[October 29, 2014] |
|
Trulia Reports Third Quarter 2014 Results
SAN FRANCISCO --(Business Wire)--
Trulia, Inc. (NYSE: TRLA), a leading online marketplace for home buyers,
sellers, renters and real estate professionals, today announced
financial results for the third quarter ended September 30, 2014.
"Trulia is making great progress in helping consumers find their ideal
home no matter where they are, with Q3 representing the first quarter
where mobile users comprised the majority of our audience," said Pete
Flint, Chief Executive Officer of Trulia. "On the agent side of our
marketplace, we have added over 18,000 subscribers since rolling out the
second phase of our inventory expansion program at the start of 2014.
Our combined lead generation and software platform is well positioned to
drive the continued growth of our agent business."
Key Business Metrics - Third Quarter 2014
-
Monthly unique visitors in the third quarter of 2014 were 55.0
million, an increase of 36% from 40.6 million in the same period last
year.
-
Mobile monthly unique visitors in the third quarter of 2014 were 29.9
million, an increase of 89% from 15.8 million in the same period last
year.
-
Total subscribers as of September 30, 2014 were approximately 77,900*,
an increase from approximately 74,000* as of June 30, 2014.
-
Average monthly revenue per subscriber for the third quarter of 2014
was $204, an 8% increase from $189 in the same period last year and a
$2 decrease from the second quarter of 2014.
-
New contributions to user-generated content totaled approximately 1.2
million in the third quarter of 2014, an increase of 5% compared to
the same period last year. As of September 30, 2014, this amounted to
a cumulative total of more than 15 million contributions to
user-generated content.
Financial Highlights - Third Quarter 2014
-
Total revenue for the third quarter of 2014 was $67.1 million, up 67%
year-over-year.
-
Marketplace revenue of $55.8 million, up 78% year-over-year.
-
Media revenue of $11.3 million, up 26% year-over-year.
-
Net loss attributable to common stockholders for the third quarter of
2014 was $24.0 million, or $0.64 per share on a basic and diluted
basis, compared with a net loss of $2.2 million, or $0.06 per share on
a basic and diluted basis, for the third quarter of 2013. The third
quarter 2014 net loss includes non-recurring costs of approximately
$10.8 million related to Trulia's pending acquisition by Zillow.
-
Adjusted EBITDA for the third quarter of 2014 was $6.7 million,
compared with $4.8 million for the third quarter of 2013.
-
Adjusted net loss attributable to common stockholders for the third
quarter of 2014 was $2.8 million, or $0.08 per share on a basic and
diluted basis, compared with adjusted net income attributable to
common stockholders of $9.1 million, or $0.26 and $0.24 per share on a
basic and diluted basis, respectively, for the third quarter of 2013.
Selected Business Highlights
-
Greater distribution through broker and MLS relationships:
During Q3, Trulia entered into agreements with various industry
partners to provide more direct, timely and accurate home listings:
-
Edina Realty - a Berkshire Hathaway affiliate and a wholly owned
subsidiary of HomeServices of America, Inc. Edina Realty is one of
the nation's largest real estate companies with approximately 60
real estate offices and 2,200 REALTORS® throughout Minnesota and
western Wisconsin;
-
NY State MLS - has more than 10,000 members and serves all 62
counties in New York;
-
Intermountain MLS - 4,400 members and serves southern Idaho and
eastern Oregon; and
-
The Greater Tulsa Association of REALTORS® (GTAR) - the largest
REALTOR® association in Oklahoma, servicing more than 3,400
members throughout the state.
-
Richer connections through Agent Profiles: Trulia released new
Trulia Agent Profiles, making it easier than ever for agents to build
their online brand and connect with new clients. Trulia Agent Profiles
now feature 5-star ratings and reviews, larger photos and
infographics, enhanced editing tools, and an optimized lead generation
form. Consumers benefit from the visually enhanced profile pages that
make it easy to research and contact agents that have the unique
skills and experience that address their specific needs.
-
Lender/agent co-marketing: Trulia now provides an option for
mortgage lenders and agents to participate in joint advertising on
Trulia. With this co-marketing feature, agents and lenders share the
cost of marketing on Trulia and their Trulia profiles are linked to
allow exposure alongside each other, with a lender's profile appearing
with an agent's profile in a ratio proportional to the lender's
co-marketing contribution. This co-marketing feature is designed to
enable agents and lenders to increase their exposure on Trulia with
Trulia's users.
Outlook - Fourth Quarter 2014
Trulia is not providing an outlook for revenue and Adjusted EBITDA for
the fourth quarter of 2014 due to its pending acquisition by Zillow.
Conference Call Details
The live webcast of the conference call will be available on the Trulia
Investor Relations website at http://ir.trulia.com/.
A live dial-in will be available at 866-318-8613, or internationally at
617-399-5132, using passcode 71049881. Following the completion of the
call, a recorded replay of the webcast will be available on the Trulia
Investor Relations website for one year. A telephone replay of the call
will be available at 888-286-8010, or internationally at 617-801-6888,
using passcode 10687740, until November 5, 2014.
Trulia will also release details of its results for the third quarter
ended September 30, 2014 via Twitter on Wednesday, October 29, at 2 p.m.
Pacific Time after the market close. Details of Trulia's quarterly
financial results can be viewed on Twitter at hashtag #TRLAearnings.
About Trulia, Inc.
Trulia (NYSE: TRLA) gives home buyers, sellers, renters and real estate
professionals all the tools and valuable information they need to be
successful in the home search process. Through its innovative mobile and
web products, Trulia provides engaged home buyers and sellers essential
information about the house, the neighborhood and the process while
connecting them with the right agents. For agents, Trulia, together with
its Market Leader subsidiary, provides an end-to-end technology platform
that enables them to find and serve clients, create lasting
relationships and build their business. Founded in 2005, Trulia is
headquartered in San Francisco with offices in New York, Denver and
Seattle. Trulia and the Trulia marker logo are registered trademarks of
Trulia, Inc.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Forward-looking statements
generally relate to future events or our future financial or operating
performance. In some cases, you can identify forward-looking statements
because they contain words such as "may," "will," "should," "expects,"
"plans," "anticipates," "could," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential" or
"continue" or the negative of these words or other similar terms or
expressions that concern our expectations, strategy, plans or
intentions. Forward-looking statements in this press release include,
but are not limited to: our expectations that our combined lead
generation and software platform is well positioned to drive the
continued growth of our agent business. Our expectations and beliefs
regarding these matters may not materialize, and actual results in
future periods are subject to risks and uncertainties that could cause
actual results to differ materially from those projected. These risks
include the possibility that we do not effectively execute on our
national marketing campaign, and that our national marketing campaign
does not increase the number of consumers, subscribers and advertisers
on our marketplace; the housing market weakens; consumers, subscribers
and advertisers do not continue to use our marketplace; we experience
expenses that exceed our expectations; the proposed merger with Zillow
does not close due to the failure to obtain stockholder or regulatory
approval or otherwise; and the disruption to our business caused by the
merger with Zillow is greater than expected and makes it difficult to
maintain certain strategic relationships. The forward-looking statements
contained in this press release are also subject to other risks and
uncertainties, including those more fully described in our filings with
the Securities and Exchange Commission, including our Quarterly Report
on Form 10-Q for the quarterly period ended June 30, 2014 that was filed
on August 8, 2014. The forward-looking statements in this press release
are based on information available to Trulia as of the date hereof, and
Trulia disclaims any obligation to update any forward-looking
statements, except as required by law.
Use of Non-GAAP Financial Measures: Adjusted EBITDA and Adjusted Net
Income/(Loss) and Adjusted Net Income/(Loss) Per Share
Trulia's stated results include certain non-GAAP financial measures,
including Adjusted EBITDA, adjusted net income/(loss) attributable to
common stockholders and adjusted net income/(loss) attributable to
common stockholders per share. We define Adjusted EBITDA as net loss
attributable to common stockholders adjusted to exclude interest income,
interest expense, depreciation and amortization, income taxes,
acquisition costs, restructuring costs, and compensation paid in stock.
We define adjusted net loss attributable to common stockholders as net
loss attributable to common stockholders adjusted to exclude acquisition
costs, restructuring costs, and compensation paid in stock. Adjusted
EBITDA and adjusted net income/(loss) attributable to common
stockholders and adjusted net income/(loss) attributable to common
stockholders per share exclude these items as they are often excluded by
other companies to help investors understand the operational performance
of their business, and in the case of compensation paid in stock, can be
difficult to predict. Trulia believes these adjustments provide useful
comparative information to investors. Trulia also considers these
non-GAAP financial measures to be important because they provide useful
measures of the operating performance of Trulia and are used by Trulia's
management for that purpose. In addition, investors often use similar
measures to evaluate the operating performance of a company. Non-GAAP
results are presented for supplemental informational purposes only for
understanding Trulia's operating results. The non-GAAP results should
not be considered a substitute for financial information presented in
accordance with generally accepted accounting principles, and may be
different from similarly-titled non-GAAP measures used by other
companies.
Additional Information and Where to Find It
In connection with the proposed acquisition of Trulia by Zillow, Inc.
("Zillow"), a new holding company, Zebra Holdco, Inc. ("Holdco") has
filed with the SEC a registration statement on Form S-4 (the
"Registration/Joint Proxy Statement"), which includes a registration
statement and preliminary prospectus with respect to Holdco's shares to
be issued in the Proposed Transaction and a preliminary joint proxy
statement of Trulia and Zillow with respect to the Proposed Transaction.
INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THE REGISTRATION /JOINT
PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
REGARDING THE PROPOSED TRANSACTION BECAUSE IT CONTAINS, AND THE FINAL
REGISTRATION/JOINT PROXY STATEMENT WILL CONTAIN, IMPORTANT INFORMATION
ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and
security holders can obtain free copies of the Registration /Joint Proxy
Statement at the SEC's website at www.sec.gov.
Copies of the Registration/Joint Proxy Statement, and the filings that
are incorporated by reference therein, may also be obtained, without
charge, by contacting Trulia Investor Relations at (415) 400-7238 or
going to Trulia's website, www.trulia.com,
under the tab "Investor Relations". These documents may also be
obtained, without charge, by contacting Zillow Investor Relations at
(206) 470-7137 or by going to Zillow's website, www.zillow.com,
under the heading "Investors".
Certain Information Regarding Participants
The respective directors and executive officers of Trulia and Zillow and
other persons may be deemed to be participants in the solicitation of
proxies in respect of the proposed transaction. Information regarding
the persons who may, under the rules of the SEC, be deemed participants
in the solicitation of Trulia or Zillow security holders in connection
with the proposed transaction is set forth in the preliminary
Registration/Joint Proxy Statement, and will also be set forth in the
final Registration/Joint Proxy Statement. In addition, information
regarding Trulia's directors and executive officers is available in its
proxy statement filed with the SEC by Trulia on April 22, 2014, and
information regarding Zillow's directors and executive officers is
available in its proxy statement filed with the SEC by Zillow on April
17, 2014. Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect interests,
by security holdings or otherwise, is contained in the Registration
/Joint Proxy Statement and other relevant materials filed with the SEC.
These documents can be obtained free of charge from the sources
indicated above.
*Assumes an overlap of approximately 20% between the
subscriber bases of Trulia and Market Leader.
|
|
|
|
|
TRULIA, INC.
|
Condensed Consolidated Statements of Operations
|
(In thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
67,144
|
|
|
$
|
40,283
|
|
|
$
|
185,719
|
|
|
$
|
93,998
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue (exclusive of amortization of product development
cost)
|
|
|
12,025
|
|
|
|
6,069
|
|
|
|
32,996
|
|
|
|
13,694
|
|
Technology and development
|
|
|
14,865
|
|
|
|
10,058
|
|
|
|
41,931
|
|
|
|
21,484
|
|
Sales and marketing
|
|
|
38,867
|
|
|
|
20,189
|
|
|
|
109,516
|
|
|
|
45,785
|
|
General and administrative
|
|
|
11,606
|
|
|
|
9,826
|
|
|
|
37,162
|
|
|
|
20,568
|
|
Acquisition costs
|
|
|
10,832
|
|
|
|
4,060
|
|
|
|
10,832
|
|
|
|
6,065
|
|
Restructuring costs
|
|
|
1,154
|
|
|
|
-
|
|
|
|
4,797
|
|
|
|
-
|
|
Total costs and expenses
|
|
|
89,349
|
|
|
|
50,202
|
|
|
|
237,234
|
|
|
|
107,596
|
|
Loss from operations
|
|
|
(22,205
|
)
|
|
|
(9,919
|
)
|
|
|
(51,515
|
)
|
|
|
(13,598
|
)
|
Interest and other income
|
|
|
109
|
|
|
|
33
|
|
|
|
400
|
|
|
|
112
|
|
Interest expense
|
|
|
(1,830
|
)
|
|
|
(203
|
)
|
|
|
(5,529
|
)
|
|
|
(655
|
)
|
Loss before provision for income taxes
|
|
|
(23,926
|
)
|
|
|
(10,089
|
)
|
|
|
(56,644
|
)
|
|
|
(14,141
|
)
|
Provision for income taxes
|
|
|
(67
|
)
|
|
|
7,869
|
|
|
|
(363
|
)
|
|
|
7,529
|
|
Net loss attributable to common stockholders
|
|
$
|
(23,993
|
)
|
|
$
|
(2,220
|
)
|
|
$
|
(57,007
|
)
|
|
$
|
(6,612
|
)
|
Net loss per share attributable to common stockholders, basic and
diluted
|
|
$
|
(0.64
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(1.54
|
)
|
|
$
|
(0.21
|
)
|
Weighted average shares used in computing net loss per share
attributable to common stockholders, basic and diluted
|
|
|
37,540,527
|
|
|
|
34,557,842
|
|
|
|
37,112,195
|
|
|
|
31,734,356
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to adjusted net income (loss) and adjusted net income
(loss) per share attributable to common stockholders, basic and
diluted, adjusted for compensation paid in stock, acquisition and
restructuring costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders
|
|
$
|
(23,993
|
)
|
|
$
|
(2,220
|
)
|
|
$
|
(57,007
|
)
|
|
$
|
(6,612
|
)
|
Compensation paid in stock (Note A)
|
|
|
9,175
|
|
|
|
7,290
|
|
|
|
29,073
|
|
|
|
10,668
|
|
Acquisition costs
|
|
|
10,832
|
|
|
|
4,060
|
|
|
|
10,832
|
|
|
|
6,065
|
|
Restructuring costs
|
|
|
1,154
|
|
|
|
-
|
|
|
|
4,797
|
|
|
|
-
|
|
Adjusted net income (loss) attributable to common stockholders
|
|
$
|
(2,832
|
)
|
|
$
|
9,130
|
|
|
$
|
(12,305
|
)
|
|
$
|
10,121
|
|
Adjusted net income (loss) per share attributable to common
stockholders, basic
|
|
|
(0.08
|
)
|
|
|
0.26
|
|
|
|
(0.33
|
)
|
|
|
0.32
|
|
Adjusted net income (loss) per share attributable to common
stockholders, diluted
|
|
|
(0.08
|
)
|
|
|
0.24
|
|
|
|
(0.33
|
)
|
|
|
0.30
|
|
Weighted average shares used in computing the adjusted net income
(loss) per share attributable to common stockholders, basic
|
|
|
37,540,527
|
|
|
|
34,557,842
|
|
|
|
37,112,195
|
|
|
|
31,734,356
|
|
Weighted average shares used in computing the adjusted net income
(loss) per share attributable to common stockholders, diluted
|
|
|
37,540,527
|
|
|
|
37,427,935
|
|
|
|
37,112,195
|
|
|
|
34,297,275
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders
|
|
$
|
(23,993
|
)
|
|
$
|
(2,220
|
)
|
|
$
|
(57,007
|
)
|
|
$
|
(6,612
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
(109
|
)
|
|
|
(33
|
)
|
|
|
(400
|
)
|
|
|
(112
|
)
|
Interest expense
|
|
|
1,830
|
|
|
|
203
|
|
|
|
5,529
|
|
|
|
655
|
|
Depreciation and amortization
|
|
|
7,754
|
|
|
|
3,380
|
|
|
|
20,907
|
|
|
|
6,288
|
|
Provision for income taxes
|
|
|
67
|
|
|
|
(7,869
|
)
|
|
|
363
|
|
|
|
(7,529
|
)
|
Compensation paid in stock (Note A)
|
|
|
9,175
|
|
|
|
7,290
|
|
|
|
29,073
|
|
|
|
10,668
|
|
Acquisition costs
|
|
|
10,832
|
|
|
|
4,060
|
|
|
|
10,832
|
|
|
|
6,065
|
|
Restructuring costs
|
|
|
1,154
|
|
|
|
-
|
|
|
|
4,797
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
$
|
6,710
|
|
|
$
|
4,811
|
|
|
$
|
14,094
|
|
|
$
|
9,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A)
|
|
|
|
|
|
|
|
|
Compensation paid in stock was allocated as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Cost of revenue
|
|
$
|
1,129
|
|
|
$
|
200
|
|
|
$
|
1,749
|
|
|
$
|
298
|
|
Technology and development
|
|
|
2,179
|
|
|
|
2,039
|
|
|
|
6,359
|
|
|
|
3,028
|
|
Sales and marketing
|
|
|
2,391
|
|
|
|
1,526
|
|
|
|
8,963
|
|
|
|
2,348
|
|
General and administrative
|
|
|
3,476
|
|
|
|
3,525
|
|
|
|
12,002
|
|
|
|
4,994
|
|
Total compensation paid in stock
|
|
$
|
9,175
|
|
|
$
|
7,290
|
|
|
$
|
29,073
|
|
|
$
|
10,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRULIA, INC.
|
Condensed Consolidated Balance Sheets
|
(In thousands)
|
(Unaudited)
|
|
|
As of
|
|
As of
|
|
|
September 30, 2014
|
|
December 31, 2013
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
212,114
|
|
|
$
|
225,597
|
|
Accounts receivable, net
|
|
|
14,161
|
|
|
|
11,697
|
|
Prepaid expenses and other current assets
|
|
|
8,197
|
|
|
|
12,272
|
|
Total current assets
|
|
|
234,472
|
|
|
|
249,566
|
|
Restricted cash
|
|
|
6,912
|
|
|
|
1,589
|
|
Property and equipment, net
|
|
|
41,391
|
|
|
|
22,289
|
|
Intangible assets, net
|
|
|
106,439
|
|
|
|
117,888
|
|
Goodwill
|
|
|
255,904
|
|
|
|
255,904
|
|
Other assets
|
|
|
7,547
|
|
|
|
8,173
|
|
TOTAL ASSETS
|
|
$
|
652,665
|
|
|
$
|
655,409
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
1,799
|
|
|
$
|
3,018
|
|
Accrued liabilities and restructuring costs
|
|
|
22,409
|
|
|
|
11,261
|
|
Accrued compensation and benefits
|
|
|
10,496
|
|
|
|
10,863
|
|
Deferred revenue
|
|
|
9,932
|
|
|
|
10,002
|
|
Deferred rent, current portion
|
|
|
813
|
|
|
|
1,035
|
|
Capital lease liability, current portion
|
|
|
24
|
|
|
|
51
|
|
Total current liabilities
|
|
|
45,473
|
|
|
|
36,230
|
|
|
|
|
|
|
|
|
Deferred rent, net of current portion
|
|
|
9,850
|
|
|
|
4,751
|
|
Capital lease liability, net of current portion
|
|
|
80
|
|
|
|
84
|
|
Long-term debt
|
|
|
230,000
|
|
|
|
230,000
|
|
Other long-term liabilities
|
|
|
3,538
|
|
|
|
3,268
|
|
Total liabilities
|
|
|
288,941
|
|
|
|
274,333
|
|
Commitments and contingencies
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Common stock
|
|
|
-
|
|
|
|
-
|
|
Additional paid-in capital
|
|
|
485,615
|
|
|
|
445,960
|
|
Accumulated deficit
|
|
|
(121,891
|
)
|
|
|
(64,884
|
)
|
Total stockholders' equity
|
|
|
363,724
|
|
|
|
381,076
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
652,665
|
|
|
$
|
655,409
|
|
|
|
|
|
|
|
|
|
|
|
|
TRULIA, INC.
|
|
Condensed Consolidated Statements of Cash Flows
|
|
(In thousands, except share data)
|
|
(Unaudited)
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2014
|
|
2013
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net loss
|
|
$
|
(57,007
|
)
|
|
$
|
(6,612
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
Depreciation and amortization
|
|
|
20,907
|
|
|
|
6,288
|
|
Compensation paid in stock
|
|
|
29,073
|
|
|
|
10,668
|
|
Restructuring costs
|
|
|
2,858
|
|
|
|
-
|
|
Provision for doubtful accounts
|
|
|
(187
|
)
|
|
|
325
|
|
Release of valuation allowance
|
|
|
-
|
|
|
|
(7,923
|
)
|
Amortization of debt discount
|
|
|
-
|
|
|
|
105
|
|
Amortization of debt issue cost
|
|
|
100
|
|
|
|
21
|
|
Amortization of underwriters fee
|
|
|
654
|
|
|
|
-
|
|
Loss on disposal of fixed assets
|
|
|
-
|
|
|
|
-
|
|
Changes in operating assets and liabilities:
|
|
|
-
|
|
|
-
|
|
Accounts receivable
|
|
|
(2,277
|
)
|
|
|
(6,961
|
)
|
Prepaid expenses and other current assets
|
|
|
4,075
|
|
|
|
(1,802
|
)
|
Other assets
|
|
|
(128
|
)
|
|
|
-
|
|
Accounts payable
|
|
|
(913
|
)
|
|
|
(5,334
|
)
|
Accrued liabilities and restructuring costs
|
|
|
10,990
|
|
|
|
3,609
|
|
Accrued compensation and benefits
|
|
|
2,025
|
|
|
|
3,248
|
|
Deferred rent
|
|
|
4,877
|
|
|
|
-
|
|
Deferred revenue
|
|
|
(70
|
)
|
|
|
(1,207
|
)
|
Other long-term liabilities
|
|
|
88
|
|
|
|
(184
|
)
|
Net cash provided by (used in) operating activities
|
|
|
15,065
|
|
|
|
(5,759
|
)
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
(Increase) in restricted cash and deposits
|
|
|
(5,323
|
)
|
|
|
(1,087
|
)
|
Maturities of short-term investments
|
|
|
-
|
|
|
|
2,999
|
|
Purchases of property and equipment
|
|
|
(29,504
|
)
|
|
|
(8,191
|
)
|
Acquisition, net of cash acquired of $9.7 million
|
|
|
-
|
|
|
|
(160,813
|
)
|
Net cash used in investing activities
|
|
|
(34,827
|
)
|
|
|
(167,092
|
)
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Proceeds from follow-on offering, net of underwriting discounts
|
|
|
-
|
|
|
|
114,056
|
|
Payments of costs related to public offerings
|
|
|
-
|
|
|
|
(1,034
|
)
|
Value of equity awards withheld for tax liabilities
|
|
|
(3,455
|
)
|
|
|
(201
|
)
|
Repayments on long-term debt
|
|
|
-
|
|
|
|
(1,848
|
)
|
Repayments on capital lease liability
|
|
|
(31
|
)
|
|
|
(167
|
)
|
Proceeds from exercises of stock options
|
|
|
9,765
|
|
|
|
5,445
|
|
Net cash provided by financing activities
|
|
|
6,279
|
|
|
|
116,251
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
|
|
(13,483
|
)
|
|
|
(56,600
|
)
|
CASH AND CASH EQUIVALENTS - Beginning of period
|
|
|
225,597
|
|
|
|
100,017
|
|
CASH AND CASH EQUIVALENTS - End of period
|
|
$
|
212,114
|
|
|
$
|
43,417
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
3,128
|
|
|
$
|
544
|
|
Cash paid for income taxes
|
|
$
|
450
|
|
|
$
|
395
|
|
|
|
|
|
|
|
NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
|
|
Stock-based compensation capitalized in product development costs
|
|
$
|
1,848
|
|
|
$
|
407
|
|
Net change related to purchases of equipment in accounts payable and
accrued liabilities
|
|
$
|
(2,698
|
)
|
|
$
|
136
|
|
Purchases of equipment with accounts payable and accrued liabilities
at period end
|
|
$
|
1,266
|
|
|
$
|
775
|
|
Shares issued and assumed related to acquisition
|
|
|
-
|
|
|
|
5,340,271
|
|
Number of common warrants exercised in a net settlement transaction
|
|
|
-
|
|
|
|
56,054
|
|
Number of stock appreciation rights exercised in net settlement
transactions
|
|
|
73,404
|
|
|
|
-
|
|
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