| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | 33.00 | | | | | $ | 280,500,000 | | |
Underwriting discount(1)
|
| | | $ | 1.4025 | | | | | $ | 11,921,250 | | |
Proceeds, before expenses, to the selling shareholders
|
| | | $ | 31.5975 | | | | | $ | 268,578,750 | | |
| | |
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|
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| | | | 49 | | | |
| | | | 49 | | | |
| | | | 49 | | |
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Three Months
Ended March 31, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands,
except share and per share amounts) |
| |||||||||||||||||||||||||||
Consolidated Statement of Operations Data:
|
| | | | | | | | | | | | | | | | | | | | | ||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Subscription
|
| | | $ | 74,923 | | | | | $ | 54,618 | | | | | $ | 249,192 | | | | | $ | 175,189 | | | | | $ | 113,040 | | |
Services
|
| | | | 4,003 | | | | | | 4,010 | | | | | | 14,525 | | | | | | 19,008 | | | | | | 20,206 | | |
License
|
| | | | 2,242 | | | | | | 1,762 | | | | | | 5,734 | | | | | | 9,830 | | | | | | 13,316 | | |
Total revenue
|
| | | | 81,168 | | | | | | 60,390 | | | | | | 269,451 | | | | | | 204,027 | | | | | | 146,562 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Cost of subscription(1)(2) (exclusive of amortization expense shown below)
|
| | | | 12,014 | | | | | | 9,248 | | | | | | 39,323 | | | | | | 31,539 | | | | | | 24,088 | | |
Cost of services(1)(2) (exclusive of amortization expense shown below)
|
| | | | 2,465 | | | | | | 3,086 | | | | | | 10,712 | | | | | | 14,224 | | | | | | 16,246 | | |
Amortization expense
|
| | | | 2,777 | | | | | | 2,677 | | | | | | 10,753 | | | | | | 10,266 | | | | | | 8,969 | | |
Total cost of revenue
|
| | | | 17,256 | | | | | | 15,011 | | | | | | 60,788 | | | | | | 56,029 | | | | | | 49,303 | | |
Gross profit
|
| | | | 63,912 | | | | | | 45,379 | | | | | | 208,663 | | | | | | 147,998 | | | | | | 97,259 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Sales and marketing(1)(2)
|
| | | | 29,332 | | | | | | 22,282 | | | | | | 96,251 | | | | | | 71,006 | | | | | | 51,976 | | |
Research and development(1)(2)
|
| | | | 15,626 | | | | | | 12,617 | | | | | | 52,431 | | | | | | 42,829 | | | | | | 31,515 | | |
General and administrative(1)(2)(3)
|
| | | | 16,105 | | | | | | 11,289 | | | | | | 51,904 | | | | | | 32,003 | | | | | | 22,270 | | |
Amortization expense
|
| | | | 5,627 | | | | | | 5,674 | | | | | | 22,575 | | | | | | 22,416 | | | | | | 21,491 | | |
| | |
Three Months
Ended March 31, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands,
except share and per share amounts) |
| |||||||||||||||||||||||||||
Total operating expenses
|
| | | | 66,690 | | | | | | 51,862 | | | | | | 223,161 | | | | | | 168,254 | | | | | | 127,252 | | |
Loss from operations
|
| | | | (2,778) | | | | | | (6,483) | | | | | | (14,498) | | | | | | (20,256) | | | | | | (29,993) | | |
Interest expense, net
|
| | | | (55) | | | | | | (4,778) | | | | | | (10,741) | | | | | | (21,423) | | | | | | (18,203) | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | (5,213) | | | | | | — | | | | | | — | | |
Foreign currency transaction loss
|
| | | | (171) | | | | | | (304) | | | | | | (722) | | | | | | (1,252) | | | | | | (418) | | |
Other income, net
|
| | | | — | | | | | | 55 | | | | | | 91 | | | | | | 220 | | | | | | 221 | | |
Loss before income tax (provision) benefit
|
| | | | (3,004) | | | | | | (11,510) | | | | | | (31,083) | | | | | | (42,711) | | | | | | (48,393) | | |
Income tax (provision) benefit
|
| | | | (65) | | | | | | 3,220 | | | | | | 8,312 | | | | | | 10,111 | | | | | | 12,137 | | |
Net loss
|
| | | $ | (3,069) | | | | | $ | (8,290) | | | | | $ | (22,771) | | | | | $ | (32,600) | | | | | $ | (36,256) | | |
Per Share Data:(4) | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net loss per share:
|
| | | | | | | | | | | | | | | | | | | | | ||||||||||
Basic
|
| | | $ | (0.03) | | | | | $ | (0.08) | | | | | $ | (0.21) | | | | | $ | (0.32) | | | | | $ | (0.35) | | |
Diluted
|
| | | $ | (0.03) | | | | | $ | (0.08) | | | | | $ | (0.21) | | | | | $ | (0.32) | | | | | $ | (0.35) | | |
Weighted average shares used in computing net loss per share:
|
| | | | | | | | | | | | | | | | | | | | | ||||||||||
Basic
|
| | | | 117,386,322 | | | | | | 102,860,545 | | | | | | 108,908,597 | | | | | | 102,752,092 | | | | | | 102,325,465 | | |
Diluted
|
| | | | 117,386,322 | | | | | | 102,860,545 | | | | | | 108,908,597 | | | | | | 102,752,092 | | | | | | 102,325,465 | | |
| | |
Three Months
Ended March 31, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Consolidated Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net cash provided by (used in) operating activities
|
| | | $ | 4,023 | | | | | $ | (7,355) | | | | | $ | 52,743 | | | | | $ | 11,904 | | | | | $ | 9,360 | | |
Net cash used in investing activities
|
| | | | (6,319) | | | | | | (1,039) | | | | | | (6,876) | | | | | | (47,363) | | | | | | (5,802) | | |
Net cash provided by (used in) financing
activities |
| | | | 4,019 | | | | | | (1,362) | | | | | | 115,964 | | | | | | 28,652 | | | | | | 1,770 | | |
Non-GAAP Financial Data (unaudited): | | | | | | | |||||||||||||||||||||||||
Non-GAAP Gross Profit(5)
|
| | | $ | 67,090 | | | | | $ | 48,094 | | | | | $ | 220,287 | | | | | $ | 158,458 | | | | | $ | 106,453 | | |
Non-GAAP Operating Income(6)
|
| | | | 9,263 | | | | | | 4,279 | | | | | | 30,443 | | | | | | 16,479 | | | | | | 2,940 | | |
Adjusted EBITDA(7)
|
| | | | 10,643 | | | | | | 5,569 | | | | | | 35,374 | | | | | | 20,824 | | | | | | 6,615 | | |
| | |
Three Months
Ended March 31, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Subscription
|
| | | $ | 324 | | | | | $ | 38 | | | | | $ | 732 | | | | | $ | 194 | | | | | $ | 225 | | |
Services
|
| | | | 77 | | | | | | — | | | | | | 139 | | | | | | — | | | | | | — | | |
Sales and marketing
|
| | | | 842 | | | | | | 111 | | | | | | 1,748 | | | | | | 460 | | | | | | 529 | | |
Research and development
|
| | | | 778 | | | | | | 157 | | | | | | 1,533 | | | | | | 394 | | | | | | 239 | | |
General and administrative
|
| | | | 811 | | | | | | 505 | | | | | | 2,591 | | | | | | 1,413 | | | | | | 1,322 | | |
| | | | $ | 2,832 | | | | | $ | 811 | | | | | $ | 6,743 | | | | | $ | 2,461 | | | | | $ | 2,315 | | |
| | |
Three Months
Ended March 31, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Subscription
|
| | | $ | 263 | | | | | $ | 238 | | | | | $ | 917 | | | | | $ | 846 | | | | | $ | 745 | | |
Services
|
| | | | 43 | | | | | | 53 | | | | | | 193 | | | | | | 232 | | | | | | 285 | | |
Sales and marketing
|
| | | | 574 | | | | | | 494 | | | | | | 1,829 | | | | | | 1,582 | | | | | | 1,238 | | |
Research and development
|
| | | | 305 | | | | | | 292 | | | | | | 1,067 | | | | | | 1,052 | | | | | | 905 | | |
General and administrative
|
| | | | 195 | | | | | | 156 | | | | | | 834 | | | | | | 413 | | | | | | 281 | | |
| | | | $ | 1,380 | | | | | $ | 1,233 | | | | | $ | 4,840 | | | | | $ | 4,125 | | | | | $ | 3,454 | | |
| | |
Three Months Ended March 31,
|
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands)
|
| |
(in thousands)
|
| ||||||||||||||||||||||||
General and administrative
|
| | | $ | 110 | | | | | $ | 1,600 | | | | | $ | 5,200 | | | | | $ | 1,392 | | | | | $ | 158 | | |
| | |
March 31,
2021 |
| |||
| | |
(in thousands)
|
| |||
Consolidated Balance Sheet Data (at end of period): | | | | | | | |
Cash and cash equivalents
|
| | | $ | 196,190 | | |
Working capital(a)
|
| | | | 98,297 | | |
Total assets
|
| | | | 1,115,184 | | |
Deferred revenues
|
| | | | 221,579 | | |
Debt
|
| | | | — | | |
Total liabilities
|
| | | | 295,921 | | |
Total stockholders’ equity
|
| | | | 819,263 | | |
| | |
For the Three Months Ended,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
March 31,
2021 |
| |
December 31,
2020 |
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
March 31,
2020 |
| |
December 31,
2019 |
| |
September 30,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| |
December 31,
2018 |
| |
September 30,
2018 |
| |
June 30,
2018 |
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subscription
|
| | | $ | 74,923 | | | | | $ | 70,044 | | | | | $ | 65,782 | | | | | $ | 58,748 | | | | | $ | 54,618 | | | | | $ | 50,093 | | | | | $ | 47,051 | | | | | $ | 41,264 | | | | | $ | 36,781 | | | | | $ | 33,125 | | | | | $ | 31,244 | | | | | $ | 26,454 | | |
Services
|
| | | | 4,003 | | | | | | 4,459 | | | | | | 3,605 | | | | | | 2,451 | | | | | | 4,010 | | | | | | 4,479 | | | | | | 5,234 | | | | | | 4,794 | | | | | | 4,501 | | | | | | 5,332 | | | | | | 5,510 | | | | | | 4,970 | | |
License
|
| | | | 2,242 | | | | | | 1,923 | | | | | | 1,017 | | | | | | 1,032 | | | | | | 1,762 | | | | | | 2,449 | | | | | | 2,283 | | | | | | 2,252 | | | | | | 2,846 | | | | | | 3,440 | | | | | | 2,539 | | | | | | 3,183 | | |
Total revenue
|
| | | | 81,168 | | | | | | 76,426 | | | | | | 70,404 | | | | | | 62,231 | | | | | | 60,390 | | | | | | 57,021 | | | | | | 54,568 | | | | | | 48,310 | | | | | | 44,128 | | | | | | 41,897 | | | | | | 39,293 | | | | | | 34,607 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of subscription(1) (exclusive
of amortization expense shown below) |
| | | | 12,014 | | | | | | 11,196 | | | | | | 10,117 | | | | | | 8,762 | | | | | | 9,248 | | | | | | 9,114 | | | | | | 8,045 | | | | | | 7,423 | | | | | | 6,957 | | | | | | 6,519 | | | | | | 6,264 | | | | | | 5,752 | | |
Cost of services(1) (exclusive of amortization expense shown below)
|
| | | | 2,465 | | | | | | 2,976 | | | | | | 2,443 | | | | | | 2,207 | | | | | | 3,086 | | | | | | 3,635 | | | | | | 3,397 | | | | | | 3,549 | | | | | | 3,643 | | | | | | 3,811 | | | | | | 4,097 | | | | | | 4,110 | | |
Amortization expense
|
| | | | 2,777 | | | | | | 2,719 | | | | | | 2,679 | | | | | | 2,678 | | | | | | 2,677 | | | | | | 2,678 | | | | | | 2,634 | | | | | | 2,513 | | | | | | 2,441 | | | | | | 2,298 | | | | | | 2,231 | | | | | | 2,220 | | |
Total cost of revenue
|
| | | | 17,256 | | | | | | 16,891 | | | | | | 15,239 | | | | | | 13,647 | | | | | | 15,011 | | | | | | 15,427 | | | | | | 14,076 | | | | | | 13,485 | | | | | | 13,041 | | | | | | 12,628 | | | | | | 12,592 | | | | | | 12,082 | | |
Gross profit
|
| | | | 63,912 | | | | | | 59,535 | | | | | | 55,165 | | | | | | 48,584 | | | | | | 45,379 | | | | | | 41,594 | | | | | | 40,492 | | | | | | 34,825 | | | | | | 31,087 | | | | | | 29,269 | | | | | | 26,701 | | | | | | 22,525 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales and marketing(1)
|
| | | | 29,332 | | | | | | 30,516 | | | | | | 23,251 | | | | | | 20,202 | | | | | | 22,282 | | | | | | 22,156 | | | | | | 16,962 | | | | | | 16,612 | | | | | | 15,276 | | | | | | 15,500 | | | | | | 13,298 | | | | | | 12,554 | | |
Research and development(1)
|
| | | | 15,626 | | | | | | 15,149 | | | | | | 12,736 | | | | | | 11,929 | | | | | | 12,617 | | | | | | 13,376 | | | | | | 10,919 | | | | | | 9,491 | | | | | | 9,043 | | | | | | 8,375 | | | | | | 7,902 | | | | | | 7,540 | | |
General and administrative(1)
|
| | | | 16,105 | | | | | | 20,091 | | | | | | 13,921 | | | | | | 6,603 | | | | | | 11,289 | | | | | | 10,427 | | | | | | 6,779 | | | | | | 7,534 | | | | | | 7,263 | | | | | | 6,743 | | | | | | 5,164 | | | | | | 5,063 | | |
Amortization expense
|
| | | | 5,627 | | | | | | 5,634 | | | | | | 5,633 | | | | | | 5,634 | | | | | | 5,674 | | | | | | 5,530 | | | | | | 5,627 | | | | | | 5,626 | | | | | | 5,633 | | | | | | 5,375 | | | | | | 5,372 | | | | | | 5,372 | | |
Total operating expenses
|
| | | | 66,690 | | | | | | 71,390 | | | | | | 55,541 | | | | | | 44,368 | | | | | | 51,862 | | | | | | 51,489 | | | | | | 40,287 | | | | | | 39,263 | | | | | | 37,215 | | | | | | 35,993 | | | | | | 31,736 | | | | | | 30,529 | | |
Income (loss) from
operations |
| | | | (2,778) | | | | | | (11,855) | | | | | | (376) | | | | | | 4,216 | | | | | | (6,483) | | | | | | (9,895) | | | | | | 205 | | | | | | (4,438) | | | | | | (6,128) | | | | | | (6,724) | | | | | | (5,035) | | | | | | (8,004) | | |
Interest expense, net
|
| | | | (55) | | | | | | (66) | | | | | | (1,207) | | | | | | (4,690) | | | | | | (4,778) | | | | | | (4,998) | | | | | | (5,473) | | | | | | (5,481) | | | | | | (5,471) | | | | | | (4,285) | | | | | | (4,738) | | | | | | (4,778) | | |
Loss on extinguishment of
debt |
| | | | — | | | | | | — | | | | | | (5,213) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign currency transaction gain
(loss) |
| | | | (171) | | | | | | (251) | | | | | | (154) | | | | | | (13) | | | | | | (304) | | | | | | 59 | | | | | | (861) | | | | | | (197) | | | | | | (253) | | | | | | (79) | | | | | | (94) | | | | | | (183) | | |
Other income, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 36 | | | | | | 55 | | | | | | 55 | | | | | | 55 | | | | | | 55 | | | | | | 55 | | | | | | 55 | | | | | | 55 | | | | | | 56 | | |
Loss before income tax (provision) benefit
|
| | | | (3,004) | | | | | | (12,172) | | | | | | (6,950) | | | | | | (451) | | | | | | (11,510) | | | | | | (14,779) | | | | | | (6,074) | | | | | | (10,061) | | | | | | (11,797) | | | | | | (11,033) | | | | | | (9,812) | | | | | | (12,909) | | |
Income tax (provision) benefit
|
| | | | (65) | | | | | | 3,207 | | | | | | 1,857 | | | | | | 28 | | | | | | 3,220 | | | | | | 3,530 | | | | | | 1,404 | | | | | | 2,390 | | | | | | 2,787 | | | | | | 3,039 | | | | | | 2,352 | | | | | | 3,239 | | |
Net loss
|
| | | $ | (3,069) | | | | | $ | (8,965) | | | | | $ | (5,093) | | | | | $ | (423) | | | | | $ | (8,290) | | | | | $ | (11,249) | | | | | $ | (4,670) | | | | | $ | (7,671) | | | | | $ | (9,010) | | | | | $ | (7,994) | | | | | $ | (7,460) | | | | | $ | (9,670) | | |
| | |
For the Three Months Ended,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
March 31,
2021 |
| |
December 31,
2020 |
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
March 31,
2020 |
| |
December 31,
2019 |
| |
September 30,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| |
December 31,
2018 |
| |
September 30,
2018 |
| |
June 30,
2018 |
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subscription
|
| | | $ | 324 | | | | | $ | 342 | | | | | $ | 314 | | | | | $ | 38 | | | | | $ | 38 | | | | | $ | 38 | | | | | $ | 38 | | | | | $ | 55 | | | | | $ | 63 | | | | | $ | 60 | | | | | $ | 62 | | | | | $ | 59 | | |
Services
|
| | | | 77 | | | | | | 77 | | | | | | 62 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sales and marketing
|
| | | | 842 | | | | | | 851 | | | | | | 675 | | | | | | 111 | | | | | | 111 | | | | | | 112 | | | | | | 112 | | | | | | 143 | | | | | | 93 | | | | | | 202 | | | | | | 113 | | | | | | 132 | | |
Research and development
|
| | | | 778 | | | | | | 712 | | | | | | 523 | | | | | | 141 | | | | | | 157 | | | | | | 110 | | | | | | 99 | | | | | | 95 | | | | | | 90 | | | | | | (20) | | | | | | 84 | | | | | | 86 | | |
General and administrative
|
| | | | 811 | | | | | | 858 | | | | | | 754 | | | | | | 474 | | | | | | 505 | | | | | | 385 | | | | | | 349 | | | | | | 356 | | | | | | 323 | | | | | | 326 | | | | | | 353 | | | | | | 369 | | |
| | | | $ | 2,832 | | | | | $ | 2,840 | | | | | $ | 2,328 | | | | | $ | 764 | | | | | $ | 811 | | | | | $ | 645 | | | | | $ | 598 | | | | | $ | 649 | | | | | $ | 569 | | | | | $ | 568 | | | | | $ | 612 | | | | | $ | 646 | | |
| | |
Three Months
Ended March 31, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Gross profit
|
| | | $ | 63,912 | | | | | $ | 45,379 | | | | | $ | 208,663 | | | | | $ | 147,998 | | | | | $ | 97,259 | | |
Amortization expense
|
| | | | 2,777 | | | | | | 2,677 | | | | | | 10,753 | | | | | | 10,266 | | | | | | 8,969 | | |
Stock-based compensation
|
| | | | 401 | | | | | | 38 | | | | | | 871 | | | | | | 194 | | | | | | 225 | | |
Non-GAAP Gross Profit
|
| | | $ | 67,090 | | | | | $ | 48,094 | | | | | $ | 220,287 | | | | | $ | 158,458 | | | | | $ | 106,453 | | |
Non-GAAP Gross Profit Margin
|
| | | | 83% | | | | | | 80% | | | | | | 82% | | | | | | 78% | | | | | | 73% | | |
| | |
Three Months
Ended March 31, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Operating loss
|
| | | $ | (2,778) | | | | | $ | (6,483) | | | | | $ | (14,498) | | | | | $ | (20,256) | | | | | $ | (29,993) | | |
Amortization expense
|
| | | | 8,404 | | | | | | 8,351 | | | | | | 33,328 | | | | | | 32,682 | | | | | | 30,460 | | |
Stock-based compensation
|
| | | | 2,832 | | | | | | 811 | | | | | | 6,743 | | | | | | 2,461 | | | | | | 2,315 | | |
Acquisition-related expense
|
| | | | 110 | | | | | | 1,600 | | | | | | 5,200 | | | | | | 1,392 | | | | | | 158 | | |
Acquisition-related earnout
|
| | | | 300 | | | | | | — | | | | | | (1,000) | | | | | | 200 | | | | | | — | | |
Offering costs
|
| | | | — | | | | | | — | | | | | | 670 | | | | | | — | | | | | | — | | |
Payroll taxes related to stock-based compensation
|
| | | | 395 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-GAAP Operating Income
|
| | | $ | 9,263 | | | | | $ | 4,279 | | | | | $ | 30,443 | | | | | $ | 16,479 | | | | | $ | 2,940 | | |
Non-GAAP Operating Income Margin
|
| | | | 11% | | | | | | 7% | | | | | | 11% | | | | | | 8% | | | | | | 2% | | |
| | |
Three Months
Ended March 31, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net loss
|
| | | $ | (3,069) | | | | | $ | (8,290) | | | | | $ | (22,771) | | | | | $ | (32,600) | | | | | $ | (36,256) | | |
Amortization expense
|
| | | | 8,404 | | | | | | 8,351 | | | | | | 33,328 | | | | | | 32,682 | | | | | | 30,460 | | |
Stock-based compensation
|
| | | | 2,832 | | | | | | 811 | | | | | | 6,743 | | | | | | 2,461 | | | | | | 2,315 | | |
Foreign currency transaction loss
|
| | | | 171 | | | | | | 304 | | | | | | 722 | | | | | | 1,252 | | | | | | 418 | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 5,213 | | | | | | — | | | | | | — | | |
Acquisition-related expense
|
| | | | 110 | | | | | | 1,600 | | | | | | 5,200 | | | | | | 1,392 | | | | | | 158 | | |
Acquisition-related earnout
|
| | | | 300 | | | | | | — | | | | | | (1,000) | | | | | | 200 | | | | | | — | | |
Offering costs
|
| | | | — | | | | | | — | | | | | | 670 | | | | | | — | | | | | | — | | |
Payroll taxes related to stock-based compensation
|
| | | | 395 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Discrete tax items
|
| | | | 49 | | | | | | (318) | | | | | | (2,937) | | | | | | 53 | | | | | | (534) | | |
Provision (benefit) for income taxes(1)
|
| | | | 66 | | | | | | (2,703) | | | | | | (9,793) | | | | | | (9,280) | | | | | | (8,124) | | |
Non-GAAP Net Income (Loss)
|
| | | $ | 9,258 | | | | | $ | (245) | | | | | $ | 15,375 | | | | | $ | (3,840) | | | | | $ | (11,563) | | |
| | |
Three Months
Ended March 31, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net loss
|
| | | $ | (3,069) | | | | | $ | (8,290) | | | | | $ | (22,771) | | | | | $ | (32,600) | | | | | $ | (36,256) | | |
Interest expense, net
|
| | | | 55 | | | | | | 4,778 | | | | | | 10,741 | | | | | | 21,423 | | | | | | 18,203 | | |
Provision (benefit) for income taxes
|
| | | | 65 | | | | | | (3,220) | | | | | | (8,312) | | | | | | (10,111) | | | | | | (12,137) | | |
Depreciation expense
|
| | | | 1,380 | | | | | | 1,235 | | | | | | 4,840 | | | | | | 4,125 | | | | | | 3,454 | | |
Amortization expense
|
| | | | 8,404 | | | | | | 8,351 | | | | | | 33,328 | | | | | | 32,682 | | | | | | 30,460 | | |
Stock-based compensation
|
| | | | 2,832 | | | | | | 811 | | | | | | 6,743 | | | | | | 2,461 | | | | | | 2,315 | | |
Foreign currency transaction loss
|
| | | | 171 | | | | | | 304 | | | | | | 722 | | | | | | 1,252 | | | | | | 418 | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 5,213 | | | | | | — | | | | | | — | | |
Acquisition-related expense
|
| | | | 110 | | | | | | 1,600 | | | | | | 5,200 | | | | | | 1,392 | | | | | | 158 | | |
Acquisition-related earnout
|
| | | | 300 | | | | | | — | | | | | | (1,000) | | | | | | 200 | | | | | | — | | |
Offering costs
|
| | | | — | | | | | | — | | | | | | 670 | | | | | | — | | | | | | — | | |
Payroll taxes related to stock-based compensation
|
| | | | 395 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 10,643 | | | | | $ | 5,569 | | | | | $ | 35,374 | | | | | $ | 20,824 | | | | | $ | 6,615 | | |
| | | | | | | | | | | | | | |
Shares Beneficially Owned After this Offering
|
| |||||||||||||||||||||
| | |
Shares Beneficially
Owned Prior to this Offering |
| |
No exercise
Number of shares |
| |
Full Exercise
Number of shares |
| |
No Exercise
of Underwriters’ Option |
| |
Full Exercise
of Underwriters’ Option |
| |||||||||||||||||||||
| | |
Number of
Shares |
| |
Percentage
|
| |
Percentage
|
| |
Percentage
|
| ||||||||||||||||||||||||
5% and Selling Shareholders: | | | | | | | | ||||||||||||||||||||||||||||||
Vista Funds(1)
|
| | | | 72,685,508 | | | | | | 61.7% | | | | | | 64,545,508 | | | | | | 63,270,508 | | | | | | 54.7% | | | | | | 53.6% | | |
Other Selling Shareholders: | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Student Freedom Initiative, Inc.(2)
|
| | | | 160,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Directors and Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dean Hager(3)
|
| | | | 1,134,478 | | | | | | 1.0% | | | | | | 934,478 | | | | | | 934,478 | | | | | | * | | | | | | * | | |
Jill Putman(4)
|
| | | | 336,693 | | | | | | * | | | | | | 336,693 | | | | | | 336,693 | | | | | | * | | | | | | * | | |
John Strosahl(5)
|
| | | | 224,104 | | | | | | * | | | | | | 224,104 | | | | | | 224,104 | | | | | | * | | | | | | * | | |
David Breach
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Andre Durand
|
| | | | 84,081 | | | | | | * | | | | | | 84,081 | | | | | | 84,081 | | | | | | * | | | | | | * | | |
Michael Fosnaugh
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Virginia Gambale
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Charles Guan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kevin Klausmeyer
|
| | | | 27,875 | | | | | | * | | | | | | 27,875 | | | | | | 27,875 | | | | | | * | | | | | | * | | |
Vina Leite
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Christina Lema
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Martin Taylor
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Directors and executive officers as a group (15 individuals)(6)
|
| | | | 2,278,666 | | | | | | 1.9% | | | | | | 2,078,666 | | | | | | 2,078,666 | | | | | | 1.8% | | | | | | 1.8% | | |
Underwriters
|
| |
Number of Shares
|
| |||
J.P. Morgan Securities LLC
|
| | | | 2,595,732 | | |
BofA Securities, Inc.
|
| | | | 1,887,805 | | |
Barclays Capital Inc.
|
| | | | 1,321,463 | | |
RBC Capital Markets, LLC
|
| | | | 700,000 | | |
Mizuho Securities USA LLC
|
| | | | 525,000 | | |
HSBC Securities (USA) Inc.
|
| | | | 280,000 | | |
Canaccord Genuity LLC
|
| | | | 210,000 | | |
JMP Securities LLC
|
| | | | 210,000 | | |
Piper Sandler & Co.
|
| | | | 210,000 | | |
William Blair & Company, L.L.C.
|
| | | | 210,000 | | |
Loop Capital Markets LLC.
|
| | | | 175,000 | | |
CastleOak Securities, L.P.
|
| | | | 175,000 | | |
Total
|
| | | | 8,500,000 | | |
Paid by the Selling Shareholders
|
| |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per Share
|
| | | $ | 1.4025 | | | | | $ | 1.4025 | | |
Total
|
| | | $ | 11,921,250 | | | | | $ | 13,709,438 | | |