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LogMeIn Announces First Quarter 2017 Results

May 04, 2017

Strong Profitability and $105.9 Million of Operating Cash Flow Highlight the Quarter

BOSTON, May 04, 2017 (GLOBE NEWSWIRE) -- LogMeIn, Inc. (NASDAQ:LOGM), a leading provider of cloud-based connectivity, today announced its results for the first quarter ended March 31, 2017.

First quarter 2017 highlights include:

  • GAAP revenue was $187.5 million and non-GAAP revenue was $201.1 million  
  • Net loss was $18.6 million, or $0.43 per diluted share, and non-GAAP net income was $38.1 million, or $0.85 per diluted share
  • EBITDA was $6.1 million and EBITDA margin was 3.3%, Adjusted EBITDA was $66.0 million and Adjusted EBITDA margin was 32.8%
  • Cash Flow from Operations was $105.9 million, or 53% of non-GAAP revenue and Adjusted Cash Flow from Operations was $127.0 million, or 63% of non-GAAP revenue
  • Total deferred revenue was $289.9 million
  • The Company closed the quarter with cash, cash equivalents and short-term investments of $296.1 million

“We closed our first quarter as a combined company with revenue, adjusted EBITDA, and earnings per share that all exceeded the high-end of our guidance while producing meaningful cash flow,” said Bill Wagner, President and CEO of LogMeIn.  “We are pleased with this strong start to the year and the progress we’ve made integrating two great companies into a new market leader.”

Business Outlook
Based on information available as of May 4, 2017, the Company is issuing guidance for the second quarter 2017 and fiscal year 2017. 

Since the Company’s merger with Citrix Systems, Inc.’s GetGo, Inc. subsidiary (referred to below as “GoTo”) officially closed on January 31, 2017, the Company’s business outlook for fiscal year 2017 excludes GoTo’s January 2017 results.

Second Quarter 2017:  The Company expects second quarter non-GAAP revenue to be in the range of $264 million to $266 million.  The Company expects second quarter GAAP revenue to be in the range of $254 million to $256 million.  Non-GAAP revenue adds back $10 million for the impact of an acquisition accounting adjustment recorded to reduce GoTo’s deferred revenue balance to the fair value of the remaining obligation.

Adjusted EBITDA is expected to be in the range of $87 million to $89 million, or approximately 33% of non-GAAP revenue.  EBITDA is expected to be in the range of $52 million to $54 million, or approximately 21% of GAAP revenue. 

Non-GAAP net income is expected to be in the range of $49 million to $51 million, or $0.92 to $0.94 per diluted share.  Non-GAAP net income adds back the $10 million non-GAAP revenue adjustment described above and excludes an estimated $18 million in stock-based compensation expense, $7 million in acquisition related costs, $49 million of amortization expense of acquired intangible assets and also includes $6 million of amortization expense for GoTo’s internally capitalized software development costs that were adjusted in acquisition accounting to fair value, as well as the income tax effect of the above items and discrete integration related tax items.

Non-GAAP net income for the second quarter assumes an effective tax rate of approximately 30% and non-GAAP net income per diluted share is based on an estimated 54 million fully-diluted weighted average shares outstanding.

Including stock-based compensation expense, acquisition related costs, amortization expense, and excluding the acquisition accounting adjustments to revenue and amortization expense, the Company expects to report a GAAP net income in the range of $1 million to $3 million, or $0.03 to $0.06 per share. 

GAAP net income for the second quarter assumes a tax benefit of approximately $8 million and GAAP net income per share is based on an estimated 54 million fully-diluted weighted average shares outstanding.

Fiscal Year 2017:  The Company expects full year 2017 non-GAAP revenue to be in the range of $1.004 billion to $1.014 billion, which excludes GoTo’s January 2017 revenue of $58 million.  The Company expects full year 2017 GAAP revenue to be in the range of $970 million to $980 million.  Non-GAAP revenue adds back $34 million for the impact of an acquisition accounting adjustment recorded to reduce GoTo’s deferred revenue balance to the fair value of the remaining obligation.

Adjusted EBITDA is expected to be in the range of $343 million to $352 million, or approximately 34% to 35% of non-GAAP revenue.   EBITDA is expected to be in the range of $184 million to $192 million, or approximately 19% to 20% of GAAP revenue. 

Non-GAAP net income is expected to be in the range of $197 million to $203 million, or $3.80 to $3.92 per diluted share.  Non-GAAP net income excludes an estimated $73 million in stock-based compensation expense, $52 million in acquisition related costs, $181 million of amortization expense of acquired intangible assets and also includes $20 million of amortization expense for GoTo’s internally capitalized software development costs that were adjusted in acquisition accounting to fair value, as well as the income tax effect of the above items and discrete integration related tax items.

Non-GAAP net income for the full fiscal year 2017 assumes an effective tax rate of approximately 30% and non-GAAP net income per diluted share is based on an estimated 52 million fully-diluted weighted average shares outstanding.

Including stock-based compensation expense, acquisition related costs, amortization expense, and excluding the acquisition accounting adjustments to revenue and amortization expense, the Company expects to report a GAAP net loss in the range of $8 million to $2 million, or $0.16 to $0.04 net loss per share.

GAAP net loss for the full year assumes a tax benefit of $31 million to $29 million. GAAP net loss per share is based on an estimated 51 million weighted average basic shares outstanding.

Dividend
As previously announced, LogMeIn will pay the first $0.25 per share dividend under its capital return plan on May 26, 2017 to stockholders of record as of May 10, 2017.  LogMeIn currently has approximately 52.6 million shares of common stock outstanding.

Conference Call Information for Today, Thursday, May 4, 2017
The Company will host a corresponding conference call and live webcast at 5:00 p.m. Eastern Time today.  To access the conference call, dial 888-510-1765 (for the U.S. and Canada) or 719-457-2607 (for international callers) and entering passcode 4888152.  A live webcast will be available on the Investor Relations section of the Company’s corporate website at https://www.logmeininc.com and via replay beginning approximately two hours after the completion of the call until the Company’s announcement of its financial results for the next quarter.  An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time on May 4, 2017 until 8:00 p.m. Eastern Time on May 12, 2017, by dialing 888-203-1112 and entering passcode 4888152.

Our Use of 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 and adjusted cash flow from operations.

  • Non-GAAP revenue is GAAP revenue and adds back the impact of the fair value acquisition accounting adjustment on acquired GoTo’s deferred revenue.  
  • EBITDA is GAAP net income excluding provision for income taxes, interest income, interest expense, and other (expense) income net, and depreciation and amortization. 
  • EBITDA margin is calculated by dividing EBITDA by revenue. 
  • Adjusted EBITDA is GAAP net income excluding provision for income taxes, interest income, interest expense, and other (expense) income net, depreciation and amortization, acquisition related costs, stock-based compensation expense, and adds back the impact of the fair value acquisition accounting adjustment on acquired GoTo’s deferred revenue.  
  • Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by non-GAAP revenue, or GAAP revenue if not different.  
  • Non-GAAP operating income is GAAP operating income and adds back the impact of the fair value acquisition accounting adjustment on acquired GoTo’s deferred revenue and excludes acquisition related costs and amortization, stock-based compensation expense, and also includes amortization expense for GoTo’s internally capitalized software development costs that were adjusted in acquisition accounting to fair value.
  • Non-GAAP provision for income taxes is GAAP provision (benefit) for incomes taxes and excludes the tax impact of the fair value acquisition accounting adjustment on acquired GoTo’s deferred revenue, acquisition related costs and amortization, stock-based compensation expense, discrete integration related tax impacts and also includes the tax impact of amortization expense for GoTo’s internally capitalized software development costs that were adjusted in acquisition accounting to fair value.
  • Non-GAAP net income and non-GAAP net income per diluted share reflects the adjustments noted in non-GAAP operating income and non-GAAP provision for incomes taxes above.
  • Adjusted cash flow from operations excludes acquisition related payments.

The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures. The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management uses these non-GAAP measures to compare the Company's performance to that of prior periods and uses these measures in financial reports prepared for management and the Company's board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and to compare the Company's financial measures with other software-as-a-service companies, many of which present similar non-GAAP financial measures to investors. The Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant elements that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management in determining these non-GAAP financial measures. In order to compensate for these limitations, management of the Company presents its non-GAAP financial measures in connection with its GAAP results. The Company urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, and not to rely on any single financial measure to evaluate the Company's business. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP measures used in this press release are included in this release.

About LogMeIn, Inc.
LogMeIn, Inc. (NASDAQ:LOGM) simplifies how people connect with each other and the world around them to drive meaningful interactions, deepen relationships, and create better outcomes for individuals and businesses. One of the world’s top 10 public SaaS companies, and a market leader in communication & conferencing, identity & access, and customer engagement & support solutions, LogMeIn has millions of customers spanning virtually every country across the globe. LogMeIn is headquartered in Boston with additional locations in North America, Europe, Asia and Australia.

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 popularity, value and effectiveness of the Company's products and services, and the Company's financial guidance for fiscal year 2017 and the second quarter of 2017. 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, customer adoption of the Company's solutions, the Company’s ability to execute on its strategic initiatives, failure to realize the estimated synergies or growth from the Company’s merger with GetGo, Inc. or that such benefits may take longer to realize than expected, the Company’s ability to integrate acquired products or companies, the disruption of ongoing business operations and the diversion of management’s attention due to the work required to successfully integrate GoTo’s business, unanticipated costs of integration, the Company's ability to attract new customers and retain existing customers, adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which the Company operates, the effectiveness of the Company’s cybersecurity measures, the Company's ability to continue to promote and maintain its brand in a cost-effective manner, the Company's ability to compete effectively, the Company's ability to develop and introduce new products and add-ons or enhancements to existing products, the Company's ability to manage growth, the Company's ability to attract and retain key personnel, the Company's ability to protect its intellectual property and other proprietary rights, the result of any pending litigation including intellectual property litigation, 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.

LogMeIn is a registered trademark of LogMeIn, Inc. in the US and other countries around the world. 

  
LogMeIn, Inc. 
Condensed Consolidated Balance Sheets (unaudited) 
(In thousands) 
      
  December 31, March 31, 
   2016    2017   
      
ASSETS 
Current assets:     
Cash and cash equivalents $140,756  $266,723  
Marketable securities  55,710   29,386  
Accounts receivable, net  25,901   73,036  
Prepaid expenses and other current assets  5,723   33,998  
Total current assets  228,090   403,143  
Property and equipment, net  23,867   80,216  
Restricted cash  2,481   1,368  
Intangibles, net  62,510   1,239,405  
Goodwill  121,760   2,224,286  
Other assets  4,282   8,625  
Deferred tax assets  303   270  
Total assets $443,293  $3,957,313  
      
LIABILITIES AND EQUITY 
Current liabilities:     
Accounts payable $14,640  $29,615  
Accrued liabilities  35,253   119,303  
Deferred revenue, current portion  156,966   281,009  
Total current liabilities  206,859   429,927  
Long-term debt  30,000   30,000  
Deferred revenue, net of current portion  5,287   8,911  
Deferred tax liabilities  2,332   402,721  
Other long-term liabilities  2,699   4,865  
Total liabilities  247,177   876,424  
Commitments and contingencies     
Preferred stock  -   -  
Equity:     
Common stock  284   556  
Additional paid-in capital  314,700   3,246,334  
Accumulated deficit  (1,754)  (41,321) 
Accumulated other comprehensive loss  (6,618)  (6,719) 
Treasury stock  (110,496)  (117,961) 
Total equity  196,116   3,080,889  
Total liabilities and equity $443,293  $3,957,313  
      

 

LogMeIn, Inc. 
Condensed Consolidated Statements of Operations (unaudited) 
(In thousands, except per share data) 
       
  Three Months Ended March 31,  
   2016    2017    
       
Revenue $79,734  $187,458   
Cost of revenue  11,200   38,939   
Gross profit  68,534   148,519   
Operating expenses:      
Research and development  15,364   33,122   
Sales and marketing  42,242   75,768   
General and administrative  10,252   49,391   
Amortization of acquired intangibles  1,383   24,420   
Total operating expenses  69,241   182,701   
Loss from operations  (707)  (34,182)  
Interest income  183   146   
Interest expense  (392)  (449)  
Other (expense) income, net  (404)  50   
Loss before income taxes  (1,320)  (34,435)  
Benefit from income taxes  247   15,871   
Net loss $(1,073) $(18,564)  
       
Net loss per share:      
Basic $(0.04) $(0.43)  
Diluted $(0.04) $(0.43)  
Weighted average shares outstanding:      
Basic  25,152   43,570   
Diluted  25,152   43,570   
       

 

LogMeIn, Inc.
    
Calculation of Non-GAAP Revenue (unaudited)
    
          
   Three Months Ended March 31,    
    2016    2017      
              
   (in thousands)    
GAAP Revenue $79,734  $187,458     
 Add Back:        
 Effect of acquisition accounting on fair value of acquired deferred revenue  -   13,645     
Non-GAAP Revenue $79,734  $201,103     
          
Calculation of Non-GAAP Operating Income, Non-GAAP Net Income and Non-GAAP Net Income per Diluted Share (unaudited)
    
          
   Three Months Ended March 31,    
    2016    2017      
              
   (In thousands, except per share data)    
GAAP Net loss income from operations $(707) $(34,182)    
 Add Back:        
 Effect of acquisition accounting on fair value of acquired deferred revenue  -   13,645     
 Stock-based compensation expense  8,592   14,194     
 Acquisition related costs  3,257   32,077     
 Amortization of acquired intangibles  2,538   33,560     
 Effect of acquisition accounting on internally capitalized software development costs  -   (4,701)    
Non-GAAP Operating income  13,680   54,593     
 Interest and other expense, net  (613)  (253)    
Non-GAAP Income before income taxes  13,067   54,340     
 Non-GAAP Provision for income taxes  (4,002)  (16,199)    
Non-GAAP Net income $9,065  $38,141     
          
Non-GAAP net income per diluted share $0.35  $0.85     
Diluted weighted average shares outstanding used in        
computing per share amounts  25,815   44,765     
          
Calculation of EBITDA and Adjusted EBITDA (unaudited)
    
          
   Three Months Ended March 31,    
    2016    2017      
          
   (in thousands)    
GAAP Net loss $(1,073) $(18,564)    
 Add Back:        
 Interest and other expense, net  613   253     
 Income tax expense  (247)  (15,871)    
 Amortization of acquired intangibles  2,538   33,560     
 Depreciation and amortization expense  2,906   6,724     
EBITDA  4,737   6,102     
 Add Back:        
 Effect of acquisition accounting on fair value of acquired deferred revenue  -   13,645     
 Stock-based compensation expense  8,592   14,194     
 Acquisition related costs  3,257   32,077     
Adjusted EBITDA $16,586  $66,018     
EBITDA Margin  5.9%  3.3%    
Adjusted EBITDA Margin  20.8%  32.8%    
          
Stock-Based Compensation Expense (unaudited)
    
          
   Three Months Ended March 31,    
    2016    2017      
          
   (in thousands)    
Cost of revenue $548  $1,014     
Research and development  1,498   4,429     
Sales and marketing  3,827   3,606     
General and administrative  2,719   5,145     
Total stock based-compensation $8,592  $14,194     
          

 

LogMeIn, Inc. 
Calculation of Projected 2017 Non-GAAP Revenue (unaudited) 
(In millions) 
       
   Three Months Ended Twelve Months Ended 
   June 30, 2017 December 31, 2017 
       
GAAP Revenue $254 - $256 $970 - $980 
 Add Back:     
 Effect of acquisition accounting on fair value of acquired deferred revenue 10 34 
Non-GAAP Revenue $264 - $266 $1,004 - $1,014 
       
Calculation of Projected 2017 Non-GAAP Net Income and Non-GAAP Net Income per Diluted Share (unaudited) 
(In millions, except per share data) 
       
   Three Months Ended Twelve Months Ended 
   June 30, 2017 December 31, 2017 
       
GAAP Net income (loss)  $1 - $3 ($8) - ($2) 
 Add Back:     
 Effect of acquisition accounting on fair value of acquired deferred revenue 10 34 
 Stock-based compensation expense 18 73 
 Acquisition related costs  7 52 
 Amortization of acquired intangibles 49 181 
 Effect of acquisition accounting on internally capitalized software development costs (6) (20) 
 Income tax effect of non-GAAP items (30) (115) 
Non-GAAP Net income $49 - $51 $197 - $203 
       
GAAP net loss per share or net income per diluted share $0.03 - $0.06 ($0.16) - ($0.04) 
Non-GAAP net income per diluted share $0.92 - $0.94 $3.80 - $3.92 
Weighted average shares outstanding used in computing loss per share   51 
Diluted weighted average shares outstanding used in computing income per share 54 52 
       
Calculation of Projected 2017 EBITDA and Adjusted EBITDA (unaudited) 
(In millions) 
       
   Three Months Ended Twelve Months Ended 
   June 30, 2017 December 31, 2017 
       
GAAP Net (loss) income $1 - $3 ($8) - ($2) 
 Add Back:     
 Interest and other (income) expense, net - 2 
 Income tax benefit (8) (31) - (29) 
 Amortization of acquired intangibles 49 181 
 Depreciation and amortization expense 10 40 
EBITDA 52 - 54 184 - 192 
 Add Back:     
 Effect of acquisition accounting on fair value of acquired deferred revenue 10 34 
 Stock-based compensation expense 18 73 
 Acquisition related costs  7 52 
Adjusted EBITDA $87 - $89 $343 - $352 
 EBITDA Margin 21% 19% - 20% 
 Adjusted EBITDA Margin 33% 34% - 35% 
       

 

LogMeIn, Inc.
  
Condensed Consolidated Statements of Cash Flows (unaudited)
  
(In thousands)
  
          
    Three Months Ended March 31,   
     2016    2017     
Cash flows from operating activities       
Net loss  $(1,073) $(18,564)   
Adjustments to reconcile net loss to net cash       
provided by operating activities:       
Stock-based compensation  8,592   14,194    
Depreciation and amortization  5,444   40,284    
Benefit from deferred income taxes  -   (16,456)   
Other, net  546   239    
Changes in assets and liabilities, excluding effect of acquisitions:       
Accounts receivable  1,053   3,127    
Prepaid expenses and other current assets  (4,098)  (6,898)   
Other assets  (85)  88    
Accounts payable  1,712   3,887    
Accrued liabilities  (2,498)  40,536    
Deferred revenue  26,344   44,329    
Other long-term liabilities  2,063   1,104    
Net cash provided by operating activities (1)  38,000   105,870    
Cash flows from investing activities       
Purchases of marketable securities  (13,784)  -    
Proceeds from sale or disposal or maturity of marketable securities  13,750   26,253    
Purchases of property and equipment  (4,376)  (3,694)   
Intangible asset additions  (392)  (6,031)   
Acquisition of businesses, net of cash acquired  (61)  24,215    
Decrease (increase) in restricted cash and deposits  (126)  1,877    
Net cash (used in) provided by investing activities  (4,989)  42,620    
Cash flows from financing activities       
Repayments of borrowings under credit facility  (7,500)  -    
Proceeds from issuance of common stock upon option exercises  1,125   4,485    
Payments of withholding taxes in connection with restricted stock unit vesting  (2,115)  (7,621)   
Payment of debt issuance costs  (265)  (1,793)   
Dividends paid on common stock  -   (12,780)   
Purchase of treasury stock  (8,367)  (7,465)   
Net cash used in financing activities  (17,122)  (25,174)   
Effect of exchange rate changes on cash and cash equivalents  2,159   2,651    
Net increase in cash and cash equivalents  18,048   125,967    
Cash and cash equivalents, beginning of period  123,143   140,756    
Cash and cash equivalents, end of period $141,191  $266,723    
          
(1) Cash flows from operating activities includes the following acquisition-related payments:     
(a) Cash flows from operating activities includes acquisition transaction, transition, and integration-related payments of $0.2 million and $21.1 million for the three months ended March 31, 2016 and 2017, respectively.   
(b) Cash flows from operating activities includes acquisition-related retention-based bonus payments of $4.5 million for the three months ended March 31, 2016 related to the Company's 2014 and 2015 acquisitions.   
Adjusted cash flows from operations adds back the items in (a) and (b) above and sums to $42.7 million and $127.0 million for the three   
months ended March 31, 2016 and 2017, respectively.   
          
Contact Information:
Investors
Rob Bradley   
LogMeIn, Inc.
781-897-1301
rbradley@LogMeIn.com

Press
Craig VerColen
LogMeIn, Inc.
781-897-0696
Press@LogMeIn.com

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Source: LogMeIn, Inc.
NASDAQ:LOGM
Price 85.15 +1.85 +2.22% Volume: 576,889 Sep 18, 2018 PM ET Pricing delayed 20 minutes> More

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Investor Contact

Rob Bradley
Vice President of Investor Relations
Phone: (781) 897-0694

InvestorRelations@LogMeIn.com

Disclaimer

You are now leaving LogMeIn's website and are being directed to a website that is operated and maintained by a third party (an "External Site"). LogMeIn does not control the External Site and is not responsible for the data, content or availability of the External Site. This link to the External Site is provided for convenience purposes only. We make no representation or warranty regarding the accuracy of the information contained in the External Sites. We suggest that you always verify the information obtained from linked websites before acting upon this information. Also, please be aware that the security and privacy policies on this External Site may be different than LogMeIn’s policies, so we encourage you to read any third party privacy and security policies closely.

LogMeIn’s filings with the U.S. Securities and Exchange Commission, or SEC, including LogMeIn’s annual reports on Form 10-K which include our audited financial statements, are available on LogMeIn’s Investor Relations website at https://investor.logmeininc.com/about-us/investors/financials/sec-filings/default.aspx free of charge. The data and other content contained on the External Site are not meant, and should not be used, as a substitute for information contained in LogMeIn’s filings with the SEC or disclosed through other channels used by LogMeIn to comply with its disclosure obligations under Regulation FD. The reports contained on the External Site may contain forward-looking information about LogMeIn’s future financial performance and results. Please note that the information presented on the External Site is deemed representative at the time of its original release and that changes in historical information may occur. LogMeIn undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. We caution you to consider the risk factors described in our SEC filings, which could cause actual results to differ materially from the forward-looking statements disclosed on the External Site.

Non-GAAP Information

The External Site may contain certain non-GAAP and pro forma non-GAAP financial measures, in addition to financial measures determined in accordance with GAAP. “GAAP” refers to generally accepted accounting principles in the United States. The non-GAAP financial measures contained on the External Sites are not prepared in accordance with GAAP and may not be comparable to non-GAAP financial measures used by other companies. The non-GAAP information should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. LogMeIn urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing its quarterly financial results, and not to rely on any single financial measure to evaluate the Company's business. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP measures are included in LogMeIn’s quarterly press releases, which can be found in the Financials section of LogMeIn’s investor relations website under “Quarterly Results.”

By clicking “Accept”, you acknowledge that you have read and understand the information set forth above and agree that you will not misrepresent any calculation derived from the data or other content contained on the External Site as LogMeIn’s or otherwise.