Exhibit 99.2
LIMELIGHT NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 31, 2010 | December 31, 2009 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 56,741 | $ | 89,509 | ||||
Marketable securities | 12,009 | 64,870 | ||||||
Accounts receivable, net of reserves of $7,243 and $9,226 at December 31, 2010 and December 31, 2009 | 41,940 | 26,363 | ||||||
Income taxes receivable | 721 | 617 | ||||||
Prepaid expenses and other current assets | 9,628 | 9,654 | ||||||
Total current assets | 121,039 | 191,013 | ||||||
Property and equipment, net | 54,407 | 35,524 | ||||||
Marketable securities, less current portion | 1,755 | 12 | ||||||
Deferred tax asset, non-current | 718 | — | ||||||
Goodwill | 94,364 | 619 | ||||||
Other intangible assets, net | 19,406 | 370 | ||||||
Other assets | 6,951 | 8,132 | ||||||
Total assets | $ | 298,640 | $ | 235,670 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 12,236 | $ | 5,144 | ||||
Deferred revenue, current portion | 6,877 | 12,199 | ||||||
Capital lease obligation, current portion | 1,049 | — | ||||||
Other current liabilities | 21,608 | 14,140 | ||||||
Total current liabilities | 41,770 | 31,483 | ||||||
Deferred revenue, less current portion | — | 1,377 | ||||||
Capital lease obligation, less current portion | 1,750 | — | ||||||
Deferred income tax, less current portion | 598 | 10 | ||||||
Other long term liabilities | 21 | — | ||||||
Total liabilities | 44,139 | 32,870 | ||||||
Commitments and contingencies | — | — | ||||||
Stockholders’ equity: | ||||||||
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding | — | — | ||||||
Common stock, $0.001 par value; 150,000 shares authorized; 100,068 and 85,011 shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively | 100 | 85 | ||||||
Additional paid-in capital | 380,338 | 308,537 | ||||||
Accumulated other comprehensive income | 329 | 93 | ||||||
Accumulated deficit | (126,266 | ) | (105,915 | ) | ||||
Total stockholders’ equity | 254,501 | 202,800 | ||||||
Total liabilities and stockholders’ equity | $ | 298,640 | $ | 235,670 | ||||
LIMELIGHT NETWORKS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended December 31, 2010 | Year Ended December 31, 2010 | |||||||
(Unaudited) | (Unaudited) | |||||||
Revenue | $ | 55,243 | $ | 183,327 | ||||
Cost of revenue: | ||||||||
Cost of services | 23,579 | 80,352 | ||||||
Depreciation - network | 6,387 | 22,367 | ||||||
Total cost of revenue | 29,966 | 102,719 | ||||||
Gross margin | 25,277 | 80,608 | ||||||
Operating expenses: | ||||||||
General and administrative | 9,666 | 35,760 | ||||||
Sales and marketing | 13,323 | 46,752 | ||||||
Research and development | 5,141 | 15,755 | ||||||
Depreciation and amortization | 1,955 | 6,359 | ||||||
Provision for litigation | — | — | ||||||
Total operating expenses | 30,085 | 104,626 | ||||||
Operating loss | (4,808 | ) | (24,018 | ) | ||||
Other income (expense): | ||||||||
Interest expense | (64 | ) | (77 | ) | ||||
Interest income | 147 | 914 | ||||||
Other expense | (105 | ) | (222 | ) | ||||
Total other income (expense) | (22 | ) | 615 | |||||
Loss before income taxes | (4,830 | ) | (23,403 | ) | ||||
Income tax expense (benefit) | 1,518 | (3,052 | ) | |||||
Net loss | $ | (6,348 | ) | $ | (20,351 | ) | ||
Net loss per share: | ||||||||
Basic | $ | (0.06 | ) | $ | (0.22 | ) | ||
Diluted | $ | (0.06 | ) | $ | (0.22 | ) | ||
Shares used in per share calculations: | ||||||||
Basic | 99,557 | 94,300 | ||||||
Diluted | 99,557 | 94,300 |