HYRECAR INC. Item 7.01. Regulation FD Disclosure.
On
In connection with the proposed public offering the Company is announcing
certain preliminary financial results for the fiscal quarter ended
Three Months Ended December 31, 2020 Estimated
(unaudited)
Low High
Revenue: $6.6 million $6.8 million
Non-GAAP Financial data:
Adjusted EBITDA(1): ($3.6 million ) ($3.1 million )
(1) Adjusted EBITDA is defined as operating income adjusted to exclude certain
other expense and income items, provision for income taxes, depreciation and
amortization, stock-based compensation expenses and any prior expenses
expected to be settled in stock included in liabilities.
Non-GAAP Financial Information:
To supplement its financial information presented in accordance with generally
accepted accounting principles in
The Company is presenting these non-GAAP financial measures to assist investors in seeing our operating results through the eyes of management and because the Company believes that these measures provide a useful tool for investors to use in assessing our operating performance against prior period operating results and against business objectives. The Company uses the non-GAAP financial measures in evaluating its operating results and for financial and operational decision-making purposes.
The accompanying tables provide more detail on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures described above and the related reconciliations between these financial measures.
Reconciliation of Non-GAAP Financial Measures
The Company uses Adjusted EBITDA in conjunction with GAAP measures as part of its overall assessment of Company performance, including the preparation of its annual operating budget and quarterly forecasts, to evaluate the effectiveness of its business strategies, and to communicate with its board of directors concerning Company financial performance. The Company's definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statements of operations that are necessary to run our business. Thus, the Company's estimated Adjusted EBITDA should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
The Company compensates for these limitations by providing a reconciliation of Adjusted EBITDA to the related GAAP financial measure, net revenue. The Company encourage stockholders and others to review the Company's financial information in its entirety, not to rely on any single financial measure and to view our estimated Adjusted EBITDA in conjunction with their respective related estimated GAAP financial measures.
The following table provides a reconciliation of our projected Adjusted EBITDA for the three months endedDecember 31, 2020 to our estimated net loss (the most comparable GAAP measurement): Three Months Ended December 31, 2020 Estimated Net Loss$ (4,322,000) - (3,800,000) Adjustments to exclude the following: Other expense (income), net $ 0 - 2,000 Depreciation and amortization $ 15,000 - 20,000 Stock-based compensation expense $ 685,000 - 700,000 Estimated Adjusted EDITDA$ (3,600,000) - (3,100,000)
The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
Exhibit Number Description
99.1 Press Release of
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