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Marqeta Third Quarter Earnings Report Shows 56 Percent Jump in Net Revenue Year Over Year, Highlighting Strong, Continued Growth

In its third quarter earnings report, the global modern card issuing platform reported net revenue of $132 million, up 56 percent year-over-year, with 60 percent growth in total processing volume and a 67 percent increase in gross profit.

Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the third quarter ended September 30, 2021.

Marqeta reported total processing volume (TPV) of $27.6 billion, with net revenue of $132 million. This represented an increase of 60% and 56%, respectively, from the same quarter of 2020. The company saw gross profit of $59 million during the quarter, up 67% year-over-year. The company reported a gross margin of 45% for the quarter ended September 30, 2021, up from 42% in the same quarter of 2020. Marqeta reported a gross margin for the first nine months of 2021 of 43%, up from 40% for the corresponding period of 2020. It also reported a GAAP net loss of $45.7 million and Adjusted EBITDA of $(4.9) million for the quarter ended September 30, 2021.

“Modern card issuing is at the heart of today’s digital economy, and our third quarter results put that on display, both with the growth we’re seeing, and the way our platform is bringing to life unique new payments use cases for an incredible array of innovators,” said Jason Gardner, Founder and CEO of Marqeta.

Marqeta highlighted several recent key business updates that show off its momentum in the market:

  • Marqeta announced significant new customers: Bill.com will leverage Marqeta’s solution to help its financial institution partners and their customers to streamline their payment processes by using virtual cards, and Figure selected Marqeta to power its Figure Pay digital account which has built-in Buy Now, Pay Later (BNPL) functionality.
  • Marqeta spotlighted the rise of a new category of card solutions allowing its customers’ cardholders to make purchases at the point of sale in fiat currency using their cryptocurrency wallets, or earn cryptocurrency rewards on their spending, with category leaders Coinbase, Fold, Shakepay and Bakkt all leveraging its modern card issuing platform.
  • The Marqeta platform supported the launch of new card programs from existing major customers: Uber Freight launched a unique driver card for its carriers, which lets carriers get paid out for their earnings 99.7% faster than the industry standard.
  • Marqeta’s European business continues to show strong growth. The number of transactions processed by Marqeta’s European customers in the third quarter of 2021 increased by over 340% year-over-year. Similarly, since September 30, 2020, Marqeta has doubled its European customer base.
  • Marqeta continued to expand its product and partner ecosystem. After launching its first credit program in the second quarter of this year, Marqeta continued to onboard new credit card programs, with M1 Finance going live in third quarter, and Marqeta was named as a launch partner for Mastercard’s Installments Program, which builds in the tech infrastructure among payment acquirers to support BNPL programs.

Financial and Operating Highlights

(Dollars in thousands except per share amounts or as noted) (unaudited)

Three Months Ended

September 30,

 

%

Change

 

Nine Months Ended

September 30,

 

%

Change

 

2021

 

2020

 

 

2021

 

2020

 

Financial metrics:

 

 

 

 

 

 

 

 

 

 

 

Net revenue

$

131,512

 

 

$

84,306

 

 

56%

 

$

361,761

 

 

$

202,096

 

 

79%

Gross profit

$

59,074

 

 

$

35,282

 

 

67%

 

$

155,906

 

 

$

81,461

 

 

91%

Gross margin

45

%

 

42

%

 

3 pps

 

43

%

 

40

%

 

3 pps

Net loss

$

(45,730)

 

 

$

(12,298)

 

 

272%

 

$

(127,122)

 

 

$

(33,935)

 

 

275%

Net loss margin

(35)

%

 

(15)

%

 

(20) pps

 

(35)

%

 

(17)

%

 

(18) pps

Net loss per share - basic and diluted 1

$

(0.08)

 

 

$

(0.10)

 

 

(20)%

 

$

(0.42)

 

 

$

(0.28)

 

 

50%

Key operating metric and Non-GAAP financial measures 2:

 

 

 

 

 

 

 

 

 

 

 

Total Processing Volume (TPV) (in millions)

$

27,569

 

 

$

17,250

 

 

60%

 

$

78,087

 

 

$

41,327

 

 

89%

Adjusted EBITDA 3

$

(4,939)

 

 

$

686

 

 

(820)%

 

$

(13,929)

 

 

$

(12,754)

 

 

9%

Adjusted EBITDA margin 3

(4)

%

 

1

%

 

(5) pps

 

(4)

%

 

(6)

%

 

(2) pps

1 Net loss per share is computed by dividing net loss by the weighted average of common shares and dilutive common shares outstanding during the period.

2 We track a number of operating and financial metrics, including the key metric set forth in this table (Total Processing Volume), to help evaluate our business and growth trends, establish budgets, evaluate the effectiveness of our investments, and assess operational efficiencies. Total Processing Volume (TPV) represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses and scale of our business.

3 See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA and Adjusted EBITDA margin and a reconciliation of the net loss to Adjusted EBITDA.

Third Quarter Financial Results:

Net revenue increased by $47.2 million, or 56% year-over-year, rising to $131.5 million from $84.3 million in the third quarter of 2020 resulting from a 60% increase in TPV year-over-year.

Gross profit increased by 67% year-over-year, rising to $59.1 million, from $35.3 million in the third quarter of 2020 due to our TPV growth and increased Card Network incentives from a contract that was amended in the third quarter to include more favorable incentive payments to the Company .

Gross margin increased from 42% in the third quarter of 2020 to 45% during the third quarter of 2021. Gross margin in the third quarter of 2021 was helped by a Card Network Incentive contract that was amended in the third quarter of 2021 and which reduced our cost of revenues.

Net loss increased by $33.4 million, or 272%, year-over-year to $45.7 million resulting from our increase in gross profit, offset by an increase in compensation, benefits and technology expenses as we continued our investment in our people and platform.

Total Processing Volume increased by 60% year-over-year, rising to $27.6 billion from $17.2 billion in the third quarter of 2020.

Adjusted EBITDA in the third quarter of 2021 was $(4.9) million, a decrease of $(5.6) million year-over-year.

Financial Guidance

The following summarizes Marqeta's guidance for the fourth quarter of 2021:

 

Fourth Quarter 2021

Net revenue

$134 - $139 million

 

 

Adjusted EBITDA (1)

$(10) - $(7) million

(1) See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA and for information regarding non-availability of a forward reconciliation.

Conference Call

Marqeta will host a live conference call today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). To join the call, please dial-in 10 minutes in advance: toll-free at 1-877-407-4018 or direct at 1-201-689-8471. The conference call will also be available live via webcast online at http://investors.marqeta.com.

The telephone replay dial-in numbers are 1-844-512-2921 and 1-412-317-6671 and will be available until November 24, 2021, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13723994.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements relating to Marqeta’s guidance for the quarter ending December 31, 2021; statements regarding Marqeta’s business plans, business strategy and the continued success and growth of our customers; expectations regarding new use cases for Marqeta’s platform ability; and statements made by Marqeta’ Founder and CEO. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the effect of uncertainties related to the global COVID-19 pandemic on U.S. and global economies, our business, results of operations, financial condition, demand for our platform, sales cycles and customer retention; the risk that Marqeta is unable to further attract, retain, diversify, and expand its customer base; the risk that Marqeta is unable to drive increased TPV on its platform; the risk that consumers and customers will not perceive the benefits of Marqeta’s products as Marqeta expects; the risk that Marqeta's technology platform, including hosted solutions, do not operate as intended resulting in system outages; the risk that Marqeta will not be able to achieve the cost structure that Marqeta currently expects; the risk that Marqeta’s solution will not achieve the expected market acceptance; the risk that competition could reduce expected demand for Marqeta’s services; the risk that changes in the regulatory landscape adversely affects the gross interchange or other revenue Marqeta earns or adversely affects the bank and network costs Marqeta incurs; and the risk that Marqeta may be subject to additional risks such as currency fluctuations due to its international business activities. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition and results of operations are included in the “Risk Factors” disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com

The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.

Disclosure Information

Investors and others should note that Marqeta announces material financial information to its investors using its investor relations website, SEC filings, press releases, public conference calls and webcasts. Marqeta also uses social media to communicate with its customers and the public about Marqeta, its products and services and other matters relating to its business and market. It is possible that the information Marqeta posts on social media could be deemed to be material information. Therefore, Marqeta encourages investors, the media, and others interested in Marqeta to review the information we post on social media channels including the Marqeta Twitter Feed and the Marqeta LinkedIn Feed. These social media channels may be updated from time to time.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures".

About Marqeta, Inc.

Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s modern architecture gives its customers the ability to build more configurable and flexible payment experiences, accelerating time-to-market and democratizing access to card issuing technology. Marqeta’s open APIs provide instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle payment transactions. Marqeta is headquartered in Oakland, California and is certified to operate in 36 countries globally.

Marqeta® is a registered trademark of Marqeta, Inc.

Marqeta, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

Net revenue

$

131,512

 

 

$

84,306

 

 

$

361,761

 

 

$

202,096

 

Costs of revenue

72,438

 

 

49,024

 

 

205,855

 

 

120,635

 

Gross profit

59,074

 

 

35,282

 

 

155,906

 

 

81,461

 

Operating expenses:

 

 

 

 

 

 

 

Compensation and benefits

81,219

 

 

38,231

 

 

221,262

 

 

89,114

 

Professional services

7,947

 

 

2,132

 

 

20,590

 

 

6,957

 

Technology

9,299

 

 

3,432

 

 

22,494

 

 

8,531

 

Occupancy

1,091

 

 

1,100

 

 

3,084

 

 

3,267

 

Depreciation and amortization

786

 

 

901

 

 

2,567

 

 

2,608

 

Marketing and advertising

490

 

 

371

 

 

1,480

 

 

1,052

 

Other operating expenses

3,880

 

 

1,287

 

 

8,705

 

 

3,914

 

Total operating expenses

104,712

 

 

47,454

 

 

280,182

 

 

115,443

 

Loss from operations

(45,638)

 

 

(12,172)

 

 

(124,276)

 

 

(33,982)

 

Other income (expense), net

(57)

 

 

(83)

 

 

(2,705)

 

 

117

 

Loss before income tax expense

(45,695)

 

 

(12,255)

 

 

(126,981)

 

 

(33,865)

 

Income tax expense

(35)

 

 

(43)

 

 

(141)

 

 

(70)

 

Net loss

$

(45,730)

 

 

$

(12,298)

 

 

$

(127,122)

 

 

$

(33,935)

 

Net loss per share attributable to common stockholders, basic and diluted

$

(0.08)

 

 

$

(0.10)

 

 

$

(0.42)

 

 

$

(0.28)

 

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

538,896,513

 

 

124,225,475

 

 

302,967,155

 

 

120,931,681

 

Marqeta, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

 

September 30,

2021

 

December 31,

2020

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,260,220

 

 

$

220,433

 

Restricted cash

7,800

 

 

7,800

 

Marketable securities

408,954

 

 

149,903

 

Accounts receivable, net

7,338

 

 

8,420

 

Settlements receivable, net

15,451

 

 

12,867

 

Network incentives receivable

40,024

 

 

20,022

 

Prepaid expenses and other current assets

19,859

 

 

11,461

 

Total current assets

1,759,646

 

 

430,906

 

Property and equipment, net

10,191

 

 

9,477

 

Operating lease right-of-use assets, net

11,832

 

 

13,411

 

Other assets

1,473

 

 

3,886

 

Total assets

$

1,783,142

 

 

$

457,680

 

Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)

 

 

 

Current liabilities

 

 

 

Accounts payable

$

2,717

 

 

$

2,362

 

Revenue share payable

88,183

 

 

78,191

 

Accrued expenses and other current liabilities

97,606

 

 

60,545

 

Total current liabilities

188,506

 

 

141,098

 

Redeemable convertible preferred stock warrant liabilities

 

 

2,517

 

Operating lease liabilities, net of current portion

13,218

 

 

15,449

 

Other liabilities

8,078

 

 

10,452

 

Total liabilities

209,802

 

 

169,516

 

Redeemable convertible preferred stock

 

 

501,881

 

Stockholders' equity (deficit):

 

 

 

Preferred stock

 

 

 

Common stock

54

 

 

13

 

Additional paid-in capital

1,954,315

 

 

39,769

 

Accumulated other comprehensive income (loss)

(383)

 

 

25

 

Accumulated deficit

(380,646)

 

 

(253,524)

 

Total stockholders’ equity (deficit)

1,573,340

 

 

(213,717)

 

Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)

$

1,783,142

 

 

$

457,680

 

Marqeta, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

Nine Months Ended September 30,

 

2021

 

2020

Cash flows from operating activities:

 

 

 

Net loss

$

(127,122)

 

 

$

(33,935)

 

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

 

 

 

Depreciation and amortization

2,567

 

 

2,608

 

Share-based compensation expense

105,893

 

 

18,620

 

Non-cash operating leases expense

1,579

 

 

1,519

 

Amortization of premium on marketable securities

974

 

 

231

 

Provision for doubtful accounts

108

 

 

44

 

Other

2,891

 

 

1,053

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

974

 

 

(2,944)

 

Settlements receivable

(2,584)

 

 

137

 

Network incentives receivable

(20,002)

 

 

(3,426)

 

Prepaid expenses and other assets

(6,089)

 

 

(1,439)

 

Accounts payable

282

 

 

(314)

 

Revenue share payable

9,992

 

 

26,559

 

Accrued expenses and other liabilities

34,037

 

 

20,751

 

Operating lease liabilities

(2,147)

 

 

(890)

 

Net cash provided by operating activities

1,353

 

 

28,574

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

(2,251)

 

 

(2,151)

 

Purchases of marketable securities

(375,089)

 

 

(183,367)

 

Sales of marketable securities

 

 

71,981

 

Maturities of marketable securities

114,688

 

 

72,190

 

Net cash used in investing activities

(262,652)

 

 

(41,347)

 

Cash flows from financing activities:

 

 

 

Proceeds from initial public offering, net of underwriters' discounts and commissions

1,319,809

 

 

 

Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs

 

 

166,942

 

Proceeds from exercise of stock options, including early exercised stock options

2,872

 

 

1,744

 

Payments for net settlement of restricted stock units

(18,448)

 

 

 

Payment of deferred offering costs

(3,134)

 

 

(1,231)

 

Repurchase of early exercised unvested options

(73)

 

 

(66)

 

Net cash provided by financing activities

1,301,086

 

 

167,389

 

Net increase in cash, cash equivalents, and restricted cash

1,039,787

 

 

154,616

 

Cash, cash equivalents, and restricted cash- Beginning of period

228,233

 

 

68,144

 

Cash, cash equivalents, and restricted cash - End of period

$

1,268,020

 

 

$

222,760

 

Marqeta, Inc.

Financial and Operating Highlights

(in thousands, except per share data or as noted)

 

 

2021

 

2020

 

Year over Year

Change -

Q3'21 vs Q3'20

 

 

Third Quarter

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Operating performance:

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

$

131,512

 

 

$

122,266

 

 

$

107,983

 

 

$

88,196

 

 

$

84,306

 

 

56

%

Costs of revenue

 

72,438

 

 

75,291

 

 

58,126

 

 

51,750

 

 

49,024

 

 

48

%

Gross profit

 

59,074

 

 

46,975

 

 

49,857

 

 

36,446

 

 

35,282

 

 

67

%

Gross margin

 

45

%

 

38

%

 

46

%

 

41

%

 

42

%

 

3

pps

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

81,219

 

 

95,204

 

 

44,839

 

 

37,747

 

 

38,231

 

 

112

%

Professional services

 

7,947

 

 

6,382

 

 

6,261

 

 

3,172

 

 

2,132

 

 

273

%

Technology

 

9,299

 

 

7,569

 

 

5,626

 

 

4,708

 

 

3,432

 

 

171

%

Occupancy and equipment

 

1,091

 

 

907

 

 

1,086

 

 

1,070

 

 

1,100

 

 

(1)

%

Depreciation and amortization

 

786

 

 

874

 

 

907

 

 

890

 

 

901

 

 

(13)

%

Marketing and advertising

 

490

 

 

495

 

 

495

 

 

618

 

 

371

 

 

32

%

Other operating expenses

 

3,880

 

 

3,530

 

 

1,295

 

 

1,346

 

 

1,287

 

 

201

%

Total operating expenses

 

104,712

 

 

114,961

 

 

60,509

 

 

49,551

 

 

47,454

 

 

121

%

Loss from operations

 

(45,638)

 

 

(67,986)

 

 

(10,652)

 

 

(13,105)

 

 

(12,172)

 

 

275

%

Other income (expense), net

 

(57)

 

 

(481)

 

 

(2,167)

 

 

(638)

 

 

(83)

 

 

(31)

%

Loss before income tax expense

 

(45,695)

 

 

(68,467)

 

 

(12,819)

 

 

(13,743)

 

 

(12,255)

 

 

273

%

income tax expense

 

(35)

 

 

(87)

 

 

(19)

 

 

(17)

 

 

(43)

 

 

(19)

%

Net loss

 

$

(45,730)

 

 

$

(68,554)

 

 

$

(12,838)

 

 

$

(13,760)

 

 

$

(12,298)

 

 

272

%

Loss per share - basic and diluted

 

$

(0.08)

 

 

$

(0.29)

 

 

$

(0.10)

 

 

$

(0.11)

 

 

$

(0.10)

 

 

(20)

%

TPV (in millions)

 

$

27,569

 

 

$

26,520

 

 

$

23,998

 

 

$

18,748

 

 

$

17,250

 

 

60

%

Adjusted EBITDA

 

$

(4,939)

 

 

$

(10,637)

 

 

$

1,647

 

 

$

(2,624)

 

 

$

686

 

 

(820)

%

Adjusted EBITDA margin

 

(4)

%

 

(9)

%

 

2

%

 

(3)

%

 

1

%

 

(5)

pps

Financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,260,220

 

 

$

1,579,287

 

 

$

247,630

 

 

$

220,433

 

 

$

214,960

 

 

486

%

Restricted cash

 

$

7,800

 

 

$

7,800

 

 

$

7,800

 

 

$

7,800

 

 

$

7,800

 

 

%

Marketable securities

 

$

408,954

 

 

$

105,053

 

 

$

140,145

 

 

$

149,903

 

 

$

134,328

 

 

204

%

Total assets

 

$

1,783,142

 

 

$

1,780,324

 

 

$

481,803

 

 

$

457,680

 

 

$

424,661

 

 

320

%

Total liabilities

 

$

209,802

 

 

$

194,338

 

 

$

193,497

 

 

$

169,516

 

 

$

133,922

 

 

57

%

Redeemable preferred stock

 

$

 

 

$

 

 

$

501,881

 

 

$

501,881

 

 

$

501,881

 

 

(100)

%

Stockholders' equity (deficit)

 

$

1,573,340

 

 

$

1,585,986

 

 

$

(213,575)

 

 

$

(213,717)

 

 

$

(211,142)

 

 

(845)

%

pps = percentage points

Marqeta, Inc.

Reconciliation of GAAP to NON-GAAP Measures

(in thousands)

(unaudited)

Information Regarding Non-GAAP Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures. Marqeta considers Adjusted EBITDA and Adjusted EBITDA Margin as supplemental measures of the company’s performance that are not required by, nor presented in accordance with GAAP.

We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; legal, financial, and tax due diligence costs related to potential acquisitions; income tax expense; and other income (expense) net, which consists of changes in the fair value of redeemable convertible preferred stock warrant liabilities (for periods prior to the IPO), realized foreign currency gains and losses, and interest income from our marketable securities. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of certain annual employee bonus plans.

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net revenue. This measure is used by management and our board of directors to evaluate our operating efficiency.

Adjusted EBITDA and Adjusted EBITDA Margin should not be considered in isolation, or construed as an alternative to net loss, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than Marqeta does, which limits its usefulness in comparing Marqeta’s financial results with those of other companies.

The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

GAAP net revenue

$

131,512

 

 

$

84,306

 

 

$

361,761

 

 

$

202,096

 

GAAP net loss

$

(45,730)

 

 

$

(12,298)

 

 

$

(127,122)

 

 

$

(33,935)

 

GAAP net loss margin

(35)

%

 

(15)

%

 

(35)

%

 

(17)

%

 

 

 

 

 

 

 

 

GAAP net loss

$

(45,730)

 

 

$

(12,298)

 

 

$

(127,122)

 

 

$

(33,935)

 

Depreciation and amortization expense

786

 

 

901

 

 

2,567

 

 

2,608

 

Share-based compensation expense

38,965

 

 

11,957

 

 

105,893

 

 

18,620

 

Payroll tax expense related to share-based compensation

614

 

 

 

 

1,553

 

 

 

Acquisition related expenses

334

 

 

 

 

334

 

 

 

Other income (expense), net

57

 

 

83

 

 

2,705

 

 

(117)

 

Income tax expense

35

 

 

43

 

 

141

 

 

70

 

Adjusted EBITDA

$

(4,939)

 

 

$

686

 

 

$

(13,929)

 

 

$

(12,754)

 

Adjusted EBITDA Margin

(4)

%

 

1

%

 

(4)

%

 

(6)

%

A reconciliation of Adjusted EBITDA to the comparable GAAP measure is not available due to the challenges and impracticability with estimating some of the items as such items cannot be reasonably predicted. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.

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