Apigee® (NASDAQ:APIC), the API company, today announced financial
results for its fourth quarter and fiscal year ended July 31,
2016.
Fiscal Year 2016
For FY 16, Apigee reported total revenue of $92.0 million, up
34% compared to $68.6 million in FY 15. Apigee reported FY 16
product revenue (defined as license revenue plus subscription and
support revenue) of $75.3 million, up 46% compared to $51.6 million
in FY 15.
Apigee reported FY 16 GAAP gross margin of 70.1%, up from 63.6%
in FY 15, and non-GAAP gross margin of 71.8% compared to 65.3% in
FY 15. Apigee reported an FY 16 GAAP operating loss of $40.9
million, compared to $49.5 million in FY 15. FY 16 non-GAAP
operating loss was $31.5 million compared to $44.9 million in FY
15. FY 16 GAAP net loss per share was $1.39, compared to
$4.73 in FY 15, and FY 16 non-GAAP net loss per share was
$1.08 compared to $1.81 in FY 15. FY 16 operating cash flow
improved to $(21.7) million compared to $(37.4) million in FY
15. Total deferred revenue was $53.9 million at the end of FY
16 up 32% from $40.8 million at the end of FY 15. The balance
of cash and cash equivalents at the end of FY 16 was $68.3
million.
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.”
Fourth Quarter Fiscal 2016
For Q4 16, Apigee reported total revenue of $25.1 million, up
34% from $18.7 million in Q4 15. Apigee reported Q4 16
product revenue (defined as license revenue plus subscription and
support revenue) of $20.2 million, up 39% from $14.5 million in Q4
15.
Apigee reported Q4 16 GAAP gross margin of 70.9%, up from 66.4%
in Q4 15, and Q4 16 non-GAAP gross margin of 72.7%, up from 68.1%
in Q4 15. Apigee reported a Q4 16 GAAP operating loss of $9.6
million, compared to $12.4 million in Q4 15. Q4 16 non-GAAP
operating loss was $6.3 million, compared to $11.0 million in Q4
15. Q4 16 GAAP net loss per share was $0.32, compared to $0.43 in
Q4 15. Q4 16 non-GAAP net loss per share was $0.21, compared to
$0.38 in Q4 15. Q4 16 operating cash flow was $(2.6) million,
compared to $(13.9) million in Q4 15.
Recent Business Updates:
- Apigee now has more than 335 customers, up more than 130
compared to the end of Q4 15. In Q4 16, we did expansion
deals with 50 customers.
- Key customers in the quarter included Allstate, CLEAR,
digitalSTROM, Du, Emaratech, Lego, MindBody, Morrisons, SEI
Investments, Shutterfly, T-Mobile, Telstra, Thomson Reuters, Uptake
and Western Union.
- Our FY 16 simple dollar-based renewal rate exceeded 90%.
- For FY 16, Apigee reported gross billings of $105.1 million, up
29% from $81.2 million in FY 15. FY 16 product gross billings
were $84.1 million, up 33% from $63.4 million a year ago.
- We announced Apigee Open Banking APIx, a new software
accelerator designed to help banks within the European Union more
quickly and easily embrace open banking requirements set out in the
revised Payment Services Directive (PSD2).
- Apigee and Pivotal announced that Apigee Edge's Microgateway
capability is now supported by Pivotal Cloud Foundry, enabling
developers to more easily leverage Apigee's API management software
to share, monitor and secure APIs and microservices for
applications developed with Pivotal's cloud native platform.
- We entered into new or expanded partnership agreements in the
quarter with Acclaim Consulting Group, Algorism, Cloud Elements,
Data Factory Labs, DigitalAPICraft, finRenaissance, Incentro,
Juggernaut Innovations, Okta, Pivotal, PromptNow, Tata America
International, Tavant Technologies, The APIfoundry, The Coral Edge,
and Winning Edge Solutions.
Guidance:
On September 8, 2016, Apigee announced that it had entered into
a definitive agreement to be acquired by Google. As a result,
Apigee will not provide an outlook for our future financial
results. Any previous statements that could be interpreted to
project our future financial performance should no longer be relied
upon.
Conference Call Details:
As a result of the acquisition announcement, the conference call
previously scheduled for today to discuss our financial results has
been canceled.
About Apigee
Apigee® (NASDAQ:APIC) provides a leading API platform for
digital business. Many of the world's largest organizations
select Apigee to power their digital business. Apigee customers
include global enterprises such as Walgreens, Burberry,
Morningstar, and First Data. Apigee is headquartered in San
Jose, California. For more information go to http://apigee.com.
Forward-Looking Statements
This communication contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 with respect to the proposed transaction and business
combination between Google and Apigee. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Many factors could cause actual results to differ
materially from the forward-looking statements in this press
release, including but not limited to: (i) the risk that the
transaction may not be completed in a timely manner or at all,
which may adversely affect Apigee's business and the price of the
common stock of Apigee, (ii) the failure to satisfy the conditions
to the consummation of the transaction, including the adoption of
the merger agreement by the stockholders of Apigee and the receipt
of certain governmental and regulatory approvals, (iii) the
occurrence of any event, change or other circumstance that could
give rise to termination of the merger agreement, (iv) the effect
of the announcement or pendency of the transaction on Apigee's
business relationships, operating results, and business generally,
(v) risks that the proposed transaction disrupts current plans and
operations of Google or Apigee, including disruptions to
relationships with customers, licensees, and other business
partners of Apigee and potential difficulties in Apigee employee
retention as a result of the transaction, (vi) risks related to
diverting management's attention from Apigee's ongoing business
operations, and (vii) the outcome of any legal proceedings that may
be instituted against Google or against Apigee related to the
merger agreement or the transaction.
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 Quarterly
Report on Form 10-Q filed with the SEC on May 27, 2016. 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. While Apigee may elect to
update forward-looking statements at some point in the future,
Apigee specifically disclaims any 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, and, therefore, you should
not rely on these forward-looking statements as representing
Apigee's views as of any date subsequent to today.
Non-GAAP Financial Measures
Apigee provides the following non-GAAP financial measures in
this release: gross billings, product gross billings, non-GAAP
gross margin, non-GAAP operating loss, non-GAAP net loss, and
non-GAAP net loss per share. These non-GAAP items are key measures
used by our management to understand and evaluate our operating
performance and trends. In particular, because a number of 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 margin, non-GAAP operating loss and
non-GAAP net loss as the respective GAAP balances, adjusted for:
(1) stock-based compensation and (2) the amortization of intangible
assets. Non-GAAP net loss per share is calculated as non-GAAP net
loss divided by GAAP weighted average shares outstanding, except
with respect to FY 15. For FY 15, non-GAAP net loss per share
is calculated as non-GAAP net loss divided by non-GAAP weighted
average shares outstanding. The non-GAAP weighted average shares
outstanding are adjusted to assume the conversion of outstanding
preferred shares to common shares as of the beginning of the
period.
We define gross billings as our total revenue plus the change in
our deferred revenue in a period. We define product gross billings
as our total product revenue (where product is defined as license,
subscription and support) plus the change in our license,
subscription and support deferred revenue in a period. Gross
billings and product gross billings in any period consists of sales
to new customers plus renewals and additional sales to existing
customers. Our management uses gross billings and product gross
billings as a performance measurement because we believe that gross
billings and product gross billings provide valuable insight into
the sales of our solutions and the performance of our
business. On certain transactions, a portion of gross billings
will be recognized as revenue over a period of more than 12
months. We do not consider gross billings as a substitute for
revenue recognition or revenue measurement.
|
Apigee Corporation |
Consolidated Balance Sheets |
(in thousands) |
|
|
|
|
|
|
|
July 31, |
|
July 31, |
|
|
2016 |
|
2015 |
|
|
(Unaudited) |
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and
cash equivalents |
|
$ |
68,303 |
|
|
$ |
89,562 |
|
Accounts
receivable, net |
|
25,958 |
|
|
21,451 |
|
Prepaid expenses and other
current assets |
|
5,092 |
|
|
5,806 |
|
Total
current assets |
|
99,353 |
|
|
116,819 |
|
Property and equipment,
net |
|
1,923 |
|
|
3,144 |
|
Goodwill |
|
14,744 |
|
|
14,744 |
|
Intangible assets,
net |
|
2,165 |
|
|
3,200 |
|
Other assets |
|
652 |
|
|
799 |
|
Total
assets |
|
$ |
118,837 |
|
|
$ |
138,706 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts
payable |
|
$ |
368 |
|
|
$ |
2,015 |
|
Accrued
expenses and other current liabilities |
|
11,247 |
|
|
9,796 |
|
Deferred
revenue, current portion |
|
44,833 |
|
|
35,648 |
|
Term debt,
current portion |
|
1,318 |
|
|
2,079 |
|
Total
current liabilities |
|
57,766 |
|
|
49,538 |
|
Non-current
liabilities |
|
|
|
|
Deferred
revenue, non-current |
|
9,056 |
|
|
5,154 |
|
Deferred
rent, non-current |
|
1,038 |
|
|
1,550 |
|
Other
liabilities, non-current |
|
645 |
|
|
773 |
|
Term debt,
non-current |
|
882 |
|
|
1,787 |
|
Total
non-current liabilities |
|
11,621 |
|
|
9,264 |
|
Total
liabilities |
|
69,387 |
|
|
58,802 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity |
|
|
|
|
Common
stock |
|
30 |
|
|
29 |
|
Additional
paid-in capital |
|
287,156 |
|
|
276,099 |
|
Accumulated
deficit |
|
(237,736 |
) |
|
(196,224 |
) |
Total
stockholders’ equity |
|
49,450 |
|
|
79,904 |
|
Total
liabilities and stockholders’ equity |
|
$ |
118,837 |
|
|
$ |
138,706 |
|
|
|
|
|
|
|
|
|
|
Apigee Corporation |
Consolidated Statements of Comprehensive
Loss |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
Three Months Ended July 31, |
|
Year Ended July 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
(Unaudited) |
|
(Unaudited) |
Revenue |
|
|
|
|
|
|
|
|
License |
|
$ |
8,582 |
|
|
$ |
5,538 |
|
|
$ |
32,345 |
|
|
$ |
20,757 |
|
Subscription
and support |
|
11,604 |
|
|
9,007 |
|
|
42,936 |
|
|
30,865 |
|
Professional
services and other |
|
4,930 |
|
|
4,157 |
|
|
16,746 |
|
|
16,985 |
|
Total
revenue |
|
25,116 |
|
|
18,702 |
|
|
92,027 |
|
|
68,607 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
License |
|
136 |
|
|
128 |
|
|
521 |
|
|
514 |
|
Subscription
and support |
|
3,168 |
|
|
2,887 |
|
|
12,469 |
|
|
11,062 |
|
Professional
services and other |
|
4,007 |
|
|
3,268 |
|
|
14,535 |
|
|
13,415 |
|
Total cost
of revenue |
|
7,311 |
|
|
6,283 |
|
|
27,525 |
|
|
24,991 |
|
Gross profit |
|
17,805 |
|
|
12,419 |
|
|
64,502 |
|
|
43,616 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Research and
development |
|
10,281 |
|
|
8,435 |
|
|
37,795 |
|
|
30,387 |
|
Sales and
marketing |
|
12,166 |
|
|
12,937 |
|
|
50,178 |
|
|
49,250 |
|
General and
administrative |
|
4,963 |
|
|
3,450 |
|
|
17,436 |
|
|
13,453 |
|
Total
operating expenses |
|
27,410 |
|
|
24,822 |
|
|
105,409 |
|
|
93,090 |
|
Loss from operations |
|
(9,605 |
) |
|
(12,403 |
) |
|
(40,907 |
) |
|
(49,474 |
) |
Other income (expense),
net |
|
11 |
|
|
(69 |
) |
|
(390 |
) |
|
(452 |
) |
Loss before provision for
income taxes |
|
(9,594 |
) |
|
(12,472 |
) |
|
(41,297 |
) |
|
(49,926 |
) |
Provision for income
taxes |
|
(65 |
) |
|
84 |
|
|
215 |
|
|
427 |
|
Net loss and comprehensive
loss |
|
$ |
(9,529 |
) |
|
$ |
(12,556 |
) |
|
$ |
(41,512 |
) |
|
$ |
(50,353 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.32 |
) |
|
$ |
(0.43 |
) |
|
$ |
(1.39 |
) |
|
$ |
(4.73 |
) |
Weighted-average shares
outstanding used in calculating net loss per share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
30,211 |
|
|
29,313 |
|
|
29,769 |
|
|
10,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apigee Corporation |
Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
|
|
|
|
|
Three Months Ended July 31, |
|
Year Ended July 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
(Unaudited) |
|
(Unaudited) |
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(9,529 |
) |
|
$ |
(12,556 |
) |
|
$ |
(41,512 |
) |
|
$ |
(50,353 |
) |
Adjustments to reconcile
net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
611 |
|
|
627 |
|
|
2,401 |
|
|
2,436 |
|
Provision
for doubtful accounts |
|
(80 |
) |
|
4 |
|
|
(14 |
) |
|
42 |
|
Amortization
of debt discount |
|
14 |
|
|
8 |
|
|
39 |
|
|
46 |
|
Deferred
income taxes |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stock-based
compensation expense |
|
3,010 |
|
|
1,182 |
|
|
8,388 |
|
|
3,451 |
|
Loss (gain)
on disposal of fixed assets |
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
Loss on
lease abandonment |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Changes in
operating assets and liabilities |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
1,638 |
|
|
(5,363 |
) |
|
(4,493 |
) |
|
(5,090 |
) |
Prepaid
expenses and other assets |
|
(259 |
) |
|
(1,771 |
) |
|
841 |
|
|
(1,733 |
) |
Accounts
payable |
|
(152 |
) |
|
433 |
|
|
(1,400 |
) |
|
(996 |
) |
Accrued
expenses, other liabilities and deferred rent |
|
(810 |
) |
|
1,131 |
|
|
968 |
|
|
2,209 |
|
Deferred
revenue |
|
2,979 |
|
|
2,422 |
|
|
13,087 |
|
|
12,611 |
|
Net cash
used in operating activities |
|
(2,578 |
) |
|
(13,873 |
) |
|
(21,695 |
) |
|
(37,367 |
) |
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Purchase of property and
equipment |
|
(105 |
) |
|
(131 |
) |
|
(241 |
) |
|
(966 |
) |
Net cash
used in investing activities |
|
(105 |
) |
|
(131 |
) |
|
(241 |
) |
|
(966 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Proceeds from issuance of
debt, net of issuance costs |
|
— |
|
|
— |
|
|
2,648 |
|
|
4,000 |
|
Repayments of debt
obligations |
|
(331 |
) |
|
(524 |
) |
|
(4,489 |
) |
|
(5,382 |
) |
Proceeds from initial
public offering, net of offering costs |
|
— |
|
|
— |
|
|
(152 |
) |
|
77,092 |
|
Payment of deferred costs
related to initial public offering |
|
— |
|
|
(1,172 |
) |
|
|
|
— |
|
Repurchase of Series G-1
convertible preferred stock |
|
|
|
|
|
(18 |
) |
|
|
Cash paid for fractional
shares |
|
(18 |
) |
|
(8 |
) |
|
— |
|
|
(8 |
) |
Distribution of vested
Restricted stock units (net) |
|
|
|
|
|
(531 |
) |
|
|
Taxes paid related to net
share settlement of equity awards |
|
(531 |
) |
|
— |
|
|
— |
|
|
— |
|
Proceeds from exercise of
stock options, net of taxes paid |
|
555 |
|
|
25 |
|
|
1,162 |
|
|
434 |
|
Proceeds from issuance of
Employee Stock Purchase Plan shares |
|
1,096 |
|
|
— |
|
|
2,057 |
|
|
— |
|
Net cash provided by (used
in) financing activities |
|
771 |
|
|
(1,679 |
) |
|
677 |
|
|
76,136 |
|
Net increase
(decrease) in cash and cash equivalents |
|
(1,912 |
) |
|
(15,683 |
) |
|
(21,259 |
) |
|
37,803 |
|
Cash
and cash equivalents |
|
|
|
|
|
|
|
|
Beginning of period |
|
70,215 |
|
|
105,245 |
|
|
89,562 |
|
|
51,759 |
|
End of period |
|
68,303 |
|
|
89,562 |
|
|
68,303 |
|
|
89,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apigee Corporation |
Reconciliation of GAAP to Non-GAAP Financial
Measures |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
Three Months Ended July 31, |
|
Year Ended July 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Gross
billings |
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
25,116 |
|
|
$ |
18,702 |
|
|
$ |
92,027 |
|
|
$ |
68,607 |
|
Total deferred revenue,
end of period |
|
53,889 |
|
|
40,802 |
|
|
53,889 |
|
|
40,802 |
|
Less: Total deferred
revenue, beginning of period |
|
(50,909 |
) |
|
(38,379 |
) |
|
(40,802 |
) |
|
(28,190 |
) |
Total change in deferred
revenue |
|
2,980 |
|
|
2,423 |
|
|
13,087 |
|
|
12,612 |
|
Gross billings |
|
$ |
28,096 |
|
|
$ |
21,125 |
|
|
$ |
105,114 |
|
|
$ |
81,219 |
|
Product gross
billings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License |
|
$ |
8,582 |
|
|
$ |
5,538 |
|
|
$ |
32,345 |
|
|
20,757 |
|
Subscription and
support |
|
11,604 |
|
|
9,007 |
|
|
42,936 |
|
|
30,865 |
|
Total product revenue |
|
20,186 |
|
|
14,545 |
|
|
75,281 |
|
|
51,622 |
|
Total license,
subscription and support deferred revenue, end of period |
|
45,492 |
|
|
36,638 |
|
|
45,492 |
|
|
36,638 |
|
Less: Total license,
subscription and support deferred revenue, beginning of period |
|
(43,177 |
) |
|
(34,749 |
) |
|
(36,638 |
) |
|
(24,848 |
) |
Total change in license,
subscription and support deferred revenue |
|
2,315 |
|
|
1,889 |
|
|
8,854 |
|
|
11,790 |
|
Product gross billings |
|
$ |
22,501 |
|
|
$ |
16,434 |
|
|
$ |
84,135 |
|
|
$ |
63,412 |
|
Non-GAAP gross
margin |
|
|
|
|
|
|
|
|
Gross margin |
|
70.9 |
% |
|
66.4 |
% |
|
70.1 |
% |
|
63.6 |
% |
Add: Stock-based
compensation expense |
|
0.8 |
% |
|
0.5 |
% |
|
0.7 |
% |
|
0.4 |
% |
Add: Amortization of
intangible assets |
|
1.0 |
% |
|
1.2 |
% |
|
1.0 |
% |
|
1.3 |
% |
Non-GAAP gross margin |
|
72.7 |
% |
|
68.1 |
% |
|
71.8 |
% |
|
65.3 |
% |
Non-GAAP license
gross profit: |
|
|
|
|
|
|
|
|
License gross profit |
|
$ |
8,446 |
|
|
$ |
5,410 |
|
|
$ |
31,824 |
|
|
$ |
20,243 |
|
License gross margin |
|
98.4 |
% |
|
97.7 |
% |
|
98.4 |
% |
|
97.5 |
% |
Add: Amortization of
intangible assets |
|
121 |
|
|
114 |
|
|
463 |
|
|
454 |
|
Non-GAAP license gross profit |
|
$ |
8,567 |
|
|
$ |
5,524 |
|
|
$ |
32,287 |
|
|
$ |
20,697 |
|
Non-GAAP license gross margin |
|
99.8 |
% |
|
99.7 |
% |
|
99.8 |
% |
|
99.7 |
% |
Non-GAAP
subscription and support gross profit: |
|
|
|
|
|
|
|
|
Subscription and support
gross profit |
|
$ |
8,436 |
|
|
$ |
6,120 |
|
|
$ |
30,467 |
|
|
$ |
19,803 |
|
Subscription and support
gross margin |
|
72.7 |
% |
|
67.9 |
% |
|
71.0 |
% |
|
64.2 |
% |
Add: Stock-based
compensation expense |
|
33 |
|
|
23 |
|
|
147 |
|
|
44 |
|
Add: Amortization of
intangible assets |
|
121 |
|
|
113 |
|
|
460 |
|
|
454 |
|
Non-GAAP subscription and support gross
profit |
|
$ |
8,590 |
|
|
$ |
6,256 |
|
|
$ |
31,074 |
|
|
$ |
20,301 |
|
Non-GAAP subscription and support gross
margin |
|
74.0 |
% |
|
69.5 |
% |
|
72.4 |
% |
|
65.8 |
% |
Non-GAAP
professional services and other gross profit: |
|
|
|
|
|
|
|
|
Professional services and
other gross profit |
|
$ |
923 |
|
|
$ |
889 |
|
|
$ |
2,211 |
|
|
$ |
3,570 |
|
Professional services and
other gross margin |
|
18.7 |
% |
|
21.4 |
% |
|
13.2 |
% |
|
21.0 |
% |
Add: Stock-based
compensation expense |
|
192 |
|
|
78 |
|
|
520 |
|
|
223 |
|
Non-GAAP professional services and other gross
profit |
|
$ |
1,115 |
|
|
$ |
967 |
|
|
$ |
2,731 |
|
|
$ |
3,793 |
|
Non-GAAP professional services and other gross
margin |
|
22.6 |
% |
|
23.3 |
% |
|
16.3 |
% |
|
22.3 |
% |
Non-GAAP research
and development expense: |
|
|
|
|
|
|
|
|
GAAP research and
development expense |
|
$ |
10,281 |
|
|
$ |
8,435 |
|
|
$ |
37,795 |
|
|
$ |
30,387 |
|
Less: Stock-based
compensation expense |
|
(1,457 |
) |
|
(436 |
) |
|
(3,592 |
) |
|
(1,195 |
) |
Less: Amortization of
intangible assets |
|
(6 |
) |
|
(44 |
) |
|
(112 |
) |
|
(176 |
) |
Non-GAAP research and development expense |
|
$ |
8,818 |
|
|
$ |
7,955 |
|
|
$ |
34,091 |
|
|
$ |
29,016 |
|
Non-GAAP sales and
marketing expense: |
|
|
|
|
|
|
|
|
GAAP sales and marketing
expense |
|
$ |
12,166 |
|
|
$ |
12,937 |
|
|
$ |
50,178 |
|
|
$ |
49,250 |
|
Less: Stock-based
compensation expense |
|
(583 |
) |
|
(285 |
) |
|
(1,808 |
) |
|
(777 |
) |
Less: Amortization of
intangible assets |
|
— |
|
|
— |
|
|
— |
|
|
(58 |
) |
Non-GAAP sales and marketing expense |
|
$ |
11,583 |
|
|
$ |
12,652 |
|
|
$ |
48,370 |
|
|
$ |
48,415 |
|
Non-GAAP general
and administrative expense: |
|
|
|
|
|
|
|
|
GAAP general and
administrative expense |
|
$ |
4,963 |
|
|
$ |
3,450 |
|
|
$ |
17,436 |
|
|
$ |
13,453 |
|
Less : Stock-based
compensation expense |
|
(745 |
) |
|
(360 |
) |
|
(2,321 |
) |
|
(1,212 |
) |
Non-GAAP general and administrative expense |
|
$ |
4,218 |
|
|
$ |
3,090 |
|
|
$ |
15,115 |
|
|
$ |
12,241 |
|
Non-GAAP operating
loss: |
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(9,605 |
) |
|
$ |
(12,403 |
) |
|
$ |
(40,907 |
) |
|
$ |
(49,474 |
) |
Add: Stock-based
compensation expense |
|
3,010 |
|
|
1,182 |
|
|
8,388 |
|
|
3,451 |
|
Add: Amortization of
intangible assets |
|
248 |
|
|
271 |
|
|
1,035 |
|
|
1,142 |
|
Non-GAAP operating loss |
|
$ |
(6,347 |
) |
|
$ |
(10,950 |
) |
|
$ |
(31,484 |
) |
|
$ |
(44,881 |
) |
Non-GAAP net
loss: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(9,529 |
) |
|
$ |
(12,556 |
) |
|
$ |
(41,513 |
) |
|
$ |
(50,353 |
) |
Add: Stock-based
compensation expense |
|
3,010 |
|
|
1,182 |
|
|
8,388 |
|
|
3,451 |
|
Add: Amortization of
intangible assets |
|
248 |
|
|
271 |
|
|
1,035 |
|
|
1,142 |
|
Non-GAAP net loss |
|
$ |
(6,271 |
) |
|
$ |
(11,103 |
) |
|
$ |
(32,090 |
) |
|
$ |
(45,760 |
) |
Non-GAAP net loss
per share: |
|
|
|
|
|
|
|
|
GAAP net
loss per share |
|
$ |
(0.32 |
) |
|
$ |
(0.43 |
) |
|
$ |
(1.39 |
) |
|
$ |
(4.73 |
) |
Non-GAAP
adjustments to net loss per share |
|
0.11 |
|
|
0.05 |
|
|
0.32 |
|
|
0.43 |
|
Non-GAAP
adjustments to weighted average shares used in calculating net loss
per share |
|
— |
|
|
— |
|
|
— |
|
|
2.49 |
|
Non-GAAP net loss per share |
|
$ |
(0.21 |
) |
|
$ |
(0.38 |
) |
|
$ |
(1.08 |
) |
|
$ |
(1.81 |
) |
Non-GAAP
weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Weighted-average shares outstanding used in calculating net loss
per share, basic and diluted |
|
30,211 |
|
|
29,313 |
|
|
29,769 |
|
|
10,651 |
|
Conversion of preferred convertible stock |
|
— |
|
|
— |
|
|
— |
|
|
14,665 |
|
Non-GAAP Weighted-average shares outstanding used in
calculating net loss per share |
|
30,211 |
|
|
29,313 |
|
|
29,769 |
|
|
25,316 |
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact:
Kevin Faulkner
kfaulkner@apigee.com
1-408-816-1658
Media Contact:
press@apigee.com
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