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8-K - 8-K - YODLEE INC | d867670d8k.htm |
Exhibit 99.1
Yodlee Announces Fourth Quarter and Fiscal Year 2014 Financial Results
| FY 2014 Total revenue of $89.1 million grew 27% year-over-year |
| FY 2014 Subscription revenue of $76.0 million grew 34% year-over-year |
Redwood City, CA February 9, 2015 Yodlee, Inc. (Nasdaq:YDLE), a leading cloud-based financial platform powering dynamic innovation in digital financial services, today announced its fourth quarter and fiscal year 2014 results.
We had another solid quarter and our financial results capped off a tremendous year for Yodlee. Our 2014 subscription recurring revenue was up 34% as we both added four million new paid users and increased average revenue per user in the year. Our business is growing across all channels as we drive innovation that is transforming digital financial services through Financial Institutions as well as Internet innovators, said Anil Arora, Chief Executive Officer of Yodlee.
We increased our investment spending across the business and were pleased to deliver a non-GAAP annual profit. We look forward to continued success in 2015 as we address the massive opportunity to improve and simplify the lives of billions of consumers and small business owners with financial accounts around the world.
Fourth Quarter 2014 Financial Highlights
Revenue
| Total revenue was $24.9 million, an increase of 24% compared to the fourth quarter of 2013. |
| Subscription revenue was $21.3 million, an increase of 30% compared to the fourth quarter of 2013. |
| Professional services revenue was $3.5 million, a decrease compared to $3.6 million in the fourth quarter of 2013. |
Operating Income
| GAAP operating loss was ($4.2) million, compared to operating income of $2.0 million in the fourth quarter of 2013. |
| Non-GAAP operating income was $0.2 million, compared to $2.5 million in the fourth quarter of 2013. |
Net Income
| GAAP net loss was ($4.4) million, compared to a net income of $1.2 million for the fourth quarter of 2013. Diluted GAAP net loss per share was ($0.16), based on 28.3 million weighted average common shares outstanding, compared to a diluted GAAP net income per share of $0.05 for the fourth quarter of 2013, based on 23.5 million weighted average common shares outstanding. |
| Non-GAAP net loss was ($18,000), compared to net income of $1.7 million in the fourth quarter of 2013. Diluted non-GAAP net loss per share was ($0.00), based on 29.2 million weighted average common shares outstanding. Diluted non-GAAP net income per share was $0.05 for the fourth quarter of 2013, based on 30.5 million weighted average common shares outstanding. |
These non-GAAP earnings per share calculations assume conversion of our convertible preferred stock to common stock and sale of our common stock in an IPO at the beginning of the periods for the fourth quarters of both 2014 and 2013.
Adjusted EBITDA
| Adjusted EBITDA was $1.3 million, a decrease from $3.2 million in the fourth quarter of 2013. |
Fiscal Year 2014 Financial Highlights
Revenue
| Total revenue was $89.1 million, an increase of 27% compared to fiscal year 2013. |
| Subscription revenue was $76.0 million, an increase of 34% compared to fiscal year 2013. |
| Professional services revenue was $13.1 million, a decrease compared to $13.3 million in fiscal year 2013. |
Operating Income
| GAAP operating loss was ($5.4) million, compared to operating income of $0.6 million in fiscal year 2013. |
| Non-GAAP operating income was $1.7 million, compared to $2.1 million in fiscal year 2013. |
Net Income
| GAAP net loss was ($7.0) million compared to a net loss of ($1.2) million for fiscal year 2013. Diluted GAAP net loss per share was ($0.54), based on 12.8 million weighted average common shares outstanding, compared to a diluted GAAP net loss per share of ($0.16) for fiscal year 2013, based on 7.3 million weighted average common shares outstanding. |
| Non-GAAP net income was $0.2 million, compared to $0.3 million in fiscal year 2013. Diluted non-GAAP net income per share was $0.01, based on 31.6 million weighted average common shares outstanding. Diluted non-GAAP net income per share was $0.01 for fiscal year 2013, based on 30.3 million weighted average common shares outstanding. |
These non-GAAP earnings per share calculations assume conversion of our convertible preferred stock to common stock and sale of our common stock in an IPO at the beginning of the years for both 2014 and 2013.
Adjusted EBITDA
| Adjusted EBITDA was $5.5 million, an increase from $4.8 million in fiscal year 2013. |
Balance Sheet and Cash Flow
| Cash and cash equivalents at December 31, 2014 totaled $73.5 million. |
| Cash flow from operations was $2.4 million for fiscal year 2014. This compares to cash flow from operations of $3.5 million for fiscal year 2013. |
| In the fourth quarter, the companys initial public offering raised $74.5 million in net proceeds. |
A reconciliation of GAAP to non-GAAP financial measures has been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading Non-GAAP Financial Measures.
Business Outlook
Based on information available as of February 9, 2015, Yodlee is issuing guidance for the first quarter 2015 and full year 2015 as indicated below.
Full Year 2015:
| Total revenue is expected to be in the range of $108 million to $109 million. |
| Non-GAAP operating income is expected to be in the range of $4.7 million to $5.1 million. |
| Diluted non-GAAP net income is expected to be in the range of $2.2 million to $2.6 million, or $0.07 to $0.08 per share, based on 33.4 million weighted average common shares outstanding. |
First Quarter 2015:
| Total revenue is expected to be in the range of $23.8 million to $24.2 million. |
| Non-GAAP operating loss is expected to be in the range of ($0.6) million to ($0.3) million. |
| Diluted non-GAAP net loss is expected to be in the range of ($1.2) million to ($0.9) million, or ($0.04) to ($0.03) per share, based on 29.3 million weighted average common shares outstanding. |
Conference Call Details:
In conjunction with this announcement, Yodlee will host a conference call today, February 9, 2015 at 2:00 p.m. Pacific Time to discuss the companys financial results. To access this call, dial 1-877-407-0784 or 1-201-689-8560. A live webcast can be accessed at www.yodlee.com. A replay of the call will be available, beginning at approximately 5:00 pm PT on February 9, 2015 for two days, at 1-877-870-5176 or 1-858-384-5517, and archived via webcast at www.yodlee.com. The replay access code is 13598871.
About Yodlee
Yodlee (NASDAQ: YDLE) is a leading technology and applications platform powering dynamic, cloud-based innovation for digital financial services. More than 750 companies in over 10 countries, including 9 of the 15 largest U.S. banks and hundreds of Internet services companies, subscribe to the Yodlee platform to power personalized financial apps and services for millions of consumers. Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and deepen customer engagement. Yodlee is headquartered in Redwood City, CA with global offices in London and Bangalore.
Non-GAAP Financial Measures
To supplement Yodlees financial information presented in accordance with generally accepted accounting principles in the United States, or GAAP, Yodlee considers certain financial measures that are not prepared in accordance with GAAP, including non-GAAP operating income (loss), non-GAAP net income (loss) and adjusted EBITDA.
Yodlee defines non-GAAP operating income (loss) as operating income (loss) before provision for stock-based compensation expense, Yodlee defines non-GAAP net income (loss) as net income (loss) before provision for stock-based compensation expense, and Yodlee defines adjusted EBITDA as net income (loss) before provision for (benefit from) income taxes; other (income) expense, net; depreciation and amortization and stock-based compensation expense.
Yodlee believes that non-GAAP operating income (loss), non-GAAP net income (loss) and adjusted EBITDA, each a non-GAAP financial measure, provide investors and other users of its financial information consistency and comparability with its past financial performance and facilitates period-to-period comparisons of operations. Yodlee believes that these non-GAAP measures are useful in evaluating its operating performance compared to that of other companies in its industry, as these metrics generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. Yodlee uses non-GAAP operating income (loss), non-GAAP net income (loss) and adjusted EBITDA in conjunction with traditional GAAP measures as part of its overall assessment of its performance, including the preparation of its annual operating budget and quarterly forecasts, to evaluate the effectiveness of its business strategies and to communicate with its board of directors concerning its financial performance.
These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.
Yodlee has not provided a reconciliation of adjusted non-GAAP operating income (loss) to GAAP operating income (loss), non-GAAP net income (loss) to GAAP net income (loss) or non-GAAP net income (loss) per share to GAAP net income (loss) per share because the Company does not provide guidance for stock-based compensation, which is the reconciling item between those non-GAAP and GAAP measures. For future periods, as items that impact GAAP operating income (loss), net income (loss) and net income (loss) per share are out of the Companys control and/or cannot be reasonably predicted, the Company is unable to provide such guidance. Accordingly, a reconciliation to GAAP operating income (loss), net income (loss) and net income (loss) per share is not available without unreasonable effort.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Yodlees future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, Yodlees expectations regarding the business outlook and guidance for full fiscal year 2015 and first quarter 2015, including statements regarding its total revenue, operating income, net loss and stock-based compensation expense for the first quarter and full year 2015. Yodlees expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward looking statements. These risks include the possibility that: Yodlees paid user base does not continue to grow; Yodlee is unable to secure new subscriptions and deployments of the Yodlee platform by new customers; existing customers fail to renew subscriptions or do not generate additional paid users and sources of revenue; Yodlee is unable to derive revenue from data analytics, market research services and/or revenue-sharing arrangements with partners who develop premium FinApps; and Yodlee experiences expenses that exceed its expectations. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described under the captions Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations, in Yodlees filings with the Securities and
Exchange Commission (SEC), including, but not limited to, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, which was filed with the SEC on November 12, 2014. Yodlees SEC filings are available on the Investor Relations section of the Companys website at http://ir.yodlee.com and on the SECs website at www.sec.gov. The forward-looking statements in this press release are based on information available to Yodlee as of the date hereof, and Yodlee disclaims any obligation to update any forward-looking statements, except as required by law.
Media Contact:
Melanie Flanigan
Senior Director, Marketing
MFlanigan@yodlee.com
1-650-980-3707
Investor Contact:
Sheila B. Ennis
ICR, Inc.
IR@yodlee.com
1-650-980-3661
Yodlee, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: |
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Subscription |
$ | 21,315 | $ | 16,420 | $ | 76,005 | $ | 56,838 | ||||||||
Professional services and other |
3,547 | 3,618 | 13,076 | 13,322 | ||||||||||||
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Total revenue |
24,862 | 20,038 | 89,081 | 70,160 | ||||||||||||
Cost of revenue(1): |
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Subscription |
7,384 | 5,066 | 25,511 | 19,139 | ||||||||||||
Professional services and other |
3,050 | 2,010 | 9,704 | 7,693 | ||||||||||||
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Total cost of revenue |
10,434 | 7,076 | 35,215 | 26,832 | ||||||||||||
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Gross profit |
14,428 | 12,962 | 53,866 | 43,328 | ||||||||||||
Operating expenses(1): |
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Research and development |
7,116 | 4,443 | 23,601 | 17,948 | ||||||||||||
Sales and marketing |
6,720 | 4,071 | 22,377 | 15,418 | ||||||||||||
General and administrative |
4,784 | 2,408 | 13,321 | 9,386 | ||||||||||||
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Total operating expenses |
18,620 | 10,922 | 59,299 | 42,752 | ||||||||||||
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Operating income (loss) |
(4,192 | ) | 2,040 | (5,433 | ) | 576 | ||||||||||
Other income (expense), net |
213 | (100 | ) | 261 | (318 | ) | ||||||||||
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Income (loss) before provision for income taxes |
(3,979 | ) | 1,940 | (5,172 | ) | 258 | ||||||||||
Provision for income taxes |
428 | 693 | 1,803 | 1,439 | ||||||||||||
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Net income (loss) |
$ | (4,407 | ) | $ | 1,247 | $ | (6,975 | ) | $ | (1,181 | ) | |||||
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Net income (loss) per share attributable to common stockholders: |
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Basic |
$ | (0.16 | ) | $ | 0.06 | $ | (0.54 | ) | $ | (0.16 | ) | |||||
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Diluted |
$ | (0.16 | ) | $ | 0.05 | $ | (0.54 | ) | $ | (0.16 | ) | |||||
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Weighted average shares used to compute net income (loss) per share attributable to common stockholders: |
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Basic |
28,323 | 7,368 | 12,802 | 7,263 | ||||||||||||
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Diluted |
28,323 | 23,475 | 12,802 | 7,263 | ||||||||||||
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(1) Amounts include stock-based compensation expense as follows (in thousands): |
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Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of revenuesubscription |
$ | 583 | $ | 49 | $ | 931 | $ | 201 | ||||||||
Cost of revenueprofessional services and other |
356 | 28 | 562 | 107 | ||||||||||||
Research and development |
717 | 59 | 1,159 | 243 | ||||||||||||
Sales and marketing |
1,023 | 81 | 1,586 | 302 | ||||||||||||
General and administrative |
1,710 | 200 | 2,897 | 658 | ||||||||||||
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Total stock-based compensation expense |
$ | 4,389 | $ | 417 | $ | 7,135 | $ | 1,511 | ||||||||
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Yodlee, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income (loss) |
$ | (4,407 | ) | $ | 1,247 | $ | (6,975 | ) | $ | (1,181 | ) | |||||
Other comprehensive income (loss), net of taxes: |
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Foreign currency translation gain (loss) |
(135 | ) | (275 | ) | (164 | ) | (599 | ) | ||||||||
Change in unrealized gain (loss) on foreign currency contracts designated as cash flow hedges |
(204 | ) | 573 | (85 | ) | (168 | ) | |||||||||
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Total other comprehensive income (loss) |
(339 | ) | 298 | (249 | ) | (767 | ) | |||||||||
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Comprehensive income (loss) |
$ | (4,746 | ) | $ | 1,545 | $ | (7,224 | ) | $ | (1,948 | ) | |||||
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Yodlee, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(Unaudited)
December 31, | ||||||||
2014 | 2013 | |||||||
Assets |
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Current assets: |
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Cash and cash equivalents |
$ | 73,520 | $ | 8,134 | ||||
Accounts receivable, net of allowance for doubtful accounts of $13 and $20 as of December 31, 2014 and 2013, respectively |
12,229 | 9,873 | ||||||
Accounts receivable related parties |
3,066 | 2,301 | ||||||
Prepaid expenses and other current assets |
4,425 | 3,529 | ||||||
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Total current assets |
93,240 | 23,837 | ||||||
Property and equipment, net |
9,481 | 6,297 | ||||||
Restricted cash |
146 | 146 | ||||||
Goodwill |
3,068 | 3,068 | ||||||
Other assets |
1,609 | 1,112 | ||||||
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Total assets |
$ | 107,544 | $ | 34,460 | ||||
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Liabilities, convertible preferred stock and stockholders equity (deficit) |
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Current liabilities: |
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Accounts payable |
$ | 3,278 | $ | 1,880 | ||||
Accrued liabilities |
2,628 | 2,707 | ||||||
Accrued compensation |
8,927 | 6,577 | ||||||
Convertible preferred stock warrant liabilities |
| 760 | ||||||
Deferred revenue, current portion |
6,959 | 7,655 | ||||||
Bank borrowings, current portion |
| 3,471 | ||||||
Capital lease obligation, current portion |
1,153 | 574 | ||||||
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Total current liabilities |
22,945 | 23,624 | ||||||
Deferred revenue, net of current portion |
293 | 329 | ||||||
Bank borrowings, net of current portion |
| 2,914 | ||||||
Capital lease obligation, net of current portion |
1,243 | 804 | ||||||
Other long-term liabilities |
2,986 | 2,644 | ||||||
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Total liabilities |
27,467 | 30,315 | ||||||
Convertible preferred stock, $0.001 par value0 and 14,666 shares authorized as of December 31, 2014 and 2013, respectively; 0 and 14,445 shares issued and outstanding as of December 31, 2014 and 2013, respectively (aggregate liquidation preference of $103,494 as of December 31, 2013) |
| 102,224 | ||||||
Stockholders equity (deficit): |
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Preferred stock, $0.001 par value5,000 and 0 shares authorized as of December 31, 2014 and 2013, respectively; no shares issued and outstanding at December 31, 2014 and 2013 |
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Common stock, $0.001 par value150,000 and 27,800 shares authorized of December 31, 2014 and 2013, respectively; 29,264 and 7,444 shares issued and outstanding as of December 31, 2014 and 2013, respectively |
29 | 7 | ||||||
Additional paid-in capital |
439,275 | 253,917 | ||||||
Accumulated other comprehensive loss |
(1,979 | ) | (1,730 | ) | ||||
Accumulated deficit |
(357,248 | ) | (350,273 | ) | ||||
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Total stockholders equity (deficit) |
80,077 | (98,079 | ) | |||||
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Total liabilities, convertible preferred stock and stockholders equity (deficit) |
$ | 107,544 | $ | 34,460 | ||||
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Yodlee, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Year Ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Cash flows from operating activities |
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Net loss |
$ | (6,975 | ) | $ | (1,181 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: |
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Depreciation and amortization |
3,766 | 2,685 | ||||||
Proceeds from insurance settlement |
| (141 | ) | |||||
Revaluation of warrant liabilities |
(27 | ) | 268 | |||||
Stock-based compensation expense |
7,135 | 1,511 | ||||||
Changes in operating assets and liabilities: |
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Accounts receivable, net |
(3,121 | ) | (2,204 | ) | ||||
Prepaid expenses and other assets |
(1,788 | ) | (30 | ) | ||||
Accounts payable |
1,276 | (207 | ) | |||||
Accrued liabilities and other long term liabilities |
441 | (642 | ) | |||||
Accrued compensation |
2,391 | 2,930 | ||||||
Deferred revenue |
(732 | ) | 520 | |||||
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Net cash provided by operating activities |
2,366 | 3,509 | ||||||
Cash flows from investing activities |
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Purchases of property and equipment |
(5,221 | ) | (3,025 | ) | ||||
Proceeds from insurance settlement |
| 141 | ||||||
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Net cash used in investing activities |
(5,221 | ) | (2,884 | ) | ||||
Cash flows from financing activities |
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Net proceeds from issuance of common stock upon initial public offering |
74,480 | | ||||||
Proceeds from bank borrowings |
6,600 | 7,500 | ||||||
Principal payments on bank borrowings |
(12,986 | ) | (9,011 | ) | ||||
Proceeds from issuance of common stock upon exercise of stock options |
1,408 | 1,432 | ||||||
Principal payments on capital lease obligations |
(788 | ) | (375 | ) | ||||
Repurchase of common stock |
(473 | ) | | |||||
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Net cash provided by (used in) financing activities |
68,241 | (454 | ) | |||||
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Net increase in cash and cash equivalents |
65,386 | 171 | ||||||
Cash and cash equivalentsbeginning of year |
8,134 | 7,963 | ||||||
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Cash and cash equivalentsend of year |
$ | 73,520 | $ | 8,134 | ||||
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Supplemental disclosures of cash flow information: |
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Cash paid for interest |
$ | 517 | $ | 595 | ||||
Cash paid for income taxes |
$ | 977 | $ | 929 | ||||
Non-cash investing and financing activities |
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Conversion of preferred stock to common stock |
$ | 102,224 | $ | | ||||
Property and equipment financed through capital lease |
$ | 1,806 | $ | 1,693 | ||||
Conversion of preferred stock warrant liability to equity |
$ | 734 | $ | | ||||
Property and equipment purchased but not paid at period-end |
$ | 681 | $ | 243 | ||||
Unpaid deferred offering costs |
$ | 124 | $ | | ||||
Issuance of stock upon exercise of stock warrants |
$ | | $ | 13 |
Yodlee, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(in thousands)
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
GAAP subscription gross profit |
13,931 | 11,354 | 50,494 | 37,699 | ||||||||||||
Add share-based compensation |
583 | 49 | 931 | 201 | ||||||||||||
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Non-GAAP subscription gross profit |
14,514 | 11,403 | 51,425 | 37,900 | ||||||||||||
Non-GAAP subscription gross margin |
68 | % | 69 | % | 68 | % | 67 | % | ||||||||
GAAP subscription gross margin |
65 | % | 69 | % | 66 | % | 66 | % | ||||||||
GAAP professional services and other gross profit |
497 | 1,608 | 3,372 | 5,629 | ||||||||||||
Add share-based compensation |
356 | 28 | 562 | 107 | ||||||||||||
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Non-GAAP professional services and other gross profit |
853 | 1,636 | 3,934 | 5,736 | ||||||||||||
Non-GAAP professional services and other gross margin |
24 | % | 45 | % | 30 | % | 43 | % | ||||||||
GAAP professional services and other gross margin |
14 | % | 44 | % | 26 | % | 42 | % | ||||||||
GAAP gross profit |
14,428 | 12,962 | 53,866 | 43,328 | ||||||||||||
Add share-based compensation |
939 | 77 | 1,493 | 308 | ||||||||||||
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Non-GAAP gross profit |
15,367 | 13,039 | 55,359 | 43,636 | ||||||||||||
Non-GAAP gross margin |
62 | % | 65 | % | 62 | % | 62 | % | ||||||||
GAAP gross margin |
58 | % | 65 | % | 60 | % | 62 | % | ||||||||
GAAP sales and marketing |
6,720 | 4,071 | 22,377 | 15,418 | ||||||||||||
Less share-based compensation |
(1,023 | ) | (81 | ) | (1,586 | ) | (302 | ) | ||||||||
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Non-GAAP sales and marketing |
5,697 | 3,990 | 20,791 | 15,116 | ||||||||||||
Non-GAAP sales and marketing as percentage of revenue |
23 | % | 20 | % | 23 | % | 22 | % | ||||||||
GAAP sales and marketing as percentage of revenue |
27 | % | 20 | % | 25 | % | 22 | % | ||||||||
GAAP research and development |
7,116 | 4,443 | 23,601 | 17,948 | ||||||||||||
Less share-based compensation |
(717 | ) | (59 | ) | (1,159 | ) | (243 | ) | ||||||||
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Non-GAAP research and development |
6,399 | 4,384 | 22,442 | 17,705 | ||||||||||||
Non-GAAP research and development as percentage of revenue |
26 | % | 22 | % | 25 | % | 25 | % | ||||||||
GAAP research and development as percentage of revenue |
29 | % | 22 | % | 26 | % | 26 | % | ||||||||
GAAP general and administrative |
4,784 | 2,408 | 13,321 | 9,386 | ||||||||||||
Less share-based compensation |
(1,710 | ) | (200 | ) | (2,897 | ) | (658 | ) | ||||||||
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Non-GAAP general and administrative |
3,074 | 2,208 | 10,424 | 8,728 | ||||||||||||
Non-GAAP general and administrative as percentage of revenue |
12 | % | 11 | % | 12 | % | 12 | % | ||||||||
GAAP general and administrative as percentage of revenue |
19 | % | 12 | % | 15 | % | 13 | % | ||||||||
GAAP operating income (loss) |
(4,192 | ) | 2,040 | (5,433 | ) | 576 | ||||||||||
Add share-based compensation |
4,389 | 417 | 7,135 | 1,511 | ||||||||||||
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Non-GAAP operating profit |
197 | 2,457 | 1,702 | 2,087 | ||||||||||||
Non-GAAP operating margin |
1 | % | 12 | % | 2 | % | 3 | % | ||||||||
GAAP operating margin |
-17 | % | 10 | % | -6 | % | 1 | % | ||||||||
GAAP net income (loss) |
(4,407 | ) | 1,247 | (6,975 | ) | (1,181 | ) | |||||||||
Add share-based compensation |
4,389 | 417 | 7,135 | 1,511 | ||||||||||||
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Non-GAAP net income (loss) |
(18 | ) | 1,664 | 160 | 330 | |||||||||||
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Diluted non-GAAP net income (loss) per share |
$ | (0.00 | ) | $ | 0.05 | $ | 0.01 | $ | 0.01 | |||||||
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Three Months Ended December 31, |
Year Ended December 31, |
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2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average shares used in computing GAAP diluted income (loss) per share attributable to common stockholders |
28,323 | 23,475 | 12,802 | 7,263 | ||||||||||||
Additional weighted average shares assuming: |
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Conversion of preferred shares at the beginning of the period |
471 | | 10,923 | 14,445 | ||||||||||||
Shares issued in the initial public offering at the beginning of the period |
204 | 6,250 | 4,727 | 6,250 | ||||||||||||
Shares issued upon the exercise of underwriters option to purchase the Companys common stock at the beginning of the period |
232 | 761 | 628 | 761 | ||||||||||||
Dilutive impact of stock options |
| | 1,963 | 1,531 | ||||||||||||
Dilutive impact of restricted stock units |
| | 506 | | ||||||||||||
Dilutive impact of stock warrants |
| | 47 | 45 | ||||||||||||
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Shares used in computing non-GAAP diluted income (loss) per share |
29,230 | 30,486 | 31,596 | 30,295 | ||||||||||||
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The following table provides a reconciliation of net income (loss) to adjusted EBITDA:
Three Months Ended December 31, |
Year Ended December 31, |
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2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income (loss) |
$ | (4,407 | ) | $ | 1,247 | $ | (6,975 | ) | $ | (1,181 | ) | |||||
Provision for income taxes |
428 | 693 | 1,803 | 1,439 | ||||||||||||
Other (income) expense, net |
(213 | ) | 100 | (261 | ) | 318 | ||||||||||
Depreciation and amortization |
1,144 | 767 | 3,766 | 2,685 | ||||||||||||
Stock-based compensation |
4,389 | 417 | 7,135 | 1,511 | ||||||||||||
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Adjusted EBITDA |
$ | 1,341 | $ | 3,224 | $ | 5,468 | $ | 4,772 | ||||||||
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