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| (in thousands USD) | ||||
|
2009 (unaudited) |
2008 (unaudited) |
% Change |
Organic** 2009 (unaudited) |
|
|---|---|---|---|---|
| Adjusted Revenue* | $ 89,965 | $ 49,521 | 82% | $ 88,950 |
| Adjusted EBITDA* | $ 26,855 | $ 6,969 | 285% | $ 30,174 |
| * We present Adjusted Revenue and Adjusted EBITDA as a supplemental measure of our performance. Adjusted Revenue excludes $12.5 million in revenue and cost of revenue for 2008 which we recognized as gross rather than net revenues in connection with fees for media and other advertising production costs incurred on behalf of two customers for their mobile marketing and advertising campaigns. Adjusted EBITDA is defined as net income (loss) plus (i) income tax expense (benefit), (ii) interest expense, (iii) loss in equity investments, (iv) foreign exchange gains (losses), (v) depreciation and amortization, (vi) non-cash share-based compensation, and (vii) non-recurring general and administration charges of $0.5 million (accrued litigation settlement) and $2.8 million (redomiciliation exercise, and professional fees associated with our consideration of corporate opportunities) for 2008 and 2009, respectively. Set forth below is a reconciliation of Adjusted EBITDA to net income (loss) before non-controlling interest: | ||||
| 2009 | 2008 | |
|---|---|---|
| Net income (loss) before non-controlling interest | $ 6,264 | $ (6,253) |
| Adjustments: | ||
| Income tax (benefit) expense | $ 410 | $ (26) |
| Interest expense | $ 2,370 | $ 1,155 |
| Loss from equity method investments | $ 2,223 | $ 2,456 |
| Foreign exchange (gains) losses | $ (14) | $ 1,665 |
| Depreciation and amortization | $ 11,522 | $ 5,446 |
| Non-cash share based compensation | $ 1,292 | $ 2,031 |
| Non-recurring G&A expenses | $ 2,788 | $ 495 |
| Adjusted EBITDA | $ 26,855 | $ 6,969 |
| **Organic figures exclude Ad Infuse which we acquired in May 2009. | ||