Delaware (State or other jurisdiction of incorporation or organization) | 001-36330 (Commission File Number) | 26-1989091 (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Class B Common Stock, par value $0.0001 per share | CSLT | New York Stock Exchange |
• | a lump sum payment equal to, in the case of the Chief Executive Officer, 12 months of base salary and COBRA premiums or, in the case of an Executive Vice President or our Chief Financial Officer, nine months of base salary and COBRA premiums; provided, that if an Executive Vice President or Chief Financial Officer has not been providing services to the Company for at least one year prior to the Qualifying Termination, such officer will only receive a lump sum payment equal to the executive officer’s base salary for six months and will not be entitled to the value of any COBRA premiums. |
• | a lump sum payment equal to, in the case of the Chief Executive Officer, 24 months of base salary and COBRA premiums or, in the case of an Executive Vice President or our Chief Financial Officer, 18 months of base salary and COBRA premiums; and |
• | full vesting of all outstanding equity awards held by each participant, as set forth in the Company 2014 Equity Incentive Plan. |
Exhibit | Description |
CASTLIGHT HEALTH, INC. | ||||
Date: | July 30, 2019 | By: | /s/ Siobhan Nolan Mangini | |
Siobhan Nolan Mangini | ||||
President and Chief Financial Officer |
• | GAAP total revenue of $35.9 million, representing a decrease of 5% |
• | GAAP gross margin of 60.6%, compared to 58.4% |
• | Non-GAAP gross margin of 63.4%, compared to 62.2% |
• | GAAP operating loss of $8.6 million, compared to a loss of $14.1 million |
• | Non-GAAP operating loss of $2.9 million, compared to $6.9 million |
• | GAAP net loss per basic and diluted share of $0.06, compared to a net loss per basic and diluted share of $0.10 |
• | Non-GAAP net loss per basic and diluted share of $0.02, compared to a net loss per basic and diluted share of $0.05 |
• | Cash used in operations of $1.8 million, compared to $1.1 million |
• | GAAP revenue in the range of $140 million to $145 million |
• | Non-GAAP operating loss in the range of $8 million to $13 million |
• | Non-GAAP net loss per share of approximately $0.06 to $0.09 based on approximately 145 million to 146 million shares |
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 50,052 | $ | 66,005 | |||
Marketable securities | 13,874 | 11,327 | |||||
Accounts receivable and other, net | 32,611 | 26,816 | |||||
Prepaid expenses and other current assets | 5,450 | 3,680 | |||||
Total current assets | 101,987 | 107,828 | |||||
Property and equipment, net | 3,556 | 3,963 | |||||
Restricted cash, non-current | 1,325 | 1,325 | |||||
Deferred commissions | 17,956 | 20,142 | |||||
Deferred professional service costs | 9,093 | 10,133 | |||||
Intangible assets, net | 14,457 | 16,209 | |||||
Goodwill | 91,785 | 91,785 | |||||
Operating lease right-of-use assets, net | 14,691 | — | |||||
Other assets | 2,223 | 2,129 | |||||
Total assets | $ | 257,073 | $ | 253,514 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 11,355 | $ | 9,556 | |||
Accrued expenses and other current liabilities | 11,170 | 15,454 | |||||
Accrued compensation | 5,169 | 5,975 | |||||
Deferred revenue | 20,698 | 20,193 | |||||
Operating lease liabilities | 5,911 | — | |||||
Total current liabilities | 54,303 | 51,178 | |||||
Deferred revenue, non-current | 837 | 1,030 | |||||
Debt, non-current | 2,324 | 3,254 | |||||
Operating lease liabilities, non-current | 12,032 | — | |||||
Other liabilities, non-current | 1,067 | 3,381 | |||||
Total liabilities | 70,563 | 58,843 | |||||
Stockholders’ equity | 186,510 | 194,671 | |||||
Total liabilities and stockholders’ equity | $ | 257,073 | $ | 253,514 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue: | |||||||||||||||
Subscription | $ | 33,964 | $ | 34,802 | $ | 67,770 | $ | 67,791 | |||||||
Professional services and other | 1,946 | 2,982 | 3,630 | 6,472 | |||||||||||
Total revenue, net | 35,910 | 37,784 | 71,400 | 74,263 | |||||||||||
Cost of revenue: | |||||||||||||||
Cost of subscription(1) | 8,234 | 9,140 | 16,400 | 18,314 | |||||||||||
Cost of professional services and other(1) | 5,929 | 6,590 | 11,873 | 12,359 | |||||||||||
Total cost of revenue | 14,163 | 15,730 | 28,273 | 30,673 | |||||||||||
Gross profit | 21,747 | 22,054 | 43,127 | 43,590 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing(1) | 8,889 | 13,306 | 18,104 | 27,218 | |||||||||||
Research and development(1) | 14,487 | 16,425 | 30,212 | 31,796 | |||||||||||
General and administrative(1) | 7,010 | 6,382 | 14,303 | 13,207 | |||||||||||
Total operating expenses | 30,386 | 36,113 | 62,619 | 72,221 | |||||||||||
Operating loss | (8,639 | ) | (14,059 | ) | (19,492 | ) | (28,631 | ) | |||||||
Other income, net | 258 | 101 | 572 | 229 | |||||||||||
Net loss | $ | (8,381 | ) | $ | (13,958 | ) | $ | (18,920 | ) | $ | (28,402 | ) | |||
Net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.10 | ) | $ | (0.13 | ) | $ | (0.21 | ) | |||
Weighted-average shares used to compute basic and diluted net loss per share | 144,572 | 136,682 | 143,790 | 135,843 |
(1) | Includes stock-based compensation expense as follows: |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Cost of revenue: | |||||||||||||||
Cost of subscription | $ | 196 | $ | 231 | $ | 415 | $ | 473 | |||||||
Cost of professional services and other | 236 | 315 | 501 | 616 | |||||||||||
Sales and marketing | 662 | 1,318 | 1,289 | 2,456 | |||||||||||
Research and development | 1,733 | 1,908 | 3,437 | 3,562 | |||||||||||
General and administrative | 2,030 | 1,375 | 3,192 | 2,632 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating activities: | |||||||||||||||
Net loss | $ | (8,381 | ) | $ | (13,958 | ) | $ | (18,920 | ) | $ | (28,402 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||
Depreciation and amortization | 1,343 | 1,713 | 2,687 | 3,573 | |||||||||||
Stock-based compensation | 4,857 | 5,147 | 8,834 | 9,739 | |||||||||||
Amortization of deferred commissions | 2,365 | 2,947 | 4,856 | 5,800 | |||||||||||
Amortization of deferred professional service costs | 1,045 | 1,151 | 2,014 | 2,097 | |||||||||||
Non-cash operating lease expense | 1,298 | — | 2,580 | — | |||||||||||
Lease exit and related charges | — | 901 | — | 1,817 | |||||||||||
Accretion and amortization of marketable securities | (87 | ) | (135 | ) | (213 | ) | (266 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable and other, net | 2,088 | 4,944 | (5,795 | ) | (6,252 | ) | |||||||||
Deferred commissions | (1,254 | ) | (1,808 | ) | (2,670 | ) | (2,979 | ) | |||||||
Deferred professional service costs | (432 | ) | (647 | ) | (901 | ) | (1,389 | ) | |||||||
Prepaid expenses and other assets | (1,113 | ) | (2,102 | ) | (1,864 | ) | (1,896 | ) | |||||||
Accounts payable | 2,713 | (1,272 | ) | 1,864 | 511 | ||||||||||
Operating lease liabilities | (1,413 | ) | — | (2,795 | ) | — | |||||||||
Accrued expenses and other liabilities | (1,827 | ) | 4,419 | (3,131 | ) | 3,182 | |||||||||
Deferred revenue | (3,183 | ) | (4,393 | ) | 312 | (1,210 | ) | ||||||||
Accrued compensation | 164 | 1,979 | (806 | ) | (4,411 | ) | |||||||||
Net cash used in operating activities | (1,817 | ) | (1,114 | ) | (13,948 | ) | (20,086 | ) | |||||||
Investing activities: | |||||||||||||||
Purchase of property and equipment | (389 | ) | (916 | ) | (593 | ) | (1,304 | ) | |||||||
Purchase of marketable securities | (13,780 | ) | (13,954 | ) | (13,780 | ) | (23,979 | ) | |||||||
Maturities of marketable securities | — | 10,700 | 11,453 | 26,450 | |||||||||||
Net cash (used in) provided by investing activities | (14,169 | ) | (4,170 | ) | (2,920 | ) | 1,167 | ||||||||
Financing activities: | |||||||||||||||
Proceeds from exercise of stock options | 165 | 1,752 | 1,845 | 2,242 | |||||||||||
Principal payments on long-term debt | (465 | ) | — | (930 | ) | — | |||||||||
Net cash (used in) provided by financing activities | (300 | ) | 1,752 | 915 | 2,242 | ||||||||||
Net decrease in cash, cash equivalents and restricted cash | (16,286 | ) | (3,532 | ) | (15,953 | ) | (16,677 | ) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 67,663 | 49,499 | 67,330 | 62,644 | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 51,377 | $ | 45,967 | $ | 51,377 | $ | 45,967 | |||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||||||
Cash and cash equivalents | $ | 50,052 | $ | 44,642 | $ | 50,052 | $ | 44,642 | |||||||
Restricted cash | 1,325 | 1,325 | 1,325 | 1,325 | |||||||||||
Total cash, cash equivalents and restricted cash | $ | 51,377 | $ | 45,967 | $ | 51,377 | $ | 45,967 |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, 2019 | March 31, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||||||||
Gross profit: | |||||||||||||||||||
GAAP gross profit subscription | $ | 25,730 | $ | 25,640 | $ | 25,662 | $ | 51,370 | $ | 49,477 | |||||||||
Stock-based compensation | 196 | 219 | 231 | 415 | 473 | ||||||||||||||
Amortization of internal-use software | — | — | 219 | — | 438 | ||||||||||||||
Amortization of intangibles | 587 | 587 | 678 | 1,174 | 1,356 | ||||||||||||||
Non-GAAP gross profit subscription | $ | 26,513 | $ | 26,446 | $ | 26,790 | $ | 52,959 | $ | 51,744 | |||||||||
GAAP gross margin subscription | 75.8 | % | 75.8 | % | 73.7 | % | 75.8 | % | 73.0 | % | |||||||||
Non-GAAP gross margin subscription | 78.1 | % | 78.2 | % | 77.0 | % | 78.1 | % | 76.3 | % | |||||||||
GAAP gross loss professional services | $ | (3,983 | ) | $ | (4,260 | ) | $ | (3,608 | ) | $ | (8,243 | ) | $ | (5,887 | ) | ||||
Stock-based compensation | 236 | 265 | 315 | 501 | 616 | ||||||||||||||
Non-GAAP gross loss professional services | $ | (3,747 | ) | $ | (3,995 | ) | $ | (3,293 | ) | $ | (7,742 | ) | $ | (5,271 | ) | ||||
GAAP gross margin professional services | (205 | )% | (253 | )% | (121 | )% | (227 | )% | (91.0 | )% | |||||||||
Non-GAAP gross margin professional services | (193 | )% | (237 | )% | (110 | )% | (213 | )% | (81.4 | )% | |||||||||
GAAP gross profit | $ | 21,747 | $ | 21,380 | $ | 22,054 | $ | 43,127 | $ | 43,590 | |||||||||
Impact of non-GAAP adjustments | 1,019 | 1,071 | 1,443 | 2,090 | 2,883 | ||||||||||||||
Non-GAAP gross profit | $ | 22,766 | $ | 22,451 | $ | 23,497 | $ | 45,217 | $ | 46,473 | |||||||||
GAAP gross margin | 60.6 | % | 60.2 | % | 58.4 | % | 60.4 | % | 58.7 | % | |||||||||
Non-GAAP gross margin | 63.4 | % | 63.3 | % | 62.2 | % | 63.3 | % | 62.6 | % | |||||||||
Operating expense: | |||||||||||||||||||
GAAP sales and marketing | $ | 8,889 | $ | 9,215 | $ | 13,306 | $ | 18,104 | $ | 27,218 | |||||||||
Stock-based compensation | (662 | ) | (627 | ) | (1,318 | ) | (1,289 | ) | (2,456 | ) | |||||||||
Amortization of intangibles | (272 | ) | (272 | ) | (273 | ) | (544 | ) | (721 | ) | |||||||||
Non-GAAP sales and marketing | $ | 7,955 | $ | 8,316 | $ | 11,715 | $ | 16,271 | $ | 24,041 | |||||||||
GAAP research and development | $ | 14,487 | $ | 15,725 | $ | 16,425 | $ | 30,212 | $ | 31,796 | |||||||||
Stock-based compensation | (1,733 | ) | (1,704 | ) | (1,908 | ) | (3,437 | ) | (3,562 | ) | |||||||||
Certain legal expenses | — | (191 | ) | — | (191 | ) | — | ||||||||||||
Lease exit and related charges | — | — | (842 | ) | — | (1,758 | ) | ||||||||||||
Non-GAAP research and development | $ | 12,754 | $ | 13,830 | $ | 13,675 | $ | 26,584 | $ | 26,476 | |||||||||
GAAP general and administrative | $ | 7,010 | $ | 7,293 | $ | 6,382 | $ | 14,303 | $ | 13,207 | |||||||||
Stock-based compensation | (2,030 | ) | (1,162 | ) | (1,375 | ) | (3,192 | ) | (2,632 | ) | |||||||||
Amortization of intangibles | (17 | ) | (17 | ) | (17 | ) | (34 | ) | (34 | ) | |||||||||
Certain legal expenses | — | (533 | ) | — | (533 | ) | — | ||||||||||||
Non-GAAP general and administrative | $ | 4,963 | $ | 5,581 | $ | 4,990 | $ | 10,544 | $ | 10,541 | |||||||||
GAAP operating expense | $ | 30,386 | $ | 32,233 | $ | 36,113 | $ | 62,619 | $ | 72,221 | |||||||||
Impact of non-GAAP adjustments | (4,714 | ) | (4,506 | ) | (5,733 | ) | (9,220 | ) | (11,163 | ) | |||||||||
Non-GAAP operating expense | $ | 25,672 | $ | 27,727 | $ | 30,380 | $ | 53,399 | $ | 61,058 | |||||||||
Operating loss: | |||||||||||||||||||
GAAP operating loss | $ | (8,639 | ) | $ | (10,853 | ) | $ | (14,059 | ) | $ | (19,492 | ) | $ | (28,631 | ) | ||||
Impact of non-GAAP adjustments | 5,733 | 5,577 | 7,176 | 11,310 | 14,046 | ||||||||||||||
Non-GAAP operating loss | $ | (2,906 | ) | $ | (5,276 | ) | $ | (6,883 | ) | $ | (8,182 | ) | $ | (14,585 | ) | ||||
Net loss and net loss per share: | |||||||||||||||||||
GAAP net loss | $ | (8,381 | ) | $ | (10,539 | ) | $ | (13,958 | ) | $ | (18,920 | ) | $ | (28,402 | ) |
Total pre-tax impact of non-GAAP adjustments | 5,733 | 5,577 | 7,176 | 11,310 | 14,046 | ||||||||||||||
Non-GAAP net loss | $ | (2,648 | ) | $ | (4,962 | ) | $ | (6,782 | ) | $ | (7,610 | ) | $ | (14,356 | ) | ||||
GAAP net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.10 | ) | $ | (0.13 | ) | $ | (0.21 | ) | ||||
Non-GAAP net loss per share, basic and diluted | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.11 | ) | ||||
Shares used in basic and diluted net loss per share computation | 144,572 | 143,000 | 136,682 | 143,790 | 135,843 |
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end