Achieves Record Fourth Quarter
Profitability
Care.com, Inc. (NYSE: CRCM), the world's largest online
destination for finding and managing family care, today announced
financial results for the fourth quarter and full year ended
December 26, 2015.
“In Q4, we achieved GAAP net income for the first time in the
company’s history,” said Sheila Lirio Marcelo, Founder, Chairwoman,
and CEO of Care.com. “On an Adjusted EBITDA basis, we achieved a 10
percentage point improvement as a percent of revenue versus Q4
2014, driven primarily by a seven percentage point improvement in
sales and marketing. For the year, we achieved a 14 percentage
point improvement in sales and marketing spend as a percent of
revenue. At the same time, we grew revenue by 25% in 2015 and
continued to invest in R&D, including developing our
transactional consumer mobile platform and our enterprise
on-demand, back-up care app now being used at one of the
largest technology companies in the world. We’re excited about our
mobile product investments. While we anticipate that it will take
time for us to realize meaningful revenue from these investments,
we expect they will position us well to capture a larger portion of
our market opportunity for both our consumer and enterprise
services in the future.”
Financial Results
- Fourth quarter revenue increased 25%
compared to the fourth quarter of 2014 to $37.6 million, excluding
$3.0 million from discontinued operations. Full year revenue
increased 25% compared to 2014 to $138.7 million, excluding $11.5
million from discontinued operations.
- Revenue attributable to the US Consumer
Business totaled $31.1 million in the fourth quarter of 2015, a 25%
increase from $25.0 million in the fourth quarter of 2014. For the
year, revenue attributable to the US Consumer Business totaled
$115.0 million, a 25% increase from $92.0 million in 2014.
- Revenue attributable to the Care@Work
(formally WPS), International and B2B businesses totaled $6.5
million in the fourth quarter of 2015, an increase of 28% from the
fourth quarter of 2014, or 35% on a constant currency basis. For
the year, revenue attributable to the Care@Work, International and
B2B businesses totaled $23.7 million, an increase of 27% from 2014,
or 36% on a constant currency basis.
- Income from continuing operations in
the fourth quarter of 2015 was $3.7 million compared to a loss of
$1.5 million in 2014, an improvement of $5.2 million. On a full
year basis, loss from continuing operations in 2015 was $17.9
million compared to a loss of $37.6 million in 2014, an improvement
of $19.7 million.
- Loss from discontinued operations in
the fourth quarter of 2015 was $2.1 million compared to $38.9
million in 2014. On a full year basis, loss from discontinued
operations in 2015 was $17.1 million compared to a loss of $42.7
million in 2014.
- GAAP EPS was $0.05 in the fourth
quarter of 2015, based on 32.2 million weighted average basic
shares outstanding. GAAP EPS was $(1.09) for the full year 2015,
based on 32.0 million weighted average basic shares
outstanding.
- Adjusted EBITDA was income of $6.3
million in the fourth quarter of 2015 compared to $2.1 million in
2014, an improvement of $4.2 million. Full year 2015 adjusted
EBITDA was a loss of $5.0 million compared to a loss of $21.1
million in 2014, an improvement of $16.1 million.
- Non-GAAP EPS was $0.15 in the fourth
quarter of 2015, excluding the impact of $(0.01) from discontinued
operations, based on 32.2 million weighted average basic shares
outstanding. For the full year, non-GAAP EPS was $(0.40) in 2015,
excluding the impact of $(0.12) from discontinued operations, based
on 32.0 million weighted average basic shares outstanding. Non-GAAP
EPS excludes the impact of non-cash stock-based compensation,
discontinued operations and non-recurring items, such as M&A
expenses.
- The Company ended the year with $61.2
million in cash and cash equivalents.
Business Highlights
- Our total members grew 33% to 18.4
million at year-end 2015, compared to 13.8 million at year-end
2014.
- Total families grew to 10.3 million at
year-end 2015, an increase of 35% over last year, and total
caregivers grew to 8.1 million at year-end 2015, an increase of 31%
over last year.
- End of year 2015 US Consumer Business
end-of-period paying members grew to over 266,000, a 21% increase
over last year.
Financial Expectations
Q1 2016 Full Year
2016 Revenue $ 37.5 - $ 38.5 $
155.0 - $ 161.0
Adjusted EBITDA
$ (1.0 ) - $ - $ 6.5 - $ 10.5 Non-GAAP EPS $ (0.07 ) - $
(0.04 ) $ 0.05 - $ 0.15 Figures in millions except for
Non-GAAP EPS Full year guidance includes the impact of a 53rd week
Q1 Non-GAAP EPS based on 33.1 million weighted average shares Full
year Non-GAAP EPS based 35.0 million on weighted average shares
Earnings Teleconference Information
The Company will discuss its fourth quarter and full year 2015
financial results during a teleconference today, February 23, 2016,
at 4:30 PM ET. The conference call can be accessed at (877)
407-4018 or (201) 689-8471 (international), conference ID#
13629311. 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
#13629311. The telephone replay will be available from 7:30 PM ET
February 23 through 11:59 PM ET March 1, 2016. Additional investor
information can be accessed at http://www.care.com
About Care.com
Since launching in 2007, Care.com (NYSE: CRCM) has been
committed to solving the complex care challenges that impact
families, caregivers, employers, and care service companies. Today,
Care.com is the world’s largest online destination for finding and
managing family care, with 10.3 million families and 8.1 million
caregivers* across 16 countries, including the U.S., UK, Canada and
parts of Western Europe, and approximately 800,000 employees of
corporate clients having access to our services. Spanning child
care to senior care, pet care, housekeeping and more, Care.com
provides a sweeping array of services for families and caregivers
to find, manage and pay for care or find employment. These include:
a comprehensive suite of safety tools and resources members may use
to help make more informed hiring decisions - such as third-party
background check services, monitored messaging, and tips on hiring
best practices; easy ways for caregivers to be paid online or via
mobile app; and household payroll and tax services provided by
Care.com HomePay. Care.com builds employers customized benefits
packages covering child care, back up care and senior care
consulting services through its Care@Work business, and serves care
businesses with marketing and recruiting support. To connect
families further, Care.com acquired community platforms Big Tent
and Kinsights in 2013 and 2015, respectively. Headquartered in
Waltham, Massachusetts, Care.com has offices in Berlin, Austin, New
York City and the San Francisco Bay area.
*As of December 2015
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 anticipated profitability of our
business in 2016 on an adjusted EBITDA basis and the Company’s
financial guidance for the first quarter of 2016 and full year
2016.
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 while leveraging our
investment in sales and marketing, 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
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 income (loss)
from continuing operations and non-GAAP earnings per share from
continuing operations (“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
from continuing operations and non-GAAP EPS as non-GAAP financial
measures in this press release. We define adjusted EBITDA as net
loss from continuing operations, plus: federal, state and franchise
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, such as impairment charges. 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 income (loss) as net loss from
continuing operations, 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 income (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.
Care.com, Inc. Consolidated Balance
Sheets (in thousands)
December 26,2015
December 27,2014
Assets (unaudited) Current assets: Cash and cash
equivalents $ 61,240 $ 71,881 Accounts receivable (net of allowance
of $0.1 million for 2015) 3,107 2,530 Unbilled accounts receivable
3,595 3,541 Prepaid expenses and other current assets 2,599 4,936
Current assets of discontinued operations 439
3,172 Total current assets 70,980 86,060 Property and
equipment, net 6,371 6,290 Intangible assets, net 3,389 7,065
Goodwill 58,631 60,635 Other non-current assets 3,098 3,072
Non-current assets of discontinued operations 9
9,982 Total assets $ 142,478 $ 173,104
Liabilities and stockholders' equity Current
liabilities: Accounts payable $ 3,189 $ 4,323 Accrued expenses and
other current liabilities 12,413 11,667 Current contingent
acquisition consideration - 2,845 Deferred revenue 13,435 11,472
Current liabilities of discontinued operations 17,883
11,919 Total current liabilities 46,920 42,226
Deferred tax liability 3,166 2,119 Other non-current liabilities
4,140 3,442 Non-current liabilities of discontinued operations
- 7,267 Total liabilities 54,226 55,054
Stockholders' equity Common stock, $0.001 par value; 300,000
shares authorized; 32,276 and 31,615 shares issued and outstanding,
respectively 32 32 Additional paid-in capital 283,669 277,583
Accumulated deficit (194,854 ) (159,859 ) Accumulated other
comprehensive (loss) income (595 ) 294 Total
stockholders' equity 88,252 118,050
Total liabilities and stockholders' equity $ 142,478 $
173,104
Care.com, Inc. Consolidated
Statement of Operations (in thousands, except per share data)
Three Months Ended Year Ended
December 26,2015
December 27,2014
December 26,2015
December 27,2014
(unaudited) Revenue $ 37,550 $ 29,999 $ 138,681 $
110,712 Cost of revenue 6,321 5,869 26,117 23,464 Operating
expenses: Selling and marketing 13,726 13,311 73,521 73,799
Research and development 4,656 3,993 19,801 16,216 General and
administrative 7,857 7,069 30,158 27,325 Depreciation and
amortization 986 1,127 4,503
4,363 Total operating expenses 27,225
25,500 127,983 121,703
Operating loss 4,004 (1,370 ) (15,419 ) (34,455 ) Other
expense, net (263 ) (529 ) (1,239 )
(3,856 ) Income (Loss) from continuing operations before income
taxes 3,741 (1,899 ) (16,658 ) (38,311 ) Provision for (benefit
from) income taxes 58 (369 ) 1,221
(752 ) Income (Loss) from continuing operations 3,683
(1,530 ) (17,879 ) (37,559 ) Loss from discontinued operations, net
of tax (2,084 ) (38,890 ) (17,116 )
(42,733 ) Net income (loss) 1,599 (40,420 ) (34,995 ) (80,292 )
Accretion of preferred stock - -
- (4 ) Net income (loss) attributable to common
stockholders $ 1,599 $ (40,420 ) $ (34,995 ) $ (80,296 )
Net income (loss) per share attributable to common
stockholders (Basic): Income (Loss) from continuing operations $
0.11 $ (0.05 ) $ (0.56 ) $ (1.30 ) Loss from discontinued
operations (0.06 ) (1.23 ) (0.53 )
(1.47 ) Net income (loss) $ 0.05 $ (1.28 ) $ (1.09 ) $ (2.77 )
Net income (loss) per share attributable to common
stockholders (Diluted): Income (Loss) from continuing operations $
0.11 $ (0.05 ) $ (0.56 ) $ (1.30 ) Loss from discontinued
operations (0.06 ) (1.23 ) (0.53 )
(1.47 ) Net income (loss) $ 0.05 $ (1.28 ) $ (1.09 ) $ (2.77 )
Weighted-average shares used to compute net loss per share
attributable to common stockholders: Basic 32,191 31,507 32,001
28,941 Diluted 33,273 31,507 32,001 28,941
Care.com, Inc. Consolidated Statement of Cash Flows
Year Ended
(in thousands)
December 26,2015
December 27,2014
(unaudited) Cash flows from operating
activities Net loss $ (34,995 ) $ (80,292 ) Loss from
discontinued operations, net of tax (17,116 ) (42,733
) Loss from continuing operations (17,879 ) (37,559 ) Adjustments
to reconcile net loss to net cash provided by (used in) operating
activities: Stock-based compensation 4,926 3,879 Depreciation and
amortization 5,218 5,128 Deferred taxes 1,094 (893 ) Contingent
consideration expense - 302 Change in fair value of contingent
consideration payable in preferred stock - 2,258 Change in fair
value of stock warrants - 606 Foreign currency remeasurement gain
1,275 - Other non-operating expenses (98 ) (89 ) Changes in
operating assets and liabilities, net of effects from acquisitions:
Accounts receivable (604 ) (946 ) Unbilled accounts receivable (291
) (1,066 ) Prepaid expenses and other current assets 2,076 (116 )
Other non-current assets (22 ) 353 Accounts payable (588 ) 1,757
Accrued expenses and other current liabilities 1,864 2,087 Deferred
revenue 2,280 3,242 Other non-current liabilities 909
880 Net cash provided by (used in) operating
activities by continuing operations 160 (20,177 ) Net cash used in
operating activities by discontinued operations (5,124 )
(4,107 ) Net cash used in operating activities (4,964
) (24,284 )
Cash flows from investing
activities Purchases of property and equipment (4,396 ) (3,038
) Payments for acquisitions, net of cash acquired - (489 ) Cash
withheld for purchase consideration 73 (73 ) Net increase in other
assets - (2,825 ) Net cash used in investing
activities by continuing operations (4,323 ) (6,425 ) Net cash used
in investing activities by discontinued operations (2 )
(22,844 ) Net cash used in investing activities
(4,325 ) (29,269 )
Cash flows from financing
activities Proceeds from initial public offering net of
offering costs - 96,007 Proceeds from exercise of common stock
options 777 787 Payments of contingent consideration previously
established in purchase accounting (1,840 ) (2,209 )
Net cash (used in) provided by financing activities (1,063 )
94,585 Effect of exchange rate changes on cash
and cash equivalents (289 ) 890 Net (decrease)
increase in cash and cash equivalents (10,641 ) 41,922 Cash and
cash equivalents, beginning of the period 71,881
29,959 Cash and cash equivalents, end of the period $
61,240 $ 71,881
Care.com, Inc.
Reconciliation of Adjusted EBITDA (in thousands)
Three Months
Ended Year Ended
December 26,2015
December 27,2014
December 26,2015
December 27,2014
(unaudited) Net income (loss) from continuing
operations $ 3,683 $ (1,530 ) $ (17,879 ) $ (37,559 )
Federal, state and franchise taxes 109 (311 ) 1,411 (468 ) Other
expense, net 263 529 1,239 3,856 Depreciation and amortization
1,152 1,318 5,218
5,128 EBITDA 5,207 6 (10,011 ) (29,043 )
Stock-based compensation 1,204 826 4,926 3,879 Accretion of
contingent consideration - - - 302 Non-cash rent expense - 550 -
948 Merger and acquisition related costs (82 ) 709 53 2,644 IPO
related costs - - -
164 Adjusted EBITDA $ 6,329 $ 2,091
$ (5,032 ) $ (21,106 )
Care.com, Inc.
Reconciliation of Non-GAAP Net Income (Loss)
Three Months
Ended Year Ended (in thousands, except per share data)
December 26,2015
December 27,2014
December 26,2015
December 27,2014
(unaudited) Net income (loss) from continuing
operations $ 3,683 $ (1,530 ) $ (17,879 ) $ (37,559 )
Stock-based compensation 1,204 826 4,926 3,879 Accretion of
contingent consideration - - - 302 Non-cash rent expense - 550 -
948 Merger and acquisition related costs (82 ) 709 53 2,644 IPO
related costs - - - 164 Preferred stock and warrant valuation
adjustments - - -
2,864 Non-GAAP net income (loss) $ 4,805 $ 555
$ (12,900 ) $ (26,758 ) Non-GAAP net income (loss) per
share: Basic $ 0.15 $ 0.02 $ (0.40 ) $ (0.92 ) Diluted $ 0.14 $
0.02 $ (0.40 ) $ (0.92 )
Weighted-average shares used to compute
non-GAAP net income (loss) per share:
Basic 32,191 31,507 32,001 28,941 Diluted 33,273 32,290 32,001
28,941 Care.com, Inc.
Supplemental Data (in thousands)
Year Ended
December 26,2015
December 27,2014
Total members* 18,377 13,788 Total families* 10,265 7,612 Total
caregivers* 8,112 6,176 Paying members - US Consumer
Business 266 222 * data is cumulative as of the end of the
respective period
Year Ended
December 26,2015
December 27,2014
Monthly Average
Revenue per Member
US Consumer Business $ 39 $ 39
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160223006785/en/
Investor Relations:ICR, Inc.Denise Garcia,
781-795-7244investors@care.com
Care com (NYSE:CRCM)
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