Exhibit 99.2 |
1. | Expand our promotions network |
2. | Simplify Retail Media buying |
3. | Integrate media and promotions to drive outcomes for brands |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 2 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 3 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 4 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 5 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 6 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 7 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 8 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 9 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 10 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 11 |
“Tremor Video is pleased that Quotient is expanding its Retail Media offering to our end-to-end, video-first platform. Quotient’s scale and experience leveraging brand purchase data, applied across our high-quality CTV and video supply on Unruly, will enable advertisers to invest in targeted video campaigns that deliver impactful results across screens.” Kenneth Suh, Chief Strategy Officer, Tremor International |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 12 |
“We are excited to see that Quotient is bringing a solution that combines many marketing touch points into one unified media measurement platform. This new transparency has the potential to unlock new opportunities for our brands, improve future program results and ultimately impact category sales. This on-demand access to analytics will help us gain insights and offer more value to our shoppers and to our retail partners.” Yolanda Angulo, Customer Marketing at Mondelez |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 13 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 14 |
Steven Boal | Matt Krepsik |
Chief Executive Officer | Chief Technology Officer & |
Chief Executive Officer-Designee |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 15 |
● | We delivered revenue of $78.5 million, down 32% over Q1 2021 on a GAAP basis. |
● | GAAP gross profit was $29.4 million and gross margin was 37.4%, compared to $43.3 million and 37.6% in Q1 2021. |
● | Non-GAAP gross profit was $32.2 million and gross margin was 41.1%, compared to $50.3 million and 43.7% in Q1 2021. |
● | GAAP operating expenses were $54.4 million and 69.3% of revenue, compared to $52.5 million and 45.6% of revenue in Q1 2021. |
● | Non-GAAP operating expenses were $41.2 million and 52.5% of revenue, compared to the prior year of $45.5 million and 39.4% of revenue. |
● | We recorded a GAAP net loss of $26.3 million, compared to a net loss of $13.4 million in Q1 2021. The increase in GAAP net loss from the prior year was due primarily to a decrease in revenues and an impairment of long-lived and right-of-use assets and costs related to shareholder activism in Q1 2022. Net Loss Per Share in the quarter was $0.28 compared to $0.15 in Q1 2021. |
● | Adjusted EBITDA was ($7.1) million, representing a (9.0)% margin. |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 16 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 17 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 18 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 19 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 20 |
● | Revenue to be in the range of $68.0 million to $76.0 million. |
● | Non-GAAP gross profit to be in the range of $35.0 million to $39.0 million. |
● | Adjusted EBITDA to be in the range of ($2.0) million to $2.0 million. |
● | Operating cash flow to be in the range of $7.0 million to $12.0 million. |
● | Revenue to be in the range of $330.0 million to $345.0 million. |
● | Non-GAAP gross profit to be in the range of $180.0 million to $190.0 million. |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 21 |
● | Adjusted EBITDA to be in the range of $35.0 million to $45.0 million. |
● | Operating cash flow to be in the range of $15.0 million to $25.0 million. |
● | Needham Technology & Media Conference, May 17, 2022 |
● | BMO Farm to Market Conference, May 18, 2022 |
● | Craig-Hallum Institutional Investor Virtual Conference, June 1, 2022 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 22 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 23 |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 24 |
QUOTIENT TECHNOLOGY INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands) | |||||||
March 31, 2022 | December 31, 2021 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents |
| 202,583 |
|
| 237,417 |
| |
Accounts receivable, net |
| 114,263 |
|
| 177,216 |
| |
Prepaid expenses and other current assets |
| 20,514 |
|
| 19,312 |
| |
Total current assets |
| 337,360 |
|
| 433,945 |
| |
Property and equipment, net |
| 21,845 |
|
| 22,660 |
| |
Operating lease right-of-use-assets |
| 19,393 |
|
| 23,874 |
| |
Intangible assets, net |
| 10,355 |
|
| 13,003 |
| |
Goodwill |
| 128,427 |
|
| 128,427 |
| |
Other assets |
| 12,895 |
|
| 13,571 |
| |
Total assets | $ | 530,275 |
| $ | 635,480 |
| |
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 8,578 |
| $ | 18,021 |
| |
Accrued compensation and benefits |
| 12,241 |
|
| 20,223 |
| |
Other current liabilities |
| 58,009 |
|
| 95,279 |
| |
Deferred revenues |
| 21,209 |
|
| 26,778 |
| |
Contingent consideration related to acquisitions |
| — |
|
| 22,275 |
| |
Convertible senior notes, net |
| 199,377 |
|
| 188,786 |
| |
Total current liabilities |
| 299,414 |
|
| 371,362 |
| |
Operating lease liabilities |
| 25,551 |
|
| 26,903 |
| |
Other non-current liabilities |
| 419 |
|
| 522 |
| |
Deferred tax liabilities |
| 1,991 |
|
| 1,991 |
| |
Total liabilities |
| 327,375 |
|
| 400,778 |
| |
Stockholders’ equity: | |||||||
Common stock |
| 1 |
|
| 1 |
| |
Additional paid-in capital |
| 687,557 |
|
| 731,672 |
| |
Accumulated other comprehensive loss |
| (1,213 | ) |
| (1,099 | ) | |
Accumulated deficit |
| (483,445 | ) |
| (495,872 | ) | |
Total stockholders’ equity |
| 202,900 |
|
| 234,702 |
| |
Total liabilities and stockholders’ equity | $ | 530,275 |
| $ | 635,480 |
|
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 25 |
QUOTIENT TECHNOLOGY INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(Unaudited, in thousands, except per share data) | |||||||
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Revenues | $ | 78,456 |
| $ | 115,316 |
| |
Cost of revenues (1) |
| 49,078 |
|
| 71,984 |
| |
Gross profit |
| 29,378 |
|
| 43,332 |
| |
Operating Expenses: | |||||||
Sales and marketing (1) |
| 21,936 |
|
| 27,365 |
| |
Research and development (1) |
| 9,756 |
|
| 12,056 |
| |
General and administrative (1) |
| 22,708 |
|
| 12,833 |
| |
Change in fair value of contingent consideration |
| — |
|
| 285 |
| |
Total operating expenses |
| 54,400 |
|
| 52,539 |
| |
Loss from operations |
| (25,022 | ) |
| (9,207 | ) | |
Interest expense |
| (1,154 | ) |
| (3,730 | ) | |
Other income (expense), net |
| 36 |
|
| (228 | ) | |
Loss before income taxes |
| (26,140 | ) |
| (13,165 | ) | |
Provision for income taxes |
| 166 |
|
| 249 |
| |
Net loss | $ | (26,306 | ) | $ | (13,414 | ) | |
Net loss per share, basic and diluted | $ | (0.28 | ) | $ | (0.15 | ) | |
Weighted-average shares used to compute net loss per share, basic and diluted |
| 94,924 |
|
| 92,413 |
| |
(1) The stock-based compensation expense included above was as follows: | |||||||
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Cost of revenues | $ | 532 |
| $ | 423 |
| |
Sales and marketing |
| 891 |
|
| 1,255 |
| |
Research and development |
| 967 |
|
| 972 |
| |
General and administrative |
| 3,352 |
|
| 3,194 |
| |
Total stock-based compensation | $ | 5,742 |
| $ | 5,844 |
|
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 26 |
QUOTIENT TECHNOLOGY INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited, in thousands) | |||||||
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (26,306 | ) | $ | (13,414 | ) | |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||
Depreciation and amortization |
| 4,562 |
|
| 9,431 |
| |
Stock-based compensation |
| 5,742 |
|
| 5,844 |
| |
Amortization of debt discount and issuance cost |
| 247 |
|
| 2,846 |
| |
Impairment of long-lived and right-of-use assets |
| 5,981 |
|
| — |
| |
Allowance (recovery) for credit losses |
| (396 | ) |
| (143 | ) | |
Deferred income taxes |
| — |
|
| 249 |
| |
Change in fair value of contingent consideration |
| — |
|
| 285 |
| |
Other non-cash expenses |
| 1,540 |
|
| 958 |
| |
Changes in operating assets and liabilities: | |||||||
Accounts receivable |
| 63,348 |
|
| 18,125 |
| |
Prepaid expenses and other assets |
| (1,168 | ) |
| 4,984 |
| |
Accounts payable and other liabilities |
| (46,577 | ) |
| (16,761 | ) | |
Payments for contingent consideration and bonuses |
| (19,008 | ) |
| — |
| |
Accrued compensation and benefits |
| (8,003 | ) |
| (1,771 | ) | |
Deferred revenues |
| (5,570 | ) |
| (123 | ) | |
Net cash (used in) provided by operating activities |
| (25,608 | ) |
| 10,510 |
| |
Cash flows from investing activities: | |||||||
Purchases of property and equipment |
| (2,557 | ) |
| (2,797 | ) | |
Net cash used in investing activities |
| (2,557 | ) |
| (2,797 | ) | |
Cash flows from financing activities: | |||||||
Proceeds from issuances of common stock under stock plans |
| — |
|
| 13,070 |
| |
Payments for taxes related to net share settlement of equity awards |
| (969 | ) |
| (2,246 | ) | |
Principal payments on promissory note and capital lease obligations |
| (89 | ) |
| (163 | ) | |
Payments for contingent consideration |
| (5,686 | ) |
| — |
| |
Net cash (used in) provided by financing activities |
| (6,744 | ) |
| 10,661 |
| |
Effect of exchange rates on cash and cash equivalents |
| 75 |
|
| (40 | ) | |
Net (decrease) increase in cash and cash equivalents |
| (34,834 | ) |
| 18,334 |
| |
Cash and cash equivalents at beginning of period |
| 237,417 |
|
| 222,752 |
| |
Cash and cash equivalents at end of period | $ | 202,583 |
| $ | 241,086 |
|
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 27 |
QUOTIENT TECHNOLOGY INC. | ||||||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN | ||||||||||||
(Unaudited, in thousands) | ||||||||||||
|
|
|
|
|
| |||||||
| Three Months Ended | |||||||||||
| 2022 |
| 2021 | |||||||||
| $ | % |
| $ | % | |||||||
Net Loss ($) / Loss Margin (%) (2) | $ | (26,306 | ) | (33 | %) |
| $ | (13,414 | ) | (11 | %) | |
Adjustments: |
|
|
|
|
| |||||||
Stock-based compensation |
| 5,742 |
| 7 | % |
|
| 5,844 |
| 5 | % | |
Depreciation and amortization |
| 4,561 |
| 6 | % |
|
| 9,431 |
| 8 | % | |
Acquistion related costs and other (1) |
| 7,621 |
| 10 | % |
|
| 482 |
| 1 | % | |
Change in fair value of contingent consideration |
| — |
| — |
|
|
| 285 |
| — |
| |
Interest expense |
| 1,154 |
| 1 | % |
|
| 3,730 |
| 3 | % | |
Other (income) expense, net |
| (36 | ) | — |
|
|
| 228 |
| — |
| |
Provision for income taxes |
| 166 |
| — |
|
|
| 249 |
| — |
| |
|
|
|
|
|
| |||||||
Total adjustments | $ | 19,208 |
| 24 | % |
| $ | 20,249 |
| 17 | % | |
|
|
|
|
|
| |||||||
Adjusted EBITDA ($) / Adjusted EBITDA Margin (%) (2) | $ | (7,098 | ) | (9 | %) |
| $ | 6,835 |
| 6 | % |
(1) For the three months ended March 31, 2022, Other includes a charge of $6.1 million related to the impairment of certain long-lived and right-of-use assets, $1.4 million related to shareholder activism response costs, and $0.1 million related to restructuring charges. The three months ended March 31, 2021, include no other costs. Acquisition related costs primarily include certain bonuses contingent upon the acquired company meeting certain financial metrics over the contingent consideration period and diligence, accounting, and legal expenses incurred related to certain acquisitions. Restructuring charges relate to severance for impacted employees. | ||||||||||||
| ||||||||||||
(2) Profit (Loss) Margin and Adjusted EBITDA Margin is the ratio of Profit (Loss) to Revenues and Adjusted EBITDA to Revenues. |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 28 |
QUOTIENT TECHNOLOGY INC. | ||||||||||||||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN | ||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||
| Q1 FY 21 | Q2 FY 21 | Q3 FY 21 | Q4 FY 21 | Q1 FY 22 | |||||||||||||||
Net loss | $ | (13,414 | ) | $ | (17,201 | ) | $ | (7,843 | ) | $ | (7,110 | ) | $ | (26,306 | ) | |||||
Adjustments: |
|
|
|
|
| |||||||||||||||
Stock-based compensation |
| 5,844 |
|
| 6,540 |
|
| 4,690 |
|
| 5,738 |
|
| 5,742 |
| |||||
Depreciation and amortization |
| 9,431 |
|
| 7,707 |
|
| 7,287 |
|
| 5,039 |
|
| 4,561 |
| |||||
Acquistion related costs and other (1) |
| 482 |
|
| 3,251 |
|
| 8,720 |
|
| 1,980 |
|
| 7,621 |
| |||||
Change in fair value of contingent consideration |
| 285 |
|
| 242 |
|
| 245 |
|
| 620 |
|
| — |
| |||||
Interest expense |
| 3,730 |
|
| 3,767 |
|
| 3,809 |
|
| 3,871 |
|
| 1,154 |
| |||||
Other (income) expense, net |
| 228 |
|
| (194 | ) |
| 96 |
|
| 80 |
|
| (36 | ) | |||||
Provision for income taxes |
| 249 |
|
| 218 |
|
| 323 |
|
| 2,841 |
|
| 166 |
| |||||
|
|
|
|
|
| |||||||||||||||
Total adjustments | $ | 20,249 |
| $ | 21,531 |
| $ | 25,170 |
| $ | 20,169 |
| $ | 19,208 |
| |||||
|
|
|
|
|
| |||||||||||||||
Adjusted EBITDA (1) | $ | 6,835 |
| $ | 4,330 |
| $ | 17,327 |
| $ | 13,059 |
| $ | (7,098 | ) | |||||
|
|
|
|
|
| |||||||||||||||
Adjusted EBITDA Margin (2) |
| 6 | % |
| 3 | % |
| 13 | % |
| 9 | % |
| (9 | %) | |||||
|
|
|
|
|
|
|
|
(1) Adjusted EBITDA, a non-GAAP financial measure, is net loss adjusted for stock-based compensation, depreciation and amortization, change in fair value of contingent consideration, interest expense, other (income) expense, net, provision for income taxes, and acquistion related costs and other, which includes: charge of $2.6 million related to the impairment of a promotion service right and restructuring charges of $0.2 million during Q2 FY21; charge of $6.5 million related to the impairment of certain intangible assets and restructuring charges of $1.8 million during Q3 FY21; shareholder activism response costs of $0.9 million and restructuring charges of $0.7 million during Q4 FY21; charge of $6.1 million related to the impairment of certain long-lived and right-of-use assets, $1.4 million related to shareholder activism response costs, and $0.1 million related to restructuring charges during Q1 FY22. | ||||||||||||||||||||
(2) Adjusted EBITDA margin is the ratio of Adjusted EBITDA and Revenues. |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 29 |
QUOTIENT TECHNOLOGY INC. | ||||||||||||
RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT | ||||||||||||
(Unaudited, in thousands) | ||||||||||||
|
|
|
| |||||||||
| Q1 FY 21 | Q4 FY 21 | Q1 FY 22 | |||||||||
Revenues | $ | 115,316 |
| $ | 146,414 |
| $ | 78,456 |
| |||
|
|
|
| |||||||||
Cost of revenues (GAAP) | $ | 71,984 |
| $ | 91,992 |
| $ | 49,078 |
| |||
(less) Stock-based compensation |
| (423 | ) |
| (556 | ) |
| (532 | ) | |||
(less) Amortization of acquired intangible assets |
| (6,593 | ) |
| (2,337 | ) |
| (2,294 | ) | |||
(less) Restructuring charges |
| — |
|
| (158 | ) |
| (13 | ) | |||
Cost of revenues (Non-GAAP) | $ | 64,968 |
| $ | 88,941 |
| $ | 46,239 |
| |||
|
|
|
| |||||||||
Gross profit (GAAP) | $ | 43,332 |
| $ | 54,422 |
| $ | 29,378 |
| |||
Gross margin percentage (GAAP) |
| 37.6 | % |
| 37.2 | % |
| 37.4 | % | |||
|
|
|
| |||||||||
Gross profit (Non-GAAP)* | $ | 50,348 |
| $ | 57,473 |
| $ | 32,217 |
| |||
Gross margin percentage (Non-GAAP) |
| 43.7 | % |
| 39.3 | % |
| 41.1 | % |
* Non-GAAP gross profit excludes stock-based compensation, amortization of acquired intangible assets, and restructuring charges. |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 30 |
QUOTIENT TECHNOLOGY INC. | ||||||||||||||||||||
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES | ||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||
| Q1 FY 21 | Q2 FY 21 | Q3 FY 21 | Q4 FY 21 | Q1 FY 22 | |||||||||||||||
Revenues | $ | 115,316 |
| $ | 123,880 |
| $ | 135,884 |
| $ | 146,414 |
| $ | 78,456 |
| |||||
|
|
|
|
|
| |||||||||||||||
Sales and marketing expenses |
| 27,365 |
|
| 28,467 |
|
| 29,401 |
|
| 27,030 |
|
| 21,936 |
| |||||
(less) Stock-based compensation |
| (1,255 | ) |
| (1,181 | ) |
| (1,411 | ) |
| (1,165 | ) |
| (891 | ) | |||||
(less) Amortization of acquired intangible assets |
| (866 | ) |
| (866 | ) |
| (837 | ) |
| (637 | ) |
| (354 | ) | |||||
(less) Restructuring charges |
| — |
|
| (217 | ) |
| (903 | ) |
| (328 | ) |
| 3 |
| |||||
Non-GAAP Sales and marketing expenses | $ | 25,244 |
| $ | 26,203 |
| $ | 26,250 |
| $ | 24,900 |
| $ | 20,694 |
| |||||
Non-GAAP Sales and marketing percentage |
| 22 | % |
| 21 | % |
| 19 | % |
| 17 | % |
| 26 | % | |||||
|
|
|
|
|
| |||||||||||||||
Research and development |
| 12,056 |
|
| 11,411 |
|
| 11,074 |
|
| 10,400 |
|
| 9,756 |
| |||||
(less) Stock-based compensation |
| (972 | ) |
| (977 | ) |
| (1,076 | ) |
| (851 | ) |
| (967 | ) | |||||
(less) Restructuring charges |
| — |
|
| — |
|
| (463 | ) |
| (106 | ) |
| 3 |
| |||||
Non-GAAP Research and development expenses | $ | 11,084 |
| $ | 10,434 |
| $ | 9,535 |
| $ | 9,443 |
| $ | 8,792 |
| |||||
Non-GAAP Research and development percentage |
| 10 | % |
| 8 | % |
| 7 | % |
| 6 | % |
| 11 | % | |||||
|
|
|
|
|
| |||||||||||||||
General and administrative expenses |
| 12,833 |
|
| 15,009 |
|
| 12,244 |
|
| 16,690 |
|
| 22,708 |
| |||||
(less) Stock-based compensation |
| (3,194 | ) |
| (3,981 | ) |
| (1,678 | ) |
| (3,166 | ) |
| (3,352 | ) | |||||
(less) Restructuring charges |
| — |
|
| — |
|
| (463 | ) |
| (83 | ) |
| (45 | ) | |||||
(less) Acquisiton related costs |
| (482 | ) |
| (453 | ) |
| (380 | ) |
| (381 | ) |
| — |
| |||||
(less) Impairment of long-lived and right-of-use assets |
| — |
|
| — |
|
| — |
|
| — |
|
| (6,119 | ) | |||||
(less) Shareholder activism response costs |
| — |
|
| — |
|
| — |
|
| (925 | ) |
| (1,450 | ) | |||||
Non-GAAP General and administrative expenses | $ | 9,157 |
| $ | 10,575 |
| $ | 9,723 |
| $ | 12,135 |
| $ | 11,742 |
| |||||
Non-GAAP General and administrative percentage |
| 8 | % |
| 9 | % |
| 7 | % |
| 8 | % |
| 15 | % | |||||
|
|
|
|
|
| |||||||||||||||
Non-GAAP Operating expenses* | $ | 45,485 |
| $ | 47,212 |
| $ | 45,508 |
| $ | 46,478 |
| $ | 41,228 |
| |||||
Non-GAAP Operating expense percentage |
| 39 | % |
| 38 | % |
| 33 | % |
| 32 | % |
| 53 | % |
* Non-GAAP operating expenses excludes changes in fair value of contingent consideration, stock-based compensation, amortization of acquired intangible assets, restructuring charges, acquisition related costs, impairment of certain long-lived and right-of-use assets, and shareholder activism response costs. |
Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 31 |
QUOTIENT TECHNOLOGY INC. | ||||||||||||||||
RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT (FORECASTED) | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
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| Q2 FY 22 (Forecast) | FY22 (Forecast) | ||||||||||||||
| Low | High | Low | High | ||||||||||||
Revenues | $ | 68,000 |
| $ | 76,000 |
| $ | 330,000 |
| $ | 345,000 |
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Cost of revenues (GAAP) | $ | 35,900 |
| $ | 40,000 |
| $ | 157,200 |
| $ | 162,300 |
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(less) Stock-based compensation |
| (400 | ) |
| (500 | ) |
| (1,400 | ) |
| (1,500 | ) | ||||
(less) Amortization of acquired intangible assets |
| (2,500 | ) |
| (2,500 | ) |
| (5,800 | ) |
| (5,800 | ) | ||||
Cost of revenues (Non-GAAP) | $ | 33,000 |
| $ | 37,000 |
| $ | 150,000 |
| $ | 155,000 |
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Gross profit (GAAP) | $ | 32,100 |
| $ | 36,000 |
| $ | 172,800 |
| $ | 182,700 |
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Gross profit (Non-GAAP) | $ | 35,000 |
| $ | 39,000 |
| $ | 180,000 |
| $ | 190,000 |
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Q1 2022 FINANCIAL RESULTS AND BUSINESS UPDATES | 32 |