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Greenway Reports Fourth-Quarter And Fiscal 2013 Results

Stocks in this article: GWAY

Non-GAAP Adjusted EBITDA (Unaudited, in thousands)

Set forth below is a presentation of the Company’s “non-GAAP Adjusted EBITDA” and the “non-GAAP Adjusted EBITDA Margin” which is non-GAAP Adjusted EBITDA as a percentage of total revenue:

             
 
Three Months Ended June 30, Year Ended June 30,
  2013     2012     2013     2012  
 
Reconciliation of net (loss) income to Non-GAAP Adjusted EBITDA:
Net (loss) Income $ (3,480 ) $ 2,205 $

(5,065

) $ 2,910
Stock-based compensation 1,231 924 4,423 2,755
Acquisition-related transaction costs - - 145 123
Depreciation and amortization 3,100 1,410 9,129 4,372
Interest (income) expense, net 2

(12

) (309 )

(54

)
(Benefit) provision for income taxes   1,395     1,327     (1,591 )   1,955  
Non-GAAP adjusted EBITDA $ 2,248   $ 5,854   $ 6,732   $ 12,061  
 
Non-GAAP adjusted EBITDA margin   6 %   16 %   5 %   10 %
 
 

Non-GAAP Adjusted Net Income (Unaudited, in thousands per share amounts)

Set forth below is a reconciliation of the Company’s “Non-GAAP Adjusted Net Income” and “Non-GAAP Adjusted Net Income per Diluted Share”:

       
 
Three Months Ended June 30, Year Ended June 30,
  2013     2012     2013     2012  
Non-GAAP adjusted net (loss) income
GAAP net (loss) income $

(3,480

) $ 2,205 $ (5,065 ) $ 2,910
 
Add: Stock-based compensation 1,231 924 4,423 2,755
Add: Acquisition-related transaction costs - - - 123
Add: Amortization of purchased intangibles   525     382     1,793     1,109  
Subtotal of tax deductible items   1,756     1,306     6,216     3,987  
Less: tax impact of tax deductible items (40% rate)  

(702

)  

(522

)  

(2,486

)  

(1,595

)
Non-GAAP adjusted net (loss) income $ (2,426 ) $ 2,989   $ (1,335 ) $ 5,302  
 
Weighted average number of shares - diluted 29,753 30,514 29,577 25,369
 
Non-GAAP adjusted net (loss) income per diluted share $

(0.08

) $ 0.10 $ (0.05 ) $ 0.21
 
 
Three Months Ended June 30, Years Ended June 30,
  2013     2012     2013     2012  
 
GAAP net (loss) income per share $ (0.12 ) $ 0.07 $ (0.17 ) $ 0.11
 
Add: Stock-based compensation 0.04 0.03 0.15 0.11
Add: Acquisition-related transaction costs - - - -
Add: Amortization of purchased intangibles   0.02     0.01     0.05     0.05  
Subtotal of tax deductible items   0.06     0.04     0.20     0.16  
Less: tax impact of tax deductible items (40% rate)   (0.02 )   (0.01 )   (0.08 )   (0.06 )
Non-GAAP adjusted net (loss) income per share - diluted $ (0.08 ) $ 0.10   $ (0.05 ) $ 0.21  
 
 

The presentation of non-GAAP adjusted net income and non-GAAP net income per share excludes, for all periods, the effect of dividends and accretion related to preferred stock converted to common in February 2012.

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