AKAMAI TECHNOLOGIES, INC. AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL METRICS (UNAUDITED)
SEPTEMBER 30, 2020
(in thousands, except per share data) | 2020 | |||||||
Q1 | Q2 | Q3 | ||||||
Revenue | $ | 764,302 | $ | 794,715 | $ | 792,845 | ||
Non-GAAP cash cost of revenue | $ | 177,537 | $ | 186,005 | $ | 189,056 | ||
Depreciation and amortization - cost of revenue | $ | 85,309 | $ | 84,545 | $ | 87,999 | ||
Stock-based compensation - cost of revenue | $ | 5,736 | $ | 6,254 | $ | 6,384 | ||
GAAP cost of revenue | $ | 268,582 | $ | 276,804 | $ | 283,439 | ||
Non-GAAP cash gross profit | $ | 586,765 | $ | 608,710 | $ | 603,789 | ||
Non-GAAP cash gross margin | 77 % | 77 % | 76 % | |||||
GAAP gross profit | $ | 495,720 | $ | 517,911 | $ | 509,406 | ||
GAAP gross margin | 65 % | 65 % | 64 % | |||||
Non-GAAP R&D | $ | 59,159 | $ | 52,541 | $ | 54,051 | ||
Stock-based compensation - R&D | $ | 12,065 | $ | 11,549 | $ | 12,722 | ||
GAAP R&D | $ | 71,224 | $ | 64,090 | $ | 66,773 | ||
Non-GAAP S&M | $ | 108,051 | $ | 107,458 | $ | 105,940 | ||
Stock-based compensation - S&M | $ | 15,735 | $ | 16,011 | $ | 16,809 | ||
GAAP S&M | $ | 123,786 | $ | 123,469 | $ | 122,749 | ||
Non-GAAP G&A | $ | 92,863 | $ | 93,339 | $ | 92,454 | ||
Stock-based compensation - G&A | $ | 13,957 | $ | 15,377 | $ | 14,302 | ||
Acquisition-related costs - G&A | $ | 76 | $ | 62 | $ | 1,051 | ||
Legal settlements - G&A | $ | - | $ | 275 | $ | - | ||
Depreciation and amortization - G&A | $ | 20,465 | $ | 20,654 | $ | 20,554 | ||
Amortization of capitalized stock-based compensation and interest expense not included in | $ | - | $ | 2 | $ | 4 | ||
depreciation and amortization - G&A | ||||||||
GAAP G&A | $ | 127,361 | $ | 129,709 | $ | 128,365 | ||
Restructuring charge (benefit) | $ | 10,585 | $ | (167) | $ | 21 | ||
Amortization of acquired intangible assets | $ | 10,434 | $ | 10,381 | $ | 10,340 | ||
Adjusted EBITDA | $ | 326,692 | $ | 355,372 | $ | 351,344 | ||
Adjusted EBITDA margin | 43 % | 45 % | 44 % | |||||
GAAP OpEx (excluding cost of revenue) | $ | 343,390 | $ | 327,482 | $ | 328,248 | ||
GAAP income from operations | $ | 152,330 | $ | 190,429 | $ | 181,158 | ||
Interest income | $ | 7,043 | $ | 9,502 | $ | 6,307 | ||
Interest expense | $ | (17,205) | $ | (17,249) | $ | (17,324) | ||
Other expense, net | $ | (4,108) | $ | (1,603) | $ | (2,158) | ||
Income before provision for income taxes | $ | 138,060 | $ | 181,079 | $ | 167,983 | ||
Provision for income taxes | $ | (14,292) | $ | (18,671) | $ | (8,801) | ||
Loss from equity method investment | $ | (622) | $ | (493) | $ | (559) | ||
Net income | $ | 123,146 | $ | 161,915 | $ | 158,623 | ||
Net income per share - basic | $ | 0.76 | $ | 1.00 | $ | 0.97 | ||
Net income per share - diluted | $ | 0.75 | $ | 0.98 | $ | 0.95 | ||
Shares used in per share calculation - basic | 161,992 | 162,413 | 162,757 | |||||
Shares used in per share calculation - diluted | 163,684 | 164,768 | 166,519 | |||||
GAAP income from operations | $ | 152,330 | $ | 190,429 | $ | 181,158 | ||
Amortization of acquired intangible assets | $ | 10,434 | $ | 10,381 | $ | 10,340 | ||
Stock-based compensation | $ | 47,493 | $ | 49,191 | $ | 50,217 | ||
Amortization of capitalized stock-based compensation and capitalized interest expense | $ | 8,589 | $ | 8,038 | $ | 7,913 | ||
Restructuring charge (benefit) | $ | 10,585 | $ | (167) | $ | 21 | ||
Acquisition-related costs | $ | 76 | $ | 62 | $ | 1,051 | ||
Legal settlements | $ | - | $ | 275 | $ | - | ||
Operating adjustments | $ | 77,177 | $ | 67,780 | $ | 69,542 | ||
Non-GAAP income from operations | $ | 229,507 | $ | 258,209 | $ | 250,700 | ||
Non-GAAP operating margin | 30 % | 32 % | 32 % | |||||
GAAP net income | $ | 123,146 | $ | 161,915 | $ | 158,623 | ||
Operating adjustments (from above) | $ | 77,177 | $ | 67,780 | $ | 69,542 | ||
Amortization of debt discount and issuance costs | $ | 15,633 | $ | 15,677 | $ | 15,747 | ||
Loss from equity method investment | $ | 622 | $ | 493 | $ | 559 | ||
Income tax-effect of above non-GAAP adjustments and certain discrete tax items | $ | (20,445) | $ | (19,347) | $ | (28,689) | ||
Non-GAAP net income | $ | 196,133 | $ | 226,518 | $ | 215,782 | ||
Non-GAAP net income per share - diluted | $ | 1.20 | $ | 1.38 | $ | 1.31 | ||
Shares used in non-GAAP per share calculation - diluted | 163,684 | 164,115 | 164,787 |
AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL METRICS (UNAUDITED)
DECEMBER 31, 2019
(in thousands, except per share data) | 2019 | 2019 FY | ||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||||
Revenue | $ | 706,508 | $ | 705,074 | $ | 709,912 | $ | 772,123 | $ | 2,893,617 | ||||
Non-GAAP cash cost of revenue | $ | 154,941 | $ | 158,761 | $ | 159,672 | $ | 168,265 | $ | 641,639 | ||||
Depreciation and amortization - cost of revenue | $ | 80,233 | $ | 77,639 | $ | 81,711 | $ | 83,923 | $ | 323,506 | ||||
Stock-based compensation - cost of revenue | $ | 5,569 | $ | 5,793 | $ | 5,555 | $ | 5,562 | $ | 22,479 | ||||
GAAP cost of revenue | $ | 240,743 | $ | 242,193 | $ | 246,938 | $ | 257,750 | $ | 987,624 | ||||
Non-GAAP cash gross profit | $ | 551,567 | $ | 546,313 | $ | 550,240 | $ | 603,858 | $ | 2,251,978 | ||||
Non-GAAP cash gross margin | 78 % | 77 % | 78 % | 78 % | 78 % | |||||||||
GAAP gross profit | $ | 465,765 | $ | 462,881 | $ | 462,974 | $ | 514,373 | $ | 1,905,993 | ||||
GAAP gross margin | 66 % | 66 % | 65 % | 67 % | 66 % | |||||||||
Non-GAAP R&D | $ | 54,084 | $ | 49,395 | $ | 52,045 | $ | 56,156 | $ | 211,680 | ||||
Stock-based compensation - R&D | $ | 12,057 | $ | 12,044 | $ | 12,842 | $ | 12,742 | $ | 49,685 | ||||
GAAP R&D | $ | 66,141 | $ | 61,439 | $ | 64,887 | $ | 68,898 | $ | 261,365 | ||||
Non-GAAP S&M | $ | 111,225 | $ | 119,366 | $ | 106,665 | $ | 124,477 | $ | 461,733 | ||||
Stock-based compensation - S&M | $ | 15,051 | $ | 15,740 | $ | 15,593 | $ | 15,766 | $ | 62,150 | ||||
GAAP S&M | $ | 126,276 | $ | 135,106 | $ | 122,258 | $ | 140,243 | $ | 523,883 | ||||
Non-GAAP G&A | $ | 87,192 | $ | 84,913 | $ | 90,903 | $ | 104,225 | $ | 367,233 | ||||
Stock-based compensation - G&A | $ | 12,628 | $ | 14,565 | $ | 12,825 | $ | 12,808 | $ | 52,826 | ||||
Acquisition-related costs - G&A | $ | 451 | $ | 524 | $ | 219 | $ | 726 | $ | 1,920 | ||||
Legal settlements - G&A | $ | - | $ | - | $ | - | $ | 10,000 | $ | 10,000 | ||||
Transformation costs - G&A | $ | 4,191 | $ | 1,336 | $ | - | $ | - | $ | 5,527 | ||||
Depreciation and amortization - G&A | $ | 18,373 | $ | 18,778 | $ | 19,269 | $ | 22,167 | $ | 78,587 | ||||
GAAP G&A | $ | 122,835 | $ | 120,116 | $ | 123,216 | $ | 149,926 | $ | 516,093 | ||||
Restructuring charge (benefit) | $ | 6,389 | $ | 790 | $ | (300) | $ | 10,274 | $ | 17,153 | ||||
Amortization of acquired intangible assets | $ | 9,599 | $ | 9,648 | $ | 9,624 | $ | 9,710 | $ | 38,581 | ||||
Adjusted EBITDA | $ | 299,066 | $ | 292,639 | $ | 300,627 | $ | 319,000 | $ | 1,211,332 | ||||
Adjusted EBITDA margin | 42 % | 42 % | 42 % | 41 % | 42 % | |||||||||
GAAP OpEx (excluding cost of revenue) | $ | 331,240 | $ | 327,099 | $ | 319,685 | $ | 379,051 | $ | 1,357,075 | ||||
GAAP income from operations | $ | 134,525 | $ | 135,782 | $ | 143,289 | $ | 135,322 | $ | 548,918 | ||||
Interest income | $ | 8,635 | $ | 6,410 | $ | 7,908 | $ | 11,402 | $ | 34,355 | ||||
Interest expense | $ | (12,116) | $ | (8,446) | $ | (12,127) | $ | (16,675) | $ | (49,364) | ||||
Other income (expense), net | $ | 511 | $ | (578) | $ | (752) | $ | (609) | $ | (1,428) | ||||
Income before (provision) benefit for income taxes | $ | 131,555 | $ | 133,168 | $ | 138,318 | $ | 129,440 | $ | 532,481 | ||||
(Provision) benefit for income taxes | $ | (24,425) | $ | (19,253) | $ | 960 | $ | (10,632) | $ | (53,350) | ||||
(Loss) income from equity method investment | $ | - | $ | - | $ | (1,388) | $ | 292 | $ | (1,096) | ||||
Net income | $ | 107,130 | $ | 113,915 | $ | 137,890 | $ | 119,100 | $ | 478,035 | ||||
Net income per share - basic | $ | 0.66 | $ | 0.70 | $ | 0.85 | $ | 0.74 | $ | 2.94 | ||||
Net income per share - diluted | $ | 0.65 | $ | 0.69 | $ | 0.84 | $ | 0.73 | $ | 2.90 | ||||
Shares used in per share calculation - basic | 163,236 | 163,407 | 162,455 | 161,737 | 162,706 | |||||||||
Shares used in per share calculation - diluted | 164,787 | 165,019 | 164,558 | 163,930 | 164,573 | |||||||||
GAAP income from operations | $ | 134,525 | $ | 135,782 | $ | 143,289 | $ | 135,322 | $ | 548,918 | ||||
Amortization of acquired intangible assets | $ | 9,599 | $ | 9,648 | $ | 9,624 | $ | 9,710 | $ | 38,581 | ||||
Stock-based compensation | $ | 45,305 | $ | 48,142 | $ | 46,815 | $ | 46,878 | $ | 187,140 | ||||
Amortization of capitalized stock-based compensation and capitalized interest expense | $ | 9,233 | $ | 8,050 | $ | 8,455 | $ | 8,700 | $ | 34,438 | ||||
Restructuring charge (benefit) | $ | 6,389 | $ | 790 | $ | (300) | $ | 10,274 | $ | 17,153 | ||||
Acquisition-related costs | $ | 451 | $ | 524 | $ | 219 | $ | 726 | $ | 1,920 | ||||
Legal settlements | $ | - | $ | - | $ | - | $ | 10,000 | $ | 10,000 | ||||
Transformation costs | $ | 4,191 | $ | 1,336 | $ | - | $ | - | $ | 5,527 | ||||
Operating adjustments | $ | 75,168 | $ | 68,490 | $ | 64,813 | $ | 86,288 | $ | 294,759 | ||||
Non-GAAP income from operations | $ | 209,693 | $ | 204,272 | $ | 208,102 | $ | 221,610 | $ | 843,677 | ||||
Non-GAAP operating margin | 30 % | 29 % | 29 % | 29 % | 29 % | |||||||||
GAAP net income | $ | 107,130 | $ | 113,915 | $ | 137,890 | $ | 119,100 | $ | 478,035 | ||||
Operating adjustments (from above) | $ | 75,168 | $ | 68,490 | $ | 64,813 | $ | 86,288 | $ | 294,759 | ||||
Amortization of debt discount and issuance costs | $ | 11,618 | $ | 8,010 | $ | 11,133 | $ | 15,096 | $ | 45,857 | ||||
(Gain) loss on investments | $ | (690) | $ | 250 | $ | - | $ | 500 | $ | 60 | ||||
Loss (income) from equity method investment | $ | - | $ | - | $ | 1,388 | $ | (292) | $ | 1,096 | ||||
Income tax-effect of above non-GAAP adjustments and certain discrete tax items | $ | (12,304) | $ | (14,454) | $ | (34,631) | $ | (19,099) | $ | (80,488) | ||||
Non-GAAP net income | $ | 180,922 | $ | 176,211 | $ | 180,593 | $ | 201,593 | $ | 739,319 | ||||
Non-GAAP net income per share - diluted | $ | 1.10 | $ | 1.07 | $ | 1.10 | $ | 1.23 | $ | 4.49 | ||||
Shares used in non-GAAP per share calculation - diluted | 164,787 | 165,019 | 164,558 | 163,930 | 164,573 |
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Akamai Technologies Inc. published this content on 27 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2020 02:14:04 UTC
