VASCO Data Security International, Inc. (NASDAQ:VDSI) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition
The information contained in this Form 8-K shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On July27, 2017, VASCO Data Security International, Inc. (VASCO) issued a press release providing a financial update for the second quarter and six months ended June30, 2017. The press release sub-headline incorrectly included “Q2 Non-GAAP earnings per share of $0.07.” The correct amount of $0.06 per share was properly disclosed in the body of the press release and the reconciliation of Diluted EPS to Adjusted Diluted EPS. The sub-headline has been corrected in the full text of the press release attached as Exhibit 99.1 to this Current Report on Form 8-K.
The press release contained non-GAAP financial measures within the meaning of the Securities and Exchange Commission’s Regulation G.For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
The press release contained a reference to EBITDA and provided a reconciliation of net income to EBITDA. EBITDA, which is earnings before interest, taxes, depreciation and amortization, is computed by adding back net interest expense, income tax expense, depreciation expense, and amortization expense to net income as reported.
The press release contained a reference to Non-GAAP Net Income and provided a reconciliation of net income to Non-GAAP Net Income. Non-GAAP Net Income is computed by adding back long term compensation expense, amortization of purchased intangible assets, and the corresponding tax impact of the two adjustments to net income.
The press release also contained a reference to Non-GAAP Diluted Earnings Per Share and provided a reconciliation of diluted earnings per share to Non-GAAP Diluted Earnings Per Share. Non-GAAP Diluted Earnings Per Share is the same as Non-GAAP Net Income described above on a fully diluted per share basis.
Item 2.02 Financial Statements and Exhibits
|(d)||Exhibits. The following Exhibits are furnished herewith:|
|99.1||Press release, dated July27, 2017.|
VASCO DATA SECURITY INTERNATIONAL INC ExhibitEX-99.1 2 d432613dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 VASCO Reports Results for Second Quarter and First Six Months of 2017 – Q2 Total revenue of $45.7 million – Q2 GAAP operating income (loss) of $(0.4) million – Q2 GAAP earnings per share of $0.00 – Q2 Non-GAAP earnings per share of $0.061 OAKBROOK TERRACE,…To view the full exhibit click
About VASCO Data Security International, Inc. (NASDAQ:VDSI)
VASCO Data Security International, Inc. (VASCO) is an information technology (IT) security company that designs, develops and markets security solutions that secure and manage access to digital assets, protect and facilitate transactions online, via mobile devices, and in-person. The Company’s primary product and service lines include Host System products, which are typically a component of an organization’s IT infrastructure and Client Authenticators, which are devices used by end users for authentication. VASCO also offers additional product and service lines, including three categories of solutions; Developer Tools, which are typically used by organizations developing mobile applications; Risk Analysis Products, which are used to identify and mitigate the risk of fraud, and e-signature solutions, which are used to sign, send, and mange documents. The Company provides two-factor authentication and electronic signature solutions to financial institutions.