[February 03, 2015] |
|
RingCentral Announces Revenue Increase of 37% for Fourth Quarter 2014
RingCentral,
Inc. (NYSE: RNG), a leading provider of cloud
business communications solutions, today announced financial results
for the fourth quarter and full year ended December 31, 2014.
Fourth Quarter Highlights:
-
Revenue increased 37% year-over-year to $61.9 million.
-
Total annualized exit monthly recurring subscriptions were up 37%
year-over-year to $237.5 million.
-
RingCentral Office® annualized exit monthly recurring subscriptions
were up 52% year-over-year to $170.5 million.
-
Net monthly subscription dollar retention was over 99%.
"We had a very successful year in 2014, capped by a fourth quarter of
industry leading revenue growth and meaningful margin improvements,"
said Vlad Shmunis, RingCentral's Chairman and CEO. "Our strategy to
expand up market and acquire larger customers continues to build
momentum, and is contributing meaningfully to our financial results. We
believe that our differentiated, cloud-based business communications
platform is clearly resonating with customers and positions us well for
success in 2015 and beyond."
Financial Results of the Fourth Quarter 2014:
-
Revenue: Total revenue was $61.9 million for the fourth quarter
of 2014, up 37% from the fourth quarter of 2013. Service revenue was
$56.4 million for the fourth quarter of 2014, up 37% from the fourth
quarter of 2013.
-
Net Income (Loss): GAAP net income (loss) per diluted share was
($0.15) for the fourth quarter of 2014 compared with ($0.22) for the
fourth quarter of 2013. Non-GAAP net income (loss) per diluted share
was ($0.09) for the fourth quarter of 2014, compared with ($0.14) per
diluted share for the fourth quarter of 2013.
-
Balance Sheet: Total cash and short-term investments at the end
of the fourth quarter of 2014 was $141.7 million, compared with $149.4
million at the end of the third quarter of 2014.
Financial Results of the Full Year 2014:
-
Revenue: Total revenue was $219.9 million for the full year of
2014, up 37% from the full year of 2013. Service revenue was $200.1
million for the full year of 2014, up 37% from the full year of 2013.
-
Net Income (Loss): GAAP net income (loss) per diluted share was
($0.72) for the full year of 2014 compared with ($1.39) for the full
year of 2013. Non-GAAP net income (loss) per diluted share was ($0.49)
for the full year of 2014, compared with ($1.01) per diluted share for
the full year of 2013.
-
Balance Sheet: Total cash and short-term investments at the end
of 2014 was $141.7 million, up from $116.4 million at the end of 2013.
Fourth Quarter 2014 and Recent Business Highlights:
-
Announced that RingCentral Office® is now integrated with Google for
Work. Users can click-to-call, send and receive SMS text messages,
host web meetings, and video and audio conferences with up to 1,000
people - all within the Google for Work environment.
-
Released a fully HIPAA-compliant RingCentral Office® solution to
better serve the large and growing healthcare industry.
-
Integrated RingCentral Office® with Zendesk, a leading cloud-based
customer service software provider.
Conference Call Details:
-
What: RingCentral financial results for the fourth quarter and
full year of 2014 and outlook for the first quarter and full year of
2015.
-
When: Tuesday, February 3, 2015 at 2PM PT (5PM ET).
-
Dial in: To access the call in the United States, please (877)
705-6003, and for international callers dial (201) 493-6725. Callers
may provide confirmation number 13598805 to access the call more
quickly, and are encouraged to dial into the call 10 to 15 minutes
prior to the start to prevent any delay in joining.
-
Webcast: http://ir.ringcentral.com/
(live and replay).
-
Replay: A replay of the call will be available via telephone
for seven days, beginning two hours after the call. To listen to the
telephone replay in the U.S., please dial (877) 870-5176 from the
United States or (858) 384-5517 internationally with recording access
code 13598805.
About RingCentral
RingCentral,
Inc. (NYSE: RNG) is a leading provider of cloud-based business
communications solutions. Easier to manage and more flexible than
on-premise communications phone systems, RingCentral's cloud solution
meets the needs of modern distributed and mobile workforces, while
eliminating the expense and complications of on-premise traditional
hardware-based systems and software. RingCentral is headquartered in San
Mateo, California.
Forward-Looking Statements
This press release contains "forward-looking statements", including
statements regarding our strategy to expand up market and acquire larger
customers and our anticipated future financial results. Forward-looking
statements are subject to known and unknown risks and uncertainties and
are based on assumptions that may prove to be incorrect, which could
cause actual results to differ materially from those expected or implied
by the forward-looking statements. Among the important factors that
could cause actual results to differ materially from those in any
forward-looking statements are: our ability to grow at our expected rate
of growth; our ability to add and retain larger customers and enter new
geographies and markets; our ability to continue to release, and gain
customer acceptance of, new and improved versions of our services; our
ability to compete successfully against existing and new competitors;
our ability to enter into and maintain relationships with carriers and
other resellers; our ability to manage our expenses and growth; and
general market, political, economic, and business conditions; as well as
those risks and uncertainties included under the captions "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition and
Results of Operations," in our Form 10-Q for the quarter ended September
30, 2014, filed with the Securities and Exchange Commission; and in
other filings we make with the Securities and Exchange Commission from
time to time.
All forward-looking statements in this press release are based on
information available to RingCentral as of the date hereof, and we
undertake no obligation to update these forward-looking statements, to
review or confirm analysts' expectations, or to provide interim reports
or updates on the progress of the current financial quarter.
Non-GAAP Financial Measures
Our reported results include certain Non-GAAP financial measures,
including Non-GAAP operating income (loss) and Non-GAAP net income
(loss) per share. We define Non-GAAP operating income (loss) as
operating income (loss) excluding share-based compensation, legal
settlements and other one-time items. We define Non-GAAP net income
(loss) per share as net income (loss) per share assuming all preferred
stock converted into common stock at the later of the start of the
period or the date of issuance.
We have included Non-GAAP operating income (loss) and Non-GAAP net
income (loss) per share in this press release because they are key
measures used by us 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, the
exclusion of certain expenses in calculating Non-GAAP operating income
(loss) and Non-GAAP net income (loss) per share can provide a useful
measure for period-to-period comparisons of our core business.
Although Non-GAAP operating income (loss) and Non-GAAP net income (loss)
per share are frequently used by investors in their evaluations of
companies, these non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation or as a
substitute for financial information presented in accordance with GAAP.
Because of these limitations, these non-GAAP financial measures should
be considered alongside other financial performance measures.
We have not reconciled Non-GAAP operating income (loss) to operating
income (loss) guidance or Non-GAAP net income (loss) per share to net
income (loss) per share guidance because we do not provide guidance for
share-based compensation expense, provision for income taxes, interest
income, interest expense, and other income and expenses, which are
reconciling items between Non-GAAP operating income (loss) to operating
income (loss) guidance or Non-GAAP net income (loss) per share to net
income (loss) per share. As items that impact net income (loss) are out
of our control and/or cannot be reasonably predicted, we are unable to
provide such guidance. Accordingly, reconciliation to net income (loss)
is not available without unreasonable effort. For a reconciliation of
historical non-GAAP financial measures to the nearest comparable GAAP
measures, see the reconciliation tables included in this press release.
Our reported results also include our total annualized exit monthly
recurring subscriptions, RingCentral Office annualized exit monthly
recurring subscriptions, and net monthly subscription dollar retention.
We define our total annualized exit monthly recurring subscriptions as
our total monthly recurring subscriptions multiplied by 12. Our total
monthly recurring subscriptions equals the monthly value of all customer
subscriptions in effect at the end of a given month. We believe this
metric is a leading indicator of our anticipated services revenues. We
calculate our RingCentral Office annualized exit monthly recurring
subscriptions in the same manner as we calculate our total annualized
exit monthly recurring subscriptions, except that only customer
subscriptions from RingCentral Office customers are included when
determining monthly recurring subscriptions for the purposes of
calculating this key business metric. We define Dollar Net Change as the
quotient of (i) the difference of our Monthly Recurring Subscriptions at
the end of a period minus our Monthly Recurring Subscriptions at the
beginning of a period minus our Monthly Recurring Subscriptions at the
end of the period from new customers we added during the period,
(ii) all divided by the number of months in the period. We define our
Average Monthly Recurring Subscriptions as the average of the Monthly
Recurring Subscriptions at the beginning and end of the measurement
period.
|
RINGCENTRAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
|
December 31, 2013
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
$
|
113,182
|
|
|
$
|
116,378
|
Short-term investments
|
|
|
|
|
|
|
|
|
|
28,479
|
|
|
|
-
|
Accounts receivable, net
|
|
|
|
|
|
|
|
|
|
7,651
|
|
|
|
3,045
|
Inventory
|
|
|
|
|
|
|
|
|
|
1,710
|
|
|
|
2,111
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
|
|
8,767
|
|
|
|
5,214
|
Total current assets
|
|
|
|
|
|
|
|
|
|
159,789
|
|
|
|
126,748
|
Property and equipment, net
|
|
|
|
|
|
|
|
|
|
25,527
|
|
|
|
16,660
|
Other assets
|
|
|
|
|
|
|
|
|
|
3,021
|
|
|
|
1,777
|
Total assets
|
|
|
|
|
|
|
|
|
$
|
188,337
|
|
|
$
|
145,185
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
|
|
$
|
4,181
|
|
|
$
|
4,414
|
Accrued liabilities
|
|
|
|
|
|
|
|
|
|
29,236
|
|
|
|
20,559
|
Current portion of capital lease obligation
|
|
|
|
|
|
|
|
|
|
509
|
|
|
|
347
|
Current portion of long-term debt
|
|
|
|
|
|
|
|
|
|
16,764
|
|
|
|
9,871
|
Deferred revenue
|
|
|
|
|
|
|
|
|
|
25,586
|
|
|
|
16,552
|
Total current liabilities
|
|
|
|
|
|
|
|
|
|
76,276
|
|
|
|
51,743
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
7,813
|
|
|
|
24,356
|
Sales tax liability
|
|
|
|
|
|
|
|
|
|
3,953
|
|
|
|
3,988
|
Capital lease obligation
|
|
|
|
|
|
|
|
|
|
535
|
|
|
|
247
|
Other long-term liabilities
|
|
|
|
|
|
|
|
|
|
3,255
|
|
|
|
1,336
|
Total liabilities
|
|
|
|
|
|
|
|
|
|
91,832
|
|
|
|
81,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
6
|
Additional paid-in capital
|
|
|
|
|
|
|
|
|
|
274,844
|
|
|
|
193,574
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
|
(251)
|
|
|
|
(310)
|
Accumulated deficit
|
|
|
|
|
|
|
|
|
|
(178,095)
|
|
|
|
(129,755)
|
Total stockholders' equity
|
|
|
|
|
|
|
|
|
|
96,505
|
|
|
|
63,515
|
Total liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
$
|
188,337
|
|
|
$
|
145,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RINGCENTRAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data)
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
$
|
56,430
|
|
|
$
|
41,327
|
|
|
$
|
200,098
|
|
|
$
|
145,995
|
Product
|
|
|
|
|
5,464
|
|
|
|
4,016
|
|
|
|
19,789
|
|
|
|
14,510
|
Total revenues
|
|
|
|
|
61,894
|
|
|
|
45,343
|
|
|
|
219,887
|
|
|
|
160,505
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
15,368
|
|
|
|
13,051
|
|
|
|
58,673
|
|
|
|
47,230
|
Product
|
|
|
|
|
4,554
|
|
|
|
4,100
|
|
|
|
18,100
|
|
|
|
14,289
|
Total cost of revenues
|
|
|
|
|
19,922
|
|
|
|
17,151
|
|
|
|
76,773
|
|
|
|
61,519
|
Gross profit
|
|
|
|
|
41,972
|
|
|
|
28,192
|
|
|
|
143,114
|
|
|
|
98,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
12,104
|
|
|
|
9,139
|
|
|
|
44,582
|
|
|
|
33,399
|
Sales and marketing
|
|
|
|
|
28,485
|
|
|
|
19,983
|
|
|
|
104,827
|
|
|
|
72,336
|
General and administrative
|
|
|
|
|
10,726
|
|
|
|
9,425
|
|
|
|
38,910
|
|
|
|
34,284
|
Total operating expenses
|
|
|
|
|
51,315
|
|
|
|
38,547
|
|
|
|
188,319
|
|
|
|
140,019
|
Loss from operations
|
|
|
|
|
(9,343)
|
|
|
|
(10,355)
|
|
|
|
(45,205)
|
|
|
|
(41,033)
|
Other income (expense), net
|
|
|
|
|
(864)
|
|
|
|
(2,990)
|
|
|
|
(3,038)
|
|
|
|
(5,110)
|
Loss before provision (benefit) for income taxes
|
|
|
|
|
(10,207)
|
|
|
|
(13,345)
|
|
|
|
(48,243)
|
|
|
|
(46,143)
|
Provision (benefit) for income taxes
|
|
|
|
|
(87)
|
|
|
|
20
|
|
|
|
97
|
|
|
|
(45)
|
Net loss
|
|
|
|
$
|
(10,120)
|
|
|
$
|
(13,365)
|
|
|
$
|
(48,340)
|
|
|
$
|
(46,098)
|
Net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
($
|
0.15)
|
|
|
($
|
0.22)
|
|
|
($
|
0.72)
|
|
|
($
|
1.39)
|
Weighted-average number of shares used in computing net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
68,318
|
|
|
|
62,098
|
|
|
|
66,818
|
|
|
|
33,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RINGCENTRAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
|
|
$(48,340)
|
|
|
$(46,098)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
10,378
|
|
|
8,980
|
Share-based compensation
|
|
|
|
|
|
|
|
15,516
|
|
|
7,540
|
Non-cash interest and other expense related to debt
|
|
|
|
|
|
|
|
259
|
|
|
2,014
|
Loss on disposal of assets
|
|
|
|
|
|
|
|
100
|
|
|
338
|
Deferred income tax
|
|
|
|
|
|
|
|
(32)
|
|
|
(16)
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
|
|
(4,606)
|
|
|
(355)
|
Inventory
|
|
|
|
|
|
|
|
401
|
|
|
(1,279)
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
(3,553)
|
|
|
(1,873)
|
Other assets
|
|
|
|
|
|
|
|
(1,015)
|
|
|
(328)
|
Accounts payable
|
|
|
|
|
|
|
|
(510)
|
|
|
(453)
|
Accrued liabilities
|
|
|
|
|
|
|
|
9,054
|
|
|
1,370
|
Deferred revenue
|
|
|
|
|
|
|
|
9,034
|
|
|
5,262
|
Other liabilities
|
|
|
|
|
|
|
|
1,884
|
|
|
1,127
|
Net cash used in operating activities
|
|
|
|
|
|
|
|
(11,430)
|
|
|
(23,771)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
|
|
|
|
(17,965)
|
|
|
(10,789)
|
Purchases of available-for-sale securities
|
|
|
|
|
|
|
|
(28,696)
|
|
|
-
|
Restricted investments
|
|
|
|
|
|
|
|
-
|
|
|
(130)
|
Net cash used in investing activities
|
|
|
|
|
|
|
|
(46,661)
|
|
|
(10,919)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from public offerings of common stock
|
|
|
|
|
|
|
|
57,167
|
|
|
103,309
|
Net proceeds from debt agreements
|
|
|
|
|
|
|
|
-
|
|
|
37,857
|
Repayment of debt
|
|
|
|
|
|
|
|
(9,909)
|
|
|
(26,309)
|
Repayment of capital lease obligations
|
|
|
|
|
|
|
|
(698)
|
|
|
(422)
|
Proceeds from issuance of preferred stock warrants
|
|
|
|
|
|
|
|
-
|
|
|
1,625
|
Payment of offering costs
|
|
|
|
|
|
|
|
(1,219)
|
|
|
(3,720)
|
Proceeds from issuance of stock in connection with stock plans
|
|
|
|
|
|
|
|
9,446
|
|
|
893
|
Net cash provided by financing activities
|
|
|
|
|
|
|
|
54,787
|
|
|
113,233
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
|
|
108
|
|
|
(29)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
|
|
|
(3,196)
|
|
|
78,514
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
|
|
|
|
|
116,378
|
|
|
37,864
|
End of period
|
|
|
|
|
|
|
|
$113,182
|
|
|
$116,378
|
|
|
|
|
|
|
|
|
|
|
|
|
RINGCENTRAL, INC.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(In thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2014
|
|
|
Three Months Ended December 31, 2013
|
|
|
Year Ended December 31, 2014
|
|
|
Year Ended December 31, 2013
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
$
|
56,430
|
|
|
$
|
41,327
|
|
|
$
|
200,098
|
|
|
$
|
145,995
|
Product
|
|
|
|
|
|
5,464
|
|
|
|
4,016
|
|
|
|
19,789
|
|
|
|
14,510
|
Total Revenues
|
|
|
|
|
|
61,894
|
|
|
|
45,343
|
|
|
|
219,887
|
|
|
|
160,505
|
Cost of Revenues reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Services cost of revenues
|
|
|
|
|
|
15,368
|
|
|
|
13,051
|
|
|
|
58,673
|
|
|
|
47,230
|
Share-based compensation
|
|
|
|
|
|
(320)
|
|
|
|
(242)
|
|
|
|
(1,294)
|
|
|
|
(539)
|
Non-GAAP services cost of revenues
|
|
|
|
|
|
15,048
|
|
|
|
12,809
|
|
|
|
57,379
|
|
|
|
46,691
|
GAAP Product cost of revenues
|
|
|
|
|
|
4,554
|
|
|
|
4,100
|
|
|
|
18,100
|
|
|
|
14,289
|
Gross margin reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Services
|
|
|
|
|
|
73.3%
|
|
|
|
69.0%
|
|
|
|
71.3%
|
|
|
|
68.0%
|
Non-GAAP Product
|
|
|
|
|
|
16.7%
|
|
|
|
(2.1%)
|
|
|
|
8.5%
|
|
|
|
1.5%
|
Non-GAAP Gross margin
|
|
|
|
|
|
68.3%
|
|
|
|
62.7%
|
|
|
|
65.7%
|
|
|
|
62.0%
|
Operating expenses reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and development
|
|
|
|
|
|
12,104
|
|
|
|
9,139
|
|
|
|
44,582
|
|
|
|
33,399
|
Share-based compensation
|
|
|
|
|
|
(917)
|
|
|
|
(611)
|
|
|
|
(3,343)
|
|
|
|
(1,495)
|
Non-GAAP research and development
|
|
|
|
|
|
11,187
|
|
|
|
8,528
|
|
|
|
41,239
|
|
|
|
31,904
|
As a % of total revenues non-GAAP
|
|
|
|
|
|
18.1%
|
|
|
|
18.8%
|
|
|
|
18.8%
|
|
|
|
19.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Sales and marketing
|
|
|
|
|
|
28,485
|
|
|
|
19,983
|
|
|
|
104,827
|
|
|
|
72,336
|
Share-based compensation
|
|
|
|
|
|
(1,599)
|
|
|
|
(579)
|
|
|
|
(5,260)
|
|
|
|
(1,313)
|
Non-GAAP sales and marketing
|
|
|
|
|
|
26,886
|
|
|
|
19,404
|
|
|
|
99,567
|
|
|
|
71,023
|
As a % of total revenues non-GAAP
|
|
|
|
|
|
43.4%
|
|
|
|
42.8%
|
|
|
|
45.3%
|
|
|
|
44.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and administrative
|
|
|
|
|
|
10,726
|
|
|
|
9,425
|
|
|
|
38,910
|
|
|
|
34,284
|
Share-based compensation
|
|
|
|
|
|
(1,374)
|
|
|
|
(1,561)
|
|
|
|
(5,619)
|
|
|
|
(4,193)
|
Legal related matters
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,097)
|
Non-GAAP general and administrative
|
|
|
|
|
|
9,352
|
|
|
|
7,864
|
|
|
|
33,291
|
|
|
|
26,994
|
As a % of total revenues non-GAAP
|
|
|
|
|
|
15.1%
|
|
|
|
17.3%
|
|
|
|
15.1%
|
|
|
|
16.8%
|
Loss from operations reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
|
|
(9,343)
|
|
|
|
(10,355)
|
|
|
|
(45,205)
|
|
|
|
(41,033)
|
Share-based compensation
|
|
|
|
|
|
4,210
|
|
|
|
2,993
|
|
|
|
15,516
|
|
|
|
7,540
|
Legal related matters
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,097
|
Non-GAAP loss from Operations
|
|
|
|
|
|
(5,133)
|
|
|
|
(7,362)
|
|
|
|
(29,689)
|
|
|
|
(30,396)
|
Net loss reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net loss
|
|
|
|
|
|
(10,120)
|
|
|
|
(13,365)
|
|
|
|
(48,340)
|
|
|
|
(46,098)
|
Share-based compensation
|
|
|
|
|
|
4,210
|
|
|
|
2,993
|
|
|
|
15,516
|
|
|
|
7,540
|
Legal related matters
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,097
|
Debt refinance
|
|
|
|
|
|
|
|
|
1,833
|
|
|
|
|
|
|
1,833
|
Non-GAAP Net loss
|
|
|
|
|
$
|
(5,910)
|
|
|
$
|
(8,539)
|
|
|
$
|
(32,824)
|
|
|
$
|
(33,628)
|
Basic and diluted net loss per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.22)
|
|
|
$
|
(0.72)
|
|
|
$
|
(1.39)
|
Non-GAAP
|
|
|
|
|
$
|
(0.09)
|
|
|
$
|
(0.14)
|
|
|
$
|
(0.49)
|
|
|
$
|
(1.01)
|
Shares used to compute basic and diluted GAAP and Non-GAAP net loss
per share
|
|
|
|
|
|
68,318
|
|
|
|
62,098
|
|
|
|
66,818
|
|
|
|
33,155
|
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