Third quarter revenue of $200.8 million, up
53.3% year-over-year
Third quarter dollar-based net expansion rate
of 144%
Unity Software Inc. (NYSE: U), the world’s leading platform for
creating and operating interactive, real-time 3D content, today
announced results for the third quarter ended September 30,
2020.
“Companies in the gaming industry have been using real-time 3D
technology to create immersive, interactive content for over two
decades, and we are proud to be able to support more than 90% of
the top game companies globally,” said John Riccitiello, President
and Chief Executive Officer, Unity. “Now, developers in other
industries are taking note and engaging with Unity in transforming
their content to be real-time 3D. Creators - from game developers
to artists, architects, automotive designers, filmmakers, and more
- are turning to Unity to bring their imaginations to life.”
“We are very pleased to start our public company journey with
such a strong quarter,” said Kim Jabal, Chief Financial Officer,
Unity. “Revenue of $200.8 million in the third quarter, up 53.3%
year-over-year, reflects the resilience of our business model and
strong execution across our operational teams and geographies. Our
robust growth has reinforced our confidence in the fundamental
strength of our business model, and in the long-term opportunity
that we see ahead.”
“Our fiscal year 2020 revenue outlook is a range of $752 million
to $756 million. We expect fourth quarter revenue of $200 million
to $204 million. We also anticipate an improvement in our full year
2020 non-GAAP operating margin to (9)%.”
Third Quarter 2020 Financial Highlights
- Revenue was $200.8 million, an increase of 53.3% from the third
quarter of 2019.
- Loss from operations was $141.7 million, or 70.6% of revenue,
compared to loss from operations of $41.7 million, or 31.9% of
revenue, in the third quarter of 2019. Our third quarter results
were impacted by a one-time charge associated with restricted stock
unit expense recognition in connection with our initial public
offering (“IPO”), as well as a charge related to the donation of
750,000 shares of our common stock to a charitable foundation upon
closing of our IPO.
- Non-GAAP loss from operations was $8.4 million, or 4.2% of
revenue, compared to a non-GAAP loss from operations of $27.8
million, or 21.2% of revenue, in the third quarter of 2019.
- Basic and diluted net loss per share was $0.97, compared to
basic and diluted net loss per share of $0.76 in the third quarter
of 2019.
- Basic and diluted non-GAAP net loss per share was $0.09,
compared to basic and diluted non-GAAP net loss per share of $0.67
in the third quarter of 2019.
- Customers that generated more than $100,000 of revenue in the
trailing twelve months as of September 30, 2020 was 739 compared to
553 as of September 30, 2019.
- Dollar-based net expansion rate as of September 30, 2020 was
144% compared to 132% as of September 30, 2019.
- Net cash provided by operating activities was $20.6 million for
the third quarter of 2020, compared to net cash used in operating
activities of $49.1 million for the same period last year. Free
cash flow provided for the third quarter of 2020 was $10.9 million,
compared to $55.7 million used for the same period last year. Cash
and restricted cash was $1.8 billion as of September 30, 2020
compared to $0.5 billion as of June 30, 2020.
Recent Business Highlights
- Biggest Q3 gaming blockbusters powered by Unity. Since
its August release, Mediatonic’s Fall Guys, which was not only
created with Unity, but also uses Unity’s Operate Solutions to run
the game, has sold more than 10 million copies on PC via the Steam
game store and became the most-downloaded title on Sony's
PlayStation Plus subscription service in history. Genshin Impact, a
multi-format, free-to-play game from miHoYo, had 10 million mobile
downloads in its first day of release and GTFO, by 10 Chambers
Collective, secured players in more than 140 countries and rose to
the top 10 in South Korea on Steam.
- Cloud Content Delivery offers an enterprise-grade
low-complexity Content Delivery Network (CDN) that helps game
developers deliver live game content updates to the right users, at
the right time. In September, we launched Cloud Content
Delivery, a network aimed at simplifying costs, keeping app size
down, and providing scale to small and large studios alike. A full
end-to-end solution for storing, managing, and deploying content
releases, Cloud Content Delivery was built to run cloud-based games
as efficiently as possible, while consistently keeping players
engaged. This enterprise-grade offering is available today as a
free trial with no commitment.
- LEGO® microgame allows users to create content—no
coding experience. Also launched in September, the LEGO®
Microgame puts digital LEGO elements into the hands of new users to
get them quickly building, customizing, and sharing their first 3D
game in less than an hour. For creators who love building with LEGO
bricks, this Microgame is the perfect place to start a new creative
journey and make their first game — plus, it’s free and there’s no
coding experience required.
Outlook
Unity is providing the following guidance for the fourth quarter
and year ending December 31, 2020.
Q4 2020
2020
Guidance
Guidance
Revenue (in millions)
$200 — $204
$752 — $756
Year-over-year revenue growth
27% — 29%
39% — 40%
Non-GAAP loss from operations (in
millions)
($40) — ($35)
($71) — ($66)
Non-GAAP operating margin
(17%) — (20%)
(9)%
Weighted-average fully diluted shares
outstanding
321M
Unity has not reconciled its expectations as to non-GAAP loss
from operations to GAAP loss from operations because stock-based
compensation expense, employer tax related to employee stock
transactions, and non-cash charitable contribution expense cannot
be reasonably determined or predicted at this time. Accordingly, a
reconciliation is not available, although it is important to note
that these factors could be material to Unity’s results computed in
accordance with GAAP.
Earnings Webcast Details
Unity plans to host a video webcast for analysts and investors
today to discuss its third quarter 2020 financial results and
outlook for its fourth quarter and full year 2020. The video
webcast is scheduled to begin at 2:00 p.m. Pacific Time/5:00 p.m.
Eastern Time and can be accessed at the Unity Investor Relations
website at investors.unity.com. The video webcast will be available
live, and a replay will be available on the Investor Relations
website following completion of the live broadcast for
approximately 90 days.
About Unity
Unity is the world’s leading platform for creating and operating
interactive, real-time 3D content. Our platform provides a
comprehensive set of software solutions to create, run, and
monetize interactive, real-time 2D and 3D content for mobile
phones, tablets, PCs, consoles, and augmented and virtual reality
devices. We serve customers of all sizes, at every stage of
maturity, from individual creators to large enterprises, and we see
opportunities for growth across all of these customer groups. For
more information, visit unity.com.
Unity uses its Investor Relations website (investors.unity.com),
filings with the SEC, press releases, public conference calls, and
public webcasts as means of disclosing material nonpublic
information and for complying with its disclosure obligations under
Regulation FD.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to Unity’s
financial results as determined in accordance with GAAP are
included at the end of this press release following the
accompanying financial data. For a description of these non-GAAP
financial measures, including the reasons management uses each
measure, please see the section of the tables titled “About
Non-GAAP Financial Measures.”
Forward-Looking Statements
This press release contains “forward-looking statements,” as
that term is defined under federal securities laws, including, but
not limited to, statements regarding Unity’s fourth quarter and
full year 2020 outlook, strategies, business plans, priorities and
objectives, potential market and growth opportunities; competitive
position, product strategies and future product and platform
features, technological or market trends and industry environment.
The words “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “seek,” “plan,” “project,”
“looking ahead,” “look to,” “move into,” and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements are subject to risks, uncertainties, and
assumptions. If the risks materialize or assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. Risks include, but are
not limited to: (i) the impact of the ongoing COVID-19 pandemic on
our business, as well as our customers, prospects, partners, and
service providers; (ii) our future profitability and timing for
achievement of profitability; (iii) our ability to retain existing
customers and expand the use of our platform; (iv) our ability to
further expand into new industries and attract new customers; (v)
the impact of any changes of terms of service, policies or
technical requirements from operating system platform providers or
application stores which may result in changes to our or our
customers’ business practices; (vi) our ability to maintain
favorable relationships with hardware, operating system, device,
game console and other technology providers; (vii) our ability to
compete effectively in the markets in which we participate; (viii)
breaches in our security measures, unauthorized access to our
platform, our data, or our customers’ or other users’ personal
data; (ix) our ability to manage growth effectively; and (x) the
rapidly changing and increasingly stringent laws, contractual
obligations and industry standards that relate to privacy, data
security and the protection of children. Further information on
these and additional risks that could affect Unity’s results is
included in our filings with the Securities and Exchange Commission
(“SEC”), including our final prospectus filed with the SEC on
September 18, 2020, and our future reports that we may file with
the SEC from time to time, which could cause actual results to vary
from expectations. Unity assumes no obligation to, and does not
currently intend to, update any such forward-looking statements
after the date of this release.
Any unreleased services, features, or functions referenced in
this document, our website, or other press releases or public
statements that are not currently available are subject to change
at Unity’s discretion and may not be delivered as planned or at
all. Customers who purchase Unity services should make their
purchase decisions based upon services, features, and functions
that are currently available.
© 2020 Unity Software Inc. All rights reserved. The Unity design
logos, “Unity” and our other registered or common law trademarks,
service marks, or trade names are the property of Unity Software
Inc. or its affiliates. Other trade names, trademarks, and service
marks are the property of their respective owners.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements prepared and
presented in accordance with generally accepted accounting
principles in the United States, or GAAP, we use certain non-GAAP
performance financial measures, as described below, to evaluate our
ongoing operations and for internal planning and forecasting
purposes. We believe the following non-GAAP measures are useful in
evaluating our operating performance. We are presenting these
non-GAAP financial measures because we believe, when taken
collectively, they may be helpful to investors because they provide
consistency and comparability with past financial performance.
However, non-GAAP financial measures have limitations in their
usefulness to investors because they have no standardized meaning
prescribed by GAAP and are not prepared under any comprehensive set
of accounting rules or principles. In addition, other companies,
including companies in our industry, may calculate similarly-titled
non-GAAP financial measures differently or may use other measures
to evaluate their performance, all of which could reduce the
usefulness of our non-GAAP financial measures as tools for
comparison. As a result, our non-GAAP financial measures are
presented for supplemental informational purposes only and should
not be considered in isolation or as a substitute for our
consolidated financial statements presented in accordance with
GAAP.
Non-GAAP Gross Profit and Non-GAAP Loss from
Operations
We define non-GAAP gross profit as gross profit excluding
stock-based compensation expense and employer tax related to
employee stock transactions. We define non-GAAP loss from
operations as loss from operations excluding stock-based
compensation expense, employer tax related to employee stock
transactions, amortization of acquired intangible assets, and
non-cash charitable contribution expense. We use non-GAAP gross
profit and non-GAAP loss from operations in conjunction with
traditional GAAP measures to evaluate our financial performance. We
believe that non-GAAP gross profit and non-GAAP loss from
operations provides our management and investors consistency and
comparability with our past financial performance and facilitates
period-to-period comparisons of operations, as these metrics
exclude stock-based compensation expense, employer tax related to
employee stock transactions, amortization of acquired intangible
assets, and non-cash charitable contribution expense, which we do
not consider to be indicative of our overall operating
performance.
Non-GAAP gross profit and non-GAAP loss from operations have
limitations as analytical tools, and you should not consider them
in isolation or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are:
- they exclude expense associated with our equity compensation
plan, although equity compensation has been, and will continue to
be, an important part of our compensation strategy;
- non-GAAP loss from operations excludes the expense of
amortization of acquired intangible assets, and although these are
non-cash expenses, the assets being amortized may have to be
replaced in the future and non-GAAP loss from operations does not
reflect cash expenditure for such replacements;
- non-GAAP loss from operations excludes the expense associated
with the charitable contribution of common stock to a donor-advised
fund, and although this is a non-cash expense, we may make similar
charitable contributions in the future; and
- the expenses and other items that we exclude in our calculation
of non-GAAP net loss and non-GAAP net loss per share may differ
from the expenses and other items, if any, that other companies may
exclude from this measure or similarly titled measures, which
reduces their usefulness as comparative measures.
Non-GAAP Net Loss and Non-GAAP Net Loss per Share
We define non-GAAP net loss and non-GAAP net loss per share as
net loss and net loss per share excluding stock-based compensation
expense, employer tax related to employee stock transactions,
amortization of acquired intangible assets, and non-cash charitable
contribution expense, as well as the related tax effects of these
items. Non-GAAP net loss per share also adds back expense relating
to deemed dividends representing excess paid over initial issuance
price to repurchase convertible preferred stock. We use non-GAAP
net loss and non-GAAP net loss per share in conjunction with
traditional GAAP measures to evaluate our financial performance. We
believe that these non-GAAP measures provide our management and
investors consistency and comparability with our past financial
performance and facilitates period-to-period comparisons of
operations.
Non-GAAP net loss and non-GAAP net loss per share have
limitations as analytical tools, and you should not consider them
in isolation or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are:
- they exclude expense associated with our equity compensation
plan, although equity compensation has been, and will continue to
be, an important part of our compensation strategy;
- they exclude the expense of amortization of acquired intangible
assets, and although these are non-cash expenses, the assets being
amortized may have to be replaced in the future and non-GAAP loss
from operations does not reflect cash expenditure for such
replacements;
- they exclude the expense associated with the charitable
contribution of common stock to a donor-advised fund, and although
this is a non-cash expense, we may make similar charitable
contributions in the future;
- as further described below, we must make certain assumptions in
order to determine the income tax effect adjustment for non-GAAP
net loss, which assumptions may not prove to be accurate; and
- the expenses and other items that we exclude in our calculation
of non-GAAP net loss and non-GAAP net loss per share may differ
from the expenses and other items, if any, that other companies may
exclude from this measure or similarly titled measures, which
reduces their usefulness as comparative measures.
Income Tax Effects of Non-GAAP Adjustments
We utilize a fixed projected tax rate in our computation of
non-GAAP income tax effects to provide better consistency across
interim reporting periods. In projecting this non-GAAP tax rate, we
utilize a financial projection that excludes the direct impact of
the non-GAAP adjustments described above, and eliminates the
effects of non-recurring and period specific items which can vary
in size and frequency. The projected rate considers other factors
such as our current operating structure, existing tax positions in
various jurisdictions, and key legislation in major jurisdictions
where we operate. For the year ending December 31, 2020, we have
determined the projected non-GAAP tax rate to be (17)%. We will
periodically re-evaluate this tax rate, as necessary, for
significant events, based on relevant tax law changes, material
changes in the forecasted geographic earnings mix, and any
significant acquisitions.
Free Cash Flow
We define free cash flow as net cash used in operating
activities less cash used for purchases of property and equipment.
We believe that free cash flow is a useful indicator of liquidity
as it measures our ability to generate cash, or our need to access
additional sources of cash, to fund operations and investments.
Free cash flow has limitations as an analytical tool, and you
should not consider it in isolation or as a substitute for analysis
of our results as reported under GAAP. Some of these limitations
are:
- it is not a substitute for net cash used in operating
activities;
- other companies may calculate free cash flow or similarly
titled non-GAAP measures differently or may use other measures to
evaluate their performance, all of which could reduce the
usefulness of free cash flow as a tool for comparison; and
- the utility of free cash flow is further limited as it does not
reflect our future contractual commitments and does not represent
the total increase or decrease in our cash balance for any given
period.
Key Metrics
We monitor the following key metrics to help us evaluate the
health of our business, identify trends affecting our growth,
formulate goals and objectives, and make strategic decisions.
Customers Contributing More Than $100,000 of Revenue
We focus on the number of customers that generated more than
$100,000 of revenue in the trailing 12 months, as this segment of
our customer base represents the majority of our revenue and
revenue growth. We define a customer as an individual or entity
that generated revenue during the measurement period. A single
organization with multiple divisions, segments, or subsidiaries is
generally counted as a single customer, even though we may enter
into commercial agreements with multiple parties within that
organization.
Dollar-Based Net Expansion Rate
We track our performance by measuring our dollar-based net
expansion rate, which compares our Create and Operate Solutions
revenue from the same set of customers across comparable periods,
calculated on a trailing 12-month basis. Our dollar-based net
expansion rate as of a period end is calculated as current period
revenue divided by prior period revenue. Prior period revenue is
the trailing 12-month revenue measured as of such prior period end
and includes revenue from all customers that contributed revenue
during such trailing 12-month period. Current period revenue is the
trailing 12-month revenue from these same customers as of the
current period end. Our dollar-based net expansion rate includes
the effect of any customer renewals, expansion, contraction, and
churn but excludes revenue from new customers in the current
period.
UNITY SOFTWARE INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except par
value)
(Unaudited)
As of
September 30, 2020
December 31, 2019
Assets
Current assets:
Cash
$
1,759,415
$
129,959
Accounts receivable, net of allowances of
$4,140 and $9,052 as of September 30, 2020 and December 31, 2019,
respectively
225,525
204,898
Prepaid expenses
26,068
23,142
Other current assets
19,968
9,418
Total current assets
2,030,976
367,417
Property and equipment, net
89,930
78,976
Operating lease right‑of‑use assets
108,878
—
Goodwill
271,200
218,305
Intangible assets, net
59,269
62,034
Restricted cash
22,409
17,137
Other assets
23,034
18,991
Total assets
$
2,605,696
$
762,860
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
7,856
$
10,706
Accrued expenses and other current
liabilities
86,954
66,463
Publisher payables
151,143
137,664
Income and other taxes payable
41,587
35,715
Deferred revenue
97,910
85,980
Operating lease liabilities
24,363
—
Total current liabilities
409,813
336,528
Long-term deferred revenue
16,531
10,596
Long-term operating lease liabilities
101,875
—
Other long-term liabilities
17,571
21,825
Total liabilities
545,790
368,949
Commitments and contingencies (Note 9)
Stockholders’ equity:
Convertible preferred stock, $0.000005 par
value; no shares authorized, issued, and outstanding as of
September 30, 2020; 102,674 shares authorized, and 95,899 shares
issued and outstanding as of December 31, 2019
—
686,559
Preferred stock, $0.000005 par value;
100,000 shares authorized, and no shares issued and outstanding as
of September 30, 2020; no shares authorized, issued, and
outstanding as of December 31, 2019
—
—
Common stock, $0.000005 par value;
1,000,000 and 300,000 shares authorized as of September 30, 2020
and December 31, 2019, respectively; 270,967 and 123,261 shares
issued and outstanding as of September 30, 2020 and December 31,
2019, respectively
2
1
Additional paid-in capital
2,777,400
226,173
Accumulated other comprehensive loss
(3,500
)
(3,632
)
Accumulated deficit
(713,996
)
(515,190
)
Total stockholders’ equity
2,059,906
393,911
Total liabilities and stockholders’
equity
$
2,605,696
$
762,860
UNITY SOFTWARE INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per
share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Revenue
$
200,784
$
130,943
$
552,109
$
383,708
Cost of revenue
47,540
26,451
119,840
88,602
Gross profit
153,244
104,492
432,269
295,106
Operating expenses
Research and development
116,648
64,034
283,507
182,832
Sales and marketing
60,764
46,559
147,739
125,322
General and administrative
117,515
35,631
194,988
89,041
Total operating expenses
294,927
146,224
626,234
397,195
Loss from operations
(141,683
)
(41,732
)
(193,965
)
(102,089
)
Interest expense
(615
)
—
(1,403
)
—
Interest income and other expense, net
(2,023
)
(1,808
)
(829
)
(2,494
)
Loss before provision for income taxes
(144,321
)
(43,540
)
(196,197
)
(104,583
)
Provision for income taxes
398
2,009
2,609
8,028
Net loss
(144,719
)
(45,549
)
(198,806
)
(112,611
)
Other comprehensive loss, net of
taxes:
Change in foreign currency translation
adjustment
209
(227
)
132
(291
)
Comprehensive loss
$
(144,510
)
$
(45,776
)
$
(198,674
)
$
(112,902
)
Basic and diluted net loss per share:
Net loss per share attributable to our
common stockholders, basic and diluted
$
(0.97
)
$
(0.76
)
$
(1.47
)
$
(1.39
)
Weighted-average shares used in per share
calculation attributable to our common stockholders, basic and
diluted
149,256
115,817
135,671
111,772
UNITY SOFTWARE INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Operating activities
Net loss
$
(144,719
)
$
(45,549
)
$
(198,806
)
$
(112,611
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
11,274
7,975
31,284
21,297
Amortization of debt issuance costs
31
—
97
—
Loss on disposition of property and
equipment
94
157
558
157
Common stock charitable donation
expense
63,615
—
63,615
—
Stock-based compensation expense
61,806
9,101
83,460
23,877
Impairment of assets
—
—
863
—
Changes in assets and liabilities, net of
effects of acquisitions:
Accounts receivable, net
(5,890
)
(2,663
)
(14,718
)
(8,022
)
Prepaid expenses
1,697
(5,765
)
(3,173
)
(9,635
)
Other current assets
1,754
3,237
(10,083
)
2,373
Operating lease right-of-use assets
6,250
—
18,258
—
Deferred tax, net
1,595
(208
)
1,709
(7,462
)
Other assets
166
(2,051
)
(143
)
(5,133
)
Accounts payable
(5,363
)
6,054
(4,158
)
887
Accrued expenses and other current
liabilities
13,864
7,771
19,683
2,737
Publisher payables
11,808
(37,145
)
13,479
(12,969
)
Income and other taxes payable
1,162
3,668
(2,238
)
15,918
Operating lease liabilities
(5,415
)
—
(17,480
)
—
Other long-term liabilities
174
2,818
5,347
6,748
Deferred revenue
6,664
3,528
17,594
13,010
Net cash provided by (used in)
operating activities
20,567
(49,072
)
5,148
(68,828
)
Investing activities
Purchase of property and equipment
(9,681
)
(6,637
)
(28,956
)
(16,442
)
Acquisition of intangible assets
—
—
(750
)
—
Business acquisitions, net of cash
acquired
(11,630
)
(36,824
)
(34,968
)
(154,031
)
Net cash used in investing
activities
(21,311
)
(43,461
)
(64,674
)
(170,473
)
Financing activities
Proceeds from revolving credit
facility
—
—
125,000
—
Payment of principal related to revolving
credit facility
(125,000
)
—
(125,000
)
—
Payment of debt issuance costs
—
—
(247
)
—
Proceeds from initial public offering, net
of underwriting discounts, commissions, and offering costs
1,420,145
—
1,420,145
—
Proceeds from issuance of convertible
preferred stock, net of issuance costs
—
—
149,970
124,918
Proceeds from issuance of common stock
—
255,882
100,000
355,882
Repurchase and extinguishment of
convertible preferred stock
—
(48,714
)
—
(48,714
)
Purchase and retirement of treasury
stock
—
(282,167
)
(110
)
(282,167
)
Proceeds from exercise of stock
options
11,523
7,821
15,459
10,882
Proceeds from exercise of stock options in
connection with nonrecourse promissory note
—
—
8,856
—
Net cash provided by (used in)
financing activities
1,306,668
(67,178
)
1,694,073
160,801
Effect of foreign exchange rate changes
on cash and restricted cash
233
(287
)
181
(327
)
Increase (decrease) in cash and
restricted cash
1,306,157
(159,998
)
1,634,728
(78,827
)
Cash and restricted cash, beginning of
period
475,667
354,444
147,096
273,273
Cash and restricted cash, end of
period
$
1,781,824
$
194,446
$
1,781,824
$
194,446
UNITY SOFTWARE INC.
RECONCILIATION BETWEEN GAAP
AND NON-GAAP FINANCIAL MEASURES
(In thousands, except
percentages and per share data)
(Unaudited)
Three Months Ended
September 30,
2020
2019
Gross profit reconciliation
GAAP gross profit
$
153,244
$
104,492
Add:
Stock-based compensation expense
5,072
903
Employer tax related to employee stock
transactions
629
184
Non-GAAP gross profit
$
158,945
$
105,579
GAAP gross margin
76
%
80
%
Non-GAAP gross margin
79
%
81
%
Loss from operations
reconciliation
GAAP loss from operations
$
(141,683
)
$
(41,732
)
Add:
Stock-based compensation expense
61,806
9,102
Employer tax related to employee stock
transactions
3,070
2,110
Amortization of intangible assets
expense
4,751
2,742
Charitable contribution to donor-advised
fund
63,615
—
Non-GAAP loss from operations
$
(8,441
)
$
(27,778
)
GAAP operating margin
(71
)
%
(32
)
%
Non-GAAP operating margin
(4
)
%
(21
)
%
Net loss and net loss per share
reconciliation
GAAP net loss
$
(144,719
)
$
(45,549
)
Add:
Stock-based compensation expense
61,806
9,102
Employer tax related to employee stock
transactions
3,070
2,110
Amortization of intangible assets
expense
4,751
2,742
Charitable contribution to donor-advised
fund
63,615
—
Income tax effect of non-GAAP
adjustments
(1,485
)
(3,612
)
Non-GAAP net loss
$
(12,962
)
$
(35,207
)
GAAP net loss per share attributable to
our common stockholders, basic and diluted
$
(0.97
)
$
(0.76
)
Total impact on net loss per share, basic
and diluted, from non-GAAP adjustments
0.88
0.09
Non-GAAP net loss per share attributable
to our common stockholders, basic and diluted
$
(0.09
)
$
(0.67
)
Weighted-average common shares used in
GAAP net loss per share computation, basic and diluted
149,256
115,817
Weighted-average common shares used in
non-GAAP net loss per share computation, basic and diluted
149,256
115,817
Free cash flow reconciliation
Net cash provided by (used in) operating
activities
$
20,567
$
(49,072
)
Less:
Purchase of property and equipment
(9,681
)
(6,637
)
Free cash flow
$
10,886
$
(55,709
)
Net cash used in investing activities
$
(21,311
)
$
(43,461
)
Net cash provided by financing
activities
$
1,306,668
$
(67,178
)
Source: Unity
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201112006016/en/
Investor Relations: Richard Davis
richard.davis@unity3d.com
Media: Amanda Taggart corpcomms@unity3d.com
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