Leading Care Destination with 9.7 Million
Members Delivers Record Revenue
Care.com, Inc. (NYSE: CRCM), the world's largest online care
destination, today announced financial results for the fourth
quarter and fiscal year ended on December 28, 2013.
- Full year 2013 revenue grew 68% to
$81.5M from $48.5M in 2012
- Total members grew to 9.7 million at
year end 2013, a 46% increase from 2012
- 52% of member visits in the second half
of 2013 were via mobile, representing a 61% increase over 2012
“Families around the world continue to demand solutions for
finding and managing family care and we remain committed to deliver
those solutions to them," said Sheila Lirio Marcelo, Founder and
CEO of Care.com. “We continue to attract more families and
caregivers to our platform as the powerful network effects of our
business take hold. Care.com reported strong revenue growth for the
fourth quarter and the year, and during 2013, we continued to grow
and strengthen our core consumer businesses and optimize our user
experience with investments in mobile and our payments
platforms."
Financial Results
- Revenue for the fourth quarter was
$22.5 million, a 41% increase from $15.9 million in the fourth
quarter of 2012. Full year revenue was $81.5 million, a 68%
increase from $48.5 million in 2012.
- Net loss for the fourth quarter 2013
was $3.6 million, compared to net loss of $2.5 million in the
fourth quarter of 2012. Full year 2013 net loss was $28.3 million,
compared to $20.4 million in 2012.
- GAAP EPS was $(1.16) in the fourth
quarter. For the full year, GAAP EPS was $(9.45). Q4 GAAP EPS was
based on 3.1 million weighted average basic shares outstanding and
full year 2013 was based on 3.0 million weighted average basic
shares outstanding as a private company. These exclude the impact
of our issuance of 6.2 million shares of our common stock and the
conversion of 21.3 million preferred shares as a result of our Q1
2014 initial public offering.
- Adjusted EBITDA was a loss of $1.1
million in the fourth quarter 2013, compared to an adjusted EBITDA
loss of $1.2 million in the fourth quarter of 2012. Full year 2013
adjusted EBITDA was a loss of $17.2 million compared to a loss of
$15.5 million in 2012.
- The Company ended the year with $30
million in cash and cash equivalents. For the fourth quarter of
2013, our cash used by operating activities was $7.3 million
compared to $3.2 million used in the year-ago quarter.
Business Highlights
- Total members grew 46% to 9.7 million
at year end 2013, compared to 6.7 million at year end 2012
- Total families grew 51% to 5.3 million
at year end 2013, compared to 3.5 million at year end 2012.
- Total caregivers grew 41% to 4.5
million at year end 2013, compared to 3.2 million at year end
2012.
- US consumer matching revenue grew 44%
during the fourth quarter and 49% for 2013. End of year 2013
consumer matching paying members grew to 160,000, a 30% increase
over 2012.
- We expanded our employer offering
during 2013 with backup care and concierge care. In Q4, we added 6
new clients at an average deal size of over $100,000. We ended 2013
with a total of 137 clients and 600,000 covered employees.
- In our consumer payments business, we
integrated Breedlove & Associates, rebranding it to Care.com
HomePay, and accelerated the growth of that business. During 2013,
37% of new HomePay signups came via Care.com.
- In December 2013, we expanded our
relationship with USAA, which made an investment of $20 million in
Care.com in 2010 to further promote Care.com’s services to USAA's
approximately ten million active and former members of the U.S.
Military and their families.
- In January 2014, we completed the
initial public offering of our common stock, in which we sold an
aggregate of 6.2 million shares of our common stock, including
0.8 million shares in connection with the exercise of the
underwriters’ over-allotment option at a price of $17.00 per share,
resulting in net proceeds of $97.3 million .
Financial Expectations
Q1 2014
Revenue $23.8M - $24.8M
GAAP Earnings per Share $(0.58) - $(0.54) Adjusted
EBITDA $(10.5)M - $(9.5)M
Full Year
2014
Revenue $108.0M - $111.0M GAAP Earnings per Share $(1.16) -
$(1.06) Adjusted EBITDA $(23.0)M - $(20.0)M Figures
in millions except for EPS
EPS based on weighted average basic shares
outstanding
About Care.com
Care.com (NYSE: CRCM) is the world’s largest online destination
for finding and managing family care. As of December 2013, the
Company had 9.7 million members spanning 16 countries, including
the US, the United Kingdom, Canada and parts of Western Europe.
Care.com’s web and mobile platforms enable families to connect to
care providers and caregiving services in a reliable and easy way,
while also helping care providers find meaningful work. Through its
consumer matching platform, tools and resources, Care.com allows
families to make safer, more informed hiring decisions. The Company
also enables families to pay caregivers electronically online or
via mobile device and also subscribe to Care.com HomePay to manage
their household payroll and tax matters. Through its Workplace
Solutions unit, Care.com also serves hundreds of thousands of
families whose employers provide access to Care.com’s platform, as
well as backup dependent care, as a corporate benefit.
Cautionary Language Concerning Forward-Looking Statements
:
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding the network effects of the Company’s
business, and the Company’s financial guidance for the first
quarter of 2014 and full year 2014. These forward-looking
statements are made as of the date they were first issued and were
based on current expectations, estimates, forecasts and projections
as well as the beliefs and assumptions of management. Words
such as "expect," "anticipate," "should," "believe," "hope,"
"target," "project," "goals," "estimate," "potential," "predict,"
"may," "will," "might," "could," "intend," variations of these
terms or the negative of these terms and similar expressions are
intended to identify these forward-looking statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond the Company's control. The Company's actual results
could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including
but not limited to: our ability to grow our membership, our success
in converting non-paying members to paying members, our ability to
cross-sell new and existing products and services to our members
and to develop new products and services that members consider
valuable, our member acquisition costs, our execution of our plans
and strategies, including with respect to mobile products and
features, and our ability to protect our brand and maintain our
reputation among our members, and other risks detailed in the
Company's other publicly available filings with the Securities and
Exchange Commission. Past performance is not necessarily indicative
of future results. The forward-looking statements included in
this press release represent the Company's views as of the date of
this press release. The Company anticipates that subsequent
events and developments will cause its views to change. The Company
undertakes no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. These forward-looking statements
should not be relied upon as representing the Company's views as of
any date subsequent to the date of this press release.
Use of Non-GAAP Financial Measures
To supplement the financial measures presented in the Company’s
press release and related conference call or webcast in accordance
with accounting principles generally accepted in the United States
("GAAP"), we also present a non-GAAP financial measure relating to
non-GAAP adjusted EBITDA.
A “non-GAAP financial measure” refers to a numerical measure of
the Company’s historical or future financial performance, financial
position, or cash flows that excludes (or includes) amounts that
are included in (or excluded from) the most directly comparable
measure calculated and presented in accordance with GAAP in the
Company’s financial statements. The Company provides the non-GAAP
measure as additional information relating to its operating results
as a complement to results provided in accordance with GAAP. The
non-GAAP financial information presented here should be considered
in conjunction with, and not as a substitute for or superior to,
the financial information presented in accordance with GAAP and
should not be considered a measure of the Company’s liquidity.
There are significant limitations associated with the use of
non-GAAP financial measures. Further, this measure may differ from
the non-GAAP information, even where similarly titled, used by
other companies and therefore should not be used to compare the
Company’s performance to that of other companies.
The Company has presented adjusted EBITDA as a non-GAAP
financial measure in this press release. We define adjusted EBITDA
as net loss, plus: provision for (benefit from) income taxes, other
(expense) income, net, depreciation and amortization, stock-based
compensation, accretion of contingent consideration, merger and
acquisition related costs and other unusual or non-cash significant
adjustments.
Adjusted EBITDA differs from GAAP in that it eliminates items
that are either not part of the Company's core operations or does
not require a cash outlay, such as stock-based compensation.
Adjusted EBITDA eliminates the effects of financing, income taxes
and the accounting effects of capital spending, which is based on
the Company's estimate of the useful life of tangible and
intangible assets. Care.com’s management uses this non-GAAP measure
when evaluating the Company’s operating performance and for
internal planning and forecasting purposes. We believe that this
non-GAAP financial measure helps indicate underlying trends in the
Company’s business, is important in comparing current results with
prior period results, and is useful to investors and financial
analysts in assessing the Company’s operating performance.
Care.com, Inc. Consolidated Balance Sheets (in
thousands)
December 28,
2013
December 31,
2012
(unaudited) Assets Current assets: Cash and cash
equivalents $ 29,959 $ 44,776 Restricted cash 246 39 Accounts
receivable (net of allowance of $56 and $99, respectively) 1,609
1,168 Unbilled accounts receivable 2,477 2,042 Prepaid expenses and
other current assets 1,731 1,293 Total
current assets 36,022 49,318 Property and equipment, net 1,553 715
Intangible assets, net 11,418 16,851 Goodwill 62,686 61,805 Other
non-current assets 2,150 713 Total
assets $ 113,829 $ 129,402
Liabilities,
redeemable convertible preferred stock and stockholders'
deficit Current liabilities: Accounts payable $ 2,031 $ 1,000
Accrued expenses and other current liabilities 7,023 3,528 Current
contingent acquisition consideration 5,463 - Deferred revenue
8,304 5,102 Total current liabilities
22,821 9,630 Contingent acquisition consideration 5,166 9,288
Deferred tax liability 1,112 828 Other non-current liabilities
785 904 Total liabilities 29,884 20,650
Redeemable convertible preferred stock, $0.01 par value;
22,632 shares authorized; 21,299 shares issued and outstanding;
aggregate liquidation value of $161,666 152,251 152,194
Stockholders' deficit Common stock, $0.001 par value; 32,000 shares
authorized; 3,197 and 2,882 shares issued and outstanding as of
December 28, 2013 and December 31, 2012, respectively 3 3
Additional paid-in capital 9,311 6,628 Accumulated deficit (79,563
) (51,210 ) Accumulated other comprehensive income 1,943
1,137 Total stockholders' deficit
(68,306 ) (43,442 ) Total liabilities, redeemable
convertible preferred stock and stockholders' deficit $ 113,829
$ 129,402
Care.com, Inc. Consolidated
Statement of Operations (in thousands, except per share data)
Three Months Ended Fiscal Year Ended
December 28,
2013
December 31,
2012
December 28,
2013
December 31,
2012
(unaudited) Revenue $ 22,511 $ 15,926 $ 81,487 $
48,493 Cost of revenue 4,852 2,986 18,844 10,210 Operating
expenses: Selling and marketing 11,398 7,997 55,250 35,916 Research
and development 3,397 2,219 11,816 7,662 General and administrative
5,534 4,712 18,841 13,671 Depreciation and amortization
1,221 938 4,387 1,724
Total operating expenses 21,550 15,866 90,294 58,973
Operating loss (3,891 ) (2,926 ) (27,651 ) (20,690 ) Other income
(expense), net 27 (2 ) (291 )
(47 ) Loss before income taxes (3,864 ) (2,928 ) (27,942 ) (20,737
) Benefit from (provision for) income taxes (233 )
(387 ) 354 (317 ) Net loss $ (3,631 ) $ (2,541
) $ (28,296 ) $ (20,420 ) Accretion of preferred stock (15 )
(15 ) (57 ) (48 ) Net loss attributable to
common stockholders $ (3,646 ) $ (2,556 ) $ (28,353 ) $ (20,468 )
Net loss per share attributable to common stockholders: Basic and
diluted $ (1.16 ) $ (0.88 ) $ (9.45 ) $ (7.97 ) Weighted-average
shares used to compute net loss per share attributable to common
stockholders: Basic and diluted 3,130 2,881 3,000 2,568
Care.com, Inc. Consolidated Statement of Cash Flows (in thousands)
Three Months Ended Fiscal Year Ended
December 28,
2013
December 31,
2012
December 28,
2013
December 31,
2012
(unaudited) Cash flows from operating activities Net
loss $ (3,631 ) $ (2,541 ) $ (28,296 ) $ (20,420 ) Adjustments to
reconcile net loss to net cash used in operating activities:
Stock-based compensation 666 231 1,862 1,952 Depreciation and
amortization 1,535 1,380 6,702 2,440 Deferred taxes (399 ) (433 )
284 (345 ) Contingent consideration expense 919 131 1,342 239
Change in fair value of stock warrants 34 - 115 93 Changes in
operating assets and liabilities, net of effects from acquisitions:
Restricted cash 383 (6 ) 23 89 Accounts receivable 403 323 (46 )
(473 ) Unbilled accounts receivable 99 (49 ) (458 ) (1,060 )
Prepaid expenses and other current assets 73 (128 ) (462 ) (584 )
Other non-current assets (114 ) (6 ) (109 ) (208 ) Accounts payable
(2,091 ) (1,758 ) 706 711 Accrued expenses and other current
liabilities (4,636 ) (434 ) 2,870 339 Deferred revenue (367 ) (77 )
2,821 1,907 Other non-current liabilities (161 ) 178
(15 ) 165 Net cash used in operating
activities (7,287 ) (3,189 ) (12,661 ) (15,155 )
Cash
flows from investing activities Purchases of property and
equipment (351 ) (48 ) (1,420 ) (413 ) Acquisitions of businesses,
net of cash acquired - (1,210 ) (398 ) (25,075 ) Purchases of
intangible assets - (126 ) - (142 ) Cash withheld for purchase
consideration - (230 ) -
(230 ) Net cash used in investing activities (351 ) (1,614 ) (1,818
) (25,860 )
Cash flows from financing activities
Proceeds from the issuance of redeemable preferred stock - (12 ) -
49,904 Proceeds from the issuance of common stock 366 5 821 253
Payments for deferred offerings costs (839 ) -
(1,074 ) - Net cash (used in) provided by
financing activities (473 ) (7 ) (253 ) 50,157 Effect of
exchange rate changes on cash and cash equivalents 67
(10 ) (85 ) (29 ) Net (decrease) increase in
cash and cash equivalents (8,044 ) (4,820 ) (14,817 ) 9,113 Cash
and cash equivalents, beginning of the period 38,003
49,596 44,776 35,663 Cash
and cash equivalents, end of the period $ 29,959 $ 44,776
$ 29,959 $ 44,776
Care.com, Inc.
Reconciliation of Adjusted EBITDA (in thousands)
Three Months
Ended Fiscal Year Ended December 28,
2013
December 31,
2012
December 28,
2013
December 31,
2012
(unaudited) Net Loss $ (3,631 ) $ (2,541 ) $ (28,296
) $ (20,420 ) (Benefit from) provision for income taxes (233
) (387 ) 354 (317 ) Other (income) expense, net (27 ) 2 291 47
Depreciation and amortization 1,535 1,380
6,702 2,440 EBITDA (2,356
) (1,546 ) (20,949 ) (18,250 ) Stock-based compensation 666
231 1,862 1,952 Accretion of contingent consideration 138 131 561
239 Merger and acquisition related costs - 28 - 548 IPO related
costs 467 - 1,305
- Adjusted EBITDA $ (1,085 ) $ (1,156 ) $ (17,221 ) $
(15,511 )
Care.com, Inc. Supplemental Data (in thousands)
Three Months Ended Fiscal Year Ended
December 28,
2013
December 31,
2012
December 28,
2013
December 31,
2012
Total members* 9,744 6,678 9,744 6,678 Total families* 5,281 3,509
5,281 3,509 Total caregivers* 4,463 3,169 4,463 3,169 Total paying
families 305 242 551 407 Total revenue per paying family $ 74 $ 66
$ 148 $ 119 Total paying caregivers 40 30 88 62 Total revenue per
paying caregiver $ 36 $ 36 $ 66 $ 66 * data is cumulative as
of the end of the respective period
Investor Relations:ICR, Inc.Denise Garcia,
781-795-7244investors@care.comorMedia Relations:Care.comNancy
Bushkin, 781-642-5919nbushkin@care.com
Care com (NYSE:CRCM)
過去 株価チャート
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Care com (NYSE:CRCM)
過去 株価チャート
から 7 2023 まで 7 2024
