- Delivers Full Year 2013 Profitability on an Adjusted EBITDA Basis and Beats Q4 Outlook
- Charts Course for Growth in 2014
- Announces Agreement to Acquire Leading Mobile Game Developer NaturalMotion, Creator of Hit Mobile Games CSR Racing and Clumsy Ninja
- Announces Cost Reduction Plan
Conference Call Today at 3:00 p.m. PST to Discuss Q4 and Full Year Financial Results and NaturalMotion Acquisition
SAN FRANCISCO, Jan. 30, 2014 (GLOBE NEWSWIRE) -- Zynga Inc. (Nasdaq:ZNGA), a leading social game developer, today announced financial results for the fourth quarter and full year ended December 31, 2013. Zynga will hold a conference call to discuss these financial results today, January 30, 2014, at 3:00 p.m. PST (6:00 p.m. EST) in place of the previously announced date of February 6, 2014. The live webcast of Zynga's earnings conference call can be accessed at investor.zynga.com. Following the call, a replay of the webcast will be available through Zynga's website.
Recent Business Highlights
Recent Product Highlights
"Over the last 7 months, our teams have been working with a sense of urgency. We finished 2013 in a strong position and expect 2014 to be a growth year. We believe that Q1 will be a solid foundation for that growth and we expect substantial improvements for the remainder of the year across audience, bookings and Adjusted EBITDA. The investments we are making to grow and sustain our franchises are beginning to bear fruit, particularly in Zynga Casino and Words With Friends. We are committed to refining our skills in the art and science of building new hit games and in 2014, we will move aggressively into new genres that align with the timeless, entertainment categories that consumers care about. Our market is growing as measured by device, audience and dollars and we have the privilege to compete in one of the fastest growing parts of the entertainment industry. We have an ambitious agenda and we are moving quickly to add capabilities that are complementary and strategic to our core growth plans," said Don Mattrick, CEO of Zynga.
Financial Highlights (in thousands, except per share data) | ||||
Quarter ended | Year ended | |||
December 31, 2013 |
December 31, 2012 |
December 31, 2013 |
December 31, 2012 |
|
GAAP Results | ||||
Revenue | $ 176,362 | $ 311,165 | $ 873,266 | $ 1,281,267 |
Net income (loss) | $ (25,242) | $ (48,561) | $ (36,982) | $ (209,448) |
Diluted net income (loss) per share | $ (0.03) | $ (0.06) | $ (0.05) | $ (0.28) |
Non-GAAP Results | ||||
Bookings | $ 146,677 | $ 261,269 | $ 716,176 | $ 1,147,627 |
Adjusted EBITDA | $ 2,603 | $ 45,018 | $ 46,549 | $ 213,233 |
Non-GAAP net income | $ (20,834) | $ 6,935 | $ (34,073) | $ 58,178 |
Non-GAAP earnings per share | $ (0.03) | $ 0.01 | $ (0.04) | $ 0.07 |
Zynga to Acquire Leading Mobile Game Developer NaturalMotion
Zynga also announced today, an agreement to acquire privately-held NaturalMotion, a leading mobile game and technology developer for approximately $527 million in cash and equity, based on Zynga's closing price on January 29, 2014. NaturalMotion is led by a seasoned team of technology innovators, including Chief Executive Officer and Co-Founder Torsten Reil and Vice President of Games Barclay Deeming. NaturalMotion was founded in 2001 and has approximately 260 employees across Oxford, London, Brighton and San Francisco.
NaturalMotion's hit mobile games, CSR Racing and Clumsy Ninja, are in the popular consumer categories of Racing and People simulation. NaturalMotion possesses industry leading technology and tools and its proven simulation technologies have powered some of the biggest console games and blockbuster movies.
Key Business Terms
Strategic Rationale
"We believe that bringing Zynga and NaturalMotion together is the right step at the right time," said Mattrick. "Our acquisition of NaturalMotion will allow us to significantly expand our creative pipeline, accelerate our mobile growth and bring next-generation technology and tools to Zynga that we believe will fast track our ability to deliver more hit games. Their creative portfolio aligns perfectly with our content strategy as Zynga will now have five top brands and capabilities in the Farm, Casino, Words, Racing and People categories. We are confident that we will build upon our market position with complementary strengths to generate long term value for our consumers, our employees and our shareholders."
"NaturalMotion set out to make games that wow millions of people, by being obsessed with quality, disrupting and creating genres, and using almost magical technology. When we started talking to Don and his team, it quickly became clear that they shared this vision. Don's background in AAA games and Zynga's expertise in social game play and large-scale game operations will be invaluable to helping us grow our existing CSR and Clumsy Ninja franchises and maximize the breakout potential of our upcoming titles. We've reached our first milestones – creating #1 top-grossing and top-free titles – on our own. We can't wait to see what we can achieve together with Zynga," said Torsten Reil, CEO and Co-Founder, NaturalMotion.
Cost Reduction Plan
Today Zynga announced a cost reduction plan expected to generate pre-tax savings in the range of $33 million to $35 million in 2014, excluding an estimated $15 million to $17 million pre-tax restructuring charge in Q1. As part of the plan, Zynga expects to complete a workforce reduction of approximately 314 employees or approximately 15% of its current workforce, and implement additional cost reduction measures, including lowering its spend on datacenter infrastructure.
Fourth Quarter Business Highlights
Fourth Quarter 2013 Financial Summary
2013 Annual Financial Summary
Q1 2014 and Full Year Outlook
Zynga's outlook for the first quarter of 2014, including the expected impact of the NaturalMotion acquisition is as follows:
Zynga's outlook for 2014 including the expected impact of the proposed NaturalMotion acquisition is as follows:
Conference Call Details
Zynga will host a conference call today, January 30, 2014, at 3:00 pm PST (6:00 pm EST) to discuss financial results and the NaturalMotion acquisition. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of the company's website at http://investor.zynga.com and a replay will be archived and accessible at the same website after the call.
About Zynga Inc.
Zynga Inc. is a leading provider of social game services, which include popular web and mobile franchises such as FarmVille, Words With Friends and Zynga Poker that are played by millions of consumers around the world. For the quarter ended December 31, 2013, Zynga had approximately 112 million monthly active users playing its games. Zynga's games are available on a number of global platforms, including Facebook, Zynga.com, Apple iOS and Google Android. Zynga is headquartered in San Francisco, Calif. Learn more about Zynga at http://blog.zynga.com or follow us on Twitter and Facebook.
The Zynga Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11743
Forward-Looking Statements
This press release contains forward-looking statements relating to, among other things, our outlook for first quarter and full year 2014 revenue, net loss, EPS, weighted average diluted share count, bookings, Adjusted EBITDA, non-GAAP net loss, non-GAAP EPS, non-GAAP weighted average diluted share count, our future operational and strategic plans; the financial and operational impact of our expected acquisition of NaturalMotion, including but not limited to the expected impact on our earnings, bookings and Adjusted EBITDA results in 2014 and our expected ability to expand our creative pipeline, accelerate our mobile growth and fast track our ability to deliver more hit games; the results and structure of our announced cost reduction plan; our ability to strengthen the core of our business and achieve future growth and profits; our ability to successfully transition our business to take advantage of the market opportunity in our industry; our ability to launch successful new games and hit games for web and mobile generally and deliver compelling entertainment experiences. Forward-looking statements often include words such as "outlook," "projected," "intends," "will," "anticipate," "believe," "target," "expect," and statements in the future tense are generally forward-looking statements. The achievement or success of the matters covered by such forward-looking statements involves significant risks, uncertainties, and assumptions. Our actual results could differ materially from those predicted or implied, and reported results should not be considered as an indication of our future performance. Factors that could cause or contribute to such differences include, but are not limited to, our relationship with Facebook or changes in the Facebook platform, delays or other challenges in the completion of the NaturalMotion acquisition, its integration and the success of its current and future games as part of Zynga, delays or challenges in implementing our reduction in force or other cost-cutting activities, attrition and declines in our existing games, our ability to launch new games in a timely manner and monetize these games effectively on the web and on mobile, our ability to control and reduce expenses, our exposure to illegitimate credit card activity and other security risks, sales or purchases of virtual goods used in Zynga Poker or our other games through unauthorized or fraudulent third-party websites, our ability to anticipate and address technical challenges that may arise, competition, changing interests of players, intellectual property disputes or other litigation, asset impairment charges, our ability to retain key employees, acquisitions by us, and changes in corporate strategy or management.
More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the three months ended September 30, 2013 and in our Annual Report on Form 10-K for the year ended December 31, 2012, copies of which may be obtained by visiting our Investor Relations web site at http://investor.zynga.com or the SEC's web site at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. There is no guarantee that the circumstances described in our forward-looking statements will occur. We assume no obligation to update such statements. The results we report in our Annual Report on Form 10-K for the year ended December 31, 2013 could differ from the preliminary results we have announced in this press release.
Non-GAAP Financial Measures:
We have provided in this release non-GAAP financial information including bookings, Adjusted EBITDA, free cash flow, non-GAAP net income and non-GAAP EPS, as a supplement to the consolidated financial statements, which are prepared in accordance with generally accepted accounting principles ("GAAP"). Management uses these non-GAAP financial measures internally in analyzing our financial results to assess operational performance and liquidity. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics we use in making operating decisions and because our investors and analysts use them to help assess the health of our business. We have provided reconciliations between our historical and first quarter 2014 outlook for non-GAAP financial measures to the most directly comparable GAAP financial measures. However, we have not provided reconciliation of full year 2014 bookings outlook to revenue, Adjusted EBITDA outlook to net income (loss), non-GAAP effective tax rate outlook to GAAP effective tax rate or non-GAAP EPS outlook to GAAP EPS because certain reconciling items necessary to accurately project revenue (including the projected mix of virtual goods sold in our games, and the projected estimated average lives of durable virtual goods for our games) for a full year are not in our control and cannot be reasonably projected due to variability from period to period caused by changes in player behavior and other factors. As revenue and/or net income for the applicable future period is a necessary input to determine all of these comparable GAAP figures, we are not able to provide these reconciliations for the full year 2014. For the same reason, we have also not provided a reconciliation of our outlook for the impact on bookings, Adjust EBITDA and non-GAAP EPS related to the NaturalMotion acquisition.
Some limitations of bookings, Adjusted EBITDA, non-GAAP net income, non-GAAP EPS, and free cash flow:
Because of these limitations, you should consider bookings, Adjusted EBITDA, non-GAAP net income (loss), non-GAAP EPS, and free cash flow, along with other financial performance measures, including revenue, net income (loss), diluted net loss per share, cash flow from operations and GAAP operating margin and our other financial results presented in accordance with GAAP. See the GAAP to non-GAAP reconciliations below for further details.
ZYNGA INC. | ||
CONSOLIDATED BALANCE SHEETS | ||
(In thousands, unaudited) | ||
December 31, | December 31, | |
2013 | 2012 | |
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 465,523 | $ 385,949 |
Marketable securities | 659,973 | 898,821 |
Accounts Receivable | 65,667 | 106,327 |
Income tax receivable | 6,943 | 5,607 |
Deferred tax assets | 16,293 | 30,122 |
Restricted cash | 3,493 | 28,152 |
Other current assets | 23,507 | 29,392 |
Total current assets | 1,241,399 | 1,484,370 |
Long-term marketable securities | 416,474 | 367,543 |
Goodwill | 227,989 | 208,955 |
Other intangible assets, net | 18,282 | 33,663 |
Property and equipment, net | 348,793 | 466,074 |
Other long-term assets | 26,148 | 15,715 |
Total assets | $ 2,279,085 | $ 2,576,320 |
Liabilities and stockholders' equity | ||
Current liabilities: | ||
Accounts payable | $ 20,973 | $ 23,298 |
Other current liabilities | 68,866 | 146,883 |
Deferred revenue | 186,663 | 338,964 |
Total current liabilities | 276,502 | 509,145 |
Long-term debt | -- | 100,000 |
Deferred revenue | 3,252 | 8,041 |
Deferred tax liabilities | -- | 24,584 |
Other non-current liabilities | 122,060 | 109,047 |
Total liabilities | 401,814 | 750,817 |
Stockholders' equity: | ||
Common stock and additional paid in capital | 2,823,743 | 2,725,605 |
Treasury stock | -- | (295,113) |
Accumulated other comprehensive income (loss) | (1,046) | (1,447) |
Accumulated deficit | (945,426) | (603,542) |
Total stockholders' equity | 1,877,271 | 1,825,503 |
Total liabilities and stockholders' equity | $ 2,279,085 | $ 2,576,320 |
ZYNGA INC. | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(In thousands, except per share data, unaudited) | ||||
Three Months Ended | Twelve Months Ended | |||
December 31, | December 31, | |||
2013 | 2012 | 2013 | 2012 | |
Revenue: | ||||
Online game | $ 152,310 | $ 274,337 | $ 759,572 | $ 1,144,252 |
Advertising | 24,052 | 36,828 | 113,694 | 137,015 |
Total Revenue | 176,362 | 311,165 | 873,266 | 1,281,267 |
Costs and expenses: | ||||
Cost of revenue | 58,876 | 77,056 | 248,358 | 352,169 |
Research and development | 78,475 | 131,847 | 413,001 | 645,648 |
Sales and marketing | 24,763 | 32,446 | 104,403 | 181,924 |
General and administrative | 41,725 | 32,206 | 162,918 | 189,004 |
Impairment of intangible assets | -- | -- | 10,217 | 95,493 |
Total costs and expenses | 203,839 | 273,555 | 938,897 | 1,464,238 |
Income (loss) from operations | (27,477) | 37,610 | (65,631) | (182,971) |
Interest income | 915 | 1,230 | 4,148 | 4,749 |
Other income (expense), net | 1,079 | (1,111) | (3,386) | 18,647 |
Income (loss) before income taxes | (25,483) | 37,729 | (64,869) | (159,575) |
Provision for income taxes | (241) | 86,290 | (27,887) | 49,873 |
Net income (loss) | $ (25,242) | $ (48,561) | $ (36,982) | $ (209,448) |
Net income (loss) per share: | ||||
Basic and diluted | $ (0.03) | $ (0.06) | $ (0.05) | $ (0.28) |
Weighted average common shares used to compute net income (loss) per share: | ||||
Basic and diluted | 820,435 | 771,533 | 799,794 | 741,177 |
Stock-based expense included in the above line items: | ||||
Cost of revenue | $ 819 | $ 1,018 | $ 468 | $ 12,116 |
Research and development | 15,024 | 15,395 | 61,931 | 200,640 |
Sales and marketing | (248) | 3,528 | 8,079 | 24,684 |
General and administrative | 3,732 | (5,079) | 13,915 | 44,546 |
Total stock-based expense | $ 19,327 | $ 14,862 | $ 84,393 | $ 281,986 |
ZYNGA INC. | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(In thousands, unaudited) | ||||
Three Months Ended | Twelve Months Ended | |||
December 31, | December 31, | |||
2013 | 2012 | 2013 | 2012 | |
Operating activities | ||||
Net income (loss) | $ (25,242) | $ (48,561) | $ (36,982) | $ (209,448) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 32,142 | 33,430 | 129,047 | 141,479 |
Stock-based expense | 19,327 | 14,862 | 84,393 | 281,986 |
Accretion and amortization on marketable securities | 3,265 | 5,165 | 17,575 | 17,223 |
Net gain on termination of lease and purchase of building | -- | -- | -- | (19,886) |
(Gain) loss from sales of investments, assets and other, net | 710 | 724 | 8,147 | 563 |
Tax benefits from stock-based awards | (452) | 15,972 | (11,244) | 21,652 |
Excess tax benefits from stock-based awards | 452 | (15,972) | 11,244 | (21,652) |
Deferred income taxes | (513) | 14,550 | (18,766) | (43,841) |
Impairment of intangible assets | -- | -- | 10,217 | 95,493 |
Changes in operating assets and liabilities: | ||||
Accounts receivable, net | 904 | (726) | 40,806 | 34,338 |
Income tax receivable | (867) | 1,157 | (1,336) | 12,976 |
Other assets | 3,738 | 10,988 | 3,932 | 19,908 |
Accounts payable | 403 | (14,272) | (2,325) | (21,312) |
Deferred revenue | (29,685) | (49,896) | (157,090) | (133,640) |
Other liabilities | 3,550 | 52,358 | (48,944) | 19,928 |
Net cash provided by operating activities | 7,732 | 19,779 | 28,674 | 195,767 |
Investing activities | ||||
Purchase of corporate headquarters building | -- | -- | -- | (233,700) |
Purchases of marketable securities | (252,977) | (298,815) | (1,074,919) | (1,826,137) |
Sales of marketable securities | 118,702 | 73,711 | 353,603 | 223,828 |
Maturities of marketable securities | 191,820 | 206,218 | 891,238 | 647,916 |
Acquisition of property and equipment | (469) | (6,250) | (7,813) | (98,054) |
Proceeds from sale of property and equipment | 3,057 | -- | 3,057 | -- |
Business acquisitions, net of cash acquired | -- | -- | (18,054) | (205,510) |
Restricted cash | -- | 443 | 227 | 6,979 |
Equity method investment | -- | (10,000) | -- | (10,000) |
Other investing activities, net | (91) | -- | 137 | (2,256) |
Net cash (used in) provided by investing activities | 60,042 | -34,693 | 147,476 | (1,496,934) |
Financing activities | ||||
Repurchase of common stock | -- | (11,756) | (9,302) | (11,756) |
Proceeds from debt, net of issuance costs | -- | -- | -- | 99,780 |
Taxes paid related to net share settlement of equity awards | (356) | (238) | (1,387) | (26,307) |
Proceeds from exercise of stock options and warrants | 11,793 | 2,670 | 18,223 | 16,960 |
Proceeds from employee stock purchase plan | -- | -- | 7,892 | 4,489 |
Excess tax benefits from stock-based awards | (452) | 15,972 | (11,244) | 21,652 |
Repayment of debt | -- | -- | (100,000) | -- |
Net cash provided by financing activities | 10,985 | 6,648 | (95,818) | 104,818 |
Effect of exchange rate changes on cash and cash equivalents | 47 | (144) | (757) | (45) |
Net increase in cash and cash equivalents | 78,806 | (8,410) | 79,575 | (1,196,394) |
Cash and cash equivalents, beginning of period | 386,718 | 394,359 | 385,949 | 1,582,343 |
Cash and cash equivalents, end of period | $ 465,524 | $ 385,949 | $ 465,524 | $ 385,949 |
ZYNGA INC. | ||||
RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||
(In thousands, except per share data, unaudited) | ||||
Three months ended | Twelve months ended | |||
December 31, | December 31, | |||
2013 | 2012 | 2013 | 2012 | |
Reconciliation of Revenue to Bookings | ||||
Revenue | $ 176,362 | $ 311,165 | $ 873,266 | $ 1,281,267 |
Change in deferred revenue | (29,685) | (49,896) | (157,090) | (133,640) |
Bookings | $ 146,677 | $ 261,269 | $ 716,176 | $ 1,147,627 |
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||
Net income (loss) | $ (25,242) | $ (48,561) | $ (36,982) | $ (209,448) |
Provision for (benefit from) income taxes | (241) | 86,290 | (27,887) | 49,873 |
Other income (expense), net | (1,079) | 1,111 | 3,386 | (18,647) |
Interest income | (915) | (1,230) | (4,148) | (4,749) |
Restructuring expense | 7,366 | 7,862 | 44,683 | 7,862 |
Legal settlement | -- | 1,150 | -- | 3,024 |
Depreciation and amortization | 32,142 | 33,430 | 129,047 | 141,479 |
Impairment of intangible assets | -- | -- | 10,217 | 95,493 |
Acquisition-related contingent consideration | 930 | -- | 930 | -- |
Stock-based compensation | 19,327 | 14,862 | 84,393 | 281,986 |
Change in deferred revenue | (29,685) | (49,896) | (157,090) | (133,640) |
Adjusted EBITDA | $ 2,603 | $ 45,018 | $ 46,549 | $ 213,233 |
Reconciliation of Net income to Non-GAAP net income | ||||
Net income (loss) | $ (25,242) | $ (48,561) | $ (36,982) | $ (209,448) |
Impairment of intangible assets | -- | -- | 10,217 | 95,493 |
Acquisition-related contingent consideration | 930 | -- | 930 | -- |
Stock-based compensation | 19,327 | 14,862 | 84,393 | 281,986 |
Amortization of intangible assets from acquisitions | 726 | 4,845 | 10,341 | 39,843 |
Change in deferred revenue | (29,685) | (49,896) | (157,090) | (133,640) |
Restructuring expense | 7,366 | 7,862 | 44,683 | 7,862 |
Legal settlements | -- | 1,150 | -- | 3,024 |
Gain on purchase of corporate headquarters building | -- | -- | -- | (19,886) |
Tax effect of non-GAAP adjustments to net income | 5,744 | 76,673 | 9,435 | (7,056) |
Non-GAAP net income | $ (20,834) | $ 6,935 | $ (34,073) | $ 58,178 |
Reconciliation of GAAP diluted shares to Non-GAAP diluted shares | ||||
GAAP diluted shares | 820,435 | 771,533 | 799,794 | 741,177 |
Other dilutive equity awards (1) | -- | 49,964 | -- | 88,155 |
Non-GAAP diluted shares | 820,435 | 821,497 | 799,794 | 829,332 |
Non-GAAP net income per share: | $ (0.03) | $ 0.01 | $ (0.04) | $ 0.07 |
Reconciliation of Cash provided by operating activities to Free cash flow | ||||
Net cash provided by operating activities | 7,732 | 19,779 | 28,674 | 195,767 |
Acquisition of property and equipment | (469) | (6,250) | (7,813) | (98,054) |
Purchase of building | -- | -- | -- | (233,700) |
Excess tax benefits from stock-based awards | (452) | 15,972 | (11,244) | 21,652 |
Free cash flow | $ 6,811 | $ 29,501 | $ 9,617 | $ (114,335) |
Reconciliation of GAAP to Non-GAAP provision for (benefit from) income taxes | ||||
GAAP provision for (benefit from) income taxes | (241) | 86,290 | (27,887) | 49,873 |
Net gain on termination of lease and purchase of building | -- | -- | -- | (10,679) |
Stock-based expense | (798) | 22,274 | 2,768 | 104,196 |
Amortization of intangible assets from acquisitions | 5 | 4,955 | 539 | 18,938 |
Acquisition-related contingent consideration | 345 | -- | 345 | -- |
Impairment of intangible assets | -- | -- | 2,043 | 37,867 |
Change in deferred revenue | (5,318) | (51,042) | (17,634) | (90,901) |
Restructuring expense | 22 | 972 | 2,504 | 972 |
Legal settlements | -- | 1,176 | -- | 1,671 |
Other | -- | (55,008) | -- | (55,008) |
Non-GAAP provision for (benefit from) income taxes | $ (5,985) | $ 9,617 | $ (37,322) | $ 56,929 |
(1) Gives effect to all dilutive awards based on the treasury stock method. |
ZYNGA INC. | |
RECONCILIATION OF GAAP TO NON-GAAP FIRST QUARTER 2014 OUTLOOK | |
(In thousands, except per share data, unaudited) | |
First Quarter 2014 | |
Reconciliation of Revenue to Bookings | |
Revenue range | $ 155,000 – 165,000 |
Change in deferred revenue | (17,000) |
Bookings range | $ 138,000 – 148,000 |
Reconciliation of Net loss to Adjusted EBITDA | |
Net loss range | $ (56,000) – (49,000) |
Income tax expense | 1,000 |
Other income, net | (1,000) |
Interest income | (1,000) |
Restructuring expense | 17,000 – 15,000 |
Depreciation and amortization | 30,000 |
Stock-based expense | 25,000 |
Acquisition-related transaction expenses | 7,000 |
Change in deferred revenue | (17,000) |
Adjusted EBITDA range | $ 5,000 – 10,000 |
Reconciliation of Net loss to Non-GAAP Net Loss | |
Net loss range | $ (56,000) – (49,000) |
Stock-based expense | 25,000 |
Amortization of intangible assets from acquisitions | 8,000 |
Restructuring expense | 17,000 – 15,000 |
Acquisition-related transaction expenses | 7,000 |
Change in deferred revenue | (17,000) |
Tax effect of non-GAAP adjustments to net loss | 6,000 – 5,000 |
Non-GAAP net income (loss) range | $ (10,000) – (6,000) |
GAAP and Non-GAAP diluted shares | 860,000 |
Net income (loss) per share range | $ (0.07) – (0.06) |
Non-GAAP net income (loss) per share | $ (0.01) |