Omnicell Announces First Quarter 2026 Financial Results
Raises full year 2026 non-GAAP EBITDA and non-GAAP EPS guidance
Customer engagement underway for Omnicell Titan XT and
First quarter results reflected strong execution across the business, supported by demand for Omnicell’s connected device portfolio and solid performance across the Company’s core points of care solutions. We believe that performance during the quarter underscores the durability of Omnicell’s model, supported by disciplined cost management which contributed to improved profitability.
“We delivered a strong start to 2026, driven by solid execution and sustained demand for our points of care solutions,” said
“At the same time, we advanced the next phase of our platform evolution,” Lipps added. “Following the introduction of Omnicell Titan XT at ASHP, customer engagement is underway as health systems begin incorporating the platform into longer-term capital planning cycles.
Financial Results
Total revenues for the first quarter of 2026 were
Total GAAP net income for the first quarter of 2026 was
Total non-GAAP net income for the first quarter of 2026 was
Total non-GAAP EBITDA for the first quarter of 2026 was
Balance Sheet
As of
As of
Corporate Highlights
-
The Omnicell Titan XT Automated Dispensing System and
OmniSphere were showcased at theAmerican Organization for Nursing Leadership (AONL) 2026 Annual Meeting, where nursing leaders had the opportunity to explore this next-generation technology and how it is expected to minimize the time nurses spend locating medications and enable safer medication administration.
-
Omnicell connected with global pharmacy leaders at the 30thEAHP Congress , the annual gathering for theEuropean Association of Hospital Pharmacists , to showcase how intelligence-driven solutions are transforming medication and supply management.
-
In
March 2026 , the Company launched theOmnicell Customer Community , a new virtual networking space that provides a forum for customers to collaborate, share insights, and gain peer-to-peer best practices.
2026 Guidance
The table below summarizes Omnicell’s second quarter and updated full year 2026 guidance. Given the strength of our first quarter 2026 profitability performance and ongoing focus on spend discipline, we are increasing our full year 2026 non-GAAP EBITDA and non-GAAP earnings per share guidance ranges.
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Q2 2026 |
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2026 |
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Product Bookings |
Not provided |
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|
|
Annual Recurring Revenue |
Not provided |
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|
|
Total Revenues |
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|
|
|
|
Product Revenues |
|
|
|
|
|
Service Revenues |
|
|
|
|
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Technical Services Revenues |
Not provided |
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|
|
|
SaaS and Expert Service Revenues |
Not provided |
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|
|
|
Non-GAAP EBITDA |
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|
|
|
|
Non-GAAP Earnings Per Share |
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|
|
The Company does not provide guidance for GAAP net income or GAAP earnings per share, nor a reconciliation of any forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain items contained in the GAAP measures without unreasonable efforts. These forward-looking non-GAAP financial measures do not include certain items, which may be significant, including, but not limited to, unusual gains and losses, costs associated with future restructurings, acquisition-related expenses, and certain tax and litigation outcomes.
Omnicell Conference Call Information
About
Since 1992,
From time to time,
Forward-Looking Statements
To the extent any statements contained in this press release deal with information that is not historical, these statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, statements including the words “expect,” “intend,” “may,” “will,” “should,” “would,” “could,” “plan,” “potential,” “anticipate,” “believe,” “forecast,” “guidance,” “outlook,” “goals,” “target,” “estimate,” “seek,” “predict,” “project,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to the occurrence of many events outside Omnicell’s control.
Such statements include, but are not limited to, Omnicell’s projected product bookings, revenues, including product, service, technical services and SaaS and Expert Services revenues, annual recurring revenue, non-GAAP EBITDA, and non-GAAP earnings per share; expectations regarding our products and services and developing new or enhancing existing products and solutions and the related objectives and expected benefits (and any implied financial impact); the durability of Omnicell’s model; our ability to maintain disciplined cost management; our ability to deliver durable growth, and statements about Omnicell’s strategy, plans, objectives, promise and purpose, vision, goals, opportunities, and market or Company outlook.
Actual results and other events may differ significantly from those contemplated by forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, (i) unfavorable general economic and market conditions, including the impact and duration of inflationary pressures, (ii) Omnicell’s ability to take advantage of growth opportunities and develop and commercialize new solutions and enhance existing solutions, (iii) reduction in demand in the capital equipment market or reduction in the demand for or adoption of our solutions, systems, or services, (iv) Omnicell’s ability to successfully achieve anticipated growth targets or market adoption, (v) delays in installations of our medication management solutions or our more complex medication packaging systems, (vi) delays, technical challenges and unexpected or greater than anticipated expenses associated with developing new products and services or failing to achieve technological or economic feasibility, obtain regulatory approval or gain market acceptance, (vii) the potential impact of periods of significant volatility due to geopolitical developments, (viii) the risk of increased credit, collection, and operational challenges from providing lease financing options to our customers, (ix) risks related to the incorporation of artificial intelligence technologies, including generative or agentic AI technologies, into our products, services and processes or our vendors offerings, (x) any disruption in Omnicell’s information technology systems and breaches of data security or cyber-attacks on its systems or solutions and any potential adverse legal, reputational, and financial effects that may result from it and/or additional cybersecurity incidents, as well as the effectiveness of business continuity plans during any future cybersecurity incidents, (xi) risks related to failing to maintain expected service levels when providing our SaaS and Expert Services or retaining our SaaS and Expert Services customers, (xii) Omnicell’s ability to meet the demands of, or maintain relationships with, GPOs and its institutional, retail, and specialty pharmacy customers, (xiii) the inability to secure or maintain access to existing and future specialty drugs or pharmacy provider networks for our specialty pharmacy customers, (xiv) continued and increased competition from current and future competitors in the medication management automation solutions market and the medication adherence solutions market, (xv) risks related to Omnicell’s investments in new business strategies or initiatives, including its transition to selling more products and services on a subscription basis, and its ability to acquire companies, businesses or technologies and successfully integrate such acquisitions, (xvi) Omnicell’s substantial debt, (xvii) risks presented by government regulations, legislative changes, fraud and anti-kickback statutes, products liability claims, the outcome of legal proceedings, and other legal obligations related to healthcare, privacy, data protection, and information security, and the costs of compliance with, and potential liability associated with, our actual or perceived failure to comply with such obligations, including any potential governmental investigations and enforcement actions, litigation, fines and penalties, exposure to indemnification obligations or other liabilities, and adverse publicity related to the same, (xviii) changes to the 340B Program, (xix) our international operations may subject us to additional risks, including from the impact of tariffs, (xx) covenants in our credit agreement could restrict our business and operations, (xxi) exposure to liquidity and counterparty risk as a result of financial institution and money market fund concentration, (xxii) risks related to climate change, legal, regulatory or market measures to address climate change and related emphasis on ESG matters by various stakeholders, (xxiii) catastrophic events, (xxiv) Omnicell’s ability to recruit and retain skilled and motivated personnel, (xxv) Omnicell’s ability to protect its intellectual property, (xxvi) risks related to the availability and sources of raw materials and components or price fluctuations, shortages, or interruptions of supply, (xxvii) Omnicell’s dependence on a limited number of suppliers for certain components, equipment, and raw materials, as well as technologies provided by third-party vendors, (xxviii) fluctuations in quarterly and annual operating results may make our future operating results difficult to predict, (xxix) failing to meet (or significantly exceeding) our publicly announced financial guidance, and (xxx) other risks and uncertainties further described in the “Risk Factors” section of Omnicell’s most recent Annual Report on Form 10-K, as well as in Omnicell’s other reports filed with or furnished to the
Use of Non-GAAP Financial Information
This press release contains financial measures that are not calculated in accordance with
Our non-GAAP product gross profit, non-GAAP product gross margin, non-GAAP service gross profit, non-GAAP service gross margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share, non-GAAP EBITDA, and non-GAAP EBITDA margin are exclusive of certain items to facilitate management’s review of the comparability of Omnicell’s core operating results on a period-to-period basis because such items are not related to Omnicell’s ongoing core operating results as viewed by management. We define our “core operating results” as those revenues recorded in a particular period and the expenses incurred within such period that directly drive operating income in such period. Management uses these non-GAAP financial measures in making operating decisions because, in addition to meaningful supplemental information regarding operating performance, the measures give us a better understanding of how we believe we should invest in research and development, fund infrastructure growth, and evaluate the effectiveness of marketing strategies. In calculating the above non-GAAP results: non-GAAP product gross profit, non-GAAP product gross margin, non-GAAP service gross profit, non-GAAP service gross margin, non-GAAP gross profit and non-GAAP gross margin exclude from their GAAP equivalents items a) and b) below; non-GAAP operating expenses, non-GAAP income from operations and non-GAAP operating margin exclude from their GAAP equivalents items a), b), c), e), f), and g) below; and non-GAAP net income and non-GAAP net income per diluted share exclude from their GAAP equivalents items a) through g) below. Non-GAAP EBITDA is defined as earnings before interest income and expense, taxes, depreciation, amortization, and share-based compensation, as well as excluding certain other non-GAAP adjustments. Non-GAAP EBITDA and non-GAAP EBITDA margin exclude from their GAAP equivalents items a), c), d), e), f), and g) below:
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a) |
Share-based compensation expense. We excluded from our non-GAAP results the expense related to equity-based compensation plans as it represents expenses that do not require cash settlement from |
|
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b) |
Amortization of acquired intangible assets. We excluded from our non-GAAP results the intangible assets amortization expense resulting from our past acquisitions. These non-cash charges are not considered by management to reflect the core cash-generating performance of the business and therefore are excluded from our non-GAAP results. |
|
|
c) |
Acquisition-related expenses. We excluded from our non-GAAP results the expenses related to recent acquisitions, including amortization of representations and warranties insurance. These expenses are unrelated to our ongoing operations, vary in size and frequency, and are subject to significant fluctuations from period to period due to varying levels of acquisition activity. We believe that excluding these expenses provides more meaningful comparisons of the financial results to our historical operations and forward-looking guidance, and to the financial results of peer companies. |
|
|
d) |
Amortization of debt issuance costs. Debt issuance costs represent costs associated with the issuance of revolving credit facilities and convertible senior notes. The costs include underwriting fees, original issue discount, ticking fees, and legal fees. These non-cash expenses are not considered by management to reflect the core cash-generating performance of the business and therefore are excluded from our non-GAAP results. |
|
|
e) |
Legal and regulatory expenses. We excluded from our non-GAAP results certain non-recurring legal and regulatory expenses, representing settlement amounts, related to certain claims of non-compliance with our government contracts that are outside of the ordinary course of our business. We believe that excluding these amounts provides more meaningful comparisons of the financial results to our historical operations and forward-looking guidance, and to the financial results of peer companies. |
|
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f) |
Management severance costs. We excluded from our non-GAAP results the severance expense of certain senior management associated with the restructuring of our senior leadership team.We believe that excluding these expenses provides more meaningful comparisons of the financial results to our historical operations and forward-looking guidance, and to the financial results of peer companies. |
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g) |
Executives transition costs. We excluded from our non-GAAP results the transition costs associated with the departure of a certain executive officer, primarily consisting of severance expenses. These expenses are unrelated to our ongoing operations and we do not expect them to occur in the ordinary course of business. We believe that excluding these expenses provides more meaningful comparisons of the financial results to our historical operations and forward-looking guidance, and to the financial results of peer companies. |
Management adjusts for the above items because management believes that, in general, these items possess one or more of the following characteristics: their magnitude and timing is largely outside of Omnicell’s control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual and we do not expect them to occur in the ordinary course of business; or they are non-operational or non-cash expenses involving stock compensation plans or other items.
We believe that the presentation of non-GAAP product gross profit, non-GAAP product gross margin, non-GAAP service gross profit, non-GAAP service gross margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share, non-GAAP EBITDA, and non-GAAP EBITDA margin is warranted for several reasons:
|
a) |
Such non-GAAP financial measures provide an additional analytical tool for understanding Omnicell’s financial performance by excluding the impact of items which may obscure trends in the core operating results of the business. |
|
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b) |
Since we have historically reported non-GAAP results to the investment community, we believe the inclusion of non-GAAP numbers provides consistency and enhances investors’ ability to compare our performance across financial reporting periods. |
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c) |
These non-GAAP financial measures are employed by management in its own evaluation of performance and are utilized in financial and operational decision-making processes, such as budget planning and forecasting. |
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d) |
These non-GAAP financial measures facilitate comparisons to the operating results of other companies in our industry, which also use non-GAAP financial measures to supplement their GAAP results (although these companies may calculate non-GAAP financial measures differently than |
Set forth below are additional reasons why share-based compensation expense is excluded from our non-GAAP financial measures:
|
i) |
While share-based compensation calculated in accordance with Accounting Standards Codification (“ASC”) 718 constitutes an ongoing and recurring expense of |
|
|
ii) |
We present ASC 718 share-based payment compensation expense in our reconciliation of non-GAAP financial measures on a pre-tax basis because the exact tax differences related to the timing and deductibility of share-based compensation under ASC 718 are dependent upon the trading price of Omnicell’s common stock and the timing and exercise by employees of their stock options. As a result of these timing and market uncertainties, the tax effect related to share-based compensation expense would be inconsistent in amount and frequency and is therefore excluded from our non-GAAP results. |
Non-GAAP diluted shares is defined as our GAAP diluted shares, excluding the impact of dilutive convertible senior notes for which the Company is economically hedged through its anti-dilutive convertible note hedge transaction. Additionally, in a period of net loss, GAAP diluted shares are further adjusted for certain shares whose effect would be dilutive in a period of net income. We believe non-GAAP diluted shares is a useful non-GAAP metric because it provides insight into the offsetting economic effect of the hedge transaction against potential conversion of the convertible senior notes.
Non-GAAP free cash flow is defined as net cash provided by operating activities less cash used for software development for external use and purchases of property and equipment. We believe free cash flow is important to enable investors to better understand and evaluate our ongoing operating results and allows for greater transparency in the review and understanding of our overall financial, operational, and economic performance, because free cash flow takes into account certain capital expenditures and cash used for software development necessary to operate our business.
As stated above, we present non-GAAP financial measures because we consider them to be important supplemental measures of performance. However, non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for Omnicell’s GAAP results. In the future, we expect to incur expenses similar to certain of the non-GAAP adjustments described above and expect to continue reporting non-GAAP financial measures excluding such items. Some of the limitations in relying on non-GAAP financial measures are:
|
a) |
Omnicell’s equity incentive plans and stock purchase plans are important components of incentive compensation arrangements and will be reflected as expenses in Omnicell’s GAAP results for the foreseeable future under ASC 718. |
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b) |
Other companies, including companies in Omnicell’s industry, may calculate non-GAAP financial measures differently than |
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c) |
A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in Omnicell’s cash balance for the period. |
A detailed reconciliation between Omnicell’s non-GAAP and GAAP financial results is set forth in the financial tables at the end of this press release. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results that are contained in this press release as well as in Omnicell’s other reports filed with or furnished to the
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Condensed Consolidated Statements of Operations |
||||||||
|
(Unaudited, in thousands, except per share data) |
||||||||
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|
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|
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|
|
Three Months Ended |
||||||
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|
2026 |
|
2025 |
||||
|
|
|
|
|
|||||
|
Revenues: |
|
|
|
|||||
|
Product revenues |
$ |
174,800 |
|
|
$ |
145,168 |
|
|
|
Service revenues |
|
135,080 |
|
|
|
124,500 |
|
|
|
Total revenues |
|
309,880 |
|
|
|
269,668 |
|
|
|
Cost of revenues: |
|
|
|
|||||
|
Cost of product revenues |
|
95,518 |
|
|
|
85,585 |
|
|
|
Cost of service revenues |
|
73,999 |
|
|
|
73,147 |
|
|
|
Total cost of revenues |
|
169,517 |
|
|
|
158,732 |
|
|
|
Gross profit |
|
140,363 |
|
|
|
110,936 |
|
|
|
Operating expenses: |
|
|
|
|||||
|
Research and development |
|
21,519 |
|
|
|
20,526 |
|
|
|
Selling, general, and administrative |
|
101,990 |
|
|
|
102,029 |
|
|
|
Total operating expenses |
|
123,509 |
|
|
|
122,555 |
|
|
|
Income (loss) from operations |
|
16,854 |
|
|
|
(11,619 |
) |
|
|
Interest and other income (expense), net |
|
51 |
|
|
|
2,089 |
|
|
|
Income (loss) before income taxes |
|
16,905 |
|
|
|
(9,530 |
) |
|
|
Provision for (benefit from) income taxes |
|
5,547 |
|
|
|
(2,507 |
) |
|
|
Net income (loss) |
$ |
11,358 |
|
|
$ |
(7,023 |
) |
|
|
Net income (loss) per share: |
|
|
|
|||||
|
Basic |
$ |
0.25 |
|
|
$ |
(0.15 |
) |
|
|
Diluted |
$ |
0.25 |
|
|
$ |
(0.15 |
) |
|
|
Weighted-average shares outstanding: |
|
|
|
|||||
|
Basic |
|
45,323 |
|
|
|
46,596 |
|
|
|
Diluted |
|
45,943 |
|
|
|
46,596 |
|
|
|
|
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|
Condensed Consolidated Balance Sheets |
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|
(Unaudited, in thousands) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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|
|
|
||||
|
ASSETS |
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Current assets: |
|
|
|
|||||
|
Cash and cash equivalents |
$ |
239,221 |
|
|
$ |
196,520 |
|
|
|
Accounts receivable and unbilled receivables, net |
|
249,797 |
|
|
|
216,858 |
|
|
|
Inventories |
|
99,204 |
|
|
|
100,905 |
|
|
|
Prepaid expenses |
|
33,652 |
|
|
|
33,709 |
|
|
|
Other current assets |
|
100,429 |
|
|
|
132,077 |
|
|
|
Total current assets |
|
722,303 |
|
|
|
680,069 |
|
|
|
Property and equipment, net |
|
121,500 |
|
|
|
120,111 |
|
|
|
Long-term investment in sales-type leases, net |
|
58,207 |
|
|
|
60,742 |
|
|
|
Operating lease right-of-use assets |
|
22,954 |
|
|
|
24,366 |
|
|
|
|
|
737,287 |
|
|
|
737,946 |
|
|
|
Intangible assets, net |
|
165,431 |
|
|
|
170,105 |
|
|
|
Long-term deferred tax assets |
|
54,064 |
|
|
|
58,337 |
|
|
|
Prepaid commissions |
|
54,812 |
|
|
|
52,840 |
|
|
|
Other long-term assets |
|
67,549 |
|
|
|
70,204 |
|
|
|
Total assets |
$ |
2,004,107 |
|
|
$ |
1,974,720 |
|
|
|
|
|
|
|
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|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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|
Current liabilities: |
|
|
|
|||||
|
Accounts payable |
$ |
58,343 |
|
|
$ |
43,990 |
|
|
|
Accrued compensation |
|
46,407 |
|
|
|
57,172 |
|
|
|
Accrued liabilities |
|
166,410 |
|
|
|
203,586 |
|
|
|
Deferred revenues |
|
211,889 |
|
|
|
171,861 |
|
|
|
Total current liabilities |
|
483,049 |
|
|
|
476,609 |
|
|
|
Long-term deferred revenues |
|
63,066 |
|
|
|
63,254 |
|
|
|
Long-term deferred tax liabilities |
|
638 |
|
|
|
683 |
|
|
|
Long-term operating lease liabilities |
|
22,659 |
|
|
|
24,794 |
|
|
|
Other long-term liabilities |
|
10,165 |
|
|
|
9,970 |
|
|
|
Convertible senior notes, net |
|
167,899 |
|
|
|
167,596 |
|
|
|
Total liabilities |
|
747,476 |
|
|
|
742,906 |
|
|
|
Total stockholders’ equity |
|
1,256,631 |
|
|
|
1,231,814 |
|
|
|
Total liabilities and stockholders’ equity |
$ |
2,004,107 |
|
|
$ |
1,974,720 |
|
|
|
|
||||||||
|
Condensed Consolidated Statements of Cash Flows |
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|
(Unaudited, in thousands) |
||||||||
|
|
|
|
||||||
|
|
|
Three Months Ended |
||||||
|
|
|
2026 |
|
2025 |
||||
|
|
|
|
|
|||||
|
Operating Activities |
|
|
|
|||||
|
Net income (loss) |
$ |
11,358 |
|
|
$ |
(7,023 |
) |
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||
|
Depreciation and amortization |
|
18,572 |
|
|
|
19,995 |
|
|
|
Loss on disposal of assets |
|
122 |
|
|
|
111 |
|
|
|
Share-based compensation expense |
|
9,498 |
|
|
|
10,786 |
|
|
|
Deferred income taxes |
|
4,228 |
|
|
|
(3,835 |
) |
|
|
Amortization of operating lease right-of-use assets |
|
1,928 |
|
|
|
1,846 |
|
|
|
Amortization of debt issuance costs |
|
497 |
|
|
|
735 |
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|||||
|
Accounts receivable and unbilled receivables |
|
(33,301 |
) |
|
|
5,545 |
|
|
|
Inventories |
|
1,701 |
|
|
|
(2,483 |
) |
|
|
Prepaid expenses |
|
57 |
|
|
|
(809 |
) |
|
|
Other current assets |
|
(4,866 |
) |
|
|
(3,401 |
) |
|
|
Investment in sales-type leases |
|
2,766 |
|
|
|
84 |
|
|
|
Prepaid commissions |
|
(1,972 |
) |
|
|
(3,102 |
) |
|
|
Other long-term assets |
|
1,297 |
|
|
|
1,650 |
|
|
|
Accounts payable |
|
16,176 |
|
|
|
931 |
|
|
|
Accrued compensation |
|
(10,765 |
) |
|
|
(14,230 |
) |
|
|
Accrued liabilities |
|
(292 |
) |
|
|
1,380 |
|
|
|
Deferred revenues |
|
40,275 |
|
|
|
20,184 |
|
|
|
Operating lease liabilities |
|
(2,974 |
) |
|
|
(2,804 |
) |
|
|
Other long-term liabilities |
|
195 |
|
|
|
364 |
|
|
|
Net cash provided by operating activities |
|
54,500 |
|
|
|
25,924 |
|
|
|
Investing Activities |
|
|
|
|||||
|
External-use software development costs |
|
(3,432 |
) |
|
|
(4,567 |
) |
|
|
Purchases of property and equipment |
|
(12,435 |
) |
|
|
(11,172 |
) |
|
|
Net cash used in investing activities |
|
(15,867 |
) |
|
|
(15,739 |
) |
|
|
Financing Activities |
|
|
|
|||||
|
Proceeds from issuances under stock-based compensation plans |
|
7,762 |
|
|
|
8,266 |
|
|
|
Employees’ taxes paid related to restricted stock units |
|
(2,603 |
) |
|
|
(2,391 |
) |
|
|
Change in customer funds, net |
|
(2,768 |
) |
|
|
(1,837 |
) |
|
|
Net cash provided by financing activities |
|
2,391 |
|
|
|
4,038 |
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(1,091 |
) |
|
|
1,565 |
|
|
|
Net increase in cash, cash equivalents, and restricted cash |
|
39,933 |
|
|
|
15,788 |
|
|
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
251,032 |
|
|
|
398,614 |
|
|
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
290,965 |
|
|
$ |
414,402 |
|
|
|
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets: |
||||||||
|
Cash and cash equivalents |
$ |
239,221 |
|
|
$ |
386,826 |
|
|
|
Restricted cash included in other current assets |
|
51,744 |
|
|
|
27,576 |
|
|
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
290,965 |
|
|
$ |
414,402 |
|
|
|
|
||||||||
|
Reconciliation of GAAP to Non-GAAP |
||||||||
|
(Unaudited, in thousands, except per share data and percentage) |
||||||||
|
|
|
|
||||||
|
|
|
Three Months Ended |
||||||
|
|
|
2026 |
|
2025 |
||||
|
Reconciliation of GAAP product gross profit to non-GAAP product gross profit: |
|
|
|
|||||
|
GAAP product revenues |
$ |
174,800 |
|
|
$ |
145,168 |
|
|
|
GAAP cost of product revenues |
|
95,518 |
|
|
|
85,585 |
|
|
|
GAAP product gross profit |
$ |
79,282 |
|
|
$ |
59,583 |
|
|
|
GAAP product gross margin |
45.4% |
|
41.0% |
|||||
|
Share-based compensation expense |
|
541 |
|
|
|
900 |
|
|
|
Amortization of acquired intangibles |
|
333 |
|
|
|
349 |
|
|
|
Non-GAAP product gross profit |
$ |
80,156 |
|
|
$ |
60,832 |
|
|
|
Non-GAAP product gross margin |
45.9% |
|
41.9% |
|||||
|
|
|
|
|
|||||
|
Reconciliation of GAAP service gross profit to non-GAAP service gross profit: |
||||||||
|
GAAP service revenues |
$ |
135,080 |
|
|
$ |
124,500 |
|
|
|
GAAP cost of service revenues |
|
73,999 |
|
|
|
73,147 |
|
|
|
GAAP service gross profit |
$ |
61,081 |
|
|
$ |
51,353 |
|
|
|
GAAP service gross margin |
45.2% |
|
41.2% |
|||||
|
Share-based compensation expense |
|
708 |
|
|
|
818 |
|
|
|
Amortization of acquired intangibles |
|
309 |
|
|
|
658 |
|
|
|
Non-GAAP service gross profit |
$ |
62,098 |
|
|
$ |
52,829 |
|
|
|
Non-GAAP service gross margin |
46.0% |
|
42.4% |
|||||
|
|
|
|
|
|||||
|
Reconciliation of GAAP gross profit to non-GAAP gross profit: |
||||||||
|
GAAP gross profit |
$ |
140,363 |
|
|
$ |
110,936 |
|
|
|
GAAP gross margin |
45.3% |
|
41.1% |
|||||
|
Share-based compensation expense |
|
1,249 |
|
|
|
1,718 |
|
|
|
Amortization of acquired intangibles |
|
642 |
|
|
|
1,007 |
|
|
|
Non-GAAP gross profit |
$ |
142,254 |
|
|
$ |
113,661 |
|
|
|
Non-GAAP gross margin |
45.9% |
|
42.1% |
|||||
|
|
|
|
|
|||||
|
Reconciliation of GAAP operating expenses to non-GAAP operating expenses: |
||||||||
|
GAAP operating expenses |
$ |
123,509 |
|
|
$ |
122,555 |
|
|
|
GAAP operating expenses % to total revenues |
39.9% |
|
45.4% |
|||||
|
Share-based compensation expense |
|
(8,249 |
) |
|
|
(9,068 |
) |
|
|
Amortization of acquired intangibles |
|
(3,975 |
) |
|
|
(4,721 |
) |
|
|
Acquisition-related expenses |
|
(182 |
) |
|
|
(182 |
) |
|
|
Legal and regulatory expenses |
|
— |
|
|
|
(2,700 |
) |
|
|
Management severance costs |
|
— |
|
|
|
(562 |
) |
|
|
Executives transition costs |
|
— |
|
|
|
(968 |
) |
|
|
Non-GAAP operating expenses |
$ |
111,103 |
|
|
$ |
104,354 |
|
|
|
Non-GAAP operating expenses as a % of total revenues |
35.9% |
|
38.7% |
|||||
|
|
||||||||
|
Reconciliation of GAAP to Non-GAAP |
||||||||
|
(Unaudited, in thousands, except per share data and percentage) |
||||||||
|
|
|
|
||||||
|
|
|
Three Months Ended |
||||||
|
|
|
2026 |
|
2025 |
||||
|
Reconciliation of GAAP income (loss) from operations to non-GAAP income from operations: |
|
|
|
|||||
|
GAAP income (loss) from operations |
$ |
16,854 |
|
|
$ |
(11,619 |
) |
|
|
GAAP operating income (loss) % to total revenues |
5.4% |
|
(4.3)% |
|||||
|
Share-based compensation expense |
|
9,498 |
|
|
|
10,786 |
|
|
|
Amortization of acquired intangibles |
|
4,617 |
|
|
|
5,728 |
|
|
|
Acquisition-related expenses |
|
182 |
|
|
|
182 |
|
|
|
Legal and regulatory expenses |
|
— |
|
|
|
2,700 |
|
|
|
Management severance costs |
|
— |
|
|
|
562 |
|
|
|
Executives transition costs |
|
— |
|
|
|
968 |
|
|
|
Non-GAAP income from operations |
$ |
31,151 |
|
|
$ |
9,307 |
|
|
|
Non-GAAP operating margin (non-GAAP operating income as a % of total revenues) |
10.1% |
|
3.5% |
|||||
|
|
|
|
|
|||||
|
Reconciliation of GAAP net income (loss) to non-GAAP net income: |
||||||||
|
GAAP net income (loss) |
$ |
11,358 |
|
|
$ |
(7,023 |
) |
|
|
Share-based compensation expense |
|
9,498 |
|
|
|
10,786 |
|
|
|
Amortization of acquired intangibles |
|
4,617 |
|
|
|
5,728 |
|
|
|
Acquisition-related expenses |
|
182 |
|
|
|
182 |
|
|
|
Legal and regulatory expenses |
|
— |
|
|
|
2,700 |
|
|
|
Management severance costs |
|
— |
|
|
|
562 |
|
|
|
Executives transition costs |
|
— |
|
|
|
968 |
|
|
|
Amortization of debt issuance costs |
|
497 |
|
|
|
735 |
|
|
|
Tax effect of the adjustments above (a) |
|
(1,112 |
) |
|
|
(2,284 |
) |
|
|
Non-GAAP net income |
$ |
25,040 |
|
|
$ |
12,354 |
|
|
|
|
|
|
|
|||||
|
Reconciliation of GAAP net income (loss) per share - diluted to non-GAAP net income per share - diluted: |
||||||||
|
Shares - diluted GAAP |
|
45,943 |
|
|
|
46,596 |
|
|
|
Shares - diluted non-GAAP |
|
45,943 |
|
|
|
47,003 |
|
|
|
|
|
|
|
|||||
|
GAAP net income (loss) per share - diluted |
$ |
0.25 |
|
|
$ |
(0.15 |
) |
|
|
Share-based compensation expense |
|
0.21 |
|
|
|
0.23 |
|
|
|
Amortization of acquired intangibles |
|
0.10 |
|
|
|
0.12 |
|
|
|
Acquisition-related expenses |
|
0.00 |
|
|
|
0.00 |
|
|
|
Legal and regulatory expenses |
|
— |
|
|
|
0.06 |
|
|
|
Management severance costs |
|
— |
|
|
|
0.01 |
|
|
|
Executives transition costs |
|
— |
|
|
|
0.02 |
|
|
|
Amortization of debt issuance costs |
|
0.01 |
|
|
|
0.02 |
|
|
|
Tax effect of the adjustments above (a) |
|
(0.02 |
) |
|
|
(0.05 |
) |
|
|
Non-GAAP net income per share - diluted |
$ |
0.55 |
|
|
$ |
0.26 |
|
|
|
|
||||||||
|
Reconciliation of GAAP to Non-GAAP |
||||||||
|
(Unaudited, in thousands, except per share data and percentage) |
||||||||
|
|
|
|
||||||
|
|
|
Three Months Ended |
||||||
|
|
|
2026 |
|
2025 |
||||
|
Reconciliation of GAAP net income (loss) to non-GAAP EBITDA (b): |
||||||||
|
GAAP net income (loss) |
$ |
11,358 |
|
|
$ |
(7,023 |
) |
|
|
Share-based compensation expense |
|
9,498 |
|
|
|
10,786 |
|
|
|
Interest (income) and expense, net |
|
(1,000 |
) |
|
|
(2,805 |
) |
|
|
Depreciation and amortization expense |
|
18,572 |
|
|
|
19,995 |
|
|
|
Acquisition-related expenses |
|
182 |
|
|
|
182 |
|
|
|
Legal and regulatory expenses |
|
— |
|
|
|
2,700 |
|
|
|
Management severance costs |
|
— |
|
|
|
562 |
|
|
|
Executives transition costs |
|
— |
|
|
|
968 |
|
|
|
Amortization of debt issuance costs |
|
497 |
|
|
|
735 |
|
|
|
Provision for (benefit from) income taxes |
|
5,547 |
|
|
|
(2,507 |
) |
|
|
Non-GAAP EBITDA |
$ |
44,654 |
|
|
$ |
23,593 |
|
|
|
Non-GAAP EBITDA margin (non-GAAP EBITDA as a % of total revenues) |
14.4% |
|
8.7% |
|||||
| ____________________ | ||
|
(a) |
Tax effects calculated for all adjustments except share-based compensation expense, using an estimated annual effective tax rate of 21% for both fiscal years 2026 and 2025. |
|
|
(b) |
Defined as earnings before interest income and expense, taxes, depreciation, amortization, and share-based compensation, as well as excluding certain other non-GAAP adjustments. |
|
|
|
||||||||
|
Reconciliation of GAAP to Non-GAAP |
||||||||
|
(Unaudited, in thousands) |
||||||||
|
|
|
|
||||||
|
|
|
Three Months Ended |
||||||
|
|
|
2026 |
|
2025 |
||||
|
Reconciliation of GAAP net cash provided by operating activities to non-GAAP free cash flow: |
||||||||
|
GAAP net cash provided by operating activities |
$ |
54,500 |
|
|
$ |
25,924 |
|
|
|
External-use software development costs |
|
(3,432 |
) |
|
|
(4,567 |
) |
|
|
Purchases of property and equipment |
|
(12,435 |
) |
|
|
(11,172 |
) |
|
|
Non-GAAP free cash flow |
$ |
38,633 |
|
|
$ |
10,185 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260428485116/en/
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