GAAP subscription revenue of $134.7 million at the high end of
Q2 guidance
Year-to-date GAAP operating cash flow of $51.3M and adjusted
operating cash flow of $45.1M
E2open Parent Holdings, Inc. (NYSE: ETWO), the connected supply
chain SaaS platform with the largest multi-enterprise network,
today announced financial results for its fiscal second quarter
ended August 31, 2023.
“While we delivered subscription revenue near the high end of
our guidance in the second quarter and maintained strong adjusted
EBITDA margins, our growth rate remained below our potential,” said
Marje Armstrong, chief financial officer of e2open. “We continue to
reposition the company for organic growth and have already taken a
number of steps to improve our go-to-market performance and client
engagement model in order to reaccelerate growth.
“These changes will take several quarters to show their intended
impact and as a result, we now expect pressures on our growth rate
to persist for the remainder of fiscal year 2024. In the meantime,
we will maintain our focus on profitability and cash flow
generation while continuing to invest in innovation across our
platform to provide the most comprehensive and capable end-to-end
global supply chain software ecosystem.”
“We have full confidence in e2open’s potential and its unique
position in the attractive supply chain software market,” said
Chinh E. Chu, chairman of the e2open board of directors. “The board
believes that a leadership transition at this time can be a key
enabler in accelerating the company’s growth trajectory. As
announced earlier today, we are delighted to welcome Andrew Appel
as interim chief executive officer to lead the company through this
transition. Andrew will work closely with Marje Armstrong, our
chief financial officer and Greg Randolph, our new chief commercial
officer, and the rest of the experienced executive team as we focus
on improving the company’s top-line performance and executing our
growth strategy.”
Fiscal Second Quarter 2024 Financial
Highlights
- Revenue
- GAAP subscription revenue for the second quarter of 2024
was $134.7 million, an increase of 2.4% from the year-ago
comparable period and 85.0% of total revenue. Subscription revenue
growth was 1.9% on a constant currency basis.
- Total GAAP revenue for the second quarter of 2024 was
$158.5 million, a decrease of 1.4% from the year-ago comparable
period. Total revenue decreased 1.9% on a constant currency
basis.
- GAAP gross profit for the second quarter of 2024 was
$79.2 million, an increase of 2.2% from the year-ago comparable
period. Non-GAAP gross profit was $109.5 million, up 2.5% and 2.0%
on a constant currency basis.
- GAAP gross margin for the second quarter of 2024 was
50.0% compared to 48.2% from the year-ago comparable period.
Non-GAAP gross margin was 69.1% on an organic and a constant
currency basis compared to 66.5% from the year-ago comparable
period.
- Net loss for the second quarter of 2024 was $38.6
million compared to a net loss of $409.6 million from the year-ago
comparable period. Adjusted EBITDA for the second quarter of
2024 was $56.1 million, an increase of 16.1% and 15.4% on a
constant currency basis from the year-ago comparable period.
Adjusted EBITDA margin was 35.4% on an organic and a constant
currency basis versus 30.1% from the comparable year-ago
period.
- GAAP EPS for the second quarter of 2024 was a loss of
$0.12. Adjusted EPS for the second quarter of 2024 was
$0.04.
- Cash flow
- GAAP operating cash flow on a year-to-date basis was
$51.3 million compared to $2.2 million from the year-ago comparable
period, inclusive of non-recurring expenses.
- Adjusted operating cash flow on a year-to-date basis,
exclusive of non-recurring expenses, was $45.1 million, which
represents 41.0% of year-to-date adjusted EBITDA.
Recent Business
Highlights
- Held e2open Connect 2023, the company’s annual customer and
partner conference, in Orlando, Florida. This year’s North America
event was an outstanding success, with attendance up 30% year over
year among e2open’s customers, technology partners, and system
integrator partners. The three-day event featured over 45
educational sessions delivered by client speakers across a range of
industries, strategic and technology partners, and e2open
presenters.
- Announced strategic innovation initiatives in Connected
Planning and Connected Logistics technology solutions, giving
clients the opportunity to learn about these multi-year investments
at Connect, in addition to sessions covering e2open’s technology
platform developments across channel, planning, global trade,
logistics, and supply applications.
- Issued e2open’s annual ESG report outlining corporate policies
and initiatives and highlighting the foundational role of
network-based supply chain management platforms in addressing ESG
risks and opportunities at the scope and scale of business.
- Recognized as a Leader by Nucleus Research in the 2023 Control
Tower Technology Value Matrix for the ninth consecutive year. The
report distinguishes e2open’s ability to allow multi-tier
structured and unstructured collaboration across supply chain
partners and create autonomous decision-making capabilities that
enable supply chains to operate in a truly connected fashion.
- Continued to expand the logistics ecosystem of e2open’s
industry-leading global network through partnerships with Traffic
Tech, Emerge, and Flock Freight. Connecting these transportation
partners to e2open’s global carrier network provides shippers with
broader options to improve service levels and optimize
transportation costs. E2open is a first mover in bringing Flock
Freight’s shared truckload capabilities to the logistics ecosystem
at scale.
- Implemented a training and certification program for e2open’s
Customer Success team, designed to dramatically improve the ability
to deliver service excellence at every customer touchpoint, from
initial contact to project delivery and beyond.
Financial Outlook for Fiscal Year
2024
As of October 10, 2023, e2open is updating full year 2024
guidance previously provided on May 1, 2023, and providing third
quarter 2024 guidance as follows:
Fiscal 2024 Subscription GAAP Revenue
- GAAP subscription revenue for fiscal 2024 is expected to be in
the range of $530 million to $538 million, reflecting a 0.2%
organic growth rate at the mid-point.
Fiscal 2024 Total GAAP Revenue
- Total GAAP revenue for fiscal 2024 is expected to be in the
range of $625 million to $635 million, reflecting a 3.4% year over
year decrease at the mid-point.
Fiscal Third Quarter 2024 GAAP Subscription Revenue
- GAAP subscription revenue for the fiscal third quarter of 2024
is expected to be in the range of $130 million to $133 million,
reflecting a 2.5% year over year decrease at the mid-point.
Fiscal 2024 Non-GAAP Gross Profit Margin
- Non-GAAP gross profit margin for fiscal 2024 is expected to be
in the range of 68% to 70%.
Fiscal 2024 Adjusted EBITDA
- Adjusted EBITDA for fiscal 2024 is expected to be in the range
of $215 million to $220 million, reflecting an implied adjusted
EBITDA margin in the range of 34% to 35%.
NOTE: E2open is unable to quantify certain amounts that would be
required to be included in the most directly comparable GAAP
financial measures for non-GAAP gross profit margin or adjusted
EBITDA without unreasonable effort, and therefore no reconciliation
of certain forward-looking non-GAAP financial measures for non-GAAP
gross profit margin or adjusted EBITDA is included.
Quarterly Conference
Call
E2open will host a conference call today at 5:00 p.m. ET to
review fiscal second quarter 2024 financial results, in addition to
discussing the Company’s outlook for the full fiscal year 2024. To
access this call, dial 888-506-0062 (domestic) or 973-528-0011
(international). The conference ID is 781045. A live webcast of the
conference call will be accessible in the “Investor Relations”
section of e2open’s website at www.e2open.com. A replay of this
conference call can also be accessed through October 24, 2023, at
877-481-4010 (domestic) or 919-882-2331 (international). The replay
passcode is 49030. An archived webcast of this conference call will
also be available after the completion of the call in the “Investor
Relations” section of the Company’s website at www.e2open.com.
About e2open
E2open is the connected supply chain software platform that
enables the world’s largest companies to transform the way they
make, move, and sell goods and services. With the broadest
cloud-native global platform purpose-built for modern supply
chains, e2open connects more than 420,000 manufacturing, logistics,
channel, and distribution partners as one multi-enterprise network
tracking over 14 billion transactions annually. Our SaaS platform
anticipates disruptions and opportunities to help companies improve
efficiency, reduce waste, and operate sustainably. Moving as one.™
Learn More: www.e2open.com.
E2open and “Moving as one.” are the registered trademarks of
E2open, LLC. All other trademarks, registered trademarks and
service marks are the property of their respective owners.
Non-GAAP Financial
Measures
This press release includes certain financial measures not
presented in accordance with generally accepted accounting
principles (“GAAP”) including non-GAAP revenue, non-GAAP
subscription revenue, non-GAAP professional services and other
revenue, adjusted EBITDA, adjusted EBITDA margin, non-GAAP gross
profit, non-GAAP net income, non-GAAP gross margin, adjusted free
cash flow and adjusted earnings per share. These non-GAAP financial
measures are not a measure of financial performance in accordance
with GAAP and may exclude items that are significant in
understanding and assessing the Company’s financial results.
Therefore, these measures should not be considered in isolation or
as an alternative to net income, cash flows from operations or
other measures of profitability, liquidity, or performance under
GAAP. You should be aware that the Company’s presentation of these
measures may not be comparable to similarly titled measures used by
other companies.
The Company believes this non-GAAP measure of financial results
provides useful information to management and investors regarding
certain financial and business trends relating to the Company’s
financial condition and results of operations. The Company believes
that the use of these non-GAAP financial measures provides an
additional tool for investors to use in evaluating ongoing
operating results and trends in comparing the Company’s financial
measures with other similar companies, many of which present
similar non-GAAP financial measures to investors. These non-GAAP
financial measures are subject to inherent limitations as they
reflect the exercise of judgments by management about which expense
and income are excluded or included in determining these non-GAAP
financial measures.
Safe Harbor Statement
Certain statements in this press release are "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and are subject to the safe
harbor created thereby. These statements relate to future events or
the Company's future financial performance and involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, levels of activity, performance or achievements of
the Company or its industry to be materially different from those
expressed or implied by any forward-looking statements. In
particular, statements about the Company's expectations, beliefs,
plans, objectives, assumptions, future events or future performance
contained in this press release are forward-looking statements. In
some cases, forward-looking statements can be identified by
terminology such as "may," "will," "could," "would," "should,"
"expect," "plan," "anticipate," "intend," "believe," "estimate,"
"predict," "potential," "outlook," "guidance" or the negative of
those terms or other comparable terminology.
Please see the Company's documents filed or to be filed with the
Securities and Exchange Commission, including the annual report
filed on Form 10-K, and any amendments thereto for a discussion of
certain important risk factors that relate to forward-looking
statements contained in this press release. The Company has based
these forward-looking statements on its current expectations,
assumptions, estimates and projections. While the Company believes
these expectations, assumptions, estimates, and projections are
reasonable, such forward-looking statements are only predictions
and involve known and unknown risks and uncertainties, many of
which are beyond the Company's control. These and other important
factors may cause actual results, performance or achievements to
differ materially from those expressed or implied by these
forward-looking statements. Any forward-looking statements are made
only as of the date hereof, and unless otherwise required by
applicable securities laws, the Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
E2OPEN PARENT HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended August
31,
(In thousands, except per share
amounts)
2023
2022
Revenue
Subscriptions
$
134,734
$
131,621
Professional services and other
23,754
29,055
Total revenue
158,488
160,676
Cost of Revenue
Subscriptions
36,780
36,302
Professional services and other
17,844
22,383
Amortization of acquired intangible
assets
24,698
24,566
Total cost of revenue
79,322
83,251
Gross Profit
79,166
77,425
Operating Expenses
Research and development
24,945
25,587
Sales and marketing
21,551
22,745
General and administrative
38,550
23,355
Acquisition-related expenses
18
5,580
Amortization of acquired intangible
assets
19,993
21,023
Goodwill impairment
—
514,816
Total operating expenses
105,057
613,106
Loss from operations
(25,891
)
(535,681
)
Other income (expense)
Interest and other expense, net
(25,517
)
(18,049
)
Gain from change in tax receivable
agreement liability
7,927
8,062
Gain from change in fair value of warrant
liability
1,489
15,159
Gain from change in fair value of
contingent consideration
1,260
7,260
Total other (expense) income
(14,841
)
12,432
Loss before income tax
provision
(40,732
)
(523,249
)
Income tax benefit
2,103
113,664
Net loss
(38,629
)
(409,585
)
Less: Net loss attributable to
noncontrolling interest
(3,757
)
(40,897
)
Net loss attributable to E2open Parent
Holdings, Inc.
$
(34,872
)
$
(368,688
)
Weighted-average common shares
outstanding:
Basic
303,220
301,898
Diluted
303,220
301,898
Net loss attributable to E2open Parent
Holdings, Inc. common shareholders per share:
Basic
$
(0.12
)
$
(1.22
)
Diluted
$
(0.12
)
$
(1.22
)
E2OPEN PARENT HOLDINGS,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
August 31, 2023
February 28, 2023
Assets
Cash and cash equivalents
$
111,840
$
93,032
Restricted cash
22,761
11,310
Accounts receivable, net
122,120
174,809
Prepaid expenses and other current
assets
30,882
25,200
Total current assets
287,603
304,351
Goodwill
2,532,171
2,927,807
Intangible assets, net
960,785
1,051,124
Property and equipment, net
69,498
72,476
Operating lease right-of-use assets
18,748
18,758
Other noncurrent assets
27,073
25,659
Total assets
$
3,895,878
$
4,400,175
Liabilities and Stockholders'
Equity
Accounts payable and accrued
liabilities
$
90,888
$
97,491
Channel client deposits payable
22,761
11,310
Deferred revenue
170,822
203,824
Current portion of notes payable
11,119
11,144
Current portion of operating lease
obligations
7,387
7,622
Current portion of financing lease
obligations
625
2,582
Income taxes payable
3,003
2,190
Total current liabilities
306,605
336,163
Long-term deferred revenue
2,212
2,507
Operating lease obligations
15,287
15,379
Financing lease obligations
776
1,049
Notes payable
1,040,485
1,043,636
Tax receivable agreement liability
64,278
69,745
Warrant liability
13,447
29,616
Contingent consideration
19,288
29,548
Deferred taxes
72,986
144,529
Other noncurrent liabilities
766
1,083
Total liabilities
1,536,130
1,673,255
Commitments and Contingencies
Stockholders' Equity
Class A common stock
30
30
Class V common stock
—
—
Series B-1 common stock
—
—
Series B-2 common stock
—
—
Additional paid-in capital
3,388,570
3,378,633
Accumulated other comprehensive loss
(46,199
)
(68,603
)
Accumulated deficit
(1,163,946
)
(803,679
)
Treasury stock, at cost
(2,473
)
(2,473
)
Total E2open Parent Holdings, Inc.
equity
2,175,982
2,503,908
Noncontrolling interest
183,766
223,012
Total stockholders' equity
2,359,748
2,726,920
Total liabilities and stockholders'
equity
$
3,895,878
$
4,400,175
E2OPEN PARENT HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended August
31,
(In thousands)
2023
2022
Cash flows from operating
activities
Net loss
$
(399,513
)
$
(422,206
)
Adjustments to reconcile net loss to net
cash from operating activities:
Depreciation and amortization
107,168
107,380
Amortization of deferred commissions
2,758
1,838
Provision for credit losses
1,294
266
Amortization of debt issuance costs
2,640
2,487
Amortization of operating lease
right-of-use assets
3,890
3,960
Share-based compensation
11,887
8,342
Deferred income taxes
(72,721
)
(133,632
)
Right-of-use assets impairment charge
549
2,376
Goodwill impairment charge
410,041
514,816
Indefinite-lived intangible asset
impairment charge
4,000
—
Gain from change in tax receivable
agreement liability
(5,467
)
(6,392
)
Gain from change in fair value of warrant
liability
(16,169
)
(20,614
)
Gain from change in fair value of
contingent consideration
(10,260
)
(11,460
)
Gain on operating lease termination
(189
)
—
(Gain) loss on disposal of property and
equipment
(147
)
162
Changes in operating assets and
liabilities:
Accounts receivable
51,394
5,610
Prepaid expenses and other current
assets
(3,338
)
257
Other noncurrent assets
(4,172
)
(2,493
)
Accounts payable and accrued
liabilities
(7,825
)
(15,726
)
Channel client deposits payable
11,451
(1,669
)
Deferred revenue
(33,296
)
(23,162
)
Changes in other liabilities
(2,714
)
(7,976
)
Net cash provided by operating
activities
51,261
2,164
Cash flows from investing
activities
Payments for acquisitions - net of cash
acquired
—
(124,168
)
Capital expenditures
(16,057
)
(31,557
)
Minority investment in private firm
—
(3,000
)
Net cash used in investing activities
(16,057
)
(158,725
)
Cash flows from financing
activities
Proceeds from indebtedness
—
190,000
Repayments of indebtedness
(5,587
)
(85,857
)
Repayments of financing lease
obligations
(2,243
)
(2,213
)
Repurchase of common units
—
(1,397
)
Payments of debt issuance costs
—
(4,766
)
Net cash (used in) provided by financing
activities
(7,830
)
95,767
Effect of exchange rate changes on cash
and cash equivalents
2,885
1,700
Net increase (decrease) in cash, cash
equivalents and restricted cash
30,259
(59,094
)
Cash, cash equivalents and restricted
cash at beginning of period
104,342
174,554
Cash, cash equivalents and restricted
cash at end of period
$
134,601
$
115,460
E2OPEN PARENT HOLDINGS,
INC.
RECONCILIATION OF PRO FORMA
INFORMATION
TABLE I
(in millions)
Q2
Q2
$ Var
% Var
FY2024
FY2023
PRO FORMA REVENUE
RECONCILIATION
Total GAAP Revenue
158.5
160.7
(2.2)
(1.4%)
Constant currency FX impact (1)
(0.8)
-
(0.8)
n/m
Total non-GAAP revenue (constant
currency basis) (2)
$157.7
$160.7
($3.0)
(1.9%)
GAAP Subscription Revenue
134.7
131.6
3.1
2.4%
Constant currency FX impact (1)
(0.6)
-
(0.6)
n/m
Non-GAAP subscription revenue (constant
currency basis) (2)
$134.1
$131.6
$2.5
1.9%
GAAP Professional Services and other
revenue
23.8
29.1
(5.3)
(18.2%)
Constant currency FX impact (1)
(0.2)
-
(0.2)
n/m
Non-GAAP professional services and
other revenue (constant currency basis) (2)
$23.6
$29.1
($5.5)
(18.8%)
PRO FORMA GROSS PROFIT
RECONCILIATION
GAAP Gross profit
79.2
77.4
1.7
2.2%
Depreciation and amortization
28.8
28.6
0.2
0.6%
Share-based compensation (3)
1.1
0.1
1.1
1,166.7%
Non-recurring/non-operating costs (4)
0.4
0.7
(0.3)
(38.6%)
Non-GAAP gross profit
$109.5
$106.9
$2.7
2.5%
Non-GAAP Gross Margin %
69.1%
66.5%
Constant currency FX impact (1)
(0.6)
-
(0.6)
n/m
Total non-GAAP gross profit (constant
currency basis) (2)
$109.0
$106.9
$2.1
2.0%
Non-GAAP Gross Margin % (constant currency
basis) (2)
69.1%
66.5%
PRO FORMA ADJUSTED EBITDA
RECONCILIATION
Net income (loss)
(38.6)
(409.6)
371.0
n/m
Interest expense, net
24.7
17.3
7.4
42.4%
Income tax benefit
(2.1)
(113.7)
111.6
(98.2%)
Depreciation and amortization
53.9
54.1
(0.2)
(0.4%)
EBITDA
$37.8
($451.9)
$489.6
n/m
Share-based compensation (3)
7.4
5.2
2.3
44.5%
Non-recurring/non-operating costs (4)
3.6
2.7
0.9
31.4%
Acquisition-related adjustments (5)
-
5.6
(5.6)
(99.6%)
Change in tax receivable agreement
liability (6)
(7.9)
(8.1)
0.1
(1.6%)
Change in fair value of warrant liability
(7)
(1.5)
(15.2)
13.7
(90.2%)
Change in fair value of contingent
consideration (8)
(1.3)
(7.3)
6.0
(82.6%)
Goodwill impairment
-
514.8
(514.8)
n/m
Right-of-use assets impairment charge
0.2
2.4
(2.2)
(92.0%)
Legal settlement (9)
17.8
-
17.8
n/m
Adjusted EBITDA
$56.1
$48.3
$7.8
16.1%
Adjusted EBITDA Margin %
35.4%
30.1%
Constant currency FX impact (1)
(0.3)
-
(0.3)
n/m
Total adjusted EBITDA (constant
currency basis) (2)
$55.8
$48.3
$7.4
15.4%
Adjusted EBITDA Margin % (constant
currency basis) (2)
35.4%
30.1%
(1) Constant Currency refers to pro-forma
amounts excluding the impact of translating foreign currencies into
U.S. dollars. To calculate foreign currency translation on a
constant currency basis, operating results for the current year
period for entities reporting in currencies other than the U.S.
dollar are translated into U.S. dollars at the exchange rates in
effect during the comparable period of the prior year (rather than
the actual exchange rates in effect during the current year
period)
(2) Constant Currency refers to pro forma
amounts excluding translation and transactional impacts from
foreign currency exchange rates.
(3) Reflects non-cash, long-term
share-based compensation expense.
(4) Primarily includes other non-recurring
expenses such as systems integrations and consulting, advisory fees
and certain severance costs.
(5) Primarily includes advisory,
consulting, accounting and legal expenses incurred in connection
with mergers and acquisitions activity, including related
valuation, negotiation and integration costs and capital-raising
activities for costs related to the Business Combination.
(6) Represents the expense related to the
change in the fair value of the tax receivable agreement liability,
including interest.
(7) Represents the fair value adjustment
at each balance sheet date of the warrant liability related to the
public, private placement, and forward purchase warrants.
(8) Represents the fair value adjustment
at each balance sheet date of the contingent consideration
liability related to the restricted Series B-2 common stock and
Series 2 RCUs.
(9) Represents the $17.8 million
litigation settlement related to a BluJay customer dispute prior to
acquisition.
E2OPEN PARENT HOLDINGS,
INC.
RECONCILIATION OF NON-GAAP
EXPENSES
TABLE II
Fiscal Second Quarter 2024
(in millions)
GAAP
M&A Related (1) & Non-
recurring (2)
Depreciation &
Amortization
Share-Based
Compensation
Non- GAAP (Adj.)
% of Revenue
Impairment Charges (3)
Legal Settlement (4)
COST OF GOODS
Subscriptions
36.8
(0.3)
-
(3.9)
(0.7)
-
31.9
23.7%
Professional services and other
17.8
(0.2)
-
(0.2)
(0.5)
-
17.0
71.7%
Amortization of intangibles
24.7
-
-
(24.7)
-
-
-
Total cost of revenue
$79.3
($0.4)
-
($28.8)
($1.1)
-
$49.0
30.9%
Gross Profit
$79.2
$0.4
-
$28.8
$1.1
-
$109.5
69.1%
OPERATING COSTS
Research & development
25.0
(0.2)
-
(4.2)
(1.6)
-
19.0
12.0%
Sales & marketing
21.6
(0.3)
-
(0.3)
(1.4)
-
19.6
12.3%
General & administrative
38.6
(1.8)
(0.2)
(0.6)
(3.3)
(17.8)
14.9
9.4%
Acquisition related expenses
0.0
(0.0)
-
-
-
-
-
Amortization of intangibles
20.0
-
-
(20.0)
-
-
-
Goodwill Impairment
-
-
0.0
-
-
-
-
Total operating expenses
$105.1
($2.3)
($0.2)
($25.1)
($6.3)
($17.8)
$53.4
33.7%
(1) Primarily includes advisory,
consulting, accounting and legal expenses incurred in connection
with mergers and acquisitions activity, including related
valuation, negotiation and integration costs and capital-raising
activities for costs related to the Business Combination.
(2) Primarily includes other non-recurring
expenses such as systems integrations and consulting, advisory
fees, and certain severance costs.
(3) The company recognized a right-of-use
asset impairment charge of $0.2M in G&A in Q2 FY24.
(4) Represents the $17.8 million
litigation settlement related to a BluJay customer dispute prior to
acquisition.
E2OPEN PARENT HOLDINGS,
INC.
RECONCILIATION OF ADJUSTED
EARNINGS PER SHARE
TABLE III
Fiscal Second Quarter 2024
(in millions, except per share
amounts)
Q2 24
GAAP Net income (loss)
(38.6)
Interest expense, net
24.7
Income taxes benefit
(2.1)
Depreciation & amortization
53.9
EBITDA
$37.8
Share-based compensation
7.4
Non-recurring/non-operating costs
3.6
Acquisition-related adjustments
0.0
Change in tax receivable agreement
liability
(7.9)
Change in fair value of warrant
liability
(1.5)
Change in fair value of contingent
consideration
(1.3)
Right-of-use assets impairment charge
0.2
Legal settlement
17.8
Adjusted EBITDA
$56.1
Depreciation
(9.2)
Interest and other expense, net
(24.7)
Adjusted EBIT
$22.3
Normalized income taxes (1)
(5.4)
Adjusted Net Income
$16.9
Adjusted basic shares outstanding
387.3
Adjusted earnings per share
$0.04
(1) Income taxes calculated using 24%
effective rate
E2OPEN PARENT HOLDINGS,
INC.
ADJUSTED FREE CASH
FLOW
TABLE IV
Fiscal Second Quarter 2024
(in millions)
Q1 24
Q2 24
Q2 YTD
GAAP operating cash flow
36.5
14.8
51.3
Add: Non recurring cash payments (1)
3.4
1.9
5.3
Add: Change in channel client deposits
payable (2)
(2.5)
(8.9)
(11.5)
Adjusted operating cash flow
$37.3
$7.7
$45.1
Capital expenditures
(6.6)
(9.5)
(16.1)
Adjusted free cash flow
$30.8
($1.8)
$29.0
(1) Includes cash payments related to
non-recurring M&A, legal settlements, and other one-time
costs.
(2) Channel Client Deposits Payable
represents client deposits for the incentive payment program
associated with the Company's channel shaping application. The
Company offers services to administer incentive payments to
partners on behalf of the Company’s clients. The Company’s clients
deposit these funds into a restricted cash account with an offset
included as a liability in incentive program payable in the
Consolidated Balance Sheets
E2OPEN PARENT HOLDINGS,
INC.
CONSOLIDATED CAPITAL
TABLE V
Fiscal Second Quarter 2024
Description
Shares (000's)
Notes
Shares outstanding as of August 31,
2023
303,250
Shares outstanding
Common Units
32,992
Units issued in the Business Combination
that have not been converted from common units to Class A common
stock (Common units are represented by Class V shares).
Series B-2 Shares (unvested)
3,372
Represents the right to acquire shares of
Class A common stock when the 20-day VWAP reaches $15.00 per
share.
Restricted Common Units Series 2
(unvested)
2,628
Represents the right in E2open Holdings,
LLC that converts into common units when the 20-day VWAP reaches
$15.00. Upon conversion to common units, the holders can elect to
convert the common units to Class A common stock.
Adjusted Basic Shares
342,242
Warrants
29,080
Outstanding warrants with an exercise
price of $11.50.
Options (vested/unreleased and
unvested)
2,734
Options issued to management under the
long-term incentive plan.
Restricted Shares (vested/unreleased and
unvested)
13,242
Restricted shares issued to employees,
management and directors under the long-term incentive plan.
Fully Converted Shares
387,298
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231010894260/en/
Investor Contact Dusty Buell
dusty.buell@e2open.com investor.relations@e2open.com
Media Contact 5W PR for
e2open e2open@5wpr.com 212.584.4307
Corporate Contact Kristin
Seigworth VP Communications, e2open
kristin.seigworth@e2open.com
E2open Parent (NYSE:ETWO)
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E2open Parent (NYSE:ETWO)
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