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Advisory Board to Gain $3.5M from OptiLink Sale
Posted January 23, 2012
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The Advisory Board Company sold substantially all of the assets of its OptiLink business to Kronos Incorporated for cash. The OptiLink business, which is headquartered in a suburb of Portland, Oregon and involved approximately 35 employees, generated approximately $6.8 million in revenue, $0.7 million in income from operations, and less than $1.5 million in adjusted EBITDA (which is a non-GAAP financial measure) during the Company's fiscal year ended March 31, 2011. The Company expects to record a gain on the transaction of approximately $3.5 million in the fiscal quarter ending March 31, 2012 as a discontinued operation in its financial statements. The Company expects to exclude discontinued operations from its non-GAAP financial measures.
The term "adjusted EBITDA" refers to a financial measure that the Company defines as earnings before other income, net, which includes interest income and foreign currency losses and gains; income taxes; depreciation and amortization; amortization of acquisition-related intangibles and capitalized software included in cost of services; costs associated with acquisitions and similar transactions; share-based compensation expense; and fair value adjustments made to the Company's acquisition-related earn out liabilities.
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