Exhibit 99.1
BLUE COAT REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER
AND FISCAL YEAR ENDED APRIL 30, 2008
Achieves 72% Annual Revenue Growth
SUNNYVALE, Calif., May 22, 2008 – Blue Coat Systems, Inc. (NASDAQ: BCSI), the leader in WAN Application Delivery and Secure Web Gateway, today reported its financial results for its fourth quarter and fiscal year ended April 30, 2008. Net revenue for the fourth fiscal quarter of 2008 was $88.2 million, an increase of 62% compared to net revenue of $54.5 million for the same quarter last year and an 8% increase compared to net revenue of $81.4 million in the immediately preceding quarter. Net revenue for the fiscal year ended April 30, 2008 was $305.4 million, an increase of 72% when compared to net revenue of $177.7 million for the fiscal year ended April 30, 2007.
On a GAAP basis, the Company reported net income of $12.5 million, or $0.32 per diluted share, in the fourth quarter of fiscal 2008, compared to net income of $10.5 million, or $0.26 per diluted share in the third quarter of fiscal 2008.
The Company reported non-GAAP net income of $13.1 million, or $0.33 per diluted share, in the fourth quarter of fiscal 2008, compared to non-GAAP net income of $15.3 million, or $0.38 per diluted share, in the third quarter of fiscal 2008. Non-GAAP net income excludes $4.0 million in stock-based compensation expense, $1.3 million in expenses associated with matters related to the stock option investigation, $0.4 million in amortization of intangible assets, and a net tax benefit on a GAAP basis related to the partial reversal of a valuation allowance on deferred tax assets partially offset by a charge related to the implementation of a new global business structure. In the third quarter of fiscal 2008, non-GAAP net income excluded $4.0 million in stock-based compensation expense, $0.4 million in expenses associated with matters related to the stock option investigation, and $0.4 million in amortization of intangible assets.
GAAP net income for the fiscal year ended April 30, 2008 was $32.6 million, or $0.82 per diluted share, compared to a GAAP net loss of $7.2 million, or a net loss of $0.25 per share, for the fiscal year ended April 30, 2007.
The Company reported non-GAAP net income of $49.1 million, or $1.24 per diluted share, for the fiscal year ended April 30, 2008, compared to non-GAAP net income of $18.8 million, or $0.54 per diluted share, for the fiscal year ended April 30, 2007. For fiscal year 2008, non-GAAP net income excludes $15.3 million in stock-based compensation expense, $4.3 million in expenses associated with matters related to the stock option investigation, $1.8 million in amortization of intangible assets, $0.3 million in legal settlement expenses, and a net tax benefit on a GAAP basis related to the partial reversal of a valuation allowance on deferred tax assets partially offset by a charge related to the implementation of a new global business structure. For the fiscal year ended April 30, 2007, non-GAAP net income excluded $9.5 million in stock-based compensation expense, $14.7 million in expenses associated with matters related to the stock option investigation, $1.8 million in amortization of intangible assets, and a $19 thousand adjustment for a restructuring reversal.
“Blue Coat continues to succeed in the WAN optimization market for solving branch office application performance problems, despite slowing economic conditions,” said Brian NeSmith, president and chief executive officer, Blue Coat Systems. “Our differentiated approach of regaining control over the enterprise wide area network resonates with companies and organizations around the world.”
Blue Coat ended the quarter on April 30, 2008, with cash, restricted cash and investments of $188.1 million, an increase of $20.1 million from the prior quarter and an increase of $89.2 million from the prior fiscal year ended April 30, 2007.
About Non-GAAP Financial Measures
Blue Coat uses non-GAAP financial measures of income for internal evaluation and to report the results of its business. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per share. These measures are not in accordance with, nor an alternative to, GAAP. These measures are intended to supplement GAAP financial information, and may be different from non-GAAP financial measures used by other companies. Blue Coat believes that these measures provide useful information to its management, board of directors and investors regarding its ongoing operating activities and business trends related to its financial condition and results of operations. Blue Coat believes that it is useful to provide investors with information to understand how specific line items in the statement of operations are affected by certain items, such as stock-based compensation expense, expenses associated with matters related to the stock option investigation, amortization of intangible assets, legal settlement expenses, restructuring expenses and tax benefit adjustments. In addition, the Company’s management and board of directors use certain non-GAAP financial measures in developing operating budgets and in reviewing the Company’s financial results of operations, since items such as stock-based compensation expense, expenses associated with matters related to the stock option investigation, amortization of intangible assets, legal settlement expenses, restructuring expenses, and tax benefit adjustments do not impact its current resource allocation decisions. Additionally, the Company believes that inclusion of these non-GAAP financial measures provides consistency and comparability with its past reports of financial results. However, investors should be aware that non-GAAP measures have inherent limitations and should be read in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. Refer to the accompanying tables for a detailed reconciliation of GAAP to non-GAAP gross profit, operating income, net income and earnings per share.
Update on the Pending Acquisition of Packeteer, Inc.
On April 21, 2008, the Company announced that it entered into a definitive agreement to acquire Packeteer, Inc. (NASDAQ: PKTR) for $7.10 per share. The acquisition will be effected through a tender offer for all the outstanding shares of Packeteer, followed by a merger of Packeteer into a subsidiary of the Company. The tender offer commenced on May 1, 2008, and unless extended, will expire on May 30, 2008. The transaction is subject to customary conditions and is expected to close in the Company’s first fiscal quarter of calendar 2009.
Conference Call & Webcast
The Company will host a conference call today at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time). Participants should call (651) 291-0278 with the passcode: 923369. A replay of the call will be available starting Friday, May 23, 2008 at 10:00 a.m. Pacific Time (1:00 p.m. Eastern Time), and can be accessed by calling (320) 365-3844 with the passcode: 923369. An audio Webcast of the call will also be available at http://www.bluecoat.com/aboutus/investor_relations.
About Blue Coat Systems
Blue Coat secures Web communications and accelerates business applications across the distributed enterprise. Blue Coat’s family of appliances and client-based solutions – deployed in branch offices, Internet gateways, end points, and data centers – provide intelligent points of policy-based control enabling IT organizations to optimize security and accelerate performance between users and applications. Blue Coat has installed more than 40,000 appliances worldwide. Blue Coat is headquartered in Sunnyvale, California, and can be reached at (408) 220-2200 orwww.bluecoat.com.
# # #
Important Information
THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SECURITIES. THE SOLICITATION AND THE OFFER TO BUY SHARES OF PACKETEER’S COMMON STOCK WILL ONLY BE MADE PURSUANT TO THE OFFER TO PURCHASE AND RELATED MATERIALS THAT BLUE COAT SYSTEMS, INC. AND COOPER ACQUISITION, INC. FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 1, 2008, AS AMENDED FROM TIME TO TIME. PACKETEER STOCKHOLDERS SHOULD READ THESE DOCUMENTS CAREFULLY PRIOR TO MAKING
ANY DECISIONS WITH RESPECT TO THE OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. PACKETEER STOCKHOLDERS MAY OBTAIN THE OFFER TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO THE OFFER FREE OF CHARGE AT THE SEC’S WEBSITE AT WWW.SEC.GOV, FROM THE INFORMATION AGENT NAMED IN THE TENDER OFFER MATERIALS OR FROM BLUE COAT SYSTEMS, INC.
FORWARD LOOKING STATEMENTS: This document contains certain forward looking statements about Blue Coat Systems, Inc. and Packeteer, Inc. All statements other than statements of historical fact are statements that could be deemed forward-looking statements including: statements regarding the Company’s expected net revenue, GAAP earnings per share and non-GAAP earnings per share in the first fiscal quarter of 2009; the expected timing of the completion of the acquisition of Packeteer; the ability to complete the transaction considering the various closing conditions; and any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; risks related to the timing or ultimate completion of the transaction; that, prior to the completion of the transaction, the party’s respective businesses may not perform as expected due to uncertainty; that the parties are unable to successfully implement integration strategies; and other risks that are described from time to time in the Securities and Exchange Commission reports filed by Blue Coat, including but not limited to the risks described in Blue Coat’s Annual Report on Form 10-K for the year ended April 30, 2007, and Quarterly Report on Form 10-Q for the quarter ended January 31, 2008. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Blue Coat or Packeteer. Blue Coat assumes no obligation and does not intend to update these forward-looking statements except as required by applicable law. Blue Coat assumes no obligation and does not intend to update these forward-looking statements except as required by applicable law.
| | | | | | |
Media Contact: | | Steve Schick | | Investor Contact: | | Daniel Levy |
| | Blue Coat Systems | | | | Blue Coat Systems |
| | steve.schick@bluecoat.com | | | | daniel.levy@bluecoat.com |
| | 408-220-2076 | | | | 408-220-2318 |
BLUE COAT SYSTEMS, INC.
Table 1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Year Ended | |
| | | April 30,
2008 | | | January 31,
2008 | | | April 30,
2007 | | | April 30,
2008 | | | April 30,
2007 | |
Net revenue: | | | | | | | | | | | | | | | | | | | | |
Product | | $ | 66,232 | | | $ | 62,841 | | | $ | 43,227 | | | $ | 233,858 | | | $ | 136,770 | |
Service | | | 21,998 | | | | 18,540 | | | | 11,245 | | | | 71,581 | | | | 40,930 | |
| | | | | | | | | | | | | | | | | | | | |
Total net revenue | | | 88,230 | | | | 81,381 | | | | 54,472 | | | | 305,439 | | | | 177,700 | |
Cost of net revenue: | | | | | | | | | | | | | | | | | | | | |
Product | | | 14,254 | | | | 13,168 | | | | 9,350 | | | | 48,056 | | | | 31,779 | |
Service | | | 6,903 | | | | 6,131 | | | | 3,786 | | | | 23,389 | | | | 13,969 | |
| | | | | | | | | | | | | | | | | | | | |
Total cost of net revenue | | | 21,157 | | | | 19,299 | | | | 13,136 | | | | 71,445 | | | | 45,748 | |
| | | | | | | | | | | | | | | | | | | | |
Gross profit | | | 67,073 | | | | 62,082 | | | | 41,336 | | | | 233,994 | | | | 131,952 | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | |
Research and development | | | 14,023 | | | | 13,240 | | | | 11,453 | | | | 51,587 | | | | 39,882 | |
Sales and marketing | | | 36,472 | | | | 32,483 | | | | 24,586 | | | | 128,927 | | | | 73,083 | |
General and administrative | | | 8,918 | | | | 6,517 | | | | 6,466 | | | | 27,909 | | | | 28,072 | |
Amortization of intangible assets | | | 113 | | | | 112 | | | | 113 | | | | 450 | | | | 619 | |
Restructuring reversal | | | — | | | | — | | | | — | | | | — | | | | (19 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 59,526 | | | | 52,352 | | | | 42,618 | | | | 208,873 | | | | 141,637 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income/(loss) | | | 7,547 | | | | 9,730 | | | | (1,282 | ) | | | 25,121 | | | | (9,685 | ) |
Interest income | | | 1,250 | | | | 1,857 | | | | 968 | | | | 5,870 | | | | 3,922 | |
Other expense | | | 65 | | | | (337 | ) | | | 39 | | | | (461 | ) | | | (311 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income/(loss) before income taxes | | | 8,862 | | | | 11,250 | | | | (275 | ) | | | 30,530 | | | | (6,074 | ) |
(Benefit)/Provision for income taxes | | | (3,621 | ) | | | 760 | | | | 484 | | | | (2,038 | ) | | | 1,124 | |
| | | | | | | | | | | | | | | | | | | | |
Net income/(loss) | | $ | 12,483 | | | $ | 10,490 | | | $ | (759 | ) | | $ | 32,568 | | | $ | (7,198 | ) |
| | | | | | | | | | | | | | | | | | | | |
Basic net income/(loss) per common share | | $ | 0.33 | | | $ | 0.28 | | | $ | (0.03 | ) | | $ | 0.93 | | | $ | (0.25 | ) |
| | | | | | | | | | | | | | | | | | | | |
Diluted net income/(loss) per common share | | $ | 0.32 | | | $ | 0.26 | | | $ | (0.03 | ) | | $ | 0.82 | | | $ | (0.25 | ) |
| | | | | | | | | | | | | | | | | | | | |
Shares used in computing basic net income/(loss) per common share | | | 37,937 | | | | 37,721 | | | | 29,616 | | | | 35,179 | | | | 29,188 | |
| | | | | | | | | | | | | | | | | | | | |
Shares used in computing diluted net income/(loss) per common share | | | 39,562 | | | | 40,597 | | | | 29,616 | | | | 39,659 | | | | 29,188 | |
| | | | | | | | | | | | | | | | | | | | |
BLUE COAT SYSTEMS, INC.
Table 2
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Year Ended | |
| | | April 30,
2008 | | | January 31,
2008 | | April 30,
2007 | | | April 30,
2008 | | | April 30,
2007 | |
Gross Profit Reconciliation: | | | | | | | | | | | | | | | | | | | |
GAAP Gross profit | | $ | 67,073 | | | $ | 62,082 | | $ | 41,336 | | | $ | 233,994 | | | $ | 131,952 | |
Stock based compensation expense included in cost of revenue | | | 357 | | | | 367 | | | 221 | | | | 1,400 | | | | 938 | |
Amortization of intangible assets | | | 336 | | | | 336 | | | 311 | | | | 1,344 | | | | 1,203 | |
| | | | | | | | | | | | | | | | | | | |
Non-GAAP Gross profit | | $ | 67,766 | | | $ | 62,785 | | $ | 41,868 | | | $ | 236,738 | | | $ | 134,093 | |
| | | | | | | | | | | | | | | | | | | |
Operating Income Reconciliation: | | | | | | | | | | | | | | | | | | | |
GAAP Operating income/(loss) | | $ | 7,547 | | | $ | 9,730 | | $ | (1,282 | ) | | $ | 25,121 | | | $ | (9,685 | ) |
Stock based compensation expense (A) | | | 4,039 | | | | 3,961 | | | 1,890 | | | | 15,315 | | | | 9,500 | |
Expenses for matters related to the stock option investigation (B) | | | 1,536 | | | | 435 | | | 4,033 | | | | 4,594 | | | | 14,528 | |
Amortization of intangible assets (C) | | | 449 | | | | 448 | | | 424 | | | | 1,794 | | | | 1,822 | |
Legal settlement (D) | | | — | | | | — | | | — | | | | 250 | | | | — | |
Restructuring reversal | | | — | | | | — | | | — | | | | — | | | | (19 | ) |
| | | | | | | | | | | | | | | | | | | |
Non-GAAP Operating income/(loss) | | $ | 13,571 | | | $ | 14,574 | | $ | 5,065 | | | $ | 47,074 | | | $ | 16,146 | |
| | | | | | | | | | | | | | | | | | | |
Net Income Reconciliation: | | | | | | | | | | | | | | | | | | | |
GAAP Net income/(loss) | | $ | 12,483 | | | $ | 10,490 | | $ | (759 | ) | | $ | 32,568 | | | $ | (7,198 | ) |
Stock based compensation expense (A) | | | 4,039 | | | | 3,961 | | | 1,890 | | | | 15,315 | | | | 9,500 | |
Expenses for matters related to the stock option investigation (B) | | | 1,266 | | | | 435 | | | 4,192 | | | | 4,324 | | | | 14,687 | |
Amortization of intangible assets (C) | | | 449 | | | | 448 | | | 424 | | | | 1,794 | | | | 1,822 | |
Legal settlement (D) | | | — | | | | — | | | — | | | | 250 | | | | — | |
Restructuring reversal | | | — | | | | — | | | — | | | | — | | | | (19 | ) |
Exclusion of GAAP tax benefit (E) | | | (3,621 | ) | | | — | | | — | | | | (3,621 | ) | | | — | |
Non GAAP Tax provision (F) | | | (1,546 | ) | | | — | | | — | | | | (1,546 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | |
Non-GAAP Net income/(loss) | | $ | 13,070 | | | $ | 15,334 | | $ | 5,747 | | | $ | 49,084 | | | $ | 18,792 | |
| | | | | | | | | | | | | | | | | | | |
Earnings per Share Reconciliation: | | | | | | | | | | | | | | | | | | | |
GAAP Diluted earnings/(loss) per share | | $ | 0.32 | | | $ | 0.26 | | $ | (0.03 | ) | | $ | 0.82 | | | $ | (0.25 | ) |
Stock based compensation expense (A) | | | 0.10 | | | | 0.10 | | | 0.05 | | | | 0.39 | | | | 0.27 | |
Expenses for matters related to the stock option investigation (B) | | | 0.03 | | | | 0.01 | | | 0.11 | | | | 0.11 | | | | 0.42 | |
Amortization of intangible assets (C) | | | 0.01 | | | | 0.01 | | | 0.01 | | | | 0.05 | | | | 0.05 | |
Legal settlement (D) | | | — | | | | — | | | — | | | | 0.01 | | | | — | |
Restructuring reversal | | | — | | | | — | | | — | | | | — | | | | — | |
Exclusion of GAAP tax benefit (E) | | | (0.09 | ) | | | — | | | — | | | | (0.09 | ) | | | — | |
Non GAAP Tax provision (F) | | | (0.04 | ) | | | — | | | — | | | | (0.04 | ) | | | — | |
Anti-dilution adjustment for GAAP-based net loss | | | — | | | | — | | | — | | | | — | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | |
Non-GAAP Diluted earnings/(loss) per share | | $ | 0.33 | | | $ | 0.38 | | $ | 0.15 | | | $ | 1.24 | | | $ | 0.54 | |
| | | | | | | | | | | | | | | | | | | |
Shares used in computing GAAP diluted net income per share | | | 39,562 | | | | 40,597 | | | 29,616 | | | | 39,659 | | | | 29,188 | |
Anti-dilution adjustment for impact of non GAAP items (G) | | | — | | | | — | | | 7,548 | | | | — | | | | 5,718 | |
| | | | | | | | | | | | | | | | | | | |
Shares used in computing non-GAAP diluted net income per share | | | 39,562 | | | | 40,597 | | | 37,164 | | | | 39,659 | | | | 34,906 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Notes: | | | | | | | | | | | | | | | |
| | | | | |
(A) Results include stock-based compensation expense as follows: | | | | | | | | | | | | | | | |
Cost of revenue | | $ | 357 | | $ | 367 | | $ | 221 | | $ | 1,400 | | $ | 938 |
Research and development | | | 1,038 | | | 1,088 | | | 701 | | | 4,403 | | | 3,325 |
Sales and marketing | | | 1,329 | | | 1,243 | | | 640 | | | 5,070 | | | 3,169 |
General and administrative | | | 1,315 | | | 1,263 | | | 328 | | | 4,442 | | | 2,068 |
| | | | | | | | | | | | | | | |
Total | | $ | 4,039 | | $ | 3,961 | | $ | 1,890 | | $ | 15,315 | | $ | 9,500 |
| | | | | | | | | | | | | | | |
(B) Includes expenses associated with matters related to the Company’s stock option investigation and payments to former employees and tax authorities related to the taxes, penalties and interest associated with the repricing of certain stock options.
(C) Amortization of intangible assets associated with the acquisitions of certain NetCache assets, Permeo Technologies, Inc., Cerberian, Inc., and Ositis Software, Inc., in September 2006, March 2006, November 2004 and November 2003, respectively.
(D) In fiscal Q2 2008, we incurred approximately $250,000 in legal settlement expenses.
(E) On a GAAP basis, we recognized a net tax benefit related to the partial reversal of a valuation allowance on our deferred tax assets, which we deemed to be non-recurring. This benefit was partially offset by a tax charge associated with the implementation of a new global business structure. On a non-GAAP basis, we calculated a provision for income taxes. As such, we have excluded the tax benefit on a GAAP basis in the reconciliation to non-GAAP results.
(F) For purposes of presenting non-GAAP results in a manner consistent with prior periods, the provision for income taxes on a non-GAAP basis was calculated excluding the items identified in footnote (E) above.
(G) For the twelve months ended April 30, 2007, shares used in computing diluted net income per common share on a non-GAAP basis differ from shares used in computing net loss per common share on a GAAP basis since the inclusion of certain instruments on a GAAP basis would have been anti-dilutive.
BLUE COAT SYSTEMS, INC.
Table 3
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
| | | | | | | | |
| | | April 30,
2008 | | | April 30,
2007 | |
| | | (Unaudited) | | | | |
ASSETS | | | | | | | | |
Current assets: | | | | | | | | |
Cash and cash equivalents | | $ | 160,974 | | | $ | 50,013 | |
Short-term investments | | | 1,204 | | | | 43,874 | |
Restricted cash equivalents | | | — | | | | 4,120 | |
Accounts receivable, net | | | 59,056 | | | | 32,079 | |
Inventories | | | 262 | | | | 489 | |
Prepaid expenses and other current assets | | | 7,163 | | | | 7,536 | |
Deferred tax asset | | | 6,996 | | | | — | |
| | | | | | | | |
Total current assets | | | 235,655 | | | | 138,111 | |
Property and equipment, net | | | 14,975 | | | | 9,309 | |
Restricted cash | | | 861 | | | | 861 | |
Goodwill | | | 92,243 | | | | 92,243 | |
Identifiable intangible assets, net | | | 5,010 | | | | 6,650 | |
Investment in Packeteer, Inc. | | | 25,092 | | | | — | |
Non-current deferred tax asset | | | 12,165 | | | | — | |
Other assets | | | 1,766 | | | | 1,500 | |
| | | | | | | | |
Total assets | | $ | 387,767 | | | $ | 248,674 | |
| | | | | | | | |
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 18,695 | | | $ | 12,051 | |
Accrued payroll and related benefits | | | 16,464 | | | | 11,710 | |
Deferred revenue | | | 68,242 | | | | 41,910 | |
Accrued restructuring | | | — | | | | 238 | |
Other accrued liabilities | | | 8,991 | | | | 5,808 | |
| | | | | | | | |
Total current liabilities | | | 112,392 | | | | 71,717 | |
Deferred revenue, less current portion | | | 21,318 | | | | 13,858 | |
Deferred rent, less current portion | | | 1,349 | | | | 1,585 | |
Deferred income taxes | | | — | | | | 483 | |
Other non-current liabilities | | | 1,247 | | | | 563 | |
Commitments and contingencies | | | | | | | | |
Series A redeemable convertible preferred stock | | | — | | | | 41,879 | |
Stockholders’ equity: | | | | | | | | |
Preferred stock | | | — | | | | — | |
Common stock | | | 2 | | | | 2 | |
Additional paid-in capital | | | 1,128,903 | | | | 1,028,409 | |
Treasury stock | | | (903 | ) | | | (903 | ) |
Accumulated deficit | | | (876,362 | ) | | | (908,930 | ) |
Accumulated other comprehensive income | | | (179 | ) | | | 11 | |
| | | | | | | | |
Total stockholders’ equity | | | 251,461 | | | | 118,589 | |
| | | | | | | | |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity | | $ | 387,767 | | | $ | 248,674 | |
| | | | | | | | |
