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."