– Q3’24 financial results highlight significant year-over-year gross margin and operating margin expansion driven by strong revenue growth, unit cost efficiencies and operating expense leverage
– $25.1 million of the $100 million share repurchase program executed in the third quarter of 2024
– Sustaining a strong balance sheet with cash and marketable securities of $394.3 million while extinguishing pre-existing term debt and establishing a new larger credit facility
– Strong Q3’24 financial results drive upward revision in 2024 revenue and adjusted EBITDA outlook
CHARLOTTE, N.C., Nov. 06, 2024 (GLOBE NEWSWIRE) — 91成人海角社区 Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced financial results for the third quarter ended September 30, 2024.
鈥淲e delivered solid third quarter 2024 results as measured by virtually every key metric. Starting with year over year revenue growth, which rose by 14.3%, non-GAAP gross margin and adjusted EBITDA margin came in at 74.5% and 20.7%, respectively. Both the non-GAAP gross margin and adjusted EBITDA margin in the quarter were at the top-end or exceeded the range/targets laid out during the Company鈥檚 June 1, 2023 Investor Day. Meanwhile, net cash from operating activities was up more than four-fold to $24.6 million as we extinguished and replaced our higher interest rate $63 million of pre-existing term debt with a relatively cheaper and larger new $150 million credit facility with a potential $150 million accordion feature. Because of the strong execution on our transformational value proposition of accounts payable and payments automation we deliver to our middle market buyer customers and their suppliers through our proprietary two-sided network that we are in such a strong financial position. While the macro backdrop still remains choppy, the recent inflection in transaction retention trends is encouraging. That coupled with the recently launched integration partnerships as well as launching and scaling of new products such as Payment 2.0 Platform, Payment Accelerator 2.0, Spend Management, etc., should advance our growth, profit and value creation objectives,鈥 said Michael Praeger, Chief Executive Officer & Co-Founder of 91成人海角社区.
Third Quarter 2024 Financial Highlights:
– Total revenue was $112.8 million, an increase of 14.3% year-over-year, compared with $98.7 million in the third quarter of 2023. Third quarter 2023 total revenue included a favorable out of period adjustment, the net contribution of which was $1.5 million. Of the $1.5 million in net favorable contribution, $1.1 million favorably benefited software revenue and $0.5 million favorably benefited services revenue, while approximately $0.1 million was unfavorable to payment revenue.
– Revenue included interest income of $12.7 million compared with $10.6 million in the third quarter of 2023.
– GAAP net income was $4.0 million, compared with a GAAP net loss of $(8.1) million in the third quarter of 2023. Third quarter 2023 GAAP net income included a favorable out of period adjustment, the net of tax contribution of which was $1.5 million.
– Non-GAAP net income was $15.7 million, compared with $5.8 million in the third quarter of 2023. Third quarter 2023 Non-GAAP net income included a favorable out of period adjustment, the net of tax contribution of which was $1.1 million.
– GAAP gross profit was $76.4 million, or 67.7% of total revenue, compared with $62.3 million, or 63.2% of revenue in the third quarter of 2023. Third quarter 2023 GAAP gross profit included a favorable out of period adjustment, the net contribution of which was $1.5 million.
– Non-GAAP gross profit was $84.0 million, or 74.5% of total revenue, compared with $69.1 million, or 70.0% of revenue in the third quarter of 2023. Third quarter 2023 Non-GAAP gross profit included a favorable out of period adjustment, the net contribution of which was $1.5 million.
– Adjusted EBITDA was $23.3 million compared with $11.4 million in the third quarter of 2023. Third quarter 2023 adjusted EBITDA included a favorable out of period adjustment, the net contribution of which was $1.5 million.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Measures and Other Performance Metrics.”
Third Quarter 2024 Key Business Metrics and Highlights:
– Total transactions processed in the third quarter of 2024 were 20.2 million, an increase of 5.2% from 19.2 million in the third quarter of 2023.
– Total payment volume in the third quarter of 2024 was $21.5 billion, an increase of 9.4% from $19.6 billion in the third quarter of 2023.
– Transaction yield in the third quarter of 2024 was $5.59, an increase of 8.5% from $5.15 in the third quarter of 2023. Third quarter 2023 transaction yield included a favorable out of period adjustment, the net contribution of which was $1.5 million, or $0.08.
Full Year 2024 Financial Outlook
As of November 6, 2024, 91成人海角社区 anticipates its Full Year 2024 revenue, adjusted EBITDA and Non-GAAP diluted earnings per share (EPS) to be in the following ranges (in millions, except per share data):听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Current FY 2024 Guidance |
Previous FY 2024 Guidance |
||
搁别惫别苍耻别听(1&2) | $437.0 – $439.0 | $436.0 – $439.0 | |
Adjusted EBITDA(1,2&3) | $78.0 – $79.0 | $73.0 – $75.0 | |
Non-GAAP Diluted EPS(3) | $0.24 – $0.25 |
(1) The current FY 2024 guidance anticipates interest revenue contribution of approximately $50.0 million compared to $49.0 million previously
(2) The current FY 2024 guidance anticipates political revenue contribution of approximately $6.5 million compared to $9.0 million previously
(3) Reconciliation of adjusted EBITDA to GAAP net loss and Non-GAAP diluted EPS to basic and diluted EPS on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from the non-GAAP measures.
These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Earnings Teleconference Information
91成人海角社区 will discuss its third quarter 2024 financial results during a teleconference today, November 6, 2024, at 10:00 AM ET. The call will be broadcast simultaneously via webcast at听. Following the completion of the call, a recorded replay of the webcast will be available on 91成人海角社区鈥檚 website. In addition to the conference call, supplemental information is available on the Investor Relations section of 91成人海角社区鈥檚 website at .
About 91成人海角社区鈩
91成人海角社区 is a leading provider of accounts payable (鈥淎P鈥) automation software and payment solutions for middle market businesses and their suppliers. 91成人海角社区鈥檚 software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 1,200,000 supplier customers of its buyers over the past five years. To learn more about how 91成人海角社区 is transforming the way companies pay their bills, visit听.
Forward-Looking Statements
This press release may contain 鈥渇orward-looking statements鈥 within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: 鈥渁nticipate,鈥 鈥渋ntend,鈥 鈥減lan,鈥 鈥済oal,鈥 鈥渟eek,鈥 鈥渂elieve,鈥 鈥渙utlook,鈥 鈥減roject,鈥 鈥渆stimate,鈥 鈥渆xpect,鈥 鈥渇uture,鈥 鈥渓ikely,鈥 鈥渕ay,鈥 鈥渟hould,鈥 鈥渃ontinue,鈥 鈥渨ill鈥 and similar words and phrases indicating future results. The information presented in this press release related to our expectations of future performance, including guidance for our revenue and Adjusted EBITDA for the full year 2024, the continued strength of our financial position and execution on behalf of buyers and suppliers, the macroeconomic backdrop within verticals in which we have domain expertise, future trends reflecting transaction retention, our ability to accelerate revenue growth, the advancement of our growth, profit and value creation objectives through integration partnerships and the launch and scaling of new products, and other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management鈥檚 current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements.
Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described, from time to time, in 91成人海角社区鈥檚 filings with the Securities and Exchange Commission (鈥淪EC鈥), including, without limitation, 91成人海角社区鈥檚 Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.
Non-GAAP听Measures and Other Performance Metrics
To supplement the financial measures presented in our press release and related conference call in accordance with generally accepted accounting principles in the United States (鈥淕AAP鈥), we also present the following non-GAAP measures of financial performance: Non-GAAP Gross Profit, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share.
A 鈥渘on-GAAP financial measure鈥 refers to a numerical measure of our historical or future financial performance or financial position that is included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in our financial statements. We provide certain non-GAAP measures as additional information relating to our operating results as a complement to results provided in accordance with GAAP. The non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with GAAP and should not be considered a measure of liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare our performance to that of other companies.
We have presented Non-GAAP Gross Profit, Adjusted EBITDA, Non-GAAP Net Income (Loss) and Non-GAAP Earnings Per Share in this press release. We define Non-GAAP Gross Profit as revenue less cost of revenue excluding the portion of depreciation and amortization and stock-based compensation expense allocated to cost of revenues. We define Adjusted EBITDA as our net loss before depreciation and amortization, impairment and write-off of intangible assets, interest income and expense, income tax expense (benefit), stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, and charitable contributions of common stock. We define Non-GAAP Net Income (Loss) as net loss before amortization of acquired intangible assets, impairment and write-off of intangible assets, stock-based compensation expense, transaction and acquisition-related costs expensed, change in fair value of derivative instrument, non-recurring items not indicative of ongoing operations, acquisition-related effects on income tax, and charitable contributions of common stock. Non-GAAP income tax expense is calculated using our blended statutory rate except in periods of non-GAAP net loss when it is based on our GAAP income tax expense. In each case, non-GAAP income tax expense excludes the effects of acquisitions in the period on tax expense. We define Non-GAAP Earnings per Share as Non-GAAP Net Income (Loss) per diluted share.
We believe the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are either not part of our core operations or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance.
Availability of Information on 91成人海角社区鈥檚 Website
Investors and others should note that 91成人海角社区 routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations section of 91成人海角社区鈥檚 website. While not all information that 91成人海角社区 posts to the Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, 91成人海角社区 encourages investors, the media and others interested in 91成人海角社区 to review the information that it shares at the Investor Relations link located at . Users may automatically receive email alerts and other information about 91成人海角社区 when enrolling an email address by visiting 鈥淓mail Alerts鈥 in the 鈥淩esources鈥 section of 91成人海角社区鈥檚 Investor Relations website听.
Investor Contact:
Subhaash Kumar
[email protected]
813.760.2309
91成人海角社区 Holdings, Inc. Consolidated Statements of Operations (in thousands, except share and per share data) |
||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 112,772 | $ | 98,680 | $ | 323,502 | $ | 276,656 | ||||||||
Cost of revenues (exclusive of depreciation and amortization expense) | 30,429 | 30,767 | 91,188 | 90,461 | ||||||||||||
Operating expenses | ||||||||||||||||
Sales and marketing | 21,102 | 18,735 | 60,799 | 58,946 | ||||||||||||
Research and development | 25,125 | 24,754 | 76,037 | 72,616 | ||||||||||||
General and administrative | 25,769 | 25,002 | 72,664 | 75,345 | ||||||||||||
Impairment and write-off of intangible assets | – | – | 162 | – | ||||||||||||
Depreciation and amortization | 9,092 | 9,051 | 27,607 | 26,515 | ||||||||||||
Total operating expenses | 81,088 | 77,542 | 237,269 | 233,422 | ||||||||||||
Income (loss) from operations | 1,255 | (9,629 | ) | (4,955 | ) | (47,227 | ) | |||||||||
Other income (expense) | ||||||||||||||||
Interest income | 5,837 | 5,100 | 18,378 | 14,820 | ||||||||||||
Interest expense | (2,614 | ) | (3,428 | ) | (9,274 | ) | (10,106 | ) | ||||||||
Other income | 3,223 | 1,672 | 9,104 | 4,714 | ||||||||||||
Income (loss) before income taxes | 4,478 | (7,957 | ) | 4,149 | (42,513 | ) | ||||||||||
Income tax expense | 431 | 134 | 675 | 339 | ||||||||||||
Net income (loss) | $ | 4,047 | $ | (8,091 | ) | $ | 3,474 | $ | (42,852 | ) | ||||||
Net income (loss) per share attributable to common stockholders: | ||||||||||||||||
Basic | $ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.21 | ) | ||||||
Diluted | $ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.21 | ) | ||||||
Weighted average number of common shares used to compute net income (loss) per share attributable to common stockholders: | ||||||||||||||||
Basic | 207,235,954 | 202,526,844 | 206,389,565 | 201,338,550 | ||||||||||||
Diluted | 209,015,661 | 202,526,844 | 209,721,858 | 201,338,550 |
91成人海角社区 Holdings, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) |
||||||||
As of September 30, | As of December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 315,324 | $ | 406,974 | ||||
Restricted funds held for customers | 1,154,280 | 1,578,656 | ||||||
Marketable securities | 78,957 | 44,645 | ||||||
Accounts receivable, net of allowances of $4,738 and $4,231, respectively | 56,102 | 46,689 | ||||||
Supplier advances receivable, net of allowances of $1,664 and $1,333 respectively | 13,965 | 9,744 | ||||||
Prepaid expenses and other current assets | 12,678 | 12,070 | ||||||
Total current assets | 1,631,306 | 2,098,778 | ||||||
Property and equipment, net | 98,433 | 100,985 | ||||||
Operating lease right-of-use assets | 1,279 | 1,628 | ||||||
Deferred customer origination costs, net | 27,678 | 27,663 | ||||||
Goodwill | 165,921 | 165,921 | ||||||
Intangible assets, net | 74,033 | 84,805 | ||||||
Other noncurrent assets and deposits | 6,399 | 3,957 | ||||||
Total assets | $ | 2,005,049 | $ | 2,483,737 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 15,991 | $ | 16,777 | ||||
Accrued expenses | 47,473 | 56,367 | ||||||
Payment service obligations | 1,154,280 | 1,578,656 | ||||||
Deferred revenue | 13,076 | 12,851 | ||||||
Current maturities of lease obligations under finance leases | 171 | 275 | ||||||
Current maturities of lease obligations under operating leases | 1,659 | 1,525 | ||||||
Current maturities of long-term debt | 4,800 | 6,425 | ||||||
Total current liabilities | 1,237,450 | 1,672,876 | ||||||
Long-term liabilities | ||||||||
Deferred revenue, less current portion | 12,395 | 14,742 | ||||||
Obligations under finance leases, less current maturities | 62,863 | 62,464 | ||||||
Obligations under operating leases, less current maturities | 2,291 | 3,275 | ||||||
Long-term debt | 9,100 | 69,760 | ||||||
Other long-term liabilities | 4,152 | 4,175 | ||||||
Total liabilities | 1,328,251 | 1,827,292 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023 | – | – | ||||||
Common stock, $0.001 par value; 1,600,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 205,517,689 and 204,084,024 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 205 | 204 | ||||||
Additional paid-in capital | 1,695,279 | 1,678,401 | ||||||
Accumulated deficit | (1,018,686 | ) | (1,022,160 | ) | ||||
Total stockholders’ equity | 676,798 | 656,445 | ||||||
Total liabilities and stockholders’ equity | $ | 2,005,049 | $ | 2,483,737 |
91成人海角社区 Holdings, Inc. Consolidated Statements of Cash Flows (in thousands) |
||||||||
Nine Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net income (loss) | $ | 3,474 | $ | (42,852 | ) | |||
Adjustments to reconcile net income (loss) to net cash used by operating activities | ||||||||
Depreciation and amortization expense | 27,607 | 26,515 | ||||||
Amortization of deferred financing costs | 310 | 326 | ||||||
Debt extinguishment costs | 1,081 | – | ||||||
Provision for credit losses | 2,985 | 2,118 | ||||||
Stock-based compensation | 35,128 | 31,181 | ||||||
Accrued interest | 1,192 | 1,509 | ||||||
Impairment and write-off on intangible assets | 162 | – | ||||||
Accretion of investments held to maturity | (3,322 | ) | (4,091 | ) | ||||
Deferred income taxes | 267 | 158 | ||||||
Changes in operating assets and liabilities | ||||||||
Accounts receivable | (10,398 | ) | (2,221 | ) | ||||
Prepaid expenses and other current assets | (608 | ) | (851 | ) | ||||
Other noncurrent assets | (1,215 | ) | 1,369 | |||||
Deferred customer origination costs | (14 | ) | 785 | |||||
Accounts payable | (786 | ) | 4,679 | |||||
Deferred revenue | (2,122 | ) | (1,650 | ) | ||||
Accrued expenses and other liabilities | (9,759 | ) | (27,588 | ) | ||||
Operating lease liabilities | (500 | ) | (378 | ) | ||||
Total adjustments | 40,008 | 31,861 | ||||||
Net cash provided by (used in) operating activities | 43,482 | (10,991 | ) | |||||
Cash flows from investing activities | ||||||||
Purchase of marketable securities held to maturity | (120,996 | ) | (262,994 | ) | ||||
Proceeds from maturity of marketable securities held to maturity | 90,006 | 277,428 | ||||||
Purchases of equipment | (1,505 | ) | (1,001 | ) | ||||
Purchases of intangible assets | (12,939 | ) | (11,898 | ) | ||||
Supplier advances, net | (6,222 | ) | (1,309 | ) | ||||
Net cash (used in) provided by investing activities | (51,656 | ) | 226 | |||||
Cash flows from financing activities | ||||||||
Repayments of long-term debt | (63,375 | ) | (1,219 | ) | ||||
Principal payments on finance leases | (223 | ) | (435 | ) | ||||
Proceeds from issuance of common stock | 5,593 | 1,452 | ||||||
Proceeds from issuance of common stock under ESPP | 1,220 | 1,178 | ||||||
Payment of debt issuance costs | (1,529 | ) | (743 | ) | ||||
Repurchases of common stock | (25,062 | ) | – | |||||
Payment of acquisition-related liability | (100 | ) | (100 | ) | ||||
Payment service obligations | (424,376 | ) | (57,607 | ) | ||||
Net cash used in financing activities | (507,852 | ) | (57,474 | ) | ||||
Net decrease in cash, cash equivalents, and restricted funds held for customers | (516,026 | ) | (68,239 | ) | ||||
Cash, cash equivalents, and restricted funds held for customers | ||||||||
Cash, cash equivalents, and restricted funds held for customers, beginning of year | 1,985,630 | 1,634,387 | ||||||
Cash, cash equivalents, and restricted funds held for customers, end of period | $ | 1,469,604 | $ | 1,566,148 | ||||
Supplementary information of noncash investing and financing activities | ||||||||
Property and equipment purchases in accounts payable and accrued expenses | $ | – | $ | 939 | ||||
Right-of-use assets obtained in exchange for new financing lease obligations | – | 81 | ||||||
Right-of-use assets obtained in exchange for new operating lease obligations | – | 362 | ||||||
Interest paid on notes payable | 3,270 | 3,889 | ||||||
Interest paid on finance leases | 4,448 | 4,386 | ||||||
Cash paid for income taxes | 393 | 212 |
91成人海角社区 Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures |
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Reconciliation from Revenue to Non-GAAP Gross Profit and Non-GAAP Gross Margin: | ||||||||||||||||
Total revenues | $ | 112,772 | $ | 98,680 | $ | 323,502 | $ | 276,656 | ||||||||
Expenses: | ||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization expense) | (30,429 | ) | (30,767 | ) | (91,188 | ) | (90,461 | ) | ||||||||
Depreciation and amortization expense | (5,977 | ) | (5,574 | ) | (18,075 | ) | (16,157 | ) | ||||||||
GAAP Gross profit(1) | $ | 76,366 | $ | 62,339 | $ | 214,239 | $ | 170,038 | ||||||||
Adjustments: | ||||||||||||||||
Stock-based compensation expense | 1,653 | 1,144 | 4,510 | 3,552 | ||||||||||||
Depreciation and amortization expense | 5,977 | 5,574 | 18,075 | 16,157 | ||||||||||||
Non-GAAP gross profit | $ | 83,996 | $ | 69,057 | $ | 236,824 | $ | 189,747 | ||||||||
GAAP Gross margin | 67.7 | % | 63.2 | % | 66.2 | % | 61.5 | % | ||||||||
Non-GAAP gross margin | 74.5 | % | 70.0 | % | 73.2 | % | 68.6 | % |
91成人海角社区 Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures (Continued) |
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Reconciliation from Net Income (Loss) to Non-GAAP Net Income (Loss), including per share amounts | 2024 | 2023 | 2024 | 2023 | ||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Net income (loss) | $ | 4,047 | $ | (8,091 | ) | $ | 3,474 | $ | (42,852 | ) | ||||||
Exclude: Provision for income taxes | 431 | 134 | 675 | 339 | ||||||||||||
Loss before taxes | 4,478 | (7,957 | ) | 4,149 | (42,513 | ) | ||||||||||
Amortization of acquired intangible assets | 3,413 | 3,623 | 10,240 | 10,870 | ||||||||||||
Impairment and write-off of intangible assets | – | – | 162 | – | ||||||||||||
Stock-based compensation expense | 11,850 | 11,229 | 35,128 | 31,181 | ||||||||||||
Transaction and acquisition-related costs(1) | 1,081 | – | 1,081 | (7 | ) | |||||||||||
Non-recurring items not indicative of ongoing operations听(2) | 21 | 773 | (609 | ) | 4,408 | |||||||||||
Total net adjustments | 16,365 | 15,625 | 46,002 | 46,452 | ||||||||||||
Non-GAAP income (loss) before taxes | 20,843 | 7,668 | 50,151 | 3,939 | ||||||||||||
Non-GAAP tax expense听(3) | 5,190 | 1,909 | 12,488 | 981 | ||||||||||||
Non-GAAP net income (loss) | $ | 15,653 | $ | 5,759 | $ | 37,663 | $ | 2,958 | ||||||||
Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, basic | 207,235,954 | 202,526,844 | 206,389,565 | 201,338,550 | ||||||||||||
Weighted-average shares used to compute Non-GAAP net income (loss) per share attributable to common stockholders, diluted | 209,015,661 | 202,526,844 | 209,721,858 | 201,338,550 | ||||||||||||
GAAP Net income (loss) per share attributable to common stockholders, basic | $ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.21 | ) | ||||||
GAAP Net income (loss) per share attributable to common stockholders, diluted | $ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.21 | ) | ||||||
Non-GAAP basic net income (loss) per share attributable to common stockholders, basic | $ | 0.08 | $ | 0.03 | $ | 0.18 | $ | 0.01 | ||||||||
Non-GAAP basic net income (loss) per share attributable to common stockholders, diluted | $ | 0.07 | $ | 0.03 | $ | 0.18 | $ | 0.01 | ||||||||
GAAP income (loss) per common share, basic and diluted | $ | 0.02 | $ | (0.04 | ) | $ | 0.02 | $ | (0.21 | ) | ||||||
Amortization of acquired intangible assets | 0.02 | 0.02 | 0.05 | 0.05 | ||||||||||||
Impairment and write-off of intangible assets | – | – | – | – | ||||||||||||
Stock-based compensation expense | 0.06 | 0.06 | 0.17 | 0.15 | ||||||||||||
Transaction and acquisition-related costs | 0.01 | – | 0.01 | – | ||||||||||||
Non-recurring items not indicative of ongoing operations听(1) | – | – | – | 0.02 | ||||||||||||
Provision for income taxes | (0.02 | ) | (0.01 | ) | (0.06 | ) | – | |||||||||
Adjustment to fully diluted earnings per share | (0.02 | ) | – | (0.01 | ) | – | ||||||||||
Non-GAAP diluted income (loss) per common share | $ | 0.07 | $ | 0.03 | $ | 0.18 | $ | 0.01 | ||||||||
91成人海角社区 Holdings, Inc. Reconciliation of GAAP to Non-GAAP Measures (Continued) |
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | 2024 | 2023 | 2024 | 2023 | ||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | 4,047 | $ | (8,091 | ) | $ | 3,474 | $ | (42,852 | ) | ||||||
Depreciation and amortization | 9,092 | 9,051 | 27,607 | 26,515 | ||||||||||||
Impairment and write-off of intangible assets | – | – | 162 | – | ||||||||||||
Interest income | (5,837 | ) | (5,100 | ) | (18,378 | ) | (14,820 | ) | ||||||||
Interest expense | 2,614 | 3,428 | 9,274 | 10,106 | ||||||||||||
Provision for income taxes | 431 | 134 | 675 | 339 | ||||||||||||
Stock-based compensation expense | 11,850 | 11,229 | 35,128 | 31,181 | ||||||||||||
Transaction and acquisition-related costs(1) | 1,081 | – | 1,081 | (7 | ) | |||||||||||
Non-recurring items not indicative of ongoing operations听(2) | 21 | 773 | (609 | ) | 4,408 | |||||||||||
Adjusted EBITDA | $ | 23,299 | $ | 11,424 | $ | 58,414 | $ | 14,870 |
(1)听For the three and nine months ended September 30, 2024, this amount is comprised of debt issuance costs written-off related to the repayment of the Company’s term loan. | ||||||||
(2)听For the nine months ended September 30, 2024, this amount includes $1,157 of severance costs and a net benefit of $1,808 of response costs incurred in connection with the cybersecurity incident. For the three and nine months ended September 30, 2023, this amount was primarily comprised of response costs, including professional services and legal fees, incurred in connection with the cybersecurity incident that was detected in April 2023, net of insurance recoveries. | ||||||||
(3)听Non-GAAP tax expense is based on the Company’s blended tax rate of 24.9% in periods the Company has Non-GAAP income before tax. In periods the Company is in a non-GAAP loss position, tax expense is based on GAAP tax expense. |