SAN FRANCISCO, Feb. 25,
2020 /PRNewswire/ -- Castlight Health, Inc. (NYSE:CSLT), a
leading health benefits platform provider, today announced results
for its fourth quarter and full year ended December 31,
2019.
"In the fourth quarter, we continued our momentum with execution
against our top priorities, including: the launch of the
Castlight Care Guides high-touch pilot, the hire of our
chief commercial officer, industry veteran Keith Reynolds, and the pipeline development and
advancement by our new dedicated health plan team," said
Maeve O'Meara, chief executive
officer at Castlight Health. "The work we've done over the last two
quarters provides a solid foundation for the Company to execute on
our two-prong strategy of revitalizing our employer business while
unlocking new growth vectors, starting with health plans."
Financial performance for the three months ended
December 31, 2019 compared to the three months ended
December 31, 2018 includes:
- GAAP total revenue of $36.4
million, compared to $42.1
million
- GAAP gross margin of 55.3%, compared to 65.0%
- Non-GAAP gross margin of 57.8%, compared to 68.0%
- GAAP operating loss of $12.2
million, compared to $3.8
million
- Non-GAAP operating loss of $8.1
million, compared to income of $1.6
million
- GAAP net loss per basic and diluted share of $0.08, compared to a net loss per basic and
diluted share of $0.03
- Non-GAAP net loss per basic and diluted share of $0.05, compared to a net income per basic and
diluted share of $0.01
- Cash provided by operations of $4.0
million, compared to $7.5
million
Financial performance for the 12 months ended December 31,
2019 compared to the 12 months ended December 31, 2018
includes:
- GAAP total revenue of $143.3
million, compared to $156.4
million
- GAAP gross margin of 58.8%, compared to 61.5%
- Non-GAAP gross margin of 61.6% compared to 65.3%
- GAAP operating loss of $41.3
million, compared to a loss of $39.9
million
- Non-GAAP operating loss of $21.7
million, compared to a loss of $12.7
million
- GAAP net loss per basic and diluted share of $0.28, compared to a net loss per basic and
diluted share of $0.29
- Non-GAAP net loss per basic and diluted share of $0.14, compared to a net loss per basic and
diluted share of $0.09
- Cash used in operations of $17.4
million, compared to $18.6
million used in operations
Total cash, cash equivalents and marketable securities was
$59.4 million as of December 31,
2019.
A reconciliation of GAAP to non-GAAP results has been provided
in this press release in the accompanying tables. An explanation of
these measures is also included below under the heading "Non-GAAP
Financial Measures."
Business Outlook
For the full year 2020, the Company
expects:
- GAAP revenue between $130 million
and $135 million
- Non-GAAP operating loss between $17
million and $22 million
- Non-GAAP net loss per share between $0.12 and $0.15,
based on approximately 150 million to 151 million shares
Quarterly Conference Call
Castlight Health senior
management will host a conference call to discuss its fourth
quarter and full year 2019 results and business outlook today at
2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live audio webcast of
the conference call, together with detailed financial information,
can be accessed through the Company's Investor Relations website at
http://ir.castlighthealth.com. An archive of the webcast can also
be accessed through the same link. The live conference call can be
accessed by dialing (833) 238-7953 and the replay will be available
for one week at (800) 585-8367. The conference ID number for
the live call and replay is 2757629.
About Castlight Health
Castlight is on a mission
to make it as easy as humanly possible for its users to navigate
the healthcare system and live happier, healthier, more productive
lives. Our health navigation platform connects hundreds of health
vendors, benefits resources, and plan designs into one
comprehensive health and wellbeing experience. We guide
individuals—based on their unique profile—to the best resources
available to them, whether they are healthy, chronically ill, or
actively seeking medical care. Castlight transforms the employee
benefit experience into a deeply personalized, yet simple, guided
one, empowering better-informed patient decisions to unlock better
healthcare outcomes and maximizing return on healthcare
investments.
For more information visit www.castlighthealth.com. Follow us on
Twitter and LinkedIn and Like us on Facebook.
Non-GAAP Financial Measures
To supplement Castlight
Health's financial statements presented in accordance with
generally accepted accounting principles (GAAP), we also use and
provide investors and others with non-GAAP measures of certain
components of financial performance, including non-GAAP gross
profit and margin, non-GAAP operating expense, non-GAAP operating
income (loss), non-GAAP net income (loss) and non-GAAP net income
(loss) per share. Non-GAAP gross profit and margin, non-GAAP
operating expense, non-GAAP operating income (loss), and non-GAAP
net income (loss) exclude stock-based compensation, certain legal
expenses, amortization of intangibles, restructuring charges,
capitalization and amortization of internal-use software, and lease
exit and related charges.
We believe that these non-GAAP financial measures provide useful
supplemental information to investors and others, facilitate the
analysis of the company's core operating results and comparison of
operating results across reporting periods, and can help enhance
overall understanding of the company's historical financial
performance.
We have provided a reconciliation of each non-GAAP financial
measure to the most directly comparable GAAP financial measure,
except that we have not reconciled our non-GAAP operating loss and
net loss per share guidance for the full year 2020 to comparable
GAAP measures because we do not provide guidance for stock-based
compensation expense, and capitalization and amortization of
internal-use software, which are reconciling items between GAAP and
non-GAAP. The factors that may impact our future stock-based
compensation expense, and capitalization and amortization of
internal-use software are out of our control and/or cannot be
reasonably predicted, and therefore we are unable to provide such
guidance without unreasonable effort. Factors include our market
capitalization and related volatility of our stock price and our
inability to project the cost or scope of internally produced
software.
These non-GAAP financial measures should be considered in
addition to, not as a substitute for or in isolation from, measures
prepared in accordance with GAAP.
Further, these non-GAAP measures may differ from the non-GAAP
information used by other companies, including peer companies, and
therefore comparability may be limited. Castlight Health encourages
investors and others to review the company's financial information
in its entirety and not rely on a single financial measure.
Safe Harbor for Forward-Looking Statements
This press
release contains forward-looking statements about Castlight
Health's expectations, plans, intentions, and strategies,
including, but not limited to, statements regarding Castlight
Health's 2020 full year projections, executive leadership, the
success of our strategy and our expectations for our future
business and financial performance. Statements including words such
as "anticipate," "believe," "estimate," "will," "continue,"
"expect," or "future," and statements in the future tense are
forward-looking statements. These forward-looking statements
involve risks and uncertainties, as well as assumptions, which, if
they do not fully materialize or prove incorrect, could cause our
results to differ materially from those expressed or implied by
such forward-looking statements. The risks and uncertainties
include those described in Castlight Health's Annual Report on Form
10-K and other documents filed with or furnished to the Securities
and Exchange Commission. All forward-looking statements in this
press release are based on information available to Castlight
Health as of the date hereof. Castlight Health assumes no
obligation to update these forward-looking statements.
Copyright 2020 Castlight Health, Inc. Castlight
Health® is the registered trademark of Castlight
Health, Inc. Other company and product names may be trademarks of
the respective companies with which they are associated.
|
CASTLIGHT HEALTH,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands)
(unaudited)
|
|
|
As
of
|
|
December 31,
2019
|
|
December 31,
2018
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
43,017
|
|
|
$
|
66,005
|
|
|
Marketable
securities
|
16,411
|
|
|
11,327
|
|
|
Accounts receivable
and other, net
|
31,397
|
|
|
26,816
|
|
|
Prepaid expenses and
other current assets
|
4,645
|
|
|
3,680
|
|
|
Total current
assets
|
95,470
|
|
|
107,828
|
|
|
Property and
equipment, net
|
4,856
|
|
|
3,963
|
|
|
Restricted cash,
non-current
|
1,144
|
|
|
1,325
|
|
|
Deferred
commissions
|
14,718
|
|
|
20,142
|
|
|
Deferred professional
service costs
|
6,711
|
|
|
10,133
|
|
|
Intangible assets,
net
|
12,178
|
|
|
16,209
|
|
|
Goodwill
|
91,785
|
|
|
91,785
|
|
|
Operating lease
right-of-use assets, net
|
13,906
|
|
|
—
|
|
|
Other
assets
|
2,016
|
|
|
2,129
|
|
|
Total
assets
|
$
|
242,784
|
|
|
$
|
253,514
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
|
19,596
|
|
|
$
|
9,556
|
|
|
Accrued expenses and
other current liabilities
|
10,454
|
|
|
15,454
|
|
|
Accrued
compensation
|
8,770
|
|
|
5,975
|
|
|
Deferred
revenue
|
10,173
|
|
|
20,193
|
|
|
Operating lease
liabilities
|
5,914
|
|
|
—
|
|
|
Total current
liabilities
|
54,907
|
|
|
51,178
|
|
|
Deferred revenue,
non-current
|
572
|
|
|
1,030
|
|
|
Debt,
non-current
|
1,395
|
|
|
3,254
|
|
|
Operating lease
liabilities, non-current
|
11,823
|
|
|
—
|
|
|
Other liabilities,
non-current
|
1,213
|
|
|
3,381
|
|
|
Total
liabilities
|
69,910
|
|
|
58,843
|
|
|
Stockholders'
equity
|
172,874
|
|
|
194,671
|
|
|
Total liabilities and
stockholders' equity
|
$
|
242,784
|
|
|
$
|
253,514
|
|
|
CASTLIGHT HEALTH,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands,
except per share data)
(unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Subscription
|
$
|
34,723
|
|
|
$
|
39,408
|
|
|
$
|
137,393
|
|
|
$
|
143,901
|
|
|
Professional services
and other
|
1,724
|
|
|
2,692
|
|
|
5,915
|
|
|
12,503
|
|
|
Total revenue,
net
|
36,447
|
|
|
42,100
|
|
|
143,308
|
|
|
156,404
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
Cost of
subscription(1)
|
9,150
|
|
|
7,819
|
|
|
34,067
|
|
|
34,691
|
|
|
Cost of professional
services and other(1)
|
7,150
|
|
|
6,902
|
|
|
25,007
|
|
|
25,498
|
|
|
Total cost of
revenue
|
16,300
|
|
|
14,721
|
|
|
59,074
|
|
|
60,189
|
|
|
Gross
profit
|
20,147
|
|
|
27,379
|
|
|
84,234
|
|
|
96,215
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
10,664
|
|
|
10,419
|
|
|
38,597
|
|
|
49,134
|
|
|
Research and
development(1)
|
14,487
|
|
|
14,531
|
|
|
58,994
|
|
|
61,355
|
|
|
General and
administrative(1)
|
7,238
|
|
|
6,220
|
|
|
27,981
|
|
|
25,620
|
|
|
Total operating
expenses
|
32,389
|
|
|
31,170
|
|
|
125,572
|
|
|
136,109
|
|
|
Operating
loss
|
(12,242)
|
|
|
(3,791)
|
|
|
(41,338)
|
|
|
(39,894)
|
|
|
Other income,
net
|
496
|
|
|
(248)
|
|
|
1,336
|
|
|
188
|
|
|
Net loss
|
$
|
(11,746)
|
|
|
$
|
(4,039)
|
|
|
$
|
(40,002)
|
|
|
$
|
(39,706)
|
|
|
Net loss per share,
basic and diluted
|
$
|
(0.08)
|
|
|
$
|
(0.03)
|
|
|
$
|
(0.28)
|
|
|
$
|
(0.29)
|
|
|
Weighted-average shares
used to compute basic and diluted net loss
per share
|
147,359
|
|
|
140,508
|
|
|
145,172
|
|
|
137,686
|
|
|
|
(1) Includes
stock-based compensation expense as follows:
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
Cost of
subscription
|
$
|
179
|
|
|
$
|
222
|
|
|
$
|
774
|
|
|
$
|
1,017
|
|
|
Cost of professional
services and other
|
216
|
|
|
239
|
|
|
953
|
|
|
1,177
|
|
|
Sales and
marketing
|
175
|
|
|
615
|
|
|
2,142
|
|
|
3,770
|
|
|
Research and
development
|
1,369
|
|
|
1,854
|
|
|
6,100
|
|
|
7,214
|
|
|
General and
administrative
|
1,217
|
|
|
1,193
|
|
|
5,034
|
|
|
4,954
|
|
|
CASTLIGHT HEALTH,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands)
(unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(11,746)
|
|
|
$
|
(4,039)
|
|
|
$
|
(40,002)
|
|
|
$
|
(39,706)
|
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
1,552
|
|
|
1,587
|
|
|
5,920
|
|
|
6,858
|
|
|
Stock-based
compensation
|
3,156
|
|
|
4,123
|
|
|
15,003
|
|
|
18,132
|
|
|
Amortization of
deferred commissions
|
3,365
|
|
|
4,088
|
|
|
10,768
|
|
|
13,105
|
|
|
Amortization of
deferred professional service costs
|
2,132
|
|
|
1,917
|
|
|
5,242
|
|
|
5,268
|
|
|
Non-cash operating
lease expense
|
1,396
|
|
|
—
|
|
|
5,315
|
|
|
—
|
|
|
Lease exit and related
charges
|
—
|
|
|
564
|
|
|
—
|
|
|
2,634
|
|
|
Accretion and
amortization of marketable securities
|
6
|
|
|
(124)
|
|
|
(238)
|
|
|
(516)
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
and other, net
|
4,045
|
|
|
3,419
|
|
|
(4,581)
|
|
|
(4,883)
|
|
|
Deferred
commissions
|
(841)
|
|
|
(555)
|
|
|
(5,344)
|
|
|
(5,735)
|
|
|
Deferred professional
service costs
|
(385)
|
|
|
(625)
|
|
|
(1,686)
|
|
|
(2,735)
|
|
|
Prepaid expenses and
other assets
|
924
|
|
|
1,297
|
|
|
102
|
|
|
178
|
|
|
Accounts
payable
|
6,900
|
|
|
3,999
|
|
|
9,278
|
|
|
5,744
|
|
|
Operating lease
liabilities
|
(1,459)
|
|
|
—
|
|
|
(5,726)
|
|
|
—
|
|
|
Accrued expenses and
other liabilities
|
(688)
|
|
|
(1,355)
|
|
|
(3,760)
|
|
|
290
|
|
|
Deferred
revenue
|
(7,588)
|
|
|
(6,904)
|
|
|
(10,478)
|
|
|
(9,219)
|
|
|
Accrued
compensation
|
3,223
|
|
|
114
|
|
|
2,795
|
|
|
(7,966)
|
|
|
Net cash provided by
(used in) operating activities
|
3,992
|
|
|
7,506
|
|
|
(17,392)
|
|
|
(18,551)
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
(1,241)
|
|
|
(119)
|
|
|
(1,953)
|
|
|
(2,014)
|
|
|
Purchase of marketable
securities
|
(7,520)
|
|
|
(6,544)
|
|
|
(30,589)
|
|
|
(31,974)
|
|
|
Maturities of
marketable securities
|
11,075
|
|
|
16,860
|
|
|
25,745
|
|
|
53,210
|
|
|
Net cash provided by
(used in) investing activities
|
2,314
|
|
|
10,197
|
|
|
(6,797)
|
|
|
19,222
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
Proceeds from exercise
of stock options
|
1,136
|
|
|
1,867
|
|
|
3,060
|
|
|
4,480
|
|
|
Principal payments on
long-term debt
|
(465)
|
|
|
(465)
|
|
|
(1,859)
|
|
|
(465)
|
|
|
Net cash provided by
financing activities
|
671
|
|
|
1,402
|
|
|
1,201
|
|
|
4,015
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
6,977
|
|
|
19,105
|
|
|
(22,988)
|
|
|
4,686
|
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
37,365
|
|
|
48,225
|
|
|
67,330
|
|
|
62,644
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
44,342
|
|
|
$
|
67,330
|
|
|
$
|
44,342
|
|
|
$
|
67,330
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
43,017
|
|
|
$
|
66,005
|
|
|
$
|
43,017
|
|
|
$
|
66,005
|
|
|
Restricted cash
included in Prepaid and other current assets
|
181
|
|
|
—
|
|
|
181
|
|
|
—
|
|
|
Restricted cash,
non-current
|
1,144
|
|
|
1,325
|
|
|
1,144
|
|
|
1,325
|
|
|
Total cash, cash
equivalents and restricted cash
|
$
|
44,342
|
|
|
$
|
67,330
|
|
|
$
|
44,342
|
|
|
$
|
67,330
|
|
|
CASTLIGHT HEALTH,
INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(unaudited
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December 31,
2019
|
|
September 30,
2019
|
|
December 31,
2018
|
|
December 31,
2019
|
|
December 31,
2018
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
subscription
|
$
|
25,573
|
|
|
$
|
26,383
|
|
|
$
|
31,589
|
|
|
$
|
103,326
|
|
|
$
|
109,210
|
|
|
Stock-based
compensation
|
179
|
|
|
180
|
|
|
222
|
|
|
774
|
|
|
1,017
|
|
|
Amortization of
internal-use software
|
—
|
|
|
—
|
|
|
120
|
|
|
—
|
|
|
778
|
|
|
Amortization of
intangibles
|
530
|
|
|
660
|
|
|
678
|
|
|
2,364
|
|
|
2,712
|
|
|
Reduction in
workforce
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
130
|
|
|
Non-GAAP gross profit
subscription
|
$
|
26,282
|
|
|
$
|
27,223
|
|
|
$
|
32,609
|
|
|
$
|
106,464
|
|
|
$
|
113,847
|
|
|
GAAP gross margin
subscription
|
73.6
|
%
|
|
75.6
|
%
|
|
80.2
|
%
|
|
75.2
|
%
|
|
75.9
|
%
|
|
Non-GAAP gross margin
subscription
|
75.7
|
%
|
|
78.0
|
%
|
|
82.7
|
%
|
|
77.5
|
%
|
|
79.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross loss
professional services
|
$
|
(5,426)
|
|
|
$
|
(5,423)
|
|
|
$
|
(4,210)
|
|
|
$
|
(19,092)
|
|
|
$
|
(12,995)
|
|
|
Stock-based
compensation
|
216
|
|
|
236
|
|
|
239
|
|
|
953
|
|
|
1,177
|
|
|
Reduction in
workforce
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173
|
|
|
Non-GAAP gross loss
professional services
|
$
|
(5,210)
|
|
|
$
|
(5,187)
|
|
|
$
|
(3,971)
|
|
|
$
|
(18,139)
|
|
|
$
|
(11,645)
|
|
|
GAAP gross margin
professional services
|
(315)
|
%
|
|
(967)
|
%
|
|
(156.4)
|
%
|
|
(323)
|
%
|
|
(103.9)
|
%
|
|
Non-GAAP gross margin
professional services
|
(302)
|
%
|
|
(925)
|
%
|
|
(147.5)
|
%
|
|
(307)
|
%
|
|
(93.1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
|
20,147
|
|
|
$
|
20,960
|
|
|
$
|
27,379
|
|
|
$
|
84,234
|
|
|
$
|
96,215
|
|
|
Impact of non-GAAP
adjustments
|
925
|
|
|
1,076
|
|
|
1,259
|
|
|
4,091
|
|
|
5,987
|
|
|
Non-GAAP gross
profit
|
$
|
21,072
|
|
|
$
|
22,036
|
|
|
$
|
28,638
|
|
|
$
|
88,325
|
|
|
$
|
102,202
|
|
|
GAAP gross
margin
|
55.3
|
%
|
|
59.1
|
%
|
|
65.0
|
%
|
|
58.8
|
%
|
|
61.5
|
%
|
|
Non-GAAP gross
margin
|
57.8
|
%
|
|
62.1
|
%
|
|
68.0
|
%
|
|
61.6
|
%
|
|
65.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expense:
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and
marketing
|
$
|
10,664
|
|
|
$
|
9,829
|
|
|
$
|
10,419
|
|
|
$
|
38,597
|
|
|
$
|
49,134
|
|
|
Stock-based
compensation
|
(175)
|
|
|
(678)
|
|
|
(615)
|
|
|
(2,142)
|
|
|
(3,770)
|
|
|
Amortization of
intangibles
|
(529)
|
|
|
(528)
|
|
|
(273)
|
|
|
(1,601)
|
|
|
(1,265)
|
|
|
Reduction in
workforce
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,055)
|
|
|
Non-GAAP sales and
marketing
|
$
|
9,960
|
|
|
$
|
8,623
|
|
|
$
|
9,531
|
|
|
$
|
34,854
|
|
|
$
|
43,044
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and
development
|
$
|
14,487
|
|
|
$
|
14,295
|
|
|
$
|
14,531
|
|
|
$
|
58,994
|
|
|
$
|
61,355
|
|
|
Stock-based
compensation
|
(1,369)
|
|
|
(1,294)
|
|
|
(1,854)
|
|
|
(6,100)
|
|
|
(7,214)
|
|
|
Reduction in
workforce
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(522)
|
|
|
Certain legal
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(191)
|
|
|
—
|
|
|
Capitalization of
internally developed software
|
80
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
Lease exit and related
charges
|
—
|
|
|
—
|
|
|
(167)
|
|
|
—
|
|
|
(2,178)
|
|
|
Non-GAAP research and
development
|
$
|
13,198
|
|
|
$
|
13,001
|
|
|
$
|
12,510
|
|
|
$
|
52,783
|
|
|
$
|
51,441
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and
administrative
|
$
|
7,238
|
|
|
$
|
6,440
|
|
|
$
|
6,220
|
|
|
$
|
27,981
|
|
|
$
|
25,620
|
|
|
Stock-based
compensation
|
(1,217)
|
|
|
(625)
|
|
|
(1,193)
|
|
|
(5,034)
|
|
|
(4,954)
|
|
|
Amortization of
intangibles
|
(16)
|
|
|
(16)
|
|
|
(17)
|
|
|
(66)
|
|
|
(67)
|
|
|
Certain legal
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(533)
|
|
|
—
|
|
|
Reduction in
workforce
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(172)
|
|
|
Non-GAAP general and
administrative
|
$
|
6,005
|
|
|
$
|
5,799
|
|
|
$
|
5,010
|
|
|
$
|
22,348
|
|
|
$
|
20,427
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expense
|
$
|
32,389
|
|
|
$
|
30,564
|
|
|
$
|
31,170
|
|
|
$
|
125,572
|
|
|
$
|
136,109
|
|
|
Impact of non-GAAP
adjustments
|
(3,226)
|
|
|
(3,141)
|
|
|
(4,119)
|
|
|
(15,587)
|
|
|
(21,197)
|
|
|
Non-GAAP operating
expense
|
$
|
29,163
|
|
|
$
|
27,423
|
|
|
$
|
27,051
|
|
|
$
|
109,985
|
|
|
$
|
114,912
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss:
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$
|
(12,242)
|
|
|
$
|
(9,604)
|
|
|
$
|
(3,791)
|
|
|
$
|
(41,338)
|
|
|
$
|
(39,894)
|
|
|
Impact of non-GAAP
adjustments
|
4,151
|
|
|
4,217
|
|
|
5,378
|
|
|
19,678
|
|
|
27,184
|
|
|
Non-GAAP operating
loss (income)
|
$
|
(8,091)
|
|
|
$
|
(5,387)
|
|
|
$
|
1,587
|
|
|
$
|
(21,660)
|
|
|
$
|
(12,710)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
and net (loss) income per share:
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
|
(11,746)
|
|
|
$
|
(9,336)
|
|
|
$
|
(4,039)
|
|
|
$
|
(40,002)
|
|
|
$
|
(39,706)
|
|
|
Total pre-tax impact
of non-GAAP adjustments
|
4,151
|
|
|
4,217
|
|
|
5,378
|
|
|
19,678
|
|
|
27,184
|
|
|
Non-GAAP net (loss)
income
|
$
|
(7,595)
|
|
|
$
|
(5,119)
|
|
|
$
|
1,339
|
|
|
$
|
(20,324)
|
|
|
$
|
(12,522)
|
|
|
GAAP net loss per
share, basic and diluted
|
$
|
(0.08)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.03)
|
|
|
$
|
(0.28)
|
|
|
$
|
(0.29)
|
|
|
Non-GAAP net (loss)
income per share, basic and diluted
|
$
|
(0.05)
|
|
|
$
|
(0.04)
|
|
|
$
|
0.01
|
|
|
$
|
(0.14)
|
|
|
$
|
(0.09)
|
|
|
Shares used in basic
and diluted net (loss) income per share computation
|
147,359
|
|
|
145,701
|
|
|
140,508
|
|
|
145,172
|
|
|
137,686
|
|
Castlight Media Contact:
Courtney Lamie
press@castlighthealth.com
276-492-4248
Castlight Investor Contact:
ir@castlighthealth.com
415-829-1680
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SOURCE Castlight Health, Inc.