Stock Quote

Edgio Reports Second Quarter Financial Results

Record second quarter revenue of $74.3 million, up 54% year over year

Raises synergy target from Edgecast acquisition to $60 million

Raises 2022 revenue guidance and issues 2023 outlook

Edgio, Inc. (Nasdaq: EGIO), securely powering the most performant applications, delivery, and streaming experiences at the edge, today reported strong financial results for the second quarter ended June 30, 2022. Continuing four consecutive quarters of improved profitability, expanding market share, and extending its product portfolio –bolstered by two transformative acquisitions – Edgio’s solutions are demonstrating value and delivering meaningful impact.

“We continue to successfully execute on our multi-year transformation plan. In the past 12 months, we have completed two acquisitions, overhauled all aspects of our operating model, removed significant costs, and implemented a new growth-oriented commercial team. Our solutions are demonstrating proof of value, our clients are doing more with us as we innovate our technology business and continue to develop solutions to respond to dynamically evolving needs. While our strategy benefits from sector tailwinds, our innovation will allow us to continue to capture market share, sustain growth and improve profitability,” said Bob Lyons, President and Chief Executive Officer.

“Second quarter 2022 revenue was ahead of plan and a historical best as we continue building on the momentum established late last year. While we do not intend to provide 2023 guidance until later this year, we have completed our initial bottom-up outlook for next year. We remain very excited about these transformative acquisitions and the foundation now in place to support our strategic objective of being the global leader in edge-enabled solutions for the outcome buyer – a technology company that can deliver continuously improving growth and profitability to our shareholders,” said Lyons.

Q2 2022 highlights:

Revenue of $74.3 million, an expansion of 54% from the previous year:

  • Limelight contributed $61.5 million, a 27% year over year expansion, resulting from core business growth and the addition of Layer0 revenue.
  • Edgio had its third consecutive quarter of double-digit growth, a clear indication of the company’s ability to capture market share.
  • Edgecast contributed $12.8 million in the quarter.

Gross margin was 30%, up 1050 basis points year over year:

  • A large in-quarter capacity acquisition and the integration of Edgecast’s excess network capacity had a temporary negative impact.
  • New capacity will support planned Q3 and Q4 increased demand resulting from new content, Thursday Night Football and a large software client committing to double their traffic.
  • Online capacity adequately mitigates previously highlighted supply chain concerns.

Edgio’s solutions: A foundation for continued growth and profitability improvement:

Edgio AppOps provides the most powerful, comprehensive integrated cloud security, development and CDN solution suite in the world.

Edgio Delivery, the second largest and the most performant edge delivery platform, boasts approximately 230 terabits per second and is delivered across more than 300 global PoPs.

Edgio Streaming is a mission-critical streaming platform that supports some of the most demanding, well-known companies with a unique ability to capture usage data that can be used to continuously improve viewer experience. Edgio will manage more than 30,000 live events and insert over 50 billion ads for clients this year.

Updating 2022 Guidance:

“We have implemented the first phase of our target operating model and have a clear line of sight to achieving our targeted pro forma financial performance. Based on current conditions, we are updating guidance for the remainder of 2022 as follows,” said Dan Boncel, Chief Financial Officer.

Edgio, Inc.
2022 Guidance
 
August 2022 April 2022
Revenue $380 to $390 million $240 to $250 million
 
Adjusted EBITDA $13 to $16 million $24 to $28 million
 
Capital expenditures Less than 10% of revenue $20 to $25 million

Forward-Looking Outlook

“While we will not provide 2023 guidance until later this year, we have completed our initial deep dive combined pro-forma analysis and would like to share our initial outlook,” continued Boncel.

  • The company completed the Edgecast acquisition on June 15 and has successfully implemented the first phase of integration.
  • Management has identified additional synergy opportunities beyond the original $50 million and now expects at least $60 million in annualized run rate synergies.
  • Management has achieved $17.5 million of synergies to date, well ahead of plan.
  • Initial 2023 revenue outlook of between $550 and $560 million, and adjusted EBITDA that exceeds $65 million.
  • An implied revenue expansion of 44% and adjusted EBITDA margin expansion from 4% in 2022 to 12% in 2023.
  • Approximately 45% of total revenue falling into the high margin and recurring profile.

Financial Tables

EDGIO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
 
June 30, March 31, December 31,

2022

 

2022

 

2021

(Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents

$

55,175

 

$

27,175

 

$

41,918

 

Marketable securities

 

22,158

 

 

34,751

 

 

37,367

 

Accounts receivable, net

 

108,445

 

 

55,040

 

 

42,217

 

Income taxes receivable

 

58

 

 

63

 

 

61

 

Prepaid expenses and other current assets

 

32,107

 

 

16,044

 

 

13,036

 

Total current assets

 

217,943

 

 

133,073

 

 

134,599

 

Property and equipment, net

 

106,059

 

 

34,792

 

 

33,622

 

Operating lease right of use assets

 

7,124

 

 

6,064

 

 

6,338

 

Marketable securities, less current portion

 

40

 

 

40

 

 

40

 

Deferred income taxes

 

2,866

 

 

1,822

 

 

1,893

 

Goodwill

 

163,489

 

 

113,463

 

 

114,511

 

Intangible assets, net

 

72,655

 

 

13,827

 

 

14,613

 

Other assets

 

7,334

 

 

4,779

 

 

5,485

 

Total assets

$

577,510

 

$

307,860

 

$

311,101

 

 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable

$

19,800

 

$

15,599

 

$

11,631

 

Deferred revenue

 

4,790

 

 

2,189

 

 

3,266

 

Operating lease liability obligations

 

4,755

 

 

1,754

 

 

1,861

 

Income taxes payable

 

262

 

 

215

 

 

873

 

Other current liabilities

 

75,391

 

 

20,403

 

 

19,292

 

Total current liabilities

 

104,998

 

 

40,160

 

 

36,923

 

Convertible senior notes, net

 

122,202

 

 

121,991

 

 

121,782

 

Operating lease liability obligations, less current portions

 

11,352

 

 

9,209

 

 

9,616

 

Deferred income taxes

 

100

 

 

303

 

 

308

 

Deferred revenue, less current portion

 

1,530

 

 

282

 

 

116

 

Other long-term liabilities

 

716

 

 

721

 

 

777

 

Total liabilities

 

240,898

 

 

172,666

 

 

169,522

 

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; 219,706, 138,178 and 134,337 shares issued and outstanding at June 30, 2022, March 31, 2022 and December 31, 2021, respectively

 

220

 

 

138

 

 

134

 

Additional paid-in capital

 

793,522

 

 

590,249

 

 

576,807

 

Contingent consideration

 

16,900

 

 

-

 

 

-

 

Accumulated other comprehensive loss

 

(11,413

)

 

(9,004

)

 

(8,345

)

Accumulated deficit

 

(462,617

)

 

(446,189

)

 

(427,017

)

Total stockholders' equity

 

336,612

 

 

135,194

 

 

141,579

 

Total liabilities and stockholders' equity

$

577,510

 

$

307,860

 

$

311,101

 

EDGIO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
Three Months Ended Six Months Ended
 

June 30,

 

March 31,

 

Percent

 

June 30,

 

Percent

 

June 30,

 

June 30,

 

Percent

2022

 

2022

 

Change

 

2021

 

Change

 

2022

 

2021

 

Change

 
Revenue

$

74,312

 

$

57,959

 

28

%

$

48,348

 

54

%

$

132,270

 

$

99,543

 

33

%

Cost of revenue:
Cost of services (1)

 

46,088

 

 

35,070

 

31

%

 

32,976

 

40

%

 

81,157

 

 

66,021

 

23

%

Depreciation - network

 

5,903

 

 

5,089

 

16

%

 

5,929

 

0

%

 

10,992

 

 

11,608

 

-5

%

Total cost of revenue

 

51,991

 

 

40,159

 

29

%

 

38,905

 

34

%

 

92,149

 

 

77,629

 

19

%

Gross profit

 

22,321

 

 

17,800

 

25

%

 

9,443

 

136

%

 

40,121

 

 

21,914

 

83

%

Gross profit percentage

 

30.0

%

 

30.7

%

 

19.5

%

 

30.3

%

 

22.0

%

Operating expenses:
General and administrative (1)

 

26,927

 

 

15,833

 

70

%

 

7,515

 

258

%

 

42,760

 

 

20,412

 

109

%

Sales and marketing (1)

 

10,946

 

 

7,627

 

44

%

 

5,784

 

89

%

 

18,573

 

 

15,631

 

19

%

Research & development (1)

 

12,161

 

 

9,577

 

27

%

 

5,187

 

134

%

 

21,738

 

 

11,315

 

92

%

Depreciation and amortization

 

1,508

 

 

1,032

 

46

%

 

549

 

175

%

 

2,540

 

 

1,089

 

133

%

Restructuring charges

 

4,368

 

 

698

 

526

%

 

2,155

 

103

%

 

5,066

 

 

9,028

 

-44

%

Total operating expenses

 

55,910

 

 

34,767

 

61

%

 

21,190

 

164

%

 

90,677

 

 

57,475

 

58

%

 
Operating loss

 

(33,589

)

 

(16,967

)

98

%

 

(11,747

)

186

%

 

(50,556

)

 

(35,561

)

42

%

 
Other income (expense):
Interest expense

 

(1,315

)

 

(1,313

)

0

%

 

(1,305

)

1

%

 

(2,628

)

 

(2,591

)

1

%

Interest income

 

33

 

 

27

 

22

%

 

42

 

-21

%

 

60

 

 

87

 

-31

%

Other, net

 

(1,146

)

 

(713

)

61

%

 

(440

)

160

%

 

(1,859

)

 

(655

)

184

%

Total other expense

 

(2,428

)

 

(1,999

)

21

%

 

(1,703

)

43

%

 

(4,427

)

 

(3,159

)

40

%

 
Loss before income taxes

 

(36,017

)

 

(18,966

)

90

%

 

(13,450

)

168

%

 

(54,983

)

 

(38,720

)

42

%

Income tax (benefit) expense

 

(19,589

)

 

206

 

NM

 

 

248

 

NM

 

 

(19,383

)

 

507

 

NM

 

 
Net loss

$

(16,428

)

$

(19,172

)

-14

%

$

(13,698

)

20

%

$

(35,600

)

$

(39,227

)

-9

%

 
Net loss per share:
Basic

$

(0.11

)

$

(0.14

)

$

(0.11

)

$

(0.25

)

$

(0.31

)

Diluted

$

(0.11

)

$

(0.14

)

$

(0.11

)

$

(0.25

)

$

(0.31

)

 
Weighted average shares used in per share calculation:
Basic

 

151,776

 

 

135,528

 

 

126,050

 

 

143,652

 

 

125,170

 

Diluted

 

151,776

 

 

135,528

 

 

126,050

 

 

143,652

 

 

125,170

 

(1)

Includes share-based compensation (see supplemental table for figures)

EDGIO, INC.
SUPPLEMENTAL FINANCIAL DATA
(In thousands)
(Unaudited)
 

Three Months Ended

 

Six Months Ended

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

2022

 

2022

 

2021

 

2022

 

2021

Share-based compensation:
 
Cost of services

$

326

 

$

408

 

$

458

 

$

734

 

$

704

 

General and administrative

 

2,166

 

 

2,103

 

 

1,874

 

 

4,269

 

 

7,902

 

Sales and marketing

 

1,376

 

 

1,181

 

 

395

 

 

2,557

 

 

958

 

Research and development

 

3,423

 

 

3,320

 

 

614

 

 

6,743

 

 

985

 

Restructuring and transition related charges

 

-

 

 

-

 

 

917

 

 

-

 

 

2,271

 

 
Total share-based compensation

$

7,291

 

$

7,012

 

$

4,258

 

$

14,303

 

$

12,820

 

 
Depreciation and amortization:
 
Network-related depreciation

$

5,903

 

$

5,089

 

$

5,929

 

$

10,992

 

$

11,608

 

Other depreciation and amortization

 

336

 

 

246

 

 

549

 

 

582

 

 

1,089

 

Amortization of intangible assets

 

1,172

 

 

786

 

 

-

 

 

1,958

 

 

-

 

 
Total depreciation and amortization

$

7,411

 

$

6,121

 

$

6,478

 

$

13,532

 

$

12,697

 

 
Net increase (decrease) in cash, cash equivalents and marketable securities:

$

15,407

 

$

(17,359

)

$

2,608

 

$

(1,952

)

$

(4,187

)

 
End of period statistics:
 
Approximate number of active clients

 

1,000

 

 

577

 

 

533

 

 

1,000

 

 

533

 

 
Number of employees and employee equivalents

 

1,317

 

 

556

 

 

459

 

 

1,317

 

 

459

 

EDGIO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
Three Months Ended Six Months Ended

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

2022

 

2022

 

2021

 

2022

 

2021

Operating activities
Net loss

$

(16,428

)

$

(19,172

)

$

(13,698

)

$

(35,600

)

$

(39,227

)

 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization

 

7,411

 

 

6,121

 

 

6,478

 

 

13,532

 

 

12,697

 

Share-based compensation

 

7,291

 

 

7,012

 

 

4,258

 

 

14,303

 

 

12,820

 

Foreign currency remeasurement loss (gain)

 

441

 

 

242

 

 

257

 

 

683

 

 

186

 

Deferred income taxes

 

(19,278

)

 

(2

)

 

(71

)

 

(19,280

)

 

(81

)

Gain on sale of property and equipment

 

(10

)

 

-

 

 

(107

)

 

(10

)

 

(107

)

Accounts receivable charges

 

6

 

 

272

 

 

381

 

 

278

 

 

847

 

Amortization of premium on marketable securities

 

204

 

 

280

 

 

573

 

 

484

 

 

1,182

 

Non-cash interest expense

 

211

 

 

209

 

 

201

 

 

420

 

 

400

 

Changes in operating assets and liabilities:
Accounts receivable

 

(4,861

)

 

(13,095

)

 

3,903

 

 

(17,956

)

 

5,962

 

Prepaid expenses and other current assets

 

(1,451

)

 

(3,174

)

 

(7

)

 

(4,625

)

 

439

 

Income taxes receivable

 

(553

)

 

(2

)

 

46

 

 

(555

)

 

10

 

Other assets

 

292

 

 

834

 

 

513

 

 

1,126

 

 

912

 

Accounts payable and other current liabilities

 

23,046

 

 

3,625

 

 

1,523

 

 

26,671

 

 

6,732

 

Deferred revenue

 

2,778

 

 

(911

)

 

(273

)

 

1,867

 

 

(357

)

Income taxes payable

 

52

 

 

(655

)

 

68

 

 

(603

)

 

141

 

Other long term liabilities

 

(2

)

 

(55

)

 

(108

)

 

(57

)

 

(111

)

Net cash provided by (used in) operating activities

 

(851

)

 

(18,471

)

 

3,937

 

 

(19,322

)

 

2,445

 

 
Investing activities
Purchases of marketable securities

 

(1,340

)

 

(6,839

)

 

(20,537

)

 

(8,179

)

 

(31,411

)

Sale and maturities of marketable securities

 

13,784

 

 

9,087

 

 

25,818

 

 

22,871

 

 

31,715

 

Purchases of property and equipment

 

(12,975

)

 

(5,350

)

 

(2,986

)

 

(18,325

)

 

(9,614

)

Proceeds from sale of property and equipment

 

10

 

 

-

 

 

107

 

 

10

 

 

107

 

Cash acquired in acquisition of business, net of transaction costs

 

30,374

 

 

492

 

 

-

 

 

30,866

 

 

-

 

Net cash provided by (used in) investing activities

 

29,853

 

 

(2,610

)

 

2,402

 

 

27,243

 

 

(9,203

)

 
Financing activities
Payment of debt issuance costs

 

-

 

 

(30

)

 

-

 

 

(30

)

Payment of employee tax withholdings related to restricted stock vesting

 

(524

)

 

(1,285

)

 

(427

)

 

(1,809

)

 

(1,098

)

Proceeds from employee stock plans

 

785

 

 

7,986

 

 

2,613

 

 

8,771

 

 

5,460

 

Net cash provided by financing activities

 

261

 

 

6,701

 

 

2,156

 

 

6,962

 

 

4,332

 

Effect of exchange rate changes on cash and cash equivalents

 

(1,263

)

 

(363

)

 

(50

)

 

(1,626

)

 

(304

)

Net increase (decrease) in cash and cash equivalents

 

28,000

 

 

(14,743

)

 

8,445

 

 

13,257

 

 

(2,730

)

Cash and cash equivalents, beginning of period

 

27,175

 

 

41,918

 

 

35,620

 

 

41,918

 

 

46,795

 

Cash and cash equivalents, end of period

$

55,175

 

$

27,175

 

$

44,065

 

$

55,175

 

$

44,065

 

Use of Non-GAAP Financial Measures

To evaluate our business, we consider and use non-generally accepted accounting principles (Non-GAAP) net income (loss), EBITDA and Adjusted EBITDA as supplemental measures of operating performance. These measures include the same adjustments that management takes into account when it reviews and assesses operating performance on a period-to-period basis. We consider Non-GAAP net income (loss) to be an important indicator of overall business performance. We define Non-GAAP net income (loss) to be U.S. GAAP net income (loss) adjusted to exclude share-based compensation, non-cash interest expense, restructuring and transition related charges, acquisition and legal related expenses, and amortization of intangible assets. 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 income (loss) adjusted to exclude depreciation and amortization, interest expense, interest and other (income) expense, and income tax expense (benefit). We define Adjusted EBITDA as EBITDA adjusted to exclude share-based compensation, restructuring and transition related charges and acquisition and legal 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, excluding non-cash charges, taxes and non-core activities (including interest payments related to financing activities). These measures also enable our management to compare the results of our on-going operations from period to period, and allow management to review the performance of our on-going operations 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 income (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 income (loss), EBITDA and Adjusted EBITDA have limitations as analytical tools, and when assessing our operating performance, Non-GAAP net income (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:

  • 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 income (loss) 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 that we may incur;
  • 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 income (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 results and using Non-GAAP net income (loss), EBITDA, and Adjusted EBITDA only as supplemental support for management's analysis of business performance. Non-GAAP net income (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.

EDGIO, INC.
Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net Income (Loss)
(In thousands)
(Unaudited)
 
Three Months Ended Six Months Ended
June 30, 2022 March 31, 2022 June 30, 2021 June 30, 2022 June 30, 2021
Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share
U.S. GAAP net loss

$

(16,428

)

$

(0.11

)

$

(19,172

)

$

(0.14

)

$

(13,698

)

$

(0.11

)

$

(35,600

)

$

(0.25

)

$

(39,227

)

$

(0.31

)

 
Share-based compensation

 

7,291

 

 

0.05

 

 

7,012

 

 

0.05

 

 

3,341

 

 

0.03

 

 

14,303

 

 

0.10

 

 

5,985

 

 

0.05

 

Non-cash interest expense

 

211

 

 

0.00

 

 

209

 

 

0.00

 

 

201

 

 

0.00

 

 

420

 

 

0.00

 

 

400

 

 

0.00

 

Restructuring and transition related charges

 

4,368

 

 

0.03

 

 

698

 

 

0.01

 

 

2,155

 

 

0.02

 

 

5,066

 

 

0.04

 

 

13,855

 

 

0.11

 

Acquisition and legal related expenses

 

14,167

 

 

0.09

 

 

5,107

 

 

0.04

 

 

-

 

 

-

 

 

19,274

 

 

0.13

 

 

-

 

 

-

 

Amortization of intangible assets

 

1,172

 

 

0.01

 

 

786

 

 

0.01

 

 

-

 

 

-

 

 

1,958

 

 

0.01

 

 

-

 

 

-

 

 
Non-GAAP net (loss) income

$

10,781

 

$

0.07

 

$

(5,360

)

$

(0.04

)

$

(8,001

)

$

(0.06

)

$

5,421

 

$

0.04

 

$

(18,987

)

$

(0.15

)

 
Weighted average basic shares used in per share calculation

 

151,776

 

 

135,528

 

 

126,050

 

 

143,652

 

 

125,170

 

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

Three Months Ended

 

Six Months Ended

June 30,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

2022

 

2022

 

2021

 

2022

 

2021

U.S. GAAP net loss

$

(16,428

)

$

(19,172

)

$

(13,698

)

$

(35,600

)

$

(39,227

)

 
Depreciation and amortization

 

7,411

 

 

6,121

 

 

6,478

 

 

13,532

 

 

12,697

 

Interest expense

 

1,315

 

 

1,313

 

 

1,305

 

 

2,628

 

 

2,591

 

Interest and other (income) expense

 

1,113

 

 

686

 

 

398

 

 

1,799

 

 

568

 

Income tax (benefit) expense

 

(19,589

)

 

206

 

 

248

 

 

(19,383

)

 

507

 

 
EBITDA

$

(26,178

)

$

(10,846

)

$

(5,269

)

$

(37,024

)

$

(22,864

)

 
Share-based compensation

 

7,291

 

 

7,012

 

 

3,341

 

 

14,303

 

 

5,985

 

Restructuring and transition related charges

 

4,368

 

 

698

 

 

2,155

 

 

5,066

 

 

13,855

 

Acquisition and legal related expenses

 

14,167

 

 

5,107

 

 

-

 

 

19,274

 

 

-

 

 
Adjusted EBITDA

$

(352

)

$

1,971

 

$

227

 

$

1,619

 

$

(3,024

)

For future periods, we are unable to provide a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) as a result of the uncertainty regarding, and the potential variability of, the amounts of depreciation and amortization, interest expense, interest and other (income) expense and income tax expense (benefit), that may be incurred in the future.

Conference Call

At approximately 4:30 p.m. EDT (1:30 p.m. PDT) today, management will host a quarterly conference call for investors. Interested parties can access the call by dialing (844) 200-6205 from the United States or (929) 526-1599 internationally, with access code 974364. The conference call will also be audio cast live from www.edg.io and a replay will be available following the call from the Edgio website.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These statements include, among others, statements regarding our expectations regarding revenue, gross margin, non-GAAP net income (loss), capital expenditures, and our future prospects, areas of investment, and product launches. Our expectations and beliefs regarding these matters may not materialize. The potential risks and uncertainties that could cause actual results or outcomes to differ materially from the results or outcomes predicted include, among other things, reduction of demand for our services from new or existing clients, unforeseen changes in our hiring patterns, adverse outcomes in litigation, experiencing expenses that exceed our expectations, and acquisition activities and contributions from acquired businesses. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online on our investor relations website at investors.edgio.com and on the SEC website at www.SEC.gov. All information provided in this release and in the attachments is as of August 8, 2022, and we undertake no duty to update this information in light of new information or future events, unless required by law.

About Edgio

Edgio (NASDAQ: EGIO) is an edge-enabled software solutions provider powering unmatched, secure digital experiences through a seamlessly integrated delivery, applications and streaming platform. Our globally-scaled technology and expert services fuel the world’s top brands with the capacity to deliver the fastest, most dynamic, and frictionless education, entertainment, events and applications to every user. Dedicated to providing unparalleled client care and extending value every step of the way, Edgio is a partner of choice, driving about 20 percent of worldwide internet traffic to support the most popular shows, movies, sports, games and music, and instant-loading websites. To learn more, visit edg.io and follow us on Twitter, LinkedIn and Facebook.

Contacts

Edgio, Inc.

Investor relations: Sameet Sinha, 646-337-8909

ir@edg.io

Media relations: Katherine Webb, 919-323-6190

kwebb@edg.io

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