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8-K - FORM 8-K - Fleetmatics Group Ltd | d210098d8k.htm |
Exhibit 99.1
Investor Relations: Brian Norris Vice President of Investor Relations +1 781.250.3829 brian.norris@fleetmatics.com |
Public Relations: Juli Burda Director of Public Relations +1 847.378.4398 juli.burda@fleetmatics.com |
Fleetmatics Reports Strong Third Quarter Financial Results and Subscriber Growth
Company Raises Guidance for 2015 and Introduces Preliminary Outlook for 2016
| Q3 Revenue of $73.5 million, up 22% year-over-year |
| Q3 GAAP EPS of $0.22; Non-GAAP1 adjusted EPS of $0.41 |
| Q3 Adjusted EBITDA1 of $24.8 million, or 33.7% of total revenue |
| Q3 Cash flow from operations of $30.1 million |
| Active vehicles under subscription of 655,000, up 25% year-over-year |
Dublin, Ireland and Boston, Massachusetts November 3, 2015 Fleetmatics Group PLC (NYSE: FLTX), a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS), today announced financial results for its third quarter ended September 30, 2015.
We are pleased to be reporting strong third quarter results which continue to demonstrate the leverage in our business model, said Jim Travers, Chairman and Chief Executive Officer of Fleetmatics. We are delighted with the addition of 30,000 new vehicle subscriptions in the third quarter and the progress we are making in expanding our global reach. We are focused on closing out the year strongly, and moving forward, remain well positioned to deliver on the long term strategic and financial objectives we outlined at Fleetmatics Analyst Day 2015.
Results for the Third Quarter of 2015
Total revenue for the third quarter of 2015 was $73.5 million, an increase of 22% compared to $60.4 million for the third quarter of 2014. GAAP net income for the third quarter of 2015 was $8.8 million, or $0.22 per diluted share, compared to $8.2 million, or $0.21 per diluted share, for the third quarter of 2014. Non-GAAP1 adjusted earnings for the third quarter of 2015 was $16.3 million, or $0.41 per diluted share, compared to $11.3 million, or $0.29 per diluted share, for the third quarter of 2014. Adjusted EBITDA1 for the third quarter of 2015 was $24.8 million, an increase of 18% compared to $21.0 million for the third quarter of 2014. Adjusted EBITDA1 margin for the third quarter of 2015 was 33.7% compared to 34.7% for the third quarter of 2014. As of September 30, 2015, the Company had cash of $189.3 million compared to $179.6 million at June 30, 2015. During the third quarter of 2015, the Company generated $30.1 million in net cash from operations and invested $13.8 million in purchases of property and equipment and capitalization of internally developed software, resulting in free cash flow of $16.3 million. During the third quarter of 2014, the Company generated $13.7 million in net cash from operations and invested $11.7 million in purchases of property and equipment and capitalization of internally developed software, resulting in free cash flow of $2.0 million.
Company Issues Fourth Quarter Guidance and Raises Full Year 2015 Outlook
The Company today issued guidance for the fourth quarter of 2015 and raised its full year 2015 outlook. The Companys guidance is based on the current indications for its business, which may change at any time.
| Fourth Quarter 2015 Guidance: The Company expects total revenue to be in the range of $76.5 million to $77.5 million. Adjusted EBITDA1 is expected to be in the range of $23.8 million to $24.8 million. Non-GAAP1 adjusted earnings per share is expected to be in the range of $0.37 to $0.40 based on approximately 39.8 million weighted average diluted shares outstanding. |
| Full Year 2015 Guidance: The Company expects total revenue to be in the range of $284.0 million to $285.0 million. Adjusted EBITDA1 is expected to be in the range of $91.0 million to $92.0 million. Non-GAAP1 adjusted earnings per share is expected to be in the range of $1.44 to $1.47 based on approximately 39.4 million weighted average diluted shares outstanding. |
We remain well positioned to deliver strong top and bottom line growth in 2015, said Steve Lifshatz, Chief Financial Officer of Fleetmatics. Our preliminary estimates for 2016 call for full year revenues in the range of $340 million to $345 million. We also expect to drive expanded full year adjusted EBITDA margins of 33%-34% in 2016 in line with our plans for accelerating profitability growth. We will provide formal detailed guidance for 2016 when we release results for the fourth quarter of 2015.
Company to Host Live Conference Call and Webcast
The Companys management team plans to host a live conference call and webcast at 5:00 p.m. Eastern Time today to discuss the financial results as well as managements outlook for the business and other matters. The conference call may be accessed in the United States by dialing 1.800.230.1059 and using access code FLTX. The conference call may be accessed outside of the United States by dialing +1.612.234.9959 and using access code FLTX. The conference call will be simultaneously webcast on the Companys investor relations website, which can be accessed at http://ir.fleetmatics.com. A replay of the conference call will be available approximately two hours after the call by dialing 1.800.475.6701 or +1.320.365.3844 and using access code 369883 or by accessing the webcast replay on the Companys investor relations website. The Company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
About Fleetmatics Group PLC
Fleetmatics Group PLC is a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS). Our solutions enable businesses to meet the challenges associated with managing local fleets, and improve the productivity of their mobile workforces, by extracting actionable business intelligence from real-time and historical vehicle and driver behavioral data. Fleetmatics Groups intuitive, cost-effective Web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce, enabling them to reduce operating and capital costs, as well as increase revenue. An integrated, full-featured mobile workforce management product provides additional efficiencies related to job management by empowering the field worker and speeding the job completion process quote through payment. As of September 30, 2015, Fleetmatics served approximately 31,000 customers, with approximately 655,000 subscribed vehicles worldwide. To learn more about Fleetmatics, visit www.fleetmatics.com.
1Non-GAAP Financial Measures
In this release, Fleetmatics non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP adjusted earnings, non-GAAP diluted adjusted earnings per share, adjusted EBITDA and adjusted EBITDA margin are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. Non-GAAP gross profit and non-GAAP gross margin exclude share-based compensation and amortization of intangible assets. Non-GAAP operating income excludes share-based compensation; amortization of intangible assets; certain non-recurring litigation and settlement costs; and certain acquisition-related transaction costs. Non-GAAP adjusted earnings and non-GAAP diluted adjusted earnings per share exclude share-based compensation; amortization of intangible assets; foreign currency transaction (gain) loss; certain non-recurring litigation and settlement costs; certain acquisition-related transaction costs; loss on extinguishment of debt; the tax effects related to these items; and the tax reserve component of the income tax provision.
Adjusted EBITDA is defined as net income (loss) plus provision for (benefit from) income taxes; interest (income) expense, net; foreign currency transaction (gain) loss, net; depreciation and amortization of property and equipment; amortization of capitalized in-vehicle devices owned by customers; amortization of intangible assets; share-based compensation; certain non-recurring litigation and settlement costs; loss on extinguishment of debt; and certain acquisition-related transaction costs.
Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Companys performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Companys financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our expected financial results for the fourth quarter of 2015, the full year of 2015, as well as our preliminary outlook for 2016. These forward-looking statements include, but are not limited to: plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with the fluctuations of foreign currency exchange rates and the impact on our revenue and expenses; risks associated with our ability to effectively and efficiently attract, sell to and retain customers; our ability to retain and increase sales to our existing customers; our ability to successfully attract customers on a cost-effective basis; our dependence on enterprise customers; our dependence on various lead generation programs; our ability to successfully complete and integrate acquisitions; expectations regarding the widespread adoption of fleet management solutions; our ability to expand the sales of our products in new geographies using our current lead generation and sales model; the effect of fluctuations in foreign currency exchange rates; our ability to integrate and sell our products through indirect sales channels; our ability to continue to compete in a highly fragmented market and the risk of future competitors by way of recent and future acquisitions or otherwise; our ability to keep up with the rapid technological change required to remain competitive in our industry; our ability to migrate customers to newer technologies; the impact of adverse economic conditions on information technology spending by our target customers; and collection of our accounts receivable and other risks set forth under the caption Risk Factors in the Companys annual report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2015, as updated by our subsequently filed quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
FLEETMATICS GROUP PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2015 | 2014 | 2015 | 2014 | |||||||||||||
Subscription revenue |
$ | 73,471 | $ | 60,421 | $ | 207,530 | $ | 167,586 | ||||||||
Cost of subscription revenue |
18,808 | 15,056 | 53,746 | 42,336 | ||||||||||||
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Gross profit |
54,663 | 45,365 | 153,784 | 125,250 | ||||||||||||
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Operating expenses: |
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Sales and marketing |
24,771 | 19,153 | 72,232 | 59,564 | ||||||||||||
Research and development |
5,669 | 4,259 | 15,467 | 13,049 | ||||||||||||
General and administrative |
14,483 | 10,623 | 39,053 | 31,381 | ||||||||||||
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Total operating expenses |
44,923 | 34,035 | 126,752 | 103,994 | ||||||||||||
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Income from operations |
9,740 | 11,330 | 27,032 | 21,256 | ||||||||||||
Interest income (expense), net |
(183 | ) | (149 | ) | (677 | ) | (522 | ) | ||||||||
Foreign currency transaction gain (loss), net |
(1,074 | ) | 316 | 1,995 | 670 | |||||||||||
Loss on extinguishment of debt |
| | (107 | ) | | |||||||||||
Other income (expense), net |
(40 | ) | (42 | ) | (40 | ) | (1 | ) | ||||||||
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Income before income taxes |
8,443 | 11,455 | 28,203 | 21,403 | ||||||||||||
Provision for (benefit from) income taxes |
(373 | ) | 3,260 | 2,241 | 6,347 | |||||||||||
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Net income |
$ | 8,816 | $ | 8,195 | $ | 25,962 | $ | 15,056 | ||||||||
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Net income per share: |
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Basic |
$ | 0.23 | $ | 0.22 | $ | 0.68 | $ | 0.40 | ||||||||
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Diluted |
$ | 0.22 | $ | 0.21 | $ | 0.66 | $ | 0.39 | ||||||||
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Weighted average ordinary shares outstanding: |
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Basic |
38,478,125 | 37,575,672 | 38,264,949 | 37,373,705 | ||||||||||||
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Diluted |
39,460,848 | 38,532,609 | 39,125,249 | 38,424,555 | ||||||||||||
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FLEETMATICS GROUP PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, 2015 |
December 31, 2014 |
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(Unaudited) | ||||||||
Assets |
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Current assets: |
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Cash |
$ | 189,347 | $ | 175,400 | ||||
Restricted cash |
130 | | ||||||
Accounts receivable, net of allowances of $3,028 and $2,200 at September 30, 2015 and December 31, 2014, respectively |
20,032 | 16,876 | ||||||
Deferred tax assets |
7,439 | 7,458 | ||||||
Prepaid expenses and other current assets |
15,099 | 13,379 | ||||||
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Total current assets |
232,047 | 213,113 | ||||||
Property and equipment, net |
97,973 | 79,734 | ||||||
Goodwill |
38,835 | 30,207 | ||||||
Intangible assets, net |
6,628 | 6,460 | ||||||
Deferred tax assets, net |
6,283 | 6,353 | ||||||
Other assets |
11,050 | 10,829 | ||||||
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Total assets |
$ | 392,816 | $ | 346,696 | ||||
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Liabilities and Shareholders Equity |
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Current liabilities: |
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Accounts payable |
$ | 9,565 | $ | 8,001 | ||||
Accrued expenses and other current liabilities |
33,455 | 24,307 | ||||||
Deferred revenue |
22,325 | 22,592 | ||||||
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Total current liabilities |
65,345 | 54,900 | ||||||
Deferred revenue |
9,389 | 10,241 | ||||||
Accrued income taxes |
3,559 | 3,164 | ||||||
Long-term debt, net of discount |
22,990 | 23,750 | ||||||
Other liabilities |
7,326 | 2,356 | ||||||
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Total liabilities |
108,609 | 94,411 | ||||||
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Total shareholders equity |
284,207 | 252,285 | ||||||
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Total liabilities and shareholders equity |
$ | 392,816 | $ | 346,696 | ||||
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FLEETMATICS GROUP PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30, |
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2015 | 2014 | |||||||
Cash flows from operating activities: |
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Net income |
$ | 25,962 | $ | 15,056 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization of property and equipment |
20,520 | 15,951 | ||||||
Amortization of capitalized in-vehicle devices owned by customers |
639 | 896 | ||||||
Amortization of intangible assets |
1,814 | 1,902 | ||||||
Amortization of deferred commissions, other deferred costs and debt discount |
7,589 | 5,955 | ||||||
Provision for (benefit from) deferred tax assets |
| (277 | ) | |||||
Provision for accounts receivable allowances |
2,529 | 1,672 | ||||||
Unrealized foreign currency transaction (gain) loss |
(2,165 | ) | (735 | ) | ||||
Loss on disposal of property and equipment and other assets |
2,224 | 1,315 | ||||||
Share-based compensation |
17,010 | 9,717 | ||||||
Changes in excess tax benefits on share-based awards |
3,624 | (13,056 | ) | |||||
Loss on extinguishment of debt |
107 | | ||||||
Changes in operating assets and liabilities: |
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Accounts receivable |
(5,527 | ) | 3,440 | |||||
Prepaid expenses and other current and long-term assets |
(9,566 | ) | (2,277 | ) | ||||
Accounts payable, accrued expenses and other current liabilities |
5,142 | 2,751 | ||||||
Accrued income taxes |
404 | 1,415 | ||||||
Deferred revenue |
(1,228 | ) | 3,797 | |||||
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Net cash provided by operating activities |
69,078 | 47,522 | ||||||
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Cash flows from investing activities: |
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Purchases of property and equipment |
(32,494 | ) | (28,908 | ) | ||||
Capitalization of internal-use software costs |
(3,222 | ) | (2,491 | ) | ||||
Proceeds from sale of property and equipment |
| 41 | ||||||
Payment for business acquired, net of cash acquired |
(7,673 | ) | (2,274 | ) | ||||
Net (increase) decrease in restricted cash |
(149 | ) | 64 | |||||
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Net cash used in investing activities |
(43,538 | ) | (33,568 | ) | ||||
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Cash flows from financing activities: |
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Payments of borrowings under Revolving Credit Facility |
(23,750 | ) | | |||||
Proceeds from borrowings under Credit Facility |
46,132 | | ||||||
Payments of borrowings under Credit Facility |
(23,750 | ) | | |||||
Proceeds from exercise of stock options |
2,437 | 1,967 | ||||||
Taxes paid related to net share settlement of equity awards |
(6,600 | ) | (3,703 | ) | ||||
Changes in excess tax benefits from share-based awards |
(3,624 | ) | 13,056 | |||||
Payments of capital lease obligations |
(1,019 | ) | (620 | ) | ||||
Payments of notes payable |
(399 | ) | (365 | ) | ||||
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Net cash provided by (used in) financing activities |
(10,573 | ) | 10,335 | |||||
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Effect of exchange rate changes on cash |
(1,020 | ) | (452 | ) | ||||
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Net increase in cash |
13,947 | 23,837 | ||||||
Cash, beginning of period |
175,400 | 137,171 | ||||||
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Cash, end of period |
$ | 189,347 | $ | 161,008 | ||||
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Supplemental disclosure of cash flow information: |
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Cash paid for interest |
$ | 833 | $ | 525 | ||||
Cash paid (refunds received), net for income taxes |
$ | 314 | $ | 1,234 | ||||
Supplemental disclosure of non-cash financing and investing activities: |
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Acquisition of property and equipment and software through capital leases and notes payable |
$ | 3,409 | $ | 2,647 | ||||
Additions to property and equipment included in accounts payable or accrued expenses at the balance sheet dates |
$ | 2,030 | $ | 2,167 | ||||
Leasehold improvements financed by landlord through lease incentives |
$ | 2,258 | $ | | ||||
Issuance of ordinary shares under employee share purchase plan |
$ | 548 | $ | 441 |
RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND OPERATING INCOME
(In thousands)
(Unaudited)
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2015 | 2014 | 2015 | 2014 | |||||||||||||
Gross Profit GAAP |
$ | 54,663 | $ | 45,365 | $ | 153,784 | $ | 125,250 | ||||||||
Share-based compensation |
328 | 176 | 887 | 495 | ||||||||||||
Amortization of intangible assets |
309 | 345 | 917 | 894 | ||||||||||||
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Gross Profit Non-GAAP |
$ | 55,300 | $ | 45,886 | $ | 155,588 | $ | 126,639 | ||||||||
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Subscription revenue |
$ | 73,471 | $ | 60,421 | $ | 207,530 | $ | 167,586 | ||||||||
Gross Margin Percentages: |
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GAAP |
74.4 | % | 75.1 | % | 74.1 | % | 74.7 | % | ||||||||
Non-GAAP |
75.3 | % | 75.9 | % | 75.0 | % | 75.6 | % | ||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2015 | 2014 | 2015 | 2014 | |||||||||||||
Operating income GAAP |
$ | 9,740 | $ | 11,330 | $ | 27,032 | $ | 21,256 | ||||||||
Share-based compensation |
6,670 | 3,290 | 17,010 | 9,717 | ||||||||||||
Amortization of intangible assets |
615 | 681 | 1,814 | 1,902 | ||||||||||||
Litigation and settlements |
| (364 | ) | (218 | ) | (147 | ) | |||||||||
Acquisition-related transaction costs |
279 | | 436 | 218 | ||||||||||||
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Operating income Non-GAAP |
$ | 17,304 | $ | 14,937 | $ | 46,074 | $ | 32,946 | ||||||||
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RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2015 | 2014 | 2015 | 2014 | |||||||||||||
Reconciliation of Net Income to Adjusted EBITDA: |
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Net income |
$ | 8,816 | $ | 8,195 | $ | 25,962 | $ | 15,056 | ||||||||
Provision for (benefit from) income taxes |
(373 | ) | 3,260 | 2,241 | 6,347 | |||||||||||
Interest (income) expense, net |
183 | 149 | 677 | 522 | ||||||||||||
Foreign currency transaction (gain) loss, net |
1,074 | (316 | ) | (1,995 | ) | (670 | ) | |||||||||
Depreciation and amortization of property and equipment |
7,387 | 5,835 | 20,520 | 15,951 | ||||||||||||
Amortization of capitalized in-vehicle devices owned by customers |
122 | 238 | 639 | 896 | ||||||||||||
Amortization of intangible assets |
615 | 681 | 1,814 | 1,902 | ||||||||||||
Share-based compensation |
6,670 | 3,290 | 17,010 | 9,717 | ||||||||||||
Litigation and settlements |
| (364 | ) | (218 | ) | (147 | ) | |||||||||
Acquisition-related transaction costs |
279 | | 436 | 218 | ||||||||||||
Loss on extinguishment of debt |
| | 107 | | ||||||||||||
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Adjusted EBITDA |
$ | 24,773 | $ | 20,968 | $ | 67,193 | $ | 49,792 | ||||||||
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Subscription revenue |
$ | 73,471 | $ | 60,421 | $ | 207,530 | $ | 167,586 | ||||||||
Adjusted EBITDA margin |
33.7 | % | 34.7 | % | 32.4 | % | 29.7 | % |
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS AND EPS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income |
$ | 8,816 | $ | 8,195 | $ | 25,962 | $ | 15,056 | ||||||||
Amortization of intangible assets |
615 | 681 | 1,814 | 1,902 | ||||||||||||
Share-based compensation |
6,670 | 3,290 | 17,010 | 9,717 | ||||||||||||
Foreign currency transaction (gain) loss, net |
1,074 | (316 | ) | (1,995 | ) | (670 | ) | |||||||||
Litigation and settlements |
| (364 | ) | (218 | ) | (147 | ) | |||||||||
Acquisition-related transaction costs |
279 | | 436 | 218 | ||||||||||||
Loss on extinguishment of debt |
| | 107 | | ||||||||||||
Tax effect of non-GAAP adjustments above at 8% in the three and nine months ended September 30, 2015 and 15% in the three and nine months ended September 30, 2014 |
(691 | ) | (494 | ) | (1,372 | ) | (1,653 | ) | ||||||||
Tax reserve component of income tax provision |
(459 | ) | 266 | 404 | 791 | |||||||||||
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Adjusted earnings |
$ | 16,304 | $ | 11,258 | $ | 42,148 | $ | 25,214 | ||||||||
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Weighted average ordinary shares outstanding diluted |
39,460,848 | 38,532,609 | 39,125,249 | 38,424,555 | ||||||||||||
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Non-GAAP adjusted EPS |
$ | 0.41 | $ | 0.29 | $ | 1.08 | $ | 0.66 | ||||||||
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FLEETMATICS GROUP PLC
RECONCILIATION TO NON-GAAP INCOME
(In thousands)
(Unaudited)
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2015 | 2014 | 2015 | 2014 | |||||||||||||
Cost of subscription revenue |
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Share-based compensation |
$ | 328 | $ | 176 | $ | 887 | $ | 495 | ||||||||
Amortization of intangible assets |
309 | 345 | 917 | 894 | ||||||||||||
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Subtotal cost of subscription revenue |
637 | 521 | 1,804 | 1,389 | ||||||||||||
Sales and marketing |
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Share-based compensation |
2,049 | 1,113 | 5,833 | 3,615 | ||||||||||||
Amortization of intangible assets |
306 | 336 | 897 | 1,008 | ||||||||||||
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Subtotal sales and marketing |
2,355 | 1,449 | 6,730 | 4,623 | ||||||||||||
Research and development |
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Share-based compensation |
893 | 519 | 2,354 | 1,384 | ||||||||||||
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Subtotal research and development |
893 | 519 | 2,354 | 1,384 | ||||||||||||
General and administrative |
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Share-based compensation |
3,400 | 1,482 | 7,936 | 4,223 | ||||||||||||
Litigation and settlements |
| (364 | ) | (218 | ) | (147 | ) | |||||||||
Acquisition-related transaction costs |
279 | | 436 | 218 | ||||||||||||
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Subtotal general and administrative |
3,679 | 1,118 | 8,154 | 4,294 | ||||||||||||
Foreign currency transaction (gain) loss, net |
1,074 | (316 | ) | (1,995 | ) | (670 | ) | |||||||||
Loss on extinguishment of debt |
| | 107 | | ||||||||||||
Tax effect of non-GAAP adjustments, net of tax reserve component of income tax provision |
(1,150 | ) | (228 | ) | (968 | ) | (862 | ) | ||||||||
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Total expense add-backs |
$ | 7,488 | $ | 3,063 | $ | 16,186 | $ | 10,158 | ||||||||
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