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A10 Networks Reports Record Quarterly Revenue of $72.1 Million, up 10.2% Driven by Balanced Product, Customer and Regional Mix

Product revenue growth of 13% and security-led solutions continue to drive growth; Company re-affirms full-year outlook, raises dividend and announces new $50 million buyback

A10 Networks (NYSE: ATEN), a leading provider of cybersecurity and infrastructure solutions, today announced financial results for its third quarter and nine-month period ended September 30, 2022.

Third Quarter 2022 Financial Summary

  • Revenue of $72.1 million, up 10.2% year-over-year.
  • Revenue growth was broad-based, with increases in North America, APJ, EMEA and Latin America, and from both Enterprise and Service Provider customers. Enterprise sales grew 17%, and Service Provider sales grew 6%, demonstrating strong revenue diversification.
  • GAAP gross margin of 79.5%; non-GAAP gross margin of 80.2% as a result of better product mix and continued successful navigation of short-term input cost pressures.
  • GAAP net income of $12.1 million, or $0.16 per diluted share, compared with GAAP net income (inclusive of a non-recurring $65.4 million income tax benefit related to sustained profitability) of $74.9 million, or $0.94 per diluted share in the third quarter of 2021.
  • Non-GAAP net income of $15.9 million, or $0.20 per diluted share, compared with non-GAAP net income of $13.7 million, or $0.17 per diluted share in the third quarter of 2021.
  • Adjusted EBITDA of $21.3 million, representing 29.5% of revenue, in line with stated business model goals.
  • A10 repurchased approximately 3.7 million shares during the quarter at an average price of $12.77 for a total of $47.5 million and issued $3.8 million in cash dividends.
  • The Board of Directors approved a 20% increase in its quarterly cash dividend to $0.06 per share, payable on December 1, 2022 to stockholders of record at the close of business on November 15, 2022.

A reconciliation between GAAP and non-GAAP information is contained in the financial statements below.

“A10 is consistently achieving revenue and EPS targets despite a variety of macro headwinds in all regions,” said Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks. “This demonstrates robust demand for our proprietary security-led solutions, disciplined execution, and a focus on diversification that drives sustainability. We have positioned our business to avoid concentration in any single geography, any specific customer type, or any isolated product offering, and this diversification enables consistent execution despite economic, supply chain, and geopolitical challenges. Customer-centric technical innovation, global commercial execution and focus on driving the business model are bolstering our sustainability and driving continued success.”

“From a profitability standpoint, we maintained gross margins of approximately 80%, and we delivered record non-GAAP operating income and EBITDA margin, reflecting strong execution and an ability to navigate supply chain challenges and input cost pressures,” added Mr. Trivedi. “This performance enabled us to repurchase more than $47.5 million of our stock, in both negotiated and open-market transactions, materially reducing our capitalization. Additionally, ongoing strength in our business positioned us to increase the quarterly dividend by 20% and authorize a new $50 million stock repurchase plan. Simultaneously, we are strategically investing in technology, furthering our ability to capture market share and reinforcing our differentiators and driving durability for our business model despite macroeconomic conditions. We again reiterate our full year targets of top line growth of 10 – 12% and Adjusted EBITDA margins in the range of 26 – 28% of revenue.”

Conference Call

Management will host a call at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) today, November 1, 2022, to discuss these results. Interested parties may access the conference call by dialing (833) 927-1758 (toll-free) or (929) 526-1599 and referencing access code: 059416.

A live audio webcast of the conference call will be accessible from the “Investor Relations” section of A10 Network’s website at investors.a10networks.com. The webcast will be archived for at least 90 days. A telephonic replay of the conference call will be available two hours after the conclusion of the live call and will run for seven days and may be accessed by dialing (866) 813-9403 (toll-free) or (929) 458-6194 and entering the passcode 030371.

Forward-Looking Statements

This press release contains “forward-looking statements,” including statements regarding our anticipated future financial results, quarterly dividend payments, drivers of growth, demand, supply chain challenges, positioning, growth and EBITDA expectations. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on assumptions that may prove to be incorrect, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Factors that may cause actual results to differ include the impact of the COVID-19 pandemic on our business and the business of our customers; a significant decline in global macroeconomic or political conditions that have an adverse impact on our business and financial results; business interruptions related to our supply chain; our ability to manage our business and expenses if customers cancel or delay orders; execution risks related to closing key deals and improving our execution; the continued market adoption of our products; our ability to successfully anticipate market needs and opportunities; our timely development of new products and features; our ability to achieve or maintain profitability; any loss or delay of expected purchases by our largest end-customers; our ability to maintain or improve our competitive position; competitive and execution risks related to cloud-based computing trends; our ability to attract and retain new end-customers and our largest end-consumers; our ability to maintain and enhance our brand and reputation, changes demanded by our customers in the deployment and payment model for our products; continued growth in markets relating to network security; the success of any future acquisitions or investments in complementary companies, products, services or technologies; the ability of our sales team to execute well; our ability to shorten our close cycles; the ability of our channel partners to sell our products; variations in product mix or geographic locations of our sales; risks associated with our presence in international markets; weaknesses or deficiencies in our internal control over financial reporting; our ability to timely file periodic reports required to be filed under the Securities Exchange Act of 1934; and other risks that are described in “Risk Factors” in our periodic filings with the Securities and Exchange Commission, including our Form 10-K filed with the Securities and Exchange Commission on March 8, 2022. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables and Exhibit 99.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on the date of this release contain certain non-GAAP financial measures, including non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit and gross margin, non-GAAP operating income and operating margin, non-GAAP operating expenses, and Adjusted EBITDA. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies.

A10 Networks considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance and are used by the company's management for that purpose.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

We define non-GAAP net income as our GAAP net income excluding: (i) stock-based compensation and related payroll tax, (ii) amortization expense related to acquisition, (iii) global distribution center transition expense and (iv) release of deferred tax asset valuation allowance. We define non-GAAP net income per basic and diluted share as our non-GAAP net income divided by our basic and diluted weighted-average shares outstanding. We define non-GAAP gross profit as our GAAP gross profit excluding (i) stock-based compensation and related payroll tax, and (ii) global distribution center transition expense. We define non-GAAP gross margin as our non-GAAP gross profit divided by our GAAP revenue. We define non-GAAP operating income as our GAAP income from operations excluding (i) stock-based compensation and related payroll tax, (ii) amortization expense related to acquisition and (iii) global distribution center transition expense. We define non-GAAP operating margin as our non-GAAP operating income divided by our GAAP revenue. We define non-GAAP operating expenses as our GAAP operating expenses excluding (i) stock-based compensation and related payroll tax, (ii) amortization expense related to acquisition and (iii) global distribution center transition expense. We define Adjusted EBITDA as our GAAP net income excluding (i) interest expense (if any), (ii) interest income and other (income) expense, net, (iii) depreciation and amortization expense, (iv) benefit from (provision for) income taxes, (v) stock-based compensation and related payroll tax and (vi) global distribution center transition expense.

We have included our non-GAAP net income, non-GAAP gross profit and gross margin, non-GAAP operating income and operating margin, non-GAAP operating expenses and Adjusted EBITDA in this press release. Non-GAAP financial measures are presented for supplemental informational purposes only for understanding the company's operating results.

About A10 Networks

A10 Networks (NYSE: ATEN) provides secure application services and solutions for on-premises, multi-cloud and edge-cloud environments at hyperscale. Our mission is to enable service providers and enterprises to deliver business-critical applications that are secure, available and efficient for multi-cloud transformation and 5G readiness. We deliver better business outcomes that support investment protection, new business models and help future-proof infrastructures, empowering our customers to provide the most secure and available digital experience. Founded in 2004, A10 Networks is based in San Jose, Calif. and serves customers globally. For more information, visit https://www.a10networks.com/ and follow us @A10Networks.

The A10 logo and A10 Networks are trademarks or registered trademarks of A10 Networks, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.

A10 NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share amounts, on a GAAP Basis)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

Products

$

45,104

 

 

$

39,815

 

 

$

123,624

 

 

$

104,718

 

Services

 

26,955

 

 

 

25,545

 

 

 

79,080

 

 

 

74,653

 

Total revenue

 

72,059

 

 

 

65,360

 

 

 

202,704

 

 

 

179,371

 

Cost of revenue:

 

 

 

 

 

 

 

Products

 

10,191

 

 

 

7,859

 

 

 

28,342

 

 

 

23,160

 

Services

 

4,574

 

 

 

5,335

 

 

 

12,747

 

 

 

16,163

 

Total cost of revenue

 

14,765

 

 

 

13,194

 

 

 

41,089

 

 

 

39,323

 

Gross profit

 

57,294

 

 

 

52,166

 

 

 

161,615

 

 

 

140,048

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

21,605

 

 

 

21,354

 

 

 

66,159

 

 

 

60,195

 

Research and development

 

14,360

 

 

 

13,578

 

 

 

41,483

 

 

 

41,050

 

General and administrative

 

5,661

 

 

 

6,931

 

 

 

17,160

 

 

 

17,260

 

Total operating expenses

 

41,626

 

 

 

41,863

 

 

 

124,802

 

 

 

118,505

 

Income from operations

 

15,668

 

 

 

10,303

 

 

 

36,813

 

 

 

21,543

 

Non-operating income (expense), net:

 

 

 

 

 

 

 

Interest income

 

432

 

 

 

66

 

 

 

736

 

 

 

306

 

Other income (expense), net

 

(871

)

 

 

(264

)

 

 

(1,204

)

 

 

(1,799

)

Non-operating income (expense), net

 

(439

)

 

 

(198

)

 

 

(468

)

 

 

(1,493

)

Income before provision for (benefit from) income taxes

 

15,229

 

 

 

10,105

 

 

 

36,345

 

 

 

20,050

 

Provision for (benefit from) income taxes

 

3,116

 

 

 

(64,781

)

 

 

7,467

 

 

 

(64,109

)

Net income

$

12,113

 

 

$

74,886

 

 

$

28,878

 

 

$

84,159

 

Net income per share:

 

 

 

 

 

 

 

Basic

$

0.16

 

 

$

0.97

 

 

$

0.38

 

 

$

1.09

 

Diluted

$

0.16

 

 

$

0.94

 

 

$

0.37

 

 

$

1.05

 

Weighted-average shares used in computing net income per share:

 

 

 

 

 

 

 

Basic

 

75,881

 

 

 

77,149

 

 

 

76,191

 

 

 

76,885

 

Diluted

 

77,679

 

 

 

79,927

 

 

 

78,454

 

 

 

79,803

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

(unaudited, in thousands, except per share amounts)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

2021

 

2022

 

2021

GAAP net income

$

12,113

 

$

74,886

 

 

$

28,878

 

 

$

84,159

 

Non-GAAP items:

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

 

3,798

 

 

 

4,201

 

 

 

 

10,423

 

 

 

 

11,433

 

Amortization expense related to acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

505

 

Global distribution center transition expense

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

2,946

 

Release of deferred tax asset valuation allowance

 

 

 

 

 

(65,417

)

 

 

 

 

 

 

 

(65,417

)

Total non-GAAP items

 

 

3,798

 

 

 

(61,217

)

 

 

 

10,423

 

 

 

 

(50,533

)

Non-GAAP net income

 

 

15,911

 

 

 

13,669

 

 

 

 

39,301

 

 

 

 

33,626

 

Income tax effect of non-GAAP items (1)

 

 

(2,831

)

 

 

(2,952

)

 

 

 

(5,876

)

 

 

 

(5,876

)

Non-GAAP net income, as adjusted for income tax effect of non-GAAP items (2)

$

13,080

 

$

10,717

 

 

$

33,425

 

 

$

27,750

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income per share:

 

 

 

 

 

 

 

 

 

 

Basic

$

0.16

 

$

0.97

 

 

$

0.38

 

 

$

1.09

 

Diluted

$

0.16

 

$

0.94

 

 

$

0.37

 

 

$

1.05

 

Non-GAAP items:

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

 

0.04

 

 

 

0.05

 

 

 

 

0.13

 

 

 

 

0.14

 

Amortization expense related to acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

0.01

 

Global distribution center transition expense

 

 

 

 

 

 

 

 

 

 

 

 

 

0.04

 

Release of deferred tax asset valuation allowance

 

 

 

 

 

(0.82

)

 

 

 

 

 

 

 

(0.82

)

Total non-GAAP items

 

 

0.04

 

 

 

(0.77

)

 

 

 

0.13

 

 

 

 

(0.63

)

Non-GAAP net income

 

 

0.20

 

 

 

0.17

 

 

 

 

0.50

 

 

 

 

0.42

 

Income tax effect of non-GAAP items (1)

 

 

(0.03

)

 

 

(0.04

)

 

 

 

(0.07

)

 

 

 

(0.07

)

Non-GAAP net income per share, as adjusted for income tax effect of non-GAAP items: (2)

 

 

 

 

 

 

 

 

 

 

Basic

$

0.17

 

$

0.14

 

 

$

0.44

 

 

$

0.36

 

Diluted

$

0.17

 

$

0.13

 

 

$

0.43

 

 

$

0.35

 

Weighted average shares used in computing net income per share:

 

 

 

 

 

 

 

 

 

 

Basic

 

75,881

 

 

77,149

 

 

 

76,191

 

 

 

76,885

 

Diluted

 

77,679

 

 

79,927

 

 

 

78,454

 

 

 

79,803

 

(1)

For the three and nine months ended September 30, 2022 this represents the tax impact using estimated tax rates of 17.8% and 15.0%, respectively. For the three and nine months ended September 30, 2021 this represents the tax impact using estimated tax rates of 21.6% and 17.5%, respectively.

 

 

(2)

Net income and earnings per share excluding adjustments are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these adjustments on reported results. These financial measures should not be considered an alternative to net income, operating income, cash flows provided by operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our adjusted net income and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate adjusted net income and earnings per share in the same manner.

A10 NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except par value, on a GAAP Basis)

 

 

September 30,

2022

 

December 31,

2021

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

32,131

 

 

$

78,925

 

Marketable securities

 

95,642

 

 

 

106,117

 

Accounts receivable, net of allowances of $319 and $543, respectively

 

73,500

 

 

 

61,795

 

Inventory

 

21,289

 

 

 

22,462

 

Prepaid expenses and other current assets

 

15,023

 

 

 

14,720

 

Total current assets

 

237,585

 

 

 

284,019

 

Property and equipment, net

 

17,958

 

 

 

10,692

 

Goodwill

 

1,307

 

 

 

1,307

 

Deferred tax assets, net

 

65,557

 

 

 

65,773

 

Other non-current assets

 

30,254

 

 

 

31,294

 

Total assets

$

352,661

 

 

$

393,085

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

Accounts payable

$

6,045

 

 

$

6,852

 

Accrued liabilities

 

41,472

 

 

 

36,101

 

Deferred revenue

 

74,762

 

 

 

73,132

 

Total current liabilities

 

122,279

 

 

 

116,085

 

Deferred revenue, non-current

 

51,405

 

 

 

48,499

 

Other non-current liabilities

 

18,243

 

 

 

19,613

 

Total liabilities

 

191,927

 

 

 

184,197

 

Stockholders' equity:

Common stock, $0.00001 par value: 500,000 shares authorized; 86,790 and 84,717 shares issued and 73,406 and 77,423 shares outstanding, respectively

 

1

 

 

 

1

 

Treasury stock, at cost: 13,384 and 7,294 shares, respectively

 

(134,934

)

 

 

(55,677

)

Additional paid-in-capital

 

460,884

 

 

 

446,035

 

Dividends paid

 

(15,392

)

 

 

(3,880

)

Accumulated other comprehensive income

 

(1,341

)

 

 

(229

)

Accumulated deficit

 

(148,484

)

 

 

(177,362

)

Total stockholders' equity

 

160,734

 

 

 

208,888

 

Total liabilities and stockholders' equity

$

352,661

 

 

$

393,085

 

A10 NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands, on a GAAP Basis)

 

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

Net income

$

28,878

 

 

$

84,159

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

5,539

 

 

 

7,044

 

Stock-based compensation

 

9,818

 

 

 

10,848

 

Release of deferred tax asset valuation allowance

 

 

 

 

(65,417

)

Other non-cash items

 

49

 

 

 

786

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(11,090

)

 

 

4,418

 

Inventory

 

530

 

 

 

1,438

 

Prepaid expenses and other assets

 

(2,574

)

 

 

1,905

 

Accounts payable

 

(914

)

 

 

(1,086

)

Accrued liabilities

 

4,001

 

 

 

(11,309

)

Deferred revenue

 

4,536

 

 

 

8,417

 

Net cash provided by operating activities

 

38,773

 

 

 

41,203

 

Cash flows from investing activities:

 

 

 

Proceeds from sales of marketable securities

 

6,252

 

 

 

5,865

 

Proceeds from maturities of marketable securities

 

48,248

 

 

 

70,870

 

Purchases of marketable securities

 

(45,699

)

 

 

(104,732

)

Purchases of property and equipment

 

(8,261

)

 

 

(3,387

)

Net cash provided by (used in) investing activities

 

540

 

 

 

(31,384

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of common stock under employee equity incentive plans

 

4,662

 

 

 

3,750

 

Repurchase of common stock

 

(79,257

)

 

 

(11,213

)

Payments for dividends

 

(11,512

)

 

 

 

Net cash used in financing activities

 

(86,107

)

 

 

(7,463

)

Net increase (decrease) in cash and cash equivalents

 

(46,794

)

 

 

2,356

 

Cash and cash equivalents—beginning of period

 

78,925

 

 

 

83,281

 

Cash and cash equivalents—end of period

$

32,131

 

 

$

85,637

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

Transfers between inventory and property and equipment

$

642

 

 

$

122

 

Purchases of property and equipment included in accounts payable

$

108

 

 

$

9

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

(unaudited, in thousands, except percentages)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

GAAP gross profit

$

57,294

 

 

$

52,166

 

 

$

161,615

 

 

$

140,048

 

GAAP gross margin

 

 

79.5

%

 

 

 

79.8

%

 

 

 

79.7

%

 

 

 

78.1

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

 

489

 

 

 

 

391

 

 

 

 

1,248

 

 

 

 

1,335

 

Global distribution center transition expense

 

 

 

 

 

 

13

 

 

 

 

 

 

 

 

538

 

Non-GAAP gross profit

$

57,783

 

 

$

52,570

 

 

$

162,863

 

 

$

141,921

 

Non-GAAP gross margin

 

 

80.2

%

 

 

 

80.4

%

 

 

 

80.3

%

 

 

 

79.1

%

A10 NETWORKS, INC.

RECONCILIATION OF GAAP TOTAL OPERATING EXPENSES

TO NON-GAAP TOTAL OPERATING EXPENSES

(unaudited, in thousands)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

GAAP total operating expenses

$

41,626

 

 

$

41,863

 

 

$

124,802

 

 

$

118,505

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

 

(3,309

)

 

 

 

(3,810

)

 

 

 

(9,175

)

 

 

 

(10,098

)

Amortization expense related to acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(505

)

Global distribution center transition expense

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

(2,408

)

Non-GAAP total operating expenses

$

38,317

 

 

$

38,067

 

 

$

115,627

 

 

$

105,494

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP INCOME FROM OPERATIONS

TO NON-GAAP OPERATING INCOME

(unaudited, in thousands, except percentages)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

GAAP income from operations

$

15,668

 

 

$

10,303

 

 

$

36,813

 

 

$

21,543

 

GAAP operating margin

 

 

21.7

%

 

 

 

15.8

%

 

 

 

18.2

%

 

 

 

12.0

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

 

3,798

 

 

 

 

4,201

 

 

 

 

10,423

 

 

 

 

11,433

 

Amortization expense related to acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

505

 

Global distribution center transition expense

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

2,946

 

Non-GAAP operating income

$

19,466

 

 

$

14,503

 

 

$

47,236

 

 

$

36,427

 

Non-GAAP operating margin

 

 

27.0

%

 

 

 

22.2

%

 

 

 

23.3

%

 

 

 

20.3

%

 

 

 

 

 

 

 

 

 

 

 

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP NET INCOME TO

EBITDA AND ADJUSTED EBITDA (NON-GAAP)

(unaudited, in thousands)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2022

 

2021

 

2022

 

2021

GAAP net income

$

12,113

 

 

$

74,886

 

 

$

28,878

 

 

$

84,159

 

GAAP net income margin

 

 

16.8

%

 

 

 

114.6

%

 

 

 

14.2

%

 

 

 

46.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Exclude: Interest and other (income) expense, net

 

439

 

 

 

198

 

 

 

468

 

 

 

1,493

 

Exclude: Depreciation and amortization

 

1,827

 

 

 

2,291

 

 

 

5,539

 

 

 

7,044

 

Exclude: Provision for income taxes

 

3,116

 

 

 

(64,781

)

 

 

7,467

 

 

 

(64,109

)

EBITDA

 

17,495

 

 

 

12,594

 

 

 

42,352

 

 

 

28,587

 

Exclude: Stock-based compensation and related payroll tax

 

3,798

 

 

 

4,201

 

 

 

10,423

 

 

 

11,433

 

Exclude: Global distribution center transition expense

 

 

 

 

(1

)

 

 

 

 

 

2,946

 

Adjusted EBITDA

$

21,293

 

 

$

16,794

 

 

$

52,775

 

 

$

42,966

 

Adjusted EBITDA margin

 

 

29.5

%

 

 

 

25.7

%

 

 

 

26.0

%

 

 

 

24.0

%

 

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