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8-K - FORM 8-K - LogMeIn, Inc. | b87398e8vk.htm |
Exhibit 99.1
LogMeIn Announces Second Quarter 2011 Results
Reports Quarterly Revenue of $29.1 Million; Deferred Revenue of $51.1 Million; Non-GAAP Net
Income per share of $0.17; GAAP Net Income per share of $0.11.
Woburn, Mass., July 27, 2011 LogMeIn, Inc. (NASDAQ: LOGM), a leading provider of cloud-based
connectivity solutions, today announced results for the quarter ended June 30, 2011.
For the second quarter of 2011, revenue increased 24 percent to $29.1 million from $23.5 million
reported in the second quarter of 2010. Core product revenue, which excludes $1.5 million of
revenue related to the Companys Intel agreement from the second quarter of 2010, increased by 32
percent in the quarter from the second quarter of 2010.
GAAP net income for the second quarter of 2011 was $2.7 million, or $0.11 per diluted share. GAAP
net income includes $2.3 million in stock compensation expense, $127,000 in patent litigation
related expenses and $113,000 in amortization of intangibles. This compares to GAAP net income of
$9.0 million, or $0.37 per diluted share, reported in the second quarter of 2010. GAAP net income
in the second quarter of 2010 included a $5.6 million, or $0.23 per share, tax benefit associated
with the reversal of a valuation allowance related to certain deferred tax assets.
Non-GAAP net income for the second quarter of 2011, which excludes stock compensation expense,
patent litigation related expenses and amortization of intangibles, was $4.3 million, or $0.17 per
diluted share, based on a 34 percent effective tax rate, as compared to $4.8 million, or $0.20 per
diluted share, based on a 12 percent effective tax rate, reported in the second quarter of 2010. A
reconciliation of the comparable GAAP financial measures to non-GAAP measures used above is
included in the attached tables.
Cash flow from operations for the second quarter of 2011 was $5.4 million. Excluding $3.3 million
dollars of patent litigation related expenses, cash flow from operations for the second quarter of
2011 was $8.7 million, or 30 percent of revenue, as compared to $7.8 million in the second quarter
of 2010. The Company closed the quarter with cash, cash equivalents and marketable securities of
$184.1 million. Additionally, the Company reported total deferred revenue of $51.1 million, an
increase of 33 percent from $38.4 million reported in the second quarter of 2010 and an increase of
$3.6 million, or 7.5 percent, over the prior quarter.
We are pleased to report another very strong quarter of growth across the business, from adding
record numbers of new premium customers to solid growth in revenue and profitability, said Michael
Simon, president and CEO of LogMeIn. Prevailing trends in mobility and the consumerization of IT
continued to fuel strong demand across our core businesses.
Our Access and Collaboration revenue grew 36 percent year-over-year, in large part fueled by a
strong quarter for our LogMeIn Ignition product as we continue to capitalize on tablets and
smartphones entering the market and increasingly, the workplace. Support revenue grew 29
percent, year-over-year, led by increased sales of LogMeIn Rescue and increased traction
internationally, especially within the telecommunications sector.
Simon continued, International orders accounted for 34 percent of total orders during the quarter,
up from 31 percent in fiscal year 2010. Weve also expanded our presence in Europe and Asia
Pacific, with a larger presence in the UK and establishing new operations in Japan. We believe
both markets share the key characteristics necessary to drive ongoing demand for LogMeIns
offerings, from growing mobile populations to the OEMs and operators likely to adopt modern mobile
support offerings.
Beyond our strong financial results, we continue to invest in both the expansion of our product
lines and a new generation of offerings designed to meet the demands of a multi-device,
always-connected world. In less than one year on the market, our collaboration service join.me has
attracted millions of new users. In July, we unveiled a preview of a new mobile offering one
that takes advantage of the capabilities and reach of Ignition to help organizations secure and
manage iPads and smartphones entering the workplace. Just last week, we announced the acquisition
of the Pachube service, a platform for the Internet of Things that we believe gives us the
opportunity to expand our connectivity and data offerings to potentially billions of sensor-enabled
devices across the globe.
In the always-connected cloud era, the expectations of IT, businesses and individuals continue to
change and demand for solutions that embrace these new possibilities continues to grow in our
favor. LogMeIn remains committed to maintaining a position at the forefront of the market through
innovative products and new, disruptive business models. We believe that in 2011 and beyond, the
rising demand for our core products, along with the potential opportunities for our new offerings,
will continue to fuel the strong growth that has become a hallmark of LogMeIns ongoing success.
Business Outlook
Based on information available as of July 27, 2011, the Company is issuing guidance for the third
quarter 2011 and fiscal year 2011 as detailed below. Guidance includes operating expenses and
acquisition related costs associated with the Companys recently announced acquisition of the
Pachube service. Non-GAAP guidance includes operating expenses associated with Pachube of
approximately $1.0 million in the third quarter and $2.0 million for full fiscal year 2011. In
addition to the operating expenses, GAAP guidance includes acquisition-related costs and
amortization of intangibles associated with the acquisition of approximately $900,000 in the third
quarter and $1.6 million for the fiscal year 2011.
Third Quarter 2011: The Company expects third quarter 2011 revenue to be in the range of
$30.4 million to $30.8 million.
Non-GAAP net income is expected to be in the range of $4.0 million to $4.3 million and non-GAAP net
income per diluted share is expected to be in the range of $0.16 to $0.17. Non-GAAP
net income excludes $2.4 million of stock compensation expense, $500,000 of patent litigation
related expenses and $900,000 of amortization of intangibles and acquisition related costs.
Net income, which includes stock compensation expense, patent litigation related expenses,
amortization of intangibles and acquisition related costs, is expected to be in the range of $1.5
million to $1.8 million, or $0.06 to $0.07 per share.
Non-GAAP net income and net income assume an effective tax rate of approximately 35 percent.
Net income per diluted share calculations for the third quarter of 2011 are based on estimated
fully-diluted weighted average shares outstanding of 25.3 million shares.
Fiscal Year 2011: The Company expects fiscal year 2011 revenue to be in the range of
$118.5 million to $120.5 million.
Non-GAAP net income is expected to be in the range of $16.1 million to $17.1 million and non-GAAP
net income per diluted share is expected to be in the range of $0.64 to $0.68. Non-GAAP net income
excludes $9.0 million of stock compensation expense, $5.3 million of patent litigation related
expenses and $1.9 million of amortization of intangibles and acquisition related costs.
Net income, which includes stock compensation expense, patent litigation related expenses,
amortization of intangibles and acquisition related costs is expected to be in the range of $5.6
million to $6.6 million, or $0.22 to $0.26 per share.
Net income per diluted share calculations for 2011 are based on estimated fully-diluted weighted
average shares outstanding of 25.3 million shares.
Non-GAAP net income and net income assumes an effective tax rate for the fiscal year 2011 of 35
percent.
Conference Call Information for Today, Wednesday, July 27, 2011
The Company will host a corresponding conference call and live webcast at 5:00 p.m. Eastern Time
today. To access the conference call, dial 1-877-941-2068 (for the U.S. and Canada) or
1-480-629-9712 (for international callers). A live webcast will be available on the Investor
Relations section of the Companys corporate website at http://www.LogMeIn.com and via replay
beginning approximately two hours after the completion of the call until the Companys announcement
of its financial results for the next quarter. An audio replay of the call will also be available
to investors beginning at approximately 7:00 p.m. Eastern Time on July 27, 2011 until 11:59 p.m.
Eastern Time on August 3, 2011, by dialing 1-800-406-7325 (for the U.S. and Canada) or
1-303-590-3030 (for international callers) and entering pass code 4456369#.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures including non-GAAP operating income,
non-GAAP income before provision for income taxes, non-GAAP provision for income taxes, non-GAAP
net income, non-GAAP net income per diluted share and non-GAAP cash flow from operations. Non-GAAP
operating income excludes the amortization of intangibles, stock compensation expense, and patent
litigation related expense. Non-GAAP net income and non-GAAP net income per diluted share exclude
the amortization of intangibles, stock compensation expense and patent litigation related expense.
For the three and six months ended June 30, 2010, non-GAAP net income further excludes a tax
benefit for the reversal of a valuation allowance related to U.S. and certain foreign deferred tax
assets. Non-GAAP cash flow from operations excludes patent litigation related expense. The
exclusion of certain expenses in the calculation of Non-GAAP financial measures should not be
construed as an inference that these costs are unusual, infrequent or non-recurring. We anticipate
excluding these expenses in the future presentation of our non-GAAP financial measures. In the
future, we expect to incur acquisition costs and amortization associated with acquired intangible
assets and we anticipate excluding these expenses in the future presentation of our non-GAAP
financial measures. The Company believes that these non-GAAP measures of financial results provide
useful information to management and investors regarding certain financial and business trends
relating to the Companys financial condition and results of operations. The Companys management
uses these non-GAAP measures to compare the Companys performance to that of prior periods and uses
these measures in financial reports prepared for management and the Companys board of directors.
The Company believes that the use of these non-GAAP financial measures provides an additional tool
for investors to use in evaluating ongoing operating results and trends and in comparing the
Companys financial measures with other software-as-a-service companies, many of which present
similar non-GAAP financial measures to investors.
The Company does not consider these non-GAAP measures in isolation or as an alternative to
financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP
financial measures is that they exclude significant items that are required by GAAP to be recorded
in the Companys financial statements. In addition, they are subject to inherent limitations as
they reflect the exercise of judgments by management in determining these non-GAAP financial
measures. In order to compensate for these limitations, management of the Company presents its
non-GAAP financial measures in connection with its GAAP results. The Company urges investors to
review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial
measures, which it includes in press releases announcing quarterly financial results, including
this press release, and not to rely on any single financial measure to evaluate the Companys
business.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP measures used
in this press release are included in this release.
About LogMeIn, Inc.
LogMeIn (Nasdaq:LOGM) provides cloud-based remote access, support and collaboration solutions to
quickly, simply and securely connect millions of internet-enabled devices across the
globe computers, smartphones, iPad and Android tablets, and digital displays. Designed for
consumers, mobile professionals and IT organizations, LogMeIns solutions empower nearly 12 million
users to connect more than 100 million devices. LogMeIn is based in Woburn, Massachusetts, USA,
with offices in Australia, Hungary, Japan, the Netherlands, and the UK.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to,
statements regarding the value and effectiveness of the Companys products, the introduction or
performance of product enhancements or new products, the Companys intent to expand its portfolio
of products and offerings, the Companys growth, demand for the Companys products and offerings,
the success or growth of new markets and locations, the success or growth of the Pachube service
and the Companys financial guidance for fiscal year 2011 and the second quarter of 2011. These
forward-looking statements are made as of the date they were first issued and were based on current
expectations, estimates, forecasts and projections as well as the beliefs and assumptions of
management. Words such as expect, anticipate, should, believe, hope, target, project,
goals, estimate, potential, predict, may, will, might, could, intend, variations
of these terms or the negative of these terms and similar expressions are intended to identify
these forward-looking statements. Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that are beyond the Companys
control. The Companys actual results could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including but not limited to, dependence on
the remote support and software market, customer adoption of the Companys solutions, the Companys
ability to attract new customers and retain existing customers, adverse economic conditions in
general and adverse economic conditions specifically affecting the markets in which the Company
operates, intellectual property litigation, the Companys ability to continue to promote and
maintain its brand in a cost-effective manner, the Companys ability to compete effectively, the
Companys ability to develop and introduce new products and add-ons or enhancements to existing
products, the Companys ability to manage growth, the Companys ability to attract and retain key
personnel, the Companys ability to protect its intellectual property and other proprietary rights,
the result of any pending litigation, and other risks detailed in the Companys other publicly
available filings with the Securities and Exchange Commission. Past performance is not necessarily
indicative of future results. The forward-looking statements included in this press release
represent the Companys views as of the date of this press release. The Company anticipates that
subsequent events and developments will cause its views to change. The Company undertakes no
intention or obligation to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. These forward-looking statements should not be relied
upon as representing the Companys views as of any date subsequent to the date of this press
release.
LogMeIn, LogMeIn Pro, LogMeIn Rescue LogMeIn Ignition, and join.me are trademarks or registered
trademarks of LogMeIn in the US and other countries. iPad is a trademark of Apple,
trademarks of LogMeIn in the US and other countries. iPad is a trademark of Apple,
Inc. in the US and other countries around the world. Android is a trademark of Goggle, Inc. in the
US and around the world. Intel is the trademark of Intel Corporation in the US and other countries
around the world.
US and around the world. Intel is the trademark of Intel Corporation in the US and other countries
around the world.
Contact Information:
Investors
Erica Abrams or Matthew Hunt
Blueshirt Group
415-217-5864, 415-489-2194
erica@blueshirtgroup.com
matt@blueshirtgroup.com
Investors
Erica Abrams or Matthew Hunt
Blueshirt Group
415-217-5864, 415-489-2194
erica@blueshirtgroup.com
matt@blueshirtgroup.com
Press
Craig VerColen
LogMeIn, Inc.
781-897-0696
Press@LogMeIn.com
Craig VerColen
LogMeIn, Inc.
781-897-0696
Press@LogMeIn.com
LogMeIn, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)
December 31, | June 30, | |||||||
2010 | 2011 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 77,280 | $ | 94,004 | ||||
Marketable securities |
90,144 | 90,117 | ||||||
Accounts receivable, net |
4,744 | 7,355 | ||||||
Prepaid expenses and other current assets |
2,906 | 2,411 | ||||||
Deferred income taxes |
1,316 | 1,318 | ||||||
Total current assets |
176,390 | 195,205 | ||||||
Property and equipment, net |
6,199 | 6,293 | ||||||
Restricted cash |
350 | 398 | ||||||
Intangibles, net |
578 | 495 | ||||||
Goodwill |
615 | 615 | ||||||
Other assets |
27 | 190 | ||||||
Deferred income taxes |
2,518 | 3,208 | ||||||
Total assets |
$ | 186,677 | $ | 206,404 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 2,177 | $ | 2,673 | ||||
Accrued liabilities |
10,829 | 9,948 | ||||||
Deferred revenue, current portion |
41,763 | 48,850 | ||||||
Total current liabilities |
54,769 | 61,471 | ||||||
Deferred revenue, net of current portion |
1,030 | 2,283 | ||||||
Other long-term liabilities |
500 | 407 | ||||||
Total liabilities |
56,299 | 64,161 | ||||||
Commitments and contingencies |
||||||||
Stockholders equity: |
||||||||
Common stock |
238 | 242 | ||||||
Additional paid-in capital |
133,425 | 141,882 | ||||||
Accumulated deficit |
(3,084 | ) | (467 | ) | ||||
Accumulated other comprehensive income (loss) |
(201 | ) | 586 | |||||
Total stockholders equity |
130,378 | 142,243 | ||||||
Total liabilities and stockholders equity |
$ | 186,677 | $ | 206,404 | ||||
LogMeIn, Inc.
Condensed Consolidated Statements of Income (unaudited)
(In thousands, except share and per share data)
Condensed Consolidated Statements of Income (unaudited)
(In thousands, except share and per share data)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2011 | 2010 | 2011 | |||||||||||||
Revenue |
$ | 23,493 | $ | 29,098 | $ | 44,817 | $ | 56,137 | ||||||||
Cost of revenue |
2,265 | 2,446 | 4,485 | 4,982 | ||||||||||||
Gross profit |
21,228 | 26,652 | 40,332 | 51,155 | ||||||||||||
Operating expenses |
||||||||||||||||
Research and development |
3,760 | 4,662 | 7,314 | 8,980 | ||||||||||||
Sales and marketing |
10,807 | 14,056 | 20,647 | 27,042 | ||||||||||||
General and administrative |
2,677 | 3,837 | 5,480 | 9,896 | ||||||||||||
Legal settlements |
| | | 1,250 | ||||||||||||
Amortization of intangibles |
82 | 92 | 164 | 184 | ||||||||||||
Total operating expenses |
17,326 | 22,647 | 33,605 | 47,352 | ||||||||||||
Income (loss) from operations |
3,902 | 4,005 | 6,727 | 3,803 | ||||||||||||
Interest income, net |
140 | 240 | 254 | 451 | ||||||||||||
Other expense |
28 | (152 | ) | (36 | ) | (261 | ) | |||||||||
Income before income taxes |
4,070 | 4,093 | 6,945 | 3,993 | ||||||||||||
Benefit (provision) for income taxes |
4,911 | (1,411 | ) | 4,772 | (1,376 | ) | ||||||||||
Net income |
$ | 8,981 | $ | 2,682 | $ | 11,717 | $ | 2,617 | ||||||||
Net income per share: |
||||||||||||||||
basic |
$ | 0.39 | $ | 0.11 | $ | 0.51 | $ | 0.11 | ||||||||
diluted |
$ | 0.37 | $ | 0.11 | $ | 0.48 | $ | 0.10 | ||||||||
Weighted average shares outstanding: |
||||||||||||||||
basic |
23,132,807 | 24,116,686 | 22,889,735 | 24,023,018 | ||||||||||||
diluted |
24,551,399 | 25,169,689 | 24,464,395 | 25,118,423 | ||||||||||||
Calculation of Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP Net Income per share (unaudited)
(In thousands, except share and per share data)
(In thousands, except share and per share data)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2011 | 2010 | 2011 | |||||||||||||
GAAP Income from operations |
$ | 3,902 | $ | 4,005 | $ | 6,727 | $ | 3,803 | ||||||||
Add Back: |
||||||||||||||||
Amortization of intangibles included in cost of revenue |
104 | 21 | 208 | 36 | ||||||||||||
Amortization of intangibles included in operating expense |
82 | 92 | 164 | 184 | ||||||||||||
Stock-based compensation expense |
1,213 | 2,251 | 2,240 | 3,997 | ||||||||||||
Patent litigation related expenses |
| 127 | | 4,280 | ||||||||||||
Non-GAAP Operating income |
5,301 | 6,496 | 9,339 | 12,300 | ||||||||||||
Other income, net |
168 | 88 | 218 | 190 | ||||||||||||
Non-GAAP Income before provision for income taxes |
5,469 | 6,584 | 9,557 | 12,490 | ||||||||||||
Non-GAAP Provision for income taxes (For the three and six months
ended June 30, 2010, excludes a tax benefit for the reversal
of a valuation allowance related to U.S. and certain
foreign deferred tax assets) |
(661 | ) | (2,270 | ) | (800 | ) | (4,304 | ) | ||||||||
Non-GAAP Net income |
$ | 4,808 | $ | 4,314 | $ | 8,757 | $ | 8,186 | ||||||||
Non-GAAP Diluted net income per share: |
$ | 0.20 | $ | 0.17 | $ | 0.36 | $ | 0.33 | ||||||||
Diluted weighted average shares outstanding used in
computing per share amounts: |
24,551,399 | 25,169,689 | 24,464,395 | 25,118,423 |
Stock-Based Compensation Expense
(In thousands)
(In thousands)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2011 | 2010 | 2011 | |||||||||||||
Stock-based compensation expense: |
||||||||||||||||
Cost of revenue |
$ | 105 | $ | 83 | $ | 137 | $ | 172 | ||||||||
Research and development |
137 | 393 | 273 | 674 | ||||||||||||
Sales and marketing |
377 | 619 | 613 | 1,182 | ||||||||||||
General and administrative |
594 | 1,156 | 1,217 | 1,969 | ||||||||||||
Total stock based-compensation |
$ | 1,213 | $ | 2,251 | $ | 2,240 | $ | 3,997 | ||||||||
LogMeIn, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(In thousands)
Condensed Consolidated Statements of Cash Flows (unaudited)
(In thousands)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2011 | 2010 | 2011 | |||||||||||||
Cash flows from operating activities |
||||||||||||||||
Net income |
$ | 8,981 | $ | 2,682 | $ | 11,717 | $ | 2,617 | ||||||||
Adjustments to reconcile net income to net cash
provided by operating activities: |
||||||||||||||||
Depreciation and amortization |
919 | 1,070 | 1,860 | 2,075 | ||||||||||||
Amortization of premiums on investments |
66 | 36 | 100 | 95 | ||||||||||||
Provision for bad debts |
13 | 16 | 43 | 30 | ||||||||||||
Deferred income taxes |
(4,885 | ) | 1,348 | (4,881 | ) | 1,336 | ||||||||||
Income tax benefit from the exercise of stock options |
(1,186 | ) | (2,028 | ) | (1,186 | ) | (2,028 | ) | ||||||||
Stock-based compensation |
1,213 | 2,252 | 2,240 | 3,997 | ||||||||||||
Gain on disposal of equipment |
(1 | ) | | (2 | ) | (1 | ) | |||||||||
Changes in assets and liabilities: |
||||||||||||||||
Accounts receivable |
(552 | ) | (1,497 | ) | 229 | (2,640 | ) | |||||||||
Prepaid expenses and other current assets |
(77 | ) | 29 | 127 | 494 | |||||||||||
Other assets |
38 | (128 | ) | 10 | (163 | ) | ||||||||||
Accounts payable |
(418 | ) | (1,990 | ) | (136 | ) | 645 | |||||||||
Accrued liabilities |
1,797 | 125 | 954 | (881 | ) | |||||||||||
Deferred revenue |
2,016 | 3,565 | 4,281 | 8,339 | ||||||||||||
Other long-term liabilities |
(146 | ) | (52 | ) | (196 | ) | (93 | ) | ||||||||
Net cash provided by operating activities |
7,778 | 5,428 | 15,160 | 13,822 | ||||||||||||
Cash flows from investing activities |
||||||||||||||||
Purchases of marketable securities |
(50,017 | ) | (54,996 | ) | (105,348 | ) | (85,073 | ) | ||||||||
Proceeds from sale or disposal of marketable securities |
35,000 | 55,000 | 60,000 | 85,000 | ||||||||||||
Purchases of property and equipment |
(973 | ) | (977 | ) | (1,338 | ) | (2,095 | ) | ||||||||
Intangible asset additions |
(194 | ) | (76 | ) | (194 | ) | (138 | ) | ||||||||
Increase in restricted cash and deposits |
| | | (25 | ) | |||||||||||
Net cash used in investing activities |
(16,184 | ) | (1,049 | ) | (46,880 | ) | (2,331 | ) | ||||||||
Cash flows from financing activities |
||||||||||||||||
Payments of issuance costs related to secondary offering
of common stock |
| | (210 | ) | | |||||||||||
Proceeds from issuance of common stock upon option exercises |
1,015 | 1,314 | 2,365 | 2,432 | ||||||||||||
Income tax benefit from the exercise of stock options |
1,186 | 2,028 | 1,186 | 2,028 | ||||||||||||
Net cash provided by financing activities |
2,201 | 3,342 | 3,341 | 4,460 | ||||||||||||
Effect of exchange rate changes on cash and
cash equivalents and restricted cash |
(578 | ) | 201 | (712 | ) | 773 | ||||||||||
Net increase (decrease) in cash and cash equivalents |
(6,783 | ) | 7,922 | (29,091 | ) | 16,724 | ||||||||||
Cash and cash equivalents, beginning of period |
77,982 | 86,082 | 100,290 | 77,280 | ||||||||||||
Cash and cash equivalents, end of period |
$ | 71,199 | $ | 94,004 | $ | 71,199 | $ | 94,004 | ||||||||
Calculation of Non-GAAP Cash Flows from Operating Activities (unaudited)
(In thousands)
(In thousands)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2010 | 2011 | 2010 | 2011 | |||||||||||||
GAAP Cash flows from operating activities |
$ | 7,778 | $ | 5,428 | $ | 15,160 | $ | 13,822 | ||||||||
Add Back: |
||||||||||||||||
Patent litigation related expenses |
| 3,283 | | 4,203 | ||||||||||||
Cash flows from operating activities before patent litigation expenses |
$ | 7,778 | $ | 8,711 | $ | 15,160 | $ | 18,025 | ||||||||