[April 25, 2017] |
|
RingCentral Announces First Quarter 2017 Results
RingCentral,
Inc. (NYSE:RNG), a leading provider of cloud
business communications and collaboration solutions, today announced
financial results for the first quarter ended March 31, 2017.
First Quarter Financial Highlights
-
Software subscriptions revenue grew 30% year-over-year to $103.7
million.
-
Total revenue grew 29% year-over-year to $111.8 million.
-
RingCentral Office® annualized exit recurring software subscriptions
(ARR) grew 39% year-over-year to $373.0 million.
-
Total annualized exit recurring software subscriptions (ARR) grew 32%
year-over-year to $450.8 million.
-
GAAP software subscriptions gross margin was 80.5%, up 1.4 points
year-over-year, while Non-GAAP software subscriptions gross margin was
81.3%, up 1.2 points year-over-year.
-
GAAP operating margin was (6.5%), up 0.4 points year-over-year, while
Non-GAAP operating margin was 1.9%, up 0.4 points year-over-year.
-
Net monthly subscriptions dollar retention: RingCentral Office® over
100% and overall subscriptions over 99%.
"The first quarter was a great start to the year," said Vlad Shmunis,
RingCentral's Chairman and CEO. "Our solid results were primarily driven
by the momentum we are seeing with mid-market and enterprise customers
and with our enterprise reseller partners. The mid-market and enterprise
customer segments are now an over $115 million business, growing at over
85% year over year. We continue to put distance between us and the
competition as the largest and fastest growing pure-play cloud
collaborative communications solutions leader. With this momentum and
the very large underpenetrated market, we continue to believe that we
will be a $1 billion revenue company by the end of 2020."
Financial Results for the First Quarter 2017
-
Revenue and Gross Margin: Total revenue was $111.8 million for
the first quarter of 2017, up from $86.5 million in the first quarter
of 2016, representing 29% growth. Total gross margin was 75.6% for the
first quarter of 2017, 0.7% higher compared to 74.9% in the first
quarter of 2016.
As of January 1, 2017, RingCentral
transitioned from an agency model to a direct phone sales model, under
which RingCentral will be recognizing the full sale price and cost of
the product instead of receiving a commission for phone sales.
Adjusting for the new direct model on a comparable basis, total
revenue grew 27% year over year and the total gross margin would have
been 1.9% higher year over year.
-
Net Income (Loss) Per Share: GAAP net loss per share was
($0.10) for the first quarter of 2017 compared with ($0.09) for the
first quarter of 2016. Non-GAAP net income per diluted share was $0.03
for the first quarter of 2017, compared with $0.01 per diluted share
for the first quarter of 2016.
-
Balance Sheet: Total cash and cash equivalents at the end of
the first quarter of 2017 was $149.7 million, compared with $160.4
million at the end of the fourth quarter of 2016. In Q1'17, the
Company paid off its debt totaling $14.8 million.
Recent Business Highlights
-
Unveiled the next-generation of our flagship product RingCentral
Office, the industry's first to deliver on the promise of
collaborative communications in a single solution. It includes new
team messaging, chatbot, AI support, and 40 out-of-the-box
integrations.
-
Announced two new real-time analytics capabilities that provide deep
levels of insight into the RingCentral Office collaborative
communications solution. RingCentral Quality of Service Analytics
enables users to anticipate and diagnose voice quality of service
issues impacting users globally before they escalate to critical
problems and RingCentral Live Reports enables business department
leaders to track customer interactions in real time to ensure they are
receiving the best customer service.
-
Announced the ability for customers to purchase RingCentral Office
across 13 European countries: Austria, Belgium, Denmark, France,
Ireland, Italy, Luxembourg, Netherlands, Portugal, Norway, Spain,
Sweden, and Switzerland.
-
Extended its communications solutions offering to healthcare
organizations by enhancing RingCentral Glip™ team messaging services
as part of RingCentral Office as a HIPAA-compliant conduit.
Chief Financial Officer Transition
The Company also announced a transition in its Chief Financial Officer
position. Clyde Hosein, who has served as RingCentral's Chief Financial
Officer since August 2013, announced he will be leaving the company at
the end of May 2017. Mitesh Dhruv is being promoted to the CFO role. Mr.
Dhruv is currently the Company's SVP of Finance and Strategy and has
been with the company since April 2012.
Conference Call Details:
-
What: RingCentral financial results for the first quarter of
2017 and outlook for the second quarter and full year of 2017.
-
When: Tuesday, April 25, 2017 at 1:30PM PT (4:30PM ET).
-
Dial in: To access the call in the United States, please dial
(877) 705-6003, and for international callers dial (201) 493-6725.
Callers 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 (844) 512-2921 from the
United States or (412) 317-6671 internationally with recording access
code 13658983.
About RingCentral
RingCentral, Inc. (NYSE:RNG) is a leading provider of cloud-based global
collaborative communications solutions. More flexible and cost-effective
than legacy on-premise systems, RingCentral empowers today's mobile and
distributed workforce to communicate, collaborate, and connect from
anywhere, on any device. RingCentral unifies voice, video, team
messaging and collaboration, conferencing, online meetings, and
integrated contact center solutions. RingCentral's open platform
integrates with leading business apps and enables customers to easily
customize business workflows. RingCentral is headquartered in Belmont,
California and has offices around the world. RingCentral, RingCentral
Office, Glip and the RingCentral logo are trademarks of RingCentral, Inc.
Forward-Looking Statements
This press release contains "forward-looking statements," including but
not limited to, statements regarding our future, our GAAP and non-GAAP
guidance, our markets and strategic opportunities, our momentum with
mid-market and enterprise customers and enterprise reseller partners and
expected growth in these segments, our revenue growth and our
expectation of reaching $1 billion in revenues by the end of 2020.
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 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-K for the year ended December 31, 2016, 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), Non-GAAP operating
margin, Non-GAAP software subscriptions gross margin, Non-GAAP net
income (loss), and Non-GAAP net income (loss) per diluted share.
Non-GAAP operating income (loss) is defined as operating income (loss)
excluding share-based compensation, amortization of acquisition
intangibles, and acquisition related matters. Non-GAAP operating margin
is defined as Non-GAAP operating income (loss) divided by total GAAP
revenue. Non-GAAP software subscriptions gross margin is defined as
Non-GAAP subscriptions gross profit divided by GAAP subscription
revenue. Non-GAAP net income (loss) is defined as net income (loss)
excluding stock-based compensation, intercompany remeasurement gains or
losses, acquisition related matters and amortization of acquisition
intangibles.
We have included Non-GAAP operating income (loss), Non-GAAP operating
margin, Non-GAAP software subscriptions gross margin, Non-GAAP net
income (loss), and Non-GAAP net income (loss) per diluted 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), Non-GAAP operating margin,
Non-GAAP software subscriptions gross margin, Non-GAAP net income
(loss), and Non-GAAP net income (loss) per diluted share can provide a
useful measure for period-to-period comparisons of our core business.
Although Non-GAAP operating income (loss), Non-GAAP operating margin,
Non-GAAP software subscriptions gross margin, Non-GAAP net income
(loss), and Non-GAAP net income (loss) per diluted 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. Reconciliations of the Company's
historical non-GAAP financial measures and key metrics to their most
directly comparable GAAP measures has been provided in the financial
statement tables included in this press release.
Other 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.
|
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TABLE 1
|
RINGCENTRAL, INC.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017
|
|
|
|
December 31, 2016
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
149,690
|
|
|
|
$
|
160,355
|
|
Accounts receivable, net
|
|
|
|
31,325
|
|
|
|
|
30,243
|
|
Prepaid expenses and other current assets
|
|
|
|
17,351
|
|
|
|
|
15,313
|
|
Total current assets
|
|
|
|
198,366
|
|
|
|
|
205,911
|
|
Property and equipment, net
|
|
|
|
34,161
|
|
|
|
|
31,994
|
|
Goodwill
|
|
|
|
9,393
|
|
|
|
|
9,393
|
|
Acquired intangibles, net
|
|
|
|
1,989
|
|
|
|
|
2,244
|
|
Other assets
|
|
|
|
3,025
|
|
|
|
|
3,087
|
|
Total assets
|
|
|
$
|
246,934
|
|
|
|
$
|
252,629
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
4,738
|
|
|
|
$
|
7,810
|
|
Accrued liabilities
|
|
|
|
51,890
|
|
|
|
|
48,322
|
|
Current portion of capital lease obligation
|
|
|
|
-
|
|
|
|
|
181
|
|
Current portion of long-term debt
|
|
|
|
-
|
|
|
|
|
14,528
|
|
Deferred revenue
|
|
|
|
49,368
|
|
|
|
|
45,159
|
|
Total current liabilities
|
|
|
|
105,996
|
|
|
|
|
116,000
|
|
Long-term debt
|
|
|
|
-
|
|
|
|
|
312
|
|
Sales tax liability
|
|
|
|
3,077
|
|
|
|
|
3,077
|
|
Other long-term liabilities
|
|
|
|
3,377
|
|
|
|
|
3,199
|
|
Total liabilities
|
|
|
|
112,450
|
|
|
|
|
122,588
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
7
|
|
|
|
|
7
|
|
Additional paid-in capital
|
|
|
|
378,521
|
|
|
|
|
366,800
|
|
Accumulated other comprehensive income
|
|
|
|
2,768
|
|
|
|
|
2,737
|
|
Accumulated deficit
|
|
|
|
(246,812
|
)
|
|
|
|
(239,503
|
)
|
Total stockholders' equity
|
|
|
|
134,484
|
|
|
|
|
130,041
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
246,934
|
|
|
|
$
|
252,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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TABLE 2
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RINGCENTRAL, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited, in thousands, except per share data)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2017
|
|
|
|
2016
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Software subscriptions
|
|
|
$
|
103,687
|
|
|
|
$
|
79,978
|
|
Other
|
|
|
|
8,104
|
|
|
|
|
6,560
|
|
Total revenues
|
|
|
|
111,791
|
|
|
|
|
86,538
|
|
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
Software subscriptions
|
|
|
|
20,263
|
|
|
|
|
16,723
|
|
Other
|
|
|
|
7,043
|
|
|
|
|
5,017
|
|
Total cost of revenues
|
|
|
|
27,306
|
|
|
|
|
21,740
|
|
Gross profit
|
|
|
|
84,485
|
|
|
|
|
64,798
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
17,087
|
|
|
|
|
14,926
|
|
Sales and marketing
|
|
|
|
58,894
|
|
|
|
|
41,828
|
|
General and administrative
|
|
|
|
15,805
|
|
|
|
|
14,024
|
|
Total operating expenses
|
|
|
|
91,786
|
|
|
|
|
70,778
|
|
Loss from operations
|
|
|
|
(7,301
|
)
|
|
|
|
(5,980
|
)
|
Other income (expense), net
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(79
|
)
|
|
|
|
(216
|
)
|
Other income (expense), net
|
|
|
|
122
|
|
|
|
|
(367
|
)
|
Other income (expense), net
|
|
|
|
43
|
|
|
|
|
(583
|
)
|
Loss before income taxes
|
|
|
|
(7,258
|
)
|
|
|
|
(6,563
|
)
|
Provision for income taxes
|
|
|
|
51
|
|
|
|
|
50
|
|
Net loss
|
|
|
$
|
(7,309
|
)
|
|
|
$
|
(6,613
|
)
|
Net loss per common share
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
$
|
(0.10
|
)
|
|
|
$
|
(0.09
|
)
|
Weighted-average number of shares used in computing net loss per
share
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
74,682
|
|
|
|
|
72,114
|
|
|
|
|
|
|
|
|
|
|
|
|
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TABLE 3
|
RINGCENTRAL, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2017
|
|
|
|
2016
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(7,309
|
)
|
|
|
$
|
(6,613
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
3,785
|
|
|
|
|
3,377
|
|
Share-based compensation
|
|
|
|
8,935
|
|
|
|
|
6,737
|
|
Foreign currency remeasurement (gain) loss
|
|
|
|
(44
|
)
|
|
|
|
448
|
|
Provision for bad debt
|
|
|
|
289
|
|
|
|
|
228
|
|
Deferred income taxes
|
|
|
|
(2
|
)
|
|
|
|
(4
|
)
|
Others
|
|
|
|
98
|
|
|
|
|
17
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(1,371
|
)
|
|
|
|
(6,689
|
)
|
Prepaid expenses and other current assets
|
|
|
|
(2,038
|
)
|
|
|
|
444
|
|
Other assets
|
|
|
|
45
|
|
|
|
|
4
|
|
Accounts payable
|
|
|
|
(2,224
|
)
|
|
|
|
(2,430
|
)
|
Accrued liabilities
|
|
|
|
4,159
|
|
|
|
|
6,927
|
|
Deferred revenue
|
|
|
|
4,209
|
|
|
|
|
2,375
|
|
Other liabilities
|
|
|
|
178
|
|
|
|
|
(12
|
)
|
Net cash provided by operating activities
|
|
|
|
8,710
|
|
|
|
|
4,809
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
(5,155
|
)
|
|
|
|
(2,023
|
)
|
Capitalized internal-use software
|
|
|
|
(1,640
|
)
|
|
|
|
(439
|
)
|
Net cash used in investing activities
|
|
|
|
(6,795
|
)
|
|
|
|
(2,462
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of stock in connection with stock plans
|
|
|
|
2,679
|
|
|
|
|
281
|
|
Repayment of debt
|
|
|
|
(14,840
|
)
|
|
|
|
(938
|
)
|
Repayment of capital lease obligations
|
|
|
|
(181
|
)
|
|
|
|
(87
|
)
|
Taxes paid related to net share settlement of equity awards
|
|
|
|
(221
|
)
|
|
|
|
-
|
|
Net cash used in financing activities
|
|
|
|
(12,563
|
)
|
|
|
|
(744
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
(17
|
)
|
|
|
|
(117
|
)
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
(10,665
|
)
|
|
|
|
1,486
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
|
160,355
|
|
|
|
|
137,588
|
|
End of period
|
|
|
$
|
149,690
|
|
|
|
$
|
139,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 4
|
RINGCENTRAL, INC.
|
RECONCILIATION OF OPERATING INCOME (LOSS)
|
GAAP MEASURES TO NON-GAAP MEASURES
|
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2017
|
|
|
|
2016
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Software subscriptions
|
|
|
$
|
103,687
|
|
|
|
$
|
79,978
|
|
Other
|
|
|
|
8,104
|
|
|
|
|
6,560
|
|
Total revenues
|
|
|
|
111,791
|
|
|
|
|
86,538
|
|
Cost of revenues reconciliation
|
|
|
|
|
|
|
|
|
|
|
GAAP Software subscriptions cost of revenues
|
|
|
|
20,263
|
|
|
|
|
16,723
|
|
Stock-based compensation
|
|
|
|
(725
|
)
|
|
|
|
(634
|
)
|
Amortization of acquisition intangibles
|
|
|
|
(151
|
)
|
|
|
|
(151
|
)
|
Non-GAAP Software subscriptions cost of revenues
|
|
|
|
19,387
|
|
|
|
|
15,938
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Other cost of revenues
|
|
|
|
7,043
|
|
|
|
|
5,017
|
|
Stock-based compensation
|
|
|
|
(32
|
)
|
|
|
|
(19
|
)
|
Non-GAAP Other cost of revenues
|
|
|
|
7,011
|
|
|
|
|
4,998
|
|
Gross profit and gross margin reconciliation
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Subscriptions
|
|
|
|
81.3
|
%
|
|
|
|
80.1
|
%
|
Non-GAAP Other
|
|
|
|
13.5
|
%
|
|
|
|
23.8
|
%
|
Non-GAAP Gross profit
|
|
|
|
76.4
|
%
|
|
|
|
75.8
|
%
|
Operating expenses reconciliation
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and development
|
|
|
|
17,087
|
|
|
|
|
14,926
|
|
Stock-based compensation
|
|
|
|
(1,859
|
)
|
|
|
|
(1,638
|
)
|
Acquisition related matters
|
|
|
|
(265
|
)
|
|
|
|
(242
|
)
|
Non-GAAP Research and development
|
|
|
|
14,963
|
|
|
|
|
13,046
|
|
As a % of total revenues non-GAAP
|
|
|
|
13.4
|
%
|
|
|
|
15.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Sales and marketing
|
|
|
|
58,894
|
|
|
|
|
41,828
|
|
Stock-based compensation
|
|
|
|
(3,525
|
)
|
|
|
|
(2,190
|
)
|
Amortization of acquisition intangibles
|
|
|
|
(104
|
)
|
|
|
|
(105
|
)
|
Non-GAAP Sales and marketing
|
|
|
|
55,265
|
|
|
|
|
39,533
|
|
As a % of total revenues non-GAAP
|
|
|
|
49.4
|
%
|
|
|
|
45.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and administrative
|
|
|
|
15,805
|
|
|
|
|
14,024
|
|
Stock-based compensation
|
|
|
|
(2,794
|
)
|
|
|
|
(2,256
|
)
|
Acquisition related matters
|
|
|
|
-
|
|
|
|
|
(11
|
)
|
Non-GAAP General and administrative
|
|
|
|
13,011
|
|
|
|
|
11,757
|
|
As a % of total revenues non-GAAP
|
|
|
|
11.6
|
%
|
|
|
|
13.6
|
%
|
Income (loss) from operations reconciliation
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
(7,301
|
)
|
|
|
|
(5,980
|
)
|
Stock-based compensation
|
|
|
|
8,935
|
|
|
|
|
6,737
|
|
Amortization of acquisition intangibles
|
|
|
|
255
|
|
|
|
|
256
|
|
Acquisition related matters
|
|
|
|
265
|
|
|
|
|
253
|
|
Non-GAAP Income (loss) from operations
|
|
|
$
|
2,154
|
|
|
|
$
|
1,266
|
|
Non-GAAP Operating margin
|
|
|
|
1.9
|
%
|
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 5
|
RINGCENTRAL, INC.
|
RECONCILIATION OF NET INCOME (LOSS)
|
GAAP MEASURES TO NON-GAAP MEASURES
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2017
|
|
|
|
2016
|
|
Net Income (loss) reconciliation
|
|
|
|
|
|
|
|
|
|
|
GAAP Net loss
|
|
|
$
|
(7,309
|
)
|
|
|
$
|
(6,613
|
)
|
Stock-based compensation
|
|
|
|
8,935
|
|
|
|
|
6,737
|
|
Amortization of acquisition intangibles
|
|
|
|
255
|
|
|
|
|
256
|
|
Acquisition related matters
|
|
|
|
265
|
|
|
|
|
253
|
|
Intercompany remeasurement loss
|
|
|
|
(43
|
)
|
|
|
|
337
|
|
Non-GAAP Net income
|
|
|
$
|
2,103
|
|
|
|
$
|
970
|
|
Basic and diluted net income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
Reconciliation between GAAP and non-GAAP weighted average shares
used in computing basic and diluted net income / (loss) per common
share:
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing net loss per
share
|
|
|
|
74,682
|
|
|
|
|
72,114
|
|
Effect of dilutive securities
|
|
|
|
4,973
|
|
|
|
|
3,109
|
|
Non-GAAP weighted average shares used in computing non-GAAP net
income per share
|
|
|
|
79,655
|
|
|
|
|
75,223
|
|
GAAP Net loss per share
|
|
|
$
|
(0.10
|
)
|
|
|
$
|
(0.09
|
)
|
Non-GAAP Net income per share
|
|
|
$
|
0.03
|
|
|
|
$
|
0.01
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170425006760/en/
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