[July 31, 2014] |
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Care.com Announces Second Quarter 2014 Financial Results
WALTHAM, Mass. --(Business Wire)--
Care.com, Inc. (NYSE: CRCM), the world's largest online care destination
for finding and managing family care, today announced financial results
for the second quarter ended on June 28, 2014.
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Total members grew to 11.8 million at the end of Q2, representing 44%
growth over the second quarter 2013.
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Second quarter revenue was $25.8 million, an increase of 35% over the
second quarter of 2013.
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Acquired Citrus Lane, the leading social commerce platform designed
for Moms to drive overall engagement and lifetime value across the
Care.com matching and payments membership base.
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Introduced the Big Tent by Care.com mobile app as the first step
towards the Company's "Care.com Everyday" strategy, focused on driving
daily engagement across all Care.com properties.
"We continued to drive strong revenue and membership growth in our
matching and payments businesses during the second quarter while making
good progress towards reaching our profitability targets for these core
businesses in 2014," said Sheila Lirio Marcelo, Founder and CEO of
Care.com. "In the second half, we plan to further optimize our marketing
spend by driving organic growth with robust mom communities. We call
this our 'Care.com Everyday' strategy -- our goal to provide multiple
ways for families to find and manage care and connect with their
communities on a daily basis -through Care.com, Citrus Lane and through
our new BigTent mobile app."
Financial Results
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Revenue for the second quarter was $25.8 million, a 35% increase from
$19.1 million in the second quarter of 2013.
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US consumer matching revenue totaled $19.1 million in Q2, a 30%
increase from $14.6 million in the second quarter 2013.
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Payments revenue totaled $3.3 million in the second quarter, a 35%
increase from $2.5 million in the second quarter of 2013.
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Other revenue totaled $3.4 million in Q2, a 68% increase from $2.0
million in the second quarter of 2013.
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Net loss for the second quarter 2014 was $9.9 million, compared to net
loss of $6.1 million in the second quarter of 2013. Net loss for the
second quarter included $575 thousand in transaction costs related to
the acquisition of Citrus Lane.
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Adjusted EBITDA was a loss of $6.6 million in the second quarter 2014,
compared to an adjusted EBITDA loss of $3.6 million in the second
quarter of 2013.
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GAAP EPS was $(0.32) in the second quarter. Q2 GAAP EPS was based on
31.0 million weighted average basic shares outstanding. GAAP EPS was
impacted by $(0.02) as a result of transaction costs related to the
acquisition of Citrus Lane.
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Non-GAAP EPS was $(0.27) in the second quarter. Non-GAAP EPS excludes
the impact of non-cash stock based compensation and non-recurring
items, such as M&A.
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The Company ended the quarter with $113.4 million in cash and cash
equivalents.
Business Highlights
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Our total members grew 44% to 11.8 million at the end of Q2, compared
to 8.2 million in Q2, 2013. Total families grew 48% to 6.4 million at
the end of Q2 and total caregivers grew 40% to 5.4 million at the end
of Q2.
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Q2 2014 U.S. Matching end of period paying members grew to 192
thousand, a 28% increase over last year.
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Q2 2014 payment members grew to 13 thousand, a 28% increase over Q2
2013.
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Average monthly unique visitors grew to 6.3 million, an 8% increase
over Q1, with more than 50% of visitors via mobile device.
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Unpaid traffic accelerated as we expanded our SEO footprint, resulting
in a 39% increase in organic search traffic over Q1, and an 85%
increase over Q2 of last year.
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In July, we acquired Citrus Lane, the largest social commerce platform
designed for moms, with 400 thousand members and 45 thousand monthly
paying subscribers. Citrus Lane's highly engaged community is a
natural extension of the Care.com marketplace, and brings significant
opportunities to drive higher LTV across our membership base.
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We are announcing today our launch of the Big Tent mobile app by
Care.com. We acquired this hosted community platform in 2013. Big Tent
is becoming the core of Care.com's community offering, and we expect
it to drive daily engagement across all properties.
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We have made important additions to our leadership, adding depth and
targeted expertise to our team. Mauria Finley, Founder and CEO of
Citrus Lane, whose career as a product innovator has included tenures
at eBay, PayPal, AOL and Netscape, has been named SVP, GM of Citrus
Lane, and Caroline Sheu, formerly head of global marketing at Disney
Interactive and Sony Interactive has joined us as Care.com's Chief
Marketing Officer. Caroline's extensive experience includes launching
numerous #1 iPhone apps for Disney as well as digital content across
Sony's various channels.
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Financial Expectations
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Q3 2014
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Full Year 2014
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Revenue
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Base Care.com
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$
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29.0
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-
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$
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30.0
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$
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109.0
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-
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$
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112.0
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Citrus Lane Impact
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2.0
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-
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3.0
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5.0
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-
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7.0
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Consolidated
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$
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31.0
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-
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$
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33.0
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$
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114.0
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-
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$
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119.0
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Adjusted EBITDA
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Base Care.com
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$
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(9.0
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-
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$
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(8.0
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$
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(23.0
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-
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$
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(20.0
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Citrus Lane Impact
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(2.5
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-
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(1.5
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(3.5
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-
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(2.5
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Consolidated
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$
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(11.5
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-
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$
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(9.5
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$
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(26.5
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-
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$
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(22.5
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Non GAAP EPS
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Base Care.com
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$
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(0.35
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-
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$
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(0.31
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$
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(1.01
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-
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$
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(0.91
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Citrus Lane Impact
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(0.09
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-
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(0.06
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(0.16
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-
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(0.13
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Consolidated
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$
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(0.44
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-
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$
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(0.37
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$
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(1.17
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-
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$
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(1.04
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Weighted average basic shares
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31.7
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31.7
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29.2
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29.2
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Figures in millions except for Non-GAAP EPS
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Non-GAAP EPS based on weighted average basic shares
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Note: Expectations include impact of Citrus Lane for July
18-December 28
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Earnings Teleconference Information
The Company will discuss its second quarter 2014 financial results
during a teleconference today, July 31, 2014, at 8:00 AM ET. The
conference call can be accessed at (877) 407-4018 or (201) 689-8471
(international), conference ID# 13586631. The call will also be
broadcast simultaneously at http://investors.care.com.
Following the 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 (877) 870-5176 or (858) 384-5517 (international),
conference ID # 13586631. The telephone replay will be available from
11:00 AM ET July 31 through 11:59 PM ET August 7, 2014. Additional
investor information can be accessed at http://www.care.com
About Care.com
Care.com (NYSE: CRCM) is the world's largest online destination for
finding and managing family care. As of June 2014, the Company had 11.8
million members spanning 16 countries, including the United States, the
United Kingdom, Canada and parts of Western Europe. Care.com's web and
mobile platforms enable families to connect to care providers and
caregiving services in a reliable and easy way, while also helping care
providers find meaningful work. Through its consumer matching platform,
tools and resources, Care.com allows families to make more informed
hiring decisions. The Company also enables families to pay caregivers
electronically online or via mobile device and also subscribe to
Care.com HomePay to manage their household payroll and tax matters. As a
further extension of its marketplace for families, Care.com also sells
curated products for children, through Citrus Lane, the leading social
commerce platform designed for moms. In addition, Care.com serves
hundreds of thousands of families whose employers provide access to
Care.com's consumer matching platform, as well as backup dependent care,
as a corporate benefit through the company's Workplace Solutions unit.
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 new and future product offerings and the anticipated effect of
such offerings, expectations regarding driving higher levels of member
engagement and increased lifetime value of members, and the Company's
financial guidance for the third quarter of 2014 and full year
2014. 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: our ability to grow our
membership, our success in converting non-paying members to paying
members, 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 member acquisition costs, our execution
of our plans and strategies, including with respect to our mobile
community-based products, features and offerings, and 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
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.
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 loss 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 loss and
non-GAAP EPS as non-GAAP financial measures in this press release. We
define adjusted EBITDA as net loss, plus: federal, state and franchise
taxes, other 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. 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 loss as net loss, plus stock-based
compensation, accretion of contingent consideration, merger and
acquisition related costs and other unusual or non-cash significant
adjustments. We define non-GAAP EPS as non-GAAP net loss divided by
weighted basic shares outstanding.
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.
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Care.com, Inc.
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Consolidated Balance Sheets
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(in thousands)
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June 28, 2014
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December 28, 2013
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(unaudited)
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Assets
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Current assets:
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Cash and cash equivalents
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$
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113,398
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$
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29,959
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Restricted cash
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538
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246
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Accounts receivable (net of allowance of $0 and $56, respectively)
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2,218
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1,609
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Unbilled accounts receivable
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|
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3,098
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|
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2,477
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Prepaid expenses and other current assets
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2,993
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|
|
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1,731
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Total current assets
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122,245
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36,022
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Property and equipment, net
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1,606
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|
|
|
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1,553
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Intangible assets, net
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|
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9,279
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11,418
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Goodwill
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62,957
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|
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62,686
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Other non-current assets
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|
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|
|
145
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|
|
|
|
|
|
2,150
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Total assets
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$
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196,232
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$
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113,829
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Liabilities, redeemable convertible preferred stock and
stockholders' equity (deficit)
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Current liabilities:
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Accounts payable
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$
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3,427
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$
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2,031
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Accrued expenses and other current liabilities
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13,301
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7,023
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Current contingent acquisition consideration
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2,690
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5,463
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Deferred revenue
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10,913
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8,304
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Total current liabilities
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30,331
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|
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22,821
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Contingent acquisition consideration
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-
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5,166
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Deferred tax liability
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1,795
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|
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1,112
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Other non-current liabilities
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374
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|
|
|
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|
|
|
785
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Total liabilities
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32,500
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|
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29,884
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Redeemable convertible preferred stock, $0.01 par value; 22,632
shares authorized at December 28, 2013; 21,299 shares issued
and outstanding at December 28, 2013; aggregate liquidation value
of $161,666 as of December 28, 2013
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|
-
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|
|
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152,251
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Stockholders' equity (deficit)
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Preferred stock, $0.001 par value; 5,000 shares authorized; no
shares issued and outstanding
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|
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|
-
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|
-
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Common stock, $0.001 par value; 300,000 shares authorized; 30,985
and 3,197 shares issued and outstanding as of June 28, 2014
and December 28, 2013, respectively
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|
|
|
|
|
|
31
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|
|
|
|
|
|
|
3
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Additional paid-in capital
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|
|
|
|
|
|
267,147
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|
|
|
|
|
|
|
9,311
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Accumulated deficit
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|
|
|
|
|
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(104,986
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)
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|
|
|
|
|
|
(79,563
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Accumulated other comprehensive income
|
|
|
|
|
|
|
1,540
|
|
|
|
|
|
|
|
1,943
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|
|
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Total stockholders' equity (deficit)
|
|
|
|
|
|
|
163,732
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|
|
|
|
|
|
|
(68,306
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)
|
|
|
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Total liabilities, redeemable convertible preferred stock and
stockholders' equity (deficit)
|
|
|
|
|
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$
|
196,232
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|
|
|
|
|
|
$
|
113,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Care.com, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
June 28, 2014
|
|
|
|
|
June 30, 2013
|
|
|
|
|
June 28, 2014
|
|
|
|
|
June 30, 2013
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
$
|
25,836
|
|
|
|
|
|
$
|
19,133
|
|
|
|
|
|
$
|
51,107
|
|
|
|
|
|
$
|
37,295
|
|
Cost of revenue
|
|
|
|
|
|
|
5,713
|
|
|
|
|
|
|
4,607
|
|
|
|
|
|
|
11,484
|
|
|
|
|
|
|
8,834
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
|
|
|
|
|
18,022
|
|
|
|
|
|
|
12,329
|
|
|
|
|
|
|
38,471
|
|
|
|
|
|
|
25,262
|
|
Research and development
|
|
|
|
|
|
|
4,078
|
|
|
|
|
|
|
2,890
|
|
|
|
|
|
|
8,142
|
|
|
|
|
|
|
5,557
|
|
General and administrative
|
|
|
|
|
|
|
6,588
|
|
|
|
|
|
|
4,156
|
|
|
|
|
|
|
12,820
|
|
|
|
|
|
|
7,857
|
|
Depreciation and amortization
|
|
|
|
|
|
|
1,068
|
|
|
|
|
|
|
1,057
|
|
|
|
|
|
|
2,136
|
|
|
|
|
|
|
2,076
|
|
Total operating expenses
|
|
|
|
|
|
|
29,756
|
|
|
|
|
|
|
20,432
|
|
|
|
|
|
|
61,569
|
|
|
|
|
|
|
40,752
|
|
Operating loss
|
|
|
|
|
|
|
(9,633
|
)
|
|
|
|
|
|
(5,906
|
)
|
|
|
|
|
|
(21,946
|
)
|
|
|
|
|
|
(12,291
|
)
|
Other income (expense), net
|
|
|
|
|
|
|
67
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
(2,679
|
)
|
|
|
|
|
|
(117
|
)
|
Loss before income taxes
|
|
|
|
|
|
|
(9,566
|
)
|
|
|
|
|
|
(5,896
|
)
|
|
|
|
|
|
(24,625
|
)
|
|
|
|
|
|
(12,408
|
)
|
Provision for income taxes
|
|
|
|
|
|
|
309
|
|
|
|
|
|
|
218
|
|
|
|
|
|
|
794
|
|
|
|
|
|
|
525
|
|
Net loss
|
|
|
|
|
|
$
|
(9,875
|
)
|
|
|
|
|
$
|
(6,114
|
)
|
|
|
|
|
$
|
(25,419
|
)
|
|
|
|
|
$
|
(12,933
|
)
|
Accretion of preferred stock
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(14
|
)
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
(28
|
)
|
Net loss attributable to common stockholders
|
|
|
|
|
|
$
|
(9,875
|
)
|
|
|
|
|
$
|
(6,128
|
)
|
|
|
|
|
$
|
(25,423
|
)
|
|
|
|
|
$
|
(12,961
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
|
$
|
(0.32
|
)
|
|
|
|
|
$
|
(2.08
|
)
|
|
|
|
|
$
|
(0.96
|
)
|
|
|
|
|
$
|
(4.45
|
)
|
Weighted-average shares used to compute net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
|
|
30,980
|
|
|
|
|
|
|
2,941
|
|
|
|
|
|
|
26,439
|
|
|
|
|
|
|
2,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Care.com, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
June 28, 2014
|
|
|
|
|
|
June 30, 2013
|
|
|
|
|
|
|
|
|
(unaudited)
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
$
|
(25,419
|
)
|
|
|
|
|
|
$
|
(12,933
|
)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
|
|
2,082
|
|
|
|
|
|
|
|
718
|
|
Depreciation and amortization
|
|
|
|
|
|
2,520
|
|
|
|
|
|
|
|
3,366
|
|
Deferred taxes
|
|
|
|
|
|
672
|
|
|
|
|
|
|
|
496
|
|
Contingent consideration expense
|
|
|
|
|
|
147
|
|
|
|
|
|
|
|
276
|
|
Change in fair value of contingent consideration payable in
preferred stock
|
|
|
|
|
|
2,258
|
|
|
|
|
|
|
|
-
|
|
Change in fair value of stock warrants
|
|
|
|
|
|
606
|
|
|
|
|
|
|
|
(6
|
)
|
Changes in operating assets and liabilities, net of effects from
acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
|
|
(449
|
)
|
|
|
|
|
|
|
26
|
|
Accounts receivable
|
|
|
|
|
|
(611
|
)
|
|
|
|
|
|
|
(515
|
)
|
Unbilled accounts receivable
|
|
|
|
|
|
(622
|
)
|
|
|
|
|
|
|
(277
|
)
|
Prepaid expenses and other current assets
|
|
|
|
|
|
(808
|
)
|
|
|
|
|
|
|
(36
|
)
|
Other non-current assets
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
5
|
|
Accounts payable
|
|
|
|
|
|
1,540
|
|
|
|
|
|
|
|
2,210
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
|
6,671
|
|
|
|
|
|
|
|
2,165
|
|
Deferred revenue
|
|
|
|
|
|
2,613
|
|
|
|
|
|
|
|
1,363
|
|
Other non-current liabilities
|
|
|
|
|
|
(36
|
)
|
|
|
|
|
|
|
(18
|
)
|
Net cash used in operating activities
|
|
|
|
|
|
(8,841
|
)
|
|
|
|
|
|
|
(3,160
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
|
|
(400
|
)
|
|
|
|
|
|
|
(935
|
)
|
Payments for acquisitions, net of cash acquired
|
|
|
|
|
|
(489
|
)
|
|
|
|
|
|
|
(398
|
)
|
Cash withheld for purchase consideration
|
|
|
|
|
|
(73
|
)
|
|
|
|
|
|
|
-
|
|
Net cash used in investing activities
|
|
|
|
|
|
(962
|
)
|
|
|
|
|
|
|
(1,333
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from initial public offering net of offering costs
|
|
|
|
|
|
96,011
|
|
|
|
|
|
|
|
-
|
|
Proceeds from the issuance of common stock
|
|
|
|
|
|
245
|
|
|
|
|
|
|
|
196
|
|
Payments of contingent consideration previously established in
purchase accounting
|
|
|
|
|
|
(2,845
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
|
|
|
93,411
|
|
|
|
|
|
|
|
196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
(169
|
)
|
|
|
|
|
|
|
103
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
|
83,439
|
|
|
|
|
|
|
|
(4,194
|
)
|
Cash and cash equivalents, beginning of the period
|
|
|
|
|
|
29,959
|
|
|
|
|
|
|
|
44,776
|
|
Cash and cash equivalents, end of the period
|
|
|
|
|
$
|
113,398
|
|
|
|
|
|
|
$
|
40,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Care.com, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
June 28, 2014
|
|
|
|
|
June 30, 2013
|
|
|
|
|
June 28, 2014
|
|
|
|
|
June 30, 2013
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
|
|
|
$
|
(9,875
|
)
|
|
|
|
|
$
|
(6,114
|
)
|
|
|
|
|
$
|
(25,419
|
)
|
|
|
|
|
$
|
(12,933
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal, state and franchise taxes
|
|
|
|
|
|
439
|
|
|
|
|
|
|
218
|
|
|
|
|
|
|
972
|
|
|
|
|
|
|
525
|
|
Other income (expense), net
|
|
|
|
|
|
(67
|
)
|
|
|
|
|
|
(10
|
)
|
|
|
|
|
|
2,679
|
|
|
|
|
|
|
117
|
|
Depreciation and amortization
|
|
|
|
|
|
1,259
|
|
|
|
|
|
|
1,700
|
|
|
|
|
|
|
2,520
|
|
|
|
|
|
|
3,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
(8,244
|
)
|
|
|
|
|
|
(4,206
|
)
|
|
|
|
|
|
(19,248
|
)
|
|
|
|
|
|
(8,925
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
|
|
983
|
|
|
|
|
|
|
421
|
|
|
|
|
|
|
2,082
|
|
|
|
|
|
|
718
|
|
Accretion of contingent consideration
|
|
|
|
|
|
74
|
|
|
|
|
|
|
141
|
|
|
|
|
|
|
147
|
|
|
|
|
|
|
276
|
|
Merger and acquisition related costs
|
|
|
|
|
|
575
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
652
|
|
|
|
|
|
|
-
|
|
IPO related costs
|
|
|
|
|
|
10
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
164
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
$
|
(6,602
|
)
|
|
|
|
|
$
|
(3,644
|
)
|
|
|
|
|
$
|
(16,203
|
)
|
|
|
|
|
$
|
(7,931
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Care.com, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Net Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
June 28, 2014
|
|
|
|
|
June 30, 2013
|
|
|
|
|
June 28, 2014
|
|
|
|
|
June 30, 2013
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
$
|
(9,875
|
)
|
|
|
|
|
$
|
(6,114
|
)
|
|
|
|
|
$
|
(25,419
|
)
|
|
|
|
|
$
|
(12,933
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
|
|
983
|
|
|
|
|
|
|
421
|
|
|
|
|
|
|
2,082
|
|
|
|
|
|
|
718
|
|
Accretion of contingent consideration
|
|
|
|
|
|
74
|
|
|
|
|
|
|
141
|
|
|
|
|
|
|
147
|
|
|
|
|
|
|
276
|
|
Merger and acquisition related costs
|
|
|
|
|
|
575
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
652
|
|
|
|
|
|
|
-
|
|
IPO related costs
|
|
|
|
|
|
10
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
164
|
|
|
|
|
|
|
-
|
|
Preferred stock and warrant valuation adjustments
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
|
2,864
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss
|
|
|
|
|
$
|
(8,233
|
)
|
|
|
|
|
$
|
(5,558
|
)
|
|
|
|
|
$
|
(19,510
|
)
|
|
|
|
|
$
|
(11,945
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
$
|
(0.27
|
)
|
|
|
|
|
$
|
(1.89
|
)
|
|
|
|
|
$
|
(0.74
|
)
|
|
|
|
|
$
|
(4.10
|
)
|
Weighted-average shares used to compute non-GAAP net loss per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
|
30,980
|
|
|
|
|
|
|
2,941
|
|
|
|
|
|
|
26,439
|
|
|
|
|
|
|
2,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Care.com, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Quarter Ended
|
|
|
|
|
|
|
|
June 28, 2014
|
|
|
|
|
|
June 30, 2013
|
|
Total members*
|
|
|
|
|
|
11,826
|
|
|
|
|
|
|
8,211
|
|
Total families*
|
|
|
|
|
|
6,437
|
|
|
|
|
|
|
4,354
|
|
Total caregivers*
|
|
|
|
|
|
5,389
|
|
|
|
|
|
|
3,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paying members - US Matching
|
|
|
|
|
|
192
|
|
|
|
|
|
|
150
|
|
Paying members - Payments
|
|
|
|
|
|
13
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* data is cumulative as of the end of the respective period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Quarter Ended
|
|
|
|
|
|
|
|
June 28, 2014
|
|
|
|
|
|
June 30, 2013
|
|
Monthly Average Revenue per Member
|
|
|
|
|
|
|
|
|
|
|
|
|
US Matching
|
|
|
|
|
$
|
34
|
|
|
|
|
|
$
|
33
|
|
Payments
|
|
|
|
|
$
|
88
|
|
|
|
|
|
$
|
83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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