Limelight Networks, Inc. (Nasdaq:LLNW) ("Limelight") today reported
fourth quarter and full year 2011 financial results.
"After two years of transformational work, Limelight Networks
now offers high-value integrated solutions which allow our
customers to manage their entire digital presence across web,
mobile, social, and large screen channels," said Jeff Lunsford,
chairman and chief executive officer. "These cloud-based solutions
are being well-received by customers and prospects, and helped us
to exceed our revenue forecasts for the fourth quarter. Our
high-performance global computing platform allows us to offer
advanced features across mobile, On-line Video Platform, content
management, front-end acceleration, content delivery, transcoding,
live streaming, social enablement and cloud storage. The
integration of these differentiates us from point solution
providers and allows us to solve complex business problems for our
customers. Our content delivery business also helped us exceed
revenue forecasts, growing 9% sequentially during a third quarter
in a row of favorable CDN pricing trends. This CDN business is
unique and valuable, having funded and fueled the construction of a
globally distributed platform that solves what we believe is one of
the hardest problems in cloud computing – that of delivering
broadcast quality video to hyper-connected viewers across 800+
device types across the globe. The hardware, software and
operational platform required to pull this off provides an
exceptional foundation for building high-value cloud applications
at the workflow layer in the future."
Specific highlights for the fourth quarter included:
- Revenue of $46 million and full-year 2011 revenue of $171.3
million from continuing operations
- Value added services revenue growth of 70% year-over-year
- Value added services comprised 29% of revenue:
- Limelight video platform revenue grew in excess of 160%
year-over-year
- Mobile internet and tablet computing revenue grew in excess of
70% year-over-year
- Enterprise cloud storage revenue grew in excess of 55%
year-over-year
- Site and application acceleration services revenue grew in
excess of 25% year-over-year
Financial Highlights
For the fourth quarter of 2011, the Company reported revenue of
$46 million from continuing operations, adjusted EBITDA of $6.5
million and non-GAAP net loss, before share-based compensation,
litigation expenses, amortization of intangible assets,
acquisition-related expenses, and discontinued operations of $0.6
million or 1 cent per basic share. GAAP net loss from continuing
operations was $6 million, or 6 cents per basic share.
For the full year of 2011, the Company reported revenue of
$171.3 million from continuing operations. The Company also
reported Adjusted EBITDA of $18.4 million and non-GAAP net loss
from continuing operations, before share-based compensation,
litigation expenses, amortization of intangible assets,
acquisition-related expenses, and discontinued operations of $9.7
million or $0.09 per basic share.
Capital investments were $3.5 million in the quarter and $30.4
million for the year. The Company ended the year with no bank debt
and approximately $140 million in cash and short-term marketable
securities.
Stock Buyback Program
During the fourth quarter the Company repurchased approximately
5.6 million shares of common stock for $15.2 million at an average
price of $2.78 per share, including commissions. The Company is
nearing the completion of its $25 million stock buyback program,
having repurchased approximately 9.7 million shares of common stock
at an average price of $2.57 per share since commencement.
2012 Outlook
The Company anticipates first quarter revenue to be in the range
of $43-$45 million.
Financial Tables
LIMELIGHT NETWORKS,
INC. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands, except
per share data) |
|
|
|
|
December 31, |
December 31, |
|
2011 |
2010 |
|
(Unaudited) |
|
ASSETS |
|
|
Current Assets: |
|
|
Cash and cash equivalents |
$ 120,349 |
$ 54,861 |
Marketable securities |
19,850 |
12,009 |
Accounts receivable, net of reserves of
$4,391 and $6,732 at December 31, 2011 and December 31, 2010 |
28,045 |
28,022 |
Deferred income tax |
62 |
-- |
Income taxes receivable |
31 |
215 |
Prepaid expenses and other current
assets |
20,646 |
8,277 |
Assets of discontinued operations |
-- |
64,739 |
Total current assets |
188,983 |
168,123 |
Property and equipment, net |
56,368 |
52,891 |
Marketable securities, less current
portion |
51 |
103 |
Deferred income tax, less current
portion |
1,177 |
718 |
Goodwill |
80,105 |
68,390 |
Other intangible assets, net |
9,207 |
2,061 |
Other assets |
10,454 |
6,354 |
Total assets |
$ 346,345 |
$ 298,640 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current Liabilities: |
|
|
Accounts payable |
$ 6,797 |
$ 10,300 |
Deferred revenue, current portion |
7,287 |
6,554 |
Capital lease obligation, current
portion |
1,750 |
934 |
Income taxes payable |
774 |
1,427 |
Other current liabilities |
13,195 |
15,327 |
Liabilities of discontinued
operations |
-- |
6,301 |
Total current liabilities |
29,803 |
40,843 |
Capital lease obligation, less current
portion |
2,124 |
1,641 |
Deferred income tax, less current
portion |
580 |
26 |
Deferred revenue, less current portion |
539 |
-- |
Other long term liabilities |
4,194 |
21 |
Total liabilities |
37,240 |
42,531 |
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; 300,000
shares authorized at December 31, 2011 and 150,000 shares
authorized at December 31, 2010; 104,349 and 100,068
shares issued and outstanding at December 31, 2011
and December 31, 2010, respectively |
104 |
100 |
Additional paid-in capital |
460,845 |
380,338 |
Contingent consideration |
219 |
1,608 |
Accumulated other comprehensive (loss)
income |
(509) |
329 |
Accumulated deficit |
(151,554) |
(126,266) |
Total stockholders' equity |
309,105 |
256,109 |
Total liabilities and stockholders'
equity |
$ 346,345 |
$ 298,640 |
|
|
|
LIMELIGHT NETWORKS,
INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(In thousands, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
|
|
|
|
|
|
|
December 31, |
September 30, |
December 31, |
September 30, |
December 31, |
December 31, |
|
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
Revenues |
$ 45,979 |
$ 42,352 |
$ 43,024 |
$ 39,952 |
$ 171,292 |
$ 154,223 |
Costs and operating expenses |
|
|
|
|
|
|
Cost of revenues * + |
27,666 |
27,278 |
26,672 |
24,976 |
109,586 |
94,582 |
General and
administrative * + |
10,173 |
9,915 |
7,913 |
7,027 |
36,925 |
32,287 |
Sales and marketing * |
10,178 |
9,176 |
9,724 |
10,021 |
40,081 |
38,614 |
Research & development * |
4,592 |
4,360 |
3,351 |
2,909 |
17,146 |
10,841 |
Total costs and operating expenses |
52,609 |
50,729 |
47,660 |
44,933 |
203,738 |
176,324 |
|
|
|
|
|
|
|
Operating loss |
(6,630) |
(8,377) |
(4,636) |
(4,981) |
(32,446) |
(22,101) |
|
|
|
|
|
|
|
Interest expense |
(74) |
(89) |
(59) |
-- |
(299) |
(62) |
Interest income |
128 |
186 |
143 |
210 |
752 |
910 |
Other income (expense) |
(328) |
(18) |
(89) |
(145) |
(311) |
(250) |
Loss from continuing operations before
taxes |
(6,904) |
(8,298) |
(4,641) |
(4,916) |
(32,304) |
(21,503) |
Income tax (benefit) expense |
(909) |
(1,896) |
(383) |
406 |
(2,238) |
727 |
Loss from continuing operations |
(5,995) |
(6,402) |
(4,258) |
(5,322) |
(30,066) |
(22,230) |
Discontinued operations: |
|
|
|
|
|
|
(Loss) gain from discontinued operations,
net of tax |
(558) |
11,420 |
(2,090) |
(632) |
4,778 |
1,879 |
Net (loss) income |
$ (6,553) |
$ 5,018 |
$ (6,348) |
$ (5,954) |
$ (25,288) |
$ (20,351) |
|
|
|
|
|
|
|
Net (loss) income per share: |
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
Continuing operations |
$ (0.06) |
$ (0.06) |
$ (0.04) |
$ (0.05) |
$ (0.28) |
$ (0.24) |
Discontinued operations |
$ -- |
$ 0.10 |
$ (0.02) |
$ (0.01) |
$ 0.05 |
$ 0.02 |
Total |
$ (0.06) |
$ 0.04 |
$ (0.06) |
$ (0.06) |
$ (0.23) |
$ (0.22) |
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
Continuing operations |
$ (0.06) |
$ (0.06) |
$ (0.04) |
$ (0.05) |
$ (0.28) |
$ (0.24) |
Discontinued operations |
$ -- |
$ 0.10 |
$ (0.02) |
$ (0.01) |
$ 0.05 |
$ 0.02 |
Total |
$ (0.06) |
$ 0.04 |
$ (0.06) |
$ (0.06) |
$ (0.23) |
$ (0.22) |
|
|
|
|
|
|
|
Shares used in per share calculations: |
|
|
|
|
|
|
Basic |
106,253 |
113,662 |
99,557 |
98,634 |
109,236 |
94,300 |
Diluted |
106,253 |
113,662 |
99,557 |
98,634 |
109,236 |
94,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes share-based
compensation (see supplemental table for figures) |
|
|
|
|
|
|
|
|
|
|
|
+ Includes depreciation and
amortization (see supplemental table for figures) |
|
|
|
|
|
|
|
|
|
|
|
LIMELIGHT NETWORKS,
INC. |
SUPPLEMENTAL FINANCIAL
DATA |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
|
|
|
|
|
|
|
December 31, |
September 30, |
December 31, |
September 30, |
December 31, |
December 31, |
|
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
Supplemental financial data (in
thousands): |
|
|
|
|
|
|
Share-based
compensation: |
|
|
|
|
|
|
Cost of revenues |
$ 614 |
$ 514 |
$ 580 |
$ 609 |
$ 2,419 |
$ 2,359 |
General and administrative |
2,000 |
1,093 |
1,410 |
1,418 |
6,132 |
5,984 |
Sales and marketing |
844 |
695 |
1,137 |
1,246 |
3,776 |
4,840 |
Research and development |
730 |
687 |
780 |
795 |
3,554 |
2,999 |
Total share-based compensation |
$ 4,188 |
$ 2,989 |
$ 3,907 |
$ 4,068 |
$ 15,881 |
$ 16,182 |
|
|
|
|
|
|
|
Depreciation and
amortization: |
|
|
|
|
|
|
Network-related depreciation |
$ 7,022 |
$ 7,035 |
$ 6,330 |
$ 5,828 |
$ 28,030 |
$ 22,224 |
Other depreciation and amortization |
714 |
725 |
379 |
578 |
2,437 |
2,140 |
Amortization of intangible assets |
819 |
774 |
140 |
121 |
2,350 |
319 |
Total depreciation and amortization |
$ 8,555 |
$ 8,534 |
$ 6,849 |
$ 6,527 |
$ 32,817 |
$ 24,683 |
|
|
|
|
|
|
|
Net (decrease) increase in cash, cash
equivalents and marketable securities: |
$ (17,545) |
$ 44,248 |
$ (3,045) |
$ (11,963) |
$ 73,277 |
$ (87,418) |
|
|
|
|
|
|
|
End of period
statistics: |
|
|
|
|
|
|
Approximate number of active customers |
1,565 |
1,602 |
1,567 |
1,565 |
1,565 |
1,567 |
Number of employees |
482 |
473 |
405 |
384 |
482 |
405 |
|
|
|
|
|
|
|
LIMELIGHT NETWORKS,
INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
|
|
|
|
|
|
|
December 31, |
September 30, |
December 31, |
September 30, |
December 31, |
December 31, |
|
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net (loss) income |
$ (6,553) |
$ 5,018 |
$ (6,348) |
$ (5,954) |
$ (25,288) |
$ (20,351) |
(Loss) income from discontinued
operations |
(558) |
11,420 |
(2,090) |
(632) |
4,778 |
1,879 |
Net loss from continuing operations |
(5,995) |
(6,402) |
(4,258) |
(5,322) |
(30,066) |
(22,230) |
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net
cash |
|
|
|
|
|
|
provided by operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
8,555 |
8,533 |
6,849 |
6,521 |
32,817 |
24,683 |
Share-based compensation |
4,188 |
2,989 |
3,907 |
4,068 |
15,881 |
16,182 |
Deferred income taxes |
(183) |
43 |
(728) |
10 |
(214) |
(718) |
Loss (gain) on foreign currency
transactions |
(18) |
-- |
-- |
-- |
(18) |
-- |
Loss (gain) on sale of property and
equipment |
-- |
-- |
(104) |
60 |
-- |
48 |
Accounts receivable charges |
262 |
298 |
121 |
(565) |
1,181 |
1,333 |
Accretion of marketable securities |
27 |
(81) |
85 |
(50) |
(63) |
359 |
Non cash tax benefit associated with sale
of discontinued operations |
(407) |
(2,165) |
-- |
-- |
(2,572) |
-- |
Non cash cost basis investment |
(359) |
(397) |
-- |
-- |
(1,038) |
-- |
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
Accounts receivable |
(379) |
(1,623) |
(768) |
(2,447) |
5 |
(2,953) |
Prepaid expenses and other current
assets |
1,102 |
(1,028) |
156 |
671 |
(582) |
1,221 |
Income taxes receivable |
452 |
(106) |
41 |
94 |
184 |
418 |
Other assets |
(296) |
370 |
594 |
216 |
(3,859) |
1,828 |
Accounts payable |
(4,815) |
2,666 |
1,286 |
(300) |
(2,491) |
288 |
Deferred revenue |
1,540 |
45 |
(2,796) |
(1,881) |
(1,021) |
(7,023) |
Other current liabilities |
754 |
(2,039) |
(1,537) |
1,497 |
(3,236) |
2,024 |
Income taxes payable |
(1,045) |
-- |
(314) |
(427) |
(1,357) |
(478) |
Other long term liabilities |
341 |
549 |
-- |
21 |
1,344 |
21 |
Net cash provided by operating
activities |
3,724 |
1,652 |
2,534 |
2,166 |
4,895 |
15,003 |
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchase of marketable securities |
(7,396) |
(9,688) |
(1,039) |
(8,715) |
(22,712) |
(28,509) |
Sale of marketable securities |
1,412 |
2,350 |
7,339 |
12,405 |
14,932 |
80,924 |
Purchases of property and equipment |
(3,491) |
(7,529) |
(8,321) |
(11,509) |
(30,363) |
(33,501) |
Acquisition of discontinued
operations |
-- |
-- |
-- |
-- |
-- |
(63,907) |
Acquisition of businesses, net of cash
acquired |
-- |
133 |
-- |
(2,622) |
(7,360) |
(2,622) |
Proceeds from sale of discontinued
operations |
-- |
61,000 |
-- |
-- |
61,000 |
-- |
Net cash (used in) provided by investing
activities |
(9,475) |
46,266 |
(2,021) |
(10,441) |
15,497 |
(47,615) |
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
Payments on capital lease
obligations |
(402) |
(352) |
(192) |
-- |
(1,384) |
(192) |
Proceeds from exercise of stock
options |
109 |
136 |
1,486 |
335 |
731 |
1,948 |
Proceeds from secondary public offering,
net |
-- |
(48) |
-- |
-- |
77,049 |
-- |
Cash paid for repurchase of common
stock |
(15,164) |
(9,210) |
-- |
-- |
(24,374) |
-- |
Payment of employee tax withholdings
related to restricted stock |
(133) |
(113) |
(950) |
(245) |
(1,193) |
(1,582) |
Net cash (used in) provided by financing
activities |
(15,590) |
(9,587) |
344 |
90 |
50,829 |
174 |
Effect of exchange rate changes on
cash |
447 |
(420) |
21 |
-- |
351 |
210 |
|
|
|
|
|
|
|
Cash flows from discontinued
operations: |
|
|
|
|
|
|
Cash (used in) provided by operating
activities of discontinued operations |
(2,597) |
(899) |
3,040 |
4 |
(5,400) |
(1,603) |
Cash used in investing activities of
discontinued operations |
-- |
(143) |
(591) |
(169) |
(684) |
(817) |
Net cash (used in) provided by
discontinued operations |
(2,597) |
(1,042) |
2,449 |
(165) |
(6,084) |
(2,420) |
Net (decrease) increase in cash and
cash equivalents |
(23,491) |
36,869 |
3,327 |
(8,350) |
65,488 |
(34,648) |
Cash and cash equivalents, beginning
of period |
143,840 |
106,971 |
51,534 |
59,884 |
54,861 |
89,509 |
Cash and cash equivalents, end of
period |
$ 120,349 |
$ 143,840 |
$ 54,861 |
$ 51,534 |
$ 120,349 |
$ 54,861 |
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures
To evaluate our business, we consider and use Non-GAAP net
income (loss) and Adjusted EBITDA as a supplemental measure of
operating performance. These measures include the same adjustments
that management takes into account when it reviews and assesses
operating performance on a period-to-period basis. We consider
Non-GAAP net income (loss) to be an important indicator of overall
business performance because it allows us to illustrate the impact
of the effects of share-based compensation, litigation expenses,
amortization of intangibles, acquisition related expenses and
discontinued operations. We define EBITDA as GAAP net income (loss)
before interest income, interest expense, other income and expense,
provision for income taxes, depreciation and amortization, and
discontinued operations. We believe that EBITDA provides a useful
metric to investors to compare us with other companies within our
industry and across industries. We define Adjusted EBITDA as EBITDA
adjusted for operational expenses that we do not consider
reflective of our ongoing operations. We use Adjusted EBITDA as a
supplemental measure to review and assess operating performance. We
also believe use of Adjusted EBITDA facilitates investors' use of
operating performance comparisons from period to period. In
addition, it should be noted that our performance-based executive
officer bonus structure is tied closely to our performance as
measured in part by certain non-GAAP financial measures.
The terms Non-GAAP net income (loss), EBITDA and Adjusted EBITDA
are not defined under United States generally accepted accounting
principles, or United States GAAP, and are not measures of
operating income, operating performance or liquidity presented in
accordance with United States GAAP. Our Non-GAAP net income (loss),
EBITDA and Adjusted EBITDA have limitations as analytical tools,
and when assessing our operating performance, Non-GAAP net income
(loss), EBITDA and Adjusted EBITDA should not be considered in
isolation, or as a substitute for net income (loss) or other
consolidated income statement data prepared in accordance with
United States GAAP. Some of these limitations include, but are not
limited to:
- EBITDA and Adjusted EBITDA do not reflect our cash expenditures
or future requirements for capital expenditures or contractual
commitments;
- they do not reflect changes in, or cash requirements for, our
working capital needs;
- they do not reflect the cash requirements necessary for
litigation costs;
- they do not reflect the interest expense, or the cash
requirements necessary to service interest or principal payments,
on our debt that we may incur;
- they do not reflect income taxes or the cash requirements for
any tax payments;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will be replaced
sometime in the future, and EBITDA and Adjusted EBITDA do not
reflect any cash requirements for such replacements;
- while share-based compensation is a component of operating
expense, the impact on our financial statements compared to other
companies can vary significantly due to such factors as the assumed
life of the options and the assumed volatility of our common stock;
and
- other companies may calculate EBITDA and Adjusted EBITDA
differently than we do, limiting their usefulness as comparative
measures.
We compensate for these limitations by relying primarily on our
GAAP results and using Non-GAAP net income (loss) and Adjusted
EBITDA only as supplemental support for management's analysis of
business performance. Non-GAAP net income (loss), EBITDA and
Adjusted EBITDA are calculated as follows for the periods presented
in thousands:
Reconciliation of Non-GAAP Financial
Measures
In accordance with the requirements of Regulation G issued
by the Securities and Exchange Commission, the Company is
presenting the most directly comparable GAAP financial measures and
reconciling the non-GAAP financial metrics to the comparable GAAP
measures.
LIMELIGHT NETWORKS,
INC. |
Reconciliation of GAAP
Net Income (Loss) to Non-GAAP Net Income (Loss) |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
|
|
|
|
|
|
|
December 31, |
September 30, |
December 31, |
September 30, |
December 31, |
December 31, |
|
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
|
|
|
|
|
|
|
GAAP net (loss) income |
$ (6,553) |
$ 5,018 |
$ (6,348) |
$ (5,954) |
$ (25,288) |
$ (20,351) |
|
|
|
|
|
|
|
Share-based compensation |
4,188 |
2,989 |
3,907 |
4,068 |
15,881 |
16,182 |
Litigation defense expenses |
301 |
463 |
22 |
9 |
1,376 |
2,149 |
Acquisition related expenses |
117 |
(41) |
169 |
345 |
776 |
1,527 |
Amortization of intangible assets |
819 |
774 |
140 |
121 |
2,350 |
319 |
(Income) loss from discontinued
operations |
558 |
(11,420) |
2,090 |
632 |
(4,778) |
(1,879) |
|
|
|
|
|
|
|
Non-GAAP net loss |
$ (570) |
$ (2,217) |
$ (20) |
$ (779) |
$ (9,683) |
$ (2,053) |
|
|
|
|
|
|
|
LIMELIGHT NETWORKS,
INC. |
Reconciliation of GAAP
Net Income (Loss) to EBITDA to Adjusted EBITDA |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
|
|
|
|
|
|
|
December 31, |
September 30, |
December 31, |
September 30, |
December 31, |
December 31, |
|
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
|
|
|
|
|
|
|
GAAP net (loss) income |
$ (6,553) |
$ 5,018 |
$ (6,348) |
$ (5,954) |
$ (25,288) |
$ (20,351) |
|
|
|
|
|
|
|
Depreciation and amortization |
8,555 |
8,534 |
6,849 |
6,527 |
32,817 |
24,684 |
Interest expense |
74 |
89 |
59 |
-- |
299 |
62 |
Interest and other (income) expense |
200 |
(168) |
(54) |
(65) |
(441) |
(660) |
Income tax (benefit) expense |
(909) |
(1,896) |
(383) |
406 |
(2,238) |
727 |
Loss (income) from discontinued
operations |
558 |
(11,420) |
2,090 |
632 |
(4,778) |
(1,879) |
|
|
|
|
|
|
|
EBITDA |
1,925 |
157 |
2,213 |
1,546 |
371 |
2,583 |
|
|
|
|
|
|
|
Share-based compensation |
4,188 |
2,989 |
3,907 |
4,068 |
15,881 |
16,182 |
Litigation defense expenses |
301 |
463 |
22 |
9 |
1,376 |
2,149 |
Acquisition related expenses |
117 |
(41) |
169 |
345 |
776 |
1,527 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ 6,531 |
$ 3,568 |
$ 6,311 |
$ 5,968 |
$ 18,404 |
$ 22,441 |
|
|
|
|
|
|
|
Conference Call
At approximately 4:30 p.m. EST (1:30 p.m. PST) today, management
will host a quarterly conference call for investors. Investors can
access this call toll-free at 877-388-8480 within the United States
or +1 678-809-1592 outside of the U.S. The conference call
will also be audiocast live from http://www.limelight.com and a
replay will be available following the call from the Company's
website.
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 expenses, customer
growth, market growth, pricing pressures, expansion into additional
market segments, product and services improvements, the integration
of acquired businesses and litigation and acquisition related
expenses. Forward-looking statements represent the current judgment
and expectations of Limelight Networks and 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) provides solutions that
enable business and technology decision makers to profit from the
shift of content and advertising to the online world, the explosive
growth of mobile and connected devices, and the migration of IT
applications and services into the cloud. Our worldwide customers
use Limelight's massively scalable software services to engage
audiences, enhance brand presence, analyze viewer preferences,
optimize advertising, manage and monetize digital assets, and
ultimately build stronger customer relationships. For more
information, please visit http://www.limelight.com or follow us on
Twitter at www.twitter.com/llnw.
Copyright (C) 2012 Limelight Networks, Inc. All rights reserved.
All product or service names are the property of their respective
owners.
CONTACT: Heather Miller
215-867-8600 ext. 239
media@llnw.com
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