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8-K - FORM 8-K - ENERNOC INC | b87608e8vk.htm |
Exhibit 99.1
Contact: | Investors Will Lyons, (617) 532.8104, ir@enernoc.com Media Sarah McAuley, (617) 532.8195, news@enernoc.com |
EnerNOC Reports Second Quarter 2011 Financial Results
Market Expansion Enhances Long-term Visibility
BOSTON, MA, August 8, 2011 EnerNOC, Inc. (NASDAQ: ENOC), a leading provider of clean and
intelligent energy management applications and services, today announced financial results for the
second quarter ended June 30, 2011.
EnerNOC's second quarter was highlighted by our successful
efforts to expand our market opportunities through organic growth and strategic acquisitions, said
Tim Healy, EnerNOCs Chairman and Chief Executive Officer. We believe the
investments we are making now will, in the long-term, provide
enhanced shareholder value. For the current quarter, we are announcing a net loss, and we are also revising
projections for 2011 and 2012 downward. For 2013, we are expecting to achieve the same results
previously projected, and believe that this three-year plan will help us maximize earnings in the
long run.
Revenues for the second quarter of 2011 were $58.9 million, compared to $66.5 million for the same
period in 2010. Gross profit for the second quarter of 2011 was $20.4 million, or 34.6% of revenue.
GAAP net loss for the second quarter of 2011 was $13.0 million, or $0.51 per diluted share,
compared to GAAP net income for the second quarter of 2010 of $1.1 million, or $0.04 per diluted
share. Non-GAAP net loss* for the second quarter of 2011 was $7.8 million, or $0.31 per diluted
share, compared to non-GAAP net income for the second quarter of 2010 of $4.3 million, or $0.17 per
diluted share.
Adjusted EBITDA* for the second quarter of 2011 was negative $3.5 million, compared to positive
$9.2 million in the second quarter of 2010.
Cash flow from operating activities for the second quarter of 2011 was $13.7 million, compared to
$7.9 million in the second quarter of 2010. The Company generated $5.1 million of free cash flow*
for the quarter ended June 30, 2011, compared to $1.4 million for the quarter ended June 30, 2010.
As of June 30, 2011, the Company had cash and cash equivalents totaling $79.2 million, a decrease
of $74.2 million from cash and cash equivalents as of December 31, 2010. The majority of this
change in cash and cash equivalents was due to acquisitions completed during calendar year 2011,
including $28.1 million that was transferred to a third party prior to June 30, 2011, related to
the acquisition of Energy Response Pty Ltd, which the Company acquired in July 2011.
Healy
added, With new growth opportunities secured, $1.3 billion in contracted revenues, and a strong balance
sheet, we believe we are well positioned to turn our near-term investments into long-term growth for the company.
(*Please refer to the section below titled Use of Non-GAAP Financial Measures for non-GAAP
definitions and the financial schedules attached to this press release for a reconciliation of
non-GAAP financial measures to the most directly comparable GAAP financial measures.)
Second Quarter 2011 Highlights
| Increasing demand response megawatts under management to approximately 6,650 as of June 30, 2011. | ||
| Increasing the number of commercial, institutional, and industrial (C&I) DemandSMART customers to approximately 4,500 customers and sites to approximately 10,700 as of June 30, 2011. | ||
| Securing more than 40% market share in the 2014/15 PJM Emergency Load Response Program, leading to an expectation of more than $275 million of future revenue in that region during that program year. | ||
| Responding to its most active dispatch period to date during a 48-hour period beginning on May 30, during which EnerNOC triggered demand response procedures at more than 2,600 C&I sites located in the United States, Canada, and the United Kingdom. |
| Announcing that Ahold USA will deploy EfficiencySMART Insight, EnerNOCs web-based enterprise energy efficiency solution, in the majority of its Stop & Shop, Giant Food of Maryland, and Giant/Martins grocery stores. | ||
| Announcing a contract with PPL Electric Utilities Corporation (PPL), a subsidiary of PPL Corporation, to deliver 300 megawatts of demand response within PPLs territory pursuant to the load reduction targets established by Pennsylvania Act 129. | ||
| Entering into a $75 million senior secured revolving credit facility with Silicon Valley Bank and TD Bank in April 2011. The Company anticipates using this new facility to fund its other credit requirements to grid operators and utilities. |
Other Recent Highlights
| Completing the acquisition of Energy Response Pty Ltd, the leading demand response provider in Australia and New Zealand, thereby increasing the Companys 2012/2013 obligation in Western Australias wholesale electricity market to 240 megawatts. | ||
| Being chosen to deliver a 150-megawatt automated demand response network to Alberta Electric System Operator over a three-year term. This contract is subject to final negotiation. | ||
| Dispatching its demand response network throughout North America on July 22, 2011, delivering approximately 1,230 megawatts of demand response resources and helping mitigate the risk of blackouts and brownouts and reduce the cost of energy for all electricity users in the affected regions. | ||
| Receiving regulatory approval for the Companys new 300-megawatt contract with PPL. |
Financial Outlook
The Company currently expects to deliver the following financial results for the quarter ending
September 30, 2011 and the years ending December 31, 2011, December 31, 2012, and December 31,
2013, respectively:
Third quarter 2011: The Company expects third quarter revenue to be in the range of $155 million to
$170 million. The Company also expects third quarter GAAP net income per share to be in the range
of $1.45 to $1.70 and Non-GAAP net income per share to be in the range of $1.68 to $1.94 based on
weighted-average diluted shares outstanding of 27.0 million. Non-GAAP net income reflects
adjustments for an estimated stock-based compensation expense of $4.0 million and an estimated
amortization of acquisition-related intangibles expense of $2.4 million, which are included in GAAP
net income. The Company notes that there is significant variability in the provision for income
taxes that could be recorded in accordance with GAAP for the third quarter of 2011. The Company was
unable to make a reliable estimate of its annual effective tax rate as of June 30, 2011 due to
unusual sensitivity to the rate as it relates to the current forecasted fiscal 2011 U.S. ordinary
income. As a result, the Company recorded a tax provision for the six months ended June 30, 2011
based on its actual effective tax rate for the six months ended June 30, 2011. If the Company
continues to be unable to make a reliable estimate of its annual effective tax rate as of September
30, 2011, which the Company has assumed in providing the GAAP income per share guidance above, the
Company will follow a consistent methodology as applied for the three and six months ended June 30,
2011. The Company has forecasted a provision for income taxes of $0.6 million to $0.9 million in
its GAAP income per share guidance above. If the Company is able to make a reliable estimate of its
annual effective tax rate as of September 30, 2011, the Company will be required to utilize that
rate to provide for income taxes on a current year-to-date basis, which could result in a
significant provision from income taxes being recorded during the
three months ending September 30,
2011, which would be predominantly offset by a significant benefit recorded during the three months
ending December 31, 2011. The Company now anticipates that its provision for income taxes for the
full year 2011 to be in the range of $1.8 million to $2.2 million.
Full Year 2011: The Company expects full year 2011 revenues to be in the range of $280 million to
$300 million. The Company now expects a GAAP net loss per share in the range of $0.00 to $0.50
based on basic and diluted weighted average shares outstanding of 25.6 million shares and Non-GAAP
net income per share in the range of $0.26 to $0.82 based on a diluted weighted average shares
outstanding of 27.5 million shares. Non-GAAP net income reflects adjustments for an estimated
stock-based compensation expense of $15.0 million and an estimated amortization of
acquisition-related intangibles expense of $7.3 million, which are included in GAAP net income.
Full year 2012: The Company expects full year 2012 revenues to be in the range of $280 million to
$300 million. The Company now expects a GAAP net loss per share in the range of $0.65 to $1.15.
Full year 2013: The Company expects full year 2013 revenues to be in the range of $400 million to
$450 million. The Company expects a GAAP net income per share in the range of $0.80 to $1.00.
These statements are forward-looking and actual results may differ materially. These statements are
based on information available as of August 8, 2011, and the Company assumes no obligation to
publicly update or revise its financial outlook. Investors are reminded that actual results may
differ from these estimates for the reasons described below and in the Companys filings with the
Securities and Exchange Commission.
Webcast Reminder
The Company will host a live webcast and conference call today, August 8, 2011 at 5:00 p.m.,
Eastern Time, to discuss the Companys second quarter 2011 operating results, as well as other
forward-looking information about the Companys business. Visit the Investor Relations section of
EnerNOCs website at http://investor.enernoc.com/webcasts.cfm for a live webcast of the conference
call. Domestic callers may access the earnings conference call by dialing 877-837-3911
(International callers, dial 973-796-5063). Please access the website at least 15 minutes prior to
the call to register, download, and install any necessary audio software. A replay of the
conference call will be available on the Companys website noted above or by phone (dial
855-859-2056 and enter the pass code 87158559) until August 15, 2011 and the webcast will be
archived on EnerNOCs website for a period of three months.
About EnerNOC
EnerNOC unlocks the full value of energy management for our utility and commercial, institutional,
and industrial (C&I) customers by reducing real-time demand for electricity, increasing energy
efficiency, improving energy supply transparency in competitive markets, and mitigating emissions.
We accomplish this by delivering world-class energy management applications including DemandSMART,
comprehensive demand response; EfficiencySMART, data-driven energy efficiency; SupplySMART,
energy price and risk management; and CarbonSMART, enterprise carbon management. Our Network
Operations Center (NOC) continuously supports these applications across thousands of C&I customer
sites throughout the world. Working with more than 100 utilities and grid operators globally, we
deliver energy, ancillary services, and carbon mitigation resources that provide cost-effective
alternatives to investments in traditional power generation, transmission, and distribution. For
more information, visit www.enernoc.com.
Safe Harbor Statement
Statements in this press release regarding managements future expectations, beliefs, intentions,
goals, strategies, plans or prospects, including, without limitation, statements relating to the
Companys future financial performance on both a GAAP and non-GAAP basis, contracted revenues that the Company expects to earn, the Companys ability to enhance shareholder value, and the future growth and success
of the Companys clean and intelligent energy management applications and services in general, may
constitute forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified
by terminology such as anticipate, believe, could, could increase the likelihood,
estimate, expect, intend, is planned, may, should, will, will enable, would be
expected, look forward, may provide, would or similar terms, variations of such terms or the
negative of those terms. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors including those risks, uncertainties and factors referred to under
the section Risk Factors in EnerNOCs most recent Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time
to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and
factors, the Companys actual results may differ materially from any future results, performance or
achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is
providing the information in this press release as of this date and assumes no obligations to
update the information included in this press release or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Contracted Revenues
Contracted Revenues represent EnerNOCs estimate of total payments that it currently expects to
earn in connection with providing demand response services to grid operators and utilities under
long-term contracts and pursuant to open market bidding programs, as well as providing energy
management services to its commercial, institutional and industrial customers. As of the date of
this press release, EnerNOC expects approximately 85% of this Contracted Revenue to be earned by
May 31, 2015.
Assumptions Regarding Contracted Revenues:
The Contracted Revenues estimated from EnerNOCs long-term contracts, accepted bids in open market
bidding
programs and its provision of energy management services have been prepared by management
and are based upon contractual terms, open market bidding program rules and a number of
assumptions, including:
EnerNOCs ability to provide to its utility and grid operator customers the capacity that it has
committed to provide under long-term contracts and pursuant to accepted bids in open market bidding
programs. The Companys expectations are based on its experience to date in building out its
existing load management systems;
EnerNOCs contracts with its utility and grid operator and commercial, institutional and
industrial customers not being terminated, modified or delayed or becoming subject to governmental
regulation that could materially and adversely affect EnerNOCs interests;
the rules and assumed pricing of the various open market bidding programs in which EnerNOC
participates remaining unchanged in all material respects;
the rate of termination of EnerNOCs commercial, institutional and industrial customers under
its long-term contracts remaining consistent with EnerNOCs historical average;
the electricity consumption of EnerNOCs commercial, institutional and industrial customers
remaining consistent with historical use throughout the term of its contracts with such customers;
and
EnerNOCs ability to obtain regulatory approval for its long-term contracts with certain utility
and grid operator customers where such approval is required. Less than 1% of the contracted
revenue referenced in this release is subject to such regulatory approval as of the date of this
release.
Any differences among these assumptions, other factors, and EnerNOCs actual experiences may result
in actual revenues earned in future periods differing from managements current estimate of
Contracted Revenues to be earned. In managements view, such information was prepared on a
reasonable basis, reflects the best currently available estimates and judgments, and, to the best
of managements knowledge and belief, presents the assumptions and considerations on which EnerNOC
bases its belief that it can earn such Contracted Revenues.
Use of Non-GAAP Financial Measures
To supplement the financial measures presented in EnerNOCs press release and related conference
call or webcast in accordance with accounting principles generally accepted in the United States
(GAAP), EnerNOC also presents non-GAAP financial measures relating to non-GAAP net income or
loss, non-GAAP net income or loss per share, adjusted EBITDA, and free cash flow.
A non-GAAP financial measure refers to a numerical measure of the Companys historical or future
financial performance, financial position, or cash flows that excludes (or includes) amounts that
are included in (or excluded from) the most directly comparable measure calculated and presented in
accordance with GAAP in the Companys financial statements. EnerNOC provides the non-GAAP measures
listed above as additional information relating to EnerNOCs operating results as a complement to
results provided in accordance with GAAP. The non-GAAP financial information presented here should
be considered in conjunction with, and not as a substitute for or superior to, the financial
information presented in accordance with GAAP and should not be considered measures of the
Companys liquidity. There are significant limitations associated with the use of non-GAAP
financial measures. Further, these measures may differ from the non-GAAP information, even where
similarly titled, used by other companies and therefore should not be used to compare the Companys
performance to that of other companies.
The non-GAAP measures used in this press release and related conference call or webcast differ from
GAAP in that they exclude expenses related to stock-based compensation, amortization expense
related to acquisition-related intangible assets, as well as in certain measures, the related
impact of these adjustments on the provision for income taxes. In addition, investors should note
the following:
| EnerNOC defines non-GAAP net income (loss) as net income (loss) before expenses related to stock-based compensation and amortization expenses related to acquisition-related intangible assets, net of related tax effects. | ||
| EnerNOC defines Adjusted EBITDA as net income (loss), excluding depreciation, amortization, stock-based compensation, interest, income taxes and other income (expense). Adjusted EBITDA eliminates items that are either not part of the Companys core operations or do not require a cash outlay, such as stock-based compensation. Adjusted EBITDA also excludes depreciation and amortization expense, which is based on the |
Companys estimate of the useful life of tangible and intangible assets. These estimates could vary from actual performance of the asset, are based on historic cost incurred to build out the Companys deployed network, and may not be indicative of current or future capital expenditures. |
| EnerNOC defines free cash flow as net cash provided by (used in) operating activities less capital expenditures. EnerNOC defines capital expenditures as purchases of property and equipment, which includes capitalization of internal-use software development costs. Capital expenditures are disclosed in the Companys Statement of Cash Flows in the Companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2011. |
EnerNOCs management uses these non-GAAP measures when evaluating the Companys operating
performance and for internal planning and forecasting purposes. EnerNOCs management believes that
such measures help indicate underlying trends in the Companys business, are important in comparing
current results with prior period results, and are useful to investors and financial analysts in
assessing the Companys operating performance. For example, EnerNOCs management considers non-GAAP
net income (loss) to be an important indicator of the overall performance of the Company because it
eliminates the effects of events that are either not part of the Companys core operations or are
non-cash compensation expenses. In addition, EnerNOCs management considers adjusted EBITDA to be
an important indicator of the Companys operational strength and performance of its business and a
good measure of the Companys historical operating trend. Moreover, EnerNOCs management considers
free cash flow to be an indicator of the Companys operating trend and performance of its business.
Source: EnerNOC, Inc.
EnerNOC, Inc.
SELECTED FINANCIAL INFORMATION
(in thousands, except for share and per share data)
SELECTED FINANCIAL INFORMATION
(in thousands, except for share and per share data)
EnerNOC, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues |
$ | 58,904 | $ | 66,548 | $ | 90,666 | $ | 94,669 | ||||||||
Cost of revenues |
38,527 | 37,556 | 57,728 | 56,102 | ||||||||||||
Gross profit |
20,377 | 28,992 | 32,938 | 38,567 | ||||||||||||
Operating expenses: |
||||||||||||||||
Selling and marketing |
13,620 | 11,531 | 25,207 | 20,645 | ||||||||||||
General and administrative |
15,899 | 13,152 | 32,212 | 26,901 | ||||||||||||
Research and development |
3,350 | 2,494 | 6,582 | 4,551 | ||||||||||||
Total operating expenses |
32,869 | 27,177 | 64,001 | 52,097 | ||||||||||||
(Loss) income from operations |
(12,492 | ) | 1,815 | (31,063 | ) | (13,530 | ) | |||||||||
Other expense |
(142 | ) | (14 | ) | (14 | ) | (11 | ) | ||||||||
Interest expense |
(238 | ) | (466 | ) | (401 | ) | (491 | ) | ||||||||
(Loss) income before income tax |
(12,872 | ) | 1,335 | (31,478 | ) | (14,032 | ) | |||||||||
(Provision for) benefit from income tax |
(101 | ) | (257 | ) | (767 | ) | 910 | |||||||||
Net (loss) income |
$ | (12,973 | ) | $ | 1,078 | $ | (32,245 | ) | $ | (13,122 | ) | |||||
(Loss) income per common share |
||||||||||||||||
Basic |
$ | (0.51 | ) | $ | 0.04 | $ | (1.27 | ) | $ | (0.54 | ) | |||||
Diluted |
$ | (0.51 | ) | $ | 0.04 | $ | (1.27 | ) | $ | (0.54 | ) | |||||
Weighted average number of common shares
outstanding |
||||||||||||||||
Basic |
25,537,483 | 24,371,125 | 25,393,864 | 24,212,004 | ||||||||||||
Diluted |
25,537,483 | 25,861,957 | 25,393,864 | 24,212,004 |
EnerNOC, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
Condensed Consolidated Balance Sheets
(Unaudited)
June 30, 2011 | December 31, 2010 | |||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 79,236 | $ | 153,416 | ||||
Restricted cash |
71 | 1,537 | ||||||
Trade accounts receivable, net of allowance for doubtful accounts of $200
and $150 at June 30, 2011 and December 31, 2010, respectively |
33,240 | 22,137 | ||||||
Unbilled revenue |
17,081 | 73,144 | ||||||
Inventory |
239 | | ||||||
Prepaid expenses, deposits and other current assets |
12,602 | 6,707 | ||||||
Cash held by third party for potential acquisition |
28,082 | | ||||||
Total current assets |
170,551 | 256,941 | ||||||
Property and equipment, net of accumulated depreciation of $42,934 and
$36,309 at June 30, 2011 and December 31, 2010, respectively |
39,524 | 34,690 | ||||||
Goodwill |
63,895 | 24,653 | ||||||
Definite-lived intangible assets, net |
23,931 | 5,823 | ||||||
Indefinite-lived intangible assets |
530 | 920 | ||||||
Deposits and other assets |
6,392 | 2,872 | ||||||
Total assets |
$ | 304,823 | $ | 325,899 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ | 916 | $ | 111 | ||||
Accrued capacity payments |
42,467 | 65,792 | ||||||
Accrued payroll and related expenses |
11,816 | 11,135 | ||||||
Accrued expenses and other current liabilities |
10,403 | 9,307 | ||||||
Accrued acquisition contingent consideration |
| 1,500 | ||||||
Deferred revenue |
7,677 | 5,540 | ||||||
Current portion of long-term debt |
17 | 37 | ||||||
Total current liabilities |
73,296 | 93,422 | ||||||
Long-term liabilities |
||||||||
Deferred acquisition consideration |
4,108 | | ||||||
Deferred tax liability |
1,842 | 1,141 | ||||||
Deferred revenue, long-term |
6,609 | 4,696 | ||||||
Other liabilities |
482 | 514 | ||||||
Total long-term liabilities |
13,041 | 6,351 | ||||||
Commitments and contingencies |
| | ||||||
Stockholders equity |
||||||||
Undesignated preferred stock, $0.001 par value; 5,000,000 shares
authorized; no shares issued |
| | ||||||
Common stock, $0.001 par value; 50,000,000 shares authorized,
26,552,123 and 25,155,067 shares issued and outstanding at
June 30, 2011 and December 31, 2010, respectively |
27 | 25 | ||||||
Additional paid-in capital |
318,516 | 293,942 | ||||||
Accumulated other comprehensive loss |
(46 | ) | (75 | ) | ||||
Accumulated deficit |
(100,011 | ) | (67,766 | ) | ||||
Total stockholders equity |
218,486 | 226,126 | ||||||
Total liabilities and stockholders equity |
$ | 304,823 | $ | 325,899 | ||||
EnerNOC, Inc.
Cash Flow Information
(Unaudited)
Cash Flow Information
(Unaudited)
Six Months Ended June 30, | ||||||||
2011 | 2010 | |||||||
Cash flows provided by operating activities |
$ | 8,052 | $ | 10,976 | ||||
Cash flows used in investing activities |
(83,887 | ) | (14,647 | ) | ||||
Cash flows provided by financing activities |
1,717 | 2,455 | ||||||
Effects of exchange rate changes on cash |
(62 | ) | (12 | ) | ||||
Net change in cash and cash equivalents |
$ | (74,180 | ) | $ | (1,228 | ) | ||
EnerNOC, Inc.
NON-GAAP NET LOSS AND NET LOSS PER SHARE RECONCILIATION
(Unaudited)
NON-GAAP NET LOSS AND NET LOSS PER SHARE RECONCILIATION
(Unaudited)
Three Months Ended June 30, | ||||||||
2011 | 2010 | |||||||
(In thousands, except share and per share data) | ||||||||
GAAP net (loss) income |
$ | (12,973 | ) | $ | 1,078 | |||
ADD: Stock based compensation |
3,785 | 3,658 | ||||||
ADD: Amortization expense of acquired intangible assets |
1,373 | 368 | ||||||
LESS: Income tax effect on Non-GAAP adjustments(1) |
| (775 | ) | |||||
Non-GAAP net (loss) income |
$ | (7,815 | ) | $ | 4,329 | |||
GAAP net (loss) income per basic share |
$ | (0.51 | ) | $ | 0.04 | |||
ADD: Stock based compensation |
0.15 | 0.15 | ||||||
ADD: Amortization expense of acquired intangible assets |
0.05 | 0.02 | ||||||
LESS: Income tax effect on Non-GAAP adjustments(1) |
| (0.03 | ) | |||||
Non-GAAP net (loss) income per basic share |
$ | (0.31 | ) | $ | 0.18 | |||
GAAP net (loss) income per diluted share |
$ | (0.51 | ) | $ | 0.04 | |||
ADD: Stock based compensation |
0.15 | 0.14 | ||||||
ADD: Amortization expense of acquired intangible assets |
0.05 | 0.02 | ||||||
LESS: Income tax effect on Non-GAAP adjustments(1) |
| (0.03 | ) | |||||
Non-GAAP net (loss) income per diluted share |
$ | (0.31 | ) | $ | 0.17 | |||
Weighted average number of common shares outstanding |
||||||||
Basic |
25,537,483 | 24,371,125 | ||||||
Diluted |
25,537,483 | 25,861,957 |
Six Months Ended June 30, | ||||||||
2011 | 2010 | |||||||
(In thousands, except share and per share data) | ||||||||
GAAP net loss |
$ | (32,245 | ) | $ | (13,122 | ) | ||
ADD: Stock based compensation |
7,267 | 8,004 | ||||||
ADD: Amortization expense of acquired intangible assets |
2,525 | 756 | ||||||
LESS: Income tax effect on Non-GAAP adjustments(2) |
| (568 | ) | |||||
Non-GAAP net loss |
$ | (22,453 | ) | $ | (4,930 | ) | ||
GAAP net loss per basic share |
$ | (1.27 | ) | $ | (0.54 | ) | ||
ADD: Stock based compensation |
0.29 | 0.33 | ||||||
ADD: Amortization expense of acquired intangible assets |
0.10 | 0.03 | ||||||
LESS: Income tax effect on Non-GAAP adjustments(2) |
| (0.02 | ) | |||||
Non-GAAP net loss per basic share |
$ | (0.88 | ) | $ | (0.20 | ) | ||
GAAP net loss per diluted share |
$ | (1.27 | ) | $ | (0.54 | ) | ||
ADD: Stock based compensation |
0.29 | 0.33 | ||||||
ADD: Amortization expense of acquired intangible assets |
0.10 | 0.03 | ||||||
LESS: Income tax effect on Non-GAAP adjustments(2) |
| (0.02 | ) | |||||
Non-GAAP net loss per diluted share |
$ | (0.88 | ) | $ | (0.20 | ) | ||
Weighted average number of common shares outstanding |
||||||||
Basic |
25,393,864 | 24,212,004 | ||||||
Diluted |
25,393,864 | 24,212,004 |
(1) | Represents the increase in the income tax provision recorded for the three months ended June 30, 2010 based on our effective rate for the three months ended June 30, 2010, respectively. The non-GAAP adjustments would have no impact on the provision for income taxes recorded for the three months ended June 30, 2011. | |
(2) | Represents the reduction in the income tax benefit recorded for the six months ended June 30, 2010 based on our effective rate for the six months ended June 30, 2010, respectively. The non-GAAP adjustments would have no impact on the provision for income taxes recorded for the three months ended June 30, 2011. |
EnerNOC, Inc.
RECONCILIATION OF ADJUSTED EBITDA
(Unaudited)
RECONCILIATION OF ADJUSTED EBITDA
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net (loss) income |
$ | (12,973 | ) | $ | 1,078 | $ | (32,245 | ) | $ | (13,122 | ) | |||||
Add back: |
||||||||||||||||
Depreciation and amortization |
5,187 | 3,711 | 9,964 | 7,330 | ||||||||||||
Stock-based compensation expense |
3,785 | 3,658 | 7,267 | 8,004 | ||||||||||||
Other expense |
142 | 14 | 14 | 11 | ||||||||||||
Interest expense |
238 | 466 | 401 | 491 | ||||||||||||
Provision for (benefit from) income tax |
101 | 257 | 767 | (910 | ) | |||||||||||
Adjusted EBITDA |
$ | (3,520 | ) | $ | 9,184 | $ | (13,832 | ) | $ | 1,804 | ||||||
EnerNOC, Inc.
RECONCILIATION OF FREE CASH FLOW
(Unaudited)
RECONCILIATION OF FREE CASH FLOW
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net cash provided by operating activities |
$ | 13,740 | $ | 7,854 | $ | 8,052 | $ | 10,976 | ||||||||
Subtract: |
||||||||||||||||
Purchases of property and equipment |
(8,680 | ) | (6,443 | ) | (12,144 | ) | (12,039 | ) | ||||||||
Free cash flow |
$ | 5,060 | $ | 1,411 | $ | (4,092 | ) | $ | (1,063 | ) | ||||||