Castlight Health®, Inc. (NYSE:CSLT), a pioneer of the
Enterprise Healthcare Cloud, today announced results for its third
quarter ended September 30, 2014.
“Castlight had an outstanding third quarter. We executed well across the
business, driving great results for customers, and achieving record
growth in new bookings of Castlight's Enterprise Healthcare Cloud,” said
Giovanni Colella, M.D., co-founder and Chief Executive Officer of
Castlight Health. “Proof points continue to mount that Castlight
customers and their employees are achieving tangible value by gaining
control of their healthcare spend. We exited the third quarter with 159
signed customers and seven new Fortune 500 employers. We see strong
demand nationwide and across industries for our unique platform, and are
excited about our potential to transform how enterprises manage this
critical aspect of their business.”
Financial Performance for the Three Months
Ended September 30, 2014
-
Total revenue for the third quarter of 2014 was $12.2 million, an
increase of 238% from the third quarter of 2013. Subscription revenue
was $11.3 million, an increase of 250% on a year-over-year basis.
Professional services revenue was $1.0 million, an increase of 141%
compared with the same period last year.
-
Gross margin for the third quarter of 2014 was 41.4%, compared to a
gross loss of 34.0% in the third quarter of 2013. Non-GAAP gross
margin for the third quarter of 2014 was 44.4% compared to a gross
loss of 33.0% in the third quarter of 2013.
-
Operating loss for the third quarter of 2014 was $20.3 million,
compared to an operating loss of $16.6 million during the third
quarter of 2013. Non-GAAP operating loss for the third quarter of 2014
was $16.2 million, compared to a non-GAAP operating loss of $16.1
million during the third quarter of 2013.
-
Net loss per basic and diluted share was ($0.23) in the third quarter
of 2014, compared to a net loss per share of ($1.63) in the third
quarter of 2013. The non-GAAP net loss per share for the third quarter
of 2014 was ($0.18), compared to a net loss per share of ($1.58) in
the third quarter of 2013. For both GAAP and non-GAAP purposes, the
weighted average basic and diluted share count for the third quarter
of 2014 was 89.7 million compared to 10.2 million in the third quarter
of 2013.
-
Total cash, cash equivalents and marketable securities were $209.9
million at the end of the third quarter of 2014, compared to $217.9
million at the end of last quarter. Cash used in operations for the
third quarter of 2014 was $7.5 million, compared to $19.6 million used
in operations last quarter.
A reconciliation of GAAP to non-GAAP results has been provided in this
press release in the accompanying tables. An explanation of these
measures is also included below under the heading “Non-GAAP Financial
Measures”.
Business Outlook
Q4 2014 Guidance: Revenue for the company’s fourth fiscal quarter
is expected to be in the range of $12.8 million to $13.2 million, an
increase of 151% to 159% year-over-year. Non-GAAP operating loss is
expected to be in the range of ($19.6) million to ($20.6) million.
Non-GAAP basic and diluted loss per share is expected to be
approximately ($0.22) to ($0.23) based on 90 million weighted average
basic and diluted common shares outstanding.
Full Year 2014 Guidance: Revenue for the company’s full year 2014
is expected to be in the range of $43.9 million to $44.3 million, an
increase of 238% to 241% year-over- year. Non-GAAP operating loss is
expected to be in the range of ($74.0) million to ($75.0) million.
Non-GAAP basic and diluted loss per share is expected to be in the range
of ($1.00) to ($1.01) based on 74.0 million weighted average basic and
diluted common shares outstanding.
For both the fourth quarter and the full year 2014, non-GAAP estimates
exclude the effects of stock-based compensation expense, warrant expense
and capitalization of internal-use software.
Quarterly Conference Call
Castlight Health will host a conference call to discuss its third
quarter results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern
Time). A live audio webcast of the conference call, together with
detailed financial information, can be accessed through the company's
Investor Relations website at http://ir.castlighthealth.com.
In addition, an archive of the audiocast can be accessed through the
same link. Participants who choose to call in to the conference call can
do so by dialing 1-201-689-8562. A replay will be available at
1-858-384-5517, passcode 13593181, until midnight (Eastern Time)
November 6, 2014.
About Castlight Health
Castlight Health, Inc. (NYSE: CSLT) believes great healthcare builds
great business. The Castlight Enterprise Healthcare Cloud enables
employers to deliver cost-effective benefits, provides medical
professionals and health plans a merit-based market to showcase their
services, and – most importantly – empowers employees to make informed
choices with a clear understanding of costs and likely outcomes. For
more information visit www.castlighthealth.com.
Follow us on Twitter and LinkedIn and
Like us on Facebook.
Source: Castlight Health.
Non-GAAP Financial Measures
To supplement Castlight Health’s financial statements presented in
accordance with generally accepted accounting principles (GAAP), we also
use and provide investors and others with non-GAAP measures of certain
components of financial performance, including non-GAAP gross margin
(loss), non-GAAP operating expense, non-GAAP operating loss and non-GAAP
net loss per share. These non-GAAP financial measures differ from GAAP
financial measures in that they exclude stock-based compensation,
expense for a warrant issued to a third-party service provider,
capitalization of internal-use software and the associated tax impact of
these items, where applicable.
We believe that these non-GAAP financial measures provide useful
supplemental information to investors and others, facilitate the
analysis of the company’s core operating results and comparison of
operating results across reporting periods, and can help enhance overall
understanding of the company’s historical financial performance.
We have provided a reconciliation of each non-GAAP financial measure to
the most directly comparable GAAP financial measure, except that we have
not reconciled our non-GAAP operating loss and net loss per share
guidance for the fourth quarter and full fiscal year of 2014 to
comparable GAAP operating loss and net loss per share guidance because
we do not provide guidance for stock-based compensation expense, warrant
expense and capitalization of internal-use software, which are
reconciling items between GAAP and non-GAAP operating loss. The factors
that may impact our future stock-based compensation expense warrant
expense and capitalization of internal-use software are out of our
control and/or cannot be reasonably predicted, and therefore we are
unable to provide such guidance without unreasonable effort.
These non-GAAP financial measures should be considered in addition to,
not as a substitute for or in isolation from, measures prepared in
accordance with GAAP. Further, these non-GAAP measures may differ from
the non-GAAP information used by other companies, including peer
companies, and therefore comparability may be limited. Castlight Health
encourages investors and others to review the company’s financial
information in its entirety and not rely on a single financial measure.
Safe Harbor For Forward-Looking Statements
This press release contains forward-looking statements about Castlight
Health’s expectations, plans, intentions, and strategies, including, but
not limited to, statements regarding Castlight Health’s fourth quarter
and full year projections, our expectations for future performance of
our business, market growth and business conditions, future innovation
by the company and future developments with respect to the digital
healthcare industry. Statements including words such as “anticipate,”
“believe,” “estimate,” “will,” “continue,” “expect,” or “future,” and
statements in the future tense are forward-looking statements. These
forward-looking statements involve risks and uncertainties, as well as
assumptions, which, if they do not fully materialize or prove incorrect,
could cause our results to differ materially from those expressed or
implied by such forward-looking statements. The risks and uncertainties
include those described in Castlight Health’s documents filed with or
furnished to the Securities and Exchange Commission. All forward-looking
statements in this press release are based on information available to
Castlight Health as of the date hereof. Castlight Health assumes no
obligation to update these forward-looking statements.
Copyright 2014 Castlight Health, Inc. Castlight Health, Castlight,
Castlight Medical, Castlight Pharmacy, Castlight Dental, Castlight Care
Solution Center are trademarks and/or registered trademarks of Castlight
Health Inc. in the United States and other countries. Other company and
product names may be trademarks of the respective companies with which
they are associated.
|
|
|
CASTLIGHT HEALTH, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
|
|
|
|
|
|
As of
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2014
|
|
2013
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
25,231
|
|
$
|
25,154
|
|
|
Marketable securities
|
|
|
156,931
|
|
|
42,017
|
|
|
Accounts receivable, net
|
|
|
11,278
|
|
|
5,065
|
|
|
Deferred commissions
|
|
|
3,399
|
|
|
3,648
|
|
|
Prepaid expenses and other current assets
|
|
|
3,344
|
|
|
1,583
|
|
|
Total current assets
|
|
|
200,183
|
|
|
77,467
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
3,228
|
|
|
2,631
|
|
|
Marketable securities, noncurrent
|
|
|
27,700
|
|
|
-
|
|
|
Restricted cash, noncurrent
|
|
|
-
|
|
|
101
|
|
|
Deferred commissions, noncurrent
|
|
|
2,577
|
|
|
1,821
|
|
|
Other assets
|
|
|
292
|
|
|
1,497
|
|
|
Total assets
|
|
$
|
233,980
|
|
$
|
83,517
|
|
|
|
|
|
|
|
|
Liabilities, convertible preferred stock and stockholders'
equity (deficit)
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
2,708
|
|
$
|
2,536
|
|
|
Accrued expenses and other current liabilities
|
|
|
4,826
|
|
|
4,998
|
|
|
Accrued compensation
|
|
|
10,078
|
|
|
8,064
|
|
|
Deferred revenue
|
|
|
18,111
|
|
|
6,925
|
|
|
Total current liabilities
|
|
|
35,723
|
|
|
22,523
|
|
|
|
|
|
|
|
|
Deferred revenue, noncurrent
|
|
|
7,995
|
|
|
4,548
|
|
|
Other liabilities, noncurrent
|
|
|
290
|
|
|
373
|
|
|
Total liabilities
|
|
|
44,008
|
|
|
27,444
|
|
|
Commitments and contingencies
|
|
|
|
|
|
Convertible preferred stock
|
|
|
-
|
|
|
180,423
|
|
|
Stockholders' equity (deficit)
|
|
|
189,972
|
|
|
(124,350
|
)
|
|
Total liabilities, convertible preferred stock and stockholders'
equity (deficit)
|
|
$
|
233,980
|
|
$
|
83,517
|
|
|
|
|
|
|
CASTLIGHT HEALTH, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Subscription
|
|
$
|
11,254
|
|
|
$
|
3,213
|
|
|
$
|
28,293
|
|
|
$
|
7,040
|
|
|
Professional services
|
|
|
955
|
|
|
|
396
|
|
|
|
2,825
|
|
|
|
801
|
|
|
Total revenue
|
|
|
12,209
|
|
|
|
3,609
|
|
|
|
31,118
|
|
|
|
7,841
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
Cost of subscription (1)
|
|
|
2,596
|
|
|
|
1,510
|
|
|
|
8,223
|
|
|
|
4,174
|
|
|
Cost of professional services (1)
|
|
|
4,559
|
|
|
|
3,325
|
|
|
|
12,932
|
|
|
|
7,751
|
|
|
Total cost of revenue
|
|
|
7,155
|
|
|
|
4,835
|
|
|
|
21,155
|
|
|
|
11,925
|
|
|
Gross profit (loss)
|
|
|
5,054
|
|
|
|
(1,226
|
)
|
|
|
9,963
|
|
|
|
(4,084
|
)
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Sales and marketing (1)
|
|
|
14,760
|
|
|
|
8,706
|
|
|
|
46,267
|
|
|
|
21,579
|
|
|
Research and development (1)
|
|
|
5,630
|
|
|
|
4,138
|
|
|
|
16,633
|
|
|
|
10,662
|
|
|
General and administrative (1)
|
|
|
4,944
|
|
|
|
2,571
|
|
|
|
13,473
|
|
|
|
6,012
|
|
|
Total operating expenses
|
|
|
25,334
|
|
|
|
15,415
|
|
|
|
76,373
|
|
|
|
38,253
|
|
|
Operating loss
|
|
|
(20,280
|
)
|
|
|
(16,641
|
)
|
|
|
(66,410
|
)
|
|
|
(42,337
|
)
|
|
Other income, net
|
|
|
81
|
|
|
|
38
|
|
|
|
154
|
|
|
|
128
|
|
|
Net loss
|
|
$
|
(20,199
|
)
|
|
$
|
(16,603
|
)
|
|
$
|
(66,256
|
)
|
|
$
|
(42,209
|
)
|
|
|
|
Net loss per share, basic and diluted
|
|
$
|
(0.23
|
)
|
|
$
|
(1.63
|
)
|
|
$
|
(0.96
|
)
|
|
$
|
(4.36
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute basic and diluted net loss
per share
|
|
|
89,698
|
|
|
|
10,168
|
|
|
|
68,960
|
|
|
|
9,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation expense as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
Cost of subscription
|
|
$
|
60
|
|
|
$
|
1
|
|
|
$
|
99
|
|
|
$
|
2
|
|
|
Cost of professional services
|
|
|
306
|
|
|
|
33
|
|
|
|
726
|
|
|
|
85
|
|
|
Sales and marketing
|
|
|
2,013
|
|
|
|
175
|
|
|
|
4,339
|
|
|
|
583
|
|
|
Research and development
|
|
|
561
|
|
|
|
98
|
|
|
|
1,475
|
|
|
|
208
|
|
|
General and administrative
|
|
|
1,169
|
|
|
|
223
|
|
|
|
2,963
|
|
|
|
495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASTLIGHT HEALTH, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(20,199
|
)
|
|
$
|
(16,603
|
)
|
|
$
|
(66,256
|
)
|
|
$
|
(42,209
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
340
|
|
|
|
188
|
|
|
|
944
|
|
|
|
401
|
|
|
Stock-based compensation
|
|
|
4,109
|
|
|
|
530
|
|
|
|
9,602
|
|
|
|
1,373
|
|
|
Amortization of deferred commission
|
|
|
875
|
|
|
|
416
|
|
|
|
3,119
|
|
|
|
741
|
|
|
Accretion and amortization of marketable securities
|
|
|
524
|
|
|
|
164
|
|
|
|
1,021
|
|
|
|
585
|
|
|
Expense related to warrant
|
|
|
160
|
|
|
|
-
|
|
|
|
2,659
|
|
|
|
-
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(886
|
)
|
|
|
39
|
|
|
|
(6,213
|
)
|
|
|
(1,348
|
)
|
|
Deferred commissions
|
|
|
(2,257
|
)
|
|
|
(2,034
|
)
|
|
|
(3,626
|
)
|
|
|
(3,301
|
)
|
|
Prepaid expenses and other assets
|
|
|
(245
|
)
|
|
|
265
|
|
|
|
(1,922
|
)
|
|
|
(270
|
)
|
|
Accounts payable
|
|
|
(191
|
)
|
|
|
(51
|
)
|
|
|
193
|
|
|
|
228
|
|
|
Accrued expenses and other liabilities
|
|
|
3,956
|
|
|
|
1,838
|
|
|
|
2,753
|
|
|
|
2,947
|
|
|
Deferred revenue
|
|
|
6,356
|
|
|
|
1,886
|
|
|
|
14,633
|
|
|
|
5,332
|
|
|
Net cash used in operating activities
|
|
|
(7,458
|
)
|
|
|
(13,362
|
)
|
|
|
(43,093
|
)
|
|
|
(35,521
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
-
|
|
|
|
-
|
|
|
|
101
|
|
|
|
-
|
|
|
Purchase of property and equipment
|
|
|
(431
|
)
|
|
|
(1,161
|
)
|
|
|
(1,398
|
)
|
|
|
(2,279
|
)
|
|
Purchase of marketable securities
|
|
|
(48,213
|
)
|
|
|
(25,808
|
)
|
|
|
(210,388
|
)
|
|
|
(42,288
|
)
|
|
Sales of marketable securities
|
|
|
-
|
|
|
|
-
|
|
|
|
13,000
|
|
|
|
5,000
|
|
|
Maturities of marketable securities
|
|
|
45,765
|
|
|
|
14,760
|
|
|
|
53,765
|
|
|
|
58,835
|
|
|
Net cash (used in) provided by investing activities
|
|
|
(2,879
|
)
|
|
|
(12,209
|
)
|
|
|
(144,920
|
)
|
|
|
19,268
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from the exercise of stock options
|
|
|
300
|
|
|
|
114
|
|
|
|
1,928
|
|
|
|
314
|
|
|
Net proceeds from initial public offering
|
|
|
-
|
|
|
|
-
|
|
|
|
186,162
|
|
|
|
-
|
|
|
Net cash provided by financing activities
|
|
|
300
|
|
|
|
114
|
|
|
|
188,090
|
|
|
|
314
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(10,037
|
)
|
|
|
(25,457
|
)
|
|
|
77
|
|
|
|
(15,939
|
)
|
|
Cash and cash equivalents at beginning of the period
|
|
|
35,268
|
|
|
|
52,052
|
|
|
|
25,154
|
|
|
|
42,534
|
|
|
Cash and cash equivalents at end of the period
|
|
$
|
25,231
|
|
|
$
|
26,595
|
|
|
$
|
25,231
|
|
|
$
|
26,595
|
|
|
|
|
|
|
CASTLIGHT HEALTH, INC.
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
|
(In thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Gross profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit subscription
|
|
$
|
8,658
|
|
|
$
|
6,661
|
|
|
$
|
1,703
|
|
|
$
|
20,070
|
|
|
$
|
2,866
|
|
|
GAAP gross margin subscription
|
|
|
76.9
|
%
|
|
|
69.6
|
%
|
|
|
53.0
|
%
|
|
|
70.9
|
%
|
|
|
40.7
|
%
|
|
Stock-based compensation expense included in cost of revenue
subscription
|
|
|
60
|
|
|
|
35
|
|
|
|
1
|
|
|
|
99
|
|
|
|
2
|
|
|
Non-GAAP gross profit subscription
|
|
$
|
8,718
|
|
|
$
|
6,696
|
|
|
$
|
1,704
|
|
|
$
|
20,169
|
|
|
$
|
2,868
|
|
|
Non-GAAP gross margin subscription
|
|
|
77.5
|
%
|
|
|
69.9
|
%
|
|
|
53.0
|
%
|
|
|
71.3
|
%
|
|
|
40.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross loss professional services
|
|
$
|
(3,604
|
)
|
|
$
|
(3,545
|
)
|
|
$
|
(2,929
|
)
|
|
$
|
(10,107
|
)
|
|
$
|
(6,950
|
)
|
|
GAAP gross loss percentage professional services
|
|
|
(377
|
)%
|
|
|
(370
|
)%
|
|
|
(740
|
)%
|
|
|
(358
|
)%
|
|
|
(868
|
)%
|
|
Stock-based compensation expense included in cost of revenue
professional services
|
|
|
306
|
|
|
|
280
|
|
|
|
33
|
|
|
|
726
|
|
|
|
85
|
|
|
Non-GAAP gross loss professional services
|
|
$
|
(3,298
|
)
|
|
$
|
(3,265
|
)
|
|
$
|
(2,896
|
)
|
|
$
|
(9,381
|
)
|
|
$
|
(6,865
|
)
|
|
Non-GAAP gross loss percentage professional services
|
|
|
(345
|
)%
|
|
|
(341
|
)%
|
|
|
(731
|
)%
|
|
|
(332
|
)%
|
|
|
(857
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit (loss)
|
|
$
|
5,054
|
|
|
$
|
3,116
|
|
|
$
|
(1,226
|
)
|
|
$
|
9,963
|
|
|
$
|
(4,084
|
)
|
|
GAAP gross margin (loss percentage)
|
|
|
41.4
|
%
|
|
|
29.6
|
%
|
|
|
(34.0
|
)%
|
|
|
32.0
|
%
|
|
|
(52.1
|
)%
|
|
Impact of non-GAAP adjustments
|
|
|
366
|
|
|
|
315
|
|
|
|
34
|
|
|
|
825
|
|
|
|
87
|
|
|
Non-GAAP gross profit (loss)
|
|
$
|
5,420
|
|
|
$
|
3,431
|
|
|
$
|
(1,192
|
)
|
|
$
|
10,788
|
|
|
$
|
(3,997
|
)
|
|
Non-GAAP gross margin (loss percentage)
|
|
|
44.4
|
%
|
|
|
32.6
|
%
|
|
|
(33.0
|
)%
|
|
|
34.7
|
%
|
|
|
(51.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing
|
|
$
|
14,760
|
|
|
$
|
14,947
|
|
|
$
|
8,706
|
|
|
$
|
46,267
|
|
|
$
|
21,579
|
|
|
Expense related to warrant
|
|
|
(160
|
)
|
|
|
(70
|
)
|
|
|
-
|
|
|
|
(2,659
|
)
|
|
|
-
|
|
|
Stock-based compensation expense included in sales and marketing
|
|
|
(2,013
|
)
|
|
|
(1,152
|
)
|
|
|
(175
|
)
|
|
|
(4,339
|
)
|
|
|
(583
|
)
|
|
Non-GAAP sales and marketing
|
|
$
|
12,587
|
|
|
$
|
13,725
|
|
|
$
|
8,531
|
|
|
$
|
39,269
|
|
|
$
|
20,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development
|
|
$
|
5,630
|
|
|
$
|
5,476
|
|
|
$
|
4,138
|
|
|
$
|
16,633
|
|
|
$
|
10,662
|
|
|
Stock-based compensation expense included in research and development
|
|
|
(561
|
)
|
|
|
(493
|
)
|
|
|
(98
|
)
|
|
|
(1,475
|
)
|
|
|
(208
|
)
|
|
Capitalization of internal-use software
|
|
|
162
|
|
|
|
-
|
|
|
|
-
|
|
|
|
162
|
|
|
|
-
|
|
|
Non-GAAP research and development
|
|
$
|
5,231
|
|
|
$
|
4,983
|
|
|
$
|
4,040
|
|
|
$
|
15,320
|
|
|
$
|
10,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative
|
|
$
|
4,944
|
|
|
$
|
4,519
|
|
|
$
|
2,571
|
|
|
$
|
13,473
|
|
|
$
|
6,012
|
|
|
Stock-based compensation expense included in general and
administrative
|
|
|
(1,169
|
)
|
|
|
(980
|
)
|
|
|
(223
|
)
|
|
|
(2,963
|
)
|
|
|
(495
|
)
|
|
Non-GAAP general and administrative
|
|
$
|
3,775
|
|
|
$
|
3,539
|
|
|
$
|
2,348
|
|
|
$
|
10,510
|
|
|
$
|
5,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses
|
|
$
|
25,334
|
|
|
$
|
24,942
|
|
|
$
|
15,415
|
|
|
$
|
76,373
|
|
|
$
|
38,253
|
|
|
Impact of non-GAAP adjustments
|
|
|
(3,741
|
)
|
|
|
(2,695
|
)
|
|
|
(496
|
)
|
|
|
(11,274
|
)
|
|
|
(1,286
|
)
|
|
Non-GAAP operating expenses
|
|
$
|
21,593
|
|
|
$
|
22,247
|
|
|
$
|
14,919
|
|
|
$
|
65,099
|
|
|
$
|
36,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss:
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating loss
|
|
$
|
(20,280
|
)
|
|
$
|
(21,826
|
)
|
|
$
|
(16,641
|
)
|
|
$
|
(66,410
|
)
|
|
$
|
(42,337
|
)
|
|
Impact of non-GAAP adjustments
|
|
|
4,107
|
|
|
|
3,010
|
|
|
|
530
|
|
|
|
12,099
|
|
|
|
1,373
|
|
|
Non-GAAP operating loss
|
|
$
|
(16,173
|
)
|
|
$
|
(18,816
|
)
|
|
$
|
(16,111
|
)
|
|
$
|
(54,311
|
)
|
|
$
|
(40,964
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(20,199
|
)
|
|
$
|
(21,776
|
)
|
|
$
|
(16,603
|
)
|
|
$
|
(66,256
|
)
|
|
$
|
(42,209
|
)
|
|
Total pre-tax impact of non-GAAP adjustments
|
|
|
4,107
|
|
|
|
3,010
|
|
|
|
530
|
|
|
|
12,099
|
|
|
|
1,373
|
|
|
Income tax impact of non-GAAP adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Non-GAAP net loss
|
|
$
|
(16,092
|
)
|
|
$
|
(18,766
|
)
|
|
$
|
(16,073
|
)
|
|
$
|
(54,157
|
)
|
|
$
|
(40,836
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted net loss per share
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
$
|
(0.23
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(1.63
|
)
|
|
$
|
(0.96
|
)
|
|
$
|
(4.36
|
)
|
|
Non-GAAP
|
|
$
|
(0.18
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(1.58
|
)
|
|
$
|
(0.79
|
)
|
|
$
|
(4.22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic and diluted net loss per share computation
|
|
|
89,698
|
|
|
|
89,520
|
|
|
|
10,168
|
|
|
|
68,960
|
|
|
|
9,684
|
|
|
|
Copyright Business Wire 2014