Quotient Technology Inc. Announces First Quarter 2022 Results
Quotient Technology reported Q1 2022 revenue of $78.5 million with a GAAP net loss of $26.3 million and an adjusted EBITDA of ($7.1 million). The company is shifting its business model towards scalable solutions after fully exiting its partnership with Albertsons. This transition is expected to result in a revenue reduction of approximately $13 million. For Q2 2022, Quotient forecasts revenue between $68 million to $76 million and adjusted EBITDA of ($2 million) to $2 million. Full-year revenue guidance is set at $330 million to $345 million.
- Focus on transforming business model to scalable solutions.
- Continued service to over 2,000 brand partners.
- Projected revenue guidance for FY 2022 between $330M to $345M.
- GAAP net loss of $26.3 million in Q1 2022.
- Revenue reduction due to business model transition estimated at $13 million.
- Adjusted EBITDA of ($7.1 million) indicates ongoing financial challenges.
First Quarter 2022
-
Quarterly Revenue of
$78.5M -
GAAP Net Loss of
$26.3M -
Adjusted EBITDA of
( $7.1)M
“2022 is off to a solid start. We continue to focus on transforming Quotient’s business model from providing individual transactions to offering scalable solutions. I have the utmost faith in Matt and the leadership team to deliver strong revenue improvement, margin expansion and sustainable, profitable growth in the future,” said
As of
As discussed previously, due to changes in our business model, portions of our media and promotions business have moved from gross revenue recognition to net revenue recognition, excluding third-party cost of revenues. Our Q1 2022 guidance assumed a reduction in our revenue of
Quotient continues to serve its 2,000+ brand partners in delivering performance-based marketing solutions designed to produce a high return on investment (ROI). The company’s focus remains on innovating to deliver further flexibility, automation and personalization to advertisers and retailers, and ultimately on increasing value to shoppers.
Outlook
Our Q2 and FY 2022 guidance reflects the loss of Albertsons in late
For the second quarter of 2022 we expect:
-
Revenue:
to$68 million $76 million -
Non-GAAP Gross Profit:
to$35 million $39 million -
Adjusted EBITDA:
( to$2) million $2 million -
Operating Cash Flow:
to$7 million $12 million
We reiterate our guidance for the full year 2022:
-
Revenue:
to$330 million $345 million -
Non-GAAP Gross Profit:
to$180 million $190 million -
Adjusted EBITDA:
to$35 million $45 million -
Operating Cash Flow:
to$15 million $25 million
Call Information
The Company has posted a stockholder letter and an earnings presentation on the Investor Relations section of the Company’s website at: http://investors.quotient.com/. Management will host a conference call and live webcast to discuss the highlights of the quarter and address questions today at
To access the call, we encourage you to pre-register to eliminate long wait times using this link: Quotient Q1 2022 Earnings Pre Registration. After registering, a confirmation will be sent via email and will include dial-in details and a unique PIN code for entry to the call. Registration will be open through the live call. You may also access the call and register with a live operator by dialing 1 (844) 200 6205, 1 (833) 950 0062 for
Use of Non-GAAP Financial Measures
Quotient reports its financial statements in accordance with generally accepted accounting principles in
Quotient defines non-GAAP Gross Profit as revenue less cost of revenues adjusted for stock-based compensation, amortization of acquired intangible assets, and restructuring charges, and non-GAAP Gross Margin as non-GAAP Gross Profit divided by Revenue.
Quotient defines Adjusted EBITDA as net income (loss) adjusted for interest expense, provision for (benefit from) income taxes, other (income) expense, net, depreciation and amortization, stock-based compensation, change in fair value of contingent consideration, impairment of certain intangible assets, certain acquisition-related costs, impairment of certain long-lived and right-of-use assets, shareholder activism response costs and restructuring charges. In addition, Quotient defines Adjusted EBITDA margin as the ratio of Adjusted EBITDA and revenues; and non-GAAP operating expenses as operating expenses adjusted for changes in fair value of contingent consideration, stock-based compensation, amortization of acquired intangible assets, restructuring charges, acquisition related costs, impairment of certain long-lived and right-of-use assets, and shareholder activism response costs.
Quotient excludes certain GAAP items from these measures because it believes these items are not indicative of ordinary results of operations and do not reflect expected future operating expenses. Additionally, certain items are inconsistent in size and frequency—making it difficult to contribute to a meaningful evaluation of Quotient's current or past operating performance.
There are a number of limitations related to the use of these non-GAAP financial measures. Quotient compensates for these limitations by providing specific information regarding the GAAP amount excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant GAAP financial measures.
These non-GAAP financial measures are not intended to be considered in isolation from, as substitute for, or as superior to the corresponding financial measure prepared in accordance with GAAP. Because of these and other limitations, the non-GAAP financial measures used in this press release should be considered along with other GAAP-based financial performance measures, including various cash flow metrics, net income (loss) and Quotient’s other GAAP financial results.
For a reconciliation of these non-GAAP financial measures to the nearest comparable GAAP financial measures, see “Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin”, "Reconciliation of Gross Profit to Non-GAAP Gross Profit", "Reconciliation of Operating Expenses to Non-GAAP Operating Expenses" and “Reconciliation of Gross Profit to Non-GAAP Gross Profit (Forecasted)” included in this press release.
A reconciliation of the Adjusted EBITDA guidance metrics, which are non-GAAP guidance measures, to a corresponding GAAP measure is not available on a forward-looking basis without unreasonable efforts due to the high variability and low visibility of certain (income) expense items that are excluded in calculating Adjusted EBITDA.
Forward-Looking Statements
This press release contains forward-looking statements concerning the Company’s current expectations and projections about future events and financial trends affecting its business. Forward-looking statements in this press release include the Company’s ability to transform its business model from one based on providing individual transactions to one offering scalable solutions; the Company’s planned business model change as setting the Company up for strong revenue improvement, margin expansion and sustainable, profitable growth in the future; the Company announcements in the near term about new partnerships; the Company’s continuing to build out its media demand side platform by providing automated and self-serve solutions that make it easy to plan, build, buy and measure campaigns and simplify campaign execution, and the expectation that this will lead to improved ROI for clients and better economics for the Company; the Company’s intent to focus on removing Albertsons-related overhead costs, and its intent to continue to lower its operating expenses over the remainder of fiscal 2022; Gross Profit as being the best way to assess the Company’s business going forward; the Company’s performance-based marketing solutions as being designed to produce a high ROI; and the future financial performance of Quotient including estimates for the second quarter of 2022 and the full fiscal year 2022, which include the Company’s estimate of the impact to revenue from the transition of a portion of the Company’s promotions and media revenues to be recognized net of third-party costs; Forward-looking statements are based on the Company’s current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the Company’s strategies relating to the growth of its platforms and its business, including pricing strategies; the Company’s expectations regarding the shift to digital promotions and advertising from off-line channels, and the size of the addressable market for the solutions the Company offers; the Company’s ability to adapt to CPGs and retailer's changes in marketing goals, strategies and budgets and the timing of their spending on media and promotions solutions; the rate at which transitions in the Company’s business model will occur and the expected benefits to advertisers and retail partners; the Company’s ability to successfully and timely implement changes in its business model, including transitioning the pricing of promotions offerings from cost-per-acquisition to duration-based pricing and increasing the proportion of self-service and automated solutions on the Company’s platforms; the Company’s ability to maintain and grow the size of its targetable audience; the Company’s ability to expand the use of its media and promotions offerings by consumers; the Company’s ability to innovate its consumer solutions and experiences to retain and grow its consumer base; the Company’s ability to increase revenues from CPGs already on its platforms, as well as expand its CPG base of customers; the Company’s ability to increase the number of smaller CPG advertisers that use, or desire to use, the Company’s solutions; the Company’s ability to maintain and grow retailers in its network, increase the number of marketing distribution partners in its network, and expand its network with new verticals; the Company’s ability to expand the number, variety, quality, and relevance of promotions available on the Company’s platforms and through its network; the Company’s ability to grow its digital promotions business by increasing the reach of its promotions platforms, and the Company’s ability to successfully execute and expand its promotions solutions into areas such as national promotions and national rebates; and the Company’s ability to demonstrate the value of its platforms through trusted measurement metrics; the impacts of the ongoing COVID-19 pandemic, which may continue to impact the Company's business, plans and results of operations, as well as the value of the Company's common stock; and other factors identified in the Company’s filings with the
About
Quotient partners with leading advertisers, publishers and retailers, including Clorox, Procter & Gamble,
Quotient and the Quotient logo are trademarks or registered trademarks of
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands) | |||||||
2022 |
2021 |
||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents |
|
202,583 |
|
|
237,417 |
|
|
Accounts receivable, net |
|
114,263 |
|
|
177,216 |
|
|
Prepaid expenses and other current assets |
|
20,514 |
|
|
19,312 |
|
|
Total current assets |
|
337,360 |
|
|
433,945 |
|
|
Property and equipment, net |
|
21,845 |
|
|
22,660 |
|
|
Operating lease right-of-use-assets |
|
19,393 |
|
|
23,874 |
|
|
Intangible assets, net |
|
10,355 |
|
|
13,003 |
|
|
|
128,427 |
|
|
128,427 |
|
||
Other assets |
|
12,895 |
|
|
13,571 |
|
|
Total assets | $ |
530,275 |
|
$ |
635,480 |
|
|
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ |
8,578 |
|
$ |
18,021 |
|
|
Accrued compensation and benefits |
|
12,241 |
|
|
20,223 |
|
|
Other current liabilities |
|
58,009 |
|
|
95,279 |
|
|
Deferred revenues |
|
21,209 |
|
|
26,778 |
|
|
Contingent consideration related to acquisitions |
|
— |
|
|
22,275 |
|
|
Convertible senior notes, net |
|
199,377 |
|
|
188,786 |
|
|
Total current liabilities |
|
299,414 |
|
|
371,362 |
|
|
Operating lease liabilities |
|
25,551 |
|
|
26,903 |
|
|
Other non-current liabilities |
|
419 |
|
|
522 |
|
|
Deferred tax liabilities |
|
1,991 |
|
|
1,991 |
|
|
Total liabilities |
|
327,375 |
|
|
400,778 |
|
|
Stockholders’ equity: | |||||||
Common stock |
|
1 |
|
|
1 |
|
|
Additional paid-in capital |
|
687,557 |
|
|
731,672 |
|
|
Accumulated other comprehensive loss |
|
(1,213 |
) |
|
(1,099 |
) |
|
Accumulated deficit |
|
(483,445 |
) |
|
(495,872 |
) |
|
Total stockholders’ equity |
|
202,900 |
|
|
234,702 |
|
|
Total liabilities and stockholders’ equity | $ |
530,275 |
|
$ |
635,480 |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(Unaudited, in thousands, except per share data) | |||||||
Three Months Ended |
|||||||
2022 |
2021 |
||||||
Revenues | $ |
78,456 |
|
$ |
115,316 |
|
|
Cost of revenues (1) |
|
49,078 |
|
|
71,984 |
|
|
Gross profit |
|
29,378 |
|
|
43,332 |
|
|
Operating Expenses: | |||||||
Sales and marketing (1) |
|
21,936 |
|
|
27,365 |
|
|
Research and development (1) |
|
9,756 |
|
|
12,056 |
|
|
General and administrative (1) |
|
22,708 |
|
|
12,833 |
|
|
Change in fair value of contingent consideration |
|
— |
|
|
285 |
|
|
Total operating expenses |
|
54,400 |
|
|
52,539 |
|
|
Loss from operations |
|
(25,022 |
) |
|
(9,207 |
) |
|
Interest expense |
|
(1,154 |
) |
|
(3,730 |
) |
|
Other income (expense), net |
|
36 |
|
|
(228 |
) |
|
Loss before income taxes |
|
(26,140 |
) |
|
(13,165 |
) |
|
Provision for income taxes |
|
166 |
|
|
249 |
|
|
Net loss | $ |
(26,306 |
) |
$ |
(13,414 |
) |
|
Net loss per share, basic and diluted | $ |
(0.28 |
) |
$ |
(0.15 |
) |
|
Weighted-average shares used to compute net loss per share, basic and diluted |
|
94,924 |
|
|
92,413 |
|
|
(1) The stock-based compensation expense included above was as follows: | |||||||
Three Months Ended |
|||||||
2022 |
2021 |
||||||
Cost of revenues | $ |
532 |
|
$ |
423 |
|
|
Sales and marketing |
|
891 |
|
|
1,255 |
|
|
Research and development |
|
967 |
|
|
972 |
|
|
General and administrative |
|
3,352 |
|
|
3,194 |
|
|
Total stock-based compensation | $ |
5,742 |
|
$ |
5,844 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited, in thousands) | |||||||
Three Months Ended |
|||||||
2022 |
2021 |
||||||
Cash flows from operating activities: | |||||||
Net loss | $ |
(26,306 |
) |
$ |
(13,414 |
) |
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||
Depreciation and amortization |
|
4,562 |
|
|
9,431 |
|
|
Stock-based compensation |
|
5,742 |
|
|
5,844 |
|
|
Amortization of debt discount and issuance cost |
|
247 |
|
|
2,846 |
|
|
Impairment of long-lived and right-of-use assets |
|
5,981 |
|
|
— |
|
|
Allowance (recovery) for credit losses |
|
(396 |
) |
|
(143 |
) |
|
Deferred income taxes |
|
— |
|
|
249 |
|
|
Change in fair value of contingent consideration |
|
— |
|
|
285 |
|
|
Other non-cash expenses |
|
1,540 |
|
|
958 |
|
|
Changes in operating assets and liabilities: | |||||||
Accounts receivable |
|
63,348 |
|
|
18,125 |
|
|
Prepaid expenses and other assets |
|
(1,168 |
) |
|
4,984 |
|
|
Accounts payable and other liabilities |
|
(46,577 |
) |
|
(16,761 |
) |
|
Payments for contingent consideration and bonuses |
|
(19,008 |
) |
|
— |
|
|
Accrued compensation and benefits |
|
(8,003 |
) |
|
(1,771 |
) |
|
Deferred revenues |
|
(5,570 |
) |
|
(123 |
) |
|
Net cash (used in) provided by operating activities |
|
(25,608 |
) |
|
10,510 |
|
|
Cash flows from investing activities: | |||||||
Purchases of property and equipment |
|
(2,557 |
) |
|
(2,797 |
) |
|
Net cash used in investing activities |
|
(2,557 |
) |
|
(2,797 |
) |
|
Cash flows from financing activities: | |||||||
Proceeds from issuances of common stock under stock plans |
|
— |
|
|
13,070 |
|
|
Payments for taxes related to net share settlement of equity awards |
|
(969 |
) |
|
(2,246 |
) |
|
Principal payments on promissory note and capital lease obligations |
|
(89 |
) |
|
(163 |
) |
|
Payments for contingent consideration |
|
(5,686 |
) |
|
— |
|
|
Net cash (used in) provided by financing activities |
|
(6,744 |
) |
|
10,661 |
|
|
Effect of exchange rates on cash and cash equivalents |
|
75 |
|
|
(40 |
) |
|
Net (decrease) increase in cash and cash equivalents |
|
(34,834 |
) |
|
18,334 |
|
|
Cash and cash equivalents at beginning of period |
|
237,417 |
|
|
222,752 |
|
|
Cash and cash equivalents at end of period | $ |
202,583 |
|
$ |
241,086 |
|
|
||||||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN |
||||||||||||
(Unaudited, in thousands) |
||||||||||||
|
|
|
|
|
|
|||||||
|
Three Months Ended
|
|||||||||||
|
2022 |
|
2021 |
|||||||||
|
$ |
% |
|
$ |
% |
|||||||
Net Loss ($) / Loss Margin (%) (2) |
$ |
(26,306 |
) |
(33 |
%) |
|
$ |
(13,414 |
) |
(11 |
%) |
|
Adjustments: |
|
|
|
|
|
|||||||
Stock-based compensation |
|
5,742 |
|
7 |
% |
|
|
5,844 |
|
5 |
% |
|
Depreciation and amortization |
|
4,561 |
|
6 |
% |
|
|
9,431 |
|
8 |
% |
|
Acquistion related costs and other (1) |
|
7,621 |
|
10 |
% |
|
|
482 |
|
1 |
% |
|
Change in fair value of contingent consideration |
|
— |
|
— |
|
|
|
285 |
|
— |
|
|
Interest expense |
|
1,154 |
|
1 |
% |
|
|
3,730 |
|
3 |
% |
|
Other (income) expense, net |
|
(36 |
) |
— |
|
|
|
228 |
|
— |
|
|
Provision for income taxes |
|
166 |
|
— |
|
|
|
249 |
|
— |
|
|
|
|
|
|
|
|
|||||||
Total adjustments |
$ |
19,208 |
|
24 |
% |
|
$ |
20,249 |
|
17 |
% |
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA ($) / Adjusted EBITDA Margin (%) (2) |
$ |
(7,098 |
) |
(9 |
%) |
|
$ |
6,835 |
|
6 |
% |
|
|
|
|
|
|
|
|||||||
(1) For the three months ended |
||||||||||||
|
|
|
|
|
|
|||||||
(2) Profit (Loss) Margin and Adjusted EBITDA Margin is the ratio of Profit (Loss) to Revenues and Adjusted EBITDA to Revenues. |
|
||||||||||||||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN |
||||||||||||||||||||
(Unaudited, in thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
|
Q1 FY 21 |
Q2 FY 21 |
Q3 FY 21 |
Q4 FY 21 |
Q1 FY 22 |
|||||||||||||||
Net loss |
$ |
(13,414 |
) |
$ |
(17,201 |
) |
$ |
(7,843 |
) |
$ |
(7,110 |
) |
$ |
(26,306 |
) |
|||||
Adjustments: |
|
|
|
|
|
|||||||||||||||
Stock-based compensation |
|
5,844 |
|
|
6,540 |
|
|
4,690 |
|
|
5,738 |
|
|
5,742 |
|
|||||
Depreciation and amortization |
|
9,431 |
|
|
7,707 |
|
|
7,287 |
|
|
5,039 |
|
|
4,561 |
|
|||||
Acquistion related costs and other (1) |
|
482 |
|
|
3,251 |
|
|
8,720 |
|
|
1,980 |
|
|
7,621 |
|
|||||
Change in fair value of contingent consideration |
|
285 |
|
|
242 |
|
|
245 |
|
|
620 |
|
|
— |
|
|||||
Interest expense |
|
3,730 |
|
|
3,767 |
|
|
3,809 |
|
|
3,871 |
|
|
1,154 |
|
|||||
Other (income) expense, net |
|
228 |
|
|
(194 |
) |
|
96 |
|
|
80 |
|
|
(36 |
) |
|||||
Provision for income taxes |
|
249 |
|
|
218 |
|
|
323 |
|
|
2,841 |
|
|
166 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Total adjustments |
$ |
20,249 |
|
$ |
21,531 |
|
$ |
25,170 |
|
$ |
20,169 |
|
$ |
19,208 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Adjusted EBITDA (1) |
$ |
6,835 |
|
$ |
4,330 |
|
$ |
17,327 |
|
$ |
13,059 |
|
$ |
(7,098 |
) |
|||||
|
|
|
|
|
|
|||||||||||||||
Adjusted EBITDA Margin (2) |
|
6 |
% |
|
3 |
% |
|
13 |
% |
|
9 |
% |
|
(9 |
%) |
|||||
|
|
|
|
|
|
|
|
|||||||||||||
(1) Adjusted EBITDA, a non-GAAP financial measure, is net loss adjusted for stock-based compensation, depreciation and amortization, change in fair value of contingent consideration, interest expense, other (income) expense, net, provision for income taxes, and acquistion related costs and other, which includes: charge of |
||||||||||||||||||||
(2) Adjusted EBITDA margin is the ratio of Adjusted EBITDA and Revenues. |
|
||||||||||||
RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT |
||||||||||||
(Unaudited, in thousands) |
||||||||||||
|
|
|
|
|||||||||
|
Q1 FY 21 |
Q4 FY 21 |
Q1 FY 22 |
|||||||||
Revenues |
$ |
115,316 |
|
$ |
146,414 |
|
$ |
78,456 |
|
|||
|
|
|
|
|||||||||
Cost of revenues (GAAP) |
$ |
71,984 |
|
$ |
91,992 |
|
$ |
49,078 |
|
|||
(less) Stock-based compensation |
|
(423 |
) |
|
(556 |
) |
|
(532 |
) |
|||
(less) Amortization of acquired intangible assets |
|
(6,593 |
) |
|
(2,337 |
) |
|
(2,294 |
) |
|||
(less) Restructuring charges |
|
— |
|
|
(158 |
) |
|
(13 |
) |
|||
Cost of revenues (Non-GAAP) |
$ |
64,968 |
|
$ |
88,941 |
|
$ |
46,239 |
|
|||
|
|
|
|
|||||||||
Gross profit (GAAP) |
$ |
43,332 |
|
$ |
54,422 |
|
$ |
29,378 |
|
|||
Gross margin percentage (GAAP) |
|
37.6 |
% |
|
37.2 |
% |
|
37.4 |
% |
|||
|
|
|
|
|||||||||
Gross profit (Non-GAAP)* |
$ |
50,348 |
|
$ |
57,473 |
|
$ |
32,217 |
|
|||
Gross margin percentage (Non-GAAP) |
|
43.7 |
% |
|
39.3 |
% |
|
41.1 |
% |
|||
|
|
|
|
|||||||||
* Non-GAAP gross profit excludes stock-based compensation, amortization of acquired intangible assets, and restructuring charges. |
|
||||||||||||||||||||
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES |
||||||||||||||||||||
(Unaudited, in thousands) |
||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
|
Q1 FY 21 |
Q2 FY 21 |
Q3 FY 21 |
Q4 FY 21 |
Q1 FY 22 |
|||||||||||||||
Revenues |
$ |
115,316 |
|
$ |
123,880 |
|
$ |
135,884 |
|
$ |
146,414 |
|
$ |
78,456 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Sales and marketing expenses |
|
27,365 |
|
|
28,467 |
|
|
29,401 |
|
|
27,030 |
|
|
21,936 |
|
|||||
(less) Stock-based compensation |
|
(1,255 |
) |
|
(1,181 |
) |
|
(1,411 |
) |
|
(1,165 |
) |
|
(891 |
) |
|||||
(less) Amortization of acquired intangible assets |
|
(866 |
) |
|
(866 |
) |
|
(837 |
) |
|
(637 |
) |
|
(354 |
) |
|||||
(less) Restructuring charges |
|
— |
|
|
(217 |
) |
|
(903 |
) |
|
(328 |
) |
|
3 |
|
|||||
Non-GAAP Sales and marketing expenses |
$ |
25,244 |
|
$ |
26,203 |
|
$ |
26,250 |
|
$ |
24,900 |
|
$ |
20,694 |
|
|||||
Non-GAAP Sales and marketing percentage |
|
22 |
% |
|
21 |
% |
|
19 |
% |
|
17 |
% |
|
26 |
% |
|||||
|
|
|
|
|
|
|||||||||||||||
Research and development |
|
12,056 |
|
|
11,411 |
|
|
11,074 |
|
|
10,400 |
|
|
9,756 |
|
|||||
(less) Stock-based compensation |
|
(972 |
) |
|
(977 |
) |
|
(1,076 |
) |
|
(851 |
) |
|
(967 |
) |
|||||
(less) Restructuring charges |
|
— |
|
|
— |
|
|
(463 |
) |
|
(106 |
) |
|
3 |
|
|||||
|
$ |
11,084 |
|
$ |
10,434 |
|
$ |
9,535 |
|
$ |
9,443 |
|
$ |
8,792 |
|
|||||
|
|
10 |
% |
|
8 |
% |
|
7 |
% |
|
6 |
% |
|
11 |
% |
|||||
|
|
|
|
|
|
|||||||||||||||
General and administrative expenses |
|
12,833 |
|
|
15,009 |
|
|
12,244 |
|
|
16,690 |
|
|
22,708 |
|
|||||
(less) Stock-based compensation |
|
(3,194 |
) |
|
(3,981 |
) |
|
(1,678 |
) |
|
(3,166 |
) |
|
(3,352 |
) |
|||||
(less) Restructuring charges |
|
— |
|
|
— |
|
|
(463 |
) |
|
(83 |
) |
|
(45 |
) |
|||||
(less) Acquisiton related costs |
|
(482 |
) |
|
(453 |
) |
|
(380 |
) |
|
(381 |
) |
|
— |
|
|||||
(less) Impairment of long-lived and right-of-use assets |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(6,119 |
) |
|||||
(less) Shareholder activism response costs |
|
— |
|
|
— |
|
|
— |
|
|
(925 |
) |
|
(1,450 |
) |
|||||
Non-GAAP General and administrative expenses |
$ |
9,157 |
|
$ |
10,575 |
|
$ |
9,723 |
|
$ |
12,135 |
|
$ |
11,742 |
|
|||||
Non-GAAP General and administrative percentage |
|
8 |
% |
|
9 |
% |
|
7 |
% |
|
8 |
% |
|
15 |
% |
|||||
|
|
|
|
|
|
|||||||||||||||
Non-GAAP Operating expenses* |
$ |
45,485 |
|
$ |
47,212 |
|
$ |
45,508 |
|
$ |
46,478 |
|
$ |
41,228 |
|
|||||
Non-GAAP Operating expense percentage |
|
39 |
% |
|
38 |
% |
|
33 |
% |
|
32 |
% |
|
53 |
% |
|||||
|
|
|
|
|
|
|||||||||||||||
* Non-GAAP operating expenses excludes changes in fair value of contingent consideration, stock-based compensation, amortization of acquired intangible assets, restructuring charges, acquisition related costs, impairment of certain long-lived and right-of-use assets, and shareholder activism response costs. |
|
||||||||||||||||
RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT (FORECASTED) |
||||||||||||||||
(Unaudited, in thousands) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
Q2 FY 22 (Forecast) |
FY22 (Forecast) |
||||||||||||||
|
Low |
High |
Low |
High |
||||||||||||
Revenues |
$ |
68,000 |
|
$ |
76,000 |
|
$ |
330,000 |
|
$ |
345,000 |
|
||||
|
|
|
|
|
||||||||||||
Cost of revenues (GAAP) |
$ |
35,900 |
|
$ |
40,000 |
|
$ |
157,200 |
|
$ |
162,300 |
|
||||
(less) Stock-based compensation |
|
(400 |
) |
|
(500 |
) |
|
(1,400 |
) |
|
(1,500 |
) |
||||
(less) Amortization of acquired intangible assets |
|
(2,500 |
) |
|
(2,500 |
) |
|
(5,800 |
) |
|
(5,800 |
) |
||||
Cost of revenues (Non-GAAP) |
$ |
33,000 |
|
$ |
37,000 |
|
$ |
150,000 |
|
$ |
155,000 |
|
||||
|
|
|
|
|
||||||||||||
Gross profit (GAAP) |
$ |
32,100 |
|
$ |
36,000 |
|
$ |
172,800 |
|
$ |
182,700 |
|
||||
|
|
|
|
|
||||||||||||
Gross profit (Non-GAAP) |
$ |
35,000 |
|
$ |
39,000 |
|
$ |
180,000 |
|
$ |
190,000 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220503006399/en/
Investor Relations:
Vice President of Investor Relations
msims@quotient.com
Source:
FAQ
What were Quotient Technology's Q1 2022 financial results?
What is Quotient's revenue forecast for Q2 2022?
What is the adjusted EBITDA forecast for Quotient in FY 2022?
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