Adjusted EBITDA to GAAP Net Income (Loss) Set forth below is a reconciliation of our "adjusted EBITDA” to our GAAP net income (loss). Three Months Ended March 31, 2025 2024 ($ in thousands) Net revenue $27,632 $25,962 GAAP net income (loss) 1,948 (241) Provision for income taxes 41 39 Net interest expense 16 338 Foreign exchange loss (gain) / other expense 19 (5)Stock-based compensation expense (benefit) 108 (708)Depreciation and amortization 3,337 3,930 Transaction and integration costs 12 12 Restructuring costs 114 322 Adjusted EBITDA $5,595 $3,687 Non-GAAP Adjusted Operating Income to GAAP Operating Income Set forth below is a reconciliation of our non-GAAP "adjusted operating income” and non-GAAP "adjusted operating margin” to our GAAP operating income and GAAP operating margin. Three Months Ended March 31, 2025 2024 ($ in thousands) Net revenue $27,632 $25,962 GAAP net income (loss) 1,948 (241)Provision for income taxes 41 39 Net interest expense 16 338 Other expense (income) - net 14 (7)GAAP operating income 2,019 129 GAAP operating margin 7.3% 0.5% Stock-based compensation expense (benefit) 108 (708)Amortization of purchased intangible assets 89 840 Transaction and integration costs 12 12 Restructuring costs 114 322 Non-GAAP adjusted operating income $2,342 $595 Non-GAAP adjusted operating margin 8.5% 2.3% Non-GAAP Adjusted Net Income to GAAP Net Income (Loss) Set forth below is a reconciliation of our non-GAAP "adjusted net income” and non-GAAP "adjusted net income per share” to our GAAP net income (loss) and GAAP net loss per share. Three Months Ended March 31, 2025 2024 ($ in thousands) GAAP net income (loss) $1,948 $(241) Foreign exchange loss (gain) / other expense 19 (5)Stock-based compensation expense (benefit) 108 (708)Amortization of purchased intangible assets 89 840 Transaction and integration costs 12 12 Restructuring costs 114 322 Non-GAAP adjusted net income $2,290 $220 End-of-period common shares 42,321,129 16,118,492 Non-GAAP adjusted net income per share $0.05 $0.01 For purposes of determining non-GAAP adjusted net income per share, we used the number of common shares outstanding as of March 31, 2025 and 2024. Three Months Ended March 31, 2025 2024 GAAP net loss attributable to common shareholders, per share $(0.04) $(0.10)Impact of preferred stock dividend 0.09 0.08 Net income (loss) per end-of-period share 0.05 (0.02) Foreign exchange loss (gain) / other expense 0.00 0.00 Stock-based compensation expense (benefit) 0.00 (0.04)Amortization of purchased intangible assets 0.00 0.05 Transaction and integration costs 0.00 0.00 Restructuring costs 0.00 0.02 Non-GAAP adjusted earnings per share $0.05 $0.01 Net cash provided by operating activities to free cash flow Set forth below is a reconciliation of our non-GAAP "free cash flow” to our GAAP net cash provided by operating activities. Three Months Ended March 31, 2025 2024 ($ in thousands) Net cash provided by operating activities $5,113 $4,066 Purchases of property and equipment (624) (298)Capitalized software and other intangible assets (846) (1,570)Free cash flow $3,643 $2,198 Net cash used in investing activities 1 $(1,510) $(1,868)Net cash used in financing activities $(1,932) $(1,374) 1 Net cash used in investing activities includes purchases of property and equipment and capitalized software and other intangible assets, which are also included in our computation of free cash flow. Explanation of Non-GAAP Financial Measures We report our financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024($ in thousands) 2025 2024 OPERATING ACTIVITIES: Net income (loss) $1,948 $(241) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 3,407 4,020 Lease amortization 480 509 Deferred revenue 269 58 Provision for expected credit losses 70 37 Foreign exchange gain (1) (11) Interest accretion 107 168 Stock-based compensation expense (benefit) 108 (708) Changes in operating assets and liabilities: Accounts receivable (1,183) (111)Contract asset (105) (361)Inventory (35) (15)Other assets (908) - Accounts payable and other liabilities 956 721 Net cash provided by operating activities 5,113 4,066 INVESTING ACTIVITIES: Purchases of property and equipment (624) (298) Capitalized software and other intangible assets (846) (1,570) Initial payment for acquisition (40) - Net cash used in investing activities (1,510) (1,868)FINANCING ACTIVITIES: Preferred stock dividends paid (1,730) - Settlement of tax withholding obligations on stock issued to employees (21) (151) Repayments of notes payable (181) (223) Repayment of line of credit - (1,000) Net cash used in financing activities (1,932) (1,374)EFFECT OF EXCHANGE RATE CHANGES ON CASH (11) (17)NET INCREASE IN CASH 1,660 807 CASH - Beginning of the period 5,145 3,331 CASH - End of the period $6,805 $4,138 SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES: Conversion of preferred stock and accrued dividends to common stock $2,435 $- Dividends declared, not paid $1,299 $5 Purchase of prepaid insurance with assumption of note $- $96 Reclass of deposits for property and equipment placed in service $- $296 SUPPLEMENTAL INFORMATION - Cash paid during the period for: Income taxes $15 $6 Interest $18 $295 RECONCILIATION OF NON-GAAP FINANCIAL MEASURESTO COMPARABLE GAAP MEASURES The following is a reconciliation of the non-GAAP financial measures used by us to describe our financial results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP”).
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024($ in thousands, except share and per share amounts) Three Months Ended March 31, 2025 2024* NET REVENUE $27,632 $25,962 OPERATING EXPENSES: Direct operating costs 15,464 15,177 Selling and marketing 1,131 1,770 General and administrative 4,332 3,721 Research and development 1,235 913 Depreciation and amortization 3,337 3,930 Restructuring costs 114 322 Total operating expenses 25,613 25,833 OPERATING INCOME 2,019 129 OTHER: Interest income 42 27 Interest expense (58) (365)Other (expense) income - net (14) 7 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 1,989 (202)Income tax provision 41 39 NET INCOME (LOSS) $1,948 $(241) Preferred stock dividend 2,811 1,312 NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $(863) $(1,553) Net loss per common share: basic and diluted $(0.04) $(0.10)Weighted-average common shares used to compute basic and diluted loss per share 23,813,943 16,014,309 * Restated to include the preferred stock dividends earned, but not declared, during the three months ended March 31, 2024.CARECLOUD, INC.
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