CommerceHub Announces Fourth Quarter and Full Year 2016 Financial Results
15 Fevereiro 2017 - 7:01PM
CommerceHub, Inc. (NASDAQ:CHUBA) (NASDAQ:CHUBK) (“CommerceHub,”
“we,” “us,” “our” or the “Company”), a leading distributed commerce
network for retailers and brands, today announced financial results
for the quarter and full year ended December 31, 2016.
“We are pleased with our fourth quarter performance, which was
highlighted by the 17% year-over-year growth of our core drop-ship
business. The fourth quarter and the holiday season is critically
important to the retail industry, and our strong growth
demonstrates CommerceHub’s important role to play in the success of
our customers,” said Frank Poore, CommerceHub’s Founder, President
and CEO. “2016 saw a continuation of the secular shift of retail
spending into the ecommerce channel, and we further established
ourselves as a long-term strategic partner to the leading retailers
that leverage our platform to benefit from the growing importance
of ecommerce.”
“We generated $6.0 million in net income and $16.8 million in
adjusted EBITDA in the quarter,” said Mark Greenquist,
CommerceHub’s CFO. “Usage revenue for the core-drop ship business,
which excludes customers acquired through the Mercent acquisition,
grew 17% in the quarter. This usage-based model generates very
strong incremental margins as volume increases across our platform,
which is demonstrated by the 28 percentage point sequential
quarterly increase in adjusted EBITDA margins to 51%.”
Fourth Quarter 2016 Financial Highlights
- Revenue was $32.9 million, a 12%
year-over-year increase from $29.3 million in 2015. Revenue grew
17% for the core drop-ship business, which excludes customers
acquired through the Mercent acquisition.
- Gross margin was 82%, compared to 78% in 2015.
Adjusted gross margin was 83%, compared to 82% in 2015.
- Net income was $6.0 million, or $0.13 per
diluted share, compared to a net loss of $1.4 million, or a net
loss of $0.03 per diluted share, in 2015.
- Adjusted net income was $8.7 million, or $0.20
per diluted share, in 2016, compared to $10.0 million, or $0.23 per
diluted share, in 2015.
- Adjusted EBITDA was $16.8 million, compared to
$18.1 million in 2015.
- Operating cash flow was $4.3 million, compared
to $5.2 million in 2015.
- Free cash flow was $3.3 million, compared to
$2.6 million in 2015.
- Cash at quarter end was $6.5 million and total
borrowings outstanding under our credit facility were $26.0
million.
Full Year Financial Highlights
- Revenue was $100.6 million in 2016, a 15%
year-over-year increase from $87.6 million in 2015. Revenue for the
core drop-ship business grew 18%.
- Gross margin was 77% in 2016, compared to 74%
in 2015. Adjusted gross margin was 78% in 2016, compared to 78% in
2015.
- Net income was $9.1 million, or $0.21 per
diluted share, in 2016, compared to a net loss of $4.5 million, or
a net loss of $0.10 per diluted share, in 2015.
- Adjusted net income was $17.6 million, or
$0.40 per diluted share in 2016, compared to $22.5 million, or
$0.53 per diluted share, in 2015.
- Adjusted EBITDA was $37.8 million in 2016,
compared to $43.0 million in 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 December 31, 2016 was 10,094,
up from 9,562 at December 31, 2015.
- Use of our platform continues to grow as we enabled an
estimated $13.4 billion in Gross Merchandise Value for our
customers in 2016, up over 15% from an estimated $11.6 billion in
2015.
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 4:30 p.m., E.T.,
today, Wednesday, February 15, 2017. 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: (800)
219-6912International Toll Participants Dial-in Number: (574)
990-1026Conference ID/Passcode: 64327494 |
Webcast (live and replay): |
http://ir.commercehub.com/events.cfm |
About CommerceHub:CommerceHub
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 helped over
10,000 customers achieve an estimated $13.4 billion in Gross
Merchandise Value in 2016. To learn more, visit
www.commercehub.com.
Important Information Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements about future business
strategies, market conditions and potential, future financial
prospects, future growth of ecommerce, customer growth, sales
channel expansion, future financial expenses, financial performance
and other matters that are not historical facts. These statements
involve many risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements, including, without limitation, market acceptance
and performance of our products and services, competitive issues,
general market conditions, regulatory matters affecting our
business and changes in law. These forward-looking statements speak
only as of the date of this presentation, and we expressly disclaim
any obligation or undertaking to disseminate any updates or
revisions to any such statement contained herein to reflect any
change in our expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. There can be no assurance that any expectation or belief
expressed in a forward-looking statement will occur, and you should
not place undue reliance on any forward-looking statements. Please
refer to our public filings with the Securities and Exchange
Commission, including our Registration Statement on Form S-1 (File
No. 333-210508), Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K, for additional information about us and the risks and
uncertainties we face that may affect the forward-looking
statements made 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
management considers 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 are not a
substitute for, or superior to, and should be considered only in
addition to, financial measures calculated in accordance with GAAP.
They are subject to inherent limitations and exclude significant
expenses and income that are required by GAAP to be recorded in our
financial statements. Certain of these adjustments are based on
estimates and assumptions of management and do not purport to
reflect actual historical results. In addition, you should be aware
that 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 these measures in
the same fashion. 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 operating expenses”
as total operating expenses less share-based compensation and
acquisition-related intangible amortization. We define “adjusted
EBITDA” as net income or loss plus interest expense, income tax
expense, depreciation of property and equipment and amortization of
capitalized software costs and intangible assets and share-based
compensation, less interest income and income tax benefit. We
define “adjusted net income” as net income or loss plus share-based
compensation, acquisition-related intangible amortization and the
tax effect of these adjustments. We define “adjusted earnings per
diluted share” as earnings per diluted share plus the diluted per
share effects of share-based compensation, acquisition-related
intangible amortization and the tax effect of these adjustments.
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. 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: |
|
12 months ended: |
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
Revenue |
$ |
32,881 |
|
|
$ |
29,271 |
|
|
$ |
100,552 |
|
|
$ |
87,614 |
|
|
Cost of revenue |
|
5,895 |
|
|
|
6,523 |
|
|
|
23,057 |
|
|
|
22,700 |
|
|
Gross
profit |
|
26,986 |
|
|
|
22,748 |
|
|
|
77,495 |
|
|
|
64,914 |
|
|
Gross
margin |
|
82 |
% |
|
|
78 |
% |
|
|
77 |
% |
|
|
74 |
% |
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
5,796 |
|
|
|
5,288 |
|
|
|
19,187 |
|
|
|
16,304 |
|
|
Sales and
marketing |
|
2,310 |
|
|
|
3,453 |
|
|
|
11,334 |
|
|
|
11,287 |
|
|
General and
administrative |
|
7,075 |
|
|
|
15,770 |
|
|
|
30,282 |
|
|
|
44,271 |
|
|
Operating
expenses |
|
15,181 |
|
|
|
24,511 |
|
|
|
60,803 |
|
|
|
71,862 |
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
11,805 |
|
|
|
(1,763 |
) |
|
|
16,692 |
|
|
|
(6,948 |
) |
|
|
|
|
|
|
|
|
|
|
Interest (expense)
income, net |
|
(302 |
) |
|
|
168 |
|
|
|
(434 |
) |
|
|
600 |
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
(loss) |
|
11,503 |
|
|
|
(1,595 |
) |
|
|
16,258 |
|
|
|
(6,348 |
) |
|
Income tax expense
(benefit) |
|
5,551 |
|
|
|
(234 |
) |
|
|
7,162 |
|
|
|
(1,881 |
) |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
$ |
5,952 |
|
|
$ |
(1,361 |
) |
|
$ |
9,096 |
|
|
$ |
(4,467 |
) |
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.14 |
|
|
$ |
(0.03 |
) |
|
$ |
0.21 |
|
|
$ |
(0.10 |
) |
|
Diluted |
$ |
0.13 |
|
|
$ |
(0.03 |
) |
|
$ |
0.21 |
|
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
Share count (1): |
|
|
|
|
|
|
|
|
Basic |
|
42,876 |
|
|
|
42,703 |
|
|
|
42,831 |
|
|
|
42,703 |
|
|
Diluted |
|
44,408 |
|
|
|
42,703 |
|
|
|
44,343 |
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
12/31/16 |
|
12/31/15 |
|
Assets |
|
|
|
|
Cash and cash
equivalents |
$ |
6,471 |
|
$ |
19,337 |
|
Accounts receivable,
net of allowances |
|
18,109 |
|
|
16,472 |
|
Prepaid income
taxes |
|
4,311 |
|
|
- |
|
Prepaid expenses |
|
1,549 |
|
|
1,048 |
|
Total
current assets |
|
30,440 |
|
|
36,857 |
|
|
|
|
|
|
Note
receivable—Parent |
|
- |
|
|
36,107 |
|
Capitalized software,
net |
|
6,716 |
|
|
7,189 |
|
Deferred services
costs |
|
4,989 |
|
|
4,956 |
|
Property and equipment,
net |
|
7,629 |
|
|
6,706 |
|
Intangibles, net |
|
- |
|
|
1,750 |
|
Goodwill |
|
21,410 |
|
|
21,410 |
|
Deferred income
taxes |
|
7,714 |
|
|
38,825 |
|
Other long-term
assets |
|
1,122 |
|
|
- |
|
Total assets |
$ |
80,020 |
|
$ |
153,800 |
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
Accounts payable and
accrued expenses |
$ |
2,135 |
|
$ |
3,982 |
|
Accrued payroll and
related expenses |
|
7,435 |
|
|
5,538 |
|
Due to Parent |
|
- |
|
|
9,112 |
|
Income taxes
payable |
|
7 |
|
|
- |
|
Deferred revenue |
|
5,149 |
|
|
4,490 |
|
Share-based
compensation liability |
|
- |
|
|
94,427 |
|
Total
current liabilities |
|
14,726 |
|
|
117,549 |
|
Deferred revenue,
long-term |
|
7,581 |
|
|
7,532 |
|
Share-based
compensation liability, long-term |
|
- |
|
|
1,786 |
|
Other long-term
liabilities |
|
1,135 |
|
|
- |
|
Long-term debt |
|
26,000 |
|
|
- |
|
Total
liabilities |
|
49,442 |
|
|
126,867 |
|
|
|
|
|
|
Equity: |
|
|
|
|
Total
equity |
|
30,578 |
|
|
26,933 |
|
Total liabilities and equity |
$ |
80,020 |
|
$ |
153,800 |
|
|
|
|
|
|
|
|
CommerceHub, Inc. |
Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
12 months ended: |
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
Net
income (loss) |
$ |
5,952 |
|
|
$ |
(1,361 |
) |
|
$ |
9,096 |
|
|
$ |
(4,467 |
) |
|
Adjustments to net income (loss): |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
2,488 |
|
|
|
2,079 |
|
|
|
9,803 |
|
|
|
7,794 |
|
|
Amortization of debt issuance costs |
|
56 |
|
|
|
- |
|
|
|
111 |
|
|
|
- |
|
|
Share-based compensation expense |
|
2,537 |
|
|
|
17,818 |
|
|
|
11,290 |
|
|
|
42,150 |
|
|
Deferred
income taxes |
|
4,311 |
|
|
|
(2,786 |
) |
|
|
21,326 |
|
|
|
(12,289 |
) |
|
Bad debt
expense |
|
(66 |
) |
|
|
241 |
|
|
|
629 |
|
|
|
481 |
|
|
Accrued
interest income |
|
- |
|
|
|
(168 |
) |
|
|
(273 |
) |
|
|
(600 |
) |
|
Loss on
disposal of long-term assets |
|
19 |
|
|
|
- |
|
|
|
179 |
|
|
|
- |
|
|
Working
capital changes: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
(7,993 |
) |
|
|
(6,393 |
) |
|
|
(2,326 |
) |
|
|
(816 |
) |
|
Prepaid
expenses and other assets |
|
357 |
|
|
|
227 |
|
|
|
(599 |
) |
|
|
(40 |
) |
|
Prepaid
income taxes |
|
(3,361 |
) |
|
|
- |
|
|
|
(4,311 |
) |
|
|
- |
|
|
Deferred
costs |
|
168 |
|
|
|
(253 |
) |
|
|
(33 |
) |
|
|
(1,094 |
) |
|
Deferred
revenue |
|
442 |
|
|
|
(27 |
) |
|
|
708 |
|
|
|
2,031 |
|
|
Accounts
payable and accrued expenses |
|
(313 |
) |
|
|
(4 |
) |
|
|
166 |
|
|
|
(2,683 |
) |
|
Accrued
payroll and related expenses |
|
1,485 |
|
|
|
15 |
|
|
|
1,901 |
|
|
|
2,097 |
|
|
Income
taxes payable |
|
(1,753 |
) |
|
|
- |
|
|
|
7 |
|
|
|
- |
|
|
Share-based compensation liability payments |
|
- |
|
|
|
(3,888 |
) |
|
|
(86,684 |
) |
|
|
(7,507 |
) |
|
Parent
receivables and payables, net |
|
- |
|
|
|
(263 |
) |
|
|
(9,112 |
) |
|
|
(523 |
) |
|
Net cash
provided by (used in) operating activities |
|
4,329 |
|
|
|
5,237 |
|
|
|
(48,122 |
) |
|
|
24,534 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Purchases
of property and equipment |
|
(482 |
) |
|
|
(603 |
) |
|
|
(4,995 |
) |
|
|
(4,158 |
) |
|
Additions
to capitalized software |
|
(582 |
) |
|
|
(2,049 |
) |
|
|
(4,545 |
) |
|
|
(6,484 |
) |
|
Acquisition of business, net of cash acquired |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(20,225 |
) |
|
Collections on note receivable - Parent |
|
- |
|
|
|
- |
|
|
|
36,380 |
|
|
|
- |
|
|
Net cash
(used in) provided by investing activities |
|
(1,064 |
) |
|
|
(2,652 |
) |
|
|
26,840 |
|
|
|
(30,867 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Borrowings on revolver |
|
- |
|
|
|
- |
|
|
|
50,000 |
|
|
|
- |
|
|
Payments
on revolver |
|
(15,000 |
) |
|
|
- |
|
|
|
(24,000 |
) |
|
|
- |
|
|
Cash paid
for debt issuance costs |
|
- |
|
|
|
- |
|
|
|
(1,100 |
) |
|
|
- |
|
|
Purchase
of treasury stock |
|
- |
|
|
|
- |
|
|
|
(3,600 |
) |
|
|
(164 |
) |
|
Cash
received from exercise of stock options |
|
598 |
|
|
|
7 |
|
|
|
846 |
|
|
|
33 |
|
|
Borrowings on note payable - Parent |
|
- |
|
|
|
- |
|
|
|
28,664 |
|
|
|
- |
|
|
Payments
on note payable - Parent |
|
- |
|
|
|
- |
|
|
|
(28,664 |
) |
|
|
- |
|
|
Contribution from Liberty |
|
- |
|
|
|
- |
|
|
|
6,000 |
|
|
|
- |
|
|
Cash
dividends paid |
|
- |
|
|
|
(584 |
) |
|
|
(19,730 |
) |
|
|
(584 |
) |
|
Net cash
(used in) provided by financing activities |
|
(14,402 |
) |
|
|
(577 |
) |
|
|
8,416 |
|
|
|
(715 |
) |
|
Currency
effect on cash |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net
(decrease) increase in cash and cash equivalents |
|
(11,137 |
) |
|
|
2,008 |
|
|
|
(12,866 |
) |
|
|
(7,048 |
) |
|
|
|
|
|
|
|
|
|
|
Beginning cash and cash
equivalents |
$ |
17,608 |
|
|
$ |
17,329 |
|
|
$ |
19,337 |
|
|
$ |
26,385 |
|
|
Ending cash and cash
equivalents |
$ |
6,471 |
|
|
$ |
19,337 |
|
|
$ |
6,471 |
|
|
$ |
19,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CommerceHub, Inc. |
Supplemental Information |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
12 months ended: |
|
|
|
|
12/31/16 |
|
12/31/15 |
|
% Inc(Dec) |
|
12/31/16 |
|
12/31/15 |
|
% Inc(Dec) |
|
Revenue by type:
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
Usage |
|
24,661 |
|
|
22,076 |
|
12 |
% |
|
|
69,098 |
|
|
|
59,585 |
|
16 |
% |
|
Subscription |
|
6,737 |
|
|
5,929 |
|
14 |
% |
|
|
25,503 |
|
|
|
23,636 |
|
8 |
% |
|
Set-up
and professional services |
|
1,483 |
|
|
1,266 |
|
17 |
% |
|
|
5,951 |
|
|
|
4,393 |
|
35 |
% |
|
Total revenue |
|
32,881 |
|
|
29,271 |
|
12 |
% |
|
|
100,552 |
|
|
|
87,614 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Year-to-date 2015 amounts incorporate an updated presentation of
third quarter revenue between usage, subscription, and set-up and
professional services, refer to supplementary earnings materials
for updated 2015 quarterly revenue by type. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
|
|
12 months ended: |
|
|
|
|
12/31/16 |
|
12/31/15 |
|
|
|
12/31/16 |
|
12/31/15 |
|
|
|
Share-based
compensation expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue |
$ |
105 |
|
$ |
978 |
|
|
|
$ |
(102 |
) |
|
$ |
2,361 |
|
|
|
Research
and development |
|
564 |
|
|
2,882 |
|
|
|
|
2,261 |
|
|
|
7,229 |
|
|
|
Sales and
marketing |
|
130 |
|
|
1,687 |
|
|
|
|
834 |
|
|
|
4,098 |
|
|
|
General
and administrative |
|
1,738 |
|
|
12,271 |
|
|
|
|
8,297 |
|
|
|
28,462 |
|
|
|
Total |
$ |
2,537 |
|
$ |
17,818 |
|
|
|
$ |
11,290 |
|
|
$ |
42,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CommerceHub, Inc. |
GAAP to Non-GAAP Reconciliations |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP gross profit to adjusted gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
12 months ended: |
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
Gross profit |
$ |
26,986 |
|
|
$ |
22,748 |
|
|
$ |
77,495 |
|
|
$ |
64,914 |
|
|
Share-based
compensation |
|
105 |
|
|
|
978 |
|
|
|
(102 |
) |
|
|
2,361 |
|
|
Acquisition-related
intangible amortization |
|
188 |
|
|
|
188 |
|
|
|
750 |
|
|
|
750 |
|
|
Adjusted
gross profit |
$ |
27,279 |
|
|
$ |
23,914 |
|
|
$ |
78,143 |
|
|
$ |
68,025 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross
margin |
|
83 |
% |
|
|
82 |
% |
|
|
78 |
% |
|
|
78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP operating expenses to adjusted
operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
12 months ended: |
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
Operating expenses |
$ |
15,181 |
|
|
$ |
24,511 |
|
|
$ |
60,803 |
|
|
$ |
71,862 |
|
|
Share-based
compensation |
|
(2,432 |
) |
|
|
(16,840 |
) |
|
|
(11,392 |
) |
|
|
(39,789 |
) |
|
Acquisition-related
intangible amortization |
|
(250 |
) |
|
|
(250 |
) |
|
|
(1,000 |
) |
|
|
(1,000 |
) |
|
Adjusted
operating expenses |
$ |
12,499 |
|
|
$ |
7,421 |
|
|
$ |
48,411 |
|
|
$ |
31,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP net income (loss) to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
12 months ended: |
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
Net income (loss) |
$ |
5,952 |
|
|
$ |
(1,361 |
) |
|
$ |
9,096 |
|
|
$ |
(4,467 |
) |
|
Interest expense
(income), net |
|
302 |
|
|
|
(168 |
) |
|
|
434 |
|
|
|
(600 |
) |
|
Income tax expense
(benefit) |
|
5,551 |
|
|
|
(234 |
) |
|
|
7,162 |
|
|
|
(1,881 |
) |
|
Depreciation and
amortization |
|
2,488 |
|
|
|
2,079 |
|
|
|
9,803 |
|
|
|
7,794 |
|
|
Share-based
compensation |
|
2,537 |
|
|
|
17,818 |
|
|
|
11,290 |
|
|
|
42,150 |
|
|
Adjusted
EBITDA |
$ |
16,830 |
|
|
$ |
18,134 |
|
|
$ |
37,785 |
|
|
$ |
42,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: |
|
12 months ended: |
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
Net income (loss) |
$ |
5,952 |
|
|
$ |
(1,361 |
) |
|
$ |
9,096 |
|
|
$ |
(4,467 |
) |
|
Share-based
compensation |
|
2,537 |
|
|
|
17,818 |
|
|
|
11,290 |
|
|
|
42,150 |
|
|
Acquisition-related
intangible amortization |
|
438 |
|
|
|
438 |
|
|
|
1,750 |
|
|
|
1,750 |
|
|
Tax effect of
adjustments (1) |
|
(240 |
) |
|
|
(6,899 |
) |
|
|
(4,557 |
) |
|
|
(16,902 |
) |
|
Adjusted
net income |
$ |
8,687 |
|
|
$ |
9,996 |
|
|
$ |
17,579 |
|
|
$ |
22,531 |
|
|
(1)
Adjusted net income assumes a long-term projected tax rate of
40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP earnings per diluted share to
adjusted earnings per diluted share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
12 months ended: |
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
GAAP earnings per
diluted share |
$ |
0.13 |
|
|
$ |
(0.03 |
) |
|
$ |
0.21 |
|
|
$ |
(0.10 |
) |
|
Share-based
compensation |
|
0.06 |
|
|
|
0.42 |
|
|
|
0.25 |
|
|
|
0.99 |
|
|
Acquisition-related
intangible amortization |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
Tax effect of
adjustments (1) |
|
(0.01 |
) |
|
|
(0.16 |
) |
|
|
(0.10 |
) |
|
|
(0.40 |
) |
|
Adjusted
earnings per diluted share |
$ |
0.20 |
|
|
$ |
0.23 |
|
|
$ |
0.40 |
|
|
$ |
0.53 |
|
|
|
|
|
|
|
|
|
|
|
Diluted share
count |
|
44,408 |
|
|
|
42,703 |
|
|
|
44,343 |
|
|
|
42,703 |
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjusted earnings per diluted share assumes a long-term projected
tax rate of 40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net cash provided by (used in)
operating activities to free cash flow: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended: |
|
12 months ended: |
|
|
12/31/16 |
|
12/31/15 |
|
12/31/16 |
|
12/31/15 |
|
Net cash provided by
(used in) operating activities |
$ |
4,329 |
|
|
$ |
5,237 |
|
|
$ |
(48,122 |
) |
|
$ |
24,534 |
|
|
Purchases of property
and equipment |
|
(482 |
) |
|
|
(603 |
) |
|
|
(4,995 |
) |
|
|
(4,158 |
) |
|
Additions to
capitalized software |
|
(582 |
) |
|
|
(2,049 |
) |
|
|
(4,545 |
) |
|
|
(6,484 |
) |
|
Free cash
flow (1) |
$ |
3,265 |
|
|
$ |
2,585 |
|
|
$ |
(57,662 |
) |
|
$ |
13,892 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation liability payments of: |
|
- |
|
|
|
(3,888 |
) |
|
|
(86,684 |
) |
|
|
(7,507 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CommerceHub Investor Relations Contact
Erik Morton
1-206-971-7712
investor@commercehub.com
Commercehub Inc (NASDAQ:CHUBA)
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