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8-K - 8-K - YODLEE INCd867670d8k.htm

Exhibit 99.1

Yodlee Announces Fourth Quarter and Fiscal Year 2014 Financial Results

 

    FY 2014 Total revenue of $89.1 million grew 27% year-over-year

 

    FY 2014 Subscription revenue of $76.0 million grew 34% year-over-year

Redwood City, CA – February 9, 2015 – Yodlee, Inc. (Nasdaq:YDLE), a leading cloud-based financial platform powering dynamic innovation in digital financial services, today announced its fourth quarter and fiscal year 2014 results.

“We had another solid quarter and our financial results capped off a tremendous year for Yodlee. Our 2014 subscription recurring revenue was up 34% as we both added four million new paid users and increased average revenue per user in the year. Our business is growing across all channels as we drive innovation that is transforming digital financial services through Financial Institutions as well as Internet innovators,” said Anil Arora, Chief Executive Officer of Yodlee.

“We increased our investment spending across the business and were pleased to deliver a non-GAAP annual profit. We look forward to continued success in 2015 as we address the massive opportunity to improve and simplify the lives of billions of consumers and small business owners with financial accounts around the world.”

Fourth Quarter 2014 Financial Highlights

Revenue

 

    Total revenue was $24.9 million, an increase of 24% compared to the fourth quarter of 2013.

 

    Subscription revenue was $21.3 million, an increase of 30% compared to the fourth quarter of 2013.

 

    Professional services revenue was $3.5 million, a decrease compared to $3.6 million in the fourth quarter of 2013.

Operating Income

 

    GAAP operating loss was ($4.2) million, compared to operating income of $2.0 million in the fourth quarter of 2013.

 

    Non-GAAP operating income was $0.2 million, compared to $2.5 million in the fourth quarter of 2013.

Net Income

 

    GAAP net loss was ($4.4) million, compared to a net income of $1.2 million for the fourth quarter of 2013. Diluted GAAP net loss per share was ($0.16), based on 28.3 million weighted average common shares outstanding, compared to a diluted GAAP net income per share of $0.05 for the fourth quarter of 2013, based on 23.5 million weighted average common shares outstanding.

 

    Non-GAAP net loss was ($18,000), compared to net income of $1.7 million in the fourth quarter of 2013. Diluted non-GAAP net loss per share was ($0.00), based on 29.2 million weighted average common shares outstanding. Diluted non-GAAP net income per share was $0.05 for the fourth quarter of 2013, based on 30.5 million weighted average common shares outstanding.


These non-GAAP earnings per share calculations assume conversion of our convertible preferred stock to common stock and sale of our common stock in an IPO at the beginning of the periods for the fourth quarters of both 2014 and 2013.

Adjusted EBITDA

 

    Adjusted EBITDA was $1.3 million, a decrease from $3.2 million in the fourth quarter of 2013.

Fiscal Year 2014 Financial Highlights

Revenue

 

    Total revenue was $89.1 million, an increase of 27% compared to fiscal year 2013.

 

    Subscription revenue was $76.0 million, an increase of 34% compared to fiscal year 2013.

 

    Professional services revenue was $13.1 million, a decrease compared to $13.3 million in fiscal year 2013.

Operating Income

 

    GAAP operating loss was ($5.4) million, compared to operating income of $0.6 million in fiscal year 2013.

 

    Non-GAAP operating income was $1.7 million, compared to $2.1 million in fiscal year 2013.

Net Income

 

    GAAP net loss was ($7.0) million compared to a net loss of ($1.2) million for fiscal year 2013. Diluted GAAP net loss per share was ($0.54), based on 12.8 million weighted average common shares outstanding, compared to a diluted GAAP net loss per share of ($0.16) for fiscal year 2013, based on 7.3 million weighted average common shares outstanding.

 

    Non-GAAP net income was $0.2 million, compared to $0.3 million in fiscal year 2013. Diluted non-GAAP net income per share was $0.01, based on 31.6 million weighted average common shares outstanding. Diluted non-GAAP net income per share was $0.01 for fiscal year 2013, based on 30.3 million weighted average common shares outstanding.

These non-GAAP earnings per share calculations assume conversion of our convertible preferred stock to common stock and sale of our common stock in an IPO at the beginning of the years for both 2014 and 2013.

Adjusted EBITDA

 

    Adjusted EBITDA was $5.5 million, an increase from $4.8 million in fiscal year 2013.

Balance Sheet and Cash Flow

 

    Cash and cash equivalents at December 31, 2014 totaled $73.5 million.

 

    Cash flow from operations was $2.4 million for fiscal year 2014. This compares to cash flow from operations of $3.5 million for fiscal year 2013.

 

    In the fourth quarter, the company’s initial public offering raised $74.5 million in net proceeds.


A reconciliation of GAAP to non-GAAP financial measures has been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Business Outlook

Based on information available as of February 9, 2015, Yodlee is issuing guidance for the first quarter 2015 and full year 2015 as indicated below.

Full Year 2015:

 

    Total revenue is expected to be in the range of $108 million to $109 million.

 

    Non-GAAP operating income is expected to be in the range of $4.7 million to $5.1 million.

 

    Diluted non-GAAP net income is expected to be in the range of $2.2 million to $2.6 million, or $0.07 to $0.08 per share, based on 33.4 million weighted average common shares outstanding.

First Quarter 2015:

 

    Total revenue is expected to be in the range of $23.8 million to $24.2 million.

 

    Non-GAAP operating loss is expected to be in the range of ($0.6) million to ($0.3) million.

 

    Diluted non-GAAP net loss is expected to be in the range of ($1.2) million to ($0.9) million, or ($0.04) to ($0.03) per share, based on 29.3 million weighted average common shares outstanding.

Conference Call Details:

In conjunction with this announcement, Yodlee will host a conference call today, February 9, 2015 at 2:00 p.m. Pacific Time to discuss the company’s financial results. To access this call, dial 1-877-407-0784 or 1-201-689-8560. A live webcast can be accessed at www.yodlee.com. A replay of the call will be available, beginning at approximately 5:00 pm PT on February 9, 2015 for two days, at 1-877-870-5176 or 1-858-384-5517, and archived via webcast at www.yodlee.com. The replay access code is 13598871.

About Yodlee

Yodlee (NASDAQ: YDLE) is a leading technology and applications platform powering dynamic, cloud-based innovation for digital financial services. More than 750 companies in over 10 countries, including 9 of the 15 largest U.S. banks and hundreds of Internet services companies, subscribe to the Yodlee platform to power personalized financial apps and services for millions of consumers. Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and deepen customer engagement. Yodlee is headquartered in Redwood City, CA with global offices in London and Bangalore.

Non-GAAP Financial Measures

To supplement Yodlee’s financial information presented in accordance with generally accepted accounting principles in the United States, or GAAP, Yodlee considers certain financial measures that are not prepared in accordance with GAAP, including non-GAAP operating income (loss), non-GAAP net income (loss) and adjusted EBITDA.


Yodlee defines non-GAAP operating income (loss) as operating income (loss) before provision for stock-based compensation expense, Yodlee defines non-GAAP net income (loss) as net income (loss) before provision for stock-based compensation expense, and Yodlee defines adjusted EBITDA as net income (loss) before provision for (benefit from) income taxes; other (income) expense, net; depreciation and amortization and stock-based compensation expense.

Yodlee believes that non-GAAP operating income (loss), non-GAAP net income (loss) and adjusted EBITDA, each a non-GAAP financial measure, provide investors and other users of its financial information consistency and comparability with its past financial performance and facilitates period-to-period comparisons of operations. Yodlee believes that these non-GAAP measures are useful in evaluating its operating performance compared to that of other companies in its industry, as these metrics generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. Yodlee uses non-GAAP operating income (loss), non-GAAP net income (loss) and adjusted EBITDA in conjunction with traditional GAAP measures as part of its overall assessment of its performance, including the preparation of its annual operating budget and quarterly forecasts, to evaluate the effectiveness of its business strategies and to communicate with its board of directors concerning its financial performance.

These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

Yodlee has not provided a reconciliation of adjusted non-GAAP operating income (loss) to GAAP operating income (loss), non-GAAP net income (loss) to GAAP net income (loss) or non-GAAP net income (loss) per share to GAAP net income (loss) per share because the Company does not provide guidance for stock-based compensation, which is the reconciling item between those non-GAAP and GAAP measures. For future periods, as items that impact GAAP operating income (loss), net income (loss) and net income (loss) per share are out of the Company’s control and/or cannot be reasonably predicted, the Company is unable to provide such guidance. Accordingly, a reconciliation to GAAP operating income (loss), net income (loss) and net income (loss) per share is not available without unreasonable effort.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Yodlee’s future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, Yodlee’s expectations regarding the business outlook and guidance for full fiscal year 2015 and first quarter 2015, including statements regarding its total revenue, operating income, net loss and stock-based compensation expense for the first quarter and full year 2015. Yodlee’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward looking statements. These risks include the possibility that: Yodlee’s paid user base does not continue to grow; Yodlee is unable to secure new subscriptions and deployments of the Yodlee platform by new customers; existing customers fail to renew subscriptions or do not generate additional paid users and sources of revenue; Yodlee is unable to derive revenue from data analytics, market research services and/or revenue-sharing arrangements with partners who develop premium FinApps; and Yodlee experiences expenses that exceed its expectations. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Yodlee’s filings with the Securities and


Exchange Commission (“SEC”), including, but not limited to, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, which was filed with the SEC on November 12, 2014. Yodlee’s SEC filings are available on the Investor Relations section of the Company’s website at http://ir.yodlee.com and on the SEC’s website at www.sec.gov. The forward-looking statements in this press release are based on information available to Yodlee as of the date hereof, and Yodlee disclaims any obligation to update any forward-looking statements, except as required by law.

Media Contact:

Melanie Flanigan

Senior Director, Marketing

MFlanigan@yodlee.com

1-650-980-3707

Investor Contact:

Sheila B. Ennis

ICR, Inc.

IR@yodlee.com

1-650-980-3661


Yodlee, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended     Year Ended  
     December 31,     December 31,  
     2014     2013     2014     2013  

Revenue:

        

Subscription

   $ 21,315      $ 16,420      $ 76,005      $ 56,838   

Professional services and other

     3,547        3,618        13,076        13,322   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

  24,862      20,038      89,081      70,160   

Cost of revenue(1):

Subscription

  7,384      5,066      25,511      19,139   

Professional services and other

  3,050      2,010      9,704      7,693   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenue

  10,434      7,076      35,215      26,832   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

  14,428      12,962      53,866      43,328   

Operating expenses(1):

Research and development

  7,116      4,443      23,601      17,948   

Sales and marketing

  6,720      4,071      22,377      15,418   

General and administrative

  4,784      2,408      13,321      9,386   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

  18,620      10,922      59,299      42,752   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

  (4,192   2,040      (5,433   576   

Other income (expense), net

  213      (100   261      (318
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before provision for income taxes

  (3,979   1,940      (5,172   258   

Provision for income taxes

  428      693      1,803      1,439   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

$ (4,407 $ 1,247    $ (6,975 $ (1,181
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per share attributable to common stockholders:

Basic

$ (0.16 $ 0.06    $ (0.54 $ (0.16
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

$ (0.16 $ 0.05    $ (0.54 $ (0.16
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares used to compute net income (loss) per share attributable to common stockholders:

Basic

  28,323      7,368      12,802      7,263   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

  28,323      23,475      12,802      7,263   
  

 

 

   

 

 

   

 

 

   

 

 

 

(1)    Amounts include stock-based compensation expense as follows (in thousands):

       

     Three Months Ended     Year Ended  
     December 31,     December 31,  
     2014     2013     2014     2013  

Cost of revenue–subscription

   $ 583      $ 49      $ 931      $ 201   

Cost of revenue–professional services and other

     356        28        562        107   

Research and development

     717        59        1,159        243   

Sales and marketing

     1,023        81        1,586        302   

General and administrative

     1,710        200        2,897        658   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total stock-based compensation expense

$ 4,389    $ 417    $ 7,135    $ 1,511   
  

 

 

   

 

 

   

 

 

   

 

 

 


Yodlee, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(Unaudited)

 

     Three Months Ended     Year Ended  
     December 31,     December 31,  
     2014     2013     2014     2013  

Net income (loss)

   $ (4,407   $ 1,247      $ (6,975   $ (1,181

Other comprehensive income (loss), net of taxes:

        

Foreign currency translation gain (loss)

     (135     (275     (164     (599

Change in unrealized gain (loss) on foreign currency contracts designated as cash flow hedges

     (204     573        (85     (168
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

  (339   298      (249   (767
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss)

$ (4,746 $ 1,545    $ (7,224 $ (1,948
  

 

 

   

 

 

   

 

 

   

 

 

 


Yodlee, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except par value)

(Unaudited)

 

     December 31,  
     2014     2013  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 73,520      $ 8,134   

Accounts receivable, net of allowance for doubtful accounts of $13 and $20 as of December 31, 2014 and 2013, respectively

     12,229        9,873   

Accounts receivable – related parties

     3,066        2,301   

Prepaid expenses and other current assets

     4,425        3,529   
  

 

 

   

 

 

 

Total current assets

  93,240      23,837   

Property and equipment, net

  9,481      6,297   

Restricted cash

  146      146   

Goodwill

  3,068      3,068   

Other assets

  1,609      1,112   
  

 

 

   

 

 

 

Total assets

$ 107,544    $ 34,460   
  

 

 

   

 

 

 

Liabilities, convertible preferred stock and stockholders’ equity (deficit)

Current liabilities:

Accounts payable

$ 3,278    $ 1,880   

Accrued liabilities

  2,628      2,707   

Accrued compensation

  8,927      6,577   

Convertible preferred stock warrant liabilities

  —        760   

Deferred revenue, current portion

  6,959      7,655   

Bank borrowings, current portion

  —        3,471   

Capital lease obligation, current portion

  1,153      574   
  

 

 

   

 

 

 

Total current liabilities

  22,945      23,624   

Deferred revenue, net of current portion

  293      329   

Bank borrowings, net of current portion

  —        2,914   

Capital lease obligation, net of current portion

  1,243      804   

Other long-term liabilities

  2,986      2,644   
  

 

 

   

 

 

 

Total liabilities

  27,467      30,315   

Convertible preferred stock, $0.001 par value–0 and 14,666 shares authorized as of December 31, 2014 and 2013, respectively; 0 and 14,445 shares issued and outstanding as of December 31, 2014 and 2013, respectively (aggregate liquidation preference of $103,494 as of December 31, 2013)

  —        102,224   

Stockholders’ equity (deficit):

Preferred stock, $0.001 par value—5,000 and 0 shares authorized as of December 31, 2014 and 2013, respectively; no shares issued and outstanding at December 31, 2014 and 2013

  —        —     

Common stock, $0.001 par value–150,000 and 27,800 shares authorized of December 31, 2014 and 2013, respectively; 29,264 and 7,444 shares issued and outstanding as of December 31, 2014 and 2013, respectively

  29      7   

Additional paid-in capital

  439,275      253,917   

Accumulated other comprehensive loss

  (1,979   (1,730

Accumulated deficit

  (357,248   (350,273
  

 

 

   

 

 

 

Total stockholders’ equity (deficit)

  80,077      (98,079
  

 

 

   

 

 

 

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

$ 107,544    $ 34,460   
  

 

 

   

 

 

 


Yodlee, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 

     Year Ended  
     December 31,  
     2014     2013  

Cash flows from operating activities

    

Net loss

   $ (6,975   $ (1,181

Adjustments to reconcile net loss to net cash provided by operating activities:

    

Depreciation and amortization

     3,766        2,685   

Proceeds from insurance settlement

     —          (141

Revaluation of warrant liabilities

     (27     268   

Stock-based compensation expense

     7,135        1,511   

Changes in operating assets and liabilities:

    

Accounts receivable, net

     (3,121     (2,204

Prepaid expenses and other assets

     (1,788     (30

Accounts payable

     1,276        (207

Accrued liabilities and other long term liabilities

     441        (642

Accrued compensation

     2,391        2,930   

Deferred revenue

     (732     520   
  

 

 

   

 

 

 

Net cash provided by operating activities

  2,366      3,509   

Cash flows from investing activities

Purchases of property and equipment

  (5,221   (3,025

Proceeds from insurance settlement

  —        141   
  

 

 

   

 

 

 

Net cash used in investing activities

  (5,221   (2,884

Cash flows from financing activities

Net proceeds from issuance of common stock upon initial public offering

  74,480      —     

Proceeds from bank borrowings

  6,600      7,500   

Principal payments on bank borrowings

  (12,986   (9,011

Proceeds from issuance of common stock upon exercise of stock options

  1,408      1,432   

Principal payments on capital lease obligations

  (788   (375

Repurchase of common stock

  (473   —     
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

  68,241      (454
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

  65,386      171   

Cash and cash equivalents–beginning of year

  8,134      7,963   
  

 

 

   

 

 

 

Cash and cash equivalents–end of year

$ 73,520    $ 8,134   
  

 

 

   

 

 

 

Supplemental disclosures of cash flow information:

Cash paid for interest

$ 517    $ 595   

Cash paid for income taxes

$ 977    $ 929   

Non-cash investing and financing activities

Conversion of preferred stock to common stock

$ 102,224    $ —     

Property and equipment financed through capital lease

$ 1,806    $ 1,693   

Conversion of preferred stock warrant liability to equity

$ 734    $ —     

Property and equipment purchased but not paid at period-end

$ 681    $ 243   

Unpaid deferred offering costs

$ 124    $ —     

Issuance of stock upon exercise of stock warrants

$ —      $ 13   


Yodlee, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(in thousands)

(Unaudited)

 

     Three Months Ended     Year Ended  
     December 31,     December 31,  
     2014     2013     2014     2013  

GAAP subscription gross profit

     13,931        11,354        50,494        37,699   

Add share-based compensation

     583        49        931        201   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP subscription gross profit

  14,514      11,403      51,425      37,900   

Non-GAAP subscription gross margin

  68   69   68   67

GAAP subscription gross margin

  65   69   66   66

GAAP professional services and other gross profit

  497      1,608      3,372      5,629   

Add share-based compensation

  356      28      562      107   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP professional services and other gross profit

  853      1,636      3,934      5,736   

Non-GAAP professional services and other gross margin

  24   45   30   43

GAAP professional services and other gross margin

  14   44   26   42

GAAP gross profit

  14,428      12,962      53,866      43,328   

Add share-based compensation

  939      77      1,493      308   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP gross profit

  15,367      13,039      55,359      43,636   

Non-GAAP gross margin

  62   65   62   62

GAAP gross margin

  58   65   60   62

GAAP sales and marketing

  6,720      4,071      22,377      15,418   

Less share-based compensation

  (1,023   (81   (1,586   (302
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP sales and marketing

  5,697      3,990      20,791      15,116   

Non-GAAP sales and marketing as percentage of revenue

  23   20   23   22

GAAP sales and marketing as percentage of revenue

  27   20   25   22

GAAP research and development

  7,116      4,443      23,601      17,948   

Less share-based compensation

  (717   (59   (1,159   (243
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP research and development

  6,399      4,384      22,442      17,705   

Non-GAAP research and development as percentage of revenue

  26   22   25   25

GAAP research and development as percentage of revenue

  29   22   26   26

GAAP general and administrative

  4,784      2,408      13,321      9,386   

Less share-based compensation

  (1,710   (200   (2,897   (658
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP general and administrative

  3,074      2,208      10,424      8,728   

Non-GAAP general and administrative as percentage of revenue

  12   11   12   12

GAAP general and administrative as percentage of revenue

  19   12   15   13

GAAP operating income (loss)

  (4,192   2,040      (5,433   576   

Add share-based compensation

  4,389      417      7,135      1,511   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP operating profit

  197      2,457      1,702      2,087   

Non-GAAP operating margin

  1   12   2   3

GAAP operating margin

  -17   10   -6   1

GAAP net income (loss)

  (4,407   1,247      (6,975   (1,181

Add share-based compensation

  4,389      417      7,135      1,511   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net income (loss)

  (18   1,664      160      330   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted non-GAAP net income (loss) per share

$ (0.00 $ 0.05    $ 0.01    $ 0.01   
  

 

 

   

 

 

   

 

 

   

 

 

 


     Three Months Ended
December 31,
     Year Ended
December 31,
 
     2014      2013      2014      2013  

Weighted average shares used in computing GAAP diluted income (loss) per share attributable to common stockholders

     28,323         23,475         12,802         7,263   

Additional weighted average shares assuming:

           

Conversion of preferred shares at the beginning of the period

     471         —           10,923         14,445   

Shares issued in the initial public offering at the beginning of the period

     204         6,250         4,727         6,250   

Shares issued upon the exercise of underwriter’s option to purchase the Company’s common stock at the beginning of the period

     232         761         628         761   

Dilutive impact of stock options

     —           —           1,963         1,531   

Dilutive impact of restricted stock units

     —           —           506         —     

Dilutive impact of stock warrants

     —           —           47         45   
  

 

 

    

 

 

    

 

 

    

 

 

 

Shares used in computing non-GAAP diluted income (loss) per share

  29,230      30,486      31,596      30,295   
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table provides a reconciliation of net income (loss) to adjusted EBITDA:

 

     Three Months Ended
December 31,
     Year Ended
December 31,
 
     2014     2013      2014     2013  

Net income (loss)

   $ (4,407   $ 1,247       $ (6,975   $ (1,181

Provision for income taxes

     428        693         1,803        1,439   

Other (income) expense, net

     (213     100         (261     318   

Depreciation and amortization

     1,144        767         3,766        2,685   

Stock-based compensation

     4,389        417         7,135        1,511   
  

 

 

   

 

 

    

 

 

   

 

 

 

Adjusted EBITDA

$ 1,341    $ 3,224    $ 5,468    $ 4,772