Non-GAAP net adjusted EBITDA was $54.6 million, or 44 percent of revenue, compared to non-GAAP net adjusted EBITDA of $47.8 million, or 45 percent of revenue, for 2010.
For 2011, Monotype Imaging’s operating expense and profitability metrics, such as non-GAAP net adjusted EBITDA, included approximately $800,000 of transaction costs related to the acquisition of Ascender and the proposed acquisition of Bitstream’s font business. The equivalent GAAP and non-GAAP earnings per share impact was $0.02.
A reconciliation of GAAP measures to non-GAAP measures for the three and 12 months ended Dec. 31, 2011 and 2010 is provided in the financial tables that accompany this release.
Cash, cash flow and debt balancesMonotype Imaging had cash and cash equivalents of $53.9 million as of Dec. 31, 2011, an increase from $42.8 million as of Dec. 31, 2010. The company generated $11.1 million of cash from operations in the fourth quarter of 2011 and $39.3 million for the full year 2011. Monotype Imaging’s outstanding debt was $37.3 million as of Dec. 31, 2011, a decrease from $65.9 million as of Dec. 31, 2010. The company had net cash of $16.5 million as of Dec. 31, 2011, compared to net debt of $23.1 million as of Dec 31, 2010. Financial outlook For the first quarter of 2012, Monotype Imaging expects revenue in the range of $32.5 million to $34.0 million. The company anticipates first quarter 2012 non-GAAP net adjusted EBITDA in the range of $13.5 million to $14.5 million, GAAP earnings per diluted share in the range of $0.15 to $0.17 and non-GAAP earnings per diluted share in the range of $0.21 to $0.23. For the full year 2012, Monotype Imaging expects revenue in the range of $133.0 million to $137.0 million. The company anticipates full year 2012 non-GAAP net adjusted EBITDA in the range of $57.0 million to $60.0 million, GAAP earnings per diluted share in the range of $0.68 to $0.73 and non-GAAP earnings per diluted share in the range of $0.93 to $0.98.
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