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LogMeIn Announces Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: LOGM

Non-GAAP cash flow from operations for the fourth quarter of 2012 was $6.2 million, or 17 percent of revenue. For fiscal year 2012, non-GAAP cash flow from operations was $30.6 million, or 22 percent of revenue.  The Company closed 2012 with cash, cash equivalents and short-term investments of $212.1 million.

Additionally, the Company reported total deferred revenue of $69.6 million, an increase of 20 percent from the $58.3 million reported at the end of the prior fiscal year and an increase of $4.4 million, or 7 percent, over the prior quarter.

A reconciliation of the comparable GAAP financial measures to non-GAAP measures used above is included in the attached tables.

The Company also announced that its Board of Directors approved a $25 million share repurchase program. Under the share repurchase program, LogMeIn is authorized to repurchase up to $25 million of its outstanding shares of common stock. Any share repurchases made pursuant to the program will be made from time to time in the open market, in privately negotiated transactions or otherwise. The timing and amount of any share repurchases will be determined by the Company's management based on its evaluation of market conditions, the trading price of the stock, regulatory requirements and other factors. The Company expects to fund the share repurchase program from its cash and cash equivalents. The share repurchase program may be suspended, modified or discontinued at any time at the Company's discretion without prior notice.  

"In the fourth quarter, a record number of net new premium subscribers and strong growth in our newer cloud services helped us deliver revenue and earnings per share that exceeded our guidance," said Michael Simon, president and CEO of LogMeIn. "Year-over-year subscription revenue growth was up 20 percent in the quarter, led by especially strong demand for our Access and Collaboration cloud services, most notably join.me. We also added approximately 27,000 net new premium subscribers, increasing our total premium customers to approximately 462,000, while attracting approximately 2.4 million first time users of our services."

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