Limelight Networks, Inc. (Nasdaq:LLNW) ("Limelight"), a global
leader in Digital Presence Management, today announced fourth
quarter and full year 2012 financial results.
Limelight reported revenue for the fourth quarter of 2012 of
$46.5 million and revenue for the full year of $180.2 million.
"In today's global online economy, the imperative for
organizations to optimize their Digital Presence is becoming
clear," said Bob Lento, Chief Executive Officer. "I am excited to
be leading Limelight. I believe there is unlocked potential in our
company and opportunity in the market that can help us generate
returns for our customers, employees and shareholders. Effectively
engaging audiences through the online device of their choice, is
now a critical requirement for our customers. Limelight's
Orchestrate Digital Presence platform is well positioned to help
organizations create, manage, and deliver engaging, personalized
content to their global audiences."
Recent Business Highlights
Limelight continues to enhance its position as a leader in the
Digital Presence Management marketplace.
- Fourth quarter 2012 value added services were 32% of total
revenue and grew 14% year-over-year.
- Limelight received Frost & Sullivan's 2012 Global Product
Line Strategy Award in the Online Video Platform market.
- During the fourth quarter of 2012, Limelight appointed Indu
Kodukula as Chief Operating Officer and Bob Lento as interim Chief
Executive Officer. In January 2013, Mr. Lento became Limelight's
full time Chief Executive Officer.
- On February 12, 2013, Limelight announced George Vonderhaar as
Chief Sales Officer. The company also recently appointed Jonathan
Smith as Managing Director and Vice President of Europe, Middle
East and Africa. These recent additions complement the management
changes above and, in conjunction with the appointments of a new
Chief Marketing Officer and head of Professional Services earlier
in 2012, create a management team ready to execute in 2013.
Financial highlights for Limelight's 2012 fourth quarter
included:
- Revenue from continuing operations of $46.5 million, up 1%
year-over-year from fourth quarter 2011.
- Adjusted EBITDA of $2.4 million.
- Cash flows from operations of $4.5 million.
- Non-GAAP net loss, before share-based compensation, litigation
expenses, amortization of intangible assets, acquisition-related
expenses, and discontinued operations of $5.6 million or $0.06
cents per basic share.
- GAAP loss from continuing operations was $10.3 million, or
$0.10 cents per basic share.
- Capital expenditures were $0.9 million.
Financial highlights for Limelight's full year 2012
included:
- Revenue of $180.2 million from continuing operations, up 5%
year-over-year from 2011.
- Adjusted EBITDA of $9.9 million.
- Cash flows from operations of $12.5 million.
- Non-GAAP net loss, before share-based compensation, litigation
expenses, amortization of intangible assets, acquisition-related
expenses, gain on sale of cost basis investment and discontinued
operations of $22.0 million or $0.22 cents per basic share.
- GAAP loss from continuing operations was $30.0 million, or
$0.30 cents per basic share.
- Capital expenditures were $18.4 million.
- The Company ended the year with no bank debt and approximately
$128 million in cash and cash equivalents and short-term marketable
securities.
Stock Buyback Program
During the fourth quarter, the Company repurchased approximately
$4.6 million of common stock under the $10 million repurchase plan
authorized by the Board of Directors on October 29, 2012. The Board
of Directors has authorized the repurchase of a total of $50
million in common stock under three separate repurchase plans, the
first of which was authorized in September 2011. Since the
inception of the first plan, through the end of the fourth quarter
of 2012, the Company has repurchased approximately $44.5 million of
common stock.
Financial Tables
LIMELIGHT NETWORKS,
INC. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands, except
per share data) |
|
|
|
|
December 31, |
December 31, |
|
2012 |
2011 |
|
(Unaudited) |
|
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 108,915 |
$ 120,349 |
Marketable securities |
19,040 |
19,850 |
Accounts receivable, net of reserves of
$4,070 and $4,391 at December 31, 2012 and December 31, 2011 |
26,602 |
28,045 |
Income taxes receivable |
471 |
31 |
Deferred income tax |
38 |
62 |
Prepaid expenses and other current
assets |
12,308 |
20,646 |
Total current assets |
167,374 |
188,983 |
Property and equipment, net |
41,251 |
56,368 |
Marketable securities, less current
portion |
18 |
51 |
Deferred income tax, less current
portion |
2,838 |
1,177 |
Goodwill |
80,278 |
80,105 |
Other intangible assets, net |
6,387 |
9,207 |
Other assets |
6,735 |
10,454 |
Total assets |
$ 304,881 |
$ 346,345 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 6,730 |
$ 6,797 |
Deferred revenue |
6,892 |
7,287 |
Capital lease obligation |
1,301 |
1,750 |
Income taxes payable |
519 |
774 |
Other current liabilities |
14,866 |
13,195 |
Total current liabilities |
30,308 |
29,803 |
Capital lease obligation, less current
portion |
824 |
2,124 |
Deferred income tax |
461 |
580 |
Deferred revenue, less current portion |
797 |
539 |
Other long-term liabilities |
5,261 |
4,194 |
Total liabilities |
37,651 |
37,240 |
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, 2012 and December 31, 2011;
98,038 and 104,349 shares issued and outstanding at December 31,
2012 and December 31, 2011, respectively |
98 |
104 |
Additional paid-in capital |
452,258 |
460,845 |
Contingent consideration |
33 |
219 |
Accumulated other comprehensive loss |
(709) |
(509) |
Accumulated deficit |
(184,450) |
(151,554) |
Total stockholders' equity |
267,230 |
309,105 |
Total liabilities and stockholders'
equity |
$ 304,881 |
$ 346,345 |
|
|
|
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, |
|
2012 |
2012 |
2011 |
2011 |
2012 |
2011 |
|
|
|
|
|
|
|
Revenues |
$ 46,471 |
$ 45,001 |
$ 45,979 |
$ 42,352 |
$ 180,236 |
$ 171,292 |
Cost of revenue: |
|
|
|
|
|
|
Cost of services |
21,529 |
21,313 |
20,644 |
20,243 |
83,723 |
81,556 |
Depreciation - network |
7,009 |
6,970 |
7,022 |
7,035 |
27,992 |
28,030 |
Total cost of revenue |
28,538 |
28,283 |
27,666 |
27,278 |
111,715 |
109,586 |
Gross profit |
17,933 |
16,718 |
18,313 |
15,074 |
68,521 |
61,706 |
Operating expenses: |
|
|
|
|
|
|
General and administrative * |
10,873 |
8,757 |
8,640 |
8,416 |
36,003 |
32,138 |
Sales and marketing * |
10,613 |
11,037 |
10,178 |
9,176 |
45,044 |
40,081 |
Research & development * |
5,075 |
4,956 |
4,592 |
4,360 |
20,182 |
17,146 |
Depreciation and amortization |
1,514 |
1,481 |
1,533 |
1,499 |
5,843 |
4,787 |
Total operating expenses |
28,075 |
26,231 |
24,943 |
23,451 |
107,072 |
94,152 |
|
|
|
|
|
|
|
Operating loss |
(10,142) |
(9,513) |
(6,630) |
(8,377) |
(38,551) |
(32,446) |
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Interest expense |
(41) |
(40) |
(74) |
(89) |
(177) |
(299) |
Interest income |
79 |
88 |
128 |
186 |
356 |
752 |
Gain on sale of cost basis
investment |
-- |
9,420 |
-- |
-- |
9,420 |
-- |
Other, net |
(20) |
(551) |
(328) |
(18) |
(602) |
(311) |
Total other income (expense) |
18 |
8,917 |
(274) |
79 |
8,997 |
142 |
|
|
|
|
|
|
|
Loss from continuing operations before income
taxes |
(10,124) |
(596) |
(6,904) |
(8,298) |
(29,554) |
(32,304) |
Income tax expense (benefit) |
167 |
14 |
(909) |
(1,896) |
481 |
(2,238) |
|
|
|
|
|
|
|
Loss from continuing operations |
(10,291) |
(610) |
(5,995) |
(6,402) |
(30,035) |
(30,066) |
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
(Loss) income from discontinued
operations, net of income taxes |
(1,943) |
(218) |
(558) |
11,420 |
(2,861) |
4,778 |
|
|
|
|
|
|
|
Net (loss) income |
$ (12,234) |
$ (828) |
$ (6,553) |
$ 5,018 |
$ (32,896) |
$ (25,288) |
|
|
|
|
|
|
|
Net (loss) income per share: |
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
Continuing operations |
$ (0.10) |
$ (0.01) |
$ (0.06) |
$ (0.06) |
$ (0.30) |
$ (0.28) |
Discontinued operations |
$ (0.02) |
$ -- |
$ -- |
$ 0.10 |
$ (0.02) |
$ 0.05 |
Total |
$ (0.12) |
$ (0.01) |
$ (0.06) |
$ 0.04 |
$ (0.32) |
$ (0.23) |
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
Continuing operations |
$ (0.10) |
$ (0.01) |
$ (0.06) |
$ (0.06) |
$ (0.30) |
$ (0.28) |
Discontinued operations |
$ (0.02) |
$ -- |
$ -- |
$ 0.10 |
$ (0.02) |
$ 0.05 |
Total |
$ (0.12) |
$ (0.01) |
$ (0.06) |
$ 0.04 |
$ (0.32) |
$ (0.23) |
|
|
|
|
|
|
|
Shares used in per share calculations: |
|
|
|
|
|
|
Basic |
98,765 |
99,359 |
106,253 |
113,662 |
101,283 |
109,236 |
Diluted |
98,765 |
99,359 |
106,253 |
113,662 |
101,283 |
109,236 |
|
|
|
|
|
|
|
* Includes
share-based compensation (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, |
|
2012 |
2012 |
2011 |
2011 |
2012 |
2011 |
Supplemental financial data (in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
$ 522 |
$ 604 |
$ 614 |
$ 514 |
$ 2,117 |
$ 2,419 |
General and administrative |
1,873 |
1,571 |
2,000 |
1,093 |
6,511 |
6,132 |
Sales and marketing |
601 |
836 |
844 |
695 |
3,104 |
3,776 |
Research and development |
644 |
652 |
730 |
687 |
2,743 |
3,554 |
|
|
|
|
|
|
|
Total share-based compensation |
$ 3,640 |
$ 3,663 |
$ 4,188 |
$ 2,989 |
$ 14,475 |
$ 15,881 |
|
|
|
|
|
|
|
Depreciation and
amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Network-related depreciation |
$ 7,009 |
$ 6,970 |
$ 7,022 |
$ 7,035 |
$ 27,992 |
$ 28,030 |
Other depreciation and amortization |
787 |
760 |
714 |
725 |
2,972 |
2,437 |
Amortization of intangible assets |
727 |
721 |
819 |
774 |
2,871 |
2,350 |
|
|
|
|
|
|
|
Total depreciation and amortization |
$ 8,523 |
$ 8,451 |
$ 8,555 |
$ 8,534 |
$ 33,835 |
$ 32,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash, cash
equivalents and marketable securities: |
$ (2,012) |
$ 5,340 |
$ (17,545) |
$ 44,248 |
$ (12,277) |
$ 73,277 |
|
|
|
|
|
|
|
End of period
statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Approximate number of active customers |
1,451 |
1,493 |
1,565 |
1,602 |
1,451 |
1,565 |
|
|
|
|
|
|
|
Number of employees |
511 |
517 |
482 |
473 |
511 |
482 |
|
|
|
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, |
|
2012 |
2012 |
2011 |
2011 |
2012 |
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net (loss) income |
$ (12,234) |
$ (828) |
$ (6,553) |
$ 5,018 |
$ (32,896) |
$ (25,288) |
(Loss) income from discontinued
operations |
(1,943) |
(218) |
(558) |
11,420 |
(2,861) |
4,778 |
Net loss from continuing operations |
(10,291) |
(610) |
(5,995) |
(6,402) |
(30,035) |
(30,066) |
|
|
|
|
|
|
|
Adjustments to reconcile net loss from
continuing operations to net cash provided by operating activities
of continuing operations: |
|
|
|
|
|
|
Depreciation and amortization |
8,523 |
8,451 |
8,555 |
8,534 |
33,835 |
32,817 |
Share-based compensation |
3,640 |
3,663 |
4,188 |
2,989 |
14,475 |
15,881 |
Deferred income taxes |
261 |
(125) |
(183) |
43 |
(38) |
(214) |
(Gain) loss on foreign currency
transactions |
-- |
-- |
(18) |
-- |
-- |
(18) |
Loss on sale of property and
equipment |
70 |
6 |
-- |
-- |
89 |
-- |
Accounts receivable charges |
905 |
221 |
262 |
298 |
2,010 |
1,181 |
Accretion of marketable securities |
107 |
123 |
27 |
(81) |
472 |
(63) |
Non cash tax benefit associated with sale
of discontinued operations |
-- |
-- |
(407) |
(2,165) |
-- |
(2,572) |
Non cash increase in cost basis
investment |
-- |
-- |
(359) |
(397) |
(528) |
(1,038) |
Gain on sale of cost basis
investment |
-- |
(9,420) |
-- |
-- |
(9,420) |
-- |
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
Accounts receivable |
901 |
(446) |
(379) |
(1,623) |
(567) |
5 |
Prepaid expenses and other current
assets |
(76) |
1,534 |
1,102 |
(1,028) |
2,910 |
(582) |
Income taxes receivable |
(47) |
(135) |
452 |
(106) |
(440) |
184 |
Other assets |
(72) |
580 |
(296) |
370 |
(1,626) |
(3,859) |
Accounts payable |
265 |
2,176 |
(4,815) |
2,666 |
2,419 |
(2,491) |
Deferred revenue |
(544) |
142 |
1,540 |
45 |
(137) |
(1,021) |
Other current liabilities |
1,040 |
(732) |
754 |
(1,467) |
17 |
(3,236) |
Income taxes payable |
(55) |
(22) |
(1,045) |
(573) |
(255) |
(1,357) |
Other long term liabilities |
(119) |
(72) |
341 |
549 |
(649) |
1,344 |
Net cash provided by operating activities
of continuing operations |
4,508 |
5,334 |
3,724 |
1,652 |
12,532 |
4,895 |
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchase of marketable securities |
-- |
(3,098) |
(7,396) |
(9,688) |
(27,280) |
(22,712) |
Maturities of marketable securities |
8,340 |
5,103 |
1,412 |
2,350 |
27,625 |
14,932 |
Purchases of property and equipment |
(916) |
(7,362) |
(3,491) |
(7,529) |
(18,390) |
(30,363) |
Acquisition of businesses, net of cash
acquired |
-- |
-- |
-- |
133 |
-- |
(7,360) |
Proceeds from sale of cost basis
investment |
-- |
10,154 |
-- |
-- |
10,154 |
-- |
Proceeds from sale of discontinued
operations |
224 |
367 |
-- |
61,000 |
7,441 |
61,000 |
Net cash provided by (used in) investing
activities of continuing operations |
7,648 |
5,164 |
(9,475) |
46,266 |
(450) |
15,497 |
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
Payments on capital lease
obligations |
(427) |
(441) |
(402) |
(352) |
(1,749) |
(1,384) |
Payment of employee tax withholdings
related to restricted stock |
(81) |
(83) |
(133) |
(113) |
(682) |
(1,196) |
Cash paid for purchase of common
stock |
(4,578) |
(3,171) |
(15,164) |
(9,210) |
(20,851) |
(24,373) |
Proceeds from exercise of stock
options |
34 |
30 |
109 |
136 |
189 |
733 |
Proceeds from secondary public offering,
net |
-- |
-- |
-- |
(48) |
-- |
77,049 |
Net cash (used in) provided by financing
activities of continuing operations |
(5,052) |
(3,665) |
(15,590) |
(9,587) |
(23,093) |
50,829 |
Effect of exchange rate changes on cash
and cash equivalents |
(508) |
606 |
447 |
(420) |
(274) |
351 |
|
|
|
|
|
|
|
Cash flows from discontinued
operations: |
|
|
|
|
|
|
Cash used in operating activities of
discontinued operations |
(149) |
-- |
(2,597) |
(899) |
(149) |
(5,400) |
Cash used in investing activities of
discontinued operations |
-- |
-- |
-- |
(143) |
-- |
(684) |
Net cash used in discontinued
operations |
(149) |
-- |
(2,597) |
(1,042) |
(149) |
(6,084) |
Net increase (decrease) in cash and
cash equivalents |
6,447 |
7,439 |
(23,491) |
36,869 |
(11,434) |
65,488 |
Cash and cash equivalents, beginning
of period |
102,468 |
95,029 |
143,840 |
106,971 |
120,349 |
54,861 |
Cash and cash equivalents, end of
period |
$ 108,915 |
$ 102,468 |
$ 120,349 |
$ 143,840 |
$ 108,915 |
$ 120,349 |
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, gain on
sale of cost basis investment and discontinued operations. We
define EBITDA as GAAP net income (loss) before interest income,
interest expense, gain on sale of cost basis investment, 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, |
|
2012 |
2012 |
2011 |
2011 |
2012 |
2011 |
|
|
|
|
|
|
|
GAAP net (loss) income |
$ (12,234) |
$ (828) |
$ (6,553) |
$ 5,018 |
$ (32,896) |
$ (25,288) |
|
|
|
|
|
|
|
Share-based compensation |
3,640 |
3,663 |
4,188 |
2,989 |
14,475 |
15,881 |
Litigation defense expenses |
361 |
148 |
301 |
463 |
527 |
1,376 |
Acquisition related expenses |
(17) |
48 |
117 |
(41) |
(388) |
776 |
Amortization of intangible assets |
727 |
721 |
819 |
774 |
2,871 |
2,350 |
Gain on sale of cost basis investment |
-- |
(9,420) |
-- |
-- |
(9,420) |
-- |
Loss (income) from discontinued
operations |
1,943 |
218 |
558 |
(11,420) |
2,861 |
(4,778) |
|
|
|
|
|
|
|
Non-GAAP net loss |
$ (5,580) |
$ (5,450) |
$ (570) |
$ (2,217) |
$ (21,970) |
$ (9,683) |
|
|
|
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, |
|
2012 |
2012 |
2011 |
2011 |
2012 |
2011 |
|
|
|
|
|
|
|
GAAP net (loss) income |
$ (12,234) |
$ (828) |
$ (6,553) |
$ 5,018 |
$ (32,896) |
$ (25,288) |
|
|
|
|
|
|
|
Depreciation and amortization |
8,523 |
8,451 |
8,555 |
8,534 |
33,835 |
32,817 |
Interest expense |
41 |
40 |
74 |
89 |
177 |
299 |
Gain on sale of cost basis
investment |
-- |
(9,420) |
-- |
-- |
(9,420) |
-- |
Interest and other (income) expense |
(59) |
463 |
200 |
(168) |
246 |
(441) |
Income tax expense (benefit) |
167 |
14 |
(909) |
(1,896) |
481 |
(2,238) |
Loss (income) from discontinued
operations |
1,943 |
218 |
558 |
(11,420) |
2,861 |
(4,778) |
|
|
|
|
|
|
|
EBITDA |
(1,619) |
(1,062) |
1,925 |
157 |
(4,716) |
371 |
|
|
|
|
|
|
|
Share-based compensation |
3,640 |
3,663 |
4,188 |
2,989 |
14,475 |
15,881 |
Litigation defense expenses |
361 |
148 |
301 |
463 |
527 |
1,376 |
Acquisition related expenses |
(17) |
48 |
117 |
(41) |
(388) |
776 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ 2,365 |
$ 2,797 |
$ 6,531 |
$ 3,568 |
$ 9,898 |
$ 18,404 |
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 or annual 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 global leader in
Digital Presence Management. Limelight's Orchestrate Digital
Presence Platform is an integrated suite of cloud-based Software as
a Service (SaaS) applications, which allows organizations to
optimize all aspects of their online digital presence across web,
mobile, social, and large screen channels. Orchestrate leverages
Limelight's scalable, high-performance global network to offer
advanced features for: web content management; website
personalization; content targeting; online video publishing; mobile
enablement and monetization; content delivery; transcoding; and
cloud storage – combined with social media integration and powerful
analytics. Limelight's team of digital presence experts helps
organizations streamline processes and optimize business results
across all customer interaction channels to deliver exceptional
multi-screen experiences, improve brand awareness, drive revenue,
and enhance their customer relationships – all while reducing
costs. For more information, please visit www.limelight.com, and be
sure to follow us on Twitter at www.twitter.com/llnw.
Copyright (C) 2013 Limelight Networks, Inc. All rights reserved.
All product or service names are the property of their respective
owners.
CONTACT: Gillian Reckler
602-753-6965
ir@llnw.com
Amber Winans
510-984-1526
bhavacom.com
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