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Five9 Reports Second Quarter Revenue Growth of 28% to a Record $61.1 Million
[August 06, 2018]

Five9 Reports Second Quarter Revenue Growth of 28% to a Record $61.1 Million


Five9, Inc. (NASDAQ:FIVN), a leading provider of cloud contact center software for the digital enterprise, today reported results1 for the second quarter ended June 30, 2018.

Second Quarter 2018 Financial Results

  • Revenue for the second quarter of 2018 increased 28% to a record $61.1 million, compared to $47.7 million for the second quarter of 2017.
  • GAAP gross margin was 59.4% for the second quarter of 2018, compared to 57.5% for the second quarter of 2017.
  • Adjusted gross margin was 63.8% for the second quarter of 2018, compared to 62.3% for the second quarter of 2017.
  • GAAP net loss for the second quarter of 2018 was $(2.0) million, or $(0.04) per basic share, compared to GAAP net loss of $(4.0) million, or $(0.07) per basic share, for the second quarter of 2017. GAAP net loss for the second quarter of 2018 included $1.7 million in amortization of discount and issuance costs on our 0.125% convertible senior notes issued in May 2018.
  • Non-GAAP net income for the second quarter of 2018 was $6.9 million, or $0.11 per diluted share, compared to non-GAAP net loss of $(0.1) million, or $(0.00) per basic share, for the second quarter of 2017.
  • Adjusted EBITDA for the second quarter of 2018 was $9.7 million, or a record 15.8% of revenue, compared to $3.0 million, or 6.2% of revenue, for the second quarter of 2017.
  • GAAP operating cash flow for the second quarter of 2018 was $5.7 million, compared to GAAP operating cash flow of $0.1 million for the second quarter of 2017.

"Our second quarter results significantly exceeded our expectations on both the top and bottom line. Revenue growth accelerated in Q2, up 28% year-over-year to $61.1 million, and continued to be driven by our Enterprise business, which delivered 37% growth in LTM Enterprise subscription revenue. I am excited to be taking the helm at Five9 as contact centers undergo a massive technology-enabled transformation driven by the move to the cloud and the rise of artificial intelligence (AI). Our vision is to create a self-learning, intelligent contact center delivered through the cloud and powered by AI. Our recently announced Five9 Genius and partnership with Google, which brings practical AI enhancements to the contact center, is the first step in this direction. As Five9 continues to disrupt this massive market, we are also laser-focused on near-term execution."

- Rowan Trollope, CEO, Five9

Business Outlook

The guidance below includes the expected impact of the adoption of ASC 606.

  • For the full year 2018, Five9 expects to report:
    • Revenue in the range of $244.5 to $246.5 million, up from the prior guidance range of $235.8 to $238.8 million that was previously provided on May 1, 2018.
    • GAAP net loss in the range of $(14.0) to $(12.0) million, or $(0.24) to $(0.20) per basic share, compared to the prior guidance range of $(13.0) to $(10.0) million, or $(0.22) to $(0.17) per basic share, that was previously provided on May 1, 2018. GAAP net loss guidance includes $7.9 million in amortization of discount and issuance costs on our convertible senior notes, offset by $2.5 million net interest savings from the use of our convertible proceeds.
    • Non-GAAP net income in the range of $24.0 to $26.0 million, or $0.39 to $0.42 per diluted share, improved from the prior guidance range of $15.4 to $18.4 million, or $0.25 to $0.30 per diluted share, that was previously provided on May 1, 2018. Non-GAAP net income guidance includes $2.5 million net interest savings from the use of our convertible proceeds.
  • For the third quarter of 2018, Five9 expects to report:
    • Revenue in the range of $61.0 to $62.0 million.
    • GAAP net loss in the range of $(8.1) to $(7.1) million, or a loss of $(0.14) to $(0.12) per basic share. GAAP net loss guidance includes $3.0 million in amortization of discount and issuance costs on our convertible senior notes, offset by $1.0 million net interest savings from the use of our convertible proceeds.
    • Non-GAAP net income in the range of $5.1 to $6.1 million, or $0.08 to $0.10 per diluted share. Non-GAAP net income guidance includes $1.0 million net interest savings from the use of our convertible proceeds.

1On January 1, 2018, Five9 adopted Accounting Standards Codification (ASC) 606 "Revenue from Contracts with Customers" using the modified retrospective transition method. While the financial results for the second quarter of 2018 are presented under ASC 606, financial results for the second quarter of 2017 are presented under ASC 605. A reconciliation of the financial results for the second quarter of 2018 under ASC 606 and ASC 605 is presented in the "Reconciliation of ASC 605 to ASC 606" table included in this release.

Conference Call Details

Five9 will discuss its second quarter 2018 results today, August 6, 2018, via teleconference at 4:30 p.m. Eastern Time. To access the call (ID 6113370), please dial: 888-204-4368 or 323-794-2423. An audio replay of the call will be available through August 20, 2018 by dialing 888-203-1112 or 719-457-0820 and entering access code 6113370. A copy of this press release will be furnished to the Securities and Exchange Commission on a Current Report on Form 8-K, and will be posted to our web site, prior to the conference call.

A webcast of the call will be available on the Investor Relations section of the Company's website at http://investors.five9.com/.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures. We calculate adjusted gross profit by adding back or removing the following items to gross profit: depreciation, intangibles amortization and stock-based compensation expense. We calculate adjusted EBITDA by adding back or removing the following items to or from GAAP net loss: depreciation, amortization, interest expense, provision for income taxes, stock-based compensation expense, non-recurring litigation settlement costs and interest income and other, which consists primarily of a non-cash adjustment on investment, interest income and foreign exchange gains and losses. We calculate non-GAAP operating income (loss) as operating income (loss) excluding stock-based compensation expense, intangibles amortization and non-recurring litigation settlement costs. We calculate non-GAAP net income (loss) as GAAP net loss excluding stock-based compensation expense, intangibles amortization, amortization of debt discount and issuance costs, amortization of discount and issuance costs on convertible senior notes, non-recurring litigation settlement costs, and non-cash adjustments on investment. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Five9 considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what we consider to be our core operating performance, as well as unusual events. The Company's management uses these measures to (i) illustrate underlying trends in the Company's business that could otherwise be masked by the effect of income or expenses that are excluded from non-GAAP measures, and (ii) establish budgets and operational goals for managing the Company's business and evaluating its performance. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented only as supplemental information for purposes of understanding the Company's operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP. Please see the reconciliation of non-GAAP financial measures set forth herein and attached to this release.

Forward-Looking Statements

This news release contains certain forward-looking statements, including the statements in the quote from our Chief Executive Officer, including statements regarding Five9's market position, business momentum, product positioning and company vision, the state of the cloud customer experience market, the industry shift to the cloud, and the third quarter 2018 and full year 2018 financial projections set forth under the caption "Business Outlook," that are based on our current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Risks that may cause these forward-looking statements to be inaccurate include, among others: (i) our quarterly and annual results may fluctuate significantly, may not fully reflect the underlying performance of our business and may result in decreases in the price of our common stock; (ii) if we are unable to attract new clients or sell additional services and functionality to our existing clients, our revenue and revenue growth will be harmed; (iii) our recent rapid growth may not be indicative of our future growth, and even if we continue to grow rapidly, we may fail to manage our growth effectively; (iv) failure to adequately expand our sales force could impede our growth; (v) if we fail to manage our technical operations infrastructure, our existing clients may experience service outages, our new clients may experience delays in the deployment of our solution and we could be subject to, among other things, claims for credits or damages; (vi) security breaches and improper access to or disclosure of our data or our clients' data, or other cyber attacks on our systems, could result in litigation and regulatory risk, harm our reputation and adversely affect our business; (vii) the markets in which we participate are highly competitive, and if we do not compete effectively, our operating results could be harmed; (viii) if our existing clients terminate their subscriptions or reduce their subscriptions and related usage, our revenues and gross margins will be harmed and we will be required to spend more money to grow our client base; (ix) our growth depends in part on the success of our strategic relationships with third parties and our failure to successfully grow and manage these relationships could harm our business; (x) we are establishing a network of master agents and resellers to sell our solution; our failure to effectively develop, manage, and maintain this network could materially harm our revenues; (xi) we sell our solution to larger organizations that require longer sales and implementation cycles and often demand more configuration and integration services or customized features and functions that we may not offer, any of which could delay or prevent these sales and harm our growth rates, business and operating results; (xii) because a significant percentage of our revenue is derived from existing clients, downturns or upturns in new sales will not be immediately reflected in our operating results and may be difficult to discern; (xiii) we rely on third-party telecommunications and internet service providers to provide our clients and their customers with telecommunication services and connectivity to our cloud contact center software, any increase in the cost thereof, reduction in efficacy or any failure by these service providers to provide reliable services could cause us to lose customers, increase our customers' cost of using our solution and subject us to, among other things, claims for credits or damages; (xiv) we have a history of losses and we may be unable to achieve or sustain profitability; (xv) we may not be able to secure additional financing on favorable terms, or at all, to meet our future capital needs; (xvi) failure to comply with laws and regulations could harm our business and our reputation; and (xvii) the other risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our most recent quarterly report on Form 10-Q. Such forward-looking statements speak only as of the date hereof and readers should not unduly rely on such statements. We undertake no obligation to update the information contained in this press release, including in any forward-looking statements.

About Five9

Five9 is a leading provider of cloud contact center software for the digital enterprise, bringing the power of cloud innovation to customers and facilitating more than three billion customer interactions annually. Five9 provides end-to-end solutions with omnichannel routing, analytics, WFO, and AI to increase agent productivity and deliver tangible business results. The Five9 platform is reliable, secure, compliant, and scalable; designed to create exceptional personalized customer experiences. For more information, visit www.five9.com.





FIVE9, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 
  June 30, 2018   December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents $ 166,162 $ 68,947
Marketable investments 108,140 -
Accounts receivable, net 20,167 19,048
Prepaid expenses and other current assets 8,437 4,840
Deferred contract acquisition costs 8,083   -  
Total current assets 310,989 92,835
Property and equipment, net 22,019 19,888
Intangible assets, net 841 1,073
Goodwill 11,798 11,798
Other assets 1,026 2,602
Deferred contract acquisition costs - less current portion 18,393   -  
Total assets $ 365,066   $ 128,196  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,035 $ 4,292
Accrued and other current liabilities 13,615 11,787
Accrued federal fees 1,638 1,151
Sales tax liability 1,201 1,326
Notes payable 31 336
Capital leases 7,442 6,651
Deferred revenue 14,750   13,975  
Total current liabilities 44,712 39,518
Convertible senior notes 190,615 -
Revolving line of credit - 32,594
Sales tax liability - less current portion 928 1,044
Capital leases - less current portion 7,869 7,161
Other long-term liabilities 1,436   1,041  
Total liabilities 245,560   81,358  
Stockholders' equity:
Common stock 58 57
Additional paid-in capital 273,373 222,202
Accumulated deficit (153,925 ) (175,421 )
Total stockholders' equity 119,506     46,838  
Total liabilities and stockholders' equity $ 365,066     $ 128,196  
 

FIVE9, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 
  Three Months Ended   Six Months Ended

June 30,
2018

 

June 30,
2017

June 30,
2018

 

June 30,
2017

 
Revenue $ 61,120 $ 47,727 $ 120,025 $ 94,741
Cost of revenue 24,814   20,273   49,516   40,244  
Gross profit 36,306 27,454 70,509 54,497
Operating expenses:
Research and development 8,367 6,836 16,139 13,683
Sales and marketing 17,912 16,932 35,390 32,710
General and administrative 9,833   6,845   18,936   15,705  
Total operating expenses 36,112   30,613   70,465   62,098  
Income (loss) from operations 194 (3,159 ) 44 (7,601 )
Other income (expense), net:
Interest expense (2,378 ) (888 ) (3,188 ) (1,770 )
Interest income and other 206   90   604   208  
Total other income (expense), net (2,172 ) (798 ) (2,584 ) (1,562 )
Loss before income taxes (1,978 ) (3,957 ) (2,540 ) (9,163 )
Provision for income taxes 64   50   109   99  
Net loss $ (2,042 ) $ (4,007 ) $ (2,649 ) $ (9,262 )
Net loss per share:
Basic and diluted $ (0.04 ) $ (0.07 ) $ (0.05 ) $ (0.17 )
Shares used in computing net loss per share:
Basic and diluted 57,903   54,723   57,453   54,208  
 

FIVE9, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 
  Six Months Ended
June 30, 2018   June 30, 2017
Cash flows from operating activities:
Net loss $ (2,649 ) $ (9,262 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 4,769 4,365
Amortization of premium on marketable investments (43 ) -
Provision for doubtful accounts 66 45
Stock-based compensation 12,122 6,983
Gain on sale of convertible note held for investment (312 ) -
Non-cash adjustment on investment (40 ) (161 )
Amortization of debt discount and issuance costs 40 40
Amortization of discount and issuance costs on convertible senior notes 1,733 -
Accretion of interest 44 10
Others (19 ) (14 )
Changes in operating assets and liabilities:
Accounts receivable (1,114 ) (2,426 )
Prepaid expenses and other current assets (3,140 ) (4,106 )
Deferred contract acquisition costs (3,338 ) -
Other assets 4 166
Accounts payable 1,493 1,187
Accrued and other current liabilities 2,415 909
Accrued federal fees and sales tax liability 246 171
Deferred revenue 1,170 2,025
Other liabilities 261   311  
Net cash provided by operating activities 13,708   243  
Cash flows from investing activities:
Purchases of marketable investments (109,506 ) -
Proceeds from maturities of marketable investments 1,400 -
Purchases of property and equipment (1,092 ) (1,178 )
Proceeds from sale of convertible note held for investment 1,923   -  
Net cash used in investing activities (107,275 ) (1,178 )
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $7,946 250,804 -
Payments for capped call transactions (31,412 ) -
Proceeds from exercise of common stock options 5,821 2,303
Proceeds from sale of common stock under ESPP 2,884 1,800
Repayments on revolving line of credit (32,594 ) -
Payments of notes payable (318 ) (400 )
Payments of capital leases (4,403 ) (3,741 )
Net cash provided by (used in) financing activities 190,782   (38 )
Net increase (decrease) in cash and cash equivalents 97,215 (973 )
Cash and cash equivalents:
Beginning of period 68,947   58,122  
End of period $ 166,162   $ 57,149  
 

FIVE9, INC.

RECONCILIATION OF ASC 605 TO ASC 606 P&L ITEMS - GAAP

(In thousands, except per share data and percentages)

(Unaudited)

 
  Three Months Ended
June 30, 2018
ASC 605   Adjustments   ASC 606
Revenue $ 60,772 $ 348 $ 61,120
Cost of revenue 24,668   146   24,814  
GAAP gross profit 36,104 202 36,306
GAAP gross margin 59.4 % 59.4 %
Operating expenses:
Research and development 8,367 -

 

8,367

Sales and marketing 19,588 (1,676 )

 

17,912
General and administrative 9,833   -  

 

9,833

 
Total operating expenses 37,788   (1,676 ) 36,112  
GAAP income (loss) from operations (1,684 ) 1,878 194
GAAP Operating Margin (2.8 )% 0.3 %
Other income (expense), net (2,172 ) -  

 

(2,172 )
Loss before income taxes (3,856 ) 1,878 (1,978 )
Provision for income taxes 64   -   64  
GAAP net loss $ (3,920 ) $ 1,878   $ (2,042 )
Net loss per share:
Basic and diluted $ (0.07 ) $ 0.03   $ (0.04 )
Shares used in computing net loss per share:
Basic and diluted 57,903   -   57,903  
 

FIVE9, INC.

RECONCILIATION OF ASC 605 TO ASC 606 P&L ITEMS - NON-GAAP

(In thousands, except per share data and percentages)

(Unaudited)

 
 

Three Months Ended

June 30, 2018

ASC 605   Adjustments   ASC 606
Revenue $ 60,772 $ 348 $ 61,120
Cost of revenue 21,951   146   22,097  
Adjusted gross profit 38,821 202 39,023
Adjusted gross margin 63.9 % 63.8 %
Operating expenses:
Research and development 7,070 - 7,070
Sales and marketing 17,973 (1,676 ) 16,297
General and administrative 5,975   -   5,975  
Total operating expenses 31,018   (1,676 ) 29,342  
Adjusted EBITDA 7,803 1,878 9,681
Adjusted EBITDA margin 12.8 % 15.8 %
Depreciation 2,333   -   2,333  
Non-GAAP operating income 5,470 1,878 7,348
Non-GAAP operating margin 9.0 % 12.0 %
Other income (expense), net (419 ) -   (419 )
Income before income taxes 5,051 1,878 6,929
Provision for income taxes 64   -   64  
Non-GAAP net income $ 4,987   $ 1,878   $ 6,865  
 
Non-GAAP net income per share:
Basic $ 0.09   $ 0.03   $ 0.12  
Diluted $ 0.08   $ 0.03   $ 0.11  
Shares used in computing non-GAAP net income per share:
Basic 57,903   -   57,903  
Diluted 61,105   -   61,105  
 

FIVE9, INC.

RECONCILIATION OF GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT

(In thousands, except percentages)

(Unaudited)

   
Three Months Ended Six Months Ended
June 30, 2018   June 30, 2017 June 30, 2018   June 30, 2017
 
GAAP gross profit $ 36,306 $ 27,454 $ 70,509 $ 54,497
GAAP gross margin 59.4 % 57.5 % 58.7 % 57.5 %
Non-GAAP adjustments:
Depreciation 1,776 1,628 3,482 3,116
Intangibles amortization 88 88 176 176
Stock-based compensation 853   575   1,531   1,009  
Adjusted gross profit $ 39,023   $ 29,745   $ 75,698   $ 58,798  
Adjusted gross margin 63.8 % 62.3 % 63.1 % 62.1 %
 

FIVE9, INC.

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 
  Three Months Ended   Six Months Ended
June 30, 2018   June 30, 2017 June 30, 2018   June 30, 2017
 
GAAP net loss $ (2,042 ) $ (4,007 ) $ (2,649 ) $ (9,262 )
Non-GAAP adjustments:
Depreciation and amortization 2,449 2,270 4,769 4,365
Stock-based compensation 6,797 3,854 12,122 6,983
Interest expense 2,378 888 3,188 1,770
Interest income and other (206 ) (90 ) (604 ) (208 )
Legal settlement - - - 1,700
Legal and indemnification fees related to settlement 241 - 241 135
Provision for income taxes 64   50   109   99  
Adjusted EBITDA $ 9,681   $ 2,965   $ 17,176   $ 5,582  
 

FIVE9, INC.

RECONCILIATION OF GAAP OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME

(In thousands)

(Unaudited)

   
Three Months Ended Six Months Ended
June 30, 2018   June 30, 2017 June 30, 2018   June 30, 2017
 
Income (loss) from operations $ 194 $ (3,159 ) $ 44 $ (7,601 )
Non-GAAP adjustments:
Stock-based compensation 6,797 3,854 12,122 6,983
Intangibles amortization 116 117 232 234
Legal settlement - - - 1,700
Legal and indemnification fees related to settlement 241   -   241   135  
Non-GAAP operating income $ 7,348   $ 812   $ 12,639   $ 1,451  
 

FIVE9, INC.

RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS)

(In thousands, except per share data)

(Unaudited)

   
Three Months Ended Six Months Ended
June 30, 2018   June 30, 2017 June 30, 2018   June 30, 2017
 
GAAP net loss $ (2,042 ) $ (4,007 ) $ (2,649 ) $ (9,262 )
Non-GAAP adjustments:
Stock-based compensation 6,797 3,854 12,122 6,983
Intangibles amortization 116 117 232 234
Amortization of debt discount and issuance costs 20 20 40 40
Amortization of discount and issuance costs on convertible senior notes 1,733 - 1,733 -
Legal settlement - - - 1,700
Legal and indemnification fees related to settlement 241 - 241 135
Non-cash adjustment on investment -   (58 ) (352 ) (161 )
Non-GAAP net income (loss) $ 6,865   $ (74 ) $ 11,367   $ (331 )
GAAP net loss per share:
Basic and diluted $ (0.04 ) $ (0.07 ) $ (0.05 ) $ (0.17 )
Non-GAAP net income (loss) per share:
Basic $ 0.12   $ -   $ 0.20   $ (0.01 )
Diluted $ 0.11   $ -   $ 0.19   $ (0.01 )
Shares used in computing GAAP net loss per share:
Basic and diluted 57,903   54,723   57,453   54,208  
Shares used in computing non-GAAP net income (loss) per share:
Basic 57,903   54,723   57,453   54,208  
Diluted 61,105   54,723   60,741   54,208  
 

FIVE9, INC.
SUMMARY OF STOCK-BASED COMPENSATION, DEPRECIATION AND INTANGIBLES AMORTIZATION
(In thousands)
(Unaudited)

 
Three Months Ended
June 30, 2018   June 30, 2017

Stock-Based
Compensation

 

Depreciation

 

Intangibles
Amortization

Stock-Based
Compensation

  Depreciation  

Intangibles
Amortization

 
Cost of revenue $ 853 $ 1,776 $ 88 $ 575 $ 1,628 $ 88
Research and development 1,064 233 - 801 237 -
Sales and marketing 1,585 2 28 1,224 1 29
General and administrative 3,295   322   -   1,254   287   -
Total $ 6,797   $ 2,333   $ 116   $ 3,854   $ 2,153   $ 117
 
 
Six Months Ended
June 30, 2018 June 30, 2017

Stock-Based
Compensation

Depreciation

Intangibles
Amortization

Stock-Based
Compensation

Depreciation

Intangibles
Amortization

 
Cost of revenue $ 1,531 $ 3,482 $ 176 $ 1,009 $ 3,116 $ 176
Research and development 1,941 427 - 1,438 443 -
Sales and marketing 2,947 3 56 2,152 2 58
General and administrative 5,703   625   -   2,384   570   -
Total $ 12,122   $ 4,537   $ 232   $ 6,983   $ 4,131   $ 234
 

FIVE9, INC.
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME - GUIDANCE
(In thousands, except per share data)
(Unaudited)

   
Three Months Ending Year Ending
September 30, 2018 December 31, 2018
Low   High Low   High
 
GAAP net loss $ (8,126 ) $ (7,126 ) $ (13,961 ) $ (11,961 )
Non-GAAP adjustments:
Stock-based compensation 9,966 9,966 29,614 29,614
Intangibles amortization 116 116 442 442
Amortization of discount and issuance costs on convertible senior notes 3,144 3,144 7,881 7,881
Amortization of debt discount and issuance costs - - 135 135
Legal and indemnification fees related to settlement - - 241 241
Non-cash adjustment on investment - - (352 ) (352 )
Income tax expense effects (1) -   -   -   -  
Non-GAAP net income $ 5,100   $ 6,100   $ 24,000   $ 26,000  
GAAP net loss per share, basic and diluted $ (0.14 ) $ (0.12 ) $ (0.24 ) $ (0.20 )
Non-GAAP net income per share:
Basic $ 0.09   $ 0.10   $ 0.41   $ 0.44  
Diluted $ 0.08   $ 0.10   $ 0.39   $ 0.42  
Shares used in computing GAAP net loss per share and non-GAAP net income per share:
Basic 59,000   59,000   58,500   58,500  
Diluted 62,500   62,500   62,000   62,000  
 

(1) Non-GAAP adjustments do not have an impact on our income tax provision due to past non-GAAP losses.

 


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