MINDBODY, Inc.

CIK:0001458962|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Revenue	$ 63,782,000	$ 46,612,000	$ 179,216,000	$ 132,933,000
Cost of revenue	20,189,000	13,123,000	55,027,000	37,880,000
Gross profit	43,593,000	33,489,000	124,189,000	95,053,000
Operating expenses:
Sales and marketing	25,959,000	18,514,000	68,845,000	52,210,000
Research and development	18,960,000	8,976,000	48,295,000	26,426,000
General and administrative	13,175,000	9,763,000	41,913,000	27,807,000
Total operating expenses	58,094,000	37,253,000	159,053,000	106,443,000
Loss from operations	(14,501,000)	(3,764,000)	(34,864,000)	(11,390,000)
Interest income	1,482,000	485,000	2,581,000	808,000
Interest Expense	(4,040,000)	(313,000)	(5,374,000)	(933,000)
Other income (expense), net	(9,000)	45,000	27,000	(56,000)
Loss before provision for income taxes	(17,068,000)	(3,547,000)	(37,630,000)	(11,571,000)
Income tax provision (benefit)	169,000	83,000	(1,811,000)	343,000
Net loss	$ (17,237,000)	$ (3,630,000)	$ (35,819,000)	$ (11,914,000)
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (0.36)	$ (0.08)	$ (0.75)	$ (0.27)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted (in shares)	47,808,000	46,460,000	47,491,000	43,475,000

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (35,819,000)	$ (11,914,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,544,000	6,736,000
Stock-based compensation expense	19,840,000	9,925,000
Contract acquisition cost, amortization expense	1,009,000	0
Amortization of Debt Issuance Costs and Discounts	4,125,000	0
Partial release of valuation allowance	(2,133,000)	0
Accretion of discounts on investments	(199,000)	0
Other	(5,000)	17,000
Changes in operating assets and liabilities net of effects of acquisitions:
Accounts receivable	306,000	(839,000)
Deferred commissions	(9,657,000)	0
Prepaid expenses and other assets	(2,406,000)	(1,897,000)
Accounts payable	(1,077,000)	1,661,000
Accrued expenses and other liabilities	3,224,000	265,000
Deferred revenue	1,375,000	1,152,000
Deferred rent	362,000	418,000
Net cash provided by (used in) operating activities	(7,511,000)	5,524,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of short-term investments	(171,102,000)	0
Purchase of property and equipment	(5,927,000)	(4,781,000)
Additions to internally developed software	(1,366,000)	(1,011,000)
Acquisition of business, net of cash acquired	(151,765,000)	(1,450,000)
Net cash used in investing activities	(330,160,000)	(7,242,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Convertible Debt	301,848,000	0
Payments to Purchase Call Options	(36,422,000)	0
Proceeds from Issuance of Common Stock	0	134,277,000
Proceeds from exercise of equity awards	6,182,000	5,619,000
Proceeds from employee stock purchase plan	4,261,000	3,238,000
Payment related to shares withheld for taxes	(4,391,000)	(1,563,000)
Repayments of Long-term Debt	(10,008,000)	0
Repayment on financing and capital lease obligations	(384,000)	(321,000)
Payment of financing obligations related to Lymber and HealCode acquisitions	(1,250,000)	(250,000)
Other	0	(33,000)
Net cash provided by financing activities	259,836,000	140,967,000
Effect of exchange rate changes on cash and cash equivalents	(110,000)	199,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(77,945,000)	139,448,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	232,019,000	85,864,000
CASH AND CASH EQUIVALENTS, END OF PERIOD	154,074,000	225,312,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	180,000	212,000
Cash paid for interest	899,000	934,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Earnout in business combination deemed part of total purchase consideration	0	5,142,000
Fair Value of Assets Acquired	498,000	0
Deferred Offering Costs	0	11,000
Unpaid equipment purchases	1,545,000	1,664,000
Acquisition consideration held back to satisfy potential indemnification claims	0	500,000
HealCode, Inc. [Member]
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Stock Issued	$ 120,000	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 154,074	$ 232,019
Short-term investments	171,016	0
Accounts receivable	12,639	10,753
Deferred commissions, current portion	2,645	0
Prepaid expenses and other current assets	8,948	5,776
Total current assets	349,322	248,548
Noncurrent assets:
Property and equipment, net	33,001	32,871
Deferred commissions, non-current portion	6,926	0
Intangible assets, net	69,272	7,377
Goodwill	111,468	11,583
Other non-current assets	1,303	934
TOTAL ASSETS	571,292	301,313
Current liabilities:
Accounts payable	11,327	7,448
Accrued expenses and other liabilities	16,595	13,099
Deferred revenue, current portion	7,962	6,318
Other current liabilities	1,093	1,828
Total current liabilities	36,977	28,693
Noncurrent liabilities
Convertible Debt, Noncurrent	234,946	0
Deferred revenue, non-current portion	1,339	3,201
Deferred rent, non-current portion	2,239	1,966
Financing obligation on leases, non-current portion	14,479	14,932
Other non-current liabilities	450	585
Total liabilities	290,430	49,377
Stockholders’ equity:
Additional paid-in capital	515,334	454,196
Accumulated other comprehensive loss	(343)	(108)
Accumulated deficit	(234,130)	(202,153)
Total stockholders’ equity	280,862	251,936
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	571,292	301,313
Common Class A
Stockholders’ equity:
Common stock	1	1
Common Class B
Stockholders’ equity:
Common stock	$ 0	$ 0