[July 31, 2018] |
|
SendGrid Announces Second Quarter 2018 Results and Raises Outlook
SendGrid, Inc. (NYSE: SEND), a leading
digital communications platform that drives engagement and growth,
today announced second quarter 2018 financial results.
Second Quarter Financial Highlights
-
Total revenue of $35.7 million for the second quarter was up 32%
compared with the second quarter of 2017.
-
SendGrid's Email API revenue of $28.2 million for the second quarter
grew by 32% compared with the second quarter of 2017, representing 79%
of total revenue, while Marketing Campaigns revenue grew by 97% to
$6.3 million compared with the second quarter of 2017 and represented
18% of total revenue.
-
Gross margin in the quarter was 75.3%, up 220 basis points compared
with the year-ago period.
-
GAAP net loss in the quarter was $(0.3) million, or $(0.01) per share,
compared with $(1.3) million, or $(0.17) per share, in the second
quarter of 2017. Second quarter 2018 net loss included $2.8 million of
stock compensation expense, an increase of $2 million, from $0.8
million in the second quarter of 2017.
-
Non-GAAP adjusted net income (ANI) was $2.8 million in the quarter, or
$0.05 per diluted share on a non-GAAP basis, compared with $0.55
million, or $0.01 per diluted share, in the second quarter of 2017, an
increase of $2.3 million.
-
Net cash flows from operating activities in the second quarter were
$8.8 million, a $3.6 million increase compared with the second quarter
of 2017.
-
Free cash flow in the quarter was $3.9 million, up fivefold compared
with $0.7 million in the second quarter of 2017.
-
The company ended the quarter with $182.3 million in cash and cash
equivalents, inclusive of net proceeds of $12.4 million from the
company's April 2018 follow-on stock offering.
-
Weighted-average basic common shares outstanding were 44.6 million for
the second quarter, compared with 7.9 million for the second quarter
of 2017, with 46.4 million common shares outstanding as of June 30,
2018.
-
For purposes of measuring non-GAAP adjusted net income per share,
weighted-average diluted common shares outstanding were 52.0 million
for the second quarter of 2018, compared with 38.9 million for the
second quarter of 2017.
Non-Financial Highlights
-
Ended the quarter with more than 74,000 customers, up 35% compared
with the second quarter of 2017.
-
Delivered email volume of 140.2 billion for the second quarter, up 29%
compared with the second quarter 2017.
-
Completed company-wide readiness initiatives designed to ensure
compliance with the General Data Protection Regulation (GDPR).
-
Drove meaningful customer adoption in the second quarter from its
late-first quarter 2018 introduction of a new enhancement to its API
sending experience, which provides customers further insights into
their sending with additional history and API access.
-
In April, the company opened its newest office location in Redwood
City, California, in the heart of Silicon Valley, completing
multi-year investments across multiple offices to support future
growth.
-
Released its third annual Global Email Benchmark Report, providing
insights and email-related metrics to help brands evaluate the
effectiveness of their email marketing programs.
-
The company received multiple workplace-related awards in the quarter.
It was named one of the Best Workplaces for Millennials by Great Place
to Work® and FORTUNE; was recognized for its leadership and inclusion
efforts among small and midsize companies in the 2018 Comparably
Workplace Awards; and was also recognized as one of the 25 highest
rated Public Cloud Computing Companies To Work For in a list released
by Battery Ventures and Glassdoor.
"We had a strong second quarter, with accelerating sequential revenue
growth, improving gross margins driving sharply higher profitability,
and strong free-cash-flow generation," said Sameer Dholakia, CEO of
SendGrid. "We are pleased that our solid first half is carrying over
into the second half, and we are raising our outlook for growth and
profitability for the year."
Full Year and Third Quarter 2018 Outlook
Based on information available as of today, SendGrid is increasing its
outlook for full year 2018 and setting its outlook for the third quarter
2018.
For 2018, the company now expects to deliver:
-
2018 full year revenue in a range of $142.5 million to $144.0 million,
up 28% year over year at the midpoint;
-
2018 full year non-GAAP adjusted net income in a range of $7.0 million
to $9.0 million.
For Q3 2018, the company now expects to deliver:
-
Third quarter 2018 revenue in a range of $35.9 million to $36.1
million, up 27% at the midpoint;
-
Third quarter 2018 non-GAAP adjusted net income of approximately $1.25
million to $1.75 million, which does not include approximately $3.0
million of stock compensation expense, and less than $500,000 of
restructuring and M&A-related expense.
A reconciliation of non-GAAP adjusted net income to the most directly
comparable GAAP measure, or net income (loss), for the full year 2018 is
not available on a forward-looking basis without unreasonable efforts
and uncertainty due to the unpredictability and complexity of the
charges excluded from non-GAAP adjusted net income (loss), including,
without limitation, stock-based compensation. Stock-based compensation
expenses are impacted by future hiring and retention needs, as well as
the future fair market value of SendGrid's common stock, all of which
are difficult to predict and subject to change. SendGrid expects the
above charges, including stock-based compensation, collectively will
have a significant, and potentially unpredictable, impact on its GAAP
net income (loss) for 2018.
Conference Call Information
-
When: Tuesday, July 31, 2018 at 5 p.m. Eastern Time (3 p.m. Mountain
Time)
-
Domestic Dial In: To access the call toll-free via telephone in North
America, please dial: 844-842-1230 (Conference ID: 1192685)
-
International Dial In: To access the call toll-free internationally,
please dial: 647-253-8797 (Conference ID: 1192685)
Forward-Looking Statements
This press release contains "forward-looking" statements that are based
on our management's beliefs and assumptions and on information currently
available to management. Forward-looking statements include, but are not
limited to, statements about SendGrid's outlook for the quarter ending
September 30, 2018 and the full year ending December 31, 2018 and
SendGrid's expectations regarding possible or assumed business
strategies, potential growth and innovation opportunities, new products,
and potential market opportunities.
Forward-looking statements generally relate to future events or our
future financial or operating performance. Forward-looking statements
include all statements that are not historical facts and can be
identified by terms such as "believes," "continue," "could,"
"potential," "remain," "will," "would" or similar expressions and the
negatives of those terms. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. These risks include, but are not limited to,
risks and uncertainties related to: our ability to achieve future growth
and sustain our growth rate, our ability to attract and retain customers
and increase sales to our customers, our ability to develop and release
new products and services and to scale our platform, our ability to
increase adoption of our platform through our self-service model, our
ability to maintain and grow our relationships with strategic partners,
the highly competitive and rapidly evolving market in which we
participate, our ability to identify targets for, execute on and realize
the benefits of potential acquisitions and our international expansion
strategies. Further information on risks that could cause actual results
to differ materially from forecasted results is included in our filings
with the SEC, including our Quarterly Report on Form 10-Q for the period
ended March 31, 2018 and our Quarterly Report on Form 10-Q for the
period ended June 30, 2018 to be filed with the SEC later today. Any
forward-looking statements contained in this press release are based on
assumptions that we believe to be reasonable as of this date. Except as
required by law, we assume no obligation to update these forward-looking
statements, or to update the reasons if actual results differ materially
from those anticipated in the forward-looking statements.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared
and presented in accordance with GAAP, we use certain non-GAAP financial
measures, as described below, to understand and evaluate our core
operating performance. These non-GAAP financial measures, which may be
different than similarly titled measures used by other companies, are
presented to enhance investors' overall understanding of our financial
performance and should not be considered a substitute for, or superior
to, the financial information prepared and presented in accordance with
GAAP. Investors are encouraged to review the reconciliation of these
non-GAAP measures to their most directly comparable GAAP financial
measures. A reconciliation of the non-GAAP financial measures to such
GAAP measures can be found in the accompanying financial statements
included with this press release.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and future prospects, and allow
for greater transparency with respect to important metrics used by our
management for financial and operational decision-making. We are
presenting these non-GAAP financial metrics to assist investors in
seeing our financial performance through the eyes of management, and
because we believe that these measures provide an additional tool for
investors to use in comparing our core financial performance over
multiple periods with other companies in our industry.
We use the non-GAAP financial measure of adjusted net income, which is
defined as GAAP net income (loss), excluding stock-based compensation
expense, restructuring expense, costs associated with mergers and
acquisitions, warrant interest expense and non-capitalizable costs
associated with our initial public offering. Due to our significant
federal and state net operating loss carryforwards, as well as a full
valuation against our net deferred tax assets, there is no income tax
effect on adjusted net income in the presented periods. We believe that
adjusted net income helps identify underlying trends in our business
that could otherwise be masked by the effect of the expenses that we
exclude in adjusted net income. Additionally, our executive compensation
structure uses an adjusted net income target as one of the components
when calculating payments that have been earned. There are a number of
limitations related to the use of adjusted net income as compared to net
loss, including that adjusted net income excludes stock-based
compensation expense, which has been, and will continue to be for the
foreseeable future, a significant recurring expense in our business and
an important part of our compensation strategy.
We use the non-GAAP financial measure of free cash flow, which is
defined as GAAP net cash flows from operating activities, reduced by
purchases of property and equipment and principal payments on capital
lease obligations. We believe free cash flow is an important liquidity
measure of the cash that is available, after capital expenditures, for
operational expenses, investment in our business and to make
acquisitions. Free cash flow is useful to investors as a liquidity
measure because it measures our ability to generate or use cash. Once
our business needs and obligations are met, cash can be used to maintain
a strong balance sheet and invest in future growth. There are a number
of limitations related to the use of free cash flow as compared to net
cash from operating activities, including that free cash flow does not
reflect future contractual commitments.
About SendGrid
SendGrid is a leading digital communication platform, enabling
businesses to engage with their customers via email reliably,
effectively and at scale. A leader in email deliverability, SendGrid has
processed over 45 billion emails each month for internet and
mobile-based customers as well as more traditional enterprises.
Disclosure of Material Information
SendGrid announces material information to its investors using SEC
filings, press releases, public conference calls and on its investor
relations page of the company's website at https://investors.sendgrid.com.
|
SENDGRID, INC.
|
Condensed Consolidated Statements of Operations
|
(Unaudited)
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
(in thousands, except per share data)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenue
|
|
|
|
|
|
|
|
|
Email API
|
|
$
|
28,240
|
|
|
$
|
21,411
|
|
|
$
|
54,108
|
|
|
$
|
41,357
|
|
Marketing Campaigns
|
|
|
6,294
|
|
|
|
3,196
|
|
|
|
11,739
|
|
|
|
5,896
|
|
Predecessor email marketing service
|
|
|
-
|
|
|
|
1,447
|
|
|
|
-
|
|
|
|
2,967
|
|
Other
|
|
|
1,141
|
|
|
|
958
|
|
|
|
2,397
|
|
|
|
1,623
|
|
Total revenue
|
|
|
35,675
|
|
|
|
27,012
|
|
|
|
68,244
|
|
|
|
51,843
|
|
Cost of revenue
|
|
|
8,805
|
|
|
|
7,274
|
|
|
|
17,293
|
|
|
|
13,745
|
|
Gross profit
|
|
|
26,870
|
|
|
|
19,738
|
|
|
|
50,951
|
|
|
|
38,098
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
9,871
|
|
|
|
7,139
|
|
|
|
18,805
|
|
|
|
13,663
|
|
Selling and marketing
|
|
|
8,707
|
|
|
|
6,870
|
|
|
|
16,643
|
|
|
|
13,458
|
|
General and administrative
|
|
|
9,165
|
|
|
|
6,494
|
|
|
|
18,031
|
|
|
|
13,538
|
|
Loss on disposal of assets
|
|
|
-
|
|
|
|
2
|
|
|
|
62
|
|
|
|
2
|
|
Total operating expenses
|
|
|
27,743
|
|
|
|
20,505
|
|
|
|
53,541
|
|
|
|
40,661
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(873
|
)
|
|
|
(767
|
)
|
|
|
(2,590
|
)
|
|
|
(2,563
|
)
|
Other income (expense), net
|
|
|
563
|
|
|
|
(566
|
)
|
|
|
1,007
|
|
|
|
(571
|
)
|
Net loss
|
|
$
|
(310
|
)
|
|
$
|
(1,333
|
)
|
|
$
|
(1,583
|
)
|
|
$
|
(3,134
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
44,581
|
|
|
|
7,943
|
|
|
|
43,099
|
|
|
|
7,896
|
|
Net loss per share attributable to common stockholders
|
|
$
|
(0.01
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.40
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENDGRID, INC.
|
Reconciliation of Net Loss to Adjusted Net Income (ANI)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
|
(in thousands)
|
|
|
2018
|
|
|
2017
|
Net loss
|
|
|
$
|
(310
|
)
|
|
|
$
|
(1,333
|
)
|
Stock-based compensation expense
|
|
|
|
2,812
|
|
|
|
|
793
|
|
Restructuring expense
|
|
|
|
174
|
|
|
|
|
167
|
|
Merger and acquisition expenses
|
|
|
|
157
|
|
|
|
|
214
|
|
Adjustment to redeemable preferred stock warrant
|
|
|
|
-
|
|
|
|
|
544
|
|
Certain IPO costs
|
|
|
|
-
|
|
|
|
|
166
|
|
Adjusted Net Income (ANI)
|
|
|
$
|
2,833
|
|
|
|
$
|
551
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding
|
|
|
|
51,963
|
|
|
|
|
38,890
|
|
Adjusted Net Income (ANI) / share
|
|
|
$
|
0.05
|
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENDGRID, INC.
|
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30,
|
(in thousands)
|
|
|
2018
|
|
|
2017
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(1,583
|
)
|
|
|
$
|
(3,134
|
)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
5,243
|
|
|
|
|
4,562
|
|
Stock-based compensation
|
|
|
|
4,640
|
|
|
|
|
1,381
|
|
Adjustment to redeemable preferred stock warrant liability
|
|
|
|
-
|
|
|
|
|
518
|
|
Non-cash interest expense and other
|
|
|
|
21
|
|
|
|
|
10
|
|
Loss on disposal of assets and restructuring of assets
|
|
|
|
221
|
|
|
|
|
352
|
|
Reimbursement of tenant improvements
|
|
|
|
2,434
|
|
|
|
|
654
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(332
|
)
|
|
|
|
(803
|
)
|
Prepaid expenses and other assets
|
|
|
|
891
|
|
|
|
|
(494
|
)
|
Accounts payable and accrued liabilities
|
|
|
|
(1,673
|
)
|
|
|
|
2,050
|
|
Other liabilities
|
|
|
|
(1,129
|
)
|
|
|
|
26
|
|
Net cash flows from operating activities
|
|
|
|
8,733
|
|
|
|
|
5,122
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
|
(9,288
|
)
|
|
|
|
(3,014
|
)
|
Cash paid for business combination
|
|
|
|
-
|
|
|
|
|
(2,726
|
)
|
Cash acquired in business combination
|
|
|
|
-
|
|
|
|
|
527
|
|
Proceeds from sale of assets
|
|
|
|
27
|
|
|
|
|
9
|
|
Net cash flows from investing activities
|
|
|
|
(9,261
|
)
|
|
|
|
(5,204
|
)
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Proceeds from stock option exercises
|
|
|
|
6,410
|
|
|
|
|
264
|
|
Proceeds from follow-on public offering, net of $0.7 million
underwriting discount
|
|
|
|
13,716
|
|
|
|
|
-
|
|
Payments for stock issuance costs
|
|
|
|
(1,167
|
)
|
|
|
|
(40
|
)
|
Payments for tax withholding on equity awards
|
|
|
|
(7,146
|
)
|
|
|
|
-
|
|
Principal payments on capital lease obligations
|
|
|
|
(3,341
|
)
|
|
|
|
(2,997
|
)
|
Net cash flows from financing activities
|
|
|
|
8,472
|
|
|
|
|
(2,773
|
)
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rates on cash
|
|
|
|
(3
|
)
|
|
|
|
2
|
|
Net increase (decrease) in cash, cash equivalents, and restricted
cash
|
|
|
|
7,941
|
|
|
|
|
(2,853
|
)
|
|
|
|
|
|
|
|
Cash, cash equivalents, and restricted cash at beginning of period
|
|
|
|
175,496
|
|
|
|
|
40,478
|
|
Cash, cash equivalents, and restricted cash at end of period
|
|
|
$
|
183,437
|
|
|
|
$
|
37,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENDGRID, INC.
|
Reconciliation of Net Cash Flows Provided by Operating Activities
to Free Cash Flow
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
|
(in thousands)
|
|
|
2018
|
|
|
2017
|
Net cash flows from operating activities
|
|
|
$
|
8,772
|
|
|
|
|
3,392
|
|
Purchase of property and equipment
|
|
|
|
(3,226
|
)
|
|
|
$
|
(1,220
|
)
|
Principal payments on capital lease obligations
|
|
|
|
(1,647
|
)
|
|
|
|
(1,480
|
)
|
Free cash flow
|
|
|
$
|
3,899
|
|
|
|
$
|
692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENDGRID, INC.
|
Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
As of June 30,
|
|
|
As of December 31,
|
(in thousands)
|
|
|
2018
|
|
|
2017
|
Assets
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
182,317
|
|
|
|
$
|
175,496
|
|
Restricted cash
|
|
|
|
1,120
|
|
|
|
|
-
|
|
Accounts receivable - trade, net of allowance
|
|
|
|
6,103
|
|
|
|
|
5,765
|
|
Prepaid expenses and other current assets
|
|
|
|
5,599
|
|
|
|
|
9,087
|
|
Total current assets
|
|
|
|
195,139
|
|
|
|
|
190,348
|
|
|
|
|
|
|
|
|
Noncurrent Assets:
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
34,249
|
|
|
|
|
29,192
|
|
Intangible assets, net
|
|
|
|
1,554
|
|
|
|
|
1,795
|
|
Other assets
|
|
|
|
322
|
|
|
|
|
300
|
|
Goodwill
|
|
|
|
1,648
|
|
|
|
|
1,648
|
|
Total noncurrent assets
|
|
|
|
37,773
|
|
|
|
|
32,935
|
|
Total assets
|
|
|
$
|
232,912
|
|
|
|
$
|
223,283
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
$
|
9,405
|
|
|
|
$
|
13,837
|
|
Current portion of capital lease obligations
|
|
|
|
6,208
|
|
|
|
|
6,110
|
|
Current portion of deferred rent
|
|
|
|
1,138
|
|
|
|
|
328
|
|
Other current liabilities
|
|
|
|
1,273
|
|
|
|
|
1,575
|
|
Total current liabilities
|
|
|
|
18,024
|
|
|
|
|
21,850
|
|
|
|
|
|
|
|
|
Long-Term Obligations, Net of Current Portion:
|
|
|
|
|
|
|
Capital lease obligations, net of current portion
|
|
|
|
10,492
|
|
|
|
|
11,095
|
|
Deferred rent, net of current portion
|
|
|
|
9,561
|
|
|
|
|
10,054
|
|
Other long-term liabilities
|
|
|
|
532
|
|
|
|
|
510
|
|
Total long-term obligations, net of current portion:
|
|
|
|
20,585
|
|
|
|
|
21,659
|
|
Total liabilities
|
|
|
|
38,609
|
|
|
|
|
43,509
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Common stock, $0.001 par value
|
|
|
|
46
|
|
|
|
|
39
|
|
Additional paid-in capital
|
|
|
|
246,328
|
|
|
|
|
229,594
|
|
Accumulated deficit
|
|
|
|
(52,066
|
)
|
|
|
|
(49,857
|
)
|
Accumulated other comprehensive loss
|
|
|
|
(5
|
)
|
|
|
|
(2
|
)
|
Total stockholders' equity
|
|
|
|
194,303
|
|
|
|
|
179,774
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
232,912
|
|
|
|
$
|
223,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENDGRID, INC.
|
Reconciliation to Non-GAAP Financial Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
|
(in thousands)
|
|
2018
|
|
2017
|
Cost of revenue
|
|
$
|
8,805
|
|
|
$
|
7,274
|
|
Less:
|
|
|
|
|
Stock-based compensation expense
|
|
|
324
|
|
|
|
97
|
|
Restructuring expense
|
|
|
-
|
|
|
|
-
|
|
Merger and acquisition expenses
|
|
|
20
|
|
|
|
20
|
|
Adjustment to redeemable preferred stock warrant
|
|
|
-
|
|
|
|
-
|
|
Certain IPO costs
|
|
|
-
|
|
|
|
-
|
|
Non-GAAP cost of revenue
|
|
$
|
8,461
|
|
|
$
|
7,157
|
|
|
|
|
|
|
Cost of revenue as a % of revenue
|
|
|
24.7
|
%
|
|
|
26.9
|
%
|
Non-GAAP cost of revenue as a % of revenue
|
|
|
23.7
|
%
|
|
|
26.5
|
%
|
|
|
|
|
|
|
|
|
|
|
SENDGRID, INC.
|
Reconciliation to Non-GAAP Financial Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
|
(in thousands)
|
|
2018
|
|
2017
|
Research and development
|
|
$
|
9,871
|
|
|
$
|
7,139
|
|
Less:
|
|
|
|
|
Stock-based compensation expense
|
|
|
1,114
|
|
|
|
215
|
|
Restructuring expense
|
|
|
-
|
|
|
|
-
|
|
Merger and acquisition expenses
|
|
|
128
|
|
|
|
195
|
|
Adjustment to redeemable preferred stock warrant
|
|
|
-
|
|
|
|
-
|
|
Certain IPO costs
|
|
|
-
|
|
|
|
-
|
|
Non-GAAP research and development
|
|
$
|
8,629
|
|
|
$
|
6,729
|
|
|
|
|
|
|
Research and development as a % of revenue
|
|
|
27.7
|
%
|
|
|
26.4
|
%
|
Non-GAAP research and development as a % of revenue
|
|
|
24.2
|
%
|
|
|
24.9
|
%
|
|
|
|
|
|
|
|
|
|
|
SENDGRID, INC.
|
Reconciliation to Non-GAAP Financial Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
|
(in thousands)
|
|
2018
|
|
2017
|
Selling and marketing
|
|
$
|
8,707
|
|
|
$
|
6,870
|
|
Less:
|
|
|
|
|
Stock-based compensation expense
|
|
|
409
|
|
|
|
180
|
|
Restructuring expense
|
|
|
-
|
|
|
|
-
|
|
Merger and acquisition expenses
|
|
|
4
|
|
|
|
(6
|
)
|
Adjustment to redeemable preferred stock warrant
|
|
|
-
|
|
|
|
-
|
|
Certain IPO costs
|
|
|
-
|
|
|
|
-
|
|
Non-GAAP selling and marketing
|
|
$
|
8,294
|
|
|
$
|
6,696
|
|
|
|
|
|
|
Selling and marketing as a % of revenue
|
|
|
24.4
|
%
|
|
|
25.4
|
%
|
Non-GAAP selling and marketing as a % of revenue
|
|
|
23.2
|
%
|
|
|
24.8
|
%
|
|
|
|
|
|
|
|
|
|
|
SENDGRID, INC.
|
Reconciliation to Non-GAAP Financial Measures
|
(Unaudited)
|
|
|
|
|
|
|
|
For the Three Months Ended June 30,
|
(in thousands)
|
|
2018
|
|
2017
|
General and administrative
|
|
$
|
9,165
|
|
|
$
|
6,494
|
|
Less:
|
|
|
|
|
Stock-based compensation expense
|
|
|
965
|
|
|
|
301
|
|
Restructuring expense
|
|
|
174
|
|
|
|
167
|
|
Merger and acquisition expenses
|
|
|
5
|
|
|
|
5
|
|
Adjustment to redeemable preferred stock warrant
|
|
|
-
|
|
|
|
544
|
|
Certain IPO costs
|
|
|
(1
|
)
|
|
|
166
|
|
Non-GAAP general and administrative
|
|
$
|
8,022
|
|
|
$
|
5,311
|
|
|
|
|
|
|
General and administrative as a % of revenue
|
|
|
25.7
|
%
|
|
|
24.0
|
%
|
Non-GAAP general and administrative as a % of revenue
|
|
|
22.5
|
%
|
|
|
19.7
|
%
|
Source: SendGrid, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180731005702/en/
[ Back To TMCnet.com's Homepage ]
|