Care.com Announces Fourth Quarter and Full Year 2016 Financial Results
Care.com Reports First Full-Year Operating Income, While Exceeding
Guidance on the Top and Bottom Lines
WALTHAM, Mass.–(BUSINESS WIRE)–Care.com (NYSE: CRCM), the world’s largest online destination for
finding and managing family care, today announced financial results for
the fourth quarter and full year ended December 31, 2016.
“2016 was a year of significant progress for Care.com, our first
full-year with operating income as we continued to see overall topline
growth. Key drivers in our results included rapid growth in
our enterprise business, along with continuous optimization of our
customer acquisition costs and improving overall unit economics in our
consumer business. Thus, we exceeded our guidance expectations on both
the top and bottom lines during the fourth quarter and the full year,”
said Sheila Lirio Marcelo, Founder, Chairwoman and CEO of Care.com. “We
plan to further strengthen what is today the largest two-sided network
for finding and managing family care in the home while expanding our OI
and adjusted EBITDA margins in 2017 and increasing shareholder value. We
are committed to growing profitably as we drive toward our long-term
EBITDA margin target of 20 to 25%.”
Financial Results
-
Revenue for the fourth quarter of 2016 was $43.5 million, compared to
$37.6 million in the fourth quarter of 2015. Revenue for the year was
$161.8 million in 2016, compared to $138.7 million in 2015.
-
Revenue attributable to the US Consumer offering totaled $34.7 million
in the fourth quarter of 2016, a 12% increase from $31.1 million in
the fourth quarter of 2015. For the year, revenue attributable to the
US Consumer offering totaled $130.4 million in 2016, an increase of
13% from $115.0 million in 2015. -
Revenue attributable to the Care@Work and B2B Offerings, as well as
our services in our international markets, totaled $8.8 million in the
fourth quarter of 2016, an increase of 35% from $6.5 million in the
fourth quarter of 2015. For the year, revenue attributable to these
offerings totaled $31.4 million in 2016, an increase of 32% from $23.7
million in 2015.
-
Income from continuing operations in the fourth quarter of 2016 was
$5.0 million compared to $3.7 million in 2015, an improvement of $1.3
million. For the year, loss from continuing operations was $0.7
million in 2016 compared to $17.9 million in 2015, an improvement of
$17.2 million. -
Adjusted EBITDA was income of $9.1 million in the fourth quarter of
2016, compared to $6.3 million in 2015, an improvement of $2.8
million. For the year, Adjusted EBITDA was income of $13.4 million in
2016, compared to a loss of $5.0 million in 2015, an improvement of
$18.4 million. -
GAAP EPS (Diluted) was $0.12 in the fourth quarter of 2016, compared
to $0.05 in 2015. Q4 GAAP EPS (Diluted) was based on 30.8 million
weighted average basic shares outstanding versus 33.1 million in the
fourth quarter of 2015. For the year, GAAP EPS (Diluted) was $0.10 in
2016, compared to $(1.09) in 2015. FY’16 GAAP EPS was based on 30.5
million weighted average basic shares outstanding versus 32.0 million
in 2015. Note that GAAP EPS for both the full year and the fourth
quarter includes the impact of costs associated with our series A
preferred stock – a $(0.13) impact for the full year and a $(0.04)
impact for Q4. -
Non-GAAP EPS was $0.20 in the fourth quarter of 2016, compared to
$0.14 in 2015. For the year, Non-GAAP EPS was $0.19 in 2016, compared
to $(0.40) in 2015. Non-GAAP EPS excludes the impact of non-cash
stock-based compensation and non-recurring items, such as M&A expenses
and restructuring costs. -
The Company ended the quarter with $76.1 million in cash and cash
equivalents and short-term investments.
Business Highlights
-
Our total members grew 24% to 22.8 million at the end of 2016,
compared to 18.4 million at the end of 2015. -
Total families grew to 12.9 million at the end of 2016, an increase of
26% over 2015, and total caregivers grew to 9.9 million at the end of
2016, an increase of 22% over 2015.
Financial Expectations
Q1 2017 | Full Year 2017 | |||||||||||||||||||||||||
Revenue | $ | 42.25 | – | $ | 42.75 | $ | 170.0 | – | $ | 172.0 | ||||||||||||||||
Adjusted EBITDA | $ | 1.25 | – | $ | 1.75 | $ | 19.0 | – | $ | 21.0 | ||||||||||||||||
Non-GAAP EPS | $ | 0.02 | – | $ | 0.03 | $ | 0.33 | – | $ | 0.36 |
Figures in millions except for Non-GAAP EPS
Q1 Non-GAAP EPS based
on approximately 36 million weighted average dilutive shares
Full
year Non-GAAP EPS based on approximately 37 million weighted average
diluted shares
Future GAAP Net Income (Loss) and GAAP EPS may be significantly affected
by changes in ongoing assumptions and judgments, and may also be
affected by non-recurring, unusual or unanticipated charges, expenses or
gains, which we are not able to estimate and which therefore are
excluded in the calculation of the Company’s non-GAAP EPS guidance as
described in this press release. Due to the nature of any such items, we
are not able to estimate their significance, and it is therefore
currently not practical to reconcile adjusted EBITDA and non-GAAP EPS
guidance to the most comparable GAAP measure.
Earnings Teleconference Information
The Company will host a conference call at 8:00 AM ET today to discuss
these results. The conference call will be accessible at (877) 407-4018
or (201) 689-8471 (International), conference ID# 13652430. The call
will also be broadcast simultaneously at http://investors.care.com.
Following completion of the call, a recorded replay of the webcast will
be available on Care.com’s website. To listen to the telephone replay,
call toll-free (844) 512-2921 or (412) 317-6671 (International),
conference ID# 13652430. The telephone replay will be available from
11:00 AM ET March 9 through 11:59 PM ET March 16, 2017. Additional
investor information can be accessed at http://www.care.com.
About Care.com
Since launching in 2007, Care.com (NYSE: CRCM) has been committed to
solving the complex care challenges that impact families, caregivers,
employers, and care service companies. Today, Care.com is the world’s
largest online destination for finding and managing family care, with
12.9 million families and 9.9 million caregivers* across 19 countries,
including the U.S., UK, Canada and parts of Western Europe, and
approximately 1.2 million employees of corporate clients having access
to our services. Spanning child care to senior care, pet care,
housekeeping and more, Care.com provides a sweeping array of services
for families and caregivers to find, manage and pay for care or find
employment. These include: a comprehensive suite of safety tools and
resources members may use to help make more informed hiring decisions –
such as third-party background check services, monitored messaging, and
tips on hiring best practices; easy ways for caregivers to be paid
online or via mobile app; and Care.com Benefits, including the household
payroll and tax services provided by Care.com HomePay and the Care
Benefit Bucks program, a peer-to-peer pooled, portable benefits platform
funded by household employer contributions which provides caregivers
access to professional benefits. For enterprise clients, Care.com builds
customized benefits packages covering child care, back up care and
senior care consulting services through its Care@Work business, and
serves care businesses with marketing and recruiting support. To connect
families further, Care.com acquired community platforms Big Tent and
Kinsights in 2013 and 2015, respectively. Headquartered in Waltham,
Massachusetts, Care.com has offices in Berlin, Austin, New York City and
the San Francisco Bay area.
*As of December 2016
Cautionary Language Concerning Forward-Looking Statements:
This press release contains “forward-looking statements” within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to, statements
regarding the future profitability of our business on an operating
income and adjusted EBITDA basis, our ability to increase shareholder
value, and the Company’s financial guidance for the first quarter of
2017 and full year 2017.
These forward-looking statements are made as of the date they were first
issued and were based on current expectations, estimates, forecasts and
projections as well as the beliefs and assumptions of management. Words
such as “plan,” “expect,” “anticipate,” “should,” “believe,” “hope,”
“target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,”
“will,” “might,” “could,” “intend,” variations of these terms or the
negative of these terms and similar expressions are intended to identify
these forward-looking statements. Forward-looking statements are subject
to a number of risks and uncertainties, many of which involve factors or
circumstances that are beyond the Company’s control. The Company’s
actual results could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including but not
limited to: our ability to grow our membership while leveraging our
investment in sales and marketing, our success in converting non-paying
members to paying members, our ability to cross-sell new and existing
products and services to our members and to develop new products and
services that members consider valuable, our ability to protect our
brand and maintain our reputation among our members, and other risks
detailed in the Company’s other publicly available filings with the
Securities and Exchange Commission. Past performance is not necessarily
indicative of future results. The forward-looking statements included in
this press release represent the Company’s views as of the date of this
press release. The Company anticipates that subsequent events and
developments will cause its views to change. The Company undertakes no
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. These forward-looking statements should not be relied upon as
representing the Company’s views as of any date subsequent to the date
of this press release.
Use of Non-GAAP Financial Measures
To supplement the financial measures presented in the Company’s press
release and related conference call or webcast in accordance with
accounting principles generally accepted in the United States (“GAAP”),
we also present the following non-GAAP measures of financial
performance: adjusted EBITDA, non-GAAP net income (loss) from continuing
operations and non-GAAP earnings per share from continuing operations
(“EPS”).
A “non-GAAP financial measure” refers to a numerical measure of the
Company’s historical or future financial performance, financial
position, or cash flows that excludes (or includes) amounts that are
included in (or excluded from) the most directly comparable measure
calculated and presented in accordance with GAAP in the Company’s
financial statements. The Company provides certain non-GAAP measures as
additional information relating to its operating results as a complement
to results provided in accordance with GAAP. The non-GAAP financial
information presented here should be considered in conjunction with, and
not as a substitute for or superior to, the financial information
presented in accordance with GAAP and should not be considered a measure
of the Company’s liquidity. There are significant limitations associated
with the use of non-GAAP financial measures. Further, these measures may
differ from the non-GAAP information, even where similarly titled, used
by other companies and therefore should not be used to compare the
Company’s performance to that of other companies.
The Company has presented: adjusted EBITDA, non-GAAP net income (loss)
from continuing operations and non-GAAP EPS as non-GAAP financial
measures in this press release. We define adjusted EBITDA as loss from
continuing operations, which excludes the accretion of preferred stock
dividends and issuance costs, plus: federal, state and franchise taxes,
other expense, net, depreciation and amortization, stock-based
compensation, accretion of contingent consideration, merger and
acquisition related costs, and other unusual or non-cash significant
adjustments, such as impairment and restructuring charges. Adjusted
EBITDA eliminates the effects of financing, income taxes and the
accounting effects of capital spending, which is based on the Company’s
estimate of the useful life of tangible and intangible assets. We define
non-GAAP net income (loss) as loss from continuing operations, which
excludes the accretion of preferred stock dividends, plus stock-based
compensation, accretion of contingent consideration, merger and
acquisition related costs, and other unusual or non-cash significant
adjustments such as impairment and restructuring charges. We define
non-GAAP EPS as non-GAAP net income (loss) divided by diluted
weighted-average shares outstanding, using the treasury stock method.
The Company believes the use of non-GAAP financial measures, as a
supplement to GAAP measures, is useful to investors in that they
eliminate items that are either not part of the Company’s core
operations or do not require a cash outlay, such as stock-based
compensation. Care.com’s management uses these non-GAAP financial
measures when evaluating the Company’s operating performance and for
internal planning and forecasting purposes. The Company believes that
these non-GAAP financial measures help indicate underlying trends in the
Company’s business, are important in comparing current results with
prior period results, and are useful to investors and financial analysts
in assessing the Company’s operating performance.
Care.com, Inc. | |||||||||||||||
Consolidated Balance Sheets | |||||||||||||||
(in thousands) | |||||||||||||||
December 31, 2016 |
December 26,
2015 |
||||||||||||||
Assets | (unaudited) | ||||||||||||||
Current assets: | |||||||||||||||
Cash and cash equivalents | $ | 61,094 | $ | 61,240 | |||||||||||
Short-term investments | 15,000 | – | |||||||||||||
Accounts receivable (net of allowance of $163 and $125, respectively) (1) |
2,789 | 3,107 | |||||||||||||
Unbilled accounts receivable (2) | 5,541 | 3,595 | |||||||||||||
Prepaid expenses and other current assets | 3,787 | 2,599 | |||||||||||||
Current assets of discontinued operations | – | 439 | |||||||||||||
Total current assets | 88,211 | 70,980 | |||||||||||||
Property and equipment, net | 4,947 | 6,371 | |||||||||||||
Intangible assets, net | 1,708 | 3,389 | |||||||||||||
Goodwill | 57,910 | 58,631 | |||||||||||||
Other non-current assets | 2,448 | 3,098 | |||||||||||||
Non-current assets of discontinued operations | – | 9 | |||||||||||||
Total assets | $ | 155,224 | $ | 142,478 | |||||||||||
Liabilities, redeemable convertible preferred stock, and stockholders’ equity |
|||||||||||||||
Current liabilities: | |||||||||||||||
Accounts payable (3) | $ | 2,483 | $ | 3,189 | |||||||||||
Accrued expenses and other current liabilities (4) | 12,798 | 12,413 | |||||||||||||
Deferred revenue (5) | 15,971 | 13,435 | |||||||||||||
Current liabilities of discontinued operations | – | 17,883 | |||||||||||||
Total current liabilities | 31,252 | 46,920 | |||||||||||||
Deferred tax liability | 4,276 | 3,166 | |||||||||||||
Other non-current liabilities | 5,087 | 4,140 | |||||||||||||
Total liabilities | 40,615 | 54,226 | |||||||||||||
Series A Redeemable Convertible Preferred Stock, $0.001 par value; 46 shares designated; 46 shares issued and outstanding at December 31, 2016; at aggregate liquidation and redemption value at December 31, 2016 |
47,660 | – | |||||||||||||
Stockholders’ equity | |||||||||||||||
Preferred Stock: $0.001 par value – authorized 5,000 shares at December 31, 2016 and December 26, 2015, respectively |
|||||||||||||||
Common stock, $0.001 par value; 300,000 shares authorized; 28,984 and 32,276 shares issued and outstanding at December 31, 2016 and December 26, 2015 respectively |
29 | 32 | |||||||||||||
Additional paid-in capital | 255,031 | 283,669 | |||||||||||||
Accumulated deficit | (187,808 | ) | (194,854 | ) | |||||||||||
Accumulated other comprehensive loss | (303 | ) | (595 | ) | |||||||||||
Total stockholders’ equity | 66,949 | 88,252 | |||||||||||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity |
$ | 155,224 | $ | 142,478 | |||||||||||
(1) Includes accounts receivable due from related party of
$150 at December 31, 2016
(2) Includes unbilled accounts receivable due from related
party of $286 at December 31, 2016
(3) Includes accounts payable due to related party of $107 at
December 31, 2016
(4) Includes accrued expenses and other current liabilities
due to related party of $1,055 at December 31, 2016
(5) Includes deferred revenue associated with related party
of $151 as of December 31, 2016
Care.com, Inc. | |||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||||
Three Months Ended | Year-Ended | ||||||||||||||||||||||||||
December 31,
2016 |
|
December 26,
2015 |
December 31,
2016 |
December 26,
2015 |
|||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||
Revenue (1) | $ | 43,513 | $ | 37,550 | $ | 161,754 | $ | 138,681 | |||||||||||||||||||
Cost of revenue | 8,573 | 6,321 | 31,830 | 26,117 | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||
Selling and marketing (2) | 14,163 | 13,726 | 72,266 | 73,521 | |||||||||||||||||||||||
Research and development | 5,376 | 4,656 | 20,402 | 19,801 | |||||||||||||||||||||||
General and administrative | 8,742 | 7,857 | 31,939 | 30,158 | |||||||||||||||||||||||
Depreciation and amortization | 471 | 986 | 2,972 | 4,503 | |||||||||||||||||||||||
Restructuring charges | – | – | 714 | – | |||||||||||||||||||||||
Total operating expenses | 28,752 | 27,225 | 128,293 | 127,983 | |||||||||||||||||||||||
Operating income (loss) | 6,188 | 4,004 | 1,631 | (15,419 | ) | ||||||||||||||||||||||
Other expense, net | (854 | ) | (263 | ) | (1,064 | ) | (1,239 | ) | |||||||||||||||||||
Income (Loss) from continuing operations before income taxes | 5,334 | 3,741 | 567 | (16,658 | ) | ||||||||||||||||||||||
Provision for income taxes | 330 | 58 | 1,282 | 1,221 | |||||||||||||||||||||||
Income (Loss) from continuing operations | 5,004 | 3,683 | (715 | ) | (17,879 | ) | |||||||||||||||||||||
(Loss) Income from discontinued operations, net of tax | (24 | ) | (2,084 | ) | 7,761 | (17,116 | ) | ||||||||||||||||||||
Net income (loss) | 4,980 | 1,599 | 7,046 | (34,995 | ) | ||||||||||||||||||||||
Accretion of Series A Preferred Stock dividends | (694 | ) | – | (1,310 | ) | – | |||||||||||||||||||||
Accretion of Series A Redeemable Convertible Preferred Stock issuance costs |
– | – | (2,124 | ) | – | ||||||||||||||||||||||
Net income attributable to Series A Redeemable Convertible |
(582 | ) | – | (467 | ) | – | |||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 3,704 | $ | 1,599 | $ | 3,145 | $ | (34,995 | ) | ||||||||||||||||||
Net income (loss) per share attributable to common stockholders (Basic): |
|||||||||||||||||||||||||||
Income (Loss) per share from continuing operations attributable to common stockholders |
$ | 0.13 | $ | 0.11 | $ | (0.12 | ) | $ | (0.56 | ) | |||||||||||||||||
Income (Loss) per share from discontinued operations attributable to common stockholders |
– | (0.06 | ) | 0.22 | (0.53 | ) | |||||||||||||||||||||
Net income (loss) per share attributable to common stockholders | $ | 0.13 | $ | 0.05 | $ | 0.10 | $ | (1.09 | ) | ||||||||||||||||||
Net income (loss) per share attributable to common stockholders (Diluted): |
|||||||||||||||||||||||||||
Income (Loss) per share from continuing operations attributable to common stockholders |
$ | 0.12 | $ | 0.11 | $ | (0.12 | ) | $ | (0.56 | ) | |||||||||||||||||
Income (Loss) per share from discontinued operations attributable to common stockholders |
$ | – | $ | (0.06 | ) | $ | 0.22 | $ | (0.53 | ) | |||||||||||||||||
Net income (loss) per share attributable to common stockholders | $ | 0.12 | $ | 0.05 | $ | 0.10 | $ | (1.09 | ) | ||||||||||||||||||
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: |
|||||||||||||||||||||||||||
Basic | 28,864 | 32,191 | 30,535 | 32,001 | |||||||||||||||||||||||
Diluted | 30,815 | 33,273 | 30,535 | 32,001 | |||||||||||||||||||||||
(1) Includes related party revenue of $628 and $1,593 for the
three months and year ended December 31, 2016, respectively
(2)
Includes related party expenses of $2,706 and $14,724 for the
three months and year ended December 31, 2016, respectively
Care.com, Inc. | |||||||||||||||
Consolidated Statement of Cash Flows | Year-Ended | ||||||||||||||
(in thousands) |
December 31,
2016 |
December 26,
2015 |
|||||||||||||
(unaudited) | |||||||||||||||
Cash flows from operating activities | |||||||||||||||
Net income (loss) | $ | 7,046 | $ | (34,995 | ) | ||||||||||
Income (Loss) from discontinued operations, net of tax | 7,761 | (17,116 | ) | ||||||||||||
Loss from continuing operations | (715 | ) | (17,879 | ) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|||||||||||||||
Stock-based compensation | 6,470 | 4,926 | |||||||||||||
Depreciation and amortization | 3,722 | 5,218 | |||||||||||||
Deferred taxes | 1,110 | 1,094 | |||||||||||||
Foreign currency remeasurement loss | 1,261 | 1,275 | |||||||||||||
Other non-cash operating income (expenses) | 41 | (98 | ) | ||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: |
|||||||||||||||
Accounts receivable | 281 | (604 | ) | ||||||||||||
Unbilled accounts receivable | (1,947 | ) | (291 | ) | |||||||||||
Prepaid expenses and other current assets | (589 | ) | 2,076 | ||||||||||||
Other non-current assets | (3 | ) | (22 | ) | |||||||||||
Accounts payable | (688 | ) | (588 | ) | |||||||||||
Accrued expenses and other current liabilities | 938 | 1,864 | |||||||||||||
Deferred revenue | 2,581 | 2,280 | |||||||||||||
Other non-current liabilities | 228 | 909 | |||||||||||||
Net cash provided by operating activities by continuing operations | 12,690 | 160 | |||||||||||||
Net cash provided by (used in) operating activities by discontinued operations |
2,421 | (5,124 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 15,111 | (4,964 | ) | ||||||||||||
Cash flows from investing activities | |||||||||||||||
Purchases of property and equipment | (244 | ) | (4,396 | ) | |||||||||||
Payments for acquisitions, net of cash acquired | (420 | ) | – | ||||||||||||
Cash withheld for purchase consideration | – | 73 | |||||||||||||
Proceeds from security deposit for sub-lease | 84 |
– |
|||||||||||||
Purchases of short-term investment | (15,000 | ) | – | ||||||||||||
Net cash used in investing activities by continuing operations | (15,580 | ) | (4,323 | ) | |||||||||||
Net cash used in investing activities by discontinued operations |
– |
(2 | ) | ||||||||||||
Net cash used in investing activities | (15,580 | ) | (4,325 | ) | |||||||||||
Cash flows from financing activities | |||||||||||||||
Proceeds from issuance of Series A Preferred Stock, net of issuance costs of $2,124 |
44,226 | – | |||||||||||||
Proceeds from exercise of common stock options | 1,406 | 777 | |||||||||||||
Payments of contingent consideration previously established in purchase accounting |
– | (1,840 | ) | ||||||||||||
Payments for the repurchases of common stock | (30,524 | ) | – | ||||||||||||
Net cash provided by (used in) financing activities by continuing operations |
15,108 | (1,063 | ) | ||||||||||||
Net cash used in financing activities by discontinued operations | (14,510 | ) | – | ||||||||||||
Net cash provided by (used in) financing activities | 598 | (1,063 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (275 | ) | (289 | ) | |||||||||||
Net decrease in cash and cash equivalents | (146 | ) | (10,641 | ) | |||||||||||
Cash and cash equivalents, beginning of the period | 61,240 | 71,881 | |||||||||||||
Cash and cash equivalents, end of the period | $ | 61,094 | $ | 61,240 | |||||||||||
Care.com, Inc. | ||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA & Non-GAAP Net Income (Loss) | ||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||
Three Months Ended | Year-Ended | |||||||||||||||||||||||
December 31,
2016 |
December 26,
2015 |
December 31,
2016 |
December 26,
2015 |
|||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Income (Loss) from continuing operations | $ | 5,004 | $ | 3,683 | $ | (715 | ) | $ | (17,879 | ) | ||||||||||||||
Federal, state and franchise taxes | 408 | 109 | 1,619 | 1,411 | ||||||||||||||||||||
Other expense, net | 854 | 263 | 1,064 | 1,239 | ||||||||||||||||||||
Depreciation and amortization | 652 | 1,152 | 3,722 | 5,218 | ||||||||||||||||||||
EBITDA | 6,918 | 5,207 | 5,690 | (10,011 | ) | |||||||||||||||||||
Stock-based compensation | 1,705 | 1,204 | 6,470 | 4,926 | ||||||||||||||||||||
Merger and acquisition related costs | 28 | (82 | ) | 128 | 53 | |||||||||||||||||||
Restructuring related costs | – | – | 714 | – | ||||||||||||||||||||
Litigation related costs | 400 | – | 400 | – | ||||||||||||||||||||
Adjusted EBITDA | $ | 9,051 | $ | 6,329 | $ | 13,402 | $ | (5,032 | ) | |||||||||||||||
Add back for Non-GAAP Net Income (Loss) | ||||||||||||||||||||||||
Federal, state and franchise taxes | (408 | ) | (109 | ) | (1,619 | ) | (1,411 | ) | ||||||||||||||||
Other expense, net | (854 | ) | (263 | ) | (1,064 | ) | (1,239 | ) | ||||||||||||||||
Depreciation and amortization | (652 | ) | (1,152 | ) | (3,722 | ) | (5,218 | ) | ||||||||||||||||
Non-GAAP net income (loss) | $ | 7,137 | $ | 4,805 | $ | 6,997 | $ | (12,900 | ) | |||||||||||||||
Non-GAAP net income (loss) per share: | ||||||||||||||||||||||||
Basic | $ | 0.25 | $ | 0.15 | $ | 0.23 | $ | (0.40 | ) | |||||||||||||||
Diluted | $ | 0.20 | $ | 0.14 | $ | 0.19 | $ | (0.40 | ) | |||||||||||||||
Weighted-average shares used to compute non-GAAP net income (loss) per share : |
||||||||||||||||||||||||
Basic | 28,864 | 32,191 | 30,535 | 32,001 | ||||||||||||||||||||
Diluted | 35,354 | 33,273 | 36,736 | 32,001 | ||||||||||||||||||||
Care.com, Inc. | ||||||||||||||||||||||||
Reconciliation of Non-GAAP EPS | ||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||
Three Months Ended | Year-Ended | |||||||||||||||||||||||
December 31,
2016 |
December 26,
2015 |
December 31,
2016 |
December 26,
2015 |
|||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Weighted-average shares used to compute net income (loss) per share: | ||||||||||||||||||||||||
Basic | 28,864 | 32,191 | 30,535 | 32,001 | ||||||||||||||||||||
Net income (loss) per share (Basic): | ||||||||||||||||||||||||
Net income (loss) per share attributable to common stockholders | $ | 0.13 | $ | 0.05 | $ | 0.10 | $ | (1.09 | ) | |||||||||||||||
Impact on income (loss) per share of Series A related costs |
0.04 | – | 0.13 | – | ||||||||||||||||||||
Adjusted Net income (loss) per share | $ | 0.17 | $ | 0.05 | $ | 0.23 | $ | (1.09 | ) | |||||||||||||||
(Loss) Income from discontinued operations, net of tax | 0.00 | 0.06 | (0.25 | ) | 0.53 | |||||||||||||||||||
Stock-based compensation | 0.06 | 0.04 | 0.21 | 0.15 | ||||||||||||||||||||
Merger and acquisition related costs | 0.00 | (0.00 | ) | 0.00 | 0.00 | |||||||||||||||||||
Restructuring related costs | – | – | 0.02 | – | ||||||||||||||||||||
Litigation related costs | 0.01 | – | 0.01 | – | ||||||||||||||||||||
Non-GAAP net income (loss) per share | $ | 0.25 | $ | 0.15 | $ | 0.23 | $ | (0.40 | ) | |||||||||||||||
Contacts
ICR, Inc.
Denise Garcia, 781-795-7244
investors@care.com