IntraLinks Announces Fourth Quarter and Full Year 2012 Results
NEW YORK, NY - February 21, 2013 - IntraLinks Holdings, Inc. (NYSE: IL), a leading, global technology provider of inter-enterprise content management and collaboration solutions, today announced results for its fourth quarter and full year 2012.
“The financial results for 2012 reflect the stability of our company as well as good momentum in our core strategic transactions business, where we continue to gain share,” said Ron Hovsepian, IntraLinks' President and CEO. “We made significant progress that I believe will position us well for long-term growth. We strengthened our senior management team, and began to implement our strategy of leveraging the leadership position we have in our core business while investing in developing solutions that squarely address what we see as the unmet needs of the enterprise market for secure, beyond-the-firewall content collaboration.”
Fourth Quarter 2012
Total revenue was $57.4 million, compared to $52.9 million for the corresponding quarter last year.
| |
| • | Enterprise revenue was $24.2 million, compared to $23.5 million for the corresponding quarter last year. |
| |
| • | M&A revenue was $26.2 million, compared to $20.9 million for the corresponding quarter last year. |
| |
| • | DCM revenue was $7.0 million, compared to $8.5 million for the corresponding quarter last year. |
GAAP gross margin was 73.1%, compared to 73.2% for the corresponding quarter last year. Non-GAAP gross margin was 76.8%, compared to 79.6% for the corresponding quarter last year.
GAAP operating loss was ($1.7) million, compared to operating income of $2.4 million for the corresponding quarter last year. Non-GAAP adjusted operating income was $6.2 million, compared to $11.5 million for the corresponding quarter last year.
GAAP net loss was ($1.5) million, compared to a GAAP net loss of ($2.5) million for the corresponding quarter last year. GAAP net loss per share for the fourth quarter was ($0.03) on the basis of 54.5 million shares outstanding. In the prior year comparable period, diluted GAAP net loss per share was ($0.05) on the basis of 54.1 million shares outstanding.
Non-GAAP adjusted net income was $3.2 million, compared to $5.7 million for the corresponding quarter last year. Non-GAAP adjusted net income per share was $0.06 on the basis of 55.1 million shares outstanding. In the corresponding quarter for the prior year, non-GAAP net income per share was $0.11 on the basis of 54.6 million shares outstanding.
Non-GAAP adjusted EBITDA was $11.2 million, compared to $16.1 million for the corresponding quarter last year.
Cash flow from operations was $14.0 million, compared to $19.6 million in the corresponding quarter last year.
Full Year 2012
Total revenue was $216.7 million, compared to $213.5 million in the prior year.
| |
| • | Enterprise revenue was $94.6 million, compared to $94.6 million last year |
| |
| • | M&A revenue was $91.6 million, compared to $83.8 million last year |
| |
| • | DCM revenue was $30.4 million, compared to $34.5 million last year |
| |
| • | In the prior year, other revenue of $0.6 million came from an insurance recovery. |
GAAP gross margin was 71.2%, compared to 73.6% for the corresponding quarter last year. Non-GAAP gross margin was 76.2%, compared to 79.9% in the prior year.
GAAP operating loss was ($22.3) million, compared to operating income of $8.9 million in the prior year. Non-GAAP adjusted operating income was $18.8 million, compared to $46.3 million in the prior year.
GAAP net loss was ($17.4) million, compared to a GAAP net loss of ($1.2) million in the prior year. GAAP net loss per share for the year was ($0.32) on the basis of 54.4 million shares outstanding. In the prior year comparable period, GAAP net loss per share was ($0.02) on the basis of 53.4 million shares outstanding.
Non-GAAP adjusted net income was $8.4 million, compared to $23.5 million last year. Non-GAAP adjusted net income per share was $0.15 on the basis of 54.9 million shares outstanding. In the corresponding period for the prior year, non-GAAP net income per share was $0.43 on the basis of 54.5 million shares outstanding. Shares outstanding for the prior period are on a pro forma basis, assuming that the 2011 follow-on offering of common stock occurred at the beginning of the period.
Non-GAAP adjusted EBITDA was $37.3 million, compared to non-GAAP adjusted EBITDA of $66.3 million in the prior year.
Cash flow from operations was $35.2 million, compared to $54.7 million in the prior year.
Deferred revenue on the balance sheet at December 31, 2012 was $40.7 million, compared to $40.3 million at the end of 2011.
Business Outlook:
Based on information available as of February 21, 2013, IntraLinks is providing guidance for 2013 as follows:
First Quarter 2013
Revenue: $50 million to $53 million
GAAP operating loss: ($5.0) million to ($7.0) million
Non-GAAP adjusted operating income: $1.0 million to $3.0 million
Non-GAAP adjusted EBITDA: $6.0 million to $8.0 million
GAAP net loss per share: ($0.07) to ($0.09)
Non-GAAP net income per share: $0.00 to $0.02
Full Year 2013
Revenue: $214 million to $224 million
GAAP operating loss: ($14.8) million to ($18.8) million
Non-GAAP adjusted operating income: $13.0 million to $17.0 million
Non-GAAP adjusted EBITDA: $33 million to $37 million
GAAP net loss per share: ($0.22) to ($0.26)
Non-GAAP net income per share: $0.10 to $0.14
Quarterly Conference Call
IntraLinks will host a conference call today at 5:00 p.m. Eastern Time (ET) to discuss the company's fourth quarter and full year 2012 financial results and other corporate developments. To access this call, dial 866-524-3160 (domestic) or 412-317-6760 (international). A passcode is not required. This presentation will also be webcast live on the investor relations section on the IntraLinks website at www.intralinks.com/ir. In conjunction with this call, there will also be accompanying slides with supplemental information available at the same website location.
Following the conference call, a replay will be available until February 28, 2013, at 877-870-5176 (domestic) or 858-384-5517 (international). The passcode for the replay is 10023811. An archived webcast of this conference call will also be available on the investor relations section on the IntraLinks website at www.intralinks.com/ir.
About IntraLinks
IntraLinks Holdings, Inc. (IL) is a leading, global technology provider of inter-enterprise content management and collaboration solutions. The innovative Software-as-a-Service solutions of IntraLinks enable the exchange, control, and management of information between organizations securely and compliantly when working through the firewall. More than 2 million professionals at 800 of the Fortune 1000 companies depend on IntraLinks' experience. With a track record of enabling high-stakes transactions and business collaborations valued at more than $19 trillion, IntraLinks is a trusted provider of easy-to-use, enterprise strength, cloud-based collaboration solutions. For more information, visit www.intralinks.com.
Non-GAAP Financial Measures
The Press Release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in the United States (“GAAP” or “U.S. GAAP”), including non-GAAP gross profit and gross margin, non-GAAP adjusted operating income and margin, non-GAAP adjusted net income, non-GAAP adjusted net income per share, and non-GAAP adjusted EBITDA. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.
Management defines its non-GAAP financial measures as follows:
| |
| • | Non-GAAP gross margin represents the corresponding GAAP measure adjusted to exclude (1) stock-based compensation expense, and (2) amortization of intangible assets. |
| |
| • | Non-GAAP adjusted operating income represents the corresponding GAAP measure adjusted to exclude (1) stock-based compensation expense, (2) amortization of intangible assets, (3) impairment charges or asset write-offs, and (4) costs related to public stock offerings. |
| |
| • | Non-GAAP adjusted net income represents the corresponding GAAP measure adjusted to exclude (1) stock-based compensation expense, (2) amortization of intangible assets, (3) impairment charges or asset write-offs, (4) costs related to debt repayments, and (5) costs related to public stock offerings. Non-GAAP adjusted net income is calculated using an estimated long-term effective tax rate. |
| |
| • | Non-GAAP net income per share represents non-GAAP adjusted net income defined above divided by shares outstanding. |
| |
| • | Non-GAAP adjusted EBITDA represents net income (loss) adjusted to exclude (1) interest expense, (2) income tax provision (benefit), (3) depreciation and amortization, (4) amortization of intangible assets, (5) stock-based compensation expense, (6) amortization of debt issuance costs, (7) other expense (income), (8) net impairment charges or asset write-offs, and (9) costs related to public stock offerings. |
| |
| • | Free cash flow represents cash flow from operations less capital expenditures. |
Management believes that these non-GAAP financial measures, when viewed with our results under U.S. GAAP and the accompanying reconciliations, provide useful information about our period-over-period growth and provide additional information that is useful for evaluating our operating performance and manage the cash needs of our business. Additionally, management believes that these non-GAAP financial measures provide a more meaningful comparison of our operating results against those of other companies in our industry, as well as on a period-to-period basis, because these measures exclude items that are not representative of our operating performance, such as amortization of intangible assets, interest expense and fair value adjustments to the interest rate swap. Management believes that including these costs in our results of operations results in a lack of comparability between our operating results and those of our peers in the industry, the majority of which are not highly leveraged and do not have comparable amortization costs related to intangible assets. However, non-GAAP gross margin, non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income per share and non-GAAP adjusted EBITDA are not measures of financial performance under U.S. GAAP and, accordingly, should not be considered as alternatives to gross margin, operating income, net income (loss), and cash flows provided by operations as indicators of operating performance.
A reconciliation of GAAP to Non-GAAP financial measures has been provided in the financial statement tables included in the Press Release.
Forward Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements that are not based on historical information relating to, among other things, expectations and assumptions concerning management's forecast of financial performance, future business growth, and management's plans, objectives, and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: the uncertainty of our future profitability; our ability to sustain positive cash flow; periodic fluctuations in our operating results; risks related to our substantial debt balances; our ability to maintain the security and integrity of our systems; our ability to increase our penetration in our principal existing markets and expand into additional markets; our dependence on the volume of financial and strategic business transactions; our dependence on customer referrals; our ability to maintain and expand our direct sales capabilities; our ability to develop and maintain strategic relationships to sell and deliver our solutions; customer renewal rates; our ability to maintain the compatibility of our services with third-party applications; competition and our ability to maintain our average sales prices; our ability to adapt to changing technologies; interruptions or delays in our service; international risks; our ability to protect our intellectual property; costs of being a public company; and risks related to changes in laws, regulations or governmental policy including tax regulations. Further information on these and other factors that could affect our financial results is contained in our public filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our Annual Report on Form 10-K for the year-ended December 31, 2011 and subsequent reports. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
IntraLinks undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
"IntraLinks" and the IntraLinks logo are registered trademarks of IntraLinks, Inc. © 2013. All rights reserved.
Investor Contact:
David Roy
IntraLinks Holdings, Inc.
212-342-7690
droy@intralinks.com
Media Contact:
Ian Bruce
IntraLinks Holdings, Inc.
(Cell) 508-574-2016
ibruce@intralinks.com
IntraLinks Holdings, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share and per Share Data)
(unaudited)
|
| | | | | | | | |
| | | December 31, 2012 | | December 31, 2011 |
| ASSETS | | |
| | |
|
| Current assets: | | |
| | |
|
| Cash and cash equivalents | | $ | 43,798 |
| | $ | 46,694 |
|
| Accounts receivable, net of allowances of $2,927 and $2,149, respectively | | 37,667 |
| | 38,895 |
|
| Investments | | 31,549 |
| | 36,120 |
|
| Deferred taxes | | 7,469 |
| | 12,711 |
|
| Prepaid expenses | | 5,474 |
| | 4,238 |
|
| Other current assets | | 3,518 |
| | 4,567 |
|
| Total current assets | | 129,475 |
| | 143,225 |
|
| Fixed assets, net | | 10,645 |
| | 7,635 |
|
| Capitalized software, net | | 26,295 |
| | 30,287 |
|
| Goodwill | | 215,478 |
| | 215,478 |
|
| Other intangibles, net | | 106,750 |
| | 132,233 |
|
| Other assets | | 1,111 |
| | 1,483 |
|
| Total assets | | $ | 489,754 |
| | $ | 530,341 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY | | |
| | |
|
| Current liabilities: | | |
| | |
|
| Accounts payable and other current liabilities | | $ | 25,801 |
| | $ | 24,780 |
|
| Deferred revenue | | 40,719 |
| | 40,309 |
|
| Total current liabilities | | 66,520 |
| | 65,089 |
|
| Long term debt | | 75,238 |
| | 91,164 |
|
| Deferred taxes | | 21,135 |
| | 39,384 |
|
| Other long term liabilities | | 4,809 |
| | 2,874 |
|
| Total liabilities | | 167,702 |
| | 198,511 |
|
| Stockholders' equity: | | |
| | |
|
| Undesignated Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding as December 31, 2012 and 2011 | | — |
| | — |
|
| Common Stock, $0.001 par value; 300,000,000 shares authorized; 55,486,651 and 54,248,178 shares issued and outstanding as of December 31, 2012 and 2011, respectively | | 55 |
| | 54 |
|
| Additional paid-in capital | | 419,618 |
| | 411,781 |
|
| Accumulated deficit | | (97,436 | ) | | (80,056 | ) |
| Accumulated other comprehensive (loss) income | | (185 | ) | | 51 |
|
| Total stockholders' equity | | 322,052 |
| | 331,830 |
|
| Total liabilities and stockholders' equity | | $ | 489,754 |
| | $ | 530,341 |
|
IntraLinks Holdings, Inc.
Consolidated Statements of Operations
(In Thousands, Except Share and per Share Data)
(unaudited)
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
December 31, | | Years Ended
December 31, |
| | | 2012 | | 2011 | | 2012 | | 2011 |
| Revenue | | $ | 57,364 |
| | $ | 52,935 |
| | $ | 216,667 |
| | $ | 212,890 |
|
| Other Revenue | | — |
| | — |
| | — |
| | 614 |
|
| Total Revenue | | 57,364 |
| | 52,935 |
| | 216,667 |
| | 213,504 |
|
| Cost of revenue | | 15,419 |
| | 14,193 |
| | 62,354 |
| | 56,385 |
|
| Gross profit | | 41,945 |
| | 38,742 |
| | 154,313 |
| | 157,119 |
|
| Operating expenses: | | | | | | |
| | |
|
| Product development | | 6,019 |
| | 3,888 |
| | 21,092 |
| | 18,579 |
|
| Sales and marketing | | 25,539 |
| | 21,411 |
| | 96,198 |
| | 88,872 |
|
| General and administrative | | 11,796 |
| | 11,073 |
| | 50,608 |
| | 40,808 |
|
| Impairment of capitalized software | | 338 |
| | — |
| | 8,715 |
| | — |
|
| Total operating expenses | | 43,692 |
| | 36,372 |
| | 176,613 |
| | 148,259 |
|
| (Loss) income from operations | | (1,747 | ) | | 2,370 |
| | (22,300 | ) | | 8,860 |
|
| Interest expense | | 1,190 |
| | 2,498 |
| | 6,435 |
| | 10,645 |
|
| Amortization of debt issuance costs | | 149 |
| | 214 |
| | 740 |
| | 1,369 |
|
| Other (income), net | | (392 | ) | | (576 | ) | | (1,870 | ) | | (3,123 | ) |
| Net (loss) income before income tax | | (2,694 | ) | | 234 |
| | (27,605 | ) | | (31 | ) |
| Income tax (benefit) expense | | (1,185 | ) | | 2,731 |
| | (10,225 | ) | | 1,212 |
|
| Net (loss) | | $ | (1,509 | ) | | $ | (2,497 | ) | | $ | (17,380 | ) | | $ | (1,243 | ) |
| Net (loss) per common share | | | | | | |
| | |
|
| Basic | | $ | (0.03 | ) | | $ | (0.05 | ) | | $ | (0.32 | ) | | $ | (0.02 | ) |
| Diluted | | $ | (0.03 | ) | | $ | (0.05 | ) | | $ | (0.32 | ) | | $ | (0.02 | ) |
| Weighted average number of shares used in calculating net (loss) per share | | | | | | |
| | |
|
| Basic | | 54,533,774 |
| | 54,096,215 |
| | 54,352,536 |
| | 53,381,655 |
|
| Diluted | | 54,533,774 |
| | 54,096,215 |
| | 54,352,536 |
| | 53,381,655 |
|
IntraLinks Holdings, Inc.
Consolidated Statements of Cash Flows
(In Thousands)
(unaudited)
|
| | | | | | | | |
| | | Years Ended December 31, |
| | | 2012 | | 2011 |
| Net (loss) | | $ | (17,380 | ) | | $ | (1,243 | ) |
| Adjustments to reconcile net (loss) to net cash provided by operating activities: | | | | |
|
| Depreciation and amortization | | 18,567 |
| | 19,999 |
|
| Stock-based compensation expense | | 6,561 |
| | 8,708 |
|
| Amortization of intangible assets | | 25,774 |
| | 28,630 |
|
| Amortization of deferred costs | | 1,808 |
| | 1,472 |
|
| Provision for bad debts and customer credits | | 1,713 |
| | 931 |
|
| Loss on disposal of fixed assets | | 15 |
| | 228 |
|
| Impairment of capitalized software | | 8,715 |
| | — |
|
| Change in deferred taxes | | (13,007 | ) | | (1,166 | ) |
| Gain on interest rate swap | | (1,455 | ) | | (4,193 | ) |
| Currency remeasurement loss (gain) | | 388 |
| | (318 | ) |
| Changes in operating assets and liabilities: | | | | |
|
| Accounts receivable | | (690 | ) | | (2,692 | ) |
| Prepaid expenses and other current assets | | (1,213 | ) | | (1,804 | ) |
| Other assets | | 340 |
| | 1,092 |
|
| Accounts payable and other liabilities | | 4,303 |
| | 2,693 |
|
| Deferred revenue | | 747 |
| | 2,389 |
|
| Net cash provided by operating activities | | $ | 35,186 |
| | $ | 54,726 |
|
| Cash flows from investing activities: | | | | |
|
| Business acquisition | | (300 | ) | | — |
|
| Capital expenditures | | (6,174 | ) | | (5,115 | ) |
| Reimbursable leasehold improvements | | (1,840 | ) | | — |
|
| Capitalized software development costs | | (18,013 | ) | | (18,718 | ) |
| Purchase of short-term investments | | (37,445 | ) | | (40,120 | ) |
| Maturity of short-term investments | | 41,220 |
| | 4,000 |
|
| Net cash used in investing activities | | $ | (22,552 | ) | | $ | (59,953 | ) |
| Cash flows from financing activities: | | | | |
|
| Proceeds from exercise of stock options | | 481 |
| | 1,374 |
|
| Proceeds from issuance of common stock | | 795 |
| | 1,251 |
|
| Offering costs paid in connection with follow-on offerings | | — |
| | (516 | ) |
| Proceeds from follow-on offering, net of underwriting discounts and commissions | | — |
| | 35,003 |
|
| Repayments of outstanding financing arrangements | | (641 | ) | | — |
|
| Repayments of outstanding principal on long-term debt | | (15,861 | ) | | (35,657 | ) |
| Net cash (used in) provided by financing activities | | $ | (15,226 | ) | | $ | 1,455 |
|
| Effect of foreign exchange rate changes on cash and cash equivalents | | (304 | ) | | (1 | ) |
| Net (decrease) in cash and cash equivalents | | (2,896 | ) | | (3,773 | ) |
| Cash and cash equivalents at beginning of period | | 46,694 |
| | 50,467 |
|
| Cash and cash equivalents at end of period | | $ | 43,798 |
| | $ | 46,694 |
|
IntraLinks Holdings, Inc.
Reconciliation of Non-GAAP to GAAP Financial Measures
(In Thousands, Except Share and per Share Data)
(unaudited)
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
December 31, | | Year Ended
December 31, |
| | | 2012 | | 2011 | | 2012 | | 2011 |
| Gross profit | | $ | 41,945 |
| | $ | 38,742 |
| | $ | 154,313 |
| | $ | 157,119 |
|
| Gross margin | | 73.1 | % | | 73.2 | % | | 71.2 | % | | 73.6 | % |
| Cost of revenue – stock-based compensation expense | | 124 |
| | 92 |
| | 445 |
| | 310 |
|
| Cost of revenue – amortization of intangible assets | | 1,986 |
| | 3,309 |
| | 10,369 |
| | 13,237 |
|
| Non-GAAP Gross profit | | $ | 44,055 |
| | $ | 42,143 |
| | $ | 165,127 |
| | $ | 170,666 |
|
| Non-GAAP Gross margin | | 76.8 | % | | 79.6 | % | | 76.2 | % | | 79.9 | % |
| | | | | | | | | |
| (Loss ) Income from operations | | $ | (1,747 | ) | | $ | 2,370 |
| | $ | (22,300 | ) | | $ | 8,860 |
|
| Stock-based compensation expense | | 1,729 |
| | 1,943 |
| | 6,561 |
| | 8,708 |
|
| Amortization of intangible assets | | 5,846 |
| | 7,158 |
| | 25,774 |
| | 28,630 |
|
| Impairment on capitalized software | | 338 |
| | — |
| | 8,715 |
| | — |
|
| Costs related to public stock offerings | | — |
| | — |
| | — |
| | 57 |
|
| Non-GAAP adjusted Operating income | | $ | 6,166 |
| | $ | 11,471 |
| | $ | 18,750 |
| | $ | 46,255 |
|
| | | | | | | | | |
| Net (loss ) income before income tax | | $ | (2,694 | ) | | $ | 234 |
| | $ | (27,605 | ) | | $ | (31 | ) |
| Stock-based compensation expense | | 1,729 |
| | 1,943 |
| | 6,561 |
| | 8,708 |
|
| Amortization of intangible assets | | 5,846 |
| | 7,158 |
| | 25,774 |
| | 28,630 |
|
| Impairment on capitalized software | | 338 |
| | — |
| | 8,715 |
| | — |
|
| Costs related to public stock offerings | | — |
| | — |
| | — |
| | 57 |
|
| Costs related to debt repayments | | — |
| | — |
| | 47 |
| | — |
|
| Non-GAAP adjusted Net Income before tax | | 5,219 |
| | 9,335 |
| | 13,492 |
| | 37,364 |
|
| Non-GAAP Income tax expense | | 1,983 |
| | 3,594 |
| | 5,127 |
| | 13,825 |
|
| Non-GAAP adjusted Net income | | $ | 3,236 |
| | $ | 5,741 |
| | $ | 8,365 |
| | $ | 23,539 |
|
| | | | | | | | | |
| Net (loss) | | $ | (1,509 | ) | | $ | (2,497 | ) | | $ | (17,380 | ) | | $ | (1,243 | ) |
| Interest expense | | 1,190 |
| | 2,498 |
| | 6,435 |
| | 10,645 |
|
| Income tax (benefit) expense | | (1,185 | ) | | 2,731 |
| | (10,225 | ) | | 1,212 |
|
| Depreciation and amortization | | 5,065 |
| | 4,598 |
| | 18,567 |
| | 19,999 |
|
| Amortization of intangible assets | | 5,846 |
| | 7,158 |
| | 25,774 |
| | 28,630 |
|
| Stock-based compensation expense | | 1,729 |
| | 1,943 |
| | 6,561 |
| | 8,708 |
|
| Impairment on capitalized software | | 338 |
| | — |
| | 8,715 |
| | — |
|
| Amortization of debt issuance costs | | 149 |
| | 214 |
| | 740 |
| | 1,369 |
|
| Other (income), net | | (392 | ) | | (576 | ) | | (1,870 | ) | | (3,123 | ) |
| Costs related to public stock offerings | | — |
| | — |
| | — |
| | 57 |
|
| Non-GAAP adjusted EBITDA | | $ | 11,231 |
| | $ | 16,069 |
| | $ | 37,317 |
| | $ | 66,254 |
|
| Non-GAAP adjusted EBITDA margin | | 19.6 | % | | 30.4 | % | | 17.2 | % | | 31.0 | % |
| | | | | | | | | |
| Cash flow provided by operations | | $ | 14,004 |
| | $ | 19,611 |
| | $ | 35,186 |
| | $ | 54,726 |
|
| Capital expenditures | | (4,469 | ) | | (4,900 | ) | | (26,027 | ) | | (23,833 | ) |
| Free cash flow | | $ | 9,535 |
| | $ | 14,711 |
| | $ | 9,159 |
| | $ | 30,893 |
|
IntraLinks Holdings, Inc.
Reconciliation of Non-GAAP to GAAP Financial Measures - Guidance
(In Thousands)
(unaudited)
|
| | | | | | | | |
| | | Three Months Ending March 31, 2013 | | Year Ending December 31, 2013 |
| Gross profit | | $ | 35,503 |
| | $ | 155,778 |
|
| Gross margin | | 68.9 | % | | 71.1 | % |
| Cost of revenue - stock-based compensation expense | | 146 |
| | 569 |
|
| Cost of revenue - amortization of intangible assets | | 2,351 |
| | 9,405 |
|
| Non-GAAP gross profit | | $ | 38,000 |
| | $ | 165,752 |
|
| Non-GAAP gross margin | | 73.8 | % | | 75.7 | % |
| | | | | |
| Loss from operations | | (6,000 | ) | | (16,800 | ) |
| Stock-based compensation expense | | 2,156 |
| | 8,382 |
|
| Amortization of intangible assets | | 5,844 |
| | 23,377 |
|
| Non-GAAP adjusted operating income | | $ | 2,000 |
| | $ | 14,959 |
|
| | | | | |
| Net loss before income tax | | $ | (7,152 | ) | | $ | (21,202 | ) |
| Stock-based compensation expense | | 2,156 |
| | 8,382 |
|
| Amortization of intangible assets | | 5,844 |
| | 23,377 |
|
| Non-GAAP adjusted net income before tax | | 848 |
| | 10,557 |
|
| Non-GAAP income tax expense | | 322 |
| | 4,012 |
|
| Non-GAAP adjusted net income | | $ | 526 |
| | $ | 6,545 |
|
| | | | | |
| Net loss | | $ | (4,219 | ) | | $ | (13,958 | ) |
| Interest expense | | 1,141 |
| | 4,610 |
|
| Income tax benefit | | (2,718 | ) | | (8,057 | ) |
| Depreciation and amortization | | 4,774 |
| | 20,814 |
|
| Amortization of intangible assets | | 5,844 |
| | 23,377 |
|
| Stock-based compensation expense | | 2,156 |
| | 8,382 |
|
| Amortization of debt issuance costs | | 112 |
| | 192 |
|
| Other (income), net | | (90 | ) | | (360 | ) |
| Non-GAAP adjusted EBITDA | | $ | 7,000 |
| | $ | 35,000 |
|
| Non-GAAP adjusted EBITDA margin | | 13.6 | % | | 16.0 | % |
Note: All forward-looking figures presented in this table are stated at the mid-point of the estimated range.
