WOODCLIFF LAKE, N.J., March 12, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL), reported results for the fourth quarter and full year ended December 31, 2023.
FOURTH QUARTER 2023 HIGHLIGHTS
SECOND HALF 2023 FINANCIAL MOMENTUM (COMPARED TO FIRST HALF 2023)
FULL-YEAR 2023 FINANCIAL AND OPERATIONAL HIGHLIGHTS (COMPARED TO 2022)
MANAGEMENT COMMENTARY
"2023 was a year of stellar transformation for Powerfleet," said CEO Steve Towe. "On top of the world-class execution the team has delivered on strategic M&A activities, we have demonstrated our ability to take bold decisions to reshape the business and establish a platform to deliver significant improvements in business performance.
"We are highly encouraged by the results of our pivot to our data and AI-led Unity ecosystem and associated high-quality SaaS revenue, which underpinned an annual increase in constant currency service revenue of 14%, led by 16% growth in our strategically important North America territory.
"Effective execution of our strategic plan has also improved the overall quality of revenue where we exited approximately $8 million in annual revenue from unprofitable contracts and non-strategic lines of business. These moves have simplified our operations and allowed us to redirect resources toward more profitable, higher-growth areas.
"As we promised shareholders when we embarked on this brave strategy of shuttering low-quality revenue streams, we duly returned to total revenue growth in the second half of 2023, with revenue and gross profit both increasing by 6% compared to the first half. Additionally, adjusted EBITDA in the second half of 2023 increased 141% compared to the first half, an impressive feat given a full period of Movingdots operating expenses, macroeconomic challenges in Israel, and a $1 million charge for inventory-related items in the fourth quarter."
David Wilson, Powerfleet CFO, commented: "With the approval process complete and financing finalized, everything is in place to simultaneously consummate the MiX transaction and clear the stock overhang from the convertible preferred instrument on April 2nd. During the post-signing and pre-close phase of the MiX deal, the two organizations have been working to ensure we make rapid progress on our integration activities. We are acutely focused on making a quick start to realizing efficiencies and expanding EBITDA and we look forward to sharing progress in the upcoming quarters."
Towe added: "I'm immensely proud of the remarkable strides we've taken across our business in such short order. Our transformation has established a robust opportunity set to generate substantial shareholder value starting in 2024. Unity's potential has already proven the business can transcend traditional telematics, positioning us to seize significant opportunities with broader AIoT applications. With the added capabilities and talented team from the MiX transaction now coming on board, growing recurring SaaS revenue is an overriding area of focus and we are primed to meet Rule of 40 performance in the next two years."
FOURTH QUARTER 2023 FINANCIAL RESULTS
Total revenue was $34.5 million, compared to $33.1 million in the same year-ago period, an increase of 4% on an absolute basis and 9% on a constant currency basis. Service revenue was $21.7 million, up 8% on an absolute basis and 16% on a constant currency basis compared to the same year-ago period.
Gross profit margin was 50.2%, an improvement compared to 49.4% in the year-ago period. Fourth quarter 2023 gross profit included $1.1 million in non-recurring inventory adjustments. Excluding the one-time costs, Q4 2023 gross margin was 53.4%, or 4% higher than the year-ago period.
Operating expenses were $21.3 million, compared to $17.6 million in the same year-ago period. Excluding $3.7 million in non-recurring transaction expenses, Q4 2023 operating expenses of $17.6 million were in line with the prior year period. This performance reflects the company's commitment to ensure Movingdots would be EBITDA neutral within two quarters of closing the transaction, with cut-to-cover activities absorbing $1.3 million of quarterly operating expenses incurred by Movingdots.
Net loss attributable to common stockholders totaled $(4.6) million, or $(0.13) per basic and diluted share (based on 35.7 million weighted average shares outstanding), inclusive of a $1.5 million gain on bargain purchase from the Movingdots transaction. Adjusting for the gain on bargain purchase and transaction costs, net loss attributable to stockholders totaled $(2.4) million, or $(0.07) per basic and diluted share.
Adjusted EBITDA, a non-GAAP metric, totaled $2.9 million, an improvement compared to $1.4 million in the same year-ago period. See the section below titled "Non-GAAP Financial Measures" for more information about adjusted EBITDA and its reconciliation to GAAP net income (loss).
Powerfleet had $19.3 million in cash and cash equivalents at quarter-end.
FULL-YEAR 2023 FINANCIAL RESULTS
While total revenue was $133.6 million, compared to $135.2 million in 2022, underlying revenues increased by 4% on a constant currency basis. During 2023, the company actively shed approximately $8 million of product revenue from the business and replaced it with high-margin service revenue, which increased by 14% on a constant currency basis.
Gross profit margin was 50.2%, an improvement compared to 47.5% in 2022.
Operating expenses were $79.3 million, compared to $72.0 million in 2022. The higher operating expenses reflect $5.5 million of non-recurring transaction costs related to the MiX Telematics and Movingdots transactions and $3.9 million in recurring operating costs incurred by Movingdots.
Net loss attributable to common stockholders totaled $(10.3) million, or $(0.29) per basic and diluted share (based on 35.6 million weighted average shares outstanding).
Adjusted EBITDA, a non-GAAP metric, inclusive of $3.9 million in operating expenses from Movingdots, totaled $6.9 million, compared to $7.3 million in 2022. See the section below titled "Non-GAAP Financial Measures" for more information about adjusted EBITDA and its reconciliation to GAAP net income (loss).
INVESTOR CONFERENCE CALL
Powerfleet management will discuss these results and business outlook on a conference call today (Tuesday, March 12, 2024) at 8:30 a.m. Eastern time (5:30 a.m. Pacific time).
Powerfleet management will host the presentation, followed by a question-and-answer session.
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 821902
Webcast: https://www.webcaster4.com/Webcast/Page/2467/49769
The conference call will be available for replay here and via the investor section of the company's website at ir.powerfleet.com.
If you have any difficulty connecting with the conference call, please contact Powerfleet's investor relations team at 949-574-3860.
NON-GAAP FINANCIAL MEASURES
To supplement its financial statements presented in accordance with Generally Accepted Accounting Principles (GAAP), Powerfleet provides certain non-GAAP measures of financial performance. These non-GAAP measures include adjusted EBITDA and total revenue and service revenue excluding foreign exchange effect. Reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, or superior to, GAAP results. These non-GAAP measures are provided to enhance investors' overall understanding of Powerfleet's current financial performance. Specifically, Powerfleet believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses and fluctuations in currency rates that may not be indicative of its core operating results and business outlook. These non-GAAP measures are not measures of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity. Because Powerfleet's method for calculating the non-GAAP measures may differ from other companies' methods, the non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliation of all non-GAAP measures included in this press release to the nearest GAAP measures can be found in the financial tables included in this press release.
POWERFLEET, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO ADJUSTED EBITDA FINANCIAL MEASURES | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
2022 | 2023 | 2022 | 2023 | ||||||||
Net loss attributable to common stockholders | $ | (2,912,000) | $ | (4,569,000) | $ | (11,905,000) | $ | (10,318,000) | |||
Non-controlling interest | (1,000) | 32,000 | 2,000 | 35,000 | |||||||
Preferred stock dividend and accretion | 1,255,000 | 1,297,000 | 4,902,000 | 5,164,000 | |||||||
Interest (income) expense, net | 131,000 | 575,000 | 1,624,000 | 2,090,000 | |||||||
Other (income) expense, net | (23,000) | 7,000 | (24,000) | 29,000 | |||||||
Income tax (benefit) expense | 189,000 | (296,000) | 296,000 | 402,000 | |||||||
Depreciation and amortization | 2,110,000 | 2,291,000 | 8,262,000 | 9,215,000 | |||||||
Stock-based compensation | 1,187,000 | 1,122,000 | 4,343,000 | 3,908,000 | |||||||
Foreign currency translation | (883,000) | 144,000 | (1,842,000) | (870,000) | |||||||
Severance related expenses | 335,000 | 144,000 | 1,667,000 | 845,000 | |||||||
Gain on Bargain purchase - Movingdots | - | (1,517,000) | - | (9,034,000) | |||||||
Acquisition Related Expenses | - | 3,685,000 | - | 5,457,000 | |||||||
Adjusted EBITDA | $ | 1,388,000 | $ | 2,915,000 | $ | 7,325,000 | $ | 6,923,000 | |||
Six Months Ended | |||||
June 30, | December 31, | ||||
2023 | 2023 | ||||
Net loss attributable to common stockholders | $ | (780,000) | $ | (9,538,000) | |
Non-controlling interest | 3,000 | 32,000 | |||
Preferred stock dividend and accretion | 2,572,000 | 2,592,000 | |||
Interest (income) expense, net | 974,000 | 1,116,000 | |||
Other (income) expense, net | (1,000) | 30,000 | |||
Income tax (benefit) expense | 436,000 | (34,000) | |||
Depreciation and amortization | 4,500,000 | 4,715,000 | |||
Stock-based compensation | 1,684,000 | 2,224,000 | |||
Foreign currency translation | (942,000) | 72,000 | |||
Severance related expenses | 559,000 | 286,000 | |||
Gain on Bargain purchase - Movingdots | (7,517,000) | (1,517,000) | |||
Acquisition Related Expenses | 540,000 | 4,917,000 | |||
Adjusted EBITDA | $ | 2,028,000 | $ | 4,895,000 | |
ABOUT POWERFLEET
Powerfleet (Nasdaq: PWFL; TASE: PWFL) is a global leader of internet of things (IoT) software-as-a-service (SaaS) solutions that optimize the performance of mobile assets and resources to unify business operations. Our data science insights and advanced modular software solutions help drive digital transformation through our customers' and partners' ecosystems to help save lives, time, and money. We help connect companies, enabling customers and their customers to realize more effective strategies and results. Powerfleet's tenured and talented team is at the heart of our approach to partnership and tangible success. The company is headquartered in Woodcliff Lake, New Jersey, with our Pointer Innovation Center (PIC) in Israel and field offices around the globe. For more information, please visit www.powerfleet.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to Powerfleet's beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, as well as anticipated financial impacts of the proposed transaction with MiX Telematics, the satisfaction of closing conditions to the proposed transaction and the timing of the completion of the proposed transaction. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may be beyond Powerfleet's control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include statements regarding the proposed transaction with MiX Telematics; prospects for additional customers; potential contract values; market forecasts; projections of earnings, revenues, synergies, accretion, or other financial information; emerging new products; and plans, strategies, and objectives of management for future operations, including growing revenue, controlling operating costs, increasing production volumes, and expanding business with core customers. The risks and uncertainties referred to above include, but are not limited to, the completion of the proposed transaction in the anticipated timeframe or at all, the satisfaction of the closing conditions to the proposed transaction, the failure to obtain necessary regulatory approvals, the ability to realize the anticipated benefits of the proposed transaction, the ability to successfully integrate the businesses, disruption from the proposed transaction making it more difficult to maintain business and operational relationships, the negative effects of the consummation of the proposed transaction on the market price of the combined company's securities, significant transaction costs and unknown liabilities, litigation or regulatory actions related to the proposed transaction, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for Powerfleet's products to continue to develop, the inability to protect Powerfleet's intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in Powerfleet's filings with the Securities and Exchange Commission (the "SEC"), including Powerfleet's most recent annual report on Form 10-K, which are available via the SEC's website at http://www.sec.gov. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Powerfleet. Therefore, you should not rely on any of these forward-looking statements.
The forward-looking statements included in this press release are made only as of the date of this press release, and except as otherwise required by applicable law, Powerfleet assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events, or otherwise.
NO OFFER OR SOLICITATION
This communication shall not constitute an offer to buy or sell any securities, or the solicitation of an offer to buy or sell any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Powerfleet Investor Contact
Matt Glover
Gateway Group, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
(949) 574-3860
Powerfleet Media Contact
Andrea Hayton
Powerfleet, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
(610) 401-1999
POWERFLEET, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
December 31, | December 31, | ||||||||||
2022 | 2023 | 2022 | 2023 | ||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
Revenue: | |||||||||||
Products | $ | 13,082,000 | $ | 12,828,000 | $ | 56,313,000 | $ | 49,391,000 | |||
Services | 20,032,000 | 21,673,000 | 78,844,000 | 84,194,000 | |||||||
Total Revenues | 33,114,000 | 34,501,000 | 135,157,000 | 133,585,000 | |||||||
Cost of revenue: | |||||||||||
Cost of products | 9,484,000 | 10,010,000 | 42,636,000 | 36,404,000 | |||||||
Cost of services | 7,270,000 | 7,161,000 | 28,350,000 | 30,084,000 | |||||||
Total cost of revenues: | 16,754,000 | 17,171,000 | 70,986,000 | 66,488,000 | |||||||
Gross Profit | 16,360,000 | 17,330,000 | 64,171,000 | 67,097,000 | |||||||
Operating expenses: | |||||||||||
Selling, general and administrative expenses | 15,608,000 | 19,304,000 | 63,001,000 | 71,067,000 | |||||||
Research and development expenses | 1,999,000 | 1,968,000 | 8,964,000 | 8,253,000 | |||||||
Total Operating Expenses | 17,607,000 | 21,272,000 | 71,965,000 | 79,320,000 | |||||||
Loss from operations | (1,247,000) | (3,942,000) | (7,794,000) | (12,223,000) | |||||||
Interest income | 23,000 | 34,000 | 71,000 | 103,000 | |||||||
Interest expense | (154,000) | (591,000) | (1,695,000) | (2,194,000) | |||||||
Gain on Bargain purchase - Movingdots | - | 1,517,000 | - | 9,034,000 | |||||||
Foreign currency translation of debt | (114,000) | (547,000) | 2,689,000 | 592,000 | |||||||
Other (expense) income, net | 23,000 | (7,000) | 24,000 | (29,000) | |||||||
Net (loss) / income before income taxes | (1,469,000) | (3,536,000) | (6,705,000) | (4,717,000) | |||||||
Income tax benefit (expense) | (189,000) | 296,000 | (296,000) | (402,000) | |||||||
Net (loss) / income before non-controlling interest | (1,658,000) | (3,240,000) | (7,001,000) | (5,119,000) | |||||||
Non-controlling interest | 1,000 | (32,000) | (2,000) | (35,000) | |||||||
Net (loss) / income | (1,657,000) | (3,272,000) | (7,003,000) | (5,154,000) | |||||||
Accretion of preferred stock | (167,000) | (168,000) | (671,000) | (671,000) | |||||||
Preferred stock dividend | (1,088,000) | (1,129,000) | (4,231,000) | (4,493,000) | |||||||
Net (loss) / income attributable to common stockholders | $ | (2,912,000) | $ | (4,569,000) | $ | (11,905,000) | $ | (10,318,000) | |||
Net (loss) / income per share - basic | $ | (0.08) | $ | (0.13) | $ | (0.34) | $ | (0.29) | |||
Net (loss) / income per share - diluted | $ | (0.08) | $ | (0.13) | $ | (0.34) | $ | (0.29) | |||
Weighted average common shares outstanding - basic | 35,446,000 | 35,706,000 | 35,393,000 | 35,628,000 | |||||||
Weighted average common shares outstanding - diluted | 35,446,000 | 35,706,000 | 35,393,000 | 35,628,000 | |||||||
POWERFLEET, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA | ||||||||
6 Months Ended | ||||||||
December 31, | June 30, | December 31, | ||||||
2022 | 2023 | 2023 | ||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||
Revenue: | ||||||||
Products | $ | 27,103,000 | $ | 23,416,000 | $ | 25,975,000 | ||
Services | 40,299,000 | 41,473,000 | 42,721,000 | |||||
67,402,000 | 64,889,000 | 68,696,000 | ||||||
Cost of revenue: | ||||||||
Cost of products | 19,323,000 | 17,552,000 | 18,853,000 | |||||
Cost of services | 14,538,000 | 14,686,000 | 15,398,000 | |||||
33,861,000 | 32,238,000 | 34,251,000 | ||||||
Gross Profit | 33,541,000 | 32,651,000 | 34,445,000 | |||||
Operating expenses: | ||||||||
Selling, general and administrative expenses | 32,272,000 | 33,774,000 | 37,292,000 | |||||
Research and development expenses | 3,734,000 | 3,902,000 | 4,352,000 | |||||
Total Operating Expenses | 36,006,000 | 37,676,000 | 41,644,000 | |||||
Loss from operations | (2,465,000) | (5,025,000) | (7,199,000) | |||||
Interest income | 43,000 | 46,000 | 57,000 | |||||
Interest expense | (676,000) | (1,020,000) | (1,174,000) | |||||
Gain on Bargain purchase - Movingdots | - | 7,517,000 | 1,517,000 | |||||
Foreign currency translation of debt | 77,000 | 710,000 | (118,000) | |||||
Other (expense) income, net | 23,000 | 3,000 | (31,000) | |||||
Net loss before income taxes | (2,998,000) | 2,231,000 | (6,948,000) | |||||
Income tax benefit (expense) | (959,000) | (436,000) | 34,000 | |||||
Net loss before non-controlling interest | (3,957,000) | 1,795,000 | (6,914,000) | |||||
Non-controlling interest | - | (3,000) | (32,000) | |||||
Net loss | (3,957,000) | 1,792,000 | (6,946,000) | |||||
Accretion of preferred stock | (335,000) | (336,000) | (335,000) | |||||
Preferred stock dividend | (2,155,000) | (2,236,000) | (2,257,000) | |||||
Net loss attributable to common stockholders | (6,447,000) | (780,000) | (9,538,000) | |||||
Net (loss) / income per share - basic | $ | (0.18) | $ | 0.01 | $ | (0.27) | ||
Net (loss) / income per share - diluted | $ | (0.18) | $ | 0.01 | $ | (0.27) | ||
Weighted average common shares outstanding - basic | 35,446,000 | 35,577,000 | 35,679,500 | |||||
Weighted average common shares outstanding - diluted | 35,446,000 | 35,670,000 | 35,679,500 | |||||
POWERFLEET, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||||||
As of | ||||||||
December 31, 2022 | December 31, 2023 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 17,680,000 | $ | 19,022,000 | ||||
Restricted cash | 309,000 | 310,000 | ||||||
Accounts receivable, net | 32,493,000 | 32,221,000 | ||||||
Inventory, net | 22,272,000 | 22,602,000 | ||||||
Deferred costs - current | 762,000 | 83,000 | ||||||
Prepaid expenses and other current assets | 7,709,000 | 7,811,000 | ||||||
Total current assets | 81,225,000 | 82,049,000 | ||||||
Fixed assets, net | 9,249,000 | 12,556,000 | ||||||
Goodwill | 83,487,000 | 83,487,000 | ||||||
Intangible assets, net | 22,908,000 | 20,257,000 | ||||||
Right of use asset | 7,820,000 | 6,195,000 | ||||||
Severance payable fund | 3,760,000 | 3,802,000 | ||||||
Deferred tax asset | 3,225,000 | 2,493,000 | ||||||
Other assets | 5,761,000 | 6,256,000 | ||||||
Total assets | $ | 217,435,000 | $ | 217,095,000 | ||||
LIABILITIES | ||||||||
Current liabilities: | ||||||||
Short-term bank debt and current maturities of long-term debt | $ | 10,312,000 | $ | 21,091,000 | ||||
Accounts payable and accrued expenses | 26,598,000 | 32,086,000 | ||||||
Deferred revenue - current | 6,363,000 | 5,632,000 | ||||||
Lease liability - current | 2,441,000 | 1,503,000 | ||||||
Total current liabilities | 45,714,000 | 60,312,000 | ||||||
Long-term debt, less current maturities | 11,403,000 | - | ||||||
Deferred revenue - less current portion | 4,390,000 | 4,840,000 | ||||||
Lease liability - less current portion | 5,628,000 | 4,908,000 | ||||||
Accrued severance payable | 4,365,000 | 4,533,000 | ||||||
Deferred tax liability | 4,919,000 | 3,994,000 | ||||||
Other long-term liabilities | 636,000 | 900,000 | ||||||
Total liabilities | 77,055,000 | 79,487,000 | ||||||
MEZZANINE EQUITY | ||||||||
Convertible redeemable Preferred stock: Series A | 57,565,000 | 59,343,000 | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Total Powerfleet, Inc. stockholders' equity | 82,737,000 | 78,163,000 | ||||||
Non-controlling interest | 78,000 | 102,000 | ||||||
Total equity | 82,815,000 | 78,265,000 | ||||||
Total liabilities and stockholders' equity | $ | 217,435,000 | $ | 217,095,000 | ||||
POWERFLEET, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW DATA | ||||||||
Twelve Months Ended December 31, | ||||||||
2022 | 2023 | |||||||
(Unaudited) | ||||||||
Cash flows from operating activities (net of net assets acquired): | ||||||||
Net (loss) / income | $ | (7,003,000) | $ | (5,154,000) | ||||
Adjustments to reconcile net loss to cash (used in) provided by operating activities: | ||||||||
Non-controlling interest | 2,000 | 35,000 | ||||||
Gain on bargain purchase | - | (9,034,000) | ||||||
Inventory reserve | 149,000 | 1,500,000 | ||||||
Stock based compensation expense | 4,343,000 | 3,908,000 | ||||||
Depreciation and amortization | 8,262,000 | 9,215,000 | ||||||
Right-of-use assets, non-cash lease expense | 2,756,000 | 2,814,000 | ||||||
Bad debt expense | 66,000 | 1,567,000 | ||||||
Deferred taxes | 134,000 | (193,000) | ||||||
Other non-cash items | 707,000 | 103,000 | ||||||
Changes in: | ||||||||
Operating assets and liabilities | (8,659,000) | (238,000) | ||||||
Net cash provided by operating activities | 757,000 | 4,523,000 | ||||||
Cash flows from investing activities: | ||||||||
Acquisitions, net of cash assumed | - | 8,722,000 | ||||||
Purchase of investment | (100,000) | (100,000) | ||||||
Capitalized software development costs | (2,219,000) | (3,629,000) | ||||||
Capital expenditures | (3,519,000) | (3,590,000) | ||||||
Net cash (used in) investing activities | (5,838,000) | 1,403,000 | ||||||
Cash flows from financing activities: | ||||||||
Payment of preferred stock dividend | - | (3,385,000) | ||||||
Repayment of long-term debt | (5,659,000) | (4,408,000) | ||||||
Short-term bank debt, net | 5,709,000 | 4,321,000 | ||||||
Purchase of treasury stock upon vesting of restricted stock | (211,000) | (141,000) | ||||||
Repayment of financing lease | (121,000) | (129,000) | ||||||
Proceeds from exercise of stock options | - | 36,000 | ||||||
Net cash (used in) financing activities | (282,000) | (3,706,000) | ||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (3,408,000) | (877,000) | ||||||
Net increase in cash, cash equivalents and restricted cash | (8,771,000) | 1,343,000 | ||||||
Cash, cash equivalents and restricted cash - beginning of period | 26,760,000 | 17,989,000 | ||||||
Cash, cash equivalents and restricted cash - end of period | $ | 17,989,000 | $ | 19,332,000 | ||||
CONSTANT CURRENCY
Constant currency information has been presented to illustrate the impact of changes in currency rates on the company's results. The constant currency information has been determined by adjusting the current financial reporting period results to the prior period average exchange rates, determined as the average of the monthly exchange rates applicable to the period. The measurement has been performed for each of the company's currencies. The constant currency growth percentage has been calculated by utilizing the constant currency results compared to the prior period results.
The constant currency information represents non-GAAP information. The company believes this provides a useful basis to measure the performance of its business as it removes distortion from the effects of foreign currency movements during the period; however, this information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. See the section above titled "Non-GAAP Financial Measures" for more information.
Due to a portion of the company's customers who are invoiced in non-U.S. Dollar-denominated currencies, the company also calculates subscription revenue growth rate on a constant currency basis, thereby removing the effect of currency fluctuation on results of operations.
Three Months Ended Dec 31, | Year Over Year Change | |||||
($ in Thousands) | 2022 | 2023 | $ | % | ||
Service Revenue: | ||||||
Service Revenue as reported | $20,032 | $21,673 | $1,641 | 8.2 % | ||
Conversion impact of U.S. Dollar | $1,455 | $1,455 | ||||
Service revenue on a constant currency basis | $20,032 | $23,128 | $3,096 | 15.5 % | ||
Three Months Ended Dec 31, | Year Over Year Change | |||||
($ in Thousands) | 2022 | 2023 | $ | % | ||
Product Revenue: | ||||||
Product Revenue as reported | $13,082 | $12,828 | ($254) | (1.9 %) | ||
Conversion impact of U.S. Dollar | $112 | $112 | ||||
Product revenue on a constant currency basis | $13,082 | $12,940 | ($142) | (1.1 %) | ||
Three Months Ended Dec 31, | Year Over Year Change | |||||
($ in Thousands) | 2022 | 2023 | $ | % | ||
Total Revenue: | ||||||
Total Revenue as reported | $33,114 | $34,501 | $1,387 | 4.2 % | ||
Conversion impact of U.S. Dollar | $1,567 | $1,567 | ||||
Total revenue on a constant currency basis | $33,114 | $36,068 | $2,954 | 8.9 % | ||
Twelve Months Ended December 31, | Year Over Year Change | |||||
($ in Thousands) | 2022 | 2023 | $ | % | ||
Service Revenue: | ||||||
Service Revenue as reported | $78,844 | $84,194 | $5,350 | 6.8 % | ||
Conversion impact of U.S. Dollar | $5,921 | $5,921 | ||||
Service revenue on a constant currency basis | $78,844 | $90,115 | $11,271 | 14.3 % | ||
Twelve Months Ended December 31, | Year Over Year Change | |||||
($ in Thousands) | 2022 | 2023 | $ | % | ||
Product Revenue: | ||||||
Product Revenue as reported | $56,313 | $49,391 | ($6,922) | (12.3 %) | ||
Conversion impact of U.S. Dollar | $459 | $459 | ||||
Product revenue on a constant currency basis | $56,313 | $49,850 | ($6,463) | (11.5 %) | ||
Twelve Months Ended December 31, | Year Over Year Change | |||||
($ in Thousands) | 2022 | 2023 | $ | % | ||
Total Revenue: | ||||||
Total Revenue as reported | $135,157 | $133,585 | ($1,572) | (1.2 %) | ||
Conversion impact of U.S. Dollar | $6,380 | $6,380 | ||||
Total revenue on a constant currency basis | $135,157 | $139,965 | $4,808 | 3.6 % | ||
| Last Trade: | US$4.57 |
| Daily Volume: | 0 |
| Market Cap: | US$490.590M |
October 01, 2024 June 20, 2024 April 30, 2024 April 02, 2024 | |
Else Nutrition is changing the face of early childhood nutrition with clean, sustainable, plant-based products. The company has developed the world’s first whole plant-based infant formula that is targeting the $100+ billion global...
CLICK TO LEARN MORE
UGE International develops, owns, and operates commercial and community solar projects in the United States and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers...
CLICK TO LEARN MORE