ZAGG INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
(Unaudited)


 
 
March 31, 2018
 
December 31, 2017
 
 
 
 
 
ASSETS
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
$
17,745

 
$
24,989

 
Accounts receivable, net of allowances of $474 and $734
73,894

 
123,220

 
Inventories
78,891

 
75,046

 
Prepaid expenses and other current assets
4,529

 
4,547

Total current assets
175,059

 
227,802

 
 
 
 
 
Property and equipment, net of accumulated depreciation of $12,979 and $12,540
12,794

 
13,444

Goodwill
12,272

 
12,272

Intangible assets, net of accumulated amortization of $69,440 and $66,639
36,443

 
39,244

Deferred income tax assets
24,084

 
24,403

Other assets
3,803

 
3,426

Total assets
$
264,455

 
$
320,591

 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
$
54,798

 
$
96,472

 
Income tax payable
2,291

 
2,052

 
Accrued liabilities
9,214

 
10,515

 
Sales returns liability
30,913

 
32,189

 
Accrued wages and wage related expenses
7,775

 
5,652

 
Deferred revenue

 
315

 
Line of credit

 
23,475

 
Current portion of long-term debt, net of deferred loan costs of $141

 
13,922

Total current liabilities
104,991

 
184,592

 
 
 
 
 
Line of credit
22,038

 

Total liabilities
127,029

 
184,592

 
 
 
 
 
Stockholders' equity:
 
 
 
 
Common stock, $0.001 par value; 100,000 shares authorized; 34,416 and 34,104 shares issued
34

 
34

 
Additional paid-in capital
94,134

 
96,145

 
Accumulated other comprehensive loss
(59
)
 
(348
)
 
Treasury stock, 6,065 and 6,065 common shares at cost
(37,637
)
 
(37,637
)
 
Retained earnings
80,954

 
77,805

 
 
 
 
 
Total stockholders' equity
137,426

 
135,999

Total liabilities and stockholders' equity
$
264,455

 
$
320,591






ZAGG INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)


 
 
Three Months Ended
 
 
March 31, 2018
 
March 31, 2017
 
 
 
 
 
Net sales
$
112,066

 
$
92,946

Cost of sales
74,474

 
64,340

Gross profit
37,592

 
28,606

 
 
 
 
 
Operating expenses:
 
 
 
 
Advertising and marketing
2,594

 
3,006

 
Selling, general and administrative
24,307

 
27,054

 
Transaction costs

 
215

 
Impairment of intangible asset

 
1,959

 
Amortization of intangible assets
2,772

 
3,021

Total operating expenses
29,673

 
35,255

 
 
 
 
 
Income (loss) from operations
7,919

 
(6,649
)
 
 
 
 
 
Other income (expense):
 
 
 
 
Interest expense
(500
)
 
(490
)
 
Other income (expense)
495

 
(20
)
Total other expense
(5
)
 
(510
)
 
 
 
 
 
Income (loss) before provision for income taxes
7,914

 
(7,159
)
 
 
 
 
 
Income tax (provision) benefit
(885
)
 
1,021

 
 
 
 
 
Net income (loss)
$
7,029

 
$
(6,138
)
 
 
 
 
 
Earnings (loss) per share attributable to stockholders:
 
 
 
 
Basic earnings (loss) per share
$
0.25

 
$
(0.22
)
 
Diluted earnings (loss) per share
$
0.24

 
$
(0.22
)




ZAGG INC AND SUBSIDIARIES
RECONCILIATION OF NON- U.S. GAAP FINANCIAL INFORMATION TO U.S. GAAP
(in thousands)
(Unaudited)

 
Unaudited Supplemental Data
 
 
 
 
 
 
 
 
The following information is not a financial measure under generally accepted accounting principles (GAAP). In addition, it should not be construed as an alternative to any other measures of performance determined in accordance with GAAP, or as an indicator of our operating performance, liquidity or cash flows generated by operating, investing and financing activities as there may be significant factors or trends that it fails to address. We present this financial information because we believe that it is helpful to some investors as a measure of our operations. We caution investors that non-GAAP financial information, by its nature, departs from traditional accounting conventions; accordingly, its use can make it difficult to compare our results with our results from other reporting periods and with the results of other companies.
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Adjusted EBITDA Reconciliation
March 31, 2018
 
March 31, 2017
 
 
 
 
 
 
 
 
Net income (loss) in accordance with U.S. GAAP
$
7,029

 
$
(6,138
)
 
 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
a.
Stock-based compensation expense
601

 
670

 
 
b.
Depreciation and amortization
5,030

 
5,781

 
 
c.
Impairment of intangible assets

 
1,959

 
 
d.
Other income (expense)
5

 
510

 
 
e.
mophie transaction expenses

 
215

 
 
f.
mophie restructuring charges

 
414

 
 
g.
mophie employee retention bonus

 
300

 
 
h.
Income tax provision (benefit)
885

 
(1,021
)
 
 
 
 
 
 
 
 
Adjusted EBITDA
$
13,550

 
$
2,690

 
 
 
Years Ended
 
 
 
Actual
 
Guidance*
Adjusted EBITDA Reconciliation
December 31, 2017
 
December 31, 2018
 
 
 
 
 
 
Net income (loss) in accordance with U.S. GAAP
$
15,100

 
$
40,200

 
 
 
 
 
 
 
Adjustments:
 
 
 
 
a.
Stock-based compensation expense
3,602

 
3,667

 
b.
Depreciation and amortization
21,888

 
18,358

 
c.
Impairment of intangible assets
1,959

 

 
d.
Other expense
1,383

 
1,375

 
e.
mophie restructuring charges
437

 

 
f.
mophie employee retention bonus
346

 

 
g.
Income tax provision
28,252

 
14,900

 
 
 
 
 
 
Adjusted EBITDA
$
72,967

 
$
78,500

*Midpoint of 2018 guidance

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