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Logmein Announces Third Quarter 2015 Results

The following excerpt is from the company's SEC filing.

Third Quarter Revenue Up 20% Year-Over-Year; Raises Full Year Revenue and Earnings Guidance

Boston, October 22, 2015

LogMeIn, Inc. (NASDAQ: LOGM), a leading provider of cloud based connectivity, today announced its results for the third quarter ended September 30, 2015.

Third quarter 2015 highlights include:

Revenue was $69.6 million, up 20% compared with the third quarter of 2014

Adjusted EBITDA was $19.4 million and adjusted EBITDA margin was 27.9%, versus $13.3 million and 22.9% in the third quarter of 2014

Non-GAAP net income was $11.9 million, or $0.46 per dil uted share, as compared to $8.1 million, or $0.32 per diluted share, in the third quarter of 2014

GAAP net income was $5.6 million, or $0.22 per diluted share, as compared to GAAP net income of $2.3 million, or $0.09 per diluted share, in the third quarter of 2014

Non-GAAP cash flow from operations was $14.2 million and 20% of revenue in the third quarter of 2015

Total deferred revenue was $137.0 million, up 33% year-over-year

The Company closed the quarter with cash, cash equivalents, and short-term investments of $245.7 million

Were happy to report a very good quarter with strong financial results and what we believe to be significant progress on our key strategic growth initiatives, said Michael Simon, chairman and CEO of LogMeIn. Revenue and earnings both exceeded our outlook, allowing us to raise our fourth quarter and full year outlook. In addition, weve taken key new steps on our collaboration, Internet of Things, and identity and access management initiatives including our recent acquisition of LastPass positioning the business for longer-term growth in some of technologys most transformative markets.

Business Outlook

Based on information available as of October 22, 2015, the Company is issuing guidance for the fourth quarter 2015 and fiscal year 2015.

Fourth Quarter 2015

: The Company expects fourth quarter revenue to be in the range of $74.1 million to $74.6 million.

Adjusted EBITDA is expected to be in the range of $20.0 million to $20.4 million.

Non-GAAP net income is expected to be in the range of $12.0 million to $12.3 million, or $0.46 to $0.47 per diluted share. Non-GAAP net income excludes an estimated $7.8 million in stock-based compensation expense, $200,000 in litigation related expense, and $4.6 million in acquisition related costs and amortization.

Non-GAAP net income for the fourth quarter assumes an effective tax rate of approximately 30%. Non-GAAP net income per diluted share for the fourth quarter of 2015 is based on an estimated 25.9 million fully-diluted weighted average shares outstanding.

Including stock-based compensation expense, litigation related expense, and acquisition related costs and amortization, we expect to report GAAP net income in the range of $3.4 million to $3.7 million, or $0.13 to $0.14 per share.

GAAP net income for the fourth quarter assumes an effective tax rate of approximately 25%. GAAP net income per share for the fourth quarter of 2015 is based on an estimated 25.9 million fully-diluted weighted average shares outstanding.

Fiscal year 2015:

The Company expects full year 2015 revenue to be in the range of $269.6 million to $270.1 million.

Adjusted EBITDA is expected to be in the range of $66.6 million to $67.0 million.

Non-GAAP net income is expected to be in the range of $41.1 million to $41.4 million, or $1.60 to $1.61 per diluted share. Non-GAAP net income excludes an estimated $27.1 million in stock compensation expense, $5.1 million in litigation related expense, and $11.4 million in acquisition related costs and amortization.

Non-GAAP net income for the full fiscal year 2015 assumes an effective tax rate of approximately 30%. Non-GAAP net income per diluted share for 2015 is based on an estimated 25.7 million fully-diluted weighted average shares outstanding.

Including stock compensation expense, litigation related expense, and acquisition related costs and amortization, we expect to report GAAP net income in the range of $11.7 million to $12.0 million, or $0.45 to $0.46 per diluted share.

GAAP net income for the full year assumes an effective tax rate of 23%. GAAP net income per share for 2015 is based on an estimated 25.7 million fully-diluted weighted average shares outstanding.

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

Conference Call Information for Today, Thursday, October 22, 2015

The Company will host a corresponding conference call and live webcast at 5:00 p.m. Eastern Time today. To access the conference call, dial 877-407-9124 (for the U.S.) or 201-689-8584 (for international callers). A live webcast will be available on the Investor Relations section of the Companys corporate website at

www.LogMeInInc.com

and via replay beginning approximately two hours after the completion of the call until the Companys announcement of its financial results for the next quarter. An audio replay of the call will also be available to

investors beginning at approximately 9:00 p.m. Eastern Time on October 22, 2015 until 11:59 p.m. Eastern Time on November 22, 2015, by dialing 877-660-6853 (for the U.S.) or 201-612-7415 (for international callers) and entering conference ID 13620839.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures...


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