[February 04, 2016] |
|
RingCentral Announces Revenue Growth of 35% for Fourth Quarter 2015
RingCentral,
Inc. (NYSE: RNG), a leading provider of cloud
business communications and collaboration solutions, today announced
financial results for the fourth quarter and full year ended December
31, 2015.
Fourth Quarter Financial Highlights:
-
Overall revenue increased 35% year-over-year to $83.4 million;
software subscriptions revenue increased 36% year-over-year to $76.5
million.
-
Total annualized exit monthly recurring software subscriptions were up
34% year-over-year to $317.4 million.
-
RingCentral Office® annualized exit monthly recurring software
subscriptions were up 45% year-over-year to $247.4 million.
-
Net monthly subscriptions dollar retention: RingCentral Office® over
100% and overall over 99%
-
Non-GAAP software subscriptions gross margin improved 5.4 points to
78.7% in the fourth quarter of 2015 from 73.3% in the same period a
year ago. GAAP software subscriptions gross margin improved 5.2 points
to 78.0% in the fourth quarter of 2015 from 72.8% in the same period a
year ago.
-
Non-GAAP operating margin improved to 1.0% up from (8.3%) in the
fourth quarter of 2014. GAAP operating margin of (7.2%) improved from
(15.1%) in the fourth quarter of 2014.
"Q4 was a strong finish to an outstanding year. In 2015 we exhibited a
combination of solid top line growth and meaningful margin expansion,
resulting in the company reaching profitability in Q3. We continued our
rapid pace of innovation and expansion up-market, successfully launched
two new major carrier partners, and were selected by Gartner as the
UCaaS Magic Quadrant leader," said Vlad Shmunis, RingCentral's Chairman
and CEO. "We finished the year with tremendous momentum. In Q4 we had
strong revenue growth across all market segments, our highest gross
margins to date, and excellent traction up-market."
Financial Results of the Fourth Quarter 2015:
-
Revenue: Total revenue was $83.4 million for the fourth quarter
of 2015, up 35% from the fourth quarter of 2014. Software
subscriptions revenue was $76.5 million for the fourth quarter of
2015, up 36% from the fourth quarter of 2014.
-
Net Income (Loss): GAAP net income (loss) per diluted share was
($0.10) for the fourth quarter of 2015 compared with ($0.15) for the
fourth quarter of 2014. Non-GAAP net income (loss) per diluted share
was $0.01 for the fourth quarter of 2015, compared with ($0.08) per
diluted share for the fourth quarter of 2014.
-
Balance Sheet: Total cash and short-term investments at the end
of the fourth quarter of 2015 was $137.6 million, compared with $132.3
million at the end of the third quarter of 2015.
Financial Results of the Full Year 2015:
-
Revenue: Total revenue was $296.2 million for the full year of
2015, up 35% from the full year of 2014. Software subscriptions
revenue was $271.2 million for the full year of 2015, up 36% from the
full year of 2014.
-
Net Income (Loss): GAAP net income (loss) per diluted share was
($0.46) for the full year of 2015 compared with ($0.72) for the full
year of 2014. Non-GAAP net income (loss) per diluted share was ($0.12)
for the full year of 2015, compared with ($0.48) per diluted share for
the full year of 2014.
-
Balance Sheet: Total cash and short-term investments at the end
of 2015 was $137.6 million, down from $141.7 million at the end of
2014.
Fourth Quarter 2015 and Recent Business Highlights:
-
Launched RingCentral Global Office, designed to address needs of
multinational enterprises. Connecting the global workforce across
multiple countries, RingCentral Global Office reduces complexity and
high costs for multinational enterprises that have multiple, legacy
on-premise PBX systems with a single cloud solution.
-
Entered into an agreement with Westcon Group to distribute phones to
RingCentral customers, removing phone revenue from the Company's
future P&L. Westcon has also become a VAR for the Company's cloud
business communications solutions.
-
Chosen by Google as a top partner and one of the first solutions in
the "Recommended for Google Apps for Work" program.
-
Appointed David Sipes as Chief Revenue Officer, a newly created
position to oversee the company's worldwide go-to-market activities
including sales, marketing, customer care, as well as business and
corporate development.
Conference Call Details:
-
What: RingCentral financial results for the fourth quarter and
full year of 2015 and outlook for the first quarter and full year of
2016.
-
When: Thursday, February 4, 2016 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 13629019 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 13629019.
About RingCentral
RingCentral, Inc. (NYSE: RNG) is a leading provider of cloud-based
business communications and collaboration solutions. RingCentral's cloud
solution is easier to manage, and more flexible and cost-efficient than
legacy on-premises communications systems. It meets the needs of modern
distributed and mobile workforces spanning SMB to Enterprises globally.
RingCentral, Business Communications Made Simple. RingCentral is
headquartered in Belmont, California. RingCentral and the RingCentral
logo are registered trademarks of RingCentral, Inc.
Forward-Looking Statements
This press release contains "forward-looking statements", including
statements regarding our future financial results, our continued
expansion up-market, our pace of innovation and expansion up-market, and
the removal of phone revenues from our future P&L. 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 and enterprise 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 exit successfully from direct phone
sales and act as an agent to sell phones to our customers on behalf of
Westcon; 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, 2015, 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 financial 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 net income (loss) as net
income (loss) excluding share-based compensation, acquisition related
matters, intercompany translation gains or losses, and other one-time
items.
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.
Our reported results also include our total annualized exit monthly
recurring subscriptions, RingCentral Office® annualized exit monthly
recurring subscriptions, and net monthly subscriptions 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 equal 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 subscriptions revenue.
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, 2015
|
|
|
December 31, 2014
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
$
|
137,588
|
|
|
$
|
113,182
|
Short-term investments
|
|
|
|
|
|
|
|
|
-
|
|
|
|
28,479
|
Accounts receivable, net
|
|
|
|
|
|
|
|
|
19,163
|
|
|
|
7,651
|
Inventory
|
|
|
|
|
|
|
|
|
2,317
|
|
|
|
1,710
|
Prepaid expenses and other current assets
|
|
|
|
|
|
|
|
|
11,978
|
|
|
|
8,767
|
Total current assets
|
|
|
|
|
|
|
|
|
171,046
|
|
|
|
159,789
|
Property and equipment, net
|
|
|
|
|
|
|
|
|
28,160
|
|
|
|
25,527
|
Goodwill
|
|
|
|
|
|
|
|
|
9,393
|
|
|
|
-
|
Intangibles, net
|
|
|
|
|
|
|
|
|
3,266
|
|
|
|
-
|
Other assets
|
|
|
|
|
|
|
|
|
2,948
|
|
|
|
3,021
|
Total assets
|
|
|
|
|
|
|
|
$
|
214,813
|
|
|
$
|
188,337
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
|
$
|
5,196
|
|
|
$
|
4,181
|
Accrued liabilities
|
|
|
|
|
|
|
|
|
34,702
|
|
|
|
29,236
|
Current portion of capital lease obligation
|
|
|
|
|
|
|
|
|
269
|
|
|
|
509
|
Current portion of long-term debt
|
|
|
|
|
|
|
|
|
3,750
|
|
|
|
16,764
|
Deferred revenue
|
|
|
|
|
|
|
|
|
36,657
|
|
|
|
25,586
|
Total current liabilities
|
|
|
|
|
|
|
|
|
80,574
|
|
|
|
76,276
|
Long-term debt
|
|
|
|
|
|
|
|
|
14,840
|
|
|
|
7,813
|
Sales tax liability
|
|
|
|
|
|
|
|
|
3,670
|
|
|
|
3,953
|
Capital lease obligation
|
|
|
|
|
|
|
|
|
181
|
|
|
|
535
|
Other long-term liabilities
|
|
|
|
|
|
|
|
|
5,416
|
|
|
|
3,255
|
Total liabilities
|
|
|
|
|
|
|
|
|
104,681
|
|
|
|
91,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
7
|
|
|
|
7
|
Additional paid-in capital
|
|
|
|
|
|
|
|
|
319,792
|
|
|
|
274,844
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
527
|
|
|
|
(251)
|
Accumulated deficit
|
|
|
|
|
|
|
|
|
(210,194)
|
|
|
|
(178,095)
|
Total stockholders' equity
|
|
|
|
|
|
|
|
|
110,132
|
|
|
|
96,505
|
Total liabilities and stockholders' equity
|
|
|
|
|
|
|
|
$
|
214,813
|
|
|
$
|
188,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RINGCENTRAL, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited, in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
$
|
76,532
|
|
|
$
|
56,430
|
|
|
$
|
271,245
|
|
|
$
|
200,098
|
Product
|
|
|
|
6,907
|
|
|
|
5,464
|
|
|
|
24,983
|
|
|
|
19,789
|
Total revenues
|
|
|
|
83,439
|
|
|
|
61,894
|
|
|
|
296,228
|
|
|
|
219,887
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
16,851
|
|
|
|
15,368
|
|
|
|
66,354
|
|
|
|
58,673
|
Product
|
|
|
|
6,011
|
|
|
|
4,554
|
|
|
|
20,917
|
|
|
|
18,100
|
Total cost of revenues
|
|
|
|
22,862
|
|
|
|
19,922
|
|
|
|
87,271
|
|
|
|
76,773
|
Gross profit
|
|
|
|
60,577
|
|
|
|
41,972
|
|
|
|
208,957
|
|
|
|
143,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
15,312
|
|
|
|
12,104
|
|
|
|
52,924
|
|
|
|
44,582
|
Sales and marketing
|
|
|
|
38,378
|
|
|
|
28,485
|
|
|
|
139,851
|
|
|
|
104,827
|
General and administrative
|
|
|
|
12,883
|
|
|
|
10,726
|
|
|
|
47,114
|
|
|
|
38,910
|
Total operating expenses
|
|
|
|
66,573
|
|
|
|
51,315
|
|
|
|
239,889
|
|
|
|
188,319
|
Loss from operations
|
|
|
|
(5,996)
|
|
|
|
(9,343)
|
|
|
|
(30,932)
|
|
|
|
(45,205)
|
Other income (expense), net
|
|
|
|
(866)
|
|
|
|
(864)
|
|
|
|
(2,430)
|
|
|
|
(3,038)
|
Loss before provision (benefit) for income taxes
|
|
|
|
(6,862)
|
|
|
|
(10,207)
|
|
|
|
(33,362)
|
|
|
|
(48,243)
|
Provision (benefit) for income taxes
|
|
|
|
79
|
|
|
|
(87)
|
|
|
|
(1,263)
|
|
|
|
97
|
Net loss
|
|
|
$
|
(6,941)
|
|
|
$
|
(10,120)
|
|
|
$
|
(32,099)
|
|
|
$
|
(48,340)
|
Net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.46)
|
|
|
$
|
(0.72)
|
Weighted-average number of shares used in computing net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
71,420
|
|
|
|
68,318
|
|
|
|
70,069
|
|
|
|
66,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RINGCENTRAL, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited, in thousands)
|
|
|
|
|
|
Year Ended December 31,
|
|
|
2015
|
|
|
|
2014
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(32,099
|
)
|
|
|
|
$
|
(48,340
|
)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
13,467
|
|
|
|
|
|
10,378
|
|
Share-based compensation
|
|
|
|
22,088
|
|
|
|
|
|
15,516
|
|
Tax benefit from release of valuation allowance
|
|
|
|
(1,411
|
)
|
|
|
|
|
-
|
|
Impairment of fixed assets
|
|
|
|
1,317
|
|
|
|
|
|
-
|
|
Non-cash interest and other expense related to debt
|
|
|
|
156
|
|
|
|
|
|
259
|
|
Net accretion of discount and amortization of premium on
available-for-sale securities
|
|
|
|
616
|
|
|
|
|
|
-
|
|
Allowance for doubtful accounts
|
|
|
|
411
|
|
|
|
|
|
40
|
|
Loss on disposal of assets
|
|
|
|
322
|
|
|
|
|
|
100
|
|
Deferred income tax
|
|
|
|
(8
|
)
|
|
|
|
|
(35
|
)
|
Others
|
|
|
|
94
|
|
|
|
|
|
-
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(11,923
|
)
|
|
|
|
|
(4,646
|
)
|
Inventory
|
|
|
|
(606
|
)
|
|
|
|
|
401
|
|
Prepaid expenses and other current assets
|
|
|
|
(3,636
|
)
|
|
|
|
|
(3,553
|
)
|
Other assets
|
|
|
|
421
|
|
|
|
|
|
(1,012
|
)
|
Accounts payable
|
|
|
|
1,591
|
|
|
|
|
|
(510
|
)
|
Accrued liabilities
|
|
|
|
2,354
|
|
|
|
|
|
9,054
|
|
Deferred revenue
|
|
|
|
11,071
|
|
|
|
|
|
9,034
|
|
Other liabilities
|
|
|
|
861
|
|
|
|
|
|
1,884
|
|
Net cash provided by (used in) operating activities
|
|
|
|
5,086
|
|
|
|
|
|
(11,430
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Proceeds from the maturity of available-for-sale securities
|
|
|
|
28,080
|
|
|
|
|
|
-
|
|
Purchases of property and equipment
|
|
|
|
(14,631
|
)
|
|
|
|
|
(17,267
|
)
|
Purchases of available-for-sale securities
|
|
|
|
-
|
|
|
|
|
|
(28,696
|
)
|
Capitalized internal-use-software
|
|
|
|
(2,513
|
)
|
|
|
|
|
(698
|
)
|
Cash paid in business combination, net of cash acquired
|
|
|
|
(4,670
|
)
|
|
|
|
|
-
|
|
Proceeds from restricted investments
|
|
|
|
100
|
|
|
|
|
|
-
|
|
Net cash provided by (used in)investing activities
|
|
|
|
6,366
|
|
|
|
|
|
(46,661
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Net proceeds from public offerings of common stock
|
|
|
|
-
|
|
|
|
|
|
57,167
|
|
Proceeds from issuance of stock in connection with stock plans
|
|
|
|
19,524
|
|
|
|
|
|
9,487
|
|
Repayment of debt
|
|
|
|
(6,142
|
)
|
|
|
|
|
(9,909
|
)
|
Repayment of capital lease obligations
|
|
|
|
(594
|
)
|
|
|
|
|
(698
|
)
|
Payment of offering costs
|
|
|
|
-
|
|
|
|
|
|
(1,219
|
)
|
Taxes paid related to net share settlement of equity awards
|
|
|
|
(151
|
)
|
|
|
|
|
(41
|
)
|
Net cash provided by financing activities
|
|
|
|
12,637
|
|
|
|
|
|
54,787
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
317
|
|
|
|
|
|
108
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
24,406
|
|
|
|
|
|
(3,196
|
)
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
|
113,182
|
|
|
|
|
|
116,378
|
|
End of period
|
|
|
$
|
137,588
|
|
|
|
|
$
|
113,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RINGCENTRAL, INC.
|
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December
31, 2015
|
|
|
|
Three Months Ended December 31, 2014
|
|
|
Year Ended December 31, 2015
|
|
|
Year Ended
December 31, 2014
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
$
|
76,532
|
|
|
|
|
$
|
56,430
|
|
|
|
$
|
271,245
|
|
|
|
$
|
200,098
|
|
Product
|
|
|
|
6,907
|
|
|
|
|
|
5,464
|
|
|
|
|
24,983
|
|
|
|
|
19,789
|
|
Total Revenues
|
|
|
|
83,439
|
|
|
|
|
|
61,894
|
|
|
|
|
296,228
|
|
|
|
|
219,887
|
|
Cost of Revenues reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Services cost of revenues
|
|
|
|
16,851
|
|
|
|
|
|
15,368
|
|
|
|
|
66,354
|
|
|
|
|
58,673
|
|
Share-based compensation
|
|
|
|
(586
|
)
|
|
|
|
|
(320
|
)
|
|
|
|
(2,054
|
)
|
|
|
|
(1,294
|
)
|
Non-GAAP services cost of revenues
|
|
|
|
16,265
|
|
|
|
|
|
15,048
|
|
|
|
|
64,300
|
|
|
|
|
57,379
|
|
GAAP Product cost of revenues
|
|
|
|
6,011
|
|
|
|
|
|
4,554
|
|
|
|
|
20,917
|
|
|
|
|
18,100
|
|
Gross margin reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Services
|
|
|
|
78.7
|
%
|
|
|
|
|
73.3
|
%
|
|
|
|
76.3
|
%
|
|
|
|
71.3
|
%
|
Non-GAAP Product
|
|
|
|
13.0
|
%
|
|
|
|
|
16.7
|
%
|
|
|
|
16.3
|
%
|
|
|
|
8.5
|
%
|
Non-GAAP Gross margin
|
|
|
|
73.3
|
%
|
|
|
|
|
68.3
|
%
|
|
|
|
71.2
|
%
|
|
|
|
65.7
|
%
|
Operating expenses reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and development
|
|
|
|
15,312
|
|
|
|
|
|
12,104
|
|
|
|
|
52,924
|
|
|
|
|
44,582
|
|
Share-based compensation
|
|
|
|
(1,642
|
)
|
|
|
|
|
(917
|
)
|
|
|
|
(5,387
|
)
|
|
|
|
(3,343
|
)
|
Amortization
|
|
|
|
(151
|
)
|
|
|
|
|
-
|
|
|
|
|
(480
|
)
|
|
|
|
-
|
|
Acquisition related matters
|
|
|
|
(244
|
)
|
|
|
|
|
-
|
|
|
|
|
(575
|
)
|
|
|
|
-
|
|
Non-GAAP research and development
|
|
|
|
13,275
|
|
|
|
|
|
11,187
|
|
|
|
|
46,482
|
|
|
|
|
41,239
|
|
As a % of total revenues non-GAAP
|
|
|
|
15.9
|
%
|
|
|
|
|
18.1
|
%
|
|
|
|
15.7
|
%
|
|
|
|
18.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Sales and marketing
|
|
|
|
38,378
|
|
|
|
|
|
28,485
|
|
|
|
|
139,851
|
|
|
|
|
104,827
|
|
Share-based compensation
|
|
|
|
(1,867
|
)
|
|
|
|
|
(1,599
|
)
|
|
|
|
(7,200
|
)
|
|
|
|
(5,260
|
)
|
Amortization
|
|
|
|
(105
|
)
|
|
|
|
|
-
|
|
|
|
|
(105
|
)
|
|
|
|
-
|
|
Non-GAAP sales and marketing
|
|
|
|
36,406
|
|
|
|
|
|
26,886
|
|
|
|
|
132,546
|
|
|
|
|
99,567
|
|
As a % of total revenues non-GAAP
|
|
|
|
43.6
|
%
|
|
|
|
|
43.4
|
%
|
|
|
|
44.7
|
%
|
|
|
|
45.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and administrative
|
|
|
|
12,883
|
|
|
|
|
|
10,726
|
|
|
|
|
47,114
|
|
|
|
|
38,910
|
|
Share-based compensation
|
|
|
|
(2,203
|
)
|
|
|
|
|
(1,374
|
)
|
|
|
|
(7,447
|
)
|
|
|
|
(5,619
|
)
|
Acquisition related matters
|
|
|
|
(39
|
)
|
|
|
|
|
-
|
|
|
|
|
(787
|
)
|
|
|
|
-
|
|
Non-GAAP general and administrative
|
|
|
|
10,641
|
|
|
|
|
|
9,352
|
|
|
|
|
38,880
|
|
|
|
|
33,291
|
|
As a % of total revenues non-GAAP
|
|
|
|
12.8
|
%
|
|
|
|
|
15.1
|
%
|
|
|
|
13.1
|
%
|
|
|
|
15.1
|
%
|
Loss from operations reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
(5,996
|
)
|
|
|
|
|
(9,343
|
)
|
|
|
|
(30,932
|
)
|
|
|
|
(45,205
|
)
|
Share-based compensation
|
|
|
|
6,298
|
|
|
|
|
|
4,210
|
|
|
|
|
22,088
|
|
|
|
|
15,516
|
|
Amortization
|
|
|
|
256
|
|
|
|
|
|
-
|
|
|
|
|
585
|
|
|
|
|
-
|
|
Acquisition related matters
|
|
|
|
283
|
|
|
|
|
|
-
|
|
|
|
|
1,362
|
|
|
|
|
-
|
|
Non-GAAP income (loss) from Operations
|
|
|
|
841
|
|
|
|
|
|
(5,133
|
)
|
|
|
|
(6,897
|
)
|
|
|
|
(29,689
|
)
|
Non-GAAP operating margin
|
|
|
|
1.0
|
%
|
|
|
|
|
-8.3
|
%
|
|
|
|
-2.3
|
%
|
|
|
|
-13.5
|
%
|
Net loss reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net loss
|
|
|
|
(6,941
|
)
|
|
|
|
|
(10,120
|
)
|
|
|
|
(32,099
|
)
|
|
|
|
(48,340
|
)
|
Share-based compensation
|
|
|
|
6,298
|
|
|
|
|
|
4,210
|
|
|
|
|
22,088
|
|
|
|
|
15,516
|
|
Amortization
|
|
|
|
256
|
|
|
|
|
|
-
|
|
|
|
|
585
|
|
|
|
|
-
|
|
Acquisition related matters
|
|
|
|
283
|
|
|
|
|
|
-
|
|
|
|
|
1,362
|
|
|
|
|
Tax benefit from release of valuation allowance
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
(1,411
|
)
|
|
|
|
-
|
|
Intercompany translation loss
|
|
|
|
594
|
|
|
|
|
|
348
|
|
|
|
|
928
|
|
|
|
|
755
|
|
Non-GAAP Net income (loss)
|
|
|
$
|
490
|
|
|
|
|
$
|
(5,562
|
)
|
|
|
$
|
(8,547
|
)
|
|
|
$
|
(32,069
|
)
|
Basic and diluted net loss per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation between GAAP and non-GAAP weighted average shares
used in computing basic and diluted net income (loss) per share
Weighted average number of shares used to compute net income
(loss) per share
|
|
|
|
71,420
|
|
|
|
|
|
68,318
|
|
|
|
|
70,069
|
|
|
|
|
66,818
|
|
Effect of dilutive securities (stock options and restricted stock
awards)
|
|
|
|
3,612
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Non GAAP weighted average shares used for calculating Non GAAP net
income (loss) per share
|
|
|
|
75,032
|
|
|
|
|
|
68,318
|
|
|
|
|
70,069
|
|
|
|
|
66,818
|
|
GAAP net loss per share
|
|
|
$
|
(0.10
|
)
|
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
(0.46
|
)
|
|
|
$
|
(0.72
|
)
|
Non-GAAP net income (loss) per share
|
|
|
$
|
0.01
|
|
|
|
|
$
|
(0.08
|
)
|
|
|
$
|
(0.12
|
)
|
|
|
$
|
(0.48
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160204006483/en/
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