(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit | Description |
CASTLIGHT HEALTH, INC. | ||||||||||||||
Date: | February 23, 2021 | By: | /s/ Will Bondurant | |||||||||||
Will Bondurant | ||||||||||||||
Chief Financial Officer |
As of | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 49,242 | $ | 43,017 | |||||||
Marketable securities | — | 16,411 | |||||||||
Accounts receivable and other, net | 31,740 | 31,397 | |||||||||
Prepaid expenses and other current assets | 3,800 | 4,645 | |||||||||
Total current assets | 84,782 | 95,470 | |||||||||
Property and equipment, net | 5,321 | 4,856 | |||||||||
Restricted cash, non-current | 1,144 | 1,144 | |||||||||
Deferred commissions | 9,556 | 14,718 | |||||||||
Deferred professional service costs | 4,462 | 6,711 | |||||||||
Intangible assets, net | 7,930 | 12,178 | |||||||||
Goodwill | 41,485 | 91,785 | |||||||||
Operating lease right-of-use assets, net | 10,238 | 13,906 | |||||||||
Other assets | 1,855 | 2,016 | |||||||||
Total assets | $ | 166,773 | $ | 242,784 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 5,145 | $ | 19,596 | |||||||
Accrued expenses and other current liabilities | 7,898 | 10,454 | |||||||||
Accrued compensation | 8,633 | 8,770 | |||||||||
Deferred revenue | 6,848 | 10,173 | |||||||||
Operating lease liabilities | 5,789 | 5,914 | |||||||||
Total current liabilities | 34,313 | 54,907 | |||||||||
Deferred revenue, non-current | 663 | 572 | |||||||||
Debt, non-current | — | 1,395 | |||||||||
Operating lease liabilities, non-current | 7,446 | 11,823 | |||||||||
Other liabilities, non-current | 485 | 1,213 | |||||||||
Total liabilities | 42,907 | 69,910 | |||||||||
Stockholders’ equity | 123,866 | 172,874 | |||||||||
Total liabilities and stockholders’ equity | $ | 166,773 | $ | 242,784 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Subscription | $ | 34,419 | $ | 34,723 | $ | 141,160 | $ | 137,393 | |||||||||||||||
Professional services and other | 2,667 | 1,724 | 5,549 | 5,915 | |||||||||||||||||||
Total revenue, net | 37,086 | 36,447 | 146,709 | 143,308 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of subscription(1) | 7,932 | 9,150 | 34,996 | 34,067 | |||||||||||||||||||
Cost of professional services and other(1) | 4,989 | 7,150 | 17,046 | 25,007 | |||||||||||||||||||
Total cost of revenue | 12,921 | 16,300 | 52,042 | 59,074 | |||||||||||||||||||
Gross profit | 24,165 | 20,147 | 94,667 | 84,234 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing(1) | 7,713 | 10,664 | 32,026 | 38,597 | |||||||||||||||||||
Research and development(1) | 11,418 | 14,487 | 49,465 | 58,994 | |||||||||||||||||||
General and administrative(1) | 6,405 | 7,238 | 25,662 | 27,981 | |||||||||||||||||||
Goodwill impairment | — | — | 50,300 | — | |||||||||||||||||||
Total operating expenses | 25,536 | 32,389 | 157,453 | 125,572 | |||||||||||||||||||
Operating loss | (1,371) | (12,242) | (62,786) | (41,338) | |||||||||||||||||||
Other income, net | 174 | 496 | 603 | 1,336 | |||||||||||||||||||
Net loss | $ | (1,197) | $ | (11,746) | $ | (62,183) | $ | (40,002) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.01) | $ | (0.08) | $ | (0.41) | $ | (0.28) | |||||||||||||||
Weighted-average shares used to compute basic and diluted net loss per share | 154,739 | 147,359 | 151,478 | 145,172 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of subscription | $ | 215 | $ | 179 | $ | 813 | $ | 774 | |||||||||||||||
Cost of professional services and other | 219 | 216 | 650 | 953 | |||||||||||||||||||
Sales and marketing | 326 | 175 | 2,028 | 2,142 | |||||||||||||||||||
Research and development | 1,041 | 1,369 | 4,544 | 6,100 | |||||||||||||||||||
General and administrative | 1,085 | 1,217 | 4,410 | 5,034 | |||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||
Net loss | $ | (1,197) | $ | (11,746) | $ | (62,183) | $ | (40,002) | |||||||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 1,630 | 1,552 | 6,537 | 5,920 | |||||||||||||||||||
Goodwill impairment | — | — | 50,300 | — | |||||||||||||||||||
Stock-based compensation | 2,886 | 3,156 | 12,445 | 15,003 | |||||||||||||||||||
Amortization of deferred commissions | 2,272 | 3,365 | 7,789 | 10,768 | |||||||||||||||||||
Amortization of deferred professional service costs | 1,100 | 2,132 | 3,517 | 5,242 | |||||||||||||||||||
Non-cash operating lease expense | 1,145 | 1,396 | 4,910 | 5,315 | |||||||||||||||||||
Accretion and amortization of marketable securities | — | 6 | 2 | (238) | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable and other, net | (1,269) | 4,045 | (343) | (4,581) | |||||||||||||||||||
Deferred commissions | (1,231) | (841) | (2,627) | (5,344) | |||||||||||||||||||
Deferred professional service costs | (260) | (385) | (1,178) | (1,686) | |||||||||||||||||||
Prepaid expenses and other assets | 582 | 924 | 824 | 102 | |||||||||||||||||||
Accounts payable | 426 | 6,900 | (13,622) | 9,278 | |||||||||||||||||||
Operating lease liabilities | (1,558) | (1,459) | (5,744) | (5,726) | |||||||||||||||||||
Accrued expenses and other liabilities | (245) | (688) | (2,821) | (3,760) | |||||||||||||||||||
Deferred revenue | (3,134) | (7,588) | (3,234) | (10,478) | |||||||||||||||||||
Accrued compensation | 1,812 | 3,223 | (137) | 2,795 | |||||||||||||||||||
Net cash provided by (used in) operating activities | 2,959 | 3,992 | (5,565) | (17,392) | |||||||||||||||||||
Investing activities: | |||||||||||||||||||||||
Purchase of property and equipment | (149) | (1,241) | (3,580) | (1,953) | |||||||||||||||||||
Purchase of marketable securities | — | (7,520) | (2,994) | (30,589) | |||||||||||||||||||
Sales of marketable securities | — | — | 2,001 | — | |||||||||||||||||||
Maturities of marketable securities | — | 11,075 | 17,400 | 25,745 | |||||||||||||||||||
Net cash (used in) provided by investing activities | (149) | 2,314 | 12,827 | (6,797) | |||||||||||||||||||
Financing activities: | |||||||||||||||||||||||
Proceeds from exercise of stock options | 92 | 1,136 | 270 | 3,060 | |||||||||||||||||||
Proceeds from ESPP offering | — | — | 371 | — | |||||||||||||||||||
Principal payments on long-term debt | (464) | (465) | (1,859) | (1,859) | |||||||||||||||||||
Net cash (used in) provided by financing activities | (372) | 671 | (1,218) | 1,201 | |||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,438 | 6,977 | 6,044 | (22,988) | |||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 47,948 | 37,365 | 44,342 | 67,330 | |||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 50,386 | $ | 44,342 | $ | 50,386 | $ | 44,342 | |||||||||||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 49,242 | $ | 43,017 | $ | 49,242 | $ | 43,017 | |||||||||||||||
Restricted cash included in Prepaid and other current assets | — | 181 | — | 181 | |||||||||||||||||||
Restricted cash, non-current | 1,144 | 1,144 | 1,144 | 1,144 | |||||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 50,386 | $ | 44,342 | $ | 50,386 | $ | 44,342 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||
GAAP gross profit subscription | $ | 26,487 | $ | 26,056 | $ | 25,573 | $ | 106,164 | $ | 103,326 | |||||||||||||||||||
Stock-based compensation | 215 | 224 | 179 | 813 | 774 | ||||||||||||||||||||||||
Amortization of internal-use software | 80 | 79 | — | 264 | — | ||||||||||||||||||||||||
Amortization of intangibles | 530 | 530 | 530 | 2,120 | 2,364 | ||||||||||||||||||||||||
Reduction in workforce | — | — | — | 221 | — | ||||||||||||||||||||||||
Non-GAAP gross profit subscription | $ | 27,312 | $ | 26,889 | $ | 26,282 | $ | 109,582 | $ | 106,464 | |||||||||||||||||||
GAAP gross margin subscription | 77.0 | % | 76.5 | % | 73.6 | % | 75.2 | % | 75.2 | % | |||||||||||||||||||
Non-GAAP gross margin subscription | 79.4 | % | 78.9 | % | 75.7 | % | 77.6 | % | 77.5 | % | |||||||||||||||||||
GAAP gross loss professional services | $ | (2,322) | $ | (2,865) | $ | (5,426) | $ | (11,497) | $ | (19,092) | |||||||||||||||||||
Stock-based compensation | 219 | 171 | 216 | 650 | 953 | ||||||||||||||||||||||||
Reduction in workforce | — | — | — | 317 | — | ||||||||||||||||||||||||
Non-GAAP gross loss professional services | $ | (2,103) | $ | (2,694) | $ | (5,210) | $ | (10,530) | $ | (18,139) | |||||||||||||||||||
GAAP gross margin professional services | (87) | % | (284) | % | (315) | % | (207) | % | (323) | % | |||||||||||||||||||
Non-GAAP gross margin professional services | (79) | % | (267) | % | (302) | % | (190) | % | (307) | % | |||||||||||||||||||
GAAP gross profit | $ | 24,165 | $ | 23,191 | $ | 20,147 | $ | 94,667 | $ | 84,234 | |||||||||||||||||||
Impact of non-GAAP adjustments | 1,044 | 1,004 | 925 | 4,385 | 4,091 | ||||||||||||||||||||||||
Non-GAAP gross profit | $ | 25,209 | $ | 24,195 | $ | 21,072 | $ | 99,052 | $ | 88,325 | |||||||||||||||||||
GAAP gross margin | 65.2 | % | 66.1 | % | 55.3 | % | 64.5 | % | 58.8 | % | |||||||||||||||||||
Non-GAAP gross margin | 68.0 | % | 69.0 | % | 57.8 | % | 67.5 | % | 61.6 | % | |||||||||||||||||||
Operating expense: | |||||||||||||||||||||||||||||
GAAP sales and marketing | $ | 7,713 | $ | 6,158 | $ | 10,664 | $ | 32,026 | $ | 38,597 | |||||||||||||||||||
Stock-based compensation | (326) | (282) | (175) | (2,028) | (2,142) | ||||||||||||||||||||||||
Amortization of intangibles | (528) | (528) | (529) | (2,112) | (1,601) | ||||||||||||||||||||||||
Reduction in workforce | — | 2 | — | (332) | — | ||||||||||||||||||||||||
Non-GAAP sales and marketing | $ | 6,859 | $ | 5,350 | $ | 9,960 | $ | 27,554 | $ | 34,854 | |||||||||||||||||||
GAAP research and development | $ | 11,418 | $ | 11,182 | $ | 14,487 | $ | 49,465 | $ | 58,994 | |||||||||||||||||||
Stock-based compensation | (1,041) | (1,026) | (1,369) | (4,544) | (6,100) | ||||||||||||||||||||||||
Reduction in workforce | — | (5) | — | (663) | — | ||||||||||||||||||||||||
Certain legal expenses | — | — | — | 191 | (191) | ||||||||||||||||||||||||
Capitalization of internally developed software | — | — | 80 | 21 | 80 | ||||||||||||||||||||||||
Non-GAAP research and development | $ | 10,377 | $ | 10,151 | $ | 13,198 | $ | 44,470 | $ | 52,783 | |||||||||||||||||||
GAAP general and administrative | $ | 6,405 | $ | 6,341 | $ | 7,238 | $ | 25,662 | $ | 27,981 | |||||||||||||||||||
Stock-based compensation | (1,085) | (1,401) | (1,217) | (4,410) | (5,034) | ||||||||||||||||||||||||
Amortization of intangibles | — | — | (16) | (17) | (66) | ||||||||||||||||||||||||
Certain legal expenses | — | — | — | — | (533) | ||||||||||||||||||||||||
Reduction in workforce | — | 15 | — | (482) | — | ||||||||||||||||||||||||
Non-GAAP general and administrative | $ | 5,320 | $ | 4,955 | $ | 6,005 | $ | 20,753 | $ | 22,348 | |||||||||||||||||||
GAAP goodwill impairment | $ | — | $ | — | $ | — | $ | 50,300 | $ | — | |||||||||||||||||||
Goodwill impairment | — | — | — | (50,300) | — | ||||||||||||||||||||||||
Non-GAAP goodwill impairment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
GAAP operating expense | $ | 25,536 | $ | 23,681 | $ | 32,389 | $ | 157,453 | $ | 125,572 |
Impact of non-GAAP adjustments | (2,980) | (3,225) | (3,226) | (64,676) | (15,587) | ||||||||||||||||||||||||
Non-GAAP operating expense | $ | 22,556 | $ | 20,456 | $ | 29,163 | $ | 92,777 | $ | 109,985 | |||||||||||||||||||
Operating loss: | |||||||||||||||||||||||||||||
GAAP operating loss | $ | (1,371) | $ | (490) | $ | (12,242) | $ | (62,786) | $ | (41,338) | |||||||||||||||||||
Impact of non-GAAP adjustments | 4,024 | 4,229 | 4,151 | 69,061 | 19,678 | ||||||||||||||||||||||||
Non-GAAP operating income (loss) | $ | 2,653 | $ | 3,739 | $ | (8,091) | $ | 6,275 | $ | (21,660) | |||||||||||||||||||
Net loss and net loss per share: | |||||||||||||||||||||||||||||
GAAP net loss | $ | (1,197) | $ | (447) | $ | (11,746) | $ | (62,183) | $ | (40,002) | |||||||||||||||||||
Total pre-tax impact of non-GAAP adjustments | 4,024 | 4,229 | 4,151 | 69,061 | 19,678 | ||||||||||||||||||||||||
Non-GAAP net income (loss) | $ | 2,827 | $ | 3,782 | $ | (7,595) | $ | 6,878 | $ | (20,324) | |||||||||||||||||||
GAAP net loss per share, basic and diluted | $ | (0.01) | $ | — | $ | (0.08) | $ | (0.41) | $ | (0.28) | |||||||||||||||||||
Non-GAAP net income (loss) per share, basic and diluted | $ | 0.02 | $ | 0.02 | $ | (0.05) | $ | 0.05 | $ | (0.14) | |||||||||||||||||||
Shares used in basic and diluted net loss per share computation | 154,739 | 152,146 | 147,359 | 151,478 | 145,172 |
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Cover |
Feb. 23, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 23, 2021 |
Entity Registrant Name | CASTLIGHT HEALTH, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36330 |
Entity Tax Identification Number | 26-1989091 |
Entity Address, Address Line One | 150 Spear Street |
Entity Address, Address Line Two | Suite 400 |
Entity Address, City or Town | San Francisco |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94105 |
City Area Code | 415 |
Local Phone Number | 829-1400 |
Title of 12(b) Security | Class B Common Stock, par value $0.0001 per share |
Trading Symbol | CSLT |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001433714 |
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