Fourth quarter subscription revenue grew 16
percent year-over-year to $129.0 million
ARR grew 14 percent year-over-year to $542.8
million
Datto Holding Corp. (“Datto”) (NYSE: MSP), the leading global
provider of cloud-based software and technology solutions
purpose-built for delivery by managed service providers (MSPs),
today announced its financial results for the fourth-quarter and
full year ended December 31, 2020.
“2020 was a milestone year for Datto. We completed our first
year as a public company, delivering full year subscription revenue
growth of 18%, expanding cash flow margins and deepening our
strong, global MSP partner relationships,” said Tim Weller, Datto’s
Chief Executive Officer. “Our strong fourth quarter and full year
performance is a testament to the power of Datto’s MSP-centric
platform and the durability of our recurring revenue subscription
model, even during these challenging times. Our sequential
quarterly ARR growth of $20 million is continued evidence of the
reacceleration of our business and the tailwinds from the digital
transformation of small and medium businesses. Looking ahead to
2021 in this increasingly hybrid cloud environment, we remain
focused on providing MSPs and their SMB clients with best-in-class
security, continuity, and remote monitoring and management
solutions for complete cyber resilience. Cloud and security have
been at the core of Datto’s mission to protect digital assets since
inception. Our recent acquisition of BitDam further advances the
value we provide to our network of more than 17,000 MSP partners
and we are well positioned take advantage of the large
opportunities in front of us.”
Fourth Quarter and Full Year 2020 Financial Results
(In Millions)
Q4 2020
Q4 2019
Y/Y Change
FY 2020
FY 2019
Y/Y Change
Subscription Revenue
$129.0
$111.1
16%
$485.3
$412.2
18%
Total Revenue
$139.0
$126.1
10%
$518.8
$458.8
13%
ARR(1)
$542.8
$474.8
14%
$542.8
$474.8
14%
Gross Margin
69%
64%
+498bps
71%
66%
+534bps
Net Income (Loss)
$(7.2)
$(8.2)
13%
$22.5
$(31.2)
NM
Adjusted EBITDA(2)
$40.8
$17.1
139%
$150.5
$84.6
78%
Net cash provided by operating
activities
$34.6
$4.6
NM
$108.7
$11.2
NM
Free Cash Flow(2)
$22.7
$(5.8)
NM
$68.2
$(27.0)
NM
1
Annual run-rate revenue (ARR) is the
annualized value of all subscription agreements as of the end of a
period. We calculate ARR by multiplying the monthly run-rate
revenue for the last month of a period by 12.
2
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.”
Recent Highlights
- Acquired BitDam, an Israel-based cyber security company that
protects small and medium businesses (SMBs) against ransomware,
malware, and phishing threats. BitDam’s best-in-class technology
and team significantly enhance Datto’s cyber resilience solutions
for SMBs.
- Released RMM Ransomware Detection to monitor, prevent and
remediate ransomware attacks, giving MSPs an extra layer of
security.
- Joined the Institute for Security and Technology’s Multi-Sector
Ransomware Task Force in the fight against cyber crime.
- Hosted Datto’s third virtual MSP Technology Day dedicated to
highlighting operational efficiency and cyber security themes for
MSPs.
- Published the 5th annual State of the Channel Ransomware Report
surveying more than 1,000 MSPs, which found that cyber security is
MSPs’ number one concern and phishing is the leading attack
vector.
- Ended the quarter with more than 17,000 MSP partners, an
increase of 400 year-over-year.
First Quarter and Full Year 2021 Financial Outlook
Datto is providing the following guidance for the first quarter
and full-year 2021:
Q1 2021 Outlook
FY 2021 Outlook
Revenue
$142 - $144 million
$582 - $590 million
Adjusted EBITDA
$45 - $46 million
$130 - $135 million
Datto Fourth Quarter and Full Year 2020 Financial Results
Conference Call
When: Thursday, March 11, 2020
Time: 5:00 pm ET Conference ID: 6343809 Live
Call: 1-833-312-1358 (US/Canada Toll-Free) or 1-236-712-2458
(International) Replay: 1-800-585-8367 (US/Canada Toll-Free)
or 1-416-621-4642 (International) (The replay will be available
approximately two hours after the completion of the live call until
11:59 pm ET on March 18, 2021) Webcast:
https://investors.datto.com
About Datto
As the world’s leading provider of cloud-based software and
technology solutions purpose-built for delivery by managed service
providers (MSPs), Datto believes there is no limit to what small
and medium businesses can achieve with the right technology. Datto
offers Unified Continuity, Networking, and Business Management
solutions and has created a unique ecosystem of MSP partners. These
partners provide Datto solutions to over one million businesses
across the globe. Since its founding in 2007, Datto has won awards
for its rapid growth, product excellence, superior technical
support, and for fostering an outstanding workplace. With
headquarters in Norwalk, Connecticut, Datto has global offices in
the United Kingdom, the Netherlands, Denmark, Germany, Canada,
Australia, China, and Singapore. Learn more at datto.com.
Forward Looking Statements
This press release contains forward-looking statements that
reflect Datto’s current expectations and projections with respect
to, among other things, its financial condition, results of
operations, plans, objectives, future performance, and business.
These statements may be preceded by, followed by or include the
words ‘‘anticipate,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘project,’’
‘‘plan,’’ ‘‘intend,’’ ‘‘believe,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’
‘‘can have,’’ ‘‘likely’’ and the negatives thereof and other words
and terms of similar meaning. Further information on potential
factors that could affect our results is included in our Annual
Report on Form 10-K.
Forward-looking statements include all statements that are not
historical facts. Such forward-looking statements are subject to
various risks and uncertainties. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements.
There is no assurance that any forward-looking statements will
materialize. You are cautioned not to place undue reliance on
forward-looking statements, which reflect expectations only as of
this date. Datto undertakes no obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise.
Non-GAAP Financial Measures
In addition to our results determined in accordance with
generally accepted accounting principles in the United States
(“GAAP”), we believe that the non-GAAP financial measures of
Non-GAAP Subscription Cost of Revenue, Non-GAAP Device Cost of
Revenue, Non-GAAP Professional Services and Other Cost of Revenue,
Non-GAAP Depreciation and Amortization in Cost of Revenue, Non-GAAP
Cost of Revenue, Non-GAAP Gross Profit, Non-GAAP Sales and
Marketing expense, Non-GAAP Research and Development expense,
Non-GAAP General and Administrative expense, Non-GAAP Depreciation
and Amortization in Operating Expenses, Non-GAAP Operating
Expenses, Non-GAAP Income from Operations, Non-GAAP Net Income and
Non-GAAP Net Income Per Share, Adjusted EBITDA, and Free Cash Flow
are useful in evaluating our operating performance. Certain of
these measures exclude interest and other (income) expense, net,
loss on extinguishment of debt, depreciation and amortization,
stock-based compensation, restructuring expense and
transaction-related and other expense. In addition, for Non-GAAP
Net Income we utilize a non-GAAP tax rate of 25%, which we believe
reflects our normalized effective tax rate. We believe that
non-GAAP financial information, when taken collectively, may be
helpful to investors because it provides consistency and
comparability with past financial performance and assists in
comparisons with other companies, some of which use similar
non-GAAP financial information to supplement their GAAP results.
The non-GAAP financial information is presented for supplemental
informational purposes only, and should not be considered a
substitute for financial information presented in accordance with
GAAP, and may be different from similarly-titled non-GAAP measures
used by other companies.
Reconciliation tables of the most directly comparable GAAP
financial measures to the non-GAAP financial measures used in this
press release are included with the financial tables at the end of
this press release.
Datto is not providing a quantitative reconciliation of
forward-looking guidance of Adjusted EBITDA to its most directly
comparable GAAP measure because certain items are out of Datto’s
control or cannot be reasonably predicted, as the items are
uncertain, depend on various factors, and could have a material
impact on GAAP reported results for the guidance period.
Accordingly, a reconciliation for forward-looking Adjusted EBITDA
is not available without unreasonable effort.
For more information about Datto, including supplemental
financial information, please visit the investor relations website
at investors.datto.com.
DATTO HOLDING CORP.
Consolidated Statements of
Operations
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended December
31,
Years Ended December
31,
2020
2019
2020
2019
Revenue:
Subscription
$
128,978
$
111,060
$
485,326
$
412,167
Device
9,104
14,470
30,202
44,052
Professional services and other
910
596
3,257
2,533
Total revenue
138,992
126,126
518,785
458,752
Cost of revenue:
Subscription
23,677
21,594
84,463
82,066
Device
11,143
17,342
37,607
53,933
Professional services and other
1,845
1,689
6,244
5,563
Depreciation and amortization
6,144
4,489
21,890
15,745
Total cost of revenue
42,809
45,114
150,204
157,307
Gross profit
96,183
81,012
368,581
301,445
Operating expenses:
Sales and marketing
31,962
31,269
115,790
110,441
Research and development
30,932
16,535
78,932
60,459
General and administrative
26,279
23,348
85,668
73,903
Depreciation and amortization
6,623
6,911
27,223
27,417
Total operating expenses
95,796
78,063
307,613
272,220
Income from operations
387
2,949
60,968
29,225
Other expense:
Interest expense
1,758
9,306
25,348
43,437
Loss on extinguishment of debt
8,488
—
8,488
19,231
Other (income) expense, net
(2,026
)
254
(3,428
)
256
Total other expense
8,220
9,560
30,408
62,924
Income (loss) before income taxes
(7,833
)
(6,611
)
30,560
(33,699
)
(Provision for) benefit from income
taxes
665
(1,619
)
(8,062
)
2,511
Net income (loss)
$
(7,168
)
$
(8,230
)
$
22,498
$
(31,188
)
Net income (loss) per share attributable
to common stockholders:
Basic
$
(0.05
)
$
(0.06
)
$
0.16
$
(0.23
)
Diluted
$
(0.05
)
$
(0.06
)
$
0.16
$
(0.23
)
Weighted-average shares used in computing
net income (loss) per share:
Basic
154,968,918
135,262,441
140,404,763
135,212,597
Diluted
154,968,918
135,262,441
142,514,848
135,212,597
DATTO HOLDING CORP.
Consolidated Balance
Sheets
(in thousands)
(unaudited)
December 31,
2020
2019
ASSETS
Current assets
Cash
$
168,877
$
27,597
Restricted cash
1,536
1,469
Accounts receivable, net
13,946
20,841
Inventory
13,811
12,415
Prepaid expenses and other current
assets
28,316
20,385
Total current assets
226,486
82,707
Property and equipment, net
91,876
80,746
Goodwill
1,120,954
1,118,856
Intangible assets, net
287,395
306,685
Other assets
66,560
53,298
Total assets
$
1,793,271
$
1,642,292
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities
Accounts payable
$
7,574
$
16,049
Accrued expenses and other current
liabilities
39,461
33,909
Long-term debt, current portion
—
5,500
Deferred revenue
23,763
24,254
Total current liabilities
70,798
79,712
Long-term debt
—
546,499
Deferred revenue, noncurrent
3,322
3,798
Deferred income taxes
18,947
10,120
Other long-term liabilities
11,736
9,860
Total liabilities
104,803
649,989
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock
136
136
Additional paid-in capital
1,755,412
1,083,082
Treasury stock
(3,621
)
(3,621
)
Accumulated deficit
(65,226
)
(87,724
)
Accumulated other comprehensive income
1,767
430
Total stockholders’ equity
1,688,468
992,303
Total liabilities and stockholders’
equity
$
1,793,271
$
1,642,292
DATTO HOLDING CORP.
Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
Years Ended December
31
2020
2019
OPERATING ACTIVITIES
Net income (loss)
$
22,498
$
(31,188
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation
26,434
20,562
Amortization of acquired intangible
assets
22,679
22,600
Loss on extinguishment of debt
8,488
19,231
Amortization of debt issuance costs
1,428
1,879
Reserve for inventory obsolescence
1,517
3,168
Stock-based compensation
33,460
12,215
Provision for bad debt
6,217
6,634
Deferred income taxes
7,770
(6,071
)
Unrealized foreign exchange
(1,204
)
(18
)
Changes in operating assets and
liabilities:
Accounts receivable
769
(10,837
)
Inventory
(2,826
)
(3,538
)
Prepaid expenses and other current
assets
(7,498
)
(6,073
)
Other assets
(12,952
)
(24,172
)
Accounts payable, accrued expenses and
other
3,073
14,786
Deferred revenue
(1,155
)
(7,943
)
Net cash provided by operating
activities
108,698
11,235
INVESTING ACTIVITIES
Purchase of property and equipment
(40,466
)
(38,226
)
Acquisition of business, net of cash
acquired
(4,371
)
—
Net cash used in investing activities
(44,837
)
(38,226
)
FINANCING ACTIVITIES
Proceeds from debt
32,100
562,250
Repayments of debt
(594,727
)
(523,523
)
Debt issuance costs
(1,178
)
(8,775
)
Prepayment penalty on debt
—
(10,400
)
Proceeds from initial public offering, net
of underwriting costs
641,643
—
Capitalized transaction costs
(5,256
)
—
Proceeds from stock option exercises
3,150
291
Repurchase of common stock and settlement
of stock-based payment awards
(53
)
(1,338
)
Net cash provided by financing
activities
75,679
18,505
Effect of exchange rate changes on
cash
1,807
294
Net increase (decrease) in cash
141,347
(8,192
)
Cash and restricted cash, beginning of
year
29,066
37,258
Cash and restricted cash, end of
period
$
170,413
$
29,066
Reconciliation of cash and restricted
cash:
Cash
$
168,877
$
27,597
Restricted cash
$
1,536
$
1,469
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Cash paid for income taxes
$
890
$
2,333
Cash paid for interest
$
24,037
$
43,624
NON-CASH INVESTING AND FINANCING
ACTIVITIES
Purchase of property and equipment
included in accounts payable
$
17
$
3,051
Deferred initial public offering costs in
accounts payable and accrued liabilities
$
684
$
1,885
DATTO HOLDING CORP.
Non-GAAP Consolidated
Statements of Operations
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended December
31,
Years Ended December
31,
2020
2019
2020
2019
Revenue:
Subscription
$
128,978
$
111,060
$
485,326
$
412,167
Device
9,104
14,470
30,202
44,052
Professional services and other
910
596
3,257
2,533
Total revenue
138,992
126,126
518,785
458,752
Cost of revenue:
Subscription
19,703
21,573
79,909
81,968
Device
10,940
17,342
37,404
53,933
Professional services and other
1,427
1,689
5,687
5,563
Depreciation and amortization
4,646
3,314
16,867
11,045
Total cost of revenue
36,716
43,918
139,867
152,509
Gross profit
102,276
82,208
378,918
306,243
Operating expenses:
Sales and marketing
27,151
30,582
107,255
107,495
Research and development
18,457
16,076
64,393
56,949
General and administrative
20,478
21,754
73,649
68,242
Depreciation and amortization
2,173
2,509
9,567
9,517
Total operating expenses
68,259
70,921
254,864
242,203
Income from operations
34,017
11,287
124,054
64,040
Other expense:
Interest expense
1,758
9,306
25,348
43,437
Other (income) expense, net
(2,026
)
254
(3,428
)
256
Total other expense
(268
)
9,560
21,920
43,693
Income (loss) before income taxes
34,285
1,727
102,134
20,347
(Provision for) benefit from income
taxes
(8,571
)
(432
)
(25,534
)
(5,088
)
Net income (loss)
$
25,714
$
1,295
$
76,600
$
15,259
Net income per share attributable to
common stockholders:
Basic
$
0.17
$
0.01
$
0.55
$
0.11
Diluted
$
0.16
$
0.01
$
0.54
$
0.11
Weighted-average shares used in computing
net income per share:
Basic
154,968,918
135,262,441
140,404,763
135,212,597
Diluted
158,856,958
135,710,319
142,514,848
135,647,284
DATTO HOLDING CORP.
GAAP to Non-GAAP
Reconciliations and Calculation of Other Key Metrics
(in thousands, except
percentages and share and per share amounts)
(unaudited)
Three Months Ended December
31,
Years Ended December
31,
2020
2019
2020
2019
Non-GAAP
Subscription Cost of Revenue
GAAP subscription cost of revenue
$
23,677
$
21,594
$
84,463
$
82,066
Stock-based compensation expense
(3,974
)
(21
)
(4,092
)
(98
)
Restructuring expense
—
—
(462
)
—
Non-GAAP subscription cost of revenue
$
19,703
$
21,573
$
79,909
$
81,968
Non-GAAP Device
Cost of Revenue
GAAP device cost of revenue
$
11,143
$
17,342
$
37,607
$
53,933
Stock-based compensation expense
(203
)
—
(203
)
—
Non-GAAP device gross cost of revenue
$
10,940
$
17,342
$
37,404
$
53,933
Non-GAAP
Professional Services and Other Cost of Revenue
GAAP professional services and other cost
of revenue
$
1,845
$
1,689
$
6,244
$
5,563
Stock-based compensation expense
(418
)
—
(418
)
—
Restructuring expense
—
—
(139
)
—
Non-GAAP professional services and other
cost of revenue
$
1,427
$
1,689
$
5,687
$
5,563
Non-GAAP
Depreciation and Amortization in Cost of Revenue
GAAP depreciation and amortization in cost
of revenue
$
6,144
$
4,489
$
21,890
$
15,745
Amortization of acquired intangible
assets
(1,498
)
(1,175
)
(5,023
)
(4,700
)
Non-GAAP depreciation and amortization in
cost of revenue
$
4,646
$
3,314
$
16,867
$
11,045
Non-GAAP Cost of
Revenue
GAAP cost of revenue
$
42,809
$
45,114
$
150,204
$
157,307
Amortization of acquired intangible
assets
(1,498
)
(1,175
)
(5,023
)
(4,700
)
Stock-based compensation expense
(4,595
)
(21
)
(4,713
)
(98
)
Restructuring expense
—
—
(601
)
—
Non-GAAP cost of revenue
$
36,716
$
43,918
$
139,867
$
152,509
Non-GAAP Gross
Profit
GAAP gross profit
$
96,183
$
81,012
$
368,581
$
301,445
Amortization of acquired intangible
assets
1,498
1,175
5,023
4,700
Stock-based compensation expense
4,595
21
4,713
98
Restructuring expense
—
—
601
—
Non-GAAP gross profit
$
102,276
$
82,208
$
378,918
$
306,243
Non-GAAP gross margin
73.6
%
65.2
%
73.0
%
66.8
%
DATTO HOLDING CORP.
GAAP to Non-GAAP
Reconciliations and Calculation of Other Key Metrics
(in thousands, except
percentages and share and per share amounts)
(unaudited)
Three Months Ended December
31,
Years Ended December
31,
2020
2019
2020
2019
Non-GAAP Sales
and Marketing
GAAP sales and marketing expense
$
31,962
$
31,269
$
115,790
$
110,441
Stock-based compensation expense
(4,811
)
(687
)
(6,614
)
(2,946
)
Restructuring expense
—
—
(1,921
)
—
Non-GAAP sales and marketing expense
$
27,151
$
30,582
$
107,255
$
107,495
Non-GAAP sales and marketing as a % of
revenue
19.5
%
24.2
%
20.7
%
23.4
%
Non-GAAP Research
and Development
GAAP research and development expense
$
30,932
$
16,535
$
78,932
$
60,459
Stock-based compensation expense
(12,475
)
(459
)
(13,590
)
(3,510
)
Restructuring expense
—
—
(949
)
—
Non-GAAP research and development
expense
$
18,457
$
16,076
$
64,393
$
56,949
Non-GAAP research and development as a %
of revenue
13.3
%
12.7
%
12.4
%
12.4
%
Non-GAAP General
and Administrative
GAAP general and administrative
expense
$
26,279
$
23,348
$
85,668
$
73,903
Stock-based compensation expense
(5,018
)
(1,594
)
(8,543
)
(5,661
)
Restructuring expense
—
—
(364
)
—
Transaction related and other expense
(783
)
—
(3,112
)
—
Non-GAAP general and administrative
expense
$
20,478
$
21,754
$
73,649
$
68,242
Non-GAAP general and administrative as a %
of revenue
14.7
%
17.2
%
14.2
%
14.9
%
Non-GAAP
Depreciation and Amortization in Operating Expenses
GAAP depreciation and amortization in
operating expenses
$
6,623
$
6,911
$
27,223
$
27,417
Amortization of acquired intangible
assets
(4,450
)
(4,402
)
(17,656
)
(17,900
)
Non-GAAP depreciation and amortization in
operating expense
$
2,173
$
2,509
$
9,567
$
9,517
Non-GAAP depreciation and amortization in
operating expense as a % of revenue
1.6
%
2.0
%
1.8
%
2.1
%
Non-GAAP
Operating Expenses
GAAP operating expenses
$
95,796
$
78,063
$
307,613
$
272,220
Amortization of acquired intangible
assets
(4,450
)
(4,402
)
(17,656
)
(17,900
)
Stock-based compensation expense
(22,304
)
(2,740
)
(28,747
)
(12,117
)
Restructuring expense
—
—
(3,234
)
—
Transaction related and other expense
(783
)
—
(3,112
)
—
Non-GAAP operating expenses
$
68,259
$
70,921
$
254,864
$
242,203
Non-GAAP operating expenses as a % of
revenue
49.1
%
56.2
%
49.1
%
52.8
%
Non-GAAP Income
From Operations
GAAP income from operations
$
387
$
2,949
$
60,968
$
29,225
Amortization of acquired intangible
assets
5,948
5,577
22,679
22,600
Stock-based compensation expense
26,899
2,761
33,460
12,215
Restructuring expense
—
—
3,835
—
Transaction related and other expense
783
—
3,112
—
Non-GAAP income from operations
$
34,017
$
11,287
$
124,054
$
64,040
Non-GAAP operating margin
24.5
%
8.9
%
23.9
%
14.0
%
DATTO HOLDING CORP.
GAAP to Non-GAAP
Reconciliations and Calculation of Other Key Metrics
(in thousands, except
percentages and share and per share amounts)
(unaudited)
Three Months Ended December
31,
Years Ended December
31,
2020
2019
2020
2019
Non-GAAP Net
Income and Net Income Per Share
GAAP net income (loss)
$
(7,168
)
$
(8,230
)
$
22,498
$
(31,188
)
GAAP (provision for) benefit from income
taxes
665
(1,619
)
(8,062
)
2,511
GAAP income (loss) before income taxes
(7,833
)
(6,611
)
30,560
(33,699
)
Loss on extinguishment of debt
8,488
—
8,488
19,231
Amortization of acquired intangible
assets
5,948
5,577
22,679
22,600
Stock-based compensation expense
26,899
2,761
33,460
12,215
Restructuring expense
—
—
3,835
—
Transaction related and other expense
783
—
3,112
—
Non-GAAP (provision for) benefit from
income taxes
(8,571
)
(432
)
(25,534
)
(5,088
)
Non-GAAP net income
$
25,714
$
1,295
$
76,600
$
15,259
Non-GAAP net income per share attributable
to common shareholders:
Basic
$
0.17
$
0.01
$
0.55
$
0.11
Diluted
$
0.16
$
0.01
$
0.54
$
0.11
Weighted-Average
Shares used in computing Non-GAAP Net Income per
Share:
GAAP and Non-GAAP weighted-average shares
used in computing net income per share, basic
154,968,918
135,262,441
140,404,763
135,212,597
GAAP weighted-average shares used in
computing net income per share, diluted
154,968,918
135,262,441
142,514,848
135,212,597
Adjustment to fully diluted shares
3,888,040
447,878
—
434,687
Non-GAAP weighted-average shares used in
computing net income per share, diluted
158,856,958
135,710,319
142,514,848
135,647,284
Adjusted
EBITDA
GAAP net income (loss)
$
(7,168
)
$
(8,230
)
$
22,498
$
(31,188
)
Interest and other expense, net
(268
)
9,560
21,920
43,693
Loss on extinguishment of debt
8,488
—
8,488
19,231
Depreciation and amortization
12,767
11,400
49,113
43,162
Provision for (benefit from) income
tax
(665
)
1,619
8,062
(2,511
)
Stock-based compensation expense
26,899
2,761
33,460
12,215
Restructuring expense
—
—
3,835
—
Transaction related and other expense
783
—
3,112
—
Adjusted EBITDA
$
40,836
$
17,110
$
150,488
$
84,602
Adjusted EBITDA margin
29.4
%
13.6
%
29.0
%
18.4
%
Free Cash
Flow
GAAP net cash provided by operating
activities
$
34,643
$
4,612
$
108,698
$
11,235
Less: Purchases of property and
equipment
(11,947
)
(10,449
)
(40,466
)
(38,226
)
Free cash flow
$
22,696
$
(5,837
)
$
68,232
$
(26,991
)
MSP-F
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210311005969/en/
Media Contact: Shoba V. Lemoine
communications@datto.com
Investor Contact: Ryan Burkart ir@datto.com
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