SCOTTSDALE, Ariz., April 29, 2021 /PRNewswire/ -- Limelight
Networks, Inc. (Nasdaq: LLNW) (Limelight), a leading provider of
edge cloud services, today reported financial results for the first
quarter ended March 31, 2021 as well
as guidance for the full year ending December 31, 2021.
Organization and Operational Accomplishments
During the first quarter, Limelight made the following
organizational changes and operational improvements to accelerate
revenue growth and profitability:
- Appointed Bob Lyons as our new
President and Chief Executive Officer
- Implemented a new organizational and operating model
including:
- Established a set of standard business performance metrics
- Streamlined commercial motions in support of our
land-perform-expand growth platform
- Improved our Client Success processes to support deeper client
engagement with proactive client solutioning and customized SLA
performance management
- Flattened our organizational structure resulting in a 16%
reduction in workforce and approximately $15
million in annualized savings
- Established an advanced performance engineering team to enable
optimal operational performance based on our clients' key
performance indicators:
- Reduced rebuffer rates by approximately 30%
- Increased network throughput by up to 20% through performance
tuning
- Increased LATAM traffic by 40% through capacity
optimization
"As anticipated, our first quarter was challenging from a top-
and bottom-line perspective. That said, I am confident that we are
now on the right path to achieve success," said Bob Lyons, President and Chief Executive
Officer. "Our three-pillared strategy of improve the core, expand
the core and extend the core is serving as our playbook to
transform the company and improve execution, profitability and
accelerate growth.
We have made measurable progress addressing our short-term
headwinds and our broader transformation efforts during the
quarter. In just a couple of months we have: simplified our
operating mode; improved network performance; meaningfully reduced
our operating costs; and demonstrated notable improvements in our
client SLA's.
Additionally, we continue to be excited about, and are looking
forward to discussing the opportunity available to Limelight to
address a large unmet market need with our globally scaled edge
platform and operational know-how."
First Quarter 2021 Financial Results
- Revenue of $51.2 million, down 10
percent, compared to $57.0 million in
the first quarter of 2020.
- GAAP net loss of $25.5 million,
or $(0.21) per basic share, compared
to a net loss of $5.3 million, or
$(0.04) per basic share in the first
quarter of 2020. GAAP net loss included $11.7 million in restructuring and transition
related charges
- Non-GAAP net loss was $11.0
million or $(0.09) per basic
share, compared to a non-GAAP net loss of $0.2 million, or break-even per basic share in
the first quarter of 2020.
- EBITDA was $(17.6) million,
compared to $0.5 million for the
first quarter of 2020.
- Adjusted EBITDA was $(3.3)
million, compared to $5.6
million for the first quarter of 2020.
- Limelight ended the first quarter with 510 employees and
employee equivalents, down from 618 at the end of the fourth
quarter of 2020, and down from 616 at the end of the first quarter
of 2020.
Based on current outlook, our full-year 2021 guidance is as
follows:
|
|
April
2021
|
|
Actual
2020
|
Revenue
|
|
$220 to $230
million
|
|
$230.2
million
|
|
|
|
|
|
GAAP Basic
EPS
|
|
$(0.35) to
$(0.25)
|
|
$(0.16)
|
|
|
|
|
|
Non-GAAP
EPS
|
|
$(0.15) to
$(0.05)
|
|
$(0.01)
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$20 to $30
million
|
|
$24.5
million
|
|
|
|
|
|
Capital
expenditures
|
|
$20 to $25
million
|
|
$25.1
million
|
Concluded Lyons, "The actions we have taken to date are only the
first steps in our playbook to improve profitability and growth in
the second half of the year – and give us confidence in the
guidance expectations that we have provided. Over the next 90
days, we believe continued operational performance improvements
will drive increased market share of traffic from our
clients. We will continue to pursue cost and performance
opportunities identified by our network optimization model.
We are also formalizing our broader plans to evolve our offerings
beyond video so that we can take advantage of our network during
low peak times. We plan to hold a strategy update session in
early summer. An announcement of the date and participation
details will be shared approximately one month in advance of the
event."
Financial Tables
LIMELIGHT
NETWORKS, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
35,620
|
|
$
46,795
|
Marketable
securities
|
|
81,308
|
|
76,928
|
Accounts
receivable, net
|
|
29,151
|
|
31,675
|
Income taxes
receivable
|
|
102
|
|
68
|
Prepaid
expenses and other current assets
|
|
14,784
|
|
15,588
|
Total current
assets
|
|
160,965
|
|
171,054
|
Property and
equipment, net
|
|
46,863
|
|
46,418
|
Operating lease right
of use assets
|
|
9,521
|
|
10,150
|
Marketable
securities, less current portion
|
|
40
|
|
40
|
Deferred income
taxes
|
|
1,577
|
|
1,530
|
Goodwill
|
|
77,421
|
|
77,753
|
Other
assets
|
|
6,742
|
|
7,233
|
Total
assets
|
|
$
303,129
|
|
$
314,178
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
8,029
|
|
$
4,587
|
Deferred
revenue
|
|
844
|
|
933
|
Operating
lease liability obligations
|
|
2,233
|
|
2,465
|
Income taxes
payable
|
|
322
|
|
253
|
Other current
liabilities
|
|
19,264
|
|
17,560
|
Total current
liabilities
|
|
30,692
|
|
25,798
|
Convertible senior
notes, net
|
|
121,200
|
|
100,945
|
Operating lease
liability obligations, less current portions
|
|
10,781
|
|
11,265
|
Deferred income
taxes
|
|
360
|
|
279
|
Deferred revenue,
less current portion
|
|
226
|
|
220
|
Other long-term
liabilities
|
|
476
|
|
479
|
Total
liabilities
|
|
163,735
|
|
138,986
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Convertible
preferred stock, $0.001 par value; 7,500 shares authorized; no
shares issued and outstanding
|
|
-
|
|
-
|
Common stock,
$0.001 par value; 300,000 shares authorized; 125,248 and 123,653
shares issued and
|
|
|
|
|
outstanding at March 31, 2021 and December 31, 2020,
respectively
|
|
125
|
|
124
|
Additional
paid-in capital
|
|
545,516
|
|
556,512
|
Accumulated
other comprehensive loss
|
|
(8,462)
|
|
(7,511)
|
Accumulated
deficit
|
|
(397,785)
|
|
(373,933)
|
Total stockholders'
equity
|
|
139,394
|
|
175,192
|
Total liabilities and
stockholders' equity
|
|
$
303,129
|
|
$
314,178
|
LIMELIGHT
NETWORKS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
Percent
|
|
March
31,
|
|
Percent
|
|
|
2021
|
|
2020
|
|
Change
|
|
2020
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
51,195
|
|
$
55,394
|
|
-8%
|
|
$
57,012
|
|
-10%
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
Cost of
services (1)
|
|
33,021
|
|
33,103
|
|
0%
|
|
31,113
|
|
6%
|
Depreciation -
network
|
|
5,679
|
|
5,468
|
|
4%
|
|
5,150
|
|
10%
|
Total cost of
revenue
|
|
38,700
|
|
38,571
|
|
0%
|
|
36,263
|
|
7%
|
Gross
profit
|
|
12,495
|
|
16,823
|
|
-26%
|
|
20,749
|
|
-40%
|
Gross profit
percentage
|
|
24.4%
|
|
30.4%
|
|
|
|
36.4%
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
General and
administrative (1)
|
|
12,948
|
|
7,464
|
|
73%
|
|
7,882
|
|
64%
|
Sales and
marketing (1)
|
|
9,835
|
|
9,666
|
|
2%
|
|
11,894
|
|
-17%
|
Research &
development (1)
|
|
6,113
|
|
5,066
|
|
21%
|
|
5,618
|
|
9%
|
Depreciation
and amortization
|
|
540
|
|
542
|
|
0%
|
|
341
|
|
58%
|
Restructuring
charge
|
|
6,873
|
|
-
|
|
NM
|
|
-
|
|
NM
|
Total operating
expenses
|
|
36,309
|
|
22,738
|
|
60%
|
|
25,735
|
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(23,814)
|
|
(5,915)
|
|
NM
|
|
(4,986)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(1,286)
|
|
(2,183)
|
|
NM
|
|
(10)
|
|
NM
|
Interest
income
|
|
45
|
|
29
|
|
NM
|
|
25
|
|
NM
|
Other,
net
|
|
(214)
|
|
28
|
|
NM
|
|
(110)
|
|
NM
|
Total other
expense
|
|
(1,455)
|
|
(2,126)
|
|
NM
|
|
(95)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
(25,269)
|
|
(8,041)
|
|
NM
|
|
(5,081)
|
|
NM
|
Income tax
expense
|
|
260
|
|
268
|
|
NM
|
|
176
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
(25,529)
|
|
$
(8,309)
|
|
NM
|
|
$
(5,257)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(0.21)
|
|
$
(0.07)
|
|
|
|
$
(0.04)
|
|
|
Diluted
|
|
$
(0.21)
|
|
$
(0.07)
|
|
|
|
$
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in per share calculation:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
124,290
|
|
123,225
|
|
|
|
118,964
|
|
|
Diluted
|
|
124,290
|
|
123,225
|
|
|
|
118,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation (see supplemental table for
figures)
|
LIMELIGHT
NETWORKS, INC.
|
SUPPLEMENTAL
FINANCIAL DATA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
2021
|
|
2020
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
$
246
|
|
$
313
|
|
$
763
|
General and
administrative
|
|
6,028
|
|
1,840
|
|
2,241
|
Sales and
marketing
|
|
563
|
|
764
|
|
1,228
|
Research and
development
|
|
371
|
|
562
|
|
832
|
Restructuring and
transition related charges
|
|
1,354
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Total share-based
compensation
|
|
$
8,562
|
|
$
3,479
|
|
$
5,064
|
|
|
|
|
|
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Network-related
depreciation
|
|
$
5,679
|
|
$
5,468
|
|
$
5,150
|
Other depreciation
and amortization
|
|
540
|
|
542
|
|
341
|
|
|
|
|
|
|
|
Total depreciation
and amortization
|
|
$
6,219
|
|
$
6,010
|
|
$
5,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents and marketable
securities:
|
|
$
(6,795)
|
|
$
(1,069)
|
|
$
3,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period
statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Approximate number of
active clients
|
|
527
|
|
527
|
|
573
|
|
|
|
|
|
|
|
Number of employees
and employee equivalents
|
|
510
|
|
618
|
|
616
|
LIMELIGHT
NETWORKS, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
|
|
2021
|
|
2020
|
|
2020
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
|
|
|
|
|
|
|
Net loss
|
|
$
(25,529)
|
|
$
(8,309)
|
|
$
(5,257)
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
6,219
|
|
6,010
|
|
5,491
|
|
|
Share-based
compensation
|
|
8,562
|
|
3,479
|
|
5,064
|
|
|
Foreign currency
remeasurement (gain) loss
|
|
(71)
|
|
327
|
|
(397)
|
|
|
Deferred income
taxes
|
|
(10)
|
|
(14)
|
|
(44)
|
|
|
Loss (gain) on sale
of property and equipment
|
|
-
|
|
7
|
|
-
|
|
|
Accounts receivable
charges
|
|
466
|
|
325
|
|
158
|
|
|
Amortization of
premium on marketable securities
|
|
609
|
|
519
|
|
-
|
|
|
Realized loss on
marketable securities
|
|
-
|
|
(3)
|
|
-
|
|
|
Noncash interest
expense
|
|
199
|
|
1,070
|
|
-
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
2,059
|
|
10,221
|
|
(285)
|
|
|
Prepaid
expenses and other current assets
|
|
446
|
|
(3,038)
|
|
(1,433)
|
|
|
Income taxes
receivable
|
|
(36)
|
|
16
|
|
3
|
|
|
Other
assets
|
|
399
|
|
258
|
|
626
|
|
|
Accounts
payable and other current liabilities
|
|
5,209
|
|
(9,228)
|
|
5,892
|
|
|
Deferred
revenue
|
|
(84)
|
|
126
|
|
(250)
|
|
|
Income taxes
payable
|
|
73
|
|
86
|
|
2
|
|
|
Other long
term liabilities
|
|
(3)
|
|
(99)
|
|
6
|
|
Net cash (used in)
provided by operating activities
|
|
(1,492)
|
|
1,753
|
|
9,576
|
|
|
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
|
|
|
Purchases of
marketable securities
|
|
(10,874)
|
|
(36,064)
|
|
-
|
|
|
Sale and maturities
of marketable securities
|
|
5,897
|
|
8,272
|
|
-
|
|
|
Purchases of property
and equipment
|
|
(6,628)
|
|
(2,957)
|
|
(6,863)
|
|
|
Proceeds from sale of
property and equipment
|
|
-
|
|
1
|
|
-
|
|
Net cash used in
investing activities
|
|
(11,605)
|
|
(30,748)
|
|
(6,863)
|
|
|
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
|
|
|
Payment of debt
issuance costs
|
|
-
|
|
(75)
|
|
-
|
|
|
Payment of employee
tax withholdings related to restricted stock vesting
|
|
(671)
|
|
(891)
|
|
(1,515)
|
|
|
Proceeds from
employee stock plans
|
|
2,847
|
|
1,377
|
|
2,138
|
|
Net cash provided by
financing activities
|
|
2,176
|
|
411
|
|
623
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(254)
|
|
210
|
|
(250)
|
Net increase
(decrease) in cash and cash equivalents
|
|
(11,175)
|
|
(28,374)
|
|
3,086
|
Cash and cash
equivalents, beginning of period
|
|
46,795
|
|
75,169
|
|
18,335
|
Cash and cash
equivalents, end of period
|
|
$
35,620
|
|
$
46,795
|
|
$
21,421
|
Use of Non-GAAP Financial Measures
To evaluate our business, we consider and use non-generally
accepted accounting principles (Non-GAAP) net income (loss), EBITDA
and Adjusted EBITDA as supplemental measures 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. We define Non-GAAP net income (loss) to be
U.S. GAAP net income (loss) adjusted to exclude share-based
compensation, non-cash interest expense and restructuring and
transition related charges. We believe that EBITDA provides a
useful metric to investors to compare us with other companies
within our industry and across industries. We define EBITDA as U.S.
GAAP net income (loss) adjusted to exclude depreciation and
amortization, interest expense, interest and other (income)
expense, and income tax expense. We define Adjusted EBITDA as
EBITDA adjusted to exclude share-based compensation and
restructuring and transition related charges. We use Adjusted
EBITDA as a supplemental measure to review and assess operating
performance. Our management uses these Non-GAAP financial measures
because, collectively, they provide valuable information on the
performance of our on-going operations, excluding non-cash charges,
taxes and non-core activities (including interest payments related
to financing activities). These measures also enable our management
to compare the results of our on-going operations from period to
period, and allow management to review the performance of our
on-going operations against our peer companies and against other
companies in our industry and adjacent industries. We believe these
measures also provide similar insights to investors and enable
investors to review our results of operations "through the eyes of
management."
Furthermore, our management uses these Non-GAAP financial
measures to assist them in making decisions regarding our strategic
priorities and areas for future investment and focus.
The terms Non-GAAP net income (loss), EBITDA and Adjusted EBITDA
are not defined under U.S. GAAP, and are not measures of operating
income, operating performance or liquidity presented in accordance
with U.S. 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 U.S. 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;
- These measures do not reflect changes in, or cash requirements
for, our working capital needs;
- Non-GAAP net income (loss) and Adjusted EBITDA do not reflect
the cash requirements necessary for litigation costs, including
provision for litigation and litigation expenses;
- These measures do not reflect the interest expense, or the cash
requirements necessary to service interest or principal payments,
on our debt that we may incur;
- These measures 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 Non-GAAP net income (loss),
EBITDA and Adjusted EBITDA differently than we do, limiting their
usefulness as comparative measures.
We compensate for these limitations by relying primarily on our
U.S. GAAP results and using Non-GAAP net income (loss), EBITDA, 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 Item 10(e) of Regulation
S-K, we are presenting the most directly comparable U.S. GAAP
financial measures and reconciling the unaudited Non-GAAP financial
metrics to the comparable U.S. GAAP measures. Per share amounts may
not foot due to rounding.
LIMELIGHT
NETWORKS, INC.
|
Reconciliation of
U.S. GAAP Net Income (Loss) to Non-GAAP Net Income
(Loss)
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2021
|
|
December 31,
2020
|
|
March 31,
2020
|
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
|
Amount
|
|
Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP net
loss
|
|
$
(25,529)
|
|
$
(0.21)
|
|
$
(8,309)
|
|
$
(0.07)
|
|
$
(5,257)
|
|
$
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
2,644
|
|
0.02
|
|
3,479
|
|
0.03
|
|
5,064
|
|
0.04
|
Non-cash interest
expense
|
|
199
|
|
0.00
|
|
1,070
|
|
0.01
|
|
-
|
|
-
|
Restructuring and
transition related charges
|
|
11,700
|
|
0.09
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
loss
|
|
$
(10,986)
|
|
$
(0.09)
|
|
$
(3,760)
|
|
$
(0.03)
|
|
$
(193)
|
|
$
(0.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in per share calculation
|
|
|
|
124,290
|
|
|
|
123,225
|
|
|
|
118,964
|
LIMELIGHT
NETWORKS, INC.
|
Reconciliation of
U.S. GAAP Net Income (Loss) to EBITDA to Adjusted
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
|
2021
|
|
2020
|
|
2020
|
|
|
|
|
|
|
|
|
U.S. GAAP net
loss
|
|
$
(25,529)
|
|
$
(8,309)
|
|
$
(5,257)
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
6,219
|
|
6,010
|
|
5,491
|
|
Interest
expense
|
|
1,286
|
|
2,183
|
|
10
|
|
Interest and other
(income) expense
|
|
169
|
|
(57)
|
|
85
|
|
Income tax
expense
|
|
260
|
|
268
|
|
176
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
(17,595)
|
|
$
95
|
|
$
505
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
2,644
|
|
3,479
|
|
5,064
|
|
Restructuring and
transition related charges
|
|
11,700
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
(3,251)
|
|
$
3,574
|
|
$
5,569
|
For future periods, we are unable to provide a reconciliation of
EBITDA and Adjusted EBITDA to net income (loss) as a result of the
uncertainty regarding, and the potential variability of, the
amounts of depreciation and amortization, interest expense,
interest and other (income) expense and income tax expense, that
may be incurred in the future.
Conference Call
At approximately 4:30 p.m. EDT
(1:30 p.m. PDT) today, management
will host a quarterly conference call for investors. Investors can
access this call toll-free at 877 296 5190 within the United States or +1 412 317 5233 outside
of the U.S. The conference call will also be audio cast live from
http://www.limelight.com and a replay will be available
following the call from the Limelight website.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. These statements include, among
others, statements regarding our expectations regarding revenue,
gross margin, non-GAAP net income (loss), capital expenditures, and
our future prospects. Our expectations and beliefs regarding these
matters may not materialize. The potential risks and uncertainties
that could cause actual results or outcomes to differ materially
from the results or outcomes predicted include, among other things,
reduction of demand for our services from new or existing clients,
unforeseen changes in our hiring patterns, adverse outcomes in
litigation, and experiencing expenses that exceed our expectations.
A detailed discussion of these factors and other risks that affect
our business is contained in our SEC filings, including our most
recent reports on Forms 10-K and 10-Q, particularly under the
heading "Risk Factors." Copies of these filings are available
online on our investor relations website at
investors.limelightnetworks.com and on the SEC website at
www.SEC.gov. All information provided in this release and in the
attachments is as of April 29, 2021,
and we undertake no duty to update this information in light of new
information or future events, unless required by law.
About Limelight
Limelight Networks, Inc. (NASDAQ: LLNW) is an industry-leader in
edge access and content delivery services that provides powerful
tools and a client-first approach to optimize and deliver digital
experiences at the edge. We are a trusted partner to the world's
biggest brands and serve their global customers with experiences
such as livestream sporting events, global movie launches, video
games or file downloads for new phone apps. Limelight offers one of
the largest, best-optimized private networks coupled with a global
team of industry experts to provide edge services that are fast,
secure and reliable. For more information,
visit www.limelight.com, and follow us on Twitter,
Facebook and LinkedIn.
Copyright (C) 2021 Limelight Networks, Inc. All rights reserved.
All product or service names are the property of their respective
owners.
Source: Limelight Networks
Ticker Slug:
Ticker: LLNW
Exchange:
NASDAQ
View original content to download
multimedia:http://www.prnewswire.com/news-releases/limelight-networks-reports-financial-results-for-the-first-quarter-of-2021-issues-guidance-for-the-full-year-2021-301280504.html
SOURCE Limelight Networks