MILPITAS, Calif., Feb. 06, 2018 (GLOBE NEWSWIRE) -- Nanometrics Incorporated (NASDAQ:NANO), a leading provider of advanced process control systems, today announced financial results for its fourth quarter and full year ended December 30, 2017.
Fourth Quarter 2017 Highlights:
- Record Financial Results. All-time record sales into the 3D-NAND market led to record quarterly revenues for the company, along with new five-year highs in quarterly gross margin, operating margin, and earnings per share. The strong fourth quarter capped off a record year for Nanometrics in 2017: the fourth straight year of double-digit revenue growth and increasing gross and operating margins.
- Expanded Position in Integrated Metrology for 3D-NAND Applications. The company recently announced that its IMPULSE®+ integrated metrology platform has been adopted into key interconnect process control applications by multiple 3D-NAND customers. Having already been broadly deployed for 3D-NAND memory cell control, these recent wins expand Nanometrics’ position into advanced interconnect control. With this expansion, the IMPULSE+ with NanoDiffract® software is supporting high-volume manufacturing across all key steps in 3D-NAND production at multiple customers and factories.
- Gross Margin Improvements Ahead of Schedule. Nanometrics reported fourth-quarter gross margins of over 56%, exceeding the high end of guidance. While there were a couple of key factors driving this outperformance that were unique to the fourth quarter, normalized margins of approximately 55% for the period indicate the company is ahead of schedule in achieving its gross margin targets at these revenue volumes.
- More than Half of Stock Repurchase Program Completed by Year-End. Nanometrics announced a $50 million stock repurchase program on November 15th, and completed $27 million in repurchases before year-end, repurchasing more than 1 million shares, at an average price of $25.33 per share.
| GAAP Results | |||||||||||||||
| Q4 2017 | Q3 2017 | Q4 2016 | FY 2017 | FY 2016 | |||||||||||
| Revenues (Millions) | $ | 78.2 | $ | 56.7 | $ | 59.2 | $ | 258.6 | $ | 221.1 | |||||
| Gross Margin | 56.2 | % | 54.1 | % | 52.1 | % | 52.9 | % | 51.6 | % | |||||
| Operating Margin | 24.5 | % | 13.2 | % | 15.2 | % | 16.6 | % | 13.2 | % | |||||
| Net Income (Millions) | $ | 10.8 | $ | 5.8 | $ | 26.7 | $ | 30.2 | $ | 44.0 | |||||
| Earnings per Diluted Share | $ | 0.42 | $ | 0.22 | $ | 1.04 | $ | 1.17 | $ | 1.75 | |||||
| Non-GAAP Results | |||||||||||||||
| Q4 2017 | Q3 2017 | Q4 2016 | FY 2017 | FY 2016 | |||||||||||
| Gross Margin | 56.4 | % | 54.4 | % | 52.3 | % | 53.1 | % | 52.3 | % | |||||
| Operating Margin | 25.3 | % | 13.9 | % | 15.4 | % | 17.3 | % | 13.8 | % | |||||
| Net Income (Millions) | $ | 13.6 | $ | 5.7 | $ | 8.4 | $ | 31.8 | $ | 27.1 | |||||
| Earnings per Diluted Share | $ | 0.53 | $ | 0.22 | $ | 0.33 | $ | 1.23 | $ | 1.08 | |||||
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this release and on the investor page of Nanometrics' website. Non-GAAP results exclude the impact of amortization of acquired intangibles, severance costs, executive search costs and certain discrete tax items.
“I am pleased to announce strong financial results for the fourth quarter of 2017,” commented Dr. Pierre-Yves Lesaicherre, president and chief executive officer of Nanometrics. “As expected, the revenues delayed from the third quarter were all recognized in the fourth quarter. We experienced some modest upside in high-margin upgrade sales, and also recognized revenue on an evaluation system that had been fully depreciated, which led to gross margins exceeding our guidance, and above normalized levels at these revenue volumes. For the full year, 2017 set new records for the company, and was the fourth straight year of double-digit revenue growth and, importantly, was the fourth straight year of increasing gross and operating margins.
“As we look to a continued positive business environment for 2018, which is expected to witness strong spending from the memory market, our first quarter is expected to be at a similar revenue level to the fourth quarter (after adjusting for the revenue delay), with positive momentum currently indicated for the second quarter. With our current visibility, we expect the first half of 2018 will be significantly stronger than the second half of 2017, as well as the year-ago period. Based on current activity with our leading customers, we also believe 2018 will be a fifth straight year of double-digit revenue growth and expanding gross and operating margins.” Dr. Lesaicherre concluded, “I am very excited to have joined the company in this period of growth and new product development, and look forward to investing in new technologies, delivering on our R&D investments, and introducing new products to drive continued growth and outperformance in the years to come.”
Fourth Quarter 2017 Summary
Revenues for the fourth quarter of 2017 were $78.2 million, up 38% from $56.7 million in the third quarter of 2017, and up 32% from $59.2 million in the fourth quarter of 2016. On a GAAP basis, gross margin was 56.2%, compared to 54.1% in the prior quarter and 52.1% in the year-ago period. Operating income was $19.2 million, compared to $7.5 million in the prior quarter and $9.0 million in the year-ago period. Net income was $10.8 million or $0.42 per diluted share, compared to $5.8 million or $0.22 per diluted share in the prior quarter and $26.7 million or $1.04 per diluted share in the fourth quarter of 2016. Fourth quarter of 2016 included a favorable impact of the change of valuation allowance on certain deferred tax assets.
On a non-GAAP basis, which excludes amortization of acquired intangible assets and severance costs, gross margin was 56.4%, compared to 54.4% in the prior quarter and 52.3% in the year-ago period. Non-GAAP operating income was $19.8 million, compared to $7.9 million in the prior quarter and $9.1 million in the fourth quarter of 2016. Non-GAAP net income, which also adjusts for certain discrete tax items, was $13.6 million or $0.53 per diluted share, compared to $5.7 million or $0.22 per diluted share in the prior quarter and $8.4 million or $0.33 per diluted share in the fourth quarter of 2016.
Full Year 2017 Summary
Revenues were $258.6 million, up 17% from $221.1 million in 2016. On a GAAP basis, gross margin was 52.9%, compared to 51.6% in 2016, and operating income was $42.8 million, compared to $29.1 million in 2016. Net income was $30.2 million or $1.17 per diluted share, compared to $44.0 million or $1.75 per diluted share in 2016.
On a non-GAAP basis, which excludes amortization of acquired intangible assets and severance costs, gross margin was 53.1% compared to 52.3% in 2016. Non-GAAP operating income, which also excludes executive search costs and severance costs in 2017, was $44.6 million, compared to $30.6 million in 2016. Non-GAAP net income, which also adjusts for certain discrete tax items was $31.8 million or $1.23 per diluted share, compared to $27.1 million or $1.08 per diluted share in 2016 which excludes the impact of the change of valuation allowance on deferred tax assets of $18.4 million.
Business Outlook
Management expects first-quarter 2018 revenues in the range of $69 to $75 million. Gross margin is expected to be approximately 55%, plus or minus 1%, on both a GAAP and non-GAAP basis. Management expects first-quarter operating expenses to range between $24.5 million and $25.5 million on both a GAAP and non-GAAP basis, and earnings in the range of $0.38 to $0.50 per diluted share on both a GAAP and non-GAAP basis. The company’s EPS guidance assumes an improved tax rate of approximately 25%, compared to prior expectations of 30%, and weighted average shares outstanding of approximately 25 million.
Conference Call Details
A conference call to discuss fourth quarter 2017 results will be held today at 4:30 p.m. EST (1:30 p.m. PST). To participate in the conference call, the dial-in numbers are (877) 374-4041 for domestic callers and (253) 237-1156 for international callers. The conference ID is 5497447. A live and recorded webcast and supplemental financial information will be made available on the investor page of the Nanometrics website at www.nanometrics.com.
Use of Non-GAAP Financial Information
The non-GAAP gross profit, gross margin, operating income, operating income margin, net income, net income per share, which exclude certain expenses, charges and special items, and free cash flow, were not prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Management uses non-GAAP financial results, which exclude amortization of acquired intangibles assets, severance costs, executive search costs and certain discrete tax items, to evaluate the company’s ongoing performance and to enable comparison to other periods that did not include these items. The company believes the presentation of non-GAAP results is useful to investors for analyzing ongoing business trends, comparing performance to prior periods, and enhancing the investor’s ability to view the company’s results from management’s perspective; however, investors are cautioned that other companies may calculate these measures differently than Nanometrics does, which would limit the usefulness of these financial measures. A table presenting a reconciliation of GAAP results to non-GAAP results is included at the end of this press release and is available on the investor page of the Nanometrics website at www.nanometrics.com.
About Nanometrics
Nanometrics is a leading provider of advanced, high-performance process control metrology and inspection systems used primarily in the fabrication of semiconductors and other solid-state devices, including sensors, optoelectronic devices, high-brightness LEDs, discretes and data storage components. Nanometrics’ automated and integrated metrology systems measure critical dimensions, device structures, topography and various thin film properties, including three-dimensional features and film thickness, as well as optical, electrical and material properties. The company’s process control solutions are deployed throughout the fabrication process, from front-end-of-line substrate manufacturing, to high-volume production of semiconductors and other devices, to advanced three-dimensional wafer-level packaging applications. Nanometrics’ systems enable advanced process control for device manufacturers, providing improved device yield at reduced manufacturing cycle time, supporting the accelerated product life cycles in the semiconductor and other advanced device markets. The company maintains its headquarters in Milpitas, California, with sales and service offices worldwide. Nanometrics is traded on NASDAQ Global Select Market under the symbol NANO. Nanometrics’ website is http://www.nanometrics.com.
Forward Looking Statements
Certain statements in this press release, including those found in Dr. Lesaicherre’s quote regarding expected future financial performance, and under the caption “Business Outlook,” are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those described in this release. Although Nanometrics believes that the expectations reflected in the forward-looking statements are reasonable, actual results could differ materially from these expectations due to a variety of factors, including, but not limited to: decreased levels of industry spending; slowing adoption rate of Nanometrics’ new products; Nanometrics’ inability to gain additional market share, increase sales, ship products as scheduled, achieve customer acceptance of new products, or outperform the industry; decreased demand for Nanometrics’ products; shifts in the timing of customer orders and product shipments; technology adoption rates; changes in customer and product mix; changes in market share; changes in operating expenses; and general economic conditions. For additional information and considerations regarding the risks faced by Nanometrics that could cause actual results to differ materially, see its annual report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission on March 3, 2017 including under the caption “Risk Factors,” as well as other periodic reports filed with the SEC from time to time. Nanometrics disclaims any obligation to update information contained in any forward-looking statement, except as required by law.
| NANOMETRICS INCORPORATED | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| (In thousands) | |||||||||
| (Unaudited) | |||||||||
| December 30, 2017 | December 31, 2016 | ||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 34,899 | $ | 47,062 | |||||
| Marketable securities | 82,130 | 82,899 | |||||||
| Accounts receivable, net | 62,457 | 39,457 | |||||||
| Inventories | 52,860 | 38,837 | |||||||
| Inventories-delivered systems | 1,534 | 2,457 | |||||||
| Prepaid expenses and other | 6,234 | 5,667 | |||||||
| Total current assets | 240,114 | 216,379 | |||||||
| Property, plant and equipment, net | 44,810 | 44,226 | |||||||
| Goodwill | 10,232 | 8,940 | |||||||
| Intangible assets, net | 2,206 | 412 | |||||||
| Deferred income tax assets | 11,924 | 17,399 | |||||||
| Other assets | 413 | 474 | |||||||
| Total assets | $ | 309,699 | $ | 287,830 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 13,857 | $ | 11,342 | |||||
| Accrued payroll and related expenses | 12,901 | 12,656 | |||||||
| Deferred revenue | 7,408 | 9,168 | |||||||
| Other current liabilities | 7,249 | 8,047 | |||||||
| Income taxes payable | 2,680 | 813 | |||||||
| Total current liabilities | 44,095 | 42,026 | |||||||
| Deferred revenue | 1,661 | 816 | |||||||
| Income taxes payable | 860 | 841 | |||||||
| Deferred tax liabilities | 179 | 20 | |||||||
| Other long-term liabilities | 521 | 353 | |||||||
| Total liabilities | 47,316 | 44,056 | |||||||
| Stockholders’ equity: | |||||||||
| Common stock | 26 | 25 | |||||||
| Additional paid-in capital | 255,368 | 271,969 | |||||||
| Retained earnings (deficit) | 9,113 | (22,174 | ) | ||||||
| Accumulated other comprehensive income (loss) | (2,124 | ) | (6,046 | ) | |||||
| Total stockholders’ equity | 262,383 | 243,774 | |||||||
| Total liabilities and stockholders’ equity | $ | 309,699 | $ | 287,830 | |||||
| NANOMETRICS INCORPORATED | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| December 30, 2017 | December 31, 2016 | December 30, 2017 | December 31, 2016 | ||||||||||||||
| Net revenues: | |||||||||||||||||
| Products | $ | 67,555 | $ | 48,776 | $ | 214,877 | $ | 185,066 | |||||||||
| Service | 10,650 | 10,383 | 43,744 | 36,063 | |||||||||||||
| Total net revenues | 78,205 | 59,159 | 258,621 | 221,129 | |||||||||||||
| Costs of net revenues: | |||||||||||||||||
| Cost of products | 28,746 | 22,766 | 100,910 | 85,391 | |||||||||||||
| Cost of service | 5,436 | 5,446 | 20,804 | 20,160 | |||||||||||||
| Amortization of intangible assets | 50 | 143 | 206 | 1,454 | |||||||||||||
| Total costs of net revenues | 34,232 | 28,355 | 121,920 | 107,005 | |||||||||||||
| Gross profit | 43,973 | 30,804 | 136,701 | 114,124 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 10,058 | 7,996 | 36,716 | 31,443 | |||||||||||||
| Selling | 8,109 | 7,614 | 30,839 | 30,181 | |||||||||||||
| General and administrative | 6,644 | 6,231 | 26,340 | 23,381 | |||||||||||||
| Amortization of intangible assets | - | - | - | 24 | |||||||||||||
| Total operating expenses | 24,811 | 21,841 | 93,895 | 85,029 | |||||||||||||
| Income from operations | 19,162 | 8,963 | 42,806 | 29,095 | |||||||||||||
| Other income (expense): | |||||||||||||||||
| Interest income | 3 | 2 | 8 | 35 | |||||||||||||
| Interest expense | (9 | ) | (9 | ) | (92 | ) | (285 | ) | |||||||||
| Other income, net | 246 | 230 | 576 | 290 | |||||||||||||
| Total other income, net | 240 | 223 | 492 | 40 | |||||||||||||
| Income before income taxes | 19,402 | 9,186 | 43,298 | 29,135 | |||||||||||||
| Provision for (benefit from) income taxes | 8,604 | (17,468 | ) | 13,096 | (14,900 | ) | |||||||||||
| Net income | $ | 10,798 | $ | 26,654 | $ | 30,202 | $ | 44,035 | |||||||||
| Net income per share: | |||||||||||||||||
| Basic | $ | 0.43 | $ | 1.07 | $ | 1.19 | $ | 1.79 | |||||||||
| Diluted | $ | 0.42 | $ | 1.04 | $ | 1.17 | $ | 1.75 | |||||||||
| Shares used in per share calculation: | |||||||||||||||||
| Basic | 25,378 | 24,949 | 25,334 | 24,655 | |||||||||||||
| Diluted | 25,819 | 25,514 | 25,919 | 25,153 | |||||||||||||
| NANOMETRICS INCORPORATED | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
| (In thousands) | |||||||||
| (Unaudited) | |||||||||
| Twelve Months Ended | |||||||||
| December 30, 2017 | December 31, 2016 | ||||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 30,202 | $ | 44,035 | |||||
| Reconciliation of net income to net cash from operating activities: | |||||||||
| Depreciation and amortization | 6,920 | 8,295 | |||||||
| Stock-based compensation | 8,819 | 7,666 | |||||||
| Excess tax benefit from equity awards | - | 1,036 | |||||||
| Loss on disposal of fixed assets | 631 | 478 | |||||||
| Inventory write down | 2,020 | 2,110 | |||||||
| Deferred income taxes | 6,858 | (16,783 | ) | ||||||
| Changes in fair value of contingent consideration | - | (1,175 | ) | ||||||
| Changes in assets and liabilities: | |||||||||
| Accounts receivable | (19,523 | ) | (2,707 | ) | |||||
| Inventories | (18,037 | ) | 4,526 | ||||||
| Inventories-delivered systems | 923 | 399 | |||||||
| Prepaid expenses and other | (230 | ) | 905 | ||||||
| Accounts payable, accrued and other liabilities | 1,049 | 2,462 | |||||||
| Deferred revenue | (915 | ) | (3,634 | ) | |||||
| Income taxes payable | 1,886 | (1,928 | ) | ||||||
| Net cash provided by operating activities | 20,603 | 45,685 | |||||||
| Cash flows from investing activities: | |||||||||
| Payment for acquisition of certain assets | (2,000 | ) | - | ||||||
| Sales of marketable securities | 53,030 | 5,955 | |||||||
| Maturities of marketable securities | 77,250 | 38,775 | |||||||
| Purchases of marketable securities | (129,766 | ) | (82,864 | ) | |||||
| Purchase of property, plant and equipment | (5,204 | ) | (3,999 | ) | |||||
| Net cash used in investing activities | (6,690 | ) | (42,133 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Payments to Zygo Corporation related to acquisition | - | (315 | ) | ||||||
| Proceeds from sale of shares under employee stock option and purchase plans | 5,576 | 8,447 | |||||||
| Excess tax benefit from equity awards | - | (1,036 | ) | ||||||
| Taxes paid on net issuance of stock awards | (4,135 | ) | (1,822 | ) | |||||
| Repurchases of common stock under share repurchase plans | (26,999 | ) | - | ||||||
| Net cash provided by (used in) financing activities | (25,558 | ) | 5,274 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | (518 | ) | 82 | ||||||
| Net increase (decrease) in cash and cash equivalents | (12,163 | ) | 8,908 | ||||||
| Cash and cash equivalents, beginning of period | 47,062 | 38,154 | |||||||
| Cash and cash equivalents, end of period | $ | 34,899 | $ | 47,062 | |||||
| NANOMETRICS INCORPORATED | ||||||||||||||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||||||||||||||||||||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||
| December 30, 2017 | September 30, 2017 | December 31, 2016 | December 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||
| Reconciliation of GAAP gross profit and gross margin to non-GAAP gross profit and gross margin | ||||||||||||||||||||||||||||||||||||
| GAAP gross profit and gross margin, respectively | $ | 43,973 | 56.2 | % | $ | 30,660 | 54.1 | % | $ | 30,804 | 52.1 | % | $ | 136,701 | 52.9 | % | $ | 114,124 | 51.6 | % | ||||||||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||
| Severance included in cost of revenues | 77 | 0.1 | % | 138 | 0.2 | % | - | - | 404 | 0.1 | % | |||||||||||||||||||||||||
| Amortization of intangible assets | 50 | 0.1 | % | 52 | 0.1 | % | 143 | 0.2 | % | 206 | 0.1 | % | 1,454 | 0.7 | % | |||||||||||||||||||||
| Non-GAAP gross profit and gross margin, respectively | $ | 44,100 | 56.4 | % | $ | 30,850 | 54.4 | % | $ | 30,947 | 52.3 | % | $ | 137,311 | 53.1 | % | $ | 115,578 | 52.3 | % | ||||||||||||||||
| Reconciliation of GAAP operating income to non-GAAP operating income | ||||||||||||||||||||||||||||||||||||
| GAAP operating income and operating margin, respectively | $ | 19,162 | 24.5 | % | $ | 7,484 | 13.2 | % | $ | 8,963 | 15.2 | % | $ | 42,806 | 16.6 | % | $ | 29,095 | 13.2 | % | ||||||||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets included in cost of revenues | 50 | 0.1 | % | 52 | 0.1 | % | 143 | 0.2 | % | 206 | 0.1 | % | 1,454 | 0.7 | % | |||||||||||||||||||||
| Amortization of intangible assets included in operating expenses | - | - | - | 0.0 | % | - | - | - | - | 24 | 0.0 | % | ||||||||||||||||||||||||
| Severance included in cost of revenues | 77 | 0.1 | % | 138 | 0.3 | % | - | - | 404 | 0.2 | % | - | - | |||||||||||||||||||||||
| Severance included in operating expenses | 509 | 0.6 | % | 68 | 0.1 | % | - | - | 845 | 0.3 | % | - | - | |||||||||||||||||||||||
| Executive search costs | - | 0.0 | % | 125 | 0.2 | % | - | - | 355 | 0.1 | % | - | - | |||||||||||||||||||||||
| Total non-GAAP adjustments to operating income | 636 | 0.8 | % | 383 | 0.7 | % | 143 | 0.2 | % | 1,810 | 0.7 | % | 1,478 | 0.7 | % | |||||||||||||||||||||
| Non-GAAP operating income and operating margin, respectively | $ | 19,798 | 25.3 | % | $ | 7,867 | 13.9 | % | $ | 9,106 | 15.4 | % | $ | 44,616 | 17.3 | % | $ | 30,573 | 13.8 | % | ||||||||||||||||
| Reconciliation of GAAP net income to non-GAAP net income | ||||||||||||||||||||||||||||||||||||
| GAAP net income | $ | 10,798 | $ | 5,764 | $ | 26,654 | $ | 30,202 | $ | 44,035 | ||||||||||||||||||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||
| Total non-GAAP adjustments to non-GAAP operating income | 636 | 383 | 143 | 1,810 | 1,478 | |||||||||||||||||||||||||||||||
| Discrete tax items and tax effect of non-GAAP adjustments | (432 | ) | (491 | ) | - | (2,772 | ) | (18,443 | ) | |||||||||||||||||||||||||||
| Valuation allowance on deferred tax assets and other adjustments | - | - | (18,443 | ) | - | - | ||||||||||||||||||||||||||||||
| Tax Reform | 2,569 | - | - | 2,569 | - | |||||||||||||||||||||||||||||||
| Non-GAAP net income | $ | 13,571 | $ | 5,656 | $ | 8,354 | $ | 31,809 | $ | 27,070 | ||||||||||||||||||||||||||
| GAAP net income per diluted share | $ | 0.42 | $ | 0.22 | $ | 1.04 | $ | 1.17 | $ | 1.75 | ||||||||||||||||||||||||||
| Non-GAAP net income per diluted share | $ | 0.53 | $ | 0.22 | $ | 0.33 | $ | 1.23 | $ | 1.08 | ||||||||||||||||||||||||||
| Shares used in diluted net income per share calculation | 25,819 | 25,932 | 25,514 | 25,919 | 25,153 | |||||||||||||||||||||||||||||||
| Reconciliation of net cash provided by operating activities to free cash flow | ||||||||||||||||||||||||||||||||||||
| GAAP net cash provided by operating activities | $ | 5,219 | $ | 5,126 | $ | 11,584 | $ | 20,603 | $ | 45,685 | ||||||||||||||||||||||||||
| Purchase of property and equipment | (2,862 | ) | (806 | ) | (650 | ) | (5,204 | ) | (3,999 | ) | ||||||||||||||||||||||||||
| Free cash flow | $ | 2,357 | $ | 4,320 | $ | 10,934 | $ | 15,399 | $ | 41,686 | ||||||||||||||||||||||||||