TIGR » Topics » NON-GAAP FINANCIAL INFORMATION

These excerpts taken from the TIGR 10-K filed Jun 24, 2009.

NON-GAAP FINANCIAL INFORMATION

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is defined as net income (loss) with an add-back for depreciation and amortization, non-cash stock-based compensation expense, interest income (expense)-net, other income (expense)-net, and income taxes. EBITDA should not be construed as a substitute for net loss or as a better measure of liquidity than cash flow from operating activities, which are determined in accordance with United States generally accepted accounting principles (“GAAP”). EBITDA excludes components that are significant in understanding and assessing our results of operations and cash flows. EBITDA does not represent funds available for management’s discretionary use and is not intended to represent cash flow from operations. In addition, EBITDA is not a term defined by GAAP and as a result our measure of EBITDA might not be comparable to similarly titled measures used by other companies.

However, EBITDA is used by management to evaluate, assess and benchmark our operational results and we believe that EBITDA is relevant and useful information, which is often reported and widely used by analysts, investors and other interested parties in our industry. Accordingly, we are disclosing this information to permit a more comprehensive analysis of our operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to our ability to meet future debt service, capital expenditure and working capital requirements.

 

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Our EBITDA were negative $1.7 million or negative 10% of total net revenue, positive $1.0 million or 5% of total net revenue, negative $0.9 million or negative 5% of total net revenue, for the years ended March 31, 2009, 2008 and 2007, respectively. The decrease in fiscal 2009 EBITDA as compared to fiscal 2008 was a result of decreased revenue. The increase in fiscal 2008 EBITDA as compared to fiscal 2007 was a result of higher revenue and lower research and development expenses. The following table reconciles EBITDA to the GAAP reported net income (loss):

TIGERLOGIC CORPORATION AND SUBSIDIARIES

NON-GAAP FINANCIAL INFORMATION

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is defined as net income (loss) with an add-back for depreciation and
amortization, non-cash stock-based compensation expense, interest income (expense)-net, other income (expense)-net, and income taxes. EBITDA should not be construed as a substitute for net loss or as a better measure of liquidity than cash flow from
operating activities, which are determined in accordance with United States generally accepted accounting principles (“GAAP”). EBITDA excludes components that are significant in understanding and assessing our results of operations and
cash flows. EBITDA does not represent funds available for management’s discretionary use and is not intended to represent cash flow from operations. In addition, EBITDA is not a term defined by GAAP and as a result our measure of EBITDA might
not be comparable to similarly titled measures used by other companies.

However, EBITDA is used by management to evaluate, assess and
benchmark our operational results and we believe that EBITDA is relevant and useful information, which is often reported and widely used by analysts, investors and other interested parties in our industry. Accordingly, we are disclosing this
information to permit a more comprehensive analysis of our operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to our ability to meet future debt service, capital
expenditure and working capital requirements.

 


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Our EBITDA were negative $1.7 million or negative 10% of total net revenue, positive $1.0 million or 5%
of total net revenue, negative $0.9 million or negative 5% of total net revenue, for the years ended March 31, 2009, 2008 and 2007, respectively. The decrease in fiscal 2009 EBITDA as compared to fiscal 2008 was a result of decreased revenue.
The increase in fiscal 2008 EBITDA as compared to fiscal 2007 was a result of higher revenue and lower research and development expenses. The following table reconciles EBITDA to the GAAP reported net income (loss):

STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center">TIGERLOGIC CORPORATION AND SUBSIDIARIES

SIZE="2">RECONCILIATION OF EBITDA TO NET LOSS

This excerpt taken from the TIGR 10-Q filed Feb 11, 2009.

NON-GAAP FINANCIAL INFORMATION

EBITDA should not be construed as a substitute for net loss or as a better measure of liquidity than cash flow from operating activities, which are determined in accordance with United States generally accepted accounting principles (“GAAP”). EBITDA excludes components that are significant in understanding and assessing our results of operations and cash flows. EBITDA does not represent funds available for management’s discretionary use and is not intended to represent cash flow from operations. In addition, EBITDA is not a term defined by GAAP and as a result our measure of EBITDA might not be comparable to similarly titled measures used by other companies.

However, EBITDA is used by management to evaluate, assess and benchmark our operational results and we believe that EBITDA is relevant and useful information, which is often reported and widely used by analysts, investors and other interested parties in our industry. Accordingly, we are disclosing this information to permit a more comprehensive analysis of our operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to our ability to meet future debt service, capital expenditure and working capital requirements.

Our EBITDA was breakeven for the three month period ended December 31, 2008, and negative $1.4 million, or negative 11% of total net revenue for the nine month period ended December 31, 2008. Our EBITDA was $0.3 million, or 6% of total net revenue for the three month period ended December 31, 2007, and $1.0 million or 6% of total net revenue for the nine month period ended December 31, 2007. The decrease in EBITDA for the three and nine month periods ended December 31, 2008, compared to the same periods in the prior year was a result of lower revenue and increased operating expenses relating to the introduction of our ChunkIt! product.

EBITDA is defined as net income (loss) with an add-back for depreciation and amortization, non-cash stock-based compensation expense, interest income (expense)-net, other income (expense)-net, and income taxes. The following table reconciles EBITDA to the GAAP reported net loss:

This excerpt taken from the TIGR 10-Q filed Nov 12, 2008.

NON-GAAP FINANCIAL INFORMATION

EBITDA should not be construed as a substitute for net loss or as a better measure of liquidity than cash flow from operating activities, which are determined in accordance with United States generally accepted accounting principles (“GAAP”). EBITDA excludes components that are significant in understanding and assessing our results of operations and cash flows. EBITDA does not represent funds available for management’s discretionary use and is not intended to represent cash flow from operations. In addition, EBITDA is not a term defined by GAAP and as a result our measure of EBITDA might not be comparable to similarly titled measures used by other companies.

However, EBITDA is used by management to evaluate, assess and benchmark our operational results and we believe that EBITDA is relevant and useful information, which is often reported and widely used by analysts, investors and other interested parties in our industry. Accordingly, we are disclosing this information to permit a more comprehensive analysis of our operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to our ability to meet future debt service, capital expenditure and working capital requirements.

Our EBITDA was negative $0.5 million, or negative 11% of total net revenue for the three month period ended September 30, 2008, and negative $1.4 million, or negative 16% of total net revenue for the six month period ended September 30, 2008. Our EBITDA was $0.5 million, or 10% of total net revenue for the three month period ended September 30, 2007, and $0.7 million or 7% of total net revenue for the six month period ended September 30, 2007. The decrease in EBITDA for the three and six month periods ended September 30, 2008, compared to the same periods in the prior year was a result of lower revenue and increased operating expenses relating to the introduction of the TigerLogic ChunkIt! product.

EBITDA is defined as net income (loss) with an add-back for depreciation and amortization, non-cash stock-based compensation expense, interest income (expense)-net, other income (expense)-net, and income taxes. The following table reconciles EBITDA to the GAAP reported net income (loss):

This excerpt taken from the TIGR 10-Q filed Aug 12, 2008.

NON-GAAP FINANCIAL INFORMATION

EBITDA should not be construed as a substitute for net loss or as a better measure of liquidity than cash flow from operating activities, which are determined in accordance with United States generally accepted accounting principles (“GAAP”). EBITDA excludes components that are significant in understanding and assessing our results of operations and cash flows. EBITDA does not represent funds available for management’s discretionary use and is not intended to represent cash flow from operations. In addition, EBITDA is not a term defined by GAAP and as a result our measure of EBITDA might not be comparable to similarly titled measures used by other companies.

However, EBITDA is used by management to evaluate, assess and benchmark our operational results and we believe that EBITDA is relevant and useful information, which is often reported and widely used by analysts, investors and other interested parties in our industry. Accordingly, we are disclosing this information to permit a more comprehensive analysis of our operating performance, to provide an additional measure of performance and liquidity and to provide additional information with respect to our ability to meet future debt service, capital expenditure and working capital requirements.

Our EBITDA was negative $0.9 million, or negative 21% of total net revenue for the three month period ended June 30, 2008, and $0.2 million, or 4% of total net revenue for the three month period ended June 30, 2007. The decrease in EBITDA for the three month period ended June 30, 2008, compared to the same period in the prior year was a result of decreased license revenue and increased operating expenses relating to the introduction of the TigerLogic ChunkIt! product.

EBITDA is defined as net income (loss) with an add-back for depreciation and amortization, non-cash stock-based compensation expense, interest income (expense)-net, other income (expense)-net, and income taxes. The following table reconciles EBITDA to the GAAP reported net loss:

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