| [May 12, 2015] |
 |
New Relic Announces Fourth Quarter and Full Fiscal Year 2015 Results
Software analytics company New Relic, Inc. (NYSE: NEWR) today announced
financial results for the fourth quarter and fiscal year ended March 31,
2015.
"Our fourth quarter results capped off an incredible year of growth and
innovation for New Relic. We successfully drove new business across
organizations of all sizes - especially in the enterprise, and added
three entirely new products to our cloud-based New Relic Software
Analytics Platform," said Lew Cirne, CEO and founder, New Relic. "As we
enter FY16, we are focused on continuing to empower companies of all
sizes to deliver great software that drives their business through
world-class customer experiences."
Fourth Quarter 2015 Financial Highlights:
-
Revenue of $33.4 million, up 68% compared with the fourth quarter of
fiscal 2014 and 15% from the third quarter of fiscal 2015.
-
GAAP loss from operations was $14.7 million for the fourth quarter of
fiscal 2015, compared with GAAP loss from operations of $9.5 million
for the fourth quarter of fiscal 2014. Non-GAAP loss from operations
was $10.2 million for the fourth quarter of fiscal 2015, compared with
non-GAAP loss from operations of $6.5 million for the fourth quarter
of fiscal 2014.
-
GAAP net loss per share was $0.32 for the fourth quarter of fiscal
2015 based on 47.0 million weighted-average shares outstanding,
compared with GAAP net loss per share of $0.62 for the fourth quarter
of fiscal 2014 based on 15.7 million weighted-average shares
outstanding. Non-GAAP net loss per share was $0.22 for the fourth
quarter of fiscal 2015 based on 47.0 million non-GAAP weighted-average
shares outstanding, compared with non-GAAP net loss per share of $0.18
for the fourth quarter of fiscal 2014 based on 37.1 million non-GAAP
weighted-average shares outstanding.
-
Cash, cash equivalents and short-term investments were $200.8 million
at the end of the fourth quarter of fiscal 2015, compared with $204.8
million at the end of the third quarter of fiscal 2015.
Fiscal Year 2015 Financial Highlights:
-
Revenue of $110.4 million, up 75% compared with fiscal year 2014.
-
GAAP loss from operations was $49.9 million for fiscal year 2015,
compared with GAAP loss from operations of $39.4 million for fiscal
year 2014. Non-GAAP loss from operations was $36.2 million for fiscal
year 2015, compared with non-GAAP loss from operations of $28.0
million for fiscal year 2014.
-
GAAP net loss per share was $1.98 for fiscal year 2015 based on 25.3
million weighted-average shares outstanding, compared with GAAP net
loss per share of $2.58 for fiscal year 2014 based on 15.6 million
weighted-average shares outstanding. Non-GAAP net loss per share was
$0.85 for fiscal year 2015 based on 42.7 million non-GAAP
weighted-average shares outstanding, compared with non-GAAP net loss
per share of $0.78 for fiscal year 2014 based on 37.0 million non-GAAP
weighted-average shares outstanding.
Customer Highlights:
-
Paid Business Accounts as of March 31, 2015 of 11,910.
-
Dollar-Based Net Expansion Rate for the quarter ended March 31, 2015
of 130%.
-
New customers in the quarter included: Aramark, Bauer Digital, Carfax,
CitySprint (UK), Eastern Bank, Energy Saving Trust, Jet.com, Ladbrokes
Digital Australia, NGA Human Resources, NRK A/S, Panasonic Europe,
Property Solutions International, REI, TrustPilot, STATS LLC, Webroot
and Weight Watchers International.
-
Expanded customer relationships in the quarter included: Airbnb,
Atlassian, Centers for Medicare and Medicaid Services, Delivery Hero
Holding GmbH, Docker, Flight Centre, GE Capital, GrubHub, Kochava,
National Geographic Society, TangoME, Sanoma Oyj, Trek Bicycle
Corporation, Veracode, Vungle, Wellcentive, WeWork Companies and Wizz
Air Hungary.
Fourth Quarter & Recent Business Highlights:
-
Expanded Insights offering with the addition of key new features: Data
Apps and Browser Instrumentation.
-
Announced that Insights will extend its capabilities to provide
real-time insights about mobile application data for customers.
-
Launched New Relic Non-Profit Program, which offers qualifying
501(c)(3) non-profit organizations up to five hosts of New Relic APM
Pro for free, with significant discounts on additional APM hosts and
other New Relic products.
-
Welcomed John Gray to the company as SVP of Business Development to
lead partner strategy, building out the company's global ecosystem of
alliances and channel partners.
Outlook:
New Relic is initiating its outlook for its first quarter of fiscal
2016, as well as the full fiscal year 2016.
-
First Quarter Fiscal 2016 Outlook:
-
Revenue between $34.5 million and $35.5 million, representing
year-over-year growth of between 53% and 57%.
-
Non-GAAP loss from operations of between $11.0 million and $12.0
million.
-
Non-GAAP net loss per share of between $0.23 and $0.26. This
assumes 47.3 million non-GAAP weighted average common shares
outstanding.
-
Full Year Fiscal 2016 Outlook:
-
Revenue between $155.0 million and $159.0 million, representing
year-over-year growth of between 40% and 44%.
-
Non-GAAP loss from operations of between $46.0 million and $50.0
million.
-
Non-GAAP net loss per share of between $0.95 and $1.03. This
assumes 49.0 million non-GAAP weighted average common shares
outstanding.
Conference Call Details:
-
What: New Relic financial results for the fourth quarter and
full fiscal year 2015 and outlook for the first quarter of fiscal 2016
and the full year of fiscal 2016
-
When: May 12, 2015 at 2:00 P.M. Pacific Time (5:00 P.M. Eastern
Time)
-
Dial in: To access the call in the U.S., please dial (877)
201-0168, and for international callers, please dial (647) 788-4901.
Callers may provide confirmation number 20799417 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.newrelic.com
(live and replay)
-
Replay: Following the completion of the call through 11:59 PM
Eastern Time on May 19, 2015, a telephone replay will be available by
dialing (855) 859-2056 from the United States or (404) 537-3406
internationally with conference ID 20799417.
About New Relic
New Relic is a software analytics company that makes sense of billions
of data points about millions of applications in real time. New Relic's
comprehensive SaaS-based solution provides one powerful interface for
web and native mobile applications and consolidates the performance
monitoring data for any chosen technology in your environment. More than
500,000 users and 11,000 paid business accounts trust New Relic to tap
into the billions of real-time metrics from inside their production
software -- and provide answers to their important business questions.
When your brand and customer experience depend on the performance of
modern software, New Relic provides insight into your overall
environment. Learn more at newrelic.com.
Forward-Looking Statements
This press release and the earnings call referencing this press release
contain "forward-looking" statements, as that term is defined under the
federal securities laws, including but not limited to statements
regarding New Relic's future financial performance, including its
expected financial results for the first quarter of fiscal year 2016 and
for the full fiscal year 2016, market trends and opportunity, customer
adoption and momentum of New Relic's products, competitive advantages,
New Relic's ability to execute and empower thousands of businesses in
their move to the cloud. These forward-looking statements are based on
New Relic's current assumptions, expectations and beliefs and are
subject to substantial risks, uncertainties, assumptions and changes in
circumstances that may cause New Relic's actual results, performance or
achievements to differ materially from those expressed or implied in any
forward-looking statement.
The risks and uncertainties referred to above include, but are not
limited to, New Relic's ability to generate sufficient revenue to
achieve and sustain profitability, particularly in light of its
significant ongoing expenses; New Relic's short operating history in an
evolving industry; New Relic's ability to manage its rapid recent
growth; fluctuation of New Relic's quarterly results; the dependence of
New Relic's business on its customers purchasing additional
subscriptions and products from it and renewing their subscriptions; New
Relic's ability to develop enhancements to its products, increase
adoption and usage of its products and introduce new products that
achieve market acceptance; New Relic's ability to persuade New Relic's
customers to expand their use of New Relic's products to additional use
cases; New Relic's ability to determine optimal prices for its products;
New Relic's ability to expand its marketing and sales capabilities and
increase sales of its solutions to large enterprises while mitigating
the risks associated with serving such customers; privacy concerns,
which could result in additional cost and liability to New Relic or
inhibit sales; changes in privacy laws, regulations and standards; New
Relic's ability to effectively compete in the intensely competitive
market for application performance monitoring solutions and respond
effectively to rapidly changing technology, evolving industry standards
and changing customer needs, requirements or preferences; New Relic's
dependence on lead generation strategies to drive sales and revenue;
interruptions or performance problems associated with New Relic's
technology and infrastructure; defects or disruptions in New Relic's
products; the expense and complexity of New Relic's ongoing and planned
investments in data center hosting facilities; risks associated with
international operations; New Relic's ability to protect its
intellectual property rights; and other "Risk Factors" set forth in New
Relic's most recent filings with the Securities and Exchange Commission
(the "SEC").
Further information on these and other factors that could affect New
Relic's financial results and the forward-looking statements in this
press release is included in the filings we make with the SEC from time
to time, particularly under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and Results
of Operations," including that certain Quarterly Report on Form 10-Q for
the quarter ended December 31, 2014. Copies of these documents may be
obtained by visiting New Relic's Investor Relations website at http://ir.newrelic.com
or the SEC's website at www.sec.gov.
New Relic assumes no obligation and does not intend to update these
forward-looking statements, except as required by law.
Non-GAAP Financial Measures
New Relic discloses the following non-GAAP financial measures in this
release and the earnings call referencing this press release: non-GAAP
loss from operations, non-GAAP net loss, non-GAAP gross profit, non-GAAP
sales and marketing, non-GAAP research and development, non-GAAP general
and administrative and non-GAAP weighted average shares outstanding. New
Relic uses these non-GAAP financial measures internally in analyzing its
financial results and believes they are useful to investors, as a
supplement to GAAP measures, in evaluating its ongoing operational
performance. New Relic 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.
Non-GAAP financial measures should not be considered in isolation from,
or as a substitute for, financial information prepared in accordance
with GAAP. A reconciliation of the historical non-GAAP financial
measures to their most directly comparable GAAP measures has been
provided in the financial statement tables included below in this press
release. Investors are encouraged to review the reconciliation of these
historical non-GAAP financial measures to their most directly comparable
GAAP financial measures.
New Relic defines non-GAAP gross profit, non-GAAP sales and marketing,
non-GAAP research and development, non-GAAP general and administrative,
non-GAAP loss from operations and non-GAAP net loss as the respective
GAAP balances, adjusted for: (1) stock-based compensation, (2)
amortization of stock-based compensation capitalized in software
development costs, (3) the amortization of purchased intangibles, (4)
lawsuit litigation and (5) the transaction costs related to acquisition.
Non-GAAP net loss per share is calculated as non-GAAP net loss divided
by the non-GAAP weighted average shares outstanding that are adjusted to
assume the conversion of outstanding preferred shares to common shares
as of the beginning of the period.
With respect to New Relic's outlook under "Outlook" above, New Relic has
not reconciled its expectations as to non-GAAP loss from operations to
GAAP loss from operations or non-GAAP net loss per share to GAAP net
loss per share because certain items such as stock-based compensation
and lawsuit litigation expenses are out of New Relic's control or cannot
be reasonably predicted. Accordingly, reconciliation is not available
without unreasonable effort.
Operating Metrics
New Relic's dollar-based net expansion rate compares its recurring
subscription revenue from customers from one period to the next. It is
increased when customers increase their use of New Relic's products, use
additional products, or upgrade to a higher subscription tier. New
Relic's dollar-based net expansion rate is reduced when customers
decrease their use of New Relic's products, use fewer products, or
downgrade to a lower subscription tier.
New Relic is a registered trademark of New Relic, Inc.
All product and company names herein may be trademarks of their
registered owners.
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Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data; unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
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Year Ended
|
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|
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March 31,
|
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March 31,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
33,388
|
|
|
$
|
19,843
|
|
|
$
|
110,391
|
|
|
$
|
63,174
|
|
|
Cost of revenue
|
|
|
6,801
|
|
|
|
3,378
|
|
|
|
21,802
|
|
|
|
10,780
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
26,587
|
|
|
|
16,465
|
|
|
|
88,589
|
|
|
|
52,394
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
7,366
|
|
|
|
4,284
|
|
|
|
24,024
|
|
|
|
16,496
|
|
|
Sales and marketing
|
|
|
26,067
|
|
|
|
16,065
|
|
|
|
89,162
|
|
|
|
58,156
|
|
|
General and administrative
|
|
|
7,846
|
|
|
|
5,621
|
|
|
|
25,319
|
|
|
|
17,178
|
|
|
Total operating expenses
|
|
|
41,279
|
|
|
|
25,970
|
|
|
|
138,505
|
|
|
|
91,830
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(14,692
|
)
|
|
|
(9,505
|
)
|
|
|
(49,916
|
)
|
|
|
(39,436
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
117
|
|
|
|
3
|
|
|
|
176
|
|
|
|
16
|
|
|
Interest expense
|
|
|
(21
|
)
|
|
|
(15
|
)
|
|
|
(104
|
)
|
|
|
(64
|
)
|
|
Other expense, net
|
|
|
(210
|
)
|
|
|
(238
|
)
|
|
|
(390
|
)
|
|
|
(741
|
)
|
|
Loss before income taxes
|
|
|
(14,806
|
)
|
|
|
(9,755
|
)
|
|
|
(50,234
|
)
|
|
|
(40,225
|
)
|
|
Expense (benefit) from income taxes
|
|
|
19
|
|
|
|
-
|
|
|
|
(85
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(14,825
|
)
|
|
$
|
(9,755
|
)
|
|
$
|
(50,149
|
)
|
|
$
|
(40,225
|
)
|
|
|
|
|
|
|
|
|
|
|
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Net loss per share attributable to common stockholders, basic and
diluted
|
|
$
|
(0.32
|
)
|
|
$
|
(0.62
|
)
|
|
$
|
(1.98
|
)
|
|
$
|
(2.58
|
)
|
|
|
|
|
|
|
|
|
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|
|
Weighted-average shares used to compute net loss per share
attributable to common stockholders, basic and diluted
|
|
|
46,984
|
|
|
|
15,702
|
|
|
|
25,290
|
|
|
|
15,596
|
|
|
|
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Consolidated Balance Sheets
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(In thousands, except par value; unaudited)
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March 31,
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2015
|
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|
|
2014
|
|
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Assets
|
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Current assets:
|
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|
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Cash and cash equivalents
|
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$
|
105,257
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|
|
$
|
19,453
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|
|
Short-term investments
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|
|
95,503
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|
|
|
-
|
|
|
Accounts receivable, net of allowance for doubtful accounts of
$282 and $84, respectively
|
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|
13,813
|
|
|
|
5,532
|
|
|
Prepaid expenses and other current assets
|
|
|
4,299
|
|
|
|
2,491
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|
|
Total current assets
|
|
|
218,872
|
|
|
|
27,476
|
|
|
|
|
|
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Property and equipment, net
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|
35,397
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|
|
|
20,183
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|
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Restricted cash
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|
|
4,623
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|
|
|
5,601
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Goodwill and intangible assets, net
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|
|
4,353
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|
|
|
-
|
|
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Other assets
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|
|
1,466
|
|
|
|
1,948
|
|
|
Total assets
|
|
$
|
264,711
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|
|
$
|
55,208
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|
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Liabilities, convertible preferred stock and stockholders' equity
(deficit)
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Current liabilities:
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|
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Accounts payable
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|
$
|
4,969
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|
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$
|
4,109
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|
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Accrued compensation and benefits
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|
|
6,288
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|
|
|
2,822
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Other current liabilities
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|
|
3,623
|
|
|
|
2,160
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|
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Deferred revenue
|
|
|
29,185
|
|
|
|
10,359
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|
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Total current liabilities
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|
|
44,065
|
|
|
|
19,450
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|
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Deferred rent, non-current
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|
|
4,638
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|
|
3,606
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Other liabilities, non-current
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|
|
1,138
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|
|
|
900
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Total liabilities
|
|
|
49,841
|
|
|
|
23,956
|
|
|
|
|
|
|
|
|
|
|
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|
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Convertible preferred stock:
|
|
|
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|
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Convertible preferred stock, $0.001 par value
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|
|
-
|
|
|
|
95,917
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|
|
Stockholders' equity (deficit):
|
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|
|
|
|
Common stock, $0.001 par value
|
|
|
47
|
|
|
|
16
|
|
|
Treasury stock - at cost (260 shares)
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|
|
(263
|
)
|
|
|
(263
|
)
|
|
Additional paid-in capital
|
|
|
346,671
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|
|
|
17,033
|
|
|
Accumulated other comprehensive income
|
|
|
15
|
|
|
|
-
|
|
|
Accumulated deficit
|
|
|
(131,600
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)
|
|
|
(81,451
|
)
|
|
Total stockholders' equity (deficit)
|
|
|
214,870
|
|
|
|
(64,665
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)
|
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Total liabilities, convertible preferred stock and stockholders'
equity (deficit)
|
|
$
|
264,711
|
|
|
$
|
55,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
(In thousands; unaudited)
|
|
Year Ended
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Net loss:
|
|
$
|
(50,149
|
)
|
|
$
|
(40,225
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
9,044
|
|
|
|
4,536
|
|
|
|
Stock-based compensation expense
|
|
|
11,666
|
|
|
|
6,220
|
|
|
|
Deferred tax
|
|
|
(422
|
)
|
|
|
-
|
|
|
|
Change in fair value of preferred stock warrant liability
|
|
|
82
|
|
|
|
718
|
|
|
|
Other
|
|
|
376
|
|
|
|
225
|
|
|
|
Changes in operating assets and liabilities, net of acquisition of
business:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(8,565
|
)
|
|
|
(3,036
|
)
|
|
|
|
Prepaid expenses and other assets
|
|
|
(1,449
|
)
|
|
|
(754
|
)
|
|
|
|
Accounts payable
|
|
|
1,012
|
|
|
|
2,284
|
|
|
|
|
Accrued compensation and benefits and other liabilities
|
|
|
4,790
|
|
|
|
2,069
|
|
|
|
|
Deferred revenue
|
|
|
18,948
|
|
|
|
5,388
|
|
|
|
|
Deferred rent
|
|
|
1,046
|
|
|
|
1,862
|
|
|
Net cash used in operating activities:
|
|
|
(13,621
|
)
|
|
|
(20,713
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(12,628
|
)
|
|
|
(9,758
|
)
|
|
Down payment for property and equipment
|
|
|
-
|
|
|
|
(1,269
|
)
|
|
Acquisition of Few Ducks, S.L., net of cash acquired
|
|
|
(2,262
|
)
|
|
|
-
|
|
|
Decrease (increase) in restricted cash
|
|
|
978
|
|
|
|
(1,001
|
)
|
|
Purchases of short-term investments
|
|
|
(114,468
|
)
|
|
|
-
|
|
|
Proceeds from sale and maturity of short-term investments
|
|
|
18,717
|
|
|
|
-
|
|
|
Capitalized software development costs
|
|
|
(9,017
|
)
|
|
|
(5,199
|
)
|
|
Net cash used in investing activities
|
|
|
(118,680
|
)
|
|
|
(17,227
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Proceeds from issuances of preferred stock, net of issuance costs
|
|
|
97,243
|
|
|
|
-
|
|
|
Proceeds from initial public offering, net of issuance costs
|
|
|
119,924
|
|
|
|
-
|
|
|
Principal payments on debt
|
|
|
(271
|
)
|
|
|
-
|
|
|
Proceeds from issuance of common stock
|
|
|
1,209
|
|
|
|
294
|
|
|
Net cash provided by financing activities
|
|
|
218,105
|
|
|
|
294
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
85,804
|
|
|
|
(37,646
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
|
19,453
|
|
|
|
57,099
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
105,257
|
|
|
$
|
19,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from GAAP to Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data; unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Reconciliation of gross profit and gross margin:
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
26,587
|
|
|
$
|
16,465
|
|
|
$
|
88,589
|
|
|
$
|
52,394
|
|
|
Plus: Stock-based compensation
|
|
|
232
|
|
|
|
58
|
|
|
|
591
|
|
|
|
159
|
|
|
Plus: Amortization of purchased intangibles
|
|
|
202
|
|
|
|
-
|
|
|
|
400
|
|
|
|
-
|
|
|
Plus: Amortization of stock-based compensation capitalized in
software development costs
|
|
|
66
|
|
|
|
22
|
|
|
|
179
|
|
|
|
54
|
|
|
Non-GAAP gross profit
|
|
$
|
27,087
|
|
|
$
|
16,545
|
|
|
$
|
89,759
|
|
|
$
|
52,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of operating expenses:
|
|
|
|
|
|
|
|
|
|
GAAP research and development
|
|
$
|
7,366
|
|
|
$
|
4,284
|
|
|
$
|
24,024
|
|
|
$
|
16,496
|
|
|
Less: Stock-based compensation
|
|
|
(877
|
)
|
|
|
(231
|
)
|
|
|
(2,055
|
)
|
|
|
(1,425
|
)
|
|
Non-GAAP research and development
|
|
$
|
6,489
|
|
|
$
|
4,053
|
|
|
$
|
21,969
|
|
|
$
|
15,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing
|
|
$
|
26,067
|
|
|
$
|
16,065
|
|
|
$
|
89,162
|
|
|
$
|
58,156
|
|
|
Less: Stock-based compensation
|
|
|
(1,730
|
)
|
|
|
(374
|
)
|
|
|
(5,108
|
)
|
|
|
(1,373
|
)
|
|
Less: Amortization of purchased intangibles
|
|
|
(13
|
)
|
|
|
-
|
|
|
|
(25
|
)
|
|
|
-
|
|
|
Non-GAAP sales and marketing
|
|
$
|
24,324
|
|
|
$
|
15,691
|
|
|
$
|
84,029
|
|
|
$
|
56,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative
|
|
$
|
7,846
|
|
|
$
|
5,621
|
|
|
$
|
25,319
|
|
|
$
|
17,178
|
|
|
Less: Stock-based compensation
|
|
|
(1,235
|
)
|
|
|
(833
|
)
|
|
|
(3,912
|
)
|
|
|
(3,263
|
)
|
|
Less: Lawsuit litigation
|
|
|
(105
|
)
|
|
|
(1,449
|
)
|
|
|
(1,322
|
)
|
|
|
(5,135
|
)
|
|
Less: Amortization of purchased intangibles
|
|
|
(38
|
)
|
|
|
-
|
|
|
|
(75
|
)
|
|
|
-
|
|
|
Less: Transaction costs related to acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
(71
|
)
|
|
|
-
|
|
|
Non-GAAP general and administrative
|
|
$
|
6,468
|
|
|
$
|
3,339
|
|
|
$
|
19,939
|
|
|
$
|
8,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of operating loss and operating margin:
|
|
|
|
|
|
|
|
|
|
GAAP operating loss
|
|
$
|
(14,692
|
)
|
|
$
|
(9,505
|
)
|
|
$
|
(49,916
|
)
|
|
$
|
(39,436
|
)
|
|
Plus: Stock-based compensation
|
|
|
4,074
|
|
|
|
1,496
|
|
|
|
11,666
|
|
|
|
6,220
|
|
|
Plus: Lawsuit litigation
|
|
|
105
|
|
|
|
1,449
|
|
|
|
1,322
|
|
|
|
5,135
|
|
|
Plus: Amortization of purchased intangibles
|
|
|
253
|
|
|
|
-
|
|
|
|
500
|
|
|
|
-
|
|
|
Plus: Transaction costs related to acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
71
|
|
|
|
-
|
|
|
Plus: Amortization of stock-based compensation capitalized in
software development costs
|
|
|
66
|
|
|
|
22
|
|
|
|
179
|
|
|
|
54
|
|
|
Non-GAAP operating loss
|
|
$
|
(10,194
|
)
|
|
$
|
(6,538
|
)
|
|
$
|
(36,178
|
)
|
|
$
|
(28,027
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net loss attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
GAAP net loss attributable to common stockholders
|
|
$
|
(14,825
|
)
|
|
$
|
(9,755
|
)
|
|
$
|
(50,149
|
)
|
|
$
|
(40,225
|
)
|
|
Plus: Stock-based compensation
|
|
|
4,074
|
|
|
|
1,496
|
|
|
|
11,666
|
|
|
|
6,220
|
|
|
Plus: Lawsuit litigation
|
|
|
105
|
|
|
|
1,449
|
|
|
|
1,322
|
|
|
|
5,135
|
|
|
Plus: Amortization of purchased intangibles
|
|
|
253
|
|
|
|
-
|
|
|
|
500
|
|
|
|
-
|
|
|
Plus: Transaction costs related to acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
71
|
|
|
|
-
|
|
|
Plus: Amortization of stock-based compensation capitalized in
software development costs
|
|
|
66
|
|
|
|
22
|
|
|
|
179
|
|
|
|
54
|
|
|
Non-GAAP net loss attributable to common stockholders
|
|
$
|
(10,327
|
)
|
|
$
|
(6,788
|
)
|
|
$
|
(36,411
|
)
|
|
$
|
(28,816
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net loss per share attributable to common
stockholders, basic and diluted:
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share attributable to common stockholders, basic
and diluted
|
|
$
|
(0.32
|
)
|
|
$
|
(0.62
|
)
|
|
$
|
(1.98
|
)
|
|
$
|
(2.58
|
)
|
|
Non-GAAP adjustments to net loss
|
|
|
0.10
|
|
|
|
0.19
|
|
|
|
0.54
|
|
|
|
0.73
|
|
|
Non-GAAP adjustment to weighted-average shares used to compute net
loss per share
|
|
|
-
|
|
|
|
0.25
|
|
|
|
0.59
|
|
|
|
1.07
|
|
|
Non-GAAP net loss per share attributable to common stockholders,
basic and diluted
|
|
$
|
(0.22
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(0.85
|
)
|
|
$
|
(0.78
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of weighted-average shares used to compute net
loss per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
GAAP weighted-average shares used to compute net loss per share
attributable to common stockholders, basic and diluted
|
|
|
46,984
|
|
|
|
15,702
|
|
|
|
25,290
|
|
|
|
15,596
|
|
|
Conversion of preferred stock
|
|
|
-
|
|
|
|
21,357
|
|
|
|
17,386
|
|
|
|
21,357
|
|
|
Non-GAAP weighted-average shares used to compute net loss per share
attributable to common stockholders, basic and diluted
|
|
|
46,984
|
|
|
|
37,059
|
|
|
|
42,676
|
|
|
|
36,953
|
|
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