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Exhibit 99.1
LogMeIn Announces Third Quarter 2018 Results
Renewal Rates Rebound; Raises Full Year Outlook
Boston, October 25, 2018 LogMeIn, Inc. (NASDAQ: LOGM), a leading provider of cloud-based connectivity, today announced its results for the third quarter ended September 30, 2018.
Third quarter 2018 highlights include:
| GAAP revenue was $308.9 million and non-GAAP revenue was $309.6 million |
| GAAP net income was $12.7 million or $0.24 per diluted share and non-GAAP net income was $72.9 million or $1.40 per diluted share |
| EBITDA was $93.9 million or 30.4% of GAAP revenue and Adjusted EBITDA was $115.2 million or 37.2% of non-GAAP revenue |
| Cash flow from operations was $73.7 million or 23.8% of non-GAAP revenue, and adjusted cash flow from operations was $83.5 million or 27.0% of non-GAAP revenue |
| Total GAAP deferred revenue was $373.3 million |
| The Company closed the quarter with cash and cash equivalents of $167.6 million and $200.0 million of borrowings under its existing credit agreement |
LogMeIn had a strong quarter as we saw positive early results from the steps we took to improve the performance of our Communications & Collaboration business which had renewal rates return to historical levels, said Bill Wagner, President and CEO of LogMeIn. We were also pleased by the continued momentum across all of our key growth areas, including Customer Engagement, Identity, and Unified Communications, where early results from a bundled Jive + GoToMeeting offering are helping to drive higher account penetration and increased revenue per customer.
Business Outlook
Based on information available as of October 25, 2018, the Company is issuing guidance for the fourth quarter 2018 and fiscal year 2018.
Fourth Quarter 2018: The Company expects fourth quarter non-GAAP revenue to be in the range of $306 million to $307 million. The Company expects fourth quarter GAAP revenue to be in the range of $305 million to $306 million. Non-GAAP revenue adds back $1 million for the impact of an acquisition accounting adjustment recorded to reduce acquired deferred revenue to the fair value of the remaining obligation.
EBITDA is expected to be in the range of $93 million to $94 million, or approximately 31% of GAAP revenue. Adjusted EBITDA is expected to be in the range of $115 million to $116 million, or approximately 38% of non-GAAP revenue.
Non-GAAP net income is expected to be in the range of $72 million to $73 million, or $1.41 to $1.42 per diluted share. Non-GAAP net income adds back the non-GAAP revenue adjustment
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LogMeIn, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Further, we expect to continue to incur acquisition-related costs, and general and administrative expenses could increase if we incur litigation-related expenses associated with our defense against legal claims.
On February 23, 2017, our Board of Directors approved a three-year capital return plan, pursuant to which we intend to return to stockholders approximately 75% of our free cash flow over the period, up to $700 million, through a combination of share repurchases and dividends.
Sales and marketing expenses for the three months ended September 30, 2017 and 2018, includes personnel-related costs, including salary, commissions, bonus, recruiting, relocation, travel, training, benefits and taxes of $43.5 million and $46.4 million, respectively; marketing costs of $31.1 million and $31.0 million, respectively; credit card transaction fees of $5.4 million and $5.6 million, respectively; facility-related costs of $4.2 million and $3.8 million, respectively; depreciation and maintenance expense of $4.0 million and $4.7 million, respectively; and professional services expense of $0.5 million and $2.6 million, respectively.
Sales and marketing expenses for the nine months ended September 30, 2017 and 2018, includes personnel-related costs, including salary, bonus, recruiting, relocation, travel, training, benefits and taxes of $128.2 million and $132.1 million, respectively; marketing costs of $89.1 million and $100.8 million, respectively; credit card transaction fees of $15.5 million and $17.4 million, respectively; facility-related costs of $11.4 million and $10.6 million, respectively; depreciation and maintenance expense of $10.1 million and $13.1 million, respectively; and professional services expense of $2.3 million and $6.0 million, respectively.
Capital Returns On February 23, 2017, our Board of Directors approved a three-year capital return plan intended to return up to $700 million to stockholders through a combination of share repurchases and dividends.
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Revenue increased $39.6 million, or...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
LogMeIn, Inc. provided additional information to their SEC Filing as exhibits
Ticker: LOGM
CIK: 1420302
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025208
Submitted to the SEC: Fri Oct 26 2018 12:31:44 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Prepackaged Software