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Reports Quarterly Revenue of $37.4 Million; Deferred Revenue of $74.1 Million
Increases Full Year Revenue Outlook to $157-$160 Million
BOSTON, April 25, 2013 (GLOBE NEWSWIRE) --
LogMeIn, Inc. (Nasdaq:LOGM), a leading provider of essential cloud and mobile services, today announced its results for the quarter ended March 31, 2013.
For the first quarter of 2013, total revenue increased 15 percent to $37.4 million from $32.7 million reported in the first quarter of 2012.
Non-GAAP net income for the first quarter of 2013 was $3.1 million, or $0.12 per diluted share. Non-GAAP net income excludes $5.2 million in stock compensation expense, $6.1 million in patent litigation related expense and $1.1 million in acquisition related costs and amortization. This compares to Non-GAAP net income of $3.5 million, or $0.14 per diluted share, reported in the first quarter of 2012.
GAAP net loss for the first quarter of 2013 was $5.8 million, or $0.24 per diluted share, as compared to GAAP net income of $76,000, or $0.00 per diluted share, reported in the first quarter of 2012.
Non-GAAP cash flows from operations for the first quarter of 2013 was $6.0 million, or 16 percent of revenue. The Company closed the quarter with cash, cash equivalents and short-term investments of $205.2 million. Under the Company's previously announced $25 million share repurchase program, the Company spent approximately $9 million in the quarter to repurchase 500,000 shares at an average price of $18 per share. Additionally, the Company reported total deferred revenue of $74.1 million, an increase of 21 percent from the $61.1 million reported in first quarter of 2012.
A reconciliation of the comparable GAAP financial measures to non-GAAP measures used above is included in the attached tables.
"We had a strong first quarter with new sales and renewals that allowed us to deliver results that exceeded the high-end of our guidance," said Michael Simon, CEO of LogMeIn. "In addition, we successfully attracted 2.7 million first time users and 37,000 new premium subscribers – both record highs."