Care.com (NYSE: CRCM), the world's largest online destination
for finding and managing family care, today is announcing financial
results for the first quarter ended March 30, 2019.
“In Q1 we saw strong revenue growth of 13% versus Q1 2018,”
said Sheila Lirio Marcelo, Founder, Chairwoman and CEO
of Care.com. “In addition to sharing our solid Q1 financial
results, we are making important safety-related announcements
today. We believe that investing in our new safety enhancements
while maintaining our investments in the overall user experience
will enable us to continue to build trust in our leading brand –
thereby driving member growth, improving lifetime value, and
sustaining ongoing profitable growth.”
Financial Results
- Revenue for the first quarter of 2019
was $53.3 million, an increase of 13% from $47.3 million in the
first quarter of 2018.
- Revenue attributable to the US Consumer
offering totaled $40.8 million in the first quarter of 2019, an
increase of 10% from $37.1 million in the first quarter of
2018.
- Revenue attributable to our Other
businesses totaled $12.5 million in the first quarter of 2019, an
increase of 22% from $10.2 million in the first quarter of
2018.
- Net loss was $1.0 million in the first
quarter of 2019, compared to net income of $2.7 million in the
first quarter of 2018, a decrease of $3.7 million.
- Adjusted EBITDA was $4.3 million in the
first quarter of 2019, compared to $6.7 million in the first
quarter of 2018, a decrease of $2.4 million.
- GAAP EPS (Diluted) was a loss of $0.05
in the first quarter of 2019, compared to income of $0.05 in the
first quarter of 2018. Q1 GAAP EPS (Diluted) was based on 32.2
million weighted average diluted shares outstanding versus 33.3
million in the first quarter of 2018.
- Non-GAAP EPS (Diluted) was $0.12 in the
first quarter of 2019, compared to the first quarter of 2018, which
was $0.19. Note that Non-GAAP EPS excludes the impact of non-cash
stock-based compensation, adjustments relating to preferred stock
and other non-recurring items, such as M&A expenses and
restructuring costs.
- The Company ended the quarter with
$125.1 million in cash and cash equivalents and short-term
investments.
Business Highlights
- Our total members grew 16% to 32.9
million at the end of the first quarter of 2019, compared to 28.4
million in the same period of 2018.
- Total families grew to 19.1 million at
the end of the first quarter of 2019, an increase of 18% over the
same period of 2018, and total caregivers grew to 13.9 million at
the end of the first quarter of 2019, an increase of 14% over the
same period of 2018.
Financial Expectations
Q2 2019 Guidance Full Year
2019 Guidance Revenue $ 52.0 - $
52.3 $ 217.0
-
$ 221.0 Adjusted EBITDA $ 3.7 - $ 4.0 $ 25.0 - $ 27.0
Non-GAAP EPS
~$0.08
$
0.52
- $
0.56
Figures in millions except for Non-GAAP EPS Q2 Non-GAAP EPS
based on approximately 39 million weighted average dilutive shares
FY'19 full-year Non-GAAP EPS based on approximately 40 million
weighted average diluted shares
Future GAAP Net Income and GAAP EPS may be significantly
affected by changes in ongoing assumptions and judgments, and may
also be affected by non-recurring, unusual or unanticipated
charges, expenses or gains, which we are not able to estimate and
which therefore are excluded in the calculation of the Company’s
non-GAAP EPS guidance as described in this press release. Due to
the nature of any such items, we are not able to estimate their
significance, and it is therefore currently not practical to
reconcile adjusted EBITDA and non-GAAP EPS guidance to the most
comparable GAAP measure.
Earnings Teleconference Information
The Company will host a conference call at 8:00 AM ET today to
discuss these results. The conference call will be accessible at
(877) 407-4018 or (201) 689-8471 (International). The call will
also be broadcast simultaneously at http://investors.care.com.
Following 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 (844) 512-2921 or (412) 317-6671
(International), conference ID# 13689392. The telephone replay will
be available from 11:00 AM ET May 9, 2019 through 11:59 PM ET May
23, 2019. Additional investor information can be accessed at
http://investors.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 19.1 million families and 13.9 million
caregivers* across more than 20 countries, including the U.S., UK,
Canada and parts of Western Europe, and approximately 1.7 million
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 Care.com Benefits, including the
household payroll and tax services provided by Care.com HomePay and
the Care Benefit Bucks program, a peer-to-peer pooled, portable
benefits platform funded by household employer contributions which
provides caregivers access to professional benefits. For enterprise
clients, Care.com builds 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. Headquartered in Waltham,
Massachusetts, Care.com has offices in Berlin, Austin and the San
Francisco Bay area.
*As of March 2019
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 expected results of product
investments and initiatives, anticipated revenue growth, and the
Company’s financial guidance for the second quarter of 2019 and
full year 2019.
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 “plan,” "expect,"
"anticipate," "should," "believe," "hope," "target," "project,"
"goals," "estimate," "potential," "predict," "may," "will,"
"might," "could," "intend," “designed,” 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 and extending the length of
time that paying members continue to pay for our services, 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
has no intention nor undertakes any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law. 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 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 income
and non-GAAP EPS as non-GAAP financial measures in this press
release. We define adjusted EBITDA as income / (loss), which
excludes the accretion of preferred stock dividends and issuance
costs, as well as: federal, state and franchise taxes, other income
(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, such as impairment and restructuring
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 as income /
(loss), which excludes the accretion of preferred stock dividends,
plus stock-based compensation, accretion of contingent
consideration, merger and acquisition related costs, and other
unusual or non-cash significant adjustments such as impairment and
restructuring charges. We define non-GAAP EPS as non-GAAP net
income divided by diluted weighted-average shares outstanding,
using the treasury stock method.
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)
March 30,2019
December 29,2018
Assets (unaudited) Current assets: Cash and cash equivalents $
90,022 $ 92,432 Short-term investments 35,099 35,099 Accounts
receivable (net of allowance of $100 and $100, respectively) (1)
6,732 4,663 Unbilled accounts receivable (2) 6,033 6,394 Prepaid
expenses and other current assets 8,398 7,223
Total current assets 146,284 145,811 Property and equipment,
net 3,260 3,423 Intangible assets, net 6,770 4,061 Goodwill 73,134
68,176 Other non-current assets 2,908 2,859 Operating lease right
of use assets, net 20,871 - Deferred tax assets 43,978
43,737 Total assets $ 297,205 $ 268,067
Liabilities, redeemable convertible preferred stock,
and stockholders' equity Current liabilities: Accounts payable (3)
$ 1,740 $ 3,437 Accrued expenses and other current liabilities (4)
19,292 20,463 Current contingent acquisition consideration 917
1,527 Deferred revenue (5) 26,797 20,176 Current operating lease
liabilities 4,481 -
Total current liabilities
53,227 45,603 Non-current contingent acquisition consideration
-
438 Other non-current liabilities 1,428 6,806 Non-current operating
lease liabilities 23,303 - Total
liabilities 77,958 52,847 Series A Redeemable Convertible
Preferred Stock, $0.001 par value - 46 shares designated; 46 shares
issued and outstanding at March 30, 2019 and December 29, 2018; at
aggregate liquidation and redemption value at March 30, 2019 and
December 29, 2018 53,725 53,007 Stockholders' equity Preferred
Stock, $0.001 par value; 5,000 shares authorized at March 30, 2019
and December 29, 2018, respectively - - Common stock, $0.001 par
value; 300,000 shares authorized; 32,426 and 32,057 shares issued
and outstanding at March 30, 2019 and December 29, 2018
respectively 32 32 Additional paid-in capital 290,898 286,295
Accumulated deficit
(125,150
) (124,122 ) Accumulated other comprehensive (loss) income
(258
) 8 Total stockholders' equity 165,522
162,213 Total liabilities, redeemable convertible
preferred stock, and stockholders' equity $ 297,205 $
268,067 (1) Includes accounts receivable due
from related party of $822 and $421 at March 30, 2019 and December
29, 2018, respectively (2) Includes unbilled accounts receivable
due from related party of $255 and $680 at March 30, 2019 and
December 29, 2018, respectively (3) Includes accounts payable due
to related party of $0 and $530 at March 30, 2019 and December 29,
2018, respectively (4) Includes accrued expenses and other current
liabilities due to related party of $1,031 and $403 at March 30,
2019 and December 29, 2018, respectively (5) Includes deferred
revenue associated with related party of $172 and $1 at March 30,
2019 and December 29, 2018, respectively
Care.com, Inc. Consolidated Statement of Operations (in
thousands, except per share data) Three Months Ended
March 30,2019
March 31,2018
(unaudited) Revenue (1) $ 53,336 $ 47,325 Cost of revenue
13,802 9,443 Operating expenses: Selling and marketing (2) 18,604
16,857 Research and development 11,224 8,288 General and
administrative 11,308 10,467 Depreciation and amortization 447 418
Restructuring charges 231 462 Total
operating expenses 41,814 36,492
Operating (loss) income (2,280 ) 1,390 Other income, net 269
562 (Loss) Income before income taxes (2,011 )
1,952 Benefit from income taxes (983 ) (745 ) Net
(loss) income (1,028 ) 2,697 Accretion of Series A Preferred Stock
dividends (718 ) (680 ) Net income attributable to Series A
Redeemable Convertible Preferred Stock - (276
) Net (loss) income attributable to common stockholders $ (1,746 )
$ 1,741 Net (loss) income per share attributable to
common stockholders (Basic): $ (0.05 ) $ 0.06 Net (loss) income per
share attributable to common stockholders (Diluted): $ (0.05 ) $
0.05 Weighted-average shares used to compute net (loss)
income per share attributable to common stockholders: Basic 32,209
30,551 Diluted 32,209 33,344 (1) Includes related
party revenue of $946 and $637 for the three months ended March 30,
2019 and March 31, 2018, respectively. (2) Includes related party
expenses of $3,221 and $3,036 for the three months ended March 30,
2019 and March 31, 2018, respectively. Care.com, Inc.
Reconciliation of Adjusted EBITDA & Non-GAAP Net Income (in
thousands, except per share data) Three Months
Ended March 30,
2019
March 31,
2018
(unaudited) Net (loss) income $ (1,028 ) $ 2,697
Federal, state and franchise taxes (859 ) (439 ) Other expense
(income), net (269 ) (562 ) Depreciation and amortization
739 463 EBITDA (1,417 ) 2,159
Stock-based compensation 4,054 3,712 Merger and acquisition related
costs 1,436 176 Restructuring related costs 231 462 Litigation
related costs 21 - Software implementation costs 8 153 Severance
related costs - 67 Adjusted EBITDA $
4,333 $ 6,729 Add back for Non-GAAP Net Income
Federal, state and franchise taxes 859 439 Other income, net
269 562 Depreciation and amortization (739 ) (463 )
Non-GAAP net income $ 4,722 $ 7,267 Non-GAAP
net income per share: Basic $ 0.15 $ 0.24 Diluted $ 0.12 $ 0.19
Weighted-average shares used to compute non-GAAP net income
per share : Basic 32,209 30,551 Diluted 39,725 38,195
Care.com, Inc. Reconciliation of Non-GAAP EPS (in thousands, except
per share data) Three Months Ended
March 30,
2019
March 31,
2018
(unaudited) Weighted-average shares used to compute net income per
share: Diluted 39,725 38,195
Net (loss) income per share (Diluted):
Net (loss) income per share attributable
to common stockholders
$ (0.04 ) $ 0.05 Impact on net income per share of Series A related
costs 0.02 0.03
Adjusted net (loss) income per share
$ (0.03 ) $ 0.07 Stock-based compensation 0.10 0.10 Merger
and acquisition related costs 0.04 0.00 Restructuring related costs
0.01 0.01 Litigation related costs 0.00 - Software implementation
costs 0.00 0.00 Severance related costs - 0.00
Non-GAAP net income per share - diluted $ 0.12 $ 0.19
Care.com, Inc.
Supplemental
Data (in thousands, except monthly average revenue per
paying family) Period Ended March 30,
2019
March 31,
2018
Total members 32,944 28,420 16 % Total families 19,062 16,195 18 %
Total caregivers 13,882 12,225 14 % Paying families - US
Consumer Business 350 318 10 %
Period Ended March
30,
2019
March 31,
2018
Monthly Average Revenue per Paying Family US Consumer
Business $ 40 $ 40
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190509005307/en/
Investor Relations:Staci MortensonICR, Inc.(781)
795-7244investors@care.com
Care com (NYSE:CRCM)
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