CORRECTING and REPLACING E2open Announces Fiscal First Quarter 2023 Financial Results

GAAP subscription revenue of $129.5 Million, up 154%

12% organic subscription revenue growth on a constant currency basis

AUSTIN, Texas–(BUSINESS WIRE)–Adjusted EBITDA margin in the fourth bullet under «Fiscal First Quarter 2023 Financial Highlights» should read: Adjusted EBITDA margin was 32.0% … (instead of: Adjusted EBITDA margin was 31.6%…) This change has also been made in the Reconciliation of Pro Forma Information table.

The updated release reads: 

E2OPEN ANNOUNCES FISCAL FIRST QUARTER 2023 FINANCIAL RESULTS

GAAP subscription revenue of $129.5 Million, up 154%

12% organic subscription revenue growth on a constant currency basis

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, 2022.

We are very pleased with our first quarter performance where we continued to support the world’s largest and most complex supply chains adapt to growing inflationary pressures, and increasing demand and supply challenges,” said Michael Farlekas, chief executive officer at e2open. “The size and resiliency of our subscription revenue base enables us to sustain profitable growth as demonstrated by our first quarter results of 12% organic subscription revenue growth on a constant currency basis, along with adjusted EBITDA growing to $51.4 million.”

We are reaffirming our EBITDA outlook for this fiscal year despite incremental foreign exchange headwinds to our total revenue base,” continued Farlekas. “As we look forward, we see the demand for our multi-enterprise supply chain platform continue to expand as companies seek to become more agile in an ever-changing global economy.”

Fiscal First Quarter 2023 Financial Highlights

We present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation, as presented and defined in the Information Tables below.

  • Revenue

    • GAAP subscription revenue for the first quarter of 2023 grew 153.9% from the year-ago comparable period to $129.5 million or 80.8% of total revenue. Organic subscription revenue growth was 10.7% or 12.1% on a constant currency basis.
    • Total GAAP revenue for the first quarter of 2023 grew 141.8% from the year-ago comparable period to $160.4 million. Total organic revenue growth was 9.8% or 11.4% on a constant currency basis.
  • GAAP gross profit for the first quarter of 2023 grew 190.0% from the year-ago comparable period to $81.7 million. Non-GAAP gross profit grew 9.3% or 10.3% on a constant currency basis from the year-ago comparable period to $111.3 million.
  • GAAP gross margin for the first quarter of 2023 was 50.9% compared to 42.5% from the year-ago comparable period. Non-GAAP gross margin was 69.4% or 69.1% on a constant currency basis compared to 69.7% from the year-ago comparable period.
  • Adjusted EBITDA for the first quarter of 2023 grew 12.4% or 10.7% on a constant currency basis from the year-ago comparable period to $51.4 million. Adjusted EBITDA margin was 32.0% or 31.1% on a constant currency basis versus 31.3% from the year-ago comparable period.
  • Net loss for the first quarter of 2023 improved to $12.6 million compared to $169.4 million from the year-ago comparable period. GAAP and adjusted earnings per share for the first quarter of 2023 were $(0.04) and $0.07; respectively.
  • Cash flow:

    • Cash flow from operations was $24.9 million compared to $39.3 million from the year-ago comparable period, inclusive of M&A-related expenses.
    • Unlevered free cash flow for the first quarter, adjusted for M&A, was $41.3 million, which represents 80.3% of adjusted EBITDA.

NOTE: Refer to Reconciliation of Pro Forma and Non-GAAP Information Tables at the end of this press release for more detail regarding revenue, gross margin, adjusted EBITDA margin, net loss, adjusted earnings per share, unlevered free cash flow and adjusted EBITDA. Prior year comparisons of non-GAAP measures include e2open, BluJay and Logistyx, as if BluJay and Logistyx were acquired on March 1, 2021.

Recent Business Highlights

  • Expanded our partnership with Uber Freight, to leverage e2open’s carrier network to provide clients with real-time domestic capacity and rate options, lowering clients’ transportation costs. This represents e2open’s sixth revenue-generating partnership in six quarters.
  • Expanded into a strategic partnership with Accenture, e2open’s second strategic partnership with the integrator ecosystem in two quarters, a major step in our objective of expanding e2open’s ecosystem to include multiple strategic integrator partners.
  • Recently unveiled a brand refresh including a new e2open® logo, brand identity, and tagline: “Moving as one.™” to help assert e2open’s multi-enterprise supply chain business networks as the platform of choice for large, global supply chains. The strategic brand refresh is a catalyst to increase awareness among the world’s largest companies, which are transforming their demand to supply to distribution operations to make, move and sell products and services in a new era.
  • For the third consecutive year, e2open was positioned as a leader with the highest ability to execute and furthest completeness of vision in the 2022 Gartner® Magic Quadrant™ for Multienterprise Supply Chain Business Networks report.
  • Hosted European client conference, CONNECT 2022: The Europe Exchange, which brought together hundreds of logistics, global trade and commerce professionals from the world’s leading organizations to explore solutions for today’s complex supply chains.

Financial Outlook for Fiscal Year 2023

As of July 11, 2022, e2open is providing updated guidance for the remainder of fiscal year 2023, which ends February 28, 2023, as follows:

Fiscal 2023 GAAP Subscription Revenue

  • GAAP subscription revenue for fiscal 2023 is expected to be in the range of $538 million to $546 million versus prior guidance of $545 million to $553 million, due to an approximate $7 million negative impact from foreign exchange rate fluctuations when compared to our prior guidance. There is no change to our guidance on a constant currency basis.

Fiscal 2023 Total GAAP Revenue

  • Total GAAP revenue is expected to be in the range of $672 million to $680 million versus prior guidance of $681 million to $689 million, due to an approximate $9 million negative impact from foreign exchange rate fluctuations when compared to our prior guidance. There is no change to our guidance on a constant currency basis.

Fiscal Second Quarter 2023 GAAP Subscription Revenue

  • GAAP subscription revenue for the fiscal second quarter of 2023 is expected to be in the range of $129 million to $132 million, including an approximate $3 million negative year over year impact from foreign exchange rate fluctuations.

Fiscal 2023 Non-GAAP Gross Profit Margin

  • Non-GAAP gross profit margin is expected to be in the range of 68% to 70% versus prior guidance of 69% to 71% which includes an approximate 50 basis point negative impact from foreign exchange rate fluctuations when compared to our prior guidance.

Fiscal 2023 Adjusted EBITDA

  • Adjusted EBITDA is reaffirmed in the range of $217 million to $223 million.

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 2023 first quarter financial results, in addition to discussing the Company’s outlook for the full fiscal year 2023. To access this call, dial 888-506-0062 (domestic) or 973-528-0011 (international). The conference ID is 453559. 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 25, 2022, at 877-481-4010 (domestic) or 919-882-2331 (international). The replay pass code is 45894. 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.

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 400,000 manufacturing, logistics, channel, and distribution partners as one multi-enterprise network tracking over 12 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, unlevered 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)

 

 

2022

 

 

 

2021

 

Revenue

 

 

 

 

Subscriptions

 

$

129,547

 

 

$

51,034

 

Professional services and other

 

 

30,834

 

 

 

15,293

 

Total revenue

 

 

160,381

 

 

 

66,327

 

Cost of Revenue

 

 

 

 

Subscriptions

 

 

33,134

 

 

 

16,508

 

Professional services and other

 

 

20,646

 

 

 

10,140

 

Amortization of acquired intangible assets

 

 

24,901

 

 

 

11,511

 

Total cost of revenue

 

 

78,681

 

 

 

38,159

 

Gross Profit

 

 

81,700

 

 

 

28,168

 

Operating Expenses

 

 

 

 

Research and development

 

 

22,562

 

 

 

15,701

 

Sales and marketing

 

 

24,155

 

 

 

12,514

 

General and administrative

 

 

20,346

 

 

 

13,717

 

Acquisition-related expenses

 

 

6,764

 

 

 

9,778

 

Amortization of acquired intangible assets

 

 

21,535

 

 

 

3,830

 

Total operating expenses

 

 

95,362

 

 

 

55,540

 

Loss from operations

 

 

(13,662

)

 

 

(27,372

)

Other income (expense)

 

 

 

 

Interest and other expense, net

 

 

(15,413

)

 

 

(4,903

)

Change in tax receivable agreement liability

 

 

(1,670

)

 

 

(2,499

)

Gain (loss) from change in fair value of warrant liability

 

 

5,455

 

 

 

(59,943

)

Gain (loss) from change in fair value of contingent consideration

 

 

4,200

 

 

 

(73,260

)

Total other expenses

 

 

(7,428

)

 

 

(140,605

)

Loss before income tax provision

 

 

(21,090

)

 

 

(167,977

)

Income tax benefit (expense)

 

 

8,469

 

 

 

(1,378

)

Net loss

 

 

(12,621

)

 

 

(169,355

)

Less: Net loss attributable to noncontrolling interest

 

 

(1,265

)

 

 

(27,097

)

Net loss attributable to E2open Parent Holdings, Inc.

 

$

(11,356

)

 

$

(142,258

)

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

Basic

 

 

301,373

 

 

 

187,051

 

Diluted

 

 

301,373

 

 

 

187,051

 

Net loss attributable to E2open Parent Holdings, Inc.
common shareholders per share:

 

 

 

 

Basic

 

$

(0.04

)

 

$

(0.76

)

Diluted

 

$

(0.04

)

 

$

(0.76

)

E2OPEN PARENT HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share amounts)

 

May 31, 2022

 

February 28, 2022

 

 

(Unaudited)

 

 

Assets

 

 

 

 

Cash and cash equivalents

 

$

129,191

 

 

$

155,481

 

Restricted cash

 

 

26,944

 

 

 

19,073

 

Accounts receivable, net

 

 

118,867

 

 

 

155,341

 

Prepaid expenses and other current assets

 

 

28,629

 

 

 

26,243

 

Total current assets

 

 

303,631

 

 

 

356,138

 

Long-term investments

 

 

199

 

 

 

208

 

Goodwill

 

 

3,847,094

 

 

 

3,756,871

 

Intangible assets, net

 

 

1,193,400

 

 

 

1,181,390

 

Property and equipment, net

 

 

72,893

 

 

 

65,937

 

Operating lease right-of-use assets

 

 

28,761

 

 

 

28,102

 

Other noncurrent assets

 

 

20,011

 

 

 

16,809

 

Total assets

 

$

5,465,989

 

 

$

5,405,455

 

Liabilities and Stockholders’ Equity

 

 

 

 

Accounts payable and accrued liabilities

 

$

123,100

 

 

$

131,246

 

Incentive program payable

 

 

26,944

 

 

 

19,073

 

Deferred revenue

 

 

178,122

 

 

 

190,992

 

Acquisition-related obligations

 

 

56,943

 

 

 

 

Current portion of notes payable

 

 

10,994

 

 

 

89,097

 

Current portion of operating lease obligations

 

 

8,240

 

 

 

7,652

 

Current portion of financing lease obligations

 

 

2,206

 

 

 

2,307

 

Total current liabilities

 

 

406,549

 

 

 

440,367

 

Long-term deferred revenue

 

 

1,562

 

 

 

1,141

 

Operating lease obligations

 

 

21,652

 

 

 

21,202

 

Financing lease obligations

 

 

1,882

 

 

 

1,950

 

Notes payable

 

 

1,048,156

 

 

 

863,577

 

Tax receivable agreement liability

 

 

68,260

 

 

 

66,590

 

Warrant liability

 

 

61,684

 

 

 

67,139

 

Contingent consideration

 

 

41,368

 

 

 

45,568

 

Deferred taxes

 

 

371,461

 

 

 

413,038

 

Other noncurrent liabilities

 

 

707

 

 

 

712

 

Total liabilities

 

 

2,023,281

 

 

 

1,921,284

 

Commitments and Contingencies

 

 

 

 

Stockholders’ Equity

 

 

 

 

Class A common stock

 

 

31

 

 

 

31

 

Class V common stock

 

 

 

 

 

 

Series B-1 common stock

 

 

 

 

 

 

Series B-2 common stock

 

 

 

 

 

 

Additional paid-in capital

 

 

3,364,272

 

 

 

3,362,219

 

Accumulated other comprehensive loss

 

 

(49,719

)

 

 

(19,019

)

Accumulated deficit

 

 

(166,332

)

 

 

(154,976

)

Treasury stock, at cost

 

 

(2,473

)

 

 

(2,473

)

Total E2open Parent Holdings, Inc. equity

 

 

3,145,779

 

 

 

3,185,782

 

Noncontrolling interest

 

 

296,929

 

 

 

298,389

 

Total stockholders’ equity

 

 

3,442,708

 

 

 

3,484,171

 

Total liabilities and stockholders’ equity

 

$

5,465,989

 

 

$

5,405,455

 

E2OPEN PARENT HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended May 31,

(In thousands)

 

 

2022

 

 

 

2021

 

Cash flows from operating activities

 

 

 

 

Net loss

 

$

(12,621

)

 

$

(169,355

)

Adjustments to reconcile net loss to net cash from operating activities:

 

 

 

 

Depreciation and amortization

 

 

53,297

 

 

 

20,205

 

Amortization of deferred commissions

 

 

849

 

 

 

158

 

Provision for credit losses

 

 

146

 

 

 

245

 

Amortization of debt issuance costs

 

 

1,378

 

 

 

667

 

Amortization of operating lease right-of-use assets

 

 

3,175

 

 

 

1,372

 

Share-based and unit-based compensation

 

 

3,188

 

 

 

2,043

 

Change in tax receivable agreement liability

 

 

1,670

 

 

 

2,499

 

(Gain) loss from change in fair value of warrant liability

 

 

(5,455

)

 

 

59,943

 

(Gain) loss from change in fair value of contingent consideration

 

 

(4,200

)

 

 

73,260

 

Gain on disposal of property and equipment

 

 

 

 

 

(187

)

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

41,661

 

 

 

51,771

 

Prepaid expenses and other current assets

 

 

864

 

 

 

552

 

Other noncurrent assets

 

 

(743

)

 

 

(1,399

)

Accounts payable and accrued liabilities

 

 

(8,079

)

 

 

(9,234

)

Incentive program payable

 

 

7,872

 

 

 

(1,010

)

Deferred revenue

 

 

(23,197

)

 

 

9,611

 

Changes in other liabilities

 

 

(34,925

)

 

 

(1,875

)

Net cash provided by operating activities

 

 

24,880

 

 

 

39,266

 

Cash flows from investing activities

 

 

 

 

Payments for acquisitions – net of cash acquired

 

 

(124,168

)

 

 

 

Capital expenditures

 

 

(19,279

)

 

 

(12,385

)

Minority investment in private firm

 

 

(3,000

)

 

 

 

Net cash used in investing activities

 

 

(146,447

)

 

 

(12,385

)

Cash flows from financing activities

 

 

 

 

Proceeds from indebtedness

 

 

190,000

 

 

 

 

Repayments of indebtedness

 

 

(82,756

)

 

 

(153

)

Repayments of financing lease obligations

 

 

(219

)

 

 

(546

)

Payments of debt issuance costs

 

 

(4,766

)

 

 

 

Net cash provided by (used in) financing activities

 

 

102,259

 

 

 

(699

)

Effect of exchange rate changes on cash and cash equivalents

 

 

889

 

 

 

(1,161

)

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(18,419

)

 

 

25,021

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

174,554

 

 

 

207,542

 

Cash, cash equivalents and restricted cash at end of period

 

$

156,135

 

 

$

232,563

 

E2OPEN PARENT HOLDINGS, INC.

RECONCILIATION OF PRO FORMA INFORMATION

TABLE I

 

 

Q1
FY2023

Q1
FY2022(1)

$ Var

% Var

PRO FORMA REVENUE RECONCILIATION

 

 

 

 

Total GAAP Revenue

160.4

66.3

94.1

141.8%

Deferred revenue purchase accounting adjustment (2)

22.5

(22.5)

n/m

BluJay pre-acquisition revenue

47.9

(47.9)

n/m

Logistyx pre-acquisition revenue

9.4

(9.4)

n/m

Total non-GAAP revenue (3)

$160.4

$146.1

$14.3

9.8%

Constant currency FX impact (4)

2.3

2.3

n/m

Total non-GAAP revenue (constant currency basis)

$162.7

$146.1

$16.6

11.4%

 

 

 

 

 

GAAP Subscription Revenue

129.5

51.0

78.5

153.9%

Deferred revenue purchase accounting adjustment (2)

22.5

(22.5)

n/m

BluJay pre-acquisition revenue

37.1

(37.1)

n/m

Logistyx pre-acquisition revenue

6.4

(6.4)

n/m

Non-GAAP subscription revenue (3)

$129.5

$117.0

$12.5

10.7%

Constant currency FX impact (4)

1.7

1.7

n/m

Non-GAAP subscription revenue (constant currency basis)

$131.2

$117.0

$14.2

12.1%

 

 

 

 

 

GAAP Professional Services and other revenue

30.8

15.3

15.5

101.3%

BluJay pre-acquisition revenue

10.8

(10.8)

n/m

Logistyx pre-acquisition revenue

3.0

(3.0)

n/m

Non-GAAP professional services and other revenue (3)

$30.8

$29.0

$1.8

6.3%

Constant currency FX impact (4)

0.6

0.6

n/m

Non-GAAP professional services and other revenue (constant currency basis)

$31.4

$29.0

2.4

8.2%

 

 

 

 

 

PRO FORMA GROSS PROFIT RECONCILIATION

 

 

 

 

GAAP Gross profit

81.7

28.2

53.5

190.0%

Deferred revenue purchase accounting adjustment (2)

22.5

(22.4)

n/m

Depreciation and amortization

28.4

14.1

14.3

n/m

Share-based compensation (5)

0.2

0.3

(0.1)

n/m

Non-recurring/non-operating costs (6)

0.9

0.3

0.6

n/m

Non-GAAP gross profit

$111.3

$65.4

$45.8

70.0%

BluJay pre-acquisition gross profit

31.5

(31.5)

n/m

Logistyx pre-acquisition gross profit

4.8

(4.8)

n/m

Total non-GAAP gross profit (3)

$111.3

$101.8

$9.5

9.3%

Non-GAAP Gross Margin % (3)

69.4%

69.7%

 

 

Constant currency FX impact (4)

1.1

1.1

n/m

Total non-GAAP gross profit (constant currency basis)

$112.3

$101.8

$10.7

10.3%

Non-GAAP Gross Margin % (constant currency basis)

69.1%

69.7%

 

 

 

 

 

 

 

 

 

 

 

 

PRO FORMA ADJUSTED EBITDA RECONCILIATION

 

 

 

 

Net income (loss)

(12.6)

(169.4)

156.8

n/m

Interest expense, net

15.6

6.1

9.4

156.0%

Income tax benefit

(8.5)

1.4

(9.9)

n/m

Depreciation and amortization

53.3

20.2

33.1

163.8%

EBITDA

$47.8

$(141.7)

$189.4

n/m

Deferred revenue purchase accounting adjustment (2)

22.5

(22.5)

n/m

Share-based compensation (5)

3.2

2.4

0.8

33.3%

Non-recurring/non-operating costs (6)

1.6

0.4

1.2

n/m

Acquisition-related adjustments (7)

6.8

9.8

(3.0)

n/m

Change in tax receivable agreement liability (8)

1.7

2.5

(0.8)

n/m

Change in fair value of warrant liability (9)

(5.5)

59.9

(65.4)

n/m

Change in fair value of contingent consideration (10)

(4.2)

73.3

(77.5)

n/m

Adjusted EBITDA

$51.4

$29.2

$22.2

76.0%

BluJay pre-acquisition EBITDA and other (11)

15.8

(15.8)

n/m

Logistyx pre-acquisition EBITDA and other (11)

0.7

(0.7)

n/m

Total adjusted EBITDA (3)

$51.4

$45.8

$5.7

12.4%

Adjusted EBITDA Margin % (3)

32.0%

31.3%

 

 

Constant currency FX impact (4)

(0.8)

(0.8)

n/m

Total adjusted EBITDA (constant currency basis)

$50.6

$45.8

$4.9

10.7%

Adjusted EBITDA Margin % (constant currency basis)

31.1%

31.3%

 

 

(1)

Non-GAAP proforma inclusive of Logistyx and BluJay, as if acquired on March 1, 2021.

(2)

Non-GAAP revenue adds back amortization of the purchase accounting fair value adjustment to deferred revenue resulting for the business combination as required by GAAP. This is no longer required beginning in fiscal year 2023.

(3)

Constant Currency – Excluding the Impact of Foreign Currency refers to pro-forma amounts, which include translation and transactional impacts from foreign currency exchange rates.

(4)

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)

(5)

Reflects non-cash, long-term share-based compensation expense, primarily related to senior management.

(6)

Primarily includes other non-recurring expenses such as systems integrations and consulting and advisory fees.

(7)

Primarily includes advisory, consulting, accounting and legal expenses incurred in connection with mergers and acquisitions activities, including related valuation, negotiation and integration costs and capital-raising activities, including costs related to the Business Combination, as well as the BluJay and Logistyx acquisitions.

(8)

Represents the expense related to the change in the fair value of the tax receivable agreement liability, including interest.

(9)

Represents the fair value adjustment at each balance sheet date of the warrant liability related to the public, private placement and forward purchase warrants.

(10)

Represents the fair value adjustment at each balance sheet date of the contingent consideration liability related to the restricted Series B-1 and B-2 common stock and Sponsor Side Letter.

(11)

Includes Revenue and Adjusted EBITDA for Logistyx and BluJay Solutions for the pre-acquisition periods, as well as an adjustment for deferred commissions for adoption of ASC 606.

Contacts

Investor Contact
Adam Rogers

AVP Investor Relations, e2open

adam.rogers@e2open.com
515-556-1162

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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