Delivers Revenue of $413.6 Million and
Successfully Completes Transformational Merger
Transaction
SEATTLE, March 27,
2024 /PRNewswire/ -- Mynd.ai, Inc. (the
"Company" or "Mynd") (NYSE American: MYND) today announced
financial results for the fiscal year ended December 31,
2023.
- Revenue of $413.6 million for the
full year, compared to $584.6 million
in the prior year with the decrease primarily driven by the
normalization of the education market returning to pre-pandemic
levels
- Gross Margin improved 30 basis points versus 2022 to 24.9%,
largely due to lower materials and freight costs
- Cash flow from operations improvement of $3.0 million compared to 2022
- Cash balance at year end was $91.8
million compared to $29.3
million at year end 2022
- Adjusted EBITDA1 loss of $6.9
million compared to profit of $12.8
million in 2022, primarily driven by lower sales
volumes
"We are incredibly pleased with the progress our team made
during 2023. We successfully completed our merger transaction, we
listed our American Depositary Shares on the NYSE American, and we
received $65 million in proceeds from
the issuance of a secured convertible note, that will fund our
continued growth," said Vin Riera,
Chief Executive Officer. "We believe Mynd is exceptionally well
positioned to capitalize on market trends and continue to increase
market share as the leader in interactive flat panel displays
("IFPDs") within the global education market, and ultimately
deliver products and solutions to help teachers be their best and
drive successful education outcomes for students."
While the merger transaction marked a pivotal moment in the
evolution of the Company, our dedicated team worked tirelessly
throughout 2023 to advance our business and deliver positive
outcomes for our customers. Our Promethean brand has been named the
global leader in IFPDs for education in the fourth quarter of 2023,
according to Futuresource Consulting's Q4 2023 report on the global
IFPD market. During 2023, we captured 17.4% of the K-12 (primary
and secondary) IFPD volume market share globally.2 In Q4
2023 alone, we were able to capture 21.1% of the global market
share and we continue to be the market leading brand in
the United States, United Kingdom and Ireland, and Germany.
Our global leadership in the global K-12 market positions us
well to continue to grow both our hardware and software business.
Over the course of 2024, we plan to continue to drive the evolution
and growth of the software business, with enhancements to our core
offerings and empowering our sales team to drive engagement with
customers. We continue to invest in R&D to maintain our
leadership both at the high-end of the market and foster deeper
penetration of the broader, lower-price market.
"We believe that Mynd is in an excellent financial position
coming out of 2023 with a strong liquidity profile that will allow
us to focus on driving sustainable top-line growth and investments
in future growth," commented Arthur
Giterman, Chief Financial Officer. "The $65 million convertible note issued in
conjunction with the merger will allow us to continue to invest in
our products and strategic initiatives to bolster both our hardware
and software product offerings for our customers."
1 Adjusted EBITDA is a non-GAAP measure defined as net
income (loss), adjusted for loss from discontinued operations,
interest expense, income tax expense (benefit), depreciation and
amortization, and changes in the fair value of derivative
instruments, as well as, non-cash, non-operating expenses such as
stock-based compensation; and, one-time, unplanned and/or
infrequent events we believe are outside the ordinary course of our
continuing operations, including acquisition-related costs,
restructuring costs, litigation costs, and gain on forgiveness of
debt.
2 Excluding China, according to Futuresource Consulting's
Q4 report of the global IFPD market.
Forward-Looking Statements
This press release contains "forward-looking statements," as
defined by federal securities laws. Forward-looking statements
reflect Mynd's current expectations and projections about future
events at the time, and thus involve uncertainty and risk. The
words "believe," "expect," "anticipate," "will," "could," "would,"
"should," "may," "plan," "estimate," "intend," "predict,"
"potential," "continue," "optimistic," and the negatives of these
words and other similar expressions generally identify forward
looking statements. Such forward-looking statements are subject to
various risks and uncertainties, including those described under
the section entitled "Risk Factors" in Mynd''s Annual Report on
Form 20-F, filed with the SEC on March 27, 2024, as such
factors may be updated from time to time in Mynd's periodic filings
with the SEC, which are accessible on the SEC's website
at www.sec.gov. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in Mynd's filings with the SEC. While
forward-looking statements reflect Mynd's good faith beliefs, they
are not guarantees of future performance. Mynd disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, data or methods, future events or other changes
after the date of this press release, except as required by
applicable law. You should not place undue reliance on any
forward-looking statements, which are based only on information
currently available to Mynd (or to third parties making the
forward-looking statements).
Discussion of non-GAAP Financial Measures
We believe that providing the non-GAAP ("Generally Accepted
Accounting Principles") information to investors, in addition to
the GAAP presentation, allows investors to view the financial
results in the way management views the operating results. We
further believe that providing this information allows investors
not only to better understand our financial performance, but more
importantly, to evaluate the efficacy of the methodology and
information used by management to evaluate and measure such
performance. The non-GAAP information included in this press
release should not be considered superior to, or a substitute for,
financial statements prepared in accordance with GAAP.
We utilize a number of different financial measures, both GAAP
and non-GAAP, in analyzing and assessing the overall performance of
the business, for making operating decisions and for forecasting
and planning for future periods. Our annual financial plan is
prepared both on a GAAP and non-GAAP basis, and the non-GAAP annual
financial plan is approved by our board of directors. Continuous
budgeting and forecasting for revenue and expenses are conducted on
a consistent non-GAAP basis, in addition to GAAP, and actual
results on a non-GAAP basis are assessed against the non-GAAP
annual financial plan. In addition, and as a consequence of the
importance of these measures in managing the business, we use
non-GAAP measures and results in the evaluation process to
establish management's compensation. For example, our annual bonus
program payments are based in part upon the achievement of
consolidated revenue and Adjusted EBITDA targets.
About Mynd.ai, Inc.
Seattle-based Mynd (NYSE
American: MYND) is a global leader in interactive technology
offering best-in-class hardware and software solutions that help
organizations create and deliver dynamic content; simplify and
streamline teaching, learning, and communication; and facilitate
real-time collaboration. Our award-winning interactive displays and
software can be found in more than 1 million learning and training
spaces across 126 countries. Our global distribution network of
more than 4,000 reseller partners and our dedicated sales and
support teams around the world enable us to deliver the highest
level of service to our customers.
Financial Tables Follow
|
Mynd.ai.
Inc.
CONSOLIDATED BALANCE
SHEETS
(In thousands of
U.S. dollars, except share and per share data, or otherwise
noted)
|
|
|
|
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
91,784
|
|
|
$
|
29,312
|
|
|
Accounts
receivable, net of allowance for credit losses of $2,599 and
$2,970
|
|
|
63,865
|
|
|
|
61,061
|
|
|
Inventories
|
|
|
53,098
|
|
|
|
111,227
|
|
|
Prepaid expenses
and other current assets
|
|
|
14,666
|
|
|
|
8,977
|
|
|
Due from related
parties
|
|
|
2,759
|
|
|
|
2,093
|
|
|
Loan receivable,
related party
|
|
|
—
|
|
|
|
7,919
|
|
|
Prepaid
subscriptions
|
|
|
—
|
|
|
|
7,300
|
|
|
Current assets
of discontinued operations
|
|
|
—
|
|
|
|
5
|
|
|
Total current
assets
|
|
|
226,172
|
|
|
|
227,894
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
46,924
|
|
|
|
42,048
|
|
|
Property, plant,
and equipment, net
|
|
|
11,878
|
|
|
|
2,998
|
|
|
Intangible
assets, net
|
|
|
51,450
|
|
|
|
47,997
|
|
|
Right-of-use
assets
|
|
|
7,491
|
|
|
|
3,110
|
|
|
Deferred tax
assets, net
|
|
|
56,381
|
|
|
|
44,627
|
|
|
Other
non-current assets
|
|
|
4,094
|
|
|
|
107
|
|
|
Total non-current
assets
|
|
|
178,218
|
|
|
|
140,887
|
|
|
Total
assets
|
|
$
|
404,390
|
|
|
$
|
368,781
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
59,595
|
|
|
$
|
81,471
|
|
|
Accrued expenses
and other current liabilities
|
|
|
45,389
|
|
|
|
47,085
|
|
|
Loans payable,
current
|
|
|
31,942
|
|
|
|
48,030
|
|
|
Contract
liabilities
|
|
|
14,110
|
|
|
|
10,148
|
|
|
Accrued
warranties
|
|
|
17,871
|
|
|
|
13,550
|
|
|
Lease
liabilities, current
|
|
|
4,412
|
|
|
|
1,788
|
|
|
Due to related
parties
|
|
|
5,080
|
|
|
|
3,978
|
|
|
Current
liabilities of discontinued operations
|
|
|
163
|
|
|
|
597
|
|
|
Total current
liabilities
|
|
|
178,562
|
|
|
|
206,647
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
Loans payable,
non-current
|
|
|
64,859
|
|
|
|
276
|
|
|
Loans payable,
related parties, non-current
|
|
|
4,670
|
|
|
|
4,445
|
|
|
Contract
liabilities, non-current
|
|
|
21,762
|
|
|
|
17,692
|
|
|
Lease
liabilities, non-current
|
|
|
3,412
|
|
|
|
1,634
|
|
|
Other
non-current liabilities
|
|
|
4,250
|
|
|
|
1,076
|
|
|
Deferred tax
liabilities
|
|
|
1,317
|
|
|
|
—
|
|
|
Total non-current
liabilities
|
|
|
100,270
|
|
|
|
25,123
|
|
|
Total
liabilities
|
|
$
|
278,832
|
|
|
$
|
231,770
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
Ordinary shares par
value of $0.001; 990,000,000 shares authorized, 456,477,820 and
426,422,220 shares issued and outstanding, respectively. 10,000,000
shares, $0.001 par value,
without designation.
|
|
|
456
|
|
|
|
426
|
|
|
Additional
paid-in capital
|
|
|
473,590
|
|
|
|
448,065
|
|
|
Accumulated
other comprehensive income (loss)
|
|
|
3,513
|
|
|
|
4,546
|
|
|
Accumulated
deficit
|
|
|
(353,890)
|
|
|
|
(316,026)
|
|
|
Total
Mynd.ai, Inc. shareholders' equity
|
|
|
123,669
|
|
|
|
137,011
|
|
|
Non-controlling
interest
|
|
|
1,889
|
|
|
|
—
|
|
|
Total shareholders'
equity
|
|
|
125,558
|
|
|
|
137,011
|
|
|
Total liabilities
and shareholders' equity
|
|
$
|
404,390
|
|
|
$
|
368,781
|
|
|
Mynd.ai.
Inc.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands of
U.S. dollars, except share and per share data, or otherwise
noted)
|
|
|
|
For the Year Ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
Revenue
|
|
$
|
413,564
|
|
|
$
|
584,684
|
|
|
$
|
448,193
|
|
|
Cost of
sales
|
|
|
310,423
|
|
|
|
440,769
|
|
|
|
309,223
|
|
|
Gross profit
|
|
|
103,141
|
|
|
|
143,915
|
|
|
|
138,970
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
31,319
|
|
|
|
34,608
|
|
|
|
31,299
|
|
|
Research and
development
|
|
|
34,604
|
|
|
|
41,459
|
|
|
|
35,591
|
|
|
Sales and
marketing
|
|
|
51,488
|
|
|
|
60,848
|
|
|
|
60,545
|
|
|
Acquisition-related costs
|
|
|
19,288
|
|
|
|
502
|
|
|
|
—
|
|
|
Restructuring
|
|
|
10,195
|
|
|
|
238
|
|
|
|
469
|
|
|
Total operating
expenses
|
|
|
146,894
|
|
|
|
137,655
|
|
|
|
127,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
|
|
(43,753)
|
|
|
|
6,260
|
|
|
|
11,066
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(4,661)
|
|
|
|
(1,833)
|
|
|
|
(173)
|
|
|
Gain on
forgiveness of debt
|
|
|
—
|
|
|
|
4,923
|
|
|
|
—
|
|
|
Other income
(expense)
|
|
|
2,250
|
|
|
|
597
|
|
|
|
(2,248)
|
|
|
Total other (expense)
income
|
|
|
(2,411)
|
|
|
|
3,687
|
|
|
|
(2,421)
|
|
|
Net (loss) income from
continuing operations, before income taxes
|
|
|
(46,164)
|
|
|
|
9,947
|
|
|
|
8,645
|
|
|
Income tax benefit
(expense)
|
|
|
9,156
|
|
|
|
25,275
|
|
|
|
(1,787)
|
|
|
Net (loss) income from
continuing operations
|
|
|
(37,008)
|
|
|
|
35,222
|
|
|
|
6,858
|
|
|
Loss from discontinued
operations, net of tax
|
|
|
(823)
|
|
|
|
(12,637)
|
|
|
|
(7,960)
|
|
|
Net (loss)
income
|
|
$
|
(37,831)
|
|
|
$
|
22,585
|
|
|
$
|
(1,102)
|
|
|
Net income (loss) from
continuing operations attributable to non-
controlling interest
|
|
|
33
|
|
|
|
—
|
|
|
|
—
|
|
|
Net (loss) income
attributable to ordinary shareholders of Mynd.ai, Inc.
from continuing operations
|
|
|
(37,041)
|
|
|
|
35,222
|
|
|
|
6,858
|
|
|
Net (loss) income
attributable to ordinary shareholders of
Mynd.ai, Inc.
|
|
|
(37,864)
|
|
|
|
22,585
|
|
|
|
(1,102)
|
|
|
Net (loss) income per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to ordinary shareholders of
Mynd.ai, Inc. from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
(0.09)
|
|
|
|
0.08
|
|
|
|
0.02
|
|
|
Net (loss) per share
attributable to ordinary shareholders of Mynd.ai, Inc.
from discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
—
|
|
|
|
(0.03)
|
|
|
|
(0.02)
|
|
|
Net (loss) income per
share attributable to ordinary shareholders of
Mynd.ai, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
|
(0.09)
|
|
|
|
0.05
|
|
|
|
—
|
|
|
Weighted average shares
outstanding used in calculating net (loss)
income per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
427,986,755
|
|
|
|
426,422,220
|
|
|
|
426,422,220
|
|
|
Mynd.ai.
Inc.
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in
thousands)
|
|
|
|
For the Year Ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
Net (loss)
income
|
|
$
|
(37,831)
|
|
|
$
|
22,585
|
|
|
$
|
(1,102)
|
|
|
Other comprehensive
(loss) income, net of tax of nil:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
foreign currency translation adjustments
|
|
|
(1,033)
|
|
|
|
(3,367)
|
|
|
|
(755)
|
|
|
Total comprehensive
(loss) income
|
|
$
|
(38,864)
|
|
|
$
|
19,218
|
|
|
$
|
(1,857)
|
|
|
Less:
comprehensive income attributable to non-controlling interest
|
|
|
33
|
|
|
|
—
|
|
|
|
—
|
|
|
Comprehensive
(loss)/income attributable to Mynd.ai Inc.
|
|
$
|
(38,897)
|
|
|
$
|
19,218
|
|
|
$
|
(1,857)
|
|
|
Mynd.ai.
Inc.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in
thousands)
|
|
|
|
For the Year Ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(37,831)
|
|
|
$
|
22,585
|
|
|
$
|
(1,102)
|
|
|
Loss from discontinued
operations, net of tax
|
|
|
823
|
|
|
|
12,637
|
|
|
|
7,960
|
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
5,124
|
|
|
|
4,520
|
|
|
|
6,116
|
|
|
Deferred
taxes
|
|
|
(10,307)
|
|
|
|
(25,275)
|
|
|
|
(3,505)
|
|
|
Non-cash lease
expense
|
|
|
1,958
|
|
|
|
1,818
|
|
|
|
1,867
|
|
|
Non-cash interest
expenses
|
|
|
325
|
|
|
|
—
|
|
|
|
—
|
|
|
Gain on forgiveness of
debt
|
|
|
—
|
|
|
|
(4,923)
|
|
|
|
—
|
|
|
Amortization of RDEC
credit
|
|
|
(839)
|
|
|
|
(460)
|
|
|
|
(134)
|
|
|
Accrued tax credit
RDEC
|
|
|
(1,732)
|
|
|
|
—
|
|
|
|
—
|
|
|
Change in fair value of
derivative liability
|
|
|
(432)
|
|
|
|
—
|
|
|
|
—
|
|
|
Write-off of
Inventory
|
|
|
4,630
|
|
|
|
3,951
|
|
|
|
—
|
|
|
Write-off of prepaid
subscriptions
|
|
|
5,668
|
|
|
|
—
|
|
|
|
—
|
|
|
Change in fair value of
earn out liabilities
|
|
|
64
|
|
|
|
—
|
|
|
|
—
|
|
|
Impairment of
right-of-use assets
|
|
|
—
|
|
|
|
—
|
|
|
|
1,553
|
|
|
Loss on disposal of
property, plant and equipment
|
|
|
8
|
|
|
|
30
|
|
|
|
94
|
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
1,361
|
|
|
|
25,346
|
|
|
|
(46,249)
|
|
|
Inventories
|
|
|
54,615
|
|
|
|
(20,237)
|
|
|
|
(57,393)
|
|
|
Prepaid expenses and
other assets
|
|
|
(5,115)
|
|
|
|
701
|
|
|
|
(5,015)
|
|
|
Prepaid
subscriptions
|
|
|
1,632
|
|
|
|
(7,300)
|
|
|
|
—
|
|
|
Due from related
parties
|
|
|
(531)
|
|
|
|
(4,376)
|
|
|
|
1,034
|
|
|
Accounts
payable
|
|
|
(23,201)
|
|
|
|
(1,820)
|
|
|
|
54,786
|
|
|
Accrued expenses and
other liabilities
|
|
|
(4,564)
|
|
|
|
(12,820)
|
|
|
|
21,943
|
|
|
Accrued
warranties
|
|
|
3,883
|
|
|
|
3,266
|
|
|
|
2,735
|
|
|
Due to related
parties
|
|
|
1,102
|
|
|
|
3,469
|
|
|
|
509
|
|
|
Contract
liabilities
|
|
|
4,713
|
|
|
|
7,779
|
|
|
|
3,430
|
|
|
Lease obligations -
operating leases
|
|
|
(2,327)
|
|
|
|
(2,084)
|
|
|
|
(2,111)
|
|
|
Net cash (used in)
provided by operating activities - continuing operations
|
|
|
(973)
|
|
|
|
6,807
|
|
|
|
(13,482)
|
|
|
Net cash used in
operating activities - discontinued operations
|
|
|
(1,252)
|
|
|
|
(12,079)
|
|
|
|
(8,422)
|
|
|
Net cash (used in)
provided by operating activities
|
|
|
(2,225)
|
|
|
|
(5,272)
|
|
|
|
(21,904)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
property, plant and equipment
|
|
|
(389)
|
|
|
|
(829)
|
|
|
|
(1,194)
|
|
|
Internal-use software
development costs
|
|
|
(4,434)
|
|
|
|
(1,028)
|
|
|
|
—
|
|
|
Repayment
(issuance) of loan receivable, related party
|
|
|
8,019
|
|
|
|
(7,919)
|
|
|
|
—
|
|
|
Acquisition of
businesses, net of cash
|
|
|
16,138
|
|
|
|
(6,000)
|
|
|
|
—
|
|
|
Net cash provided by
(used in) investing activities - continuing operations
|
|
|
19,334
|
|
|
|
(15,776)
|
|
|
|
(1,194)
|
|
|
Net cash used in
investing activities - discontinued operations
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net cash provided by
(used in) investing activities
|
|
|
19,334
|
|
|
|
(15,776)
|
|
|
|
(1,194)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS
FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
Repayment of
Revolver
|
|
|
(80,300)
|
|
|
|
(49,305)
|
|
|
|
—
|
|
|
Proceeds from
Revolver
|
|
|
62,000
|
|
|
|
63,000
|
|
|
|
34,000
|
|
|
Proceeds from
convertible note
|
|
|
64,884
|
|
|
|
—
|
|
|
|
—
|
|
|
Contingent
consideration payments
|
|
|
(2,174)
|
|
|
|
—
|
|
|
|
—
|
|
|
Repayment of Paycheck
Protection Program Loan
|
|
|
(192)
|
|
|
|
(5)
|
|
|
|
—
|
|
|
Repayment of NetDragon
group loans
|
|
|
—
|
|
|
|
(3,210)
|
|
|
|
(33,320)
|
|
|
Proceeds from NetDragon
group loans
|
|
|
219
|
|
|
|
869
|
|
|
|
24,781
|
|
|
Net cash provided by
financing activities - continuing operations
|
|
|
44,437
|
|
|
|
11,349
|
|
|
|
25,461
|
|
|
Net cash provided by
financing activities - discontinued operations
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net cash provided by
financing activities
|
|
|
44,437
|
|
|
|
11,349
|
|
|
|
25,461
|
|
|
Net change in
cash
|
|
|
61,546
|
|
|
|
(9,699)
|
|
|
|
2,363
|
|
|
Cash and cash
equivalents, beginning of year
|
|
|
29,312
|
|
|
|
40,508
|
|
|
|
37,817
|
|
|
Exchange rate
effects
|
|
|
926
|
|
|
|
(1,497)
|
|
|
|
328
|
|
|
Cash and cash
equivalents, end of year
|
|
$
|
91,784
|
|
|
$
|
29,312
|
|
|
$
|
40,508
|
|
|
Supplemental
disclosure of non-cash investing and financing activities
transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
repayment of NetDragon group loans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,970
|
|
|
Accrued purchase
price related to acquisition of businesses
|
|
$
|
—
|
|
|
$
|
1,688
|
|
|
$
|
—
|
|
|
Accrued value of
earnout related to acquisition of businesses
|
|
$
|
—
|
|
|
$
|
377
|
|
|
$
|
—
|
|
|
Noncash
consideration transferred for acquisition of businesses
|
|
$
|
22,848
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Supplemental
disclosure of cash transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
5,223
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Cash paid for
taxes, net of refunds
|
|
$
|
914
|
|
|
$
|
969
|
|
|
$
|
6,419
|
|
|
Mynd.ai.
Inc.
SUPPLEMENTAL
FINANCIAL INFORMATION
Reconciliation of
Net Income to Adjusted EBITDA
(in
thousands)
|
|
|
|
Year Ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
Net income
(loss)
|
|
$
|
(37,831)
|
|
|
$
|
22,585
|
|
|
$
|
(1,102)
|
|
|
Loss from discontinued
operations
|
|
|
823
|
|
|
|
12,637
|
|
|
|
7,960
|
|
|
Interest
expense
|
|
|
4,661
|
|
|
|
1,833
|
|
|
|
173
|
|
|
Income tax expense
(benefit)
|
|
|
(9,156)
|
|
|
|
(25,275)
|
|
|
|
1,787
|
|
|
Depreciation and
amortization
|
|
|
5,124
|
|
|
|
4,520
|
|
|
|
6,116
|
|
|
Acquisition-related
costs
|
|
|
19,288
|
|
|
|
502
|
|
|
|
—
|
|
|
Restructuring
costs1
|
|
|
10,195
|
|
|
|
238
|
|
|
|
469
|
|
|
Litigation
costs2
|
|
|
—
|
|
|
|
637
|
|
|
|
1,840
|
|
|
Gain on forgiveness of
debt3
|
|
|
—
|
|
|
|
(4,923)
|
|
|
|
—
|
|
|
Adjusted
EBITDA
|
|
$
|
(6,896)
|
|
|
$
|
12,754
|
|
|
$
|
17,243
|
|
|
|
(1) Refers to
employee severance costs, contract termination costs, facility
restructuring, and business restructuring efforts undertaken by
management.
|
|
(2) Refers to
costs incurred to defend against, opportunistically settle, and
establish a reserve for claims associated with
litigation.
|
|
(3) Refers to
forgiveness of loan provided by the U.S. Small Business
Administration provided under the Payroll Protection Program
(PPP).
|
View original
content:https://www.prnewswire.com/news-releases/mynd-announces-fiscal-year-2023-results-302100379.html
SOURCE Mynd.ai
