Medallia Reports Record Second Quarter Fiscal 2021 Revenue

Medallia Reports Record Second Quarter Fiscal 2021 Revenue

Q2 Subscription Revenue of $92.8 Million, Up 25% Year-over-Year

Q2 Total Revenue of $115.5 Million, Up 21% Year-over-Year

SAN FRANCISCO–(BUSINESS WIRE)–Medallia, Inc. (NYSE: MDLA), the global leader in experience management, today announced financial results for the quarter ended July 31, 2020.

“We posted strong second quarter results, with record subscription and total quarterly revenue,” noted Leslie Stretch, president and chief executive officer of Medallia. “We posted a record number of go-lives during the quarter. We expanded our offerings in telehealth, public sector and our new economy offerings such as real-time customer alerts, contact-less interactions and digital expansions.”

“The global acceleration of digital transformation has brought customer experience to the forefront and has heightened the need for customer intelligence. The intelligence of Medallia’s AI and machine learning platform drives real-time insight into customer behavior, drives customer retention and enhances ROI,” concluded Stretch.

Financial Highlights for the Second Quarter of Fiscal 2021

Total revenue for the quarter was $115.5 million, an increase of 21% from the same period last year. Subscription revenue was $92.8 million, an increase of 25% from the same period last year.

Loss from operations for the quarter was $34.5 million, compared to loss from operations of $38.5 million in the same period last year. Non-GAAP income from operations for the second quarter was $2.5 million, compared to a loss of $2.4 million in the same period last year.

Net loss for the quarter was $35.2 million, or ($0.25) per share, basic and diluted, compared to net loss of $38.3 million, or ($0.87) per share, basic and diluted, in the same period last year. Non-GAAP net income was $1.0 million, or $0.01 per share, diluted, compared to a non-GAAP net loss of $2.6 million, or ($0.06) per share, basic and diluted, in the same period last year.

Cash, cash equivalents and marketable securities were $347.5 million as of July 31, 2020.

For information regarding the non-GAAP financial measures discussed in this press release, please see the section titled “Non-GAAP Financial Measures.” Reconciliations between GAAP and non-GAAP financial measures are provided in the tables of this press release.

Recent Company Highlights

Recent wins include: 100%Open, Ace Hardware, Adelaide Brighton, Banco BPM, Brightstar Corp, Cognex, Commercetools, Coupa, Dasher Technologies, Economical Mutual Insurance Company, Epredia, Hong Kong Express Airways, Idaho Board of Dentistry, MavenLink, Mitek Systems, the Public Sector Commission in Western Australia, UAB Health System, U.S. Department of Health & Human Services, Qual Street, University of Sydney and Xsolis.

Partnered with Adobe to deliver a complete view of the end-to-end customer experience journey.

Launched Medallia Total Healthcare Experience, including the Consumer Assessment of Healthcare Providers and Systems (CAHPS and HCAHPS) in partnership with Ipsos.

Introduced Telemedicine suite streamlining telehealth and optimizing patient experience.

Achieved HIPAA compliance for Medallia Zingle.

Launched Medallia Speech, bringing world leading speech analytics to Medallia Experience Cloud.

Introduced Service Experience Quickstart for ServiceNow.

Opened a Singapore data center to support customer growth.

Appointed James D. White, a seasoned business leader, to its board of directors.

Financial Outlook

Medallia is providing the following guidance for the third quarter ending October 31, 2020.

Subscription revenue in the range of $94.6 million to $95.6 million.

Total revenue in the range of $115.6 million to $117.6 million.

GAAP loss from operations in the range of $34.8 million to $29.3 million.

Non-GAAP income from operations in the range of $200,000 to $700,000.

Conference Call

Medallia will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) today to discuss the second quarter of fiscal 2021 and our outlook for the third quarter of fiscal 2021. The conference call will be available via live webcast and replay at the Investor Relations section of Medallia’s website: https://investor.medallia.com/events-and-presentations/default.aspx.

About Medallia

Medallia (NYSE: MDLA) is the pioneer and market leader in Experience Management. Medallia’s award-winning SaaS platform, the Medallia Experience Cloud, leads the market in the understanding and management of experience for customers, employees and citizens. Medallia captures experience signals created on daily journeys in person, on calls and digital channels, over video and social media and IoT interactions and applies proprietary AI technology to reveal personalized and predictive insights that can drive action with tremendous business results. Using Medallia Experience Cloud, customers can reduce churn, turn detractors into promoters and buyers, create in-the-moment cross-sell and up-sell opportunities and drive revenue-impacting business decisions, providing clear and potent returns on investment.

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release and the accompanying tables contain, and the conference call will contain, non-GAAP financial measures, including non-GAAP gross profit and gross margin, non-GAAP subscription revenue gross profit and gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted. Our management uses these non-GAAP financial measures internally in analyzing our financial results and believes they are useful to investors, as a supplement to the corresponding GAAP financial measures, in evaluating our ongoing operational performance and trends and in comparing our financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. In addition, other companies may utilize metrics that are not similar to ours.

The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in our financial statements. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results. Management encourages investors and others to review Medallia’s financial information in its entirety and not rely on a single financial measure.

We adjust the following items from one or more of our non-GAAP financial measures:

Stock-based compensation expense. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate stock-based compensation expense using a variety of valuation methodologies and subjective assumptions.

Employer payroll tax related to stock-based compensation. We exclude cash expenses for employer payroll taxes related to stock-based compensation, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, this expense is tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of exercise or vesting, which may vary from period to period independent of the operating performance of our business.

Amortization of acquired intangible assets. We exclude amortization of acquired intangible assets, which is a non-cash expense, from certain of our non-GAAP financial measures. Our expenses for amortization of intangible assets are inconsistent in amount and frequency because they are significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. We exclude these amortization expenses because we do not believe these expenses have a direct correlation to the operation of our business.

Acquisition-related costs. We exclude costs related to acquisitions from our non-GAAP financial measures. These costs include legal and transactional costs associated with acquisition activities.

Restructuring and other. We exclude restructuring and other from certain of our non-GAAP financial measures. Restructuring and other primarily consists of lease exit costs related to our office facilities.

Income tax benefits. We exclude tax benefits related to acquisitions from our non-GAAP financial measures. These tax benefits realized consist of the change in the valuation allowance resulting from acquisitions. In addition, we exclude tax benefits related to our stock option exercise deductions.

Non-GAAP Supplemental Financial Information

Subscription billings: We define subscription billings, a non-GAAP financial measure, as total subscription revenue plus the change in subscription deferred revenue and contract assets, excluding acquired contract assets.

Note on Forward-Looking Statements

The forward-looking statements included in this press release and in the accompanying conference call, including for example, the quotations of management, the statements under the heading “Financial Outlook” above, the information provided in the “Financial Outlook” section of the tables below, strategies, discussion of our commercial prospects, partnerships, estimates of future revenues, operating income/loss and expenses, stock-based compensation expense and related employer payroll tax expense, amortization of acquired intangible assets, acquisitions and acquisition-related costs, restructuring and other expenses, and income tax benefits reflect management’s best judgment based on factors currently known and involve risks and uncertainties. These risks and uncertainties include, but are not limited to, potential disruption of customer purchase decisions resulting from global economic conditions including from an economic downturn or recession in the United States or in other countries around the world, timing and size of orders, relative growth of our recurring revenue, potential decreases in customer spending, including as a result of the COVID-19 pandemic and related public health measures, uncertainty regarding purchasing trends in the cloud software market, customer cancellations or non-renewal of maintenance contracts or on-demand services, developments in and the duration of the COVID-19 pandemic and the resulting impact on our business and operations, and the business of our customers and partners, including the economic impact of safety measures to mitigate the impacts of COVID-19, our potential inability to manage effectively any growth we experience, our ability to develop new products and services, increased competition or new entrants in the marketplace, potential impact of acquisitions and investments, changes in staffing levels, and other risks detailed in registration statements and periodic reports we filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed with the SEC on March 19, 2020 and our Quarterly Report on Form 10-Q filed with the SEC on June 9, 2020, which may be obtained on the Investor Relations section of Medallia’s website (https://investor.medallia.com/financials/sec-filings/default.aspx). Additionally, these forward-looking statements involve risk, uncertainties, and assumptions, including those related to the impacts of COVID-19 on our business and global economic conditions. Many of these assumptions relate to matters that are beyond our control and are changing rapidly, including, but not limited to, the timeframes for and severity of social distancing and other mitigation requirements, the impact of COVID-19 on our customers’ purchasing decisions and the length of our sales cycles, particularly for customers in certain industries highly affected by COVID-19. Significant variation from the assumptions underlying our forward-looking statements could cause our actual results to vary, and the impact could be significant. All forward-looking statements in this press release are based on information available to us as of the date hereof. We undertake no obligation, and do not intend, to update the information contained in this press release or the accompanying conference call, except as required by law.

© 2020 Medallia, Inc. All rights reserved. Medallia®, the Medallia logo, and the names and marks associated with Medallia’s products are trademarks of Medallia. All other trademarks are the property of their respective owners.

 

Medallia, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

 

July 31, 2020

 

January 31, 2020

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

225,782

 

 

$

226,866

 

Marketable securities

 

121,741

 

 

116,833

 

Trade and other receivables, net of allowance for doubtful accounts of $3,173 and $982 as of July 31, 2020 and January 31, 2020, respectively

 

85,767

 

 

150,661

 

Deferred commissions, current

 

25,425

 

 

22,455

 

Prepaid expenses and other current assets

 

24,500

 

 

22,492

 

Total current assets

 

483,215

 

 

539,307

 

Property and equipment, net

 

38,717

 

 

34,879

 

Deferred commissions, noncurrent

 

56,120

 

 

51,540

 

Intangible assets, net

 

35,937

 

 

21,306

 

Goodwill

 

143,462

 

 

79,324

 

Other noncurrent assets

 

9,680

 

 

5,293

 

Total assets

 

$

767,131

 

 

$

731,649

 

Liabilities, and stockholders’ equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

1,879

 

 

$

3,608

 

Accrued expenses and other current liabilities

 

27,415

 

 

20,268

 

Accrued compensation

 

31,922

 

 

37,160

 

Revolving line of credit

 

43,000

 

 

 

Deferred revenue, current

 

206,806

 

 

263,115

 

Total current liabilities

 

311,022

 

 

324,151

 

Deferred revenue, noncurrent

 

1,051

 

 

1,407

 

Deferred rent, noncurrent

 

5,173

 

 

2,799

 

Other liabilities

 

13,782

 

 

5,496

 

Total liabilities

 

331,028

 

 

333,853

 

Stockholders’ equity:

 

 

 

 

Common stock

 

142

 

 

132

 

Additional paid-in capital

 

986,232

 

 

878,843

 

Accumulated other comprehensive loss

 

(1,571)

 

 

(206)

 

Accumulated deficit

 

(548,700)

 

 

(480,973)

 

Total stockholders’ equity

 

436,103

 

 

397,796

 

Total liabilities and stockholders’ equity

 

$

767,131

 

 

$

731,649

 

 

Medallia, Inc.

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

Subscription

 

$

92,831

 

 

$

74,547

 

 

$

181,823

 

 

$

146,259

 

Professional services

 

22,694

 

 

21,123

 

 

46,393

 

 

43,030

 

Total revenue

 

115,525

 

 

95,670

 

 

228,216

 

 

189,289

 

Cost of revenue:

 

 

 

 

 

 

 

 

Subscription

 

19,130

 

 

14,699

 

 

36,474

 

 

28,160

 

Professional services

 

22,042

 

 

20,184

 

 

44,261

 

 

39,318

 

Total cost of revenue

 

41,172

 

 

34,883

 

 

80,735

 

 

67,478

 

Gross profit

 

74,353

 

 

60,787

 

 

147,481

 

 

121,811

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

27,790

 

 

22,693

 

 

60,169

 

 

42,309

 

Sales and marketing

 

51,942

 

 

46,470

 

 

103,957

 

 

80,085

 

General and administrative

 

29,137

 

 

30,076

 

 

50,635

 

 

39,914

 

Total operating expenses

 

108,869

 

 

99,239

 

 

214,761

 

 

162,308

 

Loss from operations

 

(34,516)

 

 

(38,452)

 

 

(67,280)

 

 

(40,497)

 

Interest income and other income (expense), net

 

(448)

 

 

431

 

 

(273)

 

 

573

 

Loss before provision for income taxes

 

(34,964)

 

 

(38,021)

 

 

(67,553)

 

 

(39,924)

 

Provision for income taxes

 

234

 

 

263

 

 

174

 

 

919

 

Net loss

 

$

(35,198)

 

 

$

(38,284)

 

 

$

(67,727)

 

 

$

(40,843)

 

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.25)

 

 

$

(0.87)

 

 

$

(0.49)

 

 

$

(1.10)

 

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

142,479

 

 

43,986

 

139,272

 

 

37,248

 

GAAP to Non-GAAP Reconciliations

GAAP to Non-GAAP adjustments include stock-based compensation expense and related employer payroll tax expense, amortization of acquired intangible assets, acquisition-related costs, restructuring and other, and income tax benefits as follows:

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2020

 

2019

 

2020

 

2019

Cost of revenue:

 

 

 

 

 

 

 

 

Subscription

 

$

2,411

 

$

1,192

 

$

4,372

 

$

1,521

Professional services

 

2,825

 

2,690

 

5,706

 

3,247

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

5,101

 

3,658

 

17,412

 

5,241

Sales and marketing

 

10,002

 

8,477

 

20,538

 

9,976

General and administrative

 

16,673

 

20,071

 

25,266

 

20,146

Income tax benefits

 

(775)

 

(416)

 

(1,471)

 

(416)

Total

 

$

36,237

 

$

35,672

 

$

71,823

 

$

39,715

Medallia, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

 

 

 

Six Months Ended July 31,

 

 

2020

 

2019

Operating activities

 

 

 

 

Net loss

 

$

(67,727)

 

 

$

(40,843)

 

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

11,790

 

 

6,718

 

Amortization of deferred commissions

 

12,433

 

 

8,687

 

Stock-based compensation expense

 

56,438

 

 

43,141

 

Impairment (gain) on property and equipment, and lease termination

 

 

 

(13,783)

 

Lease exit costs

 

7,634

 

 

 

Other

 

1,813

 

 

(560)

 

Changes in assets and liabilities:

 

 

 

 

Trade and other receivables

 

63,310

 

 

50,224

 

Deferred commissions

 

(19,983)

 

 

(15,785)

 

Prepaid expenses and other current assets

 

(2,214)

 

 

(7,405)

 

Other noncurrent assets

 

(1,404)

 

 

(36)

 

Accounts payable

 

(2,912)

 

 

1,832

 

Deferred revenue

 

(57,766)

 

 

(39,198)

 

Accrued expenses and other current liabilities

 

(4,295)

 

 

4,245

 

Other noncurrent liabilities

 

6,574

 

 

121

 

Net cash provided by (used in) operating activities

 

3,691

 

 

(2,642)

 

Investing activities

 

 

 

 

Purchases of property, equipment and other

 

(9,774)

 

 

(5,234)

 

Purchase of marketable securities

 

(139,196)

 

 

(76,122)

 

Maturities of marketable securities

 

133,473

 

 

23,125

 

Proceeds from sale of marketable securities

 

1,100

 

 

511

 

Acquisitions, net of cash acquired

 

(80,372)

 

 

(19,540)

 

Net cash used in investing activities

 

(94,769)

 

 

(77,260)

 

Financing activities

 

 

 

 

Proceeds from initial public offering net of issuance costs, underwriters discounts and commissions, and concurrent private placement

 

 

 

320,392

 

Proceeds from Series F convertible preferred stock, net of issuance costs

 

 

 

69,848

 

Proceeds from revolving line of credit

 

43,000

 

 

 

Proceeds from exercise of stock options

 

41,032

 

 

13,018

 

Proceeds from share purchase plan

 

10,267

 

 

 

Principal payments on capital leases

 

(2,117)

 

 

(1,469)

 

Repayment of debt assumed in acquisitions and other

 

(2,139)

 

 

(2,297)

 

Net cash provided by financing activities

 

90,043

 

 

399,492

 

Effect of exchange rate changes on cash and cash equivalents

 

(49)

 

 

(47)

 

Net (decrease) increase in cash and cash equivalents

 

(1,084)

 

 

319,543

 

Cash and cash equivalents at beginning of period

 

226,866

 

 

44,876

 

Cash and cash equivalents at end of period

 

$

225,782

 

 

$

364,419

 

 

 

 

 

 

Medallia, Inc.

GAAP to Non-GAAP Reconciliations

(in thousands, except percentages)

(unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2020

 

2019

 

2020

 

2019

Non-GAAP gross profit reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

74,353

 

 

$

60,787

 

 

$

147,481

 

 

$

121,811

 

GAAP gross margin

 

64

%

 

64

%

 

65

%

 

64

%

Add:

 

 

 

 

 

 

 

 

Stock-based compensation

 

3,665

 

 

3,559

 

 

7,258

 

 

4,403

 

Employer payroll tax expense related to stock-based compensation

 

163

 

 

 

 

420

 

 

 

Amortization of acquired intangible assets

 

1,408

 

 

323

 

 

2,400

 

 

365

 

Non-GAAP gross profit

 

$

79,589

 

 

$

64,669

 

 

$

157,559

 

 

$

126,579

 

Non- GAAP gross margin

 

69

%

 

68

%

 

69

%

 

67

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2020

 

2019

 

2020

 

2019

Non-GAAP subscription revenue gross profit reconciliation:

 

 

 

 

 

 

 

 

GAAP subscription revenue gross profit

 

$

73,701

 

 

$

59,848

 

 

$

145,349

 

 

$

118,099

 

GAAP subscription revenue gross margin

 

79

%

 

80

%

 

80

%

 

81

%

Add:

 

 

 

 

 

 

 

 

Stock-based compensation

 

946

 

 

869

 

 

1,855

 

 

1,156

 

Employer payroll tax expense related to stock-based compensation

 

57

 

 

 

 

117

 

 

 

Amortization of acquired intangible assets

 

1,408

 

 

323

 

 

2,400

 

 

365

 

Non-GAAP subscription revenue gross profit

 

$

76,112

 

 

$

61,040

 

 

$

149,721

 

 

$

119,620

 

Non-GAAP subscription revenue gross margin

 

82

%

 

82

%

 

82

%

 

82

%

Medallia, Inc.

GAAP to Non-GAAP Reconciliations

(in thousands, except percentages)

(unaudited)

 

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2020

 

2019

 

2020

 

2019

Non-GAAP operating expense reconciliation:

 

 

 

 

 

 

 

 

GAAP operating expenses

 

$

108,869

 

 

$

99,239

 

 

$

214,761

 

 

$

162,308

 

GAAP operating expenses, as a % of total revenue

 

94

%

 

104

%

 

94

%

 

86

%

Add (subtract):

 

 

 

 

 

 

 

 

Stock-based compensation

 

(20,969)

 

 

(31,620)

 

 

(49,180)

 

 

(38,738)

 

Employer payroll tax expense related to stock-based compensation

 

(1,606)

 

 

 

 

(3,565)

 

 

 

Amortization of acquired intangible assets

 

(688)

 

 

(2)

 

 

(1,107)

 

 

(2)

 

Acquisition-related costs

 

(797)

 

 

(584)

 

 

(1,648)

 

 

(676)

 

Restructuring and other

 

(7,716)

 

 

 

 

(7,716)

 

 

4,053

 

Non-GAAP operating expenses

 

$

77,093

 

 

$

67,033

 

 

$

151,545

 

 

$

126,945

 

Non-GAAP operating expenses, as a % of total revenue

 

67

%

 

70

%

 

66

%

 

67

%

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2020

 

2019

 

2020

 

2019

Non-GAAP income (loss) from operations reconciliation:

 

 

 

 

 

 

 

 

GAAP loss from operations

 

$

(34,516)

 

 

$

(38,452)

 

 

$

(67,280)

 

 

$

(40,497)

 

GAAP loss from operations, as a % of total revenue

 

(30)

%

 

(40)

%

 

(29)

%

 

(21)

%

Add (subtract):

 

 

 

 

 

 

 

 

Stock-based compensation

 

24,634

 

 

35,179

 

 

56,438

 

 

43,141

 

Employer payroll tax expense related to stock-based compensation

 

1,769

 

 

 

 

3,985

 

 

 

Amortization of acquired intangible assets

 

2,096

 

 

325

 

 

3,507

 

 

367

 

Acquisition-related costs

 

797

 

 

584

 

 

1,648

 

 

676

 

Restructuring and other

 

7,716

 

 

 

 

7,716

 

 

(4,053)

 

Non-GAAP income (loss) from operations

 

$

2,496

 

 

$

(2,364)

 

 

$

6,014

 

 

$

(366)

 

Non-GAAP income (loss) from operations, as a % of total revenue

 

2

%

 

(2)

%

 

3

%

 

%

 

 

Medallia, Inc.

GAAP to Non-GAAP Reconciliations

(in thousands, except percentages)

(unaudited)

 

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2020

 

2019

 

2020

 

2019

Non-GAAP net loss reconciliation:

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(35,198)

 

 

$

(38,284)

 

 

$

(67,727)

 

 

$

(40,843)

 

GAAP net loss as a % of total revenue

 

(30)

%

 

(40)

%

 

(30)

%

 

(22)

%

Add (subtract):

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

24,634

 

 

35,179

 

 

56,438

 

 

43,141

 

Employer payroll tax expense related to stock-based compensation

 

1,769

 

 

 

 

3,985

 

 

 

Amortization of acquired intangible assets

 

2,096

 

 

325

 

 

3,507

 

 

367

 

Acquisition-related costs

 

797

 

 

584

 

 

1,648

 

 

676

 

Restructuring and other

 

7,716

 

 

 

 

7,716

 

 

(4,053)

 

Income tax benefits

 

(775)

 

 

(416)

 

 

(1,471)

 

 

(416)

 

Non-GAAP net income (loss)

 

$

1,039

 

 

$

(2,612)

 

 

$

4,096

 

 

$

(1,128)

 

Non-GAAP net income (loss) as a % of total revenue

 

1

%

 

(3)

%

 

2

%

 

(1)

%

 

 

 

 

 

 

 

 

 

 

Weighted average shares – basic

 

142,479

 

 

43,986

 

 

139,272

 

 

37,248

 

Weighted average shares – diluted

 

173,335

 

 

43,986

 

 

171,498

 

 

37,248

 

 

 

 

 

 

 

 

 

 

 

Contacts
Investor Relations
Carolyn Bass
[email protected]

PR Contact:
Valerie Beaudett
[email protected]+1 (650) 400-7833
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