Full year subscription revenue increased 34% year-over-year to $155.1 million
Full year total revenue increased 17% year-over-year to $266.3 million
TYSONS, Va., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced financial results for the fourth quarter and full year ended December 31, 2019.
"For the full year, we exceeded our guidance and grew subscription revenue by 34% to $155.1 million. Companies are choosing Appian because of our strong customer outcomes, growing partner ecosystem, and the speed of our low-code automation platform," said Matt Calkins, CEO & Founder.
Fourth Quarter 2019 Financial Highlights (under ASC 605):
Full Year 2019 Financial Highlights (under ASC 605):
Appian adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), or ASC 606, on January 1, 2019, using the modified retrospective method. Financial results for the quarter and year ended December 31, 2019 are presented in accordance with ASC 606 and for purposes of comparability, financial information for the quarter and year ended December 31, 2019 have also been disclosed under ASC Topic 605, Revenue Recognition, or ASC 605. This press release and the associated fourth quarter 2019 earnings presentation, which can be found on Appian's website at https://investors.appian.com/investor-relations, includes additional information to reconcile the impact of the adoption of ASC 606.
Fourth Quarter 2019 Financial Highlights (under ASC 606):
Full Year 2019 Financial Highlights (under ASC 606):
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Fourth Quarter 2019 Business Highlights:
Financial Outlook:
The guidance below includes the adoption of ASC 606. As of February 20, 2020, guidance for the first quarter 2020 and full year 2020 under ASC 606 are as follows:
1Under ASC 605, the estimated range for subscription revenue guidance for the first quarter 2020 represents a year-over-year growth rate of between 32% to 33%.
Conference Call Details:
Appian will host a conference call today, February 20, 2020, at 5:00 p.m. ET to discuss Appian's financial results for the fourth quarter and full year ended December 31, 2019 and business outlook.
The live webcast of the conference call can be accessed on the Investor Relations page of Appian’s website at http://investors.appian.com. To access the call, please dial (877) 407-0792 in the U.S. or (201) 689-8263 internationally. Following the call, an archived webcast will be available at the same location on the Investor Relations page. A telephone replay will be available for one week at (844) 512-2921 in the U.S. or (412) 317-6671 internationally with recording access code 13698412.
About Appian
Appian (NASDAQ: APPN) provides a low-code automation platform that accelerates the creation of high-impact business applications. Many of the world’s largest organizations use Appian applications to improve customer experience, achieve operational excellence, and simplify global risk management and compliance. For more information, visit www.appian.com.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, Appian provides investors with certain non-GAAP financial measures, including non-GAAP operating loss, non-GAAP net loss, non-GAAP net loss per share, non-GAAP weighted average shares outstanding and adjusted EBITDA. These non-GAAP financial measures exclude the effect of stock-based compensation expense and gain or loss on disposal of an asset. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and Appian’s non-GAAP measures may be different from non-GAAP measures used by other companies. For more information on these non-GAAP financial measures, please see the reconciliation of these non-GAAP financial measures to their nearest comparable GAAP measures at the end of this press release. A reconciliation of non-GAAP guidance measures to the most comparable GAAP measures is not available on a forward-looking basis without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures.
Appian uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Appian’s management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Appian’s performance by excluding certain expenses that may not be indicative of its recurring core business operating results. Appian believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing Appian’s performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to historical performance as well as comparisons to competitors’ operating results. Appian believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to measures used by management in its financial and operational decision-making and (2) they are used by Appian’s institutional investors and the analyst community to help them analyze the health of Appian’s business.
Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including statements regarding Appian’s future financial and business performance for the first quarter and full-year 2020, future investment by Appian in its go-to-market initiatives, increased demand for the Appian platform, market opportunity and plans and objectives for future operations, including Appian’s ability to drive continued subscription revenue and total revenue growth, are forward-looking statements. The words "anticipate," believe," "continue," "estimate," "expect," "intend," "may," "will" and similar expressions are intended to identify forward-looking statements. Appian has based these forward-looking statements on its current expectations and projections about future events and financial trends that Appian believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including the risks and uncertainties associated with Appian’s ability to grow its business and manage its growth, Appian’s ability to sustain its revenue growth rate, continued market acceptance of Appian’s platform and adoption of low-code solutions to drive digital transformation, the fluctuation of Appian’s operating results due to the length and variability of its sales cycle, competition in the markets in which Appian operates, risks and uncertainties associated with the composition and concentration of Appian’s customer base and their demand for its platform and satisfaction with the services provided by Appian, the potential fluctuation of Appian’s future quarterly results of operations, Appian’s ability to shift its revenue towards subscriptions and away from professional services, Appian’s ability to operate in compliance with applicable laws and regulations, Appian’s strategic relationships with third parties and use of third-party licensed software and its platform’s compatibility with third-party applications, and the timing of Appian’s recognition of subscription revenue which may delay the effect of near term changes in sales on its operating results, and the additional risks and uncertainties set forth in the "Risk Factors" section of Appian’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission on February 20, 2020 and other reports that Appian has filed with the Securities and Exchange Commission. Moreover, Appian operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for Appian’s management to predict all risks, nor can Appian assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Appian may make. In light of these risks, uncertainties and assumptions, Appian cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. Appian is under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law.
Investor ContactWill Maina ICR703-442-1091investors@appian.com
Media ContactNicole GreggsDirector, Media Relations703-260-7868nicole.greggs@appian.com
APPIAN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
As Reported (ASC 606) | Impacts fromAdoption | WithoutAdoption(ASC 605) | As Reported(ASC 605) | ||||||||||||||||
Assets | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 159,755 | $ | — | $ | 159,755 | $ | 94,930 | |||||||||||
Accounts receivable, net of allowance | 70,408 | — | 70,408 | 79,383 | |||||||||||||||
Deferred commissions, current | 14,543 | (6,061 | ) | 20,604 | 14,020 | ||||||||||||||
Prepaid expenses and other current assets | 32,955 | 16,343 | 16,612 | 21,293 | |||||||||||||||
Total current assets | 277,661 | 10,282 | 267,379 | 209,626 | |||||||||||||||
Property and equipment, net | 39,554 | — | 39,554 | 7,539 | |||||||||||||||
Operating right-of-use asset | 24,205 | — | 24,205 | — | |||||||||||||||
Deferred commissions, net of current portion | 28,979 | 15,780 | 13,199 | 15,088 | |||||||||||||||
Deferred tax assets | 494 | — | 494 | 326 | |||||||||||||||
Other assets | 592 | — | 592 | 601 | |||||||||||||||
Total assets | 371,485 | 26,062 | 345,423 | 233,180 | |||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Accounts payable | $ | 5,222 | $ | — | $ | 5,222 | $ | 9,249 | |||||||||||
Accrued expenses | 7,488 | — | 7,488 | 7,464 | |||||||||||||||
Accrued compensation and related benefits | 10,691 | — | 10,691 | 13,796 | |||||||||||||||
Deferred revenue, current | 82,201 | (28,985 | ) | 111,186 | 95,523 | ||||||||||||||
Operating lease liability, current | 3,836 | — | 3,836 | — | |||||||||||||||
Finance lease liability, current | 1,447 | — | 1,447 | — | |||||||||||||||
Other current liabilities | 1,395 | — | 1,395 | 2,369 | |||||||||||||||
Total current liabilities | 112,280 | (28,985 | ) | 141,265 | 128,401 | ||||||||||||||
Operating lease liability, net of current portion | 44,416 | — | 44,416 | — | |||||||||||||||
Finance lease liability, net of current portion | 2,375 | — | 2,375 | — | |||||||||||||||
Deferred revenue, net of current portion | 7,139 | (4,891 | ) | 12,030 | 16,145 | ||||||||||||||
Deferred tax liabilities | 38 | — | 38 | 42 | |||||||||||||||
Deferred rent, net of current portion | — | — | — | 15,400 | |||||||||||||||
Total liabilities | 166,248 | (33,876 | ) | 200,124 | 159,988 | ||||||||||||||
Stockholders’ equity | |||||||||||||||||||
Class A common stock | 3 | — | 3 | 3 | |||||||||||||||
Class B common stock | 3 | — | 3 | 3 | |||||||||||||||
Additional paid-in capital | 340,929 | — | 340,929 | 218,284 | |||||||||||||||
Accumulated other comprehensive (loss) income | (285 | ) | 320 | (605 | ) | 542 | |||||||||||||
Accumulated deficit | (135,413 | ) | 59,618 | (195,031 | ) | (145,640 | ) | ||||||||||||
Total stockholders’ equity | 205,237 | 59,938 | 145,299 | 73,192 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 371,485 | 26,062 | $ | 345,423 | $ | 233,180 | ||||||||||||
APPIAN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
As Reported(ASC 606) | Impacts fromAdoption | WithoutAdoption(ASC 605) | As Reported(ASC 605) | ||||||||||||||||
Revenue: | |||||||||||||||||||
Subscriptions | $ | 42,108 | $ | (2,210 | ) | $ | 44,318 | $ | 35,108 | ||||||||||
Professional services | 26,510 | 358 | 26,152 | 25,108 | |||||||||||||||
Total revenue | 68,618 | (1,852 | ) | 70,470 | 60,216 | ||||||||||||||
Cost of revenue: | |||||||||||||||||||
Subscriptions | 4,993 | — | 4,993 | 3,284 | |||||||||||||||
Professional services | 17,780 | — | 17,780 | 18,926 | |||||||||||||||
Total cost of revenue | 22,773 | — | 22,773 | 22,210 | |||||||||||||||
Gross profit | 45,845 | (1,852 | ) | 47,697 | 38,006 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Sales and marketing | 31,254 | (860 | ) | 32,114 | 30,177 | ||||||||||||||
Research and development | 15,625 | — | 15,625 | 12,332 | |||||||||||||||
General and administrative | 12,028 | — | 12,028 | 8,799 | |||||||||||||||
Total operating expenses | 58,907 | (860 | ) | 59,767 | 51,308 | ||||||||||||||
Operating loss | (13,062 | ) | (992 | ) | (12,070 | ) | (13,302 | ) | |||||||||||
Other (income) expense: | |||||||||||||||||||
Other (income) expense, net | (2,822 | ) | (228 | ) | (2,594 | ) | 510 | ||||||||||||
Interest expense | 131 | — | 131 | 64 | |||||||||||||||
Total other (income) expense | (2,691 | ) | (228 | ) | (2,463 | ) | 574 | ||||||||||||
Loss before income taxes | (10,371 | ) | (764 | ) | (9,607 | ) | (13,876 | ) | |||||||||||
Income tax expense | 426 | — | 426 | 27 | |||||||||||||||
Net loss | $ | (10,797 | ) | $ | (764 | ) | $ | (10,033 | ) | $ | (13,903 | ) | |||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||
Basic and diluted | $ | (0.16 | ) | $ | (0.01 | ) | $ | (0.15 | ) | $ | (0.22 | ) | |||||||
Weighted average common shares outstanding: | |||||||||||||||||||
Basic and diluted | 67,316,098 | — | 67,316,098 | 63,793,704 | |||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
As Reported(ASC 606) | Impacts from Adoption | WithoutAdoption(ASC 605) | As Reported(ASC 605) | ||||||||||||||||
Revenue: | |||||||||||||||||||
Subscriptions | $ | 151,299 | $ | (8,786 | ) | $ | 160,085 | $ | 126,012 | ||||||||||
Professional services | 109,053 | 2,791 | 106,262 | 100,731 | |||||||||||||||
Total revenue | 260,352 | (5,995 | ) | 266,347 | 226,743 | ||||||||||||||
Cost of revenue: | |||||||||||||||||||
Subscriptions | 17,098 | — | 17,098 | 11,997 | |||||||||||||||
Professional services | 76,743 | — | 76,743 | 72,928 | |||||||||||||||
Total cost of revenue | 93,841 | — | 93,841 | 84,925 | |||||||||||||||
Gross profit | 166,511 | (5,995 | ) | 172,506 | 141,818 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Sales and marketing | 117,440 | (4,625 | ) | 122,065 | 105,992 | ||||||||||||||
Research and development | 58,043 | — | 58,043 | 44,724 | |||||||||||||||
General and administrative | 41,496 | — | 41,496 | 37,821 | |||||||||||||||
Total operating expenses | 216,979 | (4,625 | ) | 221,604 | 188,537 | ||||||||||||||
Operating loss | (50,468 | ) | (1,370 | ) | (49,098 | ) | (46,719 | ) | |||||||||||
Other (income) expense: | |||||||||||||||||||
Other (income) expense, net | (941 | ) | (47 | ) | (894 | ) | 2,295 | ||||||||||||
Interest expense | 367 | — | 367 | 198 | |||||||||||||||
Total other (income) expense | (574 | ) | (47 | ) | (527 | ) | 2,493 | ||||||||||||
Loss before income taxes | (49,894 | ) | (1,323 | ) | (48,571 | ) | (49,212 | ) | |||||||||||
Income tax expense | 820 | — | 820 | 239 | |||||||||||||||
Net loss | $ | (50,714 | ) | $ | (1,323 | ) | $ | (49,391 | ) | $ | (49,451 | ) | |||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||
Basic and diluted | $ | (0.77 | ) | $ | (0.02 | ) | $ | (0.75 | ) | $ | (0.80 | ) | |||||||
Weighted average common shares outstanding: | |||||||||||||||||||
Basic and diluted | 65,479,327 | — | 65,479,327 | 62,140,684 | |||||||||||||||
APPIAN CORPORATION AND SUBSIDIARIES | |||||||||||||||
STOCK BASED COMPENSATION EXPENSE | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(unaudited) | |||||||||||||||
Cost of revenue | |||||||||||||||
Subscriptions | $ | 185 | $ | 159 | $ | 647 | $ | 514 | |||||||
Professional services | 287 | 1,072 | 2,748 | 1,717 | |||||||||||
Operating expenses | |||||||||||||||
Sales and marketing | 771 | 1,692 | 4,742 | 3,473 | |||||||||||
Research and development | 497 | 1,310 | 3,480 | 2,416 | |||||||||||
General and administrative | 1,648 | 574 | 4,826 | 7,934 | |||||||||||
Total stock-based compensation expense | $ | 3,388 | $ | 4,807 | $ | 16,443 | $ | 16,054 | |||||||
APPIAN CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
As Reported(ASC 606) | ImpactsfromAdoption | WithoutAdoption(ASC 605) | As Reported(ASC 605) | ||||||||||||||||
Net loss | $ | (50,714 | ) | $ | (1,323 | ) | $ | (49,391 | ) | $ | (49,451 | ) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||||
Depreciation and amortization | 4,742 | — | 4,742 | 2,021 | |||||||||||||||
Loss (gain) on disposal of equipment | 146 | — | 146 | (4 | ) | ||||||||||||||
Bad debt expense | 99 | — | 99 | 211 | |||||||||||||||
Deferred income taxes | (330 | ) | — | (330 | ) | (218 | ) | ||||||||||||
Stock-based compensation | 16,443 | — | 16,443 | 16,054 | |||||||||||||||
Changes in assets and liabilities: | 601 | ||||||||||||||||||
Accounts receivable | 7,432 | — | 7,432 | (23,332 | ) | ||||||||||||||
Prepaid expenses and other assets | 8,754 | 4,095 | 4,659 | (1,025 | ) | ||||||||||||||
Deferred commissions | (9,319 | ) | (4,625 | ) | (4,694 | ) | (7,615 | ) | |||||||||||
Accounts payable and accrued expenses | (4,043 | ) | — | (4,043 | ) | 7,461 | |||||||||||||
Accrued compensation and related benefits | (3,072 | ) | — | (3,072 | ) | (3 | ) | ||||||||||||
Other current liabilities | 1,318 | — | 1,318 | 1,823 | |||||||||||||||
Deferred revenue | 12,791 | 1,935 | 10,856 | 23,023 | |||||||||||||||
Operating lease liabilities | 6,827 | — | 6,827 | — | |||||||||||||||
Deferred rent, non-current | — | — | — | (266 | ) | ||||||||||||||
Net cash used in operating activities | (8,926 | ) | 82 | (9,008 | ) | (31,321 | ) | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property and equipment | (32,421 | ) | — | (32,421 | ) | (7,014 | ) | ||||||||||||
Proceeds from sale of equipment | — | — | — | 4 | |||||||||||||||
Net cash used in investing activities | (32,421 | ) | — | (32,421 | ) | (7,010 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from public offering, net of underwriting discounts | 101,653 | — | 101,653 | 58,258 | |||||||||||||||
Payment of costs related to public offerings | (350 | ) | — | (350 | ) | (429 | ) | ||||||||||||
Proceeds from exercise of common stock options | 4,899 | — | 4,899 | 3,133 | |||||||||||||||
Principal payments on finance lease obligations | (653 | ) | — | (653 | ) | — | |||||||||||||
Net cash provided by financing activities | 105,549 | — | 105,549 | 60,962 | |||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | 623 | (82 | ) | 705 | (1,459 | ) | |||||||||||||
Net increase in cash and cash equivalents | 64,825 | — | 64,825 | 21,172 | |||||||||||||||
Cash and cash equivalents, beginning of period | 94,930 | — | 94,930 | 73,758 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 159,755 | — | $ | 159,755 | $ | 94,930 | ||||||||||||
APPIAN CORPORATION AND SUBSIDIARIES | ||||||||||||||
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES | ||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||
(unaudited) | ||||||||||||||
Three Months Ended December 31, | ||||||||||||||
2019 | 2018 | |||||||||||||
As Reported(ASC 606) | WithoutAdoption(ASC 605) | As Reported(ASC 605) | ||||||||||||
Reconciliation of non-GAAP operating loss: | ||||||||||||||
GAAP operating loss | $ | (13,062 | ) | $ | (12,070 | ) | $ | (13,302 | ) | |||||
Add back: | ||||||||||||||
Stock-based compensation expense | 3,388 | 3,388 | 4,807 | |||||||||||
Non-GAAP operating loss | $ | (9,674 | ) | $ | (8,682 | ) | $ | (8,495 | ) | |||||
Reconciliation of non-GAAP net loss: | ||||||||||||||
GAAP net loss | $ | (10,797 | ) | $ | (10,033 | ) | $ | (13,903 | ) | |||||
Add back: | ||||||||||||||
Stock-based compensation expense | 3,388 | 3,388 | 4,807 | |||||||||||
Non-GAAP net loss | $ | (7,409 | ) | $ | (6,645 | ) | $ | (9,096 | ) | |||||
Non-GAAP earnings per share: | ||||||||||||||
Non-GAAP net loss | $ | (7,409 | ) | $ | (6,645 | ) | $ | (9,096 | ) | |||||
Non-GAAP weighted average shares used to compute net loss per shareattributable to common stockholders, basic and diluted | 67,316,098 | 67,316,098 | 63,793,704 | |||||||||||
Non-GAAP net loss per share, basic and diluted | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.14 | ) | |||||
Reconciliation of non-GAAP net loss per share, basic and diluted: | ||||||||||||||
GAAP net loss per share attributable to common stockholders, basic and diluted | (0.16 | ) | $ | (0.15 | ) | $ | (0.22 | ) | ||||||
Add back: | ||||||||||||||
Non-GAAP adjustments to net loss per share | 0.05 | 0.05 | 0.08 | |||||||||||
Non-GAAP net loss per share, basic and diluted | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.14 | ) | |||||
Reconciliation of adjusted EBITDA: | ||||||||||||||
GAAP net loss | $ | (10,797 | ) | $ | (10,033 | ) | $ | (13,903 | ) | |||||
Other (income) expense, net | (2,822 | ) | (2,594 | ) | 510 | |||||||||
Interest expense | 131 | 131 | 64 | |||||||||||
Income tax expense | 426 | 426 | 27 | |||||||||||
Depreciation expense | 1,469 | 1,469 | 568 | |||||||||||
Stock-based compensation expense | 3,388 | 3,388 | 4,807 | |||||||||||
Adjusted EBITDA | $ | (8,205 | ) | $ | (7,213 | ) | $ | (7,927 | ) | |||||
Year Ended December 31, | ||||||||||||||
2019 | 2018 | |||||||||||||
As Reported(ASC 606) | WithoutAdoption(ASC 605) | As Reported(ASC 605) | ||||||||||||
Reconciliation of non-GAAP operating loss: | ||||||||||||||
GAAP operating loss | $ | (50,468 | ) | $ | (49,098 | ) | $ | (46,719 | ) | |||||
Add back: | ||||||||||||||
Stock-based compensation expense | 16,443 | 16,443 | 16,054 | |||||||||||
Non-GAAP operating loss | $ | (34,025 | ) | $ | (32,655 | ) | $ | (30,665 | ) | |||||
Reconciliation of non-GAAP net loss: | ||||||||||||||
GAAP net loss | $ | (50,714 | ) | $ | (49,391 | ) | $ | (49,451 | ) | |||||
Add back: | ||||||||||||||
Stock-based compensation expense | 16,443 | 16,443 | 16,054 | |||||||||||
Loss (gain) on disposal of asset | 146 | 146 | $ | (4 | ) | |||||||||
Non-GAAP net loss | $ | (34,125 | ) | $ | (32,802 | ) | $ | (33,401 | ) | |||||
Non-GAAP earnings per share: | ||||||||||||||
Non-GAAP net loss | $ | (34,125 | ) | $ | (32,802 | ) | $ | (33,401 | ) | |||||
Non-GAAP weighted average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 65,479,327 | 65,479,327 | 62,140,684 | |||||||||||
Non-GAAP net loss per share, basic and diluted | $ | (0.52 | ) | $ | (0.50 | ) | $ | (0.54 | ) | |||||
Reconciliation of non-GAAP net loss per share, basic and diluted: | ||||||||||||||
GAAP net loss per share attributable to common stockholders, basic and diluted | (0.77 | ) | $ | (0.75 | ) | $ | (0.80 | ) | ||||||
Add back: | ||||||||||||||
Non-GAAP adjustments to net loss per share | 0.25 | 0.25 | 0.26 | |||||||||||
Non-GAAP net loss per share, basic and diluted | $ | (0.52 | ) | $ | (0.50 | ) | $ | (0.54 | ) | |||||
Reconciliation of adjusted EBITDA: | ||||||||||||||
GAAP net loss | $ | (50,714 | ) | $ | (49,391 | ) | $ | (49,451 | ) | |||||
Other (income) expense, net | (941 | ) | (894 | ) | 2,295 | |||||||||
Interest expense | 367 | 367 | 198 | |||||||||||
Income tax expense | 820 | 820 | 239 | |||||||||||
Depreciation expense | 4,742 | 4,742 | 2,020 | |||||||||||
Stock-based compensation expense | 16,443 | 16,443 | 16,054 | |||||||||||
Adjusted EBITDA | $ | (29,283 | ) | $ | (27,913 | ) | $ | (28,645 | ) | |||||