AudioEye Reports Record Third Quarter 2024 Results
AudioEye (AEYE) reported record Q3 2024 results with total revenue increasing 14% to $8.9M. Gross profit rose to $7.1M (80% of revenue) from $6.1M in the prior year. Despite a net loss of $1.2M, this marked an 11% improvement from the previous year. Annual Recurring Revenue (ARR) grew to $36.2M, and adjusted EBITDA reached a record $2.0M. The company raised its full-year 2024 guidance, expecting revenue between $35.2M-$35.3M and adjusted EBITDA of $6.62M-$6.72M. Customer count increased 18% to approximately 126,000.
AudioEye (AEYE) ha riportato risultati record per il terzo trimestre del 2024, con un aumento del fatturato del 14% a $8.9M. Il profitto lordo è salito a $7.1M (80% del fatturato) rispetto ai $6.1M dell'anno precedente. Nonostante una perdita netto di $1.2M, questo ha segnato un miglioramento dell'11% rispetto all'anno precedente. Il Ricavo Annuale Ricorrente (ARR) è cresciuto a $36.2M e l'EBITDA rettificato ha raggiunto un record di $2.0M. L'azienda ha alzato le previsioni per l'intero anno 2024, prevedendo un fatturato tra $35.2M e $35.3M e un EBITDA rettificato tra $6.62M e $6.72M. Il numero di clienti è aumentato dell'18% a circa 126.000.
AudioEye (AEYE) reportó resultados récord para el tercer trimestre de 2024, con un aumento del ingreso total del 14% a $8.9M. El beneficio bruto subió a $7.1M (80% de los ingresos) desde $6.1M el año anterior. A pesar de una pérdida neta de $1.2M, esto marcó una mejora del 11% con respecto al año anterior. Los Ingresos Anuales Recurrentes (ARR) crecieron a $36.2M, y el EBITDA ajustado alcanzó un récord de $2.0M. La compañía elevó su guía de ingresos para todo el año 2024, esperando ingresos entre $35.2M y $35.3M y un EBITDA ajustado de $6.62M a $6.72M. El número de clientes aumentó un 18% a aproximadamente 126,000.
AudioEye (AEYE)는 2024년 3분기에 기록적인 실적을 발표했으며, 총 매출이 14% 증가하여 $8.9M에 도달했습니다. 총 이익은 지난해 $6.1M에서 $7.1M(매출의 80%)로 증가했습니다. $1.2M의 순손실에도 불구하고, 이는 전년 대비 11% 개선된 수치입니다. 연간 반복 수익 (ARR)은 $36.2M로 증가했으며, 조정 EBITDA는 기록적인 $2.0M에 도달했습니다. 회사는 2024년 전체 연도 가이던스를 상향 조정하였으며, 총 매출이 $35.2M에서 $35.3M 사이, 조정 EBITDA가 $6.62M에서 $6.72M 사이에 이를 것으로 기대하고 있습니다. 고객 수는 약 126,000명으로 18% 증가했습니다.
AudioEye (AEYE) a annoncé des résultats records pour le troisième trimestre 2024, avec un chiffre d'affaires total en hausse de 14% à 8,9 millions de dollars. Le bénéfice brut a augmenté à 7,1 millions de dollars (80% du chiffre d'affaires) contre 6,1 millions de dollars l'année précédente. Malgré une perte nette de 1,2 million de dollars, cela représente une amélioration de 11% par rapport à l'année précédente. Le Revenu Annuel Récurrent (ARR) a cru à 36,2 millions de dollars, et l'EBITDA ajusté a atteint un niveau record de 2,0 millions de dollars. L'entreprise a relevé ses prévisions pour l'année 2024, s'attendant à un chiffre d'affaires compris entre 35,2 millions et 35,3 millions de dollars, avec un EBITDA ajusté de 6,62 millions à 6,72 millions de dollars. Le nombre de clients a augmenté de 18% pour atteindre environ 126 000.
AudioEye (AEYE) berichtete über Rekordzahlen im dritten Quartal 2024, mit einem Anstieg des Gesamtumsatzes um 14% auf $8.9M. Der Bruttogewinn stieg auf $7.1M (80% des Umsatzes) von $6.1M im Vorjahr. Trotz eines Nettverlusts von $1.2M stellte dies eine Verbesserung von 11% im Vergleich zum Vorjahr dar. Der jährlich wiederkehrende Umsatz (ARR) wuchs auf $36.2M, und das bereinigte EBITDA erreichte mit $2.0M einen Rekord. Das Unternehmen hob seine Prognose für das Gesamtjahr 2024 an und erwartet einen Umsatz zwischen $35.2M und $35.3M sowie ein bereinigtes EBITDA zwischen $6.62M und $6.72M. Die Kundenanzahl stieg um 18% auf etwa 126.000.
- Record revenue of $8.9M, up 14% year-over-year
- Gross profit margin improved to 80% from 77%
- Adjusted EBITDA reached record $2.0M, up from $0.3M
- ARR increased by $2.9M sequentially to $36.2M
- Customer base grew 18% to 126,000
- Raised $7M through ATM offering at $24.65 per share
- Increased full-year guidance for revenue and adjusted EBITDA
- Net loss of $1.2M or $(0.10) per share
- Operating expenses increased 9% to $8.1M
- Additional share dilution from ATM offering
Insights
AudioEye delivered a strong Q3 2024 with several notable achievements. Revenue hit a record
Key financial metrics show healthy growth:
- ARR increased by
$2.9M sequentially to$36.2M - Adjusted EBITDA reached a record
$2.0M - Customer base grew
18% to 126,000
The raised guidance and successful
The launch of Accessibility Protection Status and SDK tools represents significant product innovation in the digital accessibility space. These developments, combined with achieving HIPAA compliance and SOC 2 Type II certification, position AudioEye to better serve enterprise clients and capitalize on upcoming HHS regulations.
The expanded CivicPlus partnership is particularly strategic, opening up opportunities in the lucrative government sector. The ADA Site Compliance acquisition strengthens their audit and compliance capabilities, creating a more comprehensive solution stack. The company's focus on developer tools with the new SDK shows foresight in addressing accessibility earlier in the development cycle, potentially reducing long-term costs for clients.
Thirty-Fifth Consecutive Period of Record Revenue
"Sequential revenues grew by an annualized growth rate of
Third Quarter 2024 Financial Results
- Total revenue increased
14% to a record$8.9M $7.8M - Gross profit increased to
$7.1M 80% of total revenue) from$6.1M 77% of total revenue) in the same prior year period. The increase was due to revenue growth and efficiencies in cost of revenue compared to the same prior year period. - Total operating expenses increased
9% to$8.1M $7.4M - Net loss improved
11% to$1.2M $(0.10) $1.4M $(0.11) - Adjusted EBITDA in the third quarter of 2024 was a record
$2.0M $0.16 $0.3M $0.02 - Annual Recurring Revenue ("ARR") as of September 30, 2024, increased
$2.9M $36.2M $33.3M - As of September 30, 2024, the Company had
$5.5M $5.1M $2.8M $3.1M
Other Updates
- In November, the Company announced Accessibility Protection Status, a new benchmark in digital accessibility compliance that empowers businesses to achieve greater transparency, clarity, and control over their digital accessibility efforts. By providing a more accurate representation of accessibility efforts beyond arbitrary scores, the Accessibility Protection Status provides companies with a clear path for digital accessibility compliance.
- The Company acquired ADA Site Compliance, a digital accessibility compliance company that provides audits and best practices to help organizations create websites that are accessible and compliant with WCAG standards.
- In September, the Company announced an expanded partnership with CivicPlus, a leader in public sector SaaS technology solutions. The partnership includes enhanced go-to-market strategies that will provide industry-leading accessibility solutions to penetrate the local government market.
- The Company announced it has achieved HIPAA Compliance and SOC 2 Type II Certification. These certifications further strengthen data protection and security measures and support the needs of enterprise-grade customers and customers impacted by future HHS regulations.
- The Company announced the general availability of its Accessibility Testing Software Development Kit (SDK), a self-service accessibility testing tool that helps developers address accessibility issues early in the software development life cycle (SDLC).
- In the fourth quarter of 2024, the Company completed its at-the-market offering, raising approximately
$7M $24.65 - Customer count increased
18% to approximately 126,000 customers as of September 30, 2024, compared to about 107,000 as of September 30, 2023. Both the Enterprise and the Partner and Marketplace channels contributed to the increase in customer count.
Financial Outlook
In the fourth quarter of 2024, the Company expects to generate revenue between
The Company is increasing its full-year 2024 revenue guidance to between
Conference Call Information
AudioEye management will hold a conference call today, November 7, 2024 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these results, followed by a question-and-answer period.
Date: Thursday, November 7, 2024
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
International number: 201-689-8341
Webcast: Q324 Webcast Link
Please call the conference telephone number 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.
The conference call will also be webcast live and available for replay via the investor relations section of the Company's website. The audio recording will remain available via the investor relations section of the Company's website for 90 days.
A telephonic replay of the conference call will also be available after 7:30 p.m. Eastern Time on the same day through November 21, 2024 via the following numbers:
Toll-free replay number: 877-660-6853
International replay number: 201-612-7415
Replay passcode: 13749411
About AudioEye
AudioEye exists to ensure the digital future we build is inclusive. By combining the latest AI automation technology with guidance from certified experts and direct input from the disability community, AudioEye helps ensure businesses of all sizes — including over 126,000 customers like Samsung, Calvin Klein, and Samsonite — are accessible and usable. Holding 23 US patents, AudioEye helps companies solve every aspect of digital accessibility with flexible approaches that best meet their needs. The comprehensive solution includes 24/7 accessibility monitoring, automated accessibility fixes, expert testing, developer tools, and industry-leading legal protection.
Forward-Looking Statements
Any statements in this press release about AudioEye's expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance are not historical facts and are "forward-looking statements" as that term is defined under the federal securities laws. Forward-looking statements are often, but not always, made through the use of words or phrases such as "believe", "anticipate", "should", "confident", "intend", "plan", "will", "expects", "estimates", "projects", "positioned", "strategy", "outlook" and similar words. You should read the statements that contain these types of words carefully. Such forward-looking statements contained herein include, but are not limited to, statements regarding future cash flows of the Company, anticipated contributions from new sales channels, long-term growth prospects, opportunities in the digital accessibility industry, our revenue, adjusted EBITDA, adjusted EPS and ARR guidance, expectations on "Rule of 40" in the fourth quarter, and our expectation of investments in marketing and sales. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied in such forward-looking statements, including the variability of AudioEye's revenue and financial performance; risks associated with our new platform, sales channels and offerings; product development and technological changes; the acceptance of AudioEye's products in the marketplace; the effectiveness of our integration efforts; competition; inherent uncertainties and costs associated with litigation; and general economic conditions. These and other risks are described more fully in AudioEye's filings with the Securities and Exchange Commission. There may be events in the future that AudioEye is not able to predict accurately or over which AudioEye has no control. Forward-looking statements reflect management's view as of the date of this press release, and AudioEye urges you not to place undue reliance on these forward-looking statements. AudioEye does not undertake any obligation to update such forward-looking statements to reflect events or uncertainties after the date hereof. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
About Key Operating Metrics
We consider annual recurring revenue ("ARR") as a key operating metric and a key indicator of our overall business. We also use ARR as one of the primary methods for planning and forecasting overall expectations and for evaluating, on at least a quarterly and annual basis, actual results against such expectations.
We manage customers through two primary channels, Enterprise and Partner and Marketplace. Enterprise channel consists of our larger customers and organizations, including those with non-platform custom websites, who generally engage directly with AudioEye sales personnel for custom pricing and solutions. This channel also includes federal, state and local government agencies. The Partner and Marketplace channel consists of our CMS partners, platform & agency partners, authorized resellers and our marketplace. This channel serves small and medium sized businesses who are on a partner or reseller's web-hosting platform or who purchase an AudioEye solution from our marketplace.
We define ARR as the sum of (i) for our Enterprise channel, the total of the annualized recurring fee at the date of determination under each active contract, plus (ii) for our Partner and Marketplace channel, the annual or monthly recurring fee for all active customers at the date of determination, in each case, assuming no changes to the subscription, multiplied by 12 if applicable. Recurring fees are defined as revenues expected to be generated from services typically offered as a subscription service or annual service offering such as our automation and platform, periodic auditing, human-assisted technological fixes, legal support and professional service offerings and other services that reoccur on a multi-year contract. This determination includes both annual and monthly contracts for recurring products. Some of our contracts are terminable prior to the expected term, which may impact future ARR. ARR excludes non-recurring fees, which are defined as revenue expected to be generated from services typically not offered as a subscription service or annual service offering such as our PDF remediation services business, one-time mobile application reports, and other miscellaneous services that are offered as non-subscription services or are expected to be one-time in nature.
Use of Non-GAAP Financial Measures
From time to time, we review adjusted financial measures that assist us in comparing our operating performance consistently over time, as such measures remove the impact of certain items, as applicable, such as our capital structure (primarily interest charges), and expenses that do not relate to our core operations, including significant transaction and litigation-related expenses and other costs that are expected to be non-recurring. In order to provide investors with greater insight and allow for a more comprehensive understanding of the information used in our financial and operational decision-making, the Company has supplemented the consolidated financial statements presented on a GAAP basis in this press release with the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings (loss) per diluted share (adjusted EPS).
These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of Company results as reported under GAAP. The Company compensates for such limitations by relying primarily on our GAAP results and using non-GAAP financial measures only as supplemental data. We also provide a reconciliation of non-GAAP to GAAP measures used. Investors are encouraged to carefully review this reconciliation. In addition, because these non-GAAP measures are not measures of financial performance under GAAP and are susceptible to varying calculations, these measures, as defined by us, may differ from and may not be comparable to similarly titled measures used by other companies.
Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Earnings (Loss) per Diluted Share
We define: (i) Adjusted EBITDA as net income (loss), plus (less) interest expense (income), plus depreciation and amortization expense, plus stock-based compensation expense, plus non-cash valuation adjustment to contingent consideration, plus certain litigation expense, plus certain acquisition expense, plus executive team restructuring cost, and plus loss on disposal or impairment of long-lived assets; (ii) Adjusted EBITDA margin as Adjusted EBITDA as a percentage of GAAP revenue; and (iii) Adjusted earnings (loss) per diluted share as net income (loss) per diluted common share, plus (less) interest expense (income), plus depreciation and amortization expense, plus stock-based compensation expense, plus non-cash valuation adjustment to contingent consideration, plus certain litigation expense, plus certain acquisition expense, plus executive team restructuring cost, and plus loss on disposal or impairment of long-lived assets, each on a per share basis. Adjusted earnings per diluted share includes incremental shares in the share count that are considered anti-dilutive in a GAAP net loss position.
Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings (loss) per diluted share are used to facilitate a comparison of our operating performance on a consistent basis from period to period and provide for a more complete understanding of factors and trends affecting our business than GAAP measures alone. All of the items adjusted in the Adjusted EBITDA to net loss and the Adjusted earnings (loss) per share calculations are either recurring non-cash items, or items that management does not consider in assessing our on-going operating performance. In the case of the non-cash items, such as stock-based compensation expense and valuation adjustments to assets and liabilities, management believes that investors may find it useful to assess our comparative operating performance because the measures without such items are expected to be less susceptible to variances in actual performance resulting from expenses that do not relate to our core operations and are more reflective of other factors that affect operating performance. In the case of items that do not relate to our core operations, management believes that investors may find it useful to assess our operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.
Adjusted EBITDA is not a measure of liquidity under GAAP, or otherwise, and is not an alternative to cash flow from continuing operating activities, despite the advantages regarding the use and analysis of these measures as mentioned above. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings (loss) per diluted share, as disclosed in this press release, have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP; nor are these measures intended to be measures of liquidity or free cash flow.
To properly and prudently evaluate our business, we encourage readers to review the consolidated GAAP financial statements included in this press release, and not rely on any single financial measure to evaluate our business. The following table sets forth reconciliations of Adjusted EBITDA to net loss, the most directly comparable GAAP-based measure, as well as Adjusted earnings (loss) per diluted share to net loss per diluted share, the most directly comparable GAAP-based measure. We strongly urge readers to review these reconciliations, along with the financial statements included in this press release.
Forward-Looking Non-GAAP Financial Measures
This press release also includes the forward-looking non-GAAP financial measures of adjusted EBITDA and adjusted EPS guidance for the quarter and full year ending December 31, 2024. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures.
Investor Contact:
Tom Colton
Gateway Group, Inc.
AEYE@gateway-grp.com
949-574-3860
AUDIOEYE, INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(unaudited) | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
(in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||
Revenue | $ | 8,925 | $ | 7,838 | $ | 25,478 | $ | 23,446 | ||||
Cost of revenue | 1,823 | 1,788 | 5,348 | 5,277 | ||||||||
Gross profit | 7,102 | 6,050 | 20,130 | 18,169 | ||||||||
Operating expenses: | ||||||||||||
Selling and marketing | 3,148 | 2,891 | 9,122 | 9,387 | ||||||||
Research and development | 1,151 | 1,955 | 3,694 | 5,734 | ||||||||
General and administrative | 3,794 | 2,594 | 9,433 | 8,520 | ||||||||
Total operating expenses | 8,093 | 7,440 | 22,249 | 23,641 | ||||||||
Operating loss | (991) | (1,390) | (2,119) | (5,472) | ||||||||
Interest income (expense), net | (211) | 35 | (647) | 133 | ||||||||
Net loss | $ | (1,202) | $ | (1,355) | $ | (2,766) | $ | (5,339) | ||||
Net loss per common share-basic and diluted | $ | (0.10) | $ | (0.11) | $ | (0.23) | $ | (0.46) | ||||
Weighted average common shares outstanding-basic | 11,960 | 11,822 | 11,791 | 11,733 | ||||||||
AUDIOEYE, INC. | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(unaudited) | ||||||
September 30, | December 31, | |||||
(in thousands, except per share data) | 2024 | 2023 | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash | $ | 5,478 | $ | 9,236 | ||
Accounts receivable, net | 4,876 | 4,828 | ||||
Prepaid expenses and other current assets | 1,042 | 712 | ||||
Total current assets | 11,396 | 14,776 | ||||
Property and equipment, net | 228 | 218 | ||||
Right of use assets | 430 | 611 | ||||
Intangible assets, net | 10,593 | 5,783 | ||||
Goodwill | 6,615 | 4,001 | ||||
Other | 128 | 106 | ||||
Total assets | $ | 29,390 | $ | 25,495 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | $ | 3,481 | $ | 2,339 | ||
Note payable | 2,348 | — | ||||
Operating lease liabilities | 194 | 312 | ||||
Finance lease liabilities | — | 7 | ||||
Deferred revenue | 7,587 | 6,472 | ||||
Contingent consideration | — | 2,399 | ||||
Total current liabilities | 13,610 | 11,529 | ||||
Long term liabilities: | ||||||
Term loan, net | 6,796 | 6,727 | ||||
Operating lease liabilities | 269 | 417 | ||||
Deferred revenue | 8 | 10 | ||||
Contingent consideration, long term | 1,250 | — | ||||
Other | 105 | 105 | ||||
Total liabilities | 22,038 | 18,788 | ||||
Stockholders' equity: | ||||||
Preferred stock, | ||||||
Common stock, | 1 | 1 | ||||
Additional paid-in capital | 101,609 | 96,182 | ||||
Accumulated deficit | (94,258) | (89,476) | ||||
Total stockholders' equity | 7,352 | 6,707 | ||||
Total liabilities and stockholders' equity | $ | 29,390 | $ | 25,495 | ||
AUDIOEYE, INC. | |||||||||||||
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||
(unaudited) | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
(in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||
Adjusted EBITDA Reconciliation | |||||||||||||
Net loss (GAAP) | $ | (1,202) | $ | (1,355) | $ | (2,766) | $ | (5,339) | |||||
Non-cash valuation adjustment to contingent | — | (14) | (12) | 200 | |||||||||
Interest (income) expense, net | 211 | (35) | 647 | (133) | |||||||||
Stock-based compensation expense | 1,190 | 886 | 3,048 | 3,035 | |||||||||
Acquisition expense (1) | 394 | — | 394 | — | |||||||||
Litigation expense (2) | 840 | 106 | 1,339 | 300 | |||||||||
Executive team restructuring cost (3) | — | 63 | — | 63 | |||||||||
Depreciation and amortization | 596 | 567 | 1,764 | 1,670 | |||||||||
Loss on disposal or impairment of long-lived | 1 | 73 | 5 | 220 | |||||||||
Adjusted EBITDA | $ | 2,030 | $ | 291 | $ | 4,419 | $ | 16 | |||||
Adjusted EBITDA margin (4) | 23 | % | 4 | % | 17 | % | 0 | % | |||||
Adjusted Earnings per Diluted Share | |||||||||||||
Net loss per common share (GAAP) — diluted | $ | (0.10) | $ | (0.11) | $ | (0.23) | $ | (0.46) | |||||
Non-cash valuation adjustment to contingent | — | — | — | 0.02 | |||||||||
Interest (income) expense, net | 0.02 | — | 0.05 | (0.01) | |||||||||
Stock-based compensation expense | 0.10 | 0.07 | 0.25 | 0.26 | |||||||||
Acquisition expense (1) | 0.03 | — | 0.03 | — | |||||||||
Litigation expense (2) | 0.07 | 0.01 | 0.11 | 0.03 | |||||||||
Executive team restructuring cost (3) | — | 0.01 | — | 0.01 | |||||||||
Depreciation and amortization | 0.05 | 0.05 | 0.14 | 0.14 | |||||||||
Loss on disposal or impairment of long-lived | — | 0.01 | — | 0.02 | |||||||||
Adjusted earnings per diluted share (5) | $ | 0.16 | $ | 0.02 | $ | 0.36 | $ | 0.00 | |||||
Diluted weighted average shares (GAAP) | 11,960 | 11,822 | 11,791 | 11,733 | |||||||||
Includable incremental shares (Non-GAAP) (5) | 548 | 412 | 460 | 376 | |||||||||
Adjusted diluted shares (Non-GAAP) | 12,508 | 12,234 | 12,251 | 12,109 | |||||||||
(1) | Represents legal, accounting and consulting fees associated with the acquisition of ADA Site Compliance. |
(2) | Represents legal expenses related primarily to non-recurring litigation. |
(3) | Represents severance expense associated with the restructuring in executive roles. |
(4) | Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of GAAP revenue. |
(5) | Adjusted earnings per adjusted diluted share for our common stock is computed using the treasury stock method. |
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SOURCE AudioEye, Inc.
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