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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.
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
The following information was filed by Logmein, Inc. (LOGM) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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