Luna Innovations Reports Solid Second-Quarter 2020 Results
维护2020个Outlook.
Highlights
- 截至2020年6月30日止三个月的总收入为1860万美元，比2019年6月30日止三个月相比增长4％
- 截至2019年6月30日止三个月的三个月，截至6月30日止三个月，截至6月30日止三个月，截至2019年6月30日的三个月，截至6月30日的三个月，截至6月30日，截至2019年6月30日的三个月，截至6月30日止三个月，截至2019年6月30日的三个月，截至6月30日的营业收入和10％，占总收入和总收入的余量。
- 净收入of $1.4 million, or $0.04 per fully diluted share, for the three months ended June 30, 2020, compared to $0.8 million, or $0.02 per fully diluted share, for the three months ended June 30, 2019
- Adjusted EBITDA increased to $3.0 million for the three months ended June 30, 2020, compared to $2.4 million for the three months ended June 30, 2019
- 公司维持2020个前景，收入收入范围达到8100万美元至8300万美元
（ROANOKE, VA, August 6, 2020） - 纳斯达克纳斯达克股票代码：LUNA）Luna Innovations（纳斯达克：Luna），该技术的全球领导者，今天宣布了截至2020年6月30日止三个月和六个月的财务业绩。在2020年的第二季度，该公司将其可报告部分改为与管理方式协调如何评估和评估业务。这两个新的可报告段是Lightwave和Luna Labs。
"Given the current environment, I’m extremely pleased with our second-quarter 2020 results and the team’s focus on delivering this quarter,” said Scott Graeff, President and Chief Executive Officer of Luna. “Like other companies, we experienced the effects of the COVID-19 pandemic during Q2 and now have a better perspective on what its impact may be in the future. I strongly believe that the swift and decisive action we took as a management team in mid-March helped to safeguard the long-term potential of our businesses. The entire Luna team continues to be incredibly flexible to address the changing dynamics of the current environment. Above all, their safety is paramount. As we learn more about the potential impact of this virus on our business and our employee safety, we continue to improve upon the mitigating processes we put into place in Q1."
Second-Quarter Fiscal 2020 Financial Summary
Financial results for the three months ended June 30, 2020 marked the 11th consecutive quarter of year-on-year revenue and Adjusted EBITDA growth.
Highlights of the financial results for the second-quarter of 2020 are:
Three Months Ended June 30, |
|||||||||||||
（成千上万，除份额和每股数据除外） |
20.20. |
20.19. |
Change |
||||||||||
Revenues: |
|||||||||||||
光波 |
$ |
12,933 |
$ |
12,523 |
3. |
％ |
|||||||
Luna Labs |
5.,643 |
5.,291 |
7. |
％ |
|||||||||
Total revenues |
18,576 |
17日,81年4. |
4. |
％ |
|||||||||
Gross profit |
9.,517 |
8,752 |
9. |
％ |
|||||||||
Gross margin |
5.1 |
％ |
4.9. |
％ |
|||||||||
Operating expense |
7.,707 |
7,738 |
- |
％ |
|||||||||
Operating income |
1,810 |
1,014 |
79. |
％ |
|||||||||
Operating margin |
10. |
％ |
6. |
％ |
|||||||||
Other expense and income taxes |
（4.4.1) |
（17.4.) |
15.3. |
％ |
|||||||||
净收入 |
$ |
1,369 |
$ |
840. |
63. |
％ |
|||||||
Diluted weighted average shares outstanding |
32,466,122 |
3.3.,650,790 |
|||||||||||
净收入per share (diluted) |
$ |
0.04 |
$ |
0.02 |
10.0. |
％ |
|||||||
Adjusted EBITDA |
$ |
2,955 |
$ |
2,396 |
23. |
％ |
|||||||
A reconciliation of Adjusted EBITDA to net income can be found in the schedules included in this release.
光波revenues for the three months ended June 30, 2020 increased compared to the prior year period, due primarily to increased revenues from our sensing business. Luna Labs revenue increased for the three months ended June 30, 2020, compared to the prior-year period, due to growth in various government research programs.
截至2020年6月30日止三个月的三个月，截至2019年6月30日止三个月，截至2020年6月30日止三个月，营业收入和保证金提高到180万美元，占总收入的10％，占总收入的60万美元。经营的增加收入主要是由于LightWave增加了毛利增加。截至2019年6月30日止三个月，截至2019年6月30日的三个月，截至2019年6月30日的三个月，营业费用无重大变化。
净收入was $1.4 million, or $0.04 per fully diluted share, for the three months ended June 30, 2020, compared to $0.8 million, or $0.02 per fully diluted share, for the three months ended June 30, 2019. Net income attributable to common stockholders for the three months ended June 30, 2020, was $1.4 million, or $0.04 per fully diluted share, compared to $0.8 million, or $0.02 per fully diluted share, for the three months ended June 30, 2019. The increase in both net income from continuing operations and net income attributable to common stockholders is primarily due to Lightwave's additional gross profit and operating expense leverage.
Adjusted EBITDA was $3.0 million for the three months ended June 30, 2020, compared to $2.4 million for the three months ended June 30, 2019. The increase was driven by revenue growth from both Luna’s legacy business, increased gross profit, and operating expense leverage.
六个月到日期财政2020财务总结
截至2020年6月30日止六个月的结果包括2019年3月收购的总光子学公司（“GP”）的六个月，而前一年期间为4个月。
截至2020年6月30日止六个月的财务业绩的亮点是：
截至6月30日止六个月， |
|||||||||||||
（成千上万，除份额和每股数据除外） |
20.20. |
20.19. |
Change |
||||||||||
Revenues: |
|||||||||||||
光波 |
$ |
24.,487 |
$ |
22,041 |
11 |
％ |
|||||||
Luna Labs |
11,230 |
10.,606 |
6. |
％ |
|||||||||
Total revenues |
35,717. |
3.2,647 |
9. |
％ |
|||||||||
Gross profit |
17.,881 |
15,520. |
15. |
％ |
|||||||||
Gross margin |
5.0. |
％ |
4.8 |
％ |
|||||||||
Operating expense |
15681年 |
15,422 |
2 |
％ |
|||||||||
Operating income |
2,200 |
98. |
2,145 |
％ |
|||||||||
Operating margin |
6. |
％ |
0. |
％ |
|||||||||
其他（费用）/收入and income taxes |
（5.11) |
1,869 |
|||||||||||
净收入from continuing operations |
$ |
1689年 |
$ |
1,967 |
（14.) |
％ |
|||||||
Loss from discontinued operations, net of income tax of $464 |
（1,436) |
- |
|||||||||||
净收入 |
25.3. |
1,967 |
（87) |
％ |
|||||||||
Diluted weighted average shares outstanding |
3.2,494,950 |
33,588,951 |
|||||||||||
从持续行动中每股净收入（稀释） |
$ |
0.05 |
$ |
0.06 |
（17.) |
％ |
|||||||
Adjusted EBITDA |
$ |
4.,535 |
$ |
3.,335 |
3.6. |
％ |
|||||||
光波revenues for the six months ended June 30, 2020 increased compared to the prior year period due to the inclusion of the incremental revenues associated with the acquired operations of GP, as well as increased revenues associated with our sensing business. Luna Labs revenues increased for the six months ended June 30, 2020, compared to the prior period, due to growth in various government research programs.
Operating income and margin improved to $2.2 million and 6% of total revenues, for the six months ended June 30, 2020, compared to $0.1 million and 0% of total revenues, in six months ended June 30, 2019. The increase in operating income is primarily due to increased growth from the acquired operations of GP and operating expense leverage.
净收入from continuing operations was $1.7 million, or $0.05 per fully diluted share, for the six months ended June 30, 2020, compared to $2.0 million, or $0.06 per fully diluted share, for the six months ended June 30, 2019, which included a $1.9 million income tax benefit related to a reduction in deferred tax asset valuation allowances due to the GP acquisition. Net income attributable to common stockholders for the six months ended June 30, 2020, was $0.3 million, or $0.01 per fully diluted share, compared to $1.8 million, or $0.05 per fully diluted share, for the six months ended June 30, 2019. The decrease in net income attributable to common stockholders is primarily due to a $1.9 million income tax benefit related to a reduction in deferred tax asset valuation allowances due to the GP acquisition that was recorded in the prior period, a $1.4 million loss from discontinued operations and the increase in our operating income for the six months ended June 30, 2020. The loss from discontinued operations was attributable to the resolution of a $2.5 million indemnification claim related to the August 2017 sale of Luna's high-speed optical receivers (HSOR) business that was recorded in the first quarter of 2020. The resolution of the HSOR claim resulted in Luna receiving $0.6 million from escrow and the buyer receiving $1.9 million, net of a tax benefit of $0.5 million.
20.20.Full-Year Outlook
Luna认识到Covid-19大流行创造了不断发展和显着的宏观经济不确定性。基于触底分析，LUNA略微收紧其收入展望范围至8300万美元。该公司纳入了这种略微调整，重申其在2020年5月7日提供的Outlook，其中在范围的下端预计收入：
• Total revenues of $81M to $83M
•调整后10米至1200万美元的EBITDA
COVID-19 Update
Luna continues to operate at its normal capacity with the well-being and safety of its workforce a priority. Luna and has not experienced any material impacts related to COVID-19.
Luna has a strong cash position and adequate access to capital. Cash and cash equivalents were $26.5 million as of June 30, 2020, and Luna continues to have access to its $10 million revolving credit facility.
本公司认为，利用5G，轻量化和基础设施监测等趋势，趋势呈现出强劲的立场，并且这些趋势将在Covid-19大流行期间和之后继续。
Luna的业务是必不可少的，并继续以正常的能力运行，必要的Covid-19预防措施。该公司对其供应链没有任何物质中断，即它无法减轻它。
Luna销售努力的重要组成部分是通过一系列展览和会议历史上历史上完成的，这些贸易商目前无法进行。Luna在许多情况下成功转移到强大的在线存在，在许多情况下，Luna销售队及其客户之间的参与，允许Luna在更长且更专用的客户“面对时间”中策划特定信息。然而，在历史上，在历史上有助于关闭销售。这在Luna预测结束某些客户合同和收到采购订单的确切时间来创造了略有挑战。由于Luna的创新，可靠的产品及其密切的客户关系，迄今为止缺乏亲本讨论188金宝慱欢迎你没有对获取订单本身的可能性产生影响。
Non-GAAP Financial Measures
在评估其业务的经营业绩时，Luna的管理层考虑调整后的EBITDA，该eBITDA不包括GAAP所需的某些费用和信用。调整后的EBITDA通过排除某些非现金费用的效果和LUNA认为可能不表明其经营业绩的物品，为管理和投资者提供有用的信息，因为它们是不寻常的，LUNA并不期望他们在普通中复发其业务课程，或者他们与日常业务的持续运作无关。除了按照GAAP准备的结果，还应考虑调整后的EBITDA，但不应被视为替代或优于GAAP结果。调整后的EBITDA在本新闻稿所附的财务报表后，已与账户中最近的GAAP措施进行了调整。
电话会议信息
As previously announced, Luna will conduct an investor conference call at 5:00 pm (ET) today to discuss its financial results for the three and six months ended June 30, 2020. The investor conference call will be available via live webcast on the Luna website at www.www.ldxinhao.com under the tab “Investor Relations.” To participate by telephone, the domestic dial-in number is 844.578.9643 and the international dial-in number is 270.823.1522. The participant access code is 8888351. Investors are advised to dial in at least five minutes prior to the call to register. The webcast will be archived on the company’s website under “Webcasts and Presentations” for 30 days following the conference call.
About Luna
Luna Innovations Incorporated (www.www.ldxinhao.com）是光学技术的领导者，提供高性能，光纤，测试产品的独特能力，用于电信行业和基于分布式光纤的传感器的航空航天和汽车工业。188金宝搏软件188金宝搏软件188金宝慱欢迎你LUNA组织成两个业务部门，密切合作，将想法转化为产品：LightWave段和Luna实验室段。188金宝慱欢迎你Luna的商业模式旨在加速将新的创新技术推向市场的过程。
Forward-Looking Statements
本释放中的陈述不是历史事实构成了“前瞻性陈述”，根据安全港提供1995年私营证券诉讼改革法案，涉及风险和不确定性。这些陈述包括Luna关于其预计的2020年财务业绩和展望，资本结构的实力和改善以及资本表和现金流量的稳定性的预期，以及Covid-19大流行对其业务，运营和财务业绩的潜在影响，和生长潜力。管理人员注意到这些前瞻性陈述的读者只是预测，并且受到许多已知和未知的风险和不确定性，以及Luna的实际结果，性能和/或成就可能与未来的结果，性能有所不同，由于许多因素，这些前瞻性陈述表达或暗示的和/或暗示的成就。这些因素包括但不限于Luna产品和服务的需求失败，以满足预期，目标市场失败，增长，扩大，技术和战略挑战，与Covid-19大流行和这些风险和不确188金宝慱欢迎你定性的最终影响有关的不确定性set forth in Luna’s Form 10-Q for the three and six months ended June 30, 2020, and Luna's other periodic reports and filings with the Securities and Exchange Commission ("SEC"). Such filings are available on the SEC’s website at www.sec.gov and on Luna’s website at www.www.ldxinhao.com. The statements made in this release are based on information available to Luna as of the date of this release and Luna undertakes no obligation to update any of the forward-looking statements after the date of this release.
Investor Contact:
Allison Woody
Phone: 540-769-8465
Email:r@www.ldxinhao.com.
Luna Innovations Incorporated
合并业务陈述（未经审计）
（成千上万，除份额和每股数据除外）
Three Months Ended June 30, |
截至6月30日止六个月， |
|||||||||||||||
20.20. |
20.19. |
20.20. |
20.19. |
|||||||||||||
Revenues: |
||||||||||||||||
光波 |
$ |
12,933 |
$ |
12,523 |
$ |
24.,487 |
$ |
22,041 |
||||||||
Luna Labs |
5.,643 |
5.,291 |
11,230 |
10.,606 |
||||||||||||
Total revenues |
18,576 |
17日,81年4. |
35,717. |
3.2,647 |
||||||||||||
收入费用： |
||||||||||||||||
光波 |
5.,181 |
5.,334 |
10.,066 |
9.,613 |
||||||||||||
Luna Labs |
3,878 |
3.,728 |
7.,770 |
7.,514 |
||||||||||||
Total cost of revenues |
9.,059 |
9.,062 |
17,836 |
17,127 |
||||||||||||
Gross profit |
9.,517 |
8,752 |
17.,881 |
15,520. |
||||||||||||
Operating expense: |
||||||||||||||||
Selling, general and administrative |
6,202 |
6,003 |
12,579 |
12,229 |
||||||||||||
Research, development and engineering |
1,505 |
1,735 |
3.,102 |
3.,193 |
||||||||||||
Total operating expense |
7.,707 |
7,738 |
15681年 |
15,422 |
||||||||||||
Operating income |
1,810 |
1,014 |
2,200 |
98. |
||||||||||||
Other income/(expense): |
||||||||||||||||
Investment income |
4. |
77. |
64. |
26.8 |
||||||||||||
其他（费用）/收入 |
（4） |
（3） |
5. |
（4） |
||||||||||||
利息花费 |
（1） |
- |
（1） |
（13.) |
||||||||||||
其他（费用）/收入 |
（1） |
74. |
68. |
25.1 |
||||||||||||
Income from continuing operations before income taxes |
1,809 |
1,088 |
2,268 |
3.4.9. |
||||||||||||
Income tax expense/(benefit) |
4.4.0. |
24.7. |
5.7.9. |
（1,618) |
||||||||||||
净收入from continuing operations |
1,369 |
841. |
1689年 |
1,967 |
||||||||||||
Loss from discontinued operations, net of income tax of $464 |
- |
- |
（1,436) |
- |
||||||||||||
净收入 |
1,369 |
841. |
25.3. |
1,967 |
||||||||||||
Preferred stock dividend |
- |
90. |
- |
173. |
||||||||||||
净收入attributable to common stockholders |
$ |
1,369 |
$ |
7.5.1 |
$ |
25.3. |
$ |
1,794 |
||||||||
持续行动每股净收入： |
||||||||||||||||
Basic |
$ |
0.04 |
$ |
0.03 |
$ |
0.06 |
$ |
0.07 |
||||||||
Diluted |
$ |
0.04 |
$ |
0.02 |
$ |
0.05 |
$ |
0.06 |
||||||||
Net loss per share from discontinued operations: |
||||||||||||||||
Basic |
$ |
- |
$ |
- |
$ |
（0.。0.5.) |
$ |
- |
||||||||
Diluted |
$ |
- |
$ |
- |
$ |
（0.。0.4.) |
$ |
- |
||||||||
普通股东占总股东的净收入： |
||||||||||||||||
Basic |
$ |
0.04 |
$ |
0.03 |
$ |
0.01 |
$ |
0.06 |
||||||||
Diluted |
$ |
0.04 |
$ |
0.02 |
$ |
0.01 |
$ |
0.05 |
||||||||
Weighted average shares: |
||||||||||||||||
Basic |
3.0.,589,249 |
28,246,840. |
30,484,797 |
28,143,534 |
||||||||||||
Diluted |
32,466,122 |
3.3.,650,790 |
3.2,494,950 |
33,588,951 |
||||||||||||
Consolidated Balance Sheets
（in thousands, except share data)
June 30, 2020 |
December 31, 2019 |
||||||
（unaudited) |
|||||||
资产 |
|||||||
当前资产： |
|||||||
现金及现金等价物 |
$ |
26.,506 |
$ |
25,006 |
|||
Accounts receivable, net |
16,435 |
16.,269 |
|||||
Receivable from sale of HSOR business |
- |
2,501 |
|||||
Contract assets |
3.,220 |
2,759 |
|||||
Inventory |
11,231 |
10.,294 |
|||||
预付费用和其他当前资产 |
1,691 |
1,287 |
|||||
Total current assets |
5.9.,083 |
5.8,116 |
|||||
Long-term contract assets |
4.9.6. |
4.4.9. |
|||||
物业和设备，网 |
3.,078 |
3.,466 |
|||||
Intangible assets, net |
9,544 |
10.,194 |
|||||
善意 |
10.,542 |
10.,542 |
|||||
Other assets |
7.,053 |
2,341 |
|||||
Deferred tax asset |
1,426 |
1,416 |
|||||
Total assets |
$ |
9.1,222 |
$ |
86,524 |
|||
Liabilities and stockholders’ equity |
|||||||
Liabilities: |
|||||||
Current liabilities: |
|||||||
应付账款 |
2,763 |
2,787 |
|||||
Accrued liabilities |
8,150 |
10.,369 |
|||||
合同负债 |
3.,368 |
3,888 |
|||||
Total current liabilities |
14.,281 |
17,044 |
|||||
Other long-term liabilities |
7,140. |
2,011 |
|||||
Total liabilities |
21,421 |
19.,055 |
|||||
Commitments and contingencies (Note 13) |
|||||||
Stockholders’ equity: |
|||||||
Common stock, par value $0.001, 100,000,000 shares authorized, 32,470,276 and 31,788,896 shares issued, 30,797,535 and 30,149,105 shares outstanding at June 30, 2020 and December 31, 2019, respectively |
3.2 |
3.2 |
|||||
Treasury stock at cost, 1,672,741 and 1,639,791 shares at June 30, 2020 and December 31, 2019, respectively |
（4,541） |
（4,337） |
|||||
资本的额外支付 |
90,305 |
88,022 |
|||||
Accumulated deficit |
（15,995） |
（16,248） |
|||||
Total stockholders’ equity |
69.,801 |
6.7.,469 |
|||||
总负债和股东权益 |
$ |
9.1,222 |
$ |
86,524 |
|||
Consolidated Statements of Cash Flows (Unaudited)
（成千上万）
截至6月30日止六个月， |
|||||||
20.20. |
20.19. |
||||||
Cash flows provided by operating activities |
|||||||
净收入 |
$ |
25.3. |
$ |
1,967 |
|||
Adjustments to reconcile net income to net cash provided by operating activities |
|||||||
Depreciation and amortization |
1,363 |
1,166 |
|||||
Share-based compensation |
843. |
721. |
|||||
Bad debt expense |
（26.) |
- |
|||||
Loss on disposal of fixed assets |
4. |
- |
|||||
Loss from discontinued operations, net of tax |
1,436 |
- |
|||||
Deferred taxes |
（10.) |
- |
|||||
改变资产和负债 |
|||||||
Accounts receivable |
（13.9.) |
713. |
|||||
Contract assets |
（508） |
（721） |
|||||
Inventory |
（9.3.7.) |
（16.1) |
|||||
其他现有资产 |
（404） |
（18) |
|||||
应付账款和应计费用 |
（1,286） |
（2,314） |
|||||
合同负债 |
（520） |
（235） |
|||||
Net cash provided by operating activities |
69. |
1,118 |
|||||
Cash flows provided by/(used in) investing activities |
|||||||
Acquisition of property and equipment |
（111) |
（406） |
|||||
Intangible property costs |
（19.2) |
（137） |
|||||
Acquisition of General Photonics Corporation |
- |
（19,004） |
|||||
销售所得的财产和设备 |
1 |
- |
|||||
收益摇来摇去m sale of discontinued operations |
600 |
- |
|||||
Net cash provided by/(used in) investing activities |
298 |
（19.,547) |
|||||
Cash flows provided by/(used in) financing activities |
|||||||
融资租赁支付义务 |
（26.) |
（15.) |
|||||
Payments of debt obligations |
- |
（625） |
|||||
Repurchase of common stock |
（204） |
（220.) |
|||||
从行使期权和认股权证进行 |
1,363 |
3.6.7. |
|||||
由/（用于）融资活动提供的净现金 |
1,133 |
（4.9.3.) |
|||||
现金和现金等价物的净增加/（减少） |
1,500 |
（18,922） |
|||||
现金及现金等价物-beginning of period |
25,006 |
4.2,460 |
|||||
现金和现金等价物 - 期末 |
$ |
26.,506 |
$ |
23,538 |
|||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA (Unaudited)
（成千上万）
Three Months Ended June 30, |
截至6月30日止六个月， |
||||||||||||||
20.20. |
20.19. |
20.20. |
20.19. |
||||||||||||
净收入 |
$ |
1,369 |
$ |
841. |
$ |
25.3. |
$ |
1,967 |
|||||||
Loss from discontinued operations, net of tax |
- |
- |
（1,436) |
- |
|||||||||||
净收入from continuing operations |
1,369 |
841. |
1689年 |
1,967 |
|||||||||||
利息花费 |
1 |
- |
1 |
13. |
|||||||||||
Investment income |
（4） |
（77） |
（64） |
（26.8) |
|||||||||||
Income tax expense/(benefit) |
4.4.0. |
24.7. |
5.7.9. |
（1,618) |
|||||||||||
Depreciation and amortization |
68.4. |
6.5.3. |
1,363 |
1,166 |
|||||||||||
EBITDA |
2,490 |
1,664 |
3.,568 |
1,260 |
|||||||||||
Share-based compensation |
4.6.5. |
3.7.8 |
967 |
721. |
|||||||||||
Non-recurring charges (1) |
- |
4.4. |
- |
942. |
|||||||||||
库存升级的摊销 |
- |
3.10. |
- |
4.12 |
|||||||||||
Adjusted EBITDA |
$ |
2,955 |
$ |
2,396 |
$ |
4.,535 |
$ |
3.,335 |
|||||||
（1）非经常性收费由截至2019年6月30日止三个和六个月的交易相关费用，与收购一般光子学相关。
###