[November 14, 2017] |
|
Catasys Reports 2017 Third Quarter Financial Results
Catasys, Inc. (NASDAQ: CATS), a provider of proprietary
predictive analytics and integrated treatment solutions to health plans,
today reported its financial results for the third quarter and nine
months ended September 30, 2017. The Company provides big data based
analytics and predictive modeling driven behavioral healthcare services
to health plans and their members through its OnTrak™ solution.
Third Quarter 2017 and Recent Business Highlights
-
Catasys' outreach pool of eligible members increased to 25,000 at the
end of the third quarter, compared to 5,600 at the end of the second
quarter. New customer launches take approximately 12 months to ramp up
to the yearly 20% enrollment rate. One year after launch, the Company
generally enrolls in excess of 20% of its outreach pool over a year.
Catasys generally receives approximately $6,500 per enrolled member.
-
July 2017 - Eligible members increased considerably across 8 states
with leading national health plan; program was subsequently expanded
to 3 states to include members suffering from anxiety. This customer
represented the largest driver of outreach pool expansion in the
quarter.
-
August 2017 - Launched enrollment in Oklahoma with the second largest
Blue Cross Blue Shield health insurance plan.
-
August 2017 - Expanded OnTrak-A solution to Connecticut with leading
national health insurance plan, representing the 9th state
with this customer.
-
OnTrak program is currently available in 19 states across the United
States.
2018 Guidance
-
Expects to report billings (amount invoiced in a particular period
pursuant to existing contracts based on enrolled members) of $20.0
million based solely on the current outreach pool of eligible members,
and finishing the year at an approximate $25 million billings run rate.
-
This guidance does not include new contracts and subsequent launches,
initial launches of existing contracts, and expansions within existing
contracts. Based on customer indications and timelines, the Company
anticipates outreach pool expansion beyond the current 25,000 in 2018
and on into subsequent years. Future guidance can be adjusted
accordingly.
Management Commentary
Mr. Rick Anderson, President and COO of Catasys, stated, "We saw a
significant increase in the size of our eligible lives outreach totals
in the third quarter of 2017, which we believe will lead to a
significant ramp up in enrollment in the coming months. Outreach totals
increased to 25,000 individuals during the quarter, which is the highest
in Catasys' history, and our enrollment has increased by 40% from the
end of the second quarter. Over the past few months, we have seen
enrollment increasing across our book of business and customer
relationships. In the third quarter, for one customer, we expanded
OnTrak for the treatment of substance use disorder (SUD) into an
additional state and also expanded the treatment of anxiety to 3 states.
In addition, we launched enrollment with one of the nation's largest
health plans in Oklahoma for the treatment of SUD, depression and
anxiety. We expect to see continued enrollment growth in the fourth
quarter and beyond. In fact, October's billings of $1.1 million were our
largest to date. While enrollment increased during the third quarter,
billings were impacted as our largest customer requires us to bill our
fees over a limited number of visits to our network providers rather
than upon enrollment. This results in a mis-match between billings and
enrollment, and differs from our billing practices with our other
customers. We anticipate this to be a timing element and expect it to be
remedied in future quarters."
Outlook for 2018
Mr. Terren Peizer, Chairman and CEO of Catasys, stated, "Based solely on
the higher number of outreach totals during the third quarter and the
associated enrollment ramp up, we project $20.0 million in billings for
2018. In past quarters, Catasys has been reluctant to provide this
guidance, largely due to the wide range of variability for timing in
customer launch dates. However, due to our current outreach pool of
25,000 and our typical ramp up timeline for enrollment, we feel very
confident that this guidance will serve as a conservative floor for the
coming year based solely on our current outreach pool and launched
programs. Over the coming months we hope to further expand our outreach
pool via the addition of new health plan customer contracts, the
launching of our OnTrak program in previously announced contracts, and
expansions within contracts currently launched. All of these revenue
drivers provide upside potential for Catasys' expected revenue totals
for the coming year."
Third Quarter and Nine Month Financial and Operating Review
Billings
-
Catasys' billings during the period increased 16% to $2.0 million for
the third quarter of 2017 from $1.7 million in the prior year period.
Catasys contracts are generally designed to provide cash fees on a
monthly basis based on enrolled members. To the extent its contracts
may include a performance guarantee, the Company reserves a portion of
the monthly fees that may be at risk until the performance measurement
period is completed.
-
Billings for the nine months ended September 30, 2017 increased 33% to
$6.4 million, compared to $4.8 million in the prior year period.
Revenues
-
Revenue was $1.2 million for the third quarter of 2017, a decrease of
11% compared to $1.3 million during the same period in 2016. The
decrease was driven by a larger portion of billings being subject to
deferred revenue. At the beginning of the third quarter 2017 Catasys
saw a significant increase in eligible member population as a result
of a customer with programs in eight states resolving a previous data
extraction issue, existing customer expansion, and the launch of a new
health plan in Oklahoma. That increase in eligible membership is
expected to primarily impact revenue in future quarters. Overall,
there was a net increase in the number of members enrolled in our
OnTrak solution compared with the same period in 2016. Enrolled
members as of September 30, 2017 was 33% greater than September 30,
2016.
-
Revenue was $4.7 million for the nine months ended September 30, 2017,
an increase of 42% compared to $3.3 million during the same period in
2016.
Deferred Revenue
-
When fees are received in advance, deferred revenue is recognized over
the period the member is enrolled. Any fees subject to performance
guarantees are deferred until such time as those performance standards
are met; generally calculated annually or semi-annually. Catasys has
historically been able to record its deferred revenue as actual
revenue during the course of the business cycle, except for limited
cases where members terminated from the program early.
-
Deferred revenues were $3.2 million at September 30, 2017, an increase
of 109% from $1.5 million at December 31, 2016.
Operating Expenses
-
Operating expenses in the third quarter of 2017 were $4.3 million,
compared to $3.5 million in the prior year period. This increase was
mainly due to higher expenses in the third quarter of 2017 related to
servicing contracts and investments in key personnel to support future
growth compared to the prior year period. Cost of healthcare services
consists primarily of salaries related to Catasys' care coaches,
outreach specialists, healthcare provider claims payments to our
network of physicians and psychologists, and fees charged by third
party administrators for processing these claims. In addition, the
Company hires staff in preparation for anticipated future customer
contracts and corresponding increases in members eligible for OnTrak.
The costs for such staff are included in Cost of Healthcare Services
during training and ramp-up periods.
-
Operating expenses for the nine months ended September 30, 2017 were
$12.6 million, compared to $10.0 million in the prior year period.
Net Income (Loss)
-
For the third quarter of 2017, net loss narrowed to $3.1 million, or
$0.19 per diluted share, compared to a net loss of $7.4 million, or
$0.81 per diluted share, in the prior year period.
-
For the nine months ended September 30, 2017, net loss was $10.9
million, or $0.84 per basic and diluted share, compared to a net loss
of $16.4 million, or $1.79 per basic diluted share, in the prior year
period.
Conference Call - November 14, 2017 - 4:30 PM ET
The Company will also host a conference call/webcast at 4:30 pm ET/1:30
pm PT.
Investors, analysts, employees and the general public are invited to
listen to the conference call via:
Conference Call: 877-705-2969 (domestic) or 201-689-8868 (international) Webcast:
http://catasys.equisolvewebcast.com/q3-2017
Those who are unable to attend the conference call live can use the
following information to hear a replay version:
Conference ID#: 13672721 Conference Call Replay: 877-660-6853
(domestic) or 201-612-7415 (international) Expiration Date:
11/21/2017
About Catasys, Inc.
Catasys, Inc. provides big data based analytics and predictive modeling
driven behavioral healthcare services to health plans and their members
through its OnTrak solution. Catasys' OnTrak solution--contracted with a
growing number of national and regional health plans--is designed to
improve member health and, at the same time, lower costs to the insurer
for underserved populations where behavioral health conditions cause or
exacerbate co-existing medical conditions. The solution utilizes
proprietary analytics and proprietary enrollment, engagement and
behavioral modification capabilities to assist members who otherwise do
not seek care through a patient-centric treatment that integrates
evidence-based medical and psychosocial interventions along with care
coaching in a 52-week outpatient treatment solution.
OnTrak is currently improving member health and, at the same time, is
demonstrating reduced inpatient and emergency room utilization, driving
a more than 50 percent reduction in total health insurers' costs for
enrolled members. OnTrak is currently available to members of several
leading health plans in Connecticut, Florida, Georgia, Illinois, Kansas,
Kentucky, Louisiana, Massachusetts, Missouri, New Jersey, North
Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas,
Virginia, West Virginia and Wisconsin.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in
this press release are forward-looking and made pursuant to the Safe
Harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect numerous assumptions and
involve a variety of risks and uncertainties, many of which are beyond
our control, which may cause actual results to differ materially from
stated expectations. These risk factors include, among others, changes
in regulations or issuance of new regulations or interpretations,
limited operating history, our inability to execute our business plan,
increase our revenue and achieve profitability, lower than anticipated
eligible members under our contracts, our inability to recognize
revenue, lack of outcomes and statistically significant formal research
studies, difficulty enrolling new members and maintaining existing
members in our programs, the risk that treatment programs might not be
effective, difficulty in developing, exploiting and protecting
proprietary technologies, intense competition and substantial regulation
in the health care industry, the risks associated with the adequacy of
our existing cash resources and our ability to continue as a going
concern, our ability to raise additional capital when needed and our
liquidity. You are urged to consider statements that include the words
"may," "will," "would," "could," "should," "believes," "estimates,"
"projects," "potential," "expects," "plan," "anticipates," "intends,"
"continues," "forecast," "designed," "goal," or the negative of those
words or other comparable words to be uncertain and forward-looking. For
a further list and description of the risks and uncertainties we face,
please refer to our most recent Securities and Exchange Commission
filings which are available on its website at http://www.sec.gov.
Such forward-looking statements are current only as of the date they are
made, and we assume no obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.
Non-GAAP Financial Measures
The Company makes reference in this press release to billings, non-GAAP
financial measures, as supplemental measures to review and assess our
operating performance. The presentation of this non-GAAP financial
measure is not intended to be considered in isolation or as a substitute
for the financial information prepared and presented in accordance with
US GAAP. We define billings as the amount invoiced in a particular
period pursuant to existing contracts based on enrolled members. We use
billings as measures of operating performance to assist in comparing
performance from period to period on a consistent basis.
We believe that the use of these non-GAAP financial measures facilitates
investors' assessment of our operating performance from period to period
and from company to company by backing out potential differences caused
by variations in the applicable performance requirements contained in
the relevant contracts, which may be different from other companies in
our industry.
Billings are not defined under GAAP and is not presented in accordance
with GAAP. These non-GAAP financial measures have limitations as an
analytical tool, and when assessing our operating performance, investors
should not consider them in isolation, or as a substitute for revenue
prepared in accordance with GAAP. A reconciliation from these non-GAAP
financial measures to the GAAP financial measures is included at the end
of this release.
|
CATASYS, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
(In thousands, except per share amounts)
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Healthcare services revenues
|
|
|
$
|
1,195
|
|
|
$
|
1,336
|
|
|
$
|
4,682
|
|
|
$
|
3,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
Cost of healthcare services
|
|
|
|
1,664
|
|
|
|
1,253
|
|
|
|
4,361
|
|
|
|
3,381
|
|
|
General and administrative
|
|
|
|
2,575
|
|
|
|
2,195
|
|
|
|
8,144
|
|
|
|
6,518
|
|
|
Depreciation and amortization
|
|
|
|
47
|
|
|
|
38
|
|
|
|
131
|
|
|
|
102
|
|
|
|
Total operating expenses
|
|
|
|
4,286
|
|
|
|
3,486
|
|
|
|
12,636
|
|
|
|
10,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
|
(3,091
|
)
|
|
|
(2,150
|
)
|
|
|
(7,954
|
)
|
|
|
(6,714
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
16
|
|
|
|
15
|
|
|
|
44
|
|
|
|
90
|
|
Interest expense
|
|
|
|
(1
|
)
|
|
|
(3,215
|
)
|
|
|
(3,408
|
)
|
|
|
(4,139
|
)
|
Loss on conversion of note
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,356
|
)
|
|
|
-
|
|
Loss on issuance of common stock
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(145
|
)
|
|
|
-
|
|
Change in fair value of derivative liability
|
|
|
|
-
|
|
|
|
(3,484
|
)
|
|
|
132
|
|
|
|
(6,328
|
)
|
Change in fair value of warrant liability
|
|
|
|
(2
|
)
|
|
|
1,423
|
|
|
|
1,767
|
|
|
|
673
|
|
Loss from operations before provision for income taxes
|
|
|
|
(3,078
|
)
|
|
|
(7,411
|
)
|
|
|
(10,920
|
)
|
|
|
(16,418
|
)
|
Provision for income taxes
|
|
|
|
2
|
|
|
|
2
|
|
|
|
4
|
|
|
|
7
|
|
Net Loss
|
|
|
$
|
(3,080
|
)
|
|
$
|
(7,413
|
)
|
|
$
|
(10,924
|
)
|
|
$
|
(16,425
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss from operations per share:
|
|
|
|
($0.19
|
)
|
|
|
($0.81
|
)
|
|
|
($0.84
|
)
|
|
|
($1.79
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted number of shares outstanding
|
|
|
|
15,889
|
|
|
|
9,174
|
|
|
|
13,031
|
|
|
|
9,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*The financial statements have been retroactively restated to
reflect the 1-for-6 reverse-stock split that occurred on April 25,
2017.
|
|
|
|
|
|
|
|
|
CATASYS, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(In thousands, except for number of shares)
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
|
|
2017
|
|
2016
|
ASSETS
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
6,926
|
|
|
$
|
851
|
|
|
Receivables, net of allowance for doubtful accounts
|
|
|
|
|
|
|
|
|
of $277 and $0, respectively
|
|
|
|
|
709
|
|
|
|
1,052
|
|
|
Prepaids and other current assets
|
|
|
|
|
307
|
|
|
|
420
|
|
|
|
Total current assets
|
|
|
|
|
7,942
|
|
|
|
2,323
|
|
Long-term assets
|
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation
|
|
|
|
|
|
|
|
|
of $1,751 and $1,620, respectively
|
|
|
|
|
553
|
|
|
|
410
|
|
|
Deposits and other assets
|
|
|
|
|
371
|
|
|
|
371
|
|
Total Assets
|
|
|
|
$
|
8,866
|
|
|
$
|
3,104
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
806
|
|
|
$
|
870
|
|
|
Accrued compensation and benefits
|
|
|
|
|
901
|
|
|
|
2,089
|
|
|
Deferred revenue
|
|
|
|
|
3,180
|
|
|
|
1,525
|
|
|
Other accrued liabilities
|
|
|
|
|
579
|
|
|
|
575
|
|
|
Short term debt, related party, net of discount
|
|
|
|
|
|
|
|
|
$0 and $216, respectively
|
|
|
|
|
-
|
|
|
|
9,796
|
|
|
Derivative liability
|
|
|
|
|
-
|
|
|
|
8,122
|
|
|
|
Total current liabilities
|
|
|
|
|
5,466
|
|
|
|
22,977
|
|
Long-term liabilities
|
|
|
|
|
|
|
|
Deferred rent and other long-term liabilities
|
|
|
|
|
49
|
|
|
|
117
|
|
|
Capital leases
|
|
|
|
|
6
|
|
|
|
31
|
|
|
Warrant liabilities
|
|
|
|
|
41
|
|
|
|
5,307
|
|
Total Liabilities
|
|
|
|
|
5,562
|
|
|
|
28,432
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity/(deficit)
|
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value; 50,000,000 shares authorized;
|
|
|
|
|
|
|
|
no shares issued and outstanding
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Common stock, $0.0001 par value; 500,000,000 shares authorized;
|
|
|
|
|
|
|
|
15,889,171 and 9,214,743 shares issued and outstanding
|
|
|
|
|
|
|
|
|
at September 30, 2017 and December 31, 2016, respectively
|
|
|
|
|
2
|
|
|
|
1
|
|
|
Additional paid-in-capital
|
|
|
|
|
293,945
|
|
|
|
254,390
|
|
|
Accumulated deficit
|
|
|
|
|
(290,643
|
)
|
|
|
(279,719
|
)
|
Total Stockholders' Equity/(Deficit)
|
|
|
|
|
3,304
|
|
|
|
(25,328
|
)
|
Total Liabilities and Stockholders' Equity/(Deficit)
|
|
|
|
$
|
8,866
|
|
|
$
|
3,104
|
|
|
|
|
|
|
|
|
CATASYS, INC. AND SUBSIDIARIES
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
(In thousands)
|
|
|
|
September 30,
|
|
|
|
|
|
|
2017
|
|
2016
|
Operating activities:
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(10,924
|
)
|
|
$
|
(16,425
|
)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
131
|
|
|
|
102
|
|
|
Amortization of debt discount and issuance costs included in
interest expense
|
|
|
|
|
3,335
|
|
|
|
3,673
|
|
|
Provision for doubtful accounts
|
|
|
|
|
307
|
|
|
|
46
|
|
|
Deferred rent
|
|
|
|
|
(60
|
)
|
|
|
(52
|
)
|
|
Share-based compensation expense
|
|
|
|
|
191
|
|
|
|
523
|
|
|
Common stock issued for services
|
|
|
|
|
181
|
|
|
|
-
|
|
|
Loss on conversion of convertible debenture
|
|
|
|
|
1,356
|
|
|
|
-
|
|
|
Loss on issuance of common stock
|
|
|
|
|
145
|
|
|
|
-
|
|
|
Fair value adjustment on warrant liability
|
|
|
|
|
(1,767
|
)
|
|
|
(673
|
)
|
|
Fair value adjustment on derivative liability
|
|
|
|
|
(132
|
)
|
|
|
6,328
|
|
Changes in current assets and liabilities:
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
|
36
|
|
|
|
(345
|
)
|
|
Prepaids and other current assets
|
|
|
|
|
113
|
|
|
|
270
|
|
|
Deferred revenue
|
|
|
|
|
1,655
|
|
|
|
1,548
|
|
|
Accounts payable and other accrued liabilities
|
|
|
|
|
85
|
|
|
|
554
|
|
|
|
Net cash used by operating activities
|
|
|
|
$
|
(5,348
|
)
|
|
$
|
(4,451
|
)
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
$
|
(274
|
)
|
|
$
|
(102
|
)
|
|
Deposits and other assets
|
|
|
|
|
-
|
|
|
|
16
|
|
|
|
Net cash used by investing activities
|
|
|
|
$
|
(274
|
)
|
|
$
|
(86
|
)
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
Proceeds from the issuance of common stock and warrants
|
|
|
|
$
|
16,458
|
|
|
$
|
-
|
|
|
Proceeds from issuance of bridge loan
|
|
|
|
|
1,300
|
|
|
|
-
|
|
|
Payments on convertible debenture
|
|
|
|
|
(4,363
|
)
|
|
|
-
|
|
|
Proceeds from issuance of senior promissory note, related party
|
|
|
|
|
-
|
|
|
|
5,505
|
|
|
Proceeds from advance from related party
|
|
|
|
|
-
|
|
|
|
225
|
|
|
Payment on advance from related party
|
|
|
|
|
-
|
|
|
|
(225
|
)
|
|
Transactions costs
|
|
|
|
|
(1,667
|
)
|
|
|
-
|
|
|
Capital lease obligations
|
|
|
|
|
(31
|
)
|
|
|
(41
|
)
|
|
|
Net cash provided by financing activities
|
|
|
|
$
|
11,697
|
|
|
$
|
5,464
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
$
|
6,075
|
|
|
$
|
927
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
851
|
|
|
|
916
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
6,926
|
|
|
$
|
1,843
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash paid
|
|
|
|
|
|
|
|
Interest
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Income taxes
|
|
|
|
$
|
40
|
|
|
$
|
46
|
|
Supplemental disclosure of non-cash activity
|
|
|
|
|
|
|
|
Common stock issued for services
|
|
|
|
$
|
181
|
|
|
|
-
|
|
|
Common stock issued for conversion of debt and accrued interest
|
|
|
|
$
|
7,163
|
|
|
|
-
|
|
|
Common stock issued upon settlement of deferred compensation to
officer
|
|
|
|
$
|
1,122
|
|
|
|
-
|
|
|
Common stock issued for exercise of warrants
|
|
|
|
$
|
-
|
|
|
$
|
45
|
|
|
Property and equipment acquired through capital leases
|
|
|
|
|
|
|
|
|
and other financing
|
|
|
|
$
|
-
|
|
|
$
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CATASYS, INC. AND SUBSIDIARIES
|
GAAP TO NON-GAAP RECONCILIATION
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
|
|
|
|
September 30,
|
|
September 30,
|
(in thousands)
|
|
|
|
2017
|
2016
|
|
2017
|
2016
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
$
|
1,195
|
$
|
1,336
|
|
$
|
4,682
|
$
|
3,287
|
Add:
|
|
|
|
|
|
|
|
|
Net Change in Deferred Revenue
|
|
|
|
|
812
|
|
430
|
|
|
1,655
|
|
1,548
|
Billings, non-GAAP
|
|
|
|
$
|
2,007
|
$
|
1,766
|
|
$
|
6,337
|
$
|
4,835
|
|
|
|
|
|
|
|
|
|
* Net change in deferred revenue associated with Q3 billings
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171114006603/en/
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