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 August 5, 2015, entitled "Castlight Health Announces Second Quarter 2015 Results" |
Exhibit | Description |
99.1 | Press Release, dated August 5, 2015, entitled "Castlight Health Announces Second Quarter 2015 Results" |
• | Total revenue for the second quarter of 2015 was $18.5 million, an increase of 76% from the second quarter of 2014. Subscription revenue was $17.3 million, an increase of 80% on a year-over-year basis. |
• | Gross margin for the second quarter of 2015 was 55.4%, compared to a gross margin of 29.6% in the second quarter of 2014. Non-GAAP gross margin for the second quarter of 2015 was 58.3% compared to a non-GAAP gross margin of 32.6% in the second quarter of 2014. |
• | Operating loss for the second quarter of 2015 was $21.3 million, compared to an operating loss of $21.8 million in the second quarter of 2014. Non-GAAP operating loss for the second quarter of 2015 was $17.6 million, compared to a non-GAAP operating loss of $18.8 million in the second quarter of 2014. |
• | Net loss per basic and diluted share was $0.23 in the second quarter of 2015, compared to a net loss per basic and diluted share of $0.24 in the second quarter of 2014. The non-GAAP net loss per basic and diluted share for the second quarter of 2015 was $0.19, compared to a net loss per basic and diluted share of $0.21 in the second quarter of 2014. For both GAAP and non-GAAP purposes, the weighted average basic and diluted share count for the second quarter of 2015 was 93.8 million compared to 89.5 million in the second quarter of 2014. |
• | Total cash, cash equivalents and marketable securities were $164.4 million at the end of the second quarter of 2015. Cash used in operations for the second quarter of 2015 was $17.2 million, compared to $19.6 million used in operations in the second quarter of 2014. |
As of | |||||||
June 30, 2015 | December 31, 2014 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 31,533 | $ | 17,425 | |||
Marketable securities | 132,905 | 175,057 | |||||
Accounts receivable, net | 11,048 | 11,097 | |||||
Deferred commissions | 3,956 | 3,675 | |||||
Prepaid expenses and other current assets | 5,960 | 3,476 | |||||
Total current assets | 185,402 | 210,730 | |||||
Property and equipment, net | 4,515 | 3,630 | |||||
Marketable securities, noncurrent | — | 6,220 | |||||
Restricted cash, noncurrent | 1,000 | — | |||||
Deferred commissions, noncurrent | 2,374 | 2,563 | |||||
Other assets | 3,692 | 131 | |||||
Total assets | $ | 196,983 | $ | 223,274 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,180 | $ | 3,217 | |||
Accrued expenses and other current liabilities | 4,702 | 5,791 | |||||
Accrued compensation | 8,730 | 10,455 | |||||
Deferred revenue | 24,125 | 20,708 | |||||
Total current liabilities | 41,737 | 40,171 | |||||
Deferred revenue, noncurrent | 7,638 | 6,652 | |||||
Other liabilities, noncurrent | 1,208 | 261 | |||||
Total liabilities | 50,583 | 47,084 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity | 146,400 | 176,190 | |||||
Total liabilities and stockholders’ equity | $ | 196,983 | $ | 223,274 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue: | |||||||||||||||
Subscription | $ | 17,278 | $ | 9,576 | $ | 32,184 | $ | 17,039 | |||||||
Professional services | 1,232 | 957 | 2,277 | 1,870 | |||||||||||
Total revenue | 18,510 | 10,533 | 34,461 | 18,909 | |||||||||||
Cost of revenue: | |||||||||||||||
Cost of subscription (1) | 2,932 | 2,915 | 5,451 | 5,627 | |||||||||||
Cost of professional services (1) | 5,322 | 4,502 | 9,975 | 8,373 | |||||||||||
Total cost of revenue | 8,254 | 7,417 | 15,426 | 14,000 | |||||||||||
Gross profit | 10,256 | 3,116 | 19,035 | 4,909 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing (1) | 17,641 | 14,947 | 34,104 | 31,507 | |||||||||||
Research and development (1) | 7,391 | 5,476 | 13,985 | 11,003 | |||||||||||
General and administrative (1) | 6,517 | 4,519 | 11,980 | 8,529 | |||||||||||
Total operating expenses | 31,549 | 24,942 | 60,069 | 51,039 | |||||||||||
Operating loss | (21,293 | ) | (21,826 | ) | (41,034 | ) | (46,130 | ) | |||||||
Other income, net | 81 | 50 | 179 | 73 | |||||||||||
Net loss | $ | (21,212 | ) | $ | (21,776 | ) | $ | (40,855 | ) | $ | (46,057 | ) | |||
Net loss per share, basic and diluted | $ | (0.23 | ) | $ | (0.24 | ) | $ | (0.44 | ) | $ | (0.86 | ) | |||
Weighted-average shares used to compute basic and diluted net loss per share | 93,804 | 89,520 | 92,801 | 53,284 |
(1) | Includes stock-based compensation expense as follows: |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cost of revenue: | |||||||||||||||
Cost of subscription | $ | 67 | $ | 35 | $ | 100 | $ | 39 | |||||||
Cost of professional services | 450 | 280 | 875 | 420 | |||||||||||
Sales and marketing | 2,074 | 1,152 | 3,825 | 2,326 | |||||||||||
Research and development | 730 | 493 | 1,363 | 914 | |||||||||||
General and administrative | 896 | 980 | 1,923 | 1,794 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating activities: | |||||||||||||||
Net loss | $ | (21,212 | ) | $ | (21,776 | ) | $ | (40,855 | ) | $ | (46,057 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||
Depreciation | 456 | 322 | 910 | 604 | |||||||||||
Stock-based compensation | 4,217 | 2,940 | 8,086 | 5,493 | |||||||||||
Amortization of deferred commissions | 802 | 868 | 1,659 | 2,244 | |||||||||||
Accretion and amortization of marketable securities | 384 | 373 | 827 | 497 | |||||||||||
Expense related to warrant | — | 70 | — | 2,499 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | (560 | ) | (4,077 | ) | 49 | (5,327 | ) | ||||||||
Deferred commissions | (1,113 | ) | (1,087 | ) | (1,751 | ) | (1,369 | ) | |||||||
Prepaid expenses and other assets | (1,848 | ) | (596 | ) | (1,818 | ) | (1,677 | ) | |||||||
Accounts payable | (254 | ) | (375 | ) | 1,258 | 384 | |||||||||
Accrued expenses and other liabilities | 1,234 | 2,173 | (3,169 | ) | (1,203 | ) | |||||||||
Deferred revenue | 682 | 1,591 | 4,403 | 8,277 | |||||||||||
Net cash used in operating activities | (17,212 | ) | (19,574 | ) | (30,401 | ) | (35,635 | ) | |||||||
Investing activities: | |||||||||||||||
(Increase) decrease in restricted cash | (1,000 | ) | 101 | (1,000 | ) | 101 | |||||||||
Investment in related party | (3,125 | ) | — | (3,125 | ) | — | |||||||||
Purchase of property and equipment | (806 | ) | (311 | ) | (1,693 | ) | (967 | ) | |||||||
Purchase of marketable securities | (5,924 | ) | (126,442 | ) | (18,958 | ) | (162,175 | ) | |||||||
Sales of marketable securities | — | — | 5,000 | 13,000 | |||||||||||
Maturities of marketable securities | 31,373 | 3,000 | 61,553 | 8,000 | |||||||||||
Net cash provided by (used in) investing activities | 20,518 | (123,652 | ) | 41,777 | (142,041 | ) | |||||||||
Financing activities: | |||||||||||||||
Proceeds from the exercise of stock options | 1,186 | 106 | 2,826 | 1,628 | |||||||||||
Payments of deferred financing costs | — | (1,679 | ) | (94 | ) | (3,781 | ) | ||||||||
Net proceeds from initial public offering | — | — | — | 189,943 | |||||||||||
Net cash provided by (used in) financing activities | 1,186 | (1,573 | ) | 2,732 | 187,790 | ||||||||||
Net increase (decrease) in cash and cash equivalents | 4,492 | (144,799 | ) | 14,108 | 10,114 | ||||||||||
Cash and cash equivalents at beginning of period | 27,041 | 180,067 | 17,425 | 25,154 | |||||||||||
Cash and cash equivalents at end of period | $ | 31,533 | $ | 35,268 | $ | 31,533 | $ | 35,268 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Gross profit: | |||||||||||||||||||||
GAAP gross profit subscription | $ | 14,346 | $ | 12,387 | $ | 6,661 | $ | 26,733 | $ | 11,412 | |||||||||||
GAAP gross margin subscription | 83.0 | % | 83.1 | % | 69.6 | % | 83.1 | % | 67.0 | % | |||||||||||
Stock-based compensation expense | 67 | 33 | 35 | 100 | 39 | ||||||||||||||||
Amortization of internal-use software | 24 | 24 | — | 48 | — | ||||||||||||||||
Non-GAAP gross profit subscription | $ | 14,437 | $ | 12,444 | $ | 6,696 | $ | 26,881 | $ | 11,451 | |||||||||||
Non-GAAP gross margin subscription | 83.6 | % | 83.5 | % | 69.9 | % | 83.5 | % | 67.2 | % | |||||||||||
GAAP gross loss professional services | $ | (4,090 | ) | $ | (3,608 | ) | $ | (3,545 | ) | $ | (7,698 | ) | $ | (6,503 | ) | ||||||
GAAP gross loss percentage professional services | (332 | )% | (345 | )% | (370 | )% | (338 | )% | (348 | )% | |||||||||||
Stock-based compensation expense | 450 | 425 | 280 | 875 | 420 | ||||||||||||||||
Non-GAAP gross loss professional services | $ | (3,640 | ) | $ | (3,183 | ) | $ | (3,265 | ) | $ | (6,823 | ) | $ | (6,083 | ) | ||||||
Non-GAAP gross loss percentage professional services | (295 | )% | (305 | )% | (341 | )% | (300 | )% | (325 | )% | |||||||||||
GAAP gross profit | $ | 10,256 | $ | 8,779 | $ | 3,116 | $ | 19,035 | $ | 4,909 | |||||||||||
GAAP gross margin | 55.4 | % | 55.0 | % | 29.6 | % | 55.2 | % | 26.0 | % | |||||||||||
Impact of non-GAAP adjustments | 541 | 482 | 315 | 1,023 | 459 | ||||||||||||||||
Non-GAAP gross profit | $ | 10,797 | $ | 9,261 | $ | 3,431 | $ | 20,058 | $ | 5,368 | |||||||||||
Non-GAAP gross margin | 58.3 | % | 58.1 | % | 32.6 | % | 58.2 | % | 28.4 | % | |||||||||||
Operating expense: | |||||||||||||||||||||
GAAP sales and marketing | $ | 17,641 | $ | 16,463 | $ | 14,947 | $ | 34,104 | $ | 31,507 | |||||||||||
Expense related to warrant | — | — | (70 | ) | — | (2,499 | ) | ||||||||||||||
Stock-based compensation expense | (2,074 | ) | (1,751 | ) | (1,152 | ) | (3,825 | ) | (2,326 | ) | |||||||||||
Non-GAAP sales and marketing | $ | 15,567 | $ | 14,712 | $ | 13,725 | $ | 30,279 | $ | 26,682 | |||||||||||
GAAP research and development | $ | 7,391 | $ | 6,594 | $ | 5,476 | $ | 13,985 | $ | 11,003 | |||||||||||
Stock-based compensation expense | (730 | ) | (633 | ) | (493 | ) | (1,363 | ) | (914 | ) | |||||||||||
Capitalization of internal-use software | 513 | 282 | — | 795 | — | ||||||||||||||||
Non-GAAP research and development | $ | 7,174 | $ | 6,243 | $ | 4,983 | $ | 13,417 | $ | 10,089 | |||||||||||
GAAP general and administrative | $ | 6,517 | $ | 5,463 | $ | 4,519 | $ | 11,980 | $ | 8,529 | |||||||||||
Stock-based compensation expense | (896 | ) | (1,027 | ) | (980 | ) | (1,923 | ) | (1,794 | ) | |||||||||||
Non-GAAP general and administrative | $ | 5,621 | $ | 4,436 | $ | 3,539 | $ | 10,057 | $ | 6,735 | |||||||||||
GAAP operating expense | $ | 31,549 | $ | 28,520 | $ | 24,942 | $ | 60,069 | $ | 51,039 | |||||||||||
Impact of non-GAAP adjustments | (3,187 | ) | (3,129 | ) | (2,695 | ) | (6,316 | ) | (7,533 | ) | |||||||||||
Non-GAAP operating expense | $ | 28,362 | $ | 25,391 | $ | 22,247 | $ | 53,753 | $ | 43,506 | |||||||||||
Operating loss: | |||||||||||||||||||||
GAAP operating loss | $ | (21,293 | ) | $ | (19,741 | ) | $ | (21,826 | ) | $ | (41,034 | ) | $ | (46,130 | ) | ||||||
Impact of non-GAAP adjustments | 3,728 | 3,611 | 3,010 | 7,339 | 7,992 | ||||||||||||||||
Non-GAAP operating loss | $ | (17,565 | ) | $ | (16,130 | ) | $ | (18,816 | ) | $ | (33,695 | ) | $ | (38,138 | ) | ||||||
Net loss and net loss per share: | |||||||||||||||||||||
GAAP net loss | $ | (21,212 | ) | $ | (19,643 | ) | $ | (21,776 | ) | $ | (40,855 | ) | $ | (46,057 | ) | ||||||
Total pre-tax impact of non-GAAP adjustments | 3,728 | 3,611 | 3,010 | 7,339 | 7,992 | ||||||||||||||||
Income tax impact of non-GAAP adjustments | — | — | — | — | — | ||||||||||||||||
Non-GAAP net loss | $ | (17,484 | ) | $ | (16,032 | ) | $ | (18,766 | ) | $ | (33,516 | ) | $ | (38,065 | ) | ||||||
Basic and Diluted net loss per share | |||||||||||||||||||||
GAAP | $ | (0.23 | ) | $ | (0.21 | ) | $ | (0.24 | ) | $ | (0.44 | ) | $ | (0.86 | ) | ||||||
Non-GAAP | $ | (0.19 | ) | $ | (0.17 | ) | $ | (0.21 | ) | $ | (0.36 | ) | $ | (0.71 | ) | ||||||
Shares used in basic and diluted net loss per share computation | 93,804 | 91,786 | 89,520 | 92,801 | 53,284 |
]
MQ&=C0L"<"$S\C ['F2N1Y$HDVA&%6$8]C3F4+,NVS*Y(7"E 58"ZM@#*M3'Q
MYU04F&%Q0U+WHI'!*E<,J@4GN1$R/JLR5K&""H)HPLWA6/4U(;@X)@88PAB
MFD90I+M>,? #$5I RP"JV )5=' )9S:
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M&2L>4?R*(AO>@,!3NT4Z(I%@_IN%\/P-\BVRERR-ZVUB1:7!4,(7+XE#J"0
M*H@C81BK#@Z$[M6#"49?,(2X#T&2X@+J'1N!V!@)=23F64"D9Y-(BQ8&%*#1
M!45(+G#P1)%2QF,@((YP)5J_QH@J_5PR8M ;Z6M;%=,0;:H771@M@@\.N0H$
M!I._$=)IUFP_0N!2?FSDKE E^]'-1<\R7MU^38EQ$9\?[*() -;3UUX@FT1A
M!4'+\R3ZA@#$DLJ<-G#M:]"7B%0+RMT,L )!0DBFW] (L7K/$86GQS?CY$4R\! 3T.Y=M(F6,"
M5=\0-[*8<:-:R(OFP0PM!+B9#;% +*11L6=,@>%./:3E,%6"O*JJ"&0 PRH@
MX>Y4U )U3"A)C[YBL ID*H"/\L__V@ ( 0(# 3\0_P# 9MG@Z5)8D@PVD'3X
MT#E;D2"5@;$VH&P 5$H$,WL*CC('(L&_DB"32H("Z1+$S$L9T^"735D#!54!
M!+8L?P0@/#E_=0Y "
M:W<%E[62DL&&;4]\+^>0AJ$A$"&"L\I$DP+LGCBSL B^*),D.T68"\\_\ 2\
M !8#45#F6:NWBI2&"T#%$_)8S2K@OBM1&I"VHZ<',HQ0V'+UD-5D3*$%!($(
MB6:N6!C(<:K4B3-#
D\&[=.7E\+TSCX3.+F:&O!KI%E+L':L92E3$)QKQZSPT.>I\*%TP6%D>P+3\(
M@5L*Q[6+HR[E&O J& "ZK8"ZU$FQA!.(+/1S