Delaware | 001-36766 | 26-2017431 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company | ☐ |
(d) | Exhibits |
Exhibit Number | Description | |
Press release, dated February 6, 2019, issued by New Relic, Inc. |
New Relic, Inc. | |||
Date: | February 6, 2019 | By: | /s/ Mark Sachleben |
Mark Sachleben | |||
Chief Financial Officer |
• | Revenue of $124.0 million, compared to $91.8 million for the third quarter of fiscal 2018. |
• | GAAP loss from operations was $(8.5) million, compared to $(8.0) million for the third quarter of fiscal 2018. |
• | Non-GAAP income from operations was $7.8 million, compared to $2.7 million for the third quarter of fiscal 2018. |
• | GAAP net loss attributable to New Relic per basic share was $(0.18), compared to a loss of $(0.14) per basic share for the third quarter of fiscal 2018. |
• | Non-GAAP net income attributable to New Relic per diluted share was $0.19, compared to $0.05 per diluted share for the third quarter of fiscal 2018. |
• | Cash, cash equivalents and short-term investments were $722.3 million at the end of the third quarter of fiscal 2019, compared with $731.1 million at the end of the second quarter of fiscal 2019. |
• | $100K+ Paid Business Accounts as of December 31, 2018 of 816, compared to 629 as of December 31, 2017. |
• | 56% of ARR from Enterprise Paid Business Accounts as of December 31, 2018, compared to 52% as of December 31, 2017. |
• | Dollar-Based Net Expansion Rate for the third quarter of fiscal 2019 of 122%, compared to 125% as of the third quarter of fiscal 2018. |
• | Opened first European Region [https://ir.newrelic.com/press-releases/Press-Release-Details/2018/New-Relic-Opens-First-European-Region-in-Germany-to-Deliver-the-Power-of-the-New-Relic-Platform-to-Customers-Across-Europe/default.aspx] to expand New Relic's ability to deliver products to customers in Germany and across the broader European Union. |
• | Opened first office in Paris [https://ir.newrelic.com/press-releases/Press-Release-Details/2018/New-Relic-Opens-Paris-Office-to-Support-Leading-French-Enterprises-in-Their-Digital-Transformation-Initiatives/default.aspx] to serve the growing number of customers throughout France. |
• | Introduced the Kubernetes cluster explorer [https://ir.newrelic.com/press-releases/Press-Release-Details/2018/New-Relic-Introduces-Kubernetes-Cluster-Explorer/default.aspx], a new way for DevOps teams to understand the health and performance of their complex Kubernetes environments. |
• | Advanced AIOps strategy with acquisition of SignifAI. Read more here [https://newrelic.com/press-release/20190206-2] |
• | Fourth Quarter Fiscal 2019 Outlook: |
• | Revenue between $126.5 million and $128.5 million, representing year-over-year growth of between 28% and 31%, respectively. |
• | Non-GAAP income from operations of between $0.5 million and $1.5 million. |
• | Non-GAAP net income attributable to New Relic per diluted share between $0.04 and $0.06. |
• | Full Year Fiscal 2019 Outlook: |
• | Revenue between $473.6 million and $475.6 million, representing year-over-year growth of between 33% and 34%, and an increase from prior guidance of between $466.5 million and $469.5 million that was issued on November 6, 2018. |
• | Non-GAAP income from operations of between $26.7 million and $27.7 million, an improvement from prior guidance of between $22.0 million and $24.0 million that was issued on November 6, 2018. |
• | Non-GAAP net income attributable to New Relic per diluted share between $0.58 and $0.60, an improvement from prior guidance of between $0.42 and $0.48 that was issued on November 6, 2018. |
• | What: New Relic financial results for the third quarter of fiscal year 2019 and outlook for the fourth quarter and the full year of fiscal 2019 |
• | When: February 6, 2019 at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time) |
• | Dial in: To access the call in the U.S., please dial (866) 393-4306, and for international callers, please dial (734) 385-2616. Callers may provide confirmation number 1686496 to access the call more quickly, and are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining. |
• | Webcast: http://ir.newrelic.com (live and replay) |
• | Replay: Following the completion of the call through 11:59 PM Eastern Time on February 13, 2019, a telephone replay will be available by dialing (855) 859-2056 from the United States or (404) 537-3406 internationally with conference ID 1686496. |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue | $ | 124,011 | $ | 91,827 | $ | 347,128 | $ | 256,610 | ||||||
Cost of revenue | 20,206 | 15,671 | 55,703 | 46,342 | ||||||||||
Gross profit | 103,805 | 76,156 | 291,425 | 210,268 | ||||||||||
Operating expenses: | ||||||||||||||
Research and development | 26,182 | 18,154 | 72,747 | 54,686 | ||||||||||
Sales and marketing | 66,461 | 51,393 | 185,091 | 152,015 | ||||||||||
General and administrative | 19,702 | 14,596 | 51,293 | 42,843 | ||||||||||
Total operating expenses | 112,345 | 84,143 | 309,131 | 249,544 | ||||||||||
Loss from operations | (8,540 | ) | (7,987 | ) | (17,706 | ) | (39,276 | ) | ||||||
Other income (expense): | ||||||||||||||
Interest income | 3,922 | 534 | 9,026 | 1,503 | ||||||||||
Interest expense | (5,669 | ) | (21 | ) | (13,932 | ) | (64 | ) | ||||||
Other income (expense), net | (8 | ) | (45 | ) | (1,285 | ) | 117 | |||||||
Loss before income taxes | (10,295 | ) | (7,519 | ) | (23,897 | ) | (37,720 | ) | ||||||
Income tax provision (benefit) | (106 | ) | 210 | 440 | 634 | |||||||||
Net loss | $ | (10,189 | ) | $ | (7,729 | ) | $ | (24,337 | ) | $ | (38,354 | ) | ||
Net loss attributable to redeemable non-controlling interest | 86 | — | 283 | — | ||||||||||
Net loss attributable to New Relic | $ | (10,103 | ) | $ | (7,729 | ) | $ | (24,054 | ) | $ | (38,354 | ) | ||
Net loss per share, basic and diluted | $ | (0.18 | ) | $ | (0.14 | ) | $ | (0.42 | ) | $ | (0.70 | ) | ||
Weighted-average shares used to compute net loss per share, basic and diluted | 57,096 | 55,196 | 56,663 | 54,534 |
December 31, 2018 | March 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 185,462 | $ | 132,479 | |||
Short-term investments | 536,849 | 115,441 | |||||
Accounts receivable, net of allowance for doubtful accounts of $1,748 and $1,728, respectively | 102,433 | 99,488 | |||||
Prepaid expenses and other current assets | 16,739 | 15,591 | |||||
Deferred contract acquisition costs | 25,275 | — | |||||
Total current assets | 866,758 | 362,999 | |||||
Property and equipment, net | 71,076 | 53,899 | |||||
Restricted cash | 8,254 | 8,202 | |||||
Goodwill | 15,334 | 11,828 | |||||
Intangible assets, net | 3,394 | 1,312 | |||||
Deferred contract acquisition costs, non-current | 24,487 | — | |||||
Other assets | 4,536 | 5,086 | |||||
Total assets | $ | 993,839 | $ | 443,326 | |||
Liabilities, redeemable non-controlling interest and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 11,237 | $ | 2,985 | |||
Accrued compensation and benefits | 23,222 | 17,414 | |||||
Other current liabilities | 11,054 | 8,619 | |||||
Deferred revenue | 200,231 | 189,633 | |||||
Total current liabilities | 245,744 | 218,651 | |||||
Convertible senior notes, net | 400,845 | — | |||||
Deferred rent, non-current | 10,620 | 8,147 | |||||
Deferred revenue, non-current | 6,638 | 649 | |||||
Other liabilities, non-current | 899 | 775 | |||||
Total liabilities | 664,746 | 228,222 | |||||
Redeemable non-controlling interest | 3,313 | — | |||||
Stockholders’ equity: | |||||||
Common stock, $0.001 par value | 57 | 56 | |||||
Treasury stock - at cost (260 shares) | (263 | ) | (263 | ) | |||
Additional paid-in capital | 614,674 | 521,119 | |||||
Accumulated other comprehensive loss | 39 | (324 | ) | ||||
Accumulated deficit | (288,727 | ) | (305,484 | ) | |||
Total stockholders’ equity | 325,780 | 215,104 | |||||
Total liabilities, redeemable non-controlling interest and stockholders’ equity | $ | 993,839 | $ | 443,326 |
Nine Months Ended December 31, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net loss attributable to New Relic | $ | (24,054 | ) | $ | (38,354 | ) | |
Net loss attributable to redeemable non-controlling interest | $ | (283 | ) | $ | — | ||
Net loss: | $ | (24,337 | ) | $ | (38,354 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 38,585 | 17,306 | |||||
Stock-based compensation expense | 39,624 | 29,778 | |||||
Amortization of debt discount and issuance costs | 12,313 | — | |||||
Other | (800 | ) | 498 | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (3,411 | ) | 9,223 | ||||
Prepaid expenses and other assets | 3,262 | (4,438 | ) | ||||
Deferred contract acquisition costs | (27,689 | ) | — | ||||
Accounts payable | 3,850 | (829 | ) | ||||
Accrued compensation and benefits and other liabilities | 7,771 | 2,475 | |||||
Deferred revenue | 16,827 | 8,938 | |||||
Deferred rent | 899 | (504 | ) | ||||
Net cash provided by operating activities | 66,894 | 24,093 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (29,715 | ) | (17,577 | ) | |||
Cash paid for acquisition | (5,556 | ) | — | ||||
Purchases of short-term investments | (581,504 | ) | (78,074 | ) | |||
Proceeds from sale and maturity of short-term investments | 161,237 | 88,232 | |||||
Capitalized software development costs | (3,810 | ) | (3,054 | ) | |||
Net cash used in investing activities | (459,348 | ) | (10,473 | ) | |||
Cash flows from financing activities: | |||||||
Investment from redeemable non-controlling interest | 3,596 | — | |||||
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $11,582 | 488,669 | — | |||||
Purchase of capped call related to convertible senior notes | (63,182 | ) | — | ||||
Proceeds from employee stock purchase plan | 4,887 | 3,029 | |||||
Proceeds from exercise of employee stock options | 11,519 | 20,370 | |||||
Net cash provided by financing activities | 445,489 | 23,399 | |||||
Net increase in cash, cash equivalents and restricted cash | 53,035 | 37,019 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 140,681 | 96,420 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 193,716 | $ | 133,439 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
2018 | 2018 | ||||||||||||||||||||||
ASC 605 | Adjustments | ASC 606 | ASC 605 | Adjustments | ASC 606 | ||||||||||||||||||
Revenue | $ | 123,603 | $ | 408 | $ | 124,011 | $ | 346,339 | $ | 789 | $ | 347,128 | |||||||||||
Cost of revenue | 20,206 | — | 20,206 | 55,703 | — | 55,703 | |||||||||||||||||
Gross profit | 103,397 | 408 | 103,805 | 290,636 | 789 | 291,425 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 26,182 | — | 26,182 | 72,747 | — | 72,747 | |||||||||||||||||
Sales and marketing | 70,083 | (3,622 | ) | 66,461 | 194,290 | (9,199 | ) | 185,091 | |||||||||||||||
General and administrative | 19,702 | — | 19,702 | 51,293 | — | 51,293 | |||||||||||||||||
Total operating expenses | 115,967 | (3,622 | ) | 112,345 | 318,330 | (9,199 | ) | 309,131 | |||||||||||||||
Loss from operations | (12,570 | ) | 4,030 | (8,540 | ) | (27,694 | ) | 9,988 | (17,706 | ) | |||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | 3,922 | — | 3,922 | 9,026 | — | 9,026 | |||||||||||||||||
Interest expense | (5,669 | ) | — | (5,669 | ) | (13,932 | ) | — | (13,932 | ) | |||||||||||||
Other income (expense), net | (8 | ) | — | (8 | ) | (1,285 | ) | — | (1,285 | ) | |||||||||||||
Loss before income taxes | (14,325 | ) | 4,030 | (10,295 | ) | (33,885 | ) | 9,988 | (23,897 | ) | |||||||||||||
Income tax provision (benefit) | (106 | ) | — | (106 | ) | 440 | — | 440 | |||||||||||||||
Net loss | $ | (14,219 | ) | $ | 4,030 | $ | (10,189 | ) | $ | (34,325 | ) | $ | 9,988 | $ | (24,337 | ) | |||||||
Net loss attributable to redeemable non-controlling interest | $ | 86 | $ | — | $ | 86 | $ | 283 | $ | — | $ | 283 | |||||||||||
Net loss attributable to New Relic | $ | (14,133 | ) | $ | 4,030 | $ | (10,103 | ) | $ | (34,042 | ) | $ | 9,988 | $ | (24,054 | ) | |||||||
Net loss per share, basic and diluted | $ | (0.25 | ) | $ | 0.07 | $ | (0.18 | ) | $ | (0.60 | ) | $ | 0.18 | $ | (0.42 | ) | |||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 57,096 | 57,096 | 56,663 | 56,663 |
Three Months Ended December 31, | |||||||||||||||
2018 | 2017 | ||||||||||||||
As Reported (ASC 606) | Impacts from Adoption | Without Adoption (ASC 605) | As Reported (ASC 605) | ||||||||||||
Reconciliation of gross profit and gross margin: | |||||||||||||||
GAAP gross profit | $ | 103,805 | $ | (408 | ) | $ | 103,397 | $ | 76,156 | ||||||
Plus: Stock-based compensation | 934 | — | 934 | 587 | |||||||||||
Plus: Amortization of purchased intangibles | 440 | — | 440 | 196 | |||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 192 | — | 192 | 228 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 44 | — | 44 | 30 | |||||||||||
Non-GAAP gross profit | $ | 105,415 | $ | (408 | ) | $ | 105,007 | $ | 77,197 | ||||||
GAAP gross margin | 84 | % | (1 | )% | 83 | % | 83 | % | |||||||
Non-GAAP adjustments | 1 | % | — | % | 1 | % | 1 | % | |||||||
Non-GAAP gross margin | 85 | % | (1 | )% | 84 | % | 84 | % | |||||||
Reconciliation of operating expenses: | |||||||||||||||
GAAP research and development | $ | 26,182 | $ | — | $ | 26,182 | $ | 18,154 | |||||||
Less: Stock-based compensation | (4,322 | ) | — | (4,322 | ) | (2,959 | ) | ||||||||
Less: Employer payroll tax on employee equity incentive plans | (170 | ) | — | (170 | ) | (124 | ) | ||||||||
Non-GAAP research and development | $ | 21,690 | $ | — | $ | 21,690 | $ | 15,071 | |||||||
GAAP sales and marketing | $ | 66,461 | $ | 3,622 | $ | 70,083 | $ | 51,393 | |||||||
Less: Stock-based compensation | (6,222 | ) | — | (6,222 | ) | (3,933 | ) | ||||||||
Less: Employer payroll tax on employee equity incentive plans | (167 | ) | — | (167 | ) | (96 | ) | ||||||||
Non-GAAP sales and marketing | $ | 60,072 | $ | 3,622 | $ | 63,694 | $ | 47,364 | |||||||
GAAP general and administrative | $ | 19,702 | $ | — | $ | 19,702 | $ | 14,596 | |||||||
Less: Stock-based compensation | (3,286 | ) | — | (3,286 | ) | (2,454 | ) | ||||||||
Less: Transaction costs related to acquisition | (476 | ) | — | (476 | ) | — | |||||||||
Less: Employer payroll tax on employee equity incentive plans | (76 | ) | — | (76 | ) | (59 | ) | ||||||||
Non-GAAP general and administrative | $ | 15,864 | $ | — | $ | 15,864 | $ | 12,083 | |||||||
Reconciliation of income (loss) from operations and operating margin: | |||||||||||||||
GAAP loss from operations | $ | (8,540 | ) | $ | (4,030 | ) | $ | (12,570 | ) | $ | (7,987 | ) | |||
Plus: Stock-based compensation | 14,764 | — | 14,764 | 9,933 | |||||||||||
Plus: Amortization of purchased intangibles | 440 | — | 440 | 196 | |||||||||||
Plus: Transaction costs related to acquisition | 476 | — | 476 | — | |||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 192 | — | 192 | 228 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 457 | — | 457 | 309 | |||||||||||
Non-GAAP income (loss) from operations | $ | 7,789 | $ | (4,030 | ) | $ | 3,759 | $ | 2,679 | ||||||
GAAP operating margin | (7 | %) | (3 | %) | (10 | %) | (9 | %) | |||||||
Non-GAAP adjustments | 13 | % | — | % | 13 | % | 12 | % | |||||||
Non-GAAP operating margin | 6 | % | (3 | %) | 3 | % | 3 | % | |||||||
Reconciliation of net income (loss): | |||||||||||||||
GAAP net loss attributable to New Relic | $ | (10,103 | ) | $ | (4,030 | ) | $ | (14,133 | ) | $ | (7,729 | ) | |||
Plus: Stock-based compensation | 14,764 | — | 14,764 | 9,933 | |||||||||||
Plus: Amortization of purchased intangibles | 440 | — | 440 | 196 |
Plus: Transaction costs related to acquisition | 476 | 476 | — | ||||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 192 | — | 192 | 228 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 457 | — | 457 | 309 | |||||||||||
Plus: Amortization of debt discount and issuance costs | 5,021 | — | 5,021 | — | |||||||||||
Non-GAAP net income (loss) attributable to New Relic | $ | 11,247 | $ | (4,030 | ) | $ | 7,217 | $ | 2,937 | ||||||
Non-GAAP net income (loss) per share: | |||||||||||||||
Basic | $ | 0.20 | $ | (0.07 | ) | $ | 0.13 | $ | 0.05 | ||||||
Diluted | $ | 0.19 | $ | (0.07 | ) | $ | 0.12 | $ | 0.05 | ||||||
Shares used in non-GAAP per share calculations: | |||||||||||||||
Basic | 57,096 | 57,096 | 55,196 | ||||||||||||
Diluted | 59,702 | 59,702 | 57,943 |
Nine Months Ended December 31, | |||||||||||||||
2018 | 2017 | ||||||||||||||
As Reported (ASC 606) | Impacts from Adoption | Without Adoption (ASC 605) | As Reported (ASC 605) | ||||||||||||
Reconciliation of gross profit and gross margin: | |||||||||||||||
GAAP gross profit | $ | 291,425 | $ | (789 | ) | $ | 290,636 | $ | 210,268 | ||||||
Plus: Stock-based compensation | 2,522 | — | 2,522 | 1,716 | |||||||||||
Plus: Amortization of purchased intangibles | 833 | — | 833 | 990 | |||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 555 | — | 555 | 702 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 228 | — | 228 | 115 | |||||||||||
Non-GAAP gross profit | $ | 295,563 | $ | (789 | ) | $ | 294,774 | $ | 213,791 | ||||||
GAAP gross margin | 84 | % | — | % | 84 | % | 82 | % | |||||||
Non-GAAP adjustments | 1 | % | — | % | 1 | % | 1 | % | |||||||
Non-GAAP gross margin | 85 | % | — | % | 85 | % | 83 | % | |||||||
Reconciliation of operating expenses: | |||||||||||||||
GAAP research and development | $ | 72,747 | $ | — | $ | 72,747 | $ | 54,686 | |||||||
Less: Stock-based compensation | (11,443 | ) | — | (11,443 | ) | (9,100 | ) | ||||||||
Less: Employer payroll tax on employee equity incentive plans | (787 | ) | — | (787 | ) | (555 | ) | ||||||||
Non-GAAP research and development | $ | 60,517 | $ | — | $ | 60,517 | $ | 45,031 | |||||||
GAAP sales and marketing | $ | 185,091 | $ | 9,199 | $ | 194,290 | $ | 152,015 | |||||||
Less: Stock-based compensation | (17,040 | ) | — | (17,040 | ) | (12,114 | ) | ||||||||
Less: Employer payroll tax on employee equity incentive plans | (729 | ) | — | (729 | ) | (690 | ) | ||||||||
Non-GAAP sales and marketing | $ | 167,322 | $ | 9,199 | $ | 176,521 | $ | 139,211 | |||||||
GAAP general and administrative | $ | 51,293 | $ | — | $ | 51,293 | $ | 42,843 | |||||||
Less: Stock-based compensation | (8,620 | ) | — | (8,620 | ) | (6,848 | ) | ||||||||
Less: Transaction costs related to acquisition | (806 | ) | — | (806 | ) | — | |||||||||
Less: Employer payroll tax on employee equity incentive plans | (308 | ) | — | (308 | ) | (197 | ) | ||||||||
Non-GAAP general and administrative | $ | 41,559 | $ | — | $ | 41,559 | $ | 35,798 | |||||||
Reconciliation of income (loss) from operations and operating margin: | |||||||||||||||
GAAP loss from operations | $ | (17,706 | ) | $ | (9,988 | ) | $ | (27,694 | ) | $ | (39,276 | ) | |||
Plus: Stock-based compensation | 39,624 | — | 39,624 | 29,778 | |||||||||||
Plus: Amortization of purchased intangibles | 833 | — | 833 | 990 | |||||||||||
Plus: Transaction costs related to acquisition | 806 | 806 | — | ||||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 555 | — | 555 | 702 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 2,052 | — | 2,052 | 1,557 | |||||||||||
Non-GAAP income (loss) from operations | $ | 26,164 | $ | (9,988 | ) | $ | 16,176 | $ | (6,249 | ) | |||||
GAAP operating margin | (5 | %) | (3 | %) | (8 | %) | (15 | %) | |||||||
Non-GAAP adjustments | 13 | % | — | % | 13 | % | 13 | % | |||||||
Non-GAAP operating margin | 8 | % | (3 | %) | 5 | % | (2 | %) | |||||||
Reconciliation of net income (loss): | |||||||||||||||
GAAP net loss attributable to New Relic | $ | (24,054 | ) | $ | (9,988 | ) | $ | (34,042 | ) | $ | (38,354 | ) | |||
Plus: Stock-based compensation | 39,624 | — | 39,624 | 29,778 | |||||||||||
Plus: Amortization of purchased intangibles | 833 | — | 833 | 990 |
Plus: Transaction costs related to acquisition | 806 | 806 | — | ||||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 555 | — | 555 | 702 | |||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 2,052 | — | 2,052 | 1,557 | |||||||||||
Plus: Amortization of debt discount and issuance costs | 12,312 | — | 12,312 | — | |||||||||||
Non-GAAP net income (loss) attributable to New Relic | $ | 32,128 | $ | (9,988 | ) | $ | 22,140 | $ | (5,327 | ) | |||||
Non-GAAP net income (loss) per share: | |||||||||||||||
Basic | $ | 0.57 | $ | (0.18 | ) | $ | 0.39 | $ | (0.10 | ) | |||||
Diluted | $ | 0.54 | $ | (0.17 | ) | $ | 0.37 | $ | (0.10 | ) | |||||
Shares used in non-GAAP per share calculations: | |||||||||||||||
Basic | 56,663 | 56,663 | 54,534 | ||||||||||||
Diluted | 59,675 | 59,675 | 54,534 |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net cash provided by operating activities | $ | 8,680 | $ | 7,492 | $ | 66,894 | $ | 24,093 | |||||||
Capital expenditures | (15,460 | ) | (3,183 | ) | (29,715 | ) | (17,577 | ) | |||||||
Capitalized software development costs | (748 | ) | (1,568 | ) | (3,810 | ) | (3,054 | ) | |||||||
Free cash flows (Non-GAAP) | $ | (7,528 | ) | $ | 2,741 | $ | 33,369 | $ | 3,462 | ||||||
Net cash provided by (used in) investing activities | $ | (22,485 | ) | $ | 4,101 | $ | (459,348 | ) | $ | (10,473 | ) | ||||
Net cash provided by financing activities | $ | 2,521 | $ | 3,106 | $ | 445,489 | $ | 23,399 |