UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 9, 2015
APIGEE
CORPORATION
(Exact name of registrant as specified in its charter)
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| Delaware |
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001-37346 |
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20-1367539 |
| (State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
10 S. Almaden Blvd., 16th Floor
San Jose, California 95113
(Address of principal executive offices, including zip code)
(408) 343-7300
(Registrant’s telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 |
Results of Operations and Financial Condition. |
On June 9, 2015, Apigee Corporation
(the “Company”) issued a press release announcing its financial results for the third fiscal quarter ended April 30, 2015. In the press release, the Company also announced that it would be holding a conference call on June 9,
2015 to discuss its financial results for the third fiscal quarter ended April 30, 2015. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information contained herein and in the accompanying exhibit shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
| Item 7.01 |
Regulation FD Disclosure. |
Disclosure Channels to Disseminate Information
The Company announces material information to the public about the Company, its products and services and other matters through a variety of
means, including the Company’s website (www.apigee.com), the investor relations section of its website (investors.apigee.com), its blog (blog.apigee.com), press releases, filings with the Securities and Exchange Commission, public conference
calls, and social media, including its Twitter account (twitter.com/apigee) and Facebook page (facebook.com/apigee), in order to achieve broad, non-exclusionary distribution of information to the public. The Company encourages investors and others
to review the information it makes public in these locations, as such information could be deemed to be material information. Please note that this list may be updated from time to time.
| Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
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| Exhibit |
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| Number |
|
Description |
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| 99.1 |
|
Press release issued by Apigee Corporation, dated June 9, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
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APIGEE CORPORATION |
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| Date: June 9, 2015 |
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By: |
|
/s/ Tim Wan |
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Tim Wan Chief Financial
Officer |
EXHIBITS INDEX
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| Exhibit |
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| Number |
|
Description |
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|
| 99.1 |
|
Press release issued by Apigee Corporation, dated June 9, 2015. |
Exhibit 99.1
Apigee Announces Record Revenue of $17.3 Million; 53% year-
over-year increase in subscription and support revenues
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• Raised $78.3 million in initial public offering
on April 24th
• Recognized as sector leader by Gartner
• Released
Apigee® Link, a new product for the Internet of Things |
San Jose, CA – June 9, 2015 – Apigee® (NASDAQ:
APIC), developer of an intelligent API platform for digital business, today announced financial results for the third fiscal quarter ended April 30, 2015.
“We are very pleased with our financial results for the third quarter as we continued to execute at a high level,” said Chet Kapoor, Apigee’s
CEO. “Our results were driven by the success we are delivering for our customers as they build out new systems of engagement to connect digitally with their customers, partners, and employees.”
“We achieved record revenue and strong subscription and support growth of 53% year over year, and also demonstrated significant year over year
improvements in our gross and operating margins,” said Tim Wan, CFO. “We are committed to our goals of producing sustainable growth and profitability over the long term.”
Third Quarter 2015 Financial Highlights:
| |
• |
|
Revenues: Subscription and Support revenues were $7.7 million, up 53% year-over-year. License revenue was $5.7 million, up 52% year-over-year. Professional Services revenue was $3.9 million, a decline of 30%
year-over-year. Total revenue was $17.3 million, up 20% year-over-year. |
| |
• |
|
Public Offering: Raised $78.3 million from initial public offering (IPO) of common shares on The NASDAQ Global Select Market, April 24, 2015. |
| |
• |
|
Balance Sheet: Total cash and marketable securities at the end of the third quarter of 2015 was $105.2 million, up from $29.1 million at the end of the second quarter of 2015. |
| |
• |
|
Gross Profit: $11.3 million, up 34% year-over-year |
| |
• |
|
Gross Margin: 65.1%, up from 58.3% in the third quarter of last fiscal year |
| |
• |
|
Operating Loss: $10.8 million, an improvement of 16% year-over-year |
| |
• |
|
Net Loss: $11.0 million, an improvement of 16% year-over-year |
1
| |
• |
|
Net Loss per Share: $2.16 for the third quarter of 2015 based on 5.1 million weighted-average shares outstanding, compared with a net loss per share of $3.64 for the third quarter of 2014 based on
3.6 million weighted-average shares outstanding |
| |
• |
|
Trailing Twelve Months Gross Billings: $82.1 million, up 59% year-over-year |
| |
• |
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Gross Billings: $22.5 million, up 24% year-over-year |
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• |
|
Non-GAAP Gross Profit: $11.5 million, up 33% year-over-year |
| |
• |
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Non-GAAP Gross Margin: 66.7%, up from 60.4% in the third quarter of last fiscal year |
| |
• |
|
Non-GAAP Operating Loss: $9.7 million, an improvement of 18% year-over-year |
| |
• |
|
Non-GAAP Net Loss: $9.9 million, an improvement of 17% year-over-year |
| |
• |
|
Non-GAAP Net Loss per Share: $0.41 for the third quarter of 2015 based on 24.4 million pro forma weighted-average shares outstanding, compared with a non-GAAP net loss per share of $0.57 for the third
quarter of 2014 based on 20.9 million pro forma weighted-average shares outstanding, with pro forma assuming conversion of preferred stock in both periods |
A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of
these measures is also included below under the heading “Non-GAAP Financial Measures.”
Third Quarter 2015 & Recent Business
Highlights:
| |
• |
|
Expanded within 44 customers. |
| |
• |
|
Positioned by Gartner, Inc. in the Leaders quadrant of the Gartner Magic Quadrant for Application Services Governance (ASG). Positioned the furthest of all vendors in this report for “Completeness of Vision.”
|
2
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• |
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Launched Apigee Link in beta. Apigee Link is an API-first Internet of Things (IoT) product to enable device makers to offer new digital experiences for their customers, create new revenue streams with their partners,
and grow their business. |
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• |
|
Today, we’ve announced Edge SMB, a new API management packaging of the company’s leading Apigee Edge API platform, but designed for the requirements of small and mid-sized businesses (SMBs). At an annual price
of $30,000, we have designed it to give small and medium businesses the power to become digital businesses right out of the gate. |
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• |
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Announced an expansion of its partner ecosystem, which now includes leading consulting and technology companies such as Cognizant, Infosys, Persistent Systems, Tech Mahindra, and Wipro. |
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• |
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Hosted the “I Love APIs” conference, one of the world’s largest conferences dedicated to API strategies and digital business, in Europe for the first time. The event, in London, had over 300 participants
and 37 presenters, we also hosted “I Love APIs” City Tour conferences in Chicago, Atlanta, New York, Los Angeles, and Dallas. |
3
Guidance:
As of June 9, 2015, we are initiating guidance for our fourth quarter fiscal 2015 as well for the full fiscal year 2015.
Fourth Quarter Fiscal 2015 Guidance:
| |
• |
|
Total revenue is expected to be in the range of $17.7 million to $18.3 million. |
| |
• |
|
Total license revenue is expected to be in the range of $4.7 million to $5.3 million. |
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• |
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Non-GAAP operating loss is expected to be in the range of $12.1 million to $11.5 million. |
| |
• |
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Non-GAAP net loss per share is expected to be in the range of $0.42 to $0.40 based on approximately 29.5 million GAAP weighted-average shares outstanding. |
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• |
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Gross billings are expected to be in the range of $19.4 million to $20.1 million. |
Full Year Fiscal 2015
Guidance:
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• |
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Total revenue is expected to be in the range of $67.6 million to $68.2 million. |
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• |
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Total license revenue is expected to be in the range of $19.9 million to $20.5 million. |
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• |
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Non-GAAP operating loss is expected to be in the range of $46.0 million to $45.4 million. |
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• |
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Non-GAAP net loss per share is expected to be in the range of $ 1.86 to $ 1.83 based on approximately 25.3 million non-GAAP weighted-average shares outstanding. |
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• |
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Gross billings are expected to be in the range of $79.5 million to $80.2 million. |
Conference Call
Details:
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• |
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What: Results of Apigee Corporation (APIC) third quarter fiscal 2015 ended April 30, 2015. |
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• |
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When: Tuesday, June 9, 2015 at 2PM PT (5PM ET). |
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• |
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Dial in: To access the call in the United States, please dial (877) 407-4018, and for international callers please dial (201) 689-8471. Callers may provide confirmation number 13609520 to access the
call more quickly, and are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining. |
| |
• |
|
Webcast: http://investors.apigee.com (live and replay) |
| |
• |
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Replay: A replay of the call will be available via telephone for seven days, beginning two hours after the call. To listen to the telephone replay in the United States, please dial (877) 870-5176, and for
international callers please dial (858) 384-5517 and enter access code 13609520. |
4
About Apigee
Apigee provides an intelligent API platform for digital business. Many of the world’s largest organizations select Apigee to enable their digital
business, including 20 of the Fortune 100, five of the top 10 Global 2000 retail brands, and six of the top 10 global telecommunications companies. Apigee customers include global enterprises such as Walgreens, eBay, Burberry, Shell, Live Nation,
and First Data. Apigee is headquartered in San Jose, California and has over 400 employees worldwide.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding Apigee’s anticipated growth and trends in its business, total
revenue, license revenue, non-GAAP operating loss, non-GAAP net loss per share, and gross billings for the company’s fiscal fourth quarter and fiscal year 2015. Words such as “expect,” “will,” “believes,” and
similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current expectations and are subject to inherent uncertainties, risks, and changes in circumstances that are difficult or
impossible to predict. Consequently, you should not rely on these forward-looking statements. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such uncertainties, risks, and
changes in circumstances, including without limitation risks and uncertainties related to Apigee’s limited operating history and experience developing and introducing new products; risks associated with its history of losses and its expectation
of incurring losses for the foreseeable future; risks associated with the potential significant fluctuation of its future quarterly results; risks associated with the seasonality of its business and variance in quarterly bookings, license revenue
and cash flows from operations; risks associated with the effective management of its growth; risks associated with the role its strategic relationships with third parties plays in its growth; risks associated with market acceptance of its platform
and Edge product; risks associated with Apigee’s ability to meet its customers’ needs for infrastructure capacity and the quality of its software, support and services; risks associated with Apigee’s ability to obtain renewals from
current customers; and risks associated with its revenue mix.
The foregoing list of factors is not exclusive. Additional risks and uncertainties that
could affect Apigee’s financial and operating results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in
Apigee’s 424(b) prospectus dated April 23, 2015 filed with the SEC. Apigee’s SEC filings are available on the Investor Relations section of the Company’s website at http://investors.apigee.com and on the
SEC’s website at www.sec.gov. Apigee disclaims any
5
obligation to update the forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Non-GAAP Financial Measures
Apigee provides
the following non-GAAP financial measures in this release and in the earnings call referencing this press release: gross billings, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expense, non-GAAP operating loss, non-GAAP net loss,
non-GAAP net loss per share, and non-GAAP weighted average shares outstanding. These non-GAAP items are key measures used by our management to understand and evaluate our operating performance and trends. In particular, because these measures
exclude certain non-cash expenses, they can provide useful measures for period-to-period comparisons of our business.
Apigee uses these non-GAAP
financial measures internally in analyzing its operating results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance. Apigee believes that the use of these non-GAAP financial
measures provides an additional tool for investors to use in evaluating ongoing operating results and trends.
Non-GAAP financial measures should not be
considered in isolation from, or as substitutes for, their most directly comparable financial measure prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures
has been provided in the financial statement tables included below in this press release. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial
measures.
We calculate non-GAAP gross profit, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and
administrative expenses, non-GAAP loss from operations and non-GAAP net loss as the respective GAAP balances, adjusted for: (1) stock-based compensation and (2) the amortization of intangible assets. Except with respect to Q4 2015,
non-GAAP net loss per share is calculated as non-GAAP net loss divided by the non-GAAP weighted average shares outstanding that are adjusted to assume the conversion of outstanding preferred shares to common shares as of the beginning of the period.
For Q4 2015, non-GAAP net loss per share is calculated as non-GAAP net loss divided by GAAP weighted average shares outstanding.
6
We define gross billings as our total revenue plus the change in our deferred revenue in a period. Gross billings
in any period consists of sales to new customers plus renewals and additional sales to existing customers. Our management uses gross billings as a performance measurement because we generally bill our customers at the time of sale of our solutions
and recognize revenue either upon delivery or ratably over subsequent periods, and a portion of our revenue may be recognized over a period of more than 12 months. We believe that gross billings provides valuable insight into the sales of our
solutions and the performance of our business.
With respect to Apigee’s outlook under “Fourth Quarter Fiscal 2015 Guidance” and “Full
Year Fiscal 2015 Guidance” above, Apigee has not reconciled its expectations regarding non-GAAP loss from operations to GAAP loss from operations, nor reconciled non-GAAP net loss per share to GAAP net loss per share, because stock-based
compensation expenses cannot be reasonably predicted and calculated. Accordingly, reconciliation is not available without unreasonable effort.
Investor Relations Contact:
Greg Kleiner, ICR Inc.
ir@apigee.com
1-408-916-1287
Media Contact:
press@apigee.com
7
Apigee Corporation
Consolidated Balance Sheets
(in thousands)
|
|
|
|
|
|
|
|
|
| |
|
April 30, |
|
|
July 31, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
(Unaudited) |
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
105,245 |
|
|
$ |
51,759 |
|
| Accounts receivable, net |
|
|
16,091 |
|
|
|
16,403 |
|
| Prepaid expenses and other current assets |
|
|
4,216 |
|
|
|
4,533 |
|
|
|
|
|
|
|
|
|
|
| Total current assets |
|
|
125,552 |
|
|
|
72,695 |
|
|
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
3,385 |
|
|
|
3,474 |
|
| Goodwill |
|
|
14,744 |
|
|
|
14,744 |
|
| Intangible assets, net |
|
|
3,471 |
|
|
|
4,342 |
|
| Other assets |
|
|
620 |
|
|
|
367 |
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
147,772 |
|
|
$ |
95,622 |
|
|
|
|
|
|
|
|
|
|
| Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
1,452 |
|
|
$ |
2,850 |
|
| Accrued expenses and other current liabilities |
|
|
9,996 |
|
|
|
7,394 |
|
| Deferred revenue, current portion |
|
|
33,160 |
|
|
|
23,356 |
|
| Term debt, current portion |
|
|
2,075 |
|
|
|
2,778 |
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
46,683 |
|
|
|
36,378 |
|
|
|
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
| Deferred revenue, non-current |
|
|
5,219 |
|
|
|
4,834 |
|
| Deferred rent, non-current |
|
|
1,528 |
|
|
|
1,617 |
|
| Other liabilities, non-current |
|
|
773 |
|
|
|
806 |
|
| Term debt, non-current |
|
|
2,308 |
|
|
|
2,465 |
|
|
|
|
|
|
|
|
|
|
| Total non-current liabilities |
|
|
9,828 |
|
|
|
9,722 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
56,511 |
|
|
|
46,100 |
|
|
|
|
|
|
|
|
|
|
| Commitments and contingencies |
|
|
|
|
|
|
|
|
| Stockholders’ equity |
|
|
|
|
|
|
|
|
| Convertible preferred stock |
|
|
— |
|
|
|
142 |
|
| Common stock |
|
|
29 |
|
|
|
30 |
|
| Additional paid-in capital |
|
|
274,900 |
|
|
|
195,221 |
|
| Accumulated deficit |
|
|
(183,668 |
) |
|
|
(145,871 |
) |
|
|
|
|
|
|
|
|
|
| Total stockholders’ equity |
|
|
91,261 |
|
|
|
49,522 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities and stockholders’ equity |
|
$ |
147,772 |
|
|
$ |
95,622 |
|
|
|
|
|
|
|
|
|
|
8
Apigee Corporation
Consolidated Statements of Comprehensive Loss
(in thousands, except per share amounts)
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
April 30, |
|
|
Nine Months Ended
April 30, |
|
| |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| License |
|
$ |
5,697 |
|
|
$ |
3,739 |
|
|
$ |
15,219 |
|
|
$ |
7,305 |
|
| Subscription and support |
|
|
7,694 |
|
|
|
5,043 |
|
|
|
21,858 |
|
|
|
14,694 |
|
| Professional services and other |
|
|
3,899 |
|
|
|
5,606 |
|
|
|
12,828 |
|
|
|
15,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenue |
|
|
17,290 |
|
|
|
14,388 |
|
|
|
49,905 |
|
|
|
37,805 |
|
| Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| License |
|
|
129 |
|
|
|
142 |
|
|
|
386 |
|
|
|
230 |
|
| Subscription and support |
|
|
2,808 |
|
|
|
2,255 |
|
|
|
8,175 |
|
|
|
9,680 |
|
| Professional services and other |
|
|
3,103 |
|
|
|
3,598 |
|
|
|
10,147 |
|
|
|
11,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cost of revenue |
|
|
6,040 |
|
|
|
5,995 |
|
|
|
18,708 |
|
|
|
21,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
11,250 |
|
|
|
8,393 |
|
|
|
31,197 |
|
|
|
16,450 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
7,567 |
|
|
|
6,229 |
|
|
|
21,952 |
|
|
|
15,381 |
|
| Sales and marketing |
|
|
11,139 |
|
|
|
11,571 |
|
|
|
36,313 |
|
|
|
34,027 |
|
| General and administrative |
|
|
3,299 |
|
|
|
3,357 |
|
|
|
10,003 |
|
|
|
10,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
|
22,005 |
|
|
|
21,157 |
|
|
|
68,268 |
|
|
|
59,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from operations |
|
|
(10,755 |
) |
|
|
(12,764 |
) |
|
|
(37,071 |
) |
|
|
(43,082 |
) |
| Other income (expense), net |
|
|
(93 |
) |
|
|
(123 |
) |
|
|
(383 |
) |
|
|
(1,880 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss before provision for income taxes |
|
|
(10,848 |
) |
|
|
(12,887 |
) |
|
|
(37,454 |
) |
|
|
(44,962 |
) |
| Provision for income taxes |
|
|
140 |
|
|
|
128 |
|
|
|
343 |
|
|
|
265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss and comprehensive loss |
|
$ |
(10,988 |
) |
|
$ |
(13,015 |
) |
|
$ |
(37,797 |
) |
|
$ |
(45,227 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted |
|
$ |
(2.16 |
) |
|
$ |
(3.64 |
) |
|
$ |
(8.66 |
) |
|
$ |
(14.34 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average shares outstanding used in calculating net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted |
|
|
5,095 |
|
|
|
3,572 |
|
|
|
4,363 |
|
|
|
3,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
Apigee Corporation
Consolidated Statements of Cash Flows
(in thousands)
|
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended
April 30, |
|
| |
|
2015 |
|
|
2014 |
|
| |
|
(Unaudited) |
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(37,797 |
) |
|
$ |
(45,227 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
1,809 |
|
|
|
1,430 |
|
| Provision for doubtful accounts |
|
|
38 |
|
|
|
87 |
|
| Amortization of debt discount |
|
|
38 |
|
|
|
17 |
|
| Issuances and changes in fair value of common stock warrants |
|
|
— |
|
|
|
1,584 |
|
| Stock-based compensation expense |
|
|
2,269 |
|
|
|
1,461 |
|
| Loss on lease abandonment |
|
|
— |
|
|
|
75 |
|
| Accounts receivable |
|
|
273 |
|
|
|
(7,680 |
) |
| Prepaid expenses and other assets |
|
|
38 |
|
|
|
(1,192 |
) |
| Accounts payable |
|
|
(1,429 |
) |
|
|
22 |
|
| Accrued expenses, other liabilities and deferred rent |
|
|
1,078 |
|
|
|
3,202 |
|
| Deferred revenue |
|
|
10,189 |
|
|
|
3,955 |
|
|
|
|
|
|
|
|
|
|
| Net cash used in operating activities |
|
|
(23,494 |
) |
|
|
(42,266 |
) |
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
| Purchase of property and equipment |
|
|
(835 |
) |
|
|
(2,481 |
) |
| Acquisitions, net of cash acquired |
|
|
— |
|
|
|
449 |
|
|
|
|
|
|
|
|
|
|
| Net cash used in investing activities |
|
|
(835 |
) |
|
|
(2,032 |
) |
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
| Proceeds from issuance of debt, net of issuance costs |
|
|
4,000 |
|
|
|
6,500 |
|
| Repayments of debt obligations |
|
|
(4,858 |
) |
|
|
(1,361 |
) |
| Taxes paid related to net share settlement of equity awards |
|
|
(387 |
) |
|
|
— |
|
| Proceeds from initial public offering, net of offering costs |
|
|
78,264 |
|
|
|
— |
|
| Proceeds from issuance of convertible preferred stock, net of issuance costs |
|
|
— |
|
|
|
59,829 |
|
| Proceeds from exercise of stock options |
|
|
796 |
|
|
|
235 |
|
|
|
|
|
|
|
|
|
|
| Net cash provided by financing activities |
|
|
77,815 |
|
|
|
65,203 |
|
|
|
|
|
|
|
|
|
|
| Net increase in cash and cash equivalents |
|
|
53,486 |
|
|
|
20,905 |
|
| Cash and cash equivalents |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
51,759 |
|
|
|
44,243 |
|
|
|
|
|
|
|
|
|
|
| End of period |
|
$ |
105,245 |
|
|
$ |
65,148 |
|
|
|
|
|
|
|
|
|
|
10
Apigee Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended April 30, |
|
|
Nine Months Ended April 30, |
|
| |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
| Gross billings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenue |
|
$ |
17,290 |
|
|
$ |
14,388 |
|
|
$ |
49,905 |
|
|
$ |
37,805 |
|
| Total deferred revenue, end of period |
|
|
38,379 |
|
|
|
21,122 |
|
|
|
38,379 |
|
|
|
21,122 |
|
| Less: Total deferred revenue, beginning of period |
|
|
(33,193 |
) |
|
|
(17,391 |
) |
|
|
(28,190 |
) |
|
|
(17,124 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total change in deferred revenue |
|
|
5,186 |
|
|
|
3,731 |
|
|
|
10,189 |
|
|
|
3,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross billings |
|
$ |
22,476 |
|
|
$ |
18,119 |
|
|
$ |
60,094 |
|
|
$ |
41,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
$ |
11,250 |
|
|
$ |
8,393 |
|
|
$ |
31,197 |
|
|
$ |
16,450 |
|
| Add: Stock-based compensation expense |
|
|
62 |
|
|
|
47 |
|
|
|
166 |
|
|
|
106 |
|
| Add: Amortization of intangible assets |
|
|
227 |
|
|
|
253 |
|
|
|
681 |
|
|
|
370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP gross profit |
|
$ |
11,539 |
|
|
$ |
8,693 |
|
|
$ |
32,044 |
|
|
$ |
16,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross margin |
|
|
65.1 |
% |
|
|
58.3 |
% |
|
|
62.5 |
% |
|
|
43.5 |
% |
| Add: Stock-based compensation expense |
|
|
0.3 |
% |
|
|
0.3 |
% |
|
|
0.3 |
% |
|
|
0.3 |
% |
| Add: Amortization of intangible assets |
|
|
1.3 |
% |
|
|
1.8 |
% |
|
|
1.4 |
% |
|
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP gross margin |
|
|
66.7 |
% |
|
|
60.4 |
% |
|
|
64.2 |
% |
|
|
44.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP license gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| License gross profit |
|
$ |
5,568 |
|
|
$ |
3,597 |
|
|
$ |
14,833 |
|
|
$ |
7,075 |
|
| License gross margin |
|
|
97.7 |
% |
|
|
96.2 |
% |
|
|
97.5 |
% |
|
|
96.9 |
% |
| Add: Amortization of intangible assets |
|
|
113 |
|
|
|
127 |
|
|
|
340 |
|
|
|
185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP license gross profit |
|
$ |
5,681 |
|
|
$ |
3,724 |
|
|
$ |
15,173 |
|
|
$ |
7,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP license margin |
|
|
99.7 |
% |
|
|
99.6 |
% |
|
|
99.7 |
% |
|
|
99.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP subscription and support gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscription and support gross profit |
|
$ |
4,886 |
|
|
$ |
2,788 |
|
|
$ |
13,683 |
|
|
$ |
5,014 |
|
| Subscription and support gross margin |
|
|
63.5 |
% |
|
|
55.3 |
% |
|
|
62.6 |
% |
|
|
34.1 |
% |
| Add: Stock-based compensation expense |
|
|
8 |
|
|
|
5 |
|
|
|
21 |
|
|
|
17 |
|
| Add: Amortization of intangible assets |
|
|
114 |
|
|
|
126 |
|
|
|
341 |
|
|
|
185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP subscription and support gross profit |
|
$ |
5,008 |
|
|
$ |
2,919 |
|
|
$ |
14,045 |
|
|
$ |
5,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP subscription and support margin |
|
|
65.1 |
% |
|
|
57.9 |
% |
|
|
64.3 |
% |
|
|
35.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP professional services and other gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Professional services and other gross profit |
|
$ |
796 |
|
|
$ |
2,008 |
|
|
$ |
2,681 |
|
|
$ |
4,361 |
|
| Professional services and other gross margin |
|
|
20.4 |
% |
|
|
35.8 |
% |
|
|
20.9 |
% |
|
|
27.6 |
% |
| Add: Stock-based compensation expense |
|
|
54 |
|
|
|
42 |
|
|
|
145 |
|
|
|
89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP professional services and other gross profit |
|
$ |
850 |
|
|
$ |
2,050 |
|
|
$ |
2,826 |
|
|
$ |
4,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP professional services and other margin |
|
|
21.8 |
% |
|
|
36.6 |
% |
|
|
22.0 |
% |
|
|
28.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
Apigee Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
April 30, |
|
|
Nine Months Ended
April 30, |
|
| |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
| Non-GAAP research and development expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP research and development expense |
|
$ |
7,567 |
|
|
$ |
6,229 |
|
|
$ |
21,952 |
|
|
$ |
15,381 |
|
| Less: Stock-based compensation expense |
|
|
(306 |
) |
|
|
(174 |
) |
|
|
(759 |
) |
|
|
(309 |
) |
| Less: Amortization of intangible assets |
|
|
(44 |
) |
|
|
(44 |
) |
|
|
(132 |
) |
|
|
(132 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP research and development expense |
|
$ |
7,217 |
|
|
$ |
6,011 |
|
|
$ |
21,061 |
|
|
$ |
14,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP sales and marketing expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP sales and marketing expense |
|
$ |
11,139 |
|
|
$ |
11,571 |
|
|
$ |
36,313 |
|
|
$ |
34,027 |
|
| Less: Stock-based compensation expense |
|
|
(173 |
) |
|
|
(115 |
) |
|
|
(492 |
) |
|
|
(261 |
) |
| Less: Amortization of intangible assets |
|
|
— |
|
|
|
(38 |
) |
|
|
(58 |
) |
|
|
(55 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP sales and marketing expense |
|
$ |
10,966 |
|
|
$ |
11,418 |
|
|
$ |
35,763 |
|
|
$ |
33,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP general and administrative expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP general and administrative expense |
|
$ |
3,299 |
|
|
$ |
3,357 |
|
|
$ |
10,003 |
|
|
$ |
10,124 |
|
| Less : Stock-based compensation expense |
|
|
(281 |
) |
|
|
(355 |
) |
|
|
(852 |
) |
|
|
(785 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP general and administrative expense |
|
$ |
3,018 |
|
|
$ |
3,002 |
|
|
$ |
9,151 |
|
|
$ |
9,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP operating loss: |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating loss |
|
$ |
(10,755 |
) |
|
$ |
(12,764 |
) |
|
$ |
(37,071 |
) |
|
$ |
(43,082 |
) |
| Add: Stock-based compensation expense |
|
|
822 |
|
|
|
691 |
|
|
|
2,269 |
|
|
|
1,461 |
|
| Add: Amortization of intangible assets |
|
|
271 |
|
|
|
335 |
|
|
|
871 |
|
|
|
557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP operating loss |
|
$ |
(9,662 |
) |
|
$ |
(11,738 |
) |
|
$ |
(33,931 |
) |
|
$ |
(41,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net loss: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(10,988 |
) |
|
$ |
(13,015 |
) |
|
$ |
(37,797 |
) |
|
$ |
(45,227 |
) |
| Add: Stock-based compensation expense |
|
|
822 |
|
|
|
691 |
|
|
|
2,269 |
|
|
|
1,461 |
|
| Add: Amortization of intangible assets |
|
|
271 |
|
|
|
335 |
|
|
|
871 |
|
|
|
557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net loss |
|
$ |
(9,895 |
) |
|
$ |
(11,989 |
) |
|
$ |
(34,657 |
) |
|
$ |
(43,209 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net loss per share |
|
$ |
(2.16 |
) |
|
$ |
(3.64 |
) |
|
$ |
(8.66 |
) |
|
$ |
(14.34 |
) |
| Non-GAAP adjustments to net loss |
|
|
0.21 |
|
|
|
0.29 |
|
|
|
0.72 |
|
|
|
0.64 |
|
| Non-GAAP adjustment to weighted average shares used in calculating net loss per share |
|
|
1.54 |
|
|
|
2.78 |
|
|
|
6.50 |
|
|
|
11.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP loss per share |
|
$ |
(0.41 |
) |
|
$ |
(0.57 |
) |
|
$ |
(1.44 |
) |
|
$ |
(2.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted-average shares outstanding used in calculating net loss per share, basic and diluted |
|
|
5,095 |
|
|
|
3,572 |
|
|
|
4,363 |
|
|
|
3,153 |
|
| Add: Conversion of preferred convertible stock |
|
|
19,316 |
|
|
|
17,299 |
|
|
|
19,606 |
|
|
|
16,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP weighted average shares outstanding |
|
|
24,411 |
|
|
|
20,871 |
|
|
|
23,969 |
|
|
|
19,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
APIGEE CORP (NASDAQ:APIC)
Historical Stock Chart
From Jun 2024 to Jul 2024
APIGEE CORP (NASDAQ:APIC)
Historical Stock Chart
From Jul 2023 to Jul 2024
