FORM 8-K |
EnerNOC, Inc. (Exact Name of Registrant as Specified in Charter) |
Delaware | 001-33471 | 87-0698303 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
One Marina Park Drive, Suite 400, Boston, Massachusetts | 02210 | |||
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit No. | Description | |||||
99.1 | Press Release issued by the Company on | November 3, 2016 |
ENERNOC, INC. | ||||
Date: | November 3, 2016 | By: | /s/ William G. Sorenson | |
Name: | William G. Sorenson | |||
Title: | Chief Financial Officer |
Exhibit No. | Description | |||||
99.1 | Press Release issued by the Company on | November 3, 2016 |
EnerNOC Media Relations: Sarah McAuley 617.532.8195 | Investor Relations: Christopher Sands 617.692.2569 |
Summary Financial Results | |||||||||||||||
In thousands | |||||||||||||||
Q3 2016 | Q3 2015 | YTD 2016 | YTD 2015 | ||||||||||||
Revenue | |||||||||||||||
Software | $ | 18,729 | $ | 18,028 | $ | 51,994 | $ | 55,353 | |||||||
Demand Response | 149,052 | 199,296 | 301,861 | 285,022 | |||||||||||
Total Revenue | $ | 167,781 | $ | 217,324 | $ | 353,855 | $ | 340,375 | |||||||
Net Income (Loss) | $ | 20,625 | $ | 12,987 | $ | (19,811 | ) | $ | (56,095 | ) | |||||
Net Income (Loss) Per Diluted Share | $ | 0.65 | $ | 0.44 | $ | (0.68 | ) | $ | (1.98 | ) | |||||
Cash (Used in) Provided by Operations | $ | (18,738 | ) | $ | 5,442 | $ | (64,888 | ) | $ | (18,226 | ) | ||||
Free Cash Flow 1, 2 | $ | (23,315 | ) | $ | (992 | ) | $ | (78,576 | ) | $ | (35,950 | ) | |||
Adjusted EBITDA1 | |||||||||||||||
Software adjusted EBITDA | $ | (10,583 | ) | $ | (13,842 | ) | $ | (48,620 | ) | $ | (49,088 | ) | |||
Demand Response adjusted EBITDA | 46,299 | 49,433 | 70,780 | 56,630 | |||||||||||
Corporate unallocated expenses | (4,239 | ) | (3,884 | ) | (14,446 | ) | (12,043 | ) | |||||||
Consolidated adjusted EBITDA1, 3 | $ | 31,477 | $ | 31,707 | $ | 7,714 | $ | (4,501 | ) |
• | Achieved third quarter year-over-year Subscription Software revenue growth of 47%. |
• | Surpassed 1,000 megawatts of enrolled demand response capacity in Korea, marking the first time we have eclipsed that milestone in an international market. |
• | Signed demand response contracts with Consolidated Edison, First Energy, Southern California Edison, and Pacific Gas & Electric under innovative energy initiatives in New York, Pennsylvania, and California. |
• | Completed the sale of our utility customer engagement software platform. With the sale, we have narrowed the focus of our subscription-based energy intelligence software business to exclusively serve enterprise customers. |
• | Commenced a restructuring plan designed to materially reduce our operating expenses, primarily related to our subscription-based energy intelligence software business. |
Guidance for Quarter Ending December 31, 2016 | |
Total Revenue (in millions) | $40-$50 |
Software Revenue | $15-$20 |
Demand Response Revenue | $25-$30 |
GAAP Net Income Per Diluted Share | ($1.29)-($1.09) |
Consolidated adjusted EBITDA1 (in millions) | ($22)-($16) |
Guidance for the Year Ending December 31, 2016 | |||
Issued on Aug 2, 2016 | Issued on Nov 3, 2016 | ||
Total Revenue (in millions) | $370-$400 | $394-$404 | |
Software Revenue | $67-$72 | $67-$72 | |
Demand Response Revenue | $303-$328 | $327-$332 | |
GAAP Net Loss Per Diluted Share | ($2.95)-($2.60) | ($1.99)-($1.79) | |
Consolidated adjusted EBITDA1 (in millions) | ($35)-($25) | ($15)-($9) | |
Software adjusted EBITDA1 (in millions) | ($65)-($60) | ($58)-($55) | |
Demand Response adjusted EBITDA1 (in millions) | $50-55 | $63-$66 | |
Corporate unallocated expenses1 (in millions) | ~($20) | ~($20) |
EnerNOC, Inc. | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | |||||||||||||||
Software | $ | 18,729 | $ | 18,028 | $ | 51,994 | $ | 55,353 | |||||||
Demand Response | 149,052 | 199,296 | 301,861 | 285,022 | |||||||||||
Total revenues | 167,781 | 217,324 | 353,855 | 340,375 | |||||||||||
Cost of revenues | 96,965 | 143,146 | 211,090 | 208,645 | |||||||||||
Gross profit | 70,816 | 74,178 | 142,765 | 131,730 | |||||||||||
Operating expenses: | |||||||||||||||
Selling and marketing | 20,008 | 22,397 | 70,540 | 74,563 | |||||||||||
General and administrative | 20,331 | 26,707 | 75,688 | 83,450 | |||||||||||
Research and development | 6,352 | 6,626 | 22,029 | 21,812 | |||||||||||
Gains on sale of businesses | (2,229 | ) | — | (19,605 | ) | (2,991 | ) | ||||||||
Restructuring charges | 2,933 | — | 6,627 | — | |||||||||||
Total operating expenses | 47,395 | 55,730 | 155,279 | 176,834 | |||||||||||
Income (loss) from operations | 23,421 | 18,448 | (12,514 | ) | (45,104 | ) | |||||||||
Other income (expense), net | (279 | ) | (2,814 | ) | (613 | ) | (5,766 | ) | |||||||
Interest expense | (1,835 | ) | (2,253 | ) | (5,456 | ) | (6,785 | ) | |||||||
Income (loss) before income tax | 21,307 | 13,381 | (18,583 | ) | (57,655 | ) | |||||||||
Benefit from (provision for) income tax | (689 | ) | (417 | ) | (1,271 | ) | 1,523 | ||||||||
Net income (loss) | 20,618 | 12,964 | (19,854 | ) | (56,132 | ) | |||||||||
Net loss attributable to noncontrolling interest | (7 | ) | (23 | ) | (43 | ) | (37 | ) | |||||||
Net income (loss) attributable to EnerNOC, Inc. | $ | 20,625 | $ | 12,987 | $ | (19,811 | ) | $ | (56,095 | ) | |||||
Net income (loss) attributable to EnerNOC, Inc. per common share | |||||||||||||||
Basic | $ | 0.70 | $ | 0.46 | $ | (0.68 | ) | $ | (1.98 | ) | |||||
Diluted | $ | 0.65 | $ | 0.44 | $ | (0.68 | ) | $ | (1.98 | ) | |||||
Weighted average number of common shares used in computing net income (loss) per share attributable to EnerNOC, Inc. | |||||||||||||||
Basic | 29,349,772 | 28,507,939 | 29,188,693 | 28,282,647 | |||||||||||
Diluted | 34,326,256 | 34,623,574 | 29,188,693 | 28,282,647 |
EnerNOC, Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
September 30, 2016 | December 31, 2015 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 81,499 | $ | 138,120 | |||
Trade accounts receivable, net | 56,967 | 43,355 | |||||
Unbilled revenue | 72,123 | 70,101 | |||||
Capitalized incremental direct customer contract costs | 1,389 | 33,917 | |||||
Prepaid expenses and other current assets | 15,879 | 8,118 | |||||
Total current assets | 227,857 | 293,611 | |||||
Property and equipment, net | 43,098 | 49,653 | |||||
Goodwill and intangible assets, net | 78,649 | 94,099 | |||||
Deposits and other assets | 3,852 | 6,351 | |||||
Total assets | $ | 353,456 | $ | 443,714 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 973 | $ | 6,002 | |||
Accrued capacity payments | 80,582 | 104,278 | |||||
Accrued expenses and other current liabilities | 30,118 | 38,792 | |||||
Deferred revenue | 9,436 | 55,631 | |||||
Total current liabilities | 121,109 | 204,703 | |||||
Deferred revenue | 3,305 | 3,696 | |||||
Other liabilities | 7,415 | 9,118 | |||||
Convertible senior notes | 114,205 | 111,254 | |||||
Total long-term liabilities | 124,925 | 124,068 | |||||
Total EnerNOC, Inc. stockholders' equity | 107,166 | 114,644 | |||||
Non-controlling interest | 256 | 299 | |||||
Total stockholders' equity | 107,422 | 114,943 | |||||
Total liabilities and stockholders' equity | $ | 353,456 | $ | 443,714 | |||
EnerNOC, Inc. | ||||||||||||||||
Condensed Consolidated Statements of Cash Flow Data | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Condensed Consolidated Statements of Cash Flow Data | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Cash (used in) provided by operating activities | $ | (18,738 | ) | $ | 5,442 | $ | (64,888 | ) | $ | (18,226 | ) | |||||
Cash provided by (used in) investing activities | 5,351 | (5,346 | ) | 8,841 | (88,881 | ) | ||||||||||
Cash used in financing activities | (506 | ) | (201 | ) | (2,002 | ) | (2,331 | ) | ||||||||
Effects of exchange rate changes on cash and cash equivalents | 269 | (1,510 | ) | 1,428 | (2,973 | ) | ||||||||||
Net change in cash and cash equivalents | (13,624 | ) | (1,615 | ) | (56,621 | ) | (112,411 | ) | ||||||||
Cash and cash equivalents at beginning of period | 95,123 | 143,555 | 138,120 | 254,351 | ||||||||||||
Cash and cash equivalents at end of period | $ | 81,499 | $ | 141,940 | $ | 81,499 | $ | 141,940 |
• | Management defines consolidated adjusted EBITDA as net income (loss) attributable to EnerNOC, Inc., excluding depreciation, amortization and asset impairments; stock-based compensation, gains on the sale of businesses; direct and incremental expenses/gains associated with acquisitions, divestitures, reorganizations and settlements; restructuring charges; interest and other income (expense), net; and benefit from (provision for) income tax. |
• | Management defines free cash flow as net cash provided by (used in) operating activities less capital expenditures. Management defines capital expenditures as purchases of property and equipment, which includes capitalization of internal-use software development costs. |
EnerNOC, Inc. | |||||||||||||||
Reconciliation of Free Cash Flow | |||||||||||||||
(in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net cash used in operating activities | $ | (18,738 | ) | $ | 5,442 | $ | (64,888 | ) | $ | (18,226 | ) | ||||
Subtract: Purchases of property and equipment and capitalization of internal use software | (4,577 | ) | (6,434 | ) | (13,688 | ) | (17,724 | ) | |||||||
Free cash flow 1 | $ | (23,315 | ) | $ | (992 | ) | $ | (78,576 | ) | $ | (35,950 | ) |
EnerNOC, Inc. | ||||||||||||||||
Supplemental Financial Schedule of Segment Results | ||||||||||||||||
(in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Segment Information | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | ||||||||||||||||
Software | ||||||||||||||||
Subscription software | $ | 7,221 | $ | 4,916 | $ | 18,966 | $ | 14,234 | ||||||||
Procurement solutions | 9,840 | 8,398 | 27,568 | 25,874 | ||||||||||||
Professional services | 1,668 | 4,714 | 5,460 | 15,245 | ||||||||||||
Total Software Revenues | 18,729 | 18,028 | 51,994 | 55,353 | ||||||||||||
Demand Response | ||||||||||||||||
Grid operator | 121,500 | 171,928 | 252,985 | 237,281 | ||||||||||||
Utility | 27,552 | 27,368 | 48,876 | 47,741 | ||||||||||||
Total Demand Response Revenues | 149,052 | 199,296 | 301,861 | 285,022 | ||||||||||||
Consolidated Revenues | $ | 167,781 | $ | 217,324 | $ | 353,855 | $ | 340,375 | ||||||||
Segment Adjusted EBITDA 1: | ||||||||||||||||
Software adjusted EBITDA | $ | (10,583 | ) | $ | (13,842 | ) | $ | (48,620 | ) | $ | (49,088 | ) | ||||
Demand Response adjusted EBITDA | $ | 46,299 | $ | 49,433 | $ | 70,780 | $ | 56,630 |
EnerNOC, Inc. | |||||||||||||||
Reconciliation of Consolidated Adjusted EBITDA | |||||||||||||||
(in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Software adjusted EBITDA | $ | (10,583 | ) | $ | (13,842 | ) | $ | (48,620 | ) | $ | (49,088 | ) | |||
Demand Response adjusted EBITDA | 46,299 | 49,433 | 70,780 | 56,630 | |||||||||||
Corporate unallocated expenses | (4,239 | ) | (3,884 | ) | (14,446 | ) | (12,043 | ) | |||||||
Consolidated adjusted EBITDA 1 | 31,477 | 31,707 | 7,714 | (4,501 | ) | ||||||||||
Depreciation, amortization and asset impairments 5 | (7,418 | ) | (9,511 | ) | (25,888 | ) | (29,259 | ) | |||||||
Stock-based compensation | (3,452 | ) | (3,655 | ) | (10,236 | ) | (11,385 | ) | |||||||
Restructuring charges 2 | (2,933 | ) | — | (6,627 | ) | — | |||||||||
Gains on sale of businesses 3 | 2,229 | — | 19,605 | 2,991 | |||||||||||
Direct and incremental (expenses) gains associated with acquisitions, divestitures, reorganizations and settlements 4 | 3,525 | (70 | ) | 2,961 | (2,913 | ) | |||||||||
Interest and other income (expense), net | (2,114 | ) | (5,067 | ) | (6,069 | ) | (12,551 | ) | |||||||
Benefit from (provision for) income tax | (689 | ) | (417 | ) | (1,271 | ) | 1,523 | ||||||||
Net income (loss) attributable to EnerNOC, Inc. | $ | 20,625 | $ | 12,987 | $ | (19,811 | ) | $ | (56,095 | ) |
1 | Consolidated adjusted EBITDA excludes gains on the sale of businesses. Prior period results have been updated to conform to current period presentation. |
2 | Restructuring charges include employee related severance and retention costs, asset impairments, and contract termination costs. |
3 | The nine month period ended September 30, 2016 includes gains on the sale of a professional services business and a utility customer engagement software business. Prior year periods include a gain on the sale of a demand response resource. |
4 | Includes expenses that are direct and incremental to business acquisitions and divestitures, including third party professional fees for legal, accounting and valuation services; employee related costs associated with reorganizing the business; and a gain recorded in the three and nine months ended September 30, 2016 associated with the recovery of an escrow settlement claim. |
5 | Includes impairments of equipment excluded from restructuring charges. |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
December 31, 2016 | December 31, 2016 | ||||||||||||||||||||||||
Per Diluted Share | Per Diluted Share | ||||||||||||||||||||||||
In Millions, Except Per Share Amounts | Low | High | Low | High | Low | High | Low | High | |||||||||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||||
Software adjusted EBITDA | ($58 | ) | ($55 | ) | |||||||||||||||||||||
Demand Response adjusted EBITDA | $63 | $66 | |||||||||||||||||||||||
Corporate unallocated expenses | ($20 | ) | ($20 | ) | |||||||||||||||||||||
Consolidated adjusted EBITDA | ($22 | ) | ($16 | ) | ($15 | ) | ($9 | ) | |||||||||||||||||
Reconciling Adjustments: | |||||||||||||||||||||||||
Depreciation, amortization & asset impairments | $10 | $10 | $36 | $36 | |||||||||||||||||||||
Stock-based compensation | $3 | $3 | $13 | $13 | |||||||||||||||||||||
Restructuring charges | $1 | $1 | $8 | $8 | |||||||||||||||||||||
Gains on sale of businesses | $0 | $0 | ($20 | ) | ($20 | ) | |||||||||||||||||||
Direct and incremental expenses (gains) associated with acquisitions, divestitures, reorganizations and escrow settlements | $0 | $0 | ($3 | ) | ($3 | ) | |||||||||||||||||||
Interest and other income (expense), net | $2 | $2 | $8 | $8 | |||||||||||||||||||||
Provision for income taxes | $0 | $0 | $1 | $1 | |||||||||||||||||||||
Projected GAAP Net Income (Loss) attributable to EnerNOC, Inc. | ($38 | ) | ($32 | ) | ($1.29 | ) | ($1.09 | ) | ($58 | ) | ($52 | ) | ($1.99 | ) | ($1.79 | ) | |||||||||
Weighted Average Number of Common Shares Outstanding-Diluted | 29.4 | 29.4 | 29.1 | 29.1 |
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