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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Maxwell Technologies, Inc. | NASDAQ:MXWL | 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% | 4.48 | 4.48 | 4.49 | 0 | 01:00:00 |
SAN DIEGO, Feb. 15, 2018 /PRNewswire/ -- Maxwell Technologies, Inc. (NASDAQ: MXWL) today reported financial results for the three months and full year ended December 31, 2017. Total revenues for the fourth quarter of 2017 were $30.8 million, compared with $35.8 million for the third quarter of 2017 and $26.4 million for the prior year quarter. Net loss for the fourth quarter of 2017 was $8.8 million, compared with a net loss of $13.9 million for the third quarter of 2017 and a net loss of $12.2 million for the prior year quarter. The Company reported $(1.8) million of adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the fourth quarter of 2017, compared with $(2.1) million for the third quarter of 2017 and $(3.9) million for the prior year quarter. Non-GAAP net loss for the fourth quarter of 2017 was $5.3 million, compared with a non-GAAP net loss of $4.9 million for the third quarter of 2017 and $7.5 million for the prior year quarter.
For the full year ended December 31, 2017, net revenues were $130.4 million, compared with $121.2 million for the year ended December 31, 2016. Net loss for 2017 was $43.1 million, compared to a net loss of $23.7 million for the prior year. Non-GAAP net loss for 2017 was $23.1 million, compared with a non-GAAP net loss of $21.5 million for the prior year. Non-GAAP financial measures are described and defined later in this release.
Full Year 2017 Highlights
"2017 was a year in which we delivered many significant accomplishments to further advance our business transformation and to better position us to capitalize on the coming inflection points and next phase of growth," said Dr. Franz Fink, Maxwell's President and Chief Executive Officer. "As I look at 2018, I am excited as we enter the year with the strongest opportunity pipeline and design win momentum ever and we are expecting year over year revenue growth. By capitalizing on this growth and improving gross margins as well as our continued attention to expense management, we expect improved financial performance, targeting breakeven adjusted EBITDA for the full year. Most importantly, we believe that 2018 will be the year that advancements with our revolutionary dry battery electrode position us for strategic partnerships to accelerate the commercialization of this technology."
Financial Results and Operating Metrics (1) (Unaudited; in thousands, except for per share amounts) | ||||||||||||||||||||
Three Months Ended |
Years Ended | |||||||||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, | ||||||||||||||||
Total revenue |
$ |
30,763 |
$ |
35,816 |
$ |
26,400 |
$ |
130,368 |
$ |
121,244 |
||||||||||
Ultracapacitor revenue |
$ |
20,832 |
$ |
27,564 |
$ |
12,730 |
$ |
87,709 |
$ |
71,491 |
||||||||||
High-Voltage revenue |
$ |
9,931 |
$ |
8,252 |
$ |
13,670 |
$ |
42,659 |
$ |
45,177 |
||||||||||
Microelectronics revenue |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
4,576 |
||||||||||
Gross margin |
24.0 |
% |
20.6 |
% |
21.6 |
% |
22.1 |
% |
27.2 |
% | ||||||||||
Non-GAAP gross margin |
25.6 |
% |
22.5 |
% |
22.4 |
% |
23.6 |
% |
28.0 |
% | ||||||||||
Loss from operations |
$ |
(6,931) |
$ |
(13,260) |
$ |
(9,895) |
$ |
(37,896) |
$ |
(25,886) |
||||||||||
Non-GAAP loss from operations |
$ |
(3,923) |
$ |
(4,356) |
$ |
(6,381) |
$ |
(18,358) |
$ |
(17,952) |
||||||||||
Interest expense, net |
$ |
1,043 |
$ |
152 |
$ |
69 |
$ |
1,355 |
$ |
248 |
||||||||||
Non-GAAP interest expense, net |
$ |
623 |
$ |
128 |
$ |
69 |
$ |
911 |
$ |
248 |
||||||||||
Net loss |
$ |
(8,752) |
$ |
(13,860) |
$ |
(12,169) |
$ |
(43,129) |
$ |
(23,705) |
||||||||||
Net loss per share |
||||||||||||||||||||
Basic and diluted |
$ |
(0.24) |
$ |
(0.37) |
$ |
(0.38) |
$ |
(1.22) |
$ |
(0.74) |
||||||||||
Adjusted EBITDA |
$ |
(1,790) |
$ |
(2,125) |
$ |
(3,926) |
$ |
(9,587) |
$ |
(8,206) |
||||||||||
Non-GAAP net loss |
$ |
(5,324) |
$ |
(4,932) |
$ |
(7,451) |
$ |
(23,147) |
$ |
(21,464) |
||||||||||
Non-GAAP net loss per share |
||||||||||||||||||||
Basic and diluted |
$ |
(0.14) |
$ |
(0.13) |
$ |
(0.23) |
$ |
(0.65) |
$ |
(0.67) |
||||||||||
Net cash used in operating activities |
$ |
(6,230) |
$ |
(2,274) |
$ |
(374) |
$ |
(15,006) |
$ |
(14,357) |
||||||||||
Cash purchases of property and equipment |
$ |
2,502 |
$ |
1,255 |
$ |
1,267 |
$ |
5,817 |
$ |
5,956 |
||||||||||
Cash, cash equivalents and restricted cash |
$ |
50,122 |
$ |
52,852 |
$ |
25,359 |
$ |
50,122 |
$ |
25,359 |
||||||||||
(1) For a reconciliation of non-GAAP financial measures, please refer to the section entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" included at the end of this release. |
Discussion of Financial Results for the Fourth Quarter
Revenue and Gross Margin
Operating Expense, Interest Expense, Net Loss & Adjusted EBITDA
Capital Expenditures
First Quarter 2018 Business Outlook
The Company has reconciled expected GAAP and non-GAAP gross margin, operating expenses, adjusted EBITDA, net loss and net loss per share at the midpoint of guidance. However, the Company is not able to estimate additional potentially excluded and reconciling amounts due to the substantial uncertainties involved. The effect of these excluded items may be significant. The reconciliation of GAAP and non-GAAP first quarter outlook is as follows (in millions, except for percentages and per share data):
Projected at |
Projected at | ||||||||||
Three Months Ended |
Three Months Ended | ||||||||||
March 31, 2018 |
March 31, 2018 | ||||||||||
Gross Margin Reconciliation: |
Total Operating Expenses Reconciliation: |
||||||||||
GAAP gross margin |
25.4 |
% |
GAAP total operating expenses |
$ |
15.1 |
||||||
Stock-based compensation expense |
0.8 |
% |
Stock-based compensation expense |
(2.0) |
|||||||
Acquisition related expense (1) |
0.3 |
% |
Acquisition related expense (1) |
(0.2) |
|||||||
Non-GAAP gross margin |
26.5 |
% |
SEC and FCPA legal costs |
(0.1) |
|||||||
Non-GAAP total operating expenses |
$ |
12.8 |
|||||||||
Net Loss Reconciliation: |
|||||||||||
GAAP net loss |
$ |
(7.7) |
Adjusted EBITDA Reconciliation: |
||||||||
Stock-based compensation expense |
2.2 |
GAAP net loss |
$ |
(7.7) |
|||||||
Non-cash interest expense |
0.5 |
Non-cash interest expense |
0.5 |
||||||||
Acquisition related expense (1) |
0.3 |
Interest, taxes, depreciation, amortization |
3.0 |
||||||||
SEC and FCPA legal costs |
0.1 |
EBITDA |
(4.2) |
||||||||
Non-GAAP net loss |
$ |
(4.6) |
Stock-based compensation expense |
2.2 |
|||||||
SEC and FCPA legal costs |
0.1 |
||||||||||
Net Loss per Share Reconciliation: |
Adjusted EBITDA |
$ |
(1.9) |
||||||||
GAAP net loss per diluted share |
$ |
(0.20) |
|||||||||
Expenses excluded from GAAP |
0.08 |
||||||||||
Non-GAAP net loss per diluted share |
$ |
(0.12) |
|||||||||
(1) |
Acquisition related expense is partially recorded in operating expenses and partially recorded in cost of revenue. |
Webcast Information
As previously announced, Maxwell management will host a live webcast at approximately 5:00 p.m. EST / 2:00 p.m. PST today to discuss these results. Other forward-looking and material information may also be discussed during this call.
The call may be accessed by dialing toll-free, (866) 393-4306 from the U.S. or (734) 385-2616 for international callers, and entering the conference ID 3987793.
More information about this event including a live webcast and other supporting materials may be accessed by visiting http://investors.maxwell.com.
A replay of the conference call will be available for a limited time by visiting http://investors.maxwell.com.
About Maxwell
Maxwell is a global leader in the development and manufacture of innovative, cost-effective energy storage and power delivery solutions. We have developed and transformed our patented, proprietary and fundamental dry electrode manufacturing technology that we have historically used to make ultracapacitors to create a breakthrough technology that can be applied to the manufacturing of batteries. Our ultracapacitor products provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation, renewable energy and information technology. Our CONDIS® high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. For more information, visit www.maxwell.com.
Notes Regarding Non-GAAP Financial Measures
The Company uses non-GAAP financial measures for internal evaluation and to report the results of its business. Information presented in this press release and in the attached financial tables includes financial information prepared in accordance with generally accepted accounting principles in the U.S., or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure, within the meaning of Item 10 of Regulation S-K promulgated by the Securities and Exchange Commission (SEC), is a numerical measure of a company's financial performance or cash flows that (a) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, which are included in the most directly comparable measure calculated and presented in accordance with GAAP in the condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income (loss) or condensed consolidated statements of cash flows; or (b) includes amounts, or is subject to adjustments that have the effect of including amounts, which are excluded from the most directly comparable measure so calculated and presented.
The Company uses the following non-GAAP financial measures in this release, in its earnings conference call and in its on-going evaluation of the business: (a) non-GAAP gross profit; (b) non-GAAP operating expense; (c) non-GAAP income (loss) from operations; (d) EBITDA; (e) adjusted EBITDA; (f) non-GAAP net income (loss); (g) non-GAAP net income (loss) per diluted share and (h) non-GAAP gross margin.
The definitions of non-GAAP financial measures used in this news release are presented below:
The Company believes that these measures provide useful information to its management, board of directors and investors about its operating activities and business trends related to its financial condition and results of operations.
In addition, the Company's management and board of directors use these non-GAAP financial measures in developing operating budgets and in reviewing the Company's results of operations, as non-cash items, non-recurring items and items unrelated to ongoing operating results have limited impact on current and future operating decisions. Additionally, the Company believes that inclusion of non-GAAP financial measures provides consistency and comparability with its past reports of financial results. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. These measures are intended to supplement GAAP financial information, and may be computed differently from non-GAAP financial measures used by other companies. However, investors should be aware that non-GAAP measures have inherent limitations and should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
The Company's non-GAAP financial measures included in this news release exclude the following non-cash items, non-recurring items or items unrelated to its ongoing operating results, as applicable:
Reconciliations of non-GAAP financial measures used in this release to the most directly comparable GAAP financial measures can be found in the section entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" included toward the end of this release.
Forward-Looking Statements
Maxwell cautions you that statements included in this news release or made on the investor conference call referenced herein that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause Maxwell's results to differ materially from historical results or those expressed or implied by such forward-looking statements. In addition, this news release contains selected financial results for the fourth quarter and full year 2017, as well as projections for 2018 financial guidance and longer-term financial performance goals. The Company's projections for 2018 financial guidance and longer-term financial performance goals represent current estimates, including initial estimates of the potential benefits, synergies and cost savings associated with acquisitions, which are subject to the risk of being inaccurate because of the preliminary nature of the forecasts, the risk of further adjustment, or unanticipated difficulty in developing or selling products and technologies. The potential risks and uncertainties that could cause actual growth and results to differ materially include, but are not limited to.
For further information regarding risks and uncertainties associated with Maxwell's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our SEC filings, including, but not limited to, our annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. Copies of these documents are available with the Securities and Exchange Commission at www.sec.gov or may be obtained by contacting Maxwell's investor relations department at (858) 503-3368, or at our investor relations website: investors.maxwell.com. The forward-looking statements contained herein are based on the current expectations and assumptions of Maxwell and not on historical facts. All information in this release is as of February 15, 2018. The Company undertakes no duty to update any forward-looking statement to reflect actual results or changes in the Company's expectations.
Investor Contact: Kimberly Tom, CFA, +1 (858) 503-3368, ir@maxwell.com
MAXWELL TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) | ||||||||||||||||||||
Three Months Ended |
Years Ended | |||||||||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, | ||||||||||||||||
Revenue |
$ |
30,763 |
$ |
35,816 |
$ |
26,400 |
$ |
130,368 |
$ |
121,244 |
||||||||||
Cost of revenue |
23,382 |
28,420 |
20,692 |
101,573 |
88,274 |
|||||||||||||||
Gross profit |
7,381 |
7,396 |
5,708 |
28,795 |
32,970 |
|||||||||||||||
Operating expenses: |
||||||||||||||||||||
Selling, general and administrative |
9,694 |
14,514 |
9,586 |
45,818 |
36,281 |
|||||||||||||||
Research and development |
4,344 |
4,891 |
4,783 |
18,351 |
20,889 |
|||||||||||||||
Restructuring and exit costs |
34 |
1,251 |
— |
2,282 |
297 |
|||||||||||||||
Impairment of assets |
240 |
— |
1,234 |
240 |
1,389 |
|||||||||||||||
Total operating expenses |
14,312 |
20,656 |
15,603 |
66,691 |
58,856 |
|||||||||||||||
Loss from operations |
(6,931) |
(13,260) |
(9,895) |
(37,896) |
(25,886) |
|||||||||||||||
Gain on sale of product line |
— |
— |
— |
— |
(6,657) |
|||||||||||||||
Interest expense, net |
1,043 |
152 |
69 |
1,355 |
248 |
|||||||||||||||
Other income |
(18) |
(14) |
3 |
(85) |
(133) |
|||||||||||||||
Foreign currency exchange (gain) loss, net |
256 |
(65) |
(36) |
306 |
216 |
|||||||||||||||
Loss before income taxes |
(8,212) |
(13,333) |
(9,931) |
(39,472) |
(19,560) |
|||||||||||||||
Income tax provision |
540 |
527 |
2,238 |
3,657 |
4,145 |
|||||||||||||||
Net loss |
$ |
(8,752) |
$ |
(13,860) |
$ |
(12,169) |
$ |
(43,129) |
$ |
(23,705) |
||||||||||
Net loss per common share: |
||||||||||||||||||||
Basic and diluted |
$ |
(0.24) |
$ |
(0.37) |
$ |
(0.38) |
$ |
(1.22) |
$ |
(0.74) |
||||||||||
Weighted average common shares outstanding: |
||||||||||||||||||||
Basic and diluted |
37,115 |
37,008 |
31,995 |
35,480 |
31,870 |
MAXWELL TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share data) (Unaudited) | ||||||||
December 31, |
December 31, | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
50,122 |
$ |
25,359 |
||||
Trade and other accounts receivable, net |
31,643 |
20,441 |
||||||
Inventories |
32,228 |
32,248 |
||||||
Prepaid expenses and other current assets |
2,983 |
4,407 |
||||||
Total current assets |
116,976 |
82,455 |
||||||
Property and equipment, net |
28,044 |
26,120 |
||||||
Intangible assets, net |
11,715 |
— |
||||||
Goodwill |
36,061 |
22,799 |
||||||
Pension asset |
11,712 |
8,887 |
||||||
Other non-current assets |
871 |
613 |
||||||
Total assets |
$ |
205,379 |
$ |
140,874 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ |
32,758 |
$ |
19,181 |
||||
Accrued employee compensation |
9,070 |
6,152 |
||||||
Deferred revenue and customer deposits |
6,669 |
3,967 |
||||||
Short-term borrowings and current portion of long-term debt |
33 |
40 |
||||||
Total current liabilities |
48,530 |
29,340 |
||||||
Deferred tax liability, long-term |
8,762 |
8,580 |
||||||
Long-term debt, excluding current portion |
35,124 |
43 |
||||||
Defined benefit plan liability |
3,942 |
— |
||||||
Other long-term liabilities |
2,920 |
2,089 |
||||||
Total liabilities |
99,278 |
40,052 |
||||||
Stockholders' equity: |
||||||||
Common stock, $0.10 par value per share, 80,000,000 shares authorized at December 31, 2017 and 2016; 37,199,519 and 32,135,029 shares issued and outstanding at December, 2017 and 2016, respectively |
3,717 |
3,210 |
||||||
Additional paid-in capital |
337,541 |
296,316 |
||||||
Accumulated deficit |
(247,233) |
(204,104) |
||||||
Accumulated other comprehensive income |
12,076 |
5,400 |
||||||
Total stockholders' equity |
106,101 |
100,822 |
||||||
Total liabilities and stockholders' equity |
$ |
205,379 |
$ |
140,874 |
MAXWELL TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) | ||||||||||||||||||||
Three Months Ended |
Years Ended | |||||||||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, | ||||||||||||||||
OPERATING ACTIVITIES: |
||||||||||||||||||||
Net loss |
$ |
(8,752) |
$ |
(13,860) |
$ |
(12,169) |
$ |
(43,129) |
$ |
(23,705) |
||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||||||||||||||
Depreciation |
2,133 |
2,231 |
2,455 |
8,771 |
9,871 |
|||||||||||||||
Amortization of intangible assets |
307 |
300 |
— |
809 |
— |
|||||||||||||||
Non-cash interest expense |
420 |
24 |
— |
444 |
— |
|||||||||||||||
Loss on lease due to restructuring |
— |
179 |
— |
179 |
87 |
|||||||||||||||
Pension and defined benefit plan cost |
250 |
243 |
156 |
770 |
635 |
|||||||||||||||
Stock-based compensation expense |
2,490 |
2,755 |
1,605 |
9,037 |
5,364 |
|||||||||||||||
Gain on sale of property and equipment |
— |
(20) |
— |
(20) |
(131) |
|||||||||||||||
Impairment of property and equipment |
240 |
— |
1,234 |
240 |
1,389 |
|||||||||||||||
Gain on sale of product line |
— |
— |
— |
— |
(6,657) |
|||||||||||||||
Unrealized (gain) loss on foreign currency exchange rates |
(142) |
14 |
18 |
(150) |
63 |
|||||||||||||||
Release of tax liability |
— |
— |
— |
— |
(1,518) |
|||||||||||||||
Provision for (recovery of) losses on accounts receivable |
6 |
2 |
(162) |
10 |
(106) |
|||||||||||||||
Losses on write downs of inventory |
640 |
841 |
171 |
2,309 |
397 |
|||||||||||||||
Provision for (release of) warranties |
(302) |
396 |
(61) |
303 |
383 |
|||||||||||||||
Changes in operating assets and liabilities: |
||||||||||||||||||||
Trade and other accounts receivable |
(4,327) |
3,097 |
(66) |
(7,981) |
20,085 |
|||||||||||||||
Inventories |
(1,058) |
(2,431) |
2,253 |
2,568 |
(4,956) |
|||||||||||||||
Prepaid expenses and other assets |
332 |
744 |
916 |
477 |
(372) |
|||||||||||||||
Pension asset |
(565) |
(197) |
(143) |
(1,067) |
(584) |
|||||||||||||||
Accounts payable and accrued liabilities |
1,549 |
2,579 |
1,820 |
8,842 |
(14,884) |
|||||||||||||||
Deferred revenue and customer deposits |
539 |
466 |
619 |
2,356 |
630 |
|||||||||||||||
Accrued employee compensation |
(581) |
950 |
(516) |
609 |
(1,478) |
|||||||||||||||
Deferred tax liability |
827 |
(791) |
1,844 |
(154) |
1,957 |
|||||||||||||||
Other long-term liabilities |
(236) |
204 |
(348) |
(229) |
(827) |
|||||||||||||||
Net cash used in operating activities |
(6,230) |
(2,274) |
(374) |
(15,006) |
(14,357) |
|||||||||||||||
INVESTING ACTIVITIES: |
||||||||||||||||||||
Purchases of property and equipment |
(2,502) |
(1,255) |
(1,267) |
(5,817) |
(5,956) |
|||||||||||||||
Proceeds from sale of property and equipment |
— |
20 |
— |
20 |
133 |
|||||||||||||||
Cash used in acquisition, net of cash acquired |
— |
— |
— |
(97) |
— |
|||||||||||||||
Proceeds from sale of product line |
— |
— |
— |
1,500 |
20,486 |
|||||||||||||||
Net cash provided by (used in) investing activities |
(2,502) |
(1,235) |
(1,267) |
(4,394) |
14,663 |
|||||||||||||||
FINANCING ACTIVITIES: |
||||||||||||||||||||
Principal payments on long-term debt and short-term borrowings |
(8) |
(7) |
(12) |
(32) |
(45) |
|||||||||||||||
Proceeds from long-term debt and short-term borrowings, net of discount and issuance costs |
5,658 |
37,333 |
— |
42,991 |
— |
|||||||||||||||
Proceeds from issuance of common stock under equity compensation plans |
133 |
(1) |
223 |
326 |
841 |
|||||||||||||||
Net cash provided by financing activities |
5,783 |
37,325 |
211 |
43,285 |
796 |
|||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
219 |
(145) |
(1,113) |
878 |
(525) |
|||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash |
(2,730) |
33,671 |
(2,543) |
24,763 |
577 |
|||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period |
52,852 |
19,181 |
27,902 |
25,359 |
24,782 |
|||||||||||||||
Cash, cash equivalents and restricted cash, end of period |
$ |
50,122 |
$ |
52,852 |
$ |
25,359 |
$ |
50,122 |
$ |
25,359 |
MAXWELL TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (in thousands, except per share data) (Unaudited) | ||||||||||||||||||||
Three Months Ended |
Years Ended | |||||||||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, | ||||||||||||||||
Gross Margin Reconciliation: |
||||||||||||||||||||
GAAP gross margin |
24.0 |
% |
20.6 |
% |
21.6 |
% |
22.1 |
% |
27.2 |
% | ||||||||||
Stock-based compensation expense |
1.1 |
% |
0.8 |
% |
0.8 |
% |
0.8 |
% |
0.7 |
% | ||||||||||
Amortization of intangible assets |
0.3 |
% |
0.3 |
% |
— |
% |
0.2 |
% |
— |
% | ||||||||||
Accelerated depreciation |
— |
% |
— |
% |
— |
% |
— |
% |
0.1 |
% | ||||||||||
Acquisition related expense |
0.2 |
% |
0.8 |
% |
— |
% |
0.5 |
% |
— |
% | ||||||||||
Non-GAAP gross margin |
25.6 |
% |
22.5 |
% |
22.4 |
% |
23.6 |
% |
28.0 |
% | ||||||||||
Gross Profit Reconciliation: |
||||||||||||||||||||
GAAP gross profit |
$ |
7,381 |
$ |
7,396 |
$ |
5,708 |
$ |
28,795 |
$ |
32,970 |
||||||||||
Stock-based compensation expense |
349 |
271 |
211 |
1,070 |
854 |
|||||||||||||||
Amortization of intangible assets |
90 |
88 |
— |
238 |
— |
|||||||||||||||
Accelerated depreciation |
— |
— |
— |
— |
125 |
|||||||||||||||
Acquisition related expense |
67 |
287 |
— |
645 |
— |
|||||||||||||||
Non-GAAP gross profit |
$ |
7,887 |
$ |
8,042 |
$ |
5,919 |
$ |
30,748 |
$ |
33,949 |
||||||||||
Total Operating Expenses Reconciliation: |
||||||||||||||||||||
GAAP total operating expenses |
$ |
14,312 |
$ |
20,656 |
$ |
15,603 |
$ |
66,691 |
$ |
58,856 |
||||||||||
Stock-based compensation expense |
(2,141) |
(2,484) |
(1,394) |
(7,967) |
(4,510) |
|||||||||||||||
Amortization of intangible assets |
(217) |
(212) |
— |
(571) |
— |
|||||||||||||||
Restructuring and related costs |
(34) |
(1,251) |
— |
(2,282) |
(853) |
|||||||||||||||
Impairment of assets |
— |
— |
(1,234) |
— |
(1,234) |
|||||||||||||||
Release of tax liability(1) |
— |
— |
— |
— |
1,278 |
|||||||||||||||
Strategic equity transaction costs |
— |
(503) |
— |
(503) |
— |
|||||||||||||||
Acquisition related expense |
(46) |
(46) |
(675) |
(1,879) |
(675) |
|||||||||||||||
Shareholder advisement and settlement costs |
— |
(761) |
— |
(1,135) |
(314) |
|||||||||||||||
SEC and FCPA legal and settlement costs |
(64) |
(3,001) |
— |
(3,248) |
(647) |
|||||||||||||||
Non-GAAP operating expenses |
$ |
11,810 |
$ |
12,398 |
$ |
12,300 |
$ |
49,106 |
$ |
51,901 |
||||||||||
Loss from Operations Reconciliation: |
||||||||||||||||||||
GAAP loss from operations |
$ |
(6,931) |
$ |
(13,260) |
$ |
(9,895) |
$ |
(37,896) |
$ |
(25,886) |
||||||||||
Stock-based compensation expense |
2,490 |
2,755 |
1,605 |
9,037 |
5,364 |
|||||||||||||||
Amortization of intangible assets |
307 |
300 |
— |
809 |
— |
|||||||||||||||
Restructuring and related costs |
34 |
1,251 |
— |
2,282 |
853 |
|||||||||||||||
Accelerated depreciation |
— |
— |
— |
— |
125 |
|||||||||||||||
Impairment of assets |
— |
— |
1,234 |
— |
1,234 |
|||||||||||||||
Release of tax liability(1) |
— |
— |
— |
— |
(1,278) |
|||||||||||||||
Strategic equity transaction costs |
— |
503 |
— |
503 |
— |
|||||||||||||||
Acquisition related expense |
113 |
333 |
675 |
2,524 |
675 |
|||||||||||||||
Shareholder advisement and settlement costs |
— |
761 |
— |
1,135 |
314 |
|||||||||||||||
SEC and FCPA legal and settlement costs |
64 |
3,001 |
— |
3,248 |
647 |
|||||||||||||||
Non-GAAP loss from operations |
$ |
(3,923) |
$ |
(4,356) |
$ |
(6,381) |
$ |
(18,358) |
$ |
(17,952) |
||||||||||
Adjusted EBITDA Reconciliation: |
||||||||||||||||||||
GAAP net loss |
$ |
(8,752) |
$ |
(13,860) |
$ |
(12,169) |
$ |
(43,129) |
$ |
(23,705) |
||||||||||
Interest expense, net |
1,043 |
152 |
69 |
1,355 |
248 |
|||||||||||||||
Income tax provision |
540 |
527 |
2,238 |
3,657 |
4,145 |
|||||||||||||||
Depreciation |
2,133 |
2,231 |
2,455 |
8,771 |
9,871 |
|||||||||||||||
Amortization of intangible assets |
307 |
300 |
— |
809 |
— |
|||||||||||||||
EBITDA |
(4,729) |
(10,650) |
(7,407) |
(28,537) |
(9,441) |
|||||||||||||||
Foreign currency exchange loss, net |
256 |
(65) |
(36) |
306 |
216 |
|||||||||||||||
Other income |
(18) |
(14) |
3 |
(85) |
(133) |
|||||||||||||||
Stock-based compensation expense |
2,490 |
2,755 |
1,605 |
9,037 |
5,364 |
|||||||||||||||
Gain on sale of product line |
— |
— |
— |
— |
(6,657) |
|||||||||||||||
Restructuring and related costs |
34 |
1,251 |
— |
2,282 |
853 |
|||||||||||||||
Impairment of assets |
— |
— |
1,234 |
— |
1,234 |
|||||||||||||||
Strategic equity transaction costs |
— |
503 |
— |
503 |
— |
|||||||||||||||
Acquisition related expense |
113 |
333 |
675 |
2,524 |
675 |
|||||||||||||||
Release of tax liability(1) |
— |
— |
— |
— |
(1,278) |
|||||||||||||||
Shareholder advisement and settlement costs |
— |
761 |
— |
1,135 |
314 |
|||||||||||||||
SEC and FCPA legal and settlement costs |
64 |
3,001 |
— |
3,248 |
647 |
|||||||||||||||
Adjusted EBITDA |
$ |
(1,790) |
$ |
(2,125) |
$ |
(3,926) |
$ |
(9,587) |
$ |
(8,206) |
Three Months Ended |
Years Ended | |||||||||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, | ||||||||||||||||
Interest Expense, net Reconciliation |
||||||||||||||||||||
GAAP interest expense, net |
$ |
1,043 |
$ |
152 |
$ |
69 |
$ |
1,355 |
$ |
248 |
||||||||||
Non-cash interest expense |
(420) |
(24) |
— |
(444) |
— |
|||||||||||||||
Non-GAAP interest expense, net |
$ |
623 |
$ |
128 |
$ |
69 |
$ |
911 |
$ |
248 |
||||||||||
Net Loss Reconciliation |
||||||||||||||||||||
GAAP net loss |
$ |
(8,752) |
$ |
(13,860) |
$ |
(12,169) |
$ |
(43,129) |
$ |
(23,705) |
||||||||||
Stock-based compensation expense |
2,490 |
2,755 |
1,605 |
9,037 |
5,364 |
|||||||||||||||
Amortization of intangible assets |
307 |
300 |
— |
809 |
— |
|||||||||||||||
Non-cash interest expense |
420 |
24 |
— |
444 |
— |
|||||||||||||||
Gain on sale of product line |
— |
— |
— |
— |
(6,657) |
|||||||||||||||
Tax impact of potential cash repatriation |
— |
— |
1,204 |
— |
1,204 |
|||||||||||||||
Restructuring and related costs |
34 |
1,251 |
— |
2,282 |
853 |
|||||||||||||||
Accelerated depreciation |
— |
— |
— |
— |
125 |
|||||||||||||||
Impairment of assets |
— |
— |
1,234 |
— |
1,234 |
|||||||||||||||
Release of tax liability(1) |
— |
— |
— |
— |
(1,518) |
|||||||||||||||
Strategic equity transaction costs |
— |
503 |
— |
503 |
— |
|||||||||||||||
Acquisition related expense |
113 |
333 |
675 |
2,524 |
675 |
|||||||||||||||
Shareholder advisement and settlement costs |
— |
761 |
— |
1,135 |
314 |
|||||||||||||||
SEC and FCPA legal and settlement costs |
64 |
3,001 |
— |
3,248 |
647 |
|||||||||||||||
Non-GAAP net loss |
$ |
(5,324) |
$ |
(4,932) |
$ |
(7,451) |
$ |
(23,147) |
$ |
(21,464) |
||||||||||
Net Loss per Diluted Share Reconciliation: |
||||||||||||||||||||
GAAP net loss per diluted share |
$ |
(0.24) |
$ |
(0.37) |
$ |
(0.38) |
$ |
(1.22) |
$ |
(0.74) |
||||||||||
Stock-based compensation expense |
0.07 |
0.07 |
0.05 |
0.26 |
0.17 |
|||||||||||||||
Amortization of intangible assets |
0.01 |
0.01 |
— |
0.02 |
— |
|||||||||||||||
Non-cash interest expense |
0.01 |
* |
— |
0.01 |
— |
|||||||||||||||
Gain on sale of product line |
— |
— |
— |
— |
(0.21) |
|||||||||||||||
Tax impact of potential cash repatriation |
— |
— |
0.04 |
— |
0.04 |
|||||||||||||||
Restructuring and related costs |
* |
0.04 |
— |
0.07 |
0.03 |
|||||||||||||||
Accelerated depreciation |
— |
— |
— |
— |
* |
|||||||||||||||
Impairment of assets |
— |
— |
0.04 |
— |
0.04 |
|||||||||||||||
Release of tax liability(1) |
— |
— |
— |
— |
(0.05) |
|||||||||||||||
Strategic equity transaction costs |
— |
0.01 |
— |
0.01 |
— |
|||||||||||||||
Acquisition related expense |
0.01 |
0.01 |
0.02 |
0.08 |
0.02 |
|||||||||||||||
Shareholder advisement and settlement costs |
— |
0.02 |
— |
0.03 |
0.01 |
|||||||||||||||
SEC and FCPA legal and settlement costs |
* |
0.08 |
— |
0.09 |
0.02 |
|||||||||||||||
Non-GAAP net loss per diluted share |
$ |
(0.14) |
$ |
(0.13) |
$ |
(0.23) |
$ |
(0.65) |
$ |
(0.67) |
||||||||||
Weighted Average Diluted Common Shares Outstanding used for: |
||||||||||||||||||||
GAAP net loss |
37,115 |
37,008 |
31,995 |
35,480 |
31,870 |
|||||||||||||||
Non-GAAP net loss |
37,115 |
37,008 |
31,995 |
35,480 |
31,870 |
* |
Net loss effect of this reconciling item was less than $0.01 per share. |
(1) |
Release of tax liability is partially related to operating expense and partially related to income tax expense. |
View original content with multimedia:http://www.prnewswire.com/news-releases/maxwell-reports-fourth-quarter-and-full-year-2017-results-300599781.html
SOURCE Maxwell Technologies, Inc.
Copyright 2018 PR Newswire
1 Year Maxwell Technologies, Inc. Chart |
1 Month Maxwell Technologies, Inc. Chart |
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