Leading Care Destination Delivers Record
Revenue as Membership Tops 10.7 Million
Care.com, Inc. (NYSE: CRCM), the world's largest online care
destination for finding and managing family care, today announced
financial results for the first quarter ended on March 29,
2014.
- Total members grew to 10.7 million at
the end of Q1, representing 44% growth over the first quarter
2013.
- First quarter 2014 revenue grew 39% to
$25.3 million from $18.2 million in the first quarter of 2013. US
consumer matching and payments businesses each grew 37% over the
first quarter of 2013.
- Investments in integrated products and
marketing contributed to accelerated payments growth, with 40% of
new payments signups via Care.com.
“The start of the year represents one of the peaks in our
business as more families look to put care solutions in place for
their children, seniors, and homes, and then head into tax season,”
said Sheila Lirio Marcelo, Founder and CEO of Care.com. “Our
results for the first quarter demonstrate the powerful cross-sell
synergies of our platform and the high-ROI potential of our
combined core services of US consumer matching and payments. The
breadth and scope of our services continues to attract families and
caregivers to our platform while also providing a foundation for
enhanced offerings designed to enrich the member experience.”
Financial Results
- Revenue for the first quarter was $25.3
million, a 39% increase from $18.2 million in the first quarter of
2013.
- US consumer matching revenue totaled
$18.0 million in Q1, a 37% increase from $13.1 million the first
quarter 2013.
- Payments revenue totaled $4.2 million
in the first quarter, a 37% increase from $3.1 million the first
quarter of 2013.
- Net loss for the first quarter 2014 was
$15.5 million, compared to net loss of $6.8 million in the first
quarter of 2013. Net loss was impacted by the planned timing of
marketing investments and by $3.0 million of non-recurring
preferred stock and warrant valuation adjustments and other
IPO-related expenses.
- Adjusted EBITDA was a loss of $9.6
million in the first quarter 2014, compared to an adjusted EBITDA
loss of $4.3 million in the first quarter of 2013. Adjusted EBITDA
included planned increases in marketing investments.
- GAAP EPS was $(0.71) in the first
quarter, including $(0.14) in non-recurring preferred stock and
warrant valuation adjustments and other IPO-related expenses. Q1
GAAP EPS was based on 21.9 million weighted average basic shares
outstanding.
- Non-GAAP EPS was $(0.51) in the first
quarter. Non-GAAP EPS excludes the impact of non-cash stock based
compensation and non-recurring items, such as M&A and
IPO-related expenses.
- The Company ended the quarter with
$118.6 million in cash and cash equivalents. For the first quarter
of 2014, our cash used by operating activities was $4.1 million
compared to $2.5 million used in the first quarter of 2013.
Business Highlights
- Our total members grew 44% to 10.7
million at the end of Q1, compared to 7.5 million in Q1, 2013.
Total families grew 48% to 5.8 million at the end of Q1, and total
caregivers grew 40% to 4.9 million at the end of Q1.
- We initiated integrated US matching and
payments marketing programs to take advantage of payments’ peak tax
season and cross sell synergies. As a result, payments growth
accelerated and 40% of new payments signups came via Care.com.
- We introduced new releases of our iOS
and Android apps, and launched enhanced mobile web features. Mobile
visitors now make up approximately half of our US traffic, which
was an average of 5.7 million total unique monthly visitors, a 36%
increase over Q1 of last year.
- We acquired the right to hire a highly
talented team of mobile developers formerly comprising all of the
employees of Consmr, Inc.. This team has joined our existing
mobile, product engineering, and data analytics teams to help us
accelerate, expand and enhance our mobile product offerings.
Financial Expectations
Q2 2014 Revenue $25.5MM - $26.2MM Adjusted EBITDA
$(7.0)MM - $(6.0)MM Non GAAP Earnings per Share $(0.28) - $(0.23)
Full Year 2014 Revenue $109MM - $112MM Adjusted
EBITDA $(23)MM - $(20)MM Non GAAP Earnings per Share $(1.00) -
$(0.90) Figures in millions except for Non GAAP EPS
Non-GAAP EPS based on weighted basic shares
Earnings Teleconference Information
The Company will discuss its first quarter 2014 financial
results during a teleconference today, May 1, 2014, at 8:00 AM ET.
The conference call can be accessed at (877) 407-4018 or (201)
689-8471 (international), conference ID# 13580146. The call will
also be broadcast simultaneously at http://investors.care.com.
Following the completion of the call, a recorded replay of the
webcast will be available on Care.com’s website. To listen to the
telephone replay, call toll-free (877) 870-5176 or (858 384-5517
(international), conference ID # 13580146. The telephone replay
will be available from 11:00 AM ET May 1 through 11:59 PM ET May 8,
2014. Additional investor information can be accessed at
http://www.care.com
About Care.com
Care.com (NYSE: CRCM) is the world’s largest online destination
for finding and managing family care. As of March 2014, the Company
had 10.7 million members spanning 16 countries, including the
United States, 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 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 future product offerings and the
anticipated effect of such offerings, and the Company’s financial
guidance for the second 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 the following non-GAAP measures of
financial performance: adjusted EBITDA, non-GAAP net loss and
non-GAAP earnings per share (“EPS”).
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 certain
non-GAAP measures 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, these measures 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, non-GAAP net loss and
non-GAAP EPS as non-GAAP financial measures in this press release.
We define adjusted EBITDA as net loss, plus: provision for income
taxes, other expense, 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 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. We define non-GAAP net loss
as net loss, plus stock-based compensation, accretion of contingent
consideration, merger and acquisition related costs and other
unusual or non-cash significant adjustments. We define non-GAAP EPS
as non-GAAP net loss divided by weighted basic shares
outstanding.
The Company believes the use of non-GAAP financial measures, as
a supplement to GAAP measures, is useful to investors in that they
eliminate items that are either not part of the Company's core
operations or do not require a cash outlay, such as stock-based
compensation. Care.com’s management uses these non-GAAP financial
measures when evaluating the Company’s operating performance and
for internal planning and forecasting purposes. The Company
believes that these non-GAAP financial measures help indicate
underlying trends in the Company’s business, are important in
comparing current results with prior period results, and are useful
to investors and financial analysts in assessing the Company’s
operating performance.
CRCMFIN
Care.com, Inc.
Consolidated Balance Sheets (in thousands)
March 29,
2014
December 28,2013
(unaudited) Assets Current assets: Cash and cash
equivalents $ 118,562 $ 29,959 Restricted cash 533 246 Accounts
receivable (net of allowance of $56 and $56, respectively) 2,201
1,609 Unbilled accounts receivable 3,037 2,477 Prepaid expenses and
other current assets 1,935 1,731 Total
current assets 126,268 36,022 Property and equipment, net 1,512
1,553 Intangible assets, net 10,352 11,418 Goodwill 63,149 62,686
Other non-current assets 598 2,150
Total assets $ 201,879 $ 113,829
Liabilities, redeemable convertible preferred stock and
stockholders' equity (deficit) Current liabilities: Accounts
payable $ 4,014 $ 2,031 Accrued expenses and other current
liabilities 9,993 7,023 Current contingent acquisition
consideration 2,615 5,463 Deferred revenue 10,406
8,304 Total current liabilities 27,028 22,821
Contingent acquisition consideration - 5,166 Deferred tax liability
1,526 1,112 Other non-current liabilities 410
785 Total liabilities 28,964 29,884 Redeemable
convertible preferred stock, $0.01 par value; 22,632 shares
authorized at December 28, 2013; 21,299 shares issued and
outstanding; aggregate liquidation value of $161,666 as of December
28, 2013 - 152,251 Stockholders' equity (deficit) Preferred
stock, $0.001 par value; 5,000 shares authorized; no shares issued
and outstanding - - Common stock, $0.001 par value; 300,000 and
32,000 shares authorized; 30,966 and 3,197 shares issued and
outstanding as of March 29, 2014 and December 28, 2013,
respectively 31 3 Additional paid-in capital 266,200 9,311
Accumulated deficit (95,111 ) (79,563 ) Accumulated other
comprehensive income 1,795 1,943 Total
stockholders' equity (deficit) 172,915 (68,306
) Total liabilities, redeemable convertible preferred stock and
stockholders' equity (deficit) $ 201,879 $ 113,829
Care.com, Inc.
Consolidated Statement of Operations (in thousands, except per
share data)
Fiscal Quarter Ended
March 29,2014
March 31,2013
(unaudited) Revenue $ 25,271 $ 18,162 Cost of revenue
5,771 4,227 Operating expenses: Selling and marketing 20,449 12,933
Research and development 4,064 2,667 General and administrative
6,232 3,701 Depreciation and amortization 1,068
1,019 Total operating expenses 31,813
20,320 Operating loss (12,313 ) (6,385 ) Other
expense, net (2,746 ) (127 ) Loss before income taxes
(15,059 ) (6,512 ) Provision for income taxes 485
307 Net loss $ (15,544 ) $ (6,819 ) Accretion of
preferred stock (4 ) (14 ) Net loss attributable to
common stockholders $ (15,548 ) $ (6,833 ) Net loss per
share attributable to common stockholders: Basic and diluted $
(0.71 ) $ (2.35 ) Weighted-average shares used to compute net loss
per share attributable to common stockholders: Basic and diluted
21,899 2,901
Care.com, Inc.
Consolidated Statement of Cash Flows
(in thousands)
Fiscal Quarter Ended
March 29,2014
March 31,2013
(unaudited)
Cash flows from operating activities Net loss $ (15,544 ) $
(6,819 ) Adjustments to reconcile net loss to net cash used in
operating activities: Stock-based compensation 1,099 297
Depreciation and amortization 1,261 1,665 Deferred taxes 415 276
Contingent consideration expense 73 135 Change in fair value of
contingent consideration payable in preferred stock 2,258 - Change
in fair value of stock warrants 606 - Changes in operating assets
and liabilities, net of effects from acquisitions: Restricted cash
(431 ) 8 Accounts receivable (592 ) (158 ) Unbilled accounts
receivable (560 ) (104 ) Prepaid expenses and other current assets
(203 ) (8 ) Other non-current assets (3 ) 5 Accounts payable 2,142
762 Accrued expenses and other current liabilities 3,266 443
Deferred revenue 2,103 971 Other non-current liabilities (13
) 42 Net cash used in operating activities (4,123 )
(2,485 )
Cash flows from investing activities
Purchases of property and equipment (128 ) (745 ) Payments for
acquisitions, net of cash acquired (489 ) - Cash withheld for
purchase consideration (86 ) - Net cash used
in investing activities (703 ) (745 )
Cash flows from financing
activities
Proceeds from initial public offering net of offering costs 96,242
- Proceeds from the issuance of common stock 157 28 Payments of
contingent consideration previously established in purchase
accounting (2,845 ) - Net cash provided by financing
activities 93,554 28 Effect of exchange rate changes on cash
and cash equivalents (125 ) 132 Net increase
(decrease) in cash and cash equivalents 88,603 (3,070 ) Cash and
cash equivalents, beginning of the period 29,959
44,776 Cash and cash equivalents, end of the period $
118,562 $ 41,706 Care.com, Inc.
Reconciliation of Adjusted EBITDA (in thousands)
Fiscal
Quarter Ended
March 29,2014
March 31, 2013
(unaudited) Net Loss $ (15,544 ) $ (6,819 )
Provision for income taxes 485 307 Other expense, net 2,746 127
Depreciation and amortization 1,261 1,666
EBITDA (11,052 ) (4,719 ) Stock-based
compensation 1,099 297 Accretion of contingent consideration 73 135
Merger and acquisition related costs 77 - IPO related costs
154 - Adjusted EBITDA $ (9,649 ) $
(4,287 ) Care.com, Inc. Reconciliation of
Non-GAAP Net Loss (in thousands, except per share data)
Fiscal Quarter Ended
March 29,2014
March 31,2013
(unaudited) Net Loss $ (15,544 ) $ (6,819 )
Stock-based compensation 1,099 297 Accretion of contingent
consideration 73 135 Merger and acquisition related costs 77 - IPO
related costs 154 - Preferred stock and warrant valuation
adjustments 2,864 135
Non-GAAP net loss $ (11,277 ) $ (6,252 ) Non-GAAP net
loss per share attributable to common stockholders: Basic and
diluted $ (0.51 ) $ (2.16 ) Weighted-average shares used to compute
Non-GAAP net loss per share attributable to common stockholders:
Basic and diluted 21,899 2,901 Care.com, Inc.
Supplemental Data (in thousands)
Fiscal Quarter Ended
March 29,2014
March 31,2013
Total members* 10,737 7,453 Total families* 5,845 3,948 Total
caregivers* 4,891 3,505 * data is cumulative as of the end
of the respective period
ICR, Inc.Investor Relations:Denise Garcia,
781-795-7244investors@care.comorCare.comMedia Relations:Nancy
Bushkin, 781-642-5919nbushkin@care.com
Care com (NYSE:CRCM)
過去 株価チャート
から 6 2024 まで 7 2024
Care com (NYSE:CRCM)
過去 株価チャート
から 7 2023 まで 7 2024
