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 6, 2015

 

 

EnerNOC, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-33471   87-0698303

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

One Marina Park Drive, Suite 400, Boston, Massachusetts   02210
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (617) 224-9900

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 (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))

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On August 6, 2015, EnerNOC, Inc. (the “Company”) announced its financial results for the quarter ended June 30, 2015. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K and in Exhibit 99.1, attached 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 liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 8.01. Other Events

On August 6, 2015, the Board of Directors of the Company approved a new share repurchase program, effective upon the expiration of the Company’s current repurchase program on August 8, 2015, that will enable the Company to repurchase up to $50 million of the Company’s common stock over the next twelve months. The Company is not obligated to acquire any specific amount of common stock within any particular timeframe as a result of its new share repurchase program. Repurchases under the Company’s new share repurchase program are expected to be made periodically on the open market as market and business conditions warrant, or under a Rule 10b5-1 plan.

Upon it becoming effective, this new share repurchase plan would replace the Company’s existing open market share repurchase program aimed at enabling the Company to repurchase up to $50 million of its outstanding common stock. There was approximately $20 million outstanding on the Company’s existing share repurchase program as of June 30, 2015.

 

Item 9.01. Financial Statements and Exhibits.

 

  (d) Exhibits

The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:

 

Exhibit

No.

  

Description

99.1    Press Release issued by the Company on August 6, 2015.

 

-1-


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.

 

    ENERNOC, INC.
Date: August 6, 2015     By:  

/s/ Neil Moses

    Name:   Neil Moses
    Title:   Chief Operating Officer & Chief Financial Officer
      (Principal Financial and Accounting Officer)

 

-2-


EXHIBIT INDEX

 

Exhibit

No.

  

Description

99.1    Press Release issued by the Company on August 6, 2015.

 

-3-



Exhibit 99.1

 

LOGO   

EnerNOC Media Relations:

Robin Deliso

617.692.2601

news@enernoc.com

  

Investor Relations:

Christopher Sands

617.692.2569

ir@enernoc.com

EnerNOC Reports Results for Second Quarter of 2015

Boston, August 6, 2015 — EnerNOC, Inc. (Nasdaq: ENOC), a leading provider of energy intelligence software (EIS), today announced results for the second quarter ended June 30, 2015.

“The accelerating pace of change in global energy markets is creating unprecedented complexity for energy decision makers and we are positioned to lead enterprises into a new era of energy management,” said Tim Healy, Chairman and CEO of EnerNOC. “We are seeing increased interest in EIS as an energy decision support system and are excited to capitalize on this tremendous growth opportunity.”

Summary Financial Results

 

In Thousands, Except Per Share Amounts                            
     Q2 2015      Q2 2014      H1 2015      H1 2014  

Revenue

   $ 72,500       $ 44,055       $ 123,051       $ 96,563   

Net Loss

           

GAAP

   $ (18,780    $ (27,385    $ (69,082    $ (57,798

Non-GAAP1

   $ (8,943    $ (20,694    $ (48,544    $ (44,051

Net Loss Per Basic and Diluted Share

           

GAAP

   $ (0.66    $ (0.96    $ (2.45    $ (2.05

Non-GAAP1

   $ (0.32    $ (0.73    $ (1.72    $ (1.57

Cash Flow (Used in) Provided by Operations

   $ (5,216    $ 17,292       $ (23,668    $ 5,726   

Free Cash Flow1

   $ (8,309    $ 17,265       $ (31,967    $ (414

Adjusted EBITDA1

   $ (3,204    $ (15,940    $ (33,217    $ (34,364

 

(1) Refer to “Statement of Use of Non-GAAP Measures” for non-GAAP definitions and refer to the financial schedules attached to this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures.

Recent Highlights

 

    The Company grew its enterprise ARR by $3 million quarter-over-quarter to $58 million at the end of the second quarter. The Company expanded relationships with existing customers such as commercial real estate firm Equity Office Properties, and added new customers in key verticals such as Diamond Foods in food processing and Adelphi University in education.

 

    The Company made two leadership announcements, promoting Eric Erston to Vice President of Global Sales and appointing Gary Haroian to its Board of Directors. Erston joined the Company in January to lead the enterprise sales team after spending 15 years in sales leadership positions at RSA, the Security Division of EMC. Haroian, a 30-year veteran of the software industry, has held executive and board positions at several companies, including Aspen Technology, Inc.

 

    The Company reached a key product milestone in its partnership with SunPower, enabling SunPower to begin bundling EnerNOC EIS with all solar systems it sells to commercial and industrial customers in North America.

 

    The Company increased its international revenue by 55% year-over-year, driven by strong performance in the Asia-Pacific region, including the South Korean market the Company entered last year.


Company Issues Third Quarter Guidance and Reaffirms Full Year Guidance

The Company today issued guidance for the third quarter of 2015 and reaffirmed its previously issued guidance for the full year. The Company’s guidance is based on current trends and management’s current expectations for the Company’s business, which may change at any time.

 

     Guidance for Quarter Ending
September 30, 2015

Total Revenue (in millions)

   $224-$239

GAAP Net Income Per Diluted Share

   $0.47-$0.57

Non-GAAP Net Income Per Diluted Share1

   $0.80-$0.91

Adjusted EBITDA1 (in millions)

   $33-$37

 

(1) Refer to “Statement of Use of Non-GAAP Measures” for non-GAAP definitions and refer to the financial schedules attached to this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures.

 

     Reaffirmed Guidance for
Year Ending December 31,
2015

Total Revenue (in millions)

   $410-$430

Grid Operator Revenue

   $270-$280

Utility Revenue

   $70-$75

Enterprise Revenue

   $70-$75

GAAP Net Loss Per Diluted Share

   $(3.12)-$(3.02)

Non-GAAP Net Loss Per Diluted Share1

   $(1.72)-$(1.61)

Adjusted EBITDA1 (in millions)

   $(14)-$(10)

 

(1) Refer to “Statement of Use of Non-GAAP Measures” for non-GAAP definitions and refer to the financial schedules attached to this press release for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures.

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 9:00 a.m. eastern time today to discuss financial results and management’s outlook for the business. The conference call may be accessed in the United States by dialing (800) 230-1093 (domestic) or (612) 234-9960 (international) and using access code “ENOC”. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at http://investor.enernoc.com. A replay of the conference call will be available approximately two hours after the call by dialing (800) 475-6701 or (320) 365-3844 and using access code 365046, or by accessing the webcast replay on the Company’s investor relations website.

About EnerNOC

EnerNOC is a leading provider of cloud-based energy intelligence software (EIS) and services to thousands of enterprise customers and utilities globally. EnerNOC’s EIS solutions for enterprise customers improve energy productivity by optimizing how they buy, how much they use, and when they use energy. EIS for enterprise includes budgeting and procurement, utility bill management, facility optimization, visibility and reporting, project tracking, demand management, and demand response. EnerNOC’s EIS solutions for utilities help maximize customer engagement and the value of demand-side resources, including demand response and energy efficiency. EnerNOC supports customer success with its world-class professional services team and a Network Operations Center (NOC) staffed 24x7x365. For more information, visit www.enernoc.com.

EnerNOC, Inc. Safe Harbor Statement

Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the Company’s future financial performance on both a GAAP and non-GAAP basis and the future growth and success of the Company’s energy intelligence


software and related solutions, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section “Risk Factors” in EnerNOC’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


EnerNOC, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2015     2014     2015     2014  

Revenues:

        

Grid operator

   $ 41,545      $ 22,974      $ 65,258      $ 58,744   

Utility

     12,557        11,961        23,338        22,270   

Enterprise

     18,398        9,120        34,455        15,549   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     72,500        44,055        123,051        96,563   

Cost of revenues

     33,543        27,802        65,499        63,941   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     38,957        16,253        57,552        32,622   

Operating expenses:

        

Selling and marketing

     23,670        19,526        52,166        38,025   

General and administrative

     28,453        24,191        56,743        47,868   

Research and development

     7,735        4,997        15,186        10,172   

Gain on sale of service line

     —          (3,378     —          (3,378

Gain on sale of assets

     (2,991     (2,171     (2,991     (2,171
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     56,867        43,165        121,104        90,516   

Loss from operations

     (17,910     (26,912     (63,552     (57,894

Other income (expense), net

     1,705        374        (2,952     948   

Interest expense

     (2,240     (603     (4,532     (1,053
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

     (18,445     (27,141     (71,036     (57,999

(Provision for) benefit from income tax

     (345     (264     1,940        161   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (18,790     (27,405     (69,096     (57,838

Net loss attributable to noncontrolling interest

     (10     (20     (14     (40
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to EnerNOC, Inc.

   $ (18,780   $ (27,385   $ (69,082   $ (57,798
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per common share attributable to EnerNOC, Inc.

        

Basic and diluted

   $ (0.66   $ (0.96   $ (2.45   $ (2.05
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common shares used in computing net loss per share attributable to EnerNOC, Inc.

        

Basic and diluted

     28,327,867        28,461,111        28,172,398        28,225,518   


EnerNOC, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except par value and share data)

(unaudited)

 

     June 30,
2015
    December 31,
2014
 
ASSETS     

Current assets:

    

Cash and cash equivalents

   $ 143,555      $ 254,351   

Trade accounts receivable, net

     38,729        40,875   

Unbilled revenue

     19,131        97,512   

Capitalized incremental direct customer contract costs

     19,356        7,633   

Prepaid expenses and other current assets

     24,454        19,950   
  

 

 

   

 

 

 

Total current assets

   $ 245,225      $ 420,321   

Property and equipment, net

     49,656        50,458   

Goodwill and intangible assets, net

     213,304        146,050   

Capitalized incremental direct customer contract costs, long-term

     440        982   

Deposits and other assets

     7,937        6,891   
  

 

 

   

 

 

 

Total assets

   $ 516,562      $ 624,702   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY     

Current liabilities:

    

Accounts payable

   $ 2,255      $ 9,250   

Accrued capacity payments

     46,243        92,332   

Accrued payroll and related expenses

     20,685        18,446   

Accrued expenses and other current liabilities

     25,245        28,724   

Deferred revenue

     22,919        13,738   
  

 

 

   

 

 

 

Total current liabilities

   $ 117,347      $ 162,490   

Deferred tax liability

     16,857        16,449   

Deferred revenue, long-term

     6,279        5,816   

Other liabilities

     8,971        8,919   

Convertible senior notes, net

     140,928        138,908   
  

 

 

   

 

 

 

Total long-term liabilities

     173,035        170,092   

Stockholders’ equity:

    

Common stock, $0.001 par value; 50,000,000 shares authorized, 30,871,330 and 29,833,578 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively

     31        30   

Additional paid-in capital

     371,665        365,855   

Accumulated other comprehensive loss

     (7,402     (4,752

Accumulated deficit

     (138,342     (69,260
  

 

 

   

 

 

 

Total EnerNOC, Inc. stockholders’ equity

     225,952        291,873   

Non controlling interest

     228        247   
  

 

 

   

 

 

 

Total stockholders’ equity

     226,180        292,120   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 516,562      $ 624,702   
  

 

 

   

 

 

 


EnerNOC, Inc.

Condensed Consolidated Statements of Cash Flow Data

(in thousands)

(unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2015     2014     2015     2014  

Cash (used in) provided by operating activities

   $ (5,216   $ 17,292      $ (23,668   $ 5,726   

Cash used in investing activities

     (2,969     (10,914     (83,535     (41,864

Cash used in financing activities

     (1,119     (1,329     (2,130     (4,448

Effects of exchange rate changes on cash and cash equivalents

     431        156        (1,463     300   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in cash and cash equivalents

   $ (8,873   $ 5,205      $ (110,796   $ (40,286

Cash and cash equivalents at beginning of period

     152,428        103,698        254,351        149,189   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 143,555      $ 108,903      $ 143,555      $ 108,903   
  

 

 

   

 

 

   

 

 

   

 

 

 


EnerNOC, Inc.

Statement on Use of Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements presented on a GAAP basis, the Company discloses certain non-GAAP measures that exclude certain amounts, including non-GAAP net (loss) income attributable to EnerNOC, Inc., non-GAAP net (loss) income per share attributable to EnerNOC, Inc., adjusted EBITDA and free cash flow. These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States.

The GAAP measure most comparable to non-GAAP net (loss) income attributable to EnerNOC, Inc. is GAAP net (loss) income attributable to EnerNOC, Inc.; the GAAP measure most comparable to non-GAAP net (loss) income per share attributable to EnerNOC, Inc. is GAAP net (loss) income per share attributable to EnerNOC, Inc.; the GAAP measure most comparable to adjusted EBITDA is GAAP net (loss) income attributable to EnerNOC, Inc.; and the GAAP measure most comparable to free cash flow is cash flows provided by (used in) operating activities. Reconciliations of each of these non-GAAP financial measures to the corresponding GAAP measures are included below.

Management uses these non-GAAP measures when evaluating the Company’s operating performance and for internal planning and forecasting purposes. Management believes that such measures help indicate underlying trends in the business, are important in comparing current results with prior period results, and are useful to investors and financial analysts in assessing the Company’s operating performance. For example, management considers non-GAAP net (loss) income attributable to EnerNOC, Inc. to be an important indicator of the overall performance because it eliminates the effects of events that are either not part of the Company’s core operations or are non-cash compensation expenses. In addition, management considers adjusted EBITDA to be an important indicator of the Company’s operational strength and performance of the business and a good measure of the Company’s historical operating trend. Moreover, management considers free cash flow to be an indicator of the Company’s operating trend and performance of the business.

The following is an explanation of the non-GAAP measures that management utilizes, including the adjustments that management excluded as part of the non-GAAP measures:

 

    Management defines non-GAAP net income (loss) attributable to EnerNOC, Inc. as net income (loss) attributable to EnerNOC, Inc. before accretion expense related to the debt-discount portion of interest expense associated with the convertible note issuance, stock-based compensation, direct and incremental expenses related to acquisitions or divestitures, direct and incremental expenses related to restructuring, and amortization expenses related to acquisition-related intangible assets, net of related tax effects.

 

    Management defines adjusted EBITDA as net income (loss) attributable to EnerNOC, Inc., excluding depreciation, amortization, stock-based compensation, direct and incremental expenses related to acquisitions or divestitures, direct and incremental expenses related to restructuring, interest, income taxes and other income (expense).

 

    Management defines free cash flow as net cash provided by (used in) operating activities, less capital expenditures, plus net cash provided by (used in) the sale of assets or disposals of components of an entity. Management defines capital expenditures as purchases of property and equipment, which includes capitalization of internal-use software development costs.

Non-GAAP net (loss) income attributable to EnerNOC, Inc., non-GAAP net (loss) income per share attributable to EnerNOC, Inc., adjusted EBITDA and free cash flow may have limitations as analytical tools. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for or superior to the financial information presented in accordance with GAAP and should not be considered measures of the Company’s liquidity. There are significant limitations associated with the use of non-GAAP financial measures. Further, these measures may differ from the non-GAAP information, even where similarly titled, used by other companies and therefore should not be used to compare the Company’s performance to that of other companies.


EnerNOC, Inc.

Reconciliation Of Non-GAAP Measures To Nearest GAAP Measures

Reconciliation of Non-GAAP Net Loss Attributable to EnerNOC, Inc. And Net Loss Per Share Attributable to EnerNOC, Inc.

(in thousands, except share and per share data)

(unaudited)

 

     Three Months
Ended June 30,
    Six Months
Ended June 30,
 
     2015     2014     2015     2014  

GAAP net loss attributable to EnerNOC, Inc.

   $ (18,780   $ (27,385   $ (69,082   $ (57,798

ADD: Stock-based compensation expense

     3,321        3,799        7,730        8,026   

ADD: Amortization expense of acquired intangible assets

     4,027        2,479        7,945        4,362   

ADD: Direct and incremental expenses related to acquisitions or divestitures (1)

     221        413        1,603        1,359   

ADD: Direct and incremental expenses related to restructuring (2)

     1,240        —          1,240        —     

ADD: Debt discount portion of convertible debt

     1,028        —          2,020        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net loss attributable to EnerNOC, Inc.

   $ (8,943   $ (20,694   $ (48,544   $ (44,051
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP net loss per diluted share attributable to EnerNOC, Inc.

   $ (0.66   $ (0.96   $ (2.45   $ (2.05

ADD: Stock-based compensation expense

     0.12        0.13        0.27        0.28   

ADD: Amortization expense of acquired intangible assets

     0.14        0.09        0.28        0.15   

ADD: Direct and incremental expenses related to acquisitions or divestitures (1)

     0.01        0.01        0.06        0.05   

ADD: Direct and incremental expenses related to restructuring (2)

     0.04        —          0.04        —     

ADD: Debt discount portion of convertible debt

     0.03        —          0.08        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net loss per diluted share attributable to EnerNOC, Inc.

   $ (0.32   $ (0.73   $ (1.72   $ (1.57
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Represents costs primarily related to acquisitions for third party professional services (legal, accounting, valuation) and severance.
(2) Represents costs associated with reorganizing the business for our continued enterprise and utility focus.


EnerNOC, Inc.

Reconciliation of Adjusted EBITDA

(in thousands)

(unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2015     2014     2015     2014  

Net loss attributable to EnerNOC, Inc.

   $ (18,780   $ (27,385   $ (69,082   $ (57,798

Add back:

        

Depreciation and amortization

     9,914        7,842        19,748        15,207   

Stock-based compensation expense

     3,321        3,799        7,730        8,026   

Direct and incremental expenses related to acquisitions or divestitures (1)

     221        413        1,603        1,359   

Direct and incremental expenses related to restructuring (2)

     1,240        —          1,240        —     

Other (income) expense, net (3)

     (1,705     (374     2,952        (948

Interest expense

     2,240        603        4,532        1,053   

Provision for (benefit from) income tax (4)

     345        (838     (1,940     (1,263
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ (3,204   $ (15,940   $ (33,217   $ (34,364
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Represents costs primarily related to acquisitions for third party professional services (legal, accounting, valuation) and severance.
(2) Represents costs associated with reorganizing the business for our continued enterprise and utility focus.
(3) Other expense primarily relates to foreign currency (gains) losses.
(4) Excludes discrete tax provision of $1,102 recorded during the three and six month periods ended June 30, 2014 related to the sale of the USC business component.


EnerNOC, Inc.

Reconciliation of Free Cash Flow

(in thousands)

(unaudited)

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2015     2014     2015     2014  

Net cash (used in) provided by operating activities

   $ (5,216   $ 17,292      $ (23,668   $ 5,726   

Add: Net cash provided by the sale of assets or disposals of components of an entity

     2,991        6,446        2,991        6,446   

Subtract: Purchases of property and equipment

     (6,084     (6,473     (11,290     (12,586
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

   $ (8,309   $ 17,265      $ (31,967   $ (414
  

 

 

   

 

 

   

 

 

   

 

 

 


Non-GAAP Financial Guidance

This press release also includes estimates of future adjusted EBITDA and non-GAAP net loss per diluted share attributable to EnerNOC, Inc. A reconciliation of these amounts to the nearest expected GAAP results, is presented below:

 

     Three Months Ended
September 30, 2015
     Twelve Months Ended
December 31, 2015
 
                   Per Diluted Share                  Per Diluted Share  
In Millions, Except Per Share Amounts    Low      High      Low      High      Low     High     Low     High  

Projected GAAP Net Income (Loss)

   $ 13.4       $ 16.4       $ 0.47       $ 0.57       $ (89.0   $ (86.0   $ (3.12   $ (3.02

Adjustments:

                    

Stock-based compensation

   $ 4.1       $ 4.3       $ 0.14       $ 0.15       $ 16.0      $ 16.2      $ 0.56      $ 0.57   

Amortization expense of acquired intangible assets

   $ 4.0       $ 4.0       $ 0.14       $ 0.14       $ 15.9      $ 15.9      $ 0.56      $ 0.56   

Direct and incremental expenses1

   $ 0.6       $ 0.6       $ 0.02       $ 0.02       $ 4.0      $ 4.0      $ 0.14      $ 0.14   

Accretion expense related to the debt-discount portion of interest associated with convertible note issuance

   $ 1.0       $ 1.0       $ 0.03       $ 0.03       $ 4.1      $ 4.1      $ 0.14      $ 0.14   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Projected Non-GAAP Net Income (Loss)

   $ 23.1       $ 26.3       $ 0.80       $ 0.91       $ (49.0   $ (45.8   $ (1.72   $ (1.61

Adjustments:

                    

Depreciation

   $ 6.1       $ 6.1             $ 24.0      $ 24.0       

Interest and other expense, net2

   $ 2.8       $ 3.6             $ 11.0      $ 11.8       

Provision for income taxes

   $ 1.0       $ 1.0             $ 0.0      $ 0.0       
  

 

 

    

 

 

          

 

 

   

 

 

     

Adjusted EBITDA

   $ 33.0       $ 37.0             $ (14.0   $ (10.0    
  

 

 

    

 

 

          

 

 

   

 

 

     

Weighted Average Number of Common Shares Outstanding-Diluted

     28.8         28.8               28.5        28.5       

 

(1) “Direct and incremental expenses” represent costs primarily related to acquisitions for third party professional services (legal, accounting, valuation), severance and restructuring activities.

 

(2) “Interest and other expense, net” excludes “Accretion expense related to the debt-discount portion of interest associated with convertible note issuance”.
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