UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 13, 2012
Limelight Networks
(Exact name of registrant as specified in its charter)
Delaware |
001-33508 |
20-1677033 |
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
222 South Mill Avenue, 8th Floor Tempe, AZ |
85281 |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (602) 850-5000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
||
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On February 13, 2012, Limelight Networks, Inc. issued a press release regarding its financial results for the fourth quarter ended December 31, 2011 and certain other information. The full text of this press release is furnished herewith as Exhibit 99.1.
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Description
99.1
Limelight Networks, Inc. Press Release dated February 13, 2012 (furnished herewith).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Limelight Networks
(Registrant) |
||
February 13, 2012
(Date) |
/s/ PHILIP C. MAYNARD
Philip C. Maynard Senior Vice President, Chief Legal Officer and Secretary |
EXHIBIT INDEX
Exhibit Number |
Description | |
99.1 | Limelight Networks, Inc. Press Release dated February 13, 2012 (furnished herewith). |
EXHIBIT 99.1
TEMPE, Ariz., Feb. 13, 2012 (GLOBE NEWSWIRE) -- Limelight Networks, Inc. (Nasdaq:LLNW) ("Limelight") today reported fourth quarter and full year 2011 financial results.
"After two years of transformational work, Limelight Networks now offers high-value integrated solutions which allow our customers to manage their entire digital presence across web, mobile, social, and large screen channels," said Jeff Lunsford, chairman and chief executive officer. "These cloud-based solutions are being well-received by customers and prospects, and helped us to exceed our revenue forecasts for the fourth quarter. Our high-performance global computing platform allows us to offer advanced features across mobile, On-line Video Platform, content management, front-end acceleration, content delivery, transcoding, live streaming, social enablement and cloud storage. The integration of these differentiates us from point solution providers and allows us to solve complex business problems for our customers. Our content delivery business also helped us exceed revenue forecasts, growing 9% sequentially during a third quarter in a row of favorable CDN pricing trends. This CDN business is unique and valuable, having funded and fueled the construction of a globally distributed platform that solves what we believe is one of the hardest problems in cloud computing – that of delivering broadcast quality video to hyper-connected viewers across 800+ device types across the globe. The hardware, software and operational platform required to pull this off provides an exceptional foundation for building high-value cloud applications at the workflow layer in the future."
Specific highlights for the fourth quarter included:
- Limelight video platform revenue grew in excess of 160% year-over-year
- Mobile internet and tablet computing revenue grew in excess of 70% year-over-year
- Enterprise cloud storage revenue grew in excess of 55% year-over-year
- Site and application acceleration services revenue grew in excess of 25% year-over-year
Financial Highlights
For the fourth quarter of 2011, the Company reported revenue of $46 million from continuing operations, adjusted EBITDA of $6.5 million and non-GAAP net loss, before share-based compensation, litigation expenses, amortization of intangible assets, acquisition-related expenses, and discontinued operations of $0.6 million or 1 cent per basic share. GAAP net loss from continuing operations was $6 million, or 6 cents per basic share.
For the full year of 2011, the Company reported revenue of $171.3 million from continuing operations. The Company also reported Adjusted EBITDA of $18.4 million and non-GAAP net loss from continuing operations, before share-based compensation, litigation expenses, amortization of intangible assets, acquisition-related expenses, and discontinued operations of $9.7 million or $0.09 per basic share.
Capital investments were $3.5 million in the quarter and $30.4 million for the year. The Company ended the year with no bank debt and approximately $140 million in cash and short-term marketable securities.
Stock Buyback Program
During the fourth quarter the Company repurchased approximately 5.6 million shares of common stock for $15.2 million at an average price of $2.78 per share, including commissions. The Company is nearing the completion of its $25 million stock buyback program, having repurchased approximately 9.7 million shares of common stock at an average price of $2.57 per share since commencement.
2012 Outlook
The Company anticipates first quarter revenue to be in the range of $43-$45 million.
Financial Tables
LIMELIGHT NETWORKS, INC. | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
(In thousands, except per share data) | ||
December 31, | December 31, | |
2011 | 2010 | |
(Unaudited) | ||
ASSETS | ||
Current Assets: | ||
Cash and cash equivalents | $ 120,349 | $ 54,861 |
Marketable securities | 19,850 | 12,009 |
Accounts receivable, net of reserves of $4,391 and $6,732 at December 31, 2011 and December 31, 2010 | 28,045 | 28,022 |
Deferred income tax | 62 | -- |
Income taxes receivable | 31 | 215 |
Prepaid expenses and other current assets | 20,646 | 8,277 |
Assets of discontinued operations | -- | 64,739 |
Total current assets | 188,983 | 168,123 |
Property and equipment, net | 56,368 | 52,891 |
Marketable securities, less current portion | 51 | 103 |
Deferred income tax, less current portion | 1,177 | 718 |
Goodwill | 80,105 | 68,390 |
Other intangible assets, net | 9,207 | 2,061 |
Other assets | 10,454 | 6,354 |
Total assets | $ 346,345 | $ 298,640 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current Liabilities: | ||
Accounts payable | $ 6,797 | $ 10,300 |
Deferred revenue, current portion | 7,287 | 6,554 |
Capital lease obligation, current portion | 1,750 | 934 |
Income taxes payable | 774 | 1,427 |
Other current liabilities | 13,195 | 15,327 |
Liabilities of discontinued operations | -- | 6,301 |
Total current liabilities | 29,803 | 40,843 |
Capital lease obligation, less current portion | 2,124 | 1,641 |
Deferred income tax, less current portion | 580 | 26 |
Deferred revenue, less current portion | 539 | -- |
Other long term liabilities | 4,194 | 21 |
Total liabilities | 37,240 | 42,531 |
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; 300,000 shares authorized at December 31, 2011 and 150,000 shares authorized at December 31, 2010; 104,349 and 100,068 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively | 104 | 100 |
Additional paid-in capital | 460,845 | 380,338 |
Contingent consideration | 219 | 1,608 |
Accumulated other comprehensive (loss) income | (509) | 329 |
Accumulated deficit | (151,554) | (126,266) |
Total stockholders' equity | 309,105 | 256,109 |
Total liabilities and stockholders' equity | $ 346,345 | $ 298,640 |
LIMELIGHT NETWORKS, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(In thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, | September 30, | December 31, | September 30, | December 31, | December 31, | |||
2011 | 2011 | 2010 | 2010 | 2011 | 2010 | |||
Revenues | $ 45,979 | $ 42,352 | $ 43,024 | $ 39,952 | $ 171,292 | $ 154,223 | ||
Costs and operating expenses | ||||||||
Cost of revenues * + | 27,666 | 27,278 | 26,672 | 24,976 | 109,586 | 94,582 | ||
General and administrative * + | 10,173 | 9,915 | 7,913 | 7,027 | 36,925 | 32,287 | ||
Sales and marketing * | 10,178 | 9,176 | 9,724 | 10,021 | 40,081 | 38,614 | ||
Research & development * | 4,592 | 4,360 | 3,351 | 2,909 | 17,146 | 10,841 | ||
Total costs and operating expenses | 52,609 | 50,729 | 47,660 | 44,933 | 203,738 | 176,324 | ||
Operating loss | (6,630) | (8,377) | (4,636) | (4,981) | (32,446) | (22,101) | ||
Interest expense | (74) | (89) | (59) | -- | (299) | (62) | ||
Interest income | 128 | 186 | 143 | 210 | 752 | 910 | ||
Other income (expense) | (328) | (18) | (89) | (145) | (311) | (250) | ||
Loss from continuing operations before taxes | (6,904) | (8,298) | (4,641) | (4,916) | (32,304) | (21,503) | ||
Income tax (benefit) expense | (909) | (1,896) | (383) | 406 | (2,238) | 727 | ||
Loss from continuing operations | (5,995) | (6,402) | (4,258) | (5,322) | (30,066) | (22,230) | ||
Discontinued operations: | ||||||||
(Loss) gain from discontinued operations, net of tax | (558) | 11,420 | (2,090) | (632) | 4,778 | 1,879 | ||
Net (loss) income | $ (6,553) | $ 5,018 | $ (6,348) | $ (5,954) | $ (25,288) | $ (20,351) | ||
Net (loss) income per share: | ||||||||
Basic | ||||||||
Continuing operations | $ (0.06) | $ (0.06) | $ (0.04) | $ (0.05) | $ (0.28) | $ (0.24) | ||
Discontinued operations | $ -- | $ 0.10 | $ (0.02) | $ (0.01) | $ 0.05 | $ 0.02 | ||
Total | $ (0.06) | $ 0.04 | $ (0.06) | $ (0.06) | $ (0.23) | $ (0.22) | ||
Diluted | ||||||||
Continuing operations | $ (0.06) | $ (0.06) | $ (0.04) | $ (0.05) | $ (0.28) | $ (0.24) | ||
Discontinued operations | $ -- | $ 0.10 | $ (0.02) | $ (0.01) | $ 0.05 | $ 0.02 | ||
Total | $ (0.06) | $ 0.04 | $ (0.06) | $ (0.06) | $ (0.23) | $ (0.22) | ||
Shares used in per share calculations: | ||||||||
Basic | 106,253 | 113,662 | 99,557 | 98,634 | 109,236 | 94,300 | ||
Diluted | 106,253 | 113,662 | 99,557 | 98,634 | 109,236 | 94,300 | ||
* Includes share-based compensation (see supplemental table for figures) | ||||||||
+ Includes depreciation and amortization (see supplemental table for figures) | ||||||||
LIMELIGHT NETWORKS, INC. | ||||||
SUPPLEMENTAL FINANCIAL DATA | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
Three Months Ended | Twelve Months Ended | |||||
December 31, | September 30, | December 31, | September 30, | December 31, | December 31, | |
2011 | 2011 | 2010 | 2010 | 2011 | 2010 | |
Supplemental financial data (in thousands): | ||||||
Share-based compensation: | ||||||
Cost of revenues | $ 614 | $ 514 | $ 580 | $ 609 | $ 2,419 | $ 2,359 |
General and administrative | 2,000 | 1,093 | 1,410 | 1,418 | 6,132 | 5,984 |
Sales and marketing | 844 | 695 | 1,137 | 1,246 | 3,776 | 4,840 |
Research and development | 730 | 687 | 780 | 795 | 3,554 | 2,999 |
Total share-based compensation | $ 4,188 | $ 2,989 | $ 3,907 | $ 4,068 | $ 15,881 | $ 16,182 |
Depreciation and amortization: | ||||||
Network-related depreciation | $ 7,022 | $ 7,035 | $ 6,330 | $ 5,828 | $ 28,030 | $ 22,224 |
Other depreciation and amortization | 714 | 725 | 379 | 578 | 2,437 | 2,140 |
Amortization of intangible assets | 819 | 774 | 140 | 121 | 2,350 | 319 |
Total depreciation and amortization | $ 8,555 | $ 8,534 | $ 6,849 | $ 6,527 | $ 32,817 | $ 24,683 |
Net (decrease) increase in cash, cash equivalents and marketable securities: | $ (17,545) | $ 44,248 | $ (3,045) | $ (11,963) | $ 73,277 | $ (87,418) |
End of period statistics: | ||||||
Approximate number of active customers | 1,565 | 1,602 | 1,567 | 1,565 | 1,565 | 1,567 |
Number of employees | 482 | 473 | 405 | 384 | 482 | 405 |
LIMELIGHT NETWORKS, INC. | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
Three Months Ended | Twelve Months Ended | |||||
December 31, | September 30, | December 31, | September 30, | December 31, | December 31, | |
2011 | 2011 | 2010 | 2010 | 2011 | 2010 | |
Cash flows from operating activities: | ||||||
Net (loss) income | $ (6,553) | $ 5,018 | $ (6,348) | $ (5,954) | $ (25,288) | $ (20,351) |
(Loss) income from discontinued operations | (558) | 11,420 | (2,090) | (632) | 4,778 | 1,879 |
Net loss from continuing operations | (5,995) | (6,402) | (4,258) | (5,322) | (30,066) | (22,230) |
Adjustments to reconcile net loss to net cash | ||||||
provided by operating activities: | ||||||
Depreciation and amortization | 8,555 | 8,533 | 6,849 | 6,521 | 32,817 | 24,683 |
Share-based compensation | 4,188 | 2,989 | 3,907 | 4,068 | 15,881 | 16,182 |
Deferred income taxes | (183) | 43 | (728) | 10 | (214) | (718) |
Loss (gain) on foreign currency transactions | (18) | -- | -- | -- | (18) | -- |
Loss (gain) on sale of property and equipment | -- | -- | (104) | 60 | -- | 48 |
Accounts receivable charges | 262 | 298 | 121 | (565) | 1,181 | 1,333 |
Accretion of marketable securities | 27 | (81) | 85 | (50) | (63) | 359 |
Non cash tax benefit associated with sale of discontinued operations | (407) | (2,165) | -- | -- | (2,572) | -- |
Non cash cost basis investment | (359) | (397) | -- | -- | (1,038) | -- |
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (379) | (1,623) | (768) | (2,447) | 5 | (2,953) |
Prepaid expenses and other current assets | 1,102 | (1,028) | 156 | 671 | (582) | 1,221 |
Income taxes receivable | 452 | (106) | 41 | 94 | 184 | 418 |
Other assets | (296) | 370 | 594 | 216 | (3,859) | 1,828 |
Accounts payable | (4,815) | 2,666 | 1,286 | (300) | (2,491) | 288 |
Deferred revenue | 1,540 | 45 | (2,796) | (1,881) | (1,021) | (7,023) |
Other current liabilities | 754 | (2,039) | (1,537) | 1,497 | (3,236) | 2,024 |
Income taxes payable | (1,045) | -- | (314) | (427) | (1,357) | (478) |
Other long term liabilities | 341 | 549 | -- | 21 | 1,344 | 21 |
Net cash provided by operating activities | 3,724 | 1,652 | 2,534 | 2,166 | 4,895 | 15,003 |
Cash flows from investing activities: | ||||||
Purchase of marketable securities | (7,396) | (9,688) | (1,039) | (8,715) | (22,712) | (28,509) |
Sale of marketable securities | 1,412 | 2,350 | 7,339 | 12,405 | 14,932 | 80,924 |
Purchases of property and equipment | (3,491) | (7,529) | (8,321) | (11,509) | (30,363) | (33,501) |
Acquisition of discontinued operations | -- | -- | -- | -- | -- | (63,907) |
Acquisition of businesses, net of cash acquired | -- | 133 | -- | (2,622) | (7,360) | (2,622) |
Proceeds from sale of discontinued operations | -- | 61,000 | -- | -- | 61,000 | -- |
Net cash (used in) provided by investing activities | (9,475) | 46,266 | (2,021) | (10,441) | 15,497 | (47,615) |
Cash flows from financing activities: | ||||||
Payments on capital lease obligations | (402) | (352) | (192) | -- | (1,384) | (192) |
Proceeds from exercise of stock options | 109 | 136 | 1,486 | 335 | 731 | 1,948 |
Proceeds from secondary public offering, net | -- | (48) | -- | -- | 77,049 | -- |
Cash paid for repurchase of common stock | (15,164) | (9,210) | -- | -- | (24,374) | -- |
Payment of employee tax withholdings related to restricted stock | (133) | (113) | (950) | (245) | (1,193) | (1,582) |
Net cash (used in) provided by financing activities | (15,590) | (9,587) | 344 | 90 | 50,829 | 174 |
Effect of exchange rate changes on cash | 447 | (420) | 21 | -- | 351 | 210 |
Cash flows from discontinued operations: | ||||||
Cash (used in) provided by operating activities of discontinued operations | (2,597) | (899) | 3,040 | 4 | (5,400) | (1,603) |
Cash used in investing activities of discontinued operations | -- | (143) | (591) | (169) | (684) | (817) |
Net cash (used in) provided by discontinued operations | (2,597) | (1,042) | 2,449 | (165) | (6,084) | (2,420) |
Net (decrease) increase in cash and cash equivalents | (23,491) | 36,869 | 3,327 | (8,350) | 65,488 | (34,648) |
Cash and cash equivalents, beginning of period | 143,840 | 106,971 | 51,534 | 59,884 | 54,861 | 89,509 |
Cash and cash equivalents, end of period | $ 120,349 | $ 143,840 | $ 54,861 | $ 51,534 | $ 120,349 | $ 54,861 |
Use of Non-GAAP Financial Measures
To evaluate our business, we consider and use Non-GAAP net income (loss) and Adjusted EBITDA as a supplemental measure 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 income (loss) to be an important indicator of overall business performance because it allows us to illustrate the impact of the effects of share-based compensation, litigation expenses, amortization of intangibles, acquisition related expenses and discontinued operations. We define EBITDA as GAAP net income (loss) before interest income, interest expense, other income and expense, provision for income taxes, depreciation and amortization, and discontinued operations. We believe that EBITDA provides a useful metric to investors to compare us with other companies within our industry and across industries. We define Adjusted EBITDA as EBITDA adjusted for operational expenses that we do not consider reflective of our ongoing operations. 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. In addition, it should be noted that our performance-based executive officer bonus structure is tied closely to our performance as measured in part by certain non-GAAP financial measures.
The terms Non-GAAP net income (loss), EBITDA 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 income (loss), EBITDA and Adjusted EBITDA have limitations as analytical tools, and when assessing our operating performance, Non-GAAP net income (loss), EBITDA and Adjusted EBITDA should not be considered in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with United States GAAP. Some of these limitations include, but are not limited to:
We compensate for these limitations by relying primarily on our GAAP results and using Non-GAAP net income (loss) and Adjusted EBITDA only as supplemental support for management's analysis of business performance. Non-GAAP net income (loss), EBITDA 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 Regulation G issued by the Securities and Exchange Commission, the Company is presenting the most directly comparable GAAP financial measures and reconciling the non-GAAP financial metrics to the comparable GAAP measures.
LIMELIGHT NETWORKS, INC. | ||||||
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss) | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
Three Months Ended | Twelve Months Ended | |||||
December 31, | September 30, | December 31, | September 30, | December 31, | December 31, | |
2011 | 2011 | 2010 | 2010 | 2011 | 2010 | |
GAAP net (loss) income | $ (6,553) | $ 5,018 | $ (6,348) | $ (5,954) | $ (25,288) | $ (20,351) |
Share-based compensation | 4,188 | 2,989 | 3,907 | 4,068 | 15,881 | 16,182 |
Litigation defense expenses | 301 | 463 | 22 | 9 | 1,376 | 2,149 |
Acquisition related expenses | 117 | (41) | 169 | 345 | 776 | 1,527 |
Amortization of intangible assets | 819 | 774 | 140 | 121 | 2,350 | 319 |
(Income) loss from discontinued operations | 558 | (11,420) | 2,090 | 632 | (4,778) | (1,879) |
Non-GAAP net loss | $ (570) | $ (2,217) | $ (20) | $ (779) | $ (9,683) | $ (2,053) |
LIMELIGHT NETWORKS, INC. | ||||||
Reconciliation of GAAP Net Income (Loss) to EBITDA to Adjusted EBITDA | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
Three Months Ended | Twelve Months Ended | |||||
December 31, | September 30, | December 31, | September 30, | December 31, | December 31, | |
2011 | 2011 | 2010 | 2010 | 2011 | 2010 | |
GAAP net (loss) income | $ (6,553) | $ 5,018 | $ (6,348) | $ (5,954) | $ (25,288) | $ (20,351) |
Depreciation and amortization | 8,555 | 8,534 | 6,849 | 6,527 | 32,817 | 24,684 |
Interest expense | 74 | 89 | 59 | -- | 299 | 62 |
Interest and other (income) expense | 200 | (168) | (54) | (65) | (441) | (660) |
Income tax (benefit) expense | (909) | (1,896) | (383) | 406 | (2,238) | 727 |
Loss (income) from discontinued operations | 558 | (11,420) | 2,090 | 632 | (4,778) | (1,879) |
EBITDA | 1,925 | 157 | 2,213 | 1,546 | 371 | 2,583 |
Share-based compensation | 4,188 | 2,989 | 3,907 | 4,068 | 15,881 | 16,182 |
Litigation defense expenses | 301 | 463 | 22 | 9 | 1,376 | 2,149 |
Acquisition related expenses | 117 | (41) | 169 | 345 | 776 | 1,527 |
Adjusted EBITDA | $ 6,531 | $ 3,568 | $ 6,311 | $ 5,968 | $ 18,404 | $ 22,441 |
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 Company's website.
Safe-Harbor Statement
This press release contains forward-looking statements concerning, among other things, the outlook for the Company's revenues, net loss and stock-based compensation expenses, customer growth, market growth, pricing pressures, expansion into additional market segments, product and services improvements, the integration of acquired businesses and litigation and acquisition related expenses. Forward-looking statements represent the current judgment and expectations of Limelight Networks and are not guarantees and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks and uncertainties discussed in the Company's Annual Report on Form 10K and other filings with the Securities and Exchange Commission and the final review of the results and amendments and preparation of quarterly financial statements, including consultation with our outside auditors. Accordingly, readers are cautioned not to place undue reliance on any forward-looking statements. The Company assumes no duty or obligation to update or revise any forward-looking statements for any reason.
About Limelight Networks, Inc.
Limelight Networks, Inc. (Nasdaq:LLNW) provides solutions that enable business and technology decision makers to profit from the shift of content and advertising to the online world, the explosive growth of mobile and connected devices, and the migration of IT applications and services into the cloud. Our worldwide customers use Limelight's massively scalable software services to engage audiences, enhance brand presence, analyze viewer preferences, optimize advertising, manage and monetize digital assets, and ultimately build stronger customer relationships. For more information, please visit http://www.limelight.com or follow us on Twitter at www.twitter.com/llnw.
Copyright (C) 2012 Limelight Networks, Inc. All rights reserved. All product or service names are the property of their respective owners.
CONTACT: Heather Miller 215-867-8600 ext. 239 media@llnw.com