Gross Profit was $15.5 million, growing 41% year-over-year from $11.0 million in the second quarter of 2012 and yielding Gross Profit Margin of 41%. Operating Lease gross margin was 65%.
Total Operating Expenses were $42.5 million, rising from $26.5 million in the second quarter of 2012, largely owing to higher employee compensation expenses and professional services fees. Loss from Operations was $27.0 million as compared to $15.5 million in the year-ago period. GAAP loss per share was ($0.31).
Non-GAAP Earnings per Share [EPS] Before Noncontrolling Interests
Beginning with this second quarter 2013 earnings report and subsequently on a go-forward basis, the Company will be highlighting non-GAAP earnings per share based on Earnings Before Net Income (Loss) Attributable to Noncontrolling Interests per Share.Under GAAP accounting, the Company reports net income (loss) attributable to noncontrolling interests to reflect the Company's joint venture fund investors' allocable share in the results of the Company's joint venture financing funds. Income (loss) attributable to noncontrolling interests is calculated based primarily on the hypothetical liquidation at book value, or HLBV method, which assumes that the joint venture funds are liquidated at the reporting date, even though liquidation may or may not ever occur. Additionally the returns that will be allocated to the investors over the expected terms of the funds may differ significantly from the amounts calculated under the HLBV method. Accordingly, the Company will also report non-GAAP EPS based on earnings before net income (loss) attributable to noncontrolling interests per share, which it views as a better measure of its operating performance. While GAAP EPS is based upon net income (loss) attributable to common stockholders, non-GAAP EPS is based upon net income (loss) with the only difference between GAAP EPS and non-GAAP EPS being net income (loss) attributable to non-controlling interests. Under this definition, the Company reported second quarter 2013 non-GAAP earnings before noncontrolling interests per share of ($0.43). See below for a reconciliation of GAAP EPS to non-GAAP EPS.
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