Attached files
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| 8-K - IntraLinks Holdings, Inc. | v211841_8k.htm |
[graphic1]
IntraLinks
Announces Fourth Quarter and Full Year 2010 Results
Fourth
Quarter Results Exceed Expectations Across All Key Metrics; 2010 Revenue Grows
by 31%
NEW YORK, NY – February 17, 2011 –
IntraLinks Holdings, Inc.
(NYSE: IL), a leading provider of critical information exchange solutions, today
announced results for its fourth quarter and full year of
2010.
Financial
highlights for the fourth quarter include:
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Total
revenue of $52.1 million, up 33%
year-over-year
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Enterprise
revenue of $23.0 million, up 39%
year-over-year
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M&A
revenue of $20.0 million, up 46%
year-over-year
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§
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GAAP
net income of $1.0 million or $0.02 per share, compared to GAAP net loss
of ($4.6) million or ($2.53) per share, in the prior
year
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§
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Non-GAAP
adjusted net income of $7.4 million or $0.14 per share, compared to
non-GAAP net income of $0.4 million or $0.01 per share, in the prior
year
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§
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Non-GAAP
adjusted EBITDA of $19.9 million, an increase of 93%, compared to $10.3
million in the prior year
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Cash
flow from operations of $19.4 million, an increase of 131%, compared to
$8.4 million in the prior year
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Further
repayment of $32.7 million of debt as a result of the follow-on stock
offering during the fourth quarter
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“The
fourth quarter represented a strong finish to a record year for IntraLinks,”
said Andrew Damico, IntraLinks’ President and CEO. “The company’s momentum and
profitability during 2010 was driven by significant growth in our Enterprise and
Mergers and Acquisitions businesses. The increasing recognition of the value of
our cloud-based solutions puts us in a strong position for 2011 and
beyond.”
“The
successful completion of our follow-on stock offering during the fourth quarter
enabled IntraLinks to further improve its capital structure, leading to a lower
debt balance and reduced interest expense moving forward,” said Anthony Plesner,
IntraLinks’ CFO. “We believe that IntraLinks has the market opportunity,
leadership position and infrastructure to build a large and highly profitable
company, as reflected by our increased 2011 guidance.”
Fourth
Quarter 2010
Total
revenue was $52.1 million, an increase of 33%, compared to $39.2 million for the
same period last year
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Enterprise
revenue was $23.0 million compared to $16.5 million last year, up 39%
year-over-year
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M&A
revenue was $20.0 million compared to $13.7 million last year, up 46%
year-over-year
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GAAP
gross margin was 75.9%, an increase of 460 basis points (“bps”) compared to
71.3% for the same period last year.
Non-GAAP
gross margin was 82.4%, an increase of 260 bps compared to 79.8% for the same
period last year.
GAAP
operating income was $6.3 million, compared to a GAAP operating loss of ($0.6)
million for the same period a year ago. GAAP operating income in the fourth
quarter of 2010 included one-time costs of $0.2 million related to the company’s
follow-on stock offering.
Non-GAAP
adjusted operating income was $15.0 million, compared to $7.3 million for the
same period a year ago. Non-GAAP adjusted operating income was adjusted for
one-time costs of $0.2 million described in the previous paragraph.
GAAP net
income was $1.0 million, compared to a GAAP net loss of ($4.6) million for the
same period a year ago. GAAP net income for the fourth quarter of 2010 included
one-time costs of $1.6 million associated with the company’s follow-on stock
offering and the subsequent debt repayment. Basic and diluted GAAP net income
per share for the fourth quarter was $0.02 on the basis of 50.1 million and 51.8
million shares outstanding, respectively. In the prior year comparable period,
basic and diluted GAAP net loss per share was ($2.53) on the basis of 1.8
million shares outstanding.
The
company generated non-GAAP adjusted net income of $7.4 million, compared to
non-GAAP net income of $0.4 million for the same period a year ago. Non-GAAP
adjusted net income in the fourth quarter of 2010 was adjusted to exclude
one-time costs of $1.6 million described in the previous paragraph. Non-GAAP
adjusted net income per share was $0.14 on the basis of 53.4 million shares
outstanding. In the prior year comparable period, non-GAAP net income per share
was $0.01 on the basis of 52.1 million shares outstanding. Shares outstanding
are on a diluted, pro forma basis, assuming that the conversion of outstanding
preferred stock to common stock and the initial and follow-on offerings of
common stock occurred at the beginning of each respective period.
Non-GAAP
adjusted EBITDA was $19.9 million, or 38.1% of revenue representing an increase
of 93%, compared to $10.3 million or 26.3% of revenue for the same period a year
ago.
Cash flow
from operations was $19.4 million, an increase of 131%, compared to $8.4 million
in the prior year.
Full
Year 2010
Total
revenue was $184.3 million, an increase of 31%, compared to $140.7 million in
the prior year
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Enterprise
revenue was $82.8 million compared to $55.4 million last year, up 49%
year-over-year
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M&A
revenue was $68.6 million compared to $50.7 million last year, up 35%
year-over-year
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GAAP
gross margin was 74.2%, an increase of 880 bps compared to 65.4% in the prior
year.
Non-GAAP
gross margin was 81.5%, an increase of 240 bps compared to 79.1% in the prior
year.
GAAP
operating income was $11.2 million, compared to a GAAP operating loss of ($3.4)
million in the prior year. GAAP operating income for 2010 included one-time
costs of $1.4 million associated with the company’s initial public and follow-on
offerings.
Non-GAAP
adjusted operating income was $45.6 million, compared to $33.5 million in the
prior year. Non-GAAP adjusted operating income for 2010 was adjusted for
one-time costs of $1.4 million described in the previous paragraph.
GAAP net
loss was ($12.4) million, compared to ($24.8) million in the prior year. Basic
and diluted GAAP net loss per share for the full year 2010 was ($0.58) on the
basis of 21.3 million shares outstanding, compared to ($15.38) on the basis of
1.6 million shares outstanding in the prior year. GAAP net loss for 2010
included one-time costs totaling $8.4 million associated with the company’s
initial public and follow-on offerings and the subsequent debt
repayments.
The
company generated non-GAAP adjusted net income of $13.7 million in 2010,
compared to a non-GAAP net loss of ($3.8) million in 2009. Non-GAAP adjusted net
income for 2010 was adjusted to exclude one-time costs of $8.4 million,
described in the previous paragraph. Non-GAAP adjusted net income per share in
2010 was $0.26 on the basis of 53.0 million shares outstanding, compared to a
non-GAAP net loss per share of ($0.08) in the prior year on the basis of 50.6
million shares outstanding in the prior year. Shares outstanding are on a
diluted, pro forma basis, assuming that the conversion of outstanding preferred
stock to common stock and the initial and follow-on offerings of common stock
occurred at the beginning of each respective period.
Non-GAAP
adjusted EBITDA was $62.6 million, or 33.9% of revenue, representing an increase
of 39%, compared to $45.1 million, or 32.0% of revenue, for the prior
year.
Cash flow
from operations was $ 35.4 million, an increase of $ 10.3 million, or 41%,
compared to $ 25.1 million in the prior year.
Deferred
revenue on the balance sheet at December 31, 2010 was $ 38.0 million, an
increase of 42% on a year-over-year basis.
During
the fourth quarter the company identified an adjustment to its income-tax
benefit for the three months ended September 30, 2010, resulting in a $1.5
million overstatement of the benefit. The company will reflect this adjustment
in the quarterly information in its Form 10-K for the year ended December 31,
2010, and for the relevant prior year period in its Form 10-Q for the quarter
ending September 30, 2011.
2010
Business Highlights:
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104%
dollar renewal rate on subscription contracts compared to 93% for the
prior year
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Subscription
business represented 59% of total revenues in
2010
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Signed
461 new Enterprise customers in
2010
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Signed
2,467 new M&A contracts in 2010
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Credit
rating upgrade by Standard and Poor’s (B to B+) and Moody’s (B2 to
B1)
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Business
Outlook:
Based on information available as of
February 17, 2011, IntraLinks is providing guidance for the first quarter 2011
and full year 2011 as follows:
First
Quarter 2011
Revenue:
$52 million to $54 million
GAAP
operating income: $0.5 million to $2.5 million
Non-GAAP
operating income: $10 million to $11.5 million
Non-GAAP
adjusted EBITDA: $15 million to $16.5 million
GAAP net
(loss) income per share: ($0.01) to $0.01
Non-GAAP
net income per share: $0.09 to $0.11
Full
Year 2011
Revenue:
$215 million to $225 million
GAAP
operating income: $21 million to $23 million
Non-GAAP
operating income: $52 million to $58 million
Non-GAAP
adjusted EBITDA: $73 million to $78 million
GAAP net
income per share: $0.12 to $0.14
Non-GAAP
net income per share: $0.50 to $0.57
Quarterly Conference
Call
IntraLinks
will host a conference call today at 9:00 a.m. Eastern Time (ET) to discuss the
company’s fourth quarter 2010 financial results and its business outlook for the
first quarter and full year 2011, which may include guidance supplemental to the
above. To access this call, dial 800-992-7413 (domestic) or 719-325-2483
(international). A passcode is not required. This presentation will also be
webcast live on the investor relations section on the IntraLinks website at
www.intralinks.com/ir. In
conjunction with this call, there will also be accompanying slides with
supplemental information available at the same website location.
Following
the conference call, a replay will be available until February 24, 2011, at
877-870-5176 (domestic) or 858-384-5517 (international). The passcode for the
replay is 2273502. An archived webcast of this conference call will also be
available on the investor relations section on the IntraLinks website at www.intralinks.com/ir.
About IntraLinks
IntraLinks
(NYSE: IL) is a leading global provider of Software-as-a-Service solutions for
securely managing content, exchanging critical business information and
collaborating within and among organizations. More than 1 million professionals
in industries including financial services, pharmaceutical, biotechnology,
consumer, energy, industrial, legal, insurance, real estate and technology, as
well as government agencies, have utilized IntraLinks' easy-to-use, cloud-based
solutions. IntraLinks users can accelerate information-intensive business
processes and workflows, meet regulatory and risk management requirements and
collaborate with customers, partners and counterparties in a secure, auditable
and compliant manner. Professionals at more than 800 of the Fortune 1000
companies have used IntraLinks’ solutions. For more information, visit www.intralinks.com
or http://blog.intralinks.com.
You can also follow IntraLinks on Twitter at http://twitter.com/intralinks
and Facebook at www.facebook.com/IntraLinks.
Non-GAAP Financial
Measures
The Press
Release includes information about certain financial measures that are not
prepared in accordance with generally accepted accounting principles in the
United States (“GAAP” or “U.S. GAAP”), including non-GAAP gross profit and
margin, non-GAAP adjusted operating income and margin, non-GAAP adjusted net
income, non-GAAP adjusted net income per share and non-GAAP adjusted EBITDA and
margin. These non-GAAP measures are not based on any standardized methodology
prescribed by GAAP and are not necessarily comparable to similar measures
presented by other companies.
Management
defines its non-GAAP financial measures as follows:
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Non-GAAP
gross profit represents the corresponding GAAP measure adjusted to exclude
(1) stock-based compensation expense and (2) amortization of intangible
assets.
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§
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Non-GAAP
adjusted operating income represents the corresponding GAAP measure
adjusted to exclude (1) stock-based compensation expense, (2) amortization
of intangible assets and (3) one-time costs related to initial public and
follow-on offerings.
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§
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Non-GAAP
adjusted net income and non-GAAP adjusted net income per share represent
the corresponding GAAP measures adjusted to exclude (1) stock-based
compensation expense, (2) amortization of intangible assets, (3) one-time
costs related to our initial public and follow on offerings and (4)
one-time costs related to debt repayments. Non-GAAP adjusted
net income and non-GAAP adjusted net income per share are calculated using
an estimated long-term effective tax
rate.
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Non-GAAP
per share measures are shown on a pro-forma basis, assuming the conversion
of preferred shares and public offerings occurred at the beginning of the
respective periods.
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Non-GAAP
adjusted EBITDA represents net income (loss) adjusted to exclude (1)
interest expense, net of interest income, (2) income tax provision
(benefit), (3) depreciation and amortization, (4) amortization of
intangible assets, (5) stock-based compensation expense, (6) amortization
of debt issuance costs, (7) loss on extinguishment of debt, (8) other
(income) expense and (9) one-time costs related initial public and follow
on offerings.
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The
various non-GAAP margins represent the respective non-GAAP measures as a
percentage of revenue.
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Management
believes that these non-GAAP financial measures, when viewed with our results
under U.S. GAAP and the accompanying reconciliations, provide useful information
about our period-over-period growth and provide additional information that is
useful for evaluating our operating performance. Additionally, management
believes that these non-GAAP financial measures provide a more meaningful
comparison of our operating results against those of other companies in our
industry, as well as on a period-to-period basis, because these measures exclude
items that are not representative of our operating performance, such as
amortization of intangible assets, interest expense and fair value adjustments
to the interest rate swap. Management believes that including these costs in our
results of operations results in a lack of comparability between our operating
results and those of our peers in the industry, the majority of which are not
highly leveraged and do not have comparable amortization costs related to
intangible assets. However, non-GAAP gross profit and margin, non-GAAP adjusted
operating income and margin, non-GAAP adjusted net income, non-GAAP adjusted net
income per share and non-GAAP adjusted EBITDA and margin are not measures of
financial performance under U.S. GAAP and, accordingly, should not be considered
as alternatives to gross profit and margin, operating income (loss) and margin,
net income (loss) or net income (loss) per share as indicators of operating
performance.
A
reconciliation of GAAP to Non-GAAP financial measures has been provided in the
financial statement tables included in the Press Release.
Forward
Looking Statements
This
press release contains forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. This press release contains express or implied forward-looking
statements that are not based on historical information relating to, among other
things, expectations and assumptions concerning management's forecast of
financial performance, future business growth, and management's plans,
objectives, and strategies. These statements are neither promises nor
guarantees, but are subject to a variety of risks and uncertainties, many of
which are beyond our control, which could cause actual results to differ
materially from those contemplated in these forward-looking statements. In
particular, the risks and uncertainties include, among other things: the
uncertainty of our future profitability; our ability to sustain positive cash
flow; periodic fluctuations in our operating results; risks related to our
substantial debt balances; our ability to maintain the security and integrity of
our systems; our ability to increase our penetration in our principal existing
markets and expand into additional markets; our dependence on the volume of
financial and strategic business transactions; our dependence on customer
referrals; our ability to maintain and expand our direct sales capabilities; our
ability to develop and maintain strategic relationships to sell and deliver our
solutions; customer renewal rates; our ability to maintain the compatibility of
our services with third-party applications; competition and our ability to
maintain our average sales prices; our ability to adapt to changing
technologies; interruptions or delays in our service; international risks; our
ability to protect our intellectual property; costs of being a public company;
and risks related to changes in laws, regulations or governmental policy
including tax regulations. Further information on these and other
factors that could affect the company’s financial results is contained in our
public filings with the Securities and Exchange Commission (SEC) from time to
time, including our Registration Statements, as amended, on Form S-1 (File Nos.
333-165991 and 333-170694),
which were declared effective by the Securities and Exchange Commission on
August 5, 2010 and December 6, 2010, respectively, and subsequent filings with
the SEC. Existing and prospective investors are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of
the date hereof.
IntraLinks
undertakes no obligation to update or revise the information contained in this
press release, whether as a result of new information, future events or
circumstances or otherwise.
IntraLinks and the IntraLinks logo are
registered trademarks of IntraLinks Holdings, Inc. All rights
reserved.
Investor Contact:
David Roy
IntraLinks
212-342-7690
droy@intralinks.com
Media Relations Contact:
Radley Moss
IntraLinks
212-543-7717
rmoss@intralinks.com
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IntraLinks | 150 East 42nd Street | New York, NY 10017 | + 1 212 342
7684 | Fax +1 212 208
2600
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____________________________________________
Created by Morningstar Document
Research documentresearch.morningstar.comSource: IntraLinks
Holdings, Inc., 8-K, October 07, 2010
INTRALINKS
HOLDINGS, INC.
CONSOLIDATED
BALANCE SHEETS
(In
Thousands, Except Share and per Share Data)
(unaudited)
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December
31,
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2010
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2009
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|||||||
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ASSETS
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Current
assets:
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Cash and cash
equivalents
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$ | 50,467 | $ | 30,481 | ||||
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Restricted
cash
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- | 87 | ||||||
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Accounts receivable, net of
allowances of $2,418 and $2,470,
respectively
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37,137 | 25,898 | ||||||
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Investments
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- | 3,414 | ||||||
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Deferred
taxes
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18,264 | 6,979 | ||||||
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Prepaid expenses and other current
assets
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9,118 | 6,355 | ||||||
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Total current
assets
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114,986 | 73,214 | ||||||
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Fixed assets,
net
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8,075 | 7,064 | ||||||
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Capitalized software,
net
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25,676 | 20,734 | ||||||
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Goodwill
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215,478 | 215,478 | ||||||
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Other intangibles,
net
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160,863 | 189,604 | ||||||
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Other
assets
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2,022 | 3,247 | ||||||
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Total
assets
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$ | 527,100 | $ | 509,341 | ||||
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LIABILITIES, REDEEMABLE
CONVERTIBLE PREFERRED STOCK AND
|
||||||||
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STOCKHOLDERS'
EQUITY (DEFICIT)
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Accounts
payable
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$ | 4,191 | $ | 8,870 | ||||
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Accrued expenses and other current
liabilities
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23,189 | 21,958 | ||||||
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Deferred
revenue
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38,043 | 26,795 | ||||||
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Total current
liabilities
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65,423 | 57,623 | ||||||
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Long term
debt
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125,886 | 290,513 | ||||||
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Deferred
taxes
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46,103 | 42,719 | ||||||
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Other long term
liabilities
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2,244 | 4,040 | ||||||
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Total
liabilities
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239,656 | 394,895 | ||||||
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Commitments and
contingencies
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Redeemable convertible preferred
stock:
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Series A $0.001 par value,
10,000,000 shares authorized; 0 and 35,864,887
shares
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issued and outstanding
(liquidation preference of $0 and $176,604) as of December
31,
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2010 and December 31, 2009,
respectively
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- | 176,478 | ||||||
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Stockholders' equity
(deficit)
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Common stock, $0.001 par value;
300,000,000 shares authorized; 52,387,374 and
3,152,669
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shares issued and outstanding as
of December 31, 2010 and December 31, 2009,
respectively
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52 | 3 | ||||||
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Additional paid-in
capital
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365,962 | 4,302 | ||||||
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Accumulated
deficit
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(78,813 | ) | (66,377 | ) | ||||
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Accumulated other comprehensive
income
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243 | 40 | ||||||
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Total stockholders' equity
(deficit)
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287,444 | (62,032 | ) | |||||
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Total liabilities, redeemable
convertible preferred stock and stockholders' equity
(deficit)
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$ | 527,100 | $ | 509,341 | ||||
INTRALINKS
HOLDINGS, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In
Thousands, Except Share and per Share Data)
(unaudited)
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Three Months
Ended
|
Years Ended
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December
31,
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December
31,
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2010
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2009
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2010
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2009
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Revenue
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$ | 52,118 | $ | 39,176 | $ | 184,332 | $ | 140,699 | ||||||||
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Cost of
revenue
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12,549 | 11,253 | 47,496 | 48,721 | ||||||||||||
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Gross
profit
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39,569 | 27,923 | 136,836 | 91,978 | ||||||||||||
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Operating
expenses:
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Product
development
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4,179 | 5,442 | 17,953 | 14,222 | ||||||||||||
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Sales and
marketing
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20,995 | 15,985 | 79,251 | 59,058 | ||||||||||||
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General and
administrative
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8,096 | 5,916 | 28,435 | 20,556 | ||||||||||||
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Restructuring
costs
|
- | 1,156 | - | 1,494 | ||||||||||||
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Total operating
expenses
|
33,270 | 28,499 | 125,639 | 95,330 | ||||||||||||
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Income
(loss) from operations
|
6,299 | (576 | ) | 11,197 | (3,352 | ) | ||||||||||
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Interest expense,
net
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4,725 | 7,505 | 24,724 | 28,935 | ||||||||||||
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Amortization of debt issuance
costs
|
1,059 | 458 | 3,084 | 1,872 | ||||||||||||
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Loss on extinguishment of
debt
|
- | - | 4,974 | - | ||||||||||||
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Other (income)
expense
|
(1,515 | ) | (1,299 | ) | (2,722 | ) | 9,027 | |||||||||
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Net income (loss)
before income tax
|
2,030 | (7,240 | ) | (18,863 | ) | (43,186 | ) | |||||||||
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Income tax provision
(benefit)
|
1,012 | (2,608 | ) | (6,427 | ) | (18,415 | ) | |||||||||
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Net income
(loss)
|
$ | 1,018 | $ | (4,632 | ) | $ | (12,436 | ) | $ | (24,771 | ) | |||||
|
Net income (loss) per common share
- basic
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$ | 0.02 | $ | (2.53 | ) | $ | (0.58 | ) | $ | (15.38 | ) | |||||
|
Net income (loss) per common share
- diluted
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$ | 0.02 | $ | (2.53 | ) | $ | (0.58 | ) | $ | (15.38 | ) | |||||
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Weighted average number of
shares
|
||||||||||||||||
|
used in calculating
net income (loss) per share - basic
|
50,083,596 | 1,832,743 | 21,310,284 | 1,611,090 | ||||||||||||
|
Weighted average number of
shares
|
||||||||||||||||
|
used in calculating
net income (loss) per share - diluted
|
51,797,179 | 1,832,743 | 21,310,284 | 1,611,090 | ||||||||||||
INTRALINKS
HOLDINGS, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
Thousands)
(unaudited)
|
Years Ended December
31,
|
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|
2010
|
2009
|
2008
|
||||||||||
|
Net loss
|
$ | (12,436 | ) | $ | (24,771 | ) | $ | (24,598 | ) | |||
|
Adjustments to reconcile net loss
to net cash provided by operating activities:
|
||||||||||||
|
Depreciation and
amortization
|
16,982 | 11,567 | 4,643 | |||||||||
|
Stock-based compensation
expense
|
4,215 | 1,938 | 3,792 | |||||||||
|
Amortization of intangible
assets
|
28,741 | 34,939 | 44,585 | |||||||||
|
Amortization of debt issuance
cost
|
3,084 | 1,872 | 1,803 | |||||||||
|
Provision for bad debts and
customer credits
|
519 | 539 | 1,337 | |||||||||
|
(Loss) gain on disposal of fixed
assets, including insurance proceeds
|
(286 | ) | 75 | 1,082 | ||||||||
|
Change in deferred
taxes
|
(7,901 | ) | (19,341 | ) | (16,529 | ) | ||||||
|
(Gain) loss on interest rate
swap
|
(2,778 | ) | 8,427 | - | ||||||||
|
Loss on extinguishment of
debt
|
4,974 | - | - | |||||||||
|
Non-cash interest
expense
|
5,648 | 8,878 | 10,454 | |||||||||
|
Changes in operating assets and
liabilities:
|
||||||||||||
|
Restricted
cash
|
87 | 509 | 2,060 | |||||||||
|
Accounts
receivable
|
(11,754 | ) | (3,479 | ) | (155 | ) | ||||||
|
Prepaid expenses and other current
assets
|
(1,080 | ) | (2,418 | ) | 344 | |||||||
|
Other
assets
|
(2,783 | ) | 89 | 289 | ||||||||
|
Accounts
payable
|
(4,673 | ) | 4,685 | (1,263 | ) | |||||||
|
Accrued expenses and other
liabilities
|
3,436 | (132 | ) | (5,437 | ) | |||||||
|
Deferred
revenue
|
11,395 | 1,695 | 1,250 | |||||||||
|
Net cash provided by operating
activities
|
35,390 | 25,072 | 23,657 | |||||||||
|
Cash flows from investing
activities:
|
- | - | - | |||||||||
|
Capital
expenditures
|
(6,863 | ) | (5,755 | ) | (3,004 | ) | ||||||
|
Capitalized software development
costs
|
(16,128 | ) | (10,279 | ) | (12,391 | ) | ||||||
|
Purchase of bank time deposits
with maturities greater than three months
|
(4,320 | ) | - | - | ||||||||
|
Sale of investments and maturity of
bank time deposits greater than three months
|
7,770 | 50 | 1,000 | |||||||||
|
Net cash used in investing
activities
|
(19,541 | ) | (15,984 | ) | (14,395 | ) | ||||||
|
Cash flows from financing
activities:
|
||||||||||||
|
Proceeds from exercise of stock
options
|
516 | 94 | 1 | |||||||||
|
Offering costs paid in connection
with initial public offering
|
(2,365 | ) | - | - | ||||||||
|
Capital lease
payments
|
(27 | ) | (119 | ) | (307 | ) | ||||||
|
Payment of financing
costs
|
(1,513 | ) | - | (230 | ) | |||||||
|
Proceeds from initial public
offering and follow on offering, including underwriters'
overallotment
|
182,838 | - | - | |||||||||
|
Repayments of outstanding
principal on long-term debt
|
(171,456 | ) | (3,210 | ) | (1,688 | ) | ||||||
|
Prepayment penalty on PIK
loan
|
(4,092 | ) | - | - | ||||||||
|
Net cash provided by (used in)
financing activities
|
3,901 | (3,235 | ) | (2,224 | ) | |||||||
|
Effect of foreign exchange rate
changes on cash and cash equivalents
|
236 | (43 | ) | (38 | ) | |||||||
|
Net increase in cash and cash
equivalents
|
19,986 | 5,810 | 7,000 | |||||||||
|
Cash and cash equivalents at
beginning of period
|
30,481 | 24,671 | 17,671 | |||||||||
|
Cash and cash equivalents at end
of period
|
$ | 50,467 | $ | 30,481 | $ | 24,671 | ||||||
INTRALINKS
HOLDINGS, INC.
RECONCILIATION
OF NON-GAAP TO GAAP FINANCIAL MEASURES
(In
Thousands, Except Share and per Share Data)
(unaudited)
|
Three Months
Ended
|
Years
Ended
|
||||||||||||
|
December
31,
|
December
31,
|
||||||||||||
|
2010
|
2009
|
2010
|
2009
|
||||||||||
|
Non-GAAP gross
profit
|
|||||||||||||
|
Gross
profit
|
39,569
|
27,923
|
136,836
|
91,978
|
|||||||||
|
Gross
margin
|
75.9%
|
71.3%
|
74.2%
|
65.4%
|
|||||||||
|
Cost of revenue - stock based
compensation expense
|
41
|
10
|
105
|
63
|
|||||||||
|
Cost of revenue - amortization of
intangible assets
|
3,310
|
3,310
|
13,237
|
19,304
|
|||||||||
|
Non-GAAP gross
profit
|
$
|
42,920
|
$
|
31,243
|
$
|
150,178
|
$
|
111,345
|
|||||
|
Non-GAAP gross
margin
|
82.4%
|
79.8%
|
81.5%
|
79.1%
|
|||||||||
|
Non-GAAP adjusted operating
income
|
|||||||||||||
|
Income (loss) from
operations
|
$
|
6,299
|
$
|
(576)
|
$
|
11,197
|
$
|
(3,352)
|
|||||
|
Stock-based compensation
expense
|
1,369
|
692
|
4,215
|
1,938
|
|||||||||
|
Amortization of intangible
assets
|
7,158
|
7,218
|
28,741
|
34,939
|
|||||||||
|
One-time costs related to initial
public and follow on offerings
|
195
|
-
|
1,416
|
-
|
|||||||||
|
Non-GAAP adjusted operating
income
|
$
|
15,021
|
$
|
7,334
|
$
|
45,569
|
$
|
33,525
|
|||||
|
Non-GAAP adjusted operating
margin
|
28.8%
|
18.7%
|
24.7%
|
23.8%
|
|||||||||
|
Income (loss) from operations as a
percentage of total revenue
|
12.1%
|
-1.5%
|
6.1%
|
-2.4%
|
|||||||||
|
Non-GAAP adjusted net
income
|
|||||||||||||
|
Net income (loss) before income
tax
|
$
|
2,030
|
$
|
(7,240)
|
$
|
(18,863)
|
$
|
(43,186)
|
|||||
|
Stock-based compensation
expense
|
1,369
|
692
|
4,215
|
1,938
|
|||||||||
|
Amortization of intangible
assets
|
7,158
|
7,218
|
28,741
|
34,939
|
|||||||||
|
One-time costs related to initial
public and follow on offerings
|
195
|
-
|
1,416
|
-
|
|||||||||
|
One-time costs related to debt
repayments
|
1,402
|
-
|
7,011
|
-
|
|||||||||
|
Non-GAAP net income (loss) before
income tax
|
12,154
|
670
|
22,520
|
(6,309)
|
|||||||||
|
Non-GAAP income tax provision
(benefit)
|
4,740
|
261
|
8,783
|
(2,461)
|
|||||||||
|
Non-GAAP adjusted net income
(loss)
|
$
|
7,414
|
$
|
409
|
$
|
13,737
|
$
|
(3,848)
|
|||||
|
Non-GAAP adjusted
EBITDA
|
|||||||||||||
|
Net income
(loss)
|
$
|
1,018
|
$
|
(4,632)
|
$
|
(12,436)
|
$
|
(24,771)
|
|||||
|
Interest expense,
net
|
4,725
|
7,505
|
24,724
|
28,935
|
|||||||||
|
Income tax provision
(benefit)
|
1,012
|
(2,608)
|
(6,427)
|
(18,415)
|
|||||||||
|
Depreciation and
amortization
|
4,844
|
2,957
|
16,982
|
11,567
|
|||||||||
|
Amortization of intangible
assets
|
7,158
|
7,218
|
28,741
|
34,939
|
|||||||||
|
Stock-based compensation
expense
|
1,369
|
692
|
4,215
|
1,938
|
|||||||||
|
Amortization of debt issuance
costs
|
1,059
|
458
|
3,084
|
1,872
|
|||||||||
|
Loss on extinguishment of
debt
|
-
|
-
|
4,974
|
-
|
|||||||||
|
Other (income)
expense
|
(1,515)
|
(1,299)
|
(2,722)
|
9,027
|
|||||||||
|
One-time costs related to initial
public and follow on offerings
|
195
|
-
|
1,416
|
-
|
|||||||||
|
Non-GAAP adjusted
EBITDA
|
$
|
19,865
|
$
|
10,291
|
$
|
62,551
|
$
|
45,092
|
|||||
|
Non-GAAP adjusted EBITDA
margin
|
38.1%
|
26.3%
|
33.9%
|
32.0%
|
|||||||||
INTRALINKS
HOLDINGS, INC.
RECONCILIATION
OF NON-GAAP TO GAAP FINANCIAL MEASURES- GUIDANCE
(In
Thousands)
(unaudited)
|
Three Months
Ending
|
Year Ending
|
|||||||
|
March 31,
|
December
31,
|
|||||||
|
2011
|
2011
|
|||||||
|
Non-GAAP gross
margin
|
||||||||
|
Gross
profit
|
$
|
38,653
|
$
|
166,612
|
||||
|
Gross
margin
|
72.9%
|
75.7%
|
||||||
|
Cost of revenue- stock-based
compensation expense
|
38
|
151
|
||||||
|
Cost of revenue- amortization of
intangible assets
|
3,309
|
13,237
|
||||||
|
Non-GAAP gross
profit
|
$
|
42,000
|
$
|
180,000
|
||||
|
Non-GAAP gross
margin
|
79.2%
|
81.8%
|
||||||
|
Non-GAAP operating
income
|
||||||||
|
Income from
operations
|
$
|
2,067
|
$
|
20,570
|
||||
|
Stock-based compensation
expense
|
1,526
|
5,800
|
||||||
|
Amortization of intangible
assets
|
7,157
|
28,630
|
||||||
|
Non-GAAP operating
income
|
$
|
10,750
|
$
|
55,000
|
||||
|
Non-GAAP operating
margin
|
20.3%
|
25.0%
|
||||||
|
Income from operations as a
percentage of total revenue
|
3.9%
|
9.4%
|
||||||
|
Non-GAAP net
income
|
||||||||
|
Net (loss) income before income
tax
|
$
|
(250)
|
$
|
11,665
|
||||
|
Stock-based compensation
expense
|
1,526
|
5,800
|
||||||
|
Amortization of intangible
assets
|
7,157
|
28,630
|
||||||
|
Non-GAAP net income before income
tax
|
8,433
|
46,095
|
||||||
|
Non-GAAP income tax
provision
|
3,120
|
17,055
|
||||||
|
Non-GAAP net
income
|
$
|
5,313
|
$
|
29,040
|
||||
|
Non-GAAP adjusted
EBITDA
|
||||||||
|
Net (loss)
income
|
$
|
(158)
|
$
|
7,349
|
||||
|
Interest expense,
net
|
2,988
|
11,763
|
||||||
|
Income tax (benefit)
provision
|
(93)
|
4,316
|
||||||
|
Depreciation and
amortization
|
5,000
|
20,500
|
||||||
|
Amortization of intangible
assets
|
7,157
|
28,630
|
||||||
|
Stock-based compensation
expense
|
1,526
|
5,800
|
||||||
|
Amortization of debt issuance
costs
|
329
|
1,142
|
||||||
|
Other
income
|
(1,000)
|
(4,000)
|
||||||
|
Non-GAAP adjusted
EBITDA
|
$
|
15,750
|
$
|
75,500
|
||||
|
Non-GAAP adjusted EBITDA
margin
|
29.7%
|
34.3%
|
||||||
|
Note: All
forward-looking figures presented in this table are stated at the
mid-point of the estimated
range
|
||||||||