| COVISINT CORPORATION | |||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP | |||||||||||||||
| (In Thousands, Except Per Share Data) | |||||||||||||||
| (Unaudited) | |||||||||||||||
|
THREE MONTHS
ENDED SEPTEMBER 30, |
SIX MONTHS
ENDED SEPTEMBER 30, | ||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Gross profit | $ | 9,924 | $ | 7,409 | $ | 18,629 | $ | 13,730 | |||||||
| Gross profit % | 54 | % | 34 | % | 51 | % | 32 | % | |||||||
| Adjustments: | |||||||||||||||
| Stock compensation expense—cost of revenue | 22 | 69 | 52 | 584 | |||||||||||
| % of total revenue | — | % | — | % | — | % | 1 | % | |||||||
| Cost of revenue—amortization of capitalized software | 905 | 1,731 | 1,809 | 3,375 | |||||||||||
| % of total revenue | 5 | % | 8 | % | 5 | % | 8 | % | |||||||
| Adjusted gross profit | $ | 10,851 | $ | 9,209 | $ | 20,490 | $ | 17,689 | |||||||
| Adjusted gross profit % | 59 | % | 42 | % | 56 | % | 41 | % | |||||||
|
THREE MONTHS
ENDED SEPTEMBER 30, |
SIX MONTHS
ENDED SEPTEMBER 30, | ||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Cost of revenue | $ | 8,469 | $ | 14,326 | $ | 18,246 | $ | 29,592 | |||||||
| Adjustments: | |||||||||||||||
| Stock compensation expense | 22 | 69 | 52 | 584 | |||||||||||
| Cost of revenue - amortization of capitalized software | 905 | 1,731 | 1,809 | 3,375 | |||||||||||
| Cost of revenue, non-GAAP | $ | 7,542 | $ | 12,526 | $ | 16,385 | $ | 25,633 | |||||||
|
THREE MONTHS
ENDED SEPTEMBER 30, |
SIX MONTHS
ENDED SEPTEMBER 30, | ||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Research and development | $ | 3,127 | $ | 2,583 | $ | 6,790 | $ | 5,699 | |||||||
| Adjustments: | |||||||||||||||
| Capitalized internal software costs | (1,126 | ) | (639 | ) | (1,526 | ) | (1,429 | ) | |||||||
| Stock compensation expense | 28 | 28 | 54 | 94 | |||||||||||
| Research and development, non-GAAP | $ | 4,225 | $ | 3,194 | $ | 8,262 | $ | 7,034 | |||||||
|
THREE MONTHS
ENDED SEPTEMBER 30, |
SIX MONTHS
ENDED SEPTEMBER 30, | ||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Sales and marketing | $ | 7,183 | $ | 8,003 | $ | 14,659 | $ | 17,775 | |||||||
| Adjustments: | |||||||||||||||
| Stock compensation expense | 232 | 341 | 341 | 946 | |||||||||||
| Amortization of customer relationship agreements | — | 77 | — | 217 | |||||||||||
| Sales and marketing, non-GAAP | $ | 6,951 | $ | 7,585 | $ | 14,318 | $ | 16,612 | |||||||
|
THREE MONTHS
ENDED SEPTEMBER 30, |
SIX MONTHS
ENDED SEPTEMBER 30, | ||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| General and administrative | $ | 3,730 | $ | 4,111 | $ | 7,817 | $ | 9,657 | |||||||
| Adjustments: | |||||||||||||||
| Stock compensation expense | 391 | 817 | 1,375 | 2,249 | |||||||||||
| General and administrative, non-GAAP | $ | 3,339 | $ | 3,294 | $ | 6,442 | $ | 7,408 | |||||||
|
THREE MONTHS
ENDED SEPTEMBER 30, |
SIX MONTHS
ENDED SEPTEMBER 30, | ||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Net loss | $ | (4,126 | ) | $ | (7,304 | ) | $ | (10,712 | ) | $ | (19,420 | ) | |||
| Adjustments: | |||||||||||||||
| Capitalized internal software costs | (1,126 | ) | (639 | ) | (1,526 | ) | (1,429 | ) | |||||||
| Stock compensation expense | 673 | 1,255 | 1,822 | 3,873 | |||||||||||
| Amortization of capitalized software and other intangibles | 905 | 1,808 | 1,809 | 3,592 | |||||||||||
| Net loss, non-GAAP | $ | (3,674 | ) | $ | (4,880 | ) | $ | (8,607 | ) | $ | (13,384 | ) | |||
|
THREE MONTHS
ENDED SEPTEMBER 30, |
SIX MONTHS
ENDED SEPTEMBER 30, | ||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Diluted EPS | $ | (0.10 | ) | $ | (0.19 | ) | $ | (0.27 | ) | $ | (0.51 | ) | |||
| Adjustments: | |||||||||||||||
| Capitalized internal software costs | (0.03 | ) | (0.02 | ) | (0.04 | ) | (0.04 | ) | |||||||
| Stock compensation expense | 0.02 | 0.03 | 0.05 | 0.10 | |||||||||||
| Amortization of capitalized software and other intangibles | 0.02 | 0.05 | 0.04 | 0.10 | |||||||||||
| Diluted EPS, non-GAAP | $ | (0.09 | ) | $ | (0.13 | ) | $ | (0.22 | ) | $ | (0.35 | ) | |||
