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A10 Networks Reports 13% Organic Growth for Q4 2021, Driving Double-Digit Annual Growth

Growth driven by cybersecurity and portfolio transformation; Management expects double digit growth in 2022 Company to discuss trends, differentiators and long-term outlook at Investor Day on February 2

A10 Networks (NYSE: ATEN), a leading provider of cybersecurity and infrastructure solutions, today announced financial results for its fourth quarter ended December 31, 2021. Management will discuss these results and its longer-term strategy at an investor day scheduled for February 2, 2022. To register, learn more about the event, and review attendance options, please visit the A10 Investor Day page at www.a10networks.com/analyst-day.

Fourth Quarter 2021 Financial Summary

  • Record Revenue of $70.7 million, up 12.8% year-over-year.
  • Sales of security products grew 22.2% year-over-year.
  • Improving commercial execution combined with favorable market conditions drove 26.3% growth in the Americas year-over-year.
  • Deferred revenue of a record $121.6 million, up 11.9% year-over-year.
  • GAAP gross margin of 79.9%; non-GAAP gross margin of 80.7% as the company successfully navigated short-term input cost pressures.
  • GAAP net income of $10.7 million (15.2% of revenue), or $0.13 per diluted share, compared with net income of $7.8 million, or $0.10 per diluted share in the fourth quarter of 2020.
  • Non-GAAP net income of $16.4 million (23.3% of revenue), or $0.20 per diluted share, compared with non-GAAP net income of $13.9 million, or $0.18 per diluted share in the fourth quarter of 2020.
  • Adjusted EBITDA of $19.4 million, representing 27.5% of revenues, compared to $16.1 million in the fourth quarter of 2020.

Full-Year 2021 Financial Summary

  • Record Revenue of $250.0 million, up 10.9% year-over-year.
  • GAAP gross margin of 78.6%; non-GAAP gross margin of 79.6%.
  • GAAP net income of $94.9 million (37.9% of revenue) inclusive of a $65.4 million non-recurring tax benefit recorded in the third quarter, or $1.19 per diluted share, compared with net income of $17.8 million, or $0.22 per diluted share last year.
  • Non-GAAP net income of $50.1 million, or $0.63 per diluted share, compared with non-GAAP net income of $35.4 million, or $0.44 per diluted share, last year.
  • Adjusted EBITDA of $62.4 million, representing 25.0% of revenues, compared to $45.6 million last year.
  • Cash and cash equivalents and marketable securities as of December 31, 2021 was $185.0 million, up $26.9 million from $158.1 million at December 31, 2020.
  • Subsequent to the end of the quarter, the Board of Directors declared a quarterly dividend of $0.05 per share, payable on March 1, 2022, to stockholders of record on February 15, 2022.
  • For the full-year, the Company repurchased 1.7 million shares at an average price of $10.64 per share.

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

“We are capturing market share and delivering growth that outpaces the overall market due to rapidly accelerating demand for our security-led solutions, as cyber threats continue to increase across the globe,” said Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks. “As a result, we delivered record product sales and accelerating recurring revenue. Long-term deferred revenue increased 13.6% in the quarter, outpacing total revenue growth, and our security solutions grew more than 22%, demonstrating our strong position in the cybersecurity ecosystem. Increasingly, we are converting this growth into improving market position while returning capital to shareholders through a stock buyback and a cash dividend. With durable tailwinds driving industry leading growth and a proven business model, we have significant momentum and look forward to elaborating on this position in our investor day presentation tomorrow.”

First Quarter and Full-Year 2022 Outlook

Based on current visibility, management expects revenue to grow approximately 10-12% year-over-year, both in the first quarter of 2022 and for the full-year. The Company expects to maintain its current business model.

Investor Day

In lieu of a conference call, management will host an investor day at 11 a.m. ET (8 a.m. PT) on Wednesday, February 2, 2022. This event will be hosted live at A10’s Executive Briefing Center in San Jose and will be available simultaneously via webcast. During this presentation, management will discuss its longer-term financial model. To register, learn more about the event (including a detailed agenda), and review the in-person and virtual attendance options, please visit the A10 Investor Day page at www.a10networks.com/analyst-day.

Forward-Looking Statements

This press release contains “forward-looking statements,” including statements regarding our anticipated future financial results, capturing market share, growth accelerating demand, increasing cyber threats, return of capital to shareholders and our positioning. 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 effects of the COVID-19 global pandemic on the Company and its business, and on the business of its business partners and customers; unanticipated changes in the markets in which the Company operates; the effects of the current macroeconomic climate (especially in light of the ongoing adverse effects of the COVID-19 global pandemic); 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, and 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, 2021. 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 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, Adjusted EBITDA and free cash flow. 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) non-recurring expenses associated with the litigation settlement and internal investigation expense, (iv) global distribution center transition expense, (v) non-recurring facilities expense, and (vi) 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, (iii) non-recurring expenses associated with the litigation settlement and internal investigation expense, (iv) global distribution center transition expense, and (v) non-recurring facilities 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, (iii) non-recurring expenses associated with the litigation settlement and internal investigation expense, (iv) global distribution center transition expense, and (v) non-recurring facilities 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, (vi) litigation settlement and internal investigation expense, (vii) global distribution center transition expense, and (viii) non-recurring facilities expense. We define free cash flow as net cash provided by operations less capital expenditures.

We have included certain of these non-GAAP measures 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 December 31,

 

Year Ended December 31,

 

2021

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

Products

$

43,680

 

 

$

37,738

 

 

 

$

148,398

 

 

 

$

129,876

 

 

Services

26,991

 

 

24,917

 

 

 

101,644

 

 

 

95,651

 

 

Total revenue

70,671

 

 

62,655

 

 

 

250,042

 

 

 

225,527

 

 

Cost of revenue:

 

 

 

 

 

 

 

Products

9,460

 

 

8,014

 

 

 

32,620

 

 

 

29,109

 

 

Services

4,722

 

 

5,447

 

 

 

20,885

 

 

 

21,039

 

 

Total cost of revenue

14,182

 

 

13,461

 

 

 

53,505

 

 

 

50,148

 

 

Gross profit

56,489

 

 

49,194

 

 

 

196,537

 

 

 

175,379

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

25,456

 

 

20,079

 

 

 

85,651

 

 

 

77,732

 

 

Research and development

13,027

 

 

15,604

 

 

 

54,077

 

 

 

58,063

 

 

General and administrative

6,161

 

 

5,725

 

 

 

23,421

 

 

 

21,851

 

 

Total operating expenses

44,644

 

 

41,408

 

 

 

163,149

 

 

 

157,646

 

 

Income from operations

11,845

 

 

7,786

 

 

 

33,388

 

 

 

17,733

 

 

Non-operating income (expense):

 

 

 

 

 

 

 

Interest and other income (expense), net

(253

)

 

469

 

 

 

(1,746

)

 

 

1,406

 

 

Total non-operating income (expense), net

(253

)

 

469

 

 

 

(1,746

)

 

 

1,406

 

 

Income before income taxes

11,592

 

 

8,255

 

 

 

31,642

 

 

 

19,139

 

 

Benefit from (provision for) income taxes

(864

)

 

(414

)

 

 

63,245

 

 

 

(1,323

)

 

Net income

$

10,728

 

 

$

7,841

 

 

 

$

94,887

 

 

 

$

17,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Basic

$

0.14

 

 

$

0.10

 

 

 

$

1.23

 

 

 

$

0.23

 

 

Diluted

$

0.13

 

 

$

0.10

 

 

 

$

1.19

 

 

 

$

0.22

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

77,548

 

 

76,638

 

 

 

77,046

 

 

 

77,776

 

 

Diluted

80,316

 

 

78,775

 

 

 

80,037

 

 

 

80,019

 

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

(unaudited, in thousands, except per share amounts)

 
 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2021

2020

 

2021

 

 

2020

GAAP net income

$

10,728

 

$

7,841

 

 

$

94,887

 

 

 

$

17,816

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

3,598

 

 

2,947

 

 

 

15,031

 

 

 

 

12,817

 

Amortization expense related to acquisition

 

 

 

252

 

 

 

505

 

 

 

 

1,011

 

Litigation and investigation expense

 

 

 

 

 

 

 

 

 

 

30

 

Non-recurring facilities expense

 

 

 

 

 

 

 

 

 

 

795

 

Global distribution center transition expense

 

2,117

 

 

2,884

 

 

 

5,063

 

 

 

 

2,884

 

Release of deferred tax asset valuation allowance

 

 

 

 

 

 

(65,417

)

 

 

 

 

Non-GAAP net income

$

16,443

 

$

13,924

 

 

$

50,069

 

 

 

$

35,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.14

 

$

0.10

 

 

$

1.23

 

 

 

$

0.23

 

Diluted

$

0.13

 

$

0.10

 

 

$

1.19

 

 

 

$

0.22

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

0.04

 

 

0.04

 

 

 

0.19

 

 

 

 

0.16

 

Amortization expense related to acquisition

 

 

 

 

 

 

0.01

 

 

 

 

0.01

 

Non-recurring facilities expense

 

 

 

 

 

 

 

 

 

 

0.01

 

Global distribution center transition expense

 

0.03

 

 

0.04

 

 

 

0.06

 

 

 

 

0.04

 

Release of deferred tax asset valuation allowance

 

 

 

 

 

 

(0.82

)

 

 

 

 

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.21

 

$

0.18

 

 

$

0.65

 

 

 

$

0.45

 

Diluted

$

0.20

 

$

0.18

 

 

$

0.63

 

 

 

$

0.44

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

77,548

 

 

76,638

 

 

 

77,046

 

 

 

 

77,776

 

Diluted

 

80,316

 

 

78,775

 

 

 

80,037

 

 

 

 

80,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A10 NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

 
 

 

December 31,

2021

 

December 31,

2020

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

78,925

 

 

 

$

83,281

 

 

Marketable securities

106,117

 

 

 

74,851

 

 

Accounts receivable, net of allowances of $543 and $41, respectively

61,795

 

 

 

51,051

 

 

Inventory

22,462

 

 

 

20,730

 

 

Prepaid expenses and other current assets

14,720

 

 

 

12,390

 

 

Total current assets

284,019

 

 

 

242,303

 

 

Property and equipment, net

10,692

 

 

 

7,888

 

 

Goodwill

1,307

 

 

 

1,307

 

 

Intangible assets, net

 

 

 

862

 

 

Other non-current assets

97,067

 

 

 

38,451

 

 

Total assets

$

393,085

 

 

 

$

290,811

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

Accounts payable

$

6,852

 

 

 

$

4,851

 

 

Accrued liabilities

36,101

 

 

 

36,930

 

 

Deferred revenue

73,132

 

 

 

65,999

 

 

Total current liabilities

116,085

 

 

 

107,780

 

 

Deferred revenue, non-current

48,499

 

 

 

42,700

 

 

Other non-current liabilities

19,613

 

 

 

24,357

 

 

Total liabilities

184,197

 

 

 

174,837

 

 

Commitments and contingencies

 

 

 

 

 

Stockholders' equity:

Common stock, $0.00001 par value: 500,000 shares authorized; 77,423 and 76,346 shares issued and outstanding, respectively

1

 

 

 

1

 

 

Treasury stock, at cost: 7,294 and 5,578 shares, respectively

(55,677

)

 

 

(37,410

)

 

Additional paid-in-capital

446,035

 

 

 

425,534

 

 

Dividends paid

(3,880

)

 

 

 

 

Accumulated other comprehensive income

(229

)

 

 

98

 

 

Accumulated deficit

(177,362

)

 

 

(272,249

)

 

Total stockholders' equity

208,888

 

 

 

115,974

 

 

Total liabilities and stockholders' equity

$

393,085

 

 

 

$

290,811

 

 

A10 NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands, on a GAAP Basis)

 
 

 

Year Ended December 31,

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

Net income

$

94,887

 

 

 

$

17,816

 

 

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

 

 

 

Depreciation and amortization

8,907

 

 

 

11,303

 

 

Stock-based compensation

14,422

 

 

 

12,310

 

 

Other non-cash items

(63,719

)

 

 

1,066

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(11,025

)

 

 

2,346

 

 

Inventory

(1,826

)

 

 

543

 

 

Prepaid expenses and other assets

(903

)

 

 

1,141

 

 

Accounts payable

1,995

 

 

 

(2,683

)

 

Accrued and other liabilities

(5,573

)

 

 

3,909

 

 

Deferred revenue

12,932

 

 

 

7,535

 

 

Net cash provided by operating activities

50,097

 

 

 

55,286

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Proceeds from sales of marketable securities

6,865

 

 

 

9,051

 

 

Proceeds from maturities of marketable securities

88,790

 

 

 

57,707

 

 

Purchases of marketable securities

(128,554

)

 

 

(57,992

)

 

Purchases of property and equipment

(5,171

)

 

 

(3,564

)

 

Net cash provided by (used in) investing activities

(38,070

)

 

 

5,202

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of common stock under employee equity incentive plans

5,764

 

 

 

9,591

 

 

Repurchase of common stock

(18,267

)

 

 

(32,540

)

 

Payments for dividends

(3,880

)

 

 

 

 

Net cash used in financing activities

(16,383

)

 

 

(22,949

)

 

Net increase (decrease) in cash and cash equivalents

(4,356

)

 

 

37,539

 

 

Cash and cash equivalents—beginning of period

$

83,281

 

 

 

$

45,742

 

 

Cash and cash equivalents—end of period

$

78,925

 

 

 

$

83,281

 

 

 

 

 

 

 

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

(unaudited, in thousands, except percentages)

 
 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2021

 

2020

 

2021

 

2020

GAAP gross profit

$

56,489

 

 

$

49,194

 

 

$

196,537

 

 

$

175,379

 

GAAP gross margin

 

79.9

%

 

 

78.5

%

 

 

78.6

%

 

 

77.8

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

398

 

 

 

385

 

 

 

1,733

 

 

 

1,641

 

Global distribution center transition expense

 

117

 

 

 

307

 

 

 

655

 

 

 

307

 

Non-GAAP gross profit

$

57,004

 

 

$

49,886

 

 

$

198,925

 

 

$

177,327

 

Non-GAAP gross margin

 

80.7

%

 

 

79.6

%

 

 

79.6

%

 

 

78.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP TOTAL OPERATING EXPENSES

TO NON-GAAP TOTAL OPERATING EXPENSES

(unaudited, in thousands)

 
 

 

Three Months Ended

December 31,

 

Year Ended December 31,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

GAAP total operating expenses

$

44,644

 

 

 

$

41,408

 

 

 

$

163,149

 

 

 

$

157,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

(3,200

)

 

 

 

(2,562

)

 

 

 

(13,298

)

 

 

 

(11,176

)

 

Amortization expense related to acquisition

 

 

 

 

 

(252

)

 

 

 

(505

)

 

 

 

(1,011

)

 

Litigation and investigation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

Non-recurring facilities expense

 

 

 

 

 

 

 

 

 

 

 

 

 

(795

)

 

Global distribution center transition expense

 

(2,000

)

 

 

 

(2,577

)

 

 

 

(4,408

)

 

 

 

(2,577

)

 

Non-GAAP total operating expenses

$

39,444

 

 

 

$

36,017

 

 

 

$

144,938

 

 

 

$

142,057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP INCOME FROM OPERATIONS

TO NON-GAAP OPERATING INCOME

(unaudited, in thousands, except percentages)

 
 

 

Three Months Ended

December 31,

 

Year Ended December 31,

 

2021

 

2020

 

2021

 

2020

GAAP income from operations

$

11,845

 

 

$

7,786

 

 

$

33,388

 

 

$

17,733

 

GAAP operating margin

 

16.8

%

 

 

12.4

%

 

 

13.4

%

 

 

7.9

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and related payroll tax

 

3,598

 

 

 

2,947

 

 

 

15,031

 

 

 

12,817

 

Amortization expense related to acquisition

 

 

 

 

252

 

 

 

505

 

 

 

1,011

 

Litigation and investigation expense

 

 

 

 

 

 

 

 

 

 

30

 

Non-recurring facilities expense

 

 

 

 

 

 

 

 

 

 

795

 

Global distribution center transition expense

 

2,117

 

 

 

2,884

 

 

 

5,063

 

 

 

2,884

 

Non-GAAP operating income

$

17,560

 

 

$

13,869

 

 

$

53,987

 

 

$

35,270

 

Non-GAAP operating margin

 

24.8

%

 

 

22.1

%

 

 

21.6

%

 

 

15.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A10 NETWORKS, INC.

RECONCILIATION OF GAAP NET INCOME TO

EBITDA AND ADJUSTED EBITDA (NON-GAAP)

(unaudited, in thousands)

 
 

 

Three Months Ended

December 31,

 

Year Ended December 31,

 

2021

 

2020

 

 

2021

 

 

2020

 

GAAP net income

$

10,728

 

 

$

7,841

 

 

 

$

94,887

 

 

 

$

17,816

 

 

Exclude: Interest and other (income) expense, net

253

 

 

(469

)

 

 

1,746

 

 

 

(1,406

)

 

Exclude: Depreciation and amortization expense

1,863

 

 

2,531

 

 

 

8,907

 

 

 

11,303

 

 

Exclude: Provision for (benefit from) income taxes

864

 

 

414

 

 

 

(63,245

)

 

 

1,323

 

 

EBITDA

13,708

 

 

10,317

 

 

 

42,295

 

 

 

29,036

 

 

Exclude: Stock-based compensation and related payroll tax

3,598

 

 

2,947

 

 

 

15,031

 

 

 

12,817

 

 

Exclude: Litigation and investigation expense

 

 

 

 

 

 

 

 

30

 

 

Exclude: Non-recurring facilities expense

 

 

 

 

 

 

 

 

795

 

 

Exclude: Global distribution center transition expense

2,117

 

 

2,884

 

 

 

5,063

 

 

 

2,884

 

 

Adjusted EBITDA

$

19,423

 

 

$

16,148

 

 

 

$

62,389

 

 

 

$

45,562

 

 

 

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