Exhibit 99.1
November 3, 2015
Limelight Networks(R) Reports Financial Results for the Third Quarter of 2015
• | Revenue of $42.0 million and GAAP $0.08, Non-GAAP $0.04 net loss per basic share |
• | $70 million of cash, cash equivalents and marketable securities |
• | 2015 revenue guidance remains unchanged at between $170 and $174 million |
• | Entered into $25 million revolving credit facility |
Limelight Networks, Inc. (Nasdaq:LLNW) (Limelight), a global leader in digital content delivery, today reported revenue of $42.0 million for the third quarter ended September 30, 2015, compared to $39.0 million in the third quarter of 2014, an increase of eight percent.
During the third quarter of 2014, revenue from Netflix was $1.2 million. Revenue was also negatively impacted in the third quarter of 2015 by changes in foreign currency of approximately $1.0 million compared to the third quarter of 2014. Adjusting for the impact of these items, revenue increased by 14 percent period over period.
GAAP gross margins were 37.8% in the third quarter of 2015, a decrease of 360 basis points from 41.4% in the third quarter of 2014. Gross margins in the third quarter of 2014 were positively impacted by high margin Netflix revenue and a $1.1 million nonrecurring credit received from a co-location provider.
On a GAAP basis, Limelight reported a loss from continuing operations of $7.8 million, or $0.08 per basic share, for the third quarter of 2015, compared to a loss from continuing operations of $5.1 million, or $0.05 per basic share, in the third quarter of 2014.
Non-GAAP net loss was $4.3 million, or $0.04 per basic share, for the third quarter of 2015 compared to a non-GAAP net loss of $2.2 million, or $0.02 per basic share, in the third quarter of 2014.
EBITDA from continuing operations was negative $3.0 million for the third quarter of 2015 compared to negative $1.2 million for the third quarter of 2014. Adjusted EBITDA was $0.3 million for the third quarter of 2015 compared to $1.4 million for the third quarter of 2014.
Limelight ended the third quarter with 556 employees, down from 563 employees at the end of the second quarter of 2015, and up from 509 employees in the year ago period. In October, Limelight reduced its workforce by 44 employees, or approximately 8% of its global workforce.
Based on current conditions, for the full-year 2015, Limelight’s revenue guidance remains unchanged at between $170 and $174 million. Non-GAAP net loss is now expected to be between $0.10 and $0.14 per share, compared to previous guidance of a net loss of between $0.10 and $0.16 per share. Capital expenditures remain unchanged for the full-year 2015, at between $22 and $26 million.
Limelight expects 2016 revenue will be between $180 and $195 million and Non-GAAP net income (loss) will be between $(0.05) and $0.05.
Commenting on the results, Chief Executive Officer, Robert Lento said, “We are pleased to report the highest period over period revenue growth since 2011. Our Net Promoter Score is up very strongly, and our network resilience, performance and throughput is up and we continue to deliver record levels of traffic volume. While we are disappointed that the Federal Circuit ruling on August 13 in our long-standing patent dispute isn’t aligned with prior rulings in our favor, our plan is to continue to vigorously defend our position with the courts. In light of that ruling, we have taken steps that we believe will allow us to have adequate access to cash, through our balance sheet and our recently signed credit facility, to address the range of reasonably possible outcomes. Coupled with our operational efficiency efforts already underway, we believe, we will be cash flow neutral to slightly positive in 2016.”
Exhibit 99.1
He added, “We see ourselves playing an increasingly important role in the secure and global delivery of large and rich Content. The industry is experiencing healthy secular trends. What we do is important to our customers and to the competitive landscape. We will direct our efforts to strengthen our product portfolio, our customer relationships, our patent portfolio, and our financial performance. We are determined to profitably grow the company.”
Financial Tables
Limelight Networks, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
September 30, 2015 | December 31, 2014 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 35,452 | $ | 57,767 | |||
Marketable securities | 34,123 | 35,317 | |||||
Accounts receivable, net | 27,151 | 22,622 | |||||
Income taxes receivable | 185 | 237 | |||||
Deferred income taxes | 72 | 78 | |||||
Prepaid expenses and other current assets | 9,156 | 9,625 | |||||
Total current assets | 106,139 | 125,646 | |||||
Property and equipment, net | 40,077 | 32,636 | |||||
Marketable securities, less current portion | 40 | 40 | |||||
Deferred income taxes, less current portion | 1,260 | 1,364 | |||||
Goodwill | 76,096 | 76,133 | |||||
Other intangible assets, net | 470 | 1,071 | |||||
Other assets | 3,857 | 4,451 | |||||
Total assets | $ | 227,939 | $ | 241,341 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 10,358 | $ | 7,065 | |||
Deferred revenue | 3,636 | 3,509 | |||||
Capital lease obligations | — | 223 | |||||
Income taxes payable | 121 | 248 | |||||
Other current liabilities | 12,972 | 14,383 | |||||
Total current liabilities | 27,087 | 25,428 | |||||
Capital lease obligations, less current portion | — | 135 | |||||
Deferred income taxes | 133 | 170 | |||||
Deferred revenue, less current portion | 27 | 405 | |||||
Other long-term liabilities | 2,354 | 3,040 | |||||
Total liabilities | 29,601 | 29,178 | |||||
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 at September 30, 2015 and December 31, 2014; 100,892 and 98,409 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 101 | 98 | |||||
Additional paid-in capital | 473,399 | 464,294 | |||||
Accumulated other comprehensive loss | (10,912 | ) | (7,786 | ) | |||
Accumulated deficit | (264,250 | ) | (244,443 | ) | |||
Total stockholders’ equity | 198,338 | 212,163 | |||||
Total liabilities and stockholders’ equity | $ | 227,939 | $ | 241,341 |
Exhibit 99.1
Limelight Networks, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept. 30, | June 30, | Percent | Sept. 30, | Percent | Sept. 30, | Sept. 30, | Percent | |||||||||||||||||||||
2015 | 2015 | Change | 2014 | Change | 2015 | 2014 | Change | |||||||||||||||||||||
Revenues | $ | 42,049 | $ | 43,795 | (4 | )% | $ | 39,020 | 8 | % | $ | 128,173 | $ | 121,533 | 5 | % | ||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||
Cost of services (1) | 21,502 | 21,271 | 1 | % | 18,672 | 15 | % | 64,430 | 61,563 | 5 | % | |||||||||||||||||
Depreciation — network | 4,636 | 4,376 | 6 | % | 4,207 | 10 | % | 13,164 | 12,688 | 4 | % | |||||||||||||||||
Total cost of revenue | 26,138 | 25,647 | 2 | % | 22,879 | 14 | % | 77,594 | 74,251 | 5 | % | |||||||||||||||||
Gross profit | 15,911 | 18,148 | (12 | )% | 16,141 | (1 | )% | 50,579 | 47,282 | 7 | % | |||||||||||||||||
Gross profit percentage | 37.8 | % | 41.4 | % | 41.4 | % | 39.5 | % | 38.9 | % | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||
General and administrative (1) | 6,586 | 6,081 | 8 | % | 7,295 | (10 | )% | 19,518 | 21,966 | (11 | )% | |||||||||||||||||
Sales and marketing (1) | 9,489 | 10,002 | (5 | )% | 8,731 | 9 | % | 29,767 | 28,356 | 5 | % | |||||||||||||||||
Research and development (1) | 7,429 | 7,646 | (3 | )% | 5,514 | 35 | % | 21,338 | 14,951 | 43 | % | |||||||||||||||||
Depreciation and amortization | 648 | 635 | 2 | % | 825 | (21 | )% | 1,924 | 2,868 | (33 | )% | |||||||||||||||||
Total operating expenses | 24,152 | 24,364 | (1 | )% | 22,365 | 8 | % | 72,547 | 68,141 | 6 | % | |||||||||||||||||
Operating loss | (8,241 | ) | (6,216 | ) | 33 | % | (6,224 | ) | 32 | % | (21,968 | ) | (20,859) | 5 | % | |||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||
Interest expense | — | — | NA | (7 | ) | (100 | )% | (4 | ) | (26) | (85 | )% | ||||||||||||||||
Interest income | 82 | 75 | 9 | % | 66 | 24 | % | 231 | 203 | 14 | % | |||||||||||||||||
Other, net | 473 | (131 | ) | (461 | )% | 1,192 | (60 | )% | 2,155 | 1,014 | 113 | % | ||||||||||||||||
Total other income (expense) | 555 | (56 | ) | (1091 | )% | 1,251 | (56 | )% | 2,382 | 1,191 | 100 | % | ||||||||||||||||
Loss from continuing operations before income taxes | (7,686 | ) | (6,272 | ) | 23 | % | (4,973 | ) | 55 | % | (19,586 | ) | (19,668) | — | % | |||||||||||||
Income tax expense | 76 | 90 | (16 | )% | 98 | (22 | )% | 221 | 181 | 22 | % | |||||||||||||||||
Loss from continuing operations | (7,762 | ) | (6,362 | ) | 22 | % | (5,071 | ) | 53 | % | (19,807 | ) | (19,849) | — | % | |||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
(Loss) income from discontinued operations, net of income taxes | — | — | NA | (4 | ) | (100 | )% | — | 265 | (100 | )% | |||||||||||||||||
Net loss | $ | (7,762 | ) | $ | (6,362 | ) | 22 | % | $ | (5,075 | ) | 53 | % | $ | (19,807 | ) | $ | (19,584 | ) | 1 | % | |||||||
Net loss per share: | ||||||||||||||||||||||||||||
Basic and diluted | ||||||||||||||||||||||||||||
Continuing operations | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.20 | ) | $ | (0.20 | ) | |||||||||||||
Discontinued operations | — | — | — | — | — | |||||||||||||||||||||||
Total | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.20 | ) | $ | (0.20 | ) | |||||||||||||
Weighted average shares used in per share calculation: | ||||||||||||||||||||||||||||
Basic and diluted | 100,552 | 99,841 | 98,458 | 99,676 | 98,274 | |||||||||||||||||||||||
(1) Includes share-based compensation (see supplemental table for figures) |
Exhibit 99.1
Limelight Networks, Inc.
Supplemental Financial Data
(In thousands)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Sept. 30, | June 30, | Sept. 30, | Sept. 30, | Sept. 30, | |||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Share-based compensation: | |||||||||||||||||||
Cost of services | $ | 400 | $ | 571 | $ | 464 | $ | 1,484 | $ | 1,466 | |||||||||
General and administrative | 1,513 | 1,476 | 1,174 | 4,395 | 3,539 | ||||||||||||||
Sales and marketing | 643 | 608 | 567 | 1,940 | 1,693 | ||||||||||||||
Research and development | 568 | 625 | 382 | 1,654 | 1,102 | ||||||||||||||
Total share-based compensation | $ | 3,124 | $ | 3,280 | $ | 2,587 | $ | 9,473 | $ | 7,800 | |||||||||
Depreciation and amortization: | |||||||||||||||||||
Network-related depreciation | $ | 4,636 | $ | 4,376 | $ | 4,207 | $ | 13,164 | $ | 12,688 | |||||||||
Other depreciation and amortization | 445 | 434 | 566 | 1,322 | 1,934 | ||||||||||||||
Amortization of intangible assets | 203 | 201 | 259 | 602 | 934 | ||||||||||||||
Total depreciation and amortization | $ | 5,284 | $ | 5,011 | $ | 5,032 | $ | 15,088 | $ | 15,556 | |||||||||
Net decrease in cash, cash equivalents and marketable securities: | $ | (5,342 | ) | $ | (6,027 | ) | $ | (6,200 | ) | $ | (23,509 | ) | $ | (17,212 | ) | ||||
End of period statistics: | |||||||||||||||||||
Approximate number of active customers | 981 | 1,035 | 1,134 | 981 | 1,134 | ||||||||||||||
Number of employees | 556 | 563 | 509 | 556 | 509 |
Exhibit 99.1
Limelight Networks, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Sept. 30, | June 30, | Sept. 30, | Sept. 30, | Sept. 30, | |||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Operating activities | |||||||||||||||||||
Net loss | $ | (7,762 | ) | $ | (6,362 | ) | $ | (5,075 | ) | $ | (19,807 | ) | $ | (19,584 | ) | ||||
Income from discontinued operations | — | — | (4 | ) | — | 265 | |||||||||||||
Net loss from continuing operations | (7,762 | ) | (6,362 | ) | (5,071 | ) | (19,807 | ) | (19,849 | ) | |||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities of continuing operations: | |||||||||||||||||||
Depreciation and amortization | 5,284 | 5,011 | 5,032 | 15,088 | 15,556 | ||||||||||||||
Share-based compensation | 3,124 | 3,280 | 2,587 | 9,473 | 7,800 | ||||||||||||||
Foreign currency remeasurement (gain) loss | (488 | ) | 96 | (1,207 | ) | (2,083 | ) | (1,067 | ) | ||||||||||
Deferred income taxes | 94 | (62 | ) | 17 | (21 | ) | (185 | ) | |||||||||||
Accounts receivable charges | 268 | 224 | (29 | ) | 738 | 483 | |||||||||||||
Amortization of premium on marketable securities | 46 | 48 | 88 | 152 | 374 | ||||||||||||||
Non cash tax benefit associated with income from discontinued operations | — | — | — | — | (59 | ) | |||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||
Accounts receivable | 4,025 | (4,312 | ) | 1,652 | (5,267 | ) | (1,496 | ) | |||||||||||
Prepaid expenses and other current assets | 498 | (1,352 | ) | (1,617 | ) | 296 | (1,045 | ) | |||||||||||
Income taxes receivable | 24 | 13 | (53 | ) | 35 | 55 | |||||||||||||
Other assets | 578 | 217 | 63 | 1,587 | 991 | ||||||||||||||
Accounts payable and other current liabilities | (1,156 | ) | 3,389 | 622 | 510 | 1,099 | |||||||||||||
Deferred revenue | (568 | ) | 520 | (86 | ) | (251 | ) | (893 | ) | ||||||||||
Income taxes payable | (78 | ) | 52 | (95 | ) | (78 | ) | (214 | ) | ||||||||||
Other long term liabilities | (225 | ) | (175 | ) | (310 | ) | (669 | ) | (545 | ) | |||||||||
Net cash provided by (used in) operating activities of continuing operations | 3,664 | 587 | 1,593 | (297 | ) | 1,005 | |||||||||||||
Investing activities | |||||||||||||||||||
Purchases of marketable securities | (4,899 | ) | (1,965 | ) | (2,986 | ) | (16,820 | ) | (17,669 | ) | |||||||||
Maturities of marketable securities | 5,160 | 1,920 | 2,685 | 16,920 | 15,550 | ||||||||||||||
Purchases of property and equipment | (8,693 | ) | (5,395 | ) | (5,075 | ) | (20,754 | ) | (13,984 | ) | |||||||||
Proceeds from sale of discontinued operations | — | — | — | — | 414 | ||||||||||||||
Net cash used in investing activities of continuing operations | (8,432 | ) | (5,440 | ) | (5,376 | ) | (20,654 | ) | (15,689 | ) | |||||||||
Financing activities | |||||||||||||||||||
Payments on capital lease obligations | — | — | (89 | ) | (358 | ) | (412 | ) | |||||||||||
Payment of employee tax withholdings related to restricted stock vesting | (335 | ) | (837 | ) | (284 | ) | (2,279 | ) | (1,455 | ) | |||||||||
Cash paid for purchase of common stock | — | — | (1,296 | ) | (957 | ) | (2,500 | ) | |||||||||||
Proceeds from exercise of stock options and employee stock plan | 212 | 544 | 233 | 2,731 | 967 | ||||||||||||||
Net cash used in financing activities of continuing operations | (123 | ) | (293 | ) | (1,436 | ) | (863 | ) | (3,400 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (159 | ) | 140 | (1,153 | ) | (501 | ) | (840 | ) | ||||||||||
Discontinued operations | |||||||||||||||||||
Cash used in operating activities of discontinued operations | — | — | (4 | ) | — | (4 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (5,050 | ) | (5,006 | ) | (6,376 | ) | (22,315 | ) | (18,928 | ) | |||||||||
Cash and cash equivalents, beginning of period | 40,502 | 45,508 | 73,404 | 57,767 | 85,956 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 35,452 | $ | 40,502 | $ | 67,028 | $ | 35,452 | $ | 67,028 |
Use of Non-GAAP Financial Measures
To evaluate our business, we consider and use non-generally accepted accounting principles (Non-GAAP) net loss, EBITDA from continuing operations 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 loss to be an important indicator of overall business performance. We define Non-GAAP net loss to be U.S. GAAP net loss adjusted to exclude share-based compensation, litigation defense expenses, amortization of intangible assets, discontinued operations and the gain (loss) on sale of our web content management (WCM) business. We believe that EBITDA from continuing operations provides a useful metric to investors to compare us with other companies within our industry and across industries. We define EBITDA from continuing operations as U.S. GAAP net loss adjusted to exclude interest and other (income) expense, interest expense, income tax expense, depreciation and amortization, discontinued operations and gain (loss) on sale of WCM. We define Adjusted EBITDA as
Exhibit 99.1
EBITDA from continuing operations adjusted to exclude share-based compensation and litigation defense expenses. We use Adjusted EBITDA as a supplemental measure to review and assess operating performance. We also believe use of Adjusted EBITDA facilitates investors’ use of operating performance comparisons from period to period, as well as across companies.
The terms Non-GAAP net loss, EBITDA from continuing operations and Adjusted EBITDA are not defined under United States generally accepted accounting principles, or United States GAAP, and are not measures of operating income, operating performance or liquidity presented in accordance with United States GAAP. Our Non-GAAP net loss, EBITDA from continuing operations and Adjusted EBITDA have limitations as analytical tools, and when assessing our operating performance, Non-GAAP net loss, EBITDA from continuing operations and Adjusted EBITDA should not be considered in isolation, or as a substitute for net loss or other consolidated income statement data prepared in accordance with United States GAAP. Some of these limitations include, but are not limited to:
• | EBITDA from continuing operations 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; |
• | these measures do not reflect the cash requirements necessary for litigation costs; |
• | 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 from continuing operations 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 EBITDA from continuing operations and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. |
We compensate for these limitations by relying primarily on our GAAP results and using Non-GAAP net income (loss), EBITDA from continuing operations, and Adjusted EBITDA only as supplemental support for management's analysis of business performance. Non-GAAP net income (loss), EBITDA from continuing operations 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, Limelight is presenting the most directly comparable GAAP financial measures and reconciling the non-GAAP financial metrics to the comparable GAAP measures. Per share amounts may not foot due to rounding.
Exhibit 99.1
Limelight Networks, Inc.
Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net Loss
(In thousands)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||||||||||||||||||||||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | Amount | Per Share | ||||||||||||||||||||||||||||||
U.S. GAAP net loss | $ | (7,762 | ) | $ | (0.08 | ) | $ | (6,362 | ) | $ | (0.06 | ) | $ | (5,075 | ) | $ | (0.05 | ) | $ | (19,807 | ) | $ | (0.20 | ) | $ | (19,584 | ) | $ | (0.20 | ) | |||||||||
Share-based compensation | 3,124 | 0.03 | 3,280 | 0.03 | 2,587 | 0.03 | 9,473 | 0.10 | 7,800 | 0.08 | |||||||||||||||||||||||||||||
Litigation defense expenses | 140 | — | (1,174 | ) | (0.01 | ) | 10 | — | (1,015 | ) | (0.01 | ) | 819 | 0.01 | |||||||||||||||||||||||||
Amortization of intangible assets | 203 | — | 201 | — | 259 | — | 602 | 0.01 | 934 | 0.01 | |||||||||||||||||||||||||||||
Loss on sale of the WCM business | — | — | — | — | — | — | — | — | 62 | — | |||||||||||||||||||||||||||||
Loss (income) from discontinued operations | — | — | — | — | 4 | — | — | — | (265 | ) | — | ||||||||||||||||||||||||||||
Non-GAAP net loss | $ | (4,295 | ) | $ | (0.04 | ) | $ | (4,055 | ) | $ | (0.04 | ) | $ | (2,215 | ) | $ | (0.02 | ) | $ | (10,747 | ) | $ | (0.11 | ) | $ | (10,234 | ) | $ | (0.10 | ) | |||||||||
Weighted average shares used in per share calculation: | 100,552 | 99,841 | 98,458 | 99,676 | 98,274 |
Limelight Networks, Inc.
Reconciliation of U.S. GAAP Net Loss to EBITDA to Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
U.S. GAAP net loss | $ | (7,762 | ) | $ | (6,362 | ) | $ | (5,075 | ) | $ | (19,807 | ) | $ | (19,584 | ) | ||||
Depreciation and amortization | 5,284 | 5,011 | 5,032 | 15,088 | 15,556 | ||||||||||||||
Interest expense | — | — | 7 | 4 | 26 | ||||||||||||||
Loss on sale of the WCM business | — | — | — | — | 62 | ||||||||||||||
Interest and other (income) expense | (555 | ) | 56 | (1,258 | ) | (2,386 | ) | (1,279 | ) | ||||||||||
Income tax expense | 76 | 90 | 98 | 221 | 181 | ||||||||||||||
Loss (income) from discontinued operations | — | — | 4 | — | (265 | ) | |||||||||||||
EBITDA from continuing operations | $ | (2,957 | ) | $ | (1,205 | ) | $ | (1,192 | ) | $ | (6,880 | ) | $ | (5,303 | ) | ||||
Share-based compensation | 3,124 | 3,280 | 2,587 | 9,473 | 7,800 | ||||||||||||||
Litigation defense expenses | 140 | (1,174 | ) | 10 | (1,015 | ) | 819 | ||||||||||||
Adjusted EBITDA | $ | 307 | $ | 901 | $ | 1,405 | $ | 1,578 | $ | 3,316 |
Conference Call
At approximately 4:30 p.m. EST (1:30 p.m. PST) today, management will host a quarterly conference call for investors. Investors can access this call toll-free at 877-388-8480 within the United States or +1 678-809-1592 outside of the U.S. The conference call will also be audiocast 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 strategic focus; our expectations regarding revenues for the fourth quarter and full year 2015 and full year 2016; non-GAAP net loss and capital
Exhibit 99.1
expenditures for the full-year 2015; our non-GAAP net income (loss) for the full-year 2016, the growth of our business; the performance of our services; our expectations regarding the Akamai litigation, and our relationship with our customers. Our expectations and beliefs regarding these matters may not materialize. The potential risk and uncertainties that could cause actual results to differ materially from the results predicted include, among other things, reduction of demand for our services from new or existing customers, unforeseen changes in our hiring patterns, 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 November 3, 2015, 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 (NASDAQ: LLNW), a global leader in digital content delivery, empowers customers to better engage online audiences by enabling them to securely manage and globally deliver digital content, on any device. The company’s award winning Limelight Orchestrate™ platform includes an integrated suite of content delivery technology and services that helps organizations secure digital content, deliver exceptional multi-screen experiences, improve brand awareness, drive revenue, and enhance customer relationships — all while reducing costs. For more information, please visit www.limelight.com, read our blog, follow us on Twitter, Facebook and LinkedIn and be sure to visit Limelight Connect.”
Copyright (C) 2015 Limelight Networks, Inc. All rights reserved. All product or service names are the property of their respective owners.
Source: Limelight Networks
Language:
English
CONTACT:
Limelight Networks, Inc.
Sajid Malhotra, 602-850-5778
ir@llnw.com
Ticker Slug:
Ticker: LLNW
Exchange: NASDAQ