Delaware
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58-2412516
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(State or other jurisdiction
of incorporation)
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(IRS Employer
Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition
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Item 9.01.
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Financial Statements and Exhibits.
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(d) Exhibits.
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The following exhibit is filed herewith.
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Exhibit No.
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Description
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99.1
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Press Release dated May 10, 2012
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Greenway Medical Technologies, Inc. | |||
Date: May 10, 2012
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By:
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/s/ William G. Esslinger, Jr. | |
William G. Esslinger, Jr. | |||
Vice President, General Counsel and Secretary |
·
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Third-quarter and YTD total revenue was $32.9 million and $87.6 million respectively, representing increases of 52% and 45% over the respective year-ago periods.
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·
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Third-quarter EPS of $0.06 per fullydiluted share.
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·
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Adjusted EBITDA was $4.0 million for the third quarter of FY2012. Adjusted EBITDA is a non-GAAP measure that is described and reconciled to net loss below and is not a substitute for the GAAP equivalent.
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March 31,
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June 30,
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|||||||
2012
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2011
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Assets
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Current assets:
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||||||||
Cash and cash equivalents
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$ | 5,060 | $ | 5,722 | ||||
Short-term investments
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31,324 | 10,447 | ||||||
Accounts receivable, net of $719 and $585 allowance for doubtful
accounts at March 31, 2012 and June 30, 2011 (unaudited), respectively
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23,399 | 18,112 | ||||||
Inventory
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582 | 460 | ||||||
Prepaids and other current assets
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3,137 | 1,705 | ||||||
Deferred tax assets
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1,822 | 476 | ||||||
Total current assets
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65,324 | 36,922 | ||||||
Property and equipment, net
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17,079 | 9,632 | ||||||
Acquired intangibles, net
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542 | - | ||||||
Software development cost, net
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14,624 | 6,811 | ||||||
Deferred tax assets - noncurrent
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26,898 | 28,751 | ||||||
Goodwill
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440 | - | ||||||
Other assets
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40 | 40 | ||||||
Total assets
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$ | 124,947 | $ | 82,156 | ||||
Liabilities and shareholders’ equity (deficit)
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$ | 10,958 | $ | 7,902 | ||||
Accrued liabilities
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8,786 | 5,900 | ||||||
Deferred revenue
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9,507 | 8,672 | ||||||
Total current liabilities
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29,251 | 22,474 | ||||||
Obligation for purchased technology
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138 | 349 | ||||||
Convertible preferred stock, at fair value
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- | 158,817 | ||||||
Shareholders’ equity (deficit):
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||||||||
Common stock
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3 | 11,498 | ||||||
Additional paid-in capital
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236,474 | 59,038 | ||||||
Accumulated deficit
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(140,919 | ) | (170,020 | ) | ||||
Total shareholders’ equity (deficit)
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95,558 | (99,484 | ) | |||||
Total liabilities, convertible preferred stock and shareholders’ equity (deficit)
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$ | 124,947 | $ | 82,156 |
Three Months Ended
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Nine Months Ended
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March 31,
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March 31,
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March 31,
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March 31,
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|||||||||||||
2012
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2011
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2012
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2011
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Revenue:
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System sales
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$ | 10,271 | $ | 6,727 | $ | 26,125 | $ | 19,782 | ||||||||
Training and consulting services
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7,643 | 4,434 | 20,547 | 12,201 | ||||||||||||
Support services
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8,741 | 5,802 | 23,508 | 16,011 | ||||||||||||
Electronic data interchange and business services
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6,210 | 4,639 | 17,458 | 12,438 | ||||||||||||
Total revenue
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32,865 | 21,602 | 87,638 | 60,432 | ||||||||||||
Cost of revenue (Note 1):
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||||||||||||||||
System sales
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2,558 | 1,587 | 7,166 | 5,199 | ||||||||||||
Training and consulting services
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5,355 | 3,386 | 14,347 | 9,472 | ||||||||||||
Support services
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2,691 | 1,846 | 7,620 | 4,750 | ||||||||||||
Electronic data interchange and business services
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4,226 | 3,162 | 12,201 | 8,786 | ||||||||||||
Total cost of revenue
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14,830 | 9,981 | 41,334 | 28,207 | ||||||||||||
Gross profit
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18,035 | 11,621 | 46,304 | 32,225 | ||||||||||||
Operating expenses (Note 1):
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Sales, general and administrative
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11,802 | 9,623 | 33,962 | 27,145 | ||||||||||||
Research and development
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4,021 | 2,285 | 11,029 | 5,628 | ||||||||||||
Total operating expenses
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15,823 | 11,908 | 44,991 | 32,773 | ||||||||||||
Operating income (loss)
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2,212 | (287 | ) | 1,313 | (548 | ) | ||||||||||
Interest income (expense), net
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50 | 8 | 42 | 33 | ||||||||||||
Other (expense), net
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65 | (22 | ) | (22 | ) | (52 | ) | |||||||||
Income (loss) before provision for income taxes
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2,327 | (301 | ) | 1,333 | (567 | ) | ||||||||||
Provision (benefit) for income taxes
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948 | (30,975 | ) | 628 | (30,944 | ) | ||||||||||
Net income (loss)
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1,379 | 30,674 | 705 | 30,377 | ||||||||||||
Preferred stock dividends and accretion
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- | (13,232 | ) | 28,395 | (39,728 | ) | ||||||||||
Income (loss) available to common shareholders
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$ | 1,379 | $ | 17,442 | $ | 29,100 | $ | (9,351 | ) | |||||||
Per share data:
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Net income (loss) per share available to common shareholders:
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Basic
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$ | 0.06 | $ | 1.50 | $ | 1.89 | $ | (0.81 | ) | |||||||
Diluted
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$ | 0.06 | $ | 1.46 | $ | 0.04 | $ | (0.81 | ) | |||||||
Weighted average number of common shares outstanding:
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Basic
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22,859,440 | 11,606,520 | 15,410,220 | 11,561,887 | ||||||||||||
Diluted
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24,130,778 | 21,073,852 | 16,738,678 | 11,561,887 | ||||||||||||
Note 1 - Includes stock-based compensation in the following amounts:
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Cost of revenue:
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System sales
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$ | 3 | $ | 1 | $ | 9 | $ | 7 | ||||||||
Training and consulting services | 34 | 15 | 245 | 74 | ||||||||||||
Software support services
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15 | 13 | 97 | 37 | ||||||||||||
Electronic data interchange and business services
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6 | - | 49 | 9 | ||||||||||||
Total cost of revenue
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58 | 29 | 400 | 127 | ||||||||||||
Operating expenses:
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Sales, general and administrative
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218 | 427 | 775 | 1,059 | ||||||||||||
Research and development
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68 | 50 | 656 | 154 | ||||||||||||
Total operating expenses
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286 | 477 | 1,431 | 1,213 | ||||||||||||
Total stock-compensation expense
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$ | 344 | $ | 506 | $ | 1,831 | $ | 1,340 |
Nine Months Ended
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March 31,
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March 31,
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2012
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2011
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Cash flows from operating activities:
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Net income
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$ | 705 | $ | 30,377 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
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Net stock compensation expense
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1,831 | 1,340 | ||||||
Deferred income tax provision (benefit)
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507 | (31,000 | ) | |||||
Depreciation and amortization
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2,928 | 635 | ||||||
Provision for bad debts
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1,017 | 538 | ||||||
Reduction in obligation for acquired technology
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(100 | ) | - | |||||
Changes in current assets and liabilities:
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Accounts receivable
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(6,304 | ) | (1,626 | ) | ||||
Inventory
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(122 | ) | (260 | ) | ||||
Prepaids and other current assets
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(1,432 | ) | (425 | ) | ||||
Accounts payable and accrued liabilities
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4,988 | 1,275 | ||||||
Deferred revenue
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835 | 3,562 | ||||||
Net cash provided by operating activities
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4,853 | 4,416 | ||||||
Cash flows from investing activities:
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Purchase of short-term investments
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(26,566 | ) | (10,507 | ) | ||||
Sales of short-term investments
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5,689 | - | ||||||
Purchases of property and equipment
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(6,250 | ) | (2,660 | ) | ||||
Business combination to acquire technology and other assets
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(3,000 | ) | - | |||||
Capitalized software development cost
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(8,966 | ) | (3,295 | ) | ||||
Net cash used in investing activities
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(39,093 | ) | (16,462 | ) | ||||
Cash flows from financing activities:
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Payments on capital leases
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- | (12 | ) | |||||
Payments on obligation for acquired technology
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(111 | ) | - | |||||
Proceeds from exercise of stock options and warrants
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611 | 418 | ||||||
Payments in connection with preferred stock conversion
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(23,300 | ) | ||||||
Sale of common stock, net of issue costs and expenses
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56,378 | - | ||||||
Net cash provided by financing activities
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33,578 | 406 | ||||||
Net decrease in cash and cash equivalents
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(662 | ) | (11,640 | ) | ||||
Cash and cash equivalents at beginning of period
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5,722 | 19,179 | ||||||
Cash and cash equivalents at end of period
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$ | 5,060 | $ | 7,539 | ||||
Supplemental cash flow information:
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Cash paid for interest
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$ | 4 | $ | 9 | ||||
Cash paid for taxes
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$ | 120 | $ | 300 | ||||
Non-cash investing and financing activities:
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Conversion of preferred stock
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$ | 135,517 | $ | - | ||||
Common stock and obligations for future payments at fair value,
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given in exchange for acquisition of technology
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$ | 954 | $ | 860 | ||||
Reduction in obligation for acquired technology
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$ | 100 | $ | - |
Three Months Ended March 31,
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Nine Months Ended March 31,
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2012
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2011
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2012
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2011
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Reconciliation of net income to Non-GAAP Adjusted EBITDA:
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Net income
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$ | 1,379 | $ | 30,674 | $ | 705 | $ | 30,377 | ||||||||
Stock-based compensation
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344 | 506 | 1,831 | 1,340 | ||||||||||||
Acquisition costs
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- | - | 123 | - | ||||||||||||
Depreciation and amortization
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1,353 | 247 | 2,962 | 635 | ||||||||||||
Interest (income) expense, net
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(50 | ) | (8 | ) | (42 | ) | (33 | ) | ||||||||
Provision (benefit) for income taxes
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948 | (30,975 | ) | 628 | (30,944 | ) | ||||||||||
Non-GAAP adjusted EBITDA
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$ | 3,974 | $ | 444 | $ | 6,207 | $ | 1,375 | ||||||||
Non-GAAP adjusted EBITDA margin
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12 | % | 3 | % | 7 | % | 2 | % |
Three Months Ended March 31,
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Nine Months Ended March 31,
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2012
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2011
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2012
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2011
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Non-GAAP adjusted net income (loss)
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GAAP net income (loss)
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$ | 1,379 | $ | 30,674 | $ | 705 | $ | (9,351 | ) | |||||||
Add: Stock-based compensation
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344 | 506 | 1,831 | 1,340 | ||||||||||||
Add: Acquisition costs
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- | - | 123 | - | ||||||||||||
Add: Amortization of purchased intangibles
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380 | 86 | 749 | 115 | ||||||||||||
Subtotal of tax deductible items
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724 | 592 | 2,703 | 1,455 | ||||||||||||
Less: tax impact of tax deductible items (40% rate)
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(290 | ) | (236 | ) | (1,081 | ) | (582 | ) | ||||||||
Non-GAAP adjusted net income
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$ | 1,813 | $ | 31,030 | $ | 2,327 | $ | (8,478 | ) | |||||||
Weighted average number of shares - diluted
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24,130,778 | 21,073,852 | 16,738,678 | 11,561,887 | ||||||||||||
Non-GAAP adjusted net income per diluted share
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$ | 0.08 | $ | 1.48 | $ | 0.14 | $ | (0.73 | ) | |||||||
Three Months Ended March 31,
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Nine Months Ended March 31,
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2012 | 2011 | 2012 | 2011 | |||||||||||||
GAAP net income per share - diluted
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$ | 0.06 | $ | 1.46 | $ | 0.04 | $ | (0.81 | ) | |||||||
Add: Stock-based compensation
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$ | 0.01 | $ | 0.02 | $ | 0.11 | $ | 0.12 | ||||||||
Add: Acquisition costs
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$ | - | $ | - | $ | 0.01 | $ | - | ||||||||
Add: Amortization of purchased intangibles
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$ | 0.02 | $ | 0.01 | $ | 0.04 | $ | 0.01 | ||||||||
Subtotal of tax deductible items
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$ | 0.03 | $ | 0.03 | $ | 0.16 | $ | 0.13 | ||||||||
Less: tax impact of tax deductible items (40% rate)
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.06 | ) | $ | (0.05 | ) | ||||
Non-GAAP adjusted net income per share - diluted
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$ | 0.08 | $ | 1.48 | $ | 0.14 | $ | (0.73 | ) |
·
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Stock-based compensation –Excluded because these are non-cash expenses that management does not consider useful in assessing ongoing operating results or performance of the business, and also because the amount of the expense is not totally within the Company’s control because it is based on factors such as stock price, volatility and interest rates which may be unrelated to the Company’s performance during the period the expense is incurred.
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·
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Amortization of purchased intangibles – Purchased intangibles are amortized over their estimated useful life and generally cannot be influenced after the acquisition. Accordingly, this item is not considered by management in making operating decisions. Thus, including such charges does not accurately reflect the performance for the period in which such charge is incurred.
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·
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Acquisition Costs – Costs associated with acquisitions are non-recurring and related specifically to a subject acquisition. Accordingly, management does not believe that they reflect the underlying performance of ongoing business operations for the period incurred.
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