LogMeIn Announces Fourth Quarter and Fiscal Year 2019 Results
February 13 2020 - 4:08PM
LogMeIn, Inc. (NASDAQ: LOGM), a leading provider of cloud-based
connectivity, today announced its results for the fourth quarter
and fiscal year ended December 31, 2019.
Fourth quarter 2019 highlights include:
- GAAP revenue was $322.7 million and non-GAAP revenue was $322.9
million
- GAAP net loss was $4.1 million or ($0.08) per share and
non-GAAP net income was $69.8 million or $1.43 per diluted
share
- EBITDA was $79.4 million or 24.6% of GAAP revenue and Adjusted
EBITDA was $111.1 million or 34.4% of non-GAAP revenue
- Cash flow from operations was $74.5 million or 23.1% of
non-GAAP revenue, and adjusted free cash flow was $62.6 million or
19.4% of non-GAAP revenue
- Total GAAP deferred revenue was $408.2 million
- The Company closed the quarter with cash and cash equivalents
of $128.0 million and $200.0 million of borrowings under its
existing credit agreement
Fiscal year 2019 highlights include:
- GAAP revenue was $1.260 billion and non-GAAP revenue was $1.262
billion
- GAAP net loss was $14.6 million or ($0.29) per share and
non-GAAP net income was $256.9 million or $5.15 per diluted
share
- EBITDA was $302.9 million or 24.0% of GAAP revenue and Adjusted
EBITDA was $412.7 million or 32.7% of non-GAAP revenue
- Cash flow from operations was $360.8 million or 28.6% of
non-GAAP revenue and adjusted free cash flow was $308.9 million or
24.5% of non-GAAP revenue
- $273.1 million returned to stockholders with $208.5 million of
share repurchases and $64.6 million of dividends
Conference Call and Financial Outlook
LogMeIn will not be holding a conference call
or be providing a financial outlook due to the Company’s previously
announced proposed transaction with affiliates of Francisco
Partners and Evergreen Coast Capital Corp., the private equity
affiliate of Elliott Management Corporation. Additional
information about the proposed transaction can be found in the
definitive proxy statement which was filed with the Securities and
Exchange Commission (the “SEC”) on February 7, 2020.
Where to Find Additional Business and Financial
InformationAdditional information regarding the Company’s
fourth quarter and fiscal year 2019 results, financial condition
and operations, including details regarding a global restructuring
plan initiated by the Company in the first quarter of 2020 to help
fund its strategic initiatives, can be found in the Form 8-K filed
in connection with this press release as well as the Company’s
Annual Report on Form 10-K to be filed on February 14, 2020, both
of which will be available on the SEC’s website,
http://www.sec.gov, and the Company’s investor relations
website.
Non-GAAP Financial MeasuresThis press release
contains non-GAAP financial measures including non-GAAP revenue,
EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin,
non-GAAP operating income, non-GAAP income before provision for
income taxes, non-GAAP provision for income taxes, non-GAAP net
income, non-GAAP net income per diluted share, adjusted cash flow
from operations, and adjusted free cash flow.
- Non-GAAP revenue excludes the impact of the fair value
acquisition accounting adjustment on acquired deferred
revenue.
- EBITDA is GAAP net income (loss) excluding interest, income
taxes, other (expense) income, net, and depreciation and
amortization expense.
- EBITDA margin is calculated by dividing EBITDA by
revenue.
- Adjusted EBITDA is EBITDA excluding the impact of the fair
value acquisition accounting adjustment on acquired deferred
revenue, acquisition-related costs, merger-related costs, gain on
disposition of non-core assets, stock-based compensation expense,
restructuring charges, and litigation-related expense.
- Adjusted EBITDA margin is calculated by dividing adjusted
EBITDA by non-GAAP revenue, or GAAP revenue if not
different.
- Non-GAAP operating income excludes the impact of the fair value
acquisition accounting adjustment on acquired deferred revenue,
acquisition related costs and amortization, merger-related costs,
gain on disposition of non-core assets, stock-based compensation
expense, restructuring charges, and litigation-related expense and
includes amortization expense for acquired company internally
capitalized software development costs that were adjusted in
acquisition accounting.
- Non-GAAP provision for income taxes excludes the tax impact of
the fair value acquisition accounting adjustment on acquired
deferred revenue, acquisition-related costs and amortization,
merger-related costs, gain on disposition of non-core assets,
stock-based compensation expense, restructuring charges,
litigation-related expense, discrete integration related tax
impacts, and the tax impact related to the enactment of the U.S.
Tax Cuts and Jobs Act of 2017, and includes the tax impact of
amortization expense for acquired company internally capitalized
software development costs that were adjusted in acquisition
accounting.
- Non-GAAP net income and non-GAAP net income per diluted share
reflects the adjustments noted in non-GAAP operating income and
non-GAAP provision for income taxes above.
- Adjusted cash flow from operations excludes acquisition
retention-based bonus, litigation, restructuring,
acquisition-related payments and transaction and transition-related
tax payments.
- Adjusted free cash flow is adjusted cash flow from operations
excluding purchases of property and equipment and intangible asset
additions.
The exclusion of certain expenses in the calculation of non-GAAP
financial measures should not be construed as an inference that
these costs are unusual or infrequent. We anticipate excluding
these expenses in the future presentation of our non-GAAP financial
measures. 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 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 elements 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 judgment by management in determining these non-GAAP
financial measures. In order to compensate for these
limitations, management of the Company presents its non-GAAP
financial measures in connection with its GAAP results. The
Company urges investors to review the reconciliation of its
non-GAAP financial measures to the comparable GAAP financial
measures, which it includes in press releases announcing quarterly
financial results, and not to rely on any single financial measure
to evaluate the Company's business. Reconciliation tables of the
most comparable GAAP financial measures to the non-GAAP measures
used in this press release are included in this release.
About LogMeIn, Inc.LogMeIn, Inc. (NASDAQ: LOGM)
simplifies how people connect with each other and the world around
them to drive meaningful interactions, deepen relationships, and
create better outcomes for individuals and businesses. One of the
world’s top 10 public SaaS companies, and a market leader in
unified communications and collaboration, identity and access
management, and customer engagement and support solutions, LogMeIn
has millions of customers spanning virtually every country across
the globe. LogMeIn is headquartered in Boston, Massachusetts with
additional locations in North America, South America, Europe, Asia
and Australia.
LogMeIn is a registered trademark of LogMeIn,
Inc. in the US and other countries around the world.
Contact Information:Investors Rob
Bradley LogMeIn,
Inc.781-897-1301rbradley@LogMeIn.com
PressCraig VerColenLogMeIn,
Inc.781-897-0696Press@LogMeIn.com
|
|
LogMeIn,
Inc. |
|
Condensed
Consolidated Balance Sheets (unaudited) |
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
2018 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
ASSETS |
|
Current
assets: |
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
148,652 |
|
|
$ |
128,005 |
|
|
Accounts receivable, net |
|
|
95,354 |
|
|
|
107,595 |
|
|
Prepaid expenses and other current assets |
|
|
83,887 |
|
|
|
89,351 |
|
|
Total current assets |
|
|
327,893 |
|
|
|
324,951 |
|
|
Property and
equipment, net |
|
|
98,238 |
|
|
|
99,157 |
|
|
Operating
lease assets |
|
|
- |
|
|
|
99,026 |
|
|
Restricted
cash |
|
|
1,840 |
|
|
|
1,883 |
|
|
Intangibles,
net |
|
|
1,059,988 |
|
|
|
840,427 |
|
|
Goodwill |
|
|
2,400,390 |
|
|
|
2,414,287 |
|
|
Other
assets |
|
|
41,545 |
|
|
|
68,272 |
|
|
Deferred tax
assets |
|
|
6,059 |
|
|
|
7,994 |
|
|
Total assets |
|
$ |
3,935,953 |
|
|
$ |
3,855,997 |
|
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY |
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
35,447 |
|
|
$ |
52,104 |
|
|
Current operating lease liabilities |
|
|
- |
|
|
|
18,470 |
|
|
Accrued liabilities |
|
|
119,379 |
|
|
|
161,996 |
|
|
Deferred revenue, current portion |
|
|
369,780 |
|
|
|
390,087 |
|
|
Total current liabilities |
|
|
524,606 |
|
|
|
622,657 |
|
|
Long-term
debt |
|
|
200,000 |
|
|
|
200,000 |
|
|
Deferred
revenue, net of current portion |
|
|
9,518 |
|
|
|
18,076 |
|
|
Deferred tax
liabilities |
|
|
201,212 |
|
|
|
170,482 |
|
|
Non-current
operating lease liabilities |
|
|
- |
|
|
|
88,674 |
|
|
Other
long-term liabilities |
|
|
25,929 |
|
|
|
15,400 |
|
|
Total liabilities |
|
|
961,265 |
|
|
|
1,115,289 |
|
|
Equity: |
|
|
|
|
|
Common stock |
|
|
567 |
|
|
|
573 |
|
|
Additional paid-in capital |
|
|
3,316,603 |
|
|
|
3,369,893 |
|
|
Retained earnings |
|
|
84,043 |
|
|
|
4,931 |
|
|
Accumulated other comprehensive income (loss) |
|
|
2,133 |
|
|
|
684 |
|
|
Treasury stock |
|
|
(428,658 |
) |
|
|
(635,373 |
) |
|
Total equity |
|
|
2,974,688 |
|
|
|
2,740,708 |
|
|
Total
liabilities and equity |
|
$ |
3,935,953 |
|
|
$ |
3,855,997 |
|
|
|
|
|
|
|
|
LogMeIn,
Inc. |
|
Condensed
Consolidated Statements of Operations
(unaudited) |
|
(In
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
310,198 |
|
|
$ |
322,680 |
|
|
$ |
1,203,992 |
|
|
$ |
1,260,385 |
|
|
Cost of
revenue |
|
|
72,853 |
|
|
|
83,980 |
|
|
|
281,481 |
|
|
|
323,665 |
|
|
Gross
profit |
|
|
237,345 |
|
|
|
238,700 |
|
|
|
922,511 |
|
|
|
936,720 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
40,153 |
|
|
|
39,951 |
|
|
|
169,409 |
|
|
|
160,499 |
|
|
Sales
and marketing |
|
|
100,399 |
|
|
|
115,015 |
|
|
|
382,997 |
|
|
|
461,078 |
|
|
General and administrative |
|
|
33,462 |
|
|
|
41,401 |
|
|
|
145,453 |
|
|
|
144,780 |
|
|
Restructuring charge |
|
|
- |
|
|
|
(134 |
) |
|
|
- |
|
|
|
14,468 |
|
|
Gain
on disposition of assets |
|
|
- |
|
|
|
- |
|
|
|
(33,910 |
) |
|
|
- |
|
|
Amortization of acquired intangibles |
|
|
43,841 |
|
|
|
39,312 |
|
|
|
172,539 |
|
|
|
157,569 |
|
|
Total operating expenses |
|
|
217,855 |
|
|
|
235,545 |
|
|
|
836,488 |
|
|
|
938,394 |
|
|
Income
(loss) from operations |
|
|
19,490 |
|
|
|
3,155 |
|
|
|
86,023 |
|
|
|
(1,674 |
) |
|
Interest income |
|
|
337 |
|
|
|
276 |
|
|
|
1,671 |
|
|
|
1,651 |
|
|
Interest expense |
|
|
(2,128 |
) |
|
|
(1,930 |
) |
|
|
(6,342 |
) |
|
|
(8,247 |
) |
|
Other
income (expense), net |
|
|
(154 |
) |
|
|
(401 |
) |
|
|
(556 |
) |
|
|
(588 |
) |
|
Income
(loss) before income taxes |
|
|
17,545 |
|
|
|
1,100 |
|
|
|
80,796 |
|
|
|
(8,858 |
) |
|
(Provision
for) benefit from income taxes |
|
|
7,843 |
|
|
|
(5,202 |
) |
|
|
(6,425 |
) |
|
|
(5,697 |
) |
|
Net income
(loss) |
|
$ |
25,388 |
|
|
$ |
(4,102 |
) |
|
$ |
74,371 |
|
|
$ |
(14,555 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.50 |
|
|
$ |
(0.08 |
) |
|
$ |
1.44 |
|
|
$ |
(0.29 |
) |
|
Diluted |
|
$ |
0.49 |
|
|
$ |
(0.08 |
) |
|
$ |
1.42 |
|
|
$ |
(0.29 |
) |
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
50,995 |
|
|
|
48,696 |
|
|
|
51,814 |
|
|
|
49,586 |
|
|
Diluted |
|
|
51,353 |
|
|
|
48,696 |
|
|
|
52,496 |
|
|
|
49,586 |
|
|
|
|
|
|
|
|
|
|
|
|
LogMeIn,
Inc. |
|
|
Calculation
of Non-GAAP Revenue (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
|
|
|
|
(in thousands) |
|
|
(in thousands) |
|
|
GAAP Revenue |
|
$ |
310,198 |
|
|
$ |
322,680 |
|
|
$ |
1,203,992 |
|
|
$ |
1,260,385 |
|
|
|
|
Add
Back: |
|
|
|
|
|
|
|
|
|
|
|
Effect of
acquisition accounting on fair value of acquired deferred
revenue |
|
|
533 |
|
|
|
253 |
|
|
|
3,718 |
|
|
|
1,231 |
|
|
|
Non-GAAP Revenue |
|
$ |
310,731 |
|
|
$ |
322,933 |
|
|
$ |
1,207,710 |
|
|
$ |
1,261,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation
of Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP Net
Income per Diluted Share (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
|
|
|
|
(In thousands,
except per share data) |
(In thousands,
except per share data) |
|
GAAP Net income (loss) from operations |
|
$ |
19,490 |
|
|
$ |
3,155 |
|
|
$ |
86,023 |
|
|
$ |
(1,674 |
) |
|
|
|
Add
Back: |
|
|
|
|
|
|
|
|
|
|
|
Effect of
acquisition accounting on fair value of acquired deferred
revenue |
|
|
533 |
|
|
|
253 |
|
|
|
3,718 |
|
|
|
1,231 |
|
|
|
|
Stock-based
compensation expense |
|
|
16,914 |
|
|
|
17,361 |
|
|
|
65,734 |
|
|
|
68,206 |
|
|
|
|
Acquisition
related costs |
|
|
3,806 |
|
|
|
2,665 |
|
|
|
22,880 |
|
|
|
12,926 |
|
|
|
|
Merger
related costs |
|
|
- |
|
|
|
10,919 |
|
|
|
- |
|
|
|
10,919 |
|
|
|
|
Restructuring charge |
|
|
- |
|
|
|
(134 |
) |
|
|
- |
|
|
|
14,468 |
|
|
|
|
Litigation
related expenses |
|
|
107 |
|
|
|
623 |
|
|
|
584 |
|
|
|
2,029 |
|
|
|
|
Amortization
of acquired intangibles |
|
|
62,158 |
|
|
|
60,139 |
|
|
|
245,244 |
|
|
|
241,263 |
|
|
|
|
Gain on
disposition of assets |
|
|
- |
|
|
|
- |
|
|
|
(33,910 |
) |
|
|
- |
|
|
|
|
Effect of
acquisition accounting on internally capitalized software
development costs |
|
|
(749 |
) |
|
|
- |
|
|
|
(8,385 |
) |
|
|
- |
|
|
|
Non-GAAP Operating income |
|
|
102,259 |
|
|
|
94,981 |
|
|
|
381,888 |
|
|
|
349,368 |
|
|
|
|
Interest and
other expense, net |
|
|
(1,945 |
) |
|
|
(2,055 |
) |
|
|
(5,227 |
) |
|
|
(7,184 |
) |
|
|
Non-GAAP Income before income taxes |
|
|
100,314 |
|
|
|
92,926 |
|
|
|
376,661 |
|
|
|
342,184 |
|
|
|
|
Non-GAAP
Provision for income taxes |
|
|
(24,828 |
) |
|
|
(23,148 |
) |
|
|
(93,637 |
) |
|
|
(85,238 |
) |
|
|
Non-GAAP Net income |
|
$ |
75,486 |
|
|
$ |
69,778 |
|
|
$ |
283,024 |
|
|
$ |
256,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per diluted share |
|
$ |
1.47 |
|
|
$ |
1.43 |
|
|
$ |
5.39 |
|
|
$ |
5.15 |
|
|
|
Diluted weighted average shares outstanding used in computing per
share amounts |
|
|
51,353 |
|
|
|
48,938 |
|
|
|
52,496 |
|
|
|
49,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation
of EBITDA and Adjusted EBITDA (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
|
|
|
|
(in thousands) |
|
|
(in thousands) |
|
|
GAAP Net income (loss) |
|
$ |
25,388 |
|
|
$ |
(4,102 |
) |
|
$ |
74,371 |
|
|
$ |
(14,555 |
) |
|
|
|
Add
Back: |
|
|
|
|
|
|
|
|
|
|
|
Interest and
other expense, net |
|
|
1,945 |
|
|
|
2,055 |
|
|
|
5,227 |
|
|
|
7,184 |
|
|
|
|
Income tax
provision (benefit) |
|
|
(7,843 |
) |
|
|
5,202 |
|
|
|
6,425 |
|
|
|
5,697 |
|
|
|
|
Amortization
of acquired intangibles |
|
|
62,158 |
|
|
|
60,139 |
|
|
|
245,244 |
|
|
|
241,263 |
|
|
|
|
Depreciation
and amortization expense |
|
|
15,731 |
|
|
|
16,102 |
|
|
|
55,827 |
|
|
|
63,333 |
|
|
|
EBITDA |
|
|
97,379 |
|
|
|
79,396 |
|
|
|
387,094 |
|
|
|
302,922 |
|
|
|
|
Add
Back: |
|
|
|
|
|
|
|
|
|
|
|
Effect of
acquisition accounting on fair value of acquired deferred
revenue |
|
|
533 |
|
|
|
253 |
|
|
|
3,718 |
|
|
|
1,231 |
|
|
|
|
Stock-based
compensation expense |
|
|
16,914 |
|
|
|
17,361 |
|
|
|
65,734 |
|
|
|
68,206 |
|
|
|
|
Gain on
disposition of assets |
|
|
- |
|
|
|
- |
|
|
|
(33,910 |
) |
|
|
- |
|
|
|
|
Acquisition
related costs |
|
|
3,806 |
|
|
|
2,665 |
|
|
|
22,880 |
|
|
|
12,926 |
|
|
|
|
Merger
related costs |
|
|
- |
|
|
|
10,919 |
|
|
|
- |
|
|
|
10,919 |
|
|
|
|
Restructuring charge |
|
|
- |
|
|
|
(134 |
) |
|
|
- |
|
|
|
14,468 |
|
|
|
|
Litigation
related expenses |
|
|
107 |
|
|
|
623 |
|
|
|
584 |
|
|
|
2,029 |
|
|
|
Adjusted EBITDA |
|
$ |
118,739 |
|
|
$ |
111,083 |
|
|
$ |
446,100 |
|
|
$ |
412,701 |
|
|
|
|
EBITDA
Margin |
|
|
31.4 |
% |
|
|
24.6 |
% |
|
|
32.2 |
% |
|
|
24.0 |
% |
|
|
|
Adjusted
EBITDA Margin |
|
|
38.2 |
% |
|
|
34.4 |
% |
|
|
36.9 |
% |
|
|
32.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation
of Adjusted Cash Flows from Operations and Adjusted Free Cash Flow
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
|
|
|
|
(in thousands) |
|
|
(in thousands) |
|
|
GAAP Cash flows from operations |
|
$ |
73,175 |
|
|
$ |
74,481 |
|
|
$ |
404,039 |
|
|
$ |
360,849 |
|
|
|
|
Add
Back: |
|
|
|
|
|
|
|
|
|
|
|
Litigation
related payments |
|
|
305 |
|
|
|
676 |
|
|
|
1,467 |
|
|
|
1,498 |
|
|
|
|
Acquisition
retention-based bonus |
|
|
577 |
|
|
|
1,198 |
|
|
|
3,720 |
|
|
|
7,779 |
|
|
|
|
Restructuring payments |
|
|
- |
|
|
|
655 |
|
|
|
- |
|
|
|
10,153 |
|
|
|
|
Tax payment
for gain on Xively disposition and integration-related IP
realignment |
|
|
10,862 |
|
|
|
- |
|
|
|
15,098 |
|
|
|
- |
|
|
|
|
Transaction
related payments (acquisitions and dispositions) |
|
|
1,890 |
|
|
|
1,542 |
|
|
|
18,684 |
|
|
|
3,859 |
|
|
|
Adjusted cash flows from operations |
|
|
86,809 |
|
|
|
78,552 |
|
|
|
443,008 |
|
|
|
384,138 |
|
|
|
|
Purchases of
property and equipment |
|
|
(9,375 |
) |
|
|
(5,625 |
) |
|
|
(30,965 |
) |
|
|
(35,438 |
) |
|
|
|
Intangible
asset additions |
|
|
(8,081 |
) |
|
|
(10,368 |
) |
|
|
(34,219 |
) |
|
|
(39,789 |
) |
|
|
Adjusted Free Cash Flow |
|
$ |
69,353 |
|
|
$ |
62,559 |
|
|
$ |
377,824 |
|
|
$ |
308,911 |
|
|
|
|
GAAP Cash
flows from operations as a % of Non-GAAP Revenue |
|
|
23.5 |
% |
|
|
23.1 |
% |
|
|
33.5 |
% |
|
|
28.6 |
% |
|
|
|
Adjusted
Cash flows from operations as a % of Non-GAAP Revenue |
|
|
27.9 |
% |
|
|
24.3 |
% |
|
|
36.7 |
% |
|
|
30.4 |
% |
|
|
|
Adjusted
Free Cash Flow as a % of Non-GAAP Revenue |
|
|
22.3 |
% |
|
|
19.4 |
% |
|
|
31.3 |
% |
|
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-Based
Compensation Expense (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
|
|
|
|
(in thousands) |
|
|
(in thousands) |
|
|
Cost of revenue |
|
$ |
1,242 |
|
|
$ |
1,272 |
|
|
$ |
4,997 |
|
|
$ |
4,862 |
|
|
|
Research and development |
|
|
4,637 |
|
|
|
4,749 |
|
|
|
18,869 |
|
|
|
17,574 |
|
|
|
Sales and marketing |
|
|
4,207 |
|
|
|
4,718 |
|
|
|
15,995 |
|
|
|
17,930 |
|
|
|
General and administrative |
|
|
6,828 |
|
|
|
6,622 |
|
|
|
25,873 |
|
|
|
27,840 |
|
|
|
Total stock based-compensation |
|
$ |
16,914 |
|
|
$ |
17,361 |
|
|
$ |
65,734 |
|
|
$ |
68,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LogMeIn, Inc. |
Condensed
Consolidated Statements of Cash Flows
(unaudited) |
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
25,388 |
|
|
$ |
(4,102 |
) |
|
$ |
74,371 |
|
|
$ |
(14,555 |
) |
Adjustments to reconcile net income (loss) to net cash |
|
|
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
16,914 |
|
|
|
17,361 |
|
|
|
65,734 |
|
|
|
68,206 |
|
Depreciation and amortization |
|
|
77,889 |
|
|
|
76,241 |
|
|
|
301,071 |
|
|
|
304,596 |
|
Gain on disposition of assets, excluding transaction
costs |
|
|
- |
|
|
|
- |
|
|
|
(36,281 |
) |
|
|
- |
|
Change in fair value of contingent consideration
liability |
|
|
- |
|
|
|
268 |
|
|
|
- |
|
|
|
849 |
|
Restructuring-related property and equipment charges |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,164 |
|
Benefit from deferred income taxes |
|
|
(23,395 |
) |
|
|
(1,597 |
) |
|
|
(57,456 |
) |
|
|
(35,698 |
) |
Other, net |
|
|
490 |
|
|
|
502 |
|
|
|
1,771 |
|
|
|
1,776 |
|
Changes in assets and liabilities, excluding effect of
acquisitions and dispositions: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(8,551 |
) |
|
|
(26,129 |
) |
|
|
7,751 |
|
|
|
(13,521 |
) |
Prepaid expenses and other current assets |
|
|
(22,145 |
) |
|
|
(7,583 |
) |
|
|
(13,671 |
) |
|
|
(12,998 |
) |
Other assets |
|
|
(3,765 |
) |
|
|
(6,760 |
) |
|
|
(16,596 |
) |
|
|
(27,147 |
) |
Accounts payable |
|
|
(2,471 |
) |
|
|
(3,987 |
) |
|
|
11,104 |
|
|
|
17,464 |
|
Accrued liabilities |
|
|
5,697 |
|
|
|
13,738 |
|
|
|
26,811 |
|
|
|
37,884 |
|
Deferred revenue |
|
|
7,385 |
|
|
|
11,383 |
|
|
|
35,416 |
|
|
|
29,047 |
|
Other long-term liabilities |
|
|
(261 |
) |
|
|
5,146 |
|
|
|
4,014 |
|
|
|
1,782 |
|
Net cash provided by operating activities |
|
|
73,175 |
|
|
|
74,481 |
|
|
|
404,039 |
|
|
|
360,849 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(9,375 |
) |
|
|
(5,625 |
) |
|
|
(30,965 |
) |
|
|
(35,438 |
) |
Intangible asset additions |
|
|
(8,081 |
) |
|
|
(10,368 |
) |
|
|
(34,219 |
) |
|
|
(39,789 |
) |
Acquisition of businesses, net of cash acquired |
|
|
- |
|
|
|
- |
|
|
|
(342,072 |
) |
|
|
(22,463 |
) |
Proceeds from disposition of assets |
|
|
- |
|
|
|
- |
|
|
|
42,394 |
|
|
|
7,500 |
|
Net cash provided by (used in) investing activities |
|
|
(17,456 |
) |
|
|
(15,993 |
) |
|
|
(364,862 |
) |
|
|
(90,190 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Borrowings (repayments) under credit facility |
|
|
- |
|
|
|
- |
|
|
|
200,000 |
|
|
|
- |
|
Proceeds
from issuance of common stock upon option exercises and employee
stock purchase plan |
|
|
|
|
- |
|
|
|
5,071 |
|
|
|
3,831 |
|
|
|
5,204 |
|
Payments of withholding taxes in connection with restricted stock
unit vesting |
|
|
(1,126 |
) |
|
|
(1,646 |
) |
|
|
(30,617 |
) |
|
|
(20,114 |
) |
Payment of contingent consideration |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,857 |
) |
Dividends paid on common stock |
|
|
(15,302 |
) |
|
|
(15,821 |
) |
|
|
(62,202 |
) |
|
|
(64,557 |
) |
Purchase of treasury stock |
|
|
(56,914 |
) |
|
|
(39,316 |
) |
|
|
(247,144 |
) |
|
|
(208,504 |
) |
Net cash provided by (used in) financing activities |
|
|
(73,342 |
) |
|
|
(51,712 |
) |
|
|
(136,132 |
) |
|
|
(289,828 |
) |
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
|
(1,336 |
) |
|
|
2,081 |
|
|
|
(6,762 |
) |
|
|
(1,435 |
) |
Net increase (decrease) in cash, cash equivalents and restricted
cash |
|
|
(18,959 |
) |
|
|
8,857 |
|
|
|
(103,717 |
) |
|
|
(20,604 |
) |
Cash, cash equivalents and restricted cash, beginning of
period |
|
|
169,451 |
|
|
|
121,031 |
|
|
|
254,209 |
|
|
|
150,492 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
150,492 |
|
|
$ |
129,888 |
|
|
$ |
150,492 |
|
|
$ |
129,888 |
|
|
|
|
|
|
|
|
|
|
|
|
LogMeIn (NASDAQ:LOGM)
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From May 2024 to Jun 2024
LogMeIn (NASDAQ:LOGM)
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From Jun 2023 to Jun 2024