nLIGHT Corporate Overview
GAAP to Non-GAAP Reconciliation | Adjusted EBITDA, Net Income and EPS
nLight, Inc.
2018
2019
2020
(in thousands, except per share data)
Net income (loss)
Adjustments:
Income tax expense (benefit)
Other (income) expense
Q1
Q2
Q3
Q4
Totals
Q1
Q2
Q3
Q4
Totals
Q1
Q2
Q3
Q4
Totals
$
2,916 $
4,653 $
4,009 $
2,360 $ 13,938 $
(1,235) $
(155) $
(778) $ (10,716) $ (12,884) $ (7,475) $
(6,830) $
(2,110) $
(4,517) $ (20,932) $
Q1
(6,149) $
Q2
2021
Q3
2022
Q4
Totals
(7,890) $
(6,880) $ (8,750) $ (29,669) $
Q1
(8,623)
1,149
848
839
764
3,600
1,753
793
837
2,736
6,119
905
(76)
42
537
(250)
253
(820)
907
(90)
(532)
(535)
116
418
298.
(1,485)
502
340
322
Interest (income) expense, net
219
6
(298)
(655)
(728)
(750)
(740)
(665)
(454)
(2,609)
(283)
65
Depreciation and amortization
1,946
2,172
2,194
1,976
8,288
2,212
2,269
2,313
2,770
9,564
3,161
3,268
(477)
96
3,504
(315)
(378)
(26)
(1,038)
(118)
203
138
(375)
343
(102)
(90)
(336)
(29)
44
(78)
74
3,752
13,685
3,717
Stock-based compensation
162
806
1,903
1,934
4,805
1,909
2,381
1,079
4,361
9,730
3,763
6,037
6,683
8,981
Acquisition and integration-related costs
Adjusted EBITDA
$
6,316 $
8,527 $
9,184 $
6,129 $
30,156 $
3,069 $
5,455 $
2,696 $
470
(1,365) $
470
9,855 $
50
237 $
25,464
50
8,054
32
3,695
11,606
20
37
163
(0)
3,899
10,072
3,748
15,059
3,738
7,988
37,720
6,553
3,256 $
6,211 $
8,447 $ 18,151 $
5,992 $
6,287 $
7,212 $
3,071 $ 22,562 $ 1,982
Net income (loss)
$
2,916 $
4,653 $
4,009
$
2,360 $
13,938 $
(1,235) $
(155) $
(778) $
(10,716) $
(12,884) $
(7,475) $
(6,830) $
(2,110) $
(4,517) $ (20,932) $
(6,149) $
(7,890) $
(6,880) $ (8,750) $ (29,669) $ (8,623)
Add back:
(1)
Stock-based compensation
162
806
1,903
1,934
4,805
1,909
2,381
1,079
4,361
9,730
3,763
6.037
6,683
8,981
25,464
8,054
11,606
10,072
7,988
37,720
6,553
Valuation allowance on foreign deferred tax assets
3,423
3,423
Acquisition and integration-related costs
470
470
Amortization of purchased intangibles
328
328
50
656
Non-GAAP net income (loss)
3,078 $
5,459 $
5,912 $
4,294 $
18,743 $
674 $
2,226 $
301 $
(2,134) $
1,067 $
(3,006) $
656
(137) $
696
716
5,269 $ 5,180 $
50
2,724
717
7,306 $ 2,622 $
718
4,434 $
718
518
2,671
472
3,910 $ (244) $ 10,722 $ (1,598)
GAAP weighted-average shares outstanding
3,031
Assumed conversion of convertible preferred stock to common stock
Participating securities
24,642
24,491
7,940
35,007
36,441
24,862
8,056
36,694
37,065
37,262
37,463
37,119
37,846
38,177
38,558
38,877
38,367
40,048
42,313
42,884
43,277
42,142
43,655
444
Non-GAAP weighted-average number of shares, basic
27,673
32,431
35,007
36,441
32,918
Dilutive effect of common stock equivalents
4,492
5,265
5,325
4,798
Non-GAAP weighted-average number of shares, diluted
32,165
37,696
40,332
41,239
5,097
38,015
36,694
4,585
41,279
37,065
4,391
41,456
37,706
4,016
41,722
37,463
37,463
319
37,438
4,360
41,798
629
37,846
38,177
37,846
38,177
39,187
4,290
43,477
653
39,530
4,654
44,184
544
38,911
4,228
43,139
653
40,701
4,691
45,392
614
42,927
4,334
47,261
774
43,658
3,986
47,644
43,277
699
42,841
43,655
4,341
43,277
47,182
43,655
Non-GAAP net income (loss) per share, basic
$
Non-GAAP net income (loss) per share, diluted
0.11 $
0.10
0.17 $
0.14
0.17 $
0.15
0.12 $
0.10
0.57 $
0.49
0.02 $
0.02
0.06 $
0.05
0.01 $
0.01
(0.06) $
(0.06)
0.03 $
0.03
(0.08) $ 0.00 $
(0.08)
0.13 $
0.00
0.12
0.13 $
0.12
0.19 $
0.17
0.06 $
0.06
0.10 $
0.09
0.09 $ (0.01) $ 0.25 $
0.08 (0.01)
(0.04)
0.23
(0.04)
NLIGHT
(1) There is no income tax effect related to the stock-based compensation, acquisition and integration-related costs, and amortization of purchased intangibles
adjustments due to the full valuation allowance in the U.S.
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