- Grew revenue to $33.1 million, a 9% sequential increase from the
second quarter and 18% increase from third-quarter 2007 non-GAAP
revenue of $28.0 million TEMPE, Ariz., Nov. 6
/PRNewswire-FirstCall/ -- Limelight Networks, Inc. (NASDAQ:LLNW)
today reported third-quarter 2008 revenue of $33.1 million and a
net loss of $15.4 million, or 18 cents per basic share. Non-GAAP
net loss, adjusted for certain charges, was $0.5 million or 1 cent
per basic share. EBITDA, adjusted for share-based compensation,
litigation and potential damage cost accruals, was $5 million. The
non-GAAP loss of 1 cent per basic share excludes a charge of 13
cents per basic share related to litigation and potential damage
cost accruals, and 5 cents per basic share of share-based
compensation. A reconciliation of GAAP to non-GAAP net income is
included in the attached tables. "Disciplined execution enabled us
to achieve strong sequential growth in the third quarter,"
commented Jeff Lunsford, chairman and chief executive officer,
Limelight Networks, Inc. "We experienced new traffic records across
our network and, even in this tough economic environment, are
continuing to see attractive growth opportunities within the media,
software, game and enterprise customer segments." Financial
Highlights Third-quarter revenue was $33.1 million, up 18 percent
from $28.0 million of non-GAAP revenue in the year-ago third
quarter and above the high end of the range of guidance previously
provided by the Company. Capital purchases incurred were $6.8
million. The Company ended the quarter with no bank debt and
approximately $177 million in cash and short-term marketable
securities. Fourth-Quarter Outlook Limelight Networks anticipates
fourth-quarter revenue to be in the range of $33 million to $34
million. The Company also expects substantially reduced potential
damage accruals of under $750 thousand plus accrued interest
related to ongoing litigation. LIMELIGHT NETWORKS, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (In thousands, except per share data)
September 30, December 31, 2008 2007 (Unaudited) ASSETS Current
Assets: Cash and cash equivalents $123,146 $113,824 Marketable
securities 53,509 83,273 Accounts receivable, net of reserves of
$5,401 at September 30, 2008 and $4,022 at December 31, 2007,
respectively 31,274 21,407 Income taxes receivable 1,419 1,960
Prepaid expenses and other current assets 9,262 4,469 Total current
assets 218,610 224,933 Property and equipment, net 42,355 46,968
Marketable securities, less current portion 16 87 Other assets 656
1,440 Total assets $261,637 $273,428 LIABILITIES AND STOCKHOLDERS'
EQUITY Current Liabilities: Accounts payable $7,560 $8,523 Accounts
payable, related parties - 230 Deferred revenue, current portion
7,987 4,237 Provision for litigation 64,350 48,130 Other current
liabilities 14,043 9,312 Total current liabilities 93,940 70,432
Deferred revenue, less current portion 8,765 8,189 Other long-term
liabilities 797 770 Total liabilities 103,502 79,391 Commitments
and contingencies - - Stockholders' equity: Convertible preferred
stock, $0.001 par value; 7,500 shares authorized; 0 shares issued
and outstanding - - Common stock, $0.001 par value; 150,000 shares
authorized; 83,082 and 82,541 shares issued and outstanding at
September 30, 2008 and December 31, 2007, respectively 83 83
Additional paid-in capital 285,219 271,586 Accumulated other
comprehensive income (304) 106 Accumulated deficit (126,863)
(77,738) Total stockholders' equity 158,135 194,037 Total
liabilities and stockholders' equity $261,637 $273,428 LIMELIGHT
NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except per share data) (Unaudited) Three Months Ended
Nine Months Ended September June September June September September
30, 30, 30, 30, 30, 30, 2008 2008 2007 2007 2008 2007 Revenue
$33,116 $30,314 $29,190 $21,436 $93,632 $73,979 Costs and operating
expenses Cost of revenue* ** 21,557 19,751 17,773 14,835 61,980
47,106 General and adminis- trative* ** 15,455 9,463 8,117 8,831
38,247 24,723 Sales and marketing* 8,577 8,965 7,421 6,404 25,684
16,843 Research & development* 2,008 1,694 1,294 1,541 5,293
4,119 Provision for litigation 2,343 6,743 - - 16,220 - Total costs
and operating expenses 49,940 46,616 34,605 31,611 147,424 92,791
Operating loss (16,824) (16,302) (5,415) (10,175) (53,792) (18,812)
Interest expense (11) (11) (18) (821) (43) (1,412) Interest income
1,203 1,334 2,456 573 4,428 3,118 Other income (expense) 410 (377)
33 - 203 33 Loss before taxes (15,222) (15,356) (2,944) (10,423)
(49,204) (17,073) Income tax expense (benefit) 130 (25) 181 221
(78) 602 Net income (loss) $(15,352) $(15,331) $(3,125) $(10,644)
$(49,126) $(17,675) Net loss per share: Basic $(0.18) $(0.18)
$(0.04) $(0.23) $(0.59) $(0.35) Diluted $(0.18) $(0.18) $(0.04)
$(0.23) $(0.59) $(0.35) Shares used in per share calculations:
Basic 83,022 82,889 82,045 45,791 82,845 49,929 Diluted 83,022
82,889 82,045 45,791 82,845 49,929 * Includes share-based
compensation (see supplemental table for figures) ** Includes
depreciation (see supplemental table for figures) LIMELIGHT
NETWORKS, INC. SUPPLEMENTAL FINANCIAL DATA (In thousands)
(Unaudited) Three Months Ended Nine Months Ended September June
September June September September 30, 30, 30, 30, 30, 30, 2008
2008 2007 2007 2008 2007 Supplemental financial data (in
thousands): Share-based compensation: Cost of revenues $594 $558
$422 $346 $1,658 $1,010 General and administrative 1,669 1,698
1,702 3,754 5,031 9,199 Sales and marketing 1,400 1,431 1,289 1,152
4,137 2,676 Research and development 642 598 542 1,007 1,723 2,400
Total share-based compensation $4,305 $4,285 $3,955 $6,259 $12,549
$15,285 Depreciation and amortization: Network- related
depreciation $6,607 $6,192 $5,602 $5,020 $18,812 $15,310 Other
depreciation 343 311 268 174 901 579 Total depreciation and
amortization $6,950 $6,503 $5,870 $5,194 $19,713 $15,889 Capital
expenditures: Capital expenditures (cash and accrual) $6,803 $5,013
$7,291 $8,769 $14,911 $21,635 Net increase (decrease) in cash, cash
equivalents and marketable securities $(7,844) $(10,194) $6,370
$174,891 $(20,513) $186,256 End of period statistics: Number of
customers under recurring contract 1,304 1,291 988 876 1,304 988
Number of employees 285 252 218 213 285 218 LIMELIGHT NETWORKS,
INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
(Unaudited) Three Months Ended Nine Months Ended September June
September June September September 30, 30, 30, 30, 30, 30, 2008
2008 2007 2007 2008 2007 Cash flows from operating activities: Net
loss $(15,353) $(15,331) $(3,125) $(10,644) $(49,126) $(17,675)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: Depreciation and amortization 6,951 6,502
5,870 5,194 19,713 15,889 Share-based compensation 4,304 4,285
3,955 6,259 12,549 15,285 Deferred income tax (benefit) expense 129
23 (294) 1,048 (82) 286 Provision for litigation 2,343 6,743 - -
16,220 - Loss (income) on foreign currency exchange (30) 12 - -
(18) - Accounts receivable charges 1,802 1,925 1,689 1,170 5,289
3,536 Accretion of debt discount - - - 383 - 424 Accretion of
marketable securities 11 21 (277) - (421) (277) Loss on marketable
securities - 16 - - 71 Changes in operating assets and liabilities:
Accounts receivable (11,006) (1,880) 1,202 (7,641) (15,157) (4,441)
Prepaid expenses and other current assets 417 (4,452) (143) (545)
(3,948) (2,495) Income taxes receivable 8 (129) 412 (848) 473 (126)
Other assets 153 67 (153) (426) 784 (698) Accounts payable 2,348
(73) (1,883) (2,980) (2,359) (5,595) Accounts payable, related
parties - (150) (19) (763) (230) (781) Deferred revenue 4,799 (774)
8,462 3,612 4,326 12,094 Other current liabilities 3,555 (3,859)
2,009 5,405 4,733 8,044 Other long term liabilities (64) 64 - - - -
Net cash provided by (used in) operating activities 367 (6,990)
17,705 (776) (7,183) 23,470 Cash flows from investing activities:
Purchases of property and equipment (7,870) (4,231) (12,094)
(5,461) (14,536) (20,650) Purchase of marketable securities -
(30,400) (43,411) (28,589) (65,125) (72,001) Sale of marketable
securities 16,000 34,825 7,000 - 95,025 7,000 Net cash provided by
(used in) investing activities 8,130 194 (48,505) (34,050) 15,364
(85,651) Cash flows from financing activities: Payments on credit
facilities - - - (23,818) - (23,818) Borrowings on line of credit -
- - - - 1,500 Payments on line of credit - - - (1,500) - (1,500)
Payments on capital lease obligations - - - (91) - (250) Escrow
funds returned from share repurchase - 1,070 1,029 2,091 1,070
3,418 Excess tax benefit related to stock option exercises - - - -
- 23 Proceeds from exercise of stock options and warrants 31 53 4 -
191 35 Proceeds from initial public offering, net of issuance costs
- - (586) 204,498 - 203,912 Net cash provided by financing
activities 31 1,123 447 181,180 1,261 183,320 Effect of exchange
rate changes on cash and cash equivalents (223) 260 (120) Net
increase (decrease) in cash and cash equivalents 8,305 (5,413)
(30,353) 146,354 9,322 121,139 Cash and cash equivalents, beginning
of period 114,841 120,254 159,103 12,749 113,824 7,611 Cash and
cash equivalents, end of period $123,146 $114,841 $128,750 $159,103
$123,146 $128,750 LIMELIGHT NETWORKS, INC. Reconciliation of GAAP
Revenue to Non-GAAP Revenue (In thousands) (Unaudited) Three Months
Ended Nine Months Ended September June September June September
September 30, 30, 30, 30, 30, 30, 2008 2008 2007 2007 2008 2007
GAAP revenue NA NA $29,190 $21,436 NA $73,979 Deferred traffic
revenue (2,645) 2,645 - Deferred custom CDN services 1,504 820
2,324 Non-GAAP revenue NA NA $28,049 $24,901 NA $76,303 LIMELIGHT
NETWORKS, INC. Reconciliation of GAAP Net Income (Loss) to Non-GAAP
Net Income (Loss) (In thousands) (Unaudited) Three Months Ended
Nine Months Ended September June September June September September
30, 30, 30, 30, 30, 30, 2008 2008 2007 2007 2008 2007 GAAP net loss
$(15,352) $(15,331)$(3,125) $(10,644) $(49,126) $(17,675) Deferred
revenue - - (1,141) 3,465 - 2,324 Deferred cost of traffic and
services - - 649 (935) - (286) Provision for litigation 2,343 6,743
- - 16,220 - Share-based compensation 4,305 4,285 3,955 6,259
12,549 15,285 Litigation related expenses 8,189 2,667 2,002 1,636
16,222 4,523 Non-GAAP net (loss) income $(515) $(1,636) $2,340
$(219) $(4,135) $4,171 LIMELIGHT NETWORKS, INC. Reconciliation of
GAAP Net Income (Loss) to EBITDA to Adjusted EBITDA (In thousands)
(Unaudited) Three Months Ended Nine Months Ended September June
September June September September 30, 30, 30, 30, 30, 30, 2008
2008 2007 2007 2008 2007 GAAP net loss $(15,352) $(15,331) $(3,125)
$(10,644) $(49,126) $(17,675) Add: depreciation and amortization
6,950 6,503 5,870 5,194 19,713 15,889 Add: interest expense 11 11
18 821 43 1,412 Less: interest and other income (1,613) (957)
(2,490) (573) (4,631) (3,151) Plus income tax (benefit) expense 130
(25) 181 221 (78) 602 EBITDA (9,874) (9,799) 454 (4,981) (34,079)
(2,923) Add: deferred revenue - - (1,141) 3,465 - 2,324 Add:
provision for litigation 2,343 6,743 - - 16,220 - Add: share-based
compensation 4,305 4,285 3,955 6,259 12,549 15,285 Add: litigation
related expenses 8,189 2,667 2,002 1,636 16,222 4,523 Less:
deferred traffic and service costs - - 649 (935) - (286) Adjusted
EBITDA $4,963 $3,896 $5,919 $5,444 $10,912 $18,923 Conference Call
Management will host a quarterly conference call for investors
beginning at 3:00 p.m. MT (5 p.m. ET). This call will be audiocast
live at http://www.llnw.com/. It can also be accessed toll-free at
1-866-761-0748 within the United States or 1-617-614-2706 outside
of the U.S using Conference ID 89097839. A replay will be available
from the company's website following the call. Safe-Harbor
Statement This press release contains forward-looking statements
concerning, among other things, the outlook for the Company's
revenues, net loss and stock-based compensation expense for the
third quarter of 2008, customer growth, market growth, pricing
pressures, expansion into additional market segments, product and
services improvements and litigation and related expenses.
Forward-looking statements are not guarantees and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially including, but not limited to, risks and
uncertainties discussed in the Company's Annual Report on Form 10K
and other filings with the Securities and Exchange Commission and
the final review of the results and amendments and preparation of
quarterly financial statements, including consultation with our
outside auditors. Accordingly, readers are cautioned not to place
undue reliance on any forward-looking statements. The Company
assumes no duty or obligation to update or revise any
forward-looking statements for any reason. About Limelight
Networks, Inc. Limelight Networks, Inc. (NASDAQ:LLNW) is a content
delivery partner enabling the next wave of Internet business and
entertainment. More than 1300 Internet, entertainment, software,
and technology brands trust our robust, scalable platform to
monetize their digital assets by delivering a brilliant online
experience to their global audience. Our architecture bypasses the
busy public Internet using a dedicated optical network that
interconnects thousands of servers and delivers massive files at
the speed of light -- directly to the access networks that
consumers use every day. Our proven network and passion for service
provides our customers confidence that every object in their
library will be delivered to every user, every time. Read our blog
at http://blog.llnw.com/ or visit http://www.limelightnetworks.com/
for more information. Copyright (C) 2008 Limelight Networks, Inc.
All rights reserved. All product or service names are the property
of their respective owners DATASOURCE: Limelight Networks, Inc.
CONTACT: Paul Alfieri of Limelight Networks, Inc., +1-917-297-4241,
Web site: http://www.limelightnetworks.com/
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