TRUE = TrueCar, Inc. (NASDAQ: TRUE) on November 8, 2019, announced its financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Financial Highlights
Third quarter total revenue down 3.2% from a year ago at $90.6 million.
Third quarter net loss of $(7.7) million, or $(0.07) per share, compared to net loss of $(6.3) million, or $(0.06) per share, in the third quarter of 2018.
Third quarter Non-GAAP net income(1) of $0.5 million, or $0.00 per share, compared to Non-GAAP net income of $4.3 million, or $0.04 per share, in the third quarter of 2018.
Third quarter Adjusted EBITDA(2) of $5.9 million, representing an Adjusted EBITDA margin(3) of 6.5%, compared to Adjusted EBITDA of $10.0 million, representing an Adjusted EBITDA margin of 10.7%, in the third quarter of 2018.
“I can truly sense a change in the momentum here within the walls of TrueCar,” said Mike Darrow, TrueCar’s Interim CEO & President. “We are laser-focused on our near-term business goals, and energized by our upcoming re-brand and the rapid product innovation that is enabling the launch of a new and evolved consumer experience. This will prepare us to meet the needs and expectations of today’s car buyers and pave the way toward a true end-to-end digital shopping to showroom experience.”
“I’m very excited by our third quarter results, highlighted by revenue and adjusted EBITDA performance above the upper end of our guidance ranges, which demonstrates that the company is getting on the right track to achieving our short-term and long-term goals,” said Noel Watson, TrueCar’s Chief Financial Officer. “As a result, we are raising both our revenue and adjusted EBITDA guidance for the full year 2019.”
BE = Posted $233.5 million of revenue, GAAP gross margin of 22.9% and a net loss of $34.9 million. Excluding stock-based compensation, Bloom achieved non-GAAP gross margin of 25.8% and $40.8 million of adjusted EBITDA. Commenting on third quarter results, KR Sridhar, Founder, Chairman and CEO, Bloom Energy said: “We generated record Q3 revenue, delivered meaningful adjusted EBITDA and achieved another quarter of record acceptances. Our primary drivers of success this quarter include installs with new customers in our core industry sectors and expanding relationships with existing customers – which reflects the quality, reliability and cost-effectiveness of our energy solutions. We continue to enable new features of our technology to open new markets and provide additional options for Bloom’s customers and the industry at large at a time when reliable, clean energy sources are in high demand. We are confident that the Bloom Energy Microgrid is the right product, right now to add to the infrastructure.” Bloom Energy (BE) announced that Dr. Michael J. Boskin, the Tully M. Friedman Professor of Economics and Wohlford Family Senior Fellow at Stanford University’s Hoover Institution, and Jeffrey Immelt, former Chairman and CEO of GE (GE) and current Venture Partner of New Enterprise Associates, will join the company’s Board of Directors, effective November 12, 2019. At that time, the Board will expand from eight to 10 directors.
UI = Reports record Q1 revenue $323.3M, consensus $307.73M.
First Quarter Fiscal 2020 Financial Summary
Revenues of $323.3 million, increasing 14.3% year-over-year
GAAP diluted EPS of $1.43, increasing 23.3% year-over-year
Non-GAAP diluted EPS of $1.44, increasing 23.1% year-over-year
Repurchased 3,635,534 shares of common stock at an average price of $114.49 per share during the quarter and an additional 995,495 shares of common stock at an average price of $120.11 subsequent to September 30, 2019
The Company’s Board of Directors declared a $0.30 per share cash dividend payable on November 25, 2019 to shareholders of record at the close of business on November 18, 2019.
The Company amended its credit facility, providing for a $500 million term loan and a $700 million revolving credit facility, as disclosed in the Form 8-K filed on September 12, 2019.
The Company has initiated a new stock repurchase program authorizing the Company to repurchase up to $200 million of its common stock, as disclosed in the Form 8-K filed on November 8, 2019.
DHX = Reports Q3 revenue $37.2M, consensus $36.94M.
Third Quarter 2019 Financial Results
Revenues were $37.2 million. Ongoing tech-focused revenues were flat year over year and on a sequential basis, excluding foreign exchange
Dice revenues were $22.9 million, down 3% compared to the prior year quarter and down 1% on a sequential basis
eFinancialCareers revenues were $7.9 million, down 2% compared to the prior year quarter and flat on a sequential basis, excluding foreign exchange
ClearanceJobs revenues were $6.3 million, up 17% year over year and up 5% on a sequential basis
Net income was $4.4 million, or $0.08 per diluted share, compared to net income of $0.9 million, or $0.02 per diluted share, in the year ago quarter
Cash flow from operations was $4.6 million
Cash was $4.5 million; total debt reduced to $8 million
Adjusted EBITDA2 was $8.7 million and Adjusted EBITDA margin was 23%
Commenting on the quarter, Art Zeile, President and CEO of DHI Group, Inc., said:
“We made continued progress in the third quarter, further strengthening our product offering and go-to-market strategy, both of which will be key drivers of our future growth. Our focus on accelerating product development resulted in hiring additional engineering talent to improve the rate at which we can launch new features, specifically for our largest platform, Dice. We also added new commercial sales people – and with our new CRO, Arie Kanofsky, now on board – we will be expanding our commercial sales force significantly over the next few quarters. We believe these investments will further anchor DHI as an industry leader for matching technologists with employers and position the Company to generate sustained long-term revenue growth in the future.”
PAR = AR Technology Corporation announced its results for its third quarter ended September 30, 2019.
Summary of Fiscal 2019 Third Quarter and Year-to-Date Financial Results
Revenues were reported at $45.4 million for the third quarter of 2019, compared to $46.4 million for the same period in 2018, a 2.2% decrease.
GAAP net loss for the third quarter of 2019 was $5.9 million, or $0.36 loss per share, a decrease from the GAAP net loss of $16.7 million, or $1.04 loss per share reported for the same period in 2018.
Non-GAAP net loss for the third quarter of 2019 was $4.2 million, or $0.26 loss per share, compared to non-GAAP net loss of $1.0 million, or $0.06 loss per share, for the same period in 2018.
Revenues were reported at $134.3 million for the first nine months of 2019, compared to $154.6 million for the same period in 2018, a 13.1% decrease.
GAAP net loss for the first nine months of 2019 was $9.7 million, or $0.61 loss per share, a decrease from the GAAP net loss of $18.0 million, or $1.12 loss per share reported for the same period in 2018.
Non-GAAP net loss for the first nine months of 2019 was $5.9 million, or $0.37 loss per share, compared to non-GAAP net loss of $1.1 million or $0.07 loss per share, for the same period in 2018.
A reconciliation and description of non-GAAP financial measures to corresponding GAAP financial measures are included in the tables at the end of this press release.
PAR Technology also announced that its wholly owned subsidiary, ParTech, Inc., has entered into an interest purchase agreement to acquire AccSys, LLC (f/k/a AccSys, Inc. and otherwise known as Restaurant Magic (“Restaurant Magic”)), a restaurant software company located in Tampa, FL and the developers of Data Central. Data Central is a suite of cloud backoffice applications to help restaurants achieve operational and financial goals. The purchase price of $42 million for Restaurant Magic will be financed primarily through cash and equity. The acquisition is expected to close during the fourth quarter of 2019.
Savneet Singh, PAR Technology CEO & President commented, “I am very pleased to announce that PAR has signed a definitive agreement to acquire Restaurant Magic, a leader in backoffice subscription software for enterprise restaurants. Restaurant Magic’s software leverages business intelligence and automation technologies to decrease food costs, manage labor and improve overall customer service. This announcement today marks another significant milestone in the rapid evolution of PAR Technology. Our Company continues to transform itself as we build out our restaurant technology solutions, led by our Brink POS software, to be the leading cloud technology provider for enterprise restaurants. I’m extremely excited to announce the merging of two powerful entities to create the premier restaurant technology company delivering the required and critical services that are fundamentally changing how restaurants operate around the world. Combining Restaurant Management with our leading Brink POS software will alter how enterprise restaurants communicate, access data, conduct commerce and manage their businesses across rapidly converging tech platforms.”
“We are thrilled to be joining forces with PAR Technology. Our decision to become a part of PAR was based upon our belief that by combining our companies we will provide new and stronger opportunities to our clients and employees,” said Drew Peloubet, CEO of Restaurant Magic. “The goal of our company has always been to maintain continual growth for our company to better meet the needs of our customers, while fiercely protecting the investment our end users have made in deploying our backoffice software applications. Restaurant Magic’s suite of enterprise applications and services are an excellent fit with PAR Technology’s popular restaurant technology offerings, and together will provide customers throughout the restaurant industry with the most robust set of solutions in the marketplace. The combination of PAR and Restaurant Magic will immediately create an industry leading front to backend cloud technology solution for restaurants.”
Mr. Singh continued, “To report on the quarter, we continued to execute our business strategies for growth through investments in product development and acquisitions. Importantly, we’ve begun to see acceleration in Brink bookings and believe this trend will continue. This increase in bookings is primarily related to the dramatic set of changes we made earlier in the year and we expect a stronger pace of bookings in 2020. Our purchase of 3M Company’s Drive-Thru Communications Systems business has also been exceeding our expectations since we closed on the deal September 30th, leading to additional Brink POS prospects and a number of ancillary software opportunities. In regards to our Government segment, we again reported lower comparative revenues from the same period in 2018, as we navigate funding gaps with specific ISR contract vehicles. Although we are confident this is a timing issue that will be corrected in the coming quarters, we will manage this aggressively in the near-term.”