Attached files

file filename
8-K - FORM 8-K - NEW RELIC, INC.d189038d8k.htm

Exhibit 99.1

 

LOGO

New Relic Announces Fourth Quarter and Full Fiscal Year 2016 Results

Revenue increased 57% year-over-year to $52.5 million in the fourth quarter

Dollar-Based Net Expansion Rate of 140% for the fourth quarter

Monthly Recurring Revenue from Enterprise customers grows over 90% in FY16

San Francisco – May 10, 2016 – Software analytics company New Relic, Inc. (NYSE: NEWR) today announced financial results for the fourth quarter and fiscal year ended March 31, 2016.

“Fiscal 2016 was a record breaking year for New Relic, as we continued to execute our vision to be the first, best place for companies of all sizes to understand their digital business,” said Lew Cirne, founder and CEO, New Relic. “What’s really exciting is that we’re beginning to see the world’s most innovative and the world’s biggest companies standardize on New Relic. In fact, in the past year, our enterprise business grew over 90%, as we crossed through 1,500 Enterprise paid business accounts. As we enter fiscal 2017, we remain focused on extending further into the enterprise via our multi-product software analytics strategy.”

“We were thrilled to be able to maintain strong growth in fiscal 2016 while improving our non-GAAP operating margins by 1,000bps for the second consecutive year,” said Mark Sachleben, CFO, New Relic. “Looking ahead, we are pleased to be able to guide to a similar level of improvement for a third year in a row in fiscal 2017, as we continue to see great leverage in our operating model.”

Fourth Quarter 2016 Financial Highlights:

 

    Revenue of $52.5 million, up 57% compared with the fourth quarter of fiscal 2015 and 10% from the third quarter of fiscal 2016.

 

    GAAP loss from operations was $19.3 million for the fourth quarter of fiscal 2016, compared with $14.7 million for the fourth quarter of fiscal 2015. Non-GAAP loss from operations was $12.0 million for the fourth quarter of fiscal 2016, compared with $10.2 million for the fourth quarter of fiscal 2015.

 

    GAAP net loss per share was $0.39 for the fourth quarter of fiscal 2016 based on 49.6 million weighted-average shares outstanding, compared with $0.32 for the fourth quarter of fiscal 2015 based on 47.0 million weighted-average shares outstanding. Non-GAAP net loss per share was $0.24 for the fourth quarter of fiscal 2016 based on 49.6 million non-GAAP weighted-average shares outstanding, compared with $0.22 for the fourth quarter of fiscal 2015 based on 47.0 million non-GAAP weighted-average shares outstanding.

 

    Cash, cash equivalents and short-term investments were $191.3 million at the end of the fourth quarter of fiscal 2016, compared with $191.0 million at the end of the third quarter of fiscal 2016.


Fiscal 2016 Financial Highlights:

 

    Revenue of $181.3 million, up 64% compared with fiscal 2015.

 

    GAAP loss from operations was $67.6 million for fiscal 2016, compared with $49.9 million for fiscal 2015. Non-GAAP loss from operations was $41.2 million for fiscal 2016, compared with $36.2 million for fiscal 2015.

 

    GAAP net loss per share was $1.39 for fiscal 2016 based on 48.4 million weighted-average shares outstanding, compared with $1.98 for fiscal 2015 based on 25.3 million weighted-average shares outstanding. Non-GAAP net loss per share was $0.85 for fiscal 2016 based on 48.4 million non-GAAP weighted-average shares outstanding, compared with $0.85 for fiscal 2015 based on 42.7 million non-GAAP weighted-average shares outstanding.

Customer Highlights:

 

    Paid Business Accounts as of March 31, 2016 of 13,518.

 

    Dollar-Based Net Expansion Rate for the fourth quarter of 140%.

 

    New customers in the fourth quarter included: Creative Assembly, Immobilien Scout GmbH, Irish Continental Group, John Lewis, Kiva Microfunds, PointClickCare, PowerSchool, PT Global Digital Niaga (Blibli.com), SAVO Group, Things Remembered, Woodbine Entertainment Group and Xero.

 

    Expanded customer relationships in the fourth quarter included: Adobe Systems Inc., CareerBuilder, Cisco, Concur, Discovery Education, DocuSign Inc., Dunkin’ Brands Inc., Harvard Business Publishing, LinkedIn, Norwegian Cruise Line, Pearson, Rakuten, Ryanair, Thomas Cook, Under Armour and Unilever.

Fourth Quarter & Recent Business Highlights:

 

    Partnered with Major League Baseball [https://ir.newrelic.com/press-releases/Press-Release-Details/2016/New-Relic-Announces-Major-League-Baseball-Partnership-Joining-the-Worlds-Most-Data-Driven-Sport-with-the-Worlds-Most-Powerful-Software-Analytics-Platform/default.aspx]; joining the world’s most data-driven sport with the world’s most powerful software analytics platform.

 

    Expanded presence in Australia [https://ir.newrelic.com/press-releases/Press-Release-Details/2016/Leading-Australian-Companies-Trust-New-Relic-to-Drive-Digital-Business/default.aspx], both through new customer wins, as well as additional field representatives in the region.

 

    Announced a set of new features [https://ir.newrelic.com/press-releases/Press-Release-Details/2016/New-Relic-Delivers-Innovations-for-IT-Operations-Teams/default.aspx] across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly.

 

    Appointed Sohaib Abbasi and James Tolonen to New Relic’s Board of Directors [https://ir.newrelic.com/press-releases/Press-Release-Details/2016/New-Relic-Appoints-Sohaib-Abbasi-and-James-Tolonen-to-Its-Board-of-Directors/default.aspx].


Outlook:

New Relic is initiating its outlook for its first quarter of fiscal 2017, as well as the full fiscal year 2017.

 

    First Quarter Fiscal 2017 Outlook:

 

    Revenue between $56.2 million and $57.2 million, representing year-over-year growth of between 47% and 50%.

 

    Non-GAAP loss from operations of between $11.5 million and $12.5 million.

 

    Non-GAAP net loss per share of between $0.23 and $0.25. This assumes 50.4 million non-GAAP weighted average common shares outstanding.

 

    Full Year Fiscal 2017 Outlook:

 

    Revenue between $248 million and $253 million, representing year-over-year growth of between 37% and 40%.

 

    Non-GAAP loss from operations of between $31.5 million and $35.5 million.

 

    Non-GAAP net loss per share of between $0.61 and $0.69. This assumes 51.6 million non-GAAP weighted average common shares outstanding.

Conference Call Details:

 

    What: New Relic financial results for the fourth quarter and full fiscal 2016 and outlook for the first quarter of fiscal 2017 and the full year of fiscal 2017

 

    When: May 10, 2016 at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time)

 

    Dial in: To access the call in the U.S., please dial (877) 201-0168, and for international callers, please dial (647) 788-4901. Callers may provide confirmation number 86764652 to access the call more quickly, and are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining.

 

    Webcast: http://ir.newrelic.com (live and replay)

 

    Replay: Following the completion of the call through 11:59 PM Eastern Time on May 17, 2016, a telephone replay will be available by dialing (855) 859-2056 from the United States or (404) 537-3406 internationally with conference ID 86764652.

About New Relic

New Relic is a software analytics company that delivers real-time insights to more than one million users and 13,000 paid business accounts. As a multi-tenant SaaS platform, the New Relic Software Analytics Cloud helps companies securely monitor their production software in virtually any environment, without having to build or maintain dedicated infrastructure. New Relic helps companies improve application performance, create delightful customer experiences, and realize business success. Learn more at newrelic.com.


Forward-Looking Statements

This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding New Relic’s future financial performance, including its outlook on financial results for the first quarter of fiscal 2017 and for the full year of fiscal 2017, expected improvements in non-GAAP operating margins, our expectations for improvements throughout fiscal 2017 in operating loss, our longer-term expectations in future years, non-GAAP operating income, operating cash flow and free cash flows, market trends and opportunity, customer adoption and momentum of New Relic’s products, including by enterprise customers, competitive advantages, our ability to increase capacity and potential growth, particularly in Europe and Australia, New Relic’s value proposition to its customers, the benefits of the addition of the two new members of the Board of Directors, effect of potential pricing changes, benefits and outcome of partnership with Amazon Web Services and Major League Baseball Advanced Media, and New Relic’s ability to execute on its vision. These forward-looking statements are based on New Relic’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause New Relic’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to, New Relic’s ability to generate sufficient revenue to achieve and sustain profitability, particularly in light of its significant ongoing expenses; New Relic’s short operating history in an evolving industry; New Relic’s ability to manage its significant recent growth; fluctuation of New Relic’s quarterly results; the development of the overall market for SaaS business software; the dependence of New Relic’s business on its customers purchasing additional subscriptions and products from it and renewing their subscriptions; New Relic’s ability to develop enhancements to its products, increase adoption and usage of its products and introduce new products that achieve market acceptance; New Relic’s ability to persuade New Relic’s customers to expand their use of New Relic’s products to additional use cases; New Relic’s ability to determine optimal prices for its products; New Relic’s ability to expand its marketing and sales capabilities and increase sales of its solutions to large enterprises while mitigating the risks associated with serving such customers; privacy concerns, which could result in additional cost and liability to New Relic or inhibit sales; changes in privacy laws, regulations and standards; New Relic’s ability to effectively compete in the intensely competitive market for application performance monitoring solutions and respond effectively to rapidly changing technology, evolving industry standards and changing customer needs, requirements or preferences; New Relic’s dependence on lead generation strategies to drive sales and revenue; interruptions or performance problems associated with New Relic’s technology and infrastructure; defects or disruptions in New Relic’s products; the expense and complexity of New Relic’s ongoing and planned investments in data center hosting facilities; risks associated with international operations; New Relic’s ability to protect its intellectual property rights; and other “Risk Factors” set forth in New Relic’s most recent filings with the Securities and Exchange Commission (the “SEC”).

Further information on these and other factors that could affect New Relic’s financial results and the forward-looking statements in this press release is included in the filings we make with the SEC from time to time, particularly under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” including the Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2015. Copies of these documents may be obtained by visiting New Relic’s Investor Relations website at http://ir.newrelic.com or the SEC’s website at www.sec.gov.


New Relic assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Non-GAAP Financial Measures

New Relic discloses the following non-GAAP financial measures in this release and the earnings call referencing this press release: non-GAAP loss from operations, non-GAAP net loss, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating margin, non-GAAP sales and marketing, non-GAAP research and development, non-GAAP general and administrative and non-GAAP weighted average shares used to compute net loss per share attributable to common stockholders. New Relic uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance. New Relic 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.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

New Relic defines non-GAAP gross profit, non-GAAP sales and marketing, non-GAAP research and development, non-GAAP general and administrative, non-GAAP operating loss and non-GAAP net loss as the respective GAAP balances, adjusted for: (1) stock-based compensation expense, (2) amortization of stock-based compensation capitalized in software development costs, (3) the amortization of purchased intangibles, (4) lawsuit litigation expense, (5) the transaction costs related to acquisition, and (6) employer payroll tax expense on equity incentive plans, as applicable. New Relic excludes employer payroll tax expense on equity incentive plans as these expenses are tied to the exercise or vesting of underlying equity awards and the price of New Relic’s common stock at the time of vesting or exercise. As a result, these taxes may vary in any particular period independent of the financial and operating performance of New Relic’s business. Non-GAAP net loss per share is calculated as non-GAAP net loss divided by the non-GAAP weighted average shares used to compute net loss per share attributable to common stockholders that are adjusted to assume the conversion of outstanding preferred shares to common shares as of the beginning of the period.

With respect to New Relic’s outlook provided under “Outlook” above and in the earnings call referencing this press release, New Relic has not reconciled its expectations as to non-GAAP loss from operations, non-GAAP net loss per share, or free cash flow to their most directly comparable GAAP measure because certain items such as stock-based compensation, lawsuit litigation expenses and employer payroll taxes on equity incentive plans are out of New Relic’s control or cannot be reasonably predicted. Accordingly, reconciliation is not available without unreasonable effort.

Operating Metrics

New Relic’s dollar-based net expansion rate compares its recurring subscription revenue from customers from one period to the next. It is increased when customers increase their use of New Relic’s


products, use additional products, or upgrade to a higher subscription tier. New Relic’s dollar-based net expansion rate is reduced when customers decrease their use of New Relic’s products, use fewer products, or downgrade to a lower subscription tier.

New Relic’s monthly recurring revenue represents the revenue that New Relic would contractually expect to receive from those customers over the following month, without any increase or reduction in any of their subscriptions.

New Relic is a registered trademark of New Relic, Inc.

All product and company names herein may be trademarks of their registered owners.

Investor Contact

Jonathan Parker

New Relic, Inc.

503-336-9280

IR@newrelic.com

Media Contact

Andrew Schmitt

New Relic, Inc.

415-869-7109

aschmitt@newrelic.com


Consolidated Statements of Operations

(In thousands, except per share data; unaudited)

 

     Three Months Ended March 31,     Year Ended March 31,  
     2016     2015     2016     2015  

Revenue

   $ 52,492      $ 33,388      $ 181,309      $ 110,391   

Cost of revenue

     10,621        6,801        37,183        21,802   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     41,871        26,587        144,126        88,589   

Operating expenses:

        

Research and development

     15,009        7,366        46,394        24,024   

Sales and marketing

     36,476        26,067        129,677        89,162   

General and administrative

     9,679        7,846        35,693        25,319   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     61,164        41,279        211,764        138,505   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (19,293     (14,692     (67,638     (49,916

Other income (expense):

        

Interest income

     199        117        647        176   

Interest expense

     (21     (21     (68     (104

Other income (expense), net

     70        (210     (126     (390
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (19,045     (14,806     (67,185     (50,234

Income tax provision (benefit)

     149        19        302        (85
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (19,194   $ (14,825   $ (67,487   $ (50,149
  

 

 

   

 

 

   

 

 

   

 

 

 

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

   $ (0.39   $ (0.32   $ (1.39   $ (1.98
  

 

 

   

 

 

   

 

 

   

 

 

 

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

     49,644        46,984        48,410        25,290   
  

 

 

   

 

 

   

 

 

   

 

 

 


Consolidated Balance Sheets

(In thousands, except par value; unaudited)

 

     March 31,     March 31,  
     2016     2015  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 65,914      $ 105,257   

Short-term investments

     125,414        95,503   

Accounts receivable, net of allowance for doubtful accounts of $664 and $282, respectively

     32,514        13,813   

Prepaid expenses and other current assets

     6,109        4,299   
  

 

 

   

 

 

 

Total current assets

     229,951        218,872   

Property and equipment, net

     40,147        35,397   

Restricted cash

     8,115        4,623   

Goodwill

     11,828        2,053   

Intangible assets, net

     3,661        2,300   

Other assets, non-current

     742        1,466   
  

 

 

   

 

 

 

Total assets

   $ 294,444      $ 264,711   
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities:

    

Accounts payable

   $ 4,450      $ 4,969   

Accrued compensation and benefits

     11,631        6,288   

Other current liabilities

     4,725        3,623   

Deferred revenue

     72,397        29,185   
  

 

 

   

 

 

 

Total current liabilities

     93,203        44,065   

Deferred rent, non-current

     4,658        4,638   

Deferred revenue, non-current

     2,326        124   

Other liabilities, non-current

     1,024        1,014   
  

 

 

   

 

 

 

Total liabilities

     101,211        49,841   

Stockholders’ equity:

    

Common stock, $0.001 par value

     50        47   

Treasury stock - at cost (260 shares)

     (263     (263

Additional paid-in capital

     392,511        346,671   

Accumulated other comprehensive income

     22        15   

Accumulated deficit

     (199,087     (131,600
  

 

 

   

 

 

 

Total stockholders’ equity

     193,233        214,870   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 294,444      $ 264,711   
  

 

 

   

 

 

 


Consolidated Statements of Cash Flows

(In thousands; unaudited)

 

     Year Ended March 31,  
     2016     2015  

Cash flows from operating activities:

    

Net loss:

   $ (67,487   $ (50,149

Adjustments to reconcile net loss to net cash used in operating activities:

    

Depreciation and amortization

     15,119        9,044   

Stock-based compensation expense

     23,268        11,666   

Other

     2,420        36   

Changes in operating assets and liabilities, net of acquisition of business:

    

Accounts receivable

     (19,456     (8,565

Prepaid expenses and other assets

     (1,834     (1,449

Accounts payable

     (774     1,012   

Accrued compensation and benefits and other liabilities

     7,205        4,790   

Deferred revenue

     45,414        18,948   

Deferred rent

     131        1,046   
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     4,006        (13,621

Cash flows from investing activities:

    

Purchases of property and equipment

     (11,732     (12,628

Acquisition of business, net of cash acquired

     (5,498     (2,262

Decrease (increase) in restricted cash

     (3,492     978   

Purchases of short-term investments

     (110,978     (114,468

Proceeds from sale and maturity of short-term investments

     80,397        18,717   

Capitalized software development costs

     (6,748     (9,017
  

 

 

   

 

 

 

Net cash used in investing activities

     (58,051     (118,680

Cash flows from financing activities:

    

Proceeds from issuances of preferred stock, net of issuance costs

     —          97,243   

Proceeds from initial public offering, net of issuance costs

     —          119,924   

Principal payments on debt

     —          (271

Proceeds from employee stock purchase plan

     2,243        —     

Proceeds from issuance of common stock

     12,459        1,209   
  

 

 

   

 

 

 

Net cash provided by financing activities

     14,702        218,105   
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     (39,343     85,804   

Cash and cash equivalents, beginning of period

     105,257        19,453   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 65,914      $ 105,257   
  

 

 

   

 

 

 


Reconciliation from GAAP to Non-GAAP Results

(In thousands, except per share data; unaudited)

 

     Three Months Ended March 31,     Year Ended March 31,  
     2016     2015     2016     2015  

Reconciliation of gross profit and gross margin:

    

GAAP gross profit

   $ 41,871      $ 26,587      $ 144,126      $ 88,589   

Plus: Stock-based compensation

     345        232        1,238        591   

Plus: Amortization of purchased intangibles

     200        202        939        400   

Plus: Amortization of stock-based compensation capitalized in software development costs

     156        66        544        179   

Plus: Employer payroll tax on employee equity incentive plans

     6        —          18        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP gross profit

   $ 42,578      $ 27,087      $ 146,865      $ 89,759   
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP gross margin

     80     80     79     80

Non-GAAP adjustments

     1     1     2     1
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP gross margin

     81     81     81     81
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of operating expenses:

        

GAAP research and development

   $ 15,009      $ 7,366      $ 46,394      $ 24,024   

Less: Stock-based compensation

     (2,436     (877     (6,659     (2,055

Less: Employer payroll tax on employee equity incentive plans

     (63     —          (258     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP research and development

   $ 12,510      $ 6,489      $ 39,477      $ 21,969   
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP sales and marketing

   $ 36,476      $ 26,067      $ 129,677      $ 89,162   

Less: Stock-based compensation

     (2,624     (1,730     (9,258     (5,108

Less: Amortization of purchased intangibles

     (15     (13     (50     (25

Less: Employer payroll tax on employee equity incentive plans

     (87     —          (503     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP sales and marketing

   $ 33,750      $ 24,324      $ 119,866      $ 84,029   
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP general and administrative

   $ 9,679      $ 7,846      $ 35,693      $ 25,319   

Less: Stock-based compensation

     (1,260     (1,235     (6,113     (3,912

Less: Lawsuit litigation

     (3     (105     (46     (1,322

Less: Amortization of purchased intangibles

     (44     (38     (150     (75

Less: Transaction costs related to acquisition

     —          —          (385     (71

Less: Employer payroll tax on employee equity incentive plans

     (91     —          (301     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP general and administrative

   $ 8,281      $ 6,468      $ 28,698      $ 19,939   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of loss from operations and operating margin:

        

GAAP loss from operations

   $ (19,293   $ (14,692   $ (67,638   $ (49,916

Plus: Stock-based compensation

     6,665        4,074        23,268        11,666   

Plus: Lawsuit litigation

     3        105        46        1,322   

Plus: Amortization of purchased intangibles

     259        253        1,139        500   

Plus: Transaction costs related to acquisition

     —          —          385        71   

Plus: Amortization of stock-based compensation capitalized in software development costs

     156        66        544        179   

Plus: Employer payroll tax on employee equity incentive plans

     247        —          1,080        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP loss from operations

   $ (11,963   $ (10,194   $ (41,176   $ (36,178
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP operating margin

     (37 %)      (44 %)      (37 %)      (45 %) 

Non-GAAP adjustments

     14     13     14     12
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP operating margin

     (23 %)      (31 %)      (23 %)      (33 %) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of net loss:

        

GAAP net loss

   $ (19,194   $ (14,825   $ (67,487   $ (50,149

Plus: Stock-based compensation

     6,665        4,074        23,268        11,666   

Plus: Lawsuit litigation

     3        105        46        1,322   

Plus: Amortization of purchased intangibles

     259        253        1,139        500   

Plus: Transaction costs related to acquisition

     —          —          385        71   

Plus: Amortization of stock-based compensation capitalized in software development costs

     156        66        544        179   

Plus: Employer payroll tax on employee equity incentive plans

     247        —          1,080        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net loss

   $ (11,864   $ (10,327   $ (41,025   $ (36,411
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of net loss per share attributable to common stockholders, basic and diluted:

    

GAAP net loss per share attributable to common stockholders, basic and diluted

   $ (0.39   $ (0.32   $ (1.39   $ (1.98

Non-GAAP adjustments to net loss

     0.15        0.10        0.54        0.54   

Non-GAAP adjustment to weighted-average shares used to compute net loss per share

     —          —          —          0.59   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net loss per share attributable to common stockholders, basic and diluted

     (0.24     (0.22     (0.85     (0.85
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of weighted-average shares used to compute net loss per share attributable to common stockholders:

        

GAAP weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted

     49,644        46,984        48,410        25,290   

Conversion of preferred stock

     —          —          —          17,386   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted

     49,644        46,984        48,410        42,676