SAN FRANCISCO, Nov. 2, 2021 /PRNewswire/ -- Castlight
Health, Inc. (NYSE: CSLT), a leading health navigation platform
provider, today announced results for its third quarter ended
September 30, 2021.
"We delivered a solid third quarter reflecting continued
progress across both our employer and health plan businesses," said
Maeve O'Meara, chief executive
officer of Castlight Health. "This quarter our team produced our
highest direct-to-employer bookings in over three years, which led
to our third straight quarter of sequential ARR growth, and our
health plan pipeline grew substantially in Q3. The momentum
we are seeing is a direct result of the strong product-market fit
of our next generation navigation solution that seamlessly blends
technology and service to produce results for our customers."
Financial performance for the three months ended
September 30, 2021 compared to the three months ended
September 30, 2020 includes:
- Total revenue of $34.8 million,
compared to $35.1 million
- GAAP gross margin of 66.2%, compared to 66.1%
- Non-GAAP gross margin of 69.1%, compared to 69.0%
- GAAP operating loss of $1.9
million, compared to $0.5
million
- Non-GAAP operating income of $2.5
million, compared to $3.7
million
- GAAP net loss per basic and diluted share of $0.01, compared to a net loss per basic and
diluted share of $0.00
- Non-GAAP net income per basic and diluted share of $0.01, compared to net income per basic and
diluted share of $0.02
- Cash provided by operations of $5.8
million, compared to $2.7
million
Total cash was $65.8 million as of
September 30, 2021.
A reconciliation of GAAP to non-GAAP results has been provided
in this press release in the accompanying tables. An explanation of
these measures is also included below under the heading "Non-GAAP
Financial Measures."
Business Outlook
For the full year 2021, the Company expects:
- Revenue in the range of $135
million to $140 million
- Non-GAAP operating loss of $4
million to income of $1
million
- Non-GAAP loss per share of $0.03
to income of $0.01, based on
approximately 160 million shares
For the fourth quarter of 2021, the Company expects:
- Revenue in the range of $33
million to $35 million
Quarterly Conference Call
Castlight Health senior management will host a conference call
to discuss its third quarter 2021 results and business outlook
today at 2:00 p.m. Pacific Time
(5:00 p.m. Eastern Time). A live
audio webcast of the conference call, together with detailed
financial information, can be accessed through the Company's
Investor Relations website at http://ir.castlighthealth.com. An
archive of the webcast can also be accessed through the same link.
The live conference call can be accessed by dialing (833) 238-7953
and the replay will be available for one week at (800) 585-8367.
The conference ID number for the live call and replay is
7079838.
About Castlight Health
Castlight is on a mission to make it as easy as humanly possible
for people to navigate the healthcare system and live happier,
healthier, more productive lives. As a leader in healthcare
navigation, we provide a world-class digital platform with a team
of clinical and benefits experts to help members easily connect and
engage with the right programs and care, at the right time.
Castlight partners with Fortune 500 companies and health plans to
transform employee and member benefits into one comprehensive
health and wellbeing experience to deliver better health outcomes
and maximize returns on healthcare investments.
For more information visit www.castlighthealth.com. Follow us on
Twitter and LinkedIn and Like us on Facebook.
Non-GAAP Financial Measures
To supplement Castlight Health's financial statements presented
in accordance with generally accepted accounting principles (GAAP),
we also use and provide investors and others with non-GAAP measures
of certain components of financial performance, including non-GAAP
gross profit and margin, non-GAAP operating expense, non-GAAP
operating income (loss), non-GAAP net income (loss) and non-GAAP
net income (loss) per share. Non-GAAP gross profit and margin,
non-GAAP operating expense, non-GAAP operating income (loss), and
non-GAAP net income (loss) exclude goodwill impairment, stock-based
compensation, certain legal expenses, amortization of intangibles,
restructuring charges, capitalization and amortization of
internal-use software, and lease exit and related charges.
We believe that these non-GAAP financial measures provide useful
supplemental information to investors and others, facilitate the
analysis of the company's core operating results and comparison of
operating results across reporting periods, and can help enhance
overall understanding of the company's historical financial
performance. However, these non-GAAP financial measures should be
considered in addition to, not as a substitute for or in isolation
from, measures prepared in accordance with GAAP.
The non-GAAP measures we provide may differ from the non-GAAP
information used by other companies, including peer companies, and
therefore comparability may be limited. Castlight Health encourages
investors and others to review the Company's financial information
in its entirety and not rely on a single financial measure.
We have provided a reconciliation of each non-GAAP financial
measure to the most directly comparable GAAP financial measure,
except that we have not reconciled our non-GAAP operating loss and
net loss per share guidance for the full year 2021 to comparable
GAAP measures because we do not provide guidance for stock-based
compensation expense, and capitalization and amortization of
internal-use software, which are reconciling items between GAAP and
non-GAAP. The factors that may impact our future stock-based
compensation expense, and capitalization and amortization of
internal-use software, are out of our control and/or cannot be
reasonably predicted, and therefore we are unable to provide such
guidance without unreasonable effort. Factors include our market
capitalization and related volatility of our stock price and our
inability to project the cost or scope of internally produced
software.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, which statements
involve substantial risks and uncertainties. Words such as
"anticipates," "expects," "intends," "plans," "projects,"
"believes," "seeks," "estimates," "can," "may," "will," "would" and
similar expressions identify such forward-looking statements. These
statements are not guarantees of results and should not be
considered as an indication of future activity or future
performance. The forward-looking statements about Castlight
Health's expectations, plans, intentions, and strategies include,
but are not limited to, statements regarding certain 2021 financial
projections, and our expectations for our future business and
financial performance. These forward-looking statements involve
risks and uncertainties, as well as assumptions, which, if they do
not fully materialize or prove incorrect, could cause our results
to differ materially from those expressed or implied by such
forward-looking statements. The risks and uncertainties include
those described in Castlight Health's documents filed with or
furnished to the Securities and Exchange Commission, including the
risks set forth in our annual report on Form 10-K for the year
ended December 31, 2020 as filed with the SEC on February 24, 2021, and our quarterly reports on
Form 10-Q, including the quarterly report for the three months
ended September 30, 2021, when filed with the SEC. All
forward-looking statements in this press release are expressly
qualified in their entirety by these cautionary statements and are
based on information available to Castlight Health as of the date
hereof. Castlight Health assumes no obligation to update these
forward-looking statements, except as required by law.
Copyright 2021 Castlight Health, Inc. Castlight
Health® is the registered trademark of Castlight
Health, Inc. Other company and product names may be trademarks of
the respective companies with which they are associated.
|
CASTLIGHT HEALTH,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands)
(unaudited)
|
|
As
of
|
|
September 30,
2021
|
|
December 31,
2020
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
65,768
|
|
|
$
|
49,242
|
|
|
Accounts receivable
and other, net
|
23,284
|
|
|
31,740
|
|
|
Prepaid expenses and
other current assets
|
7,053
|
|
|
3,800
|
|
|
Total current
assets
|
96,105
|
|
|
84,782
|
|
|
Property and
equipment, net
|
4,331
|
|
|
5,321
|
|
|
Restricted cash,
non-current
|
—
|
|
|
1,144
|
|
|
Deferred
commissions
|
7,092
|
|
|
9,556
|
|
|
Deferred professional
service costs
|
3,624
|
|
|
4,462
|
|
|
Intangible assets,
net
|
4,756
|
|
|
7,930
|
|
|
Goodwill
|
41,485
|
|
|
41,485
|
|
|
Operating lease
right-of-use assets, net
|
6,860
|
|
|
10,238
|
|
|
Other
assets
|
106
|
|
|
1,855
|
|
|
Total
assets
|
$
|
164,359
|
|
|
$
|
166,773
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
|
4,543
|
|
|
$
|
5,145
|
|
|
Accrued expenses and
other current liabilities
|
3,997
|
|
|
7,898
|
|
|
Accrued
compensation
|
9,398
|
|
|
8,633
|
|
|
Deferred
revenue
|
9,703
|
|
|
6,848
|
|
|
Operating lease
liabilities
|
5,004
|
|
|
5,789
|
|
|
Total current
liabilities
|
32,645
|
|
|
34,313
|
|
|
Deferred revenue,
non-current
|
188
|
|
|
663
|
|
|
Operating lease
liabilities, non-current
|
3,950
|
|
|
7,446
|
|
|
Other liabilities,
non-current
|
485
|
|
|
485
|
|
|
Total
liabilities
|
37,268
|
|
|
42,907
|
|
|
Stockholders'
equity
|
127,091
|
|
|
123,866
|
|
|
Total liabilities and
stockholders' equity
|
$
|
164,359
|
|
|
$
|
166,773
|
|
|
CASTLIGHT HEALTH,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands,
except per share data)
(unaudited)
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Subscription
|
$
|
31,613
|
|
|
$
|
34,069
|
|
|
$
|
94,851
|
|
|
$
|
106,741
|
|
|
Professional services
and other
|
3,163
|
|
|
1,009
|
|
|
10,587
|
|
|
2,882
|
|
|
Total revenue,
net
|
34,776
|
|
|
35,078
|
|
|
105,438
|
|
|
109,623
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
Cost of
subscription(1)
|
8,081
|
|
|
8,013
|
|
|
24,157
|
|
|
27,064
|
|
|
Cost of professional
services and other(1)
|
3,675
|
|
|
3,874
|
|
|
12,513
|
|
|
12,057
|
|
|
Total cost of
revenue
|
11,756
|
|
|
11,887
|
|
|
36,670
|
|
|
39,121
|
|
|
Gross
profit
|
23,020
|
|
|
23,191
|
|
|
68,768
|
|
|
70,502
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
7,079
|
|
|
6,158
|
|
|
21,200
|
|
|
24,313
|
|
|
Research and
development(1)
|
11,631
|
|
|
11,182
|
|
|
36,060
|
|
|
38,047
|
|
|
General and
administrative(1)
|
6,195
|
|
|
6,341
|
|
|
18,927
|
|
|
19,257
|
|
|
Goodwill
impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
50,300
|
|
|
Total operating
expenses
|
24,905
|
|
|
23,681
|
|
|
76,187
|
|
|
131,917
|
|
|
Operating
loss
|
(1,885)
|
|
|
(490)
|
|
|
(7,419)
|
|
|
(61,415)
|
|
|
Other income,
net
|
132
|
|
|
43
|
|
|
281
|
|
|
429
|
|
|
Income before income
taxes
|
(1,753)
|
|
|
(447)
|
|
|
(7,138)
|
|
|
(60,986)
|
|
|
Provision for income
taxes
|
279
|
|
|
—
|
|
|
279
|
|
|
—
|
|
|
Net loss
|
$
|
(2,032)
|
|
|
$
|
(447)
|
|
|
$
|
(7,417)
|
|
|
$
|
(60,986)
|
|
|
Net loss per share,
basic and diluted
|
$
|
(0.01)
|
|
|
$
|
—
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.41)
|
|
|
Weighted-average
shares used to compute basic and diluted net loss
per share
|
161,103
|
|
|
152,146
|
|
|
158,961
|
|
|
150,372
|
|
|
|
|
(1)
|
Includes stock-based
compensation expense as follows:
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
Cost of
subscription
|
$
|
256
|
|
|
$
|
224
|
|
|
$
|
735
|
|
|
$
|
598
|
|
|
|
Cost of professional
services and other
|
145
|
|
|
171
|
|
|
565
|
|
|
431
|
|
|
|
Sales and
marketing
|
483
|
|
|
282
|
|
|
1,275
|
|
|
1,702
|
|
|
|
Research and
development
|
1,001
|
|
|
1,026
|
|
|
3,130
|
|
|
3,503
|
|
|
|
General and
administrative
|
1,315
|
|
|
1,401
|
|
|
3,772
|
|
|
3,325
|
|
|
CASTLIGHT HEALTH,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands)
(unaudited)
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(2,032)
|
|
|
$
|
(447)
|
|
|
$
|
(7,417)
|
|
|
$
|
(60,986)
|
|
|
Adjustments to
reconcile net loss to net cash provided by
(used in) operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
1,674
|
|
|
1,763
|
|
|
4,913
|
|
|
4,907
|
|
|
Goodwill
impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
50,300
|
|
|
Stock-based
compensation
|
3,200
|
|
|
3,104
|
|
|
9,477
|
|
|
9,559
|
|
|
Amortization of
deferred commissions
|
1,372
|
|
|
1,598
|
|
|
3,940
|
|
|
5,517
|
|
|
Amortization of
deferred professional service costs
|
568
|
|
|
760
|
|
|
1,715
|
|
|
2,417
|
|
|
Non-cash operating
lease expense
|
1,145
|
|
|
1,134
|
|
|
3,377
|
|
|
3,765
|
|
|
Other
|
13
|
|
|
—
|
|
|
32
|
|
|
2
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
and other, net
|
(1,549)
|
|
|
2,704
|
|
|
8,456
|
|
|
926
|
|
|
Deferred
commissions
|
(1,283)
|
|
|
(476)
|
|
|
(1,476)
|
|
|
(1,396)
|
|
|
Deferred professional
service costs
|
(298)
|
|
|
(289)
|
|
|
(819)
|
|
|
(918)
|
|
|
Prepaid expenses and
other assets
|
1,663
|
|
|
1,066
|
|
|
(360)
|
|
|
242
|
|
|
Accounts
payable
|
808
|
|
|
(3,847)
|
|
|
(650)
|
|
|
(14,048)
|
|
|
Operating lease
liabilities
|
(1,476)
|
|
|
(1,570)
|
|
|
(4,281)
|
|
|
(4,186)
|
|
|
Accrued expenses and
other liabilities
|
(73)
|
|
|
(1,065)
|
|
|
(2,016)
|
|
|
(2,576)
|
|
|
Deferred
revenue
|
(189)
|
|
|
(2,862)
|
|
|
2,380
|
|
|
(100)
|
|
|
Accrued
compensation
|
2,294
|
|
|
1,165
|
|
|
765
|
|
|
(1,949)
|
|
|
Net cash provided by
(used in) operating activities
|
5,837
|
|
|
2,738
|
|
|
18,036
|
|
|
(8,524)
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
(456)
|
|
|
(132)
|
|
|
(701)
|
|
|
(3,431)
|
|
|
Purchase of marketable
securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,994)
|
|
|
Sales of marketable
securities
|
—
|
|
|
—
|
|
|
—
|
|
|
2,001
|
|
|
Maturities of
marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
17,400
|
|
|
Net cash (used in)
provided by investing activities
|
(456)
|
|
|
(132)
|
|
|
(701)
|
|
|
12,976
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
Proceeds from exercise
of stock options
|
259
|
|
|
23
|
|
|
485
|
|
|
178
|
|
|
Proceeds from ESPP
offering
|
390
|
|
|
185
|
|
|
623
|
|
|
371
|
|
|
Principal payments on
long-term debt
|
(465)
|
|
|
(465)
|
|
|
(1,395)
|
|
|
(1,395)
|
|
|
Final payment on term
loan
|
(490)
|
|
|
—
|
|
|
(490)
|
|
|
—
|
|
|
Net cash used in
financing activities
|
(306)
|
|
|
(257)
|
|
|
(777)
|
|
|
(846)
|
|
|
Effect of exchange
rate changes on cash, cash equivalents, and restricted
cash
|
(13)
|
|
|
—
|
|
|
(32)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash,
cash equivalents and restricted cash
|
5,062
|
|
|
2,349
|
|
|
16,526
|
|
|
3,606
|
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
61,850
|
|
|
45,599
|
|
|
50,386
|
|
|
44,342
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
66,912
|
|
|
$
|
47,948
|
|
|
$
|
66,912
|
|
|
$
|
47,948
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
65,768
|
|
|
$
|
46,804
|
|
|
$
|
65,768
|
|
|
$
|
46,804
|
|
|
Restricted cash
included in Prepaid expenses and other current assets
|
1,144
|
|
|
—
|
|
|
1,144
|
|
|
—
|
|
|
Restricted cash,
non-current
|
—
|
|
|
1,144
|
|
|
—
|
|
|
1,144
|
|
|
Total cash, cash
equivalents and restricted cash
|
$
|
66,912
|
|
|
$
|
47,948
|
|
|
$
|
66,912
|
|
|
$
|
47,948
|
|
|
CASTLIGHT HEALTH,
INC.
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands,
except per share data)
(unaudited)
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September 30,
2021
|
|
June 30,
2021
|
|
September 30,
2020
|
|
September 30,
2021
|
|
September 30,
2020
|
|
Gross
profit:
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
subscription
|
$
|
23,532
|
|
|
$
|
23,151
|
|
|
$
|
26,056
|
|
|
$
|
70,694
|
|
|
$
|
79,677
|
|
|
Stock-based
compensation
|
256
|
|
|
222
|
|
|
224
|
|
|
735
|
|
|
598
|
|
|
Amortization of
internal-use
software
|
79
|
|
|
79
|
|
|
79
|
|
|
237
|
|
|
184
|
|
|
Amortization of
intangibles
|
530
|
|
|
530
|
|
|
530
|
|
|
1,590
|
|
|
1,590
|
|
|
Reduction in
workforce
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
221
|
|
|
Non-GAAP gross profit
subscription
|
$
|
24,397
|
|
|
$
|
23,982
|
|
|
$
|
26,889
|
|
|
$
|
73,256
|
|
|
$
|
82,270
|
|
|
GAAP gross margin
subscription
|
74.4
|
%
|
|
74.4
|
%
|
|
76.5
|
%
|
|
74.5
|
%
|
|
74.6
|
%
|
|
Non-GAAP gross margin
subscription
|
77.2
|
%
|
|
77.0
|
%
|
|
78.9
|
%
|
|
77.2
|
%
|
|
77.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
(loss) professional
services
|
$
|
(512)
|
|
|
$
|
294
|
|
|
$
|
(2,865)
|
|
|
$
|
(1,926)
|
|
|
$
|
(9,175)
|
|
|
Stock-based
compensation
|
145
|
|
|
184
|
|
|
171
|
|
|
565
|
|
|
431
|
|
|
Reduction in
workforce
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
317
|
|
|
Non-GAAP gross profit
(loss)
professional services
|
$
|
(367)
|
|
|
$
|
478
|
|
|
$
|
(2,694)
|
|
|
$
|
(1,361)
|
|
|
$
|
(8,427)
|
|
|
GAAP gross margin
professional
services
|
(16.2)
|
%
|
|
6.6
|
%
|
|
(284)
|
%
|
|
(18.2)
|
%
|
|
(318)
|
%
|
|
Non-GAAP gross margin
professional
services
|
(11.6)
|
%
|
|
10.7
|
%
|
|
(267)
|
%
|
|
(12.9)
|
%
|
|
(292)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
|
23,020
|
|
|
$
|
23,445
|
|
|
$
|
23,191
|
|
|
$
|
68,768
|
|
|
$
|
70,502
|
|
|
Impact of non-GAAP
adjustments
|
1,010
|
|
|
1,015
|
|
|
1,004
|
|
|
3,127
|
|
|
3,341
|
|
|
Non-GAAP gross
profit
|
$
|
24,030
|
|
|
$
|
24,460
|
|
|
$
|
24,195
|
|
|
$
|
71,895
|
|
|
$
|
73,843
|
|
|
GAAP gross
margin
|
66.2
|
%
|
|
65.9
|
%
|
|
66.1
|
%
|
|
65.2
|
%
|
|
64.3
|
%
|
|
Non-GAAP gross
margin
|
69.1
|
%
|
|
68.7
|
%
|
|
69.0
|
%
|
|
68.2
|
%
|
|
67.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expense:
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and
marketing
|
$
|
7,079
|
|
|
$
|
7,208
|
|
|
$
|
6,158
|
|
|
$
|
21,200
|
|
|
$
|
24,313
|
|
|
Stock-based
compensation
|
(483)
|
|
|
(442)
|
|
|
(282)
|
|
|
(1,275)
|
|
|
(1,702)
|
|
|
Amortization of
intangibles
|
(528)
|
|
|
(528)
|
|
|
(528)
|
|
|
(1,584)
|
|
|
(1,584)
|
|
|
Reduction in
workforce
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(332)
|
|
|
Non-GAAP sales and
marketing
|
$
|
6,068
|
|
|
$
|
6,238
|
|
|
$
|
5,350
|
|
|
$
|
18,341
|
|
|
$
|
20,695
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and
development
|
$
|
11,631
|
|
|
$
|
12,316
|
|
|
$
|
11,182
|
|
|
$
|
36,060
|
|
|
$
|
38,047
|
|
|
Stock-based
compensation
|
(1,001)
|
|
|
(1,060)
|
|
|
(1,026)
|
|
|
(3,130)
|
|
|
(3,503)
|
|
|
Reduction in
workforce
|
—
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
(663)
|
|
|
Certain legal
expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
191
|
|
|
Capitalization of
internally
developed software
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
Non-GAAP research and
development
|
$
|
10,630
|
|
|
$
|
11,256
|
|
|
$
|
10,151
|
|
|
$
|
32,930
|
|
|
$
|
34,093
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and
administrative
|
$
|
6,195
|
|
|
$
|
6,366
|
|
|
$
|
6,341
|
|
|
$
|
18,927
|
|
|
$
|
19,257
|
|
|
Stock-based
compensation
|
(1,315)
|
|
|
(1,262)
|
|
|
(1,401)
|
|
|
(3,772)
|
|
|
(3,325)
|
|
|
Amortization of
intangibles
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17)
|
|
|
Reduction in
workforce
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
(482)
|
|
|
Non-GAAP general
and
administrative
|
$
|
4,880
|
|
|
$
|
5,104
|
|
|
$
|
4,955
|
|
|
$
|
15,155
|
|
|
$
|
15,433
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP goodwill
impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50,300
|
|
|
Goodwill
impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,300)
|
|
|
Non-GAAP goodwill
impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expense
|
$
|
24,905
|
|
|
$
|
25,890
|
|
|
$
|
23,681
|
|
|
$
|
76,187
|
|
|
$
|
131,917
|
|
|
Impact of non-GAAP
adjustments
|
(3,327)
|
|
|
(3,292)
|
|
|
(3,225)
|
|
|
(9,761)
|
|
|
(61,696)
|
|
|
Non-GAAP operating
expense
|
$
|
21,578
|
|
|
$
|
22,598
|
|
|
$
|
20,456
|
|
|
$
|
66,426
|
|
|
$
|
70,221
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
$
|
(1,885)
|
|
|
$
|
(2,445)
|
|
|
$
|
(490)
|
|
|
$
|
(7,419)
|
|
|
$
|
(61,415)
|
|
|
Impact of non-GAAP
adjustments
|
4,337
|
|
|
4,307
|
|
|
4,229
|
|
|
12,888
|
|
|
65,037
|
|
|
Non-GAAP operating
income
|
$
|
2,452
|
|
|
$
|
1,862
|
|
|
$
|
3,739
|
|
|
$
|
5,469
|
|
|
$
|
3,622
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
and net income
(loss) per share:
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
|
(2,032)
|
|
|
$
|
(2,389)
|
|
|
$
|
(447)
|
|
|
$
|
(7,417)
|
|
|
$
|
(60,986)
|
|
|
Total pre-tax impact
of non-GAAP
adjustments
|
4,337
|
|
|
4,307
|
|
|
4,229
|
|
|
12,888
|
|
|
65,037
|
|
|
Non-GAAP net
income
|
$
|
2,305
|
|
|
$
|
1,918
|
|
|
$
|
3,782
|
|
|
$
|
5,471
|
|
|
$
|
4,051
|
|
|
GAAP net loss per
share, basic and
diluted
|
$
|
(0.01)
|
|
|
$
|
(0.02)
|
|
|
$
|
—
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.41)
|
|
|
Non-GAAP net income
per share,
basic and diluted
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.02
|
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
Shares used in basic
and diluted net
loss per share computation
|
161,103
|
|
|
158,951
|
|
|
152,146
|
|
|
158,961
|
|
|
150,372
|
|
Castlight Media Contact:
Caroline Kawashima
press@castlighthealth.com
415-246-0313
Castlight Investor Contact:
ir@castlighthealth.com
443-213-0500
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SOURCE Castlight Health, Inc.