nLIGHT at a Glance
GAAP to Non-GAAP Reconciliation | Adjusted EBITDA, Net Income and EPS
nLight, Inc.
2018
(in thousands, except per share data)
°°
Q2
Q3
04
Total
Q1
Q2
2019
Q3
2020
2021
2022
Q4
Net income (loss)
Adjustments:
Income tax expense (benefit)
$
2,916 $
4,653 $
4,009 $
2,360 $
13,938 $
(1,235) $
(155) $
(778) $
(10,716) $
Total
(12,884) $
Q1
(7,475) $
Q2
(6,830) $
Q3
Q4
(2,110) $
(4,517) $
Total
(20,932) $
Q1
Q2
(6,149) $
(7,890) $
Q3
(6,880) $
Q4
(8,750) $
Total
(29,669) $
01
Q2
Total
(8,623) $
(10,342) $ (18,965)
1,149
848
839
764
3,600
1,753
793
837
2,736
6,119
905
418
(1,485)
502
340
322
Other (income) expense
(76)
42
537
(250)
253
(820)
907
(90)
(532)
(535)
116
298
(477)
(315)
(378)
Interest (income) expense, net
219
6
(298)
(655)
(728)
(750)
(740)
(665)
(454)
(2,609)
(283)
65
96
44
(78)
(26)
74
(1,038)
(118)
203
138
(375)
343
(10)
333
(102)
(90)
(336)
(29)
106
77
32
20
37
163
(0)
(71)
(71)
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
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
3,504
6,683
3,752
8,981
13,685
3,717
3,695
Acquisition and integration-related costs
470
470
50
Adjusted EBITDA
$
6,316 $
8,527 $
9,184 $
6,129 $
30,156 $
3,069 $
5,455
$
2,696 $
(1,365) $
9,855 $
237 $
3,256 $
6,211 $
8,447 $
25.464
50
18,151 $
8,054
11,606
3,899
10,072
3,748
7,988
15,059
37,720
3,738
3,805
7,543
6,553
6,680
13,233
5,992 $ 6,287
$
7,212 $ 3,071 $
22,562 $
1,982 $
168 $ 2,150
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) $ (10,342) $ (18,965)
Add back:
Stock-based compensation (¹)
162
806
1,903
1,934
4,805
1,909
2,381
1,079
Valuation allowance on foreign deferred tax assets
4,361
3,423
9,730
3,763
6,037
6,683
8,981
25,464
8,054
11,606
10,072
7,988
37,720
6,553
6,680
13.233
3,423
Acquisition and integration-related costs
470
470
Amortization of purchased intangibles
Non-GAAP net income (loss)
$
3,078 $
5,459 $
5,912 $
4,294 $
18,743 $
674 $
2,226 $
301 $
328
(2,134) $
328
50
656
656
1,067 $
(3,006) $ (137)
696
5,269
716
$ 5,180 $
50
2,724
7,306 $
717
2,622
$
718
4,434 $
718
518
3,910 $
(244) $
2,671
10,722 $
472
407
879
(1,598) $
(3,256) $ (4,853)
GAAP weighted-average shares outstanding
stock
3,031
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
44,178
43,919
Participating securities
Non-GAAP weighted-average number of shares, basic
Dilutive effect of common stock equivalents
27,673
32,431
35,007
36,441
32,918
36,694
37,065
Non-GAAP weighted-average number of shares, diluted
4,492
32,165
5,265
5,325
4,798
37,696
40,332
41,239
5,097
38,015
4,585
41,279
4,391
41,456
444
37,706
4,016
41,722
37,463
37,463
319
37,438
4.360
41,798
37,846
38,177
37,846
38,177
629
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
4,341
43,655
44,178
43,919
43,277
47,182
43,655
44,178
43,919
Non-GAAP net income (loss) per share, basic
$
0.11 $
0.17 $
Non-GAAP net income (loss) per share, diluted
0.10
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) $
(0.08)
0.00 $
0.00
0.13 $
0.12
0.13 $
0.12
0.19
$
0.06 $
0.17
0.06
0.10
0.09
$
0.09 $
0.08
(0.01) $
(0.01)
0.25 $
0.23
(0.04) $ (0.07) $ (0.11)
(0.04)
(0.07)
(0.11)
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.
41
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