Company Quick10K Filing
Quick10K
Logmein
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$68.47 50 $3,411
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-25 Earnings, Officers, Regulation FD, Exhibits
8-K 2019-05-30 Shareholder Vote, Shareholder Vote, Exhibits
8-K 2019-04-25 Earnings, Regulation FD, Exhibits
8-K 2019-02-11 Earnings, Exit Costs, Officers, Regulation FD, Exhibits
8-K 2018-11-13 Officers, Exhibits
8-K 2018-11-05 Officers, Exhibits
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-07-24 Earnings, Officers, Regulation FD, Exhibits
8-K 2018-05-31 Shareholder Vote, Shareholder Vote
8-K 2018-04-26 Earnings, Regulation FD, Exhibits
8-K 2018-04-03 Officers, Exhibits
8-K 2018-04-02 M&A, Off-BS Arrangement, Exhibits
8-K 2018-03-20 Enter Agreement, M&A, Off-BS Arrangement, Officers, Exhibits
8-K 2018-02-27 Officers
8-K 2018-02-15 Earnings, Earnings, Exhibits
8-K 2018-02-07 Enter Agreement, Other Events, Exhibits
8-K 2018-02-01 Regulation FD, Regulation FD, Exhibits
COUP Coupa Software 8,851
GWRE Guidewire Software 7,862
NTNX Nutanix 3,647
QLYS Qualys 3,101
ALRM Alarm.com 2,252
PRGS Progress Software 1,663
TLND Talend 1,230
UPLD Upland Software 874
IDN Intellicheck 69
APPN Appian 0
LOGM 2019-06-30
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 logm-ex311_8.htm
EX-31.2 logm-ex312_6.htm
EX-32.1 logm-ex321_7.htm
EX-32.2 logm-ex322_9.htm

Logmein Earnings 2019-06-30

LOGM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

logm-10q_20190630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 001-34391

 

LOGMEIN, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

20-1515952

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

320 Summer Street

Boston, Massachusetts

 

02210

(Address of principal executive offices)

 

(Zip Code)

 

781-638-9050

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

LOGM

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

  

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of July 19, 2019, there were 49,435,988 shares of the registrant’s Common Stock, par value $0.01 per share, outstanding.

 

 

 

 


LOGMEIN, INC.

INDEX

 

 

 

PAGE
NUMBER

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

ITEM 1: Financial Statements (Unaudited)

 

 

Condensed Consolidated Balance Sheets as of December 31, 2018 and June 30, 2019

 

3

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2019

 

4

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2018 and 2019

 

5

Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2018 and 2019

 

6

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2019

 

8

Notes to Condensed Consolidated Financial Statements

 

9

ITEM 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

ITEM 3: Quantitative and Qualitative Disclosures about Market Risk

 

40

ITEM 4: Controls and Procedures

 

41

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

ITEM 1: Legal Proceedings

 

42

ITEM 1A: Risk Factors

 

42

ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds

 

56

ITEM 6: Exhibits

 

57

Signatures

 

58

 

2


LogMeIn, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

 

 

 

December 31,

2018

 

 

June 30,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

148,652

 

 

$

111,565

 

Accounts receivable (net of allowances of $2,785 and $3,979 as of

   December 31, 2018 and June 30, 2019, respectively)

 

 

95,354

 

 

 

90,412

 

Prepaid expenses and other current assets

 

 

83,887

 

 

 

79,151

 

Total current assets

 

 

327,893

 

 

 

281,128

 

Property and equipment, net

 

 

98,238

 

 

 

101,878

 

Operating lease assets (Note 9)

 

 

 

 

 

105,144

 

Restricted cash, net of current portion

 

 

1,840

 

 

 

1,831

 

Intangibles, net

 

 

1,059,988

 

 

 

958,057

 

Goodwill

 

 

2,400,390

 

 

 

2,413,655

 

Other assets

 

 

41,545

 

 

 

53,950

 

Deferred tax assets

 

 

6,059

 

 

 

6,064

 

Total assets

 

$

3,935,953

 

 

$

3,921,707

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

35,447

 

 

$

50,805

 

Current operating lease liabilities (Note 9)

 

 

 

 

 

16,753

 

Accrued liabilities

 

 

119,379

 

 

 

140,687

 

Deferred revenue, current portion

 

 

369,780

 

 

 

399,393

 

Total current liabilities

 

 

524,606

 

 

 

607,638

 

Long-term debt

 

 

200,000

 

 

 

200,000

 

Deferred revenue, net of current portion

 

 

9,518

 

 

 

9,691

 

Deferred tax liabilities

 

 

201,212

 

 

 

181,607

 

Non-current operating lease liabilities (Note 9)

 

 

 

 

 

94,865

 

Other long-term liabilities

 

 

25,929

 

 

 

9,461

 

Total liabilities

 

 

961,265

 

 

 

1,103,262

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value — 5,000 shares authorized, 0 shares

   outstanding as of December 31, 2018 and June 30, 2019

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $0.01 par value—145,000 shares authorized; 56,703 and

   57,129 shares issued; and 50,692 and 49,566 outstanding as of

   December 31, 2018 and June 30, 2019, respectively

 

 

567

 

 

 

571

 

Additional paid-in capital

 

 

3,316,603

 

 

 

3,332,239

 

Retained earnings

 

 

84,043

 

 

 

35,783

 

Accumulated other comprehensive income (loss)

 

 

2,133

 

 

 

2,380

 

Treasury stock, at cost - 6,011 and 7,564 shares as of December 31, 2018

   and June 30, 2019, respectively

 

 

(428,658

)

 

 

(552,528

)

Total equity

 

 

2,974,688

 

 

 

2,818,445

 

Total liabilities and equity

 

$

3,935,953

 

 

$

3,921,707

 

 

See notes to condensed consolidated financial statements.

 

3


LogMeIn, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Revenue

 

$

305,650

 

 

$

313,064

 

 

$

584,867

 

 

$

620,764

 

Cost of revenue

 

 

72,833

 

 

 

80,767

 

 

 

135,775

 

 

 

158,455

 

Gross profit

 

 

232,817

 

 

 

232,297

 

 

 

449,092

 

 

 

462,309

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

43,920

 

 

 

40,379

 

 

 

87,036

 

 

 

81,096

 

Sales and marketing

 

 

99,343

 

 

 

120,825

 

 

 

187,558

 

 

 

235,459

 

General and administrative

 

 

39,106

 

 

 

34,539

 

 

 

74,549

 

 

 

68,425

 

Restructuring charge

 

 

 

 

 

956

 

 

 

 

 

 

9,430

 

Gain on disposition of assets

 

 

 

 

 

 

 

 

(33,910

)

 

 

 

Amortization of acquired intangibles

 

 

43,347

 

 

 

39,390

 

 

 

84,430

 

 

 

78,889

 

Total operating expenses

 

 

225,716

 

 

 

236,089

 

 

 

399,663

 

 

 

473,299

 

Income (loss) from operations

 

 

7,101

 

 

 

(3,792

)

 

 

49,429

 

 

 

(10,990

)

Interest income

 

 

369

 

 

 

415

 

 

 

1,042

 

 

 

1,076

 

Interest expense

 

 

(1,854

)

 

 

(2,126

)

 

 

(2,180

)

 

 

(4,269

)

Other income (expense), net

 

 

(86

)

 

 

(107

)

 

 

(326

)

 

 

(367

)

Income (loss) before income taxes

 

 

5,530

 

 

 

(5,610

)

 

 

47,965

 

 

 

(14,550

)

(Provision for) benefit from income taxes

 

 

1,024

 

 

 

(912

)

 

 

(11,699

)

 

 

(1,011

)

Net income (loss)

 

$

6,554

 

 

$

(6,522

)

 

$

36,266

 

 

$

(15,561

)

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.13

 

 

$

(0.13

)

 

$

0.69

 

 

$

(0.31

)

Diluted

 

$

0.12

 

 

$

(0.13

)

 

$

0.68

 

 

$

(0.31

)

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

52,170

 

 

 

49,768

 

 

 

52,313

 

 

 

50,201

 

Diluted

 

 

52,875

 

 

 

49,768

 

 

 

53,160

 

 

 

50,201

 

Cash dividends declared and paid per share

 

$

0.30

 

 

$

0.325

 

 

$

0.60

 

 

$

0.65

 

 

See notes to condensed consolidated financial statements.

 

4


LogMeIn, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Net income (loss)

 

$

6,554

 

 

$

(6,522

)

 

$

36,266

 

 

$

(15,561

)

Other comprehensive gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net translation gains (losses)

 

 

(14,022

)

 

 

2,872

 

 

 

(8,565

)

 

 

247

 

Comprehensive income (loss)

 

$

(7,468

)

 

$

(3,650

)

 

$

27,701

 

 

$

(15,314

)

 

See notes to condensed consolidated financial statements.

5


LogMeIn, Inc.

Condensed Consolidated Statements of Equity

(In thousands)

 

 

 

Three Months Ended June 30, 2018

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

Additional

Paid-In

Capital

 

 

Retained

Earnings

 

 

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

 

 

Total

Equity

 

Balance at April 1, 2018

 

 

52,347

 

 

$

562

 

 

$

3,281,688

 

 

$

85,849

 

 

$

21,027

 

 

$

(228,764

)

 

$

3,160,362

 

Issuance of common stock upon exercise of stock options

 

 

25

 

 

 

 

 

 

959

 

 

 

 

 

 

 

 

 

 

 

 

959

 

Net issuance of common stock upon vesting of restricted

   stock units

 

 

272

 

 

 

3

 

 

 

(15,957

)

 

 

 

 

 

 

 

 

 

 

 

(15,954

)

Stock-based compensation

 

 

 

 

 

 

 

 

17,166

 

 

 

 

 

 

 

 

 

 

 

 

17,166

 

Treasury stock

 

 

(615

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(68,500

)

 

 

(68,500

)

Dividends on common stock

 

 

 

 

 

 

 

 

 

 

 

(15,640

)

 

 

 

 

 

 

 

 

(15,640

)

Adoption of ASC 606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

6,554

 

 

 

 

 

 

 

 

 

6,554

 

Cumulative translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,022

)

 

 

 

 

 

(14,022

)

Balance at June 30, 2018

 

 

52,029

 

 

$

565

 

 

$

3,283,856

 

 

$

76,763

 

 

$

7,005

 

 

$

(297,264

)

 

$

3,070,925

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

Additional

Paid-In

Capital

 

 

Retained

Earnings

 

 

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

 

 

Total

Equity

 

Balance at January 1, 2018

 

 

52,564

 

 

$

560

 

 

$

3,276,891

 

 

$

50,445

 

 

$

15,570

 

 

$

(179,725

)

 

$

3,163,741

 

Issuance of common stock upon exercise of stock options

 

 

29

 

 

 

 

 

 

1,022

 

 

 

 

 

 

 

 

 

 

 

 

1,022

 

Net issuance of common stock upon vesting of restricted

   stock units

 

 

455

 

 

 

5

 

 

 

(27,189

)

 

 

 

 

 

 

 

 

 

 

 

(27,184

)

Stock-based compensation

 

 

 

 

 

 

 

 

33,132

 

 

 

 

 

 

 

 

 

 

 

 

33,132

 

Treasury stock

 

 

(1,019

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(117,539

)

 

 

(117,539

)

Dividends on common stock

 

 

 

 

 

 

 

 

 

 

 

(31,377

)

 

 

 

 

 

 

 

 

(31,377

)

Adoption of ASC 606

 

 

 

 

 

 

 

 

 

 

 

21,429

 

 

 

 

 

 

 

 

 

21,429

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

36,266

 

 

 

 

 

 

 

 

 

36,266

 

Cumulative translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,565

)

 

 

 

 

 

(8,565

)

Balance at June 30, 2018

 

 

52,029

 

 

$

565

 

 

$

3,283,856

 

 

$

76,763

 

 

$

7,005

 

 

$

(297,264

)

 

$

3,070,925

 

 

 

 

Three Months Ended June 30, 2019

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

Additional

Paid-In

Capital

 

 

Retained

Earnings

 

 

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

 

 

Total

Equity

 

Balance at April 1, 2019

 

 

50,166

 

 

$

569

 

 

$

3,322,862

 

 

$

58,487

 

 

$

(492

)

 

$

(486,490

)

 

$

2,894,936

 

Issuance of common stock upon exercise of stock options

 

 

1

 

 

 

 

 

 

41

 

 

 

 

 

 

 

 

 

 

 

 

41

 

Net issuance of common stock upon vesting of restricted

   stock units

 

 

238

 

 

 

2

 

 

 

(8,867

)

 

 

 

 

 

 

 

 

 

 

 

(8,865

)

Stock-based compensation

 

 

 

 

 

 

 

 

18,203

 

 

 

 

 

 

 

 

 

 

 

 

18,203

 

Treasury stock

 

 

(839

)