Twitter, Inc.
TWITTER, INC. (Form: 8-K, Received: 02/05/2014 16:12:06)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

February 5, 2014

 

 

Twitter, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-36164   20-8913779

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

1355 Market Street, Suite 900

San Francisco, California 94103

(Address of principal executive offices, including zip code)

(415) 222-9670

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results of Operations and Financial Condition.

On February 5, 2014, Twitter, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year 2013. In the press release, the Company also announced that it would be holding a conference call on February 5, 2014 to discuss its financial results for the fourth quarter and fiscal year 2013. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.

  

Description

99.1    Press release issued by Twitter, Inc. dated February 5, 2014.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

TWITTER, INC.

By:

 

/s/ Mike Gupta

 

Mike Gupta

Chief Financial Officer

Date: February 5, 2014


EXHIBIT INDEX

 

Exhibit
No.

  

Description

99.1    Press release issued by Twitter, Inc. dated February 5, 2014.

Exhibit 99.1

Twitter Reports Fourth Quarter and Fiscal Year 2013 Results

SAN FRANCISCO, Calif. – Feb. 5, 2014 – Twitter, Inc. (NYSE: TWTR) today announced financial results for the fourth quarter and fiscal year ended December 31, 2013.

 

    Q4 revenue of $243 million, up 116% year-over-year

 

    Q4 net loss of $511 million and non-GAAP net income of $10 million

 

    Q4 GAAP EPS of ($1.41) and non-GAAP EPS of $0.02

 

    Q4 adjusted EBITDA of $45 million, representing an adjusted EBITDA margin of 18%

 

    Full year revenue of $665 million, up 110% year-over-year

 

    Full year net loss of $645 million and non-GAAP net loss of $34 million

 

    Full year GAAP EPS of ($3.41) and non-GAAP EPS of ($0.18)

 

    Full year adjusted EBITDA of $75 million, representing an adjusted EBITDA margin of 11%

“Twitter finished a great year with our strongest financial quarter to date,” said Dick Costolo, CEO of Twitter. “We are the only platform that is public, real-time, conversational and widely distributed and I’m excited by the number of initiatives we have underway to further build upon the Twitter experience.”

Fourth Quarter and Fiscal Year 2013 Financial

Summary

(In thousands, except per share data)

     Quarter Ended     Year Ended  
     Dec 31, 2013     Dec 31, 2012     Dec 31, 2013     Dec 31, 2012  

GAAP Results

        

Revenue

   $ 242,675      $ 112,247      $ 664,890      $ 316,933   

Net loss

   $ (511,471   $ (8,705   $ (645,323   $ (79,399

Diluted net loss per share

   $ (1.41   $ (0.07   $ (3.41   $ (0.68

Non-GAAP Results

        

Adjusted EBITDA

   $ 44,745      $ 17,571      $ 75,430      $ 21,164   

Non-GAAP net income (loss)

   $ 9,774      $ (271   $ (34,330   $ (35,191

Non-GAAP diluted net income (loss) per share

   $ 0.02      $ (0.00   $ (0.18   $ (0.30

For information regarding the non-GAAP financial measures discussed in this release, please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

Fourth Quarter 2013 Operational Highlights

 

    Average Monthly Active Users (MAUs) were 241 million as of December, 31, 2013, an increase of 30% year-over-year.

 

    Mobile MAUs reached 184 million in the fourth quarter of 2013, an increase of 37% year-over-year, representing 76% of total MAUs.

 

    Timeline views reached 148 billion in the fourth quarter of 2013, an increase of 26% year-over-year.

 

    Advertising revenue per thousand timeline views reached $1.49 in the fourth quarter of 2013, an increase of 76% year-over-year.

 

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Fourth Quarter 2013 Product Highlights

 

    Twitter continued to improve return on investment for its advertisers by launching a number of new advertising products including TV Conversation Targeting, Tailored Audiences, Conversion Tracking and Promoted Accounts in Timeline.

 

    Twitter made its platform more accessible to a broader range of advertisers by launching its self-serve advertising platform to small and medium-sized businesses in the UK, Ireland and Canada.

 

    Twitter continued to improve its overall user experience by launching a number of new product enhancements including media forward, in-line social actions, Twitter Alerts, custom timelines, and the ability to send and receive photos via direct message and swipe between timelines. Vine is also available in 19 new languages on both iOS and Android as of December 31, 2013.

 

    Twitter closed the acquisition of MoPub, Inc. a mobile-focused advertising exchange, making it easier for its advertisers to automate and scale their advertising buys.

Fourth Quarter 2013 Financial Highlights

Revenue – Revenue for the fourth quarter of 2013 totaled $243 million, an increase of 116% compared to $112 million in the same period last year.

 

    Advertising revenue totaled $220 million, an increase of 121% year-over-year.

 

    Mobile advertising revenue was more than 75% of total advertising revenue.

 

    Data licensing and other revenue totaled $23 million, an increase of 80% year-over-year.

 

    International revenue totaled $66 million, an increase of 200% year-over-year. International revenue was 27% of total revenue.

Net loss – GAAP net loss was $511 million for the fourth quarter of 2013 compared to a net loss of $9 million in the same period last year. The company’s Q4 GAAP net loss included $521 million of stock-based compensation expense, of which $406 million was for restricted stock units previously granted to employees, for which no expense had been recognized, until the effective date of our initial public offering in accordance with GAAP.

Adjusted EBITDA – Adjusted EBITDA was $45 million for the fourth quarter of 2013 compared to $18 million in the same period last year.

Non-GAAP net income / loss – Non-GAAP net income was $10 million for the fourth quarter of 2013 compared to a Non-GAAP net loss of $0.3 million in the same period last year.

EPS – Basic and diluted GAAP EPS was ($1.41) for the fourth quarter of 2013 compared to ($0.07) in the same period last year.

Non-GAAP EPS – Non-GAAP EPS was $0.02 for the fourth quarter of 2013 compared to ($0.00) in the year ago period.

Capital expenditures – Purchases of property and equipment for the fourth quarter of 2013 were $29 million. Additionally, $60 million of equipment was procured or financed through capital leases during the fourth quarter of 2013.

Cash, cash equivalents and marketable securities – As of December 31, 2013, cash, cash equivalents and marketable securities were approximately $2.2 billion, compared to $321 million as of September 30, 2013.

 

2


Outlook

Twitter’s outlook for the first quarter of 2014 is as follows:

 

    Revenue is projected to be in the range of $230 million to $240 million.

 

    Adjusted EBITDA is projected to be in the range of $10 million to $16 million.

 

    Stock-based compensation expense is projected to be in the range of $145 million to $155 million excluding the impact of equity awards that may be granted in connection with potential future acquisitions.

Twitter’s outlook for the full year of 2014 is as follows:

 

    Revenue is projected to be in the range of $1,150 million to $1,200 million.

 

    Adjusted EBITDA is projected to be in the range of $150 million to $180 million.

 

    Capital expenditures are projected to be in the range of $330 million to $390 million.

 

    Stock-based compensation expense is projected to be in the range of $600 million to $650 million excluding the impact of equity awards that may be granted in connection with potential future acquisitions.

Webcast and Conference Call Details

Twitter will host a conference call today, February 5, 2014, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss financial results. Questions submitted via Twitter, directed to @TwitterIR, using the hashtag #TWTRearnings will be considered during the Q&A portion of the conference call in addition to questions submitted by conference call participants. A live webcast of the conference call, the company’s financial results and supplemental slides will be accessible from the Investor Relations page of the company’s website at investor.twitterinc.com. A replay will be archived and accessible at the same website after the conference call. Twitter has used, and intends to continue to use, its Investor Relations website (investor.twitterinc.com), as well as certain Twitter accounts (@dickc, @twitter and @twitterIR), as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Twitter, Inc.

Twitter (NYSE: TWTR) is a global platform for public self-expression and conversation in real time. By developing a fundamentally new way for people to create, distribute and discover content, we have democratized content creation and distribution, enabling any voice to echo around the world instantly and unfiltered. The service can be accessed at Twitter.com, via the Twitter mobile application and via text message. Available in more than 35 languages, Twitter has more than 240 million monthly active users. For more information, visit discover.twitter.com or follow @twitter.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Twitter’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, Twitter’s expectations regarding its revenue, adjusted EBITDA, capital expenditures and stock-based compensation expense for the first quarter and full year 2014. The Company’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the possibility that: our user base and engagement do not continue to grow; advertisers reduce or discontinue their spending on Twitter; data partners reduce or discontinue

 

3


their purchases of data licenses from Twitter; and Twitter experiences expenses that exceed its expectations. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission, including the Prospectus related to Twitter’s initial public offering of common stock filed pursuant to Rule 424(b) under the Securities Act of 1933 (Registration No. 333-191552), filed with the Securities and Exchange Commission on November 7, 2013. The forward-looking statements in this press release are based on information available to Twitter as of the date hereof, and Twitter disclaims any obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

To supplement Twitter’s financial information presented in accordance with generally accepted accounting principles in the United States, or GAAP, the Company considers certain financial measures that are not prepared in accordance with GAAP, including adjusted EBITDA, non-GAAP net income (loss), and non-GAAP EPS. Twitter defines adjusted EBITDA as net loss adjusted to exclude stock-based compensation expense, depreciation and amortization expense, interest and other expenses and provision (benefit) for income taxes; and Twitter defines non-GAAP net income (loss) as net loss adjusted to exclude stock-based compensation expense, amortization of acquired intangible assets and the income tax effects related to acquisitions.

The Company uses the non-GAAP financial measures of adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS in evaluating its operating results and for financial and operational decision-making purposes. Twitter believes that adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS help identify underlying trends in its business that could otherwise be masked by the effect of the expenses that we exclude in adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS. Twitter also believes that adjusted EBITDA, non-GAAP net income (loss) and non-GAAP EPS provide useful information about its operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater transparency with respect to key metrics used by the Company’s management in its financial and operational decision-making. Twitter uses these measures to establish budgets and operational goals for managing its business and evaluating its performance. The Company is presenting these non-GAAP financial measures to assist investors in seeing the Company’s operating results through the eyes of management, and because it believes that these measures provide an additional tool for investors to use in comparing Twitter’s core business operating results over multiple periods with other companies in its industry.

These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

For future periods, Twitter is unable to provide a reconciliation of adjusted EBITDA to net loss as a result of the uncertainty regarding, and the potential variability of, depreciation and amortization expense, interest and other expenses and provision (benefit) for income taxes, that are expected to be incurred in the future.

Contacts

Investors:

Nils Erdmann

ir@twitter.com

Press:

Jim Prosser

jprosser@twitter.com

 

4


TWITTER, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)  

 

     December 31,     December 31,  
     2013     2012  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 841,010      $ 203,328   

Short-term investments

     1,393,044        221,528   

Accounts receivable, net

     247,328        112,155   

Prepaid expenses and other current assets

     93,297        17,455   
  

 

 

   

 

 

 

Total current assets

     2,574,679        554,466   

Property and equipment, net

     332,662        185,574   

Intangible assets, net

     77,627        3,753   

Goodwill

     363,477        68,813   

Other assets

     17,795        18,962   
  

 

 

   

 

 

 

Total assets

   $ 3,366,240      $ 831,568   
  

 

 

   

 

 

 

Liabilities, redeemable convertible preferred stock, convertible preferred stock and stockholders’ equity (deficit)

    

Current liabilities:

    

Accounts payable

   $ 27,994      $ 8,432   

Accrued and other current liabilities

     110,310        52,611   

Capital leases, short-term

     87,126        48,836   
  

 

 

   

 

 

 

Total current liabilities

     225,430        109,879   

Capital leases, long-term

     110,520        65,732   

Deferred and other long-term tax liabilities, net

     59,500        12,156   

Other long-term liabilities

     20,784        19,437   
  

 

 

   

 

 

 

Total liabilities

     416,234        207,204   
  

 

 

   

 

 

 

Redeemable convertible preferred stock

     —          37,106   

Convertible preferred stock

     —          835,430   

Stockholders’ equity (deficit):

    

Common stock

     3        1   

Additional paid-in capital

     3,944,952        101,787   

Accumulated other comprehensive loss

     (323     (657

Accumulated deficit

     (994,626     (349,303
  

 

 

   

 

 

 

Total stockholders’ equity (deficit)

     2,950,006        (248,172
  

 

 

   

 

 

 

Total liabilities, redeemable convertible preferred stock, convertible preferred stock and stockholders’ equity (deficit)

   $ 3,366,240      $ 831,568   
  

 

 

   

 

 

 

 

5


TWITTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)  

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2013     2012     2013     2012  

Revenue

   $ 242,675      $ 112,247      $ 664,890      $ 316,933   

Costs and expenses

        

Cost of revenue

     112,651        36,918        266,718        128,768   

Research and development

     394,848        40,340        593,992        119,004   

Sales and marketing

     177,305        28,784        316,216        86,551   

General and administrative

     67,547        14,981        123,795        59,693   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     752,351        121,023        1,300,721        394,016   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (509,676     (8,776     (635,831     (77,083

Interest income (expense), net

     (2,387     (830     (6,860     (2,486

Other income (expense), net

     (2,725     (527     (4,455     399   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (514,788     (10,133     (647,146     (79,170

Provision (benefit) for income taxes

     (3,317     (1,428     (1,823     229   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (511,471   $ (8,705   $ (645,323   $ (79,399
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share:

        

Basic and diluted

   $ (1.41   $ (0.07   $ (3.41   $ (0.68
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares used to compute net loss per share:

        

Basic and diluted

     362,624        120,926        189,510        117,401   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

6


TWITTER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)  

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2013     2012     2013     2012  

Cash flows from operating activities:

        

Net loss

   $ (511,471   $ (8,705   $ (645,323   $ (79,399

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

        

Depreciation and amortization

     33,224        21,001        110,894        72,506   

Stock-based compensation expense

     521,197        5,346        600,367        25,741   

Provision for bad debt

     799        782        1,557        1,844   

Deferred income tax benefit

     (8,410     (974     (8,902     (1,098

Non-cash acquisition-related costs

     138        690        704        1,715   

Amortization of investment premium and other

     1,333        1,700        3,457        4,102   

Changes in operating assets and liabilities:

        

Accounts receivable

     (77,798     (24,600     (112,060     (73,898

Prepaid expenses and other assets

     (9,635     3,492        (12,045     (6,691

Accounts payable

     16,249        3,745        7,957        2,931   

Accrued and other liabilities

     31,506        2,885        54,792        24,312   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     (2,868     5,362        1,398        (27,935
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

        

Purchases of property and equipment

     (29,116     (10,511     (75,744     (50,599

Purchases marketable securities

     (1,291,915     (101,717     (1,573,489     (542,638

Proceeds from maturities of marketable securities

     55,103        124,133        355,270        621,049   

Proceeds from sales of marketable securities

     8,051        6,080        42,816        26,300   

Restricted cash

     (3,306     (1,114     (10,847     (3,143

Business combination, net of cash acquired and purchases of intangible assets

     (36,000     (1,825     (44,072     (1,526
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     (1,297,183     15,046        (1,306,066     49,443   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

        

Net proceeds from issuance of common stock

     2,019,704        —          2,018,579        —     

Taxes paid related to net share settlement of equity awards

     (14,637     —          (14,637     —     

Repayments of capital lease obligations

     (21,203     (12,844     (70,445     (39,436

Proceeds from exercise of stock awards net of repurchase

     1,742        768        8,679        2,312   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     1,985,606        (12,076     1,942,176        (37,124
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     685,555        8,332        637,508        (15,616

Foreign exchange effect on cash and cash equivalents

     (249     (219     174        (52

Cash and cash equivalents - beginning of period

     155,704        195,215        203,328        218,996   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents - end of period

   $ 841,010      $ 203,328      $ 841,010      $ 203,328   
  

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental cash flow data

        

Interest paid in cash

   $ 2,089      $ 1,179      $ 6,850      $ 3,126   

Conversion of preferred stock to common stock

   $ 872,536      $ —        $ 872,536      $ —     

Common and convertible preferred stock issued in connection with acquisitions

   $ 218,821      $ 11,487      $ 331,766      $ 47,127   

Equipment purchases under capital leases

   $ 60,222      $ 30,746      $ 155,722      $ 110,206   

Changes in accrued equipment purchases

   $ (18,124   $ (12,773   $ (1,602   $ 15,734   

Unpaid deferred offering costs

   $ 1,162      $ —        $ 1,162      $ —     

 

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TWITTER, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except per share data)

(Unaudited)  

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2013     2012     2013     2012  

Non-GAAP net income (loss) and net income (loss) per share:

        

Net loss

   $ (511,471   $ (8,705   $ (645,323   $ (79,399

Stock-based compensation expense

     521,197        5,346        600,367        25,741   

Amortization of acquired intangible assets

     5,569        3,798        16,530        18,687   

Income tax effects related to acquisitions

     (5,521     (710     (5,904     (220
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net income (loss)

   $ 9,774      $ (271   $ (34,330   $ (35,191
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP diluted shares

     362,624        120,926        189,510        117,401   

Diluted effect of preferred stock conversion (1)

     155,687        —          —          —     

Other dilutive equity awards (2)

     93,900        —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP diluted shares

     612,211        120,926        189,510        117,401   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP diluted net income (loss) per share

   $ 0.02      $ (0.00   $ (0.18   $ (0.30
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA:

        

Net loss

   $ (511,471   $ (8,705   $ (645,323   $ (79,399

Stock-based compensation expense

     521,197        5,346        600,367        25,741   

Depreciation and amortization expense

     33,224        21,001        110,894        72,506   

Interest and other expense

     5,112        1,357        11,315        2,087   

Provision (benefit) for income taxes

     (3,317     (1,428     (1,823     229   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 44,745      $ 17,571      $ 75,430      $ 21,164   
  

 

 

   

 

 

   

 

 

   

 

 

 

Stock-based compensation expense by function:

        

Cost of revenue

   $ 45,927      $ 182      $ 50,942      $ 800   

Research and development

     326,536        3,609        379,913        12,622   

Sales and marketing

     104,084        361        114,440        1,346   

General and administrative

     44,650        1,194        55,072        10,973   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total stock-based compensation expense

   $ 521,197      $ 5,346      $ 600,367      $ 25,741   
  

 

 

   

 

 

   

 

 

   

 

 

 

Amortization of acquired intangible assets by function:

        

Cost of revenue

   $ 3,923      $ 3,798      $ 14,884      $ 18,687   

Research and development

     300        —          300        —     

Sales and marketing

     1,346        —          1,346        —     

General and administrative

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total amortization of acquired intangible assets

   $ 5,569      $ 3,798      $ 16,530      $ 18,687   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)   Gives effect to the conversion of convertible preferred stock into common stock as though the conversion had occurred at the beginning of the period under the “if-converted” method.
(2)   Gives effect to potential common stock instruments such as stock options, RSUs, unvested restricted stock and warrant.

 

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