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 Form8‑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 February 21, 2018, VASCO Data Security International,Inc. (VASCO) issued a press release providing a financial update for the fourth quarterand yearended December31, 2017. The full text of the press release is attached as Exhibit99.1 to this Current Report on Form8‑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 adjusted EBITDA and provided a reconciliation of net income to adjusted EBITDA. Adjusted EBITDA, which is adjusted earnings before interest, taxes, depreciation, amortization and long-term incentive compensation is computed by adding back net interest expense, income tax expense, depreciation expense, amortization expense and long-term incentive compensation expense to net incomeas 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, the corresponding tax impact of the two adjustments and the impact of tax reform to net income.
The press release also contained a reference 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:
Press release, dated February21, 2018.