pcti-8k_20180509.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported)

May 9, 2018

 

 

PCTEL, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

Delaware

 

000-27115

 

77-0364943

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

471 Brighton Drive

Bloomingdale, Illinois 60108

(Address of Principal Executive Offices, including Zip Code)

(630) 372-6800

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b))

 

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 

 

 

 



 

 

Item 2.02 Results of Operations and Financial Condition

The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On May 9, 2018, PCTEL, Inc. issued a press release regarding its financial results for the first quarter ended March 31, 2018.  The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

 

 

 

(d)

Exhibits.

 

 

 

99.1

Press release dated May 9, 2018, of PCTEL, Inc. announcing its financial results for the first quarter ended March 31, 2018.

 

 

 

 



 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  May 10, 2018

 

 

 

 

 

 

 

 

 

PCTEL, INC.

 

 

By:

 

/s/ John W. Schoen

 John W. Schoen, Chief Financial Officer

 

pcti-ex991_6.htm

EXHIBIT 99.1

  

 

PCTEL Reports $21.7 Million in First Quarter Revenue

BLOOMINGDALE, Ill. – May 9, 2018 – PCTEL, Inc. (Nasdaq: PCTI), a leader in Performance Critical TELecom solutions, announced its results for the first quarter ended March 31, 2018.

 

Highlights from Continuing Operations

 

 

Revenue of $21.7 million in the quarter, in line with guidance, down 5% from the first quarter last year. Connected Solutions segment revenue was up 3%. RF Solutions segment revenue was down 30%, due to deferred carrier capital budget deployment in North America.

 

 

Gross profit margin of 36.2% in the quarter, down 500 basis points compared to last year. The primary reason for the decrease is lower revenue in the RF Solutions segment which has higher margin from its scanner products compared to antenna products. Price erosion in the small cell antenna market also contributed to the decline.

 

 

Net loss per diluted share of $0.05 in the quarter, compared to net income of $0.01 last year.

 

 

Non-GAAP net income and adjusted EBITDA are measures the Company uses to reflect the results of its core earnings. A reconciliation of those non-GAAP measures to our financial statements is provided later in the press release.

 

 

Non-GAAP net loss per diluted share of $0.01, compared to Non-GAAP net income per diluted share of $0.05 in the first quarter last year.

 

 

Adjusted EBITDA margin as a percent of revenue of 2% in the quarter, compared to 7% last year.

 

 

$34.7 million of cash and short-term investments and no debt at March 31, 2018.

 

“The Company saw revenue growth for its Connected Solutions products in the enterprise Wi-Fi market during the quarter. RF Solutions revenue was down in the North American market, due to the slow release of capital budget by several U.S. carriers,” said David Neumann, PCTEL’s CEO. “PCTEL is well positioned to take advantage of the long-term growth opportunities in Industrial IoT and 5G, which require both performance critical antenna solutions across multiple vertical markets and RF test equipment.”

 

 

 


 

 

CONFERENCE CALL / WEBCAST  

PCTEL’s management team will discuss the Company’s results today at 4:30 p.m. ET. The call can be accessed by dialing (888) 782-2072 (U.S. / Canada) or (706) 679-6397 (International), conference ID: 47850722. The call will also be webcast at http://investor.pctel.com/news-events/webcasts-presentations.

 

REPLAY: A replay will be available for two weeks after the call on either the website listed above or by calling (855) 859-2056 (U.S./Canada), or International (404) 537-3406, conference ID: 47850722.

About PCTEL

PCTEL, Inc. provides Performance Critical TELecom technology solutions. We are a leading global supplier of antennas and wireless network testing solutions. Our precision antennas are deployed in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the Industrial Internet of Things (IIoT). We offer in-house design, testing, radio integration, and manufacturing capabilities for our antenna customers. PCTEL’s test and measurement tools improve the performance of wireless networks globally, with a focus on LTE, public safety, and emerging 5G technologies. Network operators, neutral hosts, and equipment manufacturers rely on our scanning receivers and testing solutions to analyze, design, and optimize their networks.

 

For more information, please visit our website at http://www.pctel.com/.

 

PCTEL Safe Harbor Statement

This press release and our related comments in our earnings conference call contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements regarding our future financial performance, growth of our Connected Solutions and RF Solutions businesses, anticipated demand for certain products, our expectations regarding capital expenditures by U.S. carriers, and the anticipated growth of public and private wireless systems are forward-looking statements within the meaning of the safe harbor. These statements are based on management’s current expectations and actual results may differ materially from those projected as a result of certain risks and uncertainties, including the impact of data densification and IoT on capacity and coverage demand, impact of 5G, customer demand for these types of products and services generally, growth and continuity in PCTEL’s vertical markets, and PCTEL’s ability to grow its wireless products business and create, protect and implement new technologies and solutions. These and other risks and uncertainties are detailed in PCTEL's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and PCTEL disclaims any obligation to update or revise the information contained in any forward-looking statement, whether as a result of new information, future events or otherwise.

 

# # #

For further information contact:

 

John SchoenMichael Rosenberg

CFODirector of Marketing

PCTEL, Inc.PCTEL, Inc.

(630) 372-6800(301) 444-2046

public.relations@pctel.co

 


 

PCTEL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

 

 

 

(Unaudited)

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2018

 

 

2017

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

12,452

 

 

$

5,559

 

Short-term investment securities

 

 

22,285

 

 

 

32,499

 

Accounts receivable, net of allowances of $66 and $319 at March 31, 2018 and

   December 31, 2017, respectively

 

 

19,026

 

 

 

18,624

 

Inventories, net

 

 

12,582

 

 

 

12,756

 

Prepaid expenses and other assets

 

 

1,874

 

 

 

1,605

 

Total current assets

 

 

68,219

 

 

 

71,043

 

Property and equipment, net

 

 

12,537

 

 

 

12,369

 

Goodwill

 

 

3,332

 

 

 

3,332

 

Intangible assets, net

 

 

1,823

 

 

 

2,113

 

Deferred tax assets, net

 

 

8,068

 

 

 

7,734

 

Other noncurrent assets

 

 

64

 

 

 

72

 

TOTAL ASSETS

 

$

94,043

 

 

$

96,663

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,226

 

 

$

5,471

 

Accrued liabilities

 

 

5,787

 

 

 

7,481

 

Total current liabilities

 

 

11,013

 

 

 

12,952

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

485

 

 

 

392

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

11,498

 

 

 

13,344

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized, 18,258,643 and 17,806,792

   shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively

 

 

18

 

 

 

18

 

Additional paid-in capital

 

 

134,253

 

 

 

134,505

 

Accumulated deficit

 

 

(52,024

)

 

 

(51,258

)

Accumulated other comprehensive loss

 

 

298

 

 

 

54

 

Total stockholders’ equity

 

 

82,545

 

 

 

83,319

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

94,043

 

 

$

96,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

21,731

 

 

$

22,970

 

 

COST OF REVENUES

 

 

13,867

 

 

 

13,516

 

 

GROSS PROFIT

 

 

7,864

 

 

 

9,454

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

Research and development

 

 

2,940

 

 

 

2,716

 

 

Sales and marketing

 

 

3,028

 

 

 

3,253

 

 

General and administrative

 

 

2,993

 

 

 

3,339

 

 

Amortization of intangible assets

 

 

124

 

 

 

124

 

 

Total operating expenses

 

 

9,085

 

 

 

9,432

 

 

OPERATING (LOSS) INCOME

 

 

(1,221

)

 

 

22

 

 

Other income, net

 

 

51

 

 

 

28

 

 

(LOSS) INCOME BEFORE INCOME TAXES

 

 

(1,170

)

 

 

50

 

 

Benefit for income taxes

 

 

(312

)

 

 

(134

)

 

NET (LOSS) INCOME FROM CONTINUING OPERATIONS

 

 

(858

)

 

 

184

 

 

NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT

 

 

0

 

 

 

(214

)

 

NET LOSS

 

$

(858

)

 

$

(30

)

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income per Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.05

)

 

$

0.01

 

 

Diluted

 

$

(0.05

)

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.00

 

 

$

(0.01

)

 

Diluted

 

$

0.00

 

 

$

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

Net Loss per Share:

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.05

)

 

$

(0.00

)

 

Diluted

 

$

(0.05

)

 

$

(0.00

)

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares:

 

 

 

 

 

 

 

 

 

Basic

 

 

17,056

 

 

 

16,340

 

 

Diluted

 

 

17,056

 

 

 

16,340

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividend per share

 

$

0.055

 

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 


 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

 

 

Three Months Ended March 31,

 

.

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

 

 

Net (loss) income from continuing operations

 

$

(858

)

 

$

184

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

674

 

 

 

628

 

Intangible asset amortization

 

 

290

 

 

 

290

 

Stock-based compensation

 

 

668

 

 

 

708

 

Loss on disposal of property and equipment

 

 

10

 

 

 

0

 

Restructuring costs

 

 

(11

)

 

 

(33

)

Bad debt provision

 

 

15

 

 

 

(7

)

Deferred tax provision

 

 

(236

)

 

 

(276

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(350

)

 

 

794

 

Inventories

 

 

321

 

 

 

1,790

 

Prepaid expenses and other assets

 

 

(250

)

 

 

319

 

Accounts payable

 

 

(64

)

 

 

(812

)

Income taxes payable

 

 

(3

)

 

 

(70

)

Other accrued liabilities

 

 

(1,808

)

 

 

(1,467

)

Deferred revenue

 

 

14

 

 

 

(12

)

Net cash (used in) provided by operating activities

 

 

(1,588

)

 

 

2,036

 

Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(884

)

 

 

(1,052

)

Proceeds from disposal of property and equipment

 

 

14

 

 

 

0

 

Purchases of investments

 

 

(7,266

)

 

 

(9,743

)

Redemptions/maturities of short-term investments

 

 

17,480

 

 

 

10,197

 

Net cash provided by (used in) investing activities

 

 

9,344

 

 

 

(598

)

Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

 

364

 

 

 

330

 

Payment of withholding tax on stock-based compensation

 

 

(289

)

 

 

(614

)

Principle payments on capital leases

 

 

(24

)

 

 

(19

)

Cash dividends

 

 

(995

)

 

 

(865

)

Net cash used in financing activities

 

 

(944

)

 

 

(1,168

)

Cash flows from discontinued operations:

 

 

 

 

 

 

 

 

      Net cash used in operating activities

 

 

0

 

 

 

(174

)

      Net cash used in investing activities

 

 

0

 

 

 

(1

)

Net cash flows used in discontinued operations

 

0

 

 

 

(175

)

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

6,812

 

 

 

95

 

Effect of exchange rate changes on cash

 

 

81

 

 

 

10

 

Cash and cash equivalents, beginning of year

 

 

5,559

 

 

 

14,855

 

Cash and Cash Equivalents, End of Period

 

$

12,452

 

 

$

14,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

PCTEL, INC.

P&L INFORMATION BY SEGMENT - Continuing Operations (unaudited)

(in thousands)

 

 

Three Months Ended March 31, 2018

 

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

17,764

 

 

$

3,999

 

 

$

(32

)

 

$

21,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

5,198

 

 

 

2,670

 

 

 

(4

)

 

 

7,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING (LOSS) INCOME

 

$

1,605

 

 

$

(328

)

 

$

(2,498

)

 

$

(1,221

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2017

 

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

17,271

 

 

$

5,756

 

 

$

(57

)

 

$

22,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

5,403

 

 

 

4,045

 

 

 

6

 

 

 

9,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME (LOSS)

 

$

1,744

 

 

$

1,024

 

 

$

(2,746

)

 

$

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Reconciliation of GAAP to non-GAAP Results - Continuing Operations (unaudited)

 

(in thousands except per share information)

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP operating (loss) income to non-GAAP operating (loss) income - Continuing Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

$

(1,221

)

 

$

22

 

 

 

 

 

 

 

 

 

 

 

(a)

Add:

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

167

 

 

 

167

 

 

     -Operating expenses

 

 

124

 

 

 

124

 

 

Stock Compensation:

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

88

 

 

 

61

 

 

         -Engineering

 

 

138

 

 

 

146

 

 

     -Sales & marketing

 

 

131

 

 

 

119

 

 

         -General & administrative

 

 

311

 

 

 

382

 

 

 

 

 

959

 

 

 

999

 

 

Non-GAAP Operating (Loss) Income

 

$

(262

)

 

$

1,021

 

 

% of revenue

 

 

-1.2

%

 

 

4.4

%

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP net (loss) income to non-GAAP net (loss) income - Continuing Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(858

)

 

$

184

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

(a)

Non-GAAP adjustment to operating (loss) income

 

 

959

 

 

 

999

 

 

Income Taxes

 

 

(295

)

 

 

(323

)

 

 

 

 

664

 

 

 

676

 

 

Non-GAAP Net (Loss) Income

 

$

(194

)

 

$

860

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP (Loss) Income per Share:

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.01

)

 

$

0.05

 

 

Diluted

 

$

(0.01

)

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

Weighed Average Shares:

 

 

 

 

 

 

 

 

 

Basic

 

 

17,056

 

 

 

16,340

 

 

Diluted

 

 

17,056

 

 

 

16,340

 

 

This schedule reconciles the Company's GAAP operating (loss) income to its non-GAAP operating (loss) income.  The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods.  The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes.  These non-GAAP measures should not be viewed as a substitute for the Company's GAAP results.

 

The adjustments to GAAP operating (loss) income (a) consist of stock compensation expense and amortization of intangible assets.  The adjustments to GAAP net (loss) income include the non-GAAP adjustments to operating (loss) income as well as adjustments for (b) non-cash income tax expense.

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to non-GAAP SEGMENT INFORMATION - Continuing Operations (unaudited)

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2018

 

 

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

$

1,605

 

 

$

(328

)

 

$

(2,498

)

 

$

(1,221

)

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

0

 

 

 

167

 

 

 

0

 

 

 

167

 

 

     -Operating expenses

 

 

39

 

 

 

85

 

 

 

0

 

 

 

124

 

 

Stock Compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

46

 

 

 

42

 

 

 

0

 

 

 

88

 

 

     -Engineering

 

 

74

 

 

 

64

 

 

 

0

 

 

 

138

 

 

     -Sales & marketing

 

 

82

 

 

 

49

 

 

 

0

 

 

 

131

 

 

     -General & administrative

 

 

60

 

 

 

23

 

 

 

228

 

 

 

311

 

 

 

 

 

301

 

 

 

430

 

 

 

228

 

 

 

959

 

 

Non-GAAP Operating (Loss) Income

 

$

1,906

 

 

$

102

 

 

$

(2,270

)

 

$

(262

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2017

 

 

 

 

Connected Solutions

 

 

RF Solutions

 

 

Corporate

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

$

1,744

 

 

$

1,024

 

 

$

(2,746

)

 

$

22

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

0

 

 

 

167

 

 

 

0

 

 

 

167

 

 

     -Operating expenses

 

 

39

 

 

 

85

 

 

 

0

 

 

 

124

 

 

Stock Compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

39

 

 

 

22

 

 

 

0

 

 

 

61

 

 

     -Engineering

 

 

55

 

 

 

91

 

 

 

0

 

 

 

146

 

 

     -Sales & marketing

 

 

85

 

 

 

34

 

 

 

0

 

 

 

119

 

 

     -General & administrative

 

 

43

 

 

 

14

 

 

 

325

 

 

 

382

 

 

 

 

 

261

 

 

 

413

 

 

 

325

 

 

 

999

 

 

Non-GAAP Operating Income (Loss)

 

$

2,005

 

 

$

1,437

 

 

$

(2,421

)

 

$

1,021

 

 

This schedule reconciles the Company's GAAP operating (loss) income by segment to its non-GAAP operating (loss) income. The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods.  The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes.  These non-GAAP measures should not be viewed as a substitute for the Company's GAAP results.

 

The adjustments to GAAP operating (loss) income consist of stock compensation expense and amortization of intangible assets.

 

 

 

 

 

 

 


 

 

 

PCTEL, Inc.

Reconciliation of GAAP operating income (loss) to Adjusted EBITDA - Continuing Operations

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

 

 

$

(1,221

)

 

$

22