Company Generates $21 Million in Operating Cash
Flow and $4.6 Million in Non-GAAP Free Cash Flow in the Full
Year
Rocket Fuel Inc. (NASDAQ: FUEL), a leading Programmatic
Marketing Platform provider, today announced financial results for
the fourth quarter and fiscal year ended December 31, 2016.
"2016 was a transformational year for Rocket Fuel. We sharpened
our strategy to become the industry-leading predictive marketing
platform, and reorganized the company to support our continued
transformation into a SaaS company, selling both technology and
services. We are excited to report that in the fourth quarter, we
grew our revenue from platform solutions by 97% year over year,"
commented Randy Wootton, Chief Executive Officer.
“Our fourth quarter and 2016 results demonstrate our continued
ability to execute against our strategic priorities and deliver
predictable financial results. As evidence, our non-GAAP net
revenue came in at the high end of our guidance range, our Adjusted
EBITDA was well above our guidance range and we delivered on our
commitment to be free cash flow positive in Q4 and for the full
year. We believe that we have taken the right steps to strengthen
the company and stay on the leading edge of innovation in ad tech,”
concluded Wootton.
Financial Highlights for the Fourth
Quarter of 2016
GAAP Revenue: $124.8 million compared to $125.4 million
for the fourth quarter of 2015. Revenue derived from North America
was $101.8 million, flat with the fourth quarter last year. Revenue
from outside North America was $23.0 million, down 1% from last
year. Platform Solutions revenue grew 97% year over year,
increasing to 22% of revenue versus 11% last year. Media
Services was 78% of revenue versus 89% last year.
Non-GAAP Net Revenue: $61.2 million, compared to $74.7
million for the fourth quarter of 2015.
GAAP Net Loss: $(17.5) million, or $(0.38) per share,
compared to a net loss of $(12.7) million, or $(0.29) per share for
the fourth quarter of 2015.
Non-GAAP adjusted EBITDA: $6.5 million, compared to $8.9
million in the fourth quarter of 2015.
GAAP Net Cash provided by Operating
Activities: $10.1 million, compared to $2.1
million in the fourth quarter of 2015.
Non-GAAP Free Cash Flow: $7.3 million, compared
to $1.8 million in the fourth quarter of
2015.
Top Customers: Revenue from top 50 customers was 59% of
total revenue, compared to 46% in the fourth quarter of fiscal year
2015. Revenue from top 250 customers was 87% of total revenue,
compared to 79% in the fourth quarter of fiscal year 2015.
Employee Headcount: 851 as of December 31, 2016, down
from 954 as of December 31, 2015.
Financial Highlights for the Fiscal
Year ended December 31, 2016
GAAP Revenue: $456.3 million compared to $461.6 million
for the year ended December 31, 2015.
Non-GAAP Net Revenue: $252.1 million compared to $272.5
million for the year ended December 31, 2015.
GAAP Net Loss: $(65.7) million, or $(1.47) per share,
inclusive of an aggregate $8.1 million in restructuring and
impairment charges, compared to a net loss of $(210.5) million, or
$(4.95) per share, for the year ended December 31, 2015, which
included the impairment charges of goodwill.
Non-GAAP adjusted EBITDA: $14.7 million, compared to $0.1
million for the year ended December 31, 2015.
GAAP Net Cash provided by Operating
Activities: $20.8 million, compared to $4.5
million for the year ended December 31, 2015.
Non-GAAP Free Cash Flow: $4.6 million, compared
to cash outflows of $(19.5) million for the year ended
December 31, 2015.
Cash and Cash Equivalents: $84.0 million as of December
31, 2016, compared to $78.6 million last year.
Financial Outlook for the First Quarter
of 2017
For the first quarter of 2017, the Company expects a typical
seasonality, and anticipates:
- Non-GAAP Net Revenue in the range of $47 million to $52
million,
- Non-GAAP adjusted EBITDA in the range of negative $7 million
to negative $2 million.
The Company does not reconcile its forward-looking non-GAAP
financial measures, net revenue and adjusted EBITDA, to the
corresponding GAAP measures due to the high variability and
difficulty in making accurate forecasts and projections in respect
to the interplay between revenue and the corresponding margins. Our
Media Services and Platform Solutions have different media margins
and the pace of the transition of some of our business from Media
Services to Platform Solutions, the pace of adoption, or activation
of existing Platform Solutions customers, and the corresponding
future margins cannot be reasonably predicted. The GAAP measure net
income includes stock-based compensation expense that is impacted
by future hiring and retention needs, and the future share price of
Rocket Fuel’s stock. Similarly, restructuring charges, which we
exclude from our non-GAAP measure adjusted EBITDA, are impacted by
future decisions and by actions involving our facilities that are
difficult to predict. The actual amounts of these excluded items
will have a significant impact on the Company’s GAAP net income.
Accordingly, reconciliations of these two forward-looking non-GAAP
financial measures to the corresponding GAAP measures are not
available without unreasonable effort.
Conference Call and Webcast
Information
The Rocket Fuel fourth quarter and fiscal year 2016
teleconference and webcast is scheduled to begin at 2:00 PM Pacific
Time on Tuesday, February 21, 2017. To participate on the live
call, analysts and investors should dial 1-888-428-9507, or outside
the U.S. 719-325-2108, at least ten minutes prior to the call.
Rocket Fuel will also offer a live and archived webcast of the
conference call, accessible from the “Investors” section of its
website at www.rocketfuel.com.
Use of Non-GAAP Measures
We provide information relating to non-GAAP net revenue,
non-GAAP adjusted EBITDA, non-GAAP adjusted net income (loss),
non-GAAP operating expenses and non-GAAP free cash flow, which are
financial measures that have not been prepared in accordance with
generally accepted accounting principles in the United States
("GAAP"). These non-GAAP financial measures have been included in
this press release, or discussed on our teleconference and webcast,
because they are measures used by our management and board of
directors to understand and evaluate our core operating performance
and trends, to prepare and approve our annual budget, and to
develop short- and long-term operational plans.
We define non-GAAP net revenue as GAAP revenue less media costs.
Media costs consist of costs for advertising impressions we
purchase from advertising exchanges or other third parties. A
limitation of non-GAAP net revenue is that it is a measure designed
for internal purposes that may be unique to Rocket Fuel and may not
enhance the comparability of Rocket Fuel’s results to other
companies in the same industry that have similar business
arrangements but present the impact of media costs differently. Our
management compensates for this limitation by also considering the
comparable GAAP financial measures of revenue, media costs and
other costs of revenue.
We define non-GAAP adjusted EBITDA as GAAP net income (loss)
before interest expense, other income (expense), net, income tax
provision (benefit), depreciation and amortization expense
(including amortization of capitalized software development
expenses), stock-based compensation expense and related payroll
taxes, acquisition and restructuring related expenses, and
impairment charges. Non-GAAP adjusted EBITDA has a number of
limitations, including the following: although depreciation and
amortization are non-cash charges, the assets being depreciated and
amortized may have to be replaced in the future and non-GAAP
adjusted EBITDA does not reflect cash capital expenditure
requirements for such replacements or for new capital expenditure
requirements; non-GAAP adjusted EBITDA is often considered an
approximation of operating cash flow, but in our case excludes
software development costs capitalized in a current period and
excludes those costs as they are amortized over future periods;
non-GAAP adjusted EBITDA does not reflect changes in, or cash
requirements for, our working capital needs; non-GAAP adjusted
EBITDA does not consider the potentially dilutive impact of
equity-based compensation; non-GAAP adjusted EBITDA does not
reflect acquisition and restructuring related expenses, the
expenses capitalized for internal-use software, tax and interest
expenses that may represent payments reducing the cash available to
us; and other companies, including those in our industry, may
calculate non-GAAP adjusted EBITDA differently, which reduces its
usefulness as a comparative measure. Because of these limitations,
our management considers non-GAAP adjusted EBITDA alongside other
financial performance measures, including cash flow metrics, net
income (loss) and our other GAAP results.
We define non-GAAP adjusted net income (loss) as GAAP net income
(loss) excluding stock-based compensation expense, amortization of
intangible assets, impairment charges, acquisition and
restructuring related expenses and the estimated tax impact of the
foregoing items. A limitation of non-GAAP adjusted net income
(loss) is that it is a measure that may be unique to Rocket Fuel
and may not enhance the comparability of Rocket Fuel’s results to
other companies in the same industry that define adjusted net
income (loss) differently. This measure may also exclude expenses
that may have a material impact on Rocket Fuel’s reported financial
results. Our management compensates for these limitations by also
considering the comparable GAAP financial measure of net income
(loss).
We define non-GAAP operating expenses as GAAP total costs and
expenses less media costs, depreciation and amortization expense
(including amortization of capitalized software development costs),
impairment charges, stock-based compensation expense and related
payroll taxes, and acquisition and restructuring related expense.
Non-GAAP operating expenses has a number of limitations, including
the following: although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future and this measure does not reflect cash
capital expenditure requirements for such replacements or for new
capital expenditure requirements; non-GAAP operating expenses is
often considered an approximation of operating cash flow, but in
our case excludes software development costs capitalized in a
current period and excludes those costs as they are amortized over
future periods; non-GAAP operating expenses does not reflect
changes in, or cash requirements for, our working capital needs;
non-GAAP operating expenses does not consider the potentially
dilutive impact of equity-based compensation; non-GAAP operating
expenses does not reflect acquisition and restructuring related
expenses, the expenses capitalized for internal-use software, tax
and interest expenses that may represent payments reducing the cash
available to us; and other companies, including those in our
industry, may calculate non-GAAP operating expenses differently,
which reduces its usefulness as a comparative measure. Because of
these limitations, our management considers non-GAAP operating
expenses alongside other financial performance measures, including
total expenses, cash from operating activities and our other GAAP
results.
In addition, we provide information about our non-GAAP free cash
flow. We define non-GAAP free cash flow as the net cash provided by
(or used in) operating activities less the cash used for purchases
of property, equipment and software and for capitalized
internal-use software development costs. A limitation of free cash
flow is that it may be unique to Rocket Fuel and may not enhance
the comparability of Rocket Fuel’s results to other companies in
the same industry that define free cash flow differently from us.
This measure also does not represent the residual cash flow
available to us for discretionary expenditures or investments
because we have mandatory capital leases and debt service
requirements that may have a material impact on Rocket Fuel’s
liquidity. Our management compensates for these limitations by also
considering the comparable GAAP financial measure of net cash
provided by (or used in) operating activities.
For a reconciliation of non-GAAP financial measures to the
nearest comparable GAAP financial measures, see “Reconciliation
from GAAP Revenue to Non-GAAP Net Revenue,” “Reconciliation from
GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA,”
“Reconciliation from GAAP Net Income (Loss) to Non-GAAP Adjusted
Net Income (Loss)”, “Reconciliation from GAAP Total Cost and
Expenses to Non-GAAP Operating Expenses" and “Reconciliation from
GAAP Net Cash Provided by (or Used in) Operating Activities to
Non-GAAP Free Cash Flow" included in this press release.
These non-GAAP financial measures are not intended to be
considered in isolation from, as substitutes for, or as superior
to, the corresponding financial measures prepared in accordance
with GAAP.
Cautions Regarding Forward-Looking
Statements
This press release and the webcast of the same date contain
forward-looking statements regarding future events and our future
financial performance, including but not limited to expected
progress against achieving our strategic imperatives; the value of
our Moment Scoring technology; expectations regarding our platform
solutions business and our media services business; expected
changes in our revenue mix and shifts in margins; our sales and
marketing execution and focus on high value accounts; our ability
to improve and activate relationships with agencies and agency
holding companies; our customer and supplier relationships; our
operating expenses and cost structure; and expectations for first
quarter non-GAAP net revenue and non-GAAP adjusted EBITDA, and
financial goals for fiscal year 2017. Words such as "expect,"
"believe," "intend," "plan," "goal," "focus," "anticipate," and
other similar words are also intended to identify forward-looking
statements.
These forward-looking statements are subject to a number of
risks and uncertainties that may cause actual results to differ
materially from the results anticipated by such statements,
including, without limitation: our limited operating history,
particularly as a relatively new public company; fluctuations in
our operating results, including but not limited to fluctuations
due to seasonality; changes in customers; our history of losses;
our access to capital on acceptable terms; our ability to achieve
the expected benefits of our restructuring and operating efficiency
plans; risks due to employee attrition and integration of new
leadership and employees; risks associated with margin shifts in
our business; our ability to adequately address competition; our
ability to serve the needs of agencies and agency holding
companies; and risks to our ability to make the right investment
decisions with regard to new products, technology, infrastructure,
sales strategies and strategic imperatives in our key markets,
including international.
Additional factors that could cause actual results to differ
materially from those anticipated by our forward-looking statements
are under the caption “Risk Factors” in our Annual Report on Form
10-K filed with the Securities and Exchange Commission (“SEC”) on
March 14, 2016 and in subsequent SEC filings. These forward-looking
statements are made as of the date of this press release and the
related webcast, and the Company expressly disclaims any obligation
or undertaking to update the forward-looking statements contained
herein or therein to reflect events that occur or circumstances
that exist after the date on which the statements were made.
About Rocket Fuel
Rocket Fuel is a predictive marketing software company that uses
artificial intelligence to empower agencies and marketers to
anticipate people's need for products and services.
Headquartered in Redwood City, Calif., Rocket Fuel has more than
20 offices worldwide and trades on the NASDAQ Global Select Market
under the ticker symbol "FUEL." Rocket Fuel, the Rocket Fuel logo,
Moment Scoring, Advertising That Learns and Marketing That Learns
are trademarks or registered trademarks of Rocket Fuel Inc. in the
United States and other countries.
Rocket Fuel, the Rocket Fuel logo, and Moment Scoring are
trademarks or registered trademarks of Rocket Fuel Inc. in the
United States and other countries.
Rocket Fuel Inc. UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands) December
31, December 31, 2016 2015 Assets
Current Assets: Cash and cash equivalents $ 84,024 $ 78,560
Accounts receivable, net 125,755 124,998 Prepaid expenses 2,598
3,803 Other current assets 3,049 2,081 Total current
assets 215,426 209,442 Property, equipment and
software, net 49,561 82,781 Restricted cash 1,749 2,141 Intangible
assets, net 34,874 50,919 Deferred tax assets, net 574 718 Other
assets 517 1,053
Total assets $ 302,701
$ 347,054
Liabilities and Stockholders' Equity
Current Liabilities: Accounts payable $ 83,001 $ 71,292 Accrued and
other current liabilities 33,486 40,734 Deferred revenue 2,856
2,116 Current portion of capital leases 8,325 8,602 Current portion
of debt 71,190 45,720 Total current liabilities
198,858 168,464 Debt - Less current portion — 17,617
Capital leases - Less current portion 6,721 11,855 Deferred rent -
Less current portion 9,121 14,042 Other liabilities 850
1,176 Total liabilities 215,550 213,154
Stockholders' Equity: Common stock 46 44 Additional paid-in capital
473,056 453,338 Accumulated other comprehensive loss (925 ) (151 )
Accumulated deficit (385,026 ) (319,331 ) Total stockholders'
equity 87,151 133,900
Total Liabilities and
Stockholders' Equity $ 302,701 $ 347,054
Rocket Fuel Inc. UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except loss per
share data) Three Months
Ended Year Ended December 31, December 31,
2016 2015 2016 2015 Revenue $
124,830 $ 125,401 $ 456,263 $ 461,637
Costs and expenses:
Media costs 63,595 50,700 204,168 189,089 Other cost of revenue (1)
21,848 19,980 85,120 79,867 Research and development (1) 7,364
10,786 35,354 44,922 Sales and marketing (1) 28,985 39,831 131,099
166,140 General and administrative (1) 11,119 13,691 50,117 58,354
Impairment of goodwill — — — 117,521 Restructuring 6,555
922 8,122 7,393
Total costs and expenses 139,466 135,910
513,980 663,286 Operating loss
(14,636 ) (10,509 ) (57,717 ) (201,649 ) Interest expense 1,115
1,090 4,466 4,563 Other (income) expense, net 1,304
803 2,387 3,112 Loss
before income taxes (17,055 ) (12,402 ) (64,570 ) (209,324 ) Income
tax provision (benefit) 438 279
1,125 1,221
Net loss $ (17,493 ) $
(12,681 ) $ (65,695 ) $ (210,545 ) Basic and diluted net
loss per share attributable to common stockholders $ (0.38 ) $
(0.29 ) $ (1.47 ) $ (4.95 ) Basic and diluted weighted-average
shares used to compute net loss per share attributable to common
stockholders 45,808 43,150
44,579 42,551
(1) Includes unaudited stock-based
compensation expense as follows (in thousands):
Three Months Ended Year Ended December
31, December 31, 2016 2015 2016
2015 Other cost of revenue $ 432 $ 408 $ 1,978 $ 1,975
Research and development 726 1,937 3,523 7,706 Sales and marketing
1,069 2,260 4,926 9,894 General and administrative 958
1,180 4,762 6,399
$ 3,185 $ 5,785 $ 15,189 $ 25,974
Rocket Fuel Inc. UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Three Months Ended Year Ended
December 31, December 31, 2016
2015 2016 2015 Operating
Activities: Net loss $ (17,493 ) $ (12,681 ) $ (65,695 ) $
(210,545 ) Adjustments to reconcile net loss to net cash provided
by operating activities: Impairment of goodwill — — — 117,521
Depreciation and amortization 11,428 12,684 49,119 50,762
Impairment of long-lived assets 2,970 3,929 4,195 6,633 Accelerated
amortization of leasehold improvements 7,889 — 14,948 — Stock-based
compensation 3,185 5,785 15,189 25,974 Deferred taxes 116 (379 )
157 (379 ) Other non-cash adjustments, net 1,687 384 4,404 1,499
Changes in operating assets and liabilities, net of effects of
acquisition: Accounts receivable (13,037 ) (14,858 ) (3,108 ) 9,275
Prepaid expenses and other assets 1,030 (764 ) (70 ) 9,128 Accounts
payable, accrued and other liabilities 20,214 11,374 14,616 (3,746
) Deferred rent (7,227 ) (3,868 ) (13,722 ) (3,184 ) Deferred
revenue (700 ) 465 740 1,523
Net cash provided by operating
activities
10,062 2,071 20,773 4,461
Investing
Activities: Purchases of property, equipment and software (387
) (715 ) (5,419 ) (11,512 ) Business acquisition, net — — — (367 )
Capitalized internal-use software development costs (2,348 ) (3,195
) (10,768 ) (12,402 ) Other investing activities 32 53
456 689 Net cash used in investing activities
(2,703 ) (3,857 ) (15,731 ) (23,592 )
Financing Activities:
Proceeds from exercise of common stock options 5 16 239 940
Proceeds from ATM Offering, net of issuance costs (96 ) — 1,536 —
Proceeds from issuance of common stock from employee stock purchase
plan 792 1,130 1,812 3,579 Tax withholdings related to net share
settlements of restricted stock units (246 ) (458 ) (1,266 ) (1,432
) Repayment of capital lease obligations (2,368 ) (1,902 ) (8,777 )
(6,239 ) Proceeds from debt facilities, net of debt issuance costs
— — 31,350 (242 ) Repayment of debt facilities — (1,500 )
(24,000 ) (6,000 ) Net cash (used in) provided by financing
activities (1,913 ) (2,714 ) 894 (9,394 )
Effect of
Exchange Rate Changes on Cash and Cash Equivalents (85 ) (23 )
(472 ) 29
Change in Cash and Cash Equivalents 5,361 (4,523 )
5,464 (28,496 )
Cash and Cash Equivalents—Beginning of
period 78,663 83,083 78,560 107,056
Cash and Cash Equivalents—End of period $ 84,024 $
78,560 $ 84,024 $ 78,560
Rocket Fuel Inc. UNAUDITED NON-GAAP MEASURES (In
thousands, except per share data)
Three Months Ended Year Ended December 31,
December 31, 2016 2015 2016 2015
Non-GAAP net revenue $ 61,235 $ 74,701 $ 252,095 $ 272,548 Non-GAAP
adjusted EBITDA $ 6,532 $ 8,899 $ 14,713 $ 89 Non-GAAP adjusted net
income (loss) $ (3,988 ) $ (1,847 ) $ (26,339 ) $ (41,079 )
Non-GAAP adjusted net income (loss) per diluted share $ (0.09 ) $
(0.04 ) $ (0.59 ) $ (0.97 ) Non-GAAP operating expenses $ 54,703 $
65,802 $ 237,382 $ 272,459 Non-GAAP free cash flow $ 7,327 $ (1,839
) $ 4,586 $ (19,453 )
Rocket Fuel Inc.
UNAUDITED RECONCILIATION FROM GAAP REVENUE TO NON-GAAP NET
REVENUE (In thousands) Three
Months Ended Year Ended December 31, December
31, 2016 2015 2016 2015
Revenue $ 124,830 $ 125,401 $ 456,263 $ 461,637 Less: Media costs
63,595 50,700 204,168 189,089 Non-GAAP net
revenue $ 61,235 $ 74,701 $ 252,095 $ 272,548
Rocket Fuel Inc. UNAUDITED RECONCILIATION
FROM GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA (In
thousands) Three Months
Ended Year Ended December 31, December 31,
2016 2015 2016 2015 Net loss $ (17,493
) $ (12,681 ) $ (65,695 ) $ (210,545 ) Adjustments: Interest
expense 1,115 1,090 4,466 4,563 Income tax provision (benefit) 438
279 1,125 1,221 Amortization of intangibles 3,765 4,127 16,045
18,380 Amortization of capitalized software 2,947 2,152 10,871
7,623 Depreciation 4,716 6,405 22,203 24,759 Stock-based
compensation expense 3,185 5,785 15,189 25,974 Other (income)
expense, net 1,304 803 2,387 3,112 Restructuring expense 6,555 922
8,122 7,393 Payroll tax expense related to stock-based compensation
— 17 — 88 Impairment of goodwill — — — 117,521
Total adjustments 24,025 21,580 80,408
210,634 Non-GAAP adjusted EBITDA $ 6,532 $ 8,899
$ 14,713 $ 89
Rocket Fuel
Inc. UNAUDITED RECONCILIATION FROM GAAP NET LOSS TO NON-GAAP
ADJUSTED NET INCOME (LOSS) (In thousands, except per share
data) Three Months Ended
Year Ended December 31, December 31,
2016 2015 2016 2015 Net loss $ (17,493
) $ (12,681 ) $ (65,695 ) $ (210,545 ) Stock-based compensation
expense 3,185 5,785 15,189 25,974 Amortization of intangible assets
3,765 4,127 16,045 18,380 Restructuring expense 6,555 922 8,122
7,393 Tax impact of the above items — — — 198 Impairment of
goodwill — — — 117,521 Non-GAAP
adjusted net income (loss) $ (3,988 ) $ (1,847 ) $ (26,339 ) $
(41,079 ) Basic and diluted net loss per share attributable
to common stockholders $ (0.38 ) $ (0.29 ) $ (1.47 ) $ (4.95 )
Non-GAAP adjusted net income (loss) per
diluted share $ (0.09 ) $ (0.04 ) $ (0.59 ) $ (0.97 )
Weighted average shares used in computing non-GAAP adjusted net
income (loss) per diluted share 45,808 43,150 44,579 42,551
Rocket Fuel Inc. UNAUDITED RECONCILIATION FROM
GAAP TOTAL COSTS AND EXPENSES TO NON-GAAP OPERATING EXPENSES
(In thousands) Three Months
Ended Twelve Months Ended December 31,
December 31, 2016 2015 2016 2015
Total costs and expenses $ 139,466 $ 135,910 $ 513,980 $ 663,286
Less media costs 63,595 50,700 204,168 189,089 Adjustments:
Amortization of intangibles 3,765 4,127 16,045 18,380 Amortization
of capitalized software 2,947 2,152 10,871 7,623 Depreciation 4,716
6,405 22,203 24,759 Stock-based compensation expense 3,185 5,785
15,189 25,974 Restructuring expense 6,555 922 8,122 7,393 Payroll
tax expense related to stock based compensation — 17 — 88
Impairment of goodwill — — — 117,521 Total
adjustments 21,168 19,408 72,430 201,738
Non-GAAP operating expenses $ 54,703 $ 65,802 $
237,382 $ 272,459
Rocket Fuel Inc.
UNAUDITED RECONCILIATION FROM CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW (In
thousands) Three Months
Ended Twelve Months Ended December 31,
December 31, 2016 2015 2016 2015
Cash provided by operating activities 10,062 2,071 20,773 4,461
Less: Purchases of property, equipment and software (387 ) (715 )
(5,419 ) (11,512 ) Less: Capitalized internal-use software
development costs (2,348 ) (3,195 ) (10,768 ) (12,402 ) Non-GAAP
free cash flow $ 7,327 $ (1,839 ) $ 4,586 $ (19,453 )
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170221006631/en/
Rocket Fuel Inc.Investor Relations:Whitney Kukulka,
650-481-6082ir@rocketfuel.com
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