0001169652FALSE00011696522022-08-092022-08-09

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 9, 2022
____________________________________________________
CHANNELADVISOR CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________________________
Delaware001-3594056-2257867
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
3025 Carrington Mill Boulevard
Morrisville, NC 27560
(Address of principal executive offices, including zip code)
(919) 228-4700
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
____________________________________________________

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:
☐ 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 Exchange Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.001 par valueECOMNew York Stock Exchange
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.
On August 9, 2022, ChannelAdvisor Corporation (the “Registrant”) issued a press release announcing its financial results for the quarter ended June 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein. 
In accordance with General Instruction B.2. of Form 8-K, the information in this Item 2.02, and Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any of the Registrant's filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.
Item 9.01            Financial Statements and Exhibits.
(d) Exhibits
Exhibit NumberExhibit Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).*

* Submitted electronically with this Report in accordance with the provisions of Regulation S-T


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CHANNELADVISOR CORPORATION
By:/s/ Richard F. Cornetta
Date:August 9, 2022Richard F. Cornetta
Chief Financial Officer



Document
Exhibit 99.1
ecomlogoa07.jpg

ChannelAdvisor Reports Second Quarter 2022 Results;
Achieves Record Subscription Revenue
Brands revenue increased 20% year-over-year
Brands subscription revenue increased 27% year-over-year
Adjusted EBITDA exceeds guidance
Repurchased $25 million of common stock

Research Triangle Park, NC - August 9, 2022 - ChannelAdvisor Corporation (NYSE: ECOM), a leading provider of cloud-based e-commerce solutions that enable brands and retailers to increase global sales, today reported financial results for the quarter and six months ended June 30, 2022.

Second Quarter 2022 Highlights
GAAP
• Total revenue of $42.8 million was above the midpoint of the guidance range
• Subscription revenue increased 13% year-over-year, or 16% excluding the unfavorable impact from year-over-year changes in foreign currency exchange rates
• Brands revenue increased 20% year-over-year, or 25% excluding the unfavorable impact from year-over-year changes in foreign currency exchange rates
• Brands subscription revenue grew 27% year-over-year, or 32% excluding the unfavorable impact from year-over-year changes in foreign currency exchange rates, and represented 49% of total subscription revenue
• Cash and cash equivalents were $84.2 million, a decrease of $6.1 million since June 30, 2021 and a decrease of $22.7 million since March 31, 2022. The decrease reflects the cash use of $25.0 million for the repurchase of 1.8 million shares of common stock during the quarter under the previously announced stock repurchase program.

Non-GAAP
•Adjusted EBITDA of $8.4 million and adjusted EBITDA margin of 20% exceeded the high-end of the guidance range
•Free cash flow for the six months ended June 30, 2022 of $10.6 million, or $0.34 per diluted share based on 31.3 million diluted weighted average shares outstanding

“Despite the backdrop of slower e-commerce growth, high consumer inflation, and macro uncertainty, we delivered another good quarter in Q2, with solid revenue growth and adjusted EBITDA that again exceeded the high-end of our guidance range," said David Spitz, ChannelAdvisor's chief executive officer. "These results demonstrate the resilience of our subscription-based revenue model and brands-focused strategy. While near-term macroeconomic factors have created a more challenging environment, we remain optimistic regarding our long-term prospects. That's why we repurchased and retired 1.8 million shares, or approximately 6% of shares outstanding, at an average price of $13.67 during the second quarter. With solid profitability, a strong and debt-free balance sheet, market leadership and a large opportunity in front of us, we remain excited about what the future holds for ChannelAdvisor."


Exhibit 99.1
Recent Business Highlights
The Company enhanced its position as a leading multi-channel commerce platform for brands through:
•Continued product innovation: ChannelAdvisor’s strategy is to go deep on key channels and enable clients to leverage native capabilities such as fulfillment and advertising. With the latest product release, ChannelAdvisor expands advertising reach through Criteo. With over five years' experience in retail media, Criteo has established itself as a critical platform for brands seeking to expand advertising efforts across the same retail sites where they list their products. By integrating with the Criteo Retail Media API, ChannelAdvisor can empower brand advertisers with more choices for how they manage and optimize their retail media campaigns with leading retailers, while expanding their advertising to reach high-intent shoppers in new cookie-less channels. This product release also delivers enhancements to the way brands can integrate with ChannelAdvisor at scale by helping automate key processes, including Automated Export for Listing Views and Support for Webhooks.
•Continued channel expansion: ChannelAdvisor continues to reinforce its commitment to channel diversification to help brands and retailers reach more consumers worldwide. Adding over 20 new integrations, ChannelAdvisor now supports well over 350 channels. New channels added include Bed, Bath & Beyond in the U.S. and Canada, Poshmark in the U.S., Trendyol in Germany and Shopee in Indonesia, Malaysia, the Philippines, Singapore, Thailand, Taiwan and Vietnam. The company also added two new first-party integrations with Douglas in the Netherlands and Rue Gilt Groupe in the U.S.

•Industry leadership: ChannelAdvisor was named an Amazon Ads Advanced Partner, reinforcing its commitment to advertising and strengthening its long-standing partnership with Amazon. Advanced Partner status is granted to partners that have demonstrated expertise across the breadth of Amazon Ads capabilities and delivered results for advertisers. Advanced Partners are in the top 5% of partner-led investments by country for sponsored ads. This achievement qualifies companies for added benefits, including access to select beta programs, tailored training on campaign strategies and new product releases.

•Employee Engagement: ChannelAdvisor recently received the Triangle Business Journal’s 2022 Best Places to Work Award for the eighth time. The annual workplace competition recognizes companies for creating a work environment that employees value.

•New customers: ChannelAdvisor recently added notable new customers Brown Forman, John Paul Mitchell Systems, and McCormick Foods (U.K.) Limited. In terms of growing our business with existing customers, our account managers collaborated with our sales team to sign expansions with customers like Chanel, Hugo Boss and Bushnell.
Financial Outlook
Based on the information available as of today, ChannelAdvisor is issuing guidance for its third quarter and full year 2022.

Exhibit 99.1
(in millions, except percentages)Q3 2022FY 2022
Revenue$43.4 - $43.8$177.0 - $179.0
Y/Y Growth4% - 5%6% - 7%
Adjusted EBITDA$8.1 - $8.5$37.0 - $39.0
As a Percentage of Revenue (at the midpoint)19%21%
Stock-based Compensation Expense$3.1 - $3.5$12.8 - $13.2
Weighted Average Shares Outstanding 29.830.8

Refer to the "Adjusted EBITDA Guidance Reconciliation" table included with the financial tables at the end of this release for the reconciliation to the most comparable GAAP financial measure.
Conference Call Information
What:ChannelAdvisor Second Quarter 2022 Financial Results Conference Call
When:Tuesday, August 9, 2022
Time:8:00 a.m. ET
Live Call:Please register for the call here. Registrants will receive the dial-in number and a
unique PIN allowing for seamless access to the call.
Webcast:http://ir.channeladvisor.com (live and replay)
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: adjusted EBITDA and adjusted EBITDA margin and free cash flow and free cash flow per diluted share. We also may provide information regarding non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations and non-GAAP operating margin. Adjusted EBITDA and adjusted EBITDA margin exclude depreciation, amortization, income tax expense, net interest (income) expense, and stock-based compensation expense. For 2022 only, adjusted EBITDA excludes lease abandonment and related costs. For 2021 only, adjusted EBITDA excludes the change in fair value of acquisition-related contingent consideration (which increased GAAP operating income). Adjusted EBITDA margin is equal to adjusted EBITDA divided by GAAP revenue. Free cash flow is cash flow from operations, reduced by purchases of property and equipment and payment of capitalized software development costs. Non-GAAP gross profit, non-GAAP gross margin and non-GAAP operating expenses exclude stock-based compensation expense and the other items excluded from adjusted EBITDA described above, as applicable. Non-GAAP gross margin is equal to non-GAAP gross profit divided by GAAP revenue. Non-GAAP operating margin is equal to non-GAAP income from operations divided by GAAP revenue.
ChannelAdvisor believes that these non-GAAP financial measures provide useful information to management and investors relating to ChannelAdvisor’s financial condition and results of operations. The company’s management uses these non-GAAP measures to compare the company’s performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial

Exhibit 99.1
measures is that they exclude significant expenses that are required by GAAP to be recorded in the company’s financial statements. In order to compensate for these limitations, management presents non-GAAP financial measures together with GAAP results. Non-GAAP measures should be considered in addition to results and guidance prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. ChannelAdvisor urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company’s business. In addition, other companies, including companies in our industry, may calculate similarly named non-GAAP measures differently than we do, which limits their usefulness in comparing our financial results with theirs.
About ChannelAdvisor
ChannelAdvisor (NYSE: ECOM) is a leading multichannel commerce platform whose mission is to connect and optimize the world’s commerce. For over two decades, ChannelAdvisor has helped brands and retailers worldwide improve their online performance by expanding sales channels, connecting with consumers across the entire buying cycle, optimizing their operations for peak performance, and providing actionable analytics to improve competitiveness. Thousands of customers depend on ChannelAdvisor to securely power their e-commerce operations on channels such as Amazon, eBay, Facebook, Google, Walmart, and hundreds more. For more information, visit www.channeladvisor.com.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and guidance for the third quarter and full year 2022, expectations regarding availability of product enhancements, and expectations regarding our growth and that of the e-commerce industry. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections, as well as the current beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond ChannelAdvisor’s control. ChannelAdvisor’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in ChannelAdvisor’s Annual Report on Form 10-K for the year ended December 31, 2021 and its Quarterly Report on Form 10-Q that will be filed for the quarter ended June 30, 2022, as well as other documents that may be filed by the company from time to time with the Securities and Exchange Commission. These documents are available on the ‘SEC Filings’ section of the Investor Relations page of our website at http://ir.channeladvisor.com. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the impact of the COVID-19 pandemic on global economic conditions and on our revenues and financial performance; our reliance for a significant portion of our revenue on sales by our customers on the Amazon and eBay marketplaces and through advertisements on Google; our ability to respond to rapid changes in channel technologies or requirements; our ability to compete successfully against current and future competitors, which could include the channels themselves; our reliance in part on a pricing model under which a portion of the subscription fees we receive from customers is variable, based upon the amount of transaction volume that those customers process through our platform; our reliance on non-redundant data centers and cloud computing providers to deliver our SaaS solutions; the potential that the e-commerce market does not grow, or grows more slowly than we expect, particularly on the channels that our solutions support; challenges and risks associated with our international operations; our ability to align our expenses with revenue; and risks related to security or privacy breaches. The forward-looking statements included in this press release represent ChannelAdvisor’s views as of the date of this press release. ChannelAdvisor undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, these forward-looking statements should not be relied upon as representing ChannelAdvisor’s views as of any date subsequent to the date of this press release.

Exhibit 99.1
###

Investor Contact:
Raiford Garrabrant
ChannelAdvisor Corporation
raiford.garrabrant@channeladvisor.com
919-228-4817

Media Contact:
Caroline Riddle
ChannelAdvisor Corporation
caroline.riddle@channeladvisor.com
919-439-8026


ChannelAdvisor Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
 
June 30, 2022December 31, 2021
 (unaudited) 
Assets
Current assets:
Cash and cash equivalents$84,243 $100,567 
Accounts receivable, net of allowance of $215 and $279 as of June 30, 2022 and December 31, 2021, respectively26,143 28,886 
Prepaid expenses and other current assets15,865 15,497 
Total current assets126,251 144,950 
Operating lease right of use assets6,006 2,856 
Property and equipment, net of accumulated depreciation of $24,731 and $23,096 as of June 30, 2022 and December 31, 2021, respectively7,953 7,682 
Goodwill28,986 30,042 
Intangible assets, net2,575 3,079 
Deferred contract costs, net of current portion18,645 17,951 
Long-term deferred tax assets, net30,210 32,616 
Other assets622 796 
Total assets$221,248 $239,972 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$883 $1,457 
Accrued expenses10,797 12,644 
Deferred revenue31,437 29,942 
Other current liabilities2,706 4,831 
Total current liabilities45,823 48,874 
Long-term operating leases, net of current portion5,063 1,182 
Other long-term liabilities1,371 1,718 
Total liabilities52,257 51,774 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2022 and December 31, 2021— — 
Common stock, $0.001 par value, 100,000,000 shares authorized, 28,727,015 and 30,188,595 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively29 30 
Additional paid-in capital280,419 300,875 
Accumulated other comprehensive loss(4,648)(2,237)
Accumulated deficit(106,809)(110,470)
Total stockholders' equity168,991 188,198 
Total liabilities and stockholders' equity $221,248 $239,972 



ChannelAdvisor Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenue$42,802 $41,543 $85,099 $80,709 
Cost of revenue (1) (2) 10,407 9,533 20,789 17,941 
Gross profit32,395 32,010 64,310 62,768 
Operating expenses (1) (2):
Sales and marketing 16,156 15,159 32,102 29,791 
Research and development5,380 5,908 10,803 11,435 
General and administrative7,448 6,835 14,670 11,717 
Total operating expenses28,984 27,902 57,575 52,943 
Income from operations3,411 4,108 6,735 9,825 
Other income (expense):
Interest income (expense)45 (33)17 (66)
Other income (expense)35 (5)— (135)
Total other income (expense)80 (38)17 (201)
Income before income taxes3,491 4,070 6,752 9,624 
Income tax expense (benefit)1,654 (490)3,091 (393)
Net income $1,837 $4,560 $3,661 $10,017 
Net income per share:
Basic $0.06 $0.15 $0.12 $0.34 
Diluted$0.06 $0.15 $0.12 $0.32 
Weighted average common shares outstanding:
Basic 29,949,978 29,764,013 30,110,764 29,530,369 
Diluted30,911,784 31,402,695 31,290,204 31,269,427 
(1) Includes stock-based compensation as follows:
Cost of revenue $337 $264 $496 $496 
Sales and marketing 825 996 1,647 1,816 
Research and development620 690 1,037 1,302 
General and administrative1,692 1,626 3,426 3,010 
$3,474 $3,576 $6,606 $6,624 
(2) Includes depreciation and amortization as follows:
Cost of revenue $1,171 $1,107 $2,314 $2,309 
Sales and marketing 74 112 145 271 
Research and development32 44 63 107 
General and administrative217 384 442 792 
$1,494 $1,647 $2,964 $3,479 




ChannelAdvisor Corporation and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
 
 Six Months Ended June 30,
 20222021
Cash flows from operating activities
Net income$3,661 $10,017 
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities:
Depreciation and amortization2,964 3,479 
Bad debt expense 100 47 
Stock-based compensation expense6,606 6,624 
Deferred income taxes2,114 (893)
Other items, net(929)(1,760)
Changes in assets and liabilities:
Accounts receivable1,825 (527)
Prepaid expenses and other assets(71)(318)
Deferred contract costs(1,741)(3,282)
Accounts payable and accrued expenses(2,859)(249)
Deferred revenue2,057 4,448 
Cash and cash equivalents provided by operating activities13,727 17,586 
Cash flows from investing activities
Purchases of property and equipment(1,138)(494)
Payment of software development costs (1,955)(1,631)
Cash and cash equivalents used in investing activities(3,093)(2,125)
Cash flows from financing activities
Repayment of finance leases(8)(8)
Proceeds from exercise of stock options375 3,722 
Repurchase and retirement of common stock(25,000)— 
Payment of statutory tax withholding related to net-share settlement of restricted stock units(1,875)(342)
Cash and cash equivalents (used in) provided by financing activities(26,508)3,372 
Effect of currency exchange rate changes on cash and cash equivalents(450)(27)
Net (decrease) increase in cash and cash equivalents(16,324)18,806 
Cash and cash equivalents, beginning of period100,567 71,545 
Cash and cash equivalents, end of period$84,243 $90,351 



Reconciliation of GAAP Gross Profit and GAAP Gross Margin to
Non-GAAP Gross Profit and Non-GAAP Gross Margin
(unaudited; dollars in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenue$42,802 $41,543 $85,099 $80,709 
Gross profit (GAAP)$32,395 $32,010 $64,310 $62,768 
Plus: Stock-based compensation expense included within cost of revenue337 264 496 496 
Gross profit (Non-GAAP)$32,732 $32,274 $64,806 $63,264 
Gross margin (GAAP)75.7 %77.1 %75.6 %77.8 %
Gross margin (Non-GAAP)76.5 %77.7 %76.2 %78.4 %
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(unaudited; in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Operating expenses (GAAP)$28,984 $27,902 $57,575 $52,943 
Less: Stock-based compensation expense included within operating expenses3,137 3,312 6,110 6,128 
Less: Lease abandonment and related costs included within operating expenses— — 288 — 
Plus: Contingent consideration fair value adjustment included within operating expenses— — — (1,313)
Operating expenses (Non-GAAP)$25,847 $24,590 $51,177 $48,128 
Reconciliation of GAAP Income from Operations and GAAP Operating Margin to
Non-GAAP Income from Operations and Non-GAAP Operating Margin
(unaudited; dollars in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenue$42,802 $41,543 $85,099 $80,709 
Income from operations (GAAP)$3,411 $4,108 $6,735 $9,825 
Plus: Stock-based compensation expense3,474 3,576 6,606 6,624 
Plus: Lease abandonment and related costs— — 288 — 
Less: Contingent consideration fair value adjustment— — — (1,313)
Income from operations (Non-GAAP)$6,885 $7,684 $13,629 $15,136 
Operating margin (GAAP)8.0 %9.9 %7.9 %12.2 %
Operating margin (Non-GAAP)16.1 %18.5 %16.0 %18.8 %
Reconciliation of GAAP Net Income to Non-GAAP Net Income
(unaudited; in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income (GAAP)$1,837 $4,560 $3,661 $10,017 
Plus: Stock-based compensation expense3,474 3,576 6,606 6,624 
Plus: Lease abandonment and related costs— — 288 — 
Less: Contingent consideration fair value adjustment— — — (1,313)
Net income (Non-GAAP)$5,311 $8,136 $10,555 $15,328 


Reconciliation of GAAP Net Income to Adjusted EBITDA
(unaudited; in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income (GAAP)$1,837 $4,560 $3,661 $10,017 
  Adjustments:
Interest (income) expense(45)33 (17)66 
Income tax expense (benefit)1,654 (490)3,091 (393)
Depreciation and amortization expense1,494 1,647 2,964 3,479 
     Total adjustments3,103 1,190 6,038 3,152 
EBITDA4,940 5,750 9,699 13,169 
Stock-based compensation expense3,474 3,576 6,606 6,624 
Lease abandonment and related costs— — 288 — 
Contingent consideration fair value adjustment— — — (1,313)
Adjusted EBITDA$8,414 $9,326 $16,593 $18,480 
Free Cash Flow Reconciliation
(unaudited; in thousands except share and per share data)
Six Months Ended June 30,
20222021
Cash and cash equivalents provided by operating activities$13,727 $17,586 
Less: Purchases of property and equipment(1,138)(494)
Less: Payment of capitalized software development costs(1,955)(1,631)
Free cash flow$10,634 $15,461 
Diluted weighted average shares outstanding31,290,204 31,269,427 
Free cash flow per diluted share$0.34 $0.49 
Adjusted EBITDA Guidance Reconciliation
(unaudited; in millions)
Third Quarter 2022Full Year 2022
LowHighLowHigh
Net income (estimate)$1.3 $2.4 $11.2 $13.9 
  Adjustments (estimates):
Interest (income) expense(0.2)(0.3)(0.5)(0.6)
Income tax expense1.9 1.8 6.9 6.8 
Depreciation and amortization expense1.6 1.5 6.2 6.1 
     Total adjustments3.3 3.0 12.6 12.3 
EBITDA4.6 5.4 23.8 26.2 
Stock-based compensation expense (estimate)3.5 3.1 13.2 12.8 
Adjusted EBITDA guidance $8.1 $8.5 $37.0 $39.0 

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