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Codexis Reports Third Quarter 2011 Results
Date:11/1/2011

comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA to evaluate the effectiveness of our business strategies.  

A reconciliation of GAAP net loss to Adjusted EBITDA is included in the table below.Codexis, Inc.Reconciliation of GAAP Net Loss to Adjusted EBITDA(Unaudited)(In Thousands)Three Months EndedNine Months EndedSeptember 30,September 30,Calculation of Adjusted EBITDA2011201020112010Net loss

$(2,742)$(2,732)$(11,254)$(8,047)Adjustments:Minus: Interest income

(76)(61)

(195)(135)Plus: Interest expense

-130-524Plus: Income taxes

7429868324Plus: Depreciation and amortization

2,8461,9488,4655,700Plus: Stock-based compensation

2,5362,5487,3936,466Plus: Preferred stock warrant fair market valuation adjustment

---677   Adjusted EBITDA$  2,638$  2,131$
4,477$  5,509Adjusted EBITDA has limitations as an analytical tool. Some of these limitations are:

  • Adjusted EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
  • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; and
  • Non-cash compensation is and will remain a key element of our overall long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.

  • Because of these limitations, Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We
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    SOURCE Codexis, Inc.
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