Delivered Record Revenue
-
Q4 2018: Total revenue of 107.1M, up 15% over Q4 2017
-
FY 2018: Total revenue of $387.0M, up 20% over FY 2017
Media revenue up 67% in 2018 over 2017
Retailer iQ and Media combined grew 35% in 2018 over 2017 and
represented approximately 75% of our total revenue
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--
Quotient Technology Inc. (NYSE: QUOT), the leading CPG marketing
technology company offering data-driven digital promotions and media,
today reported financial results for the fourth quarter and full year
ended December 31, 2018.
“2018 was an exciting year. We delivered accelerated revenue growth, up
20% and grew Adjusted EBITDA by 22% over last year. In the fourth
quarter, revenue grew 15% year over year, despite softer than
anticipated CPG promotion spend in the fourth quarter,” said Mir Aamir,
President and CEO of Quotient.
“Brands continue to shift more marketing dollars to digital platforms,
with data and measurement at the forefront of this transformation. Our
integrated digital marketing platform brings promotions, media and data
together, and gives brands the ability to drive sales with greater
insights and efficiencies. We enter 2019 on solid footing and are
excited about continuing to grow the business at a strong pace, with
several new solutions expected to roll out throughout the year.”
Fourth Quarter 2018 Financial Results
-
Total revenue was $107.1 million in Q4 2018, an increase of 15% over
Q4 2017.
-
Revenues from promotions and media were $57.5 million and $49.6
million, respectively, compared to Q4 2017 revenues of $63.4 million
and $29.7 million, respectively.
-
GAAP net loss for Q4 2018 was $4.5 million, compared to net profit of
$4.2 million in Q4 2017.
-
Adjusted EBITDA was $16.5 million in Q4 2018, compared to $13.9
million in Q4 2017.
-
Transactions totaled 869 million in Q4 2018, down 11% over Q4 2017.
Full Year 2018 Financial Results
-
Total revenue was $387.0 million in 2018, an increase of 20% over 2017.
-
Revenues from promotions and media were $245.5 million and $141.5
million, respectively, up from 2017 revenues of $237.2 million and
$84.9 million, respectively.
-
GAAP net loss for 2018 was $28.3 million, compared to net loss of
$15.1 million in 2017.
-
Adjusted EBITDA was $57.6 million in 2018, compared to $47.0 million
in 2017.
-
Transactions totaled 3.9 billion in 2018, up 9% over 2017.
Adjusted EBITDA, a non-GAAP measure, is reconciled to the corresponding
GAAP measure at the end of this release.
Year Of Accomplishments
-
Delivered accelerated annual revenue growth of 20% in 2018, an
increase from 17% growth in 2017.
-
In 2018, combined revenue from Retailer iQ and Media grew over 35%
compared to 2017 and represented 75% of total revenue.
-
Total revenue from top 20 CPG customers in 2018 grew 13% over 2017.
Media revenue from those same customers in 2018 grew 35% over 2017.
-
Adjusted EBITDA in 2018 grew 22% over 2017.
-
Generated $22.0 million in cash from operations in 2018.
-
Expanded audience reach for brands and retailers, with 85+ million
registrants on programs powered by Retailer iQ, or approximately 65%
of all U.S. households.
Expected Growth Drivers in 2019
-
Retail Performance Media: In January of 2018, we launched
Retail Performance Media (RPM) with Albertsons Companies, creating an
ad network where brands can use shopper data to deliver targeted ads
directly to shoppers. Since then, five additional retailers have
chosen RPM as their preferred media platform, and together represent
almost $150 billion in U.S. sales.
-
Social Influencer Marketing: Adding to our growing media
business, we acquired Ahalogy in 2018, a high-performing social
influencer marketing company. Influencer marketing is projected to
reach about $10 billion in spend by 2020 and is a growing focus for
our CPG customers and retail partners.
-
Sponsored Search and Product Advertising: Through our
acquisition of Elevaate, brands can drive ecommerce sales through
sponsored search and product advertising on our retail partners’
ecommerce properties. Today, CPGs spend approximately $2.8 billion in
digital search, according to eMarketer.
-
Expanded Targeted Coupon Solution: In addition to targeted
digital coupons, we will soon deliver the same targeted coupons at
checkout, to all shoppers at a given retailer. We recently signed
Albertsons Companies to be their exclusive provider of targeted
coupons printed at checkout.
Transformed Quotient Into An Integrated Digital Marketing Platform
For Brands and Retailers
-
Created new brand positioning for 2019 to better reflect our
integrated performance marketing platform, value proposition to both
brands and retailers, and leadership position. Our core messaging is
centered around four cloud platforms: Promotions Cloud Platform,
Media Cloud Platform, Analytics Cloud Platform and our
newly launched Audience Cloud Platform.
-
Quotient Analytics Cloud Platform provides on-demand sales
analytics and in-flight campaign optimization, helping brands make
informed marketing decisions by using data to drive sales while
efficiently managing marketing budgets.
-
Quotient Audience Cloud Platform brings over 1000 audience
segments to our clients, based on actual shopper data, making it
easier for CPG’s to target shoppers.
Executed Purchase in Stock Buyback Program
In 2018, we repurchased approximately 1.3 million shares of our common
stock for approximately $15.8 million.
Business Outlook
As of today, Quotient is providing the following business outlook.
For the first quarter 2019, total revenue is expected to be in the range
of $94.0 million to $98.0 million. Adjusted EBITDA for the first quarter
2019 is expected to be in the range of $6.0 million to $8.0 million.
For the full year 2019, total revenue is expected to be in the range of
$460.0 million to $470.0 million. Adjusted EBITDA for the full year 2019
is expected to be in the range of $66.0 million to $71.0 million.
A reconciliation of Adjusted EBITDA, a non-GAAP guidance measure, to a
corresponding GAAP measure is not available on a forward-looking basis
without unreasonable efforts due to the high variability and low
visibility of certain income and expenses items that are excluded in
calculating Adjusted EBITDA.
Conference Call Information
Management will host a conference call and live webcast to discuss the
Company’s financial results and business outlook today at 4:30 p.m.
EST/ 1:30 p.m. PST. Questions that investors would like to see asked
during the call should be sent to ir@quotient.com.
To access the call, please dial (866) 393-4306, or outside the U.S.
(734) 385-2616, with Conference ID# 6986266 at least five minutes prior
to the 1:30 p.m. PST start time. The live webcast and accompanying
presentation can be accessed on the Investor Relations section of the
Company website at: http://investors.quotient.com/.
A replay of the webcast will be available on the website following the
conference call.
Use of Non-GAAP Financial Measure
Quotient has presented Adjusted EBITDA, a non-GAAP financial measure, in
this press release, because it is a key measure used by Quotient’s
management and Board of Directors to understand and evaluate core
operating performance and trends, to prepare and approve its annual
budget, to develop short and long-term operational plans, and to
determine bonus payouts. In particular, Quotient believes that the
exclusion of certain items of income and expenses in calculating
Adjusted EBITDA can provide a useful measure for period-to-period
comparisons of its core business. Additionally, Adjusted EBITDA is a key
financial metric used by the compensation committee of our Board of
Directors in connection with the determination of compensation for our
executive officers. Accordingly, Quotient believes that Adjusted EBITDA
provides useful information to investors and others in understanding and
evaluating Quotient’s operating results in the same manner as Quotient’s
management and Board of Directors.
Quotient defines Adjusted EBITDA as net income (loss) adjusted for
interest expense, provision for (benefit from) income taxes,
depreciation and amortization, stock-based compensation, change in fair
value of escrowed shares and contingent consideration, net, other income
(expense) net, charges related to Enterprise Resource Planning (“ERP”)
Software implementation costs, certain acquisition related costs, and
restructuring charges. We exclude these items because we believe that
these items do not reflect expected future operating expenses.
Additionally, certain items are inconsistent in amounts and frequency
making it difficult to contribute to a meaningful evaluation of our
current or past operating performance.
Quotient’s use of Adjusted EBITDA has limitations as an analytical tool
and should not be considered in isolation or as a substitute for
analysis of Quotient’s financial results as reported under GAAP. Some of
these limitations are:
-
Although depreciation and amortization are non-cash expenses, the
assets being depreciated and amortized may have to be replaced in the
future, and Adjusted EBITDA does not reflect capital expenditure
requirements for such replacements or for new capital expenditure
requirements; and
-
Adjusted EBITDA does not reflect: (i) changes in, or cash requirements
for, working capital needs; (ii) interest and tax payments that may
represent a reduction in cash available to Quotient; (iii) the effects
of stock-based compensation, amortization of acquired intangible
assets, interest expense, other income (expense) net, provision for
(benefit from) income taxes, change in fair value of escrowed shares
and contingent consideration, net, charges related to ERP software
implementation costs, certain acquisition related costs, and
restructuring charges. Other companies, including companies in its
industry, may calculate Adjusted EBITDA or similarly titled measures
differently, which reduces its usefulness as a comparative measure.
This non-GAAP financial measure is not intended to be considered in
isolation from, as substitute for, or as superior to, the corresponding
financial measures prepared in accordance with GAAP. Because of these
and other limitations, Adjusted EBITDA should be considered along with
other GAAP-based financial performance measures, including various cash
flow metrics, net income (loss), and Quotient’s other GAAP financial
results.
For a reconciliation of this non-GAAP financial measure to the nearest
comparable GAAP financial measure, see “Reconciliation of Net Loss to
Adjusted EBITDA” included in this press release.
Forward-Looking Statements
This press release contains forward-looking statements concerning the
Company’s current expectations and projections about future events and
financial trends affecting its business. Forward looking statements in
this press release include the Company’s current expectations with
respect to revenues and Adjusted EBITDA for the first quarter and fiscal
year 2019; the Company’s expectations for its solutions, partnerships,
pricing strategies and platforms; the Company’s expectations regarding
the future demand and behavior of consumers, retailers and CPGs; and the
Company’s expectations with respect to its future investments and growth
and ability to leverage its investments and operating expenses.
Forward-looking statements are based on the Company’s current plans,
objectives, estimates, expectations and intentions and inherently
involve significant risks and uncertainties. Actual results and the
timing of events could differ materially from those anticipated in such
forward-looking statements as a result of these risks and uncertainties,
which include, without limitation, the Company’s ability to generate
positive cash flow and become profitable; the amount and timing of
digital marketing spend by CPGs, which are affected by budget cycles,
economic conditions and other factors; the Company’s ability to adapt to
changing market conditions, including the Company’s ability to adapt to
changes in consumer habits, the Company’s ability to negotiate fee
arrangements with CPGs and retailers; the Company’s ability to maintain
and expand the use by consumers of promotions and offers on its
platforms; the Company’s ability to execute its media strategy; the
Company’s ability to effectively manage its growth; the performance of
the Company’s various solutions; the Company's ability to successfully
integrate acquired companies into its business; the Company’s ability to
develop and launch new services and features; CPGs’ receptivity to the
Company’s packaged solutions; the Company’s expectations regarding
growth drivers; and other factors identified in the Company’s filings
with the Securities and Exchange Commission (the “SEC”), including its
quarterly report on Form 10-Q filed with the SEC on November 9, 2018 and
future filings and reports by the Company, including the company’s
Annual Report on Form 10-K for the year ended December 31, 2018.
Quotient disclaims any obligation to update information contained in
these forward-looking statements whether as a result of new information,
future events, or otherwise and does not assume responsibility for the
accuracy and completeness of the forward-looking statements.
About Quotient Technology Inc.
Quotient Technology Inc (NYSE: QUOT) is the leading CPG and retail
marketing technology provider that delivers personalized digital
promotions and ads to millions of shoppers daily. Quotient uses its
proprietary Promotions, Media, Audience and Analytics Cloud Platforms
and services to seamlessly target audiences, optimize performance, and
deliver measurable, incremental sales for CPG and retail marketers.
Quotient’s powerful suite of capabilities includes personalized digital
coupons, retailer-aligned dynamic ad messaging, influencer-led social
media, data analytics and audience management. Quotient’s audience data
solution is powered by 100 million verified buyer audience, derived from
its Retailer iQ partnerships. By combining technology, data and
distribution, Quotient serves hundreds of CPGs, such as Clorox, Procter
& Gamble, General Mills and Kellogg’s, and retailers like Albertsons
Companies, CVS, Dollar General, Kroger and Walgreens. Founded in 1998,
Quotient is based in Mountain View, Calif. with offices across the U.S.,
and internationally in Bangalore, Paris and London. Learn more at Quotient.com,
and follow us on Twitter @Quotient.
Quotient, the Quotient logo, Retail Performance Media, Ahalogy and
elevaate, are trademarks or registered trademarks of Quotient Technology
Inc. and its subsidiaries in the United States and other countries.
Other marks are the property of their respective owners.
|
|
|
QUOTIENT TECHNOLOGY INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in thousands)
|
|
|
|
|
|
|
|
December 31,
2018
|
|
December 31,
2017
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
302,028
|
|
|
$
|
334,635
|
|
|
Short-term investments
|
|
|
20,738
|
|
|
|
59,902
|
|
|
Accounts receivable, net
|
|
|
112,108
|
|
|
|
81,189
|
|
|
Prepaid expenses and other current assets
|
|
|
10,044
|
|
|
|
8,737
|
|
|
Total current assets
|
|
|
444,918
|
|
|
|
484,463
|
|
|
Property and equipment, net
|
|
|
15,579
|
|
|
|
16,610
|
|
|
Intangible assets, net
|
|
|
81,724
|
|
|
|
46,490
|
|
|
Goodwill
|
|
|
118,821
|
|
|
|
80,506
|
|
|
Other assets
|
|
|
1,311
|
|
|
|
1,006
|
|
|
Total assets
|
|
$
|
662,353
|
|
|
$
|
629,075
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
17,060
|
|
|
$
|
6,090
|
|
|
Accrued compensation and benefits
|
|
|
13,107
|
|
|
|
13,914
|
|
|
Other current liabilities
|
|
|
53,255
|
|
|
|
35,538
|
|
|
Deferred revenues
|
|
|
8,686
|
|
|
|
6,276
|
|
|
Contingent consideration related to acquisitions
|
|
|
—
|
|
|
|
18,500
|
|
|
Total current liabilities
|
|
|
92,108
|
|
|
|
80,318
|
|
|
Other non-current liabilities
|
|
|
3,622
|
|
|
|
3,205
|
|
|
Contingent consideration related to acquisitions
|
|
|
28,963
|
|
|
|
—
|
|
|
Convertible senior notes, net
|
|
|
155,719
|
|
|
|
145,821
|
|
|
Deferred tax liabilities
|
|
|
1,854
|
|
|
|
1,690
|
|
|
Total liabilities
|
|
|
282,266
|
|
|
|
231,034
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
Common stock
|
|
|
1
|
|
|
|
1
|
|
|
Additional paid-in capital
|
|
|
703,023
|
|
|
|
686,025
|
|
|
Accumulated other comprehensive loss
|
|
|
(844
|
)
|
|
|
(700
|
)
|
|
Accumulated deficit
|
|
|
(322,093
|
)
|
|
|
(287,285
|
)
|
|
Total stockholders’ equity
|
|
|
380,087
|
|
|
|
398,041
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
662,353
|
|
|
$
|
629,075
|
|
|
|
|
|
|
QUOTIENT TECHNOLOGY INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited, in thousands, except per share data)
|
|
|
|
|
Three Months Ended
December 31
|
|
Year Ended
December 31,
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Revenues
|
|
$
|
107,056
|
|
|
$
|
93,093
|
|
|
|
$
|
386,958
|
|
|
$
|
322,115
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (1) |
|
|
60,935
|
|
|
|
44,018
|
|
|
|
|
206,230
|
|
|
|
140,752
|
|
|
Sales and marketing (1) |
|
|
22,944
|
|
|
|
25,377
|
|
|
|
|
90,086
|
|
|
|
92,833
|
|
|
Research and development (1) |
|
|
10,151
|
|
|
|
11,860
|
|
|
|
|
46,873
|
|
|
|
50,009
|
|
|
General and administrative (1) |
|
|
14,311
|
|
|
|
12,726
|
|
|
|
|
49,805
|
|
|
|
48,124
|
|
|
Change in fair value of escrowed shares and contingent
consideration, net
|
|
|
1,148
|
|
|
|
(5,500
|
)
|
|
|
|
13,190
|
|
|
|
5,515
|
|
|
Total costs and expenses
|
|
|
109,489
|
|
|
|
88,481
|
|
|
|
|
406,184
|
|
|
|
337,233
|
|
|
Net income (loss) from operations
|
|
|
(2,433
|
)
|
|
|
4,612
|
|
|
|
|
(19,226
|
)
|
|
|
(15,118
|
)
|
|
Interest expense
|
|
|
(3,404
|
)
|
|
|
(1,589
|
)
|
|
|
|
(13,411
|
)
|
|
|
(1,589
|
)
|
|
Other income (expense), net
|
|
|
1,326
|
|
|
|
391
|
|
|
|
|
4,801
|
|
|
|
928
|
|
|
Net income (loss) before income taxes
|
|
|
(4,511
|
)
|
|
|
3,414
|
|
|
|
|
(27,836
|
)
|
|
|
(15,779
|
)
|
|
Provision for (benefit from) income taxes
|
|
|
(15
|
)
|
|
|
(768
|
)
|
|
|
|
482
|
|
|
|
(702
|
)
|
|
Net income (loss)
|
|
$
|
(4,496
|
)
|
|
$
|
4,182
|
|
|
|
$
|
(28,318
|
)
|
|
$
|
(15,077
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.05
|
)
|
|
$
|
0.05
|
|
|
|
$
|
(0.30
|
)
|
|
$
|
(0.17
|
)
|
|
Diluted
|
|
$
|
(0.05
|
)
|
|
$
|
0.04
|
|
|
|
$
|
(0.30
|
)
|
|
$
|
(0.17
|
)
|
|
Weighted-average shares used to compute net income (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
94,262
|
|
|
|
91,002
|
|
|
|
|
93,676
|
|
|
|
89,505
|
|
|
Diluted
|
|
|
94,262
|
|
|
|
95,679
|
|
|
|
|
93,676
|
|
|
|
89,505
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The stock-based compensation expense included above was as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31
|
|
Year Ended
December 31,
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Cost of revenues
|
|
$
|
625
|
|
|
$
|
543
|
|
|
|
$
|
2,315
|
|
|
$
|
2,000
|
|
|
Sales and marketing
|
|
|
1,572
|
|
|
|
1,763
|
|
|
|
|
6,596
|
|
|
|
6,621
|
|
|
Research and development
|
|
|
540
|
|
|
|
2,059
|
|
|
|
|
6,137
|
|
|
|
7,949
|
|
|
General and administrative
|
|
|
4,194
|
|
|
|
3,585
|
|
|
|
|
16,338
|
|
|
|
15,682
|
|
|
Total stock-based compensation
|
|
$
|
6,931
|
|
|
$
|
7,950
|
|
|
|
$
|
31,386
|
|
|
$
|
32,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUOTIENT TECHNOLOGY INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited, in thousands)
|
|
|
|
|
Year Ended
December 31,
|
|
|
2018
|
|
2017
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Net loss
|
|
$
|
(28,318
|
)
|
|
$
|
(15,077
|
)
|
|
Adjustments to reconcile net loss to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
25,041
|
|
|
|
17,840
|
|
|
Stock-based compensation
|
|
|
31,386
|
|
|
|
32,252
|
|
|
Amortization of debt discount and issuance cost
|
|
|
9,898
|
|
|
|
1,148
|
|
|
Restructuring charge related to facility exit costs
|
|
|
1,057
|
|
|
|
2,074
|
|
|
Loss on disposal of property and equipment
|
|
|
207
|
|
|
|
85
|
|
|
Allowance (recovery) for doubtful accounts
|
|
|
509
|
|
|
|
(655
|
)
|
|
Deferred income taxes
|
|
|
482
|
|
|
|
(702
|
)
|
|
Change in fair value of escrowed shares and contingent
consideration, net
|
|
|
13,190
|
|
|
|
5,515
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
|
(26,032
|
)
|
|
|
(4,382
|
)
|
|
Prepaid expenses and other current assets
|
|
|
(861
|
)
|
|
|
(2,553
|
)
|
|
Accounts payable and other current liabilities
|
|
|
6,449
|
|
|
|
12,834
|
|
|
Payments for contingent consideration
|
|
|
(9,700
|
)
|
|
|
—
|
|
|
Accrued compensation and benefits
|
|
|
(1,287
|
)
|
|
|
658
|
|
|
Deferred revenues
|
|
|
27
|
|
|
|
(580
|
)
|
|
Net cash provided by operating activities
|
|
|
22,048
|
|
|
|
48,457
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(6,077
|
)
|
|
|
(6,475
|
)
|
|
Purchases of intangible assets
|
|
|
(20,545
|
)
|
|
|
—
|
|
|
Acquisitions, net of cash acquired
|
|
|
(33,661
|
)
|
|
|
(21,048
|
)
|
|
Purchases of short-term investments
|
|
|
(75,120
|
)
|
|
|
(114,239
|
)
|
|
Proceeds from maturity of short-term investment
|
|
|
114,284
|
|
|
|
123,509
|
|
|
Net cash used in investing activities
|
|
|
(21,119
|
)
|
|
|
(18,253
|
)
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Proceeds from borrowings on convertible senior notes, net of
issuance costs
|
|
|
—
|
|
|
|
193,763
|
|
|
Proceeds from issuances of common stock under stock plans
|
|
|
7,495
|
|
|
|
8,763
|
|
|
Payments for taxes related to net share settlement of equity awards
|
|
|
(11,658
|
)
|
|
|
(4,012
|
)
|
|
Repurchases and retirement of common stock under share repurchase
program
|
|
|
(14,285
|
)
|
|
|
—
|
|
|
Principal payments on promissory note and capital lease obligations
|
|
|
(310
|
)
|
|
|
(238
|
)
|
|
Payments for contingent consideration
|
|
|
(14,800
|
)
|
|
|
—
|
|
|
Net cash (used in) provided by financing activities
|
|
|
(33,558
|
)
|
|
|
198,276
|
|
|
Effect of exchange rates on cash and cash equivalents
|
|
|
22
|
|
|
|
(19
|
)
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(32,607
|
)
|
|
|
228,461
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
334,635
|
|
|
|
106,174
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
302,028
|
|
|
$
|
334,635
|
|
|
|
|
|
|
|
|
|
QUOTIENT TECHNOLOGY INC.
|
|
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND
TRANSACTION DATA
|
|
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31
|
|
Year Ended
December 31,
|
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Net income (loss)
|
|
$
|
(4,496
|
)
|
|
$
|
4,182
|
|
|
|
$
|
(28,318
|
)
|
|
$
|
(15,077
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
6,931
|
|
|
|
7,950
|
|
|
|
|
31,386
|
|
|
|
32,252
|
|
|
Depreciation, amortization and other (1) |
|
|
10,809
|
|
|
|
6,883
|
|
|
|
|
32,262
|
|
|
|
24,391
|
|
|
Change in fair value of escrowed shares and contingent
consideration, net
|
|
|
1,148
|
|
|
|
(5,500
|
)
|
|
|
|
13,190
|
|
|
|
5,515
|
|
|
Interest expense
|
|
|
3,404
|
|
|
|
1,589
|
|
|
|
|
13,411
|
|
|
|
1,589
|
|
|
Other (income) expense, net
|
|
|
(1,326
|
)
|
|
|
(391
|
)
|
|
|
|
(4,801
|
)
|
|
|
(928
|
)
|
|
Provision for (benefit from) income taxes
|
|
|
(15
|
)
|
|
|
(768
|
)
|
|
|
|
482
|
|
|
|
(702
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments
|
|
$
|
20,951
|
|
|
$
|
9,763
|
|
|
|
$
|
85,930
|
|
|
$
|
62,117
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
16,455
|
|
|
$
|
13,945
|
|
|
|
$
|
57,612
|
|
|
$
|
47,040
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions (2) |
|
|
868,625
|
|
|
|
971,115
|
|
|
|
|
3,876,093
|
|
|
|
3,546,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the three and twelve months ended December 31, 2018, Other
includes enterprise resource planning ("ERP") software
implementation costs of zero and $0.05 million, respectively,
certain acquisition related costs of $1.3 million and $2.8 million,
respectively and restructuring charges of $1.7 million and $4.4
million, respectively. For the three and twelve months December 31,
2017, Other includes ERP software implementation costs of $0.2
million and $1.2 million respectively, certain acquisition related
costs of zero and $1.9 million, respectively, and restructuring
charges of $2.1 million and $3.4 million, respectively.
|
|
|
|
(2) A transaction is any action that generates revenue, directly
or indirectly, including per item transaction fees, revenue
sharing fees, set up fees and volume-based fixed fees.
Transactions exclude self-generated retailer offers where no
revenue is received.
|
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190212005833/en/
Quotient Technology Inc.
Investor Relations Contact:
Stacie
Clements, 650-605-4535
Vice President, Investor Relations
ir@quotient.com
or
Media
Contact:
Phillip Sontag
press@quotient.com
Source: Quotient Technology Inc.