Financial Highlights
The following is a summary of Greenway’s financial condition and results of operations for 2008 through 2012. For a more complete understanding of our financial condition and results, this summary should be read together with Greenway’s Consolidated Financial Statements and related notes, and “Management’s Discussion and Analysis.” This information appears in the 2012 Annual Report on Form 10-K filed with the Securities and Exchange Commission, which is available by clicking here.
| (Dollars in thousands) | 2008 | 2009 | 2010 | 2011 | 2012 |
| Total Revenue | $38,799 | $48,712 | $64,642 | $89,839 | $124,012 |
| Recurring Revenue, as a percent of total revenue | 37.6% | 41.3% | 44.3% | 44.2% | 45.9% |
| Gross Profit | $21,046 | $27,271 | $36,846 | $49,428 | $68,113 |
| Gross Margin | 54% | 56% | 57% | 55% | 55% |
| Selling, General and Administrative Expense, as a percent of revenue | 43% | 42% | 43% | 42% | 38% |
| Research and Development Expense, as a percent of revenue | 14% | 12% | 9% | 9% | 13% |
| Non-GAAP Measures | |||||
| Please refer to page 38 of our Annual Report on Form 10-K for a reconciliation of non-GAAP measures to their most comparable GAAP measures. | |||||
| Adjusted EBITDA | $700 | $2,029 | $4,144 | $6,385 | $12,062 |
| Adjusted EBITDA margin | 1.8% | 4.2% | 6.4% | 7.1% | 9.7% |