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    Edgio Reports Second Quarter 2023 Results

    9/12/23 4:05:00 PM ET
    $EGIO
    Business Services
    Consumer Discretionary
    Get the next $EGIO alert in real time by email

    With 10-Q filed, Company regains compliance with applicable Nasdaq Listing Rules

    Q2 2023 revenue of $95.8 million, 51% year over year growth

    Applications bookings QTD in 3Q 2023 already ahead of 2Q 2023 levels and more than double from 1Q 2023 bookings

    YTD 2023 Capital expenditure, net of payments from ISPs, was $2.6 million or 1.3% of revenue

    Edgio, Inc. (NASDAQ:EGIO) (Edgio), the platform of choice to power unmatched speed, security and simplicity at the edge, today reported financial results for the second quarter ended June 30, 2023 along with the filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2023. With this filing, the Company is now compliant with the periodic reporting requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule").

    "We had a stronger than expected second quarter with better financial performance and significant improvements in leading indicators. Our transformation is on track and we expect second quarter revenue to be the low point for the year as revitalized sales and commercial motions are reducing churn, driving new product adoption, and increasing conversion of our growing pipeline," said Bob Lyons, President and CEO of Edgio. "Driven by sustained revenue growth, gross margin expansion and cost savings, we expect to deliver substantial year over year improvements in Adjusted EBITDA and free cash flow in 2024."

    Recent Business Highlights:

    • QTD Applications bookings already ahead of second quarter levels with new client wins and existing client expansion
    • QTD Applications bookings more than doubled from bookings in 1Q 2023
    • Customer churn was 1% in the second quarter versus 4% in 4Q22 and logo churn declined 40% in the same period
    • Continued new product momentum with API Security solution in General Availability
    • Awarded "Competitive Strategy Leadership Award" by Frost & Sullivan
    • On track to operationalize approximately $85-90 million of expected run rate cost savings, by end of 2023 and forecasted higher by end of 2024
    • Bolstered leadership team with the appointment of Todd Hinders as Chief Revenue Officer
    • Notable wins for Applications include a 15,000 employee safety & security solutions company in Europe, a leading Asian webtoon company, a leading global consumer brand and an IR500 domestic pet supplies retailer.
    • Achieved Amazon Web Services (AWS) Retail Competency designation with Edgio's Applications Platform and Uplynk now available in AWS Marketplace.

    Second Quarter Financial highlights:

    Revenue

    • Revenue of $95.8 million, 51% year over year growth due to the inclusion of the Edgecast acquisition. Sequential decline of 6.1% was driven by normal summer seasonality and previously communicated churn and elongated booking cycle.

    Gross margin

    • GAAP gross margin was 26.4%, compared to 28.4% year over year and 30.4% quarter over quarter.
    • Non-GAAP gross margin was 26.9%, compared to 29.1% year over year and 31.2% quarter over quarter.
    • Cash gross margin was 30.8%, compared to 39.7% year over year and 34.7% quarter over quarter. Cash gross margin was impacted by the seasonal decline in traffic consistent with having a high fixed cost structure, partially offset by savings from previously announced cost containment efforts.

    Operating expenses

    • GAAP operating expenses, including share-based compensation of $3.4 million, restructuring charges of $3.3 million to achieve cost synergies, restatement related expenses of $2.6 million, and acquisition and legal related expenses of $1.0 million, were 61% of revenue versus 62.4% in the first quarter of 2023.
    • Non-GAAP operating expenses, excluding share-based compensation, restructuring charges, restatement related expenses, and acquisition and legal related expenses, were 50.7% of revenue versus 54.3% in the first quarter of 2023.
    • Cash operating expenses, excluding share-based compensation, restructuring charges, restatement related expenses, and acquisition and legal related expenses, depreciation and amortization were 44.8% of revenue versus 48.8% in the first quarter of 2023. Sequential decline in cash operating expenses was primarily due to realization of cost savings from previously announced cost containment efforts.

    Adjusted EBITDA

    • Adjusted EBITDA for the quarter was a loss of $13.4 million, compared to a loss of $14.4 million in the first quarter of 2023 due to lower gross profit partially offset by realization of cost savings.

    Capital Expenditure

    • Year-to-date capital expenditure, net of payments from ISPs, was $2.6 million or 1.3% of revenue.
    • We expect to continue to be efficient with our capital expenditure as a result of stronger operational discipline, leveraging our excess capacity and due to higher revenue contribution from software solutions that have lower capital requirements.

    Cash, Cash Equivalents, and Marketable Securities

    • Cash, cash equivalents, and marketable securities were $36.2 million for the quarter, compared to $48.2 million for the first quarter of 2023.
    • Cash flow used in operations during the quarter was $12.4 million.

    2023 Guidance:

    "Our second quarter performance and early signs of positive momentum in leading indicators demonstrates our strategy and execution are on track. We are focused on growing the business with the right economic model and get it to a sustainable trajectory soon," said Stephen Cumming, CFO, "We expect sequential revenue growth for the rest of the year, with associated improvements in cash gross margins. Combined with a meaningful step down in our operating expense structure, we reiterate our expectation for Adjusted EBITDA break even in the fourth quarter."

    For 2023, our guidance is unchanged and we are currently expecting:

    • Revenue between $392 million and $398 million.
    • Adjusted EBITDA range of negative $37 million to negative $31 million, implying Adjusted EBITDA margin between negative 9.5% and negative 8%.
    • Capital expenditure between $10 million and $13 million, implying 2.5% and 3.5% of revenue.

    Financial Tables

    Edgio, Inc.

    Consolidated Balance Sheets

    (In thousands, except per share data)

     

     

    June 30,

    2023

     

    March 31,

    2023

     

    December 31,

    2022

     

    (Unaudited)

     

    (Unaudited)

     

     

    ASSETS

     

     

     

     

     

    Current assets:

     

     

     

     

     

    Cash and cash equivalents

    $

    36,188

     

     

    $

    32,787

     

     

    $

    55,275

     

    Marketable securities

     

    —

     

     

     

    15,396

     

     

     

    18,734

     

    Accounts receivable, net

     

    63,563

     

     

     

    82,461

     

     

     

    84,627

     

    Income taxes receivable

     

    155

     

     

     

    373

     

     

     

    105

     

    Prepaid expenses and other current assets

     

    36,778

     

     

     

    36,987

     

     

     

    36,374

     

    Total current assets

     

    136,684

     

     

     

    168,004

     

     

     

    195,115

     

    Property and equipment, net

     

    73,667

     

     

     

    72,976

     

     

     

    73,467

     

    Operating lease right of use assets

     

    4,816

     

     

     

    5,053

     

     

     

    5,290

     

    Deferred income taxes

     

    2,925

     

     

     

    2,388

     

     

     

    2,338

     

    Goodwill

     

    168,775

     

     

     

    168,961

     

     

     

    169,156

     

    Intangible assets, net

     

    80,948

     

     

     

    86,348

     

     

     

    91,661

     

    Other assets

     

    2,582

     

     

     

    2,586

     

     

     

    5,353

     

    Total assets

    $

    470,397

     

     

    $

    506,316

     

     

    $

    542,380

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

    Accounts payable

    $

    63,799

     

     

    $

    48,312

     

     

    $

    52,776

     

    Deferred revenue

     

    10,132

     

     

     

    10,500

     

     

     

    9,286

     

    Operating lease liability obligations

     

    3,621

     

     

     

    4,483

     

     

     

    4,557

     

    Income taxes payable

     

    3,155

     

     

     

    3,286

     

     

     

    3,133

     

    Financing obligations

     

    8,944

     

     

     

    6,839

     

     

     

    6,346

     

    Other current liabilities

     

    55,271

     

     

     

    76,947

     

     

     

    76,160

     

    Total current liabilities

     

    144,922

     

     

     

    150,367

     

     

     

    152,258

     

    Convertible senior notes, net

     

    123,070

     

     

     

    122,849

     

     

     

    122,631

     

    Operating lease liability obligations, less current portion

     

    7,730

     

     

     

    8,066

     

     

     

    9,181

     

    Deferred income taxes

     

    1,431

     

     

     

    602

     

     

     

    596

     

    Deferred revenue, less current portion

     

    2,247

     

     

     

    2,333

     

     

     

    2,949

     

    Financing obligations, less current portion

     

    14,208

     

     

     

    12,738

     

     

     

    13,784

     

    Other long-term liabilities

     

    858

     

     

     

    721

     

     

     

    1,658

     

    Total liabilities

     

    294,466

     

     

     

    297,676

     

     

     

    303,057

     

    Commitments and contingencies

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

    Convertible preferred stock, $0.001 par value; 7,500 shares authorized; no shares issued and outstanding

     

    —

     

     

     

    —

     

     

     

    —

     

    Common stock, $0.001 par value; 300,000 shares authorized; 223,380, 222,702, and 222,232 shares issued and outstanding as of June 30, 2023, March 31, 2023, and December 31, 2022, respectively

     

    223

     

     

     

    223

     

     

     

    222

     

    Common stock contingent consideration

     

    16,300

     

     

     

    16,300

     

     

     

    16,300

     

    Additional paid-in capital

     

    814,405

     

     

     

    811,571

     

     

     

    807,507

     

    Accumulated other comprehensive loss

     

    (11,321

    )

     

     

    (11,430

    )

     

     

    (11,665

    )

    Accumulated deficit

     

    (643,676

    )

     

     

    (608,024

    )

     

     

    (573,041

    )

    Total stockholders' equity

     

    175,931

     

     

     

    208,640

     

     

     

    239,323

     

    Total liabilities and stockholders' equity

    $

    470,397

     

     

    $

    506,316

     

     

    $

    542,380

     

    Edgio, Inc.

    Consolidated Statements of Operations

    (In thousands, except per share data)

    (Unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

     

    March 31,

     

    Percent

     

    June 30,

     

    Percent

     

    June 30,

     

    June 30,

     

    Percent

     

     

     

    2023

     

     

     

    2023

     

     

    Change

     

     

    2022

     

     

    Change

     

     

    2023

     

     

     

    2022

     

     

    Change

    Revenue

    $

    95,765

     

     

    $

    101,948

     

     

    (6

    )%

     

    $

    63,586

     

     

    51

    %

     

    $

    197,713

     

     

    $

    118,925

     

     

    66

    %

    Cost of revenue:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cost of services (1)

     

    66,742

     

     

     

    67,353

     

     

    (1

    )%

     

     

    38,718

     

     

    72

    %

     

     

    134,095

     

     

     

    71,391

     

     

    88

    %

    Depreciation — network

     

    3,788

     

     

     

    3,610

     

     

    5

    %

     

     

    6,791

     

     

    (44

    )%

     

     

    7,398

     

     

     

    12,639

     

     

    (41

    )%

    Total cost of revenue

     

    70,530

     

     

     

    70,963

     

     

    (1

    )%

     

     

    45,509

     

     

    55

    %

     

     

    141,493

     

     

     

    84,030

     

     

    68

    %

    Gross profit

     

    25,235

     

     

     

    30,985

     

     

    (19

    )%

     

     

    18,077

     

     

    40

    %

     

     

    56,220

     

     

     

    34,895

     

     

    61

    %

    Gross profit percentage

     

    26.4

    %

     

     

    30.4

    %

     

     

     

     

    28.4

    %

     

     

     

     

    28.4

    %

     

     

    29.3

    %

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    General and administrative (1)

     

    14,480

     

     

     

    16,836

     

     

    (14

    )%

     

     

    26,812

     

     

    (46

    )%

     

     

    31,316

     

     

     

    42,645

     

     

    (27

    )%

    Sales and marketing (1)

     

    16,167

     

     

     

    19,622

     

     

    (18

    )%

     

     

    10,834

     

     

    49

    %

     

     

    35,789

     

     

     

    18,461

     

     

    94

    %

    Research and development (1)

     

    18,739

     

     

     

    21,016

     

     

    (11

    )%

     

     

    12,171

     

     

    54

    %

     

     

    39,755

     

     

     

    21,749

     

     

    83

    %

    Depreciation and amortization

     

    5,692

     

     

     

    5,607

     

     

    2

    %

     

     

    1,508

     

     

    277

    %

     

     

    11,299

     

     

     

    2,540

     

     

    345

    %

    Restructuring charges

     

    3,336

     

     

     

    500

     

     

    567

    %

     

     

    4,368

     

     

    (24

    )%

     

     

    3,836

     

     

     

    5,066

     

     

    (24

    )%

    Total operating expenses

     

    58,414

     

     

     

    63,581

     

     

    (8

    )%

     

     

    55,693

     

     

    5

    %

     

     

    121,995

     

     

     

    90,461

     

     

    35

    %

    Operating loss

     

    (33,179

    )

     

     

    (32,596

    )

     

    NM

     

     

     

    (37,616

    )

     

    NM

     

     

     

    (65,775

    )

     

     

    (55,566

    )

     

    NM

     

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense

     

    (1,701

    )

     

     

    (1,577

    )

     

    NM

     

     

     

    (1,458

    )

     

    NM

     

     

     

    (3,278

    )

     

     

    (2,888

    )

     

    NM

     

    Interest income

     

    152

     

     

     

    397

     

     

    NM

     

     

     

    33

     

     

    NM

     

     

     

    549

     

     

     

    60

     

     

    NM

     

    Other, net

     

    (545

    )

     

     

    (809

    )

     

    NM

     

     

     

    (1,146

    )

     

    NM

     

     

     

    (1,354

    )

     

     

    (1,859

    )

     

    NM

     

    Total other expense

     

    (2,094

    )

     

     

    (1,989

    )

     

    NM

     

     

     

    (2,571

    )

     

    NM

     

     

     

    (4,083

    )

     

     

    (4,687

    )

     

    NM

     

    Loss before income taxes

     

    (35,273

    )

     

     

    (34,585

    )

     

    NM

     

     

     

    (40,187

    )

     

    NM

     

     

     

    (69,858

    )

     

     

    (60,253

    )

     

    NM

     

    Income tax (benefit) expense

     

    379

     

     

     

    398

     

     

    NM

     

     

     

    (19,589

    )

     

    NM

     

     

     

    777

     

     

     

    (19,383

    )

     

    NM

     

    Net loss

     

    (35,652

    )

     

     

    (34,983

    )

     

    NM

     

     

     

    (20,598

    )

     

    NM

     

     

     

    (70,635

    )

     

     

    (40,870

    )

     

    NM

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss per share:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

    $

    (0.16

    )

     

    $

    (0.16

    )

     

     

     

    $

    (0.14

    )

     

     

     

    $

    (0.32

    )

     

    $

    (0.28

    )

     

     

    Diluted

    $

    (0.16

    )

     

    $

    (0.16

    )

     

     

     

    $

    (0.14

    )

     

     

     

    $

    (0.32

    )

     

    $

    (0.28

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted-average shares used in per share calculation:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    222,914

     

     

     

    222,462

     

     

     

     

     

    151,776

     

     

     

     

     

    222,688

     

     

     

    143,652

     

     

     

    Diluted

     

    222,914

     

     

     

    222,462

     

     

     

     

     

    151,776

     

     

     

     

     

    222,688

     

     

     

    143,652

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Includes share-based compensation and acquisition and legal related charges (see supplemental table for figures)

    Edgio, Inc.

    Supplemental Financial Data

    (In thousands)

    (Unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30.

     

    March 31,

     

    June 30,

     

    June 30.

     

    June 30.

     

    2023

     

    2023

     

    2022

     

    2023

     

    2022

    Share-based compensation:

     

     

     

     

     

     

     

     

     

    Cost of services

    $

    321

     

    $

    679

     

    $

    326

     

    $

    1,000

     

    $

    734

    General and administrative

     

    1,151

     

     

    1,416

     

     

    2,166

     

     

    2,567

     

     

    4,269

    Sales and marketing

     

    375

     

     

    617

     

     

    1,376

     

     

    992

     

     

    2,557

    Research and development

     

    1,512

     

     

    2,488

     

     

    3,423

     

     

    4,000

     

     

    6,743

    Total share-based compensation

    $

    3,359

     

    $

    5,200

     

    $

    7,291

     

    $

    8,559

     

    $

    14,303

     

     

     

     

     

     

     

     

     

     

    Acquisition and legal related charges:

     

     

     

     

     

     

     

     

     

    Cost of services

    $

    182

     

    $

    111

     

    $

    70

     

    $

    293

     

    $

    70

    General and administrative

     

    261

     

     

    589

     

     

    14,522

     

     

    850

     

     

    19,629

    Sales and marketing

     

    49

     

     

    42

     

     

    —

     

     

    91

     

     

    —

    Research and development

     

    549

     

     

    410

     

     

    22

     

     

    959

     

     

    22

    Total acquisition and legal related charges

    $

    1,041

     

    $

    1,152

     

    $

    14,614

     

    $

    2,193

     

    $

    19,721

     

     

     

     

     

     

     

     

     

     

    Depreciation and amortization:

     

     

     

     

     

     

     

     

     

    Network-related depreciation

    $

    3,788

     

    $

    3,610

     

    $

    6,791

     

    $

    7,398

     

    $

    12,639

    Other depreciation and amortization

     

    292

     

     

    294

     

     

    336

     

     

    586

     

     

    582

    Amortization of intangible assets

     

    5,400

     

     

    5,313

     

     

    1,172

     

     

    10,713

     

     

    1,958

    Total depreciation and amortization

    $

    9,480

     

    $

    9,217

     

    $

    8,299

     

    $

    18,697

     

    $

    15,179

     

     

     

     

     

     

     

     

     

     

    End of period statistics:

     

     

     

     

     

     

     

     

     

    Approximate number of active clients

     

    888

     

     

    900

     

     

    1,000

     

     

    888

     

     

    1,000

     

     

     

     

     

     

     

     

     

     

    Number of employees and employee equivalents

     

    862

     

     

    982

     

     

    1,098

     

     

    862

     

     

    1,098

    Use of Non-GAAP Financial Measures

    To evaluate our business, we consider and use non-generally accepted accounting principles ("Non-GAAP") net loss, EBITDA, and Adjusted EBITDA as supplemental measures of operating performance. These measures include the same adjustments that our management takes into account when it reviews and assesses operating performance on a period-to-period basis. We consider Non-GAAP net loss to be an important indicator of our overall business performance. We define Non-GAAP net loss to be U.S. GAAP net loss, adjusted to exclude share-based compensation, non-cash interest expense, restructuring charges, acquisition and legal related expenses, amortization of intangible assets, and restatement related expenses. We believe that EBITDA provides a useful metric to investors to compare us with other companies within our industry and across industries. We define EBITDA as U.S. GAAP net loss, adjusted to exclude interest expense, interest and other (income) expense, income tax expense, and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted to exclude share-based compensation, restructuring charges, acquisition and legal related expenses, and restatement related expenses. We use Adjusted EBITDA as a supplemental measure to review and assess operating performance. Our management uses these Non-GAAP financial measures because, collectively, they provide valuable information on the performance of our on-going operations, and they also enable us to compare against our peer companies and against other companies in our industry and adjacent industries. We believe these measures also provide similar insights to investors, and enable investors to review our results of operations "through the eyes of management."

    Furthermore, our management uses these Non-GAAP financial measures to assist them in making decisions regarding our strategic priorities and areas for future investment and focus. The terms Non-GAAP net loss, EBITDA, and Adjusted EBITDA are not defined under U.S. GAAP, and are not measures of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Our Non-GAAP net loss, EBITDA, and Adjusted EBITDA have limitations as analytical tools, and when assessing our operating performance, Non-GAAP net loss, EBITDA, and Adjusted EBITDA should not be considered in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Some of these limitations include, but are not limited to:

    • Non-GAAP net loss, EBITDA, and Adjusted EBITDA do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
    • These measures do not reflect changes in, or cash requirements for, our working capital needs;
    • Non-GAAP net loss, EBITDA, and Adjusted EBITDA do not reflect the cash requirements necessary for litigation costs, including provision for litigation and litigation expenses;
    • These measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt;
    • These measures do not reflect income taxes or the cash requirements for any tax payments;
    • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will be replaced sometime in the future, and EBITDA, and Adjusted EBITDA do not reflect any cash requirements for such replacements;
    • While share-based compensation is a component of operating expense, the impact on our financial statements compared to other companies can vary significantly due to such factors as the assumed life of the options and the assumed volatility of our common stock; and
    • Other companies may calculate Non-GAAP net loss, EBITDA, and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.

    We compensate for these limitations by relying primarily on our U.S. GAAP financial results and using Non-GAAP net loss, EBITDA, and Adjusted EBITDA only as supplemental support for management's analysis of business performance. Non-GAAP net loss, EBITDA, and Adjusted EBITDA are calculated as follows for the periods presented in thousands.

    Reconciliation of Non-GAAP Financial Measures

    In accordance with the requirements of Item 10(e) of Regulation S-K, we are presenting the most directly comparable U.S. GAAP financial measures and reconciling the unaudited Non-GAAP financial metrics to the comparable U.S. GAAP measures. Per share amounts may not foot due to rounding.

    Forward-looking non-GAAP financial measures are presented without reconciliations of such forward-looking non-GAAP measures because the GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments reflected in our reconciliation of historic non-GAAP financial measures, the amounts of which, based on historical experience, could be material.

    Edgio, Inc.

    Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net Loss

    (In thousands)

    (Unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30, 2023

     

    March 31, 2023

     

    June 30, 2022

     

    June 30, 2023

     

    June 30, 2022

     

     

    Amount

     

    Per

    Share

     

    Amount

     

    Per

    Share

     

    Amount

     

    Per

    Share

     

    Amount

     

    Per

    Share

     

    Amount

     

    Per

    Share

    U.S. GAAP net loss

    $

    (35,652

    )

     

    $

    (0.16

    )

     

    $

    (34,983

    )

     

    $

    (0.16

    )

     

    $

    (20,598

    )

     

    $

    (0.14

    )

     

    $

    (70,635

    )

     

    $

    (0.32

    )

     

    $

    (40,870

    )

     

    $

    (0.28

    )

    Share-based compensation

     

    3,359

     

     

     

    0.02

     

     

     

    5,200

     

     

     

    0.02

     

     

     

    7,291

     

     

     

    0.05

     

     

     

    8,559

     

     

     

    0.04

     

     

     

    14,303

     

     

     

    0.10

     

    Non-cash interest expense

     

    220

     

     

     

    —

     

     

     

    218

     

     

     

    —

     

     

     

    211

     

     

     

    —

     

     

     

    438

     

     

     

    —

     

     

     

    420

     

     

     

    —

     

    Restructuring charges

     

    3,336

     

     

     

    0.01

     

     

     

    500

     

     

     

    —

     

     

     

    4,368

     

     

     

    0.03

     

     

     

    3,836

     

     

     

    0.02

     

     

     

    5,066

     

     

     

    0.04

     

    Acquisition and legal related expenses

     

    1,041

     

     

     

    —

     

     

     

    1,152

     

     

     

    0.01

     

     

     

    14,614

     

     

     

    0.10

     

     

     

    2,193

     

     

     

    0.01

     

     

     

    19,721

     

     

     

    0.14

     

    Amortization of intangible assets

     

    5,400

     

     

     

    0.02

     

     

     

    5,313

     

     

     

    0.02

     

     

     

    1,172

     

     

     

    0.01

     

     

     

    10,713

     

     

     

    0.05

     

     

     

    1,958

     

     

     

    0.01

     

    Restatement related expenses

     

    2,588

     

     

     

    0.01

     

     

     

    2,175

     

     

     

    0.01

     

     

     

    —

     

     

     

    —

     

     

     

    4,763

     

     

     

    0.02

     

     

     

    —

     

     

     

    —

     

    Non-GAAP net loss

    $

    (19,708

    )

     

    $

    (0.09

    )

     

    $

    (20,425

    )

     

    $

    (0.09

    )

     

    $

    7,058

     

     

    $

    0.05

     

     

    $

    (40,133

    )

     

    $

    (0.18

    )

     

    $

    598

     

     

    $

    —

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted-average shares used in per share calculation:

     

     

     

    222,914

     

     

     

     

     

    222,462

     

     

     

     

     

    151,776

     

     

     

     

     

    222,688

     

     

     

     

     

    143,652

     

    Edgio, Inc.

    Reconciliation of U.S. GAAP Net Loss to EBITDA to Adjusted EBITDA

    (In thousands)

    (Unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

     

    March 31,

     

    June 30,

     

    June 30,

     

    June 30,

     

     

    2023

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     

     

    2022

     

    U.S. GAAP net loss

    $

    (35,652

    )

     

    $

    (34,983

    )

     

    $

    (20,598

    )

     

    $

    (70,635

    )

     

    $

    (40,870

    )

    Depreciation and amortization

     

    9,480

     

     

     

    9,217

     

     

     

    8,299

     

     

     

    18,697

     

     

     

    15,179

     

    Interest expense

     

    1,701

     

     

     

    1,577

     

     

     

    1,458

     

     

     

    3,278

     

     

     

    2,888

     

    Interest and other (income) expense

     

    393

     

     

     

    412

     

     

     

    1,113

     

     

     

    805

     

     

     

    1,799

     

    Income tax expense (benefit)

     

    379

     

     

     

    398

     

     

     

    (19,589

    )

     

     

    777

     

     

     

    (19,383

    )

    EBITDA

    $

    (23,699

    )

     

    $

    (23,379

    )

     

    $

    (29,317

    )

     

    $

    (47,078

    )

     

    $

    (40,387

    )

    Share-based compensation

     

    3,359

     

     

     

    5,200

     

     

     

    7,291

     

     

     

    8,559

     

     

     

    14,303

     

    Restructuring charges

     

    3,336

     

     

     

    500

     

     

     

    4,368

     

     

     

    3,836

     

     

     

    5,066

     

    Acquisition and legal related expenses

     

    1,041

     

     

     

    1,152

     

     

     

    14,614

     

     

     

    2,193

     

     

     

    19,721

     

    Restatement related expenses

     

    2,588

     

     

     

    2,175

     

     

     

    —

     

     

     

    4,763

     

     

     

    —

     

    Adjusted EBITDA

    $

    (13,375

    )

     

    $

    (14,352

    )

     

    $

    (3,044

    )

     

    $

    (27,727

    )

     

    $

    (1,297

    )

    Edgio, Inc.

    Reconciliation of U.S. GAAP Financial Measures to Non-GAAP Financial Measures

    (In thousands)

    (Unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

    2023

     

    March 31,

    2023

     

    June 30,

    2022

     

    June 30,

    2023

     

    June 30,

    2022

    GAAP gross profit

    $

    25,235

     

     

    $

    30,985

     

     

    $

    18,077

     

     

    $

    56,220

     

     

    $

    34,895

     

    Share-based compensation

     

    321

     

     

     

    679

     

     

     

    326

     

     

     

    1,000

     

     

     

    734

     

    Acquisition and legal related charges

     

    182

     

     

     

    111

     

     

     

    70

     

     

     

    293

     

     

     

    70

     

    Non-GAAP gross profit

    $

    25,738

     

     

    $

    31,775

     

     

    $

    18,473

     

     

    $

    57,513

     

     

    $

    35,699

     

    Non-GAAP gross margin

     

    26.9

    %

     

     

    31.2

    %

     

     

    29.1

    %

     

     

    29.1

    %

     

     

    30.0

    %

     

     

     

     

     

     

     

     

     

     

    GAAP general and administrative expense

    $

    14,480

     

     

    $

    16,836

     

     

    $

    26,812

     

     

    $

    31,316

     

     

    $

    42,645

     

    Share-based compensation

     

    1,151

     

     

     

    1,416

     

     

     

    2,166

     

     

     

    2,567

     

     

     

    4,269

     

    Acquisition and legal related charges

     

    261

     

     

     

    589

     

     

     

    14,522

     

     

     

    850

     

     

     

    19,629

     

    Restatement related expenses

     

    2,588

     

     

     

    2,175

     

     

     

    —

     

     

     

    4,763

     

     

     

    —

     

    Non-GAAP general and administrative expense

    $

    10,480

     

     

    $

    12,656

     

     

    $

    10,124

     

     

    $

    23,136

     

     

    $

    18,747

     

     

     

     

     

     

     

     

     

     

     

    GAAP sales and marketing expense

    $

    16,167

     

     

    $

    19,622

     

     

    $

    10,834

     

     

    $

    35,789

     

     

    $

    18,461

     

    Share-based compensation

     

    375

     

     

     

    617

     

     

     

    1,376

     

     

     

    992

     

     

     

    2,557

     

    Acquisition and legal related charges

     

    49

     

     

     

    42

     

     

     

    —

     

     

     

    91

     

     

     

    —

     

    Non-GAAP sales and marketing expense

    $

    15,743

     

     

    $

    18,963

     

     

    $

    9,458

     

     

    $

    34,706

     

     

    $

    15,904

     

     

     

     

     

     

     

     

     

     

     

    GAAP research and development expense

    $

    18,739

     

     

    $

    21,016

     

     

    $

    12,171

     

     

    $

    39,755

     

     

    $

    21,749

     

    Share-based compensation

     

    1,512

     

     

     

    2,488

     

     

     

    3,423

     

     

     

    4,000

     

     

     

    6,743

     

    Acquisition and legal related charges

     

    549

     

     

     

    410

     

     

     

    22

     

     

     

    959

     

     

     

    22

     

    Non-GAAP research and development expense

    $

    16,678

     

     

    $

    18,118

     

     

    $

    8,726

     

     

    $

    34,796

     

     

    $

    14,984

     

     

     

     

     

     

     

     

     

     

     

    GAAP depreciation and amortization

    $

    5,692

     

     

    $

    5,607

     

     

    $

    1,508

     

     

    $

    11,299

     

     

    $

    2,540

     

    Amortization of intangibles

     

    (5,400

    )

     

     

    (5,313

    )

     

     

    (1,172

    )

     

     

    (10,713

    )

     

     

    (1,958

    )

    Non-GAAP depreciation and amortization

    $

    292

     

     

    $

    294

     

     

    $

    336

     

     

    $

    586

     

     

    $

    582

     

     

     

     

     

     

     

     

     

     

     

    GAAP operating loss

    $

    (33,179

    )

     

    $

    (32,596

    )

     

    $

    (37,616

    )

     

    $

    (65,775

    )

     

    $

    (55,566

    )

    Share-based compensation

     

    3,359

     

     

     

    5,200

     

     

     

    7,291

     

     

     

    8,559

     

     

     

    14,303

     

    Amortization of intangibles

     

    5,400

     

     

     

    5,313

     

     

     

    1,172

     

     

     

    10,713

     

     

     

    1,958

     

    Restatement related expenses

     

    2,588

     

     

     

    2,175

     

     

     

    —

     

     

     

    4,763

     

     

     

    —

     

    Acquisition and legal related charges

     

    1,041

     

     

     

    1,152

     

     

     

    14,614

     

     

     

    2,193

     

     

     

    19,721

     

    Restructuring charges

     

    3,336

     

     

     

    500

     

     

     

    4,368

     

     

     

    3,836

     

     

     

    5,066

     

    Non-GAAP operating loss

    $

    (17,455

    )

     

    $

    (18,256

    )

     

    $

    (10,171

    )

     

    $

    (35,711

    )

     

    $

    (14,518

    )

     

     

     

     

     

     

     

     

     

     

    GAAP pre-tax loss

    $

    (35,273

    )

     

    $

    (34,585

    )

     

    $

    (40,187

    )

     

    $

    (69,858

    )

     

    $

    (60,253

    )

    Share-based compensation

     

    3,359

     

     

     

    5,200

     

     

     

    7,291

     

     

     

    8,559

     

     

     

    14,303

     

    Amortization of intangibles

     

    5,400

     

     

     

    5,313

     

     

     

    1,172

     

     

     

    10,713

     

     

     

    1,958

     

    Acquisition and legal related charges

     

    1,041

     

     

     

    1,152

     

     

     

    14,614

     

     

     

    2,193

     

     

     

    19,721

     

    Restructuring charges

     

    3,336

     

     

     

    500

     

     

     

    4,368

     

     

     

    3,836

     

     

     

    5,066

     

    Non-cash interest expense

     

    220

     

     

     

    218

     

     

     

    211

     

     

     

    438

     

     

     

    420

     

    Restatement related expenses

     

    2,588

     

     

     

    2,175

     

     

     

    —

     

     

     

    4,763

     

     

     

    —

     

    Non-GAAP pre-tax loss

    $

    (19,329

    )

     

    $

    (20,027

    )

     

    $

    (12,531

    )

     

    $

    (39,356

    )

     

    $

    (18,785

    )

     

     

     

     

     

     

     

     

     

     

    GAAP net loss

    $

    (35,652

    )

     

    $

    (34,983

    )

     

    $

    (20,598

    )

     

    $

    (70,635

    )

     

    $

    (40,870

    )

    Share-based compensation

     

    3,359

     

     

     

    5,200

     

     

     

    7,291

     

     

     

    8,559

     

     

     

    14,303

     

    Amortization of intangibles

     

    5,400

     

     

     

    5,313

     

     

     

    1,172

     

     

     

    10,713

     

     

     

    1,958

     

    Acquisition and legal related charges

     

    1,041

     

     

     

    1,152

     

     

     

    14,614

     

     

     

    2,193

     

     

     

    19,721

     

    Restructuring charges

     

    3,336

     

     

     

    500

     

     

     

    4,368

     

     

     

    3,836

     

     

     

    5,066

     

    Non-cash interest expense

     

    220

     

     

     

    218

     

     

     

    211

     

     

     

    438

     

     

     

    420

     

    Restatement related expenses

     

    2,588

     

     

     

    2,175

     

     

     

    —

     

     

     

    4,763

     

     

     

    —

     

    Non-GAAP net (loss) income

    $

    (19,708

    )

     

    $

    (20,425

    )

     

    $

    7,058

     

     

    $

    (40,133

    )

     

    $

    598

     

    Non-GAAP fully weighted-average basic shares

     

    222,914

     

     

     

    222,462

     

     

     

    151,776

     

     

     

    222,688

     

     

     

    143,652

     

    Non-GAAP fully weighted-average diluted shares

     

    222,914

     

     

     

    222,462

     

     

     

    151,776

     

     

     

    222,688

     

     

     

    143,652

     

    Non-GAAP net (loss) income per Non-GAAP basic share

    $

    (0.09

    )

     

    $

    (0.09

    )

     

    $

    0.05

     

     

    $

    (0.18

    )

     

    $

    —

     

    Non-GAAP net (loss) income per Non-GAAP diluted share

    $

    (0.09

    )

     

    $

    (0.09

    )

     

    $

    0.05

     

     

    $

    (0.18

    )

     

    $

    —

     

    Edgio, Inc.

    Reconciliation of U.S. GAAP Gross Profit to U.S. Non-GAAP Gross Profit to Cash Gross Profit

    (In thousands)

    (Unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30,

    2023

     

    March 31,

    2023

     

    June 30,

    2022

     

    June 30,

    2023

     

    June 30,

    2022

    GAAP gross profit

    $

    25,235

     

     

    $

    30,985

     

     

    $

    18,077

     

     

    $

    56,220

     

     

    $

    34,895

     

    Share-based compensation expense

     

    321

     

     

     

    679

     

     

     

    326

     

     

     

    1,000

     

     

     

    734

     

    Acquisition and legal related charges

     

    182

     

     

     

    111

     

     

     

    70

     

     

     

    293

     

     

     

    70

     

    Non-GAAP gross profit

     

    25,738

     

     

     

    31,775

     

     

     

    18,473

     

     

     

    57,513

     

     

     

    35,699

     

    Non-GAAP gross margin

     

    26.9

    %

     

     

    31.2

    %

     

     

    29.1

    %

     

     

    29.1

    %

     

     

    30.0

    %

     

     

     

     

     

     

     

     

     

     

    Depreciation

     

    3,788

     

     

     

    3,610

     

     

     

    6,791

     

     

     

    7,398

     

     

     

    12,639

     

    Cash gross profit

    $

    29,526

     

     

    $

    35,385

     

     

    $

    25,264

     

     

    $

    64,911

     

     

    $

    48,338

     

    Cash gross margin

     

    30.8

    %

     

     

    34.7

    %

     

     

    39.7

    %

     

     

    32.8

    %

     

     

    40.6

    %

    Conference Call

    At approximately 4:30 p.m. EDT (1:30 p.m. PDT) today, management will host a quarterly conference call for investors. Interested parties can access the call by dialing (800) 715-9871 from the United States or (646) 307-1963 internationally, with access code 7179917. The conference call will also be audio cast live from www.edg.io and a replay will be available following the call from the Edgio website.

    Forward-Looking Statements

    This press release contains forward-looking statements that involve risks and uncertainties. These statements include, among others, statements regarding our expectations regarding revenue, gross margin, non-GAAP net loss, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, capital expenditures, run-rate savings, churn reductions, and pipeline conversions, including the impacts of seasonality, our ability to drive long-term value creation for our shareholders, our ability to achieve Adjusted EBITDA profitability, reduce our fixed costs and our breakeven point, and align our cost structure with our revenue baseline, our ability to leverage excess capacity and exercise operational discipline, the integration of Edgecast and our future prospects, areas of investment, and product launches. Our expectations and beliefs regarding these matters may not materialize. The potential risks and uncertainties that could cause actual results or outcomes to differ materially from the results or outcomes predicted include, among other things, reduction of demand for our services from new or existing clients, unforeseen changes in our hiring patterns, adverse outcomes in litigation, experiencing expenses that exceed our expectations, and acquisition activities and contributions from acquired businesses. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Forms 10-K and 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online on our investor relations website at investors.edg.io and on the SEC website at www.SEC.gov. All information provided in this release and in the attachments is as of September 12, 2023, and we undertake no duty to update this information in light of new information or future events, unless required by law.

    About Edgio

    Edgio (NASDAQ:EGIO) helps companies deliver online experiences and content faster, safer, and with more control. Its developer-friendly, globally scaled edge network, combined with fully integrated application and media solutions, provide a single platform for the delivery of high-performing, secure web properties and streaming content. Through this fully integrated platform and end-to-end edge services, companies can deliver content quicker and more securely, thus boosting overall revenue and business value. To learn more, visit edg.io and follow us on Twitter, LinkedIn and Facebook.

    Copyright (C) 2023 Edgio, Inc. All rights reserved. All product or service names are the property of their respective owners.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20230912301722/en/

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