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TheStreet Open House

LogMeIn Announces Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: LOGM

LogMeIn, LogMeIn Central, LogMeIn Pro, LogMeIn Free, LogMeIn Rescue, LogMeIn Ignition, join.me, Cubby and BoldChat are trademarks or registered trademarks of LogMeIn in the US and other countries around the world.

LogMeIn, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)
     
     
  December 31, December 31,
  2011 2012
     
ASSETS    
Current assets:    
Cash and cash equivalents  $ 103,604   $ 111,932 
Marketable securities  95,040   100,161 
Accounts receivable, net  8,747   13,231 
Prepaid expenses and other current assets  2,412   3,620 
Deferred income taxes  1,980   3,214 
Total current assets  211,783   232,158 
Property and equipment, net  5,203   6,576 
Restricted cash  370   3,807 
Intangibles, net  3,260   6,368 
Goodwill  7,259   18,883 
Other assets  242   1,550 
Deferred income taxes  3,940   10,196 
Total assets  $ 232,057   $ 279,538 
     
LIABILITIES AND EQUITY    
Current liabilities:    
Accounts payable  $ 6,275   $ 7,773 
Accrued liabilities  10,473   16,657 
Deferred revenue, current portion  55,962   65,875 
Total current liabilities  72,710   90,305 
Deferred revenue, net of current portion  2,302   3,774 
Other long-term liabilities  1,239   822 
Total liabilities  76,251   94,901 
Commitments and contingencies    
Preferred stock  --   -- 
Equity:    
Common stock  246   248 
Additional paid-in capital  154,440   178,546 
Retained earnings  2,677   6,243 
Accumulated other comprehensive loss  (1,557)  (400)
Total equity  155,806   184,637 
Total liabilities and equity  $ 232,057   $ 279,538 
 
LogMeIn, Inc.
Condensed Consolidated Statements of Income (unaudited)
(In thousands, except share and per share data)
         
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2011 2012 2011 2012
         
Revenue   $ 32,322   $ 36,984   $ 119,461   $ 138,837 
Cost of revenue  2,994   3,975   10,574   14,504 
Gross profit  29,328   33,009   108,887   124,333 
Operating expenses        
Research and development  5,695   6,657   20,780   26,361 
Sales and marketing  15,501   18,523   57,156   70,058 
General and administrative  4,398   6,649   19,975   21,338 
Legal settlements  --   --   1,250   -- 
Amortization of intangibles  11   146   228   565 
Total operating expenses  25,605   31,975   99,389   118,322 
Income from operations  3,723   1,034   9,498   6,011 
         
Interest income, net  201   210   862   887 
Other expense  (158)  (131)  (565)  (641)
Income before income taxes  3,766   1,113   9,795   6,257 
(Provision for) benefit from income taxes  (1,749)  1,083   (4,034)  (2,691)
         
Net income  $ 2,017   $ 2,196   $ 5,761   $ 3,566 
         
Net income per share:        
basic  $ 0.08   $ 0.09   $ 0.24   $ 0.14 
diluted  $ 0.08   $ 0.09   $ 0.23   $ 0.14 
Weighted average shares outstanding:        
basic 24,417,473 24,806,471 24,175,621 24,711,242
diluted 25,290,390 25,292,822 25,154,599 25,356,305
         
         
Calculation of Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP Net Income per share (unaudited)
(In thousands, except share and per share data)
         
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2011 2012 2011 2012
         
GAAP Income from operations  $ 3,723   $ 1,034   $ 9,498   $ 6,011 
         
Add Back:        
Stock-based compensation expense  2,389   4,385   8,925   14,792 
Patent litigation related expenses  117   1,114   4,497   1,470 
Acquisition related costs and amortization   1,231   1,133   2,682   5,450 
State sales tax settlement  --   --   1,300   -- 
         
Non-GAAP Operating income  7,460   7,666   26,902   27,723 
         
Other income, net  43   79   297   246 
         
Non-GAAP Income before provision for income taxes  7,503   7,745   27,199   27,969 
         
Non-GAAP Provision for income taxes  (2,622)  (1,756)  (9,941)  (9,613)
         
Non-GAAP Net income  $ 4,881   $ 5,989   $ 17,258   $ 18,356 
         
Non-GAAP Diluted net income per share:  $ 0.19   $ 0.24   $ 0.69   $ 0.72 
Diluted weighted average shares outstanding used in computing per share amounts: 25,290,390 25,292,822 25,154,599 25,356,305
         
         
         
         
Stock-Based Compensation Expense
(In thousands)
         
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2011 2012 2011 2012
         
Stock-based compensation expense:        
Cost of revenue  $ 79   $ 135   $ 316   $ 484 
Research and development  382   825   1,477   2,826 
Sales and marketing  716   1,592   2,700   4,962 
General and administrative  1,212   1,833   4,432   6,520 
Total stock based-compensation  $ 2,389   $ 4,385   $ 8,925   $ 14,792 
 
LogMeIn, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(In thousands)
         
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2011 2012 2011 2012
Cash flows from operating activities        
Net income  $ 2,017   $ 2,196   $ 5,761   $ 3,566 
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization  1,126   1,652   4,403   6,100 
Amortization of premiums on investments  14   22   134   54 
Provision for bad debts  40   22   85   100 
Deferred income taxes  1,707   (3,691)  3,794   (831)
Income tax benefit from the exercise of stock options  (2,221)  (1,991)  (5,887)  (6,634)
Stock-based compensation  2,389   4,385   8,925   14,792 
Loss (gain) on disposal of equipment  --   13   (1)  12 
Changes in assets and liabilities:        
Accounts receivable  (2,449)  (2,666)  (4,088)  (4,471)
Prepaid expenses and other current assets  202   (179)  494   (1,070)
Other assets  13   (1,307)  (215)  (1,308)
Accounts payable  2,231   1,543   3,787   1,552 
Accrued liabilities  (994)  1,529   (531)  5,816 
Deferred revenue  4,269   4,355   15,471   10,960 
Other long-term liabilities  485   180   739   (418)
Fair value adjustment to contingent consideration  --   7   --   37 
Net cash provided by operating activities  8,829   6,070   32,871   28,257 
Cash flows from investing activities        
Purchases of marketable securities  (14,999)  (14,986)  (150,066)  (135,085)
Proceeds from sale or disposal of marketable securities  10,000   15,000   145,000   130,000 
Purchases of property and equipment  (69)  (1,090)  (2,322)  (5,277)
Intangible asset additions  (101)  (260)  (346)  (1,049)
Cash paid for acquisition, net of cash acquired  --   --   (10,000)  (14,831)
Increase in restricted cash and deposits  (1)  --   (26)  (3,558)
Net cash used in investing activities  (5,170)  (1,336)  (17,760)  (29,800)
Cash flows from financing activities        
Proceeds from issuance of common stock upon option exercises  2,975   87   6,207   2,682 
Income tax benefit from the exercise of stock options  2,221   1,991   5,887   6,635 
Payment of contingent consideration  --   --   --   (89)
Net cash provided by financing activities  5,196   2,078   12,094   9,228 
Effect of exchange rate changes on cash and cash equivalents and restricted cash  (646)  117   (881)  643 
Net increase in cash and cash equivalents  8,209   6,929   26,324   8,328 
Cash and cash equivalents, beginning of period  95,395   105,003   77,280   103,604 
Cash and cash equivalents, end of period  $ 103,604   $ 111,932   $ 103,604   $ 111,932 
         
         
         
         
Calculation of Non-GAAP Cash Flows from Operating Activities (unaudited)
(In thousands)
         
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2011 2012 2011 2012
         
GAAP Cash flows from operating activities  $ 8,829   $ 6,070   $ 32,871   $ 28,257 
         
Add Back:        
Patent litigation related payments  101   89   4,352   399 
Acquisition related payments  269   28   269   1,969 
State sales tax settlement  1,300   --   1,300   -- 
         
Cash flows from operating activities before patent litigation expenses, acquisition related legal expense and state sales tax settlement  $ 10,499   $ 6,187   $ 38,792   $ 30,625 
CONTACT: Contact Information:
         Investors 
         Rob Bradley
         LogMeIn, Inc.
         781-897-1301
         rbradley@LogMeIn.com 

         Press
         Craig VerColen
         LogMeIn, Inc.
         781-897-0696
         Press@LogMeIn.com

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