Science & Technology
Science and Technology
Science and Technology
Mon, March 9, 2009
Fri, March 6, 2009
Thu, March 5, 2009
Finisar: Finisar Corporation Announces Third Quarter Financial Results
SUNNYVALE, CA--(Marketwire - March 5, 2009) - Finisar Corporation (
FINISAR FINANCIAL HIGHLIGHTS - THIRD QUARTER ENDED FEBRUARY 1, 2009
GAAP GAAP Non-GAAP (a) Non-GAAP (a) Feb 1, 2009 Jan 27, 2008 Feb 1, 2009 Jan 27, 2008 ----------- ----------- ------------ ------------ (in thousands, except per share data) Optical products revenues $ 126,081 $ 102,957 $ 126,081 $ 102,957 Network test products revenues $ 10,274 $ 9,784 $ 10,274 $ 9,784 Total revenues $ 136,355 $ 112,741 $ 136,355 $ 112,741 Gross margin 30.2 % 33.4 % 31.4% 38.2% Income (loss) from operations - before impairment $ (3,226) $ (8,202) $ 3,076 $ 7,607 Operating margin - before impairment (2.4)% (7.3)% 2.3% 6.7% Goodwill impairment charge $ 46,534 $ - $ - $ - Net income (loss) $ (47,357) $ (11,489) $ 2,269 $ 5,819 Net income (loss) per share - basic $ (0.10) $ (0.04) $ 0.00 $ 0.02 Net income (loss) per share - diluted $ (0.10) $ (0.04) $ 0.00 $ 0.02 Shares - basic 474,797 308,663 474,797 308,663 Shares - diluted 474,797 308,663 478,367 312,097 (a) In evaluating the operating performance of Finisar's business, Finisar management utilizes financial measures that exclude certain charges and credits required by generally accepted accounting principles, or GAAP, that are considered by management to be outside Finisar's core operating results. A reconciliation of Finisar's non-GAAP financial measures to the most directly comparable GAAP measures as well as additional related information can be found under the heading "Finisar Non-GAAP Financial Measures" below.
Highlights for the quarter included:
-- Total revenues decreased to $136.4 million, down $23.1 million, or 14.5%, from $159.5 million in the preceding quarter but up $23.6 million, or 20.9%, from $112.7 million in the third quarter of the prior year due primarily to the Optium merger completed on August 29, 2008; -- Optics revenues decreased to $126.1 million, down $21.6 million, or 14.7% from $147.7 million in the preceding quarter but up $23.1 million, or 22.5%, from $103.0 million in the third quarter of the prior year due primarily to the Optium merger; -- Revenues from the sale of products for 10/40 Gbps applications decreased to $49.1 million in the third quarter, down $4.9 million, or 9.1%, from $54.0 million in the preceding quarter but increased $20.0 million, or 68.5%, from $29.1 million in the third quarter of the prior year due primarily to the Optium merger; -- Network Test revenues decreased to $10.3 million, down $1.5 million, or 12.6%, from $11.8 million in the preceding quarter, but increased $0.5 million, or 5.0%, from $9.8 million in the third quarter of the prior year; -- Gross margin remained unchanged from the preceding quarter at 30.2% but decreased from 33.4% in the third quarter of the prior year due primarily to the Optium merger; -- Operating loss before a charge for goodwill impairment was $3.2 million, or (2.4)% of revenue, compared to an operating loss of $10.3 million, or (6.4)% of revenue, in the preceding quarter and an operating loss of $8.2 million, or (7.3)% of revenue, in the third quarter of the prior year; -- A charge of $46.5 million for the impairment of goodwill was recognized in conjunction with a continued deterioration in the macroeconomic environment and a reduction in the Company's fair market value as of the end of the third quarter. This followed a charge of $178.8 million for the impairment of goodwill in the preceding quarter related primarily to the addition of $151.0 million in goodwill as a result of the Optium merger; -- A net loss of $47.4 million, or $(0.10) per share, compared to net loss of $186.8 million, or $(0.44) per share, in the preceding quarter and a net loss of $11.5 million, or $(0.04) per share, in the third quarter of the prior year; and -- Cash and short-term investments, plus other long-term investments that can be readily converted into cash, totaled $35.3 million at the end of the third quarter compared to $51.9 million at the end of the prior quarter. The decrease primarily reflects a reduction in accounts payable of $23.7 million, or 33%, from the prior quarter and the purchase during the third quarter of $8.0 million in principal amount of the Company's 2.5% convertible notes for $3.9 million and the payment of $5.0 million to the former shareholders of Kailight previously acquired by Optium and triggered by the merger. The Company continues to maintain a secured credit facility totaling $45.0 of which $5.0 million was utilized at the end of the quarter. The Company also has approximately $10.0 million available under other unsecured lines of credit. Finisar has classified certain of its investments as long-term based on its intent to hold these securities until maturity, although they can be readily sold if required.
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Finisar provides supplemental information regarding its operating performance on a non-GAAP basis. Finisar believes this additional information provides investors and management with additional insight into its underlying core operating performance by excluding a number of non-cash and cash charges as well as gains or losses principally related to acquisitions, the sale of minority investments, restructuring or other transition activities, impairments and financing transactions. For the third quarter of fiscal 2009, these excluded items included, among other items described in Finisar Non-GAAP Financial Measures below, a non-cash charge of $46.5 million for the impairment of goodwill; $4.1 million in non-cash stock compensation expense; $2.5 million in amortization charges related to acquired developed technology and purchased intangibles arising from previous acquisitions; a $4.1 million gain related to the repurchase of the Company's outstanding convertible notes; and a $1.0 million non-cash credit for slow moving and obsolete inventory.
Excluding these items:
-- Non-GAAP gross margins decreased sequentially to 31.4%, compared to 35.6% in the preceding quarter and 38.2% in the third quarter of the prior year. The sequential decrease in non-GAAP gross margin reflects a full quarter impact of the Optium merger and increased manufacturing costs on a per unit basis resulting from lower shipment volumes; and -- Non-GAAP operating income of $3.1 million, or 2.3% of revenues, was down from $12.8 million, or 8.0% of revenues, in the preceding quarter, and from $7.6 million, or 6.7% of revenues, in the third quarter of the prior year. The decrease in operating margin from the previous quarter reflects the impact of lower shipment levels partially offset by a reduction of $4.1 million in operating expenses; and -- Non-GAAP net income decreased to $2.3 million, or $0.00 per diluted share, compared to $10.3 million, or $0.02 per diluted share, in the preceding quarter and $5.8 million, or $0.02 per diluted share, in the third quarter of the prior year.
In its earlier announcement regarding revenues for the third quarter, the Company noted that it continued to make progress with respect to additional new product customer qualifications, but also noted that a continuing softness in orders would mostly likely result in a further decrease in revenues for its upcoming fourth quarter ending April 30, 2009. Among the products recently qualified were the following:
-- 40Gbps line-side transponder with three customers; -- 40Gbps client-side transponders with four customers; -- XPAK-SR, X2-LRM and Xenpak-SR transceivers for short distance 10Gbps Ethernet applications with two customers; -- X2-LR and Xenpak-LR transceivers for longer distance 10Gbps Ethernet applications with one major customer; -- 50GHz 88 channel WSS ROADM linecard with one customer; -- WSS 50GHz and 100GHz products with four customers; -- Pluggable tunable 10Gbps transponder with two customers; and -- CATV low-cost 1310nm transmission product with one customer.
"Despite the difficult economic environment, we have made significant progress in qualifying new products at a number of customers," said Jerry Rawls, Finisar's executive Chairman of the Board. "Nevertheless, we believe revenue for the upcoming fourth quarter will be sequentially lower, although the weakness appears to be concentrated at a small number of customers."
"We continue to make progress in terms of reducing costs," said Eitan Gertel, Finisar's Chief Executive Officer. "With the reductions we have already realized, our non-GAAP EBITDA exceeded $11 million in the most recent quarter. Combined with the additional cost reductions that we have put in place for the fourth quarter, we should be in a good position to weather any near term weakness in our top line."
Cost Reduction Actions
As noted in its announcement regarding third quarter revenues, the Company has undertaken a number of cost reduction actions which are expected to result in total annual savings of approximately $44 million as compared to the cost structure of the combined company for the full second fiscal quarter ended Nov. 2, 2008. Approximately $24 million of these annual cost savings have been realized as of the third quarter ended February 1, 2009. An additional $8 million in annual cost savings are expected to be realized in the upcoming fourth quarter ending April 30, 2009, and the remaining $12 million in annual cost savings are expected to benefit the Company by the second quarter ending November 1, 2009. The actions undertaken to date include:
-- Personnel reductions of approximately 200 people, or 17% of the Company's total workforce, excluding operations in Malaysia and Shanghai; -- Reduction in salaries totaling 10% for officers, directors and most employees starting in February 2009; and -- Suspension of 401(k) matching Company contributions.
Other cost reduction actions that are expected to benefit the Company beginning in the first quarter ending August 2, 2009 include: (1) the transfer of certain product manufacturing to the Company's lower cost off-shore locations, and (2) cost savings from engineering changes to enable the broader use of internally manufactured components.
CONFERENCE CALL
Finisar will discuss these financial statements and its current business outlook during its regular quarterly conference call scheduled for today, March 5, 2009, at 2:00 p.m. Pacific Time. To listen to the call you may connect to the investor page of Finisar at [ www.finisar.com ] or dial 866-393-6455 (domestic) or 706-634-9717 (international) and enter passcode 84169293.
A replay of the webcast will be available shortly after the conclusion of the call on the Company's website until the next conference call to be held approximately 90 days from today. An audio replay of the call will be accessible to the public by calling (800) 642-1687 (domestic) or (706) 645-9291 (international) and then, following the prompts, enter conference ID 84169293 and record your name, affiliation, and contact number. The audio replay will be available for two weeks following the call.
SAFE HARBOR UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements included in this press release are based upon information available to Finisar as of the date hereof, and Finisar assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those projected. Examples of such risks include those associated with: the uncertainty of customer demand for Finisar's products, the integration of the operations of Optium and the realization of synergies expected to result from Finisar's combination with Optium; the rapidly evolving markets for Finisar's products and uncertainty regarding the development of these markets; Finisar's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; ongoing new product development and introduction of new and enhanced products; the challenges of rapid growth followed by periods of contraction; and intensive competition. Additional risks include the potential impact of pending civil litigation arising from the investigation of Finisar's historical option granting practices. Further information regarding these and other risks relating to Finisar's business, including the recently acquired operations of Optium, is set forth in Finisar's quarterly report on Form 10-Q (filed December 17, 2008).
ABOUT FINISAR
Finisar Corporation (
FINISAR FINANCIAL STATEMENTS
The following financial tables are presented in accordance with GAAP.
Finisar Corporation Consolidated Statements of Operations Three Months Three Months Ended Nine Months Ended* Ended February 1, January 27, February 1, January 27, November 2, 2009 2008* 2009 2008* 2008 ----------- ----------- ----------- ----------- ----------- (Unaudited) (Unaudited) (Unaudited) (in thousands, except share (in thousands, except share and per share data) and per share data) Revenues Optical subsys- tems and compo- nents $ 126,081 $ 102,957 $ 389,601 $ 290,247 $ 147,746 Network perfor- mance test systems 10,274 9,784 34,972 28,928 11,760 ----------- ----------- ----------- ----------- ----------- Total revenues 136,355 112,741 424,573 319,175 159,506 Cost of revenues 93,491 73,396 281,394 212,279 109,859 Amortization of acquired developed technology 1,705 1,729 4,454 5,187 1,503 ----------- ----------- ----------- ----------- ----------- Gross profit 41,159 37,616 138,725 101,709 48,144 Gross margin 30.2% 33.4% 32.7% 31.9% 30.2% Operating expenses: Research and development 24,098 21,218 69,739 56,350 24,868 Sales and marketing 9,396 10,492 30,097 29,726 10,552 General and admini- istrative 10,050 13,620 32,275 34,352 11,728 Acquired in- process research and development - - 10,500 - 10,500 Amortization of purchased intangibles 841 488 1,862 1,468 753 Impairment of good- will and intangible assets 46,534 - 225,302 - 178,768 ----------- ----------- ----------- ----------- ----------- Total operating expenses 90,919 45,818 369,775 121,896 237,169 ----------- ----------- ----------- ----------- ----------- Loss from operations (49,760) (8,202) (231,050) (20,187) (189,025) Interest income 119 1,501 1,744 4,453 657 Interest expense (1,469) (4,291) (8,355) (12,895) (2,878) Gain on debt extin- guishment 4,070 - 4,070 - - Other income (expense), net (749) 310 (4,020) 262 (3,328) ----------- ----------- ----------- ----------- ----------- Loss before income taxes (47,789) (10,682) (237,611) (28,367) (194,574) Provision for income taxes (432) 807 (7,429) 2,083 (7,743) ----------- ----------- ----------- ----------- ----------- Net loss $ (47,357) $ (11,489) $ (230,182) $ (30,450) $ (186,831) =========== =========== =========== =========== =========== Net income (loss) per share - basic and diluted $ (0.10) $ (0.04) $ (0.51) $ (0.10) $ (0.44) Shares used in computing net loss per share - basic and diluted 474,797 308,663 448,310 308,645 426,601 *Adjusted to reflect adoption of new accounting principle. Finisar Corporation Consolidated Balance Sheets (In thousands) Memo Optium balance sheet upon merger February 1, November 2, August 3, April 30, (August 29, 2009 2008 2008 2008 2008) ----------- ----------- ----------- ----------- ----------- (unaudited) (unaudited) (unaudited) (unaudited) Current assets: Cash and cash equiv- alents $ 34,645 $ 44,192 $ 96,499 $ 79,442 $ 31,825 Short- term available for-sale invest- ments 301 7,382 20,636 27,776 - Short- term available- for-sale invest- ments - equity - 1,287 2,801 - Accounts receivable, net 84,570 94,737 57,186 48,005 29,094 Accounts receivable, other 8,554 10,237 10,936 12,408 - Invent- ories 116,057 120,873 88,823 82,554 34,283 Prepaid expenses 8,191 9,054 8,291 7,652 856 ----------- ----------- ----------- ----------- ----------- Total current assets 252,318 286,475 283,658 260,638 96,058 Long-term available -for-sale investments - debt 313 326 7,452 9,236 - Property, plant and improve- ments, net 88,543 92,136 75,624 89,847 19,129 Purchased technology, net 19,495 21,200 10,604 11,850 12,192 Other intangible assets, net 15,141 15,982 3,632 3,899 13,000 Goodwill 13,892 59,589 88,242 88,242 150,115 Minority investments 14,289 14,289 14,289 13,250 - Other assets 3,204 3,552 4,955 3,241 796 ----------- ----------- ----------- ----------- ----------- Total assets $ 407,195 $ 493,549 $ 488,456 $ 480,203 $ 291,290 =========== =========== =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts paya- ble $ 49,786 $ 72,599 $ 49,342 $ 43,040 $ 29,663 Accrued compen- sation 12,774 17,621 13,521 14,397 1,483 Other accrued liabilities 28,070 36,413 22,460 23,397 15,859 Deferred revenue 4,977 4,922 5,692 5,312 - Current portion of other long-term liabilities 6,060 6,085 5,286 2,436 - Conver- tible notes - - 91,146 101,918 - Non-can- celable purchase obli- gations 3,420 5,326 1,995 3,206 - ----------- ----------- ----------- ----------- ----------- Total current liabil- ities 105,087 142,966 189,442 193,706 47,005 Long-term liabilities: Conver- tible notes 142,000 150,000 150,000 150,000 - Other long-term liabilities 25,304 22,217 23,569 18,911 973 Deferred income taxes 1,190 1,190 9,454 8,903 - ----------- ----------- ----------- ----------- ----------- Total long-term liabil- ities 168,494 173,407 183,023 177,814 973 Stockholders' equity: Common stock 477 473 311 309 161 Additional paid-in capital 1,806,732 1,801,642 1,546,344 1,540,241 253,651 Accumu- lated other compre- hensive income 1,427 2,726 10,170 12,973 - Accumu- lated deficit (1,675,022) (1,627,665) (1,440,834) (1,444,840) (10,500) ----------- ----------- ----------- ----------- ----------- Total stock- holders' equity 133,614 177,176 115,991 108,683 243,312 ----------- ----------- ----------- ----------- ----------- Total liabilities and stockholders' equity $ 407,195 $ 493,549 $ 488,456 $ 480,203 $ 291,290 =========== =========== =========== =========== ===========
FINISAR NON-GAAP FINANCIAL MEASURES
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Finisar provides supplemental information regarding the Company's operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and which management considers to be outside our core operating results. Some of these non-GAAP measures also exclude the ongoing impact of historical business decisions made in different business and economic environments. Management believes that tracking non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income and non-GAAP net income per share provides management and the investment community with valuable insight into our current operations, our ability to generate cash and the underlying business trends which are affecting our performance. These non-GAAP measures are used by both management and our Board of Directors, along with the comparable GAAP information, in evaluating our current performance and planning our future business activities. In particular, management finds it useful to exclude non-cash charges in order to better correlate our operating activities with our ability to generate cash from operations and to exclude non-recurring and infrequently incurred cash charges as a means of more accurately predicting our liquidity requirements. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry.
In calculating non-GAAP gross profit, we have excluded the following items from cost of revenues in applicable periods:
-- Changes in excess and obsolete inventory reserve (predominantly non- cash charges or non-cash benefits); -- Amortization of acquired technology (non-cash charges related to technology obtained in acquisitions); -- Duplicate facility costs during facility move (non-recurring charges); -- Stock-based compensation expense (non-cash charges); -- Purchase accounting adjustment for sale of acquired inventory (non- cash and non-recurring charges); and -- Reduction in force costs (non-recurring charges).
In calculating non-GAAP operating income, we have excluded the same items to the extent they are classified as operating expenses, and have also excluded the following items in applicable periods:
-- Options investigation costs included in general and administrative expense (non-recurring cash charges related to the special investigation into our historical stock option granting practices) and the cost of covering employee and employer tax liabilities (non-recurring cash charges) arising from that investigation recorded in each line of the income statement; -- Disposal of a product line (non-recurring charges); -- Acquired in-process research and development expense (non-recurring and non-cash charges); -- Amortization of purchased intangibles (non-cash charges related to prior acquisitions); and -- Impairment charges associated with intangible assets (non-cash and non- recurring).
In calculating non-GAAP net income and non-GAAP net income per share, we have also excluded the following items in applicable periods:
-- Amortization of discount on convertible debt (non-cash charges); -- Gains and losses on debt extinguishment (non-recurring and non-cash charges or income); -- Gains and losses on sales of assets (non-recurring or non-cash losses and cash gains related to the periodic disposal of assets no longer required for current activities); -- Gains and losses on minority investments (infrequently occurring and principally non-cash gains and losses related to the disposal of investments in other companies and non-cash income or loss from these investments accounted for under the equity method); -- Foreign exchange transaction loss (non-recurring and non-cash charges); -- Tax charges arising from timing difference related to asset purchases (non-cash provision); and -- Cumulative effect of change in accounting principle (non-recurring and non-cash charges or income).
A reconciliation of this non-GAAP financial information to the corresponding GAAP information is set forth below:
Finisar Corporation Reconciliation of Results of Operations under GAAP and non-GAAP Three Three Months Ended Nine Months Ended* Months Ended February 1, January 27, February 1, January 27, November 2, 2009 2008* 2009 2008* 2008 ----------- ----------- ----------- ----------- ----------- (Unaudited) (Unaudited) (Unaudited) (in thousands, except (in thousands, except per share data) per share data) Reconciliation of GAAP Gross Profit to non-GAAP Gross Profit: Gross profit per GAAP 41,159 37,616 138,725 101,709 48,144 Gross margin, GAAP 30.2% 33.4% 32.7% 31.9% 30.2% Adjustments: Cost of revenues Change in excess and obsolete inventory reserve (957) 1,587 3,543 6,354 4,785 Amortization of acquired technology 1,705 1,729 4,454 5,187 1,503 Duplicate facility costs during facility move - - 287 - 117 Stock compen- sation 797 895 2,517 2,320 864 Acquisition related compen- sation - 40 - 40 - Costs related to options investi- gation - 1,084 - 1,084 - Purchase accounting adjustment for sale of acquired inventory - - 1,402 1,306 1,402 Reduction in force costs 128 145 183 337 19 ----------- ----------- ----------- ----------- ----------- Total cost of revenue adjust- ments 1,673 5,480 12,386 16,628 8,690 Gross profit, non-GAAP 42,832 43,096 151,111 118,337 56,834 Gross margin, non-GAAP 31.4% 38.2% 35.6% 37.1% 35.6% Reconciliation of GAAP operating income (loss) to non-GAAP operating income (loss): Operating income (loss) per GAAP (49,760) (8,202) (231,050) (20,187) (189,025) Operating margin, GAAP -36.5% -7.3% -54.4% -6.3% -118.5% Adjustments: Total cost of revenue adjustments 1,673 5,480 12,386 16,628 8,690 Research and development Reduction in force costs 111 - 187 28 76 Stock comp- ensation 1,816 1,247 4,595 3,238 1,671 Acquisition related comp- ensation - 748 - 748 - Costs related to options investi- gation - 1,648 - 1,648 - Sales and marketing Reduction in force costs 125 49 225 83 - Stock comp- ensation 561 673 1,594 1,566 516 Acquisition related compensation - 128 - 128 - Costs related to options investigation - 742 - 742 - General and administrative Reduction in force costs 217 - 217 6 - Stock comp- ensation 958 481 2,254 1,462 720 Acquistion related comp- ensation - 164 - 164 - Costs related to options investigation - 3,961 276 8,262 130 Disposal of a product line - - 919 - - Amortization of purchased intangibles 841 488 1,862 1,468 753 Acquired in- process R&D - - 10,500 - 10,500 Impairment of intangible assets 46,534 - 225,302 - 178,768 ----------- ----------- ----------- ----------- ----------- Total cost of revenue and operating expense adjust- ments 52,836 15,809 260,317 36,171 201,824 Operating income, non-GAAP 3,076 7,607 29,267 15,984 12,799 Operating margin, non-GAAP 2.3% 6.7% 6.9% 5.0% 8.0% Reconciliation of GAAP net income (loss) to non-GAAP net income (loss): Net income (loss) per GAAP (47,357) (11,489) (230,182) (30,450) (186,831) Total cost of revenue and operating expense adjustments 52,836 15,809 260,317 36,171 201,824 Amortization of discount on convertible debt - 1,253 1,817 3,706 671 Loss on debt extingui- shment (4,070) - (3,839) - 231 Other expense, net Loss (gain) on sale of assets 104 (99) 497 (458) (20) Loss (gain) on minority investments - (22) 797 (206) 1,197 Other misc income - (327) (558) (327) (58) Foreign exchange trans- action loss 756 - 2,485 - 1,729 Provision for income tax Timing difference related to asset purchases - 694 (7,847) 1,782 (8,398) ----------- ----------- ----------- ----------- ----------- Total adjustments 49,626 17,308 253,669 40,668 197,176 ----------- ----------- ----------- ----------- ----------- Net income, non-GAAP $ 2,269 $ 5,819 $ 23,487 $ 10,218 $ 10,345 =========== =========== =========== =========== =========== Net income, non-GAAP per share - basic $ 0.00 $ 0.02 $ 0.05 $ 0.03 $ 0.02 Net income, non-GAAP per share - diluted $ 0.00 $ 0.02 $ 0.05 $ 0.03 $ 0.02 Shares used in computing non-GAAP net income per share - basic 474,797 308,663 448,310 308,645 426,601 Shares used in computing non-GAAP net income per share - diluted 478,367 312,097 452,208 321,595 429,946 Non-GAAP EBITDA Net income, non-GAAP $ 2,269 $ 5,819 $ 23,487 $ 10,218 $ 10,345 Depreciation expense 7,904 6,180 21,740 17,864 7,445 Interest expense 1,350 1,537 4,794 4,736 1,550 Income tax expense (432) 113 418 301 655 ----------- ----------- ----------- ----------- ----------- Non-GAAP EBITDA $ 11,091 $ 13,649 $ 50,439 $ 33,119 $ 19,995 =========== =========== =========== =========== =========== *Adjusted to reflect adoption of new accounting principle.
