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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Magicjack Vocaltec Ltd - Ordinary Shares (delisted) | NASDAQ:CALL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.67 | 8.64 | 8.70 | 0 | 01:00:00 |
Second Quarter 2018 Financial Highlights:
A reconciliation of GAAP to non-GAAP measures has been provided in the tables included below in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Measures.”
Additional Second Quarter 2018 Highlights:
Update on B. Riley Merger:
About magicJack VocalTec Ltd.
magicJack VocalTec Ltd. (Nasdaq: CALL), the inventor of magicJack and a pioneer in Voice over IP (VoIP) technology and services, is a leading cloud communications company. With its easy-to-use, low cost solution for telecommunications, the Company has sold more than 11 million award-winning magicJack devices, which is now in its fifth generation, has millions of downloads of its free calling apps, and holds more than 30 technology patents.
Broadsmart, a leading hosted UCaaS (Unified Communication as a Service) provider for medium-to-large multi-location enterprise customers, is a division of magicJack VocalTec Ltd. Broadsmart has a track record of designing, provisioning and delivering complex UCaaS solutions to blue chip corporate customers on a nationwide basis. Broadsmart has expertise in servicing enterprises with hundreds-to-thousands of locations.
magicJack® is a registered trademark of magicJack VocalTec Ltd. All other product or company names mentioned are the property of their respective owners.
Contact:
Investor Relations561-749-2255ir@vocaltec.com
Non-GAAP Measures
The Non-GAAP measures shown in this release exclude various items detailed further below.
Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included with the financial information included in this press release. These measures are not in accordance with, or an alternative for, GAAP and may be different from non-GAAP measures used by other companies. Management believes that the presentation of non-GAAP results, when shown in conjunction with corresponding GAAP measures, provides useful information to management and investors regarding financial and business trends related to the company's results of operations. Further, management believes that these non-GAAP measures improve management's and investors' ability to compare the company's financial performance with other companies in the technology industry. Because these items vary significantly between companies, it is useful to compare results excluding these amounts as identified below.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(In thousands except per share data) | |||||||||||||||||
(Unaudited) | Quarter | Quarter | Six Months | Six Months | |||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
30-Jun-18 | 30-Jun-17 | 30-Jun-18 | 30-Jun-17 | ||||||||||||||
Net revenues | $ | 20,022 | $ | 22,381 | $ | 40,037 | $ | 45,578 | |||||||||
Cost of revenues | 7,100 | 8,166 | 14,263 | 17,617 | |||||||||||||
Gross profit | 12,922 | 14,215 | 25,774 | 27,961 | |||||||||||||
Operating expenses: | |||||||||||||||||
Marketing | 893 | 2,120 | 2,085 | 4,527 | |||||||||||||
General and administrative | 5,799 | 9,544 | 13,301 | 22,369 | |||||||||||||
Research and development | 1,404 | 1,462 | 2,861 | 2,961 | |||||||||||||
Impairment of intangible assets and goodwill | - | - | 131 | 31,527 | |||||||||||||
Total operating expenses | 8,096 | 13,126 | 18,378 | 61,384 | |||||||||||||
Operating income (loss) | 4,826 | 1,089 | 7,396 | (33,423 | ) | ||||||||||||
Other income (expense): | |||||||||||||||||
Interest and dividend income | 187 | 17 | 280 | 23 | |||||||||||||
Other income (expense) | 5 | (13 | ) | 3 | (30 | ) | |||||||||||
Total other income (expense) | 192 | 4 | 283 | (7 | ) | ||||||||||||
Income (loss) before income taxes | 5,018 | 1,093 | 7,679 | (33,430 | ) | ||||||||||||
Income tax expense (benefit) | 922 | 2,587 | 1,617 | (8,768 | ) | ||||||||||||
Net income (loss) | 4,096 | (1,494 | ) | 6,062 | (24,662 | ) | |||||||||||
Net loss attributable to noncontrolling interest | - | (67 | ) | - | - | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 4,096 | $ | (1,561 | ) | $ | 6,062 | $ | (24,662 | ) | |||||||
Earnings (loss) per ordinary share: | |||||||||||||||||
Basic | $ | 0.25 | $ | (0.10 | ) | $ | 0.37 | $ | (1.54 | ) | |||||||
Diluted | $ | 0.25 | $ | (0.10 | ) | $ | 0.37 | $ | (1.54 | ) | |||||||
Weighted average ordinary shares outstanding: | |||||||||||||||||
Basic | 16,205 | 16,078 | 16,199 | 16,056 | |||||||||||||
Diluted | 16,205 | 16,078 | 16,199 | 16,056 | |||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS INFORMATION | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
As of | As of | ||||||
ASSETS | 30-Jun-18 | 31-Dec-17 | |||||
Current Assets | |||||||
Cash and cash equivalents | $ | 58,896 | $ | 52,638 | |||
Investments, at fair value | 369 | 369 | |||||
Accounts receivable, net | 2,153 | 2,428 | |||||
Inventories | 1,825 | 1,880 | |||||
Contractual Cost - Current | 301 | 1,936 | |||||
Prepaid income taxes | 844 | 2,016 | |||||
Deposits and other current assets | 1,753 | 1,874 | |||||
Total current assets | 66,141 | 63,141 | |||||
Property and equipment, net | 2,264 | 2,772 | |||||
Intangible assets, net | 8,820 | 10,190 | |||||
Goodwill | 32,304 | 32,304 | |||||
Deferred tax assets | 31,467 | 31,726 | |||||
Deposits and other non-current assets | 814 | 909 | |||||
Contractual Cost - Non Current | 541 | - | |||||
Total Assets | $ | 142,351 | $ | 141,042 | |||
LIABILITIES AND CAPITAL EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 2,289 | $ | 3,199 | |||
Accrued expenses and other current liabilities | 5,111 | 6,454 | |||||
Contract liabilities - Current | 39,129 | 42,243 | |||||
Total current liabilities | 46,529 | 51,896 | |||||
Contract liabilities - Non Current | 36,602 | 38,797 | |||||
Other non-current liabilities | 13,994 | 13,787 | |||||
Total Capital Equity | 45,226 | 36,562 | |||||
Total Liabilities and Capital Equity | $ | 142,351 | $ | 141,042 | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | Six Months | Six Months | ||||||||
Ended | Ended | |||||||||
30-Jun-18 | 30-Jun-17 | |||||||||
Cash flows from operating activities: | ||||||||||
Net (loss) income | $ | 6,062 | $ | (24,662 | ) | |||||
Provision for doubtful accounts and billing adjustments | 21 | 126 | ||||||||
Share-based compensation | 1,985 | 1,303 | ||||||||
Depreciation and amortization | 1,777 | 2,419 | ||||||||
Impairment of intangible assets | 131 | 31,527 | ||||||||
Increase of uncertain tax position | (56 | ) | 1,809 | |||||||
Deferred income tax (benefit) provision | 119 | (9,091 | ) | |||||||
Loss on sale of assets | - | 18 | ||||||||
Changes in operating assets and liabilities | (3,698 | ) | (7,575 | ) | ||||||
Net cash provided by (used in) operating activities | 6,341 | (4,126 | ) | |||||||
Cash flows from investing activities: | ||||||||||
Proceeds from sales of investments | - | 245 | ||||||||
Purchases of property and equipment | 30 | (248 | ) | |||||||
Acquisition of intangible assets | - | (1,089 | ) | |||||||
Net cash (used in) investing activities | (30 | ) | (1,092 | ) | ||||||
Cash flows from financing activities: | ||||||||||
Repurchase of ordinary shares to settle withholding liability | (53 | ) | (135 | ) | ||||||
Net cash (used in) financing activities | (53 | ) | (135 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 6,258 | (5,353 | ) | |||||||
Cash and cash equivalents, beginning of period | 52,638 | 52,394 | ||||||||
Cash and cash equivalents, end of period | $ | 58,896 | $ | 47,041 | ||||||
RECONCILIATION OF OPERATING INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | Quarter | Quarter | Six Months | Six Months | |||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
30-Jun-18 | 30-Jun-17 | 30-Jun-18 | 30-Jun-17 | ||||||||||||||
GAAP Operating income (loss) | $ | 4,826 | $ | 1,089 | $ | 7,396 | $ | (33,423 | ) | ||||||||
Depreciation and amortization | 818 | 894 | 1,777 | 2,419 | |||||||||||||
Share-based compensation | 892 | 567 | 1,985 | 1,303 | |||||||||||||
Impairment of intangible assets | - | - | 131 | 31,527 | |||||||||||||
Asset impairment | - | 104 | - | 490 | |||||||||||||
Proxy contest related expenses | - | 25 | - | 1,042 | |||||||||||||
Severance and senior management transition expenses | 30 | 16 | 143 | 2,928 | |||||||||||||
Write-down of inventory components | - | - | - | 386 | |||||||||||||
Other Items | 541 | 1,697 | 1,192 | 1,895 | |||||||||||||
Non- GAAP Adjusted EBITDA | $ | 7,107 | $ | 4,392 | $ | 12,624 | $ | 8,567 | |||||||||
RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP NET INCOME | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | Quarter | Quarter | Six Months | Six Months | |||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
30-Jun-18 | 30-Jun-17 | 30-Jun-18 | 30-Jun-17 | ||||||||||||||
GAAP Net income (loss) attributable to common shareholders | $ | 4,096 | $ | (1,561 | ) | $ | 6,062 | $ | (24,662 | ) | |||||||
Share-based compensation | 892 | 567 | 1,985 | 1,303 | |||||||||||||
Impairment of intangible assets | - | - | 131 | 31,527 | |||||||||||||
Asset impairment | - | 104 | - | 490 | |||||||||||||
Proxy contest related expenses | - | 25 | - | 1,042 | |||||||||||||
Severance and senior management transition expenses | 30 | 16 | 143 | 2,928 | |||||||||||||
Write-down of inventory components | - | - | - | 386 | |||||||||||||
Other Items | 541 | 1,697 | 1,192 | 1,895 | |||||||||||||
Tax related items | (168 | ) | 2,594 | (53 | ) | (8,089 | ) | ||||||||||
Non-GAAP Net income | $ | 5,391 | $ | 3,442 | $ | 9,460 | $ | 6,820 | |||||||||
GAAP earnings (loss) per ordinary share – Diluted | $ | 0.25 | $ | (0.10 | ) | $ | 0.37 | $ | (1.54 | ) | |||||||
Share-based compensation | 0.06 | 0.04 | 0.12 | 0.08 | |||||||||||||
Impairment of intangible assets | - | - | 0.01 | 1.96 | |||||||||||||
Asset impairment | - | 0.01 | - | 0.03 | |||||||||||||
Consideration adjustment / Gain on mark-to-market | - | - | - | - | |||||||||||||
Transaction related expenses | - | - | - | - | |||||||||||||
Proxy contest related expenses | - | 0.00 | - | 0.06 | |||||||||||||
Severance and senior management transition expenses | 0.00 | 0.00 | 0.01 | 0.18 | |||||||||||||
Write-down of inventory components | - | - | - | 0.02 | |||||||||||||
Other Items | 0.03 | 0.11 | 0.07 | 0.12 | |||||||||||||
Tax related items | (0.01 | ) | 0.16 | (0.00 | ) | (0.50 | ) | ||||||||||
Non-GAAP Net income per share – Diluted | $ | 0.33 | $ | 0.21 | $ | 0.58 | $ | 0.42 | |||||||||
Weighted average ordinary shares outstanding - Diluted: | 16,205 | 16,078 | 16,199 | 16,056 | |||||||||||||
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