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Quotient Technology Inc. Announces First Quarter 2023 Results

  • Quarterly Revenue of $59.3M 
  • GAAP Net Loss of $17.7M 
  • Adjusted EBITDA of $1.8M

Quotient Technology Inc. (NYSE: QUOT), a leading digital promotions and media technology company, today reported financial results for the first quarter ended March 31, 2023. Quotient’s complete first quarter financial results and presentation slides can be found by accessing the investor relations section of Quotient's website.

“First quarter results were in-line with our expectations. In particular, I am pleased with our improvement in profitability. We believe we are in a position to return to organic growth while simultaneously expanding margins,” said Matt Krepsik, Quotient CEO. “Leading internal indicators are showing green shoots for the top line of business. Savings delivered again outpaced overall retail sales on promotions as reported by NielsenIQ, and our pipeline year-to-date is ahead of typical seasonal patterns. We continue to remain focused on capturing the power of our network.”

Financial Outlook

Quotient is providing guidance for its second quarter and full year 2023 as follows:

Quotient's guidance for the second quarter 2023:

  • Revenue: $67 million to $72 million
  • Non-GAAP Gross Profit: $34 million to $38 million
  • Adjusted EBITDA: $3 million to $6 million
  • Operating Cash Flow: $0 million to $5 million

Quotient's guidance for the full year 2023:

  • Revenue: $275 million to $305 million
  • Non-GAAP Gross Profit: $145 million to $165 million
  • Adjusted EBITDA: $32 million to $45 million
  • Operating Cash Flow: $10 million to $25 million

Call Information

The Company has posted an earnings presentation on the Investor Relations section of the Company’s website at: http://investors.quotient.com/. Management will host a conference call and live webcast to discuss the highlights of the quarter and address questions today at 5:00 p.m. ET/ 2:00 p.m. PT.

To access the call, we encourage you to pre-register to eliminate long wait times using this link: Quotient Q1 2023 Earnings Pre Registration. After registering, a confirmation will be sent via email and will include dial-in details and a unique PIN code for entry to the call. Registration will be open through the live call. You may also access the call and register with a live operator by dialing 1 (833) 470 1428, or +1 (404) 975 4839 for outside the U.S. You will be able to access the call by using code 975264. We suggest registering for call at least 15 minutes prior to the 2:00 p.m. PDT start time. The live webcast and all accompanying materials can be accessed on the Investor Relations section of the Company website at: http://investors.quotient.com/. A replay of the webcast will be available on the website following the conference call.

Use of Non-GAAP Financial Measures

Quotient reports its financial statements in accordance with generally accepted accounting principles in the United States (GAAP) and the rules of the SEC. To supplement its financial statements presented in accordance with GAAP, Quotient provides investors in this press release with non-GAAP Gross Profit, non-GAAP Gross Margin, Adjusted EBITDA, Adjusted EBITDA margin and non-GAAP Operating Expenses, each a non-GAAP financial measure. Quotient believes that these non-GAAP measures provide investors with additional useful information used by Quotient’s management and Board of Directors for financial and operating decision making. In particular, Quotient believes that the exclusion of certain income and expenses in calculating these metrics can provide useful measures for period-to-period comparisons of its core business as well as a useful comparison to peer companies.

Quotient defines non-GAAP Gross Profit as revenue less cost of revenues adjusted for stock-based compensation, amortization of acquired intangible assets, certain business transformation and strategic initiatives costs, expenses related to legal settlements, and restructuring charges; and defines non-GAAP Gross Margin as non-GAAP Gross Profit divided by Revenue.

Quotient defines Adjusted EBITDA as net income (loss) adjusted for interest expense, provision for (benefit from) income taxes, other (income) expense, net, depreciation and amortization, stock-based compensation, impairment of certain long-lived and right-of-use assets, shareholder activism response costs, expenses related to legal settlements, restructuring charges, and certain business transformation and strategic initiatives costs. In addition, Quotient defines Adjusted EBITDA margin as the ratio of Adjusted EBITDA and revenues; and non-GAAP operating expenses as operating expenses adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring charges, impairment of certain long-lived and right-of-use assets, shareholder activism response costs, expenses related to legal settlements, and certain business transformation and strategic initiatives costs.

Quotient excludes certain GAAP items from these measures because it believes these items are not indicative of ordinary results of operations and do not reflect expected future operating expenses. Additionally, certain items are inconsistent in size and frequency—making it difficult to contribute to a meaningful evaluation of Quotient's current or past operating performance.

There are a number of limitations related to the use of these non-GAAP financial measures. Quotient compensates for these limitations by providing specific information regarding the GAAP amount excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant GAAP financial measures.

These non-GAAP financial measures are not intended to be considered in isolation from, as substitute for, or as superior to the corresponding financial measure prepared in accordance with GAAP. Because of these and other limitations, the non-GAAP financial measures used in this press release should be considered along with other GAAP-based financial performance measures, including various cash flow metrics, net income (loss) and Quotient’s other GAAP financial results.

For a reconciliation of these non-GAAP financial measures to the nearest comparable GAAP financial measures, see “Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin”, "Reconciliation of Gross Profit to Non-GAAP Gross Profit", "Reconciliation of Operating Expenses to Non-GAAP Operating Expenses" and “Reconciliation of Gross Profit to Non-GAAP Gross Profit (Forecasted)” included in this press release.

A reconciliation of the Adjusted EBITDA guidance metrics, which are non-GAAP guidance measures, to a corresponding GAAP measure is not available on a forward-looking basis without unreasonable efforts due to the high variability and low visibility of certain (income) expense items that are excluded in calculating Adjusted EBITDA.

Forward-Looking Statements

This press release contains forward-looking statements concerning the Company’s current expectations and projections about future events and financial trends affecting its business. Forward-looking statements in this press release include the Company's belief that it is in a position to return to organic growth while simultaneously expanding margins; its leading internal operational indicators showing momentum (i.e., green shoots) for the top line (i.e., revenue measure) of the business; and the future financial performance of Quotient including estimates for the second quarter of 2023 and the full fiscal year 2023. Forward-looking statements are based on the Company’s current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, impacts of changes in the Company’s business model, including pricing model changes, and the degree of advertiser and retailer response to this transition, and increasing the proportion of self-service and automated offerings; a reduction in overall advertising spend by advertisers in reaction to rising inflation, continuing supply chain disruption and economic uncertainty, particularly in verticals that comprise a significant portion of the Company’s revenue such as the food category; the Company’s ability to adapt to changes in marketing goals, strategies and budgets of advertisers and retailers and the timing of their marketing spend; the Company’s ability to maintain and grow the retailer component of its network, expand its network with new verticals, and increase its number of network partners and publishers; the Company’s ability to maintain and expand our data rights with our retailer network; the Company’s ability to leverage retailer demands to increase consumer product goods (CPG) spend on retailer performance media; the Company’s ability to adapt to industry changes in, and the evolution of, retail media networks as well as how CPGs leverage such networks; the impact of competitors or competitive products and services, and our ability to compete in digital marketing; the impact of pricing pressures from the Company’s competitors, advertisers or CPGs, and agencies representing advertisers or CPGs; the impact of increasing media acquisition and data acquisition costs; the impact of litigation involving the Company, its industry or both, including investigations by regulators or claims made by the Company’s competitors or other third parties; reduction in demand or volatility in demand for one or more of the Company’s products, which may be caused by, among other things: delay or cancellation of marketing campaigns by advertisers and retailers as they focus on manufacturing in-demand products, replenishing out-of-stock items, adjusting to changes in consumer purchasing behavior, contending with supply-chain challenges; the Company’s ability to grow existing consumer usage of, and attract new consumers to, the Company’s digital promotion offerings and more generally to interactions with the Company’s platforms, including through its retailer partner sites and its publisher network; the Company’s ability to obtain and increase the number of high quality promotions; changes in consumer behavior with respect to digital promotions and media, how consumers access digital promotions and media, and the Company’s ability to develop applications that are widely accepted and generate revenues for advertisers, retailers and the Company; our ability to control costs including the costs of obtaining consumer data and investing, maintaining and enhancing our technology infrastructure; increased legal and compliance costs associated with data protection laws and regulations in various jurisdictions, including state and international privacy laws, and new follow-on compliance obligations; changes in the legislative or regulatory environment, including with respect to privacy and data protection, or enforcement by government regulators, including fines, orders, or consent decrees; the costs of developing new products, solutions and enhancements to the Company’s platforms; whether new products successfully launch on time; the Company’s ability to manage its growth, including scaling its platforms; the Company’s ability to manage innovation, including extent of investments in and success in deploying new offerings, and the Company’s ability to manage transitions from legacy platforms and solutions to new platforms and solutions such as those with self-service and automation capabilities; the success of the Company’s sales and marketing efforts; the attraction and retention of qualified employees and key personnel, whether or not related to changes in U.S. immigration policies; and other factors identified in the Company’s filings with the SEC, including its Annual Report on Form 10-K filed with the SEC on March 16, 2023 and its Form 10-K/A Amendment No. 1 filed with the SEC on April 28, 2023, and future filings and reports by the Company. Quotient disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise and does not assume responsibility for the accuracy and completeness of the forward-looking statements.

About Quotient Technology Inc.

Quotient Technology (NYSE: QUOT) is a leading digital media and promotions technology company for advertisers, retailers and consumers. Quotient's omnichannel platform is powered by exclusive consumer spending data, location intelligence and purchase intent data to reach millions of shoppers daily and deliver measurable, incremental sales.

Quotient partners with leading advertisers, publishers and retailers, including Clorox, Procter & Gamble, Unilever, CVS, Dollar General, Ahold Delhaize USA, Amazon and Microsoft. Quotient is headquartered in Salt Lake City, Utah, and has offices across the US as well as in Bangalore, Paris, London and Tel Aviv. For more information visit www.quotient.com.

Quotient and the Quotient logo are trademarks or registered trademarks of Quotient Technology Inc. and its subsidiaries in the United States and other countries. Other marks are the property of their respective owners.

QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

March 31,

2023

 

December 31,

2022

 

 

(unaudited)

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

44,781

 

 

$

56,891

 

Accounts receivable, net

 

 

81,506

 

 

 

98,049

 

Prepaid expenses and other current assets

 

 

20,114

 

 

 

19,791

 

Total current assets

 

 

146,401

 

 

 

174,731

 

Property and equipment, net

 

 

30,641

 

 

 

28,773

 

Operating leases right-of-use-assets

 

 

13,595

 

 

 

14,475

 

Intangible assets, net

 

 

3,530

 

 

 

4,494

 

Goodwill

 

 

128,427

 

 

 

128,427

 

Other assets

 

 

11,054

 

 

 

12,259

 

Total assets

 

$

333,648

 

 

$

363,159

 

Liabilities and Stockholders' Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

21,435

 

 

$

30,027

 

Accrued compensation and benefits

 

 

9,017

 

 

 

12,060

 

Other current liabilities

 

 

43,824

 

 

 

53,255

 

Deferred revenues

 

 

18,738

 

 

 

15,519

 

Short-term debt

 

 

2,750

 

 

 

2,750

 

Total current liabilities

 

 

95,764

 

 

 

113,611

 

Operating lease liabilities

 

 

19,866

 

 

 

21,221

 

Other non-current liabilities

 

 

744

 

 

 

468

 

Long-term debt

 

 

47,616

 

 

 

48,034

 

Deferred tax liabilities

 

 

2,030

 

 

 

2,030

 

Total liabilities

 

 

166,020

 

 

 

185,364

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

720,689

 

 

 

713,201

 

Accumulated other comprehensive loss

 

 

(1,739

)

 

 

(1,756

)

Accumulated deficit

 

 

(551,323

)

 

 

(533,651

)

Total stockholders' equity

 

 

167,628

 

 

 

177,795

 

Total liabilities and stockholders' equity

 

$

333,648

 

 

$

363,159

 

QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Revenues

 

$

59,267

 

 

$

78,456

 

Cost of revenues(1)

 

 

30,370

 

 

 

49,078

 

Gross profit

 

 

28,897

 

 

 

29,378

 

Operating Expenses:

 

 

 

 

Sales and marketing(1)

 

 

17,963

 

 

 

21,936

 

Research and development(1)

 

 

5,434

 

 

 

9,756

 

General and administrative(1)

 

 

21,194

 

 

 

22,708

 

Total operating expenses

 

 

44,591

 

 

 

54,400

 

Net loss from operations

 

 

(15,694

)

 

 

(25,022

)

Interest expense

 

 

(2,338

)

 

 

(1,154

)

Other (expense) income, net

 

 

(94

)

 

 

36

 

Net loss before income taxes

 

 

(18,126

)

 

 

(26,140

)

Provision for (benefit from) income taxes

 

 

(454

)

 

 

166

 

Net loss

 

$

(17,672

)

 

$

(26,306

)

 

 

 

 

 

Net loss per share, basic and diluted

 

$

(0.18

)

 

$

(0.28

)

 

 

 

 

 

Weighted-average shares used to compute net loss per share, basic and diluted

 

 

97,450

 

 

 

94,924

(1) The stock-based compensation expense included above was as follows:

 

Three Months Ended March 31,

 

 

2023

 

2022

Cost of revenues

 

$

                222

 

$

                532

Sales and marketing

 

 

                 631

 

 

                 891

Research and development

 

 

                 258

 

 

                 967

General and administrative

 

 

               6,756

 

 

               3,352

Total stock-based compensation

 

$

             7,867

 

$

             5,742

QUOTIENT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

Three Months Ended March 31,

 

 

2023

 

2022

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(17,672

)

 

$

(26,306

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

4,218

 

 

 

4,562

 

Stock-based compensation

 

 

7,867

 

 

 

5,742

 

Amortization of debt discount and issuance cost

 

 

439

 

 

 

247

 

Impairment of long-lived and right-of-use assets

 

 

 

 

 

5,981

 

Allowance (recovery) for credit losses

 

 

(134

)

 

 

(396

)

Other non-cash expenses

 

 

1,734

 

 

 

1,540

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

16,677

 

 

 

63,348

 

Prepaid expenses and other assets

 

 

(116

)

 

 

(1,168

)

Accounts payable and other liabilities

 

 

(19,805

)

 

 

(46,577

)

Payments for contingent consideration and bonuses

 

 

 

 

 

(19,008

)

Accrued compensation and benefits

 

 

(3,037

)

 

 

(8,003

)

Deferred revenues

 

 

3,219

 

 

 

(5,570

)

Net cash used in operating activities

 

 

(6,610

)

 

 

(25,608

)

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment

 

 

(4,771

)

 

 

(2,557

)

Net cash used in investing activities

 

 

(4,771

)

 

 

(2,557

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Proceeds from issuances of common stock under stock plans

 

 

888

 

 

 

 

Proceeds from borrowing on line of credit

 

 

20,000

 

 

 

 

Repayment of line of credit

 

 

(20,000

)

 

 

 

Payments for taxes related to net share settlement of equity awards

 

 

(1,582

)

 

 

(969

)

Principal payments on promissory note and finance lease obligations

 

 

 

 

 

(89

)

Payments for contingent consideration

 

 

 

 

 

(5,686

)

Net cash used in financing activities

 

 

(694

)

 

 

(6,744

)

Effect of exchange rates on cash and cash equivalents

 

 

(35

)

 

 

75

 

Net decrease in cash and cash equivalents

 

 

(12,110

)

 

 

(34,834

)

Cash and cash equivalents at beginning of period

 

 

56,891

 

 

 

237,417

 

Cash and cash equivalents at end of period

 

$

44,781

 

 

$

202,583

 

QUOTIENT TECHNOLOGY INC.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

(Unaudited, in thousands)

 

 

Three Months Ended

March 31,

 

2023

 

2022

Net Loss ($) / Loss Margin (%) (2)

$

         (17,672

)

 

(30

) %

 

$

       (26,306

)

 

(33

) %

Adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

               7,867

 

 

13

%

 

 

             5,742

 

 

7

%

Depreciation and amortization

 

               4,218

 

 

7

%

 

 

             4,561

 

 

6

%

Other(1)

 

               5,421

 

 

9

%

 

 

             7,621

 

 

10

%

Interest expense

 

               2,338

 

 

4

%

 

 

             1,154

 

 

1

%

Other expense (income), net

 

                     94

 

 

%

 

 

                 (36

)

 

%

Provision for (benefit from) income taxes

 

                 (454

)

 

%

 

 

                166

 

 

%

 

 

 

 

 

 

 

 

Total adjustments

$

           19,484

 

 

33

%

 

$

        19,208

 

 

24

%

 

 

 

 

 

 

 

 

Adjusted EBITDA ($) / Adjusted EBITDA Margin (%) (2)

$

             1,812

 

 

3

%

 

$

         (7,098

)

 

(9

) %

(1) For the three months ended March 31, 2023, Other includes $2.7 million related to restructuring charges, $2.2 million related to certain business transformation and strategic initiatives costs which includes $0.6 million of costs incurred in the transition and replacement of Coupons.com with Shopmium as our direct-to-consumer offering in the U.S., $0.4 million in expenses related to legal settlements and $0.1 million related to shareholder activism response costs. For the three months ended March 31, 2022, Other includes a charge of $6.1 million related to the impairment of certain long-lived and right-of-use assets, $1.4 million related to shareholder activism response costs, and $0.1 million related to restructuring charges. Restructuring charges primarily relate to severance for impacted employees.

 

(2) Profit (Loss) Margin and Adjusted EBITDA Margin is the ratio of Profit (Loss) to Revenues and Adjusted EBITDA to Revenues.

QUOTIENT TECHNOLOGY INC.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

(Unaudited, in thousands)

 

 

Q1 FY 22

 

Q2 FY 22

 

Q3 FY 22

 

Q4 FY 22

 

Q1 FY 23

Net loss

 

$

    (26,306

)  

 

$

    (43,358

)  

 

$

      (7,167

)  

 

$

           320

 

 

$

    (17,672

)  

Adjustments: 

 

 

 

 

 

 

 

 

 

 

        Stock-based compensation

 

 

          5,742

 

 

 

        17,127

 

 

 

          4,980

 

 

 

          4,604

 

 

 

          7,867

 

        Depreciation and amortization

 

 

          4,561

 

 

 

          4,670

 

 

 

          4,797

 

 

 

          3,901

 

 

 

          4,218

 

        Other (1)

 

 

          7,621

 

 

 

        16,349

 

 

 

          7,919

 

 

 

          3,962

 

 

 

          5,421

 

        Interest expense

 

 

          1,154

 

 

 

          1,179

 

 

 

          1,837

 

 

 

          1,471

 

 

 

          2,338

 

        Other (income) expense, net

 

 

              (36

)  

 

 

              417

 

 

 

            (200

)  

 

 

         (1,209

)  

 

 

                94

 

        Provision for (benefit from) income taxes

 

 

              166

 

 

 

          2,346

 

 

 

         (2,138

)  

 

 

              148

 

 

 

            (454

)  

 

 

 

 

 

 

 

 

 

 

 

             Total adjustments

 

$

      19,208

 

 

$

      42,088

 

 

$

      17,195

 

 

$

      12,877

 

 

$

      19,484

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (1)

 

$

      (7,098

)  

 

$

      (1,270

)  

 

$

      10,028

 

 

$

      13,197

 

 

$

        1,812

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin (2)

 

 

(9

)%

 

 

(2

)%

 

 

14

%

 

 

19

%

 

 

3

%

(1) Adjusted EBITDA, a non-GAAP financial measure, is net income (loss) adjusted for stock-based compensation, depreciation and amortization, interest expense, other (income) expense, net, provision for (benefit from) income taxes, and other, which includes: $6.1 million related to the impairment of certain long-lived and right-of-use assets, $1.4 million related to shareholder activism response costs, and $0.1 million related to restructuring charges during Q1 FY22; $4.8 million in expenses related to legal settlements; $5.3 million related to the impairment of certain long-lived and right-of-use assets, $3.7 million related to shareholder activism response costs, and $2.6 million related to restructuring charges during Q2 FY22; $5.0 million in expenses related to legal settlements, $2.8 million related to restructuring charges, and $0.1 million related to shareholder activism response costs during Q3 FY22;  $3.4 million related to restructuring charges, $1.3 million related to certain business transformation and strategic initiatives costs which includes $1.0 million of costs incurred in the transition and replacement of Coupons.com with Shopmium as our direct-to-consumer offering in the U.S., $0.5 million related to a recovery of expenses related to legal settlements and $0.2 million related to recovery of shareholder activism response costs during Q4 FY22; $2.7 million related to restructuring charges, $2.2 million related to certain business transformation and strategic initiatives costs which includes $0.6 million of costs incurred in the transition and replacement of Coupons.com with Shopmium as our direct-to-consumer offering in the U.S., $0.4 million in expenses related to legal settlements and $0.1 million related to shareholder activism response costs during Q1 FY23.

 

(2) Adjusted EBITDA margin is the ratio of Adjusted EBITDA and Revenues.

QUOTIENT TECHNOLOGY INC.

RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT

(Unaudited, in thousands)

 

Q1 FY 22

 

Q4 FY 22

 

Q1 FY 23

Revenues

 

$

78,456

 

 

$

70,723

 

 

$

59,267

 

 

 

 

 

 

 

 

Cost of revenues (GAAP)

 

$

49,078

 

 

$

31,768

 

 

$

30,370

 

(less) Stock-based compensation

 

 

(532

)

 

 

(425

)

 

 

(222

)

(less) Amortization of acquired intangible assets

 

 

(2,294

)

 

 

(613

)

 

 

(610

)

(less) Business transformation and strategic initiatives costs

 

 

 

 

 

(154

)

 

 

(11

)

(less) Expenses related to legal settlements

 

 

 

 

 

 

 

 

(208

)

(less) Restructuring charges

 

 

(13

)

 

 

(662

)

 

 

22

 

Cost of revenues (Non-GAAP)

 

$

46,239

 

 

$

29,914

 

 

$

29,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit (GAAP)

 

$

29,378

 

 

$

38,955

 

 

$

28,897

 

Gross margin percentage (GAAP)

 

 

37.4

%

 

 

55.1

%

 

 

48.8

%

 

 

 

 

 

 

 

Gross profit (Non-GAAP)*

 

$

32,217

 

 

$

40,809

 

 

$

29,926

 

Gross margin percentage (Non-GAAP)

 

 

41.1

%

 

 

57.7

%

 

 

50.5

%

* Non-GAAP gross profit excludes stock-based compensation, amortization of acquired intangible assets, certain business transformation and strategic initiatives costs, expenses related to legal settlements and restructuring charges.

QUOTIENT TECHNOLOGY INC.

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

(Unaudited, in thousands)

 

 

Q1 FY 22

 

Q2 FY 22

 

Q3 FY 22

 

Q4 FY 22

 

Q1 FY 23

Revenues

 

$

78,456

 

 

$

69,251

 

 

$

70,336

 

 

$

70,723

 

 

$

59,267

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing expenses

 

 

21,936

 

 

 

21,459

 

 

 

19,939

 

 

 

20,745

 

 

 

17,963

 

(less) Stock-based compensation

 

 

(891

)

 

 

(812

)

 

 

(777

)

 

 

(733

)

 

 

(631

)

(less) Amortization of acquired intangible assets

 

 

(354

)

 

 

(354

)

 

 

(354

)

 

 

(354

)

 

 

(354

)

(less) Business transformation and strategic initiatives costs

 

 

 

 

 

 

 

 

 

 

 

(928

)

 

 

(572

)

(less) Restructuring charges

 

 

3

 

 

 

(131

)

 

 

(762

)

 

 

(1,595

)

 

 

120

 

Non-GAAP Sales and marketing expenses

 

$

20,694

 

 

$

20,162

 

 

$

18,046

 

 

$

17,135

 

 

$

16,526

 

Non-GAAP Sales and marketing percentage

 

 

26

%

 

 

29

%

 

 

26

%

 

 

24

%

 

 

28

%

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

9,756

 

 

 

7,072

 

 

 

4,899

 

 

 

4,572

 

 

 

5,434

 

(less) Stock-based compensation

 

 

(967

)

 

 

(674

)

 

 

(411

)

 

 

(361

)

 

 

(258

)

(less) Business transformation and strategic initiatives costs

 

 

 

 

 

 

 

 

 

 

 

(54

)

 

 

(37

)

(less) Restructuring charges

 

 

3

 

 

 

(170

)

 

 

(246

)

 

 

(108

)

 

 

(15

)

Non-GAAP Research and development expenses

 

$

8,792

 

 

$

6,228

 

 

$

4,242

 

 

$

4,049

 

 

$

5,124

 

Non-GAAP Research and development percentage

 

 

11

%

 

 

9

%

 

 

6

%

 

 

6

%

 

 

9

%

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

22,708

 

 

 

42,869

 

 

 

16,401

 

 

 

12,908

 

 

 

21,194

 

(less) Stock-based compensation

 

 

(3,352

)

 

 

(15,141

)

 

 

(3,350

)

 

 

(3,085

)

 

 

(6,756

)

(less) Restructuring charges

 

 

(45

)

 

 

(2,240

)

 

 

(1,411

)

 

 

(1,037

)

 

 

(2,820

)

(less) Impairment of long-lived and right-of-use assets

 

 

(6,119

)

 

 

(3,895

)

 

 

 

 

 

 

 

 

 

(less) Business transformation and strategic initiatives costs

 

 

 

 

 

 

 

 

 

 

 

(173

)

 

 

(1,596

)

(less) Shareholder activism response costs

 

 

(1,450

)

 

 

(3,654

)

 

 

(51

)

 

 

250

 

 

 

(127

)

(less) Expenses related to legal settlements

 

 

 

 

 

(4,750

)

 

 

(5,000

)

 

 

500

 

 

 

(177

)

Non-GAAP General and administrative expenses

 

$

11,742

 

 

$

13,189

 

 

$

6,589

 

 

$

9,363

 

 

$

9,718

 

Non-GAAP General and administrative percentage

 

 

15

%

 

 

19

%

 

 

9

%

 

 

13

%

 

 

16

%

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Operating expenses*

 

$

41,228

 

 

$

39,579

 

 

$

28,877

 

 

$

30,547

 

 

$

31,368

 

Non-GAAP Operating expense percentage

 

 

53

%

 

 

57

%

 

 

41

%

 

 

43

%

 

 

53

%

* Non-GAAP operating expenses excludes stock-based compensation, amortization of acquired intangible assets, restructuring charges, impairment of certain long-lived and right-of-use assets, shareholder activism response costs, expenses related to legal settlements and certain business transformation and strategic initiatives costs.

QUOTIENT TECHNOLOGY INC.

RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT (FORECASTED)

(Unaudited, in thousands)

 

 

Q2 FY 23 (Forecast)

 

FY23 (Forecast)

 

 

Low

 

High

 

Low

 

High

Revenues

 

$

67,000

 

 

$

72,000

 

 

$

275,000

 

 

$

305,000

 

 

 

 

 

 

 

 

 

 

Cost of revenues (GAAP)

 

$

33,800

 

 

$

34,900

 

 

$

132,200

 

 

$

142,300

 

(less) Stock-based compensation

 

 

(200

)

 

 

(300

)

 

 

(600

)

 

 

(700

)

(less) Amortization of acquired intangible assets

 

 

(600

)

 

 

(600

)

 

 

(1,600

)

 

 

(1,600

)

Cost of revenues (Non-GAAP)

 

$

33,000

 

 

$

34,000

 

 

$

130,000

 

 

$

140,000

 

 

 

 

 

 

 

 

 

 

Gross profit (GAAP)

 

$

33,200

 

 

$

37,100

 

 

$

142,800

 

 

$

162,700

 

 

 

 

 

 

 

 

 

 

Gross profit (Non-GAAP)

 

$

34,000

 

 

$

38,000

 

 

$

145,000

 

$

165,000

 

Contacts

Investor Relations

Drew Haroldson

The Blueshirt Group for Quotient

ir@quotient.com

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