[October 23, 2014] |
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Constant Contact Announces Third Quarter 2014 Financial Results
WALTHAM, Mass. --(Business Wire)--
Constant
Contact®, Inc. (Nasdaq: CTCT), which helps more than 600,000 small
organizations create and grow customer relationships through a suite of
online marketing tools, today announced its financial results for the
third quarter ended September 30, 2014.
"We delivered another strong quarter, punctuated by accelerating revenue
growth, expanding profitability and an increase in customer additions,"
said Gail Goodman, chief executive officer of Constant Contact. "We are
on track to deliver on our goal of sustained long term revenue growth
greater than 20% and expanding profitability margins greater than 20%."
"Our focus remains on the Constant Contact Toolkit™. We continue to
refine, test and iterate Toolkit and we are making progress establishing
it as the platform for small business marketing that best meets the
needs of our varied customers," continued Goodman. "We believe an
all-in-one marketing platform will differentiate us in the small
business marketplace, while providing meaningful long-term growth
opportunities."
Third Quarter 2014 Financial Metrics
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Revenue was $83.5 million, an increase of 15.9% compared to revenue of
$72.0 million for the comparable period in 2013.
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Gross margin was 72.2%, compared to 71.6% for the comparable period in
2013.
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Adjusted EBITDA was $18.1 million, a 23.6% increase compared to
adjusted EBITDA of $14.7 million for the comparable period in
2013. Adjusted EBITDA margin was 21.7%, compared to 20.4% for the
comparable period in 2013.
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GAAP net income was $5.2 million, or $0.16 per diluted share, compared
to GAAP net income of $3.3 million, or $0.11 per diluted share, for
the comparable period in 2013.
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Non-GAAP net income was $11.8 million, or $0.36 per diluted share,
compared to non-GAAP net income of $8.9 million, or $0.28 per diluted
share, for the comparable period in 2013.
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Cash flow from operations was $18.4 million, compared to $13.7 million
for the comparable period in 2013.
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Capital expenditures were $7.0 million, compared to $4.4 million for
the comparable period in 2013.
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Free cash flow was $11.4 million, compared to $9.2 million for the
comparable period in 2013.
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The company had $154 million in cash, cash equivalents and marketable
securities at September 30, 2014, compared to $140 million at June 30,
2014.
Third Quarter 2014 Operating Metrics
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Added 50,000 gross new unique customers in the third quarter, compared
to 50,000 in the second quarter of 2014 and 45,000 in the third
quarter of 2013. (*)
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Ended the third quarter with 625,000 unique customers, an increase
from 615,000 unique customers at the end of the second quarter of 2014
and 585,000 unique customers at the end of the third quarter of 2013.
(*)
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Average monthly revenue per unique customer (ARPU) in the third
quarter was $44.89, up from $44.40 in the second quarter of 2014 and
up from $41.40 in the third quarter of 2013.
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Monthly retention rate of unique paying customers remained in its
historical range of 97.8%, plus or minus 0.5%, for each month during
the third quarter.
(*) Unique customers are rounded to the nearest 5,000. We define
unique customers as customers of all of our products and services,
inclusive of both subscription and transaction-based products. Transactional
customers are included in the customer count for the period if they
transacted within the prior 12-month period. A customer of
multiple products and services is counted as one unique customer.
Other Recent Highlights
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Launched the latest wave of television advertising with a new
Toolkit-focused advertising campaign. The three 15 second spots and
one 30 second spot began airing nationally as part of the fall wave of
advertising, targeting small businesses as they begin to ramp up their
marketing efforts in advance of their busy holiday season. All four
television commercials can be viewed by visiting: http://conta.cc/tv.
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Announced the expansion of the Constant Contact local education
program in terms of both territory and staffing, as part of the
company's continued commitment to educating small businesses. The
growth and expansion of the Constant Contact local education program
is in response to continued demand for marketing education in local
communities.
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Hosted OneCon, the second annual gathering of Constant Contact
solution providers and authorized local experts. More than 200
attendees participated in this two-day educational event focused on
helping partners grow their business with Constant Contact's products
and services. For more information please visit: http://www.onecon.com/2014,
http://conta.cc/OneConRecap
or #OneCon2014.
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Added Steve Shipley as a vice president of customer support. Steve
joins Constant Contact with a wealth of customer support experience,
leading customer support organizations at Monster Worldwide, The Home
Shopping Network and Expedia. Steve will be leading teams responsible
for ensuring that Constant Contact's more than 625,000 customers have
exceptional experiences with the company's free, unlimited phone and
online support and are empowered to be successful with Constant
Contact's products and services.
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Under the company's previously announced $30 million stock repurchase
program, the company repurchased 246,700 shares of common stock in the
third quarter for approximately $7.4 million at an average purchase
price of approximately $29.84 per share.
"Third quarter results continued our two-year track record of delivering
consistently good results. Accelerating revenue growth and expanding
margins have been the hallmark of this year, and in the quarter, revenue
growth, margins and free cash flow all showed meaningful gains," said
Harpreet Grewal, chief financial officer of Constant Contact. "Our
preliminary expectations for 2015 show an acceleration of revenue growth
for the second consecutive year while meaningfully expanding margins."
Business Outlook
Based on information available as of October 23, 2014, Constant Contact
is issuing guidance for the fourth quarter and full year 2014 and full
year 2015 as follows:
Fourth Quarter 2014:
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Current Guidance (10/23/2014)
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Total revenue
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$87.4 m - $87.8 m
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Adjusted EBITDA margin
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20.5% - 20.9%
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Adjusted EBITDA
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$17.9 m - $18.4 m
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Stock-based compensation expense
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$4.3 m
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GAAP net income
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$4.0 m - $4.3 m
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GAAP net income per share
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$0.12 - $0.13
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Non-GAAP net income per share*
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$0.30 - $0.32
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Diluted weighted average shares outstanding
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32.9 m
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Full Year 2014:
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Prior Guidance (7/24/2014)
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Current Guidance (10/23/2014)
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Total revenue
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~$331 m
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$331.0 - 331.4 m
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Adjusted EBITDA margin
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~18.2%
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18.2% - 18.3%
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Adjusted EBITDA
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~$60 m
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$60.3 m - $60.8m
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Stock-based compensation expense
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~$16.5 m
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$16.4 m
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GAAP net income
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~$11.4 m
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$12.1 m - $12.4 m
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GAAP net income per share
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~$0.35
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$0.37 - $0.38
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Non-GAAP net income per share*
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~$1.02
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$1.04 - $1.05
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Diluted weighted average shares outstanding
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32.7 m
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32.7 m
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Full Year Estimated effective tax rate
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40%
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~40%
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Full Year Estimated cash tax rate
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10%
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~10%
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* Non-GAAP net income per share calculated using an estimated cash
tax rate (10%).
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Preliminary 2015 Expectations:
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Total revenue
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~17% annual revenue growth
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Adjusted EBITDA margin
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~150 basis points of annual Adjusted EBITDA margin expansion
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Non-GAAP Financial Measures and Other Financial Information
This press release contains the following non-GAAP financial measures:
Adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP
net income per share, estimated cash tax rate and free cash flow.
Adjusted EBITDA is a non-GAAP financial measure that is defined as GAAP
net income before income taxes, interest and other income (expense),
net, depreciation and amortization, stock-based compensation, and
litigation contingency accruals. Adjusted EBITDA margin is a non-GAAP
financial measure that is calculated by dividing adjusted EBITDA by
revenue.
Non-GAAP net income is a non-GAAP financial measure that is defined as
GAAP net income before the non-cash portion of income taxes, stock-based
compensation expense, and litigation contingency accruals. Non-GAAP net
income per share is a non-GAAP financial measure that is calculated by
dividing non-GAAP net income by the weighted average shares outstanding.
Estimated cash tax rate is calculated by dividing estimated taxes to be
paid by estimated full year income before taxes.
Free cash flow is calculated by subtracting cash paid for the
acquisition of property and equipment from net cash provided by
operating activities.
Constant Contact believes that these non-GAAP measures of financial
results provide useful information to management and investors regarding
certain financial and business trends relating to Constant Contact's
financial condition and results of operations. The company's management
uses these non-GAAP measures to compare the company's performance to
that of prior periods for trend analyses, for purposes of determining
executive and senior management incentive compensation, and for
budgeting and planning purposes. These measures are used in monthly
financial reports prepared for management and in monthly and quarterly
financial reports presented to the company's board of directors. The
company believes that the use of these non-GAAP financial measures
provides an additional tool for investors to use in evaluating ongoing
operating results and trends and in comparing the company's financial
measures with other software-as-a-service companies, many of which
present similar non-GAAP financial measures to investors.
Management of the company does not consider these non-GAAP measures in
isolation or as an alternative to financial measures determined in
accordance with GAAP. The principal limitation of Adjusted EBITDA,
adjusted EBITDA margin and non-GAAP net income is that these non-GAAP
financial measures exclude significant expenses and income that are
required by GAAP to be recorded in the company's financial statements.
In addition, these non-GAAP financial measures are subject to inherent
limitations as they reflect the exercise of judgments by management
about which expenses and income are excluded or included in determining
these non-GAAP financial measures. In order to compensate for these
limitations, management presents these non-GAAP financial measures in
connection with GAAP results. Constant Contact urges investors to review
the reconciliation of its non-GAAP financial measures to the comparable
GAAP financial measures, which it includes in press releases announcing
quarterly financial results, including this press release, and not to
rely on any single financial measure to evaluate the company's business.
Reconciliation tables of the most comparable GAAP financial measures to
the non-GAAP financial measures used in this press release are included
with the financial tables at the end of this release.
Conference Call Information
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What:
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Constant Contact third quarter 2014 financial results conference call
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When:
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Thursday, October 23, 2014
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Time:
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5:00 p.m. ET
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Live Call:
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(877) 334-1974, domestic
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(760) 666-3590, international
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Replay:
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(855) 859-2056, domestic
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(404) 537-3406, international
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Webcast:
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http://investor.constantcontact.com/
(live and replay)
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Live and replay conference ID code: 14263137
The webcast will be archived on Constant Contact's website for a period
of three months.
About Constant Contact, Inc.
Constant Contact helps small businesses do more business. We have been
revolutionizing the success formula for small businesses, nonprofits,
and associations since 1998, and today work with more than 600,000
customers worldwide. The company offers the only all-in-one online
marketing platform that helps small businesses drive repeat business and
find new customers. It features multi-channel marketing campaigns
(newsletters/announcements, offers/promotions, online listings,
events/registration, and feedback) combined with shared content,
contacts, and reporting; free award-winning coaching and product
support; and integrations with critical business tools - all from a
single login. The company's extensive network of educators,
consultants/resellers, technology providers, franchises, and national
associations offer further support to help small organizations succeed
and grow. Through its Innovation Loft, Constant Contact is fueling the
next generation of small business technology.
Constant Contact and the Constant Contact Logo are registered
trademarks of Constant Contact, Inc. All Constant Contact product names
and other brand names mentioned herein are trademarks or registered
trademarks of Constant Contact, Inc. All other company and product names
may be trademarks or service marks of their respective owners.
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 company's ability to deliver sustained revenue growth of
greater than 20% and expanding profitability margins greater than 20%,
accelerating revenue growth, meaningfully expanding margins, the
company's Toolkit offering, the company's long-term growth opportunity,
the company's stock repurchase program and the financial guidance for
the fourth quarter of 2014, the full year 2014 and full year 2015. 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 "expect," "anticipate," "should," "believe," "hope," "target,"
"project," "goals," "estimate," "potential," "predict," "may," "will,"
"suggest," "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 Constant Contact's control. Constant
Contact'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, the company's ability to attract new
customers and retain existing customers, the company's dependence on the
market for email marketing services for small organizations, the success
of Constant Contact Toolkit, adverse economic conditions in general and
adverse economic conditions specifically affecting the markets in which
the company operates, the company's ability to successfully develop and
introduce new offerings or enhancements to existing products and
integrate its products in an effective manner, adverse regulatory or
legal developments, litigation risk and expense, the company's ability
to continue to promote and maintain its brand in a cost-effective
manner, changes in the competitive environment, the company's ability to
compete effectively, the company's ability to attract and retain key
personnel, the company's ability to protect its intellectual property
and other proprietary rights, and other risks detailed in Constant
Contact's most recent Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission as well as other documents that may
be filed by the company from time to time 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 Constant Contact's views as of the date of this press
release. The company anticipates that subsequent events and developments
will cause its views to change. Constant Contact 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 Constant Contact's views as of any date subsequent to the
date of this press release.
(CTCT-F)
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Constant Contact, Inc.
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Consolidated Condensed Statements of Operations (unaudited)
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(In thousands, except per share data)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2014
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2013
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2014
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2013
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Revenue
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$
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83,494
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$
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72,039
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$
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243,624
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$
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210,452
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Cost of revenue
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23,223
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20,478
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67,050
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60,964
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Gross profit
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60,271
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51,561
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176,574
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149,488
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Operating expenses:
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Research and development
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13,417
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12,133
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39,341
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34,400
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Sales and marketing
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28,406
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24,608
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94,319
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83,214
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General and administrative
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10,365
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9,312
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30,671
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29,077
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Total operating expenses
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52,188
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46,053
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164,331
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146,691
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Income from operations
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8,083
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5,508
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12,243
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2,797
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Interest income and other income (expense), net
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339
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133
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387
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116
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Income before income taxes
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8,422
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5,641
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12,630
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2,913
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Income tax expense
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(3,224
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)
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(2,321
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)
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(4,563
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)
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(215
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Net income
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$
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5,198
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$
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3,320
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$
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8,067
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$
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2,698
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Net income per share:
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Basic
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$
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0.16
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$
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0.11
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$
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0.26
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$
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0.09
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Diluted
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$
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0.16
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$
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0.11
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$
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0.25
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$
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0.09
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Weighted average shares outstanding used in computing per share
amounts:
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Basic
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31,893
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30,696
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31,557
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30,672
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Diluted
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33,180
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31,324
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32,750
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31,140
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Constant Contact, Inc.
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Calculation of Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)
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(In thousands)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2014
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2013
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2014
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2013
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Net income
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$
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5,198
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$
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3,320
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$
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8,067
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$
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2,698
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Income tax expense
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3,224
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2,321
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4,563
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215
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Interest income and other (income) expense, net
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(339
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)
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(133
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)
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|
(387
|
)
|
|
|
|
(116
|
)
|
Depreciation and amortization
|
|
|
|
|
6,234
|
|
|
|
|
5,687
|
|
|
|
|
|
18,041
|
|
|
|
|
16,438
|
|
Stock-based compensation expense
|
|
|
|
|
3,810
|
|
|
|
|
3,473
|
|
|
|
|
|
12,134
|
|
|
|
|
11,144
|
|
Litigation contingency accrual
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
$
|
18,127
|
|
|
|
$
|
14,668
|
|
|
|
|
$
|
42,418
|
|
|
|
$
|
31,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divide by:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
83,494
|
|
|
|
$
|
72,039
|
|
|
|
|
$
|
243,624
|
|
|
|
$
|
210,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
|
|
|
21.7
|
%
|
|
|
|
20.4
|
%
|
|
|
|
|
17.4
|
%
|
|
|
|
14.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant Contact, Inc.
|
Calculation of Non-GAAP Net Income and Non-GAAP Net Income per Share
(unaudited)
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
|
September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
5,198
|
|
|
$
|
3,320
|
|
|
|
$
|
8,067
|
|
|
$
|
2,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash portion of income tax expense (benefit)
|
|
|
|
|
2,773
|
|
|
|
2,071
|
|
|
|
|
3,896
|
|
|
|
(535
|
)
|
Stock-based compensation expense
|
|
|
|
|
3,810
|
|
|
|
3,473
|
|
|
|
|
12,134
|
|
|
|
11,144
|
|
Litigation contingency accrual
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
|
$
|
11,781
|
|
|
$
|
8,864
|
|
|
|
$
|
24,097
|
|
|
$
|
14,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share: diluted
|
|
|
|
$
|
0.36
|
|
|
$
|
0.28
|
|
|
|
$
|
0.74
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding used in computing per share
amounts
|
|
|
|
|
33,180
|
|
|
|
31,324
|
|
|
|
|
32,750
|
|
|
|
31,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant Contact, Inc.
|
Calculation of Free Cash Flow (unaudited)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
|
September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
$
|
18,347
|
|
|
$
|
13,665
|
|
|
|
$
|
41,307
|
|
|
$
|
30,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtract:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
|
|
6,958
|
|
|
|
4,445
|
|
|
|
|
21,013
|
|
|
|
14,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
|
|
$
|
11,389
|
|
|
$
|
9,220
|
|
|
|
$
|
20,294
|
|
|
$
|
15,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant Contact, Inc.
|
Consolidated Condensed Statements of Cash Flows (unaudited)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
8,067
|
|
|
|
$
|
2,698
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
18,041
|
|
|
|
|
16,438
|
|
Amortization of premiums on investments
|
|
|
|
|
187
|
|
|
|
|
146
|
|
Stock-based compensation expense
|
|
|
|
|
12,134
|
|
|
|
|
11,144
|
|
Provision for (recovery of) bad debts
|
|
|
|
|
(7
|
)
|
|
|
|
13
|
|
Gain on sales of marketable securities
|
|
|
|
|
(1
|
)
|
|
|
|
-
|
|
Deferred income taxes
|
|
|
|
|
(512
|
)
|
|
|
|
222
|
|
Income tax benefit from the exercise of stock options
|
|
|
|
|
(1,666
|
)
|
|
|
|
(34
|
)
|
Taxes paid related to net share settlement of restricted stock units
|
|
|
|
|
(2,341
|
)
|
|
|
|
(1,128
|
)
|
Loss on sublease
|
|
|
|
|
259
|
|
|
|
|
-
|
|
Change in operating assets & liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
49
|
|
|
|
|
(71
|
)
|
Prepaid expenses and other current assets
|
|
|
|
|
(527
|
)
|
|
|
|
(1,695
|
)
|
Other assets
|
|
|
|
|
54
|
|
|
|
|
269
|
|
Accounts payable
|
|
|
|
|
(250
|
)
|
|
|
|
(4,607
|
)
|
Accrued expenses
|
|
|
|
|
4,287
|
|
|
|
|
4,689
|
|
Deferred revenue
|
|
|
|
|
2,542
|
|
|
|
|
2,025
|
|
Other long-term liabilities
|
|
|
|
|
991
|
|
|
|
|
(14
|
)
|
Net cash provided by operating activities
|
|
|
|
|
41,307
|
|
|
|
|
30,095
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
Purchases of marketable securities
|
|
|
|
|
(27,276
|
)
|
|
|
|
(15,834
|
)
|
Proceeds from maturities of marketable securities
|
|
|
|
|
14,665
|
|
|
|
|
11,534
|
|
Proceeds from sales of marketable securities
|
|
|
|
|
633
|
|
|
|
|
4,000
|
|
Increase in restricted cash
|
|
|
|
|
-
|
|
|
|
|
(550
|
)
|
Acquisition of property and equipment
|
|
|
|
|
(21,013
|
)
|
|
|
|
(14,134
|
)
|
Net cash used in investing activities
|
|
|
|
|
(32,991
|
)
|
|
|
|
(14,984
|
)
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock pursuant to the exercise of
stock options
|
|
|
|
|
16,016
|
|
|
|
|
2,461
|
|
Income tax benefit from the exercise of stock options
|
|
|
|
|
1,666
|
|
|
|
|
28
|
|
Proceeds from issuance of common stock pursuant to employee stock
purchase plan
|
|
|
|
|
831
|
|
|
|
|
484
|
|
Repurchase of common stock
|
|
|
|
|
(7,360
|
)
|
|
|
|
(4,529
|
)
|
Net cash provided by (used in) financing activities
|
|
|
|
|
11,153
|
|
|
|
|
(1,556
|
)
|
Effects of exchange rates on cash and cash equivalents
|
|
|
|
|
(4
|
)
|
|
|
|
1
|
|
Net increase in cash and cash equivalents
|
|
|
|
|
19,465
|
|
|
|
|
13,556
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
82,478
|
|
|
|
|
67,775
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
101,943
|
|
|
|
$
|
81,331
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of non-cash investing and financing
activities
|
|
|
|
|
|
|
|
Capitalization of stock-based compensation
|
|
|
|
$
|
148
|
|
|
|
$
|
351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant Contact, Inc.
|
Consolidated Condensed Balance Sheets (unaudited)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
101,943
|
|
|
$
|
82,478
|
Marketable securities
|
|
|
|
|
52,515
|
|
|
|
40,723
|
Accounts receivable, net
|
|
|
|
|
138
|
|
|
|
180
|
Prepaid expenses and other current assets
|
|
|
|
|
10,213
|
|
|
|
9,175
|
Total current assets
|
|
|
|
|
164,809
|
|
|
|
132,556
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
44,022
|
|
|
|
39,238
|
Restricted cash
|
|
|
|
|
1,300
|
|
|
|
1,300
|
Goodwill
|
|
|
|
|
95,505
|
|
|
|
95,505
|
Acquired intangible assets, net
|
|
|
|
|
2,691
|
|
|
|
4,355
|
Deferred tax assets
|
|
|
|
|
10,088
|
|
|
|
9,574
|
Other assets
|
|
|
|
|
2,291
|
|
|
|
2,345
|
Total assets
|
|
|
|
$
|
320,706
|
|
|
$
|
284,873
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
6,533
|
|
|
$
|
6,783
|
Accrued expenses
|
|
|
|
|
14,384
|
|
|
|
10,903
|
Deferred revenue
|
|
|
|
|
37,798
|
|
|
|
35,256
|
Total current liabilities
|
|
|
|
|
58,715
|
|
|
|
52,942
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
|
|
3,251
|
|
|
|
2,060
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
61,966
|
|
|
|
55,002
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
319
|
|
|
|
312
|
Additional paid-in capital
|
|
|
|
|
250,254
|
|
|
|
229,457
|
Accumulated other comprehensive income
|
|
|
|
|
12
|
|
|
|
14
|
Retained earnings
|
|
|
|
|
8,155
|
|
|
|
88
|
Total stockholders' equity
|
|
|
|
|
258,740
|
|
|
|
229,871
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
320,706
|
|
|
$
|
284,873
|
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|