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Dialogic Inc. Reports Fourth Quarter And Full Year 2012 Financial Results

In respect of the foregoing, Dialogic provides the following supplemental information to provide additional context for the use and consideration of the non-GAAP financial measures used elsewhere in this press release:

"EBITDA" is defined as earnings before interest, income taxes, depreciation and amortization. "Adjusted EBITDA" is defined as EBITDA, plus adjustments for nonrecurring items or other adjustments. Adjusted EBITDA includes EBITDA and also restructuring and integration costs, product rationalization, non-cash stock compensation expense, purchase accounting adjustments, SEC inquiry expenses and other income (expense) items, which includes the change in the fair value of warrants and foreign exchange gain (loss). Dialogic considers Adjusted EBITDA as a key metric in evaluating its financial performance.

Non-GAAP Financial Tables

                     
Dialogic Inc.
Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA Results
Three Months Ended December 31, 2012
(in thousands, except per share data)
(unaudited)
 
GAAP  

Depreciation and Amortization

 

Restructuring and Integration Costs

 

Product Rationalization

 

Stock-based Compensation Expense

 

Purchase Accounting Adjustments

  SEC Inquiry  

Other Adjustments

 

Adjusted EBITDA

Revenue:
Products $ 28,980 - - - - 73 - 737 $ 29,790
Services 8,932 - - - - 149 - 200 9,281
 
Cost of revenue:
Products 10,483 (1,016 ) - - (61 ) - - - 9,406
Services 4,445 - - - - - - - 4,445
 
Operating expenses:
Research and development, net 9,326 (303 ) - - (130 ) - - - 8,893
Sales and marketing 9,521 (620 ) - - (157 ) - - - 8,744
General and administrative 7,414 (358 ) (352 ) - (245 ) (60 ) (232 ) - 6,167
Restructuring charges 2,270 - (2,270 ) - - - - - -
 
Total other income (expense), net 792 - - - - - - (792 ) -
Income tax benefit   (91 )   -     -     -     -     -     -     91       -
Net (loss) income $ (4,664 )   2,297     2,622     -     593     282     232     54     $ 1,416
 
Net (loss) income per share - basic and diluted $ (0.32 ) $ 0.10
Weighted average shares of common stock used in
calculation of net (loss) income per share - basic and diluted   14,409     14,409
 
 
Dialogic Inc.
Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA Results
Three Months Ended December 31, 2011
(in thousands, except per share data)
(unaudited)
 
GAAP  

Depreciation and Amortization

 

Restructuring and Integration Costs

 

Product Rationalization

 

Stock-based Compensation Expense

 

Purchase Accounting Adjustments

  SEC Inquiry  

Other Adjustments

  Non-GAAP
Revenue:
Products $ 38,660 - - - - 144 - - $ 38,804
Services 11,352 - - - - 281 - - 11,633
 
Cost of revenue:
Products 15,753 (2,096 ) - - (79 ) (18 ) - (1,500 ) 12,060
Services 5,207 - - - - - - - 5,207
 
Operating expenses:
Research and development, net 12,300 (376 ) - - (199 ) - - - 11,725
Sales and marketing 12,464 (1,270 ) - - (196 ) - - - 10,998
General and administrative 8,369 (776 ) (175 ) - (225 ) - (1,147 ) - 6,046
Restructuring charges 793 - (793 ) - - - - - -
 
Total other expense, net (4,595 ) - - - - - - 4,595 -
Income tax benefit   (306 )   -     -     -     -     -     -     306       -
Net (loss) income $ (9,163 )   4,518     968     -     699     443     1,147     5,789     $ 4,401
 
Net (loss) income per share - basic and diluted $ (1.46 ) $ 0.70
Weighted average shares of common stock used in
calculation of net (loss) income per share - basic and diluted   6,289     6,289
 
 
Dialogic Inc.
Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA Results
Three Months Ended September 30, 2012
(in thousands, except per share data)
(unaudited)
 
GAAP  

Depreciation and Amortization

 

Restructuring and Integration Costs

 

Product Rationalization

 

Stock-based Compensation Expense

 

Purchase Accounting Adjustments

  SEC Inquiry  

Other Adjustments

  Non-GAAP
Revenue:
Products $ 32,140 - - - - 165 - - $ 32,305
Services 10,251 - - - - (77 ) - - 10,174
 
Cost of revenue:
Products 11,070 (1,226 ) - (516 ) (86 ) 371 - - 9,613
Services 5,118 - - - - - - 5,118
 
Operating expenses:
Research and development, net 9,266 (324 ) 4 - (146 ) 73 - - 8,872
Sales and marketing 9,261 (471 ) 19 - (175 ) 6 - - 8,641
General and administrative 7,375 (269 ) (486 ) - (238 ) 69 (64 ) - 6,387
Restructuring charges 457 - (457 ) - - - - - -
 
Total other expense, net (78 ) - - - - - - 78 -
Income tax provision   56     -     -     -     -     -     -     (56 )     -
Net (loss) income $ (290 )   2,290     920     516     645     (431 )   64     134     $ 3,848
 
Net (loss) income per share - basic and diluted $ (0.03 ) $ 0.38
Weighted average shares of common stock used in
calculation of net (loss) income per share - basic and diluted   10,229     10,229
 
 
Dialogic Inc.
Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA Results
Twelve Months Ended December 31, 2012
(in thousands, except per share data)
(unaudited)
 
GAAP  

Depreciation and Amortization

 

Restructuring and Integration Costs

 

Product Rationalization

 

Stock-based Compensation Expense

 

Purchase Accounting Adjustments

  SEC Inquiry  

Other Adjustments

  Non-GAAP
Revenue:
Products $ 121,229 - - - - 507 - 737 $ 122,473
Services 38,740 - - - - 976 - 200 39,916
 
Cost of revenue:
Products 48,521 (5,860 ) - (5,337 ) (210 ) 156 - - 37,270
Services 19,712 - - - (95 ) - - - 19,617
 
Operating expenses:
Research and development, net 42,785 (1,409 ) 4 - (636 ) 73 - - 40,816
Sales and marketing 41,456 (2,739 ) 19 - (708 ) 6 - - 38,035
General and administrative 31,180 (1,494 ) (2,550 ) - (840 ) 9 (475 ) - 25,830
Restructuring charges 7,030 - (7,030 ) - - - - - -
 
Total other expense, net (6,842 ) - - - - - - 6,842 -
Income tax provision   213     -     -     -     -     -     -     (213 )     -
Net (loss) income $ (37,770 )   11,502     9,557     5,337     2,489     1,239     475     7,992     $ 821
 
Net (loss) income per share - basic and diluted $ (4.04 ) $ 0.09
Weighted average shares of common stock used in
calculation of net (loss) income per share - basic and diluted   9,341     9,341
 
 
Dialogic Inc.
Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA Results
Twelve Months Ended December 31, 2011
(in thousands, except per share data)
(unaudited)
 
GAAP  

Depreciation and Amortization

 

Restructuring and Integration Costs

 

Product Rationalization

 

Stock-based Compensation Expense

 

Purchase Accounting Adjustments

  SEC Inquiry  

Other Adjustments

  Non-GAAP
Revenue:
Products $ 157,088 - - - - 2,808 - - $ 159,896
Services 40,996 - - - - 2,082 - - 43,078
 
Cost of revenue:
Products 60,990 (8,568 ) - - (261 ) 1,110 - (1,500 ) 51,771
Services 21,422 - (25 ) - (63 ) - - - 21,334
 
Operating expenses:
Research and development, net 54,562 (1,674 ) (65 ) - (764 ) - - - 52,059
Sales and marketing 54,293 (5,158 ) (21 ) - (971 ) (389 ) - - 47,754
General and administrative 35,921 (3,180 ) (461 ) - (968 ) - (3,673 ) - 27,639
Restructuring charges 7,214 - (7,214 ) - - - - - -
 
Total other expense, net (18,209 ) - - - - - - 18,209 -
Income tax provision   282     -     -     -     -     -     -     (282 )     -
Net (loss) income $ (54,809 )   18,580     7,786     -     3,027     4,169     3,673     19,991     $ 2,417
 
Net (loss) income per share - basic and diluted $ (8.75 ) $ 0.39
Weighted average shares of common stock used in
calculation of net (loss) income per share - basic and diluted   6,265     6,265
 




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