Delaware | 001-36766 | 26-2017431 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
¨ | 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)) |
Emerging growth company | ☐ |
(d) | Exhibits |
Exhibit Number | Description | |
Press release, dated November 6, 2018, issued by New Relic, Inc. |
New Relic, Inc. | |||
Date: | November 6, 2018 | By: | /s/ Mark Sachleben |
Mark Sachleben | |||
Chief Financial Officer |
• | Revenue of $114.9 million, compared to $84.7 million for the second quarter of fiscal 2018. |
• | GAAP loss from operations was $(5.5) million, compared to $(14.8) million for the second quarter of fiscal 2018. |
• | Non-GAAP income from operations was $9.7 million, compared to a loss of $(3.5) million for the second quarter of fiscal 2018. |
• | GAAP net loss attributable to New Relic per basic share was $(0.15), compared to a loss of $(0.27) per basic share for the second quarter of fiscal 2018. |
• | Non-GAAP net income attributable to New Relic per diluted share was $0.20, compared to a loss of $(0.06) per basic share for the second quarter of fiscal 2018. |
• | Cash, cash equivalents and short-term investments were $731.1 million at the end of the second quarter of fiscal 2019, compared with $720.9 million at the end of the first quarter of fiscal 2019. |
• | $100K+ Paid Business Accounts as of September 30, 2018 of 786, compared to 586 as of September 30, 2017. |
• | 56% of ARR from Enterprise Paid Business Accounts as of September 30, 2018, compared to 51% as of September 30, 2017. |
• | Dollar-Based Net Expansion Rate for the second quarter of fiscal 2019 of 124%, compared to 123% as of the second quarter of fiscal 2018. |
• | Added [https://newrelic.com/press-release/20180823] Michael Christenson, Managing Director of Allen & Company LLC, and Caroline Watteeuw, Executive Vice President and Chief Information Officer of Caliber Home Loans, to the Board of Directors, effective August 21, 2018, bringing the total number of directors to nine. |
• | Signed a definitive agreement establishing a Japanese joint venture [https://newrelic.com/press-release/20180807-2] with Japan Cloud. |
• | Third Quarter Fiscal 2019 Outlook: |
• | Revenue between $118.5 million and $120.5 million, representing year-over-year growth of between 29% and 31%, respectively. |
• | Non-GAAP income from operations of between $3.5 million and $4.5 million. |
• | Non-GAAP net income attributable to New Relic per diluted share between $0.12 and $0.13. |
• | Full Year Fiscal 2019 Outlook: |
• | Revenue between $466.5 million and $469.5 million, representing year-over-year growth of between 31% and 32%, and an increase from prior guidance of between $457.5 million and $462.5 million that was issued on August 7, 2018. |
• | Non-GAAP income from operations of between $22.0 million and $24.0 million, an improvement from prior guidance of between $18.0 million and $22.0 million that was issued on August 7, 2018. |
• | Non-GAAP net income attributable to New Relic per diluted share between $0.42 and $0.48, an improvement from prior guidance of between $0.39 and $0.46 that was issued on August 7, 2018. |
• | What: New Relic financial results for the second quarter of fiscal year 2019 and outlook for the third quarter and the full year of fiscal 2019 |
• | When: November 6, 2018 at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time) |
• | Dial in: To access the call in the U.S., please dial (866) 393-4306, and for international callers, please dial (734) 385-2616. Callers may provide confirmation number 9225017 to access the call more quickly, and are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining. |
• | Webcast: http://ir.newrelic.com (live and replay) |
• | Replay: Following the completion of the call through 11:59 PM Eastern Time on November 13, 2018, a telephone replay will be available by dialing (855) 859-2056 from the United States or (404) 537-3406 internationally with conference ID 9225017. |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue | $ | 114,896 | $ | 84,685 | $ | 223,117 | $ | 164,783 | ||||||
Cost of revenue | 18,447 | 15,694 | 35,497 | 30,671 | ||||||||||
Gross profit | 96,449 | 68,991 | 187,620 | 134,112 | ||||||||||
Operating expenses: | ||||||||||||||
Research and development | 23,962 | 18,266 | 46,565 | 36,532 | ||||||||||
Sales and marketing | 61,142 | 51,261 | 118,630 | 100,622 | ||||||||||
General and administrative | 16,880 | 14,305 | 31,591 | 28,247 | ||||||||||
Total operating expenses | 101,984 | 83,832 | 196,786 | 165,401 | ||||||||||
Loss from operations | (5,535 | ) | (14,841 | ) | (9,166 | ) | (31,289 | ) | ||||||
Other income (expense): | ||||||||||||||
Interest income | 3,259 | 512 | 5,104 | 969 | ||||||||||
Interest expense | (5,597 | ) | (21 | ) | (8,263 | ) | (43 | ) | ||||||
Other income (expense), net | (435 | ) | (152 | ) | (1,277 | ) | 162 | |||||||
Loss before income taxes | (8,308 | ) | (14,502 | ) | (13,602 | ) | (30,201 | ) | ||||||
Income tax provision | 225 | 189 | 546 | 424 | ||||||||||
Net loss | $ | (8,533 | ) | $ | (14,691 | ) | $ | (14,148 | ) | $ | (30,625 | ) | ||
Net loss attributable to redeemable non-controlling interest | 197 | — | 197 | — | ||||||||||
Net loss attributable to New Relic | $ | (8,336 | ) | $ | (14,691 | ) | $ | (13,951 | ) | $ | (30,625 | ) | ||
Net loss per share, basic and diluted | $ | (0.15 | ) | $ | (0.27 | ) | $ | (0.25 | ) | $ | (0.57 | ) | ||
Weighted-average shares used to compute net loss per share, basic and diluted | 56,706 | 54,699 | 56,446 | 54,201 |
September 30, 2018 | March 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 196,797 | $ | 132,479 | |||
Short-term investments | 534,311 | 115,441 | |||||
Accounts receivable, net of allowance for doubtful accounts of $1,551 and $1,728, respectively | 76,019 | 99,488 | |||||
Prepaid expenses and other current assets | 18,049 | 15,591 | |||||
Deferred contract acquisition costs | 23,409 | — | |||||
Total current assets | 848,585 | 362,999 | |||||
Property and equipment, net | 62,738 | 53,899 | |||||
Restricted cash | 8,203 | 8,202 | |||||
Goodwill | 11,828 | 11,828 | |||||
Intangible assets, net | 918 | 1,312 | |||||
Deferred contract acquisition costs, non-current | 22,731 | — | |||||
Other assets | 4,525 | 5,086 | |||||
Total assets | $ | 959,528 | $ | 443,326 | |||
Liabilities, redeemable non-controlling interest and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 10,618 | $ | 2,985 | |||
Accrued compensation and benefits | 20,323 | 17,414 | |||||
Other current liabilities | 9,823 | 8,619 | |||||
Deferred revenue | 181,764 | 189,633 | |||||
Total current liabilities | 222,528 | 218,651 | |||||
Convertible senior notes, net | 395,824 | — | |||||
Deferred rent, non-current | 10,291 | 8,147 | |||||
Deferred revenue, non-current | 8,917 | 649 | |||||
Other liabilities, non-current | 722 | 775 | |||||
Total liabilities | 638,282 | 228,222 | |||||
Redeemable non-controlling interest | 3,399 | — | |||||
Stockholders’ equity: | |||||||
Common stock, $0.001 par value | 57 | 56 | |||||
Treasury stock - at cost (260 shares) | (263 | ) | (263 | ) | |||
Additional paid-in capital | 597,248 | 521,119 | |||||
Accumulated other comprehensive loss | (573 | ) | (324 | ) | |||
Accumulated deficit | (278,622 | ) | (305,484 | ) | |||
Total stockholders’ equity | 317,847 | 215,104 | |||||
Total liabilities, redeemable non-controlling interest and stockholders’ equity | $ | 959,528 | $ | 443,326 |
Six Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net loss attributable to New Relic | $ | (13,951 | ) | $ | — | ||
Net loss attributable to redeemable non-controlling interest | $ | (197 | ) | $ | — | ||
Net loss: | $ | (14,148 | ) | $ | (30,625 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 24,823 | 11,553 | |||||
Stock-based compensation expense | 24,860 | 19,845 | |||||
Amortization of debt discount and issuance costs | 7,292 | — | |||||
Other | 588 | 384 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 23,345 | 22,522 | |||||
Prepaid expenses and other assets | 724 | (5,450 | ) | ||||
Deferred contract acquisition costs | (17,415 | ) | — | ||||
Accounts payable | 1,960 | (530 | ) | ||||
Accrued compensation and benefits and other liabilities | 4,570 | 2,786 | |||||
Deferred revenue | 639 | (3,453 | ) | ||||
Deferred rent | 976 | (431 | ) | ||||
Net cash provided by operating activities | 58,214 | 16,601 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (14,255 | ) | (14,394 | ) | |||
Purchases of short-term investments | (496,229 | ) | (55,126 | ) | |||
Proceeds from sale and maturity of short-term investments | 76,683 | 56,432 | |||||
Capitalized software development costs | (3,062 | ) | (1,486 | ) | |||
Net cash used in investing activities | (436,863 | ) | (14,574 | ) | |||
Cash flows from financing activities: | |||||||
Investment from redeemable non-controlling interest | 3,596 | — | |||||
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $11,582 | 488,669 | — | |||||
Purchase of capped call related to convertible senior notes | (63,182 | ) | — | ||||
Proceeds from employee stock purchase plan | 4,887 | 3,029 | |||||
Proceeds from exercise of employee stock options | 8,998 | 17,264 | |||||
Net cash provided by financing activities | 442,968 | 20,293 | |||||
Net increase in cash, cash equivalents and restricted cash | 64,319 | 22,320 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 140,681 | 96,420 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 205,000 | $ | 118,740 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2018 | 2018 | ||||||||||||||||||||||
ASC 605 | Adjustments | ASC 606 | ASC 605 | Adjustments | ASC 606 | ||||||||||||||||||
Revenue | $ | 114,483 | $ | 413 | $ | 114,896 | $ | 222,736 | $ | 381 | $ | 223,117 | |||||||||||
Cost of revenue | 18,447 | — | 18,447 | 35,497 | — | 35,497 | |||||||||||||||||
Gross profit | 96,036 | 413 | 96,449 | 187,239 | 381 | 187,620 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 23,962 | — | 23,962 | 46,565 | — | 46,565 | |||||||||||||||||
Sales and marketing | 65,009 | (3,867 | ) | 61,142 | 124,207 | (5,577 | ) | 118,630 | |||||||||||||||
General and administrative | 16,880 | — | 16,880 | 31,591 | — | 31,591 | |||||||||||||||||
Total operating expenses | 105,851 | (3,867 | ) | 101,984 | 202,363 | (5,577 | ) | 196,786 | |||||||||||||||
Loss from operations | (9,815 | ) | 4,280 | (5,535 | ) | (15,124 | ) | 5,958 | (9,166 | ) | |||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | 3,259 | — | 3,259 | 5,104 | — | 5,104 | |||||||||||||||||
Interest expense | (5,597 | ) | — | (5,597 | ) | (8,263 | ) | — | (8,263 | ) | |||||||||||||
Other income (expense), net | (435 | ) | — | (435 | ) | (1,277 | ) | — | (1,277 | ) | |||||||||||||
Loss before income taxes | (12,588 | ) | 4,280 | (8,308 | ) | (19,560 | ) | 5,958 | (13,602 | ) | |||||||||||||
Income tax provision | 225 | — | 225 | 546 | — | 546 | |||||||||||||||||
Net loss | $ | (12,813 | ) | $ | 4,280 | $ | (8,533 | ) | $ | (20,106 | ) | $ | 5,958 | $ | (14,148 | ) | |||||||
Net loss attributable to redeemable non-controlling interest | 197 | $ | — | 197 | 197 | $ | — | 197 | |||||||||||||||
Net loss attributable to New Relic | $ | (12,616 | ) | $ | 4,280 | $ | (8,336 | ) | $ | (19,909 | ) | $ | 5,958 | $ | (13,951 | ) | |||||||
Net loss per share, basic and diluted | $ | (0.22 | ) | $ | 0.07 | $ | (0.15 | ) | $ | (0.35 | ) | $ | 0.10 | $ | (0.25 | ) | |||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 56,706 | 56,706 | 56,446 | 56,446 |
Three Months Ended September 30, | |||||||||||||||
2018 | 2017 | ||||||||||||||
As Reported (ASC 606) | Impacts from Adoption | Without Adoption (ASC 605) | As Reported (ASC 605) | ||||||||||||
Reconciliation of gross profit and gross margin: | |||||||||||||||
GAAP gross profit | $ | 96,449 | $ | (413 | ) | $ | 96,036 | $ | 68,991 | ||||||
Plus: Stock-based compensation | 895 | — | 895 | 603 | |||||||||||
Plus: Amortization of purchased intangibles | 197 | — | 197 | 397 | |||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 174 | — | 174 | 238 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 87 | — | 87 | 39 | |||||||||||
Non-GAAP gross profit | $ | 97,802 | $ | (413 | ) | $ | 97,389 | $ | 70,268 | ||||||
GAAP gross margin | 84 | % | — | % | 84 | % | 81 | % | |||||||
Non-GAAP adjustments | 1 | % | — | % | 1 | % | 2 | % | |||||||
Non-GAAP gross margin | 85 | % | — | % | 85 | % | 83 | % | |||||||
Reconciliation of operating expenses: | |||||||||||||||
GAAP research and development | $ | 23,962 | $ | — | $ | 23,962 | $ | 18,266 | |||||||
Less: Stock-based compensation | (3,858 | ) | — | (3,858 | ) | (3,305 | ) | ||||||||
Less: Employer payroll tax on employee equity incentive plans | (269 | ) | — | (269 | ) | (169 | ) | ||||||||
Non-GAAP research and development | $ | 19,835 | $ | — | $ | 19,835 | $ | 14,792 | |||||||
GAAP sales and marketing | $ | 61,142 | $ | 3,867 | $ | 65,009 | $ | 51,261 | |||||||
Less: Stock-based compensation | (6,028 | ) | — | (6,028 | ) | (3,875 | ) | ||||||||
Less: Employer payroll tax on employee equity incentive plans | (209 | ) | — | (209 | ) | (218 | ) | ||||||||
Non-GAAP sales and marketing | $ | 54,905 | $ | 3,867 | $ | 58,772 | $ | 47,168 | |||||||
GAAP general and administrative | $ | 16,880 | $ | — | $ | 16,880 | $ | 14,305 | |||||||
Less: Stock-based compensation | (3,052 | ) | — | (3,052 | ) | (2,439 | ) | ||||||||
Less: Transaction costs related to acquisition | (330 | ) | (330 | ) | — | ||||||||||
Less: Employer payroll tax on employee equity incentive plans | (95 | ) | — | (95 | ) | (65 | ) | ||||||||
Non-GAAP general and administrative | $ | 13,403 | $ | — | $ | 13,403 | $ | 11,801 | |||||||
Reconciliation of income (loss) from operations and operating margin: | |||||||||||||||
GAAP loss from operations | $ | (5,535 | ) | $ | (4,280 | ) | $ | (9,815 | ) | $ | (14,841 | ) | |||
Plus: Stock-based compensation | 13,833 | — | 13,833 | 10,222 | |||||||||||
Plus: Amortization of purchased intangibles | 197 | — | 197 | 397 | |||||||||||
Plus: Transaction costs related to acquisition | 330 | 330 | — | ||||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 174 | — | 174 | 238 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 660 | — | 660 | 491 | |||||||||||
Non-GAAP income (loss) from operations | $ | 9,659 | $ | (4,280 | ) | $ | 5,379 | $ | (3,493 | ) | |||||
GAAP operating margin | (5 | %) | — | % | (9 | %) | (18 | %) | |||||||
Non-GAAP adjustments | 13 | % | — | % | 13 | % | 14 | % | |||||||
Non-GAAP operating margin | 8 | % | — | % | 4 | % | (4 | %) | |||||||
Reconciliation of net income (loss): | |||||||||||||||
GAAP net loss attributable to New Relic | $ | (8,336 | ) | $ | (4,280 | ) | $ | (12,616 | ) | $ | (14,691 | ) | |||
Plus: Stock-based compensation | 13,833 | — | 13,833 | 10,222 | |||||||||||
Plus: Amortization of purchased intangibles | 197 | — | 197 | 397 |
Plus: Transaction costs related to acquisition | 330 | 330 | — | ||||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 174 | — | 174 | 238 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 660 | — | 660 | 491 | |||||||||||
Plus: Amortization of debt discount and issuance costs | 4,952 | — | 4,952 | — | |||||||||||
Non-GAAP net income (loss) attributable to New Relic | $ | 11,810 | $ | (4,280 | ) | $ | 7,530 | $ | (3,343 | ) | |||||
Non-GAAP net income (loss) per share: | |||||||||||||||
Basic | $ | 0.21 | $ | (0.08 | ) | $ | 0.13 | $ | (0.06 | ) | |||||
Diluted | $ | 0.20 | $ | (0.07 | ) | $ | 0.13 | $ | (0.06 | ) | |||||
Shares used in non-GAAP per share calculations: | |||||||||||||||
Basic | 56,706 | 56,706 | 54,699 | ||||||||||||
Diluted | 59,848 | 59,848 | 54,699 |
Six Months Ended September 30, | |||||||||||||||
2018 | 2017 | ||||||||||||||
As Reported (ASC 606) | Impacts from Adoption | Without Adoption (ASC 605) | As Reported (ASC 605) | ||||||||||||
Reconciliation of gross profit and gross margin: | |||||||||||||||
GAAP gross profit | $ | 187,620 | $ | (381 | ) | $ | 187,239 | $ | 134,112 | ||||||
Plus: Stock-based compensation | 1,588 | — | 1,588 | 1,129 | |||||||||||
Plus: Amortization of purchased intangibles | 394 | — | 394 | 794 | |||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 363 | — | 363 | 474 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 184 | — | 184 | 85 | |||||||||||
Non-GAAP gross profit | $ | 190,149 | $ | (381 | ) | $ | 189,768 | $ | 136,594 | ||||||
GAAP gross margin | 84 | % | — | % | 84 | % | 81 | % | |||||||
Non-GAAP adjustments | 1 | % | — | % | 1 | % | 2 | % | |||||||
Non-GAAP gross margin | 85 | % | — | % | 85 | % | 83 | % | |||||||
Reconciliation of operating expenses: | |||||||||||||||
GAAP research and development | 46,565 | $ | — | $ | 46,565 | $ | 36,532 | ||||||||
Less: Stock-based compensation | (7,121 | ) | — | (7,121 | ) | (6,141 | ) | ||||||||
Less: Employer payroll tax on employee equity incentive plans | (617 | ) | — | (617 | ) | (431 | ) | ||||||||
Non-GAAP research and development | $ | 38,827 | $ | — | $ | 38,827 | $ | 29,960 | |||||||
GAAP sales and marketing | $ | 118,630 | $ | 5,577 | $ | 124,207 | $ | 100,622 | |||||||
Less: Stock-based compensation | (10,818 | ) | — | (10,818 | ) | (8,181 | ) | ||||||||
Less: Employer payroll tax on employee equity incentive plans | (561 | ) | — | (561 | ) | (594 | ) | ||||||||
Non-GAAP sales and marketing | $ | 107,251 | $ | 5,577 | $ | 112,828 | $ | 91,847 | |||||||
GAAP general and administrative | $ | 31,591 | $ | — | $ | 31,591 | $ | 28,247 | |||||||
Less: Stock-based compensation | (5,333 | ) | — | (5,333 | ) | (4,394 | ) | ||||||||
Less: Transaction costs related to acquisition | (330 | ) | — | (330 | ) | — | |||||||||
Less: Employer payroll tax on employee equity incentive plans | (233 | ) | — | (233 | ) | (138 | ) | ||||||||
Non-GAAP general and administrative | $ | 25,695 | $ | — | $ | 25,695 | $ | 23,715 | |||||||
Reconciliation of income (loss) from operations and operating margin: | |||||||||||||||
GAAP loss from operations | $ | (9,166 | ) | $ | (5,958 | ) | $ | (15,124 | ) | $ | (31,289 | ) | |||
Plus: Stock-based compensation | 24,860 | — | 24,860 | 19,845 | |||||||||||
Plus: Amortization of purchased intangibles | 394 | — | 394 | 794 | |||||||||||
Plus: Transaction costs related to acquisition | 330 | 330 | — | ||||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 363 | — | 363 | 474 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 1,595 | — | 1,595 | 1,248 | |||||||||||
Non-GAAP income (loss) from operations | $ | 18,376 | $ | (5,958 | ) | $ | 12,418 | $ | (8,928 | ) | |||||
GAAP operating margin | (4 | %) | — | % | (7 | %) | (19 | %) | |||||||
Non-GAAP adjustments | 12 | % | — | % | 13 | % | 14 | % | |||||||
Non-GAAP operating margin | 8 | % | — | % | 6 | % | (5 | %) | |||||||
Reconciliation of net income (loss): | |||||||||||||||
GAAP net loss attributable to New Relic | $ | (13,951 | ) | $ | (5,958 | ) | $ | (19,909 | ) | $ | (30,625 | ) | |||
Plus: Stock-based compensation | 24,860 | — | 24,860 | 19,845 | |||||||||||
Plus: Amortization of purchased intangibles | 394 | — | 394 | 794 |
Plus: Transaction costs related to acquisition | 330 | 330 | — | ||||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 363 | — | 363 | 474 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 1,595 | — | 1,595 | 1,248 | |||||||||||
Plus: Amortization of debt discount and issuance costs | 7,292 | — | 7,292 | — | |||||||||||
Non-GAAP net income (loss) attributable to New Relic | $ | 20,883 | $ | (5,958 | ) | $ | 14,925 | $ | (8,264 | ) | |||||
Non-GAAP net income (loss) per share: | |||||||||||||||
Basic | $ | 0.37 | $ | (0.11 | ) | $ | 0.26 | $ | (0.15 | ) | |||||
Diluted | $ | 0.35 | $ | (0.10 | ) | $ | 0.25 | $ | (0.15 | ) | |||||
Shares used in non-GAAP per share calculations: | |||||||||||||||
Basic | 56,446 | 56,446 | 54,201 | ||||||||||||
Diluted | 59,639 | 59,639 | 54,201 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net cash provided by operating activities | $ | 7,830 | $ | (1,080 | ) | $ | 58,214 | $ | 16,601 | ||||||
Capital expenditures | (7,215 | ) | (6,980 | ) | (14,255 | ) | (14,394 | ) | |||||||
Capitalized software development costs | (1,212 | ) | (754 | ) | (3,062 | ) | (1,486 | ) | |||||||
Free cash flows (Non-GAAP) | $ | (597 | ) | $ | (8,814 | ) | $ | 40,897 | $ | 721 | |||||
Net cash provided by (used in) investing activities | $ | (377,594 | ) | $ | (2,423 | ) | $ | (436,863 | ) | $ | (14,574 | ) | |||
Net cash provided by financing activities | $ | 11,687 | $ | 8,921 | $ | 442,968 | $ | 20,293 |