8-K
0001057083false00010570832023-08-082023-08-08

 

 

 

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) August 8, 2023

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)

 

(Zip Code)

Registrant’s telephone number, including area code: (630) 372-6800

 

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 Instructions 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)

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))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

PCTI

 

Nasdaq Global Select Market

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

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 August 8, 2023, PCTEL, Inc. issued a press release regarding its financial results for the second quarter ended June 30, 2023. 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 August 8, 2023, of PCTEL, Inc. announcing its financial results for the second quarter ended June 30, 2023.

 

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 


 

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: August 9, 2023

PCTEL, INC.

By:

/s/ Kevin J. McGowan

 

 

Kevin J. McGowan, Chief Financial Officer

 

 


EX-99.1

 

 

 

 

 

https://cdn.kscope.io/77eb541ab6004bc83b23f491de4fd26d-img244048061_0.jpg 

 

EXHIBIT 99.1
 

PCTEL Reports Second Quarter Financial Results

PCTEL achieves second quarter revenues of $20.6 million and gross profit margin of 49.1%

BLOOMINGDALE, Illinois – August 8, 2023 – PCTEL, Inc. (Nasdaq: PCTI) (“PCTEL” or the “Company”), a leading global provider of wireless technology solutions, today reported results for the second quarter ended June 30, 2023.

Second Quarter 2023 Highlights

Revenues of $20.6 million, down from $25.0 million in the prior year period
GAAP gross profit margin of 49.1%
GAAP net income of $1.0 million or $0.05 per diluted share
Non-GAAP net income of $1.4 million or $0.07 per diluted share
Adjusted EBITDA of $1.7 million, down from $2.6 million in the prior year period
Announced new 4G LTE and 5G network monitoring capabilities for the SeeHawk™ Monitor system for cellular and government applications.
Subsequent to quarter end, the Company announced its new Edge™ Sensor platform, an all-in-one, ruggedized, flexible antenna plus sensor solution focused on reliable and improved edge connectivity and sensing for Industrial IoT applications in harsh environments.

David Neumann, Chief Executive Officer, commented, “We continue to execute our three strategies for growth and are encouraged to see improvements in overall customer demand in the second quarter. We are addressing industry headwinds that include excessive inventory at some OEMs and customer supply chain constraints that impact the short-term need for some of our antenna products. We expect that market conditions will improve through the second half of the year as OEM customers work to decrease their higher than normal inventories and supply chains continue to improve. PCTEL is well positioned in our target markets to grow as market conditions improve, and we look forward to driving growth for years to come.”

 

 

 

 

 

Second Quarter 2023 Financial Summary

Summary Financials

Q2’23

Q2’22

Change

Revenue (000’s)

$20,578

$24,976

(18%)

Gross Profit Margin %

49.1%

45.8%

330bps

Adjusted EBITDA (000’s)

$1,742

$2,598

(33%)

GAAP Diluted EPS

$0.05

$0.02

$0.03

Non-GAAP Diluted EPS

$0.07

$0.10

($0.03)

 

 

 

 

 

 


 

 

 

 

 

Second quarter 2023 revenues were $20.6 million, a decrease of 17.6% from the year ago period. Second quarter 2023 antennas and Industrial IoT device revenue was $14.4 million, a decrease of 18.2% year-over-year, primarily due to customers’ supply chain challenges which continued to delay previously planned projects. Second quarter 2023 test & measurement revenue was $6.2 million, a decrease of 16.2% year-over-year due to a sector slowdown following a particularly strong first quarter and notable strength in the year ago period.

Second quarter 2023 GAAP gross profit margin was 49.1%, compared to 45.8% in the second quarter of 2022. The higher gross profit margin was due to stronger gross margins within antennas and Industrial IoT devices as a result of positive mix shift and improving supply chain conditions.

Adjusted EBITDA in the second quarter decreased to $1.7 million compared to $2.6 million in the second quarter of 2022.

Second quarter 2023 GAAP net income was $1.0 million or diluted earnings per share of $0.05 compared to GAAP net income of $0.4 million or $0.02 per share in the second quarter of 2022. Non-GAAP net income was $1.4 million, or $0.07 diluted earnings per share, compared to $1.8 million or $0.10 per share in the second quarter of 2022.

Cash, cash equivalents and investments were $33.6 million as of June 30, 2023, an increase of approximately $3.4 million as compared to March 31, 2023. Reductions in inventories and accounts receivable contributed to the increase in cash and investments during the second quarter.

Third Quarter 2023 Outlook

The following ranges represent PCTEL’s current expectations for the third quarter 2023 based upon available data and estimates.

Revenue: $20.0 million to $21.0 million
Non-GAAP Gross Margin: 48% to 49%
Non-GAAP EPS: $0.06 to $0.07

Kevin McGowan, Chief Financial Officer, explained, “We are pleased with the profitable performance of the business over the first half of 2023. For the third quarter of 2023, we anticipate revenues to be in the range of $20.0 million to $21.0 million, with similar performance for both test & measurement and antennas and Industrial IoT devices as in the second quarter. Additionally, we expect non-GAPP gross profit margin to be in the range of 48% to 49%, and our non-GAAP earnings per share to be in the range of $0.06 to $0.07. PCTEL remains well positioned to deliver for our customers and shareholders.”

CONFERENCE CALL / WEBCAST

PCTEL’s management team will discuss the Company’s results today at 4:30 p.m. ET. The call will also be webcast at https://investor.pctel.com/news-events/webcasts-events. The call can also be accessed by dialing 877-704-4453 or 201-389-0920.

Replay: A replay will be available for two weeks after the call on either the website listed above or by calling 844-512-2921 or 412-317-6671 and using access ID: 13739477.

About PCTEL

PCTEL is a leading global provider of wireless technology solutions, including purpose-built Industrial IoT devices, antenna systems, and test and measurement products. Trusted by our customers for over 25 years, we solve complex wireless challenges to help organizations stay connected, transform, and grow.

For more information, please visit our website at https://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 about the Company’s expectations regarding our future financial performance; growth of our antenna and Industrial IoT product line and our test & measurement product line through execution of our three growth strategies; the ability

 

 

 

 

 


 

 

 

 

 

of the Company to continue to innovate new products for its product lines; the impact of development and adoption of wireless solutions in the public safety, rail, logistics, agriculture, utilities, and electric vehicle markets on our revenue generation; our ability to expand our product lines in the European market and through distribution channels; the anticipated demand for certain products, including those related to public safety, industrial IoT, 5G (e.g., the Gflex); and the anticipated growth of public and private wireless systems are forward-looking statements. 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 higher than expected inflation; an economic recession in the Americas or globally; the disruptions to the Company’s workforce, operations, supply chain and customer demand caused by the pandemic and the impact of the pandemic and ensuing supply chain disruption on the Company’s results of operations, financial condition and stock price; the impact of data densification and IoT on capacity and coverage demand; the impact of 5G; customer demand and growth generally in the Company’s defined market segments; the Company’s ability to access the government market and create demand for its products; the Company’s ability to expand its European presence and benefit from additional antenna and Industrial IoT product offerings from Smarteq; and the Company’s ability to grow its 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.

# # #

PCTEL®, Gflex®, Edge, and SeeHawk are trademarks or registered trademarks of PCTEL, Inc. © 2023 PCTEL, Inc. All rights reserved.

 

PCTEL Company Contacts

Kevin McGowan

CFO

PCTEL, Inc.

(630) 339-2051

 

 

PCTEL Investor Relations Contact

Lisa Fortuna or Ashley Gruenberg

Alpha IR Group

312-445-2870

PCTI@alpha-ir.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

PCTEL, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

 

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30

 

 

December 31,

 

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

7,057

 

 

$

7,736

 

Short-term investment securities

 

 

26,586

 

 

 

22,254

 

Accounts receivable, net of allowances of $122 and $132 at June 30, 2023 and
     December 31, 2022, respectively

 

 

12,856

 

 

 

18,853

 

Inventories, net

 

 

16,357

 

 

 

18,918

 

Prepaid expenses and other assets

 

 

1,372

 

 

 

1,861

 

Total current assets

 

 

64,228

 

 

 

69,622

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

9,788

 

 

 

10,004

 

Goodwill

 

 

5,848

 

 

 

5,935

 

Intangible assets, net

 

 

853

 

 

 

1,045

 

Other noncurrent assets

 

 

2,802

 

 

 

3,269

 

TOTAL ASSETS

 

$

83,519

 

 

$

89,875

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Accounts payable

 

$

3,618

 

 

$

4,648

 

Accrued liabilities

 

 

7,634

 

 

 

12,605

 

Total current liabilities

 

 

11,252

 

 

 

17,253

 

Long-term liabilities

 

 

3,279

 

 

 

3,624

 

Total liabilities

 

 

14,531

 

 

 

20,877

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.001 par value, 50,000,000 shares authorized at

 

 

 

 

 

 

June 30, 2023 and December 31, 2022, respectively, and 19,263,534 and 18,748,529

 

 

 

 

 

 

shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

 

 

19

 

 

 

19

 

Additional paid-in capital

 

 

128,533

 

 

 

128,370

 

Accumulated deficit

 

 

(57,698

)

 

 

(57,941

)

Accumulated other comprehensive loss

 

 

(1,866

)

 

 

(1,450

)

Total stockholders’ equity

 

 

68,988

 

 

 

68,998

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

83,519

 

 

$

89,875

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

PCTEL, INC.

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

June 30,

 

 

June 30,

 

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

$

20,578

 

 

$

24,976

 

 

$

43,551

 

 

$

47,518

 

 

 

COST OF REVENUES

 

 

10,483

 

 

 

13,549

 

 

 

21,924

 

 

 

26,758

 

 

 

GROSS PROFIT

 

 

10,095

 

 

 

11,427

 

 

 

21,627

 

 

 

20,760

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,130

 

 

 

3,356

 

 

 

6,114

 

 

 

6,605

 

 

 

Sales and marketing

 

 

3,220

 

 

 

3,908

 

 

 

6,781

 

 

 

7,310

 

 

 

General and administrative

 

 

2,854

 

 

 

3,451

 

 

 

6,460

 

 

 

6,694

 

 

 

Amortization of intangible assets

 

 

63

 

 

 

67

 

 

 

126

 

 

 

138

 

 

 

Restructuring expenses

 

 

0

 

 

 

317

 

 

 

0

 

 

 

1,252

 

 

 

Total operating expenses

 

 

9,267

 

 

 

11,099

 

 

 

19,481

 

 

 

21,999

 

 

 

OPERATING INCOME (LOSS)

 

 

828

 

 

 

328

 

 

 

2,146

 

 

 

(1,239

)

 

 

Other income, net

 

 

346

 

 

 

114

 

 

 

566

 

 

 

125

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES

 

 

1,174

 

 

 

442

 

 

 

2,712

 

 

 

(1,114

)

 

 

Expense for income taxes

 

 

175

 

 

 

31

 

 

 

389

 

 

 

39

 

 

 

NET INCOME (LOSS)

 

$

999

 

 

$

411

 

 

$

2,323

 

 

$

(1,153

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net Income (Loss) per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

 

$

0.02

 

 

$

0.13

 

 

$

(0.06

)

 

 

Diluted

 

$

0.05

 

 

$

0.02

 

 

$

0.12

 

 

$

(0.06

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

18,741

 

 

 

18,157

 

 

 

18,555

 

 

 

18,065

 

 

 

Diluted

 

 

18,821

 

 

 

18,157

 

 

 

18,630

 

 

 

18,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

PCTEL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

2023

 

 

2022

 

 

Operating Activities:

 

 

 

 

 

 

 

Net income (loss)

 

$

2,323

 

 

$

(1,153

)

 

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

 

 

 

 

 

 

 

    Depreciation and amortization

 

 

1,082

 

 

 

1,562

 

 

    Intangible asset amortization

 

 

161

 

 

 

177

 

 

    Stock-based compensation

 

 

512

 

 

 

1,860

 

 

    Loss on disposal of property and equipment

 

 

37

 

 

 

7

 

 

    Restructuring costs

 

 

0

 

 

 

(328

)

 

Bad debt provision

 

 

10

 

 

 

17

 

 

  Changes in operating assets and liabilities:

 

 

 

 

 

 

 

    Accounts receivable

 

 

5,932

 

 

 

(614

)

 

    Inventories

 

 

2,517

 

 

 

(715

)

 

    Prepaid expenses and other assets

 

 

674

 

 

 

100

 

 

    Deferred tax assets

 

 

217

 

 

 

0

 

 

    Accounts payable

 

 

(975

)

 

 

435

 

 

    Income taxes payable

 

 

(287

)

 

 

(1

)

 

    Other accrued liabilities

 

 

(5,025

)

 

 

(900

)

 

    Deferred revenue

 

 

64

 

 

 

(126

)

 

   Net cash provided by operating activities

 

 

7,242

 

 

 

321

 

 

Investing Activities:

 

 

 

 

 

 

 

  Capital expenditures

 

 

(901

)

 

 

(420

)

 

  Purchase of short-term investments

 

 

(18,422

)

 

 

(15,587

)

 

  Redemptions/maturities of short-term investments

 

 

14,090

 

 

 

15,623

 

 

Net cash used in investing activities

 

 

(5,233

)

 

 

(384

)

 

Financing Activities:

 

 

 

 

 

 

 

  Proceeds from issuance of common stock

 

 

362

 

 

 

404

 

 

  Payment of withholding tax on stock-based compensation

 

 

(711

)

 

 

(396

)

 

  Principal payments on finance leases

 

 

(28

)

 

 

(37

)

 

  Cash dividends

 

 

(2,080

)

 

 

(2,021

)

 

Net cash used in financing activities

 

 

(2,457

)

 

 

(2,050

)

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(448

)

 

 

(2,113

)

 

Effect of exchange rate changes on cash

 

 

(231

)

 

 

(282

)

 

Cash and cash equivalents, beginning of period

 

 

7,736

 

 

 

8,192

 

 

Cash and Cash Equivalents, End of Period

 

$

7,057

 

 

$

5,797

 

 

 

 

 

 

 

 


 

 

 

 

 

PCTEL, INC.

 

REVENUE AND GROSS PROFIT BY PRODUCT LINE (unaudited)

 

Reconciliation of GAAP Gross Profit percentage to Non-GAAP Gross Profit percentage

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2023

 

 

Six Months Ended June 30, 2023

 

 

 

Antennas and Industrial IoT Devices

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

 

Antennas and Industrial IoT Devices

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

REVENUES

 

$

14,359

 

 

$

6,230

 

 

$

(11

)

 

$

20,578

 

 

$

29,973

 

 

$

13,657

 

 

$

(79

)

 

$

43,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

$

5,548

 

 

$

4,503

 

 

$

44

 

 

$

10,095

 

 

$

11,668

 

 

$

9,886

 

 

$

73

 

 

$

21,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP GROSS PROFIT %

 

 

38.6

%

 

 

72.3

%

 

 

 

 

 

49.1

%

 

 

38.9

%

 

 

72.4

%

 

 

 

 

 

49.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

0.1

%

 

 

0.0

%

 

 

 

 

 

0.1

%

 

 

0.1

%

 

 

0.0

%

 

 

 

 

 

0.1

%

Stock compensation expenses

 

 

0.1

%

 

 

0.8

%

 

 

 

 

 

0.3

%

 

 

0.1

%

 

 

0.5

%

 

 

 

 

 

0.2

%

Non-GAAP GROSS PROFIT %

 

 

38.9

%

 

 

73.1

%

 

 

 

 

 

49.5

%

 

 

39.1

%

 

 

72.9

%

 

 

 

 

 

50.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2022

 

 

Six Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antennas and Industrial IoT Devices

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

 

Antennas and Industrial IoT Devices

 

 

Test & Measurement Products

 

 

Corporate

 

 

Total

 

REVENUES

 

$

17,555

 

 

$

7,431

 

 

$

(10

)

 

$

24,976

 

 

$

34,657

 

 

$

13,014

 

 

$

(153

)

 

$

47,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

$

5,626

 

 

$

5,759

 

 

$

42

 

 

$

11,427

 

 

$

10,873

 

 

$

9,921

 

 

$

(34

)

 

$

20,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT %

 

 

32.0

%

 

 

77.5

%

 

 

 

 

 

45.8

%

 

 

31.4

%

 

 

76.2

%

 

 

 

 

 

43.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

0.1

%

 

 

0.0

%

 

 

 

 

 

0.1

%

 

 

0.1

%

 

 

0.0

%

 

 

 

 

 

0.1

%

Stock compensation expenses

 

 

0.3

%

 

 

-0.2

%

 

 

 

 

 

0.1

%

 

 

0.2

%

 

 

0.2

%

 

 

 

 

 

0.2

%

Non-GAAP GROSS PROFIT %

 

 

32.4

%

 

 

77.3

%

 

 

 

 

 

46.0

%

 

 

31.7

%

 

 

76.4

%

 

 

 

 

 

44.0

%

The Corporate column includes the elimination of intercompany revenues between Antennas and Industrial IoT Devices and Test & Measurement Products and other licensing revenues.

 

This schedule reconciles the Company's GAAP gross profit percentage to its Non-GAAP gross profit percentage. The Company believes that 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 adjustments on this schedule consist of amortization of intangible assets and stock compensation expenses.

 

 

 

 

 

 

 


 

 

 

 

 

Reconciliation of GAAP to Non-GAAP results (unaudited)

 

(in thousands except per share information)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP operating income (loss) to Non-GAAP operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

Operating Income (Loss)

 

$

828

 

 

$

328

 

 

$

2,146

 

 

$

(1,239

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

     -Cost of revenues

 

 

17

 

 

 

19

 

 

 

35

 

 

 

39

 

 

     -Operating expenses

 

 

63

 

 

 

67