We experienced net losses of $(4.1) million in 2016 and $(4.0) million in 2017, and net income of $7.6 million in 2018. The funding of the Facilities is subject to our compliance with customary terms and conditions precedent as set forth in the Commitment Letter, including the execution and delivery of definitive documentation consistent with the Commitment Letter and the substantially simultaneous consummation of the merger on terms consistent with the merger agreement. The Facilities will be subject to certain customary representations, warranties and covenants. We will fund the transaction with existing cash and the proceeds of borrowings under the Facilities. Upon execution of the Revolving Facility, we intend to terminate our previously executed Revolving Credit Facility entered into on March 19, 2018. Selected Financial Data.Ĭoncurrently with the execution of the merger agreement, we entered into a financing commitment letter (the “Commitment Letter”) for (i) a seven-year senior secured term loan facility of $550.0 million (the “Term Loan Facility”) and (ii) a five-year senior secured revolving credit facility (the “Revolving Facility” and, together with the Term Loan Facility, the “Facilities”). For a reconciliation of bookings to revenue for the last five years, see Item 6. We continue to invest in customer acquisition because the market for our solutions is highly competitive and, as a result, our bookings have grown from $128.2 million in 2014 to $307.0 million in 2018. For the year ended December 31, 2018, 20, we generated revenue of $296.4 million, $239.5 million, and $207.0 million, respectively. We sell our solutions globally, and our customers primarily come from the following sources: through our website, our inside sales team, acquisitions, or from our network of channel partners, including distributors, value-added resellers, managed service providers, and global systems integrators. The remainder of our revenue is derived from software arrangements, which often contain multiple revenue elements, such as software licenses, hardware, professional services and post-contract customer support. We derive the majority of our revenue from subscription fees, and our consistently strong retention rates and scalable infrastructure help to support our growth. These risks include, but are not limited to, those set forth under Item 1A of this Annual Report. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at or by which such performance or results will be achieved. We have based these forward-looking statements on our current expectations and projections about future events and financial trends affecting the financial condition of our business. In light of risks and uncertainties discussed in this Annual Report, the forward-looking events and circumstances discussed in this Annual Report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “predict,” “potential,” and similar expressions, as well as the negatives thereof, as they relate to us, our business, our management, and our industry, are intended to identify forward-looking statements. This Annual Report on Form 10-K (this "Annual Report") includes forward-looking statements.
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