Delaware | ||||
(State or Other Jurisdiction of Incorporation) | ||||
001-33554 | 76-0168604 | |||
(Commission File Number) | (IRS Employer Identification No.) |
3100 Main Street, Suite 900 Houston TX | 77002 | |||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code | (713) 335-5151 | |||||||
(Former Name or Former Address, if Changed Since Last Report) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
PROS HOLDINGS, INC. | ||
Date: February 9, 2016 | /s/ Stefan Schulz | |
Stefan Schulz | ||
Executive Vice President and Chief Financial Officer |
• | Annual Recurring Revenue of $98.2 million, an increase of 16% over the fourth quarter of 2014. |
• | Free Cash Flow of $8.5 million for the year ended December 31, 2015, as compared with free cash flow use of $8.1 million for the full year 2014. |
• | Added new customers across a diverse range of industries, such as AeroMexico, Air Astana, CITGO Petroleum Corporation, Food Services of America, Harmonie Mutuelle, L-com Global Connectivity, Kapstone Paper and Packaging Corporation, McCain Foods U.S.A., Inc., the commercial truck tire division of Michelin North America, St1 Nordic, and WABCO Holdings Inc., among others. |
• | Continued to broaden and deepen partnerships with existing customers, such as AXA Assistance, Austrian Airlines AG, Avis Budget Group, Inc., Fonterra Co-Operative Group, and Qantas Airways Limited, among others. |
• | Introduced data science innovation for Group Sales Optimizer to further pinpoint revenue growth opportunities for airlines by predicting and anticipating group passenger fulfillment rates, helping airlines further improve customer experience and optimize capacity. |
• | Introduced fast configuration for CPQ, an intelligent capability that recommends and automates optimal product configurations with a single click based on buyer preferences, accelerating quote turnaround times, increasing quote accuracy, and improving the customer buying experience. |
• | Ranked as a “strong performer” in The Forrester Wave™: B2B Order Management, Q4 2015 research report from Forrester Research, Inc. and cited for bringing “advanced analytics and data science to pricing challenges,” and offering “excellent CPQ functionality.” |
• | Strengthened leadership position in the market with numerous awards around innovation and customer success, including the Ventana Research Leadership Award, “Rising Star” award in CRM magazine’s 2015 Annual Market Awards, and multiple Stevie Awards in the American and International programs. |
• | ARR in the range of $117 million to $119 million for the full year 2016, an increase of 20% year over year at the mid-point. |
• | ACV bookings in the range of $4.5 million to $6.5 million for the first quarter of 2016, and in the range of $25 million to $27 million for the full year 2016, an increase of 21% year over year at the mid-point for the full year 2016. |
• | Subscription revenue in the range of $8 million to $8.2 million for the first quarter of 2016, and in the range of $34 million to $36 million for the full year 2016, an increase of 20% year over year at the mid-point for the full year 2016. |
• | Total revenue in the range of $36 million to $37 million for the first quarter of 2016, and total revenue in the range of $150 million to $153 million for the full year 2016. |
• | Non-GAAP loss per share of $0.34 to $0.36 for the first quarter of 2016, based on estimated $30.2 million basic weighted average shares outstanding and 36% non-GAAP estimated tax rate for the first quarter of 2016. |
• | Adjusted EBITDA loss in the range of $13 million to $14 million for the first quarter of 2016, and in the range of $45 million to $47 million for the full year 2016. |
• | Free cash flow use in the range of $37 million to $39 million for the full year 2016. |
• | Acquisition-Related Expenses: Acquisition-related expenses include transaction fees, due diligence costs and other one-time direct costs associated with our acquisitions. These amounts are unrelated to our core performance during any particular period and are impacted by the timing and size of the acquisitions. We exclude acquisition-related expenses to provide investors a method to compare our operating results to prior periods and to peer companies because such amounts can vary significantly based on the frequency of acquisitions and magnitude of acquisition expenses. |
• | Share-Based Compensation: Although share-based compensation is an important aspect of compensation for our employees and executives, our share-based compensation expense can vary because of changes in our stock price and market conditions at the time of grant, varying valuation methodologies, and the variety of award types. Since share-based compensation expense can vary for reasons that are generally unrelated to our performance during any particular period, we believe this could make it difficult for investors to compare our current financial results to previous and future periods. Therefore, we believe it is useful to exclude share-based compensation in order to better understand our business performance and allow investors to compare our operating results with peer companies. |
• | Amortization of Acquisition-Related Intangibles: We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company's research and development efforts, trade names, customer lists and customer relationships, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period. |
• | Amortization of Debt Discount and Issuance Costs: Amortization of debt discount and issuance costs are related to our Senior Notes due 2019. These amounts are unrelated to our core performance during any particular period, and therefore, we believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies. |
• | Impairment of Internal-Use Software: We review the software that has been capitalized for impairment when events or changes in circumstances indicate the software might be impaired. From time to time, we may determine that an impairment is required under GAAP. Since the impairment of internal-use software can vary for reasons that are generally unrelated |
• | Taxes: We exclude the tax consequences associated with non-GAAP items to provide investors with a useful comparison of our operating results to prior periods and to our peer companies because such amounts can vary significantly. In the fourth quarter of 2014, we concluded that it is more likely than not that we will be unable to fully realize our deferred tax assets and accordingly, established a valuation allowance against those assets. The ongoing impact of the valuation allowance on our non-GAAP effective tax rate has been eliminated to allow investors to better understand our business performance and compare our operating results with peer companies. |
December 31, 2015 | December 31, 2014 | |||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 161,770 | $ | 161,019 | ||||
Short-term investments | 2,500 | — | ||||||
Accounts and unbilled receivables, net of allowance of $586 and $868, respectively | 39,115 | 71,095 | ||||||
Prepaid and other current assets | 7,656 | 8,075 | ||||||
Restricted cash - current | — | 100 | ||||||
Total current assets | 211,041 | 240,289 | ||||||
Property and equipment, net | 15,777 | 15,788 | ||||||
Intangibles, net | 14,191 | 20,195 | ||||||
Goodwill | 20,445 | 21,563 | ||||||
Other long-term assets | 2,268 | 2,290 | ||||||
Total assets | $ | 263,722 | $ | 300,125 | ||||
Liabilities and Stockholders’ Equity: | ||||||||
Current liabilities: | ||||||||
Accounts payable and other liabilities | $ | 8,273 | $ | 10,564 | ||||
Accrued liabilities | 4,333 | 5,355 | ||||||
Accrued payroll and other employee benefits | 13,084 | 15,154 | ||||||
Deferred revenue | 60,664 | 57,313 | ||||||
Total current liabilities | 86,354 | 88,386 | ||||||
Long-term deferred revenue | 4,665 | 1,121 | ||||||
Convertible debt, net | 116,371 | 110,448 | ||||||
Other long-term liabilities | 918 | 1,171 | ||||||
Total liabilities | 208,308 | 201,126 | ||||||
Stockholders' equity: | ||||||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized none issued | — | — | ||||||
Common stock, $0.001 par value, 75,000,000 shares authorized; 34,156,561 and 33,477,810 shares issued, respectively; 29,738,976 and 29,060,225 shares outstanding, respectively | 34 | 34 | ||||||
Additional paid-in capital | 158,674 | 134,375 | ||||||
Treasury stock, 4,417,585 common shares, at cost | (13,938 | ) | (13,938 | ) | ||||
Accumulated deficit | (85,034 | ) | (19,223 | ) | ||||
Accumulated other comprehensive loss | (4,322 | ) | (2,249 | ) | ||||
Total stockholders’ equity | 55,414 | 98,999 | ||||||
Total liabilities and stockholders’ equity | $ | 263,722 | $ | 300,125 |
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Revenue: | ||||||||||||||||
License | $ | 6,152 | $ | 22,476 | $ | 32,716 | $ | 58,515 | ||||||||
Services | 10,775 | 10,266 | 42,875 | 49,225 | ||||||||||||
Subscription | 8,023 | 6,567 | 28,989 | 23,468 | ||||||||||||
Total license, services and subscription | 24,950 | 39,309 | 104,580 | 131,208 | ||||||||||||
Maintenance and support | 17,062 | 14,520 | 63,666 | 54,621 | ||||||||||||
Total revenue | 42,012 | 53,829 | 168,246 | 185,829 | ||||||||||||
Cost of revenue: | ||||||||||||||||
License | 62 | 52 | 304 | 243 | ||||||||||||
Services | 9,083 | 10,449 | 36,147 | 39,955 | ||||||||||||
Subscription | 3,456 | 1,319 | 12,786 | 7,334 | ||||||||||||
Total license, services and subscription | 12,601 | 11,820 | 49,237 | 47,532 | ||||||||||||
Maintenance and support | 2,812 | 2,690 | 12,173 | 10,554 | ||||||||||||
Total cost of revenue | 15,413 | 14,510 | 61,410 | 58,086 | ||||||||||||
Gross profit | 26,599 | 39,319 | 106,836 | 127,743 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling and marketing | 18,336 | 19,676 | 74,146 | 64,528 | ||||||||||||
General and administrative | 8,731 | 9,097 | 38,517 | 35,389 | ||||||||||||
Research and development | 11,682 | 10,527 | 46,780 | 43,174 | ||||||||||||
Acquisition-related | — | 425 | — | 3,019 | ||||||||||||
Impairment of internal-use software | 2,890 | 1,910 | 2,890 | 4,040 | ||||||||||||
Loss from operations | (15,040 | ) | (2,316 | ) | (55,497 | ) | (22,407 | ) | ||||||||
Convertible debt interest and amortization | (2,272 | ) | (492 | ) | (8,914 | ) | (492 | ) | ||||||||
Other expense, net | (90 | ) | (150 | ) | (661 | ) | (2,159 | ) | ||||||||
Loss before income tax provision | (17,402 | ) | (2,958 | ) | (65,072 | ) | (25,058 | ) | ||||||||
Income tax provision | 329 | 14,550 | 739 | 12,493 | ||||||||||||
Net loss | (17,731 | ) | (17,508 | ) | (65,811 | ) | (37,551 | ) | ||||||||
Net loss attributable to non-controlling interest | — | (49 | ) | — | (907 | ) | ||||||||||
Net loss attributable to PROS Holdings, Inc. | $ | (17,731 | ) | $ | (17,459 | ) | $ | (65,811 | ) | $ | (36,644 | ) | ||||
Net loss per share attributable to PROS Holdings, Inc.: | ||||||||||||||||
Basic and diluted | $ | (0.60 | ) | $ | (0.60 | ) | $ | (2.23 | ) | $ | (1.27 | ) | ||||
Weighted average number of shares: | ||||||||||||||||
Basic and diluted | 29,722 | 29,035 | 29,578 | 28,915 |
For the Year Ended December 31, | ||||||||
2015 | 2014 | |||||||
Operating activities: | ||||||||
Net loss | $ | (65,811 | ) | $ | (37,551 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 10,395 | 10,443 | ||||||
Amortization of debt discount and issuance costs | 6,039 | 329 | ||||||
Share-based compensation | 27,864 | 22,665 | ||||||
Tax (shortfall) benefit from share-based compensation | — | (110 | ) | |||||
Deferred income tax, net | 165 | 12,638 | ||||||
Provision for doubtful accounts | (282 | ) | (192 | ) | ||||
Loss on disposal of assets | 167 | — | ||||||
Impairment of internal-use software | 2,890 | 4,040 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts and unbilled receivables | 32,274 | (14,026 | ) | |||||
Prepaid expenses and other assets | 229 | (3,383 | ) | |||||
Accounts payable and other liabilities | (4,049 | ) | (3,104 | ) | ||||
Accrued liabilities | 800 | (1,080 | ) | |||||
Accrued payroll and other employee benefits | (2,048 | ) | 3,289 | |||||
Deferred revenue | 6,899 | 7,796 | ||||||
Net cash provided by operating activities | 15,532 | 1,754 | ||||||
Investing activities: | ||||||||
Purchase of property and equipment | (6,794 | ) | (7,499 | ) | ||||
Acquisition of Cameleon Software SA, net of cash acquired | — | (22,048 | ) | |||||
Capitalized internal-use software development costs | (233 | ) | (2,305 | ) | ||||
Change in restricted cash | 100 | 39,718 | ||||||
Purchases of short-term investments | (57,697 | ) | — | |||||
Proceeds from maturities of short-term investments | 55,200 | — | ||||||
Net cash (used in) provided by investing activities | (9,424 | ) | 7,866 | |||||
Financing activities: | ||||||||
Exercise of stock options | 706 | 1,105 | ||||||
Proceeds from employee stock plans | 839 | 335 | ||||||
Tax withholding related to net share settlement of restricted stock units | (5,124 | ) | (13,089 | ) | ||||
Payment of contingent consideration for Cameleon Software SA | (1,304 | ) | (2,225 | ) | ||||
Increase in PROS' ownership in Cameleon Software SA | — | (6,147 | ) | |||||
Payments of notes payable | (263 | ) | — | |||||
Debt issuance costs related to convertible debt | (408 | ) | — | |||||
Proceeds from issuance of convertible debt, net | — | 138,631 | ||||||
Proceeds from issuance of warrants | — | 17,106 | ||||||
Purchase of convertible note hedge | — | (29,411 | ) | |||||
Net cash (used in) provided by financing activities | (5,554 | ) | 106,305 | |||||
Effect of foreign currency rates on cash | 197 | 406 | ||||||
Net change in cash and cash equivalents | 751 | 116,331 | ||||||
Cash and cash equivalents: | ||||||||
Beginning of period | 161,019 | 44,688 | ||||||
End of period | $ | 161,770 | $ | 161,019 |
For the Three Months Ended December 31, | Quarter over Quarter | For the Year Ended December 31, | Year over Year | |||||||||||||
2015 | 2014 | % change | 2015 | 2014 | % change | |||||||||||
GAAP revenue | $42,012 | $53,829 | (22)% | $168,246 | $185,829 | (9)% | ||||||||||
Non-GAAP adjustment: | ||||||||||||||||
Acquisition-related deferred revenue write-down | 701 | $1,723 | 3,766 | $7,790 | ||||||||||||
Non-GAAP revenue | $42,713 | $55,552 | (23)% | $172,012 | $193,619 | (11)% | ||||||||||
GAAP gross profit | $26,599 | $39,319 | (32)% | $106,836 | $127,743 | (16)% | ||||||||||
Non-GAAP adjustments: | ||||||||||||||||
Acquisition-related deferred revenue write-down, net of cost of revenue | 206 | 976 | 1,373 | 4,617 | ||||||||||||
Acquisition-related foreign taxes on equity grants | — | — | — | 68 | ||||||||||||
Amortization of intangible assets | 542 | 597 | 2,201 | 2,460 | ||||||||||||
Share-based compensation | 823 | 923 | 3,719 | 3,469 | ||||||||||||
Non-GAAP gross profit | $28,170 | $41,815 | (33)% | $114,129 | $138,357 | (18)% | ||||||||||
Non-GAAP gross margin | 66.0% | 75.3% | 66.3% | 71.5% | ||||||||||||
GAAP loss from operations | $(15,040) | $(2,316) | 549% | $(55,497) | $(22,407) | 148% | ||||||||||
Non-GAAP adjustments: | ||||||||||||||||
Acquisition-related deferred revenue write-down, net of cost of revenue | 206 | 976 | 1,373 | 4,617 | ||||||||||||
Acquisition-related expenses | — | 425 | — | 3,019 | ||||||||||||
Acquisition-related foreign taxes on equity grants | — | — | — | 942 | ||||||||||||
Amortization of intangible assets | 974 | 1,194 | 4,840 | 5,212 | ||||||||||||
Accretion expense for acquisition-related contingent consideration | — | — | 22 | 182 | ||||||||||||
Impairment of internal-use software | 2,890 | 1,910 | 2,890 | 4,040 | ||||||||||||
Recovery of bankruptcy claim | — | — | (626) | — | ||||||||||||
Severance | 940 | — | 1,696 | — | ||||||||||||
Share-based compensation | 6,483 | 6,286 | 27,864 | 22,665 | ||||||||||||
Total Non-GAAP adjustments | $11,493 | $10,791 | $38,059 | $40,677 | ||||||||||||
Non-GAAP (loss) income from operations | $(3,547) | $8,475 | (142)% | $(17,438) | $18,270 | (195)% | ||||||||||
Non-GAAP (loss) income from operations % of total revenue | (8.3)% | 15.3% | (10.1)% | 9.4% | ||||||||||||
GAAP net loss | (17,731) | (17,508) | 1% | $(65,811) | $(37,551) | 75% | ||||||||||
Non-GAAP adjustments: | ||||||||||||||||
Total Non-GAAP adjustments affecting (loss) income from operations | 11,493 | 10,791 | 38,059 | 40,677 | ||||||||||||
Amortization of debt discount and issuance costs | 1,554 | 329 | 6,039 | 329 | ||||||||||||
Acquisition-related foreign currency loss | — | — | — | 593 | ||||||||||||
Valuation allowance for deferred tax assets | — | 16,179 | — | 16,179 | ||||||||||||
Tax impact related to non-GAAP adjustments | 1,895 | (3,359) | 8,271 | (8,516) | ||||||||||||
Non-GAAP net (loss) income | $(2,789) | $6,432 | (143)% | $(13,442) | $11,711 | (215)% | ||||||||||
Non-GAAP loss attributable to non-controlling interest | — | (9) | — | (115) | ||||||||||||
Non-GAAP (loss) income attributable to PROS Holdings, Inc. | $(2,789) | 6,441 | $(13,442) | $11,826 | ||||||||||||
Non-GAAP diluted (loss) earnings per share attributable to PROS Holdings, Inc. | $(0.09) | $0.21 | $(0.45) | $0.39 | ||||||||||||
Shares used in computing non-GAAP earnings per share | 29,722 | 30,616 | 29,578 | 30,417 |
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Revenue Items | ||||||||||||||||||||
Acquisition-related deferred revenue write-down - license revenue | — | — | — | 44 | ||||||||||||||||
Acquisition-related deferred revenue write-down - service revenue | 683 | 1,039 | 3,449 | 4,315 | ||||||||||||||||
Acquisition-related deferred revenue write-down - subscription revenue | 2 | 460 | 226 | 2,401 | ||||||||||||||||
Acquisition-related deferred revenue write-down - maintenance revenue | 16 | 224 | 91 | 1,030 | ||||||||||||||||
Total revenue items | $ | 701 | $ | 1,723 | $ | 3,766 | $ | 7,790 | ||||||||||||
Cost of License Items | ||||||||||||||||||||
Amortization of intangible assets | 10 | 12 | 41 | 49 | ||||||||||||||||
Total cost of license items | $ | 10 | $ | 12 | $ | 41 | $ | 49 | ||||||||||||
Cost of Services Items | ||||||||||||||||||||
Acquisition-related deferred cost write-down | (495 | ) | (747 | ) | (2,393 | ) | (3,173 | ) | ||||||||||||
Acquisition-related foreign taxes on equity grants | — | — | — | 50 | ||||||||||||||||
Amortization of intangible assets | — | 20 | — | 80 | ||||||||||||||||
Share-based compensation | 835 | 781 | 3,340 | 2,990 | ||||||||||||||||
Total cost of services items | $ | 340 | $ | 54 | $ | 947 | $ | (53 | ) | |||||||||||
Cost of Subscription Items | ||||||||||||||||||||
Acquisition-related foreign taxes on equity grants | — | — | — | 18 | ||||||||||||||||
Amortization of intangible assets | 374 | 382 | 1,519 | 1,573 | ||||||||||||||||
Share-based compensation | (76 | ) | 80 | 124 | 254 | |||||||||||||||
Total cost of subscription items | $ | 298 | $ | 462 | $ | 1,643 | $ | 1,845 | ||||||||||||
Cost of Maintenance Items | ||||||||||||||||||||
Amortization of intangible assets | 158 | 183 | 641 | 758 | ||||||||||||||||
Share-based compensation | 64 | 62 | 255 | 225 | ||||||||||||||||
Total cost of maintenance items | $ | 222 | $ | 245 | $ | 896 | $ | 983 | ||||||||||||
Sales and Marketing Items | ||||||||||||||||||||
Acquisition-related foreign taxes on equity grants | — | — | — | 196 | ||||||||||||||||
Amortization of intangible assets | 350 | 503 | 2,306 | 2,361 | ||||||||||||||||
Severance | 940 | — | 1,282 | — | ||||||||||||||||
Share-based compensation | 1,995 | 1,821 | 8,536 | 6,514 | ||||||||||||||||
Total sales and marketing items | $ | 3,285 | $ | 2,324 | $ | 12,124 | $ | 9,071 | ||||||||||||
General and Administrative Items | ||||||||||||||||||||
Acquisition-related foreign taxes on equity grants | — | — | — | 416 | ||||||||||||||||
Accretion expense for acquisition-related contingent consideration | — | — | 22 | 182 | ||||||||||||||||
Amortization of intangible assets | 82 | 94 | 333 | 391 | ||||||||||||||||
Recovery of bankruptcy claim | — | — | (626 | ) | — | |||||||||||||||
Share-based compensation | 2,293 | 2,288 | 10,293 | 8,003 | ||||||||||||||||
Total general and administrative items | $ | 2,375 | $ | 2,382 | $ | 10,022 | $ | 8,992 | ||||||||||||
Research and Development Items | ||||||||||||||||||||
Acquisition-related foreign taxes on equity grants | — | — | — | 262 | ||||||||||||||||
Severance | — | — | 414 | — | ||||||||||||||||
Share-based compensation | 1,372 | 1,254 | 5,316 | 4,679 | ||||||||||||||||
Total research and development items | $ | 1,372 | $ | 1,254 | $ | 5,730 | $ | 4,941 | ||||||||||||
Acquisition-related expenses | $ | — | $ | 425 | $ | — | $ | 3,019 | ||||||||||||
Impairment of internal-use software | $ | 2,890 | $ | 1,910 | $ | 2,890 | $ | 4,040 |
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||
GAAP Loss from Operations | $ | (15,040 | ) | $ | (2,316 | ) | $ | (55,497 | ) | $ | (22,407 | ) | ||||||||
Acquisition-related deferred revenue write-down, net of cost of revenue | 206 | 976 | 1,373 | 4,617 | ||||||||||||||||
Acquisition-related expenses | — | 425 | — | 3,019 | ||||||||||||||||
Acquisition-related foreign taxes on equity grants | — | — | — | 942 | ||||||||||||||||
Amortization of intangible assets | 974 | 1,194 | 4,840 | 5,212 | ||||||||||||||||
Accretion expense for acquisition-related contingent consideration | — | — | 22 | 182 | ||||||||||||||||
Impairment of internal-use software | 2,890 | 1,910 | 2,890 | 4,040 | ||||||||||||||||
Recovery of bankruptcy claim | — | — | (626 | ) | — | |||||||||||||||
Severance | 940 | — | 1,696 | — | ||||||||||||||||
Share-based compensation | 6,483 | 6,286 | 27,864 | 22,665 | ||||||||||||||||
Depreciation | 1,498 | 1,282 | 5,555 | 5,231 | ||||||||||||||||
Capitalized internal-use software development costs | — | (139 | ) | (233 | ) | (2,305 | ) | |||||||||||||
Adjusted EBITDA | $ | (2,049 | ) | $ | 9,618 | $ | (12,116 | ) | $ | 21,196 | ||||||||||
Free Cash Flow | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 8,728 | $ | (1,353 | ) | $ | 15,532 | $ | 1,754 | |||||||||||
Purchase of property and equipment | (1,938 | ) | (1,209 | ) | (6,794 | ) | (7,499 | ) | ||||||||||||
Capitalized internal-use software development costs | — | (139 | ) | (233 | ) | (2,305 | ) | |||||||||||||
Free Cash Flow | $ | 6,790 | $ | (2,701 | ) | $ | 8,505 | $ | (8,050 | ) |