CASTLIGHT HEALTH, INC.

CIK:0001433714|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Revenue:

Total revenue, net

$ 34,776,000

$ 35,078,000

$ 105,438,000

$ 109,623,000

Cost of revenue:

Total cost of revenue

11,756,000

11,887,000

36,670,000

39,121,000

Gross profit

23,020,000

23,191,000

68,768,000

70,502,000

Operating expenses:

Sales and marketing

^[1]

7,079,000

6,158,000

21,200,000

24,313,000

Research and development

^[1]

11,631,000

11,182,000

36,060,000

38,047,000

General and administrative

^[1]

6,195,000

6,341,000

18,927,000

19,257,000

Goodwill impairment

50,300,000

Total operating expenses

24,905,000

23,681,000

76,187,000

131,917,000

Operating loss

(1,885,000)

(490,000)

(7,419,000)

(61,415,000)

Other income, net

132,000

43,000

281,000

429,000

Loss before provision for income taxes

(1,753,000)

(447,000)

(7,138,000)

(60,986,000)

Provision for income taxes

279,000

Net loss

$ (2,032,000)

$ (447,000)

$ (7,417,000)

$ (60,986,000)

Net loss per share, basic (in usd per share)

$ (0.01)

$ 0

$ (0.05)

$ (0.41)

Net loss per share, diluted (in usd per share)

$ (0.01)

$ 0

$ (0.05)

$ (0.41)

Weighted-average shares used to compute diluted net loss per share (in usd per share)

161,103

152,146

158,961

150,372

Weighted-average shares used to compute basic net loss per share (in usd per share)

161,103

152,146

158,961

150,372

Subscription

Revenue:

Total revenue, net

$ 31,613,000

$ 34,069,000

$ 94,851,000

$ 106,741,000

Cost of revenue:

Total cost of revenue

^[1]

8,081,000

8,013,000

24,157,000

27,064,000

Professional services and other

Revenue:

Total revenue, net

3,163,000

1,009,000

10,587,000

2,882,000

Cost of revenue:

Total cost of revenue

^[1]

$ 3,675,000

$ 3,874,000

$ 12,513,000

$ 12,057,000

[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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss	$ (7,417)	$ (60,986)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,913	4,907
Goodwill impairment	0	50,300
Stock-based compensation	9,477	9,559
Amortization and impairment of deferred commissions	3,940	5,517
Amortization and impairment of deferred professional service costs	1,715	2,417
Non-cash operating lease expense	3,377	3,765
Other	32	2
Changes in operating assets and liabilities:
Accounts receivable and other, net	8,456	926
Deferred commissions	(1,476)	(1,396)
Deferred professional service costs	(819)	(918)
Prepaid expenses and other assets	(360)	242
Accounts payable	(650)	(14,048)
Operating lease liabilities	(4,281)	(4,186)
Accrued expenses and other liabilities	(2,016)	(2,576)
Deferred revenue	2,380	(100)
Accrued compensation	765	(1,949)
Net cash provided by (used in) operating activities	18,036	(8,524)
Investing activities:
Purchase of property and equipment	(701)	(3,431)
Purchase of marketable securities	0	(2,994)
Sales of marketable securities	0	2,001
Maturities of marketable securities	0	17,400
Net cash (used in) provided by investing activities	(701)	12,976
Financing activities:
Proceeds from exercise of stock options	485	178
Proceeds from ESPP offering	623	371
Principal payments on debt	(1,395)	(1,395)
Payment For Debt Maturity	(490)	0
Net cash used in financing activities	(777)	(846)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(32)	0
Net increase in cash, cash equivalents and restricted cash	16,526	3,606
Cash, cash equivalents and restricted cash at beginning of period	50,386	44,342
Cash, cash equivalents and restricted cash at end of period	66,912	47,948
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	65,768	46,804
Restricted cash included in Prepaid expenses and other current assets	1,144	0
Restricted cash, non-current	0	1,144
Total cash, cash equivalents and restricted cash	$ 66,912	$ 47,948

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
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	0	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
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
Commitments and contingencies
Stockholders’ equity:
Additional paid-in capital	651,717	641,075
Accumulated deficit	(524,642)	(517,225)
Total stockholders’ equity	127,091	123,866
Total liabilities and stockholders’ equity	164,359	166,773
Class A common stock
Stockholders’ equity:
Common stock	3	4
Class B common stock
Stockholders’ equity:
Common stock	$ 13	$ 12