– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Revenue grows 32 percent year-over-year in the fourth quarter
SANTA BARBARA, Calif., Feb. 28, 2022 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) ("AppFolio" or the "Company"), a leading provider of cloud business management solutions for the real estate industry, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021.
“I’m pleased to announce that in the fourth quarter we expanded our number of units served to 6.35 million and revenue from continuing operations grew 32%, capping off a year of 26% growth. This shows that we are driving success with our ongoing multi-year investments,” said Jason Randall, President and CEO, AppFolio. “In 2022, our talented team continues to focus on igniting revenue growth by continuing to make it increasingly easy for our customers to manage their communities in our ever-changing world.”
The Company urges investors to read its Annual Report on Form 10-K for the year ended December 31, 2021, which will also be filed with the Securities and Exchange Commission (the "SEC") today, February 28, 2022, and will be available on AppFolio's website, http://ir.appfolioinc.com.
Financial OutlookBased on information available as of February 28, 2022, AppFolio's outlook for fiscal year 2022 follows:
Conference Call InformationAs previously announced, the Company will host a conference call today, February 28, 2022, at 1:30 p.m. Pacific Time (PT), 4:30 p.m. Eastern Time (ET), to discuss the company’s fourth quarter and year ended 2021 financial results. Participants who wish to dial into the conference call, please dial +1 844-200-6205 (in the U.S.) or +1 929-526-1599 (international) and use passcode 419445.
Following the conference call, a replay of the call will be available until Thursday, March 3, 2022 by dialing +1 866-813-9403 (in the U.S.) or +1 929-458-6194 (international) and using passcode 090322.
To access the webcast during the live call, participants may access https://events.q4inc.com/attendee/414042236. An archived webcast of this conference call will also be available on AppFolio’s Investor Relations website at http://ir.appfolioinc.com.
About AppFolio, Inc.AppFolio, Inc. (NASDAQ: APPF) is a leading provider of cloud business management solutions for the real estate industry. Our solutions enable our customers to digitally transform their businesses, address critical business operations and deliver a better customer experience. Today, our solutions are AppFolio Property Manager and AppFolio Investment Management, which are supplemented with Value Added Services that enhance, automate and streamline business-critical processes and workflows. For more information about AppFolio, visit www.appfolioinc.com.
Investor Relations Contact: Lori Barkerir@appfolio.com
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts, “projects,” “seeks,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to the Company's business opportunities, the impact of the Company's strategic actions and initiatives, and the timing of providing updated financial guidance.
Forward-looking statements represent AppFolio's current beliefs and assumptions based on information currently available. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause the Company's actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled “Risk Factors” in AppFolio's Annual Report on Form 10-K for the year ended December 31, 2021, which will be filed with the SEC today, as well as in the Company's other filings with the SEC. You should read this press release with the understanding that the Company's actual future results may be materially different from the results expressed or implied by these forward looking statements.
Except as required by applicable law or the rules of the NASDAQ Global Market, AppFolio assumes no obligation to update any forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
CONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED)(in thousands, except par values)
| December 31, 2021 | December 31, 2020 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 57,847 | $ | 140,263 | ||
| Investment securities—current | 64,600 | 28,256 | ||||
| Accounts receivable, net | 12,595 | 10,057 | ||||
| Prepaid expenses and other current assets | 23,553 | 20,777 | ||||
| Total current assets | 158,595 | 199,353 | ||||
| Investment securities—noncurrent | 61,076 | 6,770 | ||||
| Property and equipment, net | 30,479 | 26,439 | ||||
| Operating lease right-of-use assets | 41,710 | 30,561 | ||||
| Capitalized software development costs, net | 41,212 | 35,459 | ||||
| Goodwill | 56,147 | 56,147 | ||||
| Intangible assets, net | 11,711 | 16,357 | ||||
| Deferred income taxes—noncurrent | — | 12,181 | ||||
| Other long-term assets | 7,087 | 6,213 | ||||
| Total assets | $ | 408,017 | $ | 389,480 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 1,704 | $ | 1,040 | ||
| Accrued employee expenses—current | 30,065 | 18,888 | ||||
| Accrued expenses | 13,284 | 14,069 | ||||
| Deferred revenue | 2,512 | 2,262 | ||||
| Income tax payable | 136 | 9,095 | ||||
| Other current liabilities | 4,941 | 4,451 | ||||
| Total current liabilities | 52,642 | 49,805 | ||||
| Accrued employee expenses—noncurrent | 583 | — | ||||
| Operating lease liabilities | 55,733 | 40,146 | ||||
| Deferred income taxes—noncurrent | 1,678 | 13,609 | ||||
| Stockholders’ equity | 297,381 | 285,920 | ||||
| Total liabilities and stockholders’ equity | $ | 408,017 | $ | 389,480 | ||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)(in thousands, except per share amounts)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 (1) | ||||||||||||
| Revenue | $ | 95,600 | $ | 72,432 | $ | 359,370 | $ | 310,056 | |||||||
| Costs and operating expenses: | |||||||||||||||
| Cost of revenue (exclusive of depreciation and amortization) | 39,097 | 29,905 | 143,944 | 119,029 | |||||||||||
| Sales and marketing | 19,945 | 15,328 | 73,200 | 58,445 | |||||||||||
| Research and product development | 19,591 | 11,735 | 65,980 | 48,529 | |||||||||||
| General and administrative | 16,308 | 11,177 | 57,279 | 47,480 | |||||||||||
| Depreciation and amortization | 8,001 | 7,039 | 30,845 | 26,790 | |||||||||||
| Total costs and operating expenses | 102,942 | 75,184 | 371,248 | 300,273 | |||||||||||
| (Loss) income from operations | (7,342 | ) | (2,752 | ) | (11,878 | ) | 9,783 | ||||||||
| Other income, net | 12,406 | 1,138 | 13,111 | 188,897 | |||||||||||
| Interest income (expense), net | 328 | 60 | 501 | (1,849 | ) | ||||||||||
| Income (loss) before provision for (benefit from) income taxes | 5,392 | (1,554 | ) | 1,734 | 196,831 | ||||||||||
| Provision for (benefit from) income taxes | 6,723 | (1,041 | ) | 706 | 38,428 | ||||||||||
| Net (loss) income | $ | (1,331 | ) | $ | (513 | ) | $ | 1,028 | $ | 158,403 | |||||
| Net (loss) income per common share: | |||||||||||||||
| Basic | $ | (0.04 | ) | $ | (0.01 | ) | $ | 0.03 | $ | 4.62 | |||||
| Diluted | $ | (0.04 | ) | $ | (0.01 | ) | $ | 0.03 | $ | 4.44 | |||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 34,738 | 34,332 | 34,578 | 34,264 | |||||||||||
| Diluted | 34,738 | 34,332 | 35,701 | 35,713 | |||||||||||
(1) MyCase was divested on September 30, 2020. The results of MyCase have been included in our results of operations through the date of divestiture.
Stock-Based Compensation Expense(in thousands)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2021 | 2020 | 2021 | 2020 (1) | ||||||||
| Costs and operating expenses: | |||||||||||
| Cost of revenue (exclusive of depreciation and amortization) | $ | 515 | $ | 408 | $ | 2,024 | $ | 1,506 | |||
| Sales and marketing | 742 | 346 | 2,329 | 1,415 | |||||||
| Research and product development | 1,935 | 470 | 5,457 | 1,818 | |||||||
| General and administrative | 2,096 | 993 | 5,531 | 4,286 | |||||||
| Total stock-based compensation expense | $ | 5,288 | $ | 2,217 | $ | 15,341 | $ | 9,025 | |||
(1) MyCase was divested on September 30, 2020. The results of MyCase have been included in our results of operations through the date of divestiture.
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 (1) | ||||||||||||
| Cash from operating activities | |||||||||||||||
| Net (loss) income | $ | (1,331 | ) | $ | (513 | ) | $ | 1,028 | $ | 158,403 | |||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 7,488 | 6,670 | 29,032 | 25,507 | |||||||||||
| Amortization of operating lease right-of-use assets | 887 | 728 | 3,199 | 3,701 | |||||||||||
| Deferred income taxes | 6,644 | 6,124 | 250 | 29,002 | |||||||||||
| Stock-based compensation, including as amortized | 5,801 | 2,586 | 17,154 | 10,308 | |||||||||||
| Gain on sale of business | — | (22 | ) | (380 | ) | (187,658 | ) | ||||||||
| Gain on sale of equity-method investment and recovery of note receivable | (12,767 | ) | — | (12,767 | ) | — | |||||||||
| Other | 160 | (45 | ) | 249 | 125 | ||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Accounts receivable | (753 | ) | (553 | ) | (2,103 | ) | (2,782 | ) | |||||||
| Prepaid expenses and other current assets | 1,390 | (5,035 | ) | (2,168 | ) | (5,894 | ) | ||||||||
| Other assets | (78 | ) | (199 | ) | (1,259 | ) | (519 | ) | |||||||
| Accounts payable | (887 | ) | (1,598 | ) | 497 | (903 | ) | ||||||||
| Accrued employee expenses—current | 4,929 | 880 | 11,264 | 2,799 | |||||||||||
| Accrued expenses | (347 | ) | 947 | (1,773 | ) | 6,878 | |||||||||
| Deferred revenue | 116 | (285 | ) | (186 | ) | 530 | |||||||||
| Income tax payable | (50 | ) | (4,475 | ) | (8,959 | ) | 9,095 | ||||||||
| Accrued employee expenses—noncurrent | (1,476 | ) | — | 583 | — | ||||||||||
| Operating lease liabilities | (727 | ) | 571 | 1,268 | (564 | ) | |||||||||
| Other liabilities | (67 | ) | (2,698 | ) | 462 | 271 | |||||||||
| Net cash provided by operating activities | 8,932 | 3,083 | 35,391 | 48,299 | |||||||||||
| Cash from investing activities | |||||||||||||||
| Purchases of available-for-sale investments | (74,174 | ) | (13,998 | ) | (241,215 | ) | (43,877 | ) | |||||||
| Proceeds from sales of available-for-sale investments | — | 2,769 | 43,198 | 16,711 | |||||||||||
| Proceeds from maturities of available-for-sale investments | 33,600 | 14,030 | 107,354 | 27,330 | |||||||||||
| Purchases of property, equipment and intangible assets | (2,937 | ) | (2,487 | ) | (8,103 | ) | (19,038 | ) | |||||||
| Capitalization of software development costs | (6,104 | ) | (6,345 | ) | (24,615 | ) | (26,042 | ) | |||||||
| Proceeds from sale of business, net of cash divested | 402 | — | 402 | 191,427 | |||||||||||
| Proceeds from sale of equity-method investment and recovery of note receivable | 12,520 | — | 12,520 | — | |||||||||||
| Net cash (used in) provided by investing activities | (36,693 | ) | (6,031 | ) | (110,459 | ) | 146,511 | ||||||||
| Cash from financing activities | |||||||||||||||
| Proceeds from stock option exercises | 1,823 | 420 | 2,614 | 822 | |||||||||||
| Tax withholding for net share settlement | (659 | ) | (1,237 | ) | (9,962 | ) | (12,196 | ) | |||||||
| Payment of contingent consideration | — | — | — | (5,977 | ) | ||||||||||
| Proceeds from issuance of debt | — | — | — | 50,752 | |||||||||||
| Principal payments on debt | — | — | — | (99,565 | ) | ||||||||||
| Purchase of treasury stock | — | — | — | (4,194 | ) | ||||||||||
| Net cash provided by (used in) financing activities | 1,164 | (817 | ) | (7,348 | ) | (70,358 | ) | ||||||||
| Net (decrease) increase in cash and cash equivalents and restricted cash | (26,597 | ) | (3,765 | ) | (82,416 | ) | 124,452 | ||||||||
| Cash, cash equivalents and restricted cash | |||||||||||||||
| Beginning of period | 84,880 | 144,464 | 140,699 | 16,247 | |||||||||||
| End of period | $ | 58,283 | $ | 140,699 | $ | 58,283 | $ | 140,699 | |||||||
(1) MyCase was divested on September 30, 2020. The results of MyCase have been included in our results of operations through the date of divestiture.
В четвертом квартале выручка выросла на 32 процента по сравнению с аналогичным периодом прошлого года.
САНТА-БАРБАРА, Калифорния, 28 февраля 2022 г. (GLOBE NEWSWIRE) — AppFolio, Inc. (NASDAQ: APPF) («AppFolio» или «Компания»), ведущий поставщик облачных решений для управления бизнесом в сфере недвижимости. , сегодня объявила о своих финансовых результатах за четвертый квартал и финансовый год, закончившийся 31 декабря 2021 года.
«Я рад сообщить, что в четвертом квартале мы увеличили количество обслуживаемых устройств до 6,35 млн, а выручка от продолжающихся операций выросла на 32%, завершив годовой рост на 26%. Это показывает, что мы добиваемся успеха благодаря нашим постоянным многолетним инвестициям», — сказал Джейсон Рэндалл, президент и главный исполнительный директор AppFolio. «В 2022 году наша талантливая команда продолжит фокусироваться на стимулировании роста доходов, продолжая облегчать нашим клиентам управление своими сообществами в нашем постоянно меняющемся мире».
Компания призывает инвесторов ознакомиться с ее годовым отчетом по форме 10-K за год, закончившийся 31 декабря 2021 г., который также будет подан в Комиссию по ценным бумагам и биржам («SEC») сегодня, 28 февраля 2022 г., и будет доступно на веб-сайте AppFolio, http://ir.appfolioinc.com.
Финансовые перспективы На основе информации, доступной по состоянию на 28 февраля 2022 г., прогноз AppFolio на 2022 финансовый год выглядит следующим образом:
Информация о телефонной конференцииКак было объявлено ранее, сегодня, 28 февраля 2022 г., в 13:30 по тихоокеанскому времени (PT) и в 16:30 по восточному времени (ET) Компания проведет телефонную конференцию, чтобы обсудить четвертый квартал и завершившийся год компании. Финансовые результаты за 2021 год. Участники, желающие подключиться к конференц-связи, набирают +1 844-200-6205 (в США) или +1 929-526-1599 (международный) и используют пароль 419445.
После телефонной конференции повтор звонка будет доступен до четверга, 3 марта 2022 г., по телефону +1 866-813-9403 (в США) или +1 929-458-6194 (международный) и с кодом доступа 090322.
Чтобы получить доступ к веб-трансляции во время прямой трансляции, участники могут зайти на https://events.q4inc.com/attendee/414042236. Заархивированная веб-трансляция этого телеконференции также будет доступна на веб-сайте отдела по связям с инвесторами AppFolio по адресу http://ir.appfolioinc.com.
О AppFolio, Inc. AppFolio, Inc. (NASDAQ: APPF) — ведущий поставщик облачных решений для управления бизнесом в сфере недвижимости. Наши решения позволяют нашим клиентам осуществлять цифровую трансформацию своего бизнеса, решать критически важные бизнес-операции и повышать качество обслуживания клиентов. Сегодня нашими решениями являются AppFolio Property Manager и AppFolio Investment Management, которые дополняются дополнительными услугами, которые улучшают, автоматизируют и оптимизируют критически важные для бизнеса процессы и рабочие процессы. Для получения дополнительной информации о AppFolio посетите сайт www.appfolioinc.com.
Контактное лицо по связям с инвесторами: Лори Баркерир@AppFolio.com
Прогнозные заявления
Этот пресс-релиз содержит «прогнозные заявления» по смыслу Раздела 27A Закона о ценных бумагах 1933 года с поправками и Раздела 21E Закона о ценных бумагах и биржах 1934 года с поправками, которые сопряжены со значительными рисками и неопределенностями. Прогнозные заявления включают все заявления, которые не являются утверждениями об исторических фактах, содержащиеся в этом пресс-релизе, и могут быть идентифицированы такими словами, как «предполагает», «полагает», «может», «оценивает», «ожидает», «намеревается». », «может», «планирует», «потенциал», «предсказывает», «проектирует», «ищет», «должен», «будет», «будет» или подобные выражения и отрицания этих выражений. В частности, прогнозные заявления, содержащиеся в этом пресс-релизе, касаются деловых возможностей Компании, влияния стратегических действий и инициатив Компании, а также сроков предоставления обновленных финансовых рекомендаций.
Прогнозные заявления отражают текущие убеждения и предположения AppFolio, основанные на доступной в настоящее время информации. Прогнозные заявления связаны с многочисленными известными и неизвестными рисками, неопределенностями и другими факторами, которые могут привести к тому, что фактические результаты, результаты или достижения Компании будут существенно отличаться от любых будущих результатов, результатов или достижений, выраженных или подразумеваемых прогнозными заявлениями. Некоторые из рисков и неопределенностей, которые могут привести к тому, что фактические результаты Компании будут существенно отличаться от тех, которые выражены или подразумеваются в этих прогнозных заявлениях, описаны в разделе «Факторы риска» годового отчета AppFolio по форме 10-K за год, закончившийся 31 декабря 2021 г., который будет подан сегодня в SEC, а также в других документах, поданных Компанией в SEC. Вы должны прочитать этот пресс-релиз с пониманием того, что фактические будущие результаты Компании могут существенно отличаться от результатов, выраженных или подразумеваемых в этих прогнозных заявлениях.
За исключением случаев, предусмотренных применимым законодательством или правилами глобального рынка NASDAQ, AppFolio не берет на себя никаких обязательств по публичному обновлению каких-либо прогнозных заявлений или обновлению причин, по которым фактические результаты могут существенно отличаться от ожидаемых в этих прогнозных заявлениях, даже если новые информация становится доступной в будущем.
СОКРАЩЕННЫЙ КОНСОЛИДИРОВАННЫЙ БАЛАНС (НЕАУДИРОВАННЫЙ) (в тысячах, кроме номинальной стоимости)
| December 31, 2021 | December 31, 2020 | |||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 57,847 | $ | 140,263 | ||
| Investment securities—current | 64,600 | 28,256 | ||||
| Accounts receivable, net | 12,595 | 10,057 | ||||
| Prepaid expenses and other current assets | 23,553 | 20,777 | ||||
| Total current assets | 158,595 | 199,353 | ||||
| Investment securities—noncurrent | 61,076 | 6,770 | ||||
| Property and equipment, net | 30,479 | 26,439 | ||||
| Operating lease right-of-use assets | 41,710 | 30,561 | ||||
| Capitalized software development costs, net | 41,212 | 35,459 | ||||
| Goodwill | 56,147 | 56,147 | ||||
| Intangible assets, net | 11,711 | 16,357 | ||||
| Deferred income taxes—noncurrent | — | 12,181 | ||||
| Other long-term assets | 7,087 | 6,213 | ||||
| Total assets | $ | 408,017 | $ | 389,480 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 1,704 | $ | 1,040 | ||
| Accrued employee expenses—current | 30,065 | 18,888 | ||||
| Accrued expenses | 13,284 | 14,069 | ||||
| Deferred revenue | 2,512 | 2,262 | ||||
| Income tax payable | 136 | 9,095 | ||||
| Other current liabilities | 4,941 | 4,451 | ||||
| Total current liabilities | 52,642 | 49,805 | ||||
| Accrued employee expenses—noncurrent | 583 | — | ||||
| Operating lease liabilities | 55,733 | 40,146 | ||||
| Deferred income taxes—noncurrent | 1,678 | 13,609 | ||||
| Stockholders’ equity | 297,381 | 285,920 | ||||
| Total liabilities and stockholders’ equity | $ | 408,017 | $ | 389,480 | ||
СОКРАЩЕННЫЙ КОНСОЛИДИРОВАННЫЙ ОТЧЕТ О ОПЕРАЦИОННОЙ ДЕЯТЕЛЬНОСТИ (НЕАУДИРОВАННЫЙ) (в тысячах, кроме сумм, приходящихся на акции)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 (1) | ||||||||||||
| Revenue | $ | 95,600 | $ | 72,432 | $ | 359,370 | $ | 310,056 | |||||||
| Costs and operating expenses: | |||||||||||||||
| Cost of revenue (exclusive of depreciation and amortization) | 39,097 | 29,905 | 143,944 | 119,029 | |||||||||||
| Sales and marketing | 19,945 | 15,328 | 73,200 | 58,445 | |||||||||||
| Research and product development | 19,591 | 11,735 | 65,980 | 48,529 | |||||||||||
| General and administrative | 16,308 | 11,177 | 57,279 | 47,480 | |||||||||||
| Depreciation and amortization | 8,001 | 7,039 | 30,845 | 26,790 | |||||||||||
| Total costs and operating expenses | 102,942 | 75,184 | 371,248 | 300,273 | |||||||||||
| (Loss) income from operations | (7,342 | ) | (2,752 | ) | (11,878 | ) | 9,783 | ||||||||
| Other income, net | 12,406 | 1,138 | 13,111 | 188,897 | |||||||||||
| Interest income (expense), net | 328 | 60 | 501 | (1,849 | ) | ||||||||||
| Income (loss) before provision for (benefit from) income taxes | 5,392 | (1,554 | ) | 1,734 | 196,831 | ||||||||||
| Provision for (benefit from) income taxes | 6,723 | (1,041 | ) | 706 | 38,428 | ||||||||||
| Net (loss) income | $ | (1,331 | ) | $ | (513 | ) | $ | 1,028 | $ | 158,403 | |||||
| Net (loss) income per common share: | |||||||||||||||
| Basic | $ | (0.04 | ) | $ | (0.01 | ) | $ | 0.03 | $ | 4.62 | |||||
| Diluted | $ | (0.04 | ) | $ | (0.01 | ) | $ | 0.03 | $ | 4.44 | |||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 34,738 | 34,332 | 34,578 | 34,264 | |||||||||||
| Diluted | 34,738 | 34,332 | 35,701 | 35,713 | |||||||||||
(1) MyCase была продана 30 сентября 2020 г. Результаты MyCase были включены в результаты нашей деятельности до даты продажи.
Компенсационные расходы на основе акций (в тысячах)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2021 | 2020 | 2021 | 2020 (1) | ||||||||
| Costs and operating expenses: | |||||||||||
| Cost of revenue (exclusive of depreciation and amortization) | $ | 515 | $ | 408 | $ | 2,024 | $ | 1,506 | |||
| Sales and marketing | 742 | 346 | 2,329 | 1,415 | |||||||
| Research and product development | 1,935 | 470 | 5,457 | 1,818 | |||||||
| General and administrative | 2,096 | 993 | 5,531 | 4,286 | |||||||
| Total stock-based compensation expense | $ | 5,288 | $ | 2,217 | $ | 15,341 | $ | 9,025 | |||
(1) MyCase была продана 30 сентября 2020 г. Результаты MyCase были включены в результаты нашей деятельности до даты продажи.
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 (1) | ||||||||||||
| Cash from operating activities | |||||||||||||||
| Net (loss) income | $ | (1,331 | ) | $ | (513 | ) | $ | 1,028 | $ | 158,403 | |||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 7,488 | 6,670 | 29,032 | 25,507 | |||||||||||
| Amortization of operating lease right-of-use assets | 887 | 728 | 3,199 | 3,701 | |||||||||||
| Deferred income taxes | 6,644 | 6,124 | 250 | 29,002 | |||||||||||
| Stock-based compensation, including as amortized | 5,801 | 2,586 | 17,154 | 10,308 | |||||||||||
| Gain on sale of business | — | (22 | ) | (380 | ) | (187,658 | ) | ||||||||
| Gain on sale of equity-method investment and recovery of note receivable | (12,767 | ) | — | (12,767 | ) | — | |||||||||
| Other | 160 | (45 | ) | 249 | 125 | ||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Accounts receivable | (753 | ) | (553 | ) | (2,103 | ) | (2,782 | ) | |||||||
| Prepaid expenses and other current assets | 1,390 | (5,035 | ) | (2,168 | ) | (5,894 | ) | ||||||||
| Other assets | (78 | ) | (199 | ) | (1,259 | ) | (519 | ) | |||||||
| Accounts payable | (887 | ) | (1,598 | ) | 497 | (903 | ) | ||||||||
| Accrued employee expenses—current | 4,929 | 880 | 11,264 | 2,799 | |||||||||||
| Accrued expenses | (347 | ) | 947 | (1,773 | ) | 6,878 | |||||||||
| Deferred revenue | 116 | (285 | ) | (186 | ) | 530 | |||||||||
| Income tax payable | (50 | ) | (4,475 | ) | (8,959 | ) | 9,095 | ||||||||
| Accrued employee expenses—noncurrent | (1,476 | ) | — | 583 | — | ||||||||||
| Operating lease liabilities | (727 | ) | 571 | 1,268 | (564 | ) | |||||||||
| Other liabilities | (67 | ) | (2,698 | ) | 462 | 271 | |||||||||
| Net cash provided by operating activities | 8,932 | 3,083 | 35,391 | 48,299 | |||||||||||
| Cash from investing activities | |||||||||||||||
| Purchases of available-for-sale investments | (74,174 | ) | (13,998 | ) | (241,215 | ) | (43,877 | ) | |||||||
| Proceeds from sales of available-for-sale investments | — | 2,769 | 43,198 | 16,711 | |||||||||||
| Proceeds from maturities of available-for-sale investments | 33,600 | 14,030 | 107,354 | 27,330 | |||||||||||
| Purchases of property, equipment and intangible assets | (2,937 | ) | (2,487 | ) | (8,103 | ) | (19,038 | ) | |||||||
| Capitalization of software development costs | (6,104 | ) | (6,345 | ) | (24,615 | ) | (26,042 | ) | |||||||
| Proceeds from sale of business, net of cash divested | 402 | — | 402 | 191,427 | |||||||||||
| Proceeds from sale of equity-method investment and recovery of note receivable | 12,520 | — | 12,520 | — | |||||||||||
| Net cash (used in) provided by investing activities | (36,693 | ) | (6,031 | ) | (110,459 | ) | 146,511 | ||||||||
| Cash from financing activities | |||||||||||||||
| Proceeds from stock option exercises | 1,823 | 420 | 2,614 | 822 | |||||||||||
| Tax withholding for net share settlement | (659 | ) | (1,237 | ) | (9,962 | ) | (12,196 | ) | |||||||
| Payment of contingent consideration | — | — | — | (5,977 | ) | ||||||||||
| Proceeds from issuance of debt | — | — | — | 50,752 | |||||||||||
| Principal payments on debt | — | — | — | (99,565 | ) | ||||||||||
| Purchase of treasury stock | — | — | — | (4,194 | ) | ||||||||||
| Net cash provided by (used in) financing activities | 1,164 | (817 | ) | (7,348 | ) | (70,358 | ) | ||||||||
| Net (decrease) increase in cash and cash equivalents and restricted cash | (26,597 | ) | (3,765 | ) | (82,416 | ) | 124,452 | ||||||||
| Cash, cash equivalents and restricted cash | |||||||||||||||
| Beginning of period | 84,880 | 144,464 | 140,699 | 16,247 | |||||||||||
| End of period | $ | 58,283 | $ | 140,699 | $ | 58,283 | $ | 140,699 | |||||||
(1) MyCase была продана 30 сентября 2020 г. Результаты MyCase были включены в результаты нашей деятельности до даты продажи.
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