Wireless Telecom Group, Inc. (NYSE American: WTT) (the “Company”)
announced today results for the first quarter ended March 31, 2020.
Tim Whelan, CEO of Wireless Telecom Group, Inc.,
commented, “Our Q1 financial results were in line with our
expectations and reflected declines from weak bookings exiting
2019. Despite lower revenue, our cost reductions and supply chain
management efforts helped us improve our gross margins.” Whelan
added, “Like so many companies, we saw a softening in new bookings
and revenues in the last weeks of March which we believe are
attributable to the impact of COVID-19. The adverse impact of the
pandemic on the U.S. and global economies is being felt and we may
continue to encounter interruptions in supply chain and customers’
businesses in coming months impacting orders and project
progression. That said, we are encouraged by the increase of
approximately $1 million to our backlog compared to year-end, and
we are confident in our product roadmap for the remainder of 2020.
We are pleased to report continued interest in our full suite of 4G
and 5G software offerings and a new customer win in May 2020 for
CommAgility 4G software for a transportation network application.
Last, we have made a number of adjustments to our operations for
our employees’ well-being, and we are especially thankful for their
resilience, innovation and dedication to our mission as we continue
to serve our customers as an essential business during these
challenging times.”
For the quarter ended March 31, 2020, the
Company reported consolidated net revenues of $9,429,000, compared
to $13,032,000 for the same period in 2019, a decrease of 27.6%.
Network Solutions revenue decreased 25.7% on fewer large projects
and Embedded Solutions revenue decreased 66.8% on lower sales of
digital signal processing hardware. This was offset by an increase
of 23.6% in Test and Measurement revenue driven by the inclusion of
$970,000 of revenue from the acquired Holzworth business. Holzworth
results are included from the date of acquisition, February 7,
2020. We believe that part of the revenue decrease was related to
COVID-19 issues at our customers and suppliers.
The Company also reported consolidated gross
profit of $4,428,000, or 47.0% of revenue, for the quarter ended
March 31, 2020, compared to $5,727,000 or 43.9% of revenue, for the
same period in 2019. The improvement in gross profit margin was due
to higher margin sales at Network Solutions and the favorable
impact of cost reductions made between November 2019 and February
2020.
For the quarter ended March 31, 2020, the
Company reported consolidated operating expenses of $5,782,000,
compared to $6,125,000 for the same period in 2019, a decrease of
$343,000, or 5.6%. The decrease in consolidated operating expenses
is comprised of a $700,000 decrease in expenses across all three
segments due primarily to cost reduction activities offset by the
inclusion of Holzworth operating expenses of approximately $400,000
from the date of acquisition.
The net loss for the quarter ended March 31,
2020 was $1,147,000, compared to a net loss of $344,000 for the
same period in 2019.
Non-GAAP Adjusted EBITDA for the quarter ended
March 31, 2020 was a loss of $308,000, compared to Adjusted EBITDA
of $353,000 for the same period in 2019. The decrease in non-GAAP
Adjusted EBITDA from the prior year is attributable to the decrease
in revenues, which was partially offset by improved gross margins
and lower expenses. The Company’s explanation of Adjusted EBITDA
and the reconciliation of Adjusted EBITDA to net loss are set out
below in this press release.
As of March 31, 2020, the Company had
consolidated cash of $3.2 million, short term debt of $2.0 million
and $7.4 million of long-term debt net of debt discounts under our
new term loan facility with Muzinich BDC. Borrowing availability
under our asset-based revolver was approximately $1.7 million as of
March 31, 2020 and is determined monthly, calculated as a
percentage of our eligible accounts receivable and inventory. On
May 4, 2020 the Company received $2.0 million pursuant to a loan
under the Paycheck Protection Program (“PPP”) of the 2020
Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)
administered by the Small Business Association. No payments are due
for the first 6 months, although interest accrues, and monthly
payments are due over the next 24 months to retire the loan plus
accrued interest. Funds from the loan may only be used for certain
purposes, including payroll, health benefits, rent and utilities,
and a portion of the loan used to pay certain costs may be
forgivable, all as provided by the terms of the PPP. We expect
borrowings from the PPP loan, borrowings available to us under our
revolving credit facility, our existing cash balance and cash
generated by operations will be sufficient to meet our liquidity
needs for the next twelve months.
Conference Call
As previously announced, Wireless Telecom Group
Inc. will host a conference call today at 8:30 a.m. ET in which
management will discuss first quarter results and related matters.
To participate in the conference call, dial 800-346-7359 or
973-528-0008. The conference identification number is 512854. The
call will also be webcast over the internet at the following
URL:
https://www.webcaster4.com/Webcast/Page/1690/34713
A replay will be made available on the Wireless
Telecom website for a limited period of time following the
conference call.
Contact: Mike Kandell(973) 386-9696
Use of Non-GAAP Financial
Measures
The Company reports its financial results in
accordance with generally accepted accounting principles (“GAAP”).
Management believes, however, that certain non-GAAP financial
measures used in managing the Company’s business may provide users
of this financial information with additional meaningful
comparisons between current results and prior reported results.
Certain of the information set forth herein and certain of the
information presented by the Company from time to time may
constitute non-GAAP financial measures within the meaning of
Regulation G adopted by the Securities and Exchange Commission. We
have presented herein a reconciliation of these measures to the
most directly comparable GAAP financial measure. The non-GAAP
measures presented herein may not be comparable to similarly titled
measures presented by other companies. The foregoing measures do
not serve as a substitute and should not be construed as a
substitute for GAAP performance, but provide supplemental
information concerning our performance that our investors and we
find useful.
The Company defines EBITDA as its net earnings
before interest, taxes, depreciation and amortization. “Adjusted
EBITDA” is EBITDA excluding our stock compensation expense,
restructuring charges, acquisition expenses, integration expenses,
unrealized and realized foreign exchange gains and losses, purchase
accounting adjustments, non-recurring legal fees associated with
the Harris arbitration and other non-recurring costs. A
reconciliation of net income to non-GAAP Adjusted EBITDA is
included as an attachment to this press release.
GAAP operating expenses (“GAAP opex”) includes
research and development expenses, sales and marketing expenses and
general and administrative expenses. The Company defines non-GAAP
Operating Expenses (“Non-GAAP Opex”) as GAAP opex excluding stock
compensation expense, restructuring charges, acquisition expenses,
integration expenses, depreciation and amortization expense,
non-recurring legal fees associated with the Harris arbitration and
other non-recurring costs and expenses.
The Company views Adjusted EBITDA and Non-GAAP
Opex as important indicators of performance, consistent with the
manner in which management measures and forecasts the Company’s
performance. We believe Adjusted EBITDA is an important performance
metric because it facilitates the analysis of our results,
exclusive of certain non-cash and non-recurring items, including
items which do not directly correlate to our business
operations.
The Company believes that Adjusted EBITDA and
Non GAAP Opex metrics provide qualitative insight into our current
performance; we use these measures to evaluate our results, the
performance of our management team and our management’s entitlement
to incentive compensation; and we believe that making this
information available to investors enables them to view our
performance the way that we view our performance and thereby gain a
meaningful understanding of our core operating results, in general,
and from period to period.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. In some cases, such forward-looking statements
may be identified by terms such as believe, expect, seek, may,
will, intend, project, anticipate, plan, estimate, guidance or
similar words. Forward-looking statements include, among others,
statements regarding expectations that as a result of the ongoing
Covid-19 pandemic the Company may continue to encounter
interruptions in supply chain and customers’ businesses in the
coming months impacting orders and project progression; and that
borrowings from the PPP loan, borrowings available to us under our
revolver credit facility, our existing cash balance and cash
generated by operations will be sufficient to meet our liquidity
needs for the next twelve months. Investors are cautioned that such
forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties that could
materially affect actual results, including, among others, the
impact of the coronavirus outbreak on customer orders, supply chain
and the Company’s operations; the ability of the Company to obtain
forgiveness of the PPP loan pursuant to the CARES Act and
provisions of the PPP; the demand for private 4G LTE and 5G private
networks; the loss of any significant customers of the Company; the
ability of management to successfully implement the Company’s
business plan and strategy; management’s ability to integrate the
Holzworth business successfully; the impact of competitive products
and pricing; as well as other risks and uncertainties set forth in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2019 as supplemented and revised by the risks and
uncertainties set forth in the Company’s Quarterly Report on Form
10-Q for the quarter ended March 31, 2020. These forward-looking
statements speak only as of the date of this release and the
Company does not undertake any obligation to update or revise any
forward-looking information to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise, as except as
required by law.
About Wireless Telecom Group,
Inc.
Wireless Telecom Group, Inc.,
comprised of Boonton, CommAgility, Holzworth, Microlab and
Noisecom, is a global designer and manufacturer of advanced RF and
microwave components, modules, systems, and instruments. Serving
the wireless, telecommunication, satellite, military, aerospace,
semiconductor and medical industries, Wireless Telecom Group
products enable innovation across a wide range of traditional and
emerging wireless technologies. With a unique set of
high-performance products including peak power meters, signal
generators, phase noise analyzers, signal processing modules, LTE
PHY/stack software, power splitters and combiners, GPS repeaters,
public safety components, noise sources, and programmable noise
generators, Wireless Telecom Group enables the development,
testing, and deployment of wireless technologies around the globe.
Wireless Telecom Group is headquartered in Parsippany, New Jersey,
in the New York City metropolitan area, and maintains a global
network of Sales and Service offices for excellent product service
and support. Wireless Telecom Group’s website address is
http://www.wirelesstelecomgroup.com.
Wireless Telecom Group Inc.
CONSOLIDATED STATEMENT OF OPERATIONS AND
COMPREHENSIVE INCOME/(LOSS)(In thousands, except
per share amounts, Unaudited)
|
|
For the Three Months Ended |
|
|
|
March 31 |
|
|
|
2020 |
|
|
2019 |
|
NET
REVENUES |
|
$ |
9,429 |
|
|
$ |
13,032 |
|
|
|
|
|
|
|
|
|
|
COST OF REVENUES |
|
|
5,001 |
|
|
|
7,305 |
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
|
4,428 |
|
|
|
5,727 |
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
Research and Development |
|
|
1,578 |
|
|
|
1,714 |
|
Sales and Marketing |
|
|
1,717 |
|
|
|
1,937 |
|
General and Administrative |
|
|
2,487 |
|
|
|
2,474 |
|
Total Operating Expenses |
|
|
5,782 |
|
|
|
6,125 |
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
|
(1,354 |
) |
|
|
(398 |
) |
|
|
|
|
|
|
|
|
|
Other Income |
|
|
239 |
|
|
|
31 |
|
Interest Expense |
|
|
(225 |
) |
|
|
(115 |
) |
|
|
|
|
|
|
|
|
|
Loss Before
Taxes |
|
|
(1,340 |
) |
|
|
(482 |
) |
|
|
|
|
|
|
|
|
|
Tax Benefit |
|
|
(193 |
) |
|
|
(138 |
) |
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(1,147 |
) |
|
$ |
(344 |
) |
|
|
|
|
|
|
|
|
|
Other Comprehensive
Income/(Loss): |
|
|
|
|
|
|
|
|
Foreign Currency Translation Adjustments |
|
|
(935 |
) |
|
|
305 |
|
Comprehensive
Loss |
|
$ |
(2,082 |
) |
|
$ |
(39 |
) |
|
|
|
|
|
|
|
|
|
Loss Per Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
Diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
21,398 |
|
|
|
20,973 |
|
Diluted |
|
|
21,398 |
|
|
|
20,973 |
|
In periods with a net loss, the basic loss per
share equals the diluted loss per share as all common stock
equivalents are excluded from the per share calculation because
they are anti-dilutive.
CONSOLIDATED BALANCE
SHEET(In thousands, except number of shares and
par value)
|
|
(Unaudited) |
|
|
|
|
|
|
March 31 2020 |
|
|
December 31 2019 |
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
|
$ |
3,205 |
|
|
$ |
4,245 |
|
Accounts Receivable - net of reserves of $64 and $69,
respectively |
|
|
6,548 |
|
|
|
6,152 |
|
Inventories - net of reserves of $978 and $969, respectively |
|
|
8,600 |
|
|
|
7,325 |
|
Prepaid Expenses and Other Current Assets |
|
|
1,981 |
|
|
|
1,871 |
|
TOTAL CURRENT
ASSETS |
|
|
20,334 |
|
|
|
19,593 |
|
|
|
|
|
|
|
|
|
|
PROPERTY PLANT AND
EQUIPMENT - NET |
|
|
2,100 |
|
|
|
2,147 |
|
|
|
|
|
|
|
|
|
|
OTHER
ASSETS |
|
|
|
|
|
|
|
|
Goodwill |
|
|
13,550 |
|
|
|
10,069 |
|
Acquired Intangible Assets, net |
|
|
6,297 |
|
|
|
2,219 |
|
Deferred Income Taxes |
|
|
6,045 |
|
|
|
6,013 |
|
Right Of Use Assets |
|
|
2,096 |
|
|
|
1,436 |
|
Other |
|
|
820 |
|
|
|
874 |
|
TOTAL OTHER
ASSETS |
|
|
28,808 |
|
|
|
20,611 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
51,242 |
|
|
$ |
42,351 |
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Short Term Debt |
|
$ |
2,040 |
|
|
$ |
2,696 |
|
Accounts Payable |
|
|
2,550 |
|
|
|
2,227 |
|
Short Term Leases |
|
|
533 |
|
|
|
440 |
|
Accrued Expenses and Other Current Liabilities |
|
|
5,251 |
|
|
|
2,657 |
|
Deferred Revenue |
|
|
60 |
|
|
|
42 |
|
TOTAL CURRENT
LIABILITIES |
|
|
10,434 |
|
|
|
8,062 |
|
|
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
|
|
|
Long Term Debt |
|
|
7,347 |
|
|
|
- |
|
Long Term Leases |
|
|
1,606 |
|
|
|
1,018 |
|
Other Long Term Liabilities |
|
|
103 |
|
|
|
77 |
|
Deferred Tax Liability |
|
|
472 |
|
|
|
503 |
|
TOTAL LONG TERM
LIABILITIES |
|
|
9,528 |
|
|
|
1,598 |
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Preferred Stock, $.01 par value, 2,000,000 shares authorized, none
issued |
|
|
- |
|
|
|
- |
|
Common Stock, $.01 par value, 75,000,000 shares authorized
34,835,571 and 34,488,252 shares issued, 21,647,571 and 21,300,252
shares outstanding |
|
|
348 |
|
|
|
345 |
|
Additional Paid in Capital |
|
|
49,756 |
|
|
|
49,062 |
|
Retained Earnings |
|
|
5,995 |
|
|
|
7,142 |
|
Treasury Stock at Cost, 13,188,000 shares |
|
|
(24,535 |
) |
|
|
(24,509 |
) |
Accumulated Other Comprehensive Income |
|
|
(284 |
) |
|
|
651 |
|
TOTAL SHAREHOLDERS’
EQUITY |
|
|
31,280 |
|
|
|
32,691 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
51,242 |
|
|
$ |
42,351 |
|
CONSOLIDATED STATEMENT OF CASH
FLOWS(In thousands, unaudited)
|
|
For the Three Months |
|
|
|
Ended March 31 |
|
|
|
2020 |
|
|
2019 |
|
CASH FLOWS USED BY
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(1,147 |
) |
|
$ |
(344 |
) |
Adjustments to reconcile net loss to net cash used by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
|
524 |
|
|
|
549 |
|
Amortization of Debt Issuance Fees |
|
|
63 |
|
|
|
16 |
|
Share-based Compensation Expense |
|
|
81 |
|
|
|
209 |
|
Deferred Rent |
|
|
(7 |
) |
|
|
(6 |
) |
Deferred Income Taxes |
|
|
(32 |
) |
|
|
(159 |
) |
Provision for Doubtful Accounts |
|
|
(5 |
) |
|
|
18 |
|
Inventory Reserves |
|
|
21 |
|
|
|
47 |
|
Changes in Assets and
Liabilities, Net of Acquisition: |
|
|
|
|
|
|
|
|
Accounts Receivable |
|
|
58 |
|
|
|
(3,456 |
) |
Inventories |
|
|
(127 |
) |
|
|
(916 |
) |
Prepaid Expenses and Other Assets |
|
|
355 |
|
|
|
792 |
|
Accounts Payable |
|
|
230 |
|
|
|
1,888 |
|
Payment of Contingent Consideration |
|
|
- |
|
|
|
(772 |
) |
Accrued Expenses and Other Liabilities |
|
|
(143 |
) |
|
|
(1,235 |
) |
Net Cash Used by Operating Activities |
|
|
(129 |
) |
|
|
(3,369 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS USED BY
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Capital Expenditures |
|
|
(51 |
) |
|
|
(128 |
) |
Acquisition of Business, Net of Cash Acquired |
|
|
(7,189 |
) |
|
|
(426 |
) |
Net Cash Used by Investing Activities |
|
|
(7,240 |
) |
|
|
(554 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS PROVIDED BY
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Revolver Borrowings |
|
|
8,073 |
|
|
|
9,788 |
|
Revolver Repayments |
|
|
(8,471 |
) |
|
|
(7,715 |
) |
Term Loan Borrowings |
|
|
8,400 |
|
|
|
- |
|
Term Loan Repayments |
|
|
(363 |
) |
|
|
(38 |
) |
Debt Issuance Fees |
|
|
(1,056 |
) |
|
|
- |
|
Payment of Contingent Consideration |
|
|
- |
|
|
|
(782 |
) |
Shares Withheld for Employee Taxes |
|
|
(26 |
) |
|
|
- |
|
Net Cash Provided by Financing Activities |
|
|
6,557 |
|
|
|
1,253 |
|
|
|
|
|
|
|
|
|
|
Effect of Exchange Rate
Changes on Cash and Cash Equivalents |
|
|
(228 |
) |
|
|
112 |
|
NET INCREASE/(DECREASE) IN
CASH AND CASH EQUIVALENTS |
|
|
(1,040 |
) |
|
|
(2,558 |
) |
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents, at Beginning of Period |
|
|
4,245 |
|
|
|
5,015 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, AT END OF PERIOD |
|
$ |
3,205 |
|
|
$ |
2,457 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION: |
|
|
|
|
|
|
|
|
Cash Paid During the Period for Interest |
|
$ |
146 |
|
|
$ |
41 |
|
Cash Paid During the Period for Income Taxes |
|
$ |
28 |
|
|
$ |
26 |
|
NET REVENUE AND GROSS PROFIT BY
SEGMENT(In thousands, Unaudited)
|
|
Three months ended March 31, |
|
|
|
Revenue |
|
|
% of Revenue |
|
|
Change |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
Amount |
|
|
Pct. |
|
Network Solutions |
|
$ |
4,276 |
|
|
$ |
5,758 |
|
|
|
45.4 |
% |
|
|
44.2 |
% |
|
$ |
(1,482 |
) |
|
|
-25.7 |
% |
Test and Measurement |
|
|
3,745 |
|
|
|
3,030 |
|
|
|
39.7 |
% |
|
|
23.3 |
% |
|
|
715 |
|
|
|
23.6 |
% |
Embedded Solutions |
|
|
1,408 |
|
|
|
4,244 |
|
|
|
14.9 |
% |
|
|
32.5 |
% |
|
|
(2,836 |
) |
|
|
-66.8 |
% |
Total Net Revenues |
|
$ |
9,429 |
|
|
$ |
13,032 |
|
|
|
100.0 |
% |
|
|
100.0 |
% |
|
$ |
(3,603 |
) |
|
|
-27.6 |
% |
|
|
Three months ended March 31, |
|
|
|
Gross Profit |
|
|
Gross Profit % |
|
|
Change |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
Amount |
|
|
Pct. |
|
Network Solutions |
|
$ |
1,943 |
|
|
$ |
2,389 |
|
|
|
45.4 |
% |
|
|
41.5 |
% |
|
$ |
(446 |
) |
|
|
-18.7 |
% |
Test and Measurement |
|
|
1,904 |
|
|
|
1,569 |
|
|
|
50.8 |
% |
|
|
51.8 |
% |
|
|
335 |
|
|
|
21.4 |
% |
Embedded Solutions |
|
|
581 |
|
|
|
1,769 |
|
|
|
41.3 |
% |
|
|
41.7 |
% |
|
|
(1,188 |
) |
|
|
-67.2 |
% |
Total Gross Profit |
|
$ |
4,428 |
|
|
$ |
5,727 |
|
|
|
47.0 |
% |
|
|
43.9 |
% |
|
$ |
(1,299 |
) |
|
|
-22.7 |
% |
RECONCILIATION OF NET INCOME TO
NON-GAAP EBITDA AND NON-GAAP ADJUSTED EBITDA(In
thousands, Unaudited)
|
|
Three Months Ended |
|
|
|
March 31 |
|
|
|
2020 |
|
|
2019 |
|
GAAP Net Loss, as
reported |
|
$ |
(1,147 |
) |
|
$ |
(345 |
) |
Tax Provision/(Benefit) |
|
|
(193 |
) |
|
|
(138 |
) |
Depreciation and Amortization
Expense |
|
|
524 |
|
|
|
549 |
|
Interest Expense |
|
|
225 |
|
|
|
115 |
|
Non-GAAP
EBITDA |
|
|
(591 |
) |
|
|
181 |
|
Stock Compensation |
|
|
81 |
|
|
|
209 |
|
Merger and
Acquisition/Integration |
|
|
191 |
|
|
|
- |
|
Restructuring Costs |
|
|
74 |
|
|
|
- |
|
Inventory Impairment
Recovery |
|
|
- |
|
|
|
(2 |
) |
US GAAP Purchase
Accounting |
|
|
176 |
|
|
|
- |
|
FX (Gain)/Loss |
|
|
(239 |
) |
|
|
(35 |
) |
Non-GAAP Adjusted
EBITDA |
|
$ |
(308 |
) |
|
$ |
353 |
|
RECONCILIATION OF GAAP OPEX TO NON-GAAP
OPEX(In thousands, Unaudited)
|
|
Three Months Ended |
|
|
|
March 31 |
|
|
|
2020 |
|
|
2019 |
|
GAAP
Opex |
|
$ |
5,783 |
|
|
$ |
6,125 |
|
Stock Compensation |
|
|
(81 |
) |
|
|
(209 |
) |
Merger and
Acquisition/Integration |
|
|
(191 |
) |
|
|
- |
|
Restructuring Costs |
|
|
(74 |
) |
|
|
- |
|
US GAAP Purchase
Accounting |
|
|
(100 |
) |
|
|
- |
|
Depreciation &
Amortization (ex. COGS) |
|
|
(445 |
) |
|
|
(474 |
) |
Non GAAP
Opex |
|
$ |
4,892 |
|
|
$ |
5,442 |
|
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