Fourth quarter total revenue of $17.6 million
increases 13% year-over-year
2014 total revenue of $64.8 million increases
23% year-over-year
Amber Road, Inc. (NYSE: AMBR), a leading provider of global
trade management (GTM) solutions, today announced its financial
results for the fourth quarter and full year ended
December 31, 2014.
Jim Preuninger, Chief Executive Officer of Amber Road, stated,
“I am pleased with our fourth quarter and full year performance. As
multinational companies of all sizes need to effectively manage the
challenges of global trade in order to remain competitive, they are
increasingly turning to Amber Road’s proven end-to-end
solutions. We enter 2015 with a healthy pipeline across our
business, an increased presence in China and are taking steps to
reach the mid-market in Europe. All of this positions us well to
capture the large market opportunity in front of us and to grow our
business approximately 20% in 2015 when excluding the non-renewal
we discussed last quarter.”
Fourth Quarter 2014 Financial Highlights
Revenue
- Total revenue was $17.6 million, an
increase of 13% from the comparable period in 2013.
- Subscription revenue was $12.5 million,
an increase of 8% from the comparable period in 2013.
- Professional Services revenue was $5.1
million, an increase of 27% from the comparable period in
2013.
Operating Income (Loss)
- GAAP operating loss was $(1.1) million,
compared to $(0.3) million in the comparable period in 2013.
- Non-GAAP adjusted operating income,
which excludes stock-based compensation, puttable stock
compensation and changes in the fair value of contingent
consideration liability was $0.1 million, compared to $0.8 million
in the comparable period in 2013, which excludes stock-based
compensation, restricted stock expense, puttable stock
compensation, change in fair value of contingent consideration
liability and warrant expense.
Net Income (Loss) attributable to common stockholders
- GAAP net loss attributable to common
stockholders was $(1.3) million, compared to $(1.7) million for the
comparable period in 2013.
- GAAP basic and diluted net loss per
common share was $(0.05), compared to $(0.47) for the comparable
period in 2013, based on 25.6 million and 3.7 million basic and
diluted weighted average common shares outstanding,
respectively.
- Non-GAAP adjusted net (loss) income was
$(0.1) million, compared to $0.5 million in the comparable period
in 2013.
- Non-GAAP adjusted net income per common
share was $0.00, compared to $0.15 for the comparable period in
2013, based on 25.6 million and 3.7 million basic and diluted
weighted average common shares outstanding, respectively.
Adjusted EBITDA
- Adjusted EBITDA was $1.4 million for
the three months ended December 31, 2014 and $2.0 million in
the comparable period in 2013.
Full Year 2014 Financial Highlights
Revenue
- Total revenue was $64.8 million, an
increase of 23% from $52.5 million in 2013.
- Subscription revenue was $45.1 million,
an increase of 16% from $38.9 million in 2013.
- Professional Services revenue was $19.7
million, an increase of 44% from $13.7 million in 2013.
Operating Loss
- GAAP operating loss was $(26.9)
million, compared to $(13.7) million in 2013.
- Non-GAAP adjusted operating loss which
excludes stock-based compensation, restricted stock compensation,
compensation expense related to loan forgiveness, puttable stock
compensation, changes in the fair value of contingent consideration
liability, warrant expense and severance costs was $(2.1) million,
compared to $(2.1) million in 2013, which excludes stock-based
compensation, restricted stock expense, puttable stock
compensation, change in fair value of contingent consideration
liability and warrant expense.
Net Loss attributable to common stockholders
- GAAP net loss attributable to common
stockholders was $(30.1) million, compared to $(19.2) million in
2013.
- GAAP basic and diluted net loss per
common share was $(1.46), compared to $(5.11) in 2013, based on
20.6 million and 3.8 million basic and diluted weighted average
common shares outstanding, respectively.
- Non-GAAP adjusted net loss was $(3.0)
million, compared to $(2.8) million in 2013.
- Non-GAAP adjusted net loss per common
share was $(0.12), compared to $(0.75) in 2013, based on 25.3
million and 3.8 million basic and diluted weighted average common
shares outstanding, respectively.
Adjusted EBITDA
- Adjusted EBITDA was $2.8 million for
2014 compared to $1.7 million in 2013.
Balance Sheet and Cash Flow
- Cash and cash equivalents at
December 31, 2014 totaled $41.2 million, compared with $5.1
million at 2013.
- Cash provided by (used in) operating
activities was $(8.3) million for 2014, compared to $1.0 million in
2013.
A reconciliation of GAAP operating and net loss to Non-GAAP
adjusted operating income (loss) and net loss and of GAAP net loss
to Adjusted EBITDA has been provided in the financial statement
tables included in this press release. An explanation of these
measures is also included below under the heading “Non-GAAP
Financial Measures.”
Fourth Quarter 2014 and Recent Business Highlights
- Positioned as a leader within the
space in a recent IDC MarketScape report on Worldwide Global Trade
Management vendors. The report identified Amber Road’s in-house
Global Knowledge database as a key differentiator, called the
Company’s unique ability to deploy its solution globally without
making any code changes, and highlighted that Amber Road is the
only vendor to support unique trade processing requirements in
China1.
- Announced that OpenText™ (NASDAQ:OTEX,
TSX:OTC), a global leader in Enterprise Information Management
(EIM) and Canada’s largest software company, is using Amber Road’s
Export On-Demand solution. Prior to integrating Export On-Demand,
Waterloo, Ontario, Canada-based OpenText relied on a cumbersome,
manual export screening process. Now integrated with a variety of
software systems across more than 250,000 partners, 360,000
transactions and 100 users, the solution has enabled OpenText to
automate restricted party screening of new opportunities,
professional services engagements and customer support maintenance
renewals, as well as manage restricted products, export licenses
and their associated values.
Business Outlook
Based on information available as of February 11, 2015,
Amber Road is issuing guidance for the first quarter and full year
2015 as indicated below:
First Quarter 2015:
- Total revenue is expected to be in the
range of $13.9 million to $14.2 million.
- Non-GAAP adjusted operating loss is
expected to be in the range of ($4.5) million to ($4.8)
million.
- Non-GAAP adjusted net loss per common
share is expected to be in the range of ($0.19) to ($0.20). This
assumes 25.6 million basic shares outstanding.
Full Year 2015:
- Total revenue is expected to be in the
range of $68.4 million to $70.0 million.
- Non-GAAP adjusted operating loss is
expected to be in the range of ($10.7) million to ($12.2)
million.
- Non-GAAP adjusted net loss per common
share is expected to be in the range of ($0.45) to ($0.51). This
assumes 26.2 million basic shares outstanding.
Expectations of non-GAAP adjusted loss from operations and
non-GAAP adjusted loss per common share for the first quarter of
2015 exclude stock-based compensation, puttable stock compensation
and changes in the fair value of contingent consideration
liability. Expectations of non-GAAP adjusted loss from operations
and non-GAAP adjusted loss per common share for the full year 2015
exclude stock-based compensation, puttable stock compensation and
changes in the fair value of contingent consideration
liability.
1 IDC MarketScape: Worldwide Global Trade Management 2014 Vendor
Assessment, #MI251598 September 2014
Conference Call Information
Amber Road will host a conference call on Wednesday,
February 11, 2015 at 5:00 p.m. Eastern Time (ET) to discuss
the company’s fourth quarter and full year financial results and
its business outlook. To access this call, dial 888-455-2263
(domestic) or 719-457-2645 (international). The conference ID is
3902836.
Additionally, a live webcast of the conference call will be
available in the “Investor Relations” section of the Company’s web
site at www.AmberRoad.com.
Following the conference call, a replay will be available at
877-870-5176 (domestic) or 858-384-5517 (international) from
February 11, 2015, 8:00pm EST to February 18, 2015, 11:59pm EST.
The replay pass code is 3902836. An archived webcast of this
conference call will also be available in the “Investor Relations”
section of the Company’s web site at www.AmberRoad.com.
About Amber Road
Amber Road’s (NYSE: AMBR) mission is to dramatically change the
way companies conduct global trade. As a leading provider of cloud
based global trade management (GTM) solutions, we automate import
and export processes to enable goods to flow across international
borders in the most efficient, compliant and profitable way. Our
solution combines enterprise-class software, trade content sourced
from government agencies and transportation providers in 145
countries, and a global supply chain network connecting our
customers with their trading partners, including suppliers, freight
forwarders, customs brokers and transportation carriers. We deliver
our GTM solution using a Software-as-a-Service (SaaS) model and
leverage a highly flexible technology framework to quickly and
efficiently meet our customers’ unique requirements around the
world. For more information, please visit www.AmberRoad.com, email
Solutions@AmberRoad.com or call 201-935-8588.
Non-GAAP Financial Measures
To provide investors with additional information regarding our
financial results, Amber Road has provided within this press
release non-GAAP adjusted operating and net loss and adjusted
EBITDA, financial measures that are not calculated in accordance
with generally accepted accounting principles, or GAAP. Provided
below is a reconciliation of GAAP operating and net loss to
non-GAAP adjusted operating and net loss, and net loss to adjusted
EBITDA. EBITDA consists of net loss plus depreciation and
amortization, interest expense (income) and income tax expense.
Adjusted EBITDA consists of EBITDA plus stock-based compensation,
restricted stock expense, compensation expense related to loan
forgiveness, puttable stock compensation, changes in the fair value
of contingent consideration liability, warrant expense and
severance costs. Amber Road has included these non-GAAP measures in
this press release because it assists in comparing performance on a
consistent basis across reporting periods, as it removes from
operating results the impact of the company’s capital structure.
Amber Road believes these non-GAAP measures are useful to an
investor in evaluating its operating performance because they are
often used by the financial community to measure a company’s
operating performance without regard to items such as depreciation
and amortization, which can vary depending upon accounting methods
and the book value of assets, and to present a meaningful measure
of performance exclusive of its capital structure and the method by
which assets were acquired.
Amber Road’s use of these non-GAAP measures has limitations as
an analytical tool, and you should not consider it in isolation or
as a substitute for analysis of its results as reported under GAAP.
Some of these limitations are:
- although depreciation and amortization
are non-cash charges, the assets being depreciated and amortized
may have to be replaced in the future, and these non-GAAP measures
do not reflect cash capital expenditure requirements for such
replacements or for new capital expenditure requirements;
- these non-GAAP measures do not reflect
changes in, or cash requirements for, working capital needs;
- these non-GAAP measures do not reflect
the potentially dilutive impact of equity-based compensation;
- these non-GAAP measures do not reflect
interest or tax payments that may represent a reduction in cash
available; and
- other companies, including companies in
Amber Road’s industry, may calculate adjusted EBITDA differently,
which reduces its usefulness as a comparative measure.
Because of these and other limitations, you should consider
these non-GAAP measures together with other GAAP-based financial
performance measures, including various cash flow metrics, net loss
and other GAAP results. A reconciliation of GAAP operating and net
loss to non-GAAP adjusted operating and net loss, and adjusted
EBITDA has been provided in the financial statement tables included
in this press release.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains forward-looking statements. These
statements identify substantial risks and uncertainties and relate
to future events or our future financial performance. In some
cases, you can identify forward-looking statements by terminology
such as “may,” “will,” “could,” “should,” “expect,” “intend,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” or “continue,” and similar expressions, whether in the
negative or affirmative. These statements are only predictions and
may be inaccurate. Actual events or results may differ materially.
In evaluating these statements, you should specifically consider
various factors, including the risks outlined in our filings with
the Securities and Exchange Commission (SEC), including, without
limitation, our periodic and current SEC reports. These factors may
cause our actual results to differ materially from any
forward-looking statement. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, our future results, levels of activity, performance or
achievements may differ from our expectations. Other than as
required by law, we do not undertake to update any of the
forward-looking statements after the date of this press release,
even though our situation may change in the future.
AMBER ROAD, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(Unaudited)
December 31, 2014 2013
Assets Current assets: Cash and cash equivalents $
41,242,200 $ 5,147,735 Accounts receivable, net 15,645,386
11,017,671 Unbilled receivables 254,243 144,067 Deferred
commissions 3,322,553 2,983,400 Prepaid expenses and other current
assets 1,445,964 869,108 Deferred offering costs — 2,786,376
Total current assets 61,910,346 22,948,357 Property and
equipment, net 12,918,540 13,102,380 Goodwill 24,476,157 24,476,157
Other intangibles, net 1,011,526 1,201,034 Deferred commissions
6,906,165 7,066,512 Deposits and other assets 1,007,923
1,302,681 Total assets $ 108,230,657 $ 70,097,121
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities: Current installments of obligations under
capital leases $ 1,321,610 $ 1,022,176 Accounts payable 1,733,209
2,568,161 Accrued expenses 8,043,759 9,081,554 Deferred revenue
26,168,358 26,115,001 Total current liabilities
37,266,936 38,786,892 Capital lease obligations, less current
portion 2,141,584 2,068,308 Deferred revenue, less current portion
1,753,886 4,641,631 Revolving credit facility — 6,978,525 Other
noncurrent liabilities 2,109,544 3,981,889 Total
liabilities 43,271,950 56,457,245 Commitments and
contingencies Total redeemable
convertible preferred stock and puttable common stock —
76,921,359 Stockholders’ equity (deficit): Common stock,
$0.001 par value at December 31, 2014, no par value at December 31,
2013. Authorized, 100,000,000 and 38,100,100 shares at December 31,
2014 and 2013, respectively; issued and outstanding 25,765,792 and
5,005,911 shares at December 31, 2014 and 2013, respectively 25,766
15,221,195 Additional paid-in-capital 173,665,585 — Accumulated
other comprehensive loss (607,492 ) (485,917 ) Accumulated deficit
(108,125,152 ) (78,016,761 ) Total stockholders’ equity (deficit)
64,958,707 (63,281,483 ) Total liabilities and stockholders’
equity (deficit) $ 108,230,657 $ 70,097,121
AMBER ROAD, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Operations
(Unaudited)
Three Months Ended Year Ended December
31, December 31, 2014 2013
2014 2013 Revenue: Subscription $ 12,559,820 $
11,624,561 $ 45,142,117 $ 38,866,989 Professional services
5,052,873 3,982,238 19,691,349 13,660,000
Total revenue 17,612,693 15,606,799 64,833,466
52,526,989 Cost of revenue (1): Cost of subscription
revenue 3,810,791 3,243,555 14,586,245 12,747,971 Cost of
professional services revenue 3,434,100 2,749,440
12,901,935 9,498,225 Total cost of revenue 7,244,891
5,992,995 27,488,180 22,246,196 Gross
profit 10,367,802 9,613,804 37,345,286
30,280,793 Operating expenses (1): Sales and marketing
5,352,964 4,378,073 20,033,251 16,246,583 Research and development
2,684,988 2,109,933 9,745,137 7,935,614 General and administrative
3,460,834 2,784,327 15,761,895 10,468,776 Restricted stock expense
— 621,840 18,683,277 9,327,594 Total
operating expenses 11,498,786 9,894,173 64,223,560
43,978,567 Loss from operations (1,130,984 ) (280,369
) (26,878,274 ) (13,697,774 ) Interest income 90 193 2,009 18,432
Interest expense (57,634 ) (93,407 ) (275,074 ) (168,810 ) Loss
before income taxes (1,188,528 ) (373,583 ) (27,151,339 )
(13,848,152 ) Income tax expense 152,169 137,678
552,619 549,718 Net loss (1,340,697 ) (511,261 )
(27,703,958 ) (14,397,870 ) Accretion of redeemable convertible
preferred stock and puttable common stock — (1,211,315 )
(2,416,505 ) (4,849,607 ) Net loss attributable to common
stockholders $ (1,340,697 ) $ (1,722,576 ) $ (30,120,463 ) $
(19,247,477 ) Net loss per common share: Basic and diluted $
(0.05 ) $ (0.47 ) $ (1.46 ) $ (5.11 ) Weighted-average common
shares outstanding: Basic and diluted 25,553,069 3,675,212
20,623,760 3,763,562
(1) Includes stock-based
compensation as follows:
Three Months Ended Year
Ended December 31, December 31, 2014
2013 2014 2013 Cost of subscription revenue $
140,543 $ 23,127 $ 289,611 $ 80,204 Cost of professional services
revenue 94,852 11,956 189,598 40,037 Sales and marketing 179,337
23,351 346,545 76,912 Research and development 240,525 31,883
486,031 62,387 General and administrative 762,854 95,340 1,434,988
262,044 $ 1,418,111 $ 185,657 $ 2,746,773 $ 521,584
AMBER ROAD, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Cash Flows
(Unaudited)
Year Ended December 31, 2014
2013 Cash flows from operating activities: Net loss $
(27,703,958 ) $ (14,397,870 ) Adjustments to reconcile net loss to
net cash used in operating activities: Depreciation and
amortization 4,896,713 3,791,973 Bad debt expense 47,006 46,500
Stock-based compensation 2,746,773 521,584 Loss on asset impairment
11,964 30,261 Restricted stock non-cash compensation 18,683,277
9,327,594 Compensation related to puttable common stock 54,764
18,255 Increase in fair value of contingent consideration liability
(43,855 ) 106,244 Non-cash interest expense related to debt —
23,227 Change in fair value of warrant liability 1,244,635
1,600,176 Amortization of debt financing costs 43,858 — Changes in
operating assets and liabilities: Accounts receivable (4,684,880 )
(1,004,874 ) Unbilled receivables (113,471 ) 96,170 Prepaid
expenses and other current assets (801,221 ) (3,274,161 ) Accounts
payable (182,112 ) 431,342 Accrued expenses 432,225 3,232,110 Other
liabilities (102,032 ) (64,266 ) Deferred revenue (2,833,077 )
504,824 Net cash (used in) provided by operating activities
(8,303,391 ) 989,089 Cash flows from investing activities:
Capital expenditures (723,475 ) (327,024 ) Addition of capitalized
software development costs (1,970,963 ) (2,409,325 ) Acquisition,
net of cash acquired of $85,310 — (1,914,768 ) Cash received (paid)
for deposits 226,690 (534,919 ) Decrease in restricted cash 56,409
— Net cash used in investing activities (2,411,339 )
(5,186,036 ) Cash flows from financing activities: Proceeds from
revolving line of credit — 7,478,525 Payments on revolving line of
credit (6,978,525 ) (500,000 ) Debt financing costs — (51,764 )
Repayments on capital lease obligations (1,246,226 ) (1,022,176 )
Proceeds from the exercise of stock options 1,568,137 29,750
Proceeds from the exercise of common stock warrant 40,452 — Payment
of offering costs (4,266,455 ) (478,939 ) Proceeds from initial
public offering, net of underwriting discounts and commissions
57,824,899 — Net cash provided by financing
activities 46,942,282 5,455,396 Effect of exchange
rate on cash and cash equivalents (133,087 ) (390,535 ) Net
increase in cash and cash equivalents 36,094,465 867,914 Cash and
cash equivalents at beginning of period 5,147,735 4,279,821
Cash and cash equivalents at end of period $ 41,242,200
$ 5,147,735
Reconciliation of Net Loss to Adjusted
EBITDA
(unaudited)
Three Months Ended Year Ended December
31, December 31, 2014 2013
2014 2013 Net loss $ (1,340,697 ) $ (511,261 )
$ (27,703,958 ) $ (14,397,870 ) Depreciation and amortization
expense 1,279,933 1,252,992 4,896,713 3,791,973 Interest expense
57,634 93,407 275,074 168,810 Interest income (90 ) (193 ) (2,009 )
(18,432 ) Income tax expense 152,169 137,678 552,619
549,718 EBITDA 148,949 972,623 (21,981,561 )
(9,905,801 ) Stock-based compensation 1,418,111 185,657 2,746,773
521,584 Restricted stock expense — 621,840 18,683,277 9,327,594
Compensation expense related to loan forgiveness — — 927,093 —
Puttable stock compensation 13,691 13,691 54,764 18,255 Change in
fair value of contingent consideration liability (166,681 ) 103,862
(43,855 ) 106,244 Warrant expense — 124,217 1,244,635 1,600,176
Severance costs — — 1,121,285 —
Adjusted EBITDA $ 1,414,070 $ 2,021,890 $ 2,752,411
$ 1,668,052
Reconciliation of Net Loss to Non-GAAP
Adjusted Net Income (Loss)
(unaudited)
Three Months Ended Year Ended December
31, December 31, 2014 2013
2014 2013 Net loss $ (1,340,697 ) $ (511,261 )
$ (27,703,958 ) $ (14,397,870 ) Stock-based compensation 1,418,111
185,657 2,746,773 521,584 Restricted stock expense — 621,840
18,683,277 9,327,594 Compensation expense related to loan
forgiveness — — 927,093 — Puttable stock compensation 13,691 13,691
54,764 18,255 Change in fair value of contingent consideration
liability (166,681 ) 103,862 (43,855 ) 106,244 Warrant expense —
124,217 1,244,635 1,600,176 Severance costs — —
1,121,285 — Non-GAAP adjusted net income (loss) $
(75,576 ) $ 538,006 $ (2,969,986 ) $ (2,824,017 )
Adjusted non-GAAP net income (loss) per common share: Basic and
diluted $ 0.00 $ 0.15 $ (0.12 ) $ (0.75 )
Weighted-average common shares outstanding: GAAP weighted average
number of common shares outstanding - basic and diluted 25,553,069
3,675,212 20,623,760 3,763,562 Additional weighted average shares
giving effect to initial public offering and conversion of
preferred stock at the beginning of the period — —
4,637,210 — Non-GAAP weighted average number of
common shares outstanding - basic and diluted 25,553,069
3,675,212 25,260,970 3,763,562
Reconciliation of Loss from Operations
to
Non-GAAP Adjusted Income (Loss) from
Operations
(unaudited)
Three Months Ended Year Ended December
31, December 31, 2014 2013
2014 2013 Loss from operations $ (1,130,984 )
$ (280,369 ) $ (26,878,274 ) $ (13,697,774 ) Stock-based
compensation 1,418,111 185,657 2,746,773 521,584 Restricted stock
expense — 621,840 18,683,277 9,327,594 Compensation expense related
to loan forgiveness — — 927,093 — Puttable stock compensation
13,691 13,691 54,764 18,255 Change in fair value of contingent
consideration liability (166,681 ) 103,862 (43,855 ) 106,244
Warrant expense — 124,217 1,244,635 1,600,176 Severance costs —
— 1,121,285 — Non-GAAP adjusted income
(loss) from operations $ 134,137 $ 768,898 $
(2,144,302 ) $ (2,123,921 )
Investor Relations Contact:ICRStaci Mortenson,
201-806-3663InvestorRelations@AmberRoad.comorAmber Road
Contacts:Annika Helmrich, 201-806-3656 (US &
Canada)AnnikaHelmrich@AmberRoad.comorMartijn van Gils, +31 (0)
207997790 (Europe & Asia)MartijnvanGils@AmberRoad.com
Grafico Azioni AMBER ROAD, INC. (NYSE:AMBR)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni AMBER ROAD, INC. (NYSE:AMBR)
Storico
Da Set 2023 a Set 2024