checkAd

     114  0 Kommentare Model N Announces Third Quarter Fiscal Year 2020 Financial Results

    Model N, Inc. (NYSE: MODN), the leading provider of cloud revenue management solutions for Life Sciences and High Tech companies, today announced financial results for the third quarter fiscal year 2020 ended June 30, 2020.

    “Our third quarter results exceeded our revenue and profitability guidance. I am pleased with our team’s performance during this unprecedented time,” said Jason Blessing, president and chief executive officer of Model N. “We had an impressive number of go-lives in the quarter and strong engagement with our customer base. This demonstrates the importance of our cloud products during this critical time when our customers are responding to the COVID-19 pandemic. We continue to collaborate closely with our customers, delivering on existing projects and commencing new initiatives.”

    Recent Highlights

    • Top 15 Med Tech Company Selects Model N for Global Commercial Excellence - With operations around the globe, a top med tech company began its journey with Model N by selecting Global Tender Management to power its tendering process in 14 countries. Model N’s solution is expected to support hundreds of users and process billions of dollars annually. Model N was selected because it offered the best tender management solution available to meet the customer’s needs today and in the future.
    • Life Sciences Companies Increase Revenue Cloud Usage with Significant Go-Lives - Customer go-lives continued to be a highlight for Model N with an impressive number of Life Sciences companies implementing its products on time and on budget. These go-lives showcase the importance of Model N’s solutions and the strength of its delivery methodology in a remote working environment. Model N is focused on executing existing projects and launching new initiatives in response to COVID-19 and other go-to-market imperatives.
    • Leading High Tech Companies Expand Relationship with Model N - In the third quarter, AMD, Qualcomm, Micron and others expanded their relationships with the company through the addition of new products and increased usage to support global operations. The High Tech vertical market is central to the broader economic recovery, and Model N is helping to power this trend.
    • Model N Supports Centers for Medicare & Medicaid Services (CMS) Proposed Rule Change - In the quarter, the CMS proposed a rule change that would have broad implications across both government and commercial payer agreements. As an example, the proposed rule would establish minimum standards in drug review and support value-based purchasing as a tool for negotiating prices for next generation therapies. Model N, with its flexible cloud products, provides companies in Life Sciences with the agility to respond to regulatory updates.

    Third Quarter 2020 Financial Highlights

    • Revenues: Total revenues were $41.3 million, an increase of 19% from the third quarter of fiscal year 2019. Subscription revenues were $29.3 million, an increase of 10% from the third quarter of fiscal year 2019.
    • Gross Profit: Gross profit was $25.2 million, an increase of 34% from the third quarter of fiscal year 2019. Gross margin was 61% compared to 54% for the third quarter of fiscal year 2019. Non-GAAP gross profit was $26.4 million, an increase of 30% from the third quarter of fiscal year 2019. Non-GAAP gross margin was 64% compared to 58% for the third quarter of fiscal year 2019. Subscription gross margin was 71% compared to 67% for the third quarter of fiscal year 2019. Non-GAAP subscription gross margin was 74% compared to 71% for the third quarter of fiscal year 2019.
    • GAAP Loss and Non-GAAP Income from Operations: GAAP loss from operations was $(0.4) million, an improvement of 82% from the third quarter of fiscal year 2019. Non-GAAP income from operations was $6.2 million, an increase of 106% from the third quarter of fiscal year 2019.
    • GAAP Net Loss: GAAP net loss was $(2.4) million, an improvement of 21% from the third quarter of fiscal year 2019. GAAP basic and diluted net loss per share attributable to common stockholders was $(0.07) based upon weighted average shares outstanding of 34.4 million compared to net loss per share of $(0.09) for the third quarter of fiscal year 2019 based upon weighted average shares outstanding of 32.6 million.
    • Non-GAAP Net Income: Non-GAAP net income was $5.2 million compared to a non-GAAP net income of $2.1 million for the third quarter of fiscal year 2019. Non-GAAP net income per diluted share was $0.15 based upon diluted weighted average shares outstanding of 35.3 million compared to non-GAAP net income per diluted share of $0.06 for the third quarter of fiscal year 2019 based upon diluted weighted average shares outstanding of 33.5 million.
    • Adjusted EBITDA: Adjusted EBITDA was $6.4 million, an increase of 93% from the third quarter of fiscal year 2019.
    • Cash and Cash Flows: Cash and cash equivalents as of June 30, 2020 totaled $192.4 million. During the quarter, the company raised $172.5 million from the issuance of convertible senior notes before issuance costs and paid down $40.0 million in debt, accrued interest and other fees. Net cash provided by operating activities was $7.2 million for the first nine months of fiscal year 2020, compared with net cash provided by operating activities of $4.8 million in the prior fiscal year period. Free cash flow was $7.0 million for the first nine months of fiscal year 2020, compared with free cash flow of $4.6 million in the prior fiscal year period.

    A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial tables included in this press release.

    Guidance

    The impact of COVID-19 and its effect on Model N’s business is included in the guidance that is being provided for the fourth quarter of fiscal year 2020 and the full fiscal year ending September 30, 2020 and reflects the company’s outlook as of August 4, 2020.

    (in $ millions, except per share)

    Fourth Quarter Fiscal 2020

    Full Year Fiscal 2020

    Total revenues

    40.1 - 40.5

    159.7 - 160.1

    Subscription revenues

    29.0 - 29.4

    115.5 - 115.9

    Non-GAAP income from operations

    4.5 - 4.9

    18.3 - 18.7

    Non-GAAP net income per share

    0.07 - 0.09

    0.41 - 0.43

    Adjusted EBITDA

    4.6 - 5.0

    19.0 - 19.4

    Quarterly Results Conference Call

    Model N will host a conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time) to review the company’s financial results for the third quarter fiscal year 2020 ended June 30, 2020. The conference call can be accessed by dialing 877-407-4018 from the United States or +1-201-689-8471 internationally with reference to the company name and conference title, and a live webcast and replay of the conference call can be accessed from the investor relations page of Model N’s website at investor.modeln.com. Following the completion of the call through 11:59 p.m. ET on August 18, 2020, a telephone replay will be available by dialing 844-512-2921 from the United States or +1-412-317-6671, internationally, with recording access code 13706213.

    About Model N

    Model N is the leading provider of cloud revenue management solutions for Life Sciences and High Tech companies. Our software helps companies drive mission-critical business processes such as pricing, quoting, contracting, regulatory compliance, rebates and incentives. With deep industry expertise, Model N supports the complex business needs of the world’s leading brands in pharmaceutical, medical technology, semiconductor, and High Tech manufacturing across more than 120 countries, including Johnson & Johnson, AstraZeneca, Novartis, Microchip Technology and ON Semiconductor. For more information, visit www.modeln.com.

    Model N is the registered trademark of Model N, Inc. Any other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.

    Forward-Looking Statements

    This press release contains forward-looking statements including, among other things, statements regarding Model N’s fourth quarter and full year fiscal 2020 financial results, the impact COVID-19 will have on our business, Model N’s profitability, future planned enhancements to our products and benefits from our products. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to: (i) delays in closing customer contracts; (ii) our ability to improve and sustain our sales execution; (iii) the timing of new orders and the associated revenue recognition; (iv) adverse changes in general economic or market conditions; (v) delays or reductions in information technology spending and resulting variability in customer orders from quarter to quarter; (vi) competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by our competitors; (vii) our ability to manage our growth effectively; and (viii) acceptance of our applications and services by customers; (ix) success of new products; (x) the risk that the strategic initiatives that we may pursue will not result in significant future revenues; (xi) changes in health care regulation and policy and tax in the United States and worldwide; (xii) our ability to retain customers and (xiii) adverse impacts on our business and financial condition due to COVID-19. Further information on risks that could affect Model N’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our most recent quarterly report on Form 10-Q and our annual report on Form 10-K for the fiscal year ended September 30, 2019, and any current reports on Form 8-K that we may file from time to time. Should any of these risks or uncertainties materialize, actual results could differ materially from expectations. Model N assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

    Non-GAAP Financial Measures

    We have provided in this release financial information that has not been prepared in accordance with accounting standards generally accepted in the United States of America (“GAAP”). We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

    Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

    Our reported results include certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP subscription gross profit, non-GAAP subscription gross margin, non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) per share, and adjusted EBITDA. Non-GAAP gross profit excludes stock-based compensation expenses, amortization of intangible assets, and deferred revenue adjustments as they are often excluded by other companies to help investors understand the operational performance of their business. Non-GAAP income (loss) from operations excludes stock-based compensation expense, amortization of intangible assets, and deferred revenue adjustments. Non-GAAP net income (loss) excludes stock-based compensation expense, amortization of intangible assets, amortization of debt discount and issuance costs related to our convertible senior notes, and deferred revenue adjustments. Additionally, stock-based compensation expense varies from period to period and from company to company due to such things as valuation methodologies and changes in stock price. Adjusted EBITDA is defined as net loss, adjusted for depreciation and amortization, stock-based compensation expense, acquisition & integration related expenses, deferred revenue adjustment, interest (income) expense, net, other (income) expenses, net, and provision for (benefit from) income taxes. Reconciliation tables are provided in this press release.

    We have not reconciled guidance for non-GAAP financial measures to their most directly comparable GAAP measures because certain items that impact these measures are uncertain, out of our control and/or cannot be reasonably predicted or estimated, such as the difficulties of estimating certain items such as charges to stock-based compensation expense. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort.

    Model N, Inc.

    Condensed Consolidated Balance Sheets

    (in thousands)

     

     

    As of
    June 30, 2020

     

    As of
    September 30, 2019

    Assets

     

     

     

    Current assets

     

     

     

    Cash and cash equivalents

    $

    192,372

     

     

    $

    60,780

     

    Accounts receivable, net

    29,255

     

     

    26,953

     

    Prepaid expenses

    2,379

     

     

    2,776

     

    Other current assets

    8,228

     

     

    4,039

     

    Total current assets

    232,234

     

     

    94,548

     

    Property and equipment, net

    641

     

     

    1,043

     

    Operating lease right-of-use assets

    4,035

     

     

     

    Goodwill

    39,283

     

     

    39,283

     

    Intangible assets, net

    25,551

     

     

    29,131

     

    Other assets

    5,438

     

     

    5,588

     

    Total assets

    $

    307,182

     

     

    $

    169,593

     

    Liabilities and Stockholders’ Equity

     

     

     

    Current liabilities

     

     

     

    Accounts payable

    $

    3,541

     

     

    $

    2,302

     

    Accrued employee compensation

    14,870

     

     

    19,906

     

    Accrued liabilities

    4,425

     

     

    4,354

     

    Operating lease liabilities, current portion

    2,036

     

     

     

    Deferred revenue, current portion

    45,249

     

     

    44,875

     

    Long term debt, current portion

     

     

    4,911

     

    Total current liabilities

    70,121

     

     

    76,348

     

    Long-term liabilities

     

     

     

    Long term debt

    112,163

     

     

    39,371

     

    Operating lease liabilities, less current portion

    2,295

     

     

     

    Other long-term liabilities

    1,709

     

     

    1,152

     

    Total long-term liabilities

    116,167

     

     

    40,523

     

    Total liabilities

    186,288

     

     

    116,871

     

    Stockholders’ equity

     

     

     

    Common stock

    5

     

     

    5

     

    Preferred stock

     

     

     

    Additional paid-in capital

    344,932

     

     

    266,295

     

    Accumulated other comprehensive loss

    (1,627

    )

     

    (1,169

    )

    Accumulated deficit

    (222,416

    )

     

    (212,409

    )

    Total stockholders’ equity

    120,894

     

     

    52,722

     

    Total liabilities and stockholders’ equity

    $

    307,182

     

     

    $

    169,593

     

     

     

     

     

    Model N, Inc.

    Condensed Consolidated Statements of Operations

    (in thousands, except per share amounts)

     

     

    Three Months Ended June 30,

     

    Nine Months Ended June 30,

     

    2020

     

    2019

     

    2020

     

    2019

    Revenues

     

     

     

     

     

     

     

    Subscription

    $

    29,339

     

     

    $

    26,638

     

     

    $

    86,512

     

     

    $

    77,780

     

    Professional services

    11,917

     

     

    8,074

     

     

    33,084

     

     

    26,852

     

    Total revenues

    41,256

     

     

    34,712

     

     

    119,596

     

     

    104,632

     

    Cost of revenues

     

     

     

     

     

     

     

    Subscription

    8,374

     

     

    8,658

     

     

    25,882

     

     

    26,248

     

    Professional services

    7,699

     

     

    7,206

     

     

    23,026

     

     

    22,929

     

    Total cost of revenues

    16,073

     

     

    15,864

     

     

    48,908

     

     

    49,177

     

    Gross profit

    25,183

     

     

    18,848

     

     

    70,688

     

     

    55,455

     

    Operating expenses

     

     

     

     

     

     

     

    Research and development

    8,288

     

     

    7,060

     

     

    25,906

     

     

    21,887

     

    Sales and marketing

    9,716

     

     

    7,164

     

     

    29,682

     

     

    23,814

     

    General and administrative

    7,559

     

     

    6,713

     

     

    22,069

     

     

    19,702

     

    Total operating expenses

    25,563

     

     

    20,937

     

     

    77,657

     

     

    65,403

     

    Loss from operations

    (380

    )

     

    (2,089

    )

     

    (6,969

    )

     

    (9,948

    )

    Interest expense, net

    1,986

     

     

    689

     

     

    2,951

     

     

    2,313

     

    Other expenses (income), net

    (168

    )

     

    (4

    )

     

    (423

    )

     

    408

     

    Loss before income taxes

    (2,198

    )

     

    (2,774

    )

     

    (9,497

    )

     

    (12,669

    )

    Provision for income taxes

    182

     

     

    230

     

     

    510

     

     

    969

     

    Net loss

    $

    (2,380

    )

     

    $

    (3,004

    )

     

    $

    (10,007

    )

     

    $

    (13,638

    )

    Net loss per share:

     

     

     

     

     

     

     

    Basic and diluted

    $

    (0.07

    )

     

    $

    (0.09

    )

     

    $

    (0.30

    )

     

    $

    (0.43

    )

    Weighted average number of shares used in computing net loss per share:

     

     

     

     

     

     

     

    Basic and diluted

    34,411

     

     

    32,596

     

     

    33,781

     

     

    32,028

     

     

     

     

     

     

     

     

     

    Model N, Inc.

    Condensed Consolidated Statements of Cash Flows

    (in thousands)

     

     

    Nine Months Ended June 30,

     

    2020

     

    2019

    Cash Flows from Operating Activities

     

     

     

    Net loss

    $

    (10,007

    )

     

    $

    (13,638

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

    4,163

     

     

    5,191

     

    Stock-based compensation

    17,232

     

     

    12,822

     

    Amortization of debt discount and issuance costs

    1,118

     

     

    401

     

    Deferred income taxes

    33

     

     

    (170

    )

    Amortization of capitalized contract acquisition costs

    1,858

     

     

    1,238

     

    Loss on early extinguishment of debt

    319

     

     

     

    Other non-cash charges

    (8

    )

     

    (108

    )

    Changes in assets and liabilities

     

     

     

    Accounts receivable

    (2,292

    )

     

    2,295

     

    Prepaid expenses and other assets

    (3,621

    )

     

    (1,368

    )

    Accounts payable

    781

     

     

    1,088

     

    Accrued employee compensation

    (1,165

    )

     

    (653

    )

    Other current and long-term liabilities

    (2,322

    )

     

    443

     

    Deferred revenue

    1,133

     

     

    (2,740

    )

    Net cash provided by operating activities

    7,222

     

     

    4,801

     

    Cash Flows from Investing Activities

     

     

     

    Purchases of property and equipment

    (190

    )

     

    (227

    )

    Net cash used in investing activities

    (190

    )

     

    (227

    )

    Cash Flows from Financing Activities

     

     

     

    Proceeds from exercise of stock options and issuance of employee stock purchase plan

    2,442

     

     

    2,198

     

    Proceeds from issuance of convertible senior notes, net of issuance costs

    166,894

     

     

     

    Principal payments on debt

    (44,750

    )

     

    (5,000

    )

    Net cash provided by (used in) financing activities

    124,586

     

     

    (2,802

    )

    Effect of exchange rate changes on cash and cash equivalents

    (26

    )

     

    53

     

    Net increase in cash and cash equivalents

    131,592

     

     

    1,825

     

    Cash and cash equivalents

     

     

     

    Beginning of period

    60,780

     

     

    56,704

     

    End of period

    $

    192,372

     

     

    $

    58,529

     

     

     

     

     

    Model N, Inc.

    Reconciliation of GAAP to Non-GAAP Operating Results

    (in thousands, except per share amounts)

     

     

     

    Three Months Ended June 30,

     

    Nine Months Ended June 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Reconciliation from GAAP net loss to adjusted EBITDA

     

     

     

     

     

     

     

     

    GAAP net loss

     

    $

    (2,380

    )

     

    $

    (3,004

    )

     

    $

    (10,007

    )

     

    $

    (13,638

    )

    Reversal of non-GAAP items

     

     

     

     

     

     

     

     

    Stock-based compensation expense

     

    5,400

     

     

    3,723

     

     

    17,232

     

     

    12,822

     

    Depreciation and amortization

     

    1,350

     

     

    1,658

     

     

    4,163

     

     

    5,191

     

    Interest expense, net

     

    1,986

     

     

    689

     

     

    2,951

     

     

    2,313

     

    Other expenses (income), net

     

    (168

    )

     

    (4

    )

     

    (423

    )

     

    408

     

    Provision for income taxes

     

    182

     

     

    230

     

     

    510

     

     

    969

     

    Adjusted EBITDA

     

    $

    6,370

     

     

    $

    3,292

     

     

    $

    14,426

     

     

    $

    8,065

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended June 30,

     

    Nine Months Ended June 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Reconciliation from GAAP gross profit to non-GAAP gross profit

     

     

     

     

     

     

     

     

    GAAP gross profit

     

    $

    25,183

     

     

    $

    18,848

     

     

    $

    70,688

     

     

    $

    55,455

     

    Reversal of non-GAAP expenses

     

     

     

     

     

     

     

     

    Stock-based compensation (a)

     

    940

     

     

    938

     

     

    3,114

     

     

    2,907

     

    Amortization of intangible assets (b)

     

    282

     

     

    476

     

     

    911

     

     

    1,428

     

    Non-GAAP gross profit

     

    $

    26,405

     

     

    $

    20,262

     

     

    $

    74,713

     

     

    $

    59,790

     

    Percentage of revenue

     

    64.0

    %

     

    58.4

    %

     

    62.5

    %

     

    57.1

    %

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended June 30,

     

    Nine Months Ended June 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Reconciliation from GAAP subscription gross profit to non-GAAP subscription gross profit

     

     

     

     

     

     

     

     

    GAAP subscription gross profit

     

    $

    20,965

     

     

    $

    17,980

     

     

    $

    60,630

     

     

    $

    51,532

     

    Reversal of non-GAAP expenses

     

     

     

     

     

     

     

     

    Stock-based compensation (a)

     

    412

     

     

    435

     

     

    1,429

     

     

    1,364

     

    Amortization of intangible assets (b)

     

    282

     

     

    476

     

     

    911

     

     

    1,428

     

    Non-GAAP subscription gross profit

     

    $

    21,659

     

     

    $

    18,891

     

     

    $

    62,970

     

     

    $

    54,324

     

     

     

    Three Months Ended June 30,

     

    Nine Months Ended June 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Reconciliation from GAAP operating loss to non-GAAP operating income

     

     

     

     

     

     

     

     

    GAAP operating loss

     

    $

    (380

    )

     

    $

    (2,089

    )

     

    $

    (6,969

    )

     

    $

    (9,948

    )

    Reversal of non-GAAP expenses

     

     

     

     

     

     

     

     

    Stock-based compensation (a)

     

    5,400

     

     

    3,723

     

     

    17,232

     

     

    12,822

     

    Amortization of intangible assets (b)

     

    1,172

     

     

    1,365

     

     

    3,580

     

     

    4,101

     

    Non-GAAP operating income

     

    $

    6,192

     

     

    $

    2,999

     

     

    $

    13,843

     

     

    $

    6,975

     

     

     

     

     

     

     

     

     

     

    Numerator

     

     

     

     

     

     

     

     

    Reconciliation between GAAP net loss and non-GAAP net income

     

     

     

     

     

     

     

     

    GAAP net loss

     

    $

    (2,380

    )

     

    $

    (3,004

    )

     

    $

    (10,007

    )

     

    $

    (13,638

    )

    Reversal of non-GAAP expenses

     

     

     

     

     

     

     

     

    Stock-based compensation (a)

     

    5,400

     

     

    3,723

     

     

    17,232

     

     

    12,822

     

    Amortization of intangible assets (b)

     

    1,172

     

     

    1,365

     

     

    3,580

     

     

    4,101

     

    Amortization of debt discount and issuance costs (c)

     

    $

    970

     

     

    $

     

     

    $

    970

     

     

    $

     

    Non-GAAP net income

     

    $

    5,162

     

     

    $

    2,084

     

     

    $

    11,775

     

     

    $

    3,285

     

     

     

     

     

     

     

     

     

     

    Denominator

     

     

     

     

     

     

     

     

    Reconciliation between GAAP and non-GAAP net income (loss) per share

     

     

     

     

     

     

     

     

    Shares used in computing GAAP net loss per share:

     

     

     

     

     

     

     

     

    Basic

     

    34,411

     

     

    32,596

     

     

    33,781

     

     

    32,028

     

    Diluted

     

    34,411

     

     

    32,596

     

     

    33,781

     

     

    32,028

     

    Shares used in computing non-GAAP net income per share

     

     

     

     

     

     

     

     

    Basic

     

    34,411

     

     

    32,596

     

     

    33,781

     

     

    32,028

     

    Diluted

     

    35,345

     

     

    33,512

     

     

    35,016

     

     

    32,995

     

    GAAP net loss per share

     

     

     

     

     

     

     

     

    Basic and diluted

     

    $

    (0.07

    )

     

    $

    (0.09

    )

     

    $

    (0.30

    )

     

    $

    (0.43

    )

    Non-GAAP net income per share

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.15

     

     

    $

    0.06

     

     

    $

    0.35

     

     

    $

    0.10

     

    Diluted

     

    $

    0.15

     

     

    $

    0.06

     

     

    $

    0.34

     

     

    $

    0.10

     

     

     

    Three Months Ended June 30,

     

    Nine Months Ended June 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Amortization of intangibles assets recorded in the statements of operations

     

     

     

     

     

     

     

     

    Cost of revenues

     

     

     

     

     

     

     

     

    Subscription

     

    $

    282

     

     

    $

    476

     

     

    $

    911

     

     

    $

    1,428

     

    Professional services

     

     

     

     

     

     

     

     

    Total amortization of intangibles assets in cost of revenue (b)

     

    282

     

     

    476

     

     

    911

     

     

    1,428

     

    Operating expenses

     

     

     

     

     

     

     

     

    Research and development

     

     

     

     

     

     

     

     

    Sales and marketing

     

    890

     

     

    889

     

     

    2,669

     

     

    2,673

     

    General and administrative

     

     

     

     

     

     

     

     

    Total amortization of intangibles assets in operating expense (b)

     

    890

     

     

    889

     

     

    2,669

     

     

    2,673

     

    Total amortization of intangibles assets (b)

     

    $

    1,172

     

     

    $

    1,365

     

     

    $

    3,580

     

     

    $

    4,101

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended June 30,

     

    Nine Months Ended June 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Stock-based compensation recorded in the statements of operations

     

     

     

     

     

     

     

     

    Cost of revenues

     

     

     

     

     

     

     

     

    Subscription

     

    $

    412

     

     

    $

    435

     

     

    $

    1,429

     

     

    $

    1,364

     

    Professional services

     

    528

     

     

    503

     

     

    1,685

     

     

    1,543

     

    Total stock-based compensation in cost of revenue (a)

     

    940

     

     

    938

     

     

    3,114

     

     

    2,907

     

    Operating expenses

     

     

     

     

     

     

     

     

    Research and development

     

    1,074

     

     

    771

     

     

    3,743

     

     

    2,396

     

    Sales and marketing

     

    1,527

     

     

    440

     

     

    4,589

     

     

    2,824

     

    General and administrative

     

    1,859

     

     

    1,574

     

     

    5,786

     

     

    4,695

     

    Total stock-based compensation in operating expense (a)

     

    4,460

     

     

    2,785

     

     

    14,118

     

     

    9,915

     

    Total stock-based compensation (a)

     

    $

    5,400

     

     

    $

    3,723

     

     

    $

    17,232

     

     

    $

    12,822

     

     

     

     

     

     

     

     

     

     

    Use of Non-GAAP Financial Measures

     

    To supplement our condensed consolidated financial statements presented on a GAAP basis, we use non-GAAP measures of adjusted EBITDA, gross profit, gross margin, income from operations, net income, weighted average shares outstanding and net income per share, which are adjusted to exclude stock-based compensation expense, amortization of intangible assets, and amortization of debt discount and issuance costs related to our convertible senior notes and include dilutive shares where applicable. We believe these adjustments are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of our underlying operating results and trends and our marketplace performance. The non-GAAP results are an indication of our baseline performance that are considered by management for the purpose of making operational decisions. In addition, these non-GAAP results are the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for operating loss, net loss or basic and diluted net loss per share prepared in accordance with generally accepted accounting principles in the United States. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.

     

    While a large component of our expenses incurred in certain periods, we believe investors may want to exclude the effects of these items in order to compare our financial performance with that of other companies and between time periods:

     

     

    (a)

    Stock-based compensation is a non-cash expense accounted for in accordance with FASB ASC Topic 718. Stock-based compensation is a non-cash item. We believe that the exclusion of stock-based compensation expense provides for a better comparison of our operating results to prior periods and to our peer companies.

     

     

    (b)

    Amortization of intangible assets resulted principally from acquisitions. Intangible asset amortization is a non-cash item. As such, we believe exclusion of these expenses provides for a better comparison of our operating results to prior periods and to our peer companies.

     

     

    (c)

    Amortization of debt discount and issuance costs. Amortization of debt discount and issuance costs is a non-cash item. As such, we believe exclusion of these expenses provides for a better comparison of our operating results to prior periods and to our peer companies.

     




    Business Wire (engl.)
    0 Follower
    Autor folgen

    Model N Announces Third Quarter Fiscal Year 2020 Financial Results Model N, Inc. (NYSE: MODN), the leading provider of cloud revenue management solutions for Life Sciences and High Tech companies, today announced financial results for the third quarter fiscal year 2020 ended June 30, 2020. “Our third quarter …

    Schreibe Deinen Kommentar

    Disclaimer