CommerceHub Announces Second Quarter 2016 Financial Results
22 Agosto 2016 - 5:05PM
CommerceHub (NASDAQ:CHUBA) (NASDAQ:CHUBK), a leading distributed
commerce network for retailers and brands, today announced
financial results for the quarter ended June 30, 2016.
“CommerceHub delivered strong second quarter results that
demonstrate our attractive combination of solid top line growth and
continued profitability,” said Frank Poore, CommerceHub’s President
and CEO. “We are very excited to have completed our spin off from
Liberty Interactive Corporation last month, and believe it
represents a tremendous opportunity to unlock value and put
CommerceHub in the best position to realize our full
potential.”
“The retail industry is in the early stages of a fundamental
transformation towards e-commerce and omni-channel
strategies. The CommerceHub platform and our supply, demand,
and delivery solutions enable retailers and brands to radically
expand the products they make available to consumers while making
it faster and cheaper to deliver. CommerceHub serves as critical
connective tissue within the e-commerce industry, and we see a
significant growth opportunity in the years ahead.”
Second Quarter 2016 Financial Highlights
- Revenue for the second quarter of 2016 was
$23.1 million, a 16% year-over-year increase from $19.9 million in
the second quarter of 2015.
- Gross margin was 77% in the second quarter of
2016, compared to 73% in the second quarter of 2015. Adjusted gross
margin was 75% in the second quarter of 2016, compared to 76% in
the second quarter of 2015.
- Net income was $4.4 million, or $0.10 per
diluted share, in the second quarter of 2016, compared to a loss of
$1.1 million, or a loss of $0.02 per diluted share, in the second
quarter of 2015.
- Adjusted net income was $2.6 million, or $0.06
per diluted share, in the second quarter of 2016, compared to $4.2
million, or $0.10 per diluted share, in the second quarter of
2015.
- Adjusted EBITDA was $6.3 million in the second
quarter of 2016, compared to $8.3 million in the second quarter of
2015.
An explanation of these non-GAAP financial measures is included
below under the heading "Statement Regarding Non-GAAP Financial
Measures." A reconciliation of these non-GAAP financial
measures to the closest comparable GAAP financial measures has also
been provided in the financial tables included at the end of this
press release.
Other Recent Highlights
- Total customer count at June 30, 2016 was 9,726, up from 9,191
at June 30, 2015.
- We expanded our CommerceHub for Retailers network with the
signing of Sam’s Club as a retailer customer, and the launch of
BJ’s Wholesale Club as an active retailer on the network.
- We signed expanded agreements with several existing retailer
customers that increased their adoption of our software offerings,
including two major omni-channel retailers on our network.
- Our new CommerceHub for Brands offering continued to gain
traction, most notably with the signing of Mattel, who will use
CommerceHub to sell through major online retailers and
direct-to-consumer channels.
- We announced our expanded partnership with Walmart and our
connection to the Walmart Marketplace, which will provide our
customers with the opportunity to sell their products through a
significant new channel.
- Our spin-off from Liberty Interactive Corporation was
successfully completed on July 22, 2016.
Conference Call DetailsThe Company will offer a
live conference call, and a live, listen-only Webcast of the call
via the CommerceHub Investor Relations Website at 4:15 p.m., E.T.,
today, Monday, August 22, 2016. See
http://ir.commercehub.com/events.cfm, where supporting materials,
including a presentation and supplemental financial and operational
data, have been posted.
Live Call: |
U.S./Canada Toll-Free Participants Dial-in Number: (888)
291-9442International Toll Participants Dial-in Number: (615)
247-0152Conference ID/Passcode: 61545814 |
Webcast (live and replay): |
http://ir.commercehub.com/events.cfm |
About CommerceHub:CommerceHub
(NASDAQ:CHUBA) (NASDAQ:CHUBK) is a distributed commerce network
connecting supply, demand and delivery that helps retailers and
brands increase sales by expanding product assortments, promoting
products on the channels that perform, and enabling rapid, on-time
customer delivery. With its robust platform and proven scalability,
CommerceHub has helped its approximately 9,500 customers achieve an
estimated $11.6 billion in Gross Merchandise Value in 2015.
Important Information Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include information
concerning our possible or assumed future results of operations,
including descriptions of our business strategy, market potential,
customer growth, sales channel expansion, future financial
performance of our company and our subsidiaries, and other matters.
These statements often include words such as “may,” “will,”
“should,” “believe,” “expect,” “anticipate,” “intend,” “plan,”
“estimate” or similar expressions. You should not place undue
reliance on any forward-looking statements. Forward-looking
statements inherently involve many risks and uncertainties that
could cause actual results to differ materially from those
projected in these statements, all of which are difficult to
predict and many of which are beyond our control. Although we
believe that the forward-looking statements contained herein are
based upon reasonable assumptions, you should be aware that many
factors, including those described under the heading “Risk Factors”
in our Registration Statement on Form S-1 (File No. 333-210508),
could affect our actual results and could cause actual results to
differ materially from those in the forward-looking statements.
Where, in any forward-looking statement, we express an expectation
or belief as to future results or events, such expectation or
belief is expressed in good faith and believed to have a reasonable
basis, but there can be no assurance that the expectation or belief
will result or be achieved or accomplished. These forward-looking
statements speak only as of the date of this press release, and we
expressly disclaim any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statement contained
herein, any change in our expectations with regard thereto, or any
other change in events, conditions or circumstances on which any
such statement is based. All subsequent written and oral
forward-looking statements attributable to us or persons acting on
our behalf are expressly qualified in their entirety by the
cautionary statements contained in this press release.
Statement Regarding Non-GAAP Financial
MeasuresIn addition to reporting financial measures
calculated in accordance with U.S. generally accepted accounting
principles (“GAAP”), we provide non-GAAP financial measures that
exclude certain expenses and income. These non-GAAP financial
measures should not be considered a substitute for, or superior to,
financial measures calculated in accordance with GAAP. Non-GAAP
financial measures are subject to inherent limitations and exclude
significant expenses and income that are required by GAAP to be
recorded in our financial statements. We define “Adjusted gross
profit” as gross profit plus share-based compensation and
acquisition-related intangible amortization. We define “Adjusted
gross margin” as Adjusted gross profit divided by revenue. We
define “Adjusted net income” as net income or loss plus
acquisition-related intangible amortization, share-based
compensation and the tax effect of adjustments. We define “Adjusted
earnings per share” as earnings per share plus share-based
compensation per share, acquisition-related intangible amortization
per share and tax effect of adjustments per share. We define
“Adjusted operating expense” as total operating expense less
share-based compensation and acquisition-related intangible
amortization. We define “Adjusted EBITDA” as net income or loss
plus depreciation of property and equipment and amortization of
capitalized software costs and intangible assets, interest expense,
income tax expense, and share-based compensation, less interest
income. We define “Free cash flow” as net cash provided by, or used
in, operating activities less purchases of property and equipment
and additions to capitalized software. Our management considers
Adjusted gross profit, Adjusted gross margin, Adjusted net income,
Adjusted earnings per share, Adjusted operating expense, Adjusted
EBITDA, and Free cash flow in reviewing our financial performance
because we feel they are relevant measures of the overall
efficiency of our business model. These non-GAAP financial measures
should be considered in addition to financial measures calculated
in accordance with GAAP and are not a substitute for GAAP results.
Certain adjustments used in calculating these non-GAAP financial
measures are based on estimates and assumptions of management and
do not purport to reflect actual historical results. In addition,
you should be aware when evaluating these non-GAAP financial
measures that in the future we may incur expenses similar to those
excluded when calculating these measures. Our computation of these
non-GAAP financial measures may not be comparable to other
similarly titled measures computed by other companies, because all
companies do not calculate such non-GAAP financial measures in the
same fashion. A reconciliation of these non-GAAP financial measures
to the closest comparable GAAP financial measures has been provided
in the financial tables included at the end of this press
release.
|
CommerceHub, Inc. |
Consolidated Statement of
Operations |
(in thousands except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
6 months ended: |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
Revenue |
$ |
23,103 |
|
|
$ |
19,857 |
|
|
$ |
45,193 |
|
|
$ |
38,648 |
|
|
Cost of revenue |
|
5,320 |
|
|
|
5,389 |
|
|
|
11,425 |
|
|
|
9,845 |
|
|
Gross profit |
|
17,783 |
|
|
|
14,468 |
|
|
|
33,768 |
|
|
|
28,803 |
|
|
Gross margin |
|
77 |
% |
|
|
73 |
% |
|
|
75 |
% |
|
|
75 |
% |
|
|
|
|
|
|
|
|
|
|
R&D |
|
3,444 |
|
|
|
4,029 |
|
|
|
8,314 |
|
|
|
7,638 |
|
|
S&M |
|
2,384 |
|
|
|
2,532 |
|
|
|
6,001 |
|
|
|
5,026 |
|
|
G&A |
|
4,675 |
|
|
|
9,731 |
|
|
|
15,199 |
|
|
|
20,026 |
|
|
Operating expenses |
|
10,503 |
|
|
|
16,292 |
|
|
|
29,514 |
|
|
|
32,690 |
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
7,280 |
|
|
|
(1,824 |
) |
|
|
4,254 |
|
|
|
(3,887 |
) |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
107 |
|
|
|
139 |
|
|
|
273 |
|
|
|
276 |
|
|
Interest expense |
|
(44 |
) |
|
|
- |
|
|
|
(44 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
(loss) |
|
7,343 |
|
|
|
(1,685 |
) |
|
|
4,483 |
|
|
|
(3,611 |
) |
|
Income taxes |
|
2,919 |
|
|
|
(625 |
) |
|
|
2,049 |
|
|
|
(1,126 |
) |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
4,424 |
|
|
$ |
(1,060 |
) |
|
$ |
2,434 |
|
|
$ |
(2,485 |
) |
|
|
|
|
|
|
|
|
|
|
Pro forma
earnings per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.10 |
|
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
|
$ |
(0.06 |
) |
|
Diluted |
$ |
0.10 |
|
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
Pro forma share count
(1): |
|
|
|
|
|
|
|
|
Basic |
|
42,703 |
|
|
|
42,703 |
|
|
|
42,703 |
|
|
|
42,703 |
|
|
Diluted |
|
42,703 |
|
|
|
42,703 |
|
|
|
42,703 |
|
|
|
42,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share
count for pre-spin periods represent the shares issued at Spin-off
on July 22, 2016. |
|
|
|
CommerceHub, Inc. |
Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/16 |
|
|
|
|
|
|
|
12/31/15 |
|
Assets |
|
|
|
Cash and
cash equivalents |
$ |
6,949 |
|
|
$ |
19,337 |
|
Accounts
receivable, net of allowances |
|
10,447 |
|
|
|
16,472 |
|
Due from
Parent |
|
7,234 |
|
|
|
- |
|
Prepaid
income taxes |
|
738 |
|
|
|
- |
|
Prepaid
expenses |
|
1,525 |
|
|
|
1,048 |
|
Total current
assets |
|
26,893 |
|
|
|
36,857 |
|
|
|
|
|
Note
receivable—Parent |
|
- |
|
|
|
36,107 |
|
Capitalized
software, net |
|
8,234 |
|
|
|
7,189 |
|
Deferred
integration Costs |
|
5,251 |
|
|
|
4,956 |
|
Property
and equipment, net |
|
8,414 |
|
|
|
6,706 |
|
Intangibles, net |
|
875 |
|
|
|
1,750 |
|
Goodwill |
|
21,410 |
|
|
|
21,410 |
|
Deferred
income taxes |
|
19,612 |
|
|
|
38,825 |
|
Other
long-term assets |
|
1,227 |
|
|
|
- |
|
Total assets |
$ |
91,916 |
|
|
$ |
153,800 |
|
|
|
|
|
Liabilities and Equity |
|
|
|
Accounts
payable and accrued expenses |
$ |
3,553 |
|
|
$ |
3,982 |
|
Accrued
payroll and related expenses |
|
4,670 |
|
|
|
5,538 |
|
Due to
Parent |
|
- |
|
|
|
9,112 |
|
Deferred
revenue |
|
4,423 |
|
|
|
4,490 |
|
Share-based
compensation liability |
|
13,243 |
|
|
|
94,427 |
|
Total current
liabilities |
|
25,889 |
|
|
|
117,549 |
|
Note
payable - Parent |
|
28,664 |
|
|
|
- |
|
Deferred
revenue, long-term |
|
7,886 |
|
|
|
7,532 |
|
Share-based
compensation liability, long-term |
|
- |
|
|
|
1,786 |
|
Total liabilities |
|
62,439 |
|
|
|
126,867 |
|
|
|
|
|
Equity: |
|
|
|
Parent
investment |
|
22,894 |
|
|
|
22,784 |
|
Retained
earnings |
|
6,583 |
|
|
|
4,149 |
|
Total equity |
|
29,477 |
|
|
|
26,933 |
|
Total liabilities and
equity |
$ |
91,916 |
|
|
$ |
153,800 |
|
|
CommerceHub, Inc. |
Consolidated Statement of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
6 months ended: |
|
6/30/16 |
|
6/30/15 |
|
6/30/16 |
|
6/30/15 |
Cash flows from
operating activities |
|
|
|
|
|
|
|
Net income (loss) |
$ |
4,424 |
|
|
$ |
(1,060 |
) |
|
$ |
2,434 |
|
|
$ |
(2,485 |
) |
Adjustments to net income
(loss) |
|
|
|
|
|
|
|
Depreciation and amortization |
|
2,539 |
|
|
|
1,922 |
|
|
|
4,862 |
|
|
|
3,723 |
|
Share-based compensation
expense |
|
(3,477 |
) |
|
|
8,201 |
|
|
|
6,560 |
|
|
|
16,818 |
|
Deferred income taxes |
|
21,585 |
|
|
|
(3,604 |
) |
|
|
19,214 |
|
|
|
(7,061 |
) |
Bad debt expense |
|
222 |
|
|
|
60 |
|
|
|
255 |
|
|
|
147 |
|
Accrued interest income |
|
(107 |
) |
|
|
(139 |
) |
|
|
(273 |
) |
|
|
(276 |
) |
Loss on disposal of long-term
assets |
|
160 |
|
|
|
- |
|
|
|
160 |
|
|
|
- |
|
Working capital changes |
|
|
|
|
|
|
|
Accounts receivable |
|
1,315 |
|
|
|
769 |
|
|
|
5,919 |
|
|
|
6,264 |
|
Prepaid expenses and other
assets |
|
(11 |
) |
|
|
(260 |
) |
|
|
(420 |
) |
|
|
(525 |
) |
Prepaid income taxes |
|
(738 |
) |
|
|
- |
|
|
|
(738 |
) |
|
|
- |
|
Deferred costs |
|
(103 |
) |
|
|
(272 |
) |
|
|
(295 |
) |
|
|
(544 |
) |
Deferred revenue |
|
(249 |
) |
|
|
1,151 |
|
|
|
(31 |
) |
|
|
1,639 |
|
Accounts payable and accrued
expenses |
|
(1,827 |
) |
|
|
(1,802 |
) |
|
|
231 |
|
|
|
(2,140 |
) |
Accrued payroll and related
expenses |
|
(1,973 |
) |
|
|
(715 |
) |
|
|
(867 |
) |
|
|
1,002 |
|
Share-based compensation liability
payments |
|
(78,494 |
) |
|
|
(324 |
) |
|
|
(85,930 |
) |
|
|
(2,194 |
) |
Parent receivables and payables,
net |
|
(16,603 |
) |
|
|
4,074 |
|
|
|
(16,346 |
) |
|
|
(2,338 |
) |
Net cash provided by (used in)
operating activities |
|
(73,337 |
) |
|
|
8,001 |
|
|
|
(65,265 |
) |
|
|
12,030 |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
(1,845 |
) |
|
|
(677 |
) |
|
|
(4,136 |
) |
|
|
(2,472 |
) |
Additions to capitalized
software |
|
(1,321 |
) |
|
|
(1,187 |
) |
|
|
(3,504 |
) |
|
|
(2,286 |
) |
Acquisition of business, net of
cash acquired |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(20,225 |
) |
Collections on note receivable -
Parent |
|
36,380 |
|
|
|
|
|
36,380 |
|
|
|
- |
|
Net cash provided by (used in)
investing activities |
|
33,214 |
|
|
|
(1,864 |
) |
|
|
28,740 |
|
|
|
(24,983 |
) |
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
Purchase of treasury stock |
|
(3,600 |
) |
|
|
(164 |
) |
|
|
(3,600 |
) |
|
|
(164 |
) |
Borrowings on note payable -
Parent |
|
28,664 |
|
|
|
- |
|
|
|
28,664 |
|
|
|
- |
|
Cash paid for debt issuance
costs |
|
(1,000 |
) |
|
|
- |
|
|
|
(1,000 |
) |
|
|
- |
|
Cash received from exercise of
stock options |
|
21 |
|
|
|
20 |
|
|
|
73 |
|
|
|
20 |
|
Net cash provided by (used in)
financing activities |
|
24,085 |
|
|
|
(144 |
) |
|
|
24,137 |
|
|
|
(144 |
) |
Currency effect on cash |
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
(1 |
) |
Net increase (decrease) in cash and
cash equivalents |
|
(16,038 |
) |
|
|
5,992 |
|
|
|
(12,388 |
) |
|
|
(13,098 |
) |
|
|
|
|
|
|
|
|
Beginning cash and cash
equivalents |
$ |
22,987 |
|
|
$ |
7,295 |
|
|
$ |
19,337 |
|
|
$ |
26,385 |
|
Ending cash and cash
equivalents |
$ |
6,949 |
|
|
$ |
13,287 |
|
|
$ |
6,949 |
|
|
$ |
13,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CommerceHub, Inc. |
Supplemental Information |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
6 months ended: |
|
|
|
|
6/30/16 |
|
6/30/15 |
|
% Inc (Dec) |
|
6/30/16 |
|
6/30/15 |
|
% Inc (Dec) |
|
Revenue by type: |
|
|
|
|
|
|
|
|
|
|
|
|
Usage revenue |
|
15,171 |
|
|
|
12,912 |
|
|
|
17 |
% |
|
|
29,466 |
|
|
|
24,967 |
|
|
|
18 |
% |
|
Subscription |
|
6,390 |
|
|
|
5,899 |
|
|
|
8 |
% |
|
|
12,754 |
|
|
|
11,733 |
|
|
|
9 |
% |
|
Other |
|
1,542 |
|
|
|
1,046 |
|
|
|
47 |
% |
|
|
2,973 |
|
|
|
1,948 |
|
|
|
53 |
% |
|
Total revenue |
|
23,103 |
|
|
|
19,857 |
|
|
|
16 |
% |
|
|
45,193 |
|
|
|
38,648 |
|
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
|
|
6 months ended: |
|
|
|
Share-based
compensation expense: |
6/30/16 |
|
6/30/15 |
|
|
|
6/30/16 |
|
6/30/15 |
|
|
|
Cost of revenue |
$ |
(662 |
) |
|
$ |
386 |
|
|
|
|
$ |
(158 |
) |
|
$ |
577 |
|
|
|
|
R&D |
|
(747 |
) |
|
|
1,557 |
|
|
|
|
|
1,113 |
|
|
|
3,132 |
|
|
|
|
S&M |
|
(383 |
) |
|
|
820 |
|
|
|
|
|
601 |
|
|
|
1,541 |
|
|
|
|
G&A |
|
(1,685 |
) |
|
|
5,438 |
|
|
|
|
|
5,004 |
|
|
|
11,568 |
|
|
|
|
Total |
$ |
(3,477 |
) |
|
$ |
8,201 |
|
|
|
|
$ |
6,560 |
|
|
$ |
16,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CommerceHub, Inc. |
GAAP to Non-GAAP Reconciliations |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP gross profit to adjusted gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
6 months ended: |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
Gross profit |
$ |
17,783 |
|
|
$ |
14,468 |
|
|
$ |
33,768 |
|
|
$ |
28,803 |
|
|
Share-based
compensation |
|
(662 |
) |
|
|
386 |
|
|
|
(158 |
) |
|
|
577 |
|
|
Acquisition-related
intangible amortization |
|
187 |
|
|
|
187 |
|
|
|
375 |
|
|
|
375 |
|
|
Adjusted gross profit |
$ |
17,308 |
|
|
$ |
15,041 |
|
|
$ |
33,985 |
|
|
$ |
29,755 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross
margin |
|
75 |
% |
|
|
76 |
% |
|
|
75 |
% |
|
|
77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP operating expenses to adjusted
operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
6 months ended: |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
Operating expenses |
$ |
10,503 |
|
|
$ |
16,292 |
|
|
$ |
29,514 |
|
|
$ |
32,690 |
|
|
Share-based
compensation |
|
2,815 |
|
|
|
(7,815 |
) |
|
|
(6,718 |
) |
|
|
(16,241 |
) |
|
Acquisition-related
intangible amortization |
|
(250 |
) |
|
|
(250 |
) |
|
|
(500 |
) |
|
|
(500 |
) |
|
Adjusted operating expenses |
$ |
13,068 |
|
|
$ |
8,227 |
|
|
$ |
22,296 |
|
|
$ |
15,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income (loss) to adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
6 months ended: |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
Net income (loss) |
$ |
4,424 |
|
|
$ |
(1,060 |
) |
|
$ |
2,434 |
|
|
$ |
(2,485 |
) |
|
Interest expense
(income), net |
|
(63 |
) |
|
|
(139 |
) |
|
|
(229 |
) |
|
|
(276 |
) |
|
Income taxes |
|
2,919 |
|
|
|
(625 |
) |
|
|
2,049 |
|
|
|
(1,126 |
) |
|
Depreciation and
amortization |
|
2,539 |
|
|
|
1,922 |
|
|
|
4,862 |
|
|
|
3,723 |
|
|
Share-based
compensation |
|
(3,477 |
) |
|
|
8,201 |
|
|
|
6,560 |
|
|
|
16,818 |
|
|
Adjusted EBITDA |
$ |
6,342 |
|
|
$ |
8,299 |
|
|
$ |
15,676 |
|
|
$ |
16,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CommerceHub, Inc. |
GAAP to Non-GAAP Reconciliations,
continued |
(in thousands except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income (loss) to adjusted net
income: |
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
6 months ended: |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
Net income (loss) |
$ |
4,424 |
|
|
$ |
(1,060 |
) |
|
$ |
2,434 |
|
|
$ |
(2,485 |
) |
|
Share-based
compensation |
|
(3,477 |
) |
|
|
8,201 |
|
|
|
6,560 |
|
|
|
16,818 |
|
|
Acquisition-related
intangible amortization |
|
437 |
|
|
|
437 |
|
|
|
875 |
|
|
|
875 |
|
|
Tax effect of
adjustments |
|
1,198 |
|
|
|
(3,406 |
) |
|
|
(2,718 |
) |
|
|
(6,759 |
) |
|
Adjusted net income |
$ |
2,582 |
|
|
$ |
4,172 |
|
|
$ |
7,151 |
|
|
$ |
8,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP pro forma earnings per diluted share
to adjusted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
6 months ended: |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
GAAP earnings per
share |
$ |
0.10 |
|
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
|
$ |
(0.06 |
) |
|
Share-based
compensation |
|
(0.08 |
) |
|
|
0.19 |
|
|
|
0.15 |
|
|
|
0.39 |
|
|
Acquisition-related
intangible amortization |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
Tax effect of
adjustments |
|
0.03 |
|
|
|
(0.08 |
) |
|
|
(0.06 |
) |
|
|
(0.16 |
) |
|
Adjusted earnings per share |
$ |
0.06 |
|
|
$ |
0.10 |
|
|
$ |
0.17 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
Diluted share
count |
|
42,703 |
|
|
|
42,703 |
|
|
|
42,703 |
|
|
|
42,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Net cash provided by (used in)
operating activities to free cash flow: |
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
6 months ended: |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
|
6/30/16 |
|
|
|
6/30/15 |
|
|
Net cash provided by
(used in) operating activities |
$ |
(73,337 |
) |
|
$ |
8,001 |
|
|
$ |
(65,265 |
) |
|
$ |
12,030 |
|
|
Purchases of property
and equipment |
|
(1,845 |
) |
|
|
(677 |
) |
|
|
(4,136 |
) |
|
|
(2,472 |
) |
|
Additions to
capitalized software |
|
(1,321 |
) |
|
|
(1,187 |
) |
|
|
(3,504 |
) |
|
|
(2,286 |
) |
|
Free cash flow (1) |
$ |
(76,503 |
) |
|
$ |
6,137 |
|
|
$ |
(72,905 |
) |
|
$ |
7,272 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation liability payments of: |
|
(78,494 |
) |
|
|
(324 |
) |
|
|
(85,930 |
) |
|
|
(2,194 |
) |
CommerceHub Investor Relations Contact
Erik Morton
1-206-971-7712
investor@commercehub.com
Commercehub Inc (NASDAQ:CHUBA)
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