Total Revenue Grows 28% Year over Year, ARPS
Grows 31% Year over Year
MINDBODY, Inc. (NASDAQ:MB), the leading technology platform
for the fitness, wellness and beauty services industries, today
announced financial results for the first quarter ended
March 31, 2018.
“Q1 was a pivotal quarter for
MINDBODY,” said Rick Stollmeyer, co-founder and chief
executive officer of MINDBODY. “With nearly 45 million
consumer bookings on our mobile apps and a more than doubling of
promoted offer sales year over year, our consumer marketplace
strategy is in full swing. Now, with the acquisitions of FitMetrix,
Booker and Frederick we are positioned for an acceleration of
consumer adoption and strong growth for years to come.”
“Our pricing and refined subscriber growth
strategy contributed to excellent unit economics and yet another
quarter of improving profitability while we continue to invest in
our business,” said Brett White, chief operating officer and chief
financial officer.
First Quarter 2018 Financial
Results
- Total revenue for the first quarter of 2018 was $53.8 million,
a 28% increase year over year.
- Subscription and services revenue for the first quarter of 2018
was $32.7 million, a 31% increase year over year.
- Payments revenue for the first quarter of 2018 was $20.2
million, a 21% increase year over year.
- GAAP net loss for the first quarter of 2018 was $(1.7) million,
or $(0.04) per share, compared to a GAAP net loss for the first
quarter of 2017 of $(3.9) million, or $(0.10) per share. In the
first quarter of 2018 the Company completed the acquisition of
FitMetrix, Inc. In the transaction, the Company acquired the
net deferred tax liabilities of FitMetrix. The acquired net
deferred tax liabilities will provide a source of income for the
Company to realize a portion of its deferred tax assets, for which
a valuation allowance is no longer needed, resulting in an income
tax benefit of $2.1 million for the first quarter of 2018.
- Non-GAAP net income1 for the first quarter of 2018 was $2.9
million, or $0.06 per share, compared to a non-GAAP net loss for
the first quarter of 2017 of $(1.2) million, or $(0.03) per
share.
- Adjusted EBITDA1 for the first quarter of 2018 was $4.6
million, compared to Adjusted EBITDA for the first quarter of 2017
of $1.1 million.
Recent Business Highlights
- Released a new and improved version of the MINDBODY app.
Combined class lists and easy-to-use filters make it easier for
people to explore and book a wide variety of workouts offered at
the time, place and price that best fit their lifestyles.
- Completed the acquisition of Booker Software, Inc. on
April 2, 2018. Booker is a leading cloud-based business
management platform for salons and spas, and is the provider of
Frederick, a fast-growing, automated marketing software for
wellness businesses. The acquisition adds approximately 10,000
salons and spas to the MINDBODY marketplace.
- Acquired FitMetrix on February 19, 2018, which provides
performance tracking integrations with fitness studio equipment and
wearables, enabling fitness businesses to deliver a more immersive
experience to their clients.
First Quarter Key Metrics
We regularly review the following key metrics to
measure our performance, identify trends affecting our business,
formulate financial projections, make strategic business decisions
and assess working capital needs.
|
|
|
As of and for the Quarter Ended March
31, |
2018 |
|
2017 |
|
YoY |
Subscribers (end of
period)2 |
57,909 |
|
|
59,919 |
|
|
(3 |
)% |
Average monthly revenue
per subscriber |
$ |
302 |
|
|
$ |
230 |
|
|
31 |
% |
Payments volume
(in millions) |
$ |
2,245 |
|
|
$ |
1,866 |
|
|
20 |
% |
Dollar-based net
expansion rate (average for the quarter)3 |
106 |
% |
|
108 |
% |
|
|
|
|
|
|
|
|
|
|
1 A reconciliation of
GAAP to non-GAAP financial measures is provided in the financial
statement tables included in this press release. An explanation of
these measures is also included under the heading “Non-GAAP
Financial Measures.”2 Starting the first
quarter of 2018, we define subscribers as unique physical locations
or individual practitioners who have active subscriptions to
services on our platform, as of the end of the period, including
subscriptions to FitMetrix services and, beginning in the second
quarter of 2018, Booker services.3 Starting
the first quarter of 2018, we calculate our dollar-based net
expansion rate using a quarterly average. We believe that this
change in methodology for calculating our dollar-based net
expansion rate mitigates some of the volatility that can occur when
this key metric is calculated using only the last month in the
period. Prior periods have been adjusted to conform with this new
methodology.
Outlook
For the second quarter and full year 2018,
MINDBODY expects to report:
- Revenue for the second quarter of 2018 in the range of $59.5
million to $61.5 million, representing 35% to 39% growth over the
second quarter of 2017.
- Revenue for the full year of 2018 in the range of $246.0
million to $252.0 million, representing 35% to 38% growth over the
full year of 2017.
- Non-GAAP net loss for the second quarter of 2018 in the range
of $(4.5) million to $(3.0) million and weighted average shares
outstanding for the second quarter of approximately 47.6 million
shares.
- Non-GAAP net loss for the full year of 2018 in the range of
$(10.0) million to $(6.0) million and weighted average shares
outstanding for the full year of approximately 47.8 million
shares.
The outlook has been updated to reflect the
acquisitions of FitMetrix and Booker. Non-GAAP net loss excludes
estimates for, among others, stock-based compensation expense and
acquisition-related expenses, including transaction expenses. A
reconciliation of these non-GAAP financial guidance measures to
corresponding GAAP financial guidance measures is not available on
a forward-looking basis because we do not provide guidance on GAAP
net loss and are not able to present the various reconciling cash
and non-cash items between GAAP net loss and non-GAAP net loss
without unreasonable effort. In particular, stock-based
compensation expense is impacted by MINDBODY’s future hiring and
retention needs, as well as the future fair market value of
MINDBODY’s Class A common stock, all of which is difficult to
predict and is subject to constant change. The actual amount
of these expenses during 2018 will have a significant impact on
MINDBODY’s future GAAP financial results.
Quarterly Conference Call and Related
Information
MINDBODY will discuss its quarterly results today at 1:30 p.m.
PT (4:30 p.m. ET)
- Dial in: To access the call, please dial (844)
494-0191, or outside the U.S. (508) 637-5581, with Conference ID#
1051179 at least five minutes prior to the 1:30 p.m. PT start
time.
- Webcast and Related Investor Materials: A live
webcast and replay of the call, as well as related investor
materials, will be available at
http://investors.mindbodyonline.com/ under the Events and
Presentations menu.
- Audio replay: An audio replay will be
available between 4:30 p.m. PT May 8, 2018 and 7:30 p.m. PT May 15,
2018 by calling (855) 859-2056 or (404) 537-3406 with Passcode
1051179 . The replay will also be available at
investors.mindbodyonline.com.
About MINDBODYMINDBODY, Inc.
(NASDAQ:MB) is the leading technology platform for the fitness,
wellness and beauty services industries. Local entrepreneurs
worldwide use MINDBODY’s integrated software and payments platform
to run, market and build their businesses. Consumers use MINDBODY
to more easily find, engage and transact with providers in their
local communities. For more information on how MINDBODY is helping
people lead healthier, happier lives by connecting the world to
wellness, visit mindbodyonline.com.
© 2018 MINDBODY, Inc. All rights reserved.
MINDBODY, FitMetrix, Frederick, the Enso logo, the Booker logo and
Connecting the World to Wellness are trademarks or registered
trademarks of MINDBODY Inc. in the United States and/or other
countries. Other company and product names may be trademarks of the
respective companies with which they are associated.
Forward Looking Statements
This press release and the accompanying
conference call contain forward-looking statements including, among
others, current estimates of second quarter and full year 2018
revenue, non-GAAP net loss and weighted average shares outstanding,
and statements relating to our expectations for our recent
acquisitions of FitMetrix and Booker (including its Frederick
technology), our go-to-market strategy, the timing of the
release of a new feature on MINDBODY web, our partnership with
Instagram, and integration plans and investments in the combined
business.
These forward-looking statements involve risks
and uncertainties. If any of these risks or uncertainties
materialize, or if any of our assumptions prove incorrect, our
actual results could differ materially from the results expressed
or implied by these forward-looking statements. These risks and
uncertainties include risks associated with: continued market
acceptance of our platform; engagement of our customers and
consumers; our ability to continue to successfully introduce new
products and enhance our existing products to meet the needs of our
customers and consumers; the return on our strategic investments;
our ability to successfully integrate Booker and FitMetrix; our
ability to achieve expected synergies and efficiencies of
operations between MINDBODY and Booker and FitMetrix; our ability
to realize the market opportunities provided by our acquisitions of
Booker and FitMetrix; our ability to successfully integrate and
maintain Booker's and FitMetrix’s respective technology, products
and personnel; our ability to timely develop and achieve an
effective go-to-market strategy of our combined services; the
impact on the business of Booker and FitMetrix as a result of the
acquisitions, including any loss of Booker or FitMetrix customers
or key employees; execution of our plans and strategies, including
with respect to consumer development, pricing, dynamic pricing,
mobile products and features and MINDBODY Promote; any failure of
our security measures, including the risk that such measures may be
insufficient to secure our customer and consumer data adequately or
that we may become subject to attacks that degrade or deny the
ability of our customers and consumers to access our platform; our
ability to grow and develop our payment processing activities; our
ability to timely and effectively scale and adapt our existing
technology and network infrastructure to ensure that our solutions
are accessible at all times with short or no perceptible load
times; our ability to maintain our rate of revenue growth and
manage our expenses and investment plans; any decrease in customer
demand for our software products, features and/or service
offerings; changes in privacy or other regulations that could
impact our ability to serve our customers and consumers or
adversely impact our monetization efforts; increasing competition;
our ability to manage our growth, including internationally; our
ability to recruit and retain employees; general economic, market
and business conditions; and the risks described in the other
filings we make with the Securities and Exchange Commission from
time to time, including the risks described under the heading “Risk
Factors” in our Annual Report on Form 10-K, which was filed with
the Securities and Exchange Commission on March 1, 2018 and the
risks described under the heading “Risk Factors” in our subsequent
Quarterly Reports on Form 10-Q, which should be read in conjunction
with our financial results and forward-looking statements and are
available on the SEC Filings section of the Investor Relations page
of our website at investors.mindbodyonline.com/.
All forward-looking statements in this press
release are based on information available to us as of the date
hereof, and we do not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were
made.
Non-GAAP Financial Measures
In this press release, MINDBODY has provided
financial information that has not been prepared in accordance with
generally accepted accounting principles in the United States
(GAAP). We disclose the following historical non-GAAP financial
measures in this press release: Adjusted EBITDA, non-GAAP net
income (loss), and non-GAAP net income (loss) per share. We use
these non-GAAP financial measures internally in analyzing our
financial results and evaluating our ongoing operational
performance. We believe that these non-GAAP financial measures
provide an additional tool for investors to use in understanding
and evaluating ongoing operating results and trends in the same
manner as our management and board of directors. Our use of
these non-GAAP financial measures has limitations as an analytical
tool, and you should not consider them in isolation or as a
substitute for analysis of our financial results as reported under
GAAP. Because of these and other limitations, you should
consider these non-GAAP financial measures along with other
GAAP-based financial performance measures, including various cash
flow metrics, net loss, and our GAAP financial results. We have
provided a reconciliation of these non-GAAP financial measures to
their most directly comparable GAAP measures in the financial
statement tables included in this press release, and investors are
encouraged to review the reconciliation.
Adjusted EBITDA
We define Adjusted EBITDA as our net loss before
(1) stock-based compensation expense, (2) depreciation and
amortization, (3) acquisition-related expenses, including,
transaction expenses, (4) income tax provision (benefit), and (5)
other expense, net, which consisted of interest income (expense),
net, and other income (expense), net. Prior period
acquisition-related expenses were insignificant. Accordingly,
prior periods have not been adjusted to reflect these expenses.
We have provided below a reconciliation of
Adjusted EBITDA to net loss, the most directly comparable GAAP
financial measure. We have presented Adjusted EBITDA in this
press release because it is a key measure used by our management
and board of directors to understand and evaluate our core
operating performance and trends, to prepare and approve our annual
budget, and to develop short and long-term operational plans. In
particular, we believe that the exclusion of the amounts eliminated
in calculating Adjusted EBITDA can provide a useful measure for
period-to-period comparisons of our core business. Adjusted EBITDA
has a number of limitations, including the following: (1) Adjusted
EBITDA excludes stock-based compensation expense, which has been
and will continue to be for the foreseeable future a significant
recurring expense in MINDBODY’s business; (2) although depreciation
and amortization expense are non-cash charges, the assets being
depreciated and amortized may have to be replaced in the future,
and Adjusted EBITDA does not reflect cash capital expenditure
requirements for such replacements or for new capital expenditure
requirements; (3) Adjusted EBITDA does not reflect the cash
requirements for acquisition-related expenses or tax payments; and
(4) other companies, including companies in our industry, may
calculate Adjusted EBITDA or similarly titled measures differently,
which reduces its usefulness as a comparative measure.
Non-GAAP net income (loss) and non-GAAP net income
(loss) per share
We define non-GAAP net income (loss) as the
respective GAAP balance attributable to common stockholders
adjusted for: (1) stock-based compensation expense, (2)
amortization of acquired intangible assets, (3) acquisition-related
expenses, including, transaction expenses, and (4) partial releases
of valuation allowances due to acquisition. Non-GAAP net income per
share is calculated as non-GAAP net income divided by the diluted
weighted-average shares outstanding. Non-GAAP net loss per share,
is calculated as non-GAAP net loss divided by the weighted-average
shares outstanding. Prior period acquisition-related expenses were
insignificant. Accordingly, prior periods have not been adjusted to
reflect these expenses.
These non-GAAP financial measures have a number
of limitations, including the following: (1) these non-GAAP
financial measures exclude stock-based compensation expense, which
has been and will continue to be for the foreseeable future a
significant recurring expense in MINDBODY’s business; and (2) other
companies, including companies in our industry, may exclude
different items in their calculation of these non-GAAP financial
measures, which reduces their usefulness as a comparative
measure.
|
MINDBODY, INC. |
Condensed Consolidated Balance
Sheets |
(in thousands, except share and per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
|
|
|
|
ASSETS |
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
217,708 |
|
|
$ |
232,019 |
|
Accounts
receivable |
|
12,196 |
|
|
10,917 |
|
Deferred
commissions, current portion |
|
938 |
|
|
— |
|
Prepaid
expenses and other current assets |
|
6,393 |
|
|
5,612 |
|
Total
current assets |
|
237,235 |
|
|
248,548 |
|
Property
and equipment, net |
|
33,185 |
|
|
32,871 |
|
Deferred
commissions, non-current portion |
|
2,668 |
|
|
— |
|
Intangible assets, net |
|
17,484 |
|
|
7,377 |
|
Goodwill |
|
20,248 |
|
|
11,583 |
|
Other
non-current assets |
|
1,246 |
|
|
934 |
|
TOTAL ASSETS |
|
$ |
312,066 |
|
|
$ |
301,313 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
9,376 |
|
|
$ |
7,448 |
|
Accrued
expenses and other liabilities |
|
12,827 |
|
|
13,099 |
|
Deferred
revenue, current portion |
|
5,949 |
|
|
6,318 |
|
Other
current liabilities |
|
1,135 |
|
|
1,828 |
|
Total
current liabilities |
|
29,287 |
|
|
28,693 |
|
Deferred
revenue, non-current portion |
|
1,499 |
|
|
3,201 |
|
Deferred
rent, non-current portion |
|
2,096 |
|
|
1,966 |
|
Financing
obligation on leases, non-current portion |
|
14,789 |
|
|
14,932 |
|
Other
non-current liabilities |
|
607 |
|
|
585 |
|
Total
liabilities |
|
48,278 |
|
|
49,377 |
|
Stockholders' equity: |
|
|
|
|
Class A
common stock, par value of $0.000004 per share; 1,000,000,000
shares authorized, 43,672,907 shares issued and outstanding as of
March 31, 2018; 1,000,000,000 shares authorized, 43,041,405 shares
issued and outstanding as of December 31, 2017 |
|
1 |
|
|
1 |
|
Class B
common stock, par value of $0.000004 per share; 100,000,000 shares
authorized, 3,747,030 shares issued and outstanding as of March 31,
2018; 100,000,000 shares authorized, 3,901,966 shares issued and
outstanding as of December 31, 2017 |
|
— |
|
|
— |
|
Additional paid-in capital |
|
463,905 |
|
|
454,196 |
|
Accumulated other comprehensive loss |
|
(116 |
) |
|
(108 |
) |
Accumulated deficit |
|
(200,002 |
) |
|
(202,153 |
) |
Total
stockholders' equity |
|
263,788 |
|
|
251,936 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
312,066 |
|
|
$ |
301,313 |
|
|
|
|
|
|
|
|
|
|
|
MINDBODY, INC. |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share
data) |
(Unaudited) |
|
|
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
Revenue(1) |
$ |
53,823 |
|
|
$ |
42,214 |
|
Cost of
revenue(2) |
15,421 |
|
|
12,019 |
|
Gross
profit |
38,402 |
|
|
30,195 |
|
Operating
expenses: |
|
|
|
Sales and marketing(2) |
18,105 |
|
|
16,334 |
|
Research and development(2) |
11,788 |
|
|
8,648 |
|
General and administrative(2) |
12,663 |
|
|
8,686 |
|
Total operating expenses |
42,556 |
|
|
33,668 |
|
Loss from
operations |
(4,154 |
) |
|
(3,473 |
) |
Interest
income (expense), net |
366 |
|
|
(214 |
) |
Other
income (expense), net |
39 |
|
|
(80 |
) |
Loss before
provision for income taxes |
(3,749 |
) |
|
(3,767 |
) |
Income tax
provision (benefit) |
(2,058 |
) |
|
142 |
|
Net
loss |
$ |
(1,691 |
) |
|
$ |
(3,909 |
) |
Net loss
per share, basic and diluted |
$ |
(0.04 |
) |
|
$ |
(0.10 |
) |
Weighted-average shares used to compute net loss per share, basic
and diluted |
47,106 |
|
|
40,757 |
|
|
|
|
(1) Total
revenue by category is presented below: |
Three Months Ended March 31, |
Revenue: |
2018 |
|
2017 |
Subscription and services |
$ |
32,743 |
|
|
$ |
24,953 |
|
Payments |
20,229 |
|
|
16,750 |
|
Product and
other |
851 |
|
|
511 |
|
Total revenue |
$ |
53,823 |
|
|
$ |
42,214 |
|
|
|
|
|
(2)
Stock-based compensation expense included above was as
follows: |
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
Cost of
revenue |
$ |
424 |
|
|
$ |
261 |
|
Sales and
marketing |
1,144 |
|
|
506 |
|
Research
and development |
1,312 |
|
|
527 |
|
General and
administrative |
1,936 |
|
|
1,203 |
|
Total stock-based compensation expense |
$ |
4,816 |
|
|
$ |
2,497 |
|
|
|
|
|
|
|
|
|
|
MINDBODY, INC. |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(Unaudited) |
|
|
|
Three Months Ended March 31, |
CASH FLOWS FROM OPERATING ACTIVITIES |
2018 |
|
2017 |
Net
loss |
$ |
(1,691 |
) |
|
$ |
(3,909 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
Stock-based compensation expense |
4,816 |
|
|
2,090 |
|
Depreciation and amortization |
2,648 |
|
|
2,497 |
|
Partial
release of valuation allowance due to acquisition |
(2,133 |
) |
|
— |
|
Other |
30 |
|
|
(9 |
) |
Changes
in operating assets and liabilities net of effects of
acquisitions: |
|
|
|
Accounts
receivable |
(1,012 |
) |
|
(721 |
) |
Deferred
commissions |
(2,674 |
) |
|
— |
|
Prepaid
expenses and other assets |
(1,036 |
) |
|
(364 |
) |
Accounts
payable |
1,089 |
|
|
294 |
|
Accrued
expenses and other liabilities |
(463 |
) |
|
327 |
|
Deferred
revenue |
321 |
|
|
652 |
|
Deferred
rent |
160 |
|
|
176 |
|
Net cash
provided by operating activities |
55 |
|
|
1,033 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Purchase
of property and equipment |
(1,969 |
) |
|
(1,406 |
) |
Additions
to internally developed software |
(1,043 |
) |
|
— |
|
Acquisition of business, net of cash acquired |
(15,196 |
) |
|
(1,450 |
) |
Net cash
used in investing activities |
(18,208 |
) |
|
(2,856 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Proceeds
from exercise of equity awards |
3,499 |
|
|
2,408 |
|
Proceeds
from employee stock purchase plan |
2,006 |
|
|
1,510 |
|
Payment
related to shares withheld for taxes |
(790 |
) |
|
— |
|
Repayment
on financing and capital lease obligations |
(121 |
) |
|
(100 |
) |
Payment
of financing obligation related to HealCode acquisition |
(750 |
) |
|
— |
|
Other |
— |
|
|
(33 |
) |
Net cash
provided by financing activities |
3,844 |
|
|
3,785 |
|
Effect of
exchange rate changes on cash and cash equivalents |
(2 |
) |
|
115 |
|
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(14,311 |
) |
|
2,077 |
|
CASH AND
CASH EQUIVALENTS, BEGINNING OF PERIOD |
232,019 |
|
|
85,864 |
|
CASH AND
CASH EQUIVALENTS, END OF PERIOD |
$ |
217,708 |
|
|
$ |
87,941 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA: |
|
|
Three Months Ended March
31, |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
Net
loss |
$ |
(1,691 |
) |
|
$ |
(3,909 |
) |
Stock-based compensation expense |
|
|
|
|
|
|
|
4,816 |
|
|
|
|
|
|
2,497 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
2,648 |
|
|
|
|
|
|
2,090 |
|
Acquisition-related expenses |
|
|
|
|
|
|
|
1,311 |
|
|
|
|
|
|
— |
|
Income tax provision (benefit) |
|
|
|
|
|
|
|
(2,058 |
) |
|
|
|
|
|
142 |
|
Other (income) expense, net |
|
|
|
|
|
|
|
(405 |
) |
|
|
|
|
|
294 |
|
Adjusted
EBITDA |
$ |
4,621 |
|
|
$ |
1,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net income (loss): |
|
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
|
|
|
|
|
(in thousands) |
GAAP net
loss attributable to common stockholders |
$ |
(1,691 |
) |
|
$ |
(3,909 |
) |
Stock-based compensation expense |
4,816 |
|
|
2,497 |
|
Amortization of acquired intangible assets |
547 |
|
|
174 |
|
Acquisition-related expenses |
1,311 |
|
|
— |
|
Partial release of valuation allowance due to acquisition |
(2,133 |
) |
|
— |
|
Non-GAAP
net income (loss) |
$ |
2,850 |
|
|
$ |
|
(1,238 |
) |
|
|
|
|
Reconciliation of non-GAAP net income (loss) per
share: |
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
|
|
|
|
|
|
GAAP net
loss per share, basic and diluted: |
$ |
(0.04 |
) |
|
$ |
(0.10 |
) |
Non-GAAP adjustments to net loss per share |
0.10 |
|
|
0.07 |
|
Non-GAAP adjustments to weighted-average shares used to compute
net loss per share |
— |
|
|
— |
|
Non-GAAP
net income (loss) per share |
$ |
0.06 |
|
|
$ |
(0.03 |
) |
|
|
|
|
Reconciliation of non-GAAP diluted weighted-average
shares: |
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
GAAP
weighted-average shares used to compute net loss per share, basic
and diluted |
47,106 |
|
|
40,757 |
|
Potentially
dilutive shares |
2,454 |
|
|
— |
|
Non-GAAP
diluted weighted-average shares used to compute non-GAAP net income
(loss) per share |
49,560 |
|
|
40,757 |
|
|
|
|
|
|
Contact:
Investor Relations:Nicole
GundersonIR@mindbodyonline.com 888-782-7155
Media Contact:Jennifer
Saxonjennifer.saxon@mindbodyonline.com 805-419-2839
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