GAAP subscription revenue of $134.9 million, above the high end
of Q1 guidance
Strong Q1 cash flow generation with operating cash flow of
$36.5M
Reiterating full year 2024 guidance
E2open Parent Holdings, Inc. (NYSE: ETWO), the connected supply
chain SaaS platform with the largest multi-enterprise network,
today announced financial results for its fiscal first quarter
ended May 31, 2023.
“In the first quarter of FY24, we delivered subscription revenue
above the high end of our guidance,” said Michael Farlekas, e2open
CEO. “Additionally, we maintained strong margins and drove high
cash flow generation. The unique value of our cloud-native,
network-centric connected supply chain software platform was
validated through several large, new customer deals in the quarter.
Among these wins was a large project with an iconic automotive
manufacturer that we believe demonstrates our ability to deliver on
multiple levers of e2open’s strategy. Increasingly, we’re seeing
the ever-evolving, complex needs of this strategically important
industry segment as a strong match for our connected supply chain
software platform.”
“Also, during the quarter, we continued to make progress on our
previously announced plan to build out e2open’s organic growth
capabilities,” said Farlekas. “We realigned our sales force, made
further advancements with our strategic system integrators and
partners, and today announced a newly created role of chief
commercial officer. We continue to focus on reaccelerating growth,
driving operational efficiencies, and seizing the opportunity to
reach our full potential.”
Fiscal First Quarter 2024 Financial
Highlights
- Revenue
- GAAP subscription revenue for the first quarter of 2024
was $134.9 million, an increase of 4.2% from the year-ago
comparable period and 84.2% of total revenue. Subscription revenue
growth was 4.4% on a constant currency basis.
- Total GAAP revenue for the first quarter of 2024 was
$160.1 million, a decrease of 0.2% from the year-ago comparable
period. Total revenue growth was 0.2% on a constant currency
basis.
- GAAP gross profit for the first quarter of 2024 was
$79.4 million, a decrease of 2.8% from the year-ago comparable
period. Non-GAAP gross profit was $110.4 million, down 0.8% and
0.7% on a constant currency basis.
- GAAP gross margin for the first quarter of 2024 was
49.6% compared to 50.9% from the year-ago comparable period.
Non-GAAP gross margin was 69.0% and 68.7% on a constant currency
basis compared to 69.4% from the year-ago comparable period.
- Net loss for the first quarter of 2024 was $360.9
million compared to a net loss of $12.6 million from the year-ago
comparable period. Adjusted EBITDA for the first quarter of
2024 was $53.8 million, an increase of 4.6% and 3.4% on a constant
currency basis from the year-ago comparable period. Adjusted EBITDA
margin was 33.6% and 33.0% on a constant currency basis versus
32.0% from the comparable year-ago period.
- GAAP EPS for the first quarter of 2024 was a loss of
$1.08. Adjusted EPS for the first quarter of 2024 was
$0.05.
- Cash flow
- GAAP operating cash flow for the first quarter 2024 was
$36.5 million compared to $24.9 million from the year-ago
comparable period, inclusive of non-recurring expenses.
- Adjusted operating cash flow for the first quarter,
exclusive of non-recurring expenses, was $37.3 million, which
represents 69.4% of adjusted EBITDA.
Recent Business
Highlights
- Expanded client relationships in the first quarter, including
closing a large project with Ford Motor Company that builds on
e2open’s prior success and strength in automotive industry
transformation.
- Named a Leader in the 2023 Gartner® Magic Quadrant™ for
Transportation Management Systems based on the company’s overall
completeness of vision and ability to execute. E2open
Transportation Management is a highly scalable, comprehensive,
multi-mode, and multi-region TMS with end-to-end logistics
capabilities for complex or simple use cases, providing clients
with the ability to mitigate disruptions, secure their global
transport needs, and more effectively manage their costs with
efficiency.
- Joined other industry leaders in the Scheduling Standards
Consortium (SSC), which focuses on development and promotion of
open standards for scheduling in the logistics and transportation
industry through collaboration with both peers and carriers.
- Completed go-lives across product suites, industries, and
geographies, including deploying e2open’s Global Trade Management
(GTM) for Rio Tinto, the world’s second-largest metals and mining
company operating in 35 countries.
- Continued to accelerate innovation by cross-pollinating
capabilities across our composable platform to deliver increased
value to clients. For instance, the Global Logistics Orchestration
solution further automates and de-risks shipments by screening
every shipment for denied or restricted parties according to
government-defined lists and eliminating laborious manual tasks
like re-booking all legs of committed shipments in the event of
delays or disruptions.
Financial Outlook for Fiscal Year
2024
As of July 10, 2023, e2open is reiterating full year 2024
guidance previously provided on May 1, 2023, and providing second
quarter 2024 guidance as follows:
Fiscal 2024 Subscription GAAP Revenue
- GAAP subscription revenue for fiscal 2024 is expected to be in
the range of $545 million to $555 million, reflecting a 3.2%
organic growth rate at the mid-point.
Fiscal 2024 Total GAAP Revenue
- Total GAAP revenue for fiscal 2024 is expected to be in the
range of $655 million to $670 million, reflecting a 1.6% organic
growth rate at the mid-point.
Fiscal Second Quarter 2024 GAAP Subscription Revenue
- GAAP subscription revenue for the fiscal second quarter of 2024
is expected to be in the range of $132 million to $135 million,
reflecting a 1.4% organic growth rate at the mid-point.
Fiscal 2024 Non-GAAP Gross Profit Margin
- Non-GAAP gross profit margin for fiscal 2024 is expected to be
in the range of 68% to 70%.
Fiscal 2024 Adjusted EBITDA
- Adjusted EBITDA for fiscal 2024 is expected to be in the range
of $218 million to $228 million, reflecting an implied adjusted
EBITDA margin in the range of 33% to 34%.
NOTE: E2open is unable to quantify certain amounts that would be
required to be included in the most directly comparable GAAP
financial measures for non-GAAP gross profit margin or adjusted
EBITDA without unreasonable effort, and therefore no reconciliation
of certain forward-looking non-GAAP financial measures for non-GAAP
gross profit margin or adjusted EBITDA is included.
Quarterly Conference
Call
E2open will host a conference call today at 5:00 p.m. ET to
review fiscal first quarter 2024 financial results, in addition to
discussing the Company’s outlook for the full fiscal year 2024. To
access this call, dial 888-506-0062 (domestic) or 973-528-0011
(international). The conference ID is 503015. A live webcast of the
conference call will be accessible in the “Investor Relations”
section of e2open’s website at www.e2open.com. A replay of this
conference call can also be accessed through July 24, 2023, at
877-481-4010 (domestic) or 919-882-2331 (international). The replay
pass code is 48512. An archived webcast of this conference call
will also be available after the completion of the call in the
“Investor Relations” section of the Company’s website at
www.e2open.com.
Presentation slides to accompany the conference call are
available for download under “Events & Presentations” in the
“Investors” section of the Company’s website at www.e2open.com.
About e2open
E2open is the connected supply chain software platform that
enables the world’s largest companies to transform the way they
make, move, and sell goods and services. With the broadest
cloud-native global platform purpose-built for modern supply
chains, e2open connects more than 420,000 manufacturing, logistics,
channel, and distribution partners as one multi-enterprise network
tracking over 14 billion transactions annually. Our SaaS platform
anticipates disruptions and opportunities to help companies improve
efficiency, reduce waste, and operate sustainably. Moving as one.™
Learn More: www.e2open.com.
E2open and “Moving as one.” are the registered trademarks of
E2open, LLC. All other trademarks, registered trademarks and
service marks are the property of their respective owners.
Non-GAAP Financial
Measures
This press release includes certain financial measures not
presented in accordance with generally accepted accounting
principles (“GAAP”) including non-GAAP revenue, non-GAAP
subscription revenue, non-GAAP professional services and other
revenue, adjusted EBITDA, adjusted EBITDA margin, non-GAAP gross
profit, non-GAAP net income, non-GAAP gross margin, adjusted free
cash flow and adjusted earnings per share. These non-GAAP financial
measures are not a measure of financial performance in accordance
with GAAP and may exclude items that are significant in
understanding and assessing the Company’s financial results.
Therefore, these measures should not be considered in isolation or
as an alternative to net income, cash flows from operations or
other measures of profitability, liquidity, or performance under
GAAP. You should be aware that the Company’s presentation of these
measures may not be comparable to similarly titled measures used by
other companies.
The Company believes this non-GAAP measure of financial results
provides useful information to management and investors regarding
certain financial and business trends relating to the Company’s
financial condition and results of operations. The Company believes
that the use of these non-GAAP financial measures provides an
additional tool for investors to use in evaluating ongoing
operating results and trends in comparing the Company’s financial
measures with other similar companies, many of which present
similar non-GAAP financial measures to investors. These non-GAAP
financial measures are subject to inherent limitations as they
reflect the exercise of judgments by management about which expense
and income are excluded or included in determining these non-GAAP
financial measures.
Safe Harbor Statement
Certain statements in this press release are "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and are subject to the safe
harbor created thereby. These statements relate to future events or
the Company's future financial performance and involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, levels of activity, performance or achievements of
the Company or its industry to be materially different from those
expressed or implied by any forward-looking statements. In
particular, statements about the Company's expectations, beliefs,
plans, objectives, assumptions, future events or future performance
contained in this press release are forward-looking statements. In
some cases, forward-looking statements can be identified by
terminology such as "may," "will," "could," "would," "should,"
"expect," "plan," "anticipate," "intend," "believe," "estimate,"
"predict," "potential," "outlook," "guidance" or the negative of
those terms or other comparable terminology.
Please see the Company's documents filed or to be filed with the
Securities and Exchange Commission, including the annual report
filed on Form 10-K, and any amendments thereto for a discussion of
certain important risk factors that relate to forward-looking
statements contained in this press release. The Company has based
these forward-looking statements on its current expectations,
assumptions, estimates and projections. While the Company believes
these expectations, assumptions, estimates, and projections are
reasonable, such forward-looking statements are only predictions
and involve known and unknown risks and uncertainties, many of
which are beyond the Company's control. These and other important
factors may cause actual results, performance or achievements to
differ materially from those expressed or implied by these
forward-looking statements. Any forward-looking statements are made
only as of the date hereof, and unless otherwise required by
applicable securities laws, the Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
E2OPEN PARENT HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended May
31,
(In thousands, except per share
amounts)
2023
2022
Revenue
Subscriptions
$
134,903
$
129,547
Professional services and other
25,217
30,834
Total revenue
160,120
160,381
Cost of Revenue
Subscriptions
36,544
33,134
Professional services and other
19,528
20,646
Amortization of acquired intangible
assets
24,630
24,901
Total cost of revenue
80,702
78,681
Gross Profit
79,418
81,700
Operating Expenses
Research and development
25,866
22,562
Sales and marketing
19,558
24,155
General and administrative
26,125
20,346
Acquisition-related expenses
389
6,764
Amortization of acquired intangible
assets
20,128
21,535
Goodwill impairment
410,041
—
Total operating expenses
502,107
95,362
Loss from operations
(422,689
)
(13,662
)
Other income (expense)
Interest and other expense, net
(25,726
)
(15,413
)
Loss from change in tax receivable
agreement liability
(2,460
)
(1,670
)
Gain from change in fair value of warrant
liability
14,680
5,455
Gain from change in fair value of
contingent consideration
9,000
4,200
Total other expenses
(4,506
)
(7,428
)
Loss before income tax
provision
(427,195
)
(21,090
)
Income tax benefit
66,311
8,469
Net loss
(360,884
)
(12,621
)
Less: Net loss attributable to
noncontrolling interest
(35,489
)
(1,265
)
Net loss attributable to E2open Parent
Holdings, Inc.
$
(325,395
)
$
(11,356
)
Weighted-average common shares
outstanding:
Basic
302,502
301,373
Diluted
302,502
301,373
Net loss attributable to E2open Parent
Holdings, Inc. common shareholders per share:
Basic
$
(1.08
)
$
(0.04
)
Diluted
$
(1.08
)
$
(0.04
)
E2OPEN PARENT HOLDINGS,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
May 31, 2023
February 28, 2023
Assets
Cash and cash equivalents
$
119,541
$
93,032
Restricted cash
13,849
11,310
Accounts receivable, net
126,563
174,809
Prepaid expenses and other current
assets
27,732
25,200
Total current assets
287,685
304,351
Goodwill
2,522,144
2,927,807
Intangible assets, net
1,003,472
1,051,124
Property and equipment, net
71,098
72,476
Operating lease right-of-use assets
20,665
18,758
Other noncurrent assets
26,072
25,659
Total assets
$
3,931,136
$
4,400,175
Liabilities and Stockholders'
Equity
Accounts payable and accrued
liabilities
$
88,140
$
97,491
Channel client deposits payable
13,849
11,310
Deferred revenue
180,239
203,824
Current portion of notes payable
11,116
11,144
Current portion of operating lease
obligations
7,861
7,622
Current portion of financing lease
obligations
2,462
2,582
Income taxes payable
2,091
2,190
Total current liabilities
305,758
336,163
Long-term deferred revenue
2,690
2,507
Operating lease obligations
17,165
15,379
Financing lease obligations
913
1,049
Notes payable
1,042,061
1,043,636
Tax receivable agreement liability
72,205
69,745
Warrant liability
14,936
29,616
Contingent consideration
20,548
29,548
Deferred taxes
77,024
144,529
Other noncurrent liabilities
1,019
1,083
Total liabilities
1,554,319
1,673,255
Commitments and Contingencies
Stockholders' Equity
Class A common stock
30
30
Class V common stock
—
—
Series B-1 common stock
—
—
Series B-2 common stock
—
—
Additional paid-in capital
3,381,244
3,378,633
Accumulated other comprehensive loss
(60,433
)
(68,603
)
Accumulated deficit
(1,129,074
)
(803,679
)
Treasury stock, at cost
(2,473
)
(2,473
)
Total E2open Parent Holdings, Inc.
equity
2,189,294
2,503,908
Noncontrolling interest
187,523
223,012
Total stockholders' equity
2,376,817
2,726,920
Total liabilities and stockholders'
equity
$
3,931,136
$
4,400,175
E2OPEN PARENT HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended May
31,
(In thousands)
2023
2022
Cash flows from operating
activities
Net loss
$
(360,884
)
$
(12,621
)
Adjustments to reconcile net loss to net
cash from operating activities:
Depreciation and amortization
53,319
53,297
Amortization of deferred commissions
1,344
849
Provision for credit losses
69
146
Amortization of debt issuance costs
1,320
1,378
Amortization of operating lease
right-of-use assets
1,946
3,175
Share-based compensation
4,445
3,188
Deferred income taxes
(67,833
)
(31,483
)
Right-of-use assets impairment charge
362
—
Goodwill impairment charge
410,041
—
Indefinite-lived intangible asset
impairment charge
4,000
—
Loss from change in tax receivable
agreement liability
2,460
1,670
Gain from change in fair value of warrant
liability
(14,680
)
(5,455
)
Gain from change in fair value of
contingent consideration
(9,000
)
(4,200
)
Gain on disposal of property and
equipment
(154
)
—
Changes in operating assets and
liabilities:
Accounts receivable
48,176
41,661
Prepaid expenses and other current
assets
(1,304
)
864
Other noncurrent assets
(1,772
)
(743
)
Accounts payable and accrued
liabilities
(12,228
)
(29,909
)
Channel client deposits payable
2,539
7,872
Deferred revenue
(23,401
)
(23,197
)
Changes in other liabilities
(2,306
)
18,388
Net cash provided by operating
activities
36,459
24,880
Cash flows from investing
activities
Payments for acquisitions - net of cash
acquired
—
(124,168
)
Capital expenditures
(6,552
)
(19,279
)
Minority investment in private firm
—
(3,000
)
Net cash used in investing activities
(6,552
)
(146,447
)
Cash flows from financing
activities
Proceeds from indebtedness
—
190,000
Repayments of indebtedness
(2,741
)
(82,756
)
Repayments of financing lease
obligations
(223
)
(219
)
Payments of debt issuance costs
—
(4,766
)
Net cash (used in) provided by financing
activities
(2,964
)
102,259
Effect of exchange rate changes on cash
and cash equivalents
2,105
889
Net increase (decrease) in cash, cash
equivalents and restricted cash
29,048
(18,419
)
Cash, cash equivalents and restricted
cash at beginning of period
104,342
174,554
Cash, cash equivalents and restricted
cash at end of period
$
133,390
$
156,135
E2OPEN PARENT HOLDINGS,
INC.
RECONCILIATION OF PRO FORMA
INFORMATION
TABLE I
(in millions)
Q1
Q1
$ Var
% Var
FY2024
FY2023
PRO FORMA REVENUE
RECONCILIATION
Total GAAP Revenue
160.1
160.4
(0.3)
(0.2%)
Constant currency FX impact (1)
0.7
-
0.7
n/m
Total non-GAAP revenue (constant
currency basis) (2)
$160.8
$160.4
$0.4
0.2%
GAAP Subscription Revenue
134.9
129.5
5.4
4.2%
Constant currency FX impact (1)
0.3
-
0.3
n/m
Non-GAAP subscription revenue (constant
currency basis) (2)
$135.2
$129.5
$5.7
4.4%
GAAP Professional Services and other
revenue
25.2
30.8
(5.6)
(18.2%)
Constant currency FX impact (1)
0.3
-
0.3
n/m
Non-GAAP professional services and
other revenue (constant currency basis) (2)
$25.6
$30.8
($5.3)
(17.1%)
PRO FORMA GROSS PROFIT
RECONCILIATION
GAAP Gross profit
79.4
81.7
(2.3)
(2.8%)
Depreciation and amortization
28.6
28.4
0.2
0.7%
Share-based compensation (3)
0.6
0.2
0.4
173.9%
Non-recurring/non-operating costs (4)
1.7
0.9
0.8
93.3%
Non-GAAP gross profit
$110.4
$111.3
($0.8)
(0.8%)
Non-GAAP Gross Margin %
69.0%
69.4%
Constant currency FX impact (1)
0.1
-
0.1
n/m
Total non-GAAP gross profit (constant
currency basis) (2)
$110.5
$111.3
($0.7)
(0.7%)
Non-GAAP Gross Margin % (constant currency
basis) (2)
68.7%
69.4%
PRO FORMA ADJUSTED EBITDA
RECONCILIATION
Net income (loss)
(360.9)
(12.6)
(348.3)
n/m
Interest expense, net
24.3
15.6
8.7
55.8%
Income tax benefit
(66.3)
(8.5)
(57.8)
n/m
Depreciation and amortization
53.3
53.3
0.0
0.0%
EBITDA
($349.6)
$47.8
($397.4)
n/m
Share-based compensation (3)
4.5
3.2
1.3
38.9%
Non-recurring/non-operating costs (4)
5.3
1.6
3.7
231.1%
Acquisition-related adjustments (5)
0.4
6.8
(6.4)
(94.2%)
Change in tax receivable agreement
liability (6)
2.5
1.7
0.8
47.3%
Change in fair value of warrant liability
(7)
(14.7)
(5.5)
(9.2)
169.4%
Change in fair value of contingent
consideration (8)
(9.0)
(4.2)
(4.8)
114.3%
Goodwill impairment
410.0
-
410.0
n/m
Right-of-use assets & Indefinite-lived
intangible impairment charge
4.4
-
4.4
n/m
Adjusted EBITDA
$53.8
$51.4
$2.4
4.6%
Adjusted EBITDA Margin %
33.6%
32.0%
Constant currency FX impact (1)
(0.7)
-
(0.7)
n/m
Total adjusted EBITDA (constant
currency basis) (2)
$53.1
$51.4
$1.7
3.4%
Adjusted EBITDA Margin % (constant
currency basis) (2)
33.0%
32.0%
(1) Constant Currency refers to pro-forma
amounts excluding the impact of translating foreign currencies into
U.S. dollars. To calculate foreign currency translation on a
constant currency basis, operating results for the current year
period for entities reporting in currencies other than the U.S.
dollar are translated into U.S. dollars at the exchange rates in
effect during the comparable period of the prior year (rather than
the actual exchange rates in effect during the current year
period)
(2) Constant Currency refers to pro forma
amounts excluding translation and transactional impacts from
foreign currency exchange rates
(3) Reflects non-cash, long-term
share-based compensation expense.
(4) Primarily includes other non-recurring
expenses such as systems integrations and consulting, advisory
fees, and certain severance costs.
(5) Primarily includes advisory,
consulting, accounting and legal expenses incurred in connection
with mergers and acquisitions activity, including related
valuation, negotiation and integration costs and capital-raising
activities for costs related to the Business Combination.
(6) Represents the expense related to the
change in the fair value of the tax receivable agreement liability,
including interest.
(7) Represents the fair value adjustment
at each balance sheet date of the warrant liability related to the
public, private placement, and forward purchase warrants.
(8) Represents the fair value adjustment
at each balance sheet date of the contingent consideration
liability related to the restricted Series B-2 common stock and
Series 2 RCUs.
E2OPEN PARENT HOLDINGS,
INC.
RECONCILIATION OF NON-GAAP
EXPENSES
TABLE II
Fiscal First Quarter 2024
(in millions)
GAAP
M&A Related(1) &
Non-recurring(2)
Depreciation &
Amortization
Share-Based
Compensation
Non-GAAP (Adjusted)
% of Revenue
Impairment Charges (3)
COST OF GOODS
Subscriptions
36.5
(1.0)
-
(3.8)
(0.3)
31.4
23.3%
Professional services and other
19.5
(0.8)
-
(0.2)
(0.3)
18.3
72.4%
Amortization of intangibles
24.6
-
-
(24.6)
-
-
Total cost of revenue
$80.7
($1.7)
-
($28.6)
($0.6)
$49.7
31.0%
Gross Profit
$79.4
$1.7
-
$28.6
$0.6
$110.4
69.0%
OPERATING COSTS
Research & development
25.9
(0.2)
-
(3.6)
(1.0)
21.1
13.2%
Sales & marketing
19.6
(0.4)
-
(0.3)
(0.5)
18.4
11.5%
General & administrative
26.1
(1.5)
(4.4)
(0.7)
(2.4)
17.2
10.7%
Acquisition related expenses
0.4
(0.4)
-
-
-
-
Amortization of intangibles
20.1
-
-
(20.1)
-
-
Goodwill Impairment
410.0
-
(410.0)
-
-
-
Total operating expenses
$502.1
($2.5)
($414.4)
($24.7)
($3.8)
$56.6
35.4%
(1) Primarily includes advisory,
consulting, accounting and legal expenses incurred in connection
with mergers and acquisitions activity, including related
valuation, negotiation and integration costs and capital-raising
activities for costs related to the Business Combination.
(2) Primarily includes other non-recurring
expenses such as systems integrations and consulting, advisory
fees, and certain severance costs.
(3) Goodwill impairment, Right-of-use
assets & Indefinite-lived intangible impairment charge
recognized during the period
E2OPEN PARENT HOLDINGS,
INC.
RECONCILIATION OF ADJUSTED
EARNINGS PER SHARE
TABLE III
Fiscal First Quarter 2024
(in millions, except per share
amounts)
Q1 24
GAAP Net income (loss)
(360.9)
Interest expense, net
24.3
Income taxes benefit
(66.3)
Depreciation & amortization
53.3
EBITDA
($349.6)
Share-based compensation
4.5
Non-recurring/non-operating costs
5.3
Acquisition-related adjustments
0.4
Change in fair value of warrant
liability
(14.7)
Change in fair value of contingent
consideration
(9.0)
Goodwill impairment
410.0
Right-of-use assets & intangible
impairment charge
4.4
Adjusted EBITDA
$53.8
Depreciation
(8.6)
Interest and other expense, net
(24.3)
Adjusted EBIT
$20.9
Normalized income taxes (1)
(5.0)
Adjusted Net Income
$15.9
Adjusted basic shares outstanding
342.2
Adjusted earnings per share
$0.05
(1) Income taxes calculated using 24%
effective rate
E2OPEN PARENT HOLDINGS,
INC.
ADJUSTED FREE CASH
FLOW
TABLE IV
(in millions)
Q1 FY24
GAAP operating cash flow
36.5
Add: Non recurring cash payments (1)
3.4
Add: Change in channel client deposits
payable (2)
(2.5)
Adjusted operating cash flow
$37.3
Capital expenditures
(6.6)
Adjusted free cash flow
$30.8
(1) Includes cash payments related to
non-recurring M&A and one-time costs.
(2) Channel Client Deposits Payable
represents client deposits for the incentive payment program
associated with the Company's channel shaping application. The
Company offers services to administer incentive payments to
partners on behalf of the Company’s clients. The Company’s clients
deposit these funds into a restricted cash account with an offset
included as a liability in incentive program payable in the
Consolidated Balance Sheets
E2OPEN PARENT HOLDINGS,
INC.
CONSOLIDATED CAPITAL
TABLE V
Description
Shares (000's)
Notes
Shares outstanding as of May 31, 2023
303,203
Shares outstanding
Common Units
32,992
Units issued in the Business Combination
that have not been converted form common units to Class A common
stock (Common units are represented by Class V shares).
Series B-2 Shares (unvested)
3,372
Represents the right to acquire shares of
Class A common stock when the 20-day VWAP reached $15.00 per
share.
Restricted Common Units Series 2
(unvested)
2,628
Represents the right in E2open Holdings,
LLC that convert into common units when the 20-day VWAP reached
$15.00. Upon conversion to common units, the holders can elect to
convert the common units to Class A common stock.
Adjusted Basic Shares
342,195
Warrants
29,080
Outstanding warrants with an exercise
price of $11.50.
Options (vested/unreleased and
unvested)
3,064
Options issued to management under the
long-term incentive plan.
Restricted Shares (vested/unreleased and
unvested)
9,452
Restricted shares issued to employees,
management and directors under the long-term incentive plan.
Fully Converted Shares
383,791
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230710841196/en/
Investor Contact Dusty Buell
dusty.buell@e2open.com investor.relations@e2open.com
Media Contact 5W PR for
e2open e2open@5wpr.com 718-757-6144
Corporate Contact Kristin
Seigworth VP Communications, e2open
kristin.seigworth@e2open.com
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