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Textura Corporation |
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Consolidated Statements of Operations (unaudited) |
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(in thousands, except per share amounts) |
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Three Months Ended March 31, |
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2014 |
2013 |
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Revenues |
$ 13,787 |
$ 8,548 |
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Operating expenses |
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Cost of services (exclusive of depreciation and amortization shown separately below) |
2,882 |
1,780 |
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General and administrative |
6,055 |
4,561 |
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Sales and marketing |
4,843 |
2,284 |
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Technology and development |
5,356 |
3,350 |
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Depreciation and amortization |
1,886 |
1,113 |
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Total operating expenses |
21,022 |
13,088 |
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Loss from operations |
(7,235) |
(4,540) |
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Other expense, net |
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Interest income |
18 |
2 |
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Interest expense |
(43) |
(377) |
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Change in fair value of conversion option liability |
- |
69 |
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Total other expense, net |
(25) |
(306) |
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Loss before income taxes |
(7,260) |
(4,846) |
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Income tax provision |
80 |
49 |
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Net loss |
(7,340) |
(4,895) |
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Less: Net loss attributable to non-controlling interests |
(75) |
(711) |
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Net loss attributable to Textura Corporation |
(7,265) |
(4,184) |
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Accretion of redeemable Series A-1 preferred stock |
- |
1,074 |
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Accretion of redeemable non�controlling interest |
94 |
71 |
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Dividends on Series A-2 preferred stock |
- |
120 |
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Net loss available to Textura Corporation common stockholders |
$ (7,359) |
$ (5,449) |
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Net loss per share available to Textura Corporation common stockholders, basic and diluted |
$ (0.30) |
$ (0.56) |
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Weighted average number of common shares outstanding, basic and diluted |
24,812 |
9,755 |
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Textura Corporation |
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Consolidated Statements of Cash Flows (unaudited) |
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(in thousands) |
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Three Months Ended March 31, |
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2014 |
2013 |
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Cash flows from operating activities |
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Net loss |
$ (7,340) |
$ (4,895) |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
1,886 |
1,113 |
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Deferred income taxes |
80 |
49 |
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Non-cash interest expense |
(1) |
192 |
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Change in fair value of conversion option liability |
- |
(70) |
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Share�based compensation |
1,936 |
478 |
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Changes in operating assets and liabilities, net of acquisitions: |
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Accounts receivable |
(1,720) |
(733) |
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Prepaid expenses and other assets |
419 |
(175) |
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Deferred revenue, including long-term portion |
2,003 |
2,332 |
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Accounts payable |
(130) |
951 |
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Accrued expenses and other |
(463) |
(1,347) |
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Net cash used in operating activities |
(3,330) |
(2,105) |
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Cash flows from investing activities |
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Purchases of property and equipment |
(1,552) |
(80) |
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Acquisitions of businesses, net of cash acquired |
- |
(989) |
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Net cash used in investing activities |
(1,552) |
(1,069) |
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Cash flows from financing activities |
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Principal payments on loan payable |
(4) |
(250) |
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Payments on capital leases |
(195) |
- |
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Proceeds from debt issuances |
- |
6,930 |
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Proceeds from exercise of stock options and warrants |
595 |
- |
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Deferred finance and offering costs |
- |
(375) |
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Net cash used in financing activities |
396 |
6,305 |
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Effect of changes in foreign exchange rates on cash and cash equivalents |
10 |
- |
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Net decrease in cash and cash equivalents |
$ (4,476) |
$ 3,131 |
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Cash and cash equivalents |
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Beginning of period |
77,130 |
1,890 |
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End of period |
$ 72,654 |
$ 5,021 |
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