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Quotient Technology Inc. Announces Second Quarter 2023 Results

  • Quarterly Revenue of $65.7M
  • GAAP Net Loss of $15.9M
  • Adjusted EBITDA of $3.0M

 

Quotient Technology Inc. (NYSE: QUOT), a leading digital promotions and media technology company, today reported financial results for the second quarter ended June 30, 2023. Due to the June 20, 2023 announcement of the pending acquisition of Quotient by CB Neptune Holdings, LLC (“Neptune Parent”), the direct corporate parent of Neptune Retail Solutions, Quotient will not host a conference call or live webcast to discuss these financial results. Additionally, due to the pending acquisition, Quotient is not providing forward looking financial guidance or providing comment or update on prior guidance.

Use of Non-GAAP Financial Measures

Quotient reports its financial statements in accordance with generally accepted accounting principles in the United States (GAAP) and the rules of the Securities and Exchange Commission (SEC). To supplement its financial statements presented in accordance with GAAP, Quotient provides investors in this press release with non-GAAP Gross Profit, non-GAAP Gross Margin, Adjusted EBITDA, Adjusted EBITDA Margin and non-GAAP Operating Expenses, each a non-GAAP financial measure. Quotient believes that these non-GAAP measures provide investors with additional useful information used by Quotient’s management and Board of Directors for financial and operating decision making. In particular, Quotient believes that the exclusion of certain income and expenses in calculating these metrics can provide useful measures for period-to-period comparisons of its core business as well as a useful comparison to peer companies.

Quotient defines non-GAAP Gross Profit as revenue less cost of revenues adjusted for stock-based compensation, amortization of acquired intangible assets, certain business transformation and strategic initiatives costs, expenses related to legal settlements, and restructuring charges; and defines non-GAAP Gross Margin as non-GAAP Gross Profit divided by Revenue.

Quotient defines Adjusted EBITDA as net income (loss) adjusted for interest expense, provision for (benefit from) income taxes, other (income) expense, net, depreciation and amortization, stock-based compensation, impairment of certain long-lived and right-of-use assets, shareholder activism response costs, expenses related to legal settlements, restructuring charges, and certain business transformation and strategic initiatives costs. In addition, Quotient defines Adjusted EBITDA Margin as the ratio of Adjusted EBITDA and revenues; and non-GAAP operating expenses as operating expenses adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring charges, impairment of certain long-lived and right-of-use assets, shareholder activism response costs, expenses related to legal settlements, and certain business transformation and strategic initiatives costs.

Quotient excludes certain GAAP items from these measures because it believes these items are not indicative of ordinary results of operations and do not reflect expected future operating expenses. Additionally, certain items are inconsistent in size and frequency—making it difficult to contribute to a meaningful evaluation of Quotient's current or past operating performance.

There are a number of limitations related to the use of these non-GAAP financial measures. Quotient compensates for these limitations by providing specific information regarding the GAAP amount excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant GAAP financial measures.

These non-GAAP financial measures are not intended to be considered in isolation from, as substitute for, or as superior to the corresponding financial measure prepared in accordance with GAAP. Because of these and other limitations, the non-GAAP financial measures used in this press release should be considered along with other GAAP-based financial performance measures, including various cash flow metrics, net income (loss) and Quotient’s other GAAP financial results.

For a reconciliation of these non-GAAP financial measures to the nearest comparable GAAP financial measures, see “Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin”, "Reconciliation of Gross Profit to Non-GAAP Gross Profit", and "Reconciliation of Operating Expenses to Non-GAAP Operating Expenses" included in this press release.

Forward-Looking Statements

This press release contains a forward-looking statement consisting of the pending acquisition of Quotient (the “Company”) by Neptune Parent. This forward-looking statement is based on the Company’s current plans, objectives, expectations and intentions and inherently involves significant risks and uncertainties. Actual outcomes and the timing of events could differ materially from those anticipated in such a forward-looking statement as a result of these risks and uncertainties, which include those identified in the Company’s filings with the SEC, including its Annual Report on Form 10-K filed with the SEC on March 16, 2023, its Form 10-K/A Amendment No. 1 filed with the SEC on April 28, 2023, its Schedule 14A (Definitive Proxy Statement Regarding the Special Meeting of Stockholders of Quotient to Consider and Vote on the Pending Acquisition by Neptune Parent) filed with the SEC on July 31, 2023, and future filings and reports by the Company. The Company disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise and does not assume responsibility for the accuracy and completeness of the forward-looking statements.

About Quotient Technology Inc.

Quotient Technology (NYSE: QUOT) is a leading digital media and promotions technology company for advertisers, retailers and consumers. Quotient's omnichannel platform is powered by exclusive consumer spending data, location intelligence and purchase intent data to reach millions of shoppers daily and deliver measurable, incremental sales.

Quotient partners with leading advertisers, publishers and retailers, including Clorox, Procter & Gamble, Unilever, CVS, Dollar General, Ahold Delhaize USA, Amazon and Microsoft. Quotient is headquartered in Salt Lake City, Utah, and has offices across the US as well as in Bangalore, Paris, London and Tel Aviv. For more information visit www.quotient.com.

Quotient and the Quotient logo are trademarks or registered trademarks of Quotient Technology Inc. and its subsidiaries in the United States and other countries. Other marks are the property of their respective owners.

QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

 

 

June 30,

2023

 

December 31,

2022

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

 

44,900

 

 

 

56,891

 

Accounts receivable, net

 

69,093

 

 

 

98,049

 

Prepaid expenses and other current assets

 

26,435

 

 

 

19,791

 

Total current assets

 

140,428

 

 

 

174,731

 

Property and equipment, net

 

32,065

 

 

 

28,773

 

Operating lease right-of-use-assets

 

12,703

 

 

 

14,475

 

Intangible assets, net

 

2,567

 

 

 

4,494

 

Goodwill

 

128,427

 

 

 

128,427

 

Other assets

 

10,050

 

 

 

12,259

 

Total assets

$

326,240

 

 

$

363,159

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

28,930

 

 

$

30,027

 

Accrued compensation and benefits

 

6,296

 

 

 

12,060

 

Other current liabilities

 

44,141

 

 

 

53,255

 

Deferred revenues

 

20,059

 

 

 

15,519

 

Short-term debt

 

2,750

 

 

 

2,750

 

Total current liabilities

 

102,176

 

 

 

113,611

 

Operating lease liabilities

 

18,454

 

 

 

21,221

 

Other non-current liabilities

 

740

 

 

 

468

 

Long-term debt

 

47,197

 

 

 

48,034

 

Deferred tax liabilities

 

2,030

 

 

 

2,030

 

Total liabilities

 

170,597

 

 

 

185,364

 

 

 

 

 

Stockholders’ equity:

 

 

 

Common stock

 

1

 

 

 

1

 

Additional paid-in capital

 

724,605

 

 

 

713,201

 

Accumulated other comprehensive loss

 

(1,742

)

 

 

(1,756

)

Accumulated deficit

 

(567,221

)

 

 

(533,651

)

Total stockholders’ equity

 

155,643

 

 

 

177,795

 

Total liabilities and stockholders’ equity

$

326,240

 

 

$

363,159

 

QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenues

$

65,706

 

 

$

69,251

 

 

$

124,973

 

 

$

147,707

 

Cost of revenues (1)

 

34,778

 

 

 

37,267

 

 

 

65,148

 

 

 

86,345

 

Gross profit

 

30,928

 

 

 

31,984

 

 

 

59,825

 

 

 

61,362

 

Operating Expenses:

 

 

 

 

 

 

 

Sales and marketing (1)

 

22,326

 

 

 

21,459

 

 

 

40,289

 

 

 

43,395

 

Research and development (1)

 

6,632

 

 

 

7,072

 

 

 

12,066

 

 

 

16,828

 

General and administrative (1)

 

15,414

 

 

 

42,869

 

 

 

36,608

 

 

 

65,577

 

Total operating expenses

 

44,372

 

 

 

71,400

 

 

 

88,963

 

 

 

125,800

 

Net loss from operations

 

(13,444

)

 

 

(39,416

)

 

 

(29,138

)

 

 

(64,438

)

Interest expense

 

(2,854

)

 

 

(1,179

)

 

 

(5,192

)

 

 

(2,333

)

Other (expense) income, net

 

153

 

 

 

(417

)

 

 

59

 

 

 

(381

)

Net loss before income taxes

 

(16,145

)

 

 

(41,012

)

 

 

(34,271

)

 

 

(67,152

)

Provision for (benefit from) income taxes

 

(247

)

 

 

2,346

 

 

 

(701

)

 

 

2,512

 

Net loss

$

(15,898

)

 

$

(43,358

)

 

$

(33,570

)

 

$

(69,664

)

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

$

(0.16

)

 

$

(0.45

)

 

$

(0.34

)

 

$

(0.73

)

 

 

 

 

 

 

 

 

Weighted-average shares used to compute net loss per share, basic and diluted

 

98,424

 

 

 

95,369

 

 

 

97,941

 

 

 

95,148

 

 

 

 

 

 

 

 

 

(1) The stock-based compensation expense included above was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Cost of revenues

$

280

 

 

$

500

 

 

$

502

 

 

$

1,032

 

Sales and marketing

 

510

 

 

 

812

 

 

 

1,141

 

 

 

1,703

 

Research and development

 

345

 

 

 

674

 

 

 

603

 

 

 

1,641

 

General and administrative

 

2,466

 

 

 

15,141

 

 

 

9,222

 

 

 

18,493

 

Total stock-based compensation

$

3,601

 

 

$

17,127

 

 

$

11,468

 

 

$

22,869

 

QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

Net loss

$

(33,570

)

 

$

(69,664

)

Adjustments to reconcile net loss to net cash used in by operating activities:

 

 

 

Depreciation and amortization

 

9,047

 

 

 

9,231

 

Stock-based compensation

 

11,468

 

 

 

22,869

 

Impairment of long-lived and right-of-use assets

 

 

 

 

11,448

 

Amortization of debt discount and issuance cost

 

879

 

 

 

548

 

Allowance (recovery) for credit losses

 

(177

)

 

 

1,222

 

Other non-cash expenses

 

3,480

 

 

 

3,368

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

29,134

 

 

 

78,915

 

Prepaid expenses and other assets

 

(6,451

)

 

 

(2,031

)

Accounts payable and other liabilities

 

(12,957

)

 

 

(28,944

)

Payments for contingent consideration and bonuses

 

 

 

 

(19,008

)

Accrued compensation and benefits

 

(5,757

)

 

 

(6,283

)

Deferred revenues

 

4,540

 

 

 

(7,741

)

Net cash used in operating activities

 

(364

)

 

 

(6,070

)

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(9,615

)

 

 

(8,161

)

Net cash used in investing activities

 

(9,615

)

 

 

(8,161

)

Cash flows from financing activities:

 

 

 

Proceeds from issuances of common stock under stock plans

 

1,332

 

 

 

824

 

Proceeds from borrowing on line of credit

 

40,000

 

 

 

 

Repayment of line of credit

 

(40,000

)

 

 

 

Payments for taxes related to net share settlement of equity awards

 

(1,922

)

 

 

(3,499

)

Principal payments on term loan

 

(1,375

)

 

 

 

Principal payments on promissory note and finance lease obligations

 

 

 

 

(98

)

Payments for contingent consideration

 

 

 

 

(5,686

)

Net cash used in financing activities

 

(1,965

)

 

 

(8,459

)

Effect of exchange rates on cash and cash equivalents

 

(47

)

 

 

215

 

Net decrease in cash and cash equivalents

 

(11,991

)

 

 

(22,475

)

Cash and cash equivalents at beginning of period

 

56,891

 

 

 

237,417

 

Cash and cash equivalents at end of period

$

44,900

 

 

$

214,942

 

QUOTIENT TECHNOLOGY INC.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

 

$

%

 

$

%

 

$

%

 

$

%

Net Loss ($) / Loss Margin (%) (2)

$

(15,898

)

(24

%)

 

$

(43,358

)

(63

%)

 

$

(33,570

)

(27

%)

 

$

(69,664

)

(47

%)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

3,601

 

6

%

 

 

17,127

 

25

%

 

 

11,468

 

9

%

 

 

22,869

 

15

%

Depreciation and amortization

 

4,829

 

7

%

 

 

4,670

 

7

%

 

 

9,047

 

7

%

 

 

9,231

 

6

%

Other (1)

 

8,024

 

12

%

 

 

16,349

 

24

%

 

 

13,445

 

11

%

 

 

23,970

 

16

%

Interest expense

 

2,854

 

4

%

 

 

1,179

 

2

%

 

 

5,192

 

4

%

 

 

2,333

 

2

%

Other expense (income), net

 

(153

)

 

 

 

417

 

 

 

 

(59

)

 

 

 

381

 

 

Provision for (benefit from) income taxes

 

(247

)

 

 

 

2,346

 

3

%

 

 

(701

)

 

 

 

2,512

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

Total adjustments

$

18,908

 

29

%

 

$

42,088

 

61

%

 

$

38,392

 

31

%

 

$

61,296

 

41

%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA ($) / Adjusted EBITDA Margin (%) (2)

$

3,010

 

5

%

 

$

(1,270

)

(2

%)

 

$

4,822

 

4

%

 

$

(8,368

)

(6

%)

 

 

 

 

 

 

 

 

 

 

 

 

(1) For the three and six months ended June 30, 2023, Other includes $6.9 million and $9.1 million, respectively, related to certain business transformation and strategic initiatives costs which include $4.1 million and $4.7 million respectively, of costs incurred in the transition and replacement of Coupons.com with Shopmium as our direct-to-consumer offering in the U.S.; $0.7 million and $3.4 million, respectively, related to restructuring charges, $0.3 million and $0.7 million, respectively, consisting of expenses related to legal settlements and $0.1 million and $0.2 million, respectively, related to shareholder activism response costs. For the three and six months ended June 30, 2022, Other includes a charge of $5.3 million and $11.4 million, respectively, related to the impairment of certain long-lived and right-of-use assets; $3.7 million and $5.1 million, respectively, related to shareholder activism response costs; $4.8 million in both respective periods related to legal settlements; and $2.6 million and $2.7 million, respectively, related to restructuring charges. Restructuring charges primarily relate to severance for impacted employees.

 

 

 

 

 

 

 

 

 

 

 

 

(2) Profit (Loss) Margin and Adjusted EBITDA Margin is the ratio of Profit (Loss) to Revenues and Adjusted EBITDA to Revenues.

 

QUOTIENT TECHNOLOGY INC.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

Q2 FY 22

 

Q3 FY 22

 

Q4 FY 22

 

Q1 FY 23

 

Q2 FY 23

Net Income (loss)

$

(43,358

)

 

$

(7,167

)

 

$

320

 

 

$

(17,672

)

 

$

(15,898

)

Adjustments:

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

17,127

 

 

 

4,980

 

 

 

4,604

 

 

 

7,867

 

 

 

3,601

 

Depreciation and amortization

 

4,670

 

 

 

4,797

 

 

 

3,901

 

 

 

4,218

 

 

 

4,829

 

Other (1)

 

16,349

 

 

 

7,919

 

 

 

3,962

 

 

 

5,421

 

 

 

8,024

 

Interest expense

 

1,179

 

 

 

1,837

 

 

 

1,471

 

 

 

2,338

 

 

 

2,854

 

Other (income) expense, net

 

417

 

 

 

(200

)

 

 

(1,209

)

 

 

94

 

 

 

(153

)

Provision for (benefit from) income taxes

 

2,346

 

 

 

(2,138

)

 

 

148

 

 

 

(454

)

 

 

(247

)

 

 

 

 

 

 

 

 

 

 

Total adjustments

$

42,088

 

 

$

17,195

 

 

$

12,877

 

 

$

19,484

 

 

$

18,908

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (1)

$

(1,270

)

 

$

10,028

 

 

$

13,197

 

 

$

1,812

 

 

$

3,010

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin (2)

 

(2

%)

 

 

14

%

 

 

19

%

 

 

3

%

 

 

5

%

 

 

 

 

 

 

 

 

 

 

(1) Adjusted EBITDA, a non-GAAP financial measure, is net income (loss) adjusted for stock-based compensation, depreciation and amortization, interest expense, other (income) expense, net, provision for (benefit from) income taxes, and other, which includes: charge of $4.8 million for expenses related to legal settlements; $5.3 million related to the impairment of certain long-lived and right-of-use assets, $3.7 million related to shareholder activism response costs, and restructuring charges of $2.6 million during Q2 FY22; charge of $5.0 million for expenses related to legal settlements, $2.8 million related to restructuring charges, and $0.1 million related to shareholder activism response costs during Q3 FY22; charge of $3.4 million related to restructuring charges, $1.3 million related to certain business transformation and strategic initiatives costs which includes $1.0 million related to the launch and scaling of Shopmium in the U.S. to replace coupons.com as our direct-to-consumer offering, $0.5 million related to a recovery of expenses related to legal settlements and $0.2 million shareholder activism response costs recovery during Q4 FY22; charge of $2.8 million related to certain business transformation and strategic initiatives costs which includes $0.6 million of costs incurred in the transition and replacement of Coupons.com with Shopmium as our direct-to-consumer offering in the U.S., $2.1 million related to restructuring charges, $0.4 million in expenses related to legal settlements and $0.1 million related to shareholder activism response costs during Q1 FY23; charge of $6.9 million related to certain business transformation and strategic initiative costs which includes $4.1 million of costs incurred in the transition and replacement of Coupons.com with Shopmium as our direct-to-consumer offering in the U.S., charge of $0.7 million related to restructuring charges, charge of $0.3 million in expenses related to legal settlements and $0.1 million related to shareholder activism response costs.

 

 

(2) Adjusted EBITDA margin is the ratio of Adjusted EBITDA and Revenues.

QUOTIENT TECHNOLOGY INC.

RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

Q2 FY 22

 

Q1 FY 23

 

Q2 FY 23

Revenues

 

$

69,251

 

 

$

59,267

 

 

$

65,706

 

 

 

 

 

 

 

 

 

Cost of revenues (GAAP)

 

$

37,267

 

 

$

30,370

 

 

$

34,778

 

 

(less) Stock-based compensation

 

 

(500

)

 

 

(222

)

 

 

(280

)

 

(less) Amortization of acquired intangible assets

 

 

(2,219

)

 

 

(610

)

 

 

(609

)

 

(less) Business transformation and strategic initiatives costs

 

 

 

 

 

(11

)

 

 

(121

)

 

(less) Expenses related to legal settlements

 

 

 

 

 

(208

)

 

 

 

 

(less) Impairment of certain long-lived and right-of-use assets

 

 

(1,434

)

 

 

 

 

 

 

 

(less) Restructuring charges

 

 

(75

)

 

 

22

 

 

 

 

Cost of revenues (Non-GAAP)

 

$

33,039

 

 

$

29,341

 

 

$

33,768

 

 

 

 

 

 

 

 

 

Gross profit (GAAP)

 

$

31,984

 

 

$

28,897

 

 

$

30,928

 

 

Gross margin percentage (GAAP)

 

 

46.2

%

 

 

48.8

%

 

 

47.1

%

 

 

 

 

 

 

 

 

Gross profit (Non-GAAP)*

 

$

36,212

 

 

$

29,926

 

 

$

31,938

 

 

Gross margin percentage (Non-GAAP)

 

 

52.3

%

 

 

50.5

%

 

 

48.6

%

 

 

 

 

 

 

 

 

* Non-GAAP gross profit excludes stock-based compensation, amortization of acquired intangible assets, certain business transformation and strategic initiatives costs, expenses related to legal settlements and restructuring charges.

QUOTIENT TECHNOLOGY INC.

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q2 FY 22

 

Q3 FY 22

 

Q4 FY 22

 

Q1 FY 23

 

Q2 FY 23

 

Revenues

 

$

69,251

 

 

$

70,336

 

 

$

70,723

 

 

$

59,267

 

 

$

65,706

 

 

Sales and marketing expenses

 

 

21,459

 

 

 

19,939

 

 

 

20,745

 

 

 

17,963

 

 

 

22,326

 

 

 

(less) Stock-based compensation

 

 

(812

)

 

 

(777

)

 

 

(733

)

 

 

(631

)

 

 

(510

)

 

 

(less) Amortization of acquired intangible assets

 

 

(354

)

 

 

(354

)

 

 

(354

)

 

 

(354

)

 

 

(354

)

 

 

(less) Business transformation and strategic initiatives costs

 

 

 

 

 

 

 

 

(928

)

 

 

(572

)

 

 

(4,278

)

 

 

(less) Restructuring charges

 

 

(131

)

 

 

(762

)

 

 

(1,595

)

 

 

120

 

 

 

64

 

 

Non-GAAP Sales and marketing expenses

 

$

20,162

 

 

$

18,046

 

 

$

17,135

 

 

$

16,526

 

 

$

17,248

 

 

 

Non-GAAP Sales and marketing percentage

 

 

29

%

 

 

26

%

 

 

24

%

 

 

28

%

 

 

26

%

 

Research and development

 

 

7,072

 

 

 

4,899

 

 

 

4,572

 

 

 

5,434

 

 

 

6,632

 

 

 

(less) Stock-based compensation

 

 

(674

)

 

 

(411

)

 

 

(361

)

 

 

(258

)

 

 

(345

)

 

 

(less) Business transformation and strategic initiatives costs

 

 

 

 

 

 

 

 

(54

)

 

 

(37

)

 

 

(91

)

 

 

(less) Restructuring charges

 

 

(170

)

 

 

(246

)

 

 

(108

)

 

 

(15

)

 

 

(42

)

 

Non-GAAP Research and development expenses

 

$

6,228

 

 

$

4,242

 

 

$

4,049

 

 

$

5,124

 

 

$

6,154

 

 

 

Non-GAAP Research and development percentage

 

 

9

%

 

 

6

%

 

 

6

%

 

 

9

%

 

 

9

%

 

General and administrative expenses

 

 

42,869

 

 

 

16,401

 

 

 

12,908

 

 

 

21,194

 

 

 

15,414

 

 

 

(less) Stock-based compensation

 

 

(15,141

)

 

 

(3,350

)

 

 

(3,085

)

 

 

(6,756

)

 

 

(2,466

)

 

 

(less) Restructuring charges

 

 

(2,240

)

 

 

(1,411

)

 

 

(1,037

)

 

 

(2,820

)

 

 

(744

)

 

 

(less) Impairment of long-lived and right-of-use assets

 

 

(3,895

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(less) Business transformation and strategic initiatives costs

 

 

 

 

 

 

 

 

(173

)

 

 

(1,596

)

 

 

(2,437

)

 

 

(less) Shareholder activism response costs

 

 

(3,654

)

 

 

(51

)

 

 

250

 

 

 

(127

)

 

 

(119

)

 

 

(less) Expenses related to legal settlements

 

 

(4,750

)

 

 

(5,000

)

 

 

500

 

 

 

(177

)

 

 

(256

)

 

Non-GAAP General and administrative expenses

 

$

13,189

 

 

$

6,589

 

 

$

9,363

 

 

$

9,718

 

 

$

9,392

 

 

 

Non-GAAP General and administrative percentage

 

 

19

%

 

 

9

%

 

 

13

%

 

 

16

%

 

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Operating expenses*

 

$

39,579

 

 

$

28,877

 

 

$

30,547

 

 

$

31,368

 

 

$

32,794

 

 

 

Non-GAAP Operating expense percentage

 

 

57

%

 

 

41

%

 

 

43

%

 

 

53

%

 

 

50

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Non-GAAP operating expenses excludes stock-based compensation, amortization of acquired intangible assets, restructuring charges, impairment of certain long-lived and right-of-use assets, shareholder activism response costs, expenses related to legal settlements and certain business transformation and strategic initiatives costs.

 

Contacts

Investor Relations:

Drew Haroldson

The Blueshirt Group for Quotient

ir@quotient.com

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