Blueprint
Issuer Direct Reports Third Quarter Financial Results
Total Revenue Increases 11% while Platform and Technology Revenue
Increases 17% Year Over Year to 64% of Total Revenue
Industry Veteran, Dick Bromley, Joins the Management Team as EVP of
Sales
MORRISVILLE, NC / ACCESSWIRE / November 1, 2018
/ Issuer Direct Corporation (NYSE American: ISDR) (the
"Company"), an industry-leading communications and compliance company, today reported its operating results for
the three months ended September 30, 2018. The Company will host an
investor conference call today at 4:30 PM Eastern Time to discuss
its operating results.
Third Quarter 2018 and Recent Highlights:
●
Total
revenue was $3,255,000, an 11% increase from $2,931,000 in Q3 2017
and a 14% decrease from $3,799,000 in Q2 2018.
●
Platform
and Technology revenue increased 17% from Q3 2017 and decreased 7%
from Q2 2018.
●
Overall
gross margin was 70%, compared to 72% in Q3 2017 and 73% in Q2
2018.
●
Platform
and Technology gross margin was 77%, down from 83% in Q3 2017 and
81% in Q2 2018.
●
GAAP
earnings per diluted share was $0.02 compared to $0.10 in Q3 2017
and $0.12 in Q2 2018.
●
The
Company generated cash flows from operations of $564,000 compared
to $638,000 in Q3 2017 and $1,052,000 in Q2 2018.
●
In
August 2018 the Company completed a secondary offering of 927,418
shares of its common stock for net proceeds to the Company of
$13,323,000 after all commission and expenses.
●
On
July 3, 2018, the Company completed the acquisition of Filing
Services Canada Inc.
Customer Count Metrics:
●
The
Company had 2,143 Platform and Technology customers during Q3 2018,
compared to 1,582 during Q3 2017 and 1,996 during Q2
2018.
●
The
Company had 679 Services customers during Q3 2018, compared to 493
during Q3 2017 and 567 during Q2 2018.
Brian Balbirnie, CEO of Issuer Direct, commented, “Although
we had a good quarter in terms of client growth and saw Platform
and Technology revenues grow 17% compared to last year, we were
disappointed in our overall revenue performance. During the quarter
we made investments to position us for the future by
completing the acquisition of FSCwire, expanding our news
distribution capabilities and increasing our sales and marketing
teams. We are excited to have newswire industry veteran, Dick
Bromley, join our team as our new EVP of Sales starting next
week.” Mr. Balbirnie continued, “While these
investments put pressure on operating results in the short-term, we
anticipate they will position us for future
growth.”
Financial Results for the Third Quarter Ended September 30,
2018:
Total revenue for the third quarter of 2018 was $3,255,000 compared
to $2,931,000 for the same period of 2017, an increase of $324,000,
or 11%. Revenue from customers obtained from our recent
acquisitions of Interwest Transfer Company, Inc.
(“Interwest”) and Filing Services Canada Inc.
(“FSCwire”) were approximately $526,000 during the
third quarter of 2018, of which $46,000 came from additional
subscriptions to our platform and services cross sold to those
customers.
Platform and Technology revenue increased $309,000 or 17%, during
the third quarter of 2018, as compared to the third quarter of
2017. The increase in Platform and Technology revenue is due
primarily to an increase in revenue from licenses of our
Platform id.
subscription. This quarter we entered
into 33 net new licenses with new or existing customers totaling an
annual contract value of $343,000. We also achieved revenue growth
due to revenue from customers obtained through our acquisitions of
Interwest and FSCwire. As a percentage of overall revenue, Platform
& Technology revenue increased to 64% of total revenue for the
three months ended September 30, 2018, compared to 61% for the same
period of 2017. It is important to note, due to a newly adopted
accounting principle, $157,000 of revenue related to the electronic
dissemination of a customer’s annual report that was
previously reported as Services revenue has been reclassified as
Platform and Technology revenue for the three months ended
September 30, 2017.
Services revenue increased $15,000, or 1%, during the third quarter
of 2018, as compared to the same period of 2017. Revenue from our
transfer agent services increased, not only as a result of the
acquisition of Interwest, but also due to an increase in corporate
directives and actions of our longer-term Issuer Direct transfer
agent customers. These increases were offset by continued customer
attrition in our legacy ARS business as companies elected to leave
the service or transitioned to our electronic delivery alternative
(reflected as Platform and Technology revenue). Additionally,
revenue from our compliance services decreased as we continue to
face pricing pressure in the market and due to a shift of some of
this revenue to the Platform and Technology stream.
Gross margin for the third quarter of 2018 was $2,274,000, or 70%
of revenue, compared to $2,110,000, or 72% of revenue, in the third
quarter of 2017. It is noted that cost of revenues was increased by
$117,000 in the quarter due to an increase in amortization of
capitalized software associated with Platform id.
Operating income was $119,000 for the three months ended September
30, 2018, as compared to operating income of $481,000 during the
same period of the prior year. Despite the increase in gross margin
dollars noted above, the decrease in operating income is primarily
attributable to increases in general and administrative expenses,
sales and marketing expenses and product development expenses due
to investments the Company is making to grow its business. General
and administrative expenses increased due to an increase in stock
compensation expense as well as the addition of Interwest and
FSCwire in the current year. Sales and marketing expenses increased
as we continue to add additional headcount and expand our news
distribution capabilities. Product development expenses increased
as a result of less capitalization of costs and continued
development and maintenance required to support Platform
id.
Depreciation and amortization expense
also increased due to higher amortization associated with
intangible assets acquired in the Interwest and FSCwire
acquisitions. These increases were offset by lower income tax
expense due to less pre-tax income, as well as, a lower statutory
rate during the three months ended September 30,
2018.
On a GAAP basis, we generated net income of $86,000, or $0.02 per
diluted share, during the three months ended September 30, 2018,
compared to $308,000, or $0.10 per diluted share, during the same
period of 2017. The decrease in earnings per share was due in part
to the additional shares outstanding as a result of our secondary
offering that closed in the third quarter of 2018.
Third quarter EBITDA was $473,000, or 15% of revenue, compared to
$663,000, or 23% of revenue, during the third quarter of 2017.
Non-GAAP net income was $411,000, or $0.11 per diluted share,
compared to $445,000, or $0.15 per diluted share, during the third
quarter of 2017. The Non-GAAP results exclude amortization of
intangible assets, stock-based compensation, integration and
acquisition costs, unusual, non-recurring gains and losses, the
impact of discrete items impacting income tax expense and tax
impact of adjustments. Please refer to the tables below for the
calculation of EBITDA and the reconciliation of GAAP income and
earnings per share to Non-GAAP income and earnings per
share.
Financial Results for the Nine Months Ended September 30,
2018:
Total revenue was $10,584,000 for the nine months ended September
30, 2018, compared to $9,229,000 for the same period of 2017, an
increase of $1,355,000, or 15%. Revenue from customers obtained
from our recent acquisitions of Interwest and FSCwire was
approximately $1,325,000 during the nine months ended September 30,
2018, of which $142,000 came from additional subscriptions to
Platform id.
and services cross sold to those
customers.
Platform and Technology revenue increased $1,077,000 or 20%, during
the nine months ended September 30, 2018, as compared to the same
period of the prior year. The increase is due to an increase in
revenue from our ACCESSWIRE offering, the addition of Interwest and
FSCwire customers, as well as, increased subscriptions of
Platform id.
During the nine months ended September
30, 2018, we entered into 89 net new Platform id.
subscriptions with new or existing
customers with an annual contract value of $907,000. As a
percentage of overall revenue, Platform & Technology revenue
increased to 60% of total revenue for the nine months ended
September 30, 2018, compared to 57% for the same period of 2017. It
is important to note, due to a newly adopted accounting principle,
$550,000 of revenue related to the electronic dissemination of a
customer’s annual report that was previously reported as
Service revenue has been reclassified as Platform and Technology
revenue for the nine months ended September 30,
2017.
Services revenue increased $278,000, or 7% during the nine months
ended September 30, 2018, as compared to the same period of 2017.
The increase is due to an increase in revenue of our transfer agent
services due to the acquisition of Interwest, as well as, an
increase in corporate directives and actions of our longer-term
Issuer Direct transfer agent customers. These increases were
partially offset by declining revenue of our legacy ARS business,
as well as, a decline in revenue from our compliance services as
the market for these services commoditizes and we continue to
experience pricing pressure and or customers elect to utilize our
cloud-based platform.
Gross margin for the nine months ended September 30, 2018 was
$7,552,000, or 71% of total revenue, compared to $6,753,000, or 73%
of revenue, in the same period of 2017. It is noted that cost of
revenues was increased by $373,000 for the nine months ended
September 30, 2018 due to an increase in amortization of
capitalized software associated with Platform id.
Operating income was $1,029,000 for the nine months ended September
30, 2018, as compared to operating income of $1,588,000 during the
same period of the prior year. The decrease in operating income is
due to the increase in general and administrative expenses, sales
and marketing expenses, product development and depreciation and
amortization expenses explained for the three months ended
September 30, 2018. These increases were offset by lower income tax
expense due to less pre-tax income as well as a lower statutory
rate for the nine months ended September 30, 2018.
On a GAAP basis, we generated net income of $772,000, or $0.23 per
diluted share, during the nine months ended September 30, 2018,
compared to $1,126,000, or $0.37 per diluted share, during the same
period of 2017. The decrease in earnings per share was due in part
to the additional shares outstanding as a result of our secondary
offering that closed during the third quarter of 2018.
EBITDA for the nine months ended September 30, 2018 was $2,063,000,
or 19% of revenue, compared to $2,093,000, or 23% of revenue during
the same period of 2017. Non-GAAP net income was $1,531,000, or
$0.47 per diluted share, compared to $1,441,000, or $0.48 per
diluted share, during the same period of the prior year. The
Non-GAAP results exclude amortization of intangible assets,
stock-based compensation, integration and acquisition costs,
unusual, non-recurring gains and losses, the impact of discrete
items impacting income tax expense and tax impact of adjustments.
Please refer to the tables below for the calculation of EBITDA and
the reconciliation of GAAP income and earnings per share to
Non-GAAP income and earnings per share.
Non-GAAP Information
Certain Non-GAAP financial measures are included in this press
release. In the calculation of these measures, the Company
generally excludes certain items, such as amortization and
impairment of acquired intangibles, non-cash stock-based
compensation charges and unusual, non-recurring gains and losses.
The Company believes that excluding such items provides investors
and management with a representation of the Company's core
operating performance and with information useful in assessing its
prospects for the future and underlying trends in the Company's
operating expenditures and continuing operations. Management uses
such Non-GAAP measures to evaluate financial results and manage
operations. The release and the attachments to this release provide
a reconciliation of each of the Non-GAAP measures referred to in
this release to the most directly comparable GAAP measure. The
Non-GAAP financial measures are not meant to be considered a
substitute for the corresponding GAAP financial statements and
investors should evaluate them carefully. These Non-GAAP financial
measures may differ materially from the Non-GAAP financial measures
used by other companies.
CALCULATION OF EBITDA
($ in ‘000’s)
|
Three
Months ended September 30,
|
|
|
|
|
|
|
|
|
|
Net
income:
|
$86
|
$308
|
Adjustments:
|
|
|
Depreciation and
amortization
|
354
|
182
|
Interest expense
(income)
|
1
|
(1)
|
Income tax
expense
|
32
|
174
|
EBITDA:
|
$473
|
$663
|
|
Nine
Months ended September 30,
|
|
|
|
|
|
|
|
|
|
Net
income:
|
$772
|
$1,126
|
Adjustments:
|
|
|
Depreciation and
amortization
|
1,034
|
532
|
Interest expense
(income)
|
11
|
(3)
|
Income tax
expense
|
246
|
438
|
EBITDA:
|
$2,063
|
$2,093
|
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP
MEASURES
($ in ‘000’s, except per share amounts)
|
Three
Months ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income:
|
$86
|
$0.02
|
$308
|
$0.10
|
Adjustments:
|
|
|
|
|
Amortization of
intangible assets (1)
|
140
|
0.04
|
83
|
0.03
|
Stock-based
compensation (2)
|
203
|
0.06
|
105
|
0.03
|
Integration and
acquisition costs (3)
|
7
|
—
|
20
|
0.01
|
Tax impact of
adjustments (5)
|
(73)
|
(0.02)
|
(71)
|
(0.02)
|
Impact of discrete
items impacting income tax expense (6)
|
48
|
0.01
|
—
|
—
|
Non-GAAP net income
(7):
|
$411
|
$0.11
|
$445
|
$0.15
|
|
Nine
Months ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income:
|
$772
|
$0.24
|
$1,126
|
$0.37
|
Adjustments:
|
|
|
|
|
Amortization of
intangible assets (1)
|
390
|
0.12
|
249
|
0.08
|
Stock-based
compensation (2)
|
489
|
0.15
|
365
|
0.12
|
Integration and
acquisition costs (3)
|
48
|
0.01
|
20
|
0.01
|
Unusual,
non-recurring loss (4)
|
—
|
—
|
28
|
0.01
|
Tax impact of
adjustments (5)
|
(195)
|
(0.06)
|
(225)
|
(0.07)
|
Impact of discrete
items impacting income tax expense (6)
|
27
|
0.01
|
(122)
|
(0.04)
|
Non-GAAP net
income(7):
|
$1,531
|
$0.47
|
$1,441
|
$0.48
|
1)
The adjustments
represent the amortization of intangible assets related to acquired
assets and companies.
2)
The adjustments
represent stock-based compensation expense related to awards of
stock options, restricted stock units or common stock in exchange
for services. Although the Company expects to continue to award
stock to employees or in exchange for services, the amount of
stock-based compensation is excluded as it is subject to change as
a result of one-time or non-recurring projects.
3)
The adjustments
represent legal and accounting fees and other non-recurring costs
in connection with the acquisition of Filing Services Canada Inc.
for the three and nine months ended September 30, 2018 and
Interwest Transfer Company for the three and nine months ended
September 30, 2017.
4)
The adjustment
removes gains or losses during the period that are unusual,
non-recurring or infrequent in nature and don’t relate to the
core business of the Company. For the nine months ended September
30, 2017, this loss relates to a loss on the change in fair value
of stock received, in lieu of cash, related to the settlement of a
receivable.
5)
This adjustment
gives effect to the tax impact of all non-GAAP adjustments at the
current Federal rate of 21% for the three and nine months ended
September 30, 2018 and 34% for the three and nine months ended
September 30, 2017.
6)
The adjustments
eliminate discrete items impacting income tax expense. For the
three and nine months ended September 30, 2018, the discrete items
are primarily related to additional expense recognized as a result
of finalizing the impact of the Tax Cuts and Jobs Act of 2017. For
the nine months ended September 30, 2017, the discrete items relate
to the excess stock-based compensation tax benefit recognized in
income tax expense during the period.
7)
Non-GAAP net income
for the three and nine months ended September 30, 2018, reflects
the calculation of income tax computed using the current federal
statutory rate of 21%. Had the federal statutory rate remained at
34% for 2018, non-GAAP net income for the three and nine months
ended September 30, 2018, would have been lower by approximately
$46,000, or less than $0.01 per diluted share, and $121,000, or
$0.04 per diluted share, respectively.
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes
before the beginning of the call.
Participant:
877.407.8133
| 201.689.8040
Live Webcast via Investor Network - https://www.investornetwork.com/company/C-D4F4846A30612
Conference Call Replay Information
Toll-free: 877.481.4010
International: 919.882.2331
Reference ID: 39721
Web replay: http://www.issuerdirect.com/earnings-calls-and-scripts/
About Issuer Direct Corporation
Issuer Direct®
is an
industry-leading communications and compliance company
focusing on the needs of corporate issuers. Issuer Direct's
principal platform, Platform id., empowers users by thoughtfully integrating the
most relevant tools, technologies, and services, thus eliminating
the complexity associated with producing and distributing financial
and business communications. Headquartered in RTP, NC, Issuer
Direct serves more than 2,500 public and private companies in more
than 18 countries. For more information, please
visit www.issuerdirect.com.
Learn more about Issuer Direct today: Investor Tear
Sheet.
Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
(the "Exchange Act") (which Sections were adopted as part of the
Private Securities Litigation Reform Act of 1995). Statements
preceded by, followed by or that otherwise include the words
"believe," "anticipate," "estimate," "expect," "intend," "plan,"
"project," "prospects," "outlook," and similar words or
expressions, or future or conditional verbs, such as "will,"
"should," "would," "may," and "could," are generally
forward-looking in nature and not historical facts. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the Company's
actual results, performance, or achievements to be materially
different from any anticipated results, performance, or
achievements. The Company disclaims any intention to, and
undertakes no obligation to, revise any forward-looking statements,
whether as a result of new information, a future event, or
otherwise. For additional risks and uncertainties that could impact
the Company's forward-looking statements, please see the Company's
Annual Report on Form 10-K/A for the year ended December 31, 2017,
including but not limited to the discussion under "Risk Factors"
therein, which the Company will file with the SEC and which may be
viewed at http://www.sec.gov/.
For Further Information:
Issuer Direct Corporation
Brian R. Balbirnie
(919)-481-4000
brian.balbirnie@issuerdirect.com
Hayden IR
Brett Maas
(646)-536-7331
brett@haydenir.com
Hayden IR
James Carbonara
(646)-755-7412
james@haydenir.com
SOURCE: Issuer Direct
Corporation
ISSUER DIRECT CORPORATION
CONSOLIDATED BALANCE SHEETS
(in
thousands, except share and per share amounts)
|
|
|
|
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash
and cash equivalents
|
$19,444
|
$4,917
|
Accounts
receivable (net of allowance for doubtful accounts of $416 and
$425, respectively)
|
1,643
|
1,275
|
Income
tax receivable
|
511
|
725
|
Other
current assets
|
163
|
193
|
Total
current assets
|
21,761
|
7,110
|
Capitalized
software (net of accumulated amortization of $1,099 and $497,
respectively)
|
2,168
|
2,749
|
Fixed
assets (net of accumulated amortization of $430 and $388,
respectively)
|
151
|
145
|
Other
long-term assets
|
32
|
18
|
Goodwill
|
4,868
|
4,070
|
Intangible
assets (net of accumulated amortization of $4,089 and $3,699,
respectively)
|
2,926
|
2,858
|
Total assets
|
$31,906
|
$16,950
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$494
|
$666
|
Accrued
expenses
|
365
|
613
|
Current
portion of note payable (See Note 3)
|
288
|
288
|
Income
taxes payable
|
63
|
65
|
Deferred
revenue
|
1,389
|
887
|
Total
current liabilities
|
2,599
|
2,519
|
Note
payable – long-term (net of discount of $51 and $70,
respectively) (See Note 3)
|
589
|
570
|
Deferred
income tax liability
|
567
|
573
|
Other
long-term liabilities
|
47
|
77
|
Total liabilities
|
3,802
|
3,739
|
Commitments
and contingencies
|
|
|
Stockholders'
equity:
|
|
|
Preferred
stock, $0.001 par value, 1,000,000 shares authorized, no shares
issued and outstanding as of September 30, 2018 and December 31,
2017, respectively.
|
—
|
—
|
Common
stock $0.001 par value, 20,000,000 shares authorized, 4,044,690 and
3,014,494 shares issued and outstanding as of September 30, 2018
and December 31, 2017, respectively.
|
4
|
3
|
Additional
paid-in capital
|
25,023
|
10,400
|
Other
accumulated comprehensive income
|
(9)
|
34
|
Retained
earnings
|
3,086
|
2,774
|
Total stockholders' equity
|
28,104
|
13,211
|
Total liabilities and stockholders’ equity
|
$31,906
|
$16,950
|
ISSUER DIRECT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in
thousands, except share and per share amounts)
|
For the Three
Months Ended
|
For the Nine
Months Ended
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$3,255
|
$2,931
|
$10,584
|
$9,229
|
Cost of
revenues
|
981
|
821
|
3,032
|
2,476
|
Gross
profit
|
2,274
|
2,110
|
7,552
|
6,753
|
Operating costs and
expenses:
|
|
|
|
|
General and
administrative
|
944
|
758
|
2,896
|
2,525
|
Sales and marketing
expenses
|
723
|
613
|
2,272
|
1,920
|
Product
development
|
333
|
156
|
916
|
410
|
Depreciation and
amortization
|
155
|
102
|
439
|
310
|
Total operating
costs and expenses
|
2,155
|
1,629
|
6,523
|
5,165
|
Operating
income
|
119
|
481
|
1,029
|
1,588
|
Other income
(expense):
|
|
|
|
|
Other
expense
|
—
|
—
|
—
|
(27)
|
Interest income
(expense), net
|
(1)
|
1
|
(11)
|
3
|
Total other income
(expense)
|
(1)
|
1
|
(11)
|
(24)
|
Net income before
income taxes
|
118
|
482
|
1,018
|
1,564
|
Income tax
expense
|
32
|
174
|
246
|
438
|
Net
income
|
$86
|
$308
|
$772
|
$1,126
|
Income per share
– basic
|
$0.02
|
$0.10
|
$0.24
|
$0.38
|
Income per share
– fully diluted
|
$0.02
|
$0.10
|
$0.23
|
$0.37
|
Weighted average
number of common shares outstanding – basic
|
3,552
|
2,955
|
3,223
|
2,931
|
Weighted average
number of common shares outstanding – fully
diluted
|
3,604
|
3,036
|
3,289
|
3,013
|
ISSUER DIRECT CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(in
thousands)
|
For the Three
Months Ended
|
For the Nine
Months Ended
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$86
|
$308
|
$772
|
$1,126
|
Foreign
currency translation adjustment
|
(10)
|
31
|
(43)
|
65
|
Comprehensive
income
|
$76
|
$339
|
$729
|
$1,191
|
ISSUER DIRECT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in
thousands)
|
For the Nine Months Ended
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
Net
income
|
$772
|
$1,126
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|
|
Depreciation
and amortization
|
1,034
|
532
|
Bad
debt expense
|
150
|
119
|
Deferred
income taxes
|
(15)
|
—
|
Non-cash
interest expense (See Note 3)
|
19
|
—
|
Stock-based
compensation expense
|
489
|
365
|
Changes
in operating assets and liabilities:
|
|
|
Decrease
(increase) in accounts receivable
|
(479)
|
122
|
Decrease
(increase) in other assets
|
229
|
(207)
|
Increase
(decrease) in accounts payable
|
(197)
|
127
|
Increase
(decrease) in accrued expenses
|
(281)
|
(193)
|
Increase
(decrease) in deferred revenue
|
432
|
104
|
Net
cash provided by operating activities
|
2,153
|
2,095
|
|
|
|
Cash flows from investing activities:
|
|
|
Purchase
of Filing Services Canada, Inc., net of cash received (See Note
3)
|
(1,123)
|
—
|
Capitalized
software
|
(21)
|
(891)
|
Purchase
of fixed assets
|
(48)
|
(9)
|
Net
cash used in investing activities
|
(1,192)
|
(900)
|
|
|
|
Cash flows from financing activities:
|
|
|
Proceeds
from secondary stock offering
|
13,323
|
—
|
Proceeds
from exercise of stock options, net of income taxes
|
747
|
235
|
Payment
of dividends
|
(460)
|
(440)
|
Net
cash provided by (used in) financing activities
|
13,610
|
(205)
|
|
|
|
Net
change in cash
|
14,571
|
990
|
Cash
– beginning
|
4,917
|
5,339
|
Currency
translation adjustment
|
(44)
|
78
|
Cash
– ending
|
$19,444
|
$6,407
|
|
|
|
Supplemental disclosures:
|
|
|
Cash
paid for income taxes
|
$46
|
$659
|
Non-cash
activities:
|
|
|
Stock-based
compensation - capitalized software
|
$—
|
$57
|