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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, Aug. 7, 2017 /PRNewswire/ -- Maxwell Technologies, Inc. (NASDAQ: MXWL) today reported financial results for the three months ended June 30, 2017. Total revenues for the second quarter of 2017 were $37.1 million, compared with $26.7 million for the first quarter of 2017 and $34.1 million for the prior year quarter. Net loss for the second quarter of 2017 was $10.1 million, compared with a net loss of $10.4 million for the first quarter of 2017 and net income of $2.2 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 second quarter of 2017, compared with $(3.9) million for the first quarter of 2017 and $(0.7) million for the prior year quarter. Non-GAAP net loss for the second quarter of 2017 was $5.5 million, compared with a non-GAAP net loss of $7.4 million for the first quarter of 2017 and $4.0 million for the prior year quarter. Non-GAAP financial measures are described and defined later in this release.
"We delivered solid sequential revenue growth, building on the momentum we have created over the last 12 months. Our strategy is gaining traction and our business transformation is making progress," said Dr. Franz Fink, Maxwell's President and Chief Executive Officer. "We closed the quarter slightly above the top end of our revenue guidance range, coming in at $37.1 million, a 39% sequential increase over the first quarter, and we narrowed the adjusted EBITDA gap towards breakeven. Furthermore, the integration of Nesscap is progressing nicely, with a high level of collaboration as our teams merge together as one and collectively realize our targeted synergies."
Financial Results and Operating Metrics (1) | ||||||||||||||||||||
(Unaudited; in thousands, except for per share amounts) | ||||||||||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||||||
June 30, |
March 31, |
June 30, |
June 30, |
June 30, | ||||||||||||||||
Total revenue |
$ |
37,103 |
$ |
26,686 |
$ |
34,135 |
$ |
63,789 |
$ |
69,338 |
||||||||||
Ultracapacitor revenue |
$ |
25,079 |
$ |
14,234 |
$ |
21,224 |
$ |
39,313 |
$ |
44,744 |
||||||||||
High-Voltage revenue |
$ |
12,024 |
$ |
12,452 |
$ |
11,841 |
$ |
24,476 |
$ |
20,018 |
||||||||||
Microelectronics revenue |
$ |
— |
$ |
— |
$ |
1,070 |
$ |
— |
$ |
4,576 |
||||||||||
Gross margin |
21.1 |
% |
23.2 |
% |
29.2 |
% |
22.0 |
% |
28.3 |
% | ||||||||||
Non-GAAP gross margin |
22.7 |
% |
23.9 |
% |
30.0 |
% |
23.2 |
% |
29.2 |
% | ||||||||||
Loss from operations |
$ |
(8,673) |
$ |
(9,032) |
$ |
(3,812) |
$ |
(17,705) |
$ |
(10,052) |
||||||||||
Non-GAAP loss from operations |
$ |
(4,037) |
$ |
(6,042) |
$ |
(3,120) |
$ |
(10,079) |
$ |
(6,841) |
||||||||||
Net income (loss) |
$ |
(10,118) |
$ |
(10,399) |
$ |
2,167 |
$ |
(20,517) |
$ |
(4,681) |
||||||||||
Net income (loss) per share |
||||||||||||||||||||
Basic and diluted |
$ |
(0.28) |
$ |
(0.32) |
$ |
0.07 |
$ |
(0.61) |
$ |
(0.15) |
||||||||||
Adjusted EBITDA |
$ |
(1,778) |
$ |
(3,894) |
$ |
(741) |
$ |
(5,672) |
$ |
(2,000) |
||||||||||
Non-GAAP net loss |
$ |
(5,482) |
$ |
(7,409) |
$ |
(4,038) |
$ |
(12,891) |
$ |
(8,367) |
||||||||||
Non-GAAP net loss per share |
||||||||||||||||||||
Basic and diluted |
$ |
(0.15) |
$ |
(0.23) |
$ |
(0.13) |
$ |
(0.38) |
$ |
(0.26) |
||||||||||
Net cash used in operating activities |
$ |
(2,677) |
$ |
(3,825) |
$ |
(5,394) |
$ |
(6,502) |
$ |
(6,988) |
||||||||||
Cash purchases of property and equipment |
$ |
1,115 |
$ |
945 |
$ |
1,391 |
$ |
2,060 |
$ |
3,629 |
||||||||||
Cash, cash equivalents and restricted cash |
$ |
19,181 |
$ |
20,894 |
$ |
35,775 |
$ |
19,181 |
$ |
35,775 |
||||||||||
(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 Quarter
Please note that Nesscap is included in all results and outlook beginning May 1, 2017.
Revenue and Gross Margin
Operating Expense, Net Loss & Adjusted EBITDA
Capital Expenditures
Strategic Business & Operational Highlights
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 expectations. 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 third quarter outlook is as follows (in millions, except for percentages and per share data):
Projected at Midpoint |
Projected at Midpoint | ||||||||||
Three Months Ended |
Three Months Ended | ||||||||||
September 30, |
September 30, |
||||||||||
Gross Margin Reconciliation: |
Total Operating Expenses Reconciliation: |
||||||||||
GAAP gross margin |
20.5 |
% |
GAAP total operating expenses |
$ |
15.9 |
||||||
Stock-based compensation expense |
0.7 |
% |
Stock-based compensation expense |
(2.0) |
|||||||
Acquisition related expense (1) |
1.3 |
% |
Acquisition related expense (1) |
(0.7) |
|||||||
Non-GAAP gross margin |
22.5 |
% |
Legal costs for SEC and FCPA matters |
(0.3) |
|||||||
Non-GAAP total operating expenses |
$ |
12.9 |
|||||||||
Net Loss Reconciliation: |
|||||||||||
GAAP net loss |
$ |
(9.0) |
Adjusted EBITDA Reconciliation: |
||||||||
Stock-based compensation expense |
2.3 |
GAAP net loss |
$ |
(9.0) |
|||||||
Acquisition related expense (1) |
1.2 |
Interest, taxes, depreciation, amortization |
3.3 |
||||||||
Legal costs for SEC and FCPA matters |
0.3 |
EBITDA |
(5.7) |
||||||||
Non-GAAP net loss |
$ |
(5.2) |
Stock-based compensation expense |
2.3 |
|||||||
Acquisition related expense (1) |
0.9 |
||||||||||
Net Loss per Share Reconciliation: |
Legal costs for SEC and FCPA matters |
0.3 |
|||||||||
GAAP net loss per diluted share |
$ |
(0.24) |
Adjusted EBITDA |
$ |
(2.2) |
||||||
Expenses excluded from GAAP |
0.10 |
||||||||||
Non-GAAP net loss per diluted share |
$ |
(0.14) |
|||||||||
(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. EDT / 2:00 p.m. PDT 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, (877) 201-0168 from the U.S. or (647) 788-4901 for international callers, and entering the conference ID, MAXWELL.
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. 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
Statements in this news release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and contingencies include, but are not limited to, the following:
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 quarterly reports on Form 10-Q. Copies of these documents may be obtained by contacting Maxwell's investor relations department at (858) 503-3368, or at our investor relations website: investors.maxwell.com. All information in this release is as of August 7, 2017. The Company undertakes no duty to update any forward-looking statement to reflect actual results or changes in the Company's expectations.
Investor Contact: Soohwan Kim, CFA, The Blueshirt Group, +1 (858) 503-3368, ir@maxwell.com
Media Contact: Sylvie Tse, Metis Communications, +1 (617) 236-0500, maxwell@metiscomm.com
MAXWELL TECHNOLOGIES, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||||||
June 30, 2017 |
March 31, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 | ||||||||||||||||
Revenue |
$ |
37,103 |
$ |
26,686 |
$ |
34,135 |
$ |
63,789 |
$ |
69,338 |
||||||||||
Cost of revenue |
29,276 |
20,495 |
24,154 |
49,771 |
49,704 |
|||||||||||||||
Gross profit |
7,827 |
6,191 |
9,981 |
14,018 |
19,634 |
|||||||||||||||
Operating expenses: |
||||||||||||||||||||
Selling, general and administrative |
12,070 |
9,540 |
8,223 |
21,610 |
18,321 |
|||||||||||||||
Research and development |
4,430 |
4,686 |
5,461 |
9,116 |
11,068 |
|||||||||||||||
Restructuring and exit costs |
— |
997 |
109 |
997 |
297 |
|||||||||||||||
Total operating expenses |
16,500 |
15,223 |
13,793 |
31,723 |
29,686 |
|||||||||||||||
Loss from operations |
(8,673) |
(9,032) |
(3,812) |
(17,705) |
(10,052) |
|||||||||||||||
Gain on sale of product line |
— |
— |
(6,657) |
— |
(6,657) |
|||||||||||||||
Interest expense, net |
97 |
63 |
61 |
160 |
131 |
|||||||||||||||
Other income |
(52) |
(1) |
(47) |
(53) |
(131) |
|||||||||||||||
Foreign currency exchange loss, net |
18 |
97 |
64 |
115 |
203 |
|||||||||||||||
Income (loss) before income taxes |
(8,736) |
(9,191) |
2,767 |
(17,927) |
(3,598) |
|||||||||||||||
Income tax provision |
1,382 |
1,208 |
600 |
2,590 |
1,083 |
|||||||||||||||
Net income (loss) |
$ |
(10,118) |
$ |
(10,399) |
$ |
2,167 |
$ |
(20,517) |
$ |
(4,681) |
||||||||||
Net income (loss) per common share: |
||||||||||||||||||||
Basic and diluted |
$ |
(0.28) |
$ |
(0.32) |
$ |
0.07 |
$ |
(0.61) |
$ |
(0.15) |
||||||||||
Weighted average common shares outstanding: |
||||||||||||||||||||
Basic |
35,526 |
32,197 |
31,842 |
33,871 |
31,746 |
|||||||||||||||
Diluted |
35,526 |
32,197 |
32,027 |
33,871 |
31,746 |
MAXWELL TECHNOLOGIES, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
June 30, 2017 |
December 31, | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
19,181 |
$ |
25,359 |
||||
Trade and other accounts receivable, net |
30,331 |
20,441 |
||||||
Inventories, net |
30,174 |
32,248 |
||||||
Prepaid expenses and other current assets |
4,101 |
4,407 |
||||||
Total current assets |
83,787 |
82,455 |
||||||
Property and equipment, net |
27,217 |
26,120 |
||||||
Intangible assets, net |
11,469 |
— |
||||||
Goodwill |
35,592 |
22,799 |
||||||
Pension asset |
9,670 |
8,887 |
||||||
Other non-current assets |
868 |
613 |
||||||
Total assets |
$ |
168,603 |
$ |
140,874 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ |
26,467 |
$ |
19,181 |
||||
Accrued employee compensation |
7,564 |
6,152 |
||||||
Deferred revenue and customer deposits |
5,802 |
3,967 |
||||||
Short-term borrowings and current portion of long-term debt |
20 |
40 |
||||||
Total current liabilities |
39,853 |
29,340 |
||||||
Deferred tax liability, long-term |
8,805 |
8,580 |
||||||
Long-term debt, excluding current portion |
57 |
43 |
||||||
Employee severance benefit obligation |
3,354 |
— |
||||||
Other long-term liabilities |
2,846 |
2,089 |
||||||
Total liabilities |
54,915 |
40,052 |
||||||
Stockholders' equity: |
||||||||
Common stock, $0.10 par value per share, 80,000 shares authorized at June 30, 2017 and December 31, 2016; 36,934 and 32,135 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively |
3,691 |
3,210 |
||||||
Additional paid-in capital |
325,032 |
296,316 |
||||||
Accumulated deficit |
(224,621) |
(204,104) |
||||||
Accumulated other comprehensive income |
9,586 |
5,400 |
||||||
Total stockholders' equity |
113,688 |
100,822 |
||||||
Total liabilities and stockholders' equity |
$ |
168,603 |
$ |
140,874 |
MAXWELL TECHNOLOGIES, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||||||
June 30, 2017 |
March 31, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 | ||||||||||||||||
OPERATING ACTIVITIES: |
||||||||||||||||||||
Net income (loss) |
$ |
(10,118) |
$ |
(10,399) |
$ |
2,167 |
$ |
(20,517) |
$ |
(4,681) |
||||||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||||||||||||||
Depreciation |
2,259 |
2,148 |
2,379 |
4,407 |
4,966 |
|||||||||||||||
Amortization of intangible assets |
202 |
— |
— |
202 |
— |
|||||||||||||||
Loss on lease due to restructuring |
— |
— |
87 |
— |
87 |
|||||||||||||||
Pension and employee severance benefit obligation cost |
191 |
86 |
161 |
277 |
318 |
|||||||||||||||
Stock-based compensation expense |
2,254 |
1,538 |
1,459 |
3,792 |
2,662 |
|||||||||||||||
Gain on sale of property and equipment |
— |
— |
(47) |
— |
(131) |
|||||||||||||||
Gain on sale of product line |
— |
— |
(6,657) |
— |
(6,657) |
|||||||||||||||
Unrealized (gain) loss on foreign currency exchange rates |
(48) |
26 |
(18) |
(22) |
39 |
|||||||||||||||
Release of tax liability |
— |
— |
(1,518) |
— |
(1,518) |
|||||||||||||||
Provision for losses on accounts receivable |
2 |
— |
16 |
2 |
67 |
|||||||||||||||
Provision for losses on inventory |
811 |
17 |
149 |
828 |
139 |
|||||||||||||||
Provision for warranties |
20 |
189 |
168 |
209 |
307 |
|||||||||||||||
Changes in operating assets and liabilities: |
||||||||||||||||||||
Trade and other accounts receivable |
(3,319) |
(3,432) |
1,755 |
(6,751) |
14,831 |
|||||||||||||||
Inventories |
4,135 |
1,922 |
(3,810) |
6,057 |
(5,186) |
|||||||||||||||
Prepaid expenses and other assets |
(146) |
(453) |
(760) |
(599) |
(628) |
|||||||||||||||
Pension asset |
(150) |
(155) |
(158) |
(305) |
(297) |
|||||||||||||||
Accounts payable and accrued liabilities |
3,143 |
1,571 |
(156) |
4,714 |
(10,719) |
|||||||||||||||
Deferred revenue and customer deposits |
(1,275) |
2,626 |
(55) |
1,351 |
249 |
|||||||||||||||
Accrued employee compensation |
(545) |
785 |
(303) |
240 |
(495) |
|||||||||||||||
Deferred tax liability |
19 |
(209) |
(91) |
(190) |
(10) |
|||||||||||||||
Other long-term liabilities |
(112) |
(85) |
(162) |
(197) |
(331) |
|||||||||||||||
Net cash used in operating activities |
(2,677) |
(3,825) |
(5,394) |
(6,502) |
(6,988) |
|||||||||||||||
INVESTING ACTIVITIES: |
||||||||||||||||||||
Purchases of property and equipment |
(1,115) |
(945) |
(1,391) |
(2,060) |
(3,629) |
|||||||||||||||
Proceeds from sale of property and equipment |
— |
— |
49 |
— |
133 |
|||||||||||||||
Cash used in acquisition, net of cash acquired |
(97) |
— |
— |
(97) |
— |
|||||||||||||||
Proceeds from sale of product line |
1,500 |
— |
20,486 |
1,500 |
20,486 |
|||||||||||||||
Net cash provided by (used in) investing activities |
288 |
(945) |
19,144 |
(657) |
16,990 |
|||||||||||||||
FINANCING ACTIVITIES: |
||||||||||||||||||||
Principal payments on long-term debt and short-term borrowings |
(7) |
(10) |
(10) |
(17) |
(21) |
|||||||||||||||
Proceeds from issuance of common stock under equity compensation plans |
194 |
— |
267 |
194 |
613 |
|||||||||||||||
Net cash provided by (used in) financing activities |
187 |
(10) |
257 |
177 |
592 |
|||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
489 |
315 |
(221) |
804 |
399 |
|||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash |
(1,713) |
(4,465) |
13,786 |
(6,178) |
10,993 |
|||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period |
20,894 |
25,359 |
21,989 |
25,359 |
24,782 |
|||||||||||||||
Cash, cash equivalents and restricted cash, end of period |
$ |
19,181 |
$ |
20,894 |
$ |
35,775 |
$ |
19,181 |
$ |
35,775 |
MAXWELL TECHNOLOGIES, INC. | ||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||||||
June 30, 2017 |
March 31, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 | ||||||||||||||||
Gross Margin Reconciliation: |
||||||||||||||||||||
GAAP gross margin |
21.1 |
% |
23.2 |
% |
29.2 |
% |
22.0 |
% |
28.3 |
% | ||||||||||
Stock-based compensation expense |
0.7 |
% |
0.7 |
% |
0.8 |
% |
0.7 |
% |
0.7 |
% | ||||||||||
Amortization of intangible assets |
0.1 |
% |
— |
% |
— |
% |
0.1 |
% |
— |
% | ||||||||||
Accelerated depreciation |
— |
% |
— |
% |
— |
% |
— |
% |
0.2 |
% | ||||||||||
Acquisition related expense |
0.8 |
% |
— |
% |
— |
% |
0.4 |
% |
— |
% | ||||||||||
Non-GAAP gross margin |
22.7 |
% |
23.9 |
% |
30.0 |
% |
23.2 |
% |
29.2 |
% | ||||||||||
Gross Profit Reconciliation: |
||||||||||||||||||||
GAAP gross profit |
$ |
7,827 |
$ |
6,191 |
$ |
9,981 |
$ |
14,018 |
$ |
19,634 |
||||||||||
Stock-based compensation expense |
257 |
193 |
262 |
450 |
497 |
|||||||||||||||
Amortization of intangible assets |
60 |
— |
— |
60 |
— |
|||||||||||||||
Accelerated depreciation |
— |
— |
— |
— |
125 |
|||||||||||||||
Acquisition related expense |
291 |
— |
— |
291 |
— |
|||||||||||||||
Non-GAAP gross profit |
$ |
8,435 |
$ |
6,384 |
$ |
10,243 |
$ |
14,819 |
$ |
20,256 |
||||||||||
Total Operating Expenses Reconciliation: |
||||||||||||||||||||
GAAP total operating expenses |
$ |
16,500 |
$ |
15,223 |
$ |
13,793 |
$ |
31,723 |
$ |
29,686 |
||||||||||
Stock-based compensation expense |
(1,997) |
(1,345) |
(1,197) |
(3,342) |
(2,165) |
|||||||||||||||
Amortization of intangible assets |
(142) |
— |
— |
(142) |
— |
|||||||||||||||
Restructuring and related costs |
— |
(997) |
(279) |
(997) |
(853) |
|||||||||||||||
Release of tax liability(1) |
— |
— |
1,278 |
— |
1,278 |
|||||||||||||||
Acquisition related expense |
(1,512) |
(275) |
— |
(1,787) |
— |
|||||||||||||||
Shareholder proxy advisement fees |
(315) |
(59) |
— |
(374) |
(314) |
|||||||||||||||
Legal costs for SEC and FCPA matters |
(62) |
(121) |
(232) |
(183) |
(535) |
|||||||||||||||
Non-GAAP operating expenses |
$ |
12,472 |
$ |
12,426 |
$ |
13,363 |
$ |
24,898 |
$ |
27,097 |
||||||||||
Loss from Operations Reconciliation: |
||||||||||||||||||||
GAAP loss from operations |
$ |
(8,673) |
$ |
(9,032) |
$ |
(3,812) |
$ |
(17,705) |
$ |
(10,052) |
||||||||||
Stock-based compensation expense |
2,254 |
1,538 |
1,459 |
3,792 |
2,662 |
|||||||||||||||
Amortization of intangible assets |
202 |
— |
— |
202 |
— |
|||||||||||||||
Restructuring and related costs |
— |
997 |
279 |
997 |
853 |
|||||||||||||||
Accelerated depreciation |
— |
— |
— |
— |
125 |
|||||||||||||||
Release of tax liability(1) |
— |
— |
(1,278) |
— |
(1,278) |
|||||||||||||||
Acquisition related expense |
1,803 |
275 |
— |
2,078 |
— |
|||||||||||||||
Shareholder proxy advisement fees |
315 |
59 |
— |
374 |
314 |
|||||||||||||||
Legal costs for SEC and FCPA matters |
62 |
121 |
232 |
183 |
535 |
|||||||||||||||
Non-GAAP loss from operations |
$ |
(4,037) |
$ |
(6,042) |
$ |
(3,120) |
$ |
(10,079) |
$ |
(6,841) |
||||||||||
Adjusted EBITDA Reconciliation: |
||||||||||||||||||||
GAAP net income (loss) |
$ |
(10,118) |
$ |
(10,399) |
$ |
2,167 |
$ |
(20,517) |
$ |
(4,681) |
||||||||||
Interest expense, net |
97 |
63 |
61 |
160 |
131 |
|||||||||||||||
Income tax provision |
1,382 |
1,208 |
600 |
2,590 |
1,083 |
|||||||||||||||
Depreciation |
2,259 |
2,148 |
2,379 |
4,407 |
4,966 |
|||||||||||||||
Amortization of intangible assets |
202 |
— |
— |
202 |
— |
|||||||||||||||
EBITDA |
(6,178) |
(6,980) |
5,207 |
(13,158) |
1,499 |
|||||||||||||||
Foreign currency exchange loss, net |
18 |
97 |
64 |
115 |
203 |
|||||||||||||||
Other income |
(52) |
(1) |
(47) |
(53) |
(131) |
|||||||||||||||
Stock-based compensation expense |
2,254 |
1,538 |
1,459 |
3,792 |
2,662 |
|||||||||||||||
Gain on sale of product line |
— |
— |
(6,657) |
— |
(6,657) |
|||||||||||||||
Restructuring and related costs |
— |
997 |
279 |
997 |
853 |
|||||||||||||||
Acquisition related expense |
1,803 |
275 |
— |
2,078 |
— |
|||||||||||||||
Release of tax liability(1) |
— |
— |
(1,278) |
— |
(1,278) |
|||||||||||||||
Shareholder proxy advisement fees |
315 |
59 |
— |
374 |
314 |
|||||||||||||||
Legal costs for SEC and FCPA matters |
62 |
121 |
232 |
183 |
535 |
|||||||||||||||
Adjusted EBITDA |
$ |
(1,778) |
$ |
(3,894) |
$ |
(741) |
$ |
(5,672) |
$ |
(2,000) |
Three Months Ended |
Six Months Ended | |||||||||||||||||||
June 30, 2017 |
March 31, 2017 |
June 30, 2016 |
June 30, 2017 |
June 30, 2016 | ||||||||||||||||
Net Income (Loss) Reconciliation: |
||||||||||||||||||||
GAAP net income (loss) |
$ |
(10,118) |
$ |
(10,399) |
$ |
2,167 |
$ |
(20,517) |
$ |
(4,681) |
||||||||||
Stock-based compensation expense |
2,254 |
1,538 |
1,459 |
3,792 |
2,662 |
|||||||||||||||
Amortization of intangible assets |
202 |
— |
— |
202 |
— |
|||||||||||||||
Gain on sale of product line |
— |
— |
(6,657) |
— |
(6,657) |
|||||||||||||||
Restructuring and related costs |
— |
997 |
279 |
997 |
853 |
|||||||||||||||
Accelerated depreciation |
— |
— |
— |
— |
125 |
|||||||||||||||
Release of tax liability(1) |
— |
— |
(1,518) |
— |
(1,518) |
|||||||||||||||
Acquisition related expense |
1,803 |
275 |
— |
2,078 |
— |
|||||||||||||||
Shareholder proxy advisement fees |
315 |
59 |
— |
374 |
314 |
|||||||||||||||
Legal costs for SEC and FCPA matters |
62 |
121 |
232 |
183 |
535 |
|||||||||||||||
Non-GAAP net loss |
$ |
(5,482) |
$ |
(7,409) |
$ |
(4,038) |
$ |
(12,891) |
$ |
(8,367) |
||||||||||
Net Income (Loss) per Diluted Share Reconciliation: |
||||||||||||||||||||
GAAP net income (loss) per diluted share |
$ |
(0.28) |
$ |
(0.32) |
$ |
0.07 |
$ |
(0.61) |
$ |
(0.15) |
||||||||||
Stock-based compensation expense |
0.06 |
0.05 |
0.04 |
0.11 |
0.09 |
|||||||||||||||
Amortization of intangible assets |
0.01 |
— |
— |
0.01 |
— |
|||||||||||||||
Gain on sale of product line |
— |
— |
(0.21) |
— |
(0.21) |
|||||||||||||||
Restructuring and related costs |
— |
0.03 |
0.01 |
0.03 |
0.03 |
|||||||||||||||
Accelerated depreciation |
— |
— |
— |
— |
* |
|||||||||||||||
Release of tax liability(1) |
— |
— |
(0.05) |
— |
(0.05) |
|||||||||||||||
Acquisition related expense |
0.05 |
0.01 |
— |
0.06 |
— |
|||||||||||||||
Shareholder proxy advisement fees |
0.01 |
* |
— |
0.01 |
0.01 |
|||||||||||||||
Legal costs for SEC and FCPA matters |
— |
* |
0.01 |
0.01 |
0.02 |
|||||||||||||||
Non-GAAP net loss per diluted share |
$ |
(0.15) |
$ |
(0.23) |
$ |
(0.13) |
$ |
(0.38) |
$ |
(0.26) |
||||||||||
Weighted Average Diluted Common Shares Outstanding used for: |
||||||||||||||||||||
GAAP net income (loss) |
35,526 |
32,197 |
32,027 |
33,871 |
31,746 | |||||||||||||||
Non-GAAP net loss |
35,526 |
32,197 |
31,842 |
33,871 |
31,746 |
* |
Net income (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-second-quarter-2017-results-300500591.html
SOURCE Maxwell Technologies, Inc.
Copyright 2017 PR Newswire
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