AP NEWS

CORRECTING and REPLACING -- Determine Announces Second Quarter Fiscal 2019 Financial Results

November 16, 2018

Determine Cloud Platform Technology Continues to Attract New Customers in US and Europe and Increase Customer Migration and Expansion

CARMEL, Ind., Nov. 16, 2018 (GLOBE NEWSWIRE) -- On November 13, 2018, the Company issued a press release reporting financial results for the second fiscal quarter ended September 14, 2018. On November 15, 2018, the Company issued a new version of the release to update the presentation of two items: 1) non-GAAP EPS for the six months ended September 20, 2018 and 2) Reconciliation of Cash for the six months ended September 30, 2017.

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CARMEL, Ind. – November 13, 2018 – Determine, Inc. (NASDAQ: DTRM), a pioneering leader in global Source-to-Pay and Enterprise Contract Lifecycle Management (ECLM) Cloud Platform solutions, announced financial results for its second quarter ended September 30th, 2018.

Q2 FY2019 GAAP Financial Highlights:

-- GAAP Revenue was $5.7 million in Q2 FY2019, compared to $6.0 million in Q1 FY19, representing a 5.1% decrease quarter-over-quarter, and compared to $6.9 million in Q2 FY2018 GAAP Revenue, representing a 16.8% decrease year-over-year. -- GAAP gross profit percentage was 48.1% in Q2 FY2019, compared to 43.5% in Q1 FY2019, representing a 4.6 point increase quarter-over-quarter, and compared to 49.8% in Q2 FY2018, representing a 1.7 point decrease year-over-year. -- Deferred revenues decreased to $8.0 million from $9.3 million in Q1 FY2019. -- GAAP net loss was $3.6 million, or $0.24 per share in Q2 FY2019, compared to $4.1 million or $0.27 per share in Q1 FY2019, representing a gain of $0.03 per share quarter-over-quarter; in Q2 FY2018, the GAAP net loss was $2.7 million or $0.18 per share.

(in thousands, except per share amounts) Q2 Q1 Q2 Change Change GAAP Financial Measures ----------- ----------- ---------- ----------- ------------- FY 2019 FY 2019 FY 2018 Q/Q Y/Y ----------------------------------- ----------- ----------- ---------- ----------- ------------- Revenue - total $ 5,734 $ 6,040 $ 6,888 (5.1 %) (16.8 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Revenue - recurring $ 5,044 $ 5,251 $ 5,545 (3.9 %) (9.0 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Revenue - non-recurring $ 690 $ 789 $ 1,343 (12.5 %) (48.6 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Gross profit - total $ 2,759 $ 2,627 $ 3,432 5.0 % (19.6 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Gross profit - recurring $ 3,115 $ 3,145 $ 3,371 (1.0 %) (7.6 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Gross (loss)/profit - non-recurring $ (356 ) $ (518 ) $ 61 (31.3 %) (683.6 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Gross margin - total 48.1 % 43.5 % 49.8 % 4.6 pts (1.7 pts) ----------------------------------- - ------ -- - ------ -- - ------ - Gross margin - recurring 61.8 % 59.9 % 60.8 % 1.9 pts 1.0 pts ----------------------------------- - ------ -- - ------ -- - ------ - Gross margin - non recurring (51.6 %) (65.7 %) 4.5 % 14.1 pts (56.1 pts) ----------------------------------- - ------ -- - ------ -- - ------ - Net loss $ (3,583 ) $ (4,069 ) $ (2,671 ) (11.9 %) 34.1 % ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- EPS $ (0.24 ) $ (0.27 ) $ (0.18 ) $ 0.03 $ (0.06 ) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ----

Q2 FY2019 Non-GAAP Financial Highlights:

-- Non-GAAP revenue was $5.7 million in Q2 FY2019, compared to $6.0 million in Q1 FY2019, representing a 5.1% decrease quarter-over-quarter, and compared to $6.9 million in Q2 FY2018, representing a 16.8% decrease year-over-year. -- Non-GAAP gross profit percentage was 52.8% in Q2 FY2019, compared to 48.5% in Q1 FY2019, representing a 4.4% increase quarter-over-quarter, and 54.9% in Q2 FY2018, representing a 2.1% decrease year-over-year. -- Non-GAAP net loss was $2.6 million in Q2 FY2019, or $0.17 per share, compared to a net loss of $2.9 million in Q1 FY2019, or $0.20 per share, representing a $0.03 increase quarter-over-quarter. Q2 FY2018 had a non-GAAP net loss of $1.5 million or $0.10 per share, representing a $0.07 decrease year-over-year. -- Billings decreased 25.4% to $4.5 million in Q2 FY2019 from $6.0 million in Q2 FY2019. Billings, a non-GAAP measure, are defined as revenue plus the change in deferred revenues. -- Non-GAAP EBITDA was a $1.5 million loss in Q2 FY2019, compared to a loss of $0.6 million in Q2 FY2018, representing a decrease of $0.9 million year-over-year.

(in thousands, except per share amounts) Q2 Q1 Q2 Change Change Non-GAAP Financial Measures ----------- ----------- ---------- ----------- ------------- FY 2019 FY 2019 FY 2018 Q/Q Y/Y ----------------------------------- ----------- ----------- ---------- ----------- ------------- Revenue - total $ 5,734 $ 6,040 $ 6,888 (5.1 %) (16.8 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Revenue - recurring $ 5,044 $ 5,251 $ 5,545 (3.9 %) (9.0 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Revenue - non-recurring $ 690 $ 789 $ 1,343 (12.5 %) (48.6 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Gross profit - total $ 3,030 $ 2,929 $ 3,784 3.5 % (19.9 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Gross profit - recurring $ 3,372 $ 3,434 $ 3,675 (1.8 %) (8.2 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Gross (loss)/profit - non-recurring $ (342 ) $ (505 ) $ 109 32.3 % (413.8 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Gross margin - total 52.8 % 48.5 % 54.9 % 4.4 pts (2.1 pts) ----------------------------------- - ------ -- - ------ -- - ------ - Gross margin - recurring 66.9 % 65.4 % 66.3 % 1.5 pts 0.6 pts ----------------------------------- - ------ -- - ------ -- - ------ - Gross margin - non recurring (49.6 %) (64.0 %) 8.1 % 14.4 pts (57.7 pts) ----------------------------------- - ------ -- - ------ -- - ------ - Net loss $ (2,557 ) $ (2,944 ) $ (1,506 ) 13.2 % (69.8 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- EPS $ (0.17 ) $ (0.20 ) $ (0.10 ) $ 0.03 $ (0.07 ) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ---- Billings $ 4,468 $ 5,743 $ 5,991 (22.2 %) (25.4 %) ----------------------------------- - ------ -- - ------ -- - ------ - - ----- --- - ------ ----

“Helping companies - and entire industries - work smarter and more efficiently is the guiding principle on which Determine was founded. We are now aggressively expanding the application of those two concepts across the company as we position for increased success, most notably in our customer acquisition and management teams.

Recently, Determine announced that Gérard Dahan has taken over leadership of worldwide marketing, sales and customer management as Determine’s newly named Global Chief Revenue and Marketing Officer. This is one part of our diligence in reshaping and streamlining our ecosystem of stakeholders, roles, responsibilities, KPIs and compensation. While it’s still early in the process, the entire company is rallying around the new Sales, Marketing and Customer Management structure to support its success.

In terms of fiscal efficiency, Determine has been vigorously eliminating costs, including over $2 million in annual expenses across the board since mid-year. The company will continue to make additional cost management adjustments opportunistically.

We are continuing to efficiently and effectively deliver the Determine message to prospects and customers who seek to derive bottom-line value from our best-in-class modular Source-to-Pay and Enterprise Contract Management Solutions.”

Patrick Stakenas, President and CEO and Director, Determine, Inc.

Determine Business Highlights:

-- Customer Satisfaction and Vendor Reference Scores Drive Outstanding Results for Determine, Inc. on its Third Consecutive Gartner Magic Quadrant for Procure-to-Pay: Source-to-pay and contract management innovator ranks in the top quartile among all vendors. -- Determine, Inc. Scores its Sixth Gartner Magic Quadrant for Strategic Sourcing Since 2010, Ranking High in Support and Services Sourcing: Source-to-pay and contract management powerhouse continues to achieve outstanding innovation and customer satisfaction scores. -- Determine, Inc. Earns High Marks with Spend Matters: Solidifies Position in Top Analyst Firm Spend Matters Q3 2018 SolutionMap Rankings: Innovation excellence lands firmly in five procurement, invoicing, contract management and sourcing categories. -- Determine Launches Determine CLM App on Salesforce AppExchange: The Determine CLM app, available with all CLM deployments and stand-alone, integrates sell-side contracts with Determine Contract Management. -- Determine, Inc. Drives Advanced Levels of Innovation With New Determine Cloud Platform Release 18.3: Release 18.3 streamlines process efficiency with innovative features that enhance user flexibility, simplicity and configurability. -- Q2 FY2019 Customer Announcements: During Q2 FY2019, Determine announced new customer accounts and cloud platform adoption by existing customers in the US and Europe across its Determine Cloud Platform Source-to-Pay and Enterprise Contract Lifecycle Management solutions. o Leading French Group SQLI Selects the Determine Cloud Platform for Procure-to-Pay and Contract Management: SQLI, the world’s leading partner for defining, implementing and managing digital transformations, chooses Determine for ease of use and configurability. o LegalZoom Maximizes Contract Management Capabilities with Determine Cloud Platform: Long-time customer LegalZoom, the leading provider of legal solutions for businesses and families migrates to Determine Contract Management on the Determine Cloud Platform. o One of the World’s Largest Multinational Entertainment Conglomerates Expands Global Footprint on the Determine Cloud Platform: Leveraging the complete source-to-pay spectrum to drive market and revenue opportunities -- Annualized Bookings: In Q2 FY2019, the revenue team delivered approximately $456K in annualized bookings. Banking, Chemicals, Electronics, Healthcare, Manufacturing, Pharmaceutical, Retail, Technology, and Transportation were particularly standout industry verticals. -- Determine Continues Thought Leadership: In Q2 FY2019, Determine continued to provide meaningful educational resources to inform customers and prospects on the ever-changing Source-to-Pay and Enterprise Contract Lifecycle Management landscape: o Determine, Inc. Showcases Advanced Source-to-Pay and Procurement Innovation at eWorld Procurement & Supply in London: Event highlights include demonstrations and speaker presentation by Chief Product Officer Julien Nadaud. o Source-to-Pay Pioneer Determine, Inc. and Customer Watermark Retirement Communities Bring Agile Best Practices to ProcureCon Indirect West: Presenting how modular solutions accelerate time-to-efficiency. o Determine, Inc. and PayStream Advisors Present Latest Trends in Sourcing and CLM in Live Webinar: 2018 Sourcing and Contract Management Strategies to Watch explores research insights, use cases and provide action items to improve processes and strategies.

Conference Call and Webcast: Tuesday, November 13, 2018 at 5:00 PM (Eastern Time)

Participant Conference Call Numbers: Toll-Free: 1-877-407-0789 Toll/International: 1-201-689-8562 Participant Webcast Link: http://public.viavid.com/index.php?id=132114 Replay Dial-in Information: Toll-Free:1-844-512-2921 Toll/International: 1-412-317-6671 From: 11/13/18 at 8:00 pm Eastern Time To: 11/20/18 at 11:59 pm Eastern Time Replay Pin Number:13684754 Related: http://investor.determine.com

Non-GAAP Financial Measures

To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including non-GAAP revenue, non-GAAP gross profit, non-GAAP net income and non-GAAP earnings per share, which we believe are helpful in understanding our past financial performance and future results. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “GAAP to Non-GAAP Reconciliations”. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.

The difference between GAAP and non-GAAP gross profit is the elimination of the amortization of acquisition related intangibles, stock based compensation and severance expense from the costs of revenue. Non-GAAP net loss excludes the non-GAAP gross profit items as well as acquisition related costs.

Our management regularly uses our supplemental non-GAAP financial measures internally to understand and manage our business and forecast future periods; as such, we believe it is useful for investors to understand the effects of these items on our total operations. Further, please note that our non-GAAP revenue is intended to reflect the full amount of revenues that would have been otherwise recorded by the acquired entities of Iasta and b-pack, while our non-GAAP gross profit also excludes the amortization of intangibles that occurred due to the acquisition of the entities of Iasta and b-pack.

Annualized Bookings is an operating measure not derived from the company’s revenues or any other amounts presented in accordance with GAAP in the company’s statement of income, balance sheet or statement of cash flows or other equivalent statements.

Forward-looking Statements

Certain statements in this release and elsewhere by Determine are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding business outlook, assessment of market conditions, anticipated financial and operating results, strategies, product and channel development, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to fluctuations in demand for Determine’s products and services, risks of losing key personnel or customers, protection of the company’s intellectual property and government policies and regulations, including, but not limited to those affecting the company’s industry. Determine undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the company can be found in the company’s most recent Form 10-K as filed by the company with the Securities and Exchange Commission.

Supporting Resources

Determine blog

Determine on LinkedIn

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Determine Resources

About Determine, Inc.

Determine, Inc. (NASDAQ: DTRM) is a leading global provider of SaaS Source-to-Pay and Enterprise Contract Lifecycle Management (ECLM) solutions. The Determine Cloud Platform provides procurement, legal and finance professionals analytics of their supplier, contract and financial performance. Our technologies empower customers to drive new revenue, identify savings, improve compliance and mitigate risk.

The Determine Cloud Platform seamlessly integrates with major ERP or third-party systems such as SAP, Oracle, Sage, QAD and Microsoft. Modular solutions can be configured to add more as needed to provide additional value beyond spend management. Our unified master database and business process approach empower users at every level to make more informed and smarter decisions.

For more information, please visit: determine.com.

Contact

Media Relations:Mike MitchellDetermine, Inc.+1.650.532.1590pr@determine.com

Determine, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended ------------------------ ---------------------- 9/30/2018 9/30/2017 9/30/2018 9/30/2017 ----------- ----------- ---------- ---------- Revenues: Recurring revenues $ 5,044 $ 5,545 $ 10,295 $ 10,845 Non-recurring revenues 690 1,343 1,479 3,031 Total revenues 5,734 6,888 11,774 13,876 - ------- - - ------- - - ------ - - ------ - Cost of revenues: Cost of recurring revenues 1,929 2,174 4,035 3,960 Cost of non-recurring revenues 1,046 1,282 2,353 2,799 Total cost of revenues 2,975 3,456 6,388 6,759 - ------- - - ------- - - ------ - - ------ - Gross profit: Recurring gross profit 3,115 3,371 6,260 6,885 Non-recurring gross (loss) profit (356 ) 61 (874 ) 232 Total gross profit 2,759 3,432 5,386 7,117 - ------- - - ------- - - ------ - - ------ - Operating expenses: Research and development 1,195 1,008 2,371 2,074 Sales and marketing 2,491 2,694 5,582 5,190 General and administrative 2,225 1,805 4,230 3,877 Total operating expenses 5,911 5,507 12,183 11,141 - ------- - - ------- - - ------ - - ------ - Loss from operations (3,152 ) (2,075 ) (6,797 ) (4,024 ) Other expense, net (419 ) (568 ) (755 ) (746 ) Net loss before income tax (3,571 ) (2,643 ) (7,552 ) (4,770 ) - ------- - - ------- - - ------ - - ------ - Provision for benefit from income taxes (12 ) (28 ) (100 ) (11 ) Net loss $ (3,583 ) $ (2,671 ) $ (7,652 ) $ (4,781 ) - ------- - - ------- - - ------ - - ------ - Basic and diluted net loss per share $ (0.24 ) $ (0.18 ) $ (0.50 ) $ (0.35 ) - ------- - - ------- - - ------ - - ------ - Determine, Inc. GAAP to Non-GAAP Reconciliations (In thousands) (Unaudited) Three Months Ended Six Months Ended ------------------------ ---------------------- 9/30/2018 9/30/2017 9/30/2018 9/30/2017 ----------- ----------- ---------- ---------- Reconciliation of total revenue: U.S. GAAP as reported $ 5,734 $ 6,888 $ 11,774 $ 13,876 Non-GAAP revenue $ 5,734 $ 6,888 $ 11,774 $ 13,876 - ------- - - ------- - - ------ - - ------ - Reconciliation of gross profit: U.S. GAAP as reported $ 2,759 $ 3,432 $ 5,386 $ 7,117 Adjustments: Amortization of acquisition 250 260 503 511 Stock based compensation 17 92 58 121 Severance 4 - 12 38 - ------- - - ------- - - ------ - - ------ - Non-GAAP gross profit $ 3,030 $ 3,784 $ 5,959 $ 7,787 - ------- - - ------- - - ------ - - ------ - Reconciliation to non-GAAP net loss: Net loss $ (3,583 ) $ (2,671 ) $ (7,652 ) $ (4,781 ) Stock-based compensation expense 534 621 1,071 1,206 Amortization on intangibles 457 542 1,000 1,074 Severance costs 35 2 80 43 Non-GAAP net loss $ (2,557 ) $ (1,506 ) $ (5,501 ) $ (2,458 ) - ------- - - ------- - - ------ - - ------ - Non-GAAP basic and diluted net loss per share $ (0.17 ) $ (0.10 ) $ (0.36 ) $ (0.18 ) - ------- - - ------- - - ------ - - ------ - Weighted-average shares of common stock used in computing basic and diluted net loss per share attributable to common 15,101 14,784 15,154 13,545 shareholders - ------- - - ------- - - ------ - - ------ - Determine, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands) (Unaudited) Three Months Ended Six Months Ended ------------------------ ---------------------- September September September September 30, 30, 30, 30, 2018 2017 2018 2017 - ------- - - ------- - - ------ - - ------ - Statements of comprehensive loss: Consolidated net loss $ (3,583 ) $ (2,671 ) $ (7,652 ) $ (4,781 ) Foreign currency translation adjustments, net (60 ) 460 (457 ) 771 Other comprehensive income - 103 - (11 ) Comprehensive loss $ (3,643 ) $ (2,108 ) $ (8,109 ) $ (4,021 ) - ------- - - ------- - - ------ - - ------ - Determine, Inc. Condensed Consolidated Balance Sheets (In thousands) September March 31, 30, 2018 2018 ----------- ----------- (Unaudited) (Audited) ASSETS Current assets Cash and cash equivalents $ 7,532 $ 9,928 Accounts receivable, net of allowance for 3,880 6,605 doubtful accounts Restricted cash 26 28 Prepaid expenses and other current assets 2,185 1,542 Total current assets 13,623 18,103 Property and equipment, net 120 90 Capitalized software development costs, net 3,343 2,994 Goodwill 15,026 15,458 Other intangibles, net 2,824 3,952 Other assets 1,646 1,467 Total assets $ 36,582 $ 42,064 - ------- - - ------- - LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities Credit facility $ 13,805 $ 12,128 Accounts payable 2,453 2,371 Accrued payroll and related liabilities 1,950 1,986 Other accrued liabilities 2,749 2,239 Deferred revenue 7,957 9,487 Income tax payable 52 48 Total current liabilities 28,966 28,259 - ------- - - ------- - Long-term deferred revenue 51 84 Convertible note, net of debt discount 7,922 7,475 Other long-term liabilities 1,739 1,306 Total liabilities 38,678 37,124 - ------- - - ------- - Total stockholders’ equity (deficit) (2,096 ) 4,940 Total liabilities and stockholders’ equity $ 36,582 $ 42,064 (deficit) - ------- - - ------- - Determine, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended ------------------------ September September 30, 2018 30, 2017 ----------- ----------- Operating activities Net loss $ (7,652 ) $ (4,781 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,142 1,993 Stock-based compensation expense 1,000 1,206 Interest expense paid in kind as convertible note debt 447 394 Income tax expense (benefit) 101 13 Unrealized currency translation losses (gains) 199 (357 ) Changes in assets and liabilities: Accounts receivable, net 1,952 438 Prepaid expenses and other current assets 128 (51 ) Other assets 60 571 Accounts payable 82 (272 ) Accrued payroll and related liabilities (36 ) 220 Other accrued liabilities and other long-term liabilities 584 187 Deferred revenue (1,563 ) (1,113 ) Net cash used in operating activities (2,556 ) (1,552 ) - ------- - - ------- - Investing activities Purchase of property and equipment (58 ) (17 ) Capitalized software development costs, net (1,379 ) (1,162 ) Net cash used in investing activities (1,437 ) (1,179 ) - ------- - - ------- - Financing activities Credit facility borrowing 21,822 17,002 Credit facility payment (20,156 ) (16,893 ) Proceeds from issuance of stock, net of issuance costs - 4,909 Issuance of stock under employee stock purchase plan 72 73 Net employee withholding taxes paid in connection to (7 ) (41 ) issuance of restricted stock Repayment of loan - (97 ) Proceeds from exercise of stock options - 1 Net cash provided by financing activities 1,731 4,954 - ------- - - ------- - Effect of exchange rate changes on cash (136 ) 102 Net (decrease) increase in cash, cash equivalents and (2,398 ) 2,325 restricted cash Cash, cash equivalents and restricted cash at beginning of 9,956 9,463 the period - ------- - Cash, cash equivalents and restricted cash at end of the $ 7,558 $ 11,788 period - ------- - - ------- - Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: Cash and cash equivalents $ 7,532 $ 11,761 Restricted cash 26 27 - ------- - - ------- - Total cash, cash equivalents and restricted cash $ 7,558 $ 11,788 - ------- - - ------- - Determine, Inc. Billings Reconciliation (In thousands) (Unaudited) Three Months Ended Six Months Ended ------------------------ ---------------------- 9/30/2018 9/30/2017 9/30/2018 9/30/2017 ----------- ----------- ---------- ---------- Total revenues $ 5,734 $ 6,888 $ 11,774 $ 13,876 Deferred revenue: End of period 8,008 8,967 8,008 8,967 Beginning of period 9,274 9,864 9,571 10,080 Change in deferred revenue (1,266 ) (897 ) (1,563 ) (1,113 ) - ------- - - ------- - - ------ - - ------ - Total billings (total revenues plus the change in deferred $ 4,468 $ 5,991 $ 10,211 $ 12,763 revenue) - ------- - - ------- - - ------ - - ------ - Determine, Inc. Non-GAAP EBITDA Reconciliation (In thousands) (unaudited) Three Months Ended Six Months Ended ------------------------ ---------------------- 9/30/2018 9/30/2017 9/30/2018 9/30/2017 ----------- ----------- ---------- ---------- Reconciliation to non-GAAP EBITDA net loss: Non-GAAP net loss $ (2,557 ) $ (1,506 ) $ (5,501 ) $ (2,458 ) Interest 459 453 794 893 Depreciation 538 424 1,043 771 Income tax expense (benefit) 11 27 100 10 - ------- - - ------ - Non-GAAP EBITDA net loss $ (1,549 ) $ (602 ) $ (3,564 ) $ (784 ) - ------- - - ------- - - ------ - - ------ -

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