新泽西州布里奇沃特, Nov. 07, 2019 (GLOBE NEWSWIRE) -- 云、消息、数字和物联网平台及产品领域全球领导者Synchronoss Technologies Inc. (NASDAQ: SNCR) 今日公布其截止于2019年9月30日第三季度业绩。
总裁兼首席执行官Glenn Lurie称,“迄今为止,2019年对Synchronoss来说是非常活跃的一年,我们的平台在新客户、新合作伙伴和收入方面都表现良好。我们已宣布与TMT行业的领先公司(如Amazon、AT&T、BT、Microsoft、Rackspace等)建立合作伙伴关系,采用Synchronoss解决方案来加快收入增长、降低成本和加速数字转型。许多合作关系都建立在成功的收入分成模式上,预计将在2020年及以后为公司带来极具意义的实质性收入。”
Lurie补充道:“我们非常高兴地宣布今年的第三个新的云协议,这次是与一家主要的美国一级运营商建立合作关系。这个新客户以及我们之前宣布的新的云交易都表明Synchronoss白标签云正处于运营商所需的最佳位置,因为他们正在为5G蜂窝的广泛推出做准备,并继续寻找新的收入和盈利来源。”
首席财务官David Clark表示:“由于Sequential Technology International (STI) 正在评估战略备选方案,基于这一过程,我们决定对我们的财务合作关系采取更加保守的方法。因此,在第三季度,我们减记了与STI有关的2600万美元应收账款,这些应收账款现在被视为无法收回。与STI的这种收入关系属于新的租赁会计准则,因此考虑了冲销对2018年和2019年确认收入的累计调整,从而将第三季度GAAP收入从7820万美元减至5220万美元。展望未来,STI的季度收入将根据我们为服务收取的现金数额予以确认,目前估计为每季度250-300万美元。我们相信这将使Synchronoss管理层和我们的投资者关注公司的未来,特别是我们今年宣布的各项交易的执行和交付。在STI前期收入调整之前,我们在运营上倾向于实现我们对本年度的原收入和息税折旧及摊销前 (EBITDA) 利润预期。”
第三季度亮点:
- 剔除非经常性STI收入减记,本季度收入将为7820万美元。根据新的租赁会计准则,非现金2600万美元的应收账款余额减记作为对先前收入的累计调整,导致GAAP收入总额为5220万美元。
- 当季GAAP净亏损(包括STI 2600万美元减记)为6940万美元,或每股亏损1.70美元,而上年第三季为5450万美元或每股亏损1.38美元. 不包括STI减记,Synchronoss的非GAAP净亏损为2530万美元或每股62美分,而上年同期为3350万美元或每股84美分。
- Synchronoss的调整后息税折旧摊销前利润为580万美元,而2018年第三季度为940万美元。
Three Months Ended September 30, | ||||||||
$000s | 2019 | 2018 | % Change | |||||
Revenues | $ | 52,210 | $ | 83,286 | (37.3 | )% | ||
Non-GAAP Revenue Excluding STI Write-Down | 78,210 | 83,286 | (6.0 | )% | ||||
Net Loss | (69,432 | ) | (54,529 | ) | (27.3 | )% | ||
Non-GAAP Net Loss From Cont. Ops. Attributable to Synchronoss | (25,361 | ) | (33,457 | ) | 24.2 | % | ||
Adjusted EBITDA | 5,799 | 9,360 | (38.0 | )% |
Nine Months Ended September 30, | |||||||||
$000s | 2019 | 2018 | % Change | ||||||
Revenues | $ | 218,161 | $ | 243,737 | (10.5 | )% | |||
Non-GAAP Revenue Excluding STI Write-Down | 244,161 | 243,737 | 0.2 | % | |||||
Net Loss | (122,049 | ) | (141,839 | ) | 14.0 | % | |||
Non-GAAP Net Loss From Cont. Ops. Attributable to Synchronoss | (51,276 | ) | (75,005 | ) | 31.6 | % | |||
Adjusted EBITDA | 21,098 | (1,413 | ) | NM |
新业务的最新进展
自上一次盈利公告以来,公司已完成的新客户协议和发展的合作伙伴包括:
- 今天,新的美国主要一级云客户宣布,预计将在2020年推出Synchronoss白标签云服务。
- 与全球领先的物理资源管理解决方案提供商Accruent合作,将Synchronoss在智能建筑分析方面的专业知识与Accruent的资产监控系统结合起来。这一合作将为企业提供有价值的见解和效率,并大大扩展企业物联网解决方案的有效性。
- 与CityFM签订的意向书旨在将其设施管理工程方面的专业知识与Synchronoss软件分析方面的专业知识结合起来,创建一个可扩展且有望提高效率的端到端物联网设施管理产品。
- 印度尼西亚领先的电信服务提供商Indosat Ooredoo选择Synchronoss数字体验平台 (DXP) 为所有参与渠道的客户提供统一、互联的用户体验。Synchronoss平台还将支持Indosat Ooredo的“未来数字经济生态系统”项目,这是一项全国性的计划,旨在鼓励合作,开发涉及物联网技术的新构想、产品和用例,以帮助推动经济增长。
- British American Tobacco (BAT) 正在欧洲2000个零售点中的25个开展Synchronoss数字体验平台的多国试点。Synchronoss DXP解决方案将为BAT提供快速设计、部署、管理和优化客户旅程的能力,同时在其所有自有零售场点提供一致的体验。这是Synchronoss在传统TMT客户群之外的第一次DXP部署,有望为传统实体零售商提供有力的实证。
- 目前正在与新加坡和墨西哥运营商使用Synchronoss DXP与Amazon进行首次同步现场部署。这些运营商正在与Amazon整合,预计将在第四季度开始提供Amazon服务。另外三个Amazon部署正在进行中,我们预计在2020年及以后将有一些更大规模的部署。
- Rackspace签署了一项为期三年的协议,将Synchronoss Smart Building解决方案部署在其北美的五个设施中,其中包括Rackspace在德克萨斯州圣安东尼奥市称之为“城堡”的120万平方英尺的全球总部。
- 此外,Rackspace已授权该公司的财务分析平台通过检查和验证其最大和最复杂的第三方合作伙伴费用和发票的准确性来管理成本、提供可见性并实现节约。
本新闻稿中的财务报表表格提供了GAAP与GAAP业绩的调节。下文“非GAAP财务指标”标题下对这些指标进行了解释。”
电话会议详情
Synchronoss将于美国东部时间 (ET) 2019年11月4日星期一下午5:00时举行电话会议, 讨论公司的财务业绩。访问此会议请拨打:1-201-493-6784。此外,公司网站www.synchronoss.com上的投资者关系页面将提供电话会议的现场网络直播。
电话会议结束后,将通过电话号码1-412-317-6671提供限时重播。重播密码为:13695428。公司网站www.synchronoss.com的投资者关系页面上也将提供本次电话会议的存档网络广播。
非GAAP财务指标
Synchronoss在本新闻稿中提供了一些未按GAAP编制的财务信息。其信息包括历史非GAAP收入、毛利、营业收入(亏损)、净收入(亏损)、实际税率、每股收益(亏损)和经营活动现金流。Synchronoss在内部分析其财务结果时使用了这些非GAAP财务指标,并认为这些指标作为GAAP财务指标的补充,有助于投资者评估Synchronoss的持续经营业绩。Synchronoss认为,使用这些非GAAP财务指标为投资者提供了一个额外的工具,用于评估持续经营业绩和趋势,并将其财务结果与Synchronoss所在行业的其他公司进行比较,其中许多公司向投资者提供了类似的非GAAP财务指标。如上所述,上述非GAAP财务结果加上了基于股票的公允价值补偿费用、包括整合费用在内的相关收购费用、重组和停止使用租赁费用、与收购相关的无形资产的收益和摊销以及某些非经常性调整相关的递延补偿费用。
不应将非GAAP财务指标视为与根据GAAP编制的财务信息隔离开来或作为其替代。鼓励投资者审查这些非GAAP指标与上述最直接可比的GAAP财务指标之间的调节。如前所述,本新闻稿中的财务报表表格提供了从GAAP到非GAAP业绩的调节。
关于Synchronoss Technologies, Inc.
Synchronoss通过云技术、消息推送、数字以及物联网产品和平台,转变企业创造收入、降低成本以及娱乐用户的方式,为全球数以亿计的移动通讯用户提供支持。Synchronoss凭借安全且可扩展的突破性创新技术、深受信任的合作关系以及才干出众的员工,颠覆了TMT(技术-媒体-电信)客户增长业务的方式。更多信息,请访问:www.synchronoss.com。
前瞻性声明
本新闻稿包括有关Synchronoss及其未来预期、计划和前景的声明,这些声明构成1995年《私人证券诉讼改革法》所指的“前瞻性声明”。为此目的,本新闻稿中所含的任何非历史事实陈述可被视为前瞻性声明。在不限制上述规定的情况下,“可以”、“应该”、“期望”、“计划”、“预期”、“可能”、“打算”、“相信”、“潜在”或“继续”等词语或其他类似表达意在确定前瞻性声明。Synchronoss的这些前瞻性声明主要基于其目前对未来事件和财务趋势的预期和预测,认为这些事件和趋势可能影响其业务、财务状况和经营。这些前瞻性声明仅在本新闻稿发布之日起生效,并受到许多风险、不确定性和假设的影响,包括但不限于与公司维持或增加大客户收入和从新客户获得收入的能力相关的风险、公司关于费用和收入的预期,公司现金资源的充足性和满足或为其现有债务义务进行再融资的能力,公司的增长战略,对公司业务及其所在市场的预期趋势和挑战,公司对联邦、州和国外的监管要求的预期,最近SEC文件中描述的对公司的未决诉讼,以及本公司截至2018年12月31日年度报告表10-K中“风险因素”和“管理层对财务状况和经营成果的讨论和分析”部分所述的其他风险和因素,该报告已在证券交易委员会备案,并可在证券交易委员会网站www.sec.gov上查阅。公司对因新信息、未来事件或其他原因而更新本新闻稿中的任何前瞻性声明不承担任何责任。
联系人:
投资者关系:
投资者关系副总裁
Joe Crivelli
;电话:908-566-3131
;电子邮件地址:investor@synchronoss.com
媒体关系:
CCgroup
美国:Diane Rose, 电话:+1 727-238-7567或国际:Anais Merlin, 电话:+44 20 3824 9219
;电子邮件地址:synchronoss@ccgrouppr.com
SYNCHRONOSS TECHNOLOGIES, INC.
简式合并资产负债表
(未经审计)——(单位:千美元)
September 30, 2019 | December 31, 2018 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 19,193 | $ | 103,771 | ||||
Restricted cash | 21 | 6,089 | ||||||
Marketable securities, current | 897 | 28,230 | ||||||
Accounts receivable, net of allowances for bad debt of $3,318 and $4,599 at September 30, 2019 and December 31, 2018, respectively | 73,574 | 102,798 | ||||||
Prepaid expenses | 17,096 | 45,058 | ||||||
Other current assets | 4,934 | 8,508 | ||||||
Total current assets | 115,715 | 294,454 | ||||||
Restricted cash | ||||||||
Marketable securities, non-current | — | 6,658 | ||||||
Property and equipment, net | 35,631 | 67,937 | ||||||
Operating lease right-of-use assets | 55,308 | — | ||||||
Goodwill | 220,367 | 224,899 | ||||||
Intangible assets, net | 81,172 | 98,706 | ||||||
Other assets | 7,769 | 8,982 | ||||||
Equity method investment | — | 1,619 | ||||||
Total assets | $ | 515,962 | $ | 703,255 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 15,496 | $ | 13,576 | ||||
Accrued expenses | 54,219 | 59,545 | ||||||
Deferred revenues, current | 53,789 | 57,101 | ||||||
Short-term convertible debt, net of debt issuance costs | — | 113,542 | ||||||
Mandatorily redeemable financial instrument | — | — | ||||||
Total current liabilities | 123,504 | 243,764 | ||||||
Lease financing obligation | — | 9,494 | ||||||
Operating lease liabilities, non-current | 62,863 | — | ||||||
Long-term convertible debt, net of debt issuance costs | — | — | ||||||
Deferred tax liabilities | 1,270 | 1,347 | ||||||
Deferred revenues, non-current | 34,018 | 59,841 | ||||||
Other non-current liabilities | 4,624 | 10,797 | ||||||
Redeemable noncontrolling interest | 12,500 | 12,500 | ||||||
Commitments and contingencies | ||||||||
Series A Convertible Participating Perpetual Preferred Stock, $0.0001 par value; 10,000 shares authorized; 210 shares issued and outstanding at September 30, 2019 | 192,596 | 176,603 | ||||||
Stockholders’ equity: | ||||||||
Common stock, $0.0001 par value; 100,000 shares authorized, 51,608 and 49,836 shares issued; 44,446 and 42,674 outstanding at September 30, 2019 and December 31, 2018, respectively | 5 | 5 | ||||||
Treasury stock, at cost (7,162 and 7,162 shares at September 30, 2019 and December 31, 2018, respectively) | (82,087 | ) | (82,087 | ) | ||||
Additional paid-in capital | 528,734 | 534,673 | ||||||
Accumulated other comprehensive loss | (33,880 | ) | (30,383 | ) | ||||
Accumulated deficit | (328,185 | ) | (233,299 | ) | ||||
Total stockholders’ equity | 84,587 | 188,909 | ||||||
Total liabilities and stockholders’ equity | $ | 515,962 | $ | 703,255 |
SYNCHRONOSS TECHNOLOGIES, INC.
简式合并经营报表
(未经审计)
(除每股数据外,单位为千美元)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net revenues | $ | 52,210 | $ | 83,286 | $ | 218,161 | $ | 243,737 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of revenues | 35,602 | 43,714 | 107,958 | 127,788 | ||||||||||||
Research and development | 18,575 | 18,684 | 57,282 | 59,789 | ||||||||||||
Selling, general and administrative | 30,536 | 27,320 | 82,862 | 99,368 | ||||||||||||
Restructuring charges | (39 | ) | 4,539 | 738 | 8,425 | |||||||||||
Depreciation and amortization | 18,508 | 23,658 | 58,920 | 70,330 | ||||||||||||
Total costs and expenses | 103,182 | 117,915 | 307,760 | 365,700 | ||||||||||||
Loss from continuing operations | (50,972 | ) | (34,629 | ) | (89,599 | ) | (121,963 | ) | ||||||||
Interest income | 228 | 203 | 716 | 7,518 | ||||||||||||
Interest expense | (203 | ) | (1,370 | ) | (1,251 | ) | (3,935 | ) | ||||||||
Gain on extinguishment of debt | 5 | — | 822 | — | ||||||||||||
Other (expense) income, net | (422 | ) | (13,439 | ) | 17 | (9,180 | ) | |||||||||
Equity method investment (loss) income | — | 283 | (1,619 | ) | 71 | |||||||||||
Loss from continuing operations, before taxes | (51,364 | ) | (48,952 | ) | (90,914 | ) | (127,489 | ) | ||||||||
(Provision) benefit for income taxes | (9,849 | ) | 2,308 | (6,614 | ) | 1,604 | ||||||||||
Net loss | (61,213 | ) | (46,644 | ) | (97,528 | ) | (125,885 | ) | ||||||||
Net loss attributable to redeemable noncontrolling interests | (25 | ) | (422 | ) | (931 | ) | 2,122 | |||||||||
Preferred stock dividend | (8,194 | ) | (7,463 | ) | (23,590 | ) | (18,076 | ) | ||||||||
Net loss attributable to Synchronoss | $ | (69,432 | ) | $ | (54,529 | ) | $ | (122,049 | ) | $ | (141,839 | ) | ||||
Earnings per share: | ||||||||||||||||
Basic | $ | (1.70 | ) | $ | (1.38 | ) | $ | (3.01 | ) | $ | (3.51 | ) | ||||
Diluted | $ | (1.70 | ) | $ | (1.38 | ) | $ | (3.01 | ) | $ | (3.51 | ) | ||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 40,910 | 39,612 | 40,564 | 40,405 | ||||||||||||
Diluted | 40,910 | 39,612 | 40,564 | 40,405 |
SYNCHRONOSS TECHNOLOGIES, INC.
简式合并现金流报表
(单位:千美元)(未经审计)
Nine Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Operating activities: | |||||||
Net loss | $ | (97,528 | ) | $ | (125,885 | ) | |
Adjustments to reconcile Net Loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 58,921 | 70,330 | |||||
Change in fair value of financial instruments | — | (3,849 | ) | ||||
Amortization of debt issuance costs | 272 | 1,060 | |||||
(Gain) loss on extinguishment of debt | (822 | ) | — | ||||
Accrued PIK interest* | — | (7,037 | ) | ||||
Allowance for loan losses* | — | 18,225 | |||||
(Earnings) loss from equity method investments* | 1,619 | (71 | ) | ||||
Loss (Gain) on disposals | 15 | 277 | |||||
Amortization of bond premium | (34 | ) | 75 | ||||
Deferred income taxes | (25 | ) | (1,648 | ) | |||
Stock-based compensation | 17,033 | 22,040 | |||||
Cumulative adjustment to STI receivable | 26,044 | — | |||||
ROU Asset Impairment | 6,268 | — | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net of allowance for doubtful accounts | 3,180 | 28,789 | |||||
Prepaid expenses and other current assets | 34,052 | (12,844 | ) | ||||
Other assets | 1,966 | 947 | |||||
Accounts payable | 2,615 | 8,195 | |||||
Accrued expenses | (9,418 | ) | (24,539 | ) | |||
Other liabilities | (3,736 | ) | (3,886 | ) | |||
Deferred revenues | (28,583 | ) | (30,841 | ) | |||
Net cash provided by (used for) operating activities | 11,839 | (60,662 | ) | ||||
Investing activities: | |||||||
Purchases of property and equipment | (7,077 | ) | (8,565 | ) | |||
Purchases of capitalized software | (9,289 | ) | (11,012 | ) | |||
Purchases of marketable securities available for sale | (47,703 | ) | (15,784 | ) | |||
Maturity of marketable securities available for sale | 81,794 | 3,050 | |||||
Business acquired, net of cash | — | (9,734 | ) | ||||
Net cash used for investing activities | 17,725 | (42,045 | ) | ||||
Financing activities: | |||||||
Extinguishment of outstanding Convertible Senior Notes | (112,993 | ) | — | ||||
Proceeds from issuance of preferred stock | — | 86,220 | |||||
Preferred dividend payment | (7,075 | ) | — | ||||
Payments for finance leases | (925 | ) | (1,018 | ) | |||
Net cash (used for) provided by financing activities | (120,993 | ) | 85,202 | ||||
Effect of exchange rate changes on cash | 783 | (1,805 | ) | ||||
Net decrease in cash, restricted cash and cash equivalents | (90,646 | ) | (19,310 | ) | |||
Cash, restricted cash and cash equivalents, beginning of period | 109,860 | 246,125 | |||||
Cash, restricted cash and cash equivalents, end of period | $ | 19,214 | $ | 226,815 |
SYNCHRONOSS TECHNOLOGIES, INC.
GAAP与非GAAP财务指标的调节
(除每股数据外,单位均为千美元)
(未经审计)
Three Months Ended Sep 30, | Nine Months Ended Sep 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Non-GAAP financial measures and reconciliation: | ||||||||||||||||
GAAP Revenue | $ | 52,210 | $ | 83,286 | $ | 218,161 | $ | 243,737 | ||||||||
Less: Cost of revenues | 35,602 | 43,714 | 107,958 | 127,788 | ||||||||||||
Gross Profit | 16,608 | 39,572 | 110,203 | 115,949 | ||||||||||||
Add / (Less): | ||||||||||||||||
Stock-based compensation expense | 803 | 1,035 | 2,147 | 3,447 | ||||||||||||
Restructuring and cease-use lease expense | 141 | — | 405 | — | ||||||||||||
Cumulative adjustment to STI receivable | 26,044 | 26,044 | ||||||||||||||
Adjusted Gross Profit | $ | 43,596 | $ | 40,607 | $ | 138,799 | $ | 119,396 | ||||||||
Adjusted Gross Margin | 83.5 | % | 48.8 | % | 63.6 | % | 49.0 | % | ||||||||
GAAP loss from continuing operations | (50,972 | ) | (34,629 | ) | (89,599 | ) | (121,963 | ) | ||||||||
Add / (Less): | ||||||||||||||||
Stock-based compensation expense | 6,000 | 7,216 | 17,028 | 22,038 | ||||||||||||
Acquisition costs | — | 38 | (230 | ) | 149 | |||||||||||
Restructuring and cease-use lease expense | 6,215 | 4,539 | 7,429 | 8,425 | ||||||||||||
Amortization expense | 5,808 | 8,472 | 19,072 | 25,122 | ||||||||||||
Cumulative adjustment to STI receivable | 26,044 | — | 26,044 | — | ||||||||||||
One-Time Expenses due to Restatement, etc. | 4 | 3,638 | 1,506 | 19,608 | ||||||||||||
Non-GAAP loss from continuing operations | $ | (6,901 | ) | $ | (10,726 | ) | $ | (18,750 | ) | $ | (46,621 | ) | ||||
GAAP Net loss attributable to Synchronoss | $ | (69,432 | ) | $ | (54,529 | ) | $ | (122,049 | ) | $ | (141,839 | ) | ||||
Add / (Less): | ||||||||||||||||
Stock-based compensation expense | 6,000 | 7,216 | 17,028 | 22,038 | ||||||||||||
Acquisition costs | — | 38 | (230 | ) | 149 | |||||||||||
Restructuring and cease-use lease expense | 6,215 | 4,539 | 7,429 | 8,425 | ||||||||||||
Amortization expense | 5,808 | 8,472 | 19,072 | 25,122 | ||||||||||||
Non-GAAP Expenses attributable to Non-Controlling Interest | — | (523 | ) | (76 | ) | (1,269 | ) | |||||||||
One-Time Expenses due to Restatement, etc. | 4 | 3,638 | 1,506 | 19,608 | ||||||||||||
Cumulative adjustment to STI receivable | 26,044 | — | 26,044 | — | ||||||||||||
Income Tax Effect at Statutory Tax Rates | — | (2,308 | ) | — | (7,239 | ) | ||||||||||
Non-GAAP Net loss from continuing operations attributable to Synchronoss | $ | (25,361 | ) | $ | (33,457 | ) | $ | (51,276 | ) | $ | (75,005 | ) | ||||
Diluted Non-GAAP Net loss from continuing operations per share | $ | (0.62 | ) | $ | (0.84 | ) | $ | (1.26 | ) | $ | (1.86 | ) | ||||
Weighted shares outstanding - Basic | 40,910 | 39,612 | 40,564 | 40,405 |
SYNCHRONOSS TECHNOLOGIES, INC.
GAAP与非GAAP财务指标的调节
(除每股数据外,单位均为千美元)
(未经审计)
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sep 30, 2018 | Dec 31, 2018 | Mar 31, 2019 | Jun 30, 2019 | Sep 30, 2019 | Sep 30, 2019 | Sep 30, 2018 | ||||||||||||||||||||||
Net (loss) income attributable to Synchronoss | $ | (54,529 | ) | $ | (101,909 | ) | $ | (27,587 | ) | $ | (25,030 | ) | $ | (69,432 | ) | $ | (122,049 | ) | $ | (141,839 | ) | |||||||
Add / (Less): | ||||||||||||||||||||||||||||
Restructuring and cease-use lease expense | 4,539 | 3,950 | 740 | 474 | 6,215 | 7,429 | 8,425 | |||||||||||||||||||||
Net change in contingent consideration obligation | — | — | — | — | — | — | — | |||||||||||||||||||||
Depreciation and amortization | 23,658 | 47,324 | 20,143 | 20,269 | 18,508 | 58,920 | 70,330 | |||||||||||||||||||||
Interest income | (203 | ) | (252 | ) | (189 | ) | (299 | ) | ( 228 | ) | (716 | ) | (7,518 | ) | ||||||||||||||
Interest Expense | 1,370 | 976 | 585 | 463 | 203 | 1,251 | 3,935 | |||||||||||||||||||||
Gain on Extinguishment of debt | — | (1,760 | ) | (387 | ) | (430 | ) | ( 5 | ) | (822 | ) | — | ||||||||||||||||
Other Income (expense), net | 13,439 | 65,737 | (463 | ) | 24 | 422 | (17 | ) | 9,180 | |||||||||||||||||||
Equity method investment income (loss), net | (283 | ) | 28,671 | 1,243 | 376 | — | 1,619 | (71 | ) | |||||||||||||||||||
Benefit for income taxes | (2,308 | ) | (16,290 | ) | (1,391 | ) | (1,844 | ) | 9,849 | 6,614 | (1,604 | ) | ||||||||||||||||
Net (loss) income attributable to noncontrolling interests | 422 | (6,715 | ) | 313 | 593 | 25 | 931 | (2,122 | ) | |||||||||||||||||||
Preferred dividend | 7,463 | 7,517 | 7,537 | 7,859 | 8,194 | 23,590 | 18,076 | |||||||||||||||||||||
Stock-based compensation expense | 7,216 | 5,566 | 5,554 | 5,474 | 6,000 | 17,028 | 22,038 | |||||||||||||||||||||
Acquisition costs | 38 | 109 | (188 | ) | (42 | ) | — | (230 | ) | 149 | ||||||||||||||||||
Integration | — | — | — | — | — | — | — | |||||||||||||||||||||
Cumulative adjustment to STI receivable | — | — | — | — | 26,044 | 26,044 | — | |||||||||||||||||||||
One-Time Expenses due to Restatement, etc. | 3,638 | 800 | 720 | 782 | 4 | 1,506 | 19,608 | |||||||||||||||||||||
Net income from discontinued operations, net of taxes | — | (18,288 | ) | — | — | — | — | — | ||||||||||||||||||||
Reclassification of expenses | 4,900 | — | — | — | — | — | — | |||||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 9,360 | $ | 15,436 | $ | 6,630 | $ | 8,669 | $ | 5,799 | $ | 21,098 | $ | (1,413 | ) |
Three Months Ended Sep 30, | Nine Months Ended Sep 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Net Cash (used in) provided by operating activities | $ | (6,725 | ) | $ | 10,719 | $ | 11,839 | $ | (60,662 | ) | |||||||
Add / (Less): | |||||||||||||||||
Capitalized software | (3,330 | ) | (2,811 | ) | (9,289 | ) | (11,012 | ) | |||||||||
Property and equipment | (2,137 | ) | (4,745 | ) | (7,077 | ) | (8,565 | ) | |||||||||
Free Cashflow | $ | (12,192 | ) | $ | 3,163 | $ | (4,527 | ) | $ | (80,239 | ) | ||||||
Add: One-Time Expenses due to Restatement, etc. | 4 | 3,638 | 1,506 | 19,608 | |||||||||||||
Adjusted Free Cashflow | $ | (12,188 | ) | $ | 6,801 | $ | (3,021 | ) | $ | (60,631 | ) |