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Quotient Technology Inc. Announces Second Quarter 2021 Results

08/05/2021
  • Quarterly Revenue of $123.9M, up 48% over Q2 2020
  • GAAP Net Loss of $17.2M
  • Adjusted EBITDA of $4.3M
  • Signed and went live with Microsoft and MSN.com to offer coupons from Quotient s network

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Quotient (NYSE: QUOT), the leading digital media and promotions technology company, today reported financial results for the second quarter ended June 30, 2021. Quotient’s complete second quarter 2021 financial results and management commentary can be found by accessing the Company’s stockholder letter under Key Resources on the overview page in the Investor Relations section of Quotient’s website.

“We delivered another quarter of strong revenues and innovation in Q2,” said Steven Boal, CEO. “Additionally, over the past quarter we reached a milestone, and can now help brands exceed the sales unit volumes and results of the Free-Standing Inserts (FSIs) on our national promotions platform. Having the scale and innovative offerings like our promotion amplification tool, we are providing our customers and retailer partners digital alternatives to offline paper solutions. We believe examples like this validate our value proposition and extend the runway of opportunity ahead of us as a market leader.”

Additionally, on July 30, 2021, Quotient appointed Alison Hawkins, who has spent over twenty years in executive roles with significant leadership accomplishments in financial services, real estate and capital markets, to its Board of Directors and Audit Committee. Concurrently, Michelle McKenna stepped down from Quotient's Board of Directors. Please see Quotient’s filing on Form 8-K dated August 5, 2021 for complete details.

Outlook

In addition to the guidance, we have provided below as well as what we have shared in prior commentary, we are in the midst of contract renewals with certain retailers, which could have an impact on future results.

For the second half of 2021, we expect that all sponsored search revenue will be recognized net of third-party costs. We estimate that this accounting change will reduce revenue and cost of sales by approximately $5 million to $6 million per quarter in each Q3 2021 and Q4 2021. Based on this change, we expect the following:

For the third quarter of 2021, we expect:

  • Revenue: $126.0 million to $133.0 million
  • Adjusted EBITDA: $2.0 million to $12.0 million
  • Operating Cash Flow: $7.0 million to $12.0 million

For the full year 2021, we expect:

  • Revenue: $505.0 million to $522.0 million
  • Adjusted EBITDA: $50.0 million to $65.0 million
  • Weighted Average Basic Shares Outstanding: ~95.0 million

Had we not made changes to our delivery and accounting for sponsored search, our revenue guidance would have been approximately $5 million higher for the third quarter of 2021 and approximately $10 million higher for the full year. This change has not impacted the guidance for Adjusted EBITDA, operating cash flow or weighted average basic shares outstanding.

Conference Call Information

The Company has posted a stockholder letter and an earnings presentation on the Investor Relations section of the Company’s website at: https://investors.quotient.com/. Management will host a conference call and live webcast to discuss the highlights of the quarter and address questions today at 5:00 p.m. ET/ 2:00 p.m. PT.

To access the call, we encourage you to pre-register to eliminate long wait times using this link: Quotient Q2 2021 Earnings Pre Registration. After registering, a confirmation will be sent via email and will include dial-in details and a unique PIN code for entry to the call. Registration will be open through the live call. We suggest registering at least 15 minutes before the start of the call to receive your unique PIN code. You may also access the call and register with a live operator by dialing (866) 270-1533, or outside the U.S. (412) 317-0797, at least 15 minutes prior to the 2:00 p.m. PT start time. The live webcast and all accompanying materials can be accessed on the Investor Relations section of the Company website at: https://investors.quotient.com/. A replay of the webcast will be available on the website following the conference call.

Use of Non-GAAP Financial Measures

Quotient reports its financial statements in accordance with generally accepted accounting principles in the United States (GAAP) and the rules of the Securities and Exchange Commission (SEC). To supplement its financial statements presented in accordance with GAAP, Quotient provides investors in this press release with Adjusted EBITDA, a non-GAAP financial measure. Quotient believes that this non-GAAP measure provides investors with additional useful information used by Quotient’s management and Board of Directors for financial and operating decision making. In particular, Quotient believes that the exclusion of certain income and expense items in calculating this metric can provide a useful measure for period-to-period comparisons of its core business as well as a useful comparison to peer companies.

Quotient defines Adjusted EBITDA as net income (loss) adjusted for interest expense, provision for (benefit from) income taxes, other (income) expense, net, depreciation and amortization, stock-based compensation, change in fair value of contingent consideration, impairment of promotion service right, certain acquisition-related costs, and restructuring charges. Quotient excludes these items because it believes these items do not reflect expected future operating expenses. Additionally, certain items are inconsistent in size and frequency—making it difficult to contribute to a meaningful evaluation of Quotient's current or past operating performance.

There are a number of limitations related to the use of this non-GAAP financial measure. Quotient compensates for these limitations by providing specific information regarding the GAAP amount excluded from this non-GAAP financial measure and evaluating this non-GAAP financial measure together with its relevant GAAP financial 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 measure 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.

A reconciliation of the Adjusted EBITDA guidance metrics, which are non-GAAP guidance measures, 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) expense items that are excluded in calculating Adjusted EBITDA.

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 ability, through its national promotions platform, to help brands exceed sales unit volumes through digital campaigns as compared to free-standing insert, or paper-delivered, campaigns; the Company’s scale and innovation capabilities, as exemplified by its promotion amplification tool, enabling the Company to provide its customers and retailer partners digital alternatives to offline paper solutions; the Company’s solutions validating and extending the runway of opportunity ahead of it as a market leader; the contract renewal process with certain retailers as potentially impacting the Company’s future results; and the future financial performance of Quotient (including the guidance for the third quarter and full year 2021). 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 advertisers (including consumer packaged goods (CPG) companies) and shifts in advertiser spend to digital solutions; the Company's expectations regarding other growth drivers including its ability to expand its relationships with retailers and obtain and maintain retailer support for its platforms, and its ability to maintain and expand the use by consumers of digital promotions on its platforms; the Company’s ability to innovate and adapt to changing market conditions and data regulations, including the Company’s ability to adapt to changes in consumer habits and consumer data privacy concerns; the impacts of the ongoing COVID-19 pandemic, which may continue to impact the Company's business, plans and results of operations, as well as the value of the Company's common stock; and other factors identified in the Company’s filings with the SEC, including its Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC on February 23, 2021 and May 10, 2021, respectively, and future filings and reports by the Company. 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

Quotient (NYSE: QUOT) is the leading digital media and promotions technology company for advertisers, retailers and consumers. Quotient’s omnichannel platform is powered by exclusive consumer spending data, location intelligence and purchase intent data to reach millions of shoppers daily and deliver measurable, incremental sales.

Quotient partners with leading advertisers and retailers, including Clorox, Procter & Gamble, General Mills, Unilever, Albertsons Companies, CVS, Dollar General and Peapod Digital Labs, a company of Ahold Delhaize USA. Quotient is headquartered in Mountain View, California, and has offices across the US as well as in Bangalore, Paris, London and Tel Aviv. For more information visit www.quotient.com.

Quotient and the Quotient logo 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)

 

 

June 30,
2021

 

December 31,
2020

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

238,299

 

 

 

$

222,752

 

 

Accounts receivable, net

134,230

 

 

 

137,649

 

 

Prepaid expenses and other current assets

16,094

 

 

 

18,547

 

 

Total current assets

388,623

 

 

 

378,948

 

 

Property and equipment, net

19,134

 

 

 

17,268

 

 

Operating leases right-of-use-assets

18,247

 

 

 

16,222

 

 

Intangible assets, net

27,717

 

 

 

44,898

 

 

Goodwill

128,427

 

 

 

128,427

 

 

Other assets

898

 

 

 

1,029

 

 

Total assets

$

583,046

 

 

 

$

586,792

 

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

12,295

 

 

 

$

15,959

 

 

Accrued compensation and benefits

14,279

 

 

 

14,368

 

 

Other current liabilities

73,326

 

 

 

70,620

 

 

Deferred revenues

17,977

 

 

 

12,027

 

 

Contingent consideration related to acquisitions

21,410

 

 

 

8,524

 

 

Total current liabilities

139,287

 

 

 

121,498

 

 

Operating lease liabilities

18,510

 

 

 

15,956

 

 

Other non-current liabilities

725

 

 

 

2,358

 

 

Contingent consideration related to acquisitions

 

 

 

20,930

 

 

Convertible senior notes, net

182,899

 

 

 

177,168

 

 

Deferred tax liabilities

1,853

 

 

 

1,853

 

 

Total liabilities

343,274

 

 

 

339,763

 

 

 

 

 

 

Stockholders' equity:

 

 

 

Common stock

1

 

 

 

1

 

 

Additional paid-in capital

721,795

 

 

 

698,333

 

 

Accumulated other comprehensive loss

(1,105

)

 

 

(1,001

)

 

Accumulated deficit

(480,919

)

 

(450,304

)

 

Total stockholders' equity

239,772

 

 

 

247,029

 

 

Total liabilities and stockholders' equity

$

583,046

 

 

 

$

586,792

 

 

QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2021

 

2020

 

2021

 

2020

Revenues

 

$

123,880

 

 

 

$

83,455

 

 

 

$

239,196

 

 

 

$

182,242

 

 

Cost of revenues(1)

 

82,161

 

 

50,731

 

 

154,145

 

 

 

111,842

 

 

Gross Margin

 

41,719

 

 

32,724

 

 

85,051

 

 

70,400

 

Operating Expenses:

 

 

 

 

 

 

 

 

Sales and marketing(1)

 

28,467

 

 

 

23,814

 

 

 

55,832

 

 

 

48,848

 

 

Research and development(1)

 

11,411

 

 

 

8,621

 

 

 

23,467

 

 

 

19,214

 

 

General and administrative(1)

 

15,009

 

 

 

12,268

 

 

 

27,842

 

 

 

27,358

 

 

Change in fair value of contingent consideration

 

242

 

 

 

3,766

 

 

 

527

 

 

 

4,226

 

 

Total operating expenses

 

55,129

 

 

 

48,469

 

 

 

107,668

 

 

 

99,646

 

 

Loss from operations

 

(13,410

)

 

 

(15,745

)

 

 

(22,617

)

 

 

(29,246

)

 

Interest expense

 

(3,767

)

 

 

(3,610

)

 

 

(7,497

)

 

 

(7,184

)

 

Other income (expense), net

 

194

 

 

 

187

 

 

 

(34

)

 

 

767

 

 

Loss before income taxes

 

(16,983

)

 

 

(19,168

)

 

 

(30,148

)

 

 

(35,663

)

 

Provision for (benefit from) income taxes

 

218

 

 

 

(35

)

 

 

467

 

 

 

195

 

 

Net loss

 

$

(17,201

)

 

 

$

(19,133

)

 

 

$

(30,615

)

 

 

$

(35,858

)

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

 

$

(0.18

)

 

 

$

(0.21

)

 

 

$

(0.33

)

 

 

$

(0.40

)

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute net loss per share, basic and diluted

 

93,645

 

 

 

90,112

 

 

 

93,038

 

 

 

89,875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The stock-based compensation expense included above was as follows:

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2021

 

2020

 

2021

 

2020

Cost of revenues

 

$

401

 

 

 

$

387

 

 

 

$

824

 

 

 

$

822

 

 

Sales and marketing

 

1,181

 

 

 

1,323

 

 

 

2,436

 

 

 

2,725

 

 

Research and development

 

977

 

 

 

839

 

 

 

1,949

 

 

 

1,720

 

 

General and administrative

 

3,981

 

 

 

4,457

 

 

 

7,175

 

 

 

9,265

 

 

Total stock-based compensation

 

$

6,540

 

 

 

$

7,006

 

 

 

$

12,384

 

 

 

$

14,532

 

 

QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

 

Six Months Ended June 30,

 

 

2021

 

2020

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(30,615

)

 

 

$

(35,858

)

 

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

17,138

 

 

 

17,843

 

 

Stock-based compensation

 

12,384

 

 

 

14,532

 

 

Amortization of debt discount and issuance cost

 

5,731

 

 

 

5,432

 

 

Impairment of promotion service right

 

2,580

 

 

 

 

 

Allowance (recovery) for credit losses

 

(13

)

 

 

263

 

 

Deferred income taxes

 

467

 

 

 

195

 

 

Change in fair value of contingent consideration

 

527

 

 

 

4,226

 

 

Other non-cash expenses

 

1,906

 

 

 

1,442

 

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

3,431

 

 

 

30,730

 

 

Prepaid expenses and other current assets

 

2,467

 

 

 

(2,470

)

 

Accounts payable and other current liabilities

 

(1,670

)

 

 

(7,551

)

 

Payments for contingent consideration and bonuses

 

(2,901

)

 

 

(15,418

)

 

Accrued compensation and benefits

 

119

 

 

 

(7,478

)

 

Deferred revenues

 

5,950

 

 

 

2,108

 

 

Net cash provided by operating activities

 

17,501

 

 

 

7,996

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment

 

(6,426

)

 

 

(4,689

)

 

Net cash used in investing activities

 

(6,426

)

 

 

(4,689

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Proceeds from issuances of common stock under stock plans

 

14,794

 

 

 

1,762

 

 

Payments for taxes related to net share settlement of equity awards

 

(4,110

)

 

 

(3,327

)

 

Principal payments on promissory note and finance lease obligations

 

(167

)

 

 

(91

)

 

Payments for contingent consideration

 

(6,121

)

 

 

(14,582

)

 

Net cash provided by (used in) financing activities

 

4,396

 

 

 

(16,238

)

 

Effect of exchange rates on cash and cash equivalents

 

76

 

 

 

39

 

 

Net increase (decrease) in cash and cash equivalents

 

15,547

 

 

 

(12,892

)

 

Cash and cash equivalents at beginning of period

 

222,752

 

 

 

224,764

 

 

Cash and cash equivalents at end of period

 

$

238,299

 

 

 

$

211,872

 

 

QUOTIENT TECHNOLOGY INC.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA

(Unaudited, in thousands)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2021

 

2020

 

2021

 

2020

Net loss

 

$

(17,201

)

 

 

$

(19,133

)

 

 

$

(30,615

)

 

 

$

(35,858

)

 

Adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

6,540

 

 

 

7,006

 

 

 

12,384

 

 

 

14,532

 

 

Depreciation and amortization

 

7,707

 

 

 

8,958

 

 

 

17,138

 

 

 

17,843

 

 

Acquisition related costs and other(1)

 

3,251

 

 

 

387

 

 

 

3,733

 

 

 

2,096

 

 

Change in fair value of contingent consideration

 

242

 

 

 

3,766

 

 

 

527

 

 

 

4,226

 

 

Interest expense

 

3,767

 

 

 

3,610

 

 

 

7,497

 

 

 

7,184

 

 

Other (income) expense, net

 

(194

)

 

 

(187

)

 

 

34

 

 

 

(767

)

 

Provision for (benefit from) income taxes

 

218

 

 

 

(35

)

 

 

467

 

 

 

195

 

 

 

 

 

 

 

 

 

 

 

Total adjustments

 

$

21,531

 

 

 

$

23,505

 

 

 

$

41,780

 

 

 

$

45,309

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

4,330

 

 

 

$

4,372

 

 

 

$

11,165

 

 

 

$

9,451

 

 

 

 

 

 

 

 

 

(1) For the three and six months ended June 30, 2021, "other" includes a charge of $2.6 million related to the impairment of a promotion service right, and restructuring charges of $0.2 million, for both respective periods. The three months ended June 30, 2020, include no other costs. For the six months ended June 30, 2020, other includes restructuring charges of $1.5 million. Acquisition related costs primarily include certain bonuses contingent upon the acquired company meeting certain financial metrics over the contingent consideration period and diligence, accounting, and legal expenses incurred related to certain acquisitions. Restructuring charges relate to severance for certain executive management changes and impacted employees.

QUOTIENT TECHNOLOGY INC.
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
(Unaudited, in thousands)
 
Q2 FY 20 Q3 FY 20 Q4 FY 20 Q1 FY 21 Q2 FY 21
Net loss

$

(19,133

)

$

(4,218

)

$

(25,305

)

$

(13,414

)

$

(17,201

)

Adjustments:
Stock-based compensation

 

7,006

 

 

6,489

 

 

7,350

 

 

5,844

 

 

6,540

 

Depreciation and amortization

 

8,957

 

 

8,679

 

 

9,830

 

 

9,431

 

 

7,707

 

Acquistion related costs and other (1)

 

388

 

 

2,393

 

 

7,872

 

 

482

 

 

3,251

 

Change in fair value of contingent consideration

 

3,766

 

 

1,562

 

 

14,446

 

 

285

 

 

242

 

Interest expense

 

3,610

 

 

3,646

 

 

3,691

 

 

3,730

 

 

3,767

 

Other (income) expense, net

 

(187

)

 

59

 

 

(432

)

 

228

 

 

(194

)

Provision for (benefit from) income taxes

 

(35

)

 

66

 

 

458

 

 

249

 

 

218

 

 
Total adjustments

$

23,505

 

$

22,894

 

$

43,215

 

$

20,249

 

$

21,531

 

 
Adjusted EBITDA (1)

$

4,372

 

$

18,676

 

$

17,910

 

$

6,835

 

$

4,330

 

 
Adjusted EBITDA Margin (2)

5%

15%

13%

6%

3%

 
(1) Adjusted EBITDA, a non-GAAP financial measure, is net loss adjusted for stock-based compensation, depreciation and amortization, change in fair value of contingent consideration, interest expense, other (income) expense, net, provision for (benefit from) income taxes, and acquistion related costs and other, which includes: loss contingency of $2.0 million related to a contract dispute during Q3 FY 20; settlement of $6.8 million related to a contract dispute during Q4 FY 20, charge of $2.6 million related to the impairment of a promotion service right and restructuring charge of $0.2 million during Q2 FY21.
 
(2) Adjusted EBITDA margin is the ratio of Adjusted EBITDA and Revenues.
QUOTIENT TECHNOLOGY INC.
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)
 
Q2 FY 20 Q1 FY 21 Q2 FY 21
Revenues

$

83,455

 

$

115,316

 

$

123,880

 

 
Cost of revenues (GAAP)

$

50,731

 

$

71,984

 

$

82,161

 

(less) Stock-based compensation

 

(387

)

 

(423

)

 

(401

)

(less) Amortization of acquired intangible assets

 

(6,278

)

 

(6,593

)

 

(5,276

)

(less) Impairment of promotion service right

 

 

 

 

 

(2,580

)

Cost of revenues (Non-GAAP)

$

44,066

 

$

64,968

 

$

73,904

 

 
 
Gross margin (GAAP)

$

32,724

 

$

43,332

 

$

41,719

 

Gross margin percentage (GAAP)

 

39.2

%

 

37.6

%

 

33.7

%

 
Gross margin (Non-GAAP)*

$

39,389

 

$

50,348

 

$

49,976

 

Gross margin percentage (Non-GAAP)

 

47.2

%

 

43.7

%

 

40.3

%

 
* Non-GAAP gross margin excludes stock-based compensation, amortization of acquired intangible assets and impairment of a promotion service right.
QUOTIENT TECHNOLOGY INC.
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)
 
Q2 FY 20 Q3 FY 20 Q4 FY 20 Q1 FY 21 Q2 FY 21
Revenues

$

83,455

 

$

121,116

 

$

142,529

 

$

115,316

 

$

123,880

 

 
Sales and marketing expenses

 

23,814

 

 

24,555

 

 

31,124

 

 

27,365

 

 

28,467

 

(less) Stock-based compensation

 

(1,323

)

 

(1,187

)

 

(1,399

)

 

(1,255

)

 

(1,181

)

(less) Amortization of acquired intangible assets

 

(914

)

 

(866

)

 

(866

)

 

(866

)

 

(866

)

(less) Restructuring charges

 

 

 

 

 

 

 

 

 

(217

)

Non-GAAP Sales and marketing expenses

$

21,577

 

$

22,502

 

$

28,859

 

$

25,244

 

$

26,203

 

Non-GAAP Sales and marketing percentage

 

26

%

 

19

%

 

20

%

 

22

%

 

21

%

 
Research and development

 

8,621

 

 

9,744

 

 

11,358

 

 

12,056

 

 

11,411

 

(less) Stock-based compensation

 

(839

)

 

(1,003

)

 

(1,108

)

 

(972

)

 

(977

)

Non-GAAP Research and development expenses

$

7,782

 

$

8,741

 

$

10,250

 

$

11,084

 

$

10,434

 

Non-GAAP Research and development percentage

 

9

%

 

7

%

 

7

%

 

10

%

 

8

%

 
General and administrative expenses

 

12,268

 

 

12,099

 

 

14,720

 

 

12,833

 

 

15,009

 

(less) Stock-based compensation

 

(4,457

)

 

(3,857

)

 

(4,364

)

 

(3,194

)

 

(3,981

)

(less) Acquisiton related costs

 

(387

)

 

(393

)

 

(1,039

)

 

(482

)

 

(453

)

Non-GAAP General and administrative expenses

$

7,424

 

$

7,849

 

$

9,317

 

$

9,157

 

$

10,575

 

Non-GAAP General and administrative percentage

 

9

%

 

6

%

 

7

%

 

8

%

 

9

%

 
Non-GAAP Operating expenses*

$

36,783

 

$

39,092

 

$

48,426

 

$

45,485

 

$

47,212

 

Non-GAAP Operating expense percentage

 

44

%

 

32

%

 

34

%

 

39

%

 

38

%

 
* Non-GAAP operating expenses excludes changes in fair value of contingent consideration, stock-based compensation, amortization of acquired intangible assets, restructuring charges, and acquisition related costs.

 

Investor Relations Contact:
Christine Marchuska
Vice President of Investor Relations
cmarchuska@quotient.com
Phone: 917-232-0852

Source: Quotient Technology Inc.

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