AKAMAI TECHNOLOGIES, INC. AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL METRICS (UNAUDITED)
SEPTEMBER 30, 2019
(in thousands, except per share data) | 2019 | |||||||
Q1 | Q2 | Q3 | ||||||
Revenue | $ | 706,508 | $ | 705,074 | $ | 709,912 | ||
Non-GAAP cash cost of revenue | $ | 154,941 | $ | 158,761 | $ | 159,672 | ||
Depreciation and amortization - cost of revenue | $ | 80,233 | $ | 77,639 | $ | 81,711 | ||
Stock-based compensation - cost of revenue | $ | 5,569 | $ | 5,793 | $ | 5,555 | ||
GAAP cost of revenue | $ | 240,743 | $ | 242,193 | $ | 246,938 | ||
Non-GAAP cash gross profit | $ | 551,567 | $ | 546,313 | $ | 550,240 | ||
Non-GAAP cash gross margin | 78% | 77% | 78% | |||||
GAAP gross profit | $ | 465,765 | $ | 462,881 | $ | 462,974 | ||
GAAP gross margin | 66% | 66% | 65% | |||||
Non-GAAP R&D | $ | 54,084 | $ | 49,395 | $ | 52,045 | ||
Stock-based compensation - R&D | $ | 12,057 | $ | 12,044 | $ | 12,842 | ||
GAAP R&D | $ | 66,141 | $ | 61,439 | $ | 64,887 | ||
Non-GAAP S&M | $ | 111,225 | $ | 119,366 | $ | 106,665 | ||
Stock-based compensation - S&M | $ | 15,051 | $ | 15,740 | $ | 15,593 | ||
GAAP S&M | $ | 126,276 | $ | 135,106 | $ | 122,258 | ||
Non-GAAP G&A | $ | 87,192 | $ | 84,913 | $ | 90,903 | ||
Stock-based compensation - G&A | $ | 12,628 | $ | 14,565 | $ | 12,825 | ||
Acquisition-related costs - G&A | $ | 451 | $ | 524 | $ | 219 | ||
Transformation costs - G&A | $ | 4,191 | $ | 1,336 | $ | - | ||
Depreciation and amortization - G&A | $ | 18,373 | $ | 18,778 | $ | 19,269 | ||
GAAP G&A | $ | 122,835 | $ | 120,116 | $ | 123,216 | ||
Restructuring charges (benefit) | $ | 6,389 | $ | 790 | $ | (300) | ||
Amortization of acquired intangible assets | $ | 9,599 | $ | 9,648 | $ | 9,624 | ||
Adjusted EBITDA | $ | 299,066 | $ | 292,639 | $ | 300,627 | ||
Adjusted EBITDA margin | 42% | 42% | 42% | |||||
GAAP OpEx (excluding cost of revenue) | $ | 331,240 | $ | 327,099 | $ | 319,685 | ||
GAAP income from operations | $ | 134,525 | $ | 135,782 | $ | 143,289 | ||
Interest income | $ | 8,635 | $ | 6,410 | $ | 7,908 | ||
Interest expense | $ | (12,116) | $ | (8,446) | $ | (12,127) | ||
Other income (expense), net | $ | 511 | $ | (578) | $ | (752) | ||
Income before provision for income taxes | $ | 131,555 | $ | 133,168 | $ | 138,318 | ||
(Provision) benefit for income taxes | $ | (24,425) | $ | (19,253) | $ | 960 | ||
Equity method investment loss | $ | - | $ | - | $ | (1,388) | ||
Net income | $ | 107,130 | $ | 113,915 | $ | 137,890 | ||
Net income per share - basic | $ | 0.66 | $ | 0.70 | $ | 0.85 | ||
Net income per share - diluted | $ | 0.65 | $ | 0.69 | $ | 0.84 | ||
Shares used in per share calculation - basic | 163,236 | 163,407 | 162,455 | |||||
Shares used in per share calculation - diluted | 164,787 | 165,019 | 164,558 | |||||
GAAP income from operations | $ | 134,525 | $ | 135,782 | $ | 143,289 | ||
Amortization of acquired intangible assets | $ | 9,599 | $ | 9,648 | $ | 9,624 | ||
Stock-based compensation | $ | 45,305 | $ | 48,142 | $ | 46,815 | ||
Amortization of capitalized stock-based compensation and capitalized interest expense | $ | 9,233 | $ | 8,050 | $ | 8,455 | ||
Restructuring charges (benefit) | $ | 6,389 | $ | 790 | $ | (300) | ||
Acquisition-related costs | $ | 451 | $ | 524 | $ | 219 | ||
Transformation costs | $ | 4,191 | $ | 1,336 | $ | - | ||
Operating adjustments | $ | 75,168 | $ | 68,490 | $ | 64,813 | ||
Non-GAAP income from operations | $ | 209,693 | $ | 204,272 | $ | 208,102 | ||
Non-GAAP operating margin | 30% | 29% | 29% | |||||
GAAP net income | $ | 107,130 | $ | 113,915 | $ | 137,890 | ||
Operating adjustments (from above) | $ | 75,168 | $ | 68,490 | $ | 64,813 | ||
Amortization of debt discount and issuance costs | $ | 11,618 | $ | 8,010 | $ | 11,133 | ||
(Gain) loss on investments | $ | (690) | $ | 250 | $ | - | ||
Equity method investment loss | $ | - | $ | - | $ | 1,388 | ||
Income tax-effect of above non-GAAP adjustments and certain discrete tax items | $ | (12,304) | $ | (14,454) | $ | (34,631) | ||
Non-GAAP net income | $ | 180,922 | $ | 176,211 | $ | 180,593 | ||
Non-GAAP net income per share - diluted | $ | 1.10 | $ | 1.07 | $ | 1.10 | ||
Shares used in per share calculation - diluted | 164,787 | 165,019 | 164,558 |
AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL METRICS (UNAUDITED)
DECEMBER 31, 2018
(in thousands, except per share data) | 2018 | 2018 FY | ||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||||
Revenue | $ | 668,724 | $ | 662,759 | $ | 669,628 | $ | 713,363 | $ | 2,714,474 | ||||
Non-GAAP cash cost of revenue | $ | 153,753 | $ | 153,137 | $ | 152,859 | $ | 150,649 | $ | 610,398 | ||||
Depreciation and amortization - cost of revenue | $ | 75,776 | $ | 76,797 | $ | 80,893 | $ | 87,729 | $ | 321,195 | ||||
Stock-based compensation - cost of revenue | $ | 5,296 | $ | 5,553 | $ | 5,494 | $ | 5,549 | $ | 21,892 | ||||
GAAP cost of revenue | $ | 234,825 | $ | 235,487 | $ | 239,246 | $ | 243,927 | $ | 953,485 | ||||
Non-GAAP cash gross profit | $ | 514,971 | $ | 509,622 | $ | 516,769 | $ | 562,714 | $ | 2,104,076 | ||||
Non-GAAP cash gross margin | 77% | 77% | 77% | 79% | 78% | |||||||||
GAAP gross profit | $ | 433,899 | $ | 427,272 | $ | 430,382 | $ | 469,436 | $ | 1,760,989 | ||||
GAAP gross margin | 65% | 64% | 64% | 66% | 65% | |||||||||
Non-GAAP R&D | $ | 54,556 | $ | 48,783 | $ | 49,800 | $ | 48,992 | $ | 202,131 | ||||
Stock-based compensation - R&D | $ | 10,509 | $ | 10,926 | $ | 11,249 | $ | 11,350 | $ | 44,034 | ||||
GAAP R&D | $ | 65,065 | $ | 59,709 | $ | 61,049 | $ | 60,342 | $ | 246,165 | ||||
Non-GAAP S&M | $ | 106,594 | $ | 114,931 | $ | 108,488 | $ | 122,967 | $ | 452,980 | ||||
Stock-based compensation - S&M | $ | 15,959 | $ | 16,749 | $ | 16,835 | $ | 14,830 | $ | 64,373 | ||||
GAAP S&M | $ | 122,553 | $ | 131,680 | $ | 125,323 | $ | 137,797 | $ | 517,353 | ||||
Non-GAAP G&A | $ | 97,341 | $ | 84,230 | $ | 85,330 | $ | 89,949 | $ | 356,850 | ||||
Stock-based compensation - G&A | $ | 12,922 | $ | 14,269 | $ | 13,054 | $ | 13,269 | $ | 53,514 | ||||
Acquisition-related costs - G&A | $ | 1,143 | $ | 500 | $ | 329 | $ | 896 | $ | 2,868 | ||||
Legal and stockholder matter costs - G&A | $ | 23,091 | $ | - | $ | - | $ | - | $ | 23,091 | ||||
Endowment of Akamai Foundation - G&A | $ | - | $ | 50,000 | $ | - | $ | - | $ | 50,000 | ||||
Transformation costs - G&A | $ | - | $ | - | $ | 2,552 | $ | 5,178 | $ | 7,730 | ||||
Depreciation and amortization - G&A | $ | 19,888 | $ | 21,207 | $ | 18,646 | $ | 20,273 | $ | 80,014 | ||||
GAAP G&A | $ | 154,385 | $ | 170,206 | $ | 119,911 | $ | 129,565 | $ | 574,067 | ||||
Restructuring charge (benefit) | $ | 14,908 | $ | 266 | $ | (732) | $ | 13,152 | $ | 27,594 | ||||
Amortization of acquired intangible assets | $ | 8,431 | $ | 8,294 | $ | 8,294 | $ | 8,292 | $ | 33,311 | ||||
Adjusted EBITDA | $ | 256,480 | $ | 261,678 | $ | 273,151 | $ | 300,806 | $ | 1,092,115 | ||||
Adjusted EBITDA margin | 38% | 39% | 41% | 42% | 40% | |||||||||
GAAP OpEx (excluding cost of revenue) | $ | 365,342 | $ | 370,155 | $ | 313,845 | $ | 349,148 | $ | 1,398,490 | ||||
GAAP income from operations | $ | 68,557 | $ | 57,117 | $ | 116,537 | $ | 120,288 | $ | 362,499 | ||||
Interest income | $ | 3,965 | $ | 6,409 | $ | 9,258 | $ | 7,308 | $ | 26,940 | ||||
Interest expense | $ | (4,850) | $ | (9,204) | $ | (14,566) | $ | (14,582) | $ | (43,202) | ||||
Other income (expense), net | $ | 21 | $ | (2,769) | $ | (459) | $ | 59 | $ | (3,148) | ||||
Income before provision for income taxes | $ | 67,693 | $ | 51,553 | $ | 110,770 | $ | 113,073 | $ | 343,089 | ||||
Provision for income taxes | $ | 13,979 | $ | 8,492 | $ | 3,187 | $ | 19,058 | $ | 44,716 | ||||
Net income | $ | 53,714 | $ | 43,061 | $ | 107,583 | $ | 94,015 | $ | 298,373 | ||||
Net income per share - basic | $ | 0.32 | $ | 0.25 | $ | 0.65 | $ | 0.58 | $ | 1.78 | ||||
Net income per share - diluted | $ | 0.31 | $ | 0.25 | $ | 0.64 | $ | 0.57 | $ | 1.76 | ||||
Shares used in per share calculation - basic | 170,116 | 170,250 | 165,924 | 162,958 | 167,312 | |||||||||
Shares used in per share calculation - diluted | 172,004 | 172,307 | 167,900 | 164,540 | 169,188 | |||||||||
GAAP income from operations | $ | 68,557 | $ | 57,117 | $ | 116,537 | $ | 120,288 | $ | 362,499 | ||||
Amortization of acquired intangible assets | $ | 8,431 | $ | 8,294 | $ | 8,294 | $ | 8,292 | $ | 33,311 | ||||
Stock-based compensation | $ | 44,686 | $ | 47,497 | $ | 46,632 | $ | 44,998 | $ | 183,813 | ||||
Amortization of capitalized stock-based compensation and capitalized interest expense | $ | 6,263 | $ | 6,597 | $ | 7,575 | $ | 8,168 | $ | 28,603 | ||||
Restructuring charge (benefit) | $ | 14,908 | $ | 266 | $ | (732) | $ | 13,152 | $ | 27,594 | ||||
Acquisition-related costs | $ | 1,143 | $ | 500 | $ | 329 | $ | 896 | $ | 2,868 | ||||
Legal and stockholder matter costs | $ | 23,091 | $ | - | $ | - | $ | - | $ | 23,091 | ||||
Endowment of Akamai Foundation | $ | - | $ | 50,000 | $ | - | $ | - | $ | 50,000 | ||||
Transformation costs | $ | - | $ | - | $ | 2,552 | $ | 5,178 | $ | 7,730 | ||||
Operating adjustments | $ | 98,522 | $ | 113,154 | $ | 64,650 | $ | 80,684 | $ | 357,010 | ||||
Non-GAAP income from operations | $ | 167,079 | $ | 170,271 | $ | 181,187 | $ | 200,972 | $ | 719,509 | ||||
Non-GAAP operating margin | 25% | 26% | 27% | 28% | 27% | |||||||||
GAAP net income | $ | 53,714 | $ | 43,061 | $ | 107,583 | $ | 94,015 | $ | 298,373 | ||||
Operating adjustments (from above) | $ | 98,522 | $ | 113,154 | $ | 64,650 | $ | 80,684 | $ | 357,010 | ||||
Amortization of debt discount and issuance costs | $ | 4,850 | $ | 8,909 | $ | 14,085 | $ | 14,114 | $ | 41,958 | ||||
Loss (gain) on investments | $ | - | $ | 2,000 | $ | (519) | $ | - | $ | 1,481 | ||||
Income tax-effect of above non-GAAP adjustments and certain discrete tax items | $ | (21,283) | $ | (24,191) | $ | (27,958) | $ | (12,959) | $ | (86,391) | ||||
Non-GAAP net income | $ | 135,803 | $ | 142,933 | $ | 157,841 | $ | 175,854 | $ | 612,431 | ||||
Non-GAAP net income per share - diluted | $ | 0.79 | $ | 0.83 | $ | 0.94 | $ | 1.07 | $ | 3.62 | ||||
Shares used in per share calculation - diluted | 172,004 | 172,307 | 167,900 | 164,540 | 169,188 |
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Akamai Technologies Inc. published this content on 28 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2019 20:36:07 UTC
