- Elevated Quarterly Income 43% to $64.1 Million; Pushed by 37% Development in Safety Options and 49% Development in Safe Networks
- Elevated Quarterly Gross Revenue 51% to $24.1 Million; Expanded Gross Margin 196 Foundation Factors to 37.7%
- Generated Full Yr Money Movement from Operations of $7.3 Million; a $9.4 Million Enhance Over 2020
ASHBURN, Va., March 16, 2022 (GLOBE NEWSWIRE) — Telos® Company (NASDAQ: TLS), a number one supplier of cyber, cloud and enterprise safety options for the world’s most security-conscious organizations, immediately introduced monetary outcomes for the fourth quarter and full 12 months 2021.
“We delivered reported income development of 35%, 59% adjusted for the wind down of the 2020 Census program, however buyer delays on two massive applications, and elevated gross revenue 38% throughout our first full 12 months as a public firm,” stated John B. Wooden, chairman and CEO, Telos. “In the course of the 12 months, we centered on investments to place the corporate for continued development, investing internally in our gross sales and advertising efforts, and we acquired Diamond Fortress Applied sciences, including contactless biometrics expertise to assist Telos serve the wants of organizations in present and new markets. I’m happy with our outcomes and I’m assured in our positioning to carry out for our prospects, our shareholders, and our workers.”
Fourth Quarter 2021 Monetary Highlights (in thousands and thousands, besides per share information)
| 4Q 2021 | 4Q 2020 | ||||||
| Income | $ | 64.1 | $ | 44.9 | |||
| Gross Revenue | $ | 24.1 | $ | 16.0 | |||
| Gross Margin | 37.7 | % | 35.7 | % | |||
| GAAP Internet Earnings (Loss) | $ | (5.5 | ) | $ | 2.7 | ||
| Adjusted Internet Earnings (Loss) 1, 2 | $ | 7.3 | $ | (4.1 | ) | ||
| Enterprise EBITDA1 | $ | (4.0 | ) | $ | 5.4 | ||
| Adjusted EBITDA1, 2 | $ | 8.8 | $ | (2.6 | ) | ||
| GAAP Internet (Loss) Earnings per Share Attributable to Telos Company, Diluted | $ | (0.08 | ) | $ | 0.08 | ||
| Adjusted EPS 1, 2 | $ | 0.11 | $ | (0.08 | ) | ||
| Weighted-average Shares of Widespread Inventory Excellent, Diluted | 66.8 | 51.3 | |||||
| Money Movement from Operations | $ | (2.4 | ) | $ | (14.1 | ) | |
| Free Money Movement 1 | $ | (7.2 | ) | $ | (15.4 | ) | |
1 Adjusted EBITDA, Enterprise EBITDA, Adjusted Internet Earnings (Loss), Adjusted EPS and Free Money Movement are non-GAAP monetary measures. Check with “Non-GAAP Monetary Measures” under
2 After adjustment for inventory compensation expense of $12.9 million within the fourth quarter 2021 and none within the fourth quarter 2020
Chosen Fourth Quarter Enterprise Highlights:
New Enterprise Actions
- The U.S. Air Power Air Fight Command (ACC) awarded Telos possibility 12 months 4 of the Defensive Cyber Operations (DCO) Whitespace Program with efficiency by means of the start of January 2023. Telos has been offering plans and program assist, shopper methods, cyber transport, and cyber operations to reinforce U.S. Air Power personnel within the efficiency of core data expertise companies.
- The U.S. Air Power Materiel Command awarded Telos two job orders in assist of the Theater Deployable Communications structure improve. Work below the duty orders contains delivering modules and kits with inclusive baseline cybersecurity posture for tools being offered.
- Xacta® continues to supply worth to prospects, primarily in safety compliance and with FedRAMP authorization efforts. Within the fourth quarter, the corporate obtained renewals and new wins with industrial entities equivalent to M.C. Dean, Northrop Grumman, Oracle, Verizon, and others.
- The Firm had one other stable quarter of Xacta renewals and new wins with present authorities prospects, together with the Federal Bureau of Investigation, the U.S. Social Safety Administration, the Division of the Inside, and others.
Accomplice Enhancements
- The Telos CyberProtect Accomplice Program™ continued to progress. This system has signed and recruited companions throughout the ecosystem, delivering entry to verticals equivalent to healthcare, state, native and schooling, and industrial enterprise and bolstering the corporate’s place within the federal market.
- Skilled early success in strain testing the gross sales channel, with a number of offers transacting by means of the system. Moreover, the gross sales channel efficiently added new contract automobiles offering entry to a broader base of shoppers with particular procurement automobiles.
Monetary Outlook:
| We now have decided Telos to be an “Agent,” as outlined by ASC 606, because it pertains to the per-applicant charge for service collected by Telos and paid to the TSA and FBI as a part of Telos’ upcoming TSA PreCheck enrollment companies providing. In accordance with ASC 606, Telos is to report income from candidates for this service internet of the charges paid to the TSA and FBI as a part of the association. | |||||
| 1Q 20224 | Full Yr 20224 | ||||
| Gross Income Equal1 | $44 – $48 Million | $226 – $276 Million | |||
| Gross to Internet Income Conversion2 | $0 – $0 Million | $0 – ($19) Million | |||
| Income Steerage | $44 – $48 Million | $226 – $257 Million | |||
| YoY Development | (21%) – (13%) | (7%) – 6% | |||
| Adjusted EBITDA3 Steerage | ($2.0) – $2.0 Million | $21 – $28 Million | |||
1 To assist comparability with prior communications, illustrates income steering as if TSA PreCheck program income have been acknowledged on a gross foundation
2 Impression of changing TSA PreCheck program from gross income recognition to internet income recognition
3 Adjusted EBITDA is a non-GAAP monetary measure. Check with “Non-GAAP Monetary Measures” under
4 1Q 2022 steering doesn’t embody income from the TSA PreCheck program. Full 12 months 2022 steering contains $31 million of gross income or $12 million of internet income from the TSA PreCheck program within the excessive finish of steering
This steering consists of forward-looking statements and precise outcomes might differ materially. Check with the Ahead-Wanting Statements part under for data on the elements that might trigger the Firm’s precise outcomes to vary materially from these forward-looking statements. Adjusted EBITDA is a non-GAAP monetary measure. The Firm has not offered probably the most immediately comparable GAAP measure to this forward-looking non-GAAP monetary measure as a result of sure gadgets are out of the Firm’s management or can’t be fairly predicted. Accordingly, a reconciliation for forward-looking Adjusted EBITDA will not be out there with out unreasonable effort.
Delayed Submitting of Annual Report on Kind 10-Okay
The Firm won’t file its Annual Report on Kind 10-Okay on March 16, 2022, as beforehand anticipated and as reported on its recently-filed Kind 12b-25. The principal causes for the delay in finishing our year-end closing and monetary reporting course of are primarily attributable to delays in finishing our evaluation of the effectiveness of our inside management over monetary reporting. Because of the foregoing, the Firm’s unbiased registered public accounting agency has not but accomplished its audits of the Firm’s monetary statements and inside management over monetary reporting as of December 31, 2021.
Webcast Info
Telos will host a stay webcast to debate its fourth quarter and full 12 months 2021 monetary outcomes at 8:00 a.m. Japanese Time immediately, March 16, 2022. To entry the webcast, go to https://edge.media-server.com/mmc/p/b286ugp2. Associated presentation supplies will probably be made out there on the Traders part of the Firm’s web site at https://buyers.telos.com. As well as, an archived webcast will probably be out there roughly two hours after the conclusion of the stay occasion on the Traders part of the Firm’s web site.
Ahead-Wanting Statements
This press launch accommodates forward-looking statements that are made below the secure harbor provisions of the federal securities legal guidelines. These statements are primarily based on the Firm’s administration’s present beliefs, expectations and assumptions about future occasions, situations and outcomes and on data presently out there to them. By their nature, forward-looking statements contain dangers and uncertainties as a result of they relate to occasions and rely on circumstances which will or might not happen sooner or later. The Firm believes that these dangers and uncertainties embody, however are usually not restricted to, these described below the captions “Danger Elements” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” set forth once in a while within the Firm’s filings and stories with the U.S. Securities and Alternate Fee (SEC), together with its Annual Report on Kind 10-Okay for the 12 months ended December 31, 2021 and its Quarterly Studies on Kind 10-Q, in addition to future filings and stories by the Firm, copies of which can be found at https://buyers.telos.com and on the SEC’s web site at www.sec.gov.
Though the Firm bases these forward-looking statements on assumptions that they imagine are cheap when made, they warning the reader that forward-looking statements are usually not ensures of future efficiency and that the Firm’s precise outcomes of operations, monetary situation and liquidity, and trade developments might differ materially from statements made in or prompt by the forward-looking statements contained on this launch. Given these dangers, uncertainties and different elements, a lot of that are past its management, the Firm cautions the reader to not place undue reliance on these forward-looking statements. Any forward-looking assertion speaks solely as of the date of such assertion and, besides as required by regulation, the Firm undertakes no obligation to replace any forward-looking assertion publicly, or to revise any forward-looking assertion to mirror occasions or developments occurring after the date of the assertion, even when new data turns into out there sooner or later. Comparisons of outcomes for present and any prior intervals are usually not supposed to precise any future tendencies or indications of future efficiency, until particularly expressed as such, and may solely be considered as historic information.
Non-GAAP Monetary Measures
Along with our outcomes decided in accordance with GAAP, we imagine the non-GAAP monetary measures of Enterprise EBITDA, Adjusted EBITDA, Adjusted Internet Earnings (Loss), Adjusted EPS and Free Money Movement are helpful in evaluating our working efficiency. We imagine that this non-GAAP monetary data, when taken collectively with our GAAP outcomes, could also be useful to readers of our monetary statements as a result of it supplies consistency and comparability with previous monetary efficiency and assists in comparisons with different firms, a few of which use comparable non-GAAP monetary data to complement their GAAP outcomes. The non-GAAP monetary data is introduced for supplemental informational functions solely, shouldn’t be thought of an alternative to monetary data introduced in accordance with GAAP, and could also be completely different from similarly-titled non-GAAP measures utilized by different firms. A reconciliation is offered under for every of those non-GAAP monetary measures to probably the most immediately comparable monetary measure acknowledged in accordance with GAAP.
The Firm makes use of these non-GAAP monetary measures to know and consider its core working efficiency and tendencies, to arrange and approve its annual finances, to develop short-term and long-term working plans, and to judge the efficiency of sure administration personnel when figuring out incentive compensation. The Firm believes these non-GAAP monetary measures facilitate comparability of its working efficiency on a constant foundation between intervals by excluding sure gadgets which will, or may, have a disproportionate constructive or destructive affect on its outcomes of operations in any specific interval. When considered together with the Firm’s outcomes ready in accordance with GAAP, these non-GAAP monetary measures assist present a broader image of things and tendencies affecting the Firm’s outcomes of operations.
Enterprise EBITDA, Adjusted EBITDA, Adjusted Internet Earnings (Loss), Adjusted EPS and Free Money Movement are supplemental measures of working efficiency that aren’t made below GAAP and don’t symbolize, and shouldn’t be thought of as an alternative choice to, internet earnings (loss), earnings per share or internet money flows offered by working actions, as decided by GAAP.
The Firm defines Enterprise EBITDA as internet (loss) earnings attributable to Telos Company, adjusted for internet earnings attributable to non-controlling curiosity, non-operating (earnings) expense, curiosity expense, provision for (profit from) earnings taxes, and depreciation and amortization. The Firm defines Adjusted EBITDA as Enterprise EBITDA, adjusted for transaction features/losses/bills associated to our IPO and stock-based compensation expense. The Firm defines Adjusted Internet Earnings (Loss) as internet earnings (loss) attributable to Telos Company, adjusted for non-operating expense (earnings), transaction-related features/losses/bills, and stock-based compensation expense. The Firm defines Adjusted EPS as Adjusted Internet Earnings (Loss) divided by the weighted-average variety of widespread shares excellent for the interval. Free money move is outlined as internet money offered by or utilized in working actions, much less purchases of property and tools and capitalized software program growth prices.
Every of Enterprise EBITDA, Adjusted EBITDA, Adjusted Internet Earnings (Loss), Adjusted EPS and Free Money Movement has limitations as an analytical instrument, and you shouldn’t think about any of them in isolation, or as an alternative to evaluation of our outcomes as reported below GAAP. Amongst different limitations, every of Enterprise EBITDA, Adjusted EBITDA, Adjusted Internet Earnings (Loss), Adjusted EPS and Free Money Movement doesn’t mirror our future necessities for capital expenditures or contractual commitments, doesn’t mirror the affect of sure money costs ensuing from issues we think about to not be indicative of our ongoing operations, and doesn’t mirror earnings tax expense or profit. Different firms in our trade might calculate Enterprise EBITDA, Adjusted EBITDA, Adjusted Internet Earnings (Loss), Adjusted EPS and Free Money Movement otherwise than we do, which limits its usefulness as a comparative measure. Due to these limitations, every of Enterprise EBITDA, Adjusted EBITDA, Adjusted Internet Earnings (Loss), Adjusted EPS, and Free Money Movement shouldn’t be thought of as a alternative for internet earnings (loss), earnings per share or internet money flows offered by working actions, as decided by GAAP, or as a measure of the Firm’s profitability. The Firm compensates for these limitations by relying totally on its GAAP outcomes and utilizing non-GAAP measures just for supplemental functions.
About Telos Company
Telos Company (NASDAQ: TLS) empowers and protects the world’s most security-conscious organizations with options for steady safety assurance of people, methods, and knowledge. Telos’ choices embody cybersecurity options for IT threat administration and knowledge safety; cloud safety options to guard cloud-based property and allow steady compliance with trade and authorities safety requirements; and enterprise safety options for identification and entry administration, safe mobility, organizational messaging, and community administration and protection. The corporate serves industrial enterprises, regulated industries and authorities prospects around the globe.
Media:
Mia Wilcox
media@telos.com
(610) 564-6773
Traders:
InvestorRelations@telos.com
(703) 724-4777
TELOS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(quantities in 1000’s, besides earnings per share information)
| Years Ended December 31, | |||||||||||
| 2021 | 2020 | 2019 | |||||||||
| (Unaudited) | |||||||||||
| Income | |||||||||||
| Providers | $ | 221,548 | $ | 161,180 | $ | 143,581 | |||||
| Merchandise | 20,885 | 18,737 | 15,637 | ||||||||
| 242,433 | 179,917 | 159,218 | |||||||||
| Prices and bills | |||||||||||
| Value of gross sales – Providers | 143,357 | 106,969 | 98,772 | ||||||||
| Value of gross sales – Merchandise | 13,047 | 10,528 | 8,102 | ||||||||
| 156,404 | 117,497 | 106,874 | |||||||||
| Promoting, basic and administrative bills | |||||||||||
| Gross sales and advertising | 19,655 | 6,176 | 5,951 | ||||||||
| Analysis and growth | 19,096 | 14,243 | 10,647 | ||||||||
| Normal and administrative | 88,742 | 41,704 | 30,721 | ||||||||
| 127,493 | 62,123 | 47,319 | |||||||||
| Working (loss) earnings | (41,464 | ) | 297 | 5,025 | |||||||
| Different earnings (bills) | |||||||||||
| Achieve on redemption of public most well-liked inventory | — | 14,012 | — | ||||||||
| Non-operating (expense) earnings | (921 | ) | (255 | ) | 201 | ||||||
| Curiosity expense | (777 | ) | (7,259 | ) | (7,467 | ) | |||||
| (Loss) earnings earlier than earnings taxes | (43,162 | ) | 6,795 | (2,241 | ) | ||||||
| Profit from earnings taxes | 28 | 46 | 104 | ||||||||
| Internet (loss) earnings | (43,134 | ) | 6,841 | (2,137 | ) | ||||||
| Much less: Internet earnings attributable to non-controlling curiosity | — | (5,154 | ) | (4,264 | ) | ||||||
| Internet (loss) earnings attributable to Telos Company | $ | (43,134 | ) | $ | 1,687 | $ | (6,401 | ) | |||
| Internet (loss) earnings per share attributable to Telos Company, primary | $ | (0.65 | ) | $ | 0.04 | $ | (0.17 | ) | |||
| Internet (loss) earnings per share attributable to Telos Company, diluted | $ | (0.65 | ) | $ | 0.04 | $ | (0.17 | ) | |||
| Weighted-average shares of widespread inventory excellent, primary | 66,374 | 41,642 | 37,729 | ||||||||
| Weighted-average shares of widespread inventory excellent, diluted | 66,374 | 42,877 | 37,729 | ||||||||
TELOS CORPORATION
CONSOLIDATED BALANCE SHEETS
(quantities in 1000’s)
ASSETS
| December 31, | |||||||
| 2021 | 2020 | ||||||
| (Unaudited) | |||||||
| Present property | |||||||
| Money and money equivalents | $ | 126,562 | $ | 106,045 | |||
| Accounts receivable, internet | 59,844 | 30,913 | |||||
| Inventories, internet | 1,247 | 3,311 | |||||
| Pay as you go bills | 3,329 | 3,059 | |||||
| Different present property | 732 | 786 | |||||
| Whole present property | 191,714 | 144,114 | |||||
| Property and tools | |||||||
| Furnishings and tools | 15,420 | 13,574 | |||||
| Leasehold enhancements | 2,994 | 2,669 | |||||
| Property and tools below finance leases | 30,784 | 30,791 | |||||
| 49,198 | 47,034 | ||||||
| Much less: Gathered depreciation and amortization | (34,057 | ) | (32,057 | ) | |||
| Internet property and tools | 15,141 | 14,977 | |||||
| Working lease right-of-use property | 852 | 1,464 | |||||
| Goodwill | 17,922 | 14,916 | |||||
| Intangible property, internet | 19,199 | 7,420 | |||||
| Different property | 1,253 | 926 | |||||
| Whole property | $ | 246,081 | $ | 183,817 | |||
TELOS CORPORATION
CONSOLIDATED BALANCE SHEETS
(quantities in 1000’s, besides share and par worth information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
| December 31, | |||||||
| 2021 | 2020 | ||||||
| (Unaudited) | |||||||
| Present liabilities | |||||||
| Accounts payable and different accrued liabilities | $ | 34,548 | $ | 20,899 | |||
| Accrued compensation and advantages | 6,557 | 8,474 | |||||
| Contract liabilities | 6,381 | 5,654 | |||||
| Finance lease obligations – short-term | 1,461 | 1,339 | |||||
| Working lease obligations – short-term | 564 | 677 | |||||
| Different present liabilities | 1,430 | 1,903 | |||||
| Whole present liabilities | 50,941 | 38,946 | |||||
| Finance lease obligations – long-term | 12,840 | 14,301 | |||||
| Working lease obligations – long-term | 388 | 941 | |||||
| Deferred earnings taxes | 723 | 652 | |||||
| Different liabilities | 935 | 1,873 | |||||
| Whole liabilities | 65,827 | 56,713 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ fairness | |||||||
| Widespread inventory, $0.001 par worth, 250,000,000 shares licensed, 66,767,450 shares and 64,625,071 shares issued and excellent as of December 31, 2021 and 2020, respectively | 105 | 103 | |||||
| Further paid-in capital | 367,153 | 270,800 | |||||
| Gathered different complete earnings | (27 | ) | 44 | ||||
| Gathered deficit | (186,977 | ) | (143,843 | ) | |||
| Whole stockholders’ fairness | 180,254 | 127,104 | |||||
| Whole liabilities and stockholders’ fairness | $ | 246,081 | $ | 183,817 | |||
TELOS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(quantities in 1000’s)
| Years Ended December 31, | |||||||||||
| 2021 | 2020 | 2019 | |||||||||
| (Unaudited) | |||||||||||
| Working actions: | |||||||||||
| Internet (loss) earnings | $ | (43,134 | ) | $ | 6,841 | $ | (2,137 | ) | |||
| Changes to reconcile internet (loss) earnings to money offered by (utilized in) working actions: | |||||||||||
| Achieve on redemption of public most well-liked inventory | — | (14,012 | ) | — | |||||||
| Internet loss on early extinguishment of debt and different transactions | — | 275 | — | ||||||||
| Inventory-based compensation | 60,231 | 4 | — | ||||||||
| Dividends from most well-liked inventory recorded as curiosity expense | — | 3,384 | 3,823 | ||||||||
| Depreciation and amortization | 5,624 | 5,353 | 4,972 | ||||||||
| Provision for stock obsolescence | 10 | (1 | ) | 376 | |||||||
| Provision for (profit from) uncertain accounts receivable | 7 | (412 | ) | 414 | |||||||
| Provision for uncertain non-trade receivables | — | 569 | — | ||||||||
| Amortization of debt issuance prices | — | 978 | 461 | ||||||||
| Provision for (profit from) deferred earnings tax | 70 | 31 | (197 | ) | |||||||
| Loss on disposal of fastened property | 6 | 1 | 15 | ||||||||
| Accretion of low cost on acquisition holdback | 19 | — | — | ||||||||
| Adjustments in property and liabilities: | |||||||||||
| (Enhance) lower in accounts receivable | (28,937 | ) | (2,559 | ) | 6,186 | ||||||
| Lower (improve) in inventories | 2,054 | (1,345 | ) | 2,048 | |||||||
| Enhance in pay as you go bills, different present property and different property | (982 | ) | (938 | ) | (4,005 | ) | |||||
| Enhance (lower) in accounts payable and different accrued payables | 16,086 | 3,413 | (6,730 | ) | |||||||
| (Lower) improve in accrued compensation and advantages | (1,917 | ) | (3,713 | ) | 3,105 | ||||||
| Enhance (lower) in contract liabilities | 727 | (683 | ) | 1,106 | |||||||
| (Lower) improve in different present liabilities and different liabilities | (2,602 | ) | 710 | 2,379 | |||||||
| Money offered by (utilized in) working actions | 7,262 | (2,104 | ) | 11,816 | |||||||
| Investing actions: | |||||||||||
| Money paid for acquisition | (5,925 | ) | — | — | |||||||
| Capitalized software program growth prices | (9,968 | ) | (6,681 | ) | (2,442 | ) | |||||
| Purchases of property and tools | (3,201 | ) | (780 | ) | (4,090 | ) | |||||
| Money utilized in investing actions | (19,094 | ) | (7,461 | ) | (6,532 | ) | |||||
| Financing actions: | |||||||||||
| Proceeds from issuance of widespread inventory, internet of issuance prices | 64,269 | 272,813 | — | ||||||||
| Repurchase of excellent warrants | (26,894 | ) | — | — | |||||||
| Repurchase of widespread inventory | (1,251 | ) | — | — | |||||||
| Redemption of public most well-liked inventory | — | (108,878 | ) | — | |||||||
| Buy of Telos ID membership curiosity | — | (30,000 | ) | — | |||||||
| Fee of senior time period mortgage | — | (17,351 | ) | — | |||||||
| Fee of subordinated debt | — | (3,657 | ) | — | |||||||
| Proceeds from senior time period mortgage | — | — | 4,881 | ||||||||
| Funds below finance lease obligations | (1,339 | ) | (1,225 | ) | (1,115 | ) | |||||
| Modification charge paid to lender | — | (100 | ) | — | |||||||
| Distributions to Telos ID Class B member – non-controlling curiosity | (2,436 | ) | (2,743 | ) | (2,371 | ) | |||||
| Money offered by financing actions | 32,349 | 108,859 | 1,395 | ||||||||
| Enhance in money and money equivalents | 20,517 | 99,294 | 6,679 | ||||||||
| Money and money equivalents, starting of the 12 months | 106,045 | 6,751 | 72 | ||||||||
| Money and money equivalents, finish of 12 months | $ | 126,562 | $ | 106,045 | $ | 6,751 | |||||
Enterprise EBITDA and Adjusted EBITDA (Unaudited, quantities in 1000’s)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2021 | % to Income |
2020 | % to Income |
2021 | % to Income |
2020 | % to Income |
||||||||||||||||
| Internet (loss) earnings attributable to Telos Company | $ | (5,490 | ) | (8.6 | )% | $ | 3,865 | 8.6 | % | $ | (43,134 | ) | (17.8 | )% | $ | 1,687 | 0.9 | % | |||||
| Changes: | |||||||||||||||||||||||
| Internet earnings attributable to non-controlling curiosity | — | — | % | (1,130 | ) | (2.5 | )% | — | — | % | 5,154 | 2.9 | % | ||||||||||
| Non-operating (earnings) bills | (80 | ) | (0.1 | )% | (6 | ) | — | % | 921 | 0.4 | % | (20 | ) | — | % | ||||||||
| Curiosity expense | 194 | 0.3 | % | 1,233 | 2.7 | % | 777 | 0.3 | % | 7,259 | 4.0 | % | |||||||||||
| (Profit from) provision for earnings taxes | (34 | ) | (0.1 | )% | 90 | 0.2 | % | (28 | ) | — | % | (46 | ) | — | % | ||||||||
| Depreciation and amortization | 1,401 | 2.2 | % | 1,335 | 3.0 | % | 5,624 | 2.4 | % | 5,353 | 3.0 | % | |||||||||||
| Enterprise EBITDA | (4,009 | ) | (6.3 | )% | 5,387 | 12.0 | % | (35,840 | ) | (14.7 | )% | 19,387 | 10.8 | % | |||||||||
| Transaction associated achieve/losses/bills | — | — | % | (8,007 | ) | (17.8 | )% | — | — | % | (8,007 | ) | (4.5) % | ||||||||||
| Inventory-based compensation expense | 12,853 | 20.1 | % | — | — | % | 60,231 | 24.8 | % | 4 | — | % | |||||||||||
| Adjusted EBITDA | $ | 8,844 | 13.8 | % | $ | (2,620 | ) | (5.8 | )% | $ | 24,391 | 10.1 | % | $ | 11,384 | 6.3 | % | ||||||
Adjusted Internet Earnings (Loss) and Adjusted EPS (Unaudited)
| Three Months Ended December 31, | 2021 | 2020 | |||||||||||||
| Adjusted Internet Earnings (Loss) |
Adjusted Earnings Per Share |
Adjusted Internet Earnings (Loss) |
Adjusted Earnings Per Share |
||||||||||||
| (in 1000’s) | (in 1000’s) | ||||||||||||||
| Reported GAAP measure | $ | (5,490 | ) | $ | (0.08 | ) | $ | 3,865 | $ | 0.08 | |||||
| Changes: | |||||||||||||||
| Non-operating earnings | (80 | ) | — | (6 | ) | — | |||||||||
| Transaction associated achieve/losses/bills | — | — | (8,007 | ) | (0.16 | ) | |||||||||
| Inventory-based compensation expense | 12,853 | 0.19 | — | ||||||||||||
| Adjusted non-GAAP measure | $ | 7,283 | $ | 0.11 | $ | (4,148 | ) | $ | (0.08 | ) | |||||
| Weighted-average shares of widespread inventory excellent, diluted | 66,756 | 51,302 | |||||||||||||
| Twelve Months Ended December 31, | 2021 | 2020 | |||||||||||||
| Adjusted Internet Earnings (Loss) |
Adjusted Earnings Per Share |
Adjusted Internet Earnings (Loss) |
Adjusted Earnings Per Share |
||||||||||||
| (in 1000’s) | (in 1000’s) | ||||||||||||||
| Reported GAAP measure | $ | (43,134 | ) | $ | (0.65 | ) | $ | 1,687 | $ | 0.04 | |||||
| Changes: | |||||||||||||||
| Non-operating bills (earnings) | 921 | 0.01 | (20 | ) | — | ||||||||||
| Transaction associated achieve/losses/bills | — | — | (8,007 | ) | (0.19 | ) | |||||||||
| Inventory-based compensation expense | 60,231 | 0.91 | 4 | — | |||||||||||
| Adjusted non-GAAP measure | $ | 18,018 | $ | 0.27 | $ | (6,336 | ) | $ | (0.15 | ) | |||||
| Weighted-average shares of widespread inventory excellent, diluted | 66,374 | 42,877 | |||||||||||||
Free Money Movement (Unaudited)
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Internet money flows (utilized in) offered by working actions | $ | (2,375 | ) | $ | (14,061 | ) | $ | 7,262 | $ | (2,104 | ) | ||||
| Changes: | |||||||||||||||
| Capitalized software program growth prices | (3,296 | ) | (1,222 | ) | (9,968 | ) | (6,681 | ) | |||||||
| Purchases of property and tools | (1,556 | ) | (156 | ) | (3,201 | ) | (780 | ) | |||||||
| Free money move | $ | (7,227 | ) | $ | (15,439 | ) | $ | (5,907 | ) | $ | (9,565 | ) | |||
