Carbonite, Inc. (NASDAQ: CARB), a global leader in data protection,
today announced financial results for the quarter ended June 30,
2018.
Second Quarter 2018 Highlights:
- Revenue of $77.7 million increased 32% year-over-year.
- Non-GAAP revenue of $79.9 million increased 31%
year-over-year.1
- Bookings of $81.8 million increased 28% year-over-year.2
- Net loss per share was ($0.20) (basic and diluted), as compared
to ($0.23) in 2017 (basic and diluted).
- Non-GAAP net income per share was $0.50 (basic) and $0.45
(diluted), as compared to $0.15 (basic and diluted) in 2017.4
“I am very pleased with our financial and operating results in
the second quarter,” said Mohamad Ali, CEO of Carbonite. “We closed
our acquisition of Mozy in March and the integration continues to
progress well. We completed a successful equity offering in July
strengthening our balance sheet and positioning us to become the
premier data protection company.”
“In the second quarter we again delivered financial results that
were at or above the top of our guidance range. Business
subscription bookings increased approximately 50% year-over-year,
and we drove a meaningful expansion in profitability. Our focus on
delivering growth and our disciplined approach to investing in the
business and integrating acquisitions yielded another quarter of
strong financial results,” said Anthony Folger, CFO of
Carbonite.
The Company uses a variety of operational and financial metrics,
including non-GAAP financial measures, to evaluate its performance
and financial condition. The accompanying financial data includes
additional information regarding these metrics and a reconciliation
of non-GAAP financial information to GAAP. The presentation of
non-GAAP financial information should not be considered in
isolation or as a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP.
Second Quarter 2018 Results:
- Revenue for the second quarter was $77.7 million, an increase
of 32% from $59.0 million in the second quarter of 2017. Non-GAAP
revenue for the second quarter was $79.9 million, an increase of
31% from $61.1 million in the second quarter of 2017.1
- Bookings for the second quarter were $81.8 million, an increase
of 28% from $63.9 million in the second quarter of 2017.2
- Gross margin for the second quarter was 70.3%, compared to
69.0% in the second quarter of 2017. Non-GAAP gross margin was
77.1% in the second quarter, compared to 74.1% in the second
quarter of 2017.3
- Net loss for the second quarter was $(5.7) million, compared to
net loss of ($6.4) million in the second quarter of 2017. Non-GAAP
net income for the second quarter was $14.2 million, compared to
non-GAAP net income of $4.3 million in the second quarter of
2017.4
- Net loss per share for the second quarter was ($0.20) (basic
and diluted), compared to net loss per share of ($0.23) (basic and
diluted) in the second quarter of 2017. Non-GAAP net income per
share was $0.50 (basic) and $0.45 (diluted) for the second quarter,
compared to non-GAAP net income per share of $0.15 (basic and
diluted) in the second quarter of 2017.4
- Cash flow from operations for the second quarter was $13.6
million, compared to $2.9 million in the second quarter of 2017.
Adjusted free cash flow for the second quarter was $13.3 million,
compared to $2.1 million in the second quarter of 2017.5
1 Non-GAAP revenue excludes the impact of purchase
accounting adjustments for acquisitions.2 Bookings represent
the aggregate dollar value of customer subscriptions and software
arrangements, which may include multiple revenue elements, such as
software licenses, hardware, professional services and
post-contractual support, received during a period and are
calculated as revenue recognized during a particular period plus
the change in total deferred revenue, excluding deferred revenue
recorded in connection with acquisitions, divestitures and the
adoption impact of Topic 606, net of foreign exchange and the
change in unbilled revenue during the same period.3 Non-GAAP
gross margin excludes the impact of purchase accounting adjustments
on acquired deferred revenue, amortization expense on intangible
assets, stock-based compensation expense, and acquisition-related
expense.4 Non-GAAP net income and non-GAAP net income per
share excludes the impact of purchase accounting adjustments on
acquired deferred revenue, amortization expense on intangible
assets, stock-based compensation expense, litigation-related
expense, restructuring-related expense, acquisition-related
expense, non-cash convertible debt interest expense and the income
tax effect of non-GAAP adjustments.5 Adjusted free cash flow
is calculated by subtracting the cash paid for the purchase of
property and equipment and adding the payments related to
acquisitions, restructuring, and litigation from net cash provided
by operating activities.
Business Outlook
Based on the information available as of August 2, 2018,
Carbonite expects the following for the third quarter and full year
of 2018:
Third Quarter 2018:
| |
Current Guidance(8/2/2018) |
| GAAP
Revenue |
$77.6
- $79.6 million |
| Non-GAAP
Revenue |
$79.0
- $81.0 million |
| Non-GAAP
Net Income Per Share (Diluted) |
$0.40
- $0.42 |
Full Year 2018:
| |
Prior Guidance (5/7/2018) |
Prior Guidance (7/16/2018) |
Current Guidance (8/2/2018) |
| Business Bookings |
$223.8
- $234.8 million |
Not
provided |
$223.8
- $234.8 million |
| Consumer Bookings Y/Y
Growth |
5% -
15% growth |
Not
provided |
10% -
15% growth |
| GAAP Revenue |
$296.9
- $306.9 million |
$296.9
- $306.9 million |
$296.9
- $306.9 million |
| Non-GAAP Revenue |
$302.5
- $312.5 million |
$302.5
- $312.5 million |
$302.5
- $312.5 million |
| Non-GAAP Net Income Per
Share (Diluted) |
$1.51
- $1.59 |
$1.62
- $1.68 |
$1.51
- $1.59 |
| Non-GAAP Gross
Margin |
76.0%
- 77.0% |
Not
provided |
76.5%
- 77.5% |
| Adjusted Free Cash
Flow |
$32.0
- $38.0 million |
Not
provided |
$40.0
- $45.0 million |
Carbonite’s expectations of non-GAAP net income per share for
the third quarter and full year of 2018 excludes the impact of
purchase accounting adjustments on acquired deferred revenue,
amortization expense on intangible assets, stock-based compensation
expense, litigation-related expense, restructuring-related expense,
non-cash convertible debt interest expense, and the income tax
effect of non-GAAP adjustments. Non-GAAP net income per share
assumes an effective tax rate of 8% for the full year of 2018.
Non-GAAP net income per share assumes fully-diluted weighted
average shares outstanding of approximately 36.3 million for
the third quarter and 34.0 million for the full year of
2018.
Conference Call and Webcast Information
Carbonite will host a conference call on Thursday, August 2,
2018 at 5:30 p.m. ET to review these results. This call will be
webcast live and can be found in the investor relations section of
the Company's website at http://investor.carbonite.com. The
conference call can also be accessed by dialing (877) 303-1393 in
the United States or (315) 625-3228 internationally with the
passcode 3577539.
Following the completion of the call, a recorded replay will be
available on the Company’s website, http://investor.carbonite.com,
under “Events & Presentations”.
Non-GAAP Financial Measures
To supplement our consolidated financial statements presented in
accordance with GAAP, this press release contains non-GAAP
financial measures, including bookings, non-GAAP revenue, non-GAAP
gross margin, non-GAAP net income and non-GAAP net income per
share, non-GAAP operating expense and adjusted free cash flow.
The Company believes that these non-GAAP measures of financial
results provide useful information to management and investors
regarding certain financial and business trends relating to the
Company’s financial condition and ordinary results of
operations. The Company’s management uses these non-GAAP
measures to compare the Company’s performance to that of prior
periods and uses these measures in financial reports prepared for
management and the Company’s board of directors. The Company
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 and in comparing the Company’s
financial measures with other software-as-a-service companies, many
of which present similar non-GAAP financial measures to
investors.
The Company does not consider these non-GAAP measures in
isolation or as an alternative to financial measures determined in
accordance with GAAP. The principal limitation of these
non-GAAP financial measures is that they exclude significant items
that are required by GAAP to be recorded in the Company’s financial
statements. In addition, they are subject to inherent
limitations as they reflect the exercise of judgments by
management. The Company urges investors to review the
reconciliation of its non-GAAP financial measures to the comparable
GAAP financial measures provided in the tables at the end of this
press release, and not to rely on any single financial measure to
evaluate the Company’s business.
With respect to our expectations under "Business Outlook" above,
the Company has not reconciled non-GAAP net income per share to net
income per share in this press release because we do not provide
guidance for amortization expense on intangible assets, stock-based
compensation expense, litigation-related expense,
restructuring-related expense, acquisition-related expense,
non-cash convertible debt interest expense, and the income tax
effect of non-GAAP adjustments as we are unable to quantify
certain of these amounts that would be required to be included in
the GAAP measure without unreasonable efforts. In addition, the
Company believes such reconciliations would imply a degree of
precision that would be confusing or misleading to investors.
Cautionary Language Concerning Forward-Looking
Statements
Certain matters discussed in this press release, including under
“Business Outlook,” have "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may generally be identified as such
because the context of such statements will include words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should," "will,"
"would" or words of similar import. Similarly, statements that
describe the Company's future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements are
subject to risks, uncertainties and other important factors that
could cause actual results and the timing of certain events to
differ materially from future results expressed or implied by such
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, our ability to
integrate recent acquisitions into our operations and achieve the
expected benefits of the acquisition, our ability to profitably
attract new customers and retain existing customers, our dependence
on the market for cloud backup services, our ability to manage
growth, changes in economic or regulatory conditions or other
trends affecting the Internet and the information technology
industry, and those discussed in the section titled "Risk Factors"
in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2017 filed with the Securities and Exchange Commission
(the "SEC"), which is available on www.sec.gov, and elsewhere in
any subsequent periodic or current reports filed by us with the
SEC. Except as required by applicable law, we do not undertake any
obligation to update our forward-looking statements to reflect
future events, new information or circumstances.
About Carbonite
Carbonite provides a robust Data Protection Platform for
businesses, including backup, disaster recovery, high availability
and workload migration technology. The Carbonite Data Protection
Platform supports businesses in locations around the world with
secure global cloud infrastructure. To learn more
visit www.Carbonite.com.
Investor Relations Contact:
Jeremiah
SisitskyCarbonite781-928-0713investor.relations@carbonite.com
Media Contacts:
Caitlin O'MalleyCarbonite781-928-0762media@carbonite.com
| |
| Carbonite, Inc. |
| Consolidated Statement of Operations (unaudited) |
| (In thousands, except share and per share
amounts) |
|
|
| |
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Revenue |
$ |
77,734 |
|
|
$ |
59,034 |
|
|
$ |
141,760 |
|
|
$ |
116,133 |
|
| Cost of revenue |
23,057 |
|
|
18,311 |
|
|
41,369 |
|
|
35,666 |
|
| Gross profit |
54,677 |
|
|
40,723 |
|
|
100,391 |
|
|
80,467 |
|
| Operating
expenses: |
|
|
|
|
|
|
|
| Research
and development |
15,719 |
|
|
10,927 |
|
|
28,238 |
|
|
21,254 |
|
| General
and administrative |
13,460 |
|
|
10,954 |
|
|
27,920 |
|
|
23,723 |
|
| Sales and
marketing |
22,086 |
|
|
22,963 |
|
|
41,946 |
|
|
46,034 |
|
|
Amortization of intangible assets |
3,652 |
|
|
532 |
|
|
4,591 |
|
|
982 |
|
|
Restructuring charges |
41 |
|
|
— |
|
|
903 |
|
|
— |
|
| Total operating
expenses |
54,958 |
|
|
45,376 |
|
|
103,598 |
|
|
91,993 |
|
| Loss from
operations |
(281 |
) |
|
(4,653 |
) |
|
(3,207 |
) |
|
(11,526 |
) |
| Interest
expense |
(3,420 |
) |
|
(2,373 |
) |
|
(6,021 |
) |
|
(2,595 |
) |
| Interest
income |
169 |
|
|
134 |
|
|
413 |
|
|
154 |
|
| Other
income (expense), net |
183 |
|
|
915 |
|
|
195 |
|
|
1,195 |
|
| Loss before income
taxes |
(3,349 |
) |
|
(5,977 |
) |
|
(8,620 |
) |
|
(12,772 |
) |
| Provision (benefit) for
income taxes |
2,338 |
|
|
403 |
|
|
(14,877 |
) |
|
(13,987 |
) |
| Net (loss) income |
$ |
(5,687 |
) |
|
$ |
(6,380 |
) |
|
$ |
6,257 |
|
|
$ |
1,215 |
|
| Net (loss) income per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.20 |
) |
|
$ |
(0.23 |
) |
|
$ |
0.22 |
|
|
$ |
0.04 |
|
|
Diluted |
$ |
(0.20 |
) |
|
$ |
(0.23 |
) |
|
$ |
0.20 |
|
|
$ |
0.04 |
|
| Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
28,628,173 |
|
|
27,525,647 |
|
|
28,485,695 |
|
|
27,672,804 |
|
|
Diluted |
28,628,173 |
|
|
27,525,647 |
|
|
30,885,633 |
|
|
28,354,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Carbonite, Inc. |
| Consolidated Balance Sheets (unaudited) |
| (In thousands) |
| |
| |
June 30,2018 |
|
December 31,2017 |
|
Assets |
|
|
|
| Current assets |
|
|
|
| Cash and
cash equivalents |
$ |
70,982 |
|
|
$ |
128,231 |
|
| Trade
accounts receivable, net |
32,078 |
|
|
22,219 |
|
| Prepaid
expenses and other current assets |
10,620 |
|
|
6,823 |
|
| Total
current assets |
113,680 |
|
|
157,273 |
|
| Property
and equipment, net |
36,587 |
|
|
28,790 |
|
| Other
assets |
12,337 |
|
|
804 |
|
| Acquired
intangible assets, net |
134,770 |
|
|
44,994 |
|
|
Goodwill |
155,341 |
|
|
80,958 |
|
| Total assets |
$ |
452,715 |
|
|
$ |
312,819 |
|
| Liabilities and
Stockholders’ Equity |
|
|
|
| Current
liabilities |
|
|
|
| Accounts
payable |
$ |
5,820 |
|
|
$ |
10,842 |
|
| Accrued
compensation |
9,989 |
|
|
9,892 |
|
| Accrued
expenses and other current liabilities |
18,922 |
|
|
11,783 |
|
| Current
portion of deferred revenue |
121,032 |
|
|
100,241 |
|
| Total
current liabilities |
155,763 |
|
|
132,758 |
|
| Long-term
debt |
194,992 |
|
|
111,819 |
|
| Deferred
revenue, net of current portion |
27,682 |
|
|
24,273 |
|
| Other
long-term liabilities |
5,876 |
|
|
5,704 |
|
| Total
liabilities |
384,313 |
|
|
274,554 |
|
| Stockholders’
equity |
|
|
|
| Common
stock |
308 |
|
|
301 |
|
|
Additional paid-in capital |
243,077 |
|
|
233,343 |
|
| Treasury
stock, at cost |
(26,867 |
) |
|
(26,616 |
) |
|
Accumulated deficit |
(149,207 |
) |
|
(169,344 |
) |
|
Accumulated other comprehensive income |
1,091 |
|
|
581 |
|
| Total
stockholders’ equity |
68,402 |
|
|
38,265 |
|
| Total liabilities and
stockholders’ equity |
$ |
452,715 |
|
|
$ |
312,819 |
|
| |
| |
| Carbonite, Inc. |
| Consolidated Statement of Cash Flows (unaudited) |
| (In thousands) |
| |
| |
Six Months EndedJune 30, |
| |
2018 |
|
2017 |
| Operating
activities |
|
|
|
| Net income |
$ |
6,257 |
|
|
$ |
1,215 |
|
| Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
17,763 |
|
|
10,392 |
|
|
Amortization of deferred costs |
931 |
|
|
— |
|
| Gain on
disposal of equipment |
(141 |
) |
|
(928 |
) |
|
Impairment of capitalized software |
653 |
|
|
— |
|
|
Stock-based compensation expense |
8,478 |
|
|
5,965 |
|
| Benefit
for deferred income taxes |
(16,317 |
) |
|
(14,964 |
) |
| Non-cash
interest expense related to amortization of debt discount |
3,101 |
|
|
1,466 |
|
| Other
non-cash items, net |
64 |
|
|
(249 |
) |
| Changes
in assets and liabilities, net of acquisition: |
|
|
|
| Accounts
receivable |
(6,437 |
) |
|
(89 |
) |
| Prepaid
expenses and other current assets |
(1,541 |
) |
|
(193 |
) |
| Other
assets |
(3,771 |
) |
|
(137 |
) |
| Accounts
payable |
(3,895 |
) |
|
627 |
|
| Accrued
expenses and other current liabilities |
2,549 |
|
|
(2,340 |
) |
| Other
long-term liabilities |
53 |
|
|
120 |
|
| Deferred
revenue |
9,099 |
|
|
9,548 |
|
| Net cash
provided by operating activities |
16,846 |
|
|
10,433 |
|
| Investing
activities |
|
|
|
| Purchases of property
and equipment |
(7,795 |
) |
|
(10,039 |
) |
| Proceeds from sale of
property and equipment and businesses |
534 |
|
|
855 |
|
| Proceeds from
maturities of derivatives |
1,680 |
|
|
370 |
|
| Purchases of
derivatives |
(1,403 |
) |
|
(2,433 |
) |
| Payment for
intangibles |
(1,250 |
) |
|
— |
|
| Payment for
acquisition, net of cash acquired |
(144,597 |
) |
|
(60,198 |
) |
| Net cash
used in investing activities |
(152,831 |
) |
|
(71,445 |
) |
| Financing
activities |
|
|
|
| Proceeds from exercise
of stock options |
942 |
|
|
3,337 |
|
| Proceeds from issuance
of treasury stock under employee stock purchase plan |
1,215 |
|
|
— |
|
| Payments of withholding
taxes in connection with restricted stock unit vesting |
(1,184 |
) |
|
(1,009 |
) |
| Proceeds from long-term
borrowings, net of debt issuance costs |
88,068 |
|
|
177,797 |
|
| Payments on long-term
borrowings |
(10,000 |
) |
|
(39,200 |
) |
| Repurchase of common
stock |
— |
|
|
(14,964 |
) |
| Net cash
provided by financing activities |
79,041 |
|
|
125,961 |
|
| Effect of currency
exchange rate changes on cash |
(305 |
) |
|
863 |
|
| Net (decrease) increase
in cash, cash equivalents and restricted cash |
(57,249 |
) |
|
65,812 |
|
| Cash, cash equivalents
and restricted cash, beginning of period |
128,231 |
|
|
59,287 |
|
| Cash, cash equivalents
and restricted cash, end of period |
$ |
70,982 |
|
|
$ |
125,099 |
|
| |
| |
| Carbonite, Inc. |
| Reconciliation of GAAP to Non-GAAP Measures
(unaudited) |
| (In thousands, except share and per share
amounts) |
| |
| Reconciliation of GAAP Revenue to Non-GAAP
Revenue |
|
|
| |
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| GAAP revenue |
$ |
77,734 |
|
|
$ |
59,034 |
|
|
$ |
141,760 |
|
|
$ |
116,133 |
|
| Add: |
|
|
|
|
|
|
|
| Fair
value adjustment of acquired deferred revenue |
2,116 |
|
|
2,045 |
|
|
2,998 |
|
|
4,033 |
|
| Non-GAAP revenue |
$ |
79,850 |
|
|
$ |
61,079 |
|
|
$ |
144,758 |
|
|
$ |
120,166 |
|
|
|
| |
| Reconciliation of GAAP Gross Margin to Non-GAAP Gross
Margin |
|
|
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Gross profit |
$ |
54,677 |
|
|
$ |
40,723 |
|
|
$ |
100,391 |
|
|
$ |
80,467 |
|
| Gross margin |
70.3 |
% |
|
69.0 |
% |
|
70.8 |
% |
|
69.3 |
% |
| Add: |
|
|
|
|
|
|
|
| Fair
value adjustment of acquired deferred revenue |
2,116 |
|
|
2,045 |
|
|
2,998 |
|
|
4,033 |
|
|
Amortization of intangibles |
4,325 |
|
|
2,124 |
|
|
6,750 |
|
|
3,750 |
|
|
Stock-based compensation expense |
413 |
|
|
269 |
|
|
738 |
|
|
500 |
|
|
Acquisition-related expense |
3 |
|
|
115 |
|
|
57 |
|
|
133 |
|
| Non-GAAP gross
profit |
$ |
61,534 |
|
|
$ |
45,276 |
|
|
$ |
110,934 |
|
|
$ |
88,883 |
|
| Non-GAAP gross
margin |
77.1 |
% |
|
74.1 |
% |
|
76.6 |
% |
|
74.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
| Reconciliation of GAAP Net (Loss) Income and Net
(Loss) Income per Share to Non-GAAP Net Income and Net Income per
Share |
|
|
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| GAAP net (loss)
income |
$ |
(5,687 |
) |
|
$ |
(6,380 |
) |
|
$ |
6,257 |
|
|
$ |
1,215 |
|
| Add: |
|
|
|
|
|
|
|
| Fair
value adjustment of acquired deferred revenue |
2,116 |
|
|
2,045 |
|
|
2,998 |
|
|
4,033 |
|
|
Amortization of intangibles |
7,977 |
|
|
2,656 |
|
|
11,341 |
|
|
4,732 |
|
|
Stock-based compensation expense |
4,741 |
|
|
3,188 |
|
|
8,478 |
|
|
5,965 |
|
|
Litigation-related expense |
46 |
|
|
89 |
|
|
63 |
|
|
144 |
|
|
Restructuring-related expense |
41 |
|
|
— |
|
|
903 |
|
|
— |
|
|
Acquisition-related expense |
2,357 |
|
|
1,255 |
|
|
5,977 |
|
|
4,278 |
|
| Non-cash
convertible debt interest expense |
1,558 |
|
|
1,466 |
|
|
3,101 |
|
|
1,466 |
|
| Less: |
|
|
|
|
|
|
|
| Income
tax effect of non-GAAP adjustments |
(1,027 |
) |
|
66 |
|
|
16,818 |
|
|
15,051 |
|
| Non-GAAP net
income |
$ |
14,176 |
|
|
$ |
4,253 |
|
|
$ |
22,300 |
|
|
$ |
6,782 |
|
| GAAP net (loss) income
per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.20 |
) |
|
$ |
(0.23 |
) |
|
$ |
0.22 |
|
|
$ |
0.04 |
|
|
Diluted |
$ |
(0.20 |
) |
|
$ |
(0.23 |
) |
|
$ |
0.20 |
|
|
$ |
0.04 |
|
| Non-GAAP net income per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.50 |
|
|
$ |
0.15 |
|
|
$ |
0.78 |
|
|
$ |
0.25 |
|
|
Diluted |
$ |
0.45 |
|
|
$ |
0.15 |
|
|
$ |
0.72 |
|
|
$ |
0.23 |
|
| GAAP weighted-average
shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
28,628,173 |
|
|
27,525,647 |
|
|
28,485,695 |
|
|
27,672,804 |
|
|
Diluted |
28,628,173 |
|
|
27,525,647 |
|
|
30,885,633 |
|
|
28,354,616 |
|
| Non-GAAP
weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
28,628,173 |
|
|
27,525,647 |
|
|
28,485,695 |
|
|
27,672,804 |
|
|
Diluted |
31,718,232 |
|
|
28,793,346 |
|
|
30,885,633 |
|
|
28,991,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Reconciliation of GAAP Operating Expense to Non-GAAP
Operating Expense |
|
|
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Research and
development |
$ |
15,719 |
|
|
$ |
10,927 |
|
|
$ |
28,238 |
|
|
$ |
21,254 |
|
| Less: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
1,047 |
|
|
405 |
|
|
1,734 |
|
|
714 |
|
|
Acquisition-related expense |
2 |
|
|
65 |
|
|
37 |
|
|
134 |
|
| Non-GAAP research and
development |
$ |
14,670 |
|
|
$ |
10,457 |
|
|
$ |
26,467 |
|
|
$ |
20,406 |
|
| |
|
|
|
|
|
|
|
| General and
administrative |
$ |
13,460 |
|
|
$ |
10,954 |
|
|
$ |
27,920 |
|
|
$ |
23,723 |
|
| Less: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
2,494 |
|
|
1,983 |
|
|
4,618 |
|
|
3,940 |
|
|
Litigation-related expense |
46 |
|
|
89 |
|
|
63 |
|
|
144 |
|
|
Acquisition-related expense |
2,321 |
|
|
908 |
|
|
5,811 |
|
|
3,809 |
|
| Non-GAAP general and
administrative |
$ |
8,599 |
|
|
$ |
7,974 |
|
|
$ |
17,428 |
|
|
$ |
15,830 |
|
| |
|
|
|
|
|
|
|
| Sales and
marketing |
$ |
22,086 |
|
|
$ |
22,963 |
|
|
$ |
41,946 |
|
|
$ |
46,034 |
|
| Less: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
787 |
|
|
531 |
|
|
1,388 |
|
|
811 |
|
|
Acquisition-related expense |
31 |
|
|
167 |
|
|
72 |
|
|
202 |
|
| Non-GAAP sales and
marketing |
$ |
21,268 |
|
|
$ |
22,265 |
|
|
$ |
40,486 |
|
|
$ |
45,021 |
|
| |
|
|
|
|
|
|
|
| Amortization of
intangible assets |
$ |
3,652 |
|
|
$ |
532 |
|
|
$ |
4,591 |
|
|
$ |
982 |
|
| Less: |
|
|
|
|
|
|
|
|
Amortization of intangible assets |
3,652 |
|
|
532 |
|
|
4,591 |
|
|
982 |
|
| Non-GAAP amortization
of intangible assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
| Restructuring
charges |
$ |
41 |
|
|
$ |
— |
|
|
$ |
903 |
|
|
$ |
— |
|
| Less: |
|
|
|
|
|
|
|
|
Restructuring-related expense |
41 |
|
|
— |
|
|
903 |
|
|
— |
|
| Non-GAAP restructuring
charges |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
| |
| Reconciliation of Revenue to Bookings |
|
|
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| GAAP revenue |
$ |
77,734 |
|
|
$ |
59,034 |
|
|
$ |
141,760 |
|
|
$ |
116,133 |
|
| Add: |
|
|
|
|
|
|
|
| Change in
deferred revenue |
4,388 |
|
|
5,113 |
|
|
24,200 |
|
|
19,389 |
|
| Deferred
revenue divested |
— |
|
|
373 |
|
|
288 |
|
|
373 |
|
| Impact of
Topic 606 adoption |
— |
|
|
— |
|
|
3,998 |
|
|
— |
|
| Impact of
foreign exchange |
543 |
|
|
— |
|
|
122 |
|
|
— |
|
| Less: |
|
|
|
|
|
|
|
| Impact of
foreign exchange |
— |
|
|
620 |
|
|
— |
|
|
773 |
|
| Beginning
deferred revenue from acquisitions |
130 |
|
|
— |
|
|
19,740 |
|
|
9,100 |
|
| Change in
unbilled revenue |
749 |
|
|
— |
|
|
1,254 |
|
|
— |
|
| Change in
deferred revenue and adjustments |
4,052 |
|
|
4,866 |
|
|
7,614 |
|
|
9,889 |
|
| Bookings |
$ |
81,786 |
|
|
$ |
63,900 |
|
|
$ |
149,374 |
|
|
$ |
126,022 |
|
|
|
| Calculation of Adjusted Free Cash Flow |
|
|
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Net cash provided by
operating activities |
$ |
13,555 |
|
|
$ |
2,872 |
|
|
$ |
16,846 |
|
|
$ |
10,433 |
|
| Subtract: |
|
|
|
|
|
|
|
| Purchases
of property and equipment |
4,507 |
|
|
3,471 |
|
|
7,795 |
|
|
10,039 |
|
| Free cash flow |
9,048 |
|
|
(599 |
) |
|
9,051 |
|
|
394 |
|
| |
|
|
|
|
|
|
|
| Add: |
|
|
|
|
|
|
|
|
Acquisition-related payments |
3,681 |
|
|
2,659 |
|
|
5,328 |
|
|
3,889 |
|
|
Restructuring-related payments |
461 |
|
|
— |
|
|
1,125 |
|
|
— |
|
|
Litigation-related payments |
85 |
|
|
37 |
|
|
212 |
|
|
69 |
|
| Adjusted free cash
flow |
$ |
13,275 |
|
|
$ |
2,097 |
|
|
$ |
15,716 |
|
|
$ |
4,352 |
|
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