Care.com (NYSE: CRCM), the world's largest online destination
for finding and managing family care, today is announcing financial
results for the second quarter ended June 29, 2019.
“During Q2 we began to feel the effects of downward pressure on
conversion and on traffic from word of mouth within the U.S.
Matching business, which led to slower revenue growth in Q2 and
lowered revenue guidance for the full year,” said Shelia Lirio
Marcelo, Founder, Chairwoman and CEO of Care.com. “Care@Work, on
the other hand, continues to grow impressively. Overall, as the
leading digital care marketplace by a large margin, we remain
optimistic about the market opportunity and look forward to our
next chapter of growth.”
Financial Results
- Revenue for the second quarter of 2019 was $51.0 million, an
increase of 11% from $46.0 million in the second quarter of 2018.
-
Revenue attributable to the US Consumer offering totaled $38.2
million in the second quarter of 2019, an increase of 7% from $35.6
million in the second quarter of 2018.
-
Revenue attributable to our Other businesses totaled $12.8
million in the second quarter of 2019, an increase of 23% from
$10.4 million in the second quarter of 2018.
- Net loss was $64.8 million in the second quarter of 2019,
compared to net loss of $0.2 million in the second quarter of 2018,
a decrease of $64.6 million. The significant decrease was primarily
attributable to the establishment of a valuation allowance related
to certain net operating losses and deferred tax assets and, to a
lesser extent, the impairment and other charges recognized on the
Figure 8 acquisition.
- Adjusted EBITDA was a $5.9 million in the second quarter of
2019, compared to $5.9 million in the second quarter of 2018.
- GAAP EPS (Diluted) was a loss of $2.01 in the second quarter of
2019, compared to a loss of $0.03 in the second quarter of 2018. Q2
GAAP EPS (Diluted) was based on 32.5 million weighted average
diluted shares outstanding versus 30.6 million in the second
quarter of 2018.
- Non-GAAP EPS (Diluted) was $0.09 in the second quarter of 2019,
compared to the second quarter of 2018, which was $0.14. 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, and the realization of a valuation allowance on deferred tax
assets.
- The Company ended the quarter with $124.8 million in cash and
cash equivalents and short-term investments.
Sheila Lirio Marcelo to be named Executive Chairwoman
- Today, Ms. Marcelo announced that the Company will initiate a
search for a new Chief Executive Officer and that she will
transition to the role of Executive Chairwoman to focus her efforts
on advocating for improvements and innovations in the country’s
care infrastructure to better enable families to find quality care
and caregivers to find meaningful work. Ms. Marcelo will remain CEO
until her successor is appointed, participating in the search
process with the other members of the Board of Directors, and
transition to Executive Chairwoman at that time.
Business Highlights
- Our total members grew 15% to 34.1 million at the end of the
second quarter of 2019, compared to 29.6 million in the same period
of 2018.
- Total families grew to 19.8 million at the end of the second
quarter of 2019, an increase of 17% over the same period of 2018,
and total caregivers grew to 14.3 million at the end of the second
quarter of 2019, an increase of 13% over the same period of
2018.
Financial Expectations
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.
Q3 2019 Guidance Full Year 2019 Guidance
Revenue
$
52.0
-
$
52.5
$
206.5
-
$
208.0
Adjusted EBITDA
$
4.2
-
$
4.5
$
20.0
-
$
21.0
Non-GAAP EPS ~$0.10
$
0.49
-
$
0.52
Figures in millions except for Non-GAAP
EPS
Q3 Non-GAAP EPS based on approximately 39
million weighted average dilutive shares
FY'19 full-year Non-GAAP EPS based on
approximately 39 million weighted average diluted shares
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 #13692611. The telephone replay will be available
from 11:00 AM ET August 6 through 11:59 PM ET August 20, 2019.
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 19.8 million families and 14.3 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 June 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 third 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 and the realization of a valuation allowance
for deferred taxes. 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)
June 29,2019 December 29,2018 Assets (unaudited) Current assets:
Cash and cash equivalents
$
89,453
$
92,432
Short-term investments
35,338
35,099
Accounts receivable (net of allowance of $100 and $100,
respectively) (1)
5,036
4,663
Unbilled accounts receivable (2)
6,534
6,394
Prepaid expenses and other current assets
6,759
7,223
Total current assets
143,120
145,811
Property and equipment, net
3,518
3,423
Intangible assets, net
3,506
4,061
Goodwill
68,060
68,176
Other non-current assets
2,986
2,859
Operating lease right of use assets, net
19,323
-
Deferred tax assets
-
43,737
Total assets
$
240,513
$
268,067
Liabilities, redeemable convertible preferred stock, and
stockholders' equity Current liabilities: Accounts payable (3)
$
461
$
3,437
Accrued expenses and other current liabilities (4)
20,297
20,463
Current contingent acquisition consideration
447
1,527
Deferred revenue (5)
24,348
20,176
Current operating lease liabilities
4,699
-
Total current liabilities
50,252
45,603
Non-current contingent acquisition consideration
-
438
Deferred tax liability
2,005
-
Other non-current liabilities
3,829
6,806
Non-current operating lease liabilities
22,079
-
Total liabilities
78,165
52,847
Series A Redeemable Convertible Preferred Stock, $0.001 par
value - 46 shares designated; 46 shares issued and outstanding at
June 29, 2019 and December 29, 2018; at aggregate liquidation and
redemption value at June 29, 2019 and December 29, 2018
54,426
53,007
Stockholders' equity Preferred Stock, $0.001 par value; 5,000
shares authorized at June 29, 2019 and December 29, 2018,
respectively
-
-
Common stock, $0.001 par value; 300,000 shares authorized; 32,739
and 32,057 shares issued and outstanding at June 29, 2019 and
December 29, 2018 respectively
33
32
Additional paid-in capital
297,899
286,295
Accumulated deficit
(189,955
)
(124,122
)
Accumulated other comprehensive (loss) income
(55
)
8
Total stockholders' equity
107,922
162,213
Total liabilities, redeemable convertible preferred stock, and
stockholders' equity
$
240,513
$
268,067
(1)
Includes accounts receivable due from related party of $325 and
$421 at June 29, 2019 and December 29, 2018, respectively
(2)
Includes unbilled accounts receivable due from related party of
$474 and $680 at June 29, 2019 and December 29, 2018, respectively
(3)
Includes accounts payable due to related party of $0 and $530 at
June 29, 2019 and December 29, 2018, respectively
(4)
Includes accrued expenses and other current liabilities due to
related party of $967 and $403 at June 29, 2019 and December 29,
2018, respectively
(5)
Includes deferred revenue associated with related party of $115 and
$1 at June 29, 2019 and December 29, 2018, respectively
Care.com, Inc. Consolidated Statement of Operations (in thousands,
except per share data) Three Months Ended Six Months Ended June
29,2019 June 30,2018 June 29,2019 June 30,2018 (unaudited)
Revenue (1)
$
50,978
$
45,966
$
104,314
$
93,291
Cost of revenue
13,650
9,823
27,452
19,266
Operating expenses: Selling and marketing (2)
16,951
15,901
35,555
32,758
Research and development
16,922
8,492
28,146
16,780
General and administrative
11,015
11,593
22,323
22,060
Depreciation and amortization
483
411
930
829
Goodwill and intangible asset impairment charge
8,183
-
8,183
-
Restructuring and right of use asset impairment charges
2,758
17
2,989
479
Total operating expenses
56,312
36,414
98,126
72,906
Operating (loss) income
(18,984
)
(271
)
(21,264
)
1,119
Other income (expense), net
407
(768
)
676
(206
)
(Loss) Income before income taxes
(18,577
)
(1,039
)
(20,588
)
913
Provision for (benefit from) income taxes
46,228
(870
)
45,245
(1,615
)
Net (loss) income
(64,805
)
(169
)
(65,833
)
2,528
Accretion of Series A Preferred Stock dividends
(701
)
(665
)
(1,419
)
(1,345
)
Net (income) attributable to Series A Redeemable Convertible
Preferred Stock
-
-
-
(163
)
Net (loss) income attributable to common stockholders
$
(65,506
)
$
(834
)
$
(67,252
)
$
1,020
Net (loss) income per share attributable to common
stockholders (Basic):
$
(2.01
)
$
(0.03
)
$
(2.08
)
$
0.03
Net (loss) income per share attributable to common stockholders
(Diluted):
$
(2.01
)
$
(0.03
)
$
(2.08
)
$
0.03
Weighted-average shares used to compute net (loss) income
per share attributable to common stockholders: Basic
32,537
30,591
32,373
30,792
Diluted
32,537
30,591
32,373
33,486
(1) Includes related party revenue of $876 and $705 for the three
months ended June 29, 2019 and June 30, 2018, respectively.
Includes related party revenue of $1,822 and $1,342 for the six
months ended June 29, 2019 and June 30, 2018, respectively.
(2)
Includes related party expenses of $3,243 and $2,617 for the three
months ended June 29, 2019 and June 30, 2018, respectively.
Includes related party expenses of $6,464 and $5,653 for the six
months ended June 29, 2019 and June 30, 2018, respectively.
Care.com, Inc. Reconciliation of Adjusted EBITDA & Non-GAAP Net
Income (in thousands, except per share data) Three Months
Ended Six Months Ended June 29,2019 June 30,2018 June 29,2019 June
30,2018 (unaudited) Net (loss) income
$
(64,805
)
$
(169
)
$
(65,833
)
$
2,528
Federal, state and franchise taxes
46,481
(783
)
45,622
(1,222
)
Other (income) expense, net
(407
)
768
(676
)
206
Depreciation and amortization
788
461
1,527
924
EBITDA
(17,943
)
277
(19,360
)
2,436
Stock-based compensation
3,390
4,988
7,444
8,700
Merger and acquisition related costs
993
335
2,429
511
Restructuring and right of use asset impairment charges
2,758
17
2,989
479
Litigation related costs
11
20
32
20
Software implementation costs
272
150
280
303
Severance related costs
175
-
175
67
Strategic consulting
121
-
121
-
Impairment of goodwill, intangible assets and related costs
16,127
142
16,127
142
Adjusted EBITDA
$
5,904
$
5,929
$
10,237
$
12,658
Add back for Non-GAAP Net Income Federal, state and
franchise taxes
(1,975
)
783
(1,116
)
1,222
Other income (expense), net
407
(768
)
676
(206
)
Depreciation and amortization
(788
)
(461
)
(1,527
)
(924
)
Non-GAAP net income
$
3,548
$
5,483
$
8,270
$
12,750
Non-GAAP net income per share: Basic
$
0.11
$
0.18
$
0.26
$
0.41
Diluted
$
0.09
$
0.14
$
0.21
$
0.33
Weighted-average shares used to compute non-GAAP net income
per share: Basic
32,537
30,591
32,373
30,792
Diluted
39,202
38,047
39,530
38,401
Care.com, Inc. Reconciliation of Non-GAAP EPS (in thousands,
except per share data) Three Months Ended Six Months Ended
June 29,2019 June 30,2018 June 29,2019 June 30,2018 (unaudited)
Weighted-average shares used to compute net income per share:
Diluted
39,202
38,047
39,530
38,401
Net (loss) income per share (Diluted): Net (loss) income per
share attributable to common stockholders
$ (1.67)
$ (0.02)
$ (1.70)
$ 0.03
Impact on net income per share of Series A related costs
0.02
0.02
0.04
0.04
Adjusted net (loss) income per share
$ (1.65)
$ (0.00)
$ (1.67)
$ 0.07
Stock-based compensation
0.09
0.13
0.19
0.23
Merger and acquisition related costs
0.03
0.01
0.06
0.01
Restructuring and right of use asset impairment charges
0.07
0.00
0.08
0.01
Litigation related costs
0.00
0.00
0.00
0.00
Software implementation costs
0.01
0.00
0.01
0.01
Severance related costs
0.00
-
0.00
0.00
Strategic consulting
0.00
-
0.00
-
Impairment of goodwill, intangible assets and related costs
0.41
0.00
0.41
0.00
Valuation allowance
1.14
-
1.13
-
Non-GAAP net income per share - diluted
$ 0.09
$ 0.14
$ 0.21
$ 0.33
Care.com, Inc.
Supplemental Data (in thousands,
except monthly average revenue per paying family) Period
Ended June 29,2019 June 30,2018 Total members
34,119
29,560
Total families
19,783
16,874
Total caregivers
14,336
12,686
Paying families - US Consumer Business
349
324
Period Ended June 29,2019 June 30,2018
Monthly Average Revenue per Paying
Family US Consumer Business
$
36
$
37
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190806005294/en/
Investor Relations: Peter Stabler ICR, Inc. (781) 795-7244
investors@care.com
Care com (NYSE:CRCM)
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