AeroVironment Announces Fiscal 2023 First Quarter Results
AeroVironment (AVAV) reported Q1 fiscal 2023 earnings with revenue of $108.5 million, a 7% increase year-over-year. Gross margin reached $33.7 million, up 17%, resulting in a margin percentage of 31%. However, the company experienced a net loss of $(8.4) million. Funded backlog hit a record of $307.6 million as of August 27, 2022. Despite supply chain challenges, AVAV remains optimistic, reaffirming its fiscal 2023 revenue guidance of $490 million to $520 million and net income expectations of $11 million to $18 million.
- Record funded backlog of $307.6 million as of August 27, 2022.
- Reaffirmed fiscal 2023 revenue guidance of $490 million to $520 million.
- Net loss attributable to AeroVironment of $(8.4) million.
First Quarter Highlights
-
First quarter revenue of
, up$108.5 million 7% year-over-year -
First quarter gross margin of
, an increase of$33.7 million 17% year-over-year; gross margin percentage rose approximately 300 basis points, to31% -
First quarter net loss attributable to
AeroVironment of and non-GAAP adjusted EBITDA of$(8.4) million $13 million -
Strong August bookings resulted in record funded backlog of
as of$307.6 million August 27, 2022
“The company achieved first quarter results in line with expectations, and we are reaffirming our fiscal 2023 guidance as shared last quarter,” said
“Overall, we are successfully managing ongoing supply chain challenges and are well positioned for continued value creation due to strong demand across nearly all our product lines led by heightened global interest in our Switchblade Tactical Missile Systems, Small Unmanned Aircraft Systems, and Medium Unmanned Aircraft Systems product lines.”
FISCAL 2023 FIRST QUARTER RESULTS
Revenue for the first quarter of fiscal 2023 was
Gross margin for the first quarter of fiscal 2023 was
Loss from operations for the first quarter of fiscal 2023 was
Other expense, net, for the first quarter of fiscal 2023 was
Provision for income taxes for the first quarter of fiscal 2023 was
Equity method investment loss, net of tax, for the first quarter of fiscal 2023 was
Net loss attributable to
Non-GAAP loss per diluted share was
BACKLOG
As of
FISCAL 2023 — OUTLOOK FOR THE FULL YEAR
For the fiscal year 2023, the Company continues to expect revenue of between
The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, and including certain assumptions with respect to our ability to efficiently and on a timely basis integrate our acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in
CONFERENCE CALL AND PRESENTATION
In conjunction with this release,
New this quarter, investors may access the call by registering via the following participant registration link up to ten minutes prior to the start time.
Participant registration URL: https://register.vevent.com/register/BI9db32ad42d4b4fd5a1ec1f9a55e658f5
Investors may also listen to the live audio webcast via the Investor Relations page of the
A supplementary investor presentation for the first quarter fiscal year 2023 can be accessed at https://investor.avinc.com/events-and-presentations.
Audio Replay
An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investor.avinc.com.
ABOUT
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.
Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our recent acquisitions of Arcturus UAV, Telerob and ISG and our ability to successfully integrate them into our operations; the risk that disruptions will occur from the transactions that will harm our business; any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. See in the financial tables below the calculation of these measures, the reasons why we believe these measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures.
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Consolidated Statements of Operations (Unaudited) |
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(In thousands except share and per share data) |
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Three Months Ended |
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2022 |
|
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2021 |
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||
|
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(Unaudited) |
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||||||
Revenue: |
|
|
|
|
|
|
|
||
Product sales |
|
$ |
57,974 |
|
|
$ |
53,116 |
|
|
Contract services |
|
|
50,542 |
|
|
|
47,893 |
|
|
|
|
|
108,516 |
|
|
|
101,009 |
|
|
Cost of sales: |
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|
|
|
|
|
|
||
Product sales |
|
|
32,899 |
|
|
|
32,590 |
|
|
Contract services |
|
|
41,903 |
|
|
|
39,696 |
|
|
|
|
|
74,802 |
|
|
|
72,286 |
|
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Gross margin: |
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|
|
|
|
|
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||
Product sales |
|
|
25,075 |
|
|
|
20,526 |
|
|
Contract services |
|
|
8,639 |
|
|
|
8,197 |
|
|
|
|
|
33,714 |
|
|
|
28,723 |
|
|
Selling, general and administrative |
|
|
21,943 |
|
|
|
27,128 |
|
|
Research and development |
|
|
15,045 |
|
|
|
13,708 |
|
|
Loss from operations |
|
|
(3,274 |
) |
|
|
(12,113 |
) |
|
Other loss: |
|
|
|
|
|
|
|
||
Interest expense, net |
|
|
(1,603 |
) |
|
|
(1,275 |
) |
|
Other expense, net |
|
|
(406 |
) |
|
|
(346 |
) |
|
Loss before income taxes |
|
|
(5,283 |
) |
|
|
(13,734 |
) |
|
Provision for (benefit from) income taxes |
|
|
2,606 |
|
|
|
(957 |
) |
|
Equity method investment loss, net of tax |
|
|
(500 |
) |
|
|
(1,141 |
) |
|
Net loss |
|
|
(8,389 |
) |
|
|
(13,918 |
) |
|
Net income attributable to noncontrolling interest |
|
|
(6 |
) |
|
|
(63 |
) |
|
Net loss attributable to |
|
$ |
(8,395 |
) |
|
$ |
(13,981 |
) |
|
Net loss per share attributable to |
|
|
|
|
|
|
|
||
Basic |
|
$ |
(0.34 |
) |
|
$ |
(0.57 |
) |
|
Diluted |
|
$ |
(0.34 |
) |
|
$ |
(0.57 |
) |
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
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||
Basic |
|
|
24,804,232 |
|
|
|
24,620,180 |
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Diluted |
|
|
24,804,232 |
|
|
|
24,620,180 |
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Consolidated Balance Sheets |
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(In thousands except share data) |
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2022 |
|
|
2022 |
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|
||
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(Unaudited) |
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Assets |
|
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|
|
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Current assets: |
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|
|
|
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Cash and cash equivalents |
|
$ |
93,183 |
|
|
$ |
77,231 |
|
|
Short-term investments |
|
|
12,655 |
|
|
|
24,716 |
|
|
Accounts receivable, net of allowance for doubtful accounts of |
|
|
52,062 |
|
|
|
60,170 |
|
|
Unbilled receivables and retentions |
|
|
89,397 |
|
|
|
104,194 |
|
|
Inventories |
|
|
98,603 |
|
|
|
90,629 |
|
|
Income taxes receivable |
|
|
— |
|
|
|
442 |
|
|
Prepaid expenses and other current assets |
|
|
11,368 |
|
|
|
11,527 |
|
|
Total current assets |
|
|
357,268 |
|
|
|
368,909 |
|
|
Long-term investments |
|
|
17,707 |
|
|
|
15,433 |
|
|
Property and equipment, net |
|
|
61,862 |
|
|
|
62,296 |
|
|
Operating lease right-of-use assets |
|
|
25,385 |
|
|
|
26,769 |
|
|
Deferred income taxes |
|
|
7,671 |
|
|
|
7,290 |
|
|
Intangibles, net |
|
|
91,009 |
|
|
|
97,224 |
|
|
|
|
|
333,791 |
|
|
|
334,347 |
|
|
Other assets |
|
|
1,961 |
|
|
|
1,932 |
|
|
Total assets |
|
$ |
896,654 |
|
|
$ |
914,200 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
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Current liabilities: |
|
|
|
|
|
|
|
||
Accounts payable |
|
$ |
21,945 |
|
|
$ |
19,244 |
|
|
Wages and related accruals |
|
|
17,403 |
|
|
|
25,398 |
|
|
Customer advances |
|
|
10,258 |
|
|
|
8,968 |
|
|
Current portion of long-term debt |
|
|
10,000 |
|
|
|
10,000 |
|
|
Current operating lease liabilities |
|
|
7,029 |
|
|
|
6,819 |
|
|
Income taxes payable |
|
|
2,962 |
|
|
|
759 |
|
|
Other current liabilities |
|
|
26,279 |
|
|
|
30,203 |
|
|
Total current liabilities |
|
|
95,876 |
|
|
|
101,391 |
|
|
Long-term debt, net of current portion |
|
|
175,481 |
|
|
|
177,840 |
|
|
Non-current operating lease liabilities |
|
|
20,371 |
|
|
|
21,915 |
|
|
Other non-current liabilities |
|
|
759 |
|
|
|
768 |
|
|
Liability for uncertain tax positions |
|
|
1,450 |
|
|
|
1,450 |
|
|
Deferred income taxes |
|
|
2,547 |
|
|
|
2,626 |
|
|
Commitments and contingencies |
|
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|
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Stockholders’ equity: |
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Preferred stock, |
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Authorized shares—10,000,000; none issued or outstanding at |
|
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— |
|
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— |
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Common stock, |
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|
|
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Authorized shares—100,000,000 |
|
|
|
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|
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||
Issued and outstanding shares—24,990,590 shares at |
|
|
2 |
|
|
|
2 |
|
|
Additional paid-in capital |
|
|
268,641 |
|
|
|
267,248 |
|
|
Accumulated other comprehensive loss |
|
|
(7,558 |
) |
|
|
(6,514 |
) |
|
Retained earnings |
|
|
338,838 |
|
|
|
347,233 |
|
|
|
|
|
599,923 |
|
|
|
607,969 |
|
|
Noncontrolling interest |
|
|
247 |
|
|
|
241 |
|
|
Total equity |
|
|
600,170 |
|
|
|
608,210 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
896,654 |
|
|
$ |
914,200 |
|
|
|
|||||||||
Consolidated Statements of Cash Flows (Unaudited) |
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(In thousands) |
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|
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|
|
|
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|
|
Three Months Ended |
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|
|
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|
|
|
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|
|
2022 |
|
|
2021 |
|
|
||
Operating activities |
|
|
|
|
|
|
|||
Net loss |
|
$ |
(8,389 |
) |
|
$ |
(13,918 |
) |
|
Adjustments to reconcile net loss from operations to cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
14,000 |
|
|
|
13,654 |
|
|
Loss from equity method investments |
|
|
500 |
|
|
|
1,141 |
|
|
Amortization of debt issuance costs |
|
|
211 |
|
|
|
129 |
|
|
Provision for doubtful accounts |
|
|
23 |
|
|
|
(20 |
) |
|
Other non-cash expense, net |
|
|
153 |
|
|
|
48 |
|
|
Non-cash lease expense |
|
|
1,590 |
|
|
|
1,677 |
|
|
(Gain) loss on foreign currency transactions |
|
|
(44 |
) |
|
|
19 |
|
|
Deferred income taxes |
|
|
(381 |
) |
|
|
(472 |
) |
|
Stock-based compensation |
|
|
2,217 |
|
|
|
1,922 |
|
|
Loss on disposal of property and equipment |
|
|
485 |
|
|
|
379 |
|
|
Amortization of debt securities |
|
|
130 |
|
|
|
90 |
|
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
||
Accounts receivable |
|
|
8,053 |
|
|
|
17,914 |
|
|
Unbilled receivables and retentions |
|
|
14,754 |
|
|
|
(14,684 |
) |
|
Inventories |
|
|
(11,707 |
) |
|
|
(6,058 |
) |
|
Income taxes receivable |
|
|
442 |
|
|
|
(326 |
) |
|
Prepaid expenses and other assets |
|
|
46 |
|
|
|
481 |
|
|
Accounts payable |
|
|
3,323 |
|
|
|
(7,997 |
) |
|
Other liabilities |
|
|
(9,519 |
) |
|
|
(9,283 |
) |
|
Net cash provided by (used in) operating activities |
|
|
15,887 |
|
|
|
(15,304 |
) |
|
Investing activities |
|
|
|
|
|
|
|
||
Acquisition of property and equipment |
|
|
(5,393 |
) |
|
|
(5,428 |
) |
|
Equity method investments |
|
|
(2,774 |
) |
|
|
(2,692 |
) |
|
Business acquisitions, net of cash acquired |
|
|
— |
|
|
|
(46,150 |
) |
|
Redemptions of available-for-sale investments |
|
|
13,280 |
|
|
|
17,925 |
|
|
Purchases of available-for-sale investments |
|
|
(1,326 |
) |
|
|
— |
|
|
Net cash provided by (used in) investing activities |
|
|
3,787 |
|
|
|
(36,345 |
) |
|
Financing activities |
|
|
|
|
|
|
|
||
Principal payments of term loan |
|
|
(2,500 |
) |
|
|
(2,500 |
) |
|
Tax withholding payment related to net settlement of equity awards |
|
|
(824 |
) |
|
|
(1,176 |
) |
|
Holdback and retention payments for business acquisition |
|
|
— |
|
|
|
(5,991 |
) |
|
Exercise of stock options |
|
|
— |
|
|
|
119 |
|
|
Other |
|
|
(7 |
) |
|
|
(8 |
) |
|
Net cash used in financing activities |
|
|
(3,331 |
) |
|
|
(9,556 |
) |
|
Effects of currency translation on cash and cash equivalents |
|
|
(391 |
) |
|
|
(111 |
) |
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
15,952 |
|
|
|
(61,316 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
77,231 |
|
|
|
157,063 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
93,183 |
|
|
$ |
95,747 |
|
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
||
Cash paid, net during the period for: |
|
|
|
|
|
|
|
||
Income taxes |
|
$ |
— |
|
|
$ |
— |
|
|
Interest |
|
$ |
2,169 |
|
|
$ |
— |
|
|
Non-cash activities |
|
|
|
|
|
|
|
||
Unrealized (gain) loss on available-for-sale investments, net of deferred tax expense of |
|
$ |
(20 |
) |
|
$ |
4 |
|
|
Change in foreign currency translation adjustments |
|
$ |
(1,064 |
) |
|
$ |
(733 |
) |
|
Issuances of inventory to property and equipment, ISR in-service assets |
|
$ |
3,364 |
|
|
$ |
6,881 |
|
|
Acquisitions of property and equipment included in accounts payable |
|
$ |
543 |
|
|
$ |
821 |
|
|
|
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Reportable Segment Results (Unaudited) |
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(In thousands) |
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|
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|
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Three Months Ended |
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|
|
Small UAS |
|
TMS |
|
MUAS |
|
HAPS |
|
All other |
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Total |
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Revenue |
|
$ |
43,256 |
|
$ |
23,011 |
|
|
$ |
19,262 |
|
|
$ |
10,215 |
|
$ |
12,772 |
|
|
$ |
108,516 |
|
Gross margin |
|
|
21,296 |
|
|
7,746 |
|
|
|
(1,073 |
) |
|
|
3,324 |
|
|
2,421 |
|
|
|
33,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
|
|
8,025 |
|
|
(1,031 |
) |
|
|
(9,584 |
) |
|
|
2,539 |
|
|
(3,223 |
) |
|
|
(3,274 |
) |
Acquisition-related expenses |
|
|
- |
|
|
- |
|
|
|
221 |
|
|
|
- |
|
|
114 |
|
|
|
335 |
|
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
682 |
|
|
- |
|
|
|
4,831 |
|
|
|
- |
|
|
1,334 |
|
|
|
6,847 |
|
Adjusted income (loss) from operations |
|
$ |
8,707 |
|
$ |
(1,031 |
) |
|
$ |
(4,532 |
) |
|
$ |
2,539 |
|
$ |
(1,775 |
) |
|
$ |
3,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||||||||||||||||
|
|
Small UAS |
|
TMS |
|
MUAS |
|
HAPS |
|
All other |
|
Total |
||||||||||
Revenue |
|
$ |
39,924 |
|
$ |
19,176 |
|
|
$ |
22,379 |
|
|
$ |
10,352 |
|
$ |
9,178 |
|
|
$ |
101,009 |
|
Gross margin |
|
|
16,920 |
|
|
5,989 |
|
|
|
3,181 |
|
|
|
3,174 |
|
|
(541 |
) |
|
|
28,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
|
|
1,958 |
|
|
(463 |
) |
|
|
(6,381 |
) |
|
|
1,103 |
|
|
(8,330 |
) |
|
|
(12,113 |
) |
Acquisition-related expenses |
|
|
424 |
|
|
251 |
|
|
|
1,384 |
|
|
|
104 |
|
|
1,091 |
|
|
|
3,254 |
|
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
707 |
|
|
- |
|
|
|
5,191 |
|
|
|
- |
|
|
3,226 |
|
|
|
9,124 |
|
Adjusted income (loss) from operations |
|
$ |
3,089 |
|
$ |
(212 |
) |
|
$ |
194 |
|
|
$ |
1,207 |
|
$ |
(4,013 |
) |
|
$ |
265 |
|
|
||||||||
Reconciliation of non-GAAP Loss per Diluted Share (Unaudited) |
||||||||
|
|
|
|
|
|
|||
|
|
Three Months Ended |
|
Three Months Ended |
||||
|
|
|
|
|
||||
|
|
|
|
|
|
|
||
Loss per diluted share |
|
$ |
(0.34 |
) |
|
$ |
(0.57 |
) |
Acquisition-related expenses |
|
|
0.02 |
|
|
|
0.11 |
|
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
0.22 |
|
|
|
0.29 |
|
Loss per diluted share as adjusted (Non-GAAP) |
|
$ |
(0.10 |
) |
|
$ |
(0.17 |
) |
Reconciliation of non-GAAP adjusted EBITDA (Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
|
Three Months Ended |
||||
(in millions) |
|
|
|
|
||||
Net loss |
|
$ |
(8 |
) |
|
$ |
(14 |
) |
Interest expense, net |
|
|
2 |
|
|
|
1 |
|
Provision for (benefit from) income taxes |
|
|
2 |
|
|
|
(1 |
) |
Depreciation and amortization |
|
|
14 |
|
|
|
14 |
|
EBITDA (Non-GAAP) |
|
|
10 |
|
|
|
— |
|
Amortization of purchase accounting adjustment included in loss on disposal of property and equipment |
|
|
— |
|
|
|
1 |
|
Stock-based compensation |
|
|
2 |
|
|
|
2 |
|
Equity method investment loss |
|
|
1 |
|
|
|
1 |
|
Acquisition-related expenses |
|
|
— |
|
|
|
3 |
|
Adjusted EBITDA (Non-GAAP) |
|
$ |
13 |
|
|
$ |
7 |
|
Reconciliation of Forecast Earnings per Diluted Share (Unaudited) |
|||
|
|
|
|
|
|
Fiscal year ending |
|
|
|
|
|
Forecast earnings per diluted share |
|
$ |
0.42 - 0.72 |
Acquisition-related expenses |
|
|
0.02 |
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
0.91 |
Forecast earnings per diluted share as adjusted (Non-GAAP) |
|
$ |
1.35 - 1.65 |
Reconciliation of 2023 Forecast and Fiscal Year 2022 Actual Non-GAAP adjusted EBITDA (Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
Fiscal year ending |
|
Fiscal year ended |
||||
(in millions) |
|
|
|
|
||||
Net income (loss) |
|
$ |
11 - 18 |
|
|
$ |
(4 |
) |
Interest expense, net |
|
|
5 |
|
|
|
5 |
|
Benefit from income taxes |
|
|
(4) - (1 |
) |
|
|
(10 |
) |
Depreciation and amortization |
|
|
60 |
|
|
|
61 |
|
EBITDA (Non-GAAP) |
|
|
72 - 82 |
|
|
|
52 |
|
Amortization of purchase accounting adjustment included in loss on disposal of property and equipment |
|
|
— |
|
|
|
1 |
|
Stock-based compensation |
|
|
8 |
|
|
|
5 |
|
Sale of ownership in |
|
|
— |
|
|
|
(6 |
) |
Equity method investment loss (gain) |
|
|
1 |
|
|
|
(5 |
) |
Legal accrual related to our former EES business |
|
|
— |
|
|
|
10 |
|
Acquisition-related expenses |
|
|
1 |
|
|
|
5 |
|
Adjusted EBITDA (Non-GAAP) |
$ |
82 - 92 |
|
|
$ |
62 |
Statement Regarding Non-GAAP Measures
The non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing our results that, when reconciled to the corresponding GAAP measures, help our investors to understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. In addition, management uses these non-GAAP measures to evaluate our operating and financial performance.
Non-GAAP Adjusted Operating Income
Adjusted operating income is defined as operating income before intangible amortization, amortization of non-cash purchase accounting adjustments, and acquisition related expenses.
Non-GAAP Earnings per Diluted Share
We exclude the acquisition-related expenses, amortization of acquisition-related intangible assets and one-time non-operating items because we believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization will recur in future periods until such intangible assets have been fully amortized.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA is defined as net income before interest income, interest expense, income tax expense (benefit) and depreciation and amortization including amortization of purchase accounting adjustments, adjusted for the impact of certain other items, including stock-based compensation, acquisition related expenses, equity method investment gains or losses, and one-time non-operating gains or losses. We present Adjusted EBITDA, which is not a recognized financial measure under
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