TechDogs-"Edgio Reports Third Quarter 2023 Results"

Networking Solutions

Edgio Reports Third Quarter 2023 Results

By Business Wire

Business Wire
Overall Rating

Q3 2023 Revenue of $97.0 Million

Record Applications Bookings in 3Q 2023, Up More Than 150%, Sequentially

Reiterate Expectation of Breakeven Adjusted EBITDA in 4Q 2023

Receives $66 Million and Exchanges 95% of its Existing 2025 Convertible Notes for New 2027 Convertible Notes

Edgio to Host Third Quarter 2023 Earnings Call at 8am EST on Wednesday, November 15th

PHOENIX--(BUSINESS WIRE)--Edgio, Inc. (Nasdaq: EGIO) (Edgio), the platform of choice for speed, security and simplicity at the edge, today reported financial results for the third quarter ended September 30, 2023.

“Edgio delivered record bookings in the third quarter, reflecting the strength of our momentum and our commitment to pursuing our transformation strategy,” said Bob Lyons, President and CEO of Edgio. “The new capital infusion provides us with the additional financial flexibility to build on the momentum underway. We have now strengthened all aspects of our strategic objectives and expect to drive substantial year-over-year improvements in Adjusted EBITDA and free cash flow in 2024.”

Recent Business Highlights

  • New logo and expansion revenue surpassed revenue churn in the third quarter
  • Revenue churn declined more than 24% from the fourth quarter 2022, and more than 35% sequentially
  • Record Applications bookings in the third quarter increased approximately 150% from the second quarter
  • New logo bookings grew almost 400% and upsell bookings were up almost 300%, sequentially, in the third quarter
  • Notable wins for Applications include a €250 billion automotive group in Europe, and a domestic pet supplies retailer. Renewals include an Asian airline and a large AI semiconductor company. Upsells were with a large hardware company in Asia, a leading health food company in the U.S., a unicorn e-commerce marketplace in Brazil and a media company in India
  • New product release of API Security solution in general availability
  • Announced managed service offering and strategic partner ecosystem with leading technology vendors in the streaming industry – Accedo, Bitmovin, Grabyo, Vimond -, and Wurl - to seamlessly integrate technologies across the entire streaming technology stack
  • Introduced enterprise-level Protect and Perform Applications Bundles, combining Tier-1 web performance capabilities with a full-spectrum web security suite and enterprise-level Security Operations Center (SOC) support services – all in a single, comprehensive package, thus eliminating complex billing structures and unpredictable costs
  • Announced investment in Security Operations Center (SOC) to broaden security managed services, incident response and threat intelligence
  • Awarded “Competitive Strategy Leadership Award” by Frost & Sullivan and “Overall Web Security Solution of The Year” by CyberSecurity Breakthrough Awards. Edgio is also a finalist in InfoWorld's Technology of the Year awards for DevOps Security
  • On track to operationalize approximately $85-90 million of expected run-rate cost savings, by end of 2023 and forecasted higher by end of 2024

Third Quarter Financial highlights:

Revenue

  • Revenue of $97.0 million, increased 1.3% sequentially as new and existing client revenue growth exceeded churned revenue. Year-over-year decline of 12.4% was driven by previously communicated churn at Edgecast and elongated booking cycle.

Gross margin

  • GAAP gross margin was 23.9%, compared to 22.6% quarter over quarter and 25.8% year over year.
  • Non-GAAP gross margin was 28.0%, compared to 26.9% quarter over quarter and 31.4% year over year.
  • Cash gross margin was 32.1%, compared to 30.8% quarter over quarter and 41.2% year over year. The sequential improvement was due to higher revenue and continued cost savings initiatives partially offset by higher switching costs related to a cloud platform services provider.

Operating expenses

  • GAAP operating expenses, including share-based compensation of $3.3 million, restructuring charges of $0.1 million to achieve cost synergies, $0.0 restatement expenses, and acquisition and legal related expenses of $0.4 million were 48% of revenue, compared to 57.3% in the second quarter of 2023 and 67.6% in the third quarter of 2022.
  • Non-GAAP operating expenses, excluding share-based compensation, restructuring charges, restatement related expenses, and acquisition and legal related expenses, were 44.0% of revenue, compared to 47.0% in the second quarter of 2023 and 48.0% in the third quarter of 2022.
  • Cash operating expenses, excluding share-based compensation, restructuring charges, restatement related expenses, and acquisition and legal related expenses, depreciation and amortization were 41.8% of revenue, compared to 44.8% in the second quarter of 2023 and 46.4% in the third quarter of 2022. The decline in cash operating expenses was primarily due to realization of cost savings from previously announced cost containment efforts.

Adjusted EBITDA

  • Adjusted EBITDA for the quarter was a loss of $9.5 million, compared to a loss of $13.4 million in the second quarter of 2023 primarily due to higher revenues and continuous execution on cost savings initiatives.

Capital Expenditure

  • Year-to-date capital expenditure, net of payments from ISPs, was $4.9 million or 1.7% of revenue.
  • We expect to continue to be efficient with our capital expenditure as a result of stronger operational discipline, leveraging our excess capacity, and higher revenue contribution from software solutions that have lower capital requirements.

Cash, Cash Equivalents, and Marketable Securities

  • Cash, cash equivalents, and marketable securities were $27.6 million as of September 30, 2023, compared to $36.2 million as of June 30, 2023.
  • Net cash used in operations during the quarter was $10.7 million.

2023 Guidance:

“Over the last year, we have introduced award-winning products, accelerated our go-to-market initiatives, improved operations and strengthened our balance sheet,” said Stephen Cumming, CFO of Edgio. “We are accelerating our focus on revenue quality and unit economics, which combined with the ongoing cost savings initiatives, set us up for further adjusted EBITDA margin expansion in 2024.”

For the fourth quarter of 2023, the guidance is as follows:

  • Revenue between $96 and $98 million
  • Adjusted EBITDA range of negative $1 million to positive $1 million
  • Capital expenditure in the range of $3 to $6 million

For 2023, we have revised our range and are currently expecting:

  • Revenue between $391 and $393 million, a growth of 15.5 to 16.0 percent year over year
  • Adjusted EBITDA range of negative $38 to negative $36 million
  • Capital expenditure between $10 and $13 million, implying 2.6% and 3.3% of revenue

New Capital Infusion to Drive Growth Strategies

In a separate press release and related Form 8-K filing issued earlier today, Edgio announced that it has entered into an agreement with Lynrock Lake Master Fund LP (“Lynrock”), one of the Company’s existing investors, to provide the business with $66 million in new financing. The agreement also exchanges Lynrock’s existing unsecured convertible notes due 2025 for secured convertible notes due 2027. The press release can be found on the Investor Relations page of the Company’s website.

Update to Annual Shareholder Meeting

The Shareholder meeting previously scheduled for Thursday November 16, will be rescheduled.

Conference Call

At approximately 8:00 a.m. EST (5:00 a.m. PST) tomorrow, management will host a quarterly conference call for investors. Interested parties can access the call by dialing (800) 715-9871 from the United States or (646) 307-1963 internationally, with access code 2099001. The conference call will also be audiocast live from www.edg.io and a replay will be available following the call from the Edgio website.

Financial Tables

Edgio, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)

September 30,
2023

June 30,
2023

December 31,
2022

(Unaudited)

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

27,633

$

36,188

$

55,275

Marketable securities

18,734

Accounts receivable, net

66,746

63,563

84,627

Income taxes receivable

1,339

155

105

Prepaid expenses and other current assets

33,682

36,778

36,374

Total current assets

129,400

136,684

195,115

Property and equipment, net

70,170

73,667

73,467

Operating lease right of use assets

4,614

4,816

5,290

Deferred income taxes

2,759

2,925

2,338

Goodwill

168,547

168,775

169,156

Intangible assets, net

75,592

80,948

91,661

Other assets

2,191

2,582

5,353

Total assets

$

453,273

$

470,397

$

542,380

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

78,252

$

63,799

$

52,776

Deferred revenue

8,972

10,132

9,286

Operating lease liability obligations

2,769

3,621

4,557

Income taxes payable

2,944

3,155

3,133

Financing obligations

9,234

8,944

6,346

Other current liabilities

49,877

55,271

76,160

Total current liabilities

152,048

144,922

152,258

Convertible senior notes, net

123,292

123,070

122,631

Operating lease liability obligations, less current portion

7,465

7,730

9,181

Deferred income taxes

1,427

1,431

596

Deferred revenue, less current portion

1,555

2,247

2,949

Financing obligations, less current portion

13,030

14,208

13,784

Other long-term liabilities

855

858

1,658

Total liabilities

299,672

294,466

303,057

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock, $0.001 par value; 7,500 shares authorized; no shares issued and outstanding

Common stock, $0.001 par value; 300,000 shares authorized; 225,533, 223,380, and 222,232 shares issued and outstanding as of September 30, 2023, June 30, 2023, and December 31, 2022, respectively

226

223

222

Common stock contingent consideration

16,300

16,300

16,300

Additional paid-in capital

817,390

814,405

807,507

Accumulated other comprehensive loss

(12,148

)

(11,321

)

(11,665

)

Accumulated deficit

(668,167

)

(643,676

)

(573,041

)

Total stockholders’ equity

153,601

175,931

239,323

Total liabilities and stockholders’ equity

$

453,273

$

470,397

$

542,380

Edgio, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

Three Months Ended

Nine Months Ended

Sept 30,

June 30,

Percent

Sept 30,

Percent

Sept 30,

Sept 30,

Percent

2023

2023

Change

2022

Change

2023

2022

Change

Revenue

$

97,035

$

95,765

1

%

$

110,832

(12

)%

$

294,748

$

229,757

28

%

Cost of revenue:

Cost of services (1)

66,359

66,742

(1

)%

67,140

(1

)%

200,454

138,531

45

%

Depreciation — network

3,965

3,788

5

%

10,903

(64

)%

11,363

23,542

(52

)%

Amortization — technology

3,516

3,546

(1

)%

4,166

(16

)%

10,549

5,354

97

%

Total cost of revenue

73,840

74,076

%

82,209

(10

)%

222,366

167,427

33

%

Gross profit

23,195

21,689

7

%

28,623

(19

)%

72,382

62,330

16

%

Gross profit percentage

23.9

%

22.6

%

25.8

%

24.6

%

27.1

%

Operating expenses:

General and administrative (1)

13,015

14,480

(10

)%

22,138

(41

)%

44,331

64,783

(32

)%

Sales and marketing (1)

15,433

16,167

(5

)%

14,448

7

%

51,222

32,909

56

%

Research and development (1)

15,958

18,739

(15

)%

32,462

(51

)%

55,713

54,211

3

%

Depreciation and amortization

2,126

2,146

(1

)%

1,777

20

%

6,392

3,129

104

%

Restructuring charges

72

3,336

(98

)%

4,070

(98

)%

3,908

9,136

(57

)%

Total operating expenses

46,604

54,868

(15

)%

74,895

(38

)%

161,566

164,168

(2

)%

Operating loss

(23,409

)

(33,179

)

NM

(46,272

)

NM

(89,184

)

(101,838

)

NM

Other income (expense):

Interest expense

(1,604

)

(1,701

)

NM

(1,546

)

NM

(4,882

)

(4,434

)

NM

Interest income

304

152

NM

140

NM

853

200

NM

Other income (expense), net

705

(545

)

NM

(1,005

)

NM

(649

)

(2,864

)

NM

Total other expense

(595

)

(2,094

)

NM

(2,411

)

NM

(4,678

)

(7,098

)

NM

Loss before income taxes

(24,004

)

(35,273

)

NM

(48,683

)

NM

(93,862

)

(108,936

)

NM

Income tax expense (benefit)

487

379

NM

440

NM

1,264

(18,943

)

NM

Net loss

(24,491

)

(35,652

)

NM

(49,123

)

NM

(95,126

)

(89,993

)

NM

Net loss per share:

Basic

$

(0.11

)

$

(0.16

)

$

(0.22

)

$

(0.43

)

$

(0.53

)

Diluted

$

(0.11

)

$

(0.16

)

$

(0.22

)

$

(0.43

)

$

(0.53

)

Weighted-average shares used in per share calculation:

Basic

223,657

222,914

220,194

223,011

169,166

Diluted

223,657

222,914

220,194

223,011

169,166

(1) Includes share-based compensation and acquisition and legal related charges (see supplemental table for figures)

Edgio, Inc.
Supplemental Financial Data
(In thousands)
(Unaudited)

Three Months Ended

Nine Months Ended

Sept 30,

June 30,

Sept 30,

Sept 30,

Sept 30,

2023

2023

2022

2023

2022

Share-based compensation:

Cost of services

$

395

$

321

$

855

$

1,395

$

1,589

General and administrative

1,100

1,151

2,200

3,667

6,469

Sales and marketing

430

375

727

1,422

3,284

Research and development

1,762

1,512

4,571

5,762

11,314

Total share-based compensation

$

3,687

$

3,359

$

8,353

$

12,246

$

22,656

Acquisition and legal related charges:

Cost of services

$

82

$

182

$

1,106

$

375

$

1,176

General and administrative

103

261

6,898

953

26,527

Sales and marketing

11

49

292

102

292

Research and development

326

549

2,975

1,285

2,997

Total acquisition and legal related charges

$

522

$

1,041

$

11,271

$

2,715

$

30,992

Depreciation and amortization:

Network-related depreciation

$

3,965

$

3,788

$

10,903

$

11,363

$

23,542

Amortization - technology

3,516

3,546

4,166

10,549

5,354

Other depreciation and amortization

286

292

1,026

872

1,608

Amortization - operating expenses

1,840

1,854

751

5,520

1,521

Total depreciation and amortization

$

9,607

$

9,480

$

16,846

$

28,304

$

32,025

End of period statistics:

Approximate number of active clients

829

888

994

829

994

Number of employees and employee equivalents

822

862

1,057

822

1,057

Use of Non-GAAP Financial Measures

To evaluate our business, we consider and use non-generally accepted accounting principles (“Non-GAAP”) net loss, EBITDA, and Adjusted EBITDA as supplemental measures of operating performance. These measures include the same adjustments that our management takes into account when it reviews and assesses operating performance on a period-to-period basis. We consider Non-GAAP net loss to be an important indicator of our overall business performance. We define Non-GAAP net loss to be U.S. GAAP net loss, adjusted to exclude share-based compensation, non-cash interest expense, restructuring charges, acquisition and legal related expenses, amortization of intangible assets, and restatement related expenses. We believe that EBITDA provides a useful metric to investors to compare us with other companies within our industry and across industries. We define EBITDA as U.S. GAAP net loss, adjusted to exclude interest expense, interest and other (income) expense, income tax expense, and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted to exclude share-based compensation, restructuring charges, acquisition and legal related expenses, and restatement related expenses. We use Adjusted EBITDA as a supplemental measure to review and assess operating performance. Our management uses these Non-GAAP financial measures because, collectively, they provide valuable information on the performance of our on-going operations, and they also enable us to compare against our peer companies and against other companies in our industry and adjacent industries. We believe these measures also provide similar insights to investors, and enable investors to review our results of operations “through the eyes of management.”

Furthermore, our management uses these Non-GAAP financial measures to assist them in making decisions regarding our strategic priorities and areas for future investment and focus. The terms Non-GAAP net loss, EBITDA, and Adjusted EBITDA are not defined under U.S. GAAP, and are not measures of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Our Non-GAAP net loss, EBITDA, and Adjusted EBITDA have limitations as analytical tools, and when assessing our operating performance, Non-GAAP net loss, EBITDA, and Adjusted EBITDA should not be considered in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Some of these limitations include, but are not limited to:

  • Non-GAAP net loss, EBITDA, and Adjusted EBITDA do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
  • These measures do not reflect changes in, or cash requirements for, our working capital needs;
  • Non-GAAP net loss, EBITDA, and Adjusted EBITDA do not reflect the cash requirements necessary for litigation costs, including provision for litigation and litigation expenses;
  • These measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt;
  • These measures do not reflect income taxes or the cash requirements for any tax payments;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will be replaced sometime in the future, and EBITDA, and Adjusted EBITDA do not reflect any cash requirements for such replacements;
  • While share-based compensation is a component of operating expense, the impact on our financial statements compared to other companies can vary significantly due to such factors as the assumed life of the options and the assumed volatility of our common stock; and
  • Other companies may calculate Non-GAAP net loss, EBITDA, and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.

We compensate for these limitations by relying primarily on our U.S. GAAP financial results and using Non-GAAP net loss, EBITDA, and Adjusted EBITDA only as supplemental support for management’s analysis of business performance. Non-GAAP net loss, EBITDA, and Adjusted EBITDA are calculated as follows for the periods presented in thousands.

Reconciliation of Non-GAAP Financial Measures

In accordance with the requirements of Item 10(e) of Regulation S-K, we are presenting the most directly comparable U.S. GAAP financial measures and reconciling the unaudited Non-GAAP financial metrics to the comparable U.S. GAAP measures. Per share amounts may not foot due to rounding.

Forward-looking non-GAAP financial measures are presented without reconciliations of such forward-looking non-GAAP measures because the GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments reflected in our reconciliation of historic non-GAAP financial measures, the amounts of which, based on historical experience, could be material.

Edgio, Inc.
Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net Loss
(In thousands)
(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 2023

June 30, 2023

September 30, 2022

September 30, 2023

September 30, 2022

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

U.S. GAAP net loss

$

(24,491

)

$

(0.11

)

$

(35,652

)

$

(0.16

)

$

(49,123

)

$

(0.22

)

$

(95,126

)

$

(0.43

)

$

(89,993

)

$

(0.53

)

Share-based compensation

3,687

0.02

3,359

0.02

8,353

0.04

12,246

0.05

22,656

0.13

Non-cash interest expense

223

220

214

661

634

Restructuring charges

72

3,336

0.01

4,070

0.02

3,908

0.02

9,136

0.05

Acquisition and legal related expenses

522

1,041

11,271

0.05

2,715

0.01

30,992

0.18

Amortization of intangible assets

5,356

0.02

5,400

0.02

4,917

0.02

16,069

0.07

6,875

0.04

Restatement related expenses

2,588

0.01

4,763

0.02

Non-GAAP net loss

$

(14,631

)

$

(0.07

)

$

(19,708

)

$

(0.09

)

$

(20,298

)

$

(0.09

)

$

(54,764

)

$

(0.25

)

$

(19,700

)

$

(0.12

)

Weighted-average shares used in per share calculation:

223,657

222,914

220,194

223,011

169,166

Edgio, Inc.
Reconciliation of U.S. GAAP Net Loss to EBITDA to Adjusted EBITDA
(In thousands)
(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

September 30,

2023

2023

2022

2023

2022

U.S. GAAP net loss

$

(24,491

)

$

(35,652

)

$

(49,123

)

$

(95,126

)

$

(89,993

)

Depreciation and amortization

9,607

9,480

16,846

28,304

32,025

Interest expense

1,604

1,701

1,546

4,882

4,434

Interest and other (income) expense, net

(1,009

)

393

865

(204

)

2,664

Income tax expense (benefit)

487

379

440

1,264

(18,943

)

EBITDA

$

(13,802

)

$

(23,699

)

$

(29,426

)

$

(60,880

)

$

(69,813

)

Share-based compensation

3,687

3,359

8,353

12,246

22,656

Restructuring charges

72

3,336

4,070

3,908

9,136

Acquisition and legal related expenses

522

1,041

11,271

2,715

30,992

Restatement related expenses

2,588

4,763

Adjusted EBITDA

$

(9,521

)

$

(13,375

)

$

(5,732

)

$

(37,248

)

$

(7,029

)

Edgio, Inc.
Reconciliation of U.S. GAAP Financial Measures to Non-GAAP Financial Measures
(In thousands)
(Unaudited)

Three Months Ended

Nine Months Ended

September 30,
2023

June 30,
2023

September 30,
2022

September 30,
2023

September 30,
2022

GAAP gross profit

$

23,195

$

21,689

$

28,623

$

72,382

$

62,330

Share-based compensation

395

321

855

1,395

1,589

Acquisition and legal related charges

82

182

1,106

375

1,176

Amortization - technology

3,516

3,546

4,166

10,549

5,354

Non-GAAP gross profit

$

27,188

$

25,738

$

34,750

$

84,701

$

70,449

Non-GAAP gross margin

28.0

%

26.9

%

31.4

%

28.7

%

30.7

%

GAAP general and administrative expense

$

13,015

$

14,480

$

22,138

$

44,331

$

64,783

Share-based compensation

1,100

1,151

2,200

3,667

6,469

Acquisition and legal related charges

103

261

6,898

953

26,527

Restatement related expenses

2,588

4,763

Non-GAAP general and administrative expense

$

11,812

$

10,480

$

13,040

$

34,948

$

31,787

GAAP sales and marketing expense

$

15,433

$

16,167

$

14,448

$

51,222

$

32,909

Share-based compensation

430

375

727

1,422

3,284

Acquisition and legal related charges

11

49

292

102

292

Non-GAAP sales and marketing expense

$

14,992

$

15,743

$

13,429

$

49,698

$

29,333

GAAP research and development expense

$

15,958

$

18,739

$

32,462

$

55,713

$

54,211

Share-based compensation

1,762

1,512

4,571

5,762

11,314

Acquisition and legal related charges

326

549

2,975

1,285

2,997

Non-GAAP research and development expense

$

13,870

$

16,678

$

24,916

$

48,666

$

39,900

GAAP depreciation and amortization

$

2,126

$

2,146

$

1,777

$

6,392

$

3,129

Amortization - operating expenses

(1,840

)

(1,854

)

(751

)

(5,520

)

(1,521

)

Non-GAAP depreciation and amortization

$

286

$

292

$

1,026

$

872

$

1,608

GAAP operating loss

$

(23,409

)

$

(33,179

)

$

(46,272

)

$

(89,184

)

$

(101,838

)

Share-based compensation

3,687

3,359

8,353

12,246

22,656

Amortization of intangible assets

5,356

5,400

4,917

16,069

6,875

Restatement related expenses

2,588

4,763

Acquisition and legal related charges

522

1,041

11,271

2,715

30,992

Restructuring charges

72

3,336

4,070

3,908

9,136

Non-GAAP operating loss

$

(13,772

)

$

(17,455

)

$

(17,661

)

$

(49,483

)

$

(32,179

)

GAAP pre-tax loss

$

(24,004

)

$

(35,273

)

$

(48,683

)

$

(93,862

)

$

(108,936

)

Share-based compensation

3,687

3,359

8,353

12,246

22,656

Amortization of intangible assets

5,356

5,400

4,917

16,069

6,875

Acquisition and legal related charges

522

1,041

11,271

2,715

30,992

Restructuring charges

72

3,336

4,070

3,908

9,136

Non-cash interest expense

223

220

214

661

634

Restatement related expenses

2,588

4,763

Non-GAAP pre-tax loss

$

(14,144

)

$

(19,329

)

$

(19,858

)

$

(53,500

)

$

(38,643

)

GAAP net loss

$

(24,491

)

$

(35,652

)

$

(49,123

)

$

(95,126

)

$

(89,993

)

Share-based compensation

3,687

3,359

8,353

12,246

22,656

Amortization of intangible assets

5,356

5,400

4,917

16,069

6,875

Acquisition and legal related charges

522

1,041

11,271

2,715

30,992

Restructuring charges

72

3,336

4,070

3,908

9,136

Non-cash interest expense

223

220

214

661

634

Restatement related expenses

2,588

4,763

Non-GAAP net loss

$

(14,631

)

$

(19,708

)

$

(20,298

)

$

(54,764

)

$

(19,700

)

Non-GAAP fully weighted-average basic shares

223,657

222,914

220,194

223,011

169,166

Non-GAAP fully weighted-average diluted shares

223,657

222,914

220,194

223,011

169,166

Non-GAAP net loss per Non-GAAP basic share

$

(0.07

)

$

(0.09

)

$

(0.09

)

$

(0.25

)

$

(0.12

)

Non-GAAP net loss per Non-GAAP diluted share

$

(0.07

)

$

(0.09

)

$

(0.09

)

$

(0.25

)

$

(0.12

)


Contacts

Edgio, Inc.
Investor relations: Sameet Sinha, 602-850-4973
ir@edg.io

Read full story here

First published on Wed, Nov 15, 2023

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