BOSTON, July 29, Jul 29, 2020 (GLOBE NEWSWIRE via COMTEX) -- LogMeIn, Inc. , a leading provider of cloud-based connectivity, today announced its results for the second quarter ended June 30, 2020.
Second quarter 2020 financial highlights include:
-- Revenue was $350.7 million, up 12% compared with the second quarter of 2019
-- GAAP net income was $19.0 million or $0.39 per diluted share and non-GAAP net income was $75.9 million or $1.54 per diluted share
-- EBITDA was $101.6 million or 29.0% of revenue and Adjusted EBITDA was $119.3 million or 34.0% of revenue
-- Cash flow from operations was $80.7 million or 23.0% of revenue and adjusted free cash flow was $88.6 million or 25.3% of revenue
-- Total deferred revenue was $458.4 million, up $7.1 million from the first quarter of 2020
Update on the Merger
In December 2019, LogMeIn announced that it had reached a definitive agreement to be acquired by affiliates of Francisco Partners and Evergreen Coast Capital Corp., the private equity affiliate of Elliott Management Corporation. On March 12, 2020, LogMeIn's stockholders voted to adopt the merger agreement at a special stockholders meeting. In July 2020, the parties received the final regulatory approvals required to complete the transaction and now anticipate the merger to close later in the third quarter of 2020, following the completion of Francisco Partners' and Evergreen Coast Capital Corp.'s debt marketing periods, and subject to the satisfaction or waiver of any remaining customary closing conditions.
Conference Call and Financial Outlook
LogMeIn will not be holding a conference call or providing a financial outlook due to the Company's pending transaction with affiliates of Francisco Partners and Evergreen Coast Capital Corp.
Where to Find Additional Business and Financial Information
Additional information regarding the Company's second quarter results, financial condition and operations can be found in the Company's Quarterly Report on Form 10-Q, which will be filed with the SEC after the market closes on July 29, 2020. A copy of the Company's Quarterly Report on Form 10-Q will be available on the SEC's website, http://www.sec.gov , and the Company's investor relations website at https://investor.logmeininc.com/about-us/investors/financials/sec-filings/default.aspx
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures including non-GAAP revenue, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating income, non-GAAP income before provision for income taxes, non-GAAP provision for income taxes, non-GAAP net income, non-GAAP net income per diluted share, adjusted cash flow from operations, and adjusted free cash flow.
-- Non-GAAP revenue excludes the impact of the fair value acquisition accounting adjustment on acquired deferred revenue.
-- EBITDA is GAAP net income (loss) excluding interest, income taxes, other (expense) income, net, and depreciation and amortization expense.
-- EBITDA margin is calculated by dividing EBITDA by revenue.
-- Adjusted EBITDA is EBITDA excluding the impact of the fair value acquisition accounting adjustment on acquired deferred revenue, acquisition-related costs, merger-related costs, stock-based compensation expense, restructuring charges, and litigation-related expense.
-- Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by non-GAAP revenue, or GAAP revenue if not different.
-- Non-GAAP operating income excludes the impact of the fair value acquisition accounting adjustment on acquired deferred revenue, acquisition related costs and amortization, merger-related costs, stock-based compensation expense, restructuring charges, and litigation-related expense.
-- Non-GAAP provision for income taxes excludes the tax impact of the fair value acquisition accounting adjustment on acquired deferred revenue, acquisition-related costs and amortization, merger-related costs, stock-based compensation expense, restructuring charges, litigation-related expense, and discrete integration related tax impacts.