cry-20210429x8k
false000078419900007841992021-04-292021-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): April 29, 2021
___________________________________________

CRYOLIFE, INC.

(Exact name of registrant as specified in its charter)
___________________________________________

Florida

1-13165

59-2417093

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

1655 Roberts Boulevard, N.W., Kennesaw, Georgia 30144
(Address of principal executive office) (zip code)

Registrant's telephone number, including area code: (770) 419-3355

_________________________________________________________

(Former name or former address, if changed since last report)

Title of each class

Trading Symbol(s)

Name of each exchange
on which registered

Common Stock, $0.01 par value

CRY

NYSE

___________________________________________

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)

¨  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 (§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. ¨



Section 2

Financial Information.

Item 2.02

Results of Operations and Financial Condition.

On April 29, 2021, CryoLife, Inc. (“CryoLife” or the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2021. CryoLife hereby incorporates by reference herein the information set forth in its press release dated April 29, 2021, a copy of which is attached hereto as Exhibit 99.1. Except as otherwise provided in the press release, the press release speaks only as of the date of such press release and it shall not create any implication that the affairs of CryoLife have continued unchanged since such date.

The information provided pursuant to this Item 2.02 is to be considered “furnished” pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, nor shall it be deemed incorporated by reference into any of CryoLife’s reports or filings with the Securities and Exchange Commission, whether made before or after the date hereof, except as expressly set forth by specific reference in such report or filing.

Except for the historical information contained in this report, the statements made by CryoLife are forward-looking statements that involve risks and uncertainties. All such statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. CryoLife’s future financial performance could differ significantly from the expectations of management and from results expressed or implied in the press release.  Please refer to the last paragraph of the text portion of the press release for further discussion about forward-looking statements. For further information on risk factors, please refer to “Risk Factors” contained in CryoLife’s most recently filed Form 10-K and its subsequent filings with the Securities and Exchange Commission, as well as in the press release attached as Exhibit 99.1 hereto. CryoLife disclaims any obligation or duty to update or modify these forward-looking statements.

Section 9

Financial Statements and Exhibits.

Item 9.01(d)

Exhibits.

(d)Exhibits.

Exhibit Number

Description

99.1*

Press Release dated April 29, 2021

*This exhibit is furnished, not filed.


-2-


SIGNATURES

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

Date: April 29, 2021

CRYOLIFE, INC.

By:

/s/ D. Ashley Lee

Name:

D. Ashley Lee

Title:

Executive Vice President, Chief

Operating Officer and Chief

Financial Officer

-3-

2021429 8K EXH 991 - Q1 2021 PR

Exhibit 99.1

 

CRY-Tag-Logo-Black-Transparent

Picture 2



FOR IMMEDIATE RELEASE



Contacts:

                                                                             Phone: 770-419-3355

 

/ Lynn Lewis

 

 

 



CryoLife

D. Ashley Lee

Executive Vice President, Chief Financial Officer and

Chief Operating Officer

Phone: 770-419-3355

 

Gilmartin Group LLC

Brian Johnston / Lynn Lewis

Phone:  631-807-1986

investors@cryolife.com



CryoLife Reports First Quarter 2021 Financial Results



First Quarter and Recent Business Highlights:

·

Achieved total revenues of $71.1 million in the first quarter 2021 versus $66.4 million in the first quarter of 2020, an increase of 7% on a GAAP basis and 3% on a non-GAAP proforma constant currency basis

·

Net loss was ($3.1) million, or ($0.08) per share, in the first quarter of 2021

·

Non-GAAP net income was $1.4 million, or $0.03 per share, in the first quarter of 2021



ATLANTA, GA – (April 29, 2021) – CryoLife, Inc. (NYSE: CRY), a leading cardiac and vascular surgery company focused on aortic disease, announced today its financial results for the first quarter ended March 31, 2021. 



“Despite the ongoing impact of COVID-19 on our business, we saw our business return to growth on both a GAAP and proforma constant currency basis in the first quarter.  Growth was driven by our new product launches outside of the U.S., a recovery in procedure volume in the U.S., an improved JOTEC inventory position, and our international expansion efforts, evidenced by double digit revenue growth in both Asia and Europe,” commented Pat Mackin, Chairman, President, and Chief Executive Officer. 



“Additionally, we made progress on our regulatory strategy and are on-track to file PMAs for PerClot and PROACT Mitral later in 2021, which should help drive growth in 2022 and 2023.  We also made solid progress on enrollment in our PROACT Xa clinical trial and advanced R&D programs that should deliver additional growth opportunities beginning in 2024.  We are optimistic that the second half of 2021 will be the start of a prolonged period of growth for CryoLife.”



First Quarter 2021 Financial Results

Total revenues for the first quarter of 2021 were $71.1 million, reflecting an increase of 7% on a GAAP basis and 3% on a non-GAAP proforma constant currency basis, both compared to the first quarter of 2020. 



Net loss for the first quarter of 2021 was $(3.1) million, or $(0.08) per fully diluted common share, compared to net loss of ($6.7) million, or ($0.18) per fully diluted common share for the first quarter of 2020.  Non-GAAP net income for the first quarter of 2021 was $1.4 million, or $0.03 per fully diluted common share, compared to non-GAAP net loss of ($2.7) million, or ($0.07) per fully diluted common share for the first quarter of 2020. 



The financial results reported in this earnings release are preliminary pending the Company’s filing of its quarterly report on Form 10-Q, which it expects to file on April 30, 2021.

Page 1 of 9

 


 



2021 Financial Outlook 

Due to continued uncertainties resulting from the COVID-19 global pandemic, particularly in Europe, the Company is not issuing full year 2021 financial guidance at this time.



The Company's financial performance for 2021 is subject to the risks identified below.



Non-GAAP Financial Measures 

This press release contains non-GAAP financial measures.  Investors should consider this non-GAAP information in addition to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.  In addition, this non-GAAP financial information may not be the same as similar measures presented by other companies.  The Company's non-GAAP net income and non-GAAP EBITDA results exclude (as applicable) business development, integration, and severance expense; depreciation and amortization expense; interest income and expense; non-cash interest expense; loss on foreign currency revaluation; stock-based compensation expense; corporate rebranding expense; and income tax expense (benefit).  The Company believes that these non-GAAP presentations provide useful information to investors regarding unusual non-operating transactions; the operating expense structure of the Company's existing and recently acquired operations, without regard to its on-going efforts to acquire additional complementary products and businesses and the transaction and integration expenses incurred in connection with recently acquired and divested product lines; and the operating expense structure excluding fluctuations resulting from foreign currency revaluation and stock-based compensation expense.  The Company believes it is useful to exclude certain expenses because such amounts in any specific period may not directly correlate to the underlying performance of its business operations or can vary significantly between periods as a result of factors such as acquisitions, or non-cash expense related to amortization of previously acquired tangible and intangible assets.  The Company has excluded the impact of changes in currency exchange from certain revenues to evaluate growth rates on a constant currency basis.  The Company does, however, expect to incur similar types of expenses and currency exchange impacts in the future, and this non-GAAP financial information should not be viewed as a statement or indication that these types of expenses will not recur.



Webcast and Conference Call Information

The Company will hold a teleconference call and live webcast later today, April 29, 2021 at 4:30 p.m. ET to discuss the results followed by a question and answer session.  To listen to the live teleconference, please dial 201-689-8261.  A replay of the teleconference will be available through May 6, 2021 and can be accessed by calling (toll free) 877-660-6853 or 201-612-7415.  The Conference ID for the replay is 13718912.



The live webcast and replay can be accessed by going to the Investor Relations section of the CryoLife website at www.cryolife.com and selecting the heading Webcasts & Presentations.



About CryoLife, Inc.

Headquartered in suburban Atlanta, Georgia, CryoLife is a leader in the manufacturing, processing, and distribution of medical devices and implantable tissues used in cardiac and vascular surgical procedures focused on aortic repair.  CryoLife markets and sells products in more than 100 countries worldwide.  For additional information about CryoLife, visit our website, www.cryolife.com



Forward Looking Statements

Statements made in this press release that look forward in time or that express management's beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this press release and reflect the view of management as of the date of this press release.  Such forward-looking statements reflect the views of management at the time such statements are made.  These statements include our beliefs that our PMAs for PerClot and PROACT Mitral, if approved, should help drive our growth in 2022 and 2023; our PROACT Xa clinical trial and advanced R&D programs, if

Page 2 of 9

 


 

successful, should deliver additional growth opportunities for us beginning in 2024; and the second half of 2021 will be the start of a prolonged period of growth for CryoLife. These forward-looking statements are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations, including that the benefits anticipated from the Ascyrus Medical LLC transaction and Endospan distribution agreement may not be achieved and the continued effects of COVID-19, including decelerating vaccination or vaccine adoption rates, or government mandates implemented to address the effects of the pandemic could adversely impact our results.  These risks and uncertainties include the risk factors detailed in our Securities and Exchange Commission filings, including our Form 10-K for year ended December 31, 2020.  CryoLife does not assume any obligation, and expressly disclaims any duty to update any of its forward-looking statements, whether as a result of new information, future events, or otherwise.

Page 3 of 9

 


 





CryoLife, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share data)

(Unaudited)









 

 

 

 

 



 



Three Months Ended



March 31,



 

2021

 

 

2020

Revenues:

 

 

 

 

 

Products

$

53,345 

 

$

46,420 

Preservation services

 

17,742 

 

 

20,009 

Total revenues

 

71,087 

 

 

66,429 



 

 

 

 

 

Cost of products and preservation services:

 

 

 

 

 

Products

 

14,911 

 

 

13,040 

Preservation services

 

8,338 

 

 

9,218 

Total cost of products and preservation services

 

23,249 

 

 

22,258 



 

 

 

 

 

Gross margin

 

47,838 

 

 

44,171 



 

 

 

 

 

Operating expenses:

 

 

 

 

 

General, administrative, and marketing

 

38,638 

 

 

39,002 

Research and development

 

7,754 

 

 

6,356 

Total operating expenses

 

46,392 

 

 

45,358 



 

 

 

 

 

Operating income (loss)

 

1,446 

 

 

(1,187)



 

 

 

 

 

Interest expense

 

4,040 

 

 

3,388 

Interest income

 

(24)

 

 

(102)

Other expense, net

 

1,931 

 

 

3,662 



 

 

 

 

 

Loss before income taxes

 

(4,501)

 

 

(8,135)

Income tax benefit

 

(1,363)

 

 

(1,470)



 

 

 

 

 

Net loss

$

(3,138)

 

$

(6,665)



 

 

 

 

 

Loss per common share:

 

 

 

 

 

Basic

$

(0.08)

 

$

(0.18)

Diluted

$

(0.08)

 

$

(0.18)



 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

Basic

 

38,738 

 

 

37,390 

Diluted

 

38,738 

 

 

37,390 



 

 

 

 

 

Net loss

$

(3,138)

 

$

(6,665)

Other comprehensive loss:

 

 

 

 

 

Foreign currency translation adjustments

 

(10,290)

 

 

(4,463)

Comprehensive loss

$

(13,428)

 

$

(11,128)



Page 4 of 9

 


 

CryoLife, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)





 

 

 

 

 



March 31,

 

December 31,



2021

 

2020



(Unaudited)

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

56,552 

 

$

61,412 

Restricted securities

 

550 

 

 

546 

Trade receivables, net

 

48,320 

 

 

45,964 

Other receivables

 

2,416 

 

 

2,788 

Inventories

 

73,375 

 

 

73,038 

Deferred preservation costs

 

39,250 

 

 

36,546 

Prepaid expenses and other

 

15,220 

 

 

14,295 

Total current assets

 

235,683 

 

 

234,589 



 

 

 

 

 

Goodwill

 

253,950 

 

 

260,061 

Acquired technology, net

 

178,964 

 

 

186,091 

Other intangibles, net

 

39,274 

 

 

40,966 

Operating lease right-of-use assets, net

 

39,073 

 

 

18,571 

Property and equipment, net

 

31,497 

 

 

33,077 

Deferred income taxes

 

1,657 

 

 

1,446 

Other assets

 

14,734 

 

 

14,603 

Total assets

$

794,832 

 

$

789,404 



 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Current portion of contingent consideration

$

16,800 

 

$

16,430 

Accrued compensation

 

10,644 

 

 

10,192 

Accounts payable

 

8,952 

 

 

9,623 

Accrued expenses

 

8,564 

 

 

7,472 

Accrued procurement fees

 

3,402 

 

 

3,619 

Current maturities of operating leases

 

1,548 

 

 

5,763 

Current portion of long-term debt

 

1,174 

 

 

1,195 

Taxes payable

 

3,229 

 

 

2,808 

Other liabilities

 

3,705 

 

 

3,366 

Total current liabilities

 

58,018 

 

 

60,468 



 

 

 

 

 

Long-term debt

 

310,058 

 

 

290,468 

Contingent consideration

 

44,100 

 

 

43,500 

Non-current maturities of operating leases

 

38,441 

 

 

14,034 

Deferred income taxes

 

29,272 

 

 

34,713 

Deferred compensation liability

 

5,436 

 

 

5,518 

Other liabilities

 

12,176 

 

 

11,990 

Total liabilities

$

497,501 

 

$

460,691 



 

 

 

 

 

Commitments and contingencies

 

 

 

 

 



 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

Preferred stock

 

--

 

 

--

Common stock (issued shares of 40,585 in 2021 and 40,394 in 2020)

 

406 

 

 

404 

Additional paid-in capital

 

301,449 

 

 

316,192 

Retained earnings

 

13,671 

 

 

20,022 

Accumulated other comprehensive (loss) income

 

(3,547)

 

 

6,743 

Treasury stock, at cost, 1,487 shares as of March 31, 2021
and December 31, 2020, respectively

 

(14,648)

 

 

(14,648)

Total shareholders' equity

 

297,331 

 

 

328,713 



 

 

 

 

 

Total liabilities and shareholders' equity

$

794,832 

 

$

789,404 

Page 5 of 9

 


 





CryoLife, Inc. and Subsidiaries

Condensed Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)







 

 

 

 

 



Three Months Ended



March 31,



 

2021

 

 

2020

Net cash flows from operating activities:

 

 

 

 

 

Net loss

$

(3,138)

 

$

(6,665)



 

 

 

 

 

Adjustments to reconcile net loss to net cash from operating activities:

 

 

 

 

 

Depreciation and amortization

 

6,006 

 

 

4,898 

Non-cash compensation

 

2,480 

 

 

2,564 

Non-cash lease expense

 

1,758 

 

 

1,746 

Write-down of inventories and deferred preservation costs

 

1,274 

 

 

720 

Change in fair value of contingent consideration

 

970 

 

 

--

Deferred income taxes

 

(4,241)

 

 

(265)

Other

 

787 

 

 

461 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts payable, accrued expenses, and other liabilities

 

1,590 

 

 

(2,489)

Prepaid expenses and other assets

 

(1,291)

 

 

982 

Receivables

 

(3,301)

 

 

3,557 

Inventories and deferred preservation costs

 

(5,933)

 

 

(2,874)

Net cash flows (used in) provided by operating activities

 

(3,039)

 

 

2,635 



 

 

 

 

 

Net cash flows from investing activities:

 

 

 

 

 

Capital expenditures

 

(1,502)

 

 

(2,539)

Other

 

692 

 

 

(364)

Net cash flows used in investing activities

 

(810)

 

 

(2,903)



 

 

 

 

 

Net cash flows from financing activities:

 

 

 

 

 

Proceeds from revolving line of credit

 

--

 

 

30,000 

Proceeds from exercise of stock options and issuance of common stock

 

861 

 

 

1,064 

Redemption and repurchase of stock to cover tax withholdings

 

(1,813)

 

 

(1,712)

Repayment of debt

 

(701)

 

 

(691)

Other

 

(442)

 

 

(146)

Net cash flows (used in) provided by financing activities

 

(2,095)

 

 

28,515 



 

 

 

 

 

Effect of exchange rate changes on cash, cash equivalents, and restricted securities

 

1,088 

 

 

1,336 

(Decrease) increase in cash, cash equivalents, and restricted securities

 

(4,856)

 

 

29,583 



 

 

 

 

 

Cash, cash equivalents, and restricted securities beginning of period

 

61,958 

 

 

34,294 

Cash, cash equivalents, and restricted securities end of period

$

57,102 

 

$

63,877 



Page 6 of 9

 


 







CryoLife, Inc. and Subsidiaries

Financial Highlights

 (In thousands)









 

 

 

 

 



(Unaudited)



Three Months Ended



March 31,



2021

 

2020

Products:

 

 

 

 

 

Aortic stents and stent grafts

$

20,205 

 

$

15,468 

Surgical sealants

 

17,828 

 

 

16,737 

On-X

 

13,095 

 

 

12,202 

Other

 

2,217 

 

 

2,013 

Total products

 

53,345 

 

 

46,420 



 

 

 

 

 

Preservation services

 

17,742 

 

 

20,009 

Total revenues

$

71,087 

 

$

66,429 



 

 

 

 

 

Revenues:

 

 

 

 

 

U.S.

$

36,318 

 

$

36,447 

International

 

34,769 

 

 

29,982 

Total revenues

$

71,087 

 

$

66,429 



Page 7 of 9

 


 



CryoLife, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP

Revenues and Adjusted EBITDA

(In thousands, except per share data)







 

 

 

 

 

 



(Unaudited)



Three Months Ended



March 31,



2021

 

2020

Growth Rate

Reconciliation of total revenues, GAAP to

 

 

 

 

 

 

total revenues, non-GAAP:

 

 

 

 

 

 

Total revenues, GAAP

$

71,087 

 

$

66,429 

7%

Including AMDS prior to acquisition  

 

--

 

 

698 

 

Total GAAP revenues including
AMDS

 

71,087 

 

 

67,127 

6%

Impact of changes in currency exchange

 

--

 

 

1,725 

 

Total constant currency revenues including
AMDS, non-GAAP

$

71,087 

 

$

68,852 

3%







 

 

 

 

 



(Unaudited)



Three Months Ended



$



2021

 

2020

Reconciliation of operating income (loss), GAAP to

 

 

 

 

 

adjusted operating income, non-GAAP:

 

 

 

 

 

Operating income (loss)

$

1,446 

 

$

(1,187)

Amortization expense

 

4,260 

 

 

3,033 

Business development, integration, and severance expense

 

1,470 

 

 

823 

Adjusted operating income, non-GAAP

$

7,176 

 

$

2,669 







 

 

 

 

 



(Unaudited)



Three Months Ended



March 31,



2021

 

2020

Reconciliation of net loss, GAAP to

 

 

 

 

 

adjusted EBITDA, non-GAAP:

 

 

 

 

 

Net loss, GAAP

$

(3,138)

 

$

(6,665)

Adjustments:

 

 

 

 

 

Depreciation and amortization expense

 

6,006 

 

 

4,898 

Interest expense

 

4,040 

 

 

3,388 

Stock-based compensation expense

 

2,480 

 

 

2,564 

Loss on foreign currency revaluation

 

1,886 

 

 

3,663 

Business development, integration, and severance expense

 

1,470 

 

 

823 

Corporate rebranding expense

 

15 

 

 

321 

Interest income

 

(24)

 

 

(102)

Income tax benefit

 

(1,363)

 

 

(1,470)

Adjusted EBITDA, non-GAAP

$

11,372 

 

$

7,420 







Page 8 of 9

 


 



CryoLife, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP

Net Income (Loss) and Diluted Income (Loss) Per Common Share

(In thousands, except per share data)







 

 

 

 

 



(Unaudited)



Three Months Ended



March 31,



 

2021

 

 

2020

GAAP:

 

 

 

 

 

Loss before income taxes

$

(4,501)

 

$

(8,135)

Income tax benefit

 

(1,363)

 

 

(1,470)

Net loss

$

(3,138)

 

$

(6,665)



 

 

 

 

 

Diluted loss per common share:

$

(0.08)

 

$

(0.18)



 

 

 

 

 

Diluted weighted-average common

 

 

 

 

 

shares outstanding

 

38,738 

 

 

37,390 



 

 

 

 

 

Reconciliation of loss before income taxes,

 

 

 

 

 

GAAP to adjusted income (loss), non-GAAP

 

 

 

 

 

Loss before income taxes, GAAP:

$

(4,501)

 

$

(8,135)

Adjustments:

 

 

 

 

 

Amortization expense

 

4,260 

 

 

3,033 

Business development, integration, and severance expense

 

1,470 

 

 

823 

Non-cash interest expense

 

568 

 

 

405 

Corporate rebranding expense

 

15 

 

 

321 

Adjusted income (loss) before income taxes,

 

 

 

 

 

non-GAAP

 

1,812 

 

 

(3,553)



 

 

 

 

 

Income tax expense (benefit) calculated at a

 

 

 

 

 

pro forma tax rate of 25%

 

453 

 

 

(888)

Adjusted net income (loss), non-GAAP

$

1,359 

 

$

(2,665)



 

 

 

 

 

Reconciliation of diluted loss per common share, GAAP

 

 

 

 

 

to adjusted diluted income (loss) per common share, non-GAAP:

 

 

 

 

 

Diluted loss per common share, GAAP:

$

(0.08)

 

$

(0.18)

Adjustments:

 

 

 

 

 

Amortization expense

 

0.11 

 

 

0.08 

Business development, integration, and severance expense

 

0.04 

 

 

0.02 

Non-cash interest expense

 

0.01 

 

 

0.01 

Corporate rebranding expense

 

--

 

 

0.01 

Tax effect of non-GAAP adjustments

 

(0.04)

 

 

(0.03)

Effect of 25% pro forma tax rate

 

(0.01)

 

 

0.02 

Adjusted diluted income (loss) per common share,

 

 

 

 

 

non-GAAP

$

0.03 

 

$

(0.07)



 

 

 

 

 

Reconciliation of diluted weighted-average common shares outstanding GAAP

 

 

 

 

 

to diluted weighted-average common shares outstanding, non-GAAP:

 

 

 

 

 

Diluted weighted-average common shares outstanding, GAAP:

 

38,738 

 

 

37,390 

Adjustments:

 

 

 

 

 

Stock options

 

326 

 

 

--

Contingently returnable shares

 

289 

 

 

--

Diluted weighted-average common shares outstanding, non-GAAP1

 

39,353 

 

 

37,390 

1- Diluted weighted-average common shares outstanding, non-GAAP does not include the dilutive impact of the Senior Convertible Notes

 

 

 

 

 



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