585-8367 and use conference ID 2767865. International parties should call +1 (416) 621-4642 and enter conference ID 2767865.

Non-GAAP Financial Measures

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 expense or income, depreciation and amortization and other non-GAAP expenses.

These non-GAAP financial measures exclude non-cash stock-based compensation expense and related taxes, and acquisition related costs and amortization of intangibles.

These non-GAAP financial measures are presented to provide investors with additional information regarding our financial results and 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.

2

 


Disclosure Information

Ooma uses the investor relations section on its website as a 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. This press release also includes forward–looking statements regarding the company being well positioned to bring unique and differentiated solutions to the market place. 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 Quarterly Report on Form 10-Q for the quarter ended October 31, 2017, filed with the SEC on December 8, 2017. 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.

About Ooma

Founded in 2004, Ooma creates new communications experiences for small businesses and consumers. The Company’s smart SaaS platform serves as a communications hub, which offers cloud-based telephony, home security and other connected services. Ooma business and residential communications solutions deliver proprietary high-definition voice quality, advanced features and integration with mobile devices, at extremely competitive pricing and value. Ooma Home is an innovative connected security solution including a smart video camera with facial recognition and a full range of security sensors that easily and affordably put consumers in charge of protecting their businesses 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, Butterfleye 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.

Investor Relations:

Matthew S. Robison
Director of IR and Corporate Development
Ooma, Inc.

ir@ooma.com

(650) 300-1480

 

 

 

3

 


 

OOMA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, amounts in thousands)

 

 

 

 

 

 

 

 

 

 

January 31,

 

 

January 31,

 

 

2018

 

 

2017

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

4,483

 

 

$

3,990

 

Short-term investments

 

47,307

 

 

 

49,211

 

Accounts receivable, net

 

2,858

 

 

 

4,714

 

Inventories

 

6,079

 

 

 

5,830

 

Deferred inventory costs

 

1,061

 

 

 

1,620

 

Prepaid expenses and other current assets

 

3,336

 

 

 

1,891

 

Total current assets

 

65,124

 

 

 

67,256

 

Property and equipment, net

 

4,732

 

 

 

4,176

 

Intangible assets, net

 

1,292

 

 

 

537

 

Goodwill

 

1,947

 

 

 

1,117

 

Other assets

 

336

 

 

 

252

 

Total assets

$

73,431

 

 

$

73,338

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

5,453

 

 

$

5,857

 

Accrued expenses

 

14,777

 

 

 

11,579

 

Deferred revenue

 

15,556

 

 

 

15,521

 

Total current liabilities

 

35,786

 

 

 

32,957

 

Other liabilities

 

577

 

 

 

561

 

Total liabilities

 

36,363

 

 

 

33,518

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

Common stock

 

2

 

 

 

2

 

Additional paid-in capital

 

128,081

 

 

 

117,639

 

Accumulated other comprehensive loss

 

(84

)

 

 

(11

)

Accumulated deficit

 

(90,931

)

 

 

(77,810

)

Total stockholders' equity

 

37,068

 

 

 

39,820

 

Total liabilities and stockholders' equity

$

73,431

 

 

$

73,338

 

4

 


 

OOMA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, amounts in thousands, except share and per share data)

 

 

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

January 31,

 

 

January 31,

 

 

January 31,

 

 

January 31,

 

 

 

 

2018

 

 

2017

 

 

 

2018

 

 

2017

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription and services

 

$

27,169

 

 

$

24,041

 

 

$

101,999

 

 

$

91,127

 

Product and other

 

 

3,051

 

 

 

3,523

 

 

 

12,491

 

 

 

13,397

 

Total revenue

 

 

30,220

 

 

 

27,564

 

 

 

114,490

 

 

 

104,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription and services

 

 

8,230

 

 

 

7,547

 

 

 

31,406

 

 

 

29,650

 

Product and other

 

 

3,678

 

 

 

4,229

 

 

 

14,992

 

 

 

15,545

 

Total cost of revenue

 

 

11,908

 

 

 

11,776

 

 

 

46,398

 

 

 

45,195

 

Gross profit

 

 

18,312

 

 

 

15,788

 

 

 

68,092

 

 

 

59,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

9,776

 

 

 

8,793

 

 

 

37,302

 

 

 

33,768

 

Research and development

 

 

7,968

 

 

 

6,415

 

 

 

29,328

 

 

 

24,239

 

General and administrative

 

 

3,675

 

 

 

3,493

 

 

 

15,186

 

 

 

14,598

 

Total operating expenses

 

 

21,419

 

 

 

18,701

 

 

 

81,816

 

 

 

72,605

 

Loss from operations:

 

 

(3,107

)

 

 

(2,913

)

 

 

(13,724

)

 

 

(13,276

)

Interest and other income, net

 

 

180

 

 

 

81

 

 

 

603

 

 

 

327

 

Net loss

 

$

(2,927

)

 

$

(2,832

)

 

$

(13,121

)

 

$

(12,949

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share of common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.15

)

 

$

(0.16

)

 

$

(0.71

)

 

$

(0.74

)

Weighted-average number of shares used in per share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

19,051,778

 

 

 

17,945,451

 

 

 

18,570,128

 

 

 

17,490,448

 

 

5

 


OOMA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

January 31,

 

 

January 31,

 

 

January 31,

 

 

January 31,

 

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,927

)

 

$

(2,832

)

 

$

(13,121

)

 

$

(12,949

)

Adjustments to reconcile net loss to net cash provided by

operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

2,195

 

 

 

2,529

 

 

 

10,921

 

 

 

9,772

 

Depreciation and amortization

 

 

512

 

 

 

455

 

 

 

1,958

 

 

 

1,648

 

Amortization of acquired intangibles

 

 

69

 

 

 

83

 

 

 

313

 

 

 

348

 

Amortization and accretion of premiums from investments

 

 

(23

)

 

 

87

 

 

 

135

 

 

 

211

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

684

 

 

 

152

 

 

 

1,856

 

 

 

895

 

Inventories

 

 

137

 

 

 

(1,238

)

 

 

(249

)

 

 

(819

)

Deferred inventory costs

 

 

71

 

 

 

(177

)

 

 

559

 

 

 

393

 

Prepaid expenses and other assets

 

 

(286

)

 

 

183

 

 

 

(1,519

)

 

 

84

 

Accounts payable and other liabilities

 

 

659

 

 

 

657

 

 

 

2,366

 

 

 

(156

)

Deferred revenue

 

 

(297

)

 

 

662

 

 

 

(46

)

 

 

958

 

Net cash provided by operating activities

 

 

794

 

 

 

561

 

 

 

3,173

 

 

 

385

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of short-term investments

 

 

(10,433

)

 

 

(14,829

)

 

 

(49,331

)

 

 

(59,007

)

Proceeds from maturities and sales of short-term investments

 

 

11,690

 

 

 

12,580

 

 

 

51,017

 

 

 

37,596

 

Purchases of property and equipment

 

 

(731

)

 

 

(412

)

 

 

(2,478

)

 

 

(1,558

)

Acquisition of business, net of cash acquired

 

 

(1,363

)

 

 

 

 

 

(1,363

)

 

 

 

Net cash used in investing activities

 

 

(837

)

 

 

(2,661

)

 

 

(2,155

)

 

 

(22,969

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares repurchased for tax withholdings on vesting of restricted stock units

 

 

(470

)

 

 

(248

)

 

 

(2,443

)

 

 

(1,588

)

Proceeds from issuance of common stock

 

 

49

 

 

 

30

 

 

 

1,918

 

 

 

1,477

 

Repayment of debt related to capital leases

 

 

 

 

 

 

 

 

 

 

 

(628

)

Payment of acquisition-related earn-out

 

 

 

 

 

 

 

 

 

 

 

(100

)

Net cash used in financing activities

 

 

(421

)

 

 

(218

)

 

 

(525

)

 

 

(839

)

Net (decrease) increase in cash and cash equivalents

 

 

(464

)

 

 

(2,318

)

 

 

493

 

 

 

(23,423

)

Cash and cash equivalents at beginning of period

 

 

4,947

 

 

 

6,308

 

 

 

3,990

 

 

 

27,413

 

Cash and cash equivalents at end of period

 

$

4,483

 

 

$

3,990

 

 

$

4,483

 

 

$

3,990

 

6

 


OOMA, INC.

Reconciliation of Non-GAAP Financial Measures

(Unaudited, amounts in thousands, except percentages and per share data)

 

 

 

 

 

Three Months Ended

 

 

Fiscal Year Ended

 

 

 

 

January 31,

 

 

January 31,

 

 

January 31,

 

 

January 31,

 

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenue

 

 

$

30,220

 

 

$

27,564

 

 

$

114,490

 

 

$

104,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

 

$

18,312

 

 

$

15,788

 

 

$

68,092

 

 

$

59,329

 

Stock-based compensation and related taxes

 

 

 

197

 

 

 

286

 

 

 

1,129

 

 

 

1,038

 

Amortization of acquired intangible assets

 

 

 

63

 

 

 

40

 

 

 

183

 

 

 

162

 

Non-GAAP gross profit

 

 

$

18,572

 

 

$

16,114

 

 

$

69,404

 

 

$

60,529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin on a GAAP basis

 

 

 

61

%

 

 

57

%

 

 

59

%

 

 

57

%

Gross margin on a Non-GAAP basis

 

 

 

61

%

 

 

58

%

 

 

61

%

 

 

58

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating loss

 

 

$

(3,107

)

 

$

(2,913

)

 

$

(13,724

)

 

$

(13,276

)

Stock-based compensation and related taxes

 

 

 

2,232

 

 

 

2,546

 

 

 

11,118

 

 

 

9,866

 

Acquisition-related costs and amortization of acquired intangible assets

 

 

 

187

 

 

 

83

 

 

 

431

 

 

 

348

 

Non-GAAP operating loss

 

 

$

(688

)

 

$

(284

)

 

$

(2,175

)

 

$

(3,062

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

 

$

(2,927

)

 

$

(2,832

)

 

$

(13,121

)

 

$

(12,949

)

Stock-based compensation and related taxes

 

 

 

2,232

 

 

 

2,546

 

 

 

11,118

 

 

 

9,866

 

Acquisition-related costs and amortization of acquired intangible assets

 

 

 

187

 

 

 

83

 

 

 

431

 

 

 

348

 

Non-GAAP net loss

 

 

$

(508

)

 

$

(203

)

 

$

(1,572

)

 

$

(2,735

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP basic and diluted net loss per share

 

 

$

(0.15

)

 

$

(0.16

)

 

$

(0.71

)

 

$

(0.74

)

Stock-based compensation and related taxes

 

 

 

0.11

 

 

 

0.14

 

 

 

0.61

 

 

 

0.56

 

Acquisition-related costs and amortization of acquired intangible assets

 

 

 

0.01

 

 

 

0.01

 

 

 

0.02

 

 

 

0.02

 

Non-GAAP basic and diluted net loss per share

 

 

$

(0.03

)

 

$

(0.01

)

 

$

(0.08

)

 

$

(0.16

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

 

$

(2,927

)

 

$

(2,832

)

 

$

(13,121

)

 

$

(12,949

)

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income, net

 

 

 

(180

)

 

 

(81

)

 

 

(603

)

 

 

(327

)

Depreciation and amortization

 

 

 

512

 

 

 

455

 

 

 

1,958

 

 

 

1,648

 

Acquisition-related costs and amortization of acquired intangible assets

 

 

 

187

 

 

 

83

 

 

 

431

 

 

 

348

 

Stock-based compensation and related taxes

 

 

 

2,232

 

 

 

2,546

 

 

 

11,118

 

 

 

9,866

 

Adjusted EBITDA

 

 

$

(176

)

 

$

171

 

 

$

(217

)

 

$

(1,414

)

 

 

7