Delaware (State or other jurisdiction of incorporation or organization) | 001-36330 (Commission File Number) | 26-1989091 (I.R.S. Employer Identification Number) |
Exhibit | Description |
99.1 | Press Release, dated May 6, 2015, entitled "Castlight Health Announces First Quarter 2015 Results" |
Exhibit | Description |
99.1 | Press Release, dated May 6, 2015, entitled "Castlight Health Announces First Quarter 2015 Results" |
• | Total revenue for the first quarter of 2015 was $16.0 million, an increase of 90% from the first quarter of 2014. Subscription revenue was $14.9 million, an increase of 100% on a year-over-year basis. |
• | Gross margin for the first quarter of 2015 was 55.0%, compared to a gross margin of 21.4% in the first quarter of 2014. Non-GAAP gross margin for the first quarter of 2015 was 58.1% compared to a non-GAAP gross margin of 23.1% in the first quarter of 2014. |
• | Operating loss for the first quarter of 2015 was $19.7 million, compared to an operating loss of $24.3 million in the first quarter of 2014. Non-GAAP operating loss for the first quarter of 2015 was $16.1 million, compared to a non-GAAP operating loss of $19.3 million in the first quarter of 2014. |
• | Net loss per basic and diluted share was $0.21 in the first quarter of 2015, compared to a net loss per share of $0.90 in the first quarter of 2014. The non-GAAP net loss per share for the first quarter of 2015 was $0.17, compared to a net loss per share of $0.72 in the first quarter of 2014. For both GAAP and non-GAAP purposes, the weighted average basic and diluted share count for the first quarter of 2015 was 91.8 million compared to 27.0 million in the first quarter of 2014. |
• | Total cash, cash equivalents and marketable securities were $185.8 million at the end of the first quarter of 2015. Cash used in operations for the first quarter of 2015 was $13.2 million, compared to $16.1 million used in operations in the first quarter of 2014. |
As of | |||||||
March 31, 2015 | December 31, 2014 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 27,041 | $ | 17,425 | |||
Marketable securities | 158,730 | 175,057 | |||||
Accounts receivable, net | 10,488 | 11,097 | |||||
Deferred commissions | 3,642 | 3,675 | |||||
Prepaid expenses and other current assets | 3,499 | 3,476 | |||||
Total current assets | 203,400 | 210,730 | |||||
Property and equipment, net | 3,497 | 3,630 | |||||
Marketable securities, noncurrent | — | 6,220 | |||||
Deferred commissions, noncurrent | 2,377 | 2,563 | |||||
Other assets | 78 | 131 | |||||
Total assets | $ | 209,352 | $ | 223,274 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,169 | $ | 3,217 | |||
Accrued expenses and other current liabilities | 4,365 | 5,791 | |||||
Accrued compensation | 7,378 | 10,455 | |||||
Deferred revenue | 24,002 | 20,708 | |||||
Total current liabilities | 39,914 | 40,171 | |||||
Deferred revenue, noncurrent | 7,079 | 6,652 | |||||
Other liabilities, noncurrent | 226 | 261 | |||||
Total liabilities | 47,219 | 47,084 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity | 162,133 | 176,190 | |||||
Total liabilities and stockholders’ equity | $ | 209,352 | $ | 223,274 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Revenue: | |||||||
Subscription | $ | 14,906 | $ | 7,463 | |||
Professional services | 1,045 | 913 | |||||
Total revenue | 15,951 | 8,376 | |||||
Cost of revenue: | |||||||
Cost of subscription (1) | 2,519 | 2,712 | |||||
Cost of professional services (1) | 4,653 | 3,871 | |||||
Total cost of revenue | 7,172 | 6,583 | |||||
Gross profit | 8,779 | 1,793 | |||||
Operating expenses: | |||||||
Sales and marketing (1) | 16,463 | 16,560 | |||||
Research and development (1) | 6,594 | 5,527 | |||||
General and administrative (1) | 5,463 | 4,010 | |||||
Total operating expenses | 28,520 | 26,097 | |||||
Operating loss | (19,741 | ) | (24,304 | ) | |||
Other income, net | 98 | 23 | |||||
Net loss | $ | (19,643 | ) | $ | (24,281 | ) | |
Net loss per share, basic and diluted | $ | (0.21 | ) | $ | (0.90 | ) | |
Weighted-average shares used to compute basic and diluted net loss per share | 91,786 | 26,970 |
(1) | Includes stock-based compensation expense as follows: |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Cost of revenue: | |||||||
Cost of subscription | $ | 33 | $ | 4 | |||
Cost of professional services | 425 | 140 | |||||
Sales and marketing | 1,751 | 1,174 | |||||
Research and development | 633 | 421 | |||||
General and administrative | 1,027 | 814 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Operating activities: | |||||||
Net loss | $ | (19,643 | ) | $ | (24,281 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation | 454 | 282 | |||||
Stock-based compensation | 3,869 | 2,553 | |||||
Amortization of deferred commissions | 857 | 1,376 | |||||
Accretion and amortization of marketable securities | 443 | 124 | |||||
Expense related to warrant | — | 2,429 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 609 | (1,250 | ) | ||||
Deferred commissions | (638 | ) | (282 | ) | |||
Prepaid expenses and other assets | 30 | (1,081 | ) | ||||
Accounts payable | 1,512 | 759 | |||||
Accrued expenses and other liabilities | (4,403 | ) | (3,376 | ) | |||
Deferred revenue | 3,721 | 6,686 | |||||
Net cash used in operating activities | (13,189 | ) | (16,061 | ) | |||
Investing activities: | |||||||
Purchase of property and equipment | (887 | ) | (656 | ) | |||
Purchase of marketable securities | (13,034 | ) | (35,733 | ) | |||
Sales of marketable securities | 5,000 | 13,000 | |||||
Maturities of marketable securities | 30,180 | 5,000 | |||||
Net cash provided by (used in) investing activities | 21,259 | (18,389 | ) | ||||
Financing activities: | |||||||
Proceeds from the exercise of stock options | 1,640 | 1,522 | |||||
Payments of deferred financing costs | (94 | ) | (2,102 | ) | |||
Net proceeds from initial public offering | — | 189,943 | |||||
Net cash provided by financing activities | 1,546 | 189,363 | |||||
Net increase in cash and cash equivalents | 9,616 | 154,913 | |||||
Cash and cash equivalents at beginning of period | 17,425 | 25,154 | |||||
Cash and cash equivalents at end of period | $ | 27,041 | $ | 180,067 |
Three Months Ended | |||||||||||||
March 31, | December 31, | March 31, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
Gross profit: | |||||||||||||
GAAP gross profit subscription | $ | 12,387 | $ | 11,060 | $ | 4,751 | |||||||
GAAP gross margin subscription | 83.1 | % | 83.1 | % | 63.7 | % | |||||||
Stock-based compensation expense | 33 | 81 | 4 | ||||||||||
Amortization of internal-use software | 24 | 8 | — | ||||||||||
Non-GAAP gross profit subscription | $ | 12,444 | $ | 11,149 | $ | 4,755 | |||||||
Non-GAAP gross margin subscription | 83.5 | % | 83.8 | % | 63.7 | % | |||||||
GAAP gross loss professional services | $ | (3,608 | ) | $ | (3,190 | ) | $ | (2,958 | ) | ||||
GAAP gross loss percentage professional services | (345 | )% | (271 | )% | (324 | )% | |||||||
Stock-based compensation expense | 425 | 494 | 140 | ||||||||||
Non-GAAP gross loss professional services | $ | (3,183 | ) | $ | (2,696 | ) | $ | (2,818 | ) | ||||
Non-GAAP gross loss percentage professional services | (305 | )% | (229 | )% | (309 | )% | |||||||
GAAP gross profit | $ | 8,779 | $ | 7,870 | $ | 1,793 | |||||||
GAAP gross margin | 55.0 | % | 54.3 | % | 21.4 | % | |||||||
Impact of non-GAAP adjustments | 482 | 583 | 144 | ||||||||||
Non-GAAP gross profit | $ | 9,261 | $ | 8,453 | $ | 1,937 | |||||||
Non-GAAP gross margin | 58.1 | % | 58.3 | % | 23.1 | % | |||||||
Operating expense: | |||||||||||||
GAAP sales and marketing | $ | 16,463 | $ | 15,798 | $ | 16,560 | |||||||
Expense related to warrant | — | 20 | (2,429 | ) | |||||||||
Stock-based compensation expense | (1,751 | ) | (1,594 | ) | (1,174 | ) | |||||||
Non-GAAP sales and marketing | $ | 14,712 | $ | 14,224 | $ | 12,957 | |||||||
GAAP research and development | $ | 6,594 | $ | 6,284 | $ | 5,527 | |||||||
Stock-based compensation expense | (633 | ) | (1,081 | ) | (421 | ) | |||||||
Capitalization of internal-use software | 282 | 129 | — | ||||||||||
Non-GAAP research and development | $ | 6,243 | $ | 5,332 | $ | 5,106 | |||||||
GAAP general and administrative | $ | 5,463 | $ | 5,536 | $ | 4,010 | |||||||
Stock-based compensation expense | (1,027 | ) | (1,349 | ) | (814 | ) | |||||||
Non-GAAP general and administrative | $ | 4,436 | $ | 4,187 | $ | 3,196 | |||||||
GAAP operating expense | $ | 28,520 | $ | 27,618 | $ | 26,097 | |||||||
Impact of non-GAAP adjustments | (3,129 | ) | (3,875 | ) | (4,838 | ) | |||||||
Non-GAAP operating expense | $ | 25,391 | $ | 23,743 | $ | 21,259 | |||||||
Operating loss: | |||||||||||||
GAAP operating loss | $ | (19,741 | ) | $ | (19,748 | ) | $ | (24,304 | ) | ||||
Impact of non-GAAP adjustments | 3,611 | 4,458 | 4,982 | ||||||||||
Non-GAAP operating loss | $ | (16,130 | ) | $ | (15,290 | ) | $ | (19,322 | ) | ||||
Net loss and net loss per share: | |||||||||||||
GAAP net loss | $ | (19,643 | ) | $ | (19,684 | ) | $ | (24,281 | ) | ||||
Total pre-tax impact of non-GAAP adjustments | 3,611 | 4,458 | 4,982 | ||||||||||
Income tax impact of non-GAAP adjustments | — | — | — | ||||||||||
Non-GAAP net loss | $ | (16,032 | ) | $ | (15,226 | ) | $ | (19,299 | ) | ||||
Basic and Diluted net loss per share | |||||||||||||
GAAP | $ | (0.21 | ) | $ | (0.22 | ) | $ | (0.90 | ) | ||||
Non-GAAP | $ | (0.17 | ) | $ | (0.17 | ) | $ | (0.72 | ) | ||||
Shares used in basic and diluted net loss per share computation | 91,786 | 90,467 | 26,970 |
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