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Streamline Health® Reports Fiscal Second Quarter 2022 Financial Results

·14 min read
Streamline Health Solutions, Inc.
Streamline Health Solutions, Inc.

109% Year-Over-Year Increase in Second Quarter Revenues to $6.0 Million; 138% SaaS Revenue Growth; $4.4 Million in New SaaS Bookings

Atlanta, GA, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. (“Streamline” or the “Company”) (Nasdaq: STRM), a leading provider of solutions that enable healthcare providers to proactively address revenue leakage and improve financial performance, today announced financial results for the second quarter, which ended July 31, 2022.

Fiscal Second Quarter and Six Months Ended July 31, 2022 GAAP Financial Results

The following financial results have been prepared in accordance with Generally Accepted Accounting Principles (GAAP). Fiscal second quarter 2022 financial results represent the consolidation of the Company with Avelead Consulting, LLC (“Avelead”), which was acquired in the fiscal third quarter 2021. Fiscal second quarter 2021 GAAP financial results do not reflect results from Avelead’s operations.

Total revenues for the second quarter of fiscal 2022 were $6.0 million, a 109% increase from $2.9 million during the second quarter of fiscal 2021. The increase in revenue for the quarter was the result of higher revenue from SaaS and professional services, driven by the Avelead acquisition, and an increase in clients using the Company’s eValuator product. Total revenue for the six months ended July 31, 2022 increased 105% to $11.9 million compared to $5.8 million for the six months ended July 31, 2021. Recurring revenue for the three- and six-month periods ended July 31, 2022 comprised 71% and 69% of total revenue, respectively, as compared to 84% and 80% for the comparable prior year periods.

The Company is focused on the growth of its SaaS solutions. During the second quarter of fiscal 2022, SaaS revenue grew $1.8 million or 138% compared to the second quarter of fiscal 2021 and during the six months ended July 31, 2022, $3.5 million or 139% compared to the first six months of fiscal 2021.

Net loss for the second quarter of fiscal 2022 was ($3.3) million, as compared to a net loss of ($0.1) million during the second quarter of fiscal 2021. Net loss in the second quarter of fiscal 2022 included less than $0.1 million of costs related to the acquisition of Avelead and other expenses of $0.6 million primarily related to interest expense and valuation adjustments; net loss during the prior year period was impacted by $2.3 million of income from forgiveness of the Company’s PPP loan, offset by $0.3 million of acquisition-related costs related to the acquisition of Avelead. The Company’s net loss in the second quarter of fiscal 2022 was impacted by amortization from intangibles related to the Avelead acquisition.

Net loss for the first six months of fiscal 2022 was ($6.1) million, as compared to a net loss of ($2.2) million during the first six months of fiscal 2021.

Fiscal Second Quarter and Six Months Ended July 31, 2022 Pro Forma and Non-GAAP Financial Results

The following financial results for Fiscal 2021 are pro forma and have not been prepared in accordance with GAAP. These pro forma financial results represent the consolidation of the Company with Avelead as if Avelead’s operations were fully recognized during the comparable period.

Total revenue for the second quarter of fiscal 2022 was $6.0 million, an increase of 19% compared to pro forma revenue of approximately $5.0 million for the second quarter of fiscal 2021. Total revenue for the six months ended July 31, 2022 was $11.9 million, an increase of 13% compared to pro forma revenue of $10.5 million for the six months ended July 31, 2021. For the quarter, SaaS revenue comprised $3.1 million of revenue, up 11% from pro forma SaaS revenue of approximately $2.8 million for the second quarter of fiscal 2021. For the first six months of fiscal 2022, SaaS revenue totaled $5.9 million, an increase of 8% compared to pro forma SaaS revenue of $5.5 million for the first six months of fiscal 2021.

Total revenue of $6.0 million for the three months ended July 31, 2022 includes $2.5 million of revenue from Avelead. The pro forma revenue of approximately $5.0 million for the second quarter of fiscal 2021 includes $2.2 million of revenue from Avelead. Total revenue of $11.9 million for the six months ended July 31, 2022 includes $5.0 million of revenue from Avelead. The pro forma revenue of approximately $10.5 million for the six months ended July 31, 2021 includes $4.7 million of revenue from Avelead.

Adjusted EBITDA for the second quarter of fiscal 2022 was a loss of ($1.1) million, compared to an adjusted EBITDA loss of ($0.8) million in the second quarter of fiscal 2021. Adjusted EBITDA for the six months ended July 31, 2022 was a loss of ($2.4) million, compared to an Adjusted EBITDA loss of ($1.4) million for the six months ended July 31, 2021.

The Company is introducing a new non-GAAP metric to measure its SaaS growth. The metric will be termed “Booked SaaS Annual Contract Value (“ACV”).” The Booked SaaS ACV represents the annualized value of all executed SaaS contracts, including contracts that have not been fully implemented, as of the measurement date, assuming any contract that expires during the twelve months following the measurement date is renewed on its existing terms unless the Company has knowledge of the non-renewal. As of July 31, 2022, the Company’s total Booked SaaS ACV was $14.3 million. This can be compared to Booked SaaS ACV of $10.6 million as of January 31, 2022.

Management Commentary

We are pleased with our continued sales momentum during the quarter, adding $5.2 million in bookings following the addition of $8.9 million in bookings during the first quarter. We believe our success is due to the confluence of innovative solutions, world class client service and growth talent we have developed in the Streamline Health organization,” said Tee Green, President and Chief Exeuctive Officer, Streamline Health. “The solutions offered by eValuator and Avelead are gaining notoriety in the market, and as overall market conditions improve for the healthcare industry, our solutions will become more valuable. Our goal is to ensure healthcare providers can capture 100% of the revenue they’ve earned and ultimately, improve their financial performance.”

Highlights from the second quarter ended July 31, 2022, included:

  • Total bookings (total contract value) for the second quarter of fiscal 2022 were $5.2 million, of which $4.4 million were SaaS bookings;

  • Revenue for the second quarter of fiscal 2022 was $6.0 million;

  • Second quarter SaaS GAAP revenue increased 138% over the comparable prior year period;

  • Net loss for the second quarter of fiscal 2022 was ($3.3 million); and

  • Adjusted EBITDA for the second quarter of fiscal 2022 was a loss of ($1.1) million.

Conference Call

The Company will conduct a conference call on Thursday, September 8, 2022 at 9:00 AM ET to review results and provide a corporate update. Interested parties can access the call by joining the live webcast: click here to register. You can also join by phone by dialing 877-407-8291.

A replay of the conference call will be available from Thursday, September 8, 2022, at 12:00 PM ET to Thursday, September 15, 2022 at 12:00 PM ET by dialing 877-660-6853 or 201-612-7415 with conference ID 13732058. An online replay of the presentation will also be available for six months following the presentation in the Investor Relations section of the Streamline website, www.streamlinehealth.net.

About Streamline Health

Streamline Health Solutions, Inc. (Nasdaq: STRM) enables healthcare organizations to proactively address revenue leakage and improve financial performance. We deliver integrated solutions, technology-enabled services and analytics that drive compliant revenue leading to improved financial performance across the enterprise. For more information, visit www.streamlinehealth.net.

Non-GAAP Financial Measures

Streamline reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Streamlines management also evaluates and makes operating decisions using various other measures. One such measure is adjusted EBITDA, which is a non-GAAP financial measure. Streamlines management believes that this measure provides useful supplemental information regarding the performance of Streamlines business operations.

Streamline defines adjusted EBITDA as net earnings (loss) plus interest expense, tax expense, depreciation and amortization expense of tangible and intangible assets, share-based compensation expense, significant non-recurring operating expenses, and transactional related expenses including: gains and losses on debt and equity conversions, associate severances and related restructuring expenses, associate inducements, and professional and advisory fees. A table reconciling this measure to “loss from continuing operations” is included in this press release.

Booked SaaS ACV represents the annualized value of all executed SaaS contracts, including contracts that have not been fully implemented, as of the measurement date, assuming any contract that expires during the twelve months following the measurement date is renewed on its existing terms unless the Company has knowledge of the non-renewal. Booked SaaS ACV should be viewed independently of revenue and does not represent revenue calculated in accordance with GAAP on an annualized basis, as it is an operating metric that can be impacted by contract execution start and end dates and renewal rates. Booked SaaS ACV is not intended to be a replacement for, or forecast of, revenue. There is no GAAP measure comparable to Booked SaaS ACV.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements included herein. Forward-looking statements contained in this press release include, without limitation, statements regarding the Company’s growth prospects, estimates of backlog and anticipated bookings, recognition of revenue from contracts included in Booked SaaS ACV, industry trends and market growth, results of investments in sales and marketing, success of future products and related expectations and assumptions. These risks and uncertainties include, but are not limited to, the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog and Booked SaaS ACV, the impact of competitive solutions and pricing, solution demand and market acceptance, new solution development and enhancement of current solutions, key strategic alliances with vendors and channel partners that resell the Company’s solutions, the ability of the Company to control costs, the effects of cost-containment measures implemented by the Company, availability of solutions from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry generally and the markets in which the Company operates and nationally, the Company’s ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Company Contact

Jacob Goldberger
Director, Investor Relations and FP&A
303-887-9625
Jacob.goldberger@streamlinehealth.net

STREAMLINE HEALTH SOLUTIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(rounded to the nearest thousand dollars, except share and per share information)

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

5,992,000

 

 

$

2,868,000

 

 

$

11,927,000

 

 

$

5,819,000

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

3,204,000

 

 

 

1,438,000

 

 

 

6,413,000

 

 

 

2,873,000

 

Selling, general and administrative expense

 

 

3,934,000

 

 

 

2,515,000

 

 

 

8,435,000

 

 

 

5,068,000

 

Research and development

 

 

1,461,000

 

 

 

964,000

 

 

 

2,773,000

 

 

 

1,941,000

 

Acquisition-related costs

 

 

49,000

 

 

 

336,000

 

 

 

139,000

 

 

 

777,000

 

Total operating expenses

 

 

8,648,000

 

 

 

5,253,000

 

 

 

17,760,000

 

 

 

10,659,000

 

Operating loss

 

 

(2,656,000

)

 

 

(2,385,000

)

 

 

(5,833,000

)

 

 

(4,840,000

)

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(189,000

)

 

 

(9,000

)

 

 

(321,000

)

 

 

(22,000

)

Other

 

 

(425,000

)

 

 

(8,000

)

 

 

108,000

 

 

 

6,000

 

Forgiveness of PPP loan and accrued interest

 

 

 

 

 

2,327,000

 

 

 

 

 

 

2,327,000

 

Loss from continuing operations before income taxes

 

 

(3,270,000

)

 

 

(75,000

)

 

 

(6,046,000

)

 

 

(2,529,000

)

Income tax (expense) benefit

 

 

(2,000

)

 

 

4,000

 

 

 

(13,000

)

 

 

(5,000

)

Loss from continuing operations

 

 

(3,272,000

)

 

 

(71,000

)

 

 

(6,059,000

)

 

 

(2,534,000

)

Income from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

 

 

 

 

11,000

 

 

 

 

 

 

332,000

 

Income from discontinued operations, net of tax

 

 

 

 

 

11,000

 

 

 

 

 

 

332,000

 

Net loss

 

$

(3,272,000

)

 

$

(60,000

)

 

$

(6,059,000

)

 

$

(2,202,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.07

)

 

$

 

 

$

(0.13

)

 

$

(0.06

)

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

0.01

 

Net loss per share

 

$

(0.07

)

 

$

 

 

$

(0.13

)

 

$

(0.05

)

Weighted average number of common shares – basic

 

 

47,231,296

 

 

 

41,288,709

 

 

 

47,129,879

 

 

 

39,393,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.07

)

 

$

 

 

$

(0.13

)

 

$

(0.06

)

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

0.01

 

Net loss per share

 

$

(0.07

)

 

$

 

 

$

(0.13

)

 

$

(0.05

)

Weighted average number of common shares – diluted

 

 

47,410,949

 

 

 

41,737,231

 

 

 

47,348,455

 

 

 

39,960,998

 

STREAMLINE HEALTH SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

(rounded to the nearest thousand dollars, except share and per share information)

 

 

As of

 

 

 

July 31, 2022

 

 

January 31, 2022

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,918,000

 

 

$

9,885,000

 

Accounts receivable, net

 

 

3,545,000

 

 

 

3,823,000

 

Contract receivables

 

 

771,000

 

 

 

843,000

 

Prepaid and other current assets

 

 

945,000

 

 

 

568,000

 

Total current assets

 

 

11,179,000

 

 

 

15,119,000

 

 

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

106,000

 

 

 

123,000

 

Right of use asset

 

 

127,000

 

 

 

218,000

 

Capitalized software development costs, net

 

 

5,579,000

 

 

 

5,555,000

 

Intangible assets, net

 

 

15,707,000

 

 

 

16,763,000

 

Goodwill

 

 

23,089,000

 

 

 

23,089,000

 

Other

 

 

1,175,000

 

 

 

948,000

 

Total non-current assets

 

 

45,783,000

 

 

 

46,696,000

 

Total assets

 

$

56,962,000

 

 

$

61,815,000

 


 

 

As of

 

 

 

July 31, 2022

 

 

January 31, 2022

 

 

 

(Unaudited)

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

669,000

 

 

$

778,000

 

Accrued expenses

 

 

2,436,000

 

 

 

1,803,000

 

Current portion of term loan

 

 

500,000

 

 

 

250,000

 

Deferred revenues

 

 

6,189,000

 

 

 

5,794,000

 

Current portion of lease obligation

 

 

138,000

 

 

 

204,000

 

Acquisition earnout liability

 

 

4,734,000

 

 

 

4,672,000

 

Total current liabilities

 

 

14,666,000

 

 

 

13,501,000

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Term loan, net of current portion and deferred financing costs

 

 

9,444,000

 

 

 

9,654,000

 

Deferred revenues, less current portion

 

 

155,000

 

 

 

136,000

 

Lease obligations, less current portion

 

 

 

 

 

33,000

 

Acquisition earnout liability, less current portion

 

 

4,074,000

 

 

 

4,161,000

 

Other non-current liabilities

 

 

116,000

 

 

 

286,000

 

Total non-current liabilities

 

 

13,789,000

 

 

 

14,270,000

 

Total liabilities

 

 

28,455,000

 

 

 

27,771,000

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

488,000

 

 

 

478,000

 

Additional paid in capital

 

 

119,737,000

 

 

 

119,225,000

 

Accumulated deficit

 

 

(91,718,000

)

 

 

(85,659,000

)

Total stockholders’ equity

 

 

28,507,000

 

 

 

34,044,000

 

Total liabilities and stockholders’ equity

 

$

56,962,000

 

 

$

61,815,000

 

STREAMLINE HEALTH SOLUTIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(rounded to the nearest thousand dollars)

 

 

Six months Ended July 31,

 

 

 

2022

 

 

2021

 

Net Loss

 

$

(6,059,000

)

 

$

(2,202,000

)

LESS: Income from discontinued operations, net of tax

 

 

 

 

 

(332,000

)

Loss from continuing operations, net of tax

 

 

(6,059,000

)

 

 

(2,534,000

)

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

27,000

 

 

 

37,000

 

Amortization of capitalized software development costs

 

 

847,000

 

 

 

984,000

 

Amortization of intangible assets

 

 

1,056,000

 

 

 

231,000

 

Amortization of other deferred costs

 

 

229,000

 

 

 

242,000

 

Change in fair value of acquisition earnout liability

 

 

(25,000

)

 

 

 

Amortization of deferred financing costs

 

 

40,000

 

 

 

 

Share-based compensation expense

 

 

657,000

 

 

 

1,122,000

 

Provision (benefit) for accounts receivable allowance

 

 

21,000

 

 

 

(1,000

)

Forgiveness of PPP loan and accrued interest

 

 

 

 

 

(2,327,000

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts and contract receivables

 

 

329,000

 

 

 

243,000

 

Other assets

 

 

(742,000

)

 

 

(622,000

)

Accounts payable

 

 

(109,000

)

 

 

91,000

 

Accrued expenses and other liabilities

 

 

364,000

 

 

 

352,000

 

Deferred revenue

 

 

414,000

 

 

 

645,000

 

Net cash used in operating activities

 

 

(2,951,000

)

 

 

(1,537,000

)

Net cash provided by operating activities – discontinued operations

 

 

 

 

 

436,000

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sale of ECM Assets

 

 

 

 

 

800,000

 

Purchases of property and equipment

 

 

(10,000

)

 

 

(3,000

)

Capitalization of software development costs

 

 

(871,000

)

 

 

(706,000

)

Net cash (used in) provided by investing activities

 

 

(881,000

)

 

 

91,000

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

 

 

 

 

16,100,000

 

Payments for costs directly attributable to the issuance of common stock

 

 

 

 

 

(1,318,000

)

Payments related to settlement of employee share-based awards

 

 

(141,000

)

 

 

(291,000

)

Payment for deferred financing costs

 

 

 

 

 

(38,000

)

Other

 

 

6,000

 

 

 

(5,000

)

Net cash (used in) provided by financing activities

 

 

(135,000

)

 

 

14,448,000

 

Net (decrease) increase in cash and cash equivalents

 

 

(3,967,000

)

 

 

13,438,000

 

Cash and cash equivalents at beginning of period

 

 

9,885,000

 

 

 

2,409,000

 

Cash and cash equivalents at end of period

 

$

5,918,000

 

 

$

15,847,000

 

STREAMLINE HEALTH SOLUTIONS, INC. AND SUBSIDIARIES
NEW BOOKINGS

(Unaudited, rounded to the nearest thousand dollars)

 

 

July 31, 2022

 

 

Three Months Ended

Six Months Ended

Systems Sales

 

52,000

52,000

Professional Services

 

576,000

1,415,000

Audit Services

 

37,000

37,000

Maintenance and Support

 

39,000

39,000

Software as a Service

 

4,448,000

12,472,000

Q2 2022 Bookings

$

5,152,000

14,015,000

Q2 2021 Bookings

$

1,627,000

4,206,000

(1) Q2 2021 Bookings exclude Avelead as it was not acquired until August 16, 2021

STREAMLINE HEALTH SOLUTIONS, INC. AND SUBSIDIARIES
Reconciliation of Loss From Continuing Operations to non-GAAP Adjusted EBITDA
(Unaudited, rounded to the nearest thousand dollars)

 

 

Three Months Ended

 

 

Six Months Ended

 

In thousands, except per share data

 

July 31, 2022

 

 

July 31, 2021

 

 

July 31, 2022

 

 

July 31, 2021

 

Adjusted EBITDA Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(3,272

)

 

$

(71

)

 

$

(6,059

)

 

$

(2,534

)

Interest expense

 

 

189

 

 

 

9

 

 

 

321

 

 

 

22

 

Income tax (benefit)/ expense

 

 

2

 

 

 

(4

)

 

 

13

 

 

 

5

 

Depreciation

 

 

13

 

 

 

16

 

 

 

27

 

 

 

37

 

Amortization of capitalized software development costs

 

 

418

 

 

 

478

 

 

 

847

 

 

 

984

 

Amortization of intangible assets

 

 

528

 

 

 

116

 

 

 

1,056

 

 

 

231

 

Amortization of other costs

 

 

117

 

 

 

126

 

 

 

229

 

 

 

242

 

EBITDA

 

$

(2,005

)

 

$

670

 

 

$

(3,566

)

 

$

(1,013

)

Share-based compensation expense

 

 

331

 

 

 

557

 

 

 

657

 

 

 

1,122

 

Non-cash valuation adjustments

 

 

475

 

 

 

 

 

 

(25

)

 

 

 

Acquisition-related costs

 

 

49

 

 

 

336

 

 

 

139

 

 

 

777

 

Forgiveness of PPP loan and accrued interest

 

 

 

 

 

(2,327

)

 

 

 

 

 

(2,327

)

Other non-recurring charges

 

 

(19

)

 

 

 

 

 

(67

)

 

 

16

 

Severance

 

 

73

 

 

 

 

 

 

484

 

 

 

 

Adjusted EBITDA

 

$

(1,096

)

 

$

(764

)

 

$

(2,378

)

 

$

(1,425

)

Adjusted EBITDA margin (1)

 

 

(18

)%

 

 

(27

)%

 

 

(20

)%

 

 

(24

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA per Diluted Share Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations per common share — diluted

 

$

(0.07

)

 

$

 

 

$

(0.13

)

 

$

(0.06

)

Net loss per common share — diluted (3)

 

$

(0.07

)

 

$

 

 

$

(0.13

)

 

$

(0.05

)

Adjusted EBITDA per adjusted diluted share (2)

 

$

(0.02

)

 

$

(0.02

)

 

$

(0.05

)

 

$

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares

 

 

47,231,296

 

 

 

41,288,709

 

 

 

47,129,879

 

 

 

39,393,333

 

Includable incremental shares — adjusted EBITDA (4)

 

 

179,653

 

 

 

448,522

 

 

 

218,576

 

 

 

567,665

 

Adjusted diluted shares

 

 

47,410,949

 

 

 

41,737,231

 

 

 

47,348,455

 

 

 

39,960,998

 


(1

)

Adjusted EBITDA as a percentage of GAAP net revenue.

(2

)

Adjusted EBITDA per adjusted diluted share for the Company’s common stock is computed using the treasury stock method. Since the Company was in a loss position for the periods presented, adjusted EBITDA per adjusted diluted share is the same as adjusted EBITDA per adjusted share as the inclusion of all potential common shares outstanding would have been anti-dilutive.

(3

)

Since the Company was in a loss position for the periods presented, diluted net loss per common share is the same as basic net loss per common share as the inclusion of all potential common shares outstanding would have been anti-dilutive.

(4

)

The number of incremental shares that would be dilutive under an assumption that the Company is profitable during the reported period, which is only applicable for a period in which the Company reports profit.