Attached files
| file | filename |
|---|---|
| EX-99.2 - EX-99.2 - Carbonite Inc | d663438dex992.htm |
| 8-K - FORM 8-K - Carbonite Inc | d663438d8k.htm |
Exhibit 99.1
Carbonite Reports Record Revenue and Free Cash Flow Results for
Fourth Quarter and Full Year of 2013
BOSTON, MA – January 30, 2014 - Carbonite, Inc. (NASDAQ: CARB), a leading provider of cloud solutions that keep small businesses and home offices running smoothly, today announced financial results for the fourth quarter and full year ended December 31, 2013.
Fourth Quarter 2013 Results:
| • | Revenue for the fourth quarter was $28.8 million, an increase of 22% from $23.7 million in the fourth quarter of 2012. |
| • | Bookings for the fourth quarter were $31.6 million, an increase of 15% from $27.5 million in the fourth quarter of 2012. |
| • | Net income for the fourth quarter was $0.3 million, compared to a net loss of ($2.2) million in the fourth quarter of 2012. Non-GAAP net income for the fourth quarter was $1.7 million, compared to non-GAAP net loss of ($0.3) million in the fourth quarter of 2012.1 |
| • | Net income for the fourth quarter was $0.01 per share (basic and diluted), compared to a net loss of ($0.09) per share (basic and diluted) in the fourth quarter of last year. Non-GAAP EPS was $0.06 per share (basic and diluted), for the fourth quarter, compared to non-GAAP EPS ($0.01) per share (basic and diluted), in the fourth quarter of 2012. |
| • | Gross margin for the fourth quarter was 69.8%, compared to 65.9% in the fourth quarter of 2012. Non-GAAP gross margin was 70.5% in the fourth quarter, compared to 66.8% in the fourth quarter of 2012. 2 |
| • | Total cash and investments were $65.4 million as of December 31, 2013, compared to $62.3 million as of September 30, 2013. |
| • | Cash flow from operations for the fourth quarter was $4.8 million, compared to $5.3 million in the fourth quarter of 2012. Non-GAAP free cash flow for the fourth quarter was $2.8 million, compared to $2.1 million in the fourth quarter of 2012.3 |
| 1 | Non-GAAP net earnings and earnings per share, net loss and operating loss per share excludes amortization expense on intangible assets, stock-based compensation expense, patent litigation expense, and a lease exit charge associated with our data center relocation. |
| 2 | Non-GAAP gross margin excludes amortization expense on intangible assets and stock-based compensation expense. |
| 3 | Non-GAAP free cash flow is calculated by adding the cash portion of the lease exit charge and subtracting cash paid for the purchase of property and equipment from net cash provided by operating activities. |
Full Year 2013 Results:
| • | Revenue for the full year was $107.2 million, an increase of 28% from $84 million in 2012. |
| • | Bookings for the full year were $116 million, an increase of 18% from $98.5 million in 2012. |
| • | Net loss for the full year was ($10.6) million, compared to ($18.9) million in 2012. Non-GAAP net loss for the full year was $(3.2) million, compared to non-GAAP net loss of ($11.7) million in 2012.1 |
| • | Net loss for the full year was ($0.41) per share (basic and diluted), compared to a net loss of ($0.74) per share (basic and diluted) in 2012. Non-GAAP EPS was ($0.12) per share (basic and diluted), for the full year, compared to non-GAAP EPS of ($0.46) per share (basic and diluted), in 2012. |
| • | Gross margin for the full year was 67.5%, compared to 65.4% in 2012. Non-GAAP gross margin was 68.4% for the full year, compared to 66.2% in 2012.2 |
| • | Total cash and investments were $65.4 million as of December 31, 2013, compared to $55.3 million as of December 31, 2012. |
| • | Cash flow from operations for the full year was $14.3 million, compared to $9.2 million last year. Non-GAAP free cash flow for the full year 2013 was $6.0 million, compared to ($4.1) million in 2012.3 |
“I am pleased to announce another record-setting quarter of revenue, free cash flow and non-GAAP gross margins, along with our second quarter of profitability. These metrics illustrate that the initiatives we undertook in 2013 to reposition Carbonite as a backup cloud solutions provider focused on small businesses are working,” said David Friend, Chairman and Chief Executive Officer of Carbonite. “We now offer customers a full suite of solutions from endpoint to server backup and, with the introduction of our new website in January, we now offer Carbonite Server Backup as a standalone solution. Customers are responding positively to our local/cloud hybrid approach to server backup, particularly as a part of their larger business continuity plan. We look forward to building on the strong foundation we established in 2013.”
An explanation of non-GAAP measures is provided under the heading “Non-GAAP Financial Measures” below and reconciliation to the most comparable GAAP measure is provided in the tables at the end of this press release.
Business Outlook
For the first quarter of 2014, revenues are expected to be in the range of $28.3-$28.7 million and non-GAAP net loss per share to be in the range of ($0.03)-($0.05).
For the full year of 2014, revenues are expected to be in the range of $120.8-$122.8 million and non-GAAP net loss per share to be in the range of ($0.10) to ($0.16).
Carbonite’s expectations of non-GAAP net loss per share for the quarter and full year excludes stock-based compensation expense, patent litigation expense, amortization expense on intangible assets and assumes a tax rate of 0% and weighted average shares outstanding of approximately 26.7 million.
Conference Call and Webcast Information
Carbonite will host a conference call on Thursday, January 30, 2014 at 8:30 a.m. Eastern Time (ET) to review the results of business operations. This call will be webcast live in the investor relations section of the Company’s website at http://investor.carbonite.com. The conference call can also be accessed by dialing (877) 303-1393 in the United States or (315) 625-3228 internationally with the passcode 31297546.
Following the completion of the call, a recorded replay will be available on the company’s website, http://investor.carbonite.com, under “Events & Presentations” through April 31, 2014.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures including bookings, non-GAAP gross margin, non-GAAP net loss and non-GAAP net loss per share, non-GAAP net earnings and non-GAAP net earnings per share and free cash flow. Bookings represent the aggregate dollar value of customer subscriptions received during a period and are calculated as revenue recognized during the period plus the change in total deferred revenue during the same period. Non-GAAP gross margin, non-GAAP net loss and non-GAAP net loss per share, non-GAAP net earnings and non-GAAP net earnings per share exclude amortization expenses on intangible assets, stock-based compensation expenses, patent litigation expenses and a lease exit charge associated with our data center relocation from net loss. Non-GAAP free cash flow is calculated by adding the cash portion of the lease exit charge and subtracting cash paid for the purchase of property and equipment from net cash provided by operating activities. Quarterly retention rate is defined as the percentage of customers on the last day of the prior quarter who remain customers on the last day of the current quarter.
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 Company’s financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods and uses these measures in financial reports prepared for management and the Company’s 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 Company’s 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 Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management. In order to compensate for these limitations, management 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 Company’s business.
Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s views as of the date of this press release based on the current intent, belief or expectations, estimates, forecasts, assumptions and projections of the Company and members of our management team. 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. Those statements include, but are not limited to, statements regarding guidance on our future financial results and other projections or measures of future performance, and our expectations concerning market opportunities and our ability to capitalize on them. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s 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, the Company’s ability to profitably attract new customers and retain existing customers, the Company’s dependence on the market for online computer backup services, the Company’s ability to manage growth, and changes in economic or regulatory conditions or other trends affecting the Internet and the information technology industry. These and other important risk factors are discussed or referenced in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012 filed with the Securities and Exchange Commission, which is available on www.sec.gov, under the heading “Risk Factors” and elsewhere, and any subsequent periodic or current reports filed by us with the SEC. The Company anticipates that subsequent events and developments will cause its views to change. Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.
About Carbonite
Carbonite (NASDAQ: CARB) keeps small businesses and home offices running smoothly. Carbonite offers a comprehensive suite of affordable services for data protection, recovery and anywhere, anytime access. More than 1.5 million customers, including 50,000 small businesses, trust Carbonite’s secure, easy-to-use cloud backup solutions and award-winning U.S.-based customer support. For more information, please visit Carbonite.com, connect with us on Twitter @carbonite or visit our Facebook page.
Investor Relations Contacts:
Emily Walt
Carbonite
617-927-1972
investor.relations@carbonite.com
Media Contact:
Megan Wittenberger
Carbonite
617-421-5687
media@carbonite.com
Carbonite, Inc.
Condensed Consolidated Statement of Operations (unaudited)
(In thousands, except per share data)
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenue |
$ | 28,787 | $ | 23,676 | $ | 107,194 | $ | 84,043 | ||||||||
| Cost of revenue |
8,689 | 8,076 | 34,881 | 29,060 | ||||||||||||
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| Gross profit |
20,098 | 15,600 | 72,313 | 54,983 | ||||||||||||
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| Operating expenses: |
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| Research and development |
5,322 | 5,166 | 20,919 | 19,925 | ||||||||||||
| General and administrative |
2,982 | 2,657 | 14,275 | 9,928 | ||||||||||||
| Sales and marketing |
11,414 | 9,855 | 47,349 | 42,719 | ||||||||||||
| Restructuring charges |
39 | 171 | 322 | 1,345 | ||||||||||||
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| Total operating expenses |
19,757 | 17,849 | 82,865 | 73,917 | ||||||||||||
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| Income (loss) from operations |
341 | (2,249 | ) | (10,552 | ) | (18,934 | ) | |||||||||
| Interest and other income (expense), net |
2 | 40 | 2 | 38 | ||||||||||||
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| Income (loss) before income taxes |
343 | (2,209 | ) | (10,550 | ) | (18,896 | ) | |||||||||
| Provision for income taxes |
(25 | ) | (10 | ) | (55 | ) | (40 | ) | ||||||||
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| Net income (loss) |
$ | 318 | $ | (2,219 | ) | $ | (10,605 | ) | $ | (18,936 | ) | |||||
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| Net income (loss) per share: |
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| Basic |
$ | 0.01 | $ | (0.09 | ) | $ | (0.41 | ) | $ | (0.74 | ) | |||||
| Assuming dilution |
$ | 0.01 | $ | (0.09 | ) | $ | (0.41 | ) | $ | (0.74 | ) | |||||
| Weighted-average shares outstanding: |
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| Basic |
26,494,458 | 25,706,715 | 26,166,554 | 25,503,068 | ||||||||||||
| Assuming dilution |
27,301,782 | 25,706,715 | 26,166,554 | 25,503,069 | ||||||||||||
Carbonite, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)
| December 31, | December 31, | |||||||
| 2013 | 2012 | |||||||
| Assets |
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| Current assets |
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| Cash and cash equivalents |
$ | 50,392 | $ | 40,341 | ||||
| Marketable securities |
14,994 | 14,990 | ||||||
| Accounts receivable, net of allowance |
1,876 | 1,549 | ||||||
| Prepaid expenses and other current assets |
3,122 | 2,369 | ||||||
| Restricted cash |
— | 500 | ||||||
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| Total current assets |
70,384 | 59,749 | ||||||
| Property and equipment, net |
22,111 | 24,622 | ||||||
| Other assets |
1,177 | 147 | ||||||
| Acquired intangible assets, net |
3,953 | 4,871 | ||||||
| Goodwill |
11,536 | 11,536 | ||||||
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| Total assets |
$ | 109,161 | $ | 100,925 | ||||
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| Liabilities and Stockholders’ Equity |
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| Current liabilities |
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| Accounts payable |
$ | 3,810 | $ | 6,247 | ||||
| Accrued expenses |
8,156 | 5,068 | ||||||
| Current portion of deferred revenue |
69,498 | 60,119 | ||||||
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| Total current liabilities |
81,464 | 71,434 | ||||||
| Deferred revenue, net of current portion |
14,502 | 15,087 | ||||||
| Other long-term liabilities |
374 | 473 | ||||||
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| Total liabilities |
96,340 | 86,994 | ||||||
| Stockholders’ equity |
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| Common stock |
265 | 258 | ||||||
| Additional paid-in capital |
142,557 | 133,059 | ||||||
| Treasury stock, at cost |
(22 | ) | (22 | ) | ||||
| Accumulated other comprehensive income (loss) |
(1 | ) | 9 | |||||
| Accumulated deficit |
(129,978 | ) | (119,373 | ) | ||||
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| Total stockholders’ equity |
12,821 | 13,931 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 109,161 | $ | 100,925 | ||||
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Carbonite, Inc.
Condensed Consolidated Statement of Cash Flows (unaudited)
(In thousands)
| Twelve Months Ended | ||||||||
| December 31, | ||||||||
| 2013 | 2012 | |||||||
| Operating activities |
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| Net loss |
$ | (10,605 | ) | $ | (18,936 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: |
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| Depreciation and amortization |
12,590 | 10,799 | ||||||
| Gain (loss) on disposal of equipment |
63 | (41 | ) | |||||
| Amortization (accretion) of premium (discount) on marketable securities |
(13 | ) | 158 | |||||
| Stock-based compensation expense |
4,777 | 4,131 | ||||||
| Provision for reserves on accounts receivable |
(24 | ) | 73 | |||||
| Non-cash restructuring charge |
— | 1,145 | ||||||
| Changes in assets and liabilities, net of acquisition: |
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| Accounts receivable |
(303 | ) | (332 | ) | ||||
| Prepaid expenses and other current assets |
(586 | ) | (575 | ) | ||||
| Other assets |
(947 | ) | 42 | |||||
| Accounts payable |
(2,437 | ) | (611 | ) | ||||
| Accrued expenses |
3,088 | (1,151 | ) | |||||
| Other long-term liabilities |
(99 | ) | 48 | |||||
| Deferred revenue |
8,794 | 14,445 | ||||||
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| Net cash provided by operating activities |
14,298 | 9,195 | ||||||
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| Investing activities |
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| Purchases of property and equipment |
(9,474 | ) | (13,417 | ) | ||||
| Proceeds from maturities of marketable securities |
10,254 | 13,704 | ||||||
| Purchases of marketable securities |
(10,250 | ) | (16,197 | ) | ||||
| Decrease (Increase) in restricted cash |
500 | (500 | ) | |||||
| Payment for acquisition, net of cash acquired |
— | (13,392 | ) | |||||
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| Net cash used in investing activities |
(8,970 | ) | (29,802 | ) | ||||
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| Financing activities |
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| Proceeds from exercise of stock options |
4,728 | 1,102 | ||||||
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| Net cash provided by financing activities |
4,728 | 1,102 | ||||||
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| Effect of currency exchange rate changes on cash |
(5 | ) | 4 | |||||
| Net increase (decrease) in cash and cash equivalents |
10,051 | (19,501 | ) | |||||
| Cash and cash equivalents, beginning of period |
40,341 | 59,842 | ||||||
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| Cash and cash equivalents, end of period |
$ | 50,392 | $ | 40,341 | ||||
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Carbonite, Inc.
Reconciliation of GAAP to Non-GAAP Measures (unaudited)
(In thousands, except share and per share amounts)
Calculation of Bookings
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenue |
$ | 28,787 | $ | 23,676 | $ | 107,194 | $ | 84,043 | ||||||||
| Add: |
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| Deferred revenue ending balance |
84,000 | 75,206 | 84,000 | 75,206 | ||||||||||||
| Less: |
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| Beginning total deferred revenue from acquisitions |
— | 1,065 | — | 1,065 | ||||||||||||
| Deferred revenue beginning balance |
81,189 | 70,283 | 75,206 | 59,696 | ||||||||||||
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| Change in deferred revenue balance |
2,811 | 3,858 | 8,794 | 14,445 | ||||||||||||
| Bookings |
$ | 31,598 | $ | 27,534 | $ | 115,988 | $ | 98,488 | ||||||||
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Calculation of Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Share
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net income (loss) |
$ | 318 | $ | (2,219 | ) | $ | (10,605 | ) | $ | (18,936 | ) | |||||
| Add: |
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| Amortization of intangibles |
226 | 114 | 918 | 314 | ||||||||||||
| Stock-based compensation expense |
1,119 | 1,157 | 4,777 | 4,131 | ||||||||||||
| Patent litigation expense |
1 | 670 | 1,621 | 1,618 | ||||||||||||
| Lease exit charge |
— | — | 107 | 1,174 | ||||||||||||
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| Non-GAAP net income (loss) |
$ | 1,664 | $ | (278 | ) | $ | (3,182 | ) | $ | (11,699 | ) | |||||
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| Weighted-average shares outstanding: |
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| Basic |
26,494,458 | 25,706,715 | 26,166,554 | 25,503,068 | ||||||||||||
| Assuming dilution |
27,301,782 | 25,706,715 | 26,166,554 | 25,503,069 | ||||||||||||
| Net income (loss) per share: |
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| Basic |
$ | 0.06 | $ | (0.01 | ) | $ | (0.12 | ) | $ | (0.46 | ) | |||||
| Assuming dilution |
$ | 0.06 | $ | (0.01 | ) | $ | (0.12 | ) | $ | (0.46 | ) | |||||
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Gross profit |
$ | 20,098 | $ | 15,600 | $ | 72,313 | $ | 54,983 | ||||||||
| Add: |
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| Amortization of intangibles |
110 | 79 | 448 | 211 | ||||||||||||
| Stock-based compensation expense |
97 | 126 | 508 | 440 | ||||||||||||
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| Non-GAAP gross profit |
$ | 20,305 | $ | 15,805 | $ | 73,269 | $ | 55,634 | ||||||||
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| Non-GAAP gross margin |
70.5 | % | 66.8 | % | 68.4 | % | 66.2 | % | ||||||||
Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Research and development |
$ | 5,322 | $ | 5,166 | $ | 20,919 | $ | 19,925 | ||||||||
| Less: |
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| Stock-based compensation expense |
277 | 374 | 956 | 1,199 | ||||||||||||
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| Non-GAAP research and development |
$ | 5,045 | $ | 4,792 | $ | 19,963 | $ | 18,726 | ||||||||
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| General and administrative |
$ | 2,982 | $ | 2,657 | $ | 14,275 | $ | 9,928 | ||||||||
| Less: |
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| Amortization of intangibles |
39 | 20 | 165 | 43 | ||||||||||||
| Stock-based compensation expense |
556 | 401 | 2,250 | 1,579 | ||||||||||||
| Patent litigation expense |
1 | 670 | 1,621 | 1,618 | ||||||||||||
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| Non-GAAP general and administrative |
$ | 2,386 | $ | 1,566 | $ | 10,239 | $ | 6,688 | ||||||||
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| Sales and marketing |
$ | 11,414 | $ | 9,855 | $ | 47,349 | $ | 42,719 | ||||||||
| Less: |
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| Amortization of intangibles |
77 | 15 | 305 | 60 | ||||||||||||
| Stock-based compensation expense |
189 | 256 | 1,064 | 913 | ||||||||||||
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| Non-GAAP sales and marketing |
$ | 11,148 | $ | 9,584 | $ | 45,980 | $ | 41,746 | ||||||||
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| Restructuring charges |
$ | 39 | $ | 171 | $ | 322 | $ | 1,345 | ||||||||
| Less: |
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| Lease exit charge |
— | — | 107 | 1,174 | ||||||||||||
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| Non-GAAP restructuring charges |
$ | 39 | $ | 171 | $ | 215 | $ | 171 | ||||||||
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Calculation of Free Cash Flow
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net cash provided by operating activities |
$ | 4,755 | $ | 5,263 | $ | 14,298 | $ | 9,195 | ||||||||
| Add |
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| Cash portion of lease exit charge |
500 | — | 1,150 | 157 | ||||||||||||
| Subtract: |
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| Purchases of property and equipment |
2,480 | 3,179 | 9,474 | 13,417 | ||||||||||||
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| Free cash flow |
$ | 2,775 | $ | 2,084 | $ | 5,974 | $ | (4,065 | ) | |||||||
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