Amber Road, Inc. (NYSE: AMBR), a leading provider of global
trade management (GTM) solutions, today announced its financial
results for the first quarter ended March 31, 2015.
Jim Preuninger, Chief Executive Officer of Amber Road, stated,
“During the first quarter, we experienced strength in the US
mid-market and Asia, completed our first acquisition as a public
company, and added a new set of solutions to our portfolio.
However, slightly lower than expected first quarter bookings
coupled with the lengthening of phased implementation timelines by
some of our clients has tempered our outlook for 2015, and we have
adjusted our full year guidance accordingly. We continue to have
multiple avenues to drive top-line growth and remain confident in
our ability to execute on our expanded market opportunity over
time.”
First Quarter 2015 Financial Highlights
Revenue
- GAAP total revenue was $15.2 million,
an increase of 1% from the comparable period in 2014.
- Non-GAAP total revenue(1) was $15.5
million, which includes an adjustment of $0.3 million related to
the purchase accounting deferred revenue adjustment associated with
our acquisition of ecVision.
- Subscription revenue was $10.3 million,
in line with the comparable period in 2014.
- Professional Services revenue was $4.9
million, an increase of 8% from the comparable period in 2014.
Operating Loss
- GAAP operating loss was $(6.7) million,
compared to $(21.7) million in the comparable period in 2014.
- Non-GAAP adjusted operating loss(2) was
$(4.2) million, compared to $(0.6) million in the comparable period
in 2014.
Net Loss attributable to common stockholders
- GAAP net loss attributable to common
stockholders was $(7.0) million, compared to $(24.4) million for
the comparable period in 2014.
- GAAP basic and diluted net loss per
common share was $(0.27), compared to $(3.95) for the comparable
period in 2014, based on 26.0 million and 6.2 million basic and
diluted weighted average common shares outstanding,
respectively.
- Non-GAAP adjusted net loss(2) was
$(4.4) million, compared to $(0.8) million in the comparable period
in 2014.
- Non-GAAP adjusted net loss per common
share(3) was $(0.17), compared to $(0.03) for the comparable period
in 2014, based on 26.0 million and 25.0 million basic and diluted
weighted average common shares outstanding, respectively.
Adjusted EBITDA
- Adjusted EBITDA was $(2.6) million for
the three months ended March 31, 2015 and $0.5 million in the
comparable period in 2014.
Balance Sheet and Cash Flow
- Cash and cash equivalents at
March 31, 2015 totaled $32.1 million, compared with $41.2
million at December 31, 2014.
- Cash used in operating activities was
$(3.0) million for the first three months of 2015, compared to
$(0.2) million for the first three months of 2014.
A reconciliation of GAAP operating and net loss to Non-GAAP
adjusted operating loss and net loss, of GAAP net loss to Adjusted
EBITDA and of GAAP total revenue to Non-GAAP total revenue 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.”
First Quarter 2015 and Recent Business Highlights
- Acquired ecVision, a cloud-based
provider of global sourcing and collaborative supply chain
solutions for brand-focused companies. ecVision helps many of the
largest brand companies in the world to effectively manage their
relationships with product suppliers, raw material vendors, product
testing and social compliance audit firms, and global logistics
companies. Driven by the need to get the right products to market
faster and respond to ever shortening ‘seasonal’ cycles, retail
brand companies must collaborate with their suppliers and tier-n
material vendors to speed innovation and manage product compliance
with fine-tuned control over costs.
- Announced that OHL, a leading global
third party logistics provider (3PL), renewed its license of Amber
Road's International Transportation Management solution (ITM). The
enterprise solution enables OHL to effectively manage its
international portfolio of service contracts, service agreements,
rate sheets and variable carrier accessorials.
Business Outlook
Based on information available as of May 7, 2015, Amber
Road is issuing guidance for the second quarter and full year 2015
as indicated below:
Second Quarter 2015:
- Total non-GAAP revenue(1) is expected
to be in the range of $17.4 million to $17.7 million.
- Non-GAAP adjusted operating loss(2) is
expected to be in the range of ($4.8) million to ($5.1)
million.
- Non-GAAP adjusted net loss per common
share(2) is expected to be in the range of ($0.21) to ($0.22). This
assumes 26.2 million basic shares outstanding.
Full Year 2015:
- Total non-GAAP revenue(1) is expected
to be in the range of $72.5 million to $74.5 million.
- Non-GAAP adjusted operating loss(2) is
expected to be in the range of ($13.8) million to ($14.8)
million.
- Non-GAAP adjusted net loss per common
share(2) is expected to be in the range of ($0.58) to ($0.62). This
assumes 26.3 million basic shares outstanding.
Endnotes:
(1) For 2015, non-GAAP total revenue includes the purchase
accounting deferred revenue adjustment.
(2) For 2015, non-GAAP adjusted operating and net loss excludes
stock-based compensation, puttable stock compensation, changes in
the fair value of contingent consideration liability, acquisition
compensation costs, purchase accounting adjustment to deferred
revenue and acquisition related costs. For 2014, non-GAAP adjusted
operating loss excludes stock-based compensation, restricted stock
expense, compensation related to loan forgiveness, puttable stock
compensation, change in fair value of contingent consideration
liability and warrant expense.
(3) For 2014, non-GAAP adjusted net loss per common share
includes additional weighted average shares giving effect to our
initial public offering and conversion of preferred stock at the
beginning of the period.
Conference Call Information
Amber Road will host a conference call on Thursday, May 7,
2015 at 5:00 p.m. Eastern Time (ET) to discuss the company’s first
quarter and full year financial results and its business outlook.
To access this call, dial 888-523-1228 (domestic) or 719-325-2435
(international). The conference ID is 2052279.
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 May 7,
2015, 8:00pm EST to May 14, 2015, 11:59pm EST. The replay pass code
is 2052279. 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, adjusted EBITDA
and non-GAAP total revenue, 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,
net loss to adjusted EBITDA and GAAP total revenue to Non-GAAP
total revenue. 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, purchase
accounting adjustment to deferred revenue and acquisition related
costs. Non-GAAP total revenue is defined as GAAP total revenue
before purchase accounting adjustments as a result of an
acquisition. 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, and GAAP total revenue to Non-GAAP total revenue, 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)
March 31, December 31, 2015
2014 Assets Current assets: Cash and cash equivalents
$ 32,097,294 $ 41,242,200 Accounts receivable, net
15,196,640 15,645,386 Unbilled receivables 614,643 254,243 Deferred
commissions 3,439,675 3,322,553 Prepaid expenses and other current
assets 2,310,669 1,445,964 Total current assets
53,658,921 61,910,346 Property and equipment, net 13,188,911
12,918,540 Goodwill 40,207,326 24,476,157 Other intangibles, net
12,066,171 1,011,526 Deferred commissions 6,718,854 6,906,165
Deposits and other assets 1,119,922 1,007,923 Total
assets $ 126,960,105 $ 108,230,657
Liabilities and Stockholders’ Equity Current liabilities:
Current installments of obligations under capital leases $
1,395,511 $ 1,321,610 Accounts payable 1,388,702 1,733,209 Accrued
expenses 6,655,795 8,043,759 Deferred revenue 28,602,180 26,168,358
Current portion of term loan, net of discount 491,667 —
Total current liabilities 38,533,855 37,266,936 Capital
lease obligations, less current portion 2,316,929 2,141,584
Deferred revenue, less current portion 1,502,803 1,753,886 Term
loan, net of discount, less current portion 19,484,027 — Other
noncurrent liabilities 4,448,455 2,109,544 Total
liabilities 66,286,069 43,271,950 Commitments and
contingencies Stockholders’ equity:
Common stock, $0.001 par value;
100,000,000 shares authorized; issued and
outstanding 26,048,345 and 25,765,792
shares at March 31, 2015 and December 31,
2014, respectively
26,048 25,766 Additional paid-in-capital 176,382,475 173,665,585
Accumulated other comprehensive loss (659,159 ) (607,492 )
Accumulated deficit (115,075,328 ) (108,125,152 ) Total
stockholders’ equity 60,674,036 64,958,707 Total
liabilities and stockholders’ equity $ 126,960,105 $
108,230,657
AMBER ROAD, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Operations
(Unaudited)
Three Months Ended March 31,
2015 2014 Revenue: Subscription
$ 10,341,350 $ 10,509,769 Professional services
4,852,775 4,479,239 Total revenue 15,194,125
14,989,008 Cost of revenue (1): Cost of subscription revenue
4,388,240 3,344,728 Cost of professional services revenue 3,816,518
2,900,324 Total cost of revenue 8,204,758
6,245,052 Gross profit 6,989,367 8,743,956
Operating expenses (1): Sales and marketing 5,715,141 4,848,024
Research and development 3,625,719 2,188,474 General and
administrative 4,383,423 4,752,136 Restricted stock expense —
18,683,277 Total operating expenses 13,724,283
30,471,911 Loss from operations (6,734,916 ) (21,727,955 )
Interest income 11,948 213 Interest expense (124,933 ) (112,977 )
Loss before income taxes (6,847,901 ) (21,840,719 ) Income tax
expense 102,275 99,012 Net loss (6,950,176 )
(21,939,731 ) Accretion of redeemable convertible preferred stock
and puttable common stock — (2,416,505 ) Net loss
attributable to common stockholders $ (6,950,176 ) $
(24,356,236 ) Net loss per common share: Basic and diluted $
(0.27 ) $ (3.95 ) Weighted-average common
shares outstanding: Basic and diluted 25,959,332 6,165,980
(1) Includes stock-based compensation as follows:
Three Months Ended March 31, 2015 2014
Cost of subscription revenue $ 194,552 $ 14,327 Cost of
professional services revenue 123,481 11,956 Sales and marketing
245,860 22,185 Research and development 306,694 30,596 General and
administrative 846,712 94,470 $ 1,717,299 $ 173,534
AMBER ROAD, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Cash Flows
(Unaudited)
Three Months Ended 2015
2014 Cash flows from operating activities: Net loss $
(6,950,176 ) $ (21,939,731 ) Adjustments to reconcile net
loss to net cash used in operating activities: Depreciation and
amortization 1,556,956 1,129,492 Bad debt expense 1,261 (10,640 )
Stock-based compensation 1,717,299 173,534 Restricted stock
non-cash compensation — 18,683,277 Compensation related to puttable
common stock 13,691 13,691 Changes in fair value of contingent
consideration liability (287,441 ) 81,564 Non-cash interest expense
related to debt 58,644 — Change in fair value of warrant liability
— 1,244,635 Amortization of debt financing costs and accretion of
debt discount 9,060 — Changes in operating assets and liabilities:
Accounts receivable 2,337,994 3,517,580 Unbilled receivables
(360,182 ) (372,031 ) Prepaid expenses and other assets (490,462 )
(244,738 ) Accounts payable (397,589 ) 357,133 Accrued expenses
(2,208,237 ) 444,348 Other liabilities 375,352 (7,304 ) Deferred
revenue 1,602,165 (3,246,429 ) Net cash used in operating
activities (3,021,665 ) (175,619 ) Cash flows from investing
activities: Capital expenditures (110,241 ) (424,924 ) Addition of
capitalized software development costs (254,755 ) (565,654 )
Addition of intangible assets (550,000 ) — Acquisition, net of cash
acquired of $1,569,867 (25,593,426 ) — Cash received (paid) for
deposits (992 ) 30,064 Net cash used in investing activities
(26,509,414 ) (960,514 ) Cash flows from financing activities:
Payments on revolving line of credit — (6,978,525 ) Proceeds from
term loan 20,000,000 — Debt discount and financing costs (183,854 )
35,953 Repayments on capital lease obligations (369,700 ) (247,822
) Proceeds from the exercise of stock options 986,182 339,183
Proceeds from the exercise of common stock warrant — 40,452 Payment
of offering costs — (3,774,959 ) Proceeds from initial public
offering, net of underwriting discounts and commissions —
57,824,899 Net cash provided by financing activities
20,432,628 47,239,181 Effect of exchange rate on cash
and cash equivalents (46,455 ) (38,574 ) Net (decrease) increase in
cash and cash equivalents (9,144,906 ) 46,064,474 Cash and cash
equivalents at beginning of period 41,242,200 5,147,735
Cash and cash equivalents at end of period $
32,097,294 $ 51,212,209
Reconciliation of Net Loss to Adjusted
EBITDA
(unaudited)
Three Months Ended March 31, 2015
2014 Net loss $
(6,950,176 ) $ (21,939,731 ) Depreciation and amortization
expense 1,556,956 1,129,492 Interest expense 124,933 112,977
Interest income (11,948 ) (213 ) Income tax expense 102,275
99,012 EBITDA (5,177,960 ) (20,598,463 ) Stock-based
compensation 1,717,299 173,534 Restricted stock expense —
18,683,277 Compensation expense related to loan forgiveness —
927,093 Puttable stock compensation 13,691 13,691 Change in fair
value of contingent consideration liability (287,441 ) 81,564
Warrant expense — 1,244,635 Purchase accounting deferred revenue
adjustment 261,268 — Acquisition compensation costs 136,911 —
Acquisition related costs 731,483 — Adjusted EBITDA $
(2,604,749 ) $ 525,331
Reconciliation of GAAP Total Revenue to
Non-GAAP Total Revenue
(unaudited)
Three Months Ended March 31, 2015
2014 Total revenue $
15,194,125 $ 14,989,008 Purchase accounting deferred revenue
adjustment 261,268 — Non-GAAP total revenue $
15,455,393 $ 14,989,008
Reconciliation of Net Loss to Non-GAAP
Adjusted Net Loss
(unaudited)
Three Months Ended March 31, 2015
2014 Net loss $ (6,950,176 ) $
(21,939,731 ) Stock-based compensation 1,717,299 173,534
Restricted stock expense — 18,683,277 Compensation expense related
to loan forgiveness — 927,093 Puttable stock compensation 13,691
13,691 Change in fair value of contingent consideration liability
(287,441 ) 81,564 Warrant expense — 1,244,635 Purchase accounting
deferred revenue adjustment 261,268 — Acquisition compensation
costs 136,911 — Acquisition related costs 731,483 —
Non-GAAP adjusted net loss $ (4,376,965 ) $ (815,937
) Adjusted non-GAAP net loss per common share: Basic and
diluted $ (0.17 ) $ (0.03 ) Weighted-average
common shares outstanding: GAAP weighted average number of common
shares outstanding - basic and diluted 25,959,332 6,165,980
Additional weighted average shares giving
effect to initial public offering and conversion
of preferred stock at the beginning of the
period
— 18,806,464 Non-GAAP weighted average number of
common shares outstanding - basic and diluted 25,959,332
24,972,444
Reconciliation of Loss from Operations
to
Non-GAAP Adjusted Loss from
Operations
(unaudited)
Three Months Ended March 31, 2015
2014 Loss from operations $ (6,734,916 ) $
(21,727,955 ) Stock-based compensation 1,717,299 173,534
Restricted stock expense — 18,683,277 Compensation expense related
to loan forgiveness — 927,093 Puttable stock compensation 13,691
13,691 Change in fair value of contingent consideration liability
(287,441 ) 81,564 Warrant expense — 1,244,635 Purchase accounting
deferred revenue adjustment 261,268 — Acquisition compensation
costs 136,911 — Acquisition related costs 731,483 —
Non-GAAP adjusted loss from operations $ (4,161,705 ) $
(604,161 )
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 Set 2024 a Ott 2024
Grafico Azioni AMBER ROAD, INC. (NYSE:AMBR)
Storico
Da Ott 2023 a Ott 2024