Amber Road, Inc (AMBR) saw its loss narrow to $4.51 million, or $0.17 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $6.65 million, or $0.25 a share. On the other hand, adjusted net loss for the quarter narrowed to $2.66 million, or $0.10 a share from a loss of $5.51 million or $0.21 a share, a year ago.
Revenue during the quarter grew 11.65 percent to $19.21 million from $17.20 million in the previous year period. Gross margin for the quarter expanded 890 basis points over the previous year period to 53.79 percent. Operating margin for the quarter stood at negative 20.84 percent as compared to a negative 36.93 percent for the previous year period.
Operating loss for the quarter was $4 million, compared with an operating loss of $6.35 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $2.15 million compared to operating loss of $5.22 million in prior year period.
Jim Preuninger, chief executive officer of Amber Road, stated, "The fourth quarter capped off a very strong 2016 for Amber Road. I am very pleased with our ability to deliver on our key goals in 2016 to improve bookings, restore subscription growth rates, cut the cash burn, and put us on a path towards profitability. We enter 2017 with stronger go-to-market teams, an expanded portfolio of offerings to automate more areas of global trade for customers, and an increasingly complex global trade environment which requires our technology and content, and believe we can drive healthy results for the Company as we take further steps on our path towards profitability."
For the first-quarter 2017, Amber Road, Inc projects revenue to be in the range of $18.20 million to $18.80 million. The company projects operating loss to be in the range of $4.90 million to $4.30 million. The company projects adjusted operating loss to be in the range of $3.60 million to $3 million. The company forecasts diluted loss per share to be in the range of $0.20 to $0.17. On an adjusted basis, the company forecasts diluted loss per share to be in the range of $0.15 to $0.12.
For fiscal year 2017, Amber Road, Inc projects revenue to be in the range of $80.30 million to $83.30 million. The company projects operating loss to be in the range of $16 million to $13 million. The company projects adjusted operating loss to be in the range of $10.30 million to $7.30 million. The company forecasts diluted loss per share to be in the range of $0.63 to $0.52. The company forecasts diluted loss per share to be in the range of $0.43 to $0.32 on adjusted basis.
Operating cash flow remains negative
Amber Road, Inc has spent $0.17 million cash to meet operating activities during the year as against cash outgo of $13.23 million in the last year.
The company has spent $2.80 million cash to meet investing activities during the year as against cash outgo of $29.21 million in the last year.
Cash flow from financing activities was $1.09 million for the year, down 94.36 percent or $18.16 million, when compared with the last year.
Cash and cash equivalents stood at $15.41 million as on Dec. 31, 2016, down 13.70 percent or $2.45 million from $17.85 million on Dec. 31, 2015.
Working capital turns negative
Working capital of Amber Road, Inc has turned negative to $11.54 million on Dec. 31, 2016 from positive $0.26 million on Dec. 31, 2015. Current ratio was at 0.78 as on Dec. 31, 2016, down from 1.01 on Dec. 31, 2015.
Days sales outstanding went down to 48 days for the quarter compared with 52 days for the same period last year.
At the same time, days payable outstanding went up to 14 days for the quarter from 7 for the same period last year.
Debt comes down marginally
Amber Road, Inc has recorded a decline in total debt over the last one year. It stood at $22.64 million as on Dec. 31, 2016, down 1.71 percent or $0.39 million from $23.04 million on Dec. 31, 2015. Total debt was 20.49 percent of total assets as on Dec. 31, 2016, compared with 20.08 percent on Dec. 31, 2015. Debt to equity ratio was at 0.70 as on Dec. 31, 2016, up from 0.52 as on Dec. 31, 2015.
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