DecisionPoint Systems Announces Fourth Quarter and Full Year 2023 Results

Business Wire04-01

Total quarterly and full-year revenue, up 25% and 19%, respectivelySoftware and Services quarterly and full-year revenue increased 208% and 130%, respectively DELRAY BEACH, Fla., April 01, 2024--(...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDecisionPoint Systems Announces Fourth Quarter and Full Year 2023 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-01 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/decisionpoint-systems-announces-fourth-quarter-110000921.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Total quarterly and full-year revenue, up 25% and 19%, respectivelySoftware and Services quarterly and full-year revenue increased 208% and 130%, respectively\nDELRAY BEACH, Fla., April 01, 2024--(...</p>\n\n<a href=\"https://finance.yahoo.com/news/decisionpoint-systems-announces-fourth-quarter-110000921.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4226","symbol_name":"数据处理及外包服务","start_time":0,"source_url":"https://finance.yahoo.com/news/decisionpoint-systems-announces-fourth-quarter-110000921.html","article_id":"2424792796","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/Eai0h17ct8OMvsoulCtIRg--~B/aD0yMDA7dz00ODA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/8e35dd7da1385db5fbea0850b6cf03d4"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2424792796","pubTimestamp":1711969200,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"DELRAY BEACH, Fla., April 01, 2024----DecisionPoint Systems, Inc. , the leading mobility-first enterprise services and solutions company and a leading provider of retail in-store solutions and services centered on Point-of-Sale systems, today announced fourth quarter and full year 2023 financial results for the period ended December 31, 2023.Steve Smith, chief executive officer of DecisionPoint Systems, commented: \"We finished off a record year on a high note, with revenue growth coming from both services and software and a hardware solutions project in the fourth quarter. This performance demonstrates that our strategy to bolster our higher-margin services and software portfolio is working and has provided a level of differentiation for DecisionPoint within our industry. Additionally, during the quarter, we further invested in driving long-term, higher-margin organic growth by adding several industry-experienced business development professionals to help drive growth in services and s","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4226":"数据处理及外包服务","BK4134":"信息科技咨询与其它服务","MMS":"马克西姆斯服务","DPSI":"DecisionPoint Systems, Inc.","BK4106":"数据处理与外包服务"},"translate_title":"DecisionPoint Systems公布第四季度和2023年全年业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MMS":1,"DPSI":0.9},"content_text":"Total quarterly and full-year revenue, up 25% and 19%, respectivelySoftware and Services quarterly and full-year revenue increased 208% and 130%, respectively\nDELRAY BEACH, Fla., April 01, 2024--(BUSINESS WIRE)--DecisionPoint Systems, Inc. (NYSE American: DPSI), the leading mobility-first enterprise services and solutions company and a leading provider of retail in-store solutions and services centered on Point-of-Sale systems, today announced fourth quarter and full year 2023 financial results for the period ended December 31, 2023.\nSteve Smith, chief executive officer of DecisionPoint Systems, commented: \"We finished off a record year on a high note, with revenue growth coming from both services and software and a hardware solutions project in the fourth quarter. This performance demonstrates that our strategy to bolster our higher-margin services and software portfolio is working and has provided a level of differentiation for DecisionPoint within our industry. Additionally, during the quarter, we further invested in driving long-term, higher-margin organic growth by adding several industry-experienced business development professionals to help drive growth in services and software as we head into 2024. While this investment will impact our profitability over the near term, we believe the medium to longer-term rewards will benefit shareholders.\"\nFourth Quarter Highlights (2023 versus 2022)\n\nRevenue increased 24.8% to $30.5 million;\nGross Profit increased 18.7% to $7.5 million; Gross Margin decreased 130 basis points to 24.6%;\nGAAP Operating Income increased 3.7% at $0.7 million;\nGAAP Net Loss and Diluted Loss per Share of ($0.3) million and ($0.03), respectively;\nNon-GAAP Net Income1 and Non-GAAP Diluted EPS1 of $0.0 million and $0.00, respectively;\nAdjusted EBITDA1 increased 8.4% to $1.9 million;\n\nFull Year 2023 Highlights (versus 2022)\n\nRevenue increased 18.7% to $115.6 million;\nGross Profit increased 24.8% to $28.8 million; Gross Margin increased 120 basis points to 24.9%;\nGAAP Operating Income increased 7.4% to $4.8 million;\nGAAP Net Income and Diluted EPS decreased 20.1% and 21.3% to $2.5 million and $0.32, respectively;\nNon-GAAP Net Income and Non-GAAP Diluted EPS decreased 11.4% and 12.4% to $3.6 million and $0.47, respectively;\nAdjusted EBITDA increased 12.9% to $8.9 million;\nPaid down $6.2 million of debt related to the April 1, 2023 acquisition of Macro Integration Services (MIS).\n\n1See GAAP to non-GAAP explanations and reconciliations at the end of this release\n\n\n\nSelect Financial Metrics: 2023 versus 2022\n\n\n(in $M except for EPS)\n\n4Q23\n\n\n4Q22\n\nChange\nFY23\nFY22\nChange\n\n\nTotal Revenue\n$\n30.5\n\n$\n24.5\n\n24.8\n%\n$\n115.6\n\n$\n97.4\n\n18.7\n%\n\n\nHardware Solutions Revenue\n$\n16.2\n\n$\n19.8\n\n-18.3\n%\n$\n73.5\n\n$\n79.1\n\n-7.1\n%\n\n\nSoftware and Services Revenue\n$\n14.4\n\n$\n4.7\n\n207.5\n%\n$\n42.1\n\n$\n18.3\n\n129.6\n%\n\n\nGross Profit\n$\n7.5\n\n$\n6.3\n\n18.7\n%\n$\n28.8\n\n$\n23.1\n\n24.8\n%\n\n\nOperating Income\n$\n0.7\n\n$\n0.7\n\n3.7\n%\n$\n4.8\n\n$\n4.4\n\n7.4\n%\n\n\nGAAP Net Income\n$\n(0.3\n)\n$\n0.4\n\nnm\n\n$\n2.5\n\n$\n3.1\n\n-20.1\n%\n\n\nGAAP Diluted Earnings Per Share\n$\n(0.03\n)\n$\n0.07\n\nnm\n\n$\n0.32\n\n$\n0.41\n\n-21.3\n%\n\n\nNon-GAAP Net Income\n$\n0.0\n\n$\n0.7\n\nnm\n\n$\n3.6\n\n$\n4.1\n\n-11.4\n%\n\n\nNon-GAAP Diluted EPS\n$\n0.00\n\n$\n0.11\n\nnm\n\n$\n0.47\n\n$\n0.54\n\n-12.4\n%\n\n\nAdjusted EBITDA\n$\n1.9\n\n$\n1.8\n\n8.4\n%\n$\n8.9\n\n$\n7.8\n\n12.9\n%\n\n\n*numbers may not add due to rounding\n\n\n\nnm = not measurable/meaningful\n\n\n\n\nBalance Sheet and Liquidity as of December 31, 2023\nCash and cash equivalents were $4.3 million, compared to $7.6 million on December 31, 2022. Short-term and long-term debt, mainly related to the acquisition of MIS, were $1.0 million and $4.9 million, respectively, down from $12.1 million on April 1, 2023, when DecisionPoint acquired MIS.\n2024 Commentary\nSmith commented: \"2023 was a year of investment, repositioning DecisionPoint for continued long-term revenue growth, gross margin expansion and higher profitability with our operating leverage. The combined acquisition of MIS, our release of the Vision Portal and preparing for the recent January introduction of PointCare Services were key elements in this repositioning, as the former significantly increased our software and services mix, while the latter will form the basis of our nascent Mobile Managed Services (MMS) offering.\n\"As we look to 2024, we will continue to focus on expanding our services and software offerings to drive recurring revenue and long-term growth through organic investment and M&A. A big part of our focus includes our recently released PointCare Services, a premier suite of deployment and managed services built to address all aspects of selecting, deploying and managing enterprise technology. PointCare Services integrates all of our service offerings to support enterprise mobility, point of sale and RFID technologies, including our Vision Portal, Vizitrace and other managed services. We also re-aligned our cost structure during the fourth quarter of 2023, which will help offset our investments in MIS, PointCare, and Vision, and the hiring of a seasoned team to build out our MMS strategy, product portfolio and go-to-market. We expect these investments will start to bear fruit for our top line in 2024 and become a more meaningful, higher-margin source of recurring revenue in 2025.\n\"From an industry perspective, we believe our high mix of services and software partially insulates us from the challenges other companies in our space are facing on the hardware side.\"\n\n\n\nTrended Financial Information*\n\n\n(in $M except for EPS)\n1Q22\n2Q22\n3Q22\n4Q22\n1Q23\n2Q23\n3Q23\n4Q23\nFY22\nFY23\n\n\nTotal Revenue\n$19.7\n$27.5\n$25.7\n$24.5\n$27.0\n$30.9\n$27.1\n$30.5\n$97.4\n$115.6\n\n\nHardware Solutions Revenue\n$15.6\n$22.7\n$21.0\n$19.8\n$22.2\n$19.7\n$15.4\n$16.2\n$79.1\n$73.5\n\n\nSoftware and Services Revenue\n$4.1\n$4.8\n$4.7\n$4.7\n$4.9\n$11.2\n$11.7\n$14.4\n$18.3\n$42.1\n\n\nGross Profit\n$4.7\n$6.3\n$5.8\n$6.3\n$6.1\n$7.7\n$7.5\n$7.5\n$23.1\n$28.8\n\n\nOperating Income\n$0.2\n$2.0\n$1.5\n$0.7\n$1.2\n$1.3\n$1.5\n$0.7\n$4.4\n$4.8\n\n\nGAAP Net Income\n$0.9\n$0.7\n$1.1\n$0.4\n$0.9\n$0.8\n$1.1\n($0.3)\n$3.1\n$2.5\n\n\nGAAP Diluted EPS\n$0.11\n$0.09\n$0.15\n$0.07\n$0.11\n$0.11\n$0.13\n($0.03)\n$0.41\n$0.32\n\n\nNon-GAAP Net Income\n$1.3\n$0.8\n$1.2\n$0.7\n$1.3\n$1.0\n$1.1\n$0.0\n$4.1\n$3.6\n\n\nNon-GAAP Diluted EPS\n$0.16\n$0.11\n$0.16\n$0.11\n$0.16\n$0.13\n$0.14\n$0.00\n$0.54\n$0.47\n\n\nAdjusted EBITDA\n$1.1\n$2.7\n$2.3\n$1.8\n$2.1\n$2.5\n$2.3\n$1.9\n$7.8\n$8.9\n\n\nnm = not measurable/meaningful\n\n\n*numbers may not add due to rounding\n\n\n\nEarnings Conference Call and Webcast Information:Date: Monday, April 1, 2024Time: 11:00 a.m. Eastern TimeToll-Free: 1-877-407-3982Toll/International: 1-201-493-6780Call me™: Click Call me Link for instant telephone access to the event (Call me™ link will be made active 15 minutes before the scheduled start time).Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1662460&tp_key=aff09932db\nReplay Information:Toll-Free: 1-844-512-2921Toll/International: 1-412-317-6671Replay Pin Number: 13742540Replay Start: Monday, April 1, 2024, 2:00 p.m. ETReplay Expiry: Monday, April 8, 2024 at 11:59 p.m. ET\nAbout DecisionPoint Systems\nDecisionPoint Systems Inc. delivers mobility-first enterprise managed services, in-store retail solutions centered around point-of-sale technologies, deployment, integration and support services to retail, supply chain, hospitality, healthcare and other verticals, enabling customers to make better and faster decisions in the moments that matter—the decision points. Our mission is to help businesses consistently deliver on those moments—improving customer service, accelerating growth, improving worker productivity and lowering risks and costs. For more information about DecisionPoint Systems, Inc., visit https://www.decisionpt.com.\nForward-Looking Statements\nIn this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words \"believe,\" \"anticipate,\" \"expect,\" \"plan,\" \"intend,\" \"estimate, \"target\" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings \"Risk Factors\" and \"Management's Discussion and Analysis of Financial Condition and Results of Operations\"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.\n\n\n\nDecisionPoint Systems, Inc.Consolidated Balance Sheets(in thousands, except par value)\n\n\n\n\n\n\n \n\n\n\n\nDecember 31,\n\nDecember 31,\n\n\n\n\n2023\n\n2022\n\n\nASSETS\n\n\n\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\n\n\n\nCash\n\n$\n4,300\n\n\n$\n7,642\n\n\n\nAccounts receivable, net of allowance of $267 and $262 as of December 31, 2023 and December 31,2022, respectively\n\n\n23,768\n\n\n\n17,085\n\n\n\nInventory, net\n\n\n2,133\n\n\n\n4,417\n\n\n\nDeferred costs\n\n\n3,826\n\n\n\n2,729\n\n\n\nPrepaid expenses and other current assets\n\n\n630\n\n\n\n399\n\n\n\nTotal current assets\n\n\n34,657\n\n\n\n32,272\n\n\n\nOperating lease assets\n\n\n3,392\n\n\n\n2,681\n\n\n\nProperty and equipment, net\n\n\n2,973\n\n\n\n1,817\n\n\n\nDeferred costs, net of current portion\n\n\n3,689\n\n\n\n2,868\n\n\n\nDeferred tax assets, net\n\n\n1,161\n\n\n\n848\n\n\n\nIntangible assets, net\n\n\n7,815\n\n\n\n4,531\n\n\n\nGoodwill\n\n\n22,081\n\n\n\n10,499\n\n\n\nOther assets\n\n\n172\n\n\n\n41\n\n\n\nTotal assets\n\n$\n75,940\n\n\n$\n55,557\n\n\n\nLIABILITIES AND STOCKHOLDERS’ EQUITY\n\n\n\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\n\n\n\nAccounts payable\n\n$\n16,857\n\n\n$\n19,755\n\n\n\nAccrued expenses and other current liabilities\n\n\n6,566\n\n\n\n4,528\n\n\n\nDeferred revenue\n\n\n8,066\n\n\n\n6,021\n\n\n\nCurrent portion of earnout consideration\n\n\n5,370\n\n\n\n829\n\n\n\nCurrent portion of long-term debt\n\n\n1,003\n\n\n\n3\n\n\n\nCurrent portion of operating lease liabilities\n\n\n874\n\n\n\n529\n\n\n\nTotal current liabilities\n\n\n38,736\n\n\n\n31,665\n\n\n\nDeferred revenue, net of current portion\n\n\n5,307\n\n\n\n4,331\n\n\n\nRevolving line of credit\n\n\n1,300\n\n\n\n-\n\n\n\nLong-term debt, net of current portion\n\n\n3,639\n\n\n\n143\n\n\n\nNoncurrent portion of operating lease liabilities\n\n\n3,093\n\n\n\n2,706\n\n\n\nLong-term portion of earnout consideration\n\n\n4,316\n\n\n\n-\n\n\n\nDeferred tax liabilities\n\n\n-\n\n\n\n-\n\n\n\nOther liabilities\n\n\n6\n\n\n\n130\n\n\n\nTotal liabilities\n\n\n56,397\n\n\n\n38,975\n\n\n\nCommitments and contingencies (Note 13)\n\n\n\n\n\n\n\nStockholders’ equity:\n\n\n\n\n\n\n\n\nPreferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding\n\n-\n\n\n\n-\n\n\n\nCommon stock, $0.001 par value; 50,000 shares authorized; 7,680 and 7,416 shares issued and outstanding, respectively\n\n8\n\n\n\n7\n\n\n\nAdditional paid-in capital\n\n\n38,902\n\n\n\n38,429\n\n\n\nAccumulated deficit\n\n\n(19,367\n)\n\n\n(21,854\n)\n\n\nTotal stockholders’ equity\n\n\n19,543\n\n\n\n16,582\n\n\n\nTotal liabilities and stockholders’ equity\n\n$\n75,940\n\n\n$\n55,557\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nDecisionPoint Systems, Inc.Consolidated Statements of Income and Comprehensive Income(in thousands, except per share data)\n\n\n\n\n\n \n\n\n\nThree Months\n \nYear Ended\n\n\nDecember 31,\n \nDecember 31,\n\n\n\n2023\n\n2022\n\n2023\n\n2022\n\n\nNet sales:\n\n \n\n \n\n \n\n\n\nProduct\n$\n16,146\n\n \n$\n19,820\n\n \n$\n73,494\n\n \n$\n79,079\n\n\n\nService\n\n14,357\n\n \n\n4,655\n\n \n\n42,100\n\n \n\n18,336\n\n\n\nNet sales\n\n30,503\n\n \n\n24,475\n\n \n\n115,594\n\n \n\n97,415\n\n\n\nCost of sales:\n\n\n \n\n\n \n\n\n \n\n\n\n\nProduct\n\n13,402\n\n \n\n15,001\n\n \n\n59,607\n\n \n\n62,214\n\n\n\nService\n\n9,558\n\n \n\n3,135\n\n \n\n27,162\n\n \n\n12,106\n\n\n\nCost of sales\n\n22,960\n\n \n\n18,136\n\n \n\n86,769\n\n \n\n74,320\n\n\n\nGross profit\n\n7,543\n\n \n\n6,339\n\n \n\n28,825\n\n \n\n23,095\n\n\n\nOperating expenses:\n\n\n \n\n\n \n\n\n \n\n\n\n\nSales and marketing expense\n\n2,969\n\n \n\n2,368\n\n \n\n9,957\n\n \n\n9,218\n\n\n\nGeneral and administrative expenses\n\n3,851\n\n \n\n3,275\n\n \n\n14,093\n\n \n\n9,430\n\n\n\nTotal operating expenses\n\n6,820\n\n \n\n5,643\n\n \n\n24,050\n\n \n\n18,648\n\n\n\nOperating income\n\n723\n\n \n\n696\n\n \n\n4,775\n\n \n\n4,447\n\n\n\nInterest expense, net\n\n(771\n)\n \n\n(14\n)\n \n\n(1,156\n)\n \n\n(56\n)\n\n\nOther expense\n\n(23\n)\n \n\n2\n\n \n\n-\n\n \n\n(15\n)\n\n\nIncome before income taxes\n\n(71\n)\n \n\n684\n\n \n\n3,619\n\n \n\n4,376\n\n\n\nIncome tax expense\n\n(197\n)\n \n\n(257\n)\n \n\n(1,132\n)\n \n\n(1,265\n)\n\n\nNet income and comprehensive income attributable to common stockholders\n$\n(268\n)\n \n$\n427\n\n \n$\n2,487\n\n \n$\n3,111\n\n\n\nEarnings per share attributable to stockholders (1):\n\n\n \n\n\n \n\n\n \n\n\n\n\nBasic\n$\n(0.03\n)\n \n$\n0.06\n\n \n$\n0.33\n\n \n$\n0.43\n\n\n\nDiluted\n$\n(0.03\n)\n \n$\n0.06\n\n \n$\n0.32\n\n \n$\n0.41\n\n\n\nWeighted average common shares outstanding\n\n\n \n\n\n \n\n\n \n\n\n\n\nBasic\n\n7,678\n\n \n\n7,401\n\n \n\n7,555\n\n \n\n7,261\n\n\n\nDiluted\n\n7,779\n\n \n\n7,758\n\n \n\n7,679\n\n \n\n7,562\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n \n\n\n\n\n\n\nDecisionPoint Systems, Inc.Consolidated Statements of Cash Flows(in thousands)\n\n\n\n \n\n\n\nYears Ended\n\n\n\nDecember 31,\n\n\n\n2023\n\n2022\n\n\nCash flows from operating activities\n\n\n\n\n\n\n\nNet income\n$\n2,487\n\n\n$\n3,111\n\n\n\nAdjustments to reconcile net income to net cash provided by operating activities:\n\n\n\n\n\n\n\nDepreciation and amortization\n\n2,971\n\n\n\n2,465\n\n\n\nLoss on fixed asset disposal\n\n-\n\n\n\n22\n\n\n\nShare-based compensation expense\n\n283\n\n\n\n577\n\n\n\nDeferred income taxes, net\n\n(1,924\n)\n\n\n254\n\n\n\nProvision for credit losses\n\n240\n\n\n\n249\n\n\n\nProvision for inventory obsolescence\n\n89\n\n\n\n-\n\n\n\nChanges in operating assets and liabilities:\n\n\n\n\n\n\n\nAccounts receivable\n\n3,201\n\n\n\n(3,630\n)\n\n\nInventory, net\n\n4,825\n\n\n\n(2,177\n)\n\n\nDeferred costs\n\n(1,918\n)\n\n\n(1,984\n)\n\n\nPrepaid expenses and other current assets\n\n(207\n)\n\n\n(54\n)\n\n\nAccounts payable\n\n(5,707\n)\n\n\n8,924\n\n\n\nAccrued expenses and other current liabilities\n\n(1,644\n)\n\n\n914\n\n\n\nOperating lease liabilities\n\n(92\n)\n\n\n543\n\n\n\nDeferred revenue\n\n1,877\n\n\n\n3,095\n\n\n\nNet cash provided by operating activities\n\n4,481\n\n\n\n12,309\n\n\n\nCash flows from investing activities\n\n\n\n\n\n\n\nPurchases of property and equipment\n\n(893\n)\n\n\n(1,477\n)\n\n\nCash paid for acquisitions, net of cash acquired\n\n(12,917\n)\n\n\n(4,525\n)\n\n\nNet cash used in investing activities\n\n(13,810\n)\n\n\n(6,002\n)\n\n\nCash flows from financing activities\n\n\n\n\n\n\n\nProceeds from term loan\n\n5,000\n\n\n\n-\n\n\n\nRepayment of term debt\n\n(504\n)\n\n\n(3\n)\n\n\nLine of credit, net\n\n1,300\n\n\n\n-\n\n\n\nProceeds from exercise of warrants\n\n220\n\n\n\n-\n\n\n\nTaxes paid in lieu of shares issued for share-based compensation\n\n(67\n)\n\n\n(1,403\n)\n\n\nProceeds from exercise of stock options\n\n38\n\n\n\n154\n\n\n\nNet cash provided by (used in) financing activities\n\n5,987\n\n\n\n(1,252\n)\n\n\nChange in cash\n\n(3,342\n)\n\n\n5,055\n\n\n\nCash, beginning of year\n\n7,642\n\n\n\n2,587\n\n\n\nCash, end of year\n$\n4,300\n\n\n$\n7,642\n\n\n\n\nNon-GAAP Financial Measures\nTo supplement our consolidated financial statements presented on a GAAP basis, we have provided certain non-GAAP financial measures, namely non-GAAP Net Income, non-GAAP diluted EPS and Adjusted EBITDA, all of which are considered by management to be performance measures. Non-GAAP Net Income is defined as net income (loss) before: (1) share-based compensation, (2) business acquisition costs, (3) integration costs, and (4) NYSE American uplisting costs, as applicable. Adjusted EBITDA is calculated as Non-GAAP Net Income before interest, taxes, depreciation and amortization. Non-GAAP diluted EPS is calculated as Non-GAAP Net Income divided by the diluted weighted-average number of common shares outstanding.\nManagement believes that these non-GAAP measures reflect the essential operating activities of the Company [because these non-GAAP measures exclude expenses and transactions that are not part of our core operations and may be one time in nature]. We believe that [by excluding such expenses and transactions] these non-GAAP measures provide investors with a better understanding of how the results relate to our historical performance and how our results compare to other publicly-traded companies. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for GAAP financials. Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies, as other companies may calculate non-GAAP financial measures differently. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures appears below:\n\n\n\nReconciliation of Select GAAP Financial Measures to Non-GAAP Financial Measures(in thousands, except per share data)(Unaudited)\n\n\n\n\n\n \n\n\n\nThree Months Ended\n\nYear Ended\n\n\n\nDecember 31,\n\nDecember 31,\n\n\n\n\n2023\n\n\n\n2022\n\n\n\n2023\n\n\n\n2022\n\n\n\nNet income (loss), as reported\n$\n(268\n)\n\n$\n427\n\n\n$\n2,487\n\n\n$\n3,111\n\n\n\nShare-based compensation\n\n22\n\n\n\n251\n\n\n\n283\n\n\n\n577\n\n\n\nBusiness acquisition costs\n\n97\n\n\n\n39\n\n\n\n533\n\n\n\n281\n\n\n\nIntegration costs\n\n137\n\n\n\n-\n\n\n\n291\n\n\n\n-\n\n\n\nNYSE American uplisting costs\n\n-\n\n\n\n88\n\n\n\n-\n\n\n\n88\n\n\n\nNon-GAAP Net Income\n$\n(12\n)\n\n$\n805\n\n\n$\n3,594\n\n\n$\n4,057\n\n\n\nDepreciation and amortization\n\n943\n\n\n\n715\n\n\n\n2,971\n\n\n\n2,465\n\n\n\nIncome taxes\n\n197\n\n\n\n257\n\n\n\n1,132\n\n\n\n1,265\n\n\n\nInterest expense\n\n771\n\n\n\n14\n\n\n\n1,156\n\n\n\n56\n\n\n\nAdjusted EBITDA\n$\n1,899\n\n\n$\n1,791\n\n\n$\n8,853\n\n\n$\n7,843\n\n\n\n\n\n\n\n\n\n\n \n\n\nDiluted EPS, as reported\n$\n(0.04\n)\n\n$\n0.05\n\n\n$\n0.32\n\n\n$\n0.41\n\n\n\nNon-GAAP Diluted EPS\n$\n(0.00\n)\n\n$\n0.11\n\n\n$\n0.47\n\n\n$\n0.54\n\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240401680091/en/\nContacts\nInvestor Relations Contact: Brian Siegel, IRC, MBASenior Managing Director, Hayden IR(346) 396-8696Brian@haydenir.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2424792796"}