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Limelight Networks(R) Reports Financial Results for the Second Quarter of 2014

Limelight Networks, Inc. (Nasdaq:LLNW) ("Limelight"), a global leader in digital content delivery, today reported revenue of $41.3 million for the quarter ended June 30, 2014, compared to $42.8 million for the second quarter of 2013 and $41.2 million in the first quarter of 2014. The second quarter of 2013 included $3.1 million of revenues from the Company’s Web Content Management business, divested in the fourth quarter of 2013.

On a GAAP basis, the Company reported a loss from continuing operations of $7.1 million or $0.07 per basic share for the second quarter of 2014, compared to a loss of $11.2 million, or $0.12 per basic and fully diluted share in the same period of 2013.

On a non-GAAP basis, net loss was $3.6 million, or $0.04 per basic share for the quarter ended June 30, 2014 compared to a non-GAAP net loss of $7.2 million or $0.07 per basic share in the second quarter of 2013.

EBITDA from continuing operations for the quarter was negative $1.9 million. After adjusting for share based compensation, litigation expense, and acquisition related expenses the Company reported adjusted EBITDA of $1.3 million compared to an adjusted EBITDA loss of $0.5 million in the year ago period.

During the quarter, Limelight purchased 0.5 million shares at an average price of $2.47, in the open market, under its buyback authorization. The Company has $13.8 million remaining under its buyback authorization.

Limelight ended the quarter with 477 employees.

Commenting on the quarter, Chief Executive Officer, Robert Lento said, “I’m pleased with our performance improvements across multiple measures during the quarter. I’m equally pleased with the favorable Supreme Court ruling delivered during the quarter.”

“We continue to make investments to advance our infrastructure capabilities, streamline our business processes flows, improve our reporting and analytics capabilities, and enhance the customer experience. We are seeing higher customer satisfaction, lower customer churn and employee turnover, and improved financial performance,” he added.

Financial Tables

LIMELIGHT NETWORKS, INC.    
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
 
June 30, December 31,
  2014     2013  
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 73,404 $ 85,956
Marketable securities 34,052 32,506
Accounts receivable, net 24,066 21,430
Income taxes receivable 258 371
Deferred income taxes 80 93
Prepaid expenses and other current assets   7,652     8,192  
Total current assets 139,512 148,548
Property and equipment, net 32,562 32,905
Marketable securities, less current portion 40 46
Deferred income taxes, less current portion 1,476 1,307
Goodwill 77,164 77,035
Other intangible assets, net 1,704 2,354
Other assets   5,188     6,103  
Total assets $ 257,646   $ 268,298  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 9,282 $ 5,473
Deferred revenue 3,411 3,523
Capital lease obligation 253 466
Income taxes payable 766 799
Other current liabilities   12,079     15,022  
Total current liabilities 25,791 25,283
Capital lease obligation, less current portion 248 358
Deferred income taxes 234 321
Deferred revenue, less current portion 805 1,500
Other long-term liabilities   3,273     3,505  
Total liabilities 30,351 30,967
Commitments and contingencies - -
Stockholders' equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; no shares issued and outstanding - -
Common stock, $0.001 par value; 300,000 shares authorized at June 30, 2014 and December 31, 2013;
98,656 and 97,677 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively 99 98
Additional paid-in capital 462,442 458,748
Accumulated other comprehensive loss (888 ) (1,663 )
Accumulated deficit   (234,358 )   (219,852 )
Total stockholders' equity   227,295     237,331  
Total liabilities and stockholders' equity $ 257,646   $ 268,298  
 

LIMELIGHT NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
                 
 
Three Months Ended Six Months Ended
 
June 30, March 31, Percent June 30, Percent June 30, June 30, Percent
  2014     2014   Change   2013   Change   2014     2013   Change
 
Revenues $ 41,343   $ 41,170   0 % $ 42,763   -3 % $ 82,512   $ 88,576   -7 %
Cost of revenue:
Cost of services * + 21,130 21,351 -1 % 22,226 -5 % 42,480 44,583 -5 %
Depreciation - network   4,141     4,337   -5 %   6,120   -32 %   8,478     12,800   -34 %
Total cost of revenue +   25,271     25,688   -2 %   28,346   -11 %   50,958     57,383   -11 %
Gross profit + 16,072 15,482 4 % 14,417 11 % 31,554 31,193 1 %
Gross profit percentage 38.9 % 37.6 % 33.7 % 38.2 % 35.2 %
Operating expenses:
General and administrative * + 8,452 7,982 6 % 8,009 6 % 16,434 15,778 4 %
Sales and marketing * 8,951 9,725 -8 % 10,699 -16 % 18,676 21,183 -12 %
Research & development * 4,665 4,368 7 % 5,650 -17 % 9,033 11,391 -21 %
Depreciation and amortization   977     1,066   -8 %   1,442   -32 %   2,043     2,892   -29 %
Total operating expenses +   23,045     23,141   0 %   25,800   -11 %   46,186     51,244   -10 %
 
Operating loss (6,973 ) (7,659 ) -9 % (11,383 ) -39 % (14,632 ) (20,051 ) -27 %
 
Other income (expense):
Interest expense (7 ) (12 ) -42 % (21 ) -67 % (19 ) (48 ) -60 %
Interest income 67 70 -4 % 79 -15 % 137 149 -8 %
Other, net   (195 )   17   -1247 %   143   -236 %   (178 )   711   -125 %
Total other (expense) income   (135 )   75   -280 %   201   -167 %   (60 )   812   -107 %
 
Loss from continuing operations before income taxes (7,108 ) (7,584 ) -6 % (11,182 ) -36 % (14,692 ) (19,239 ) -24 %
Income tax provision   27     56   -52 %   51   -47 %   83     131   -37 %
 
Loss from continuing operations (7,135 ) (7,640 ) -7 % (11,233 ) -36 % (14,775 ) (19,370 ) -24 %
 
Discontinued operations:
Income from discontinued operations, net of income taxes   269     -   NA   -   NA   269     -   NA
 
Net loss $ (6,866 ) $ (7,640 ) -10 % $ (11,233 ) -39 % $ (14,506 ) $ (19,370 ) -25 %
 
Net loss per share:
Basic and diluted
Continuing operations $ (0.07 ) $ (0.08 ) $ (0.12 ) $ (0.15 ) $ (0.20 )
Discontinued operations $ -   $ -   $ -   $ -   $ -  
Total $ (0.07 ) $ (0.08 ) $ (0.12 ) $ (0.15 ) $ (0.20 )
 
Weighted average shares used in per share calculation:
Basic and diluted 98,419 97,946 96,257 98,183 96,538
 
 
 
* Includes share-based compensation (see supplemental table for figures)
 
+ Includes reclassifications to match current year presentation
(See summary of reclassifications for detail)
 

LIMELIGHT NETWORKS, INC.
SUPPLEMENTAL FINANCIAL DATA
(In thousands)
(Unaudited)
           
 
Three Months Ended Six Months Ended
 
June 30, March 31, June 30, June 30, June 30,
  2014     2014     2013     2014     2013  
Supplemental financial data (in thousands):
 
Share-based compensation:
 
Cost of revenues $ 395 $ 424 $ 513 $ 819 $ 1,018
General and administrative 1,518 1,468 1,605 2,986 3,226
Sales and marketing 420 391 595 811 1,258
Research and development   301     296     514     597     1,075  
 
Total share-based compensation $ 2,634   $ 2,579   $ 3,227   $ 5,213   $ 6,577  
 
Depreciation and amortization:
 
Network-related depreciation $ 4,141 $ 4,337 $ 6,120 $ 8,478 $ 12,800
Other depreciation and amortization 639 729 724 1,368 1,442
Amortization of intangible assets   338     337     718     675     1,450  
 
Total depreciation and amortization $ 5,118   $ 5,403   $ 7,562   $ 10,521   $ 15,692  
 
 
Net (decrease) increase in cash, cash equivalents and marketable securities: $ (4,921 ) $ (6,091 ) $ (1,341 ) $ (11,012 ) $ (9,099 )
 
 
End of period statistics:
 
Approximate number of active customers 1,186 1,208 1,358 1,186 1,358
 
Number of employees 477 472 495 477 495
 

LIMELIGHT NETWORKS, INC.
SUMMARY OF RECLASSIFICATIONS
(In thousands)
(Unaudited)
   
 
Three Months Ended Six Months Ended
June 30, June 30,
2013   2013  
Summary of reclassifications (in thousands):
 
Cost of services
As previously reported 21,870 43,923
Reclassification 356   660  
After Reclassification 22,226   44,583  
 
Total cost of revenue
As previously reported 27,990 56,723
Reclassification 356   660  
After reclassifications 28,346   57,383  
 
Gross profit
As previously reported 14,773 31,853
Reclassifications (356 ) (660 )
After reclassifications 14,417   31,193  
 
General and administrative
As previously reported 8,365 16,438
Reclassifications (356 ) (660 )
After reclassifications 8,009   15,778  
 
Total operating expenses
As previously reported 26,156 51,904
Reclassifications (356 ) (660 )
After reclassifications 25,800   51,244  
 

LIMELIGHT NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
             
 
Three Months Ended Six Months Ended
 
June 30, March 31, June 30, June 30, June 30,
  2014     2014     2013     2014     2013  
 
Operating activities
Net loss $ (6,866 ) $ (7,640 ) $ (11,233 ) $ (14,506 ) $ (19,370 )
Income from discontinued operations   269     -     -     269     -  
Net loss from continuing operations (7,135 ) (7,640 ) (11,233 ) (14,775 ) (19,370 )
 
Adjustments to reconcile net loss to net cash (used in) provided by operating activities of continuing operations:
Depreciation and amortization 5,118 5,403 7,562 10,521 15,692
Share-based compensation 2,634 2,579 3,227 5,213 6,577
Deferred income taxes (179 ) (23 ) (118 ) (202 ) (289 )
Foreign currency remeasurement loss (gain) 152 (12 ) (284 ) 140 (1,145 )
Loss on sale of property and equipment - - 22 - 22
Accounts receivable charges 352 160 207 512 533
Amortization of premium on marketable securities 113 173 184 286 280
Non cash tax benefit associated with income from discontinued operations (59 ) - - (59 ) -
Changes in operating assets and liabilities:
Accounts receivable (1,169 ) (1,979 ) 2,835 (3,148 ) 1,575
Prepaid expenses and other current assets 1,645 (1,073 ) 878 572 1,963
Income taxes receivable 129 (21 ) 7 108 148
Other assets 311 617 461 928 567
Accounts payable (512 ) 3,808 946 3,296 850
Deferred revenue 24 (831 ) (615 ) (807 ) 1,083
Other current liabilities 153 (2,972 ) 708 (2,819 ) (1,239 )
Income taxes payable (13 ) (106 ) 53 (119 ) 360
Other long term liabilities   (62 )   (173 )   (167 )   (235 )   (282 )
Net cash (used in) provided by operating activities of continuing operations   1,502     (2,090 )   4,673     (588 )   7,325  
 
Investing activities
Purchases of marketable securities (9,486 ) (5,197 ) (7,931 ) (14,683 ) (45,970 )
Maturities of marketable securities 8,485 4,380 5,000 12,865 27,895
Purchases of property and equipment (5,844 ) (3,065 ) (4,519 ) (8,909 ) (7,122 )
Proceeds from sale of discontinued operations   414     -     119     414     119  
Net cash used in investing activities of continuing operations   (6,431 )   (3,882 )   (7,331 )   (10,313 )   (25,078 )
 
Financing activities
Payments on capital lease obligations (163 ) (160 ) (417 ) (323 ) (846 )
Proceeds from exercise of stock options and employee stock plan 617 117 2 734 2
Cash paid for purchase of common stock (1,204 ) - - (1,204 ) (5,512 )
Payment of employee tax withholdings related to restricted stock   (307 )   (864 )   (771 )   (1,171 )   (2,129 )
Net cash used in financing activities of continuing operations   (1,057 )   (907 )   (1,186 )   (1,964 )   (8,485 )
Effect of exchange rate changes on cash and cash equivalents   176     137     (208 )   313     (566 )
Net (decrease) increase in cash and cash equivalents (5,810 ) (6,742 ) (4,052 ) (12,552 ) (26,804 )
Cash and cash equivalents, beginning of period   79,214     85,956     86,163     85,956     108,915  
Cash and cash equivalents, end of period $ 73,404   $ 79,214   $ 82,111   $ 73,404   $ 82,111  
 

Use of Non-GAAP Financial Measures

To evaluate our business, we consider and use Non-GAAP net income (loss) and Adjusted EBITDA as a supplemental measure of operating performance. These measures include the same adjustments that management takes into account when it reviews and assesses operating performance on a period-to-period basis. We consider Non-GAAP net income (loss) to be an important indicator of overall business performance because it allows us to illustrate the impact of the effects of share-based compensation, litigation expenses, amortization of intangibles, acquisition related expenses, gain (loss) on sale of WCM business and discontinued operations. We define EBITDA from continuing operations as GAAP net income (loss) before interest income, interest expense, gain (loss) on sale of WCM business, other income and expense, provision for income taxes, depreciation and amortization, and discontinued operations. We believe that EBITDA from continuing operations provides a useful metric to investors to compare us with other companies within our industry and across industries. We define Adjusted EBITDA as EBITDA from continuing operations adjusted for share-based compensation, litigation expenses and acquisition related expenses. We use Adjusted EBITDA as a supplemental measure to review and assess operating performance. We also believe use of Adjusted EBITDA facilitates investors' use of operating performance comparisons from period to period as well as across companies.

The terms Non-GAAP net income (loss), EBITDA from continuing operations and Adjusted EBITDA are not defined under United States generally accepted accounting principles, or United States GAAP, and are not measures of operating income, operating performance or liquidity presented in accordance with United States GAAP. Our Non-GAAP net income (loss), EBITDA from continuing operations and Adjusted EBITDA have limitations as analytical tools, and when assessing our operating performance, Non-GAAP net income (loss), EBITDA from continuing operations and Adjusted EBITDA should not be considered in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with United States GAAP. Some of these limitations include, but are not limited to:

-- EBITDA from continuing operations and Adjusted EBITDA do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

-- they do not reflect changes in, or cash requirements for, our working capital needs;

-- they do not reflect the cash requirements necessary for litigation costs;

-- they do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt that we may incur;

-- they do not reflect income taxes or the cash requirements for any tax payments;

-- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will be replaced sometime in the future, and EBITDA from continuing operations and Adjusted EBITDA do not reflect any cash requirements for such replacements;

-- while share-based compensation is a component of operating expense, the impact on our financial statements compared to other companies can vary significantly due to such factors as the assumed life of the options and the assumed volatility of our common stock; and

-- other companies may calculate EBITDA from continuing operations and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.

We compensate for these limitations by relying primarily on our GAAP results and using Non-GAAP net income (loss) and Adjusted EBITDA only as supplemental support for management's analysis of business performance. Non-GAAP net income (loss), EBITDA from continuing operations and Adjusted EBITDA are calculated as follows for the periods presented in thousands:

Reconciliation of Non-GAAP Financial Measures

In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, the Company is presenting the most directly comparable GAAP financial measures and reconciling the non-GAAP financial metrics to the comparable GAAP measures.

LIMELIGHT NETWORKS, INC.
Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net Loss
(In thousands)
(Unaudited)
         
 
Three Months Ended Six Months Ended
 
June 30, March 31, June 30, June 30, June 30,
  2014     2014     2013     2014     2013  
 
U.S. GAAP net loss $ (6,866 ) $ (7,640 ) $ (11,233 ) $ (14,506 ) $ (19,370 )
 
Share-based compensation 2,634 2,579 3,227 5,213 6,577
Litigation defense expenses 536 273 109 809 151
Amortization of intangible assets 338 337 718 675 1,450
Loss on sale of the Web Content Management business - 62 - 62 -
Acquisition related expenses - - (9 ) - (33 )
Income from discontinued operations   (269 )   -     -     (269 )   -  
 
Non-GAAP net loss $ (3,627 ) $ (4,389 ) $ (7,188 ) $ (8,016 ) $ (11,225 )
 
LIMELIGHT NETWORKS, INC.
Reconciliation of U.S. GAAP Net Loss to EBITDA to Adjusted EBITDA
(In thousands)
(Unaudited)
           
 
Three Months Ended Six Months Ended
 
June 30, March 31, June 30, June 30, June 30,
  2014     2014     2013     2014     2013  
 
U.S. GAAP net loss $ (6,866 ) $ (7,640 ) $ (11,233 ) $ (14,506 ) $ (19,370 )
 
Depreciation and amortization 5,118 5,403 7,562 10,521 15,692
Interest expense 7 12 21 19 48
Loss on sale of the Web Content Management business - 62 - 62

-

Interest and other expense (income) 128 (149 ) (222 ) (21 ) (860 )
Income tax provision 27 56 51 83 131
Income from discontinued operations   (269 )   -     -     (269 )   -  
 
EBITDA from continuing operations (1,855 ) (2,256 ) (3,821 ) (4,111 ) (4,359 )
 
Share-based compensation 2,634 2,579 3,227 5,213 6,577
Litigation defense expenses 536 273 109 809 151
Acquisition related expenses   -     -     (9 )   -     (33 )
 
Adjusted EBITDA (loss) $ 1,315   $ 596   $ (494 ) $ 1,911   $ 2,336  
 

Conference Call

At approximately 4:30 p.m. EST (1:30 p.m. PST) today, management will host a quarterly conference call for investors. Investors can access this call toll-free at 877-388-8480 within the United States or +1 678-809-1592 outside of the U.S. The conference call will also be audiocast live from http://www.limelight.com and a replay will be available following the call from the Company's website.

Safe-Harbor Statement

This press release contains forward-looking statements concerning, among other things, the outlook for the Company's revenues, net loss and stock-based compensation expenses, customer growth, market growth, pricing pressures, expansion into additional market segments, product and services improvements, the integration of acquired businesses and litigation and acquisition related expenses. Forward-looking statements represent the current judgment and expectations of Limelight Networks and are not guarantees and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks and uncertainties discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission and the final review of the results and amendments and preparation of quarterly or annual financial statements, including consultation with our outside auditors. Accordingly, readers are cautioned not to place undue reliance on any forward-looking statements. The Company assumes no duty or obligation to update or revise any forward-looking statements for any reason.

About Limelight

Limelight Networks (NASDAQ: LLNW), a global leader in digital content delivery, empowers customers to better engage digital audiences by enabling them to manage and deliver digital content on any device, anywhere in the world. The Company's award winning Limelight Orchestrate™ platform includes an integrated suite of content delivery technology and services that helps organizations deliver exceptional multi-screen experiences, improve brand awareness, drive revenue, and enhance customer relationships — all while reducing costs. For more information, please visit www.limelight.com, read our blog, and be sure to follow us on Twitter at www.twitter.com/llnw.

Copyright (C) 2014 Limelight Networks, Inc. All rights reserved. All product or service names are the property of their respective owners.

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