Edgio Reports Third Quarter 2022 Financial Results

November 9, 2022

Third quarter revenue of $121.2 million, up 119% year over year

GAAP Gross margin of 30.5%, increased 180 basis points year over year

Record Applications bookings with momentum continuing into 4Q22

Pipeline growth of 75% since the beginning of the year

Capital expenditure of $2.2 million or 1.8% of revenue, a six-year low

Edgio, Inc. (Nasdaq: EGIO), the platform of choice to power unmatched speed, security and simplicity at the edge, today reported financial results for the third quarter ended September 30, 2022.

"Across the organization, we are realizing the benefits of the transformational Edgecast acquisition. We had the first-ever eight figure TCV win in Applications solutions and replaced a major competitor at one of the largest fintech companies in the world. Our unique ability to seamlessly integrate scale-enabled performance, security and programmability at the edge are being recognized by some of the most savvy technology companies in the world," said Bob Lyons, President and Chief Executive Officer. "Our growing pipeline includes major global brands that understand the demonstrative value in our solutions, with many in active proof of concept. We expect this momentum to continue into the fourth quarter, driven by our Security solutions."

Third Quarter Business Highlights:

  • Sales pipeline grew 75% from the beginning of the year, with the Applications pipeline growing much faster.
  • 3Q22 was the highest bookings quarter for Edgio’s Applications solutions, and we expect continued momentum into 4Q22.
  • The company has implemented more than $20 million of planned synergies on a run rate basis, well ahead of schedule.
  • CyberSec Asia recognized Edgio as a Rising Star in security for the impact our WAAP product suite had in customers’ organizations.
  • Stephen Cumming joined as Edgio’s CFO, bringing almost 30 years of experience leading technology companies through strategic, operational and financial transformations.
  • Three new Board members were appointed - Dianne Ledingham, Sr. Partner at Bain & Company, and Reed Rayman and E-Fei Wang from Apollo Global - to strengthen our strategic leadership with strategic, operational and financial prowess.

Third Quarter Financial highlights:

Revenue

  • Revenue of $121.2 million, an expansion of 119% from the previous year, and 63% quarter over quarter.
  • This includes the first full quarter of revenue from Edgecast.

Gross margin

  • GAAP gross margin was 30.5%, up 180 basis points year over year and 40 basis points quarter over quarter.
  • Sequential expansion in gross margin was primarily due to an increase in capacity utilization and realization of synergies.

Operating expenses

  • GAAP operating expenses, including share-based compensation of $8.4 million, restructuring charges of $4.1 million and acquisition- and legal-related expenses of $7.9 million, were 63.4% of revenue versus 75.2% in the second quarter of 2022 due to the inclusion of a full quarter of Edgecast.
  • Sequentially, our total operating expenses increased primarily due to headcount from Edgecast.

Adjusted EBITDA

  • Adjusted EBITDA for the quarter was a loss of $3.2 million, compared to a loss of $0.4 million in the second quarter of 2022, primarily due to the increased operating expenses from Edgecast.

Capital Expenditure

  • Capital Expenditure during the quarter was $2.2 million, or 1.8% of revenue and year-to-date was $20.5 million or 8.1% of revenue.
  • As a percent of revenue, capital expenditure was at a six-year low as a result of existing 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 was $70.8 million for the third quarter ended September 30, 2022, compared to $77.3 million for the second quarter ended June 30, 2022 and $79.3 million for the fourth quarter ended December 31, 2021.
  • Cash flow used in operations during the quarter was $2.4 million and year-to-date $21.8 million.

Updating 2022 Guidance:

“We remain bullish on Edgio’s transformation and in our ability to drive long-term value creation for our shareholders. The current macro environment has made us more cautious in the near term and we anticipate companies will delay or defer capital spending in the fourth quarter. This could impact our ISP deployments which depend on capital investments from these clients. Additionally, while we are progressing well on the integration of our Edgecast acquisition, we have seen some churn across a group of smaller customers. This is not unusual during an acquisition of this magnitude,” said Stephen Cumming, Chief Financial Officer. “Both of these are temporal in nature and we have already taken steps to address them. With this backdrop, we expect a more measured top line in Q4. Given our clear line of sight to where further synergies and efficiencies are available to us, we will prioritize improving our gross margin, Adjusted EBITDA and cash flow as we complete the integration of Edgecast.”

For 4Q22, we are expecting:

  • Revenue between $109 million and $114 million.
  • Adjusted EBITDA range of a loss of $8 million to a loss of $6 million, implying adjusted EBITDA margin between -7.5% and -5.5%.
  • Capital expenditure between $2 million and $3.5 million, implying 2% and 3% of revenue.

Financial Tables

 
EDGIO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
             
   

September 30,

 

June 30,

 

December 31,

   

2022

 

2022

 

2021

   

(Unaudited)

 

(Unaudited)

 

 

ASSETS            
Current assets:            
Cash and cash equivalents  

$

59,306

 

 

$

55,175

 

 

$

41,918

 

Marketable securities  

 

11,444

 

 

 

22,158

 

 

 

37,367

 

Accounts receivable, net  

 

122,397

 

 

 

108,445

 

 

 

42,217

 

Income taxes receivable  

 

59

 

 

 

58

 

 

 

61

 

Prepaid expenses and other current assets  

 

28,775

 

 

 

32,107

 

 

 

13,036

 

Total current assets  

 

221,981

 

 

 

217,943

 

 

 

134,599

 

Property and equipment, net  

 

91,670

 

 

 

106,059

 

 

 

33,622

 

Operating lease right of use assets  

 

6,680

 

 

 

7,124

 

 

 

6,338

 

Marketable securities, less current portion  

 

40

 

 

 

40

 

 

 

40

 

Deferred income taxes  

 

2,745

 

 

 

2,866

 

 

 

1,893

 

Goodwill  

 

171,065

 

 

 

163,489

 

 

 

114,511

 

Intangible assets, net  

 

67,738

 

 

 

72,655

 

 

 

14,613

 

Other assets  

 

7,780

 

 

 

7,334

 

 

 

5,485

 

Total assets  

$

569,699

 

 

$

577,510

 

 

$

311,101

 

             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Current liabilities:            
Accounts payable  

$

39,755

 

 

$

19,800

 

 

$

11,631

 

Deferred revenue  

 

6,357

 

 

 

4,790

 

 

 

3,266

 

Operating lease liability obligations  

 

4,396

 

 

 

4,755

 

 

 

1,861

 

Income taxes payable  

 

433

 

 

 

262

 

 

 

873

 

Other current liabilities  

 

86,754

 

 

 

75,391

 

 

 

19,292

 

Total current liabilities  

 

137,695

 

 

 

104,998

 

 

 

36,923

 

Convertible senior notes, net  

 

122,416

 

 

 

122,202

 

 

 

121,782

 

Operating lease liability obligations, less current portions  

 

10,511

 

 

 

11,352

 

 

 

9,616

 

Deferred income taxes  

 

95

 

 

 

100

 

 

 

308

 

Deferred revenue, less current portion  

 

2,938

 

 

 

1,530

 

 

 

116

 

Other long-term liabilities  

 

710

 

 

 

716

 

 

 

777

 

Total liabilities  

 

274,365

 

 

 

240,898

 

 

 

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; 221,583, 219,706 and 134,337 shares issued and            
outstanding at September 30, 2022, June 30, 2022 and December 31, 2021, respectively  

 

222

 

 

 

220

 

 

 

134

 

Additional paid-in capital  

 

797,508

 

 

 

793,522

 

 

 

576,807

 

Common Stock Contingent consideration  

 

16,300

 

 

 

16,900

 

 

 

-

 

Accumulated other comprehensive loss  

 

(13,462

)

 

 

(11,413

)

 

 

(8,345

)

Accumulated deficit  

 

(505,234

)

 

 

(462,617

)

 

 

(427,017

)

Total stockholders' equity  

 

295,334

 

 

 

336,612

 

 

 

141,579

 

Total liabilities and stockholders' equity  

$

569,699

 

 

$

577,510

 

 

$

311,101

 

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

September 30,

 

June 30,

 

Percent

 

September 30,

 

Percent

 

September 30,

 

September 30,

 

Percent

   

2022

 

2022

 

Change

 

2021

 

Change

 

2022

 

2021

 

Change

                                 
Revenue  

$

121,156

 

 

$

74,312

 

 

63%

 

$

55,202

 

 

119%

 

$

253,426

 

 

$

154,745

 

 

64%

Cost of revenue:          

 

     

 

         

 

Cost of services (1)  

 

74,421

 

 

 

46,088

 

 

61%

 

 

33,687

 

 

121%

 

 

155,578

 

 

 

99,708

 

 

56%

Depreciation - network  

 

9,841

 

 

 

5,903

 

 

67%

 

 

5,685

 

 

73%

 

 

20,833

 

 

 

17,293

 

 

20%

Total cost of revenue  

 

84,262

 

 

 

51,991

 

 

62%

 

 

39,372

 

 

114%

 

 

176,411

 

 

 

117,001

 

 

51%

Gross profit  

 

36,894

 

 

 

22,321

 

 

65%

 

 

15,830

 

 

133%

 

 

77,015

 

 

 

37,744

 

 

104%

Gross profit percentage  

 

30.5

%

 

 

30.0

%

 

 

 

 

28.7

%

 

 

 

 

30.4

%

 

 

24.4

%

 

 

Operating expenses:          

 

     

 

         

 

General and administrative (1)  

 

22,198

 

 

 

26,927

 

 

-18%

 

 

10,532

 

 

111%

 

 

64,958

 

 

 

30,944

 

 

110%

Sales and marketing (1)  

 

14,428

 

 

 

10,946

 

 

32%

 

 

5,987

 

 

141%

 

 

33,001

 

 

 

21,619

 

 

53%

Research & development (1)  

 

30,173

 

 

 

12,161

 

 

148%

 

 

5,205

 

 

480%

 

 

51,911

 

 

 

16,520

 

 

214%

Depreciation and amortization  

 

5,943

 

 

 

1,508

 

 

294%

 

 

730

 

 

714%

 

 

8,483

 

 

 

1,818

 

 

367%

Restructuring charges (1)  

 

4,070

 

 

 

4,368

 

 

-7%

 

 

1,770

 

 

130%

 

 

9,136

 

 

 

10,798

 

 

-15%

Total operating expenses  

 

76,812

 

 

 

55,910

 

 

37%

 

 

24,224

 

 

217%

 

 

167,489

 

 

 

81,699

 

 

105%

           

 

     

 

         

 

Operating loss  

 

(39,918

)

 

 

(33,589

)

 

NM

 

 

(8,394

)

 

NM

 

 

(90,474

)

 

 

(43,955

)

 

NM

           

 

     

 

         

 

Other income (expense):          

 

     

 

         

 

Interest expense  

 

(1,317

)

 

 

(1,315

)

 

NM

 

 

(1,308

)

 

NM

 

 

(3,945

)

 

 

(3,899

)

 

NM

Interest income  

 

140

 

 

 

33

 

 

NM

 

 

17

 

 

NM

 

 

200

 

 

 

104

 

 

NM

Other, net  

 

(1,082

)

 

 

(1,146

)

 

NM

 

 

(209

)

 

NM

 

 

(2,941

)

 

 

(864

)

 

NM

Total other expense  

 

(2,259

)

 

 

(2,428

)

 

NM

 

 

(1,500

)

 

NM

 

 

(6,686

)

 

 

(4,659

)

 

NM

           

 

     

 

         

 

Loss before income taxes  

 

(42,177

)

 

 

(36,017

)

 

NM

 

 

(9,894

)

 

NM

 

 

(97,160

)

 

 

(48,614

)

 

NM

Income tax expense (benefit)  

 

440

 

 

 

(19,589

)

 

NM

 

 

211

 

 

NM

 

 

(18,943

)

 

 

718

 

 

NM

           

 

     

 

         

 

Net loss  

$

(42,617

)

 

$

(16,428

)

 

NM

 

$

(10,105

)

 

NM

 

$

(78,217

)

 

$

(49,332

)

 

NM

                                 
Net loss per share:                                
Basic  

$

(0.19

)

 

$

(0.11

)

     

$

(0.08

)

     

$

(0.46

)

 

$

(0.39

)

   
Diluted  

$

(0.19

)

 

$

(0.11

)

     

$

(0.08

)

     

$

(0.46

)

 

$

(0.39

)

   
                                 
Weighted-average shares used in per share calculation:                                
Basic  

 

220,194

 

 

 

151,776

 

     

 

126,791

 

     

 

169,166

 

 

 

125,710

 

   
Diluted  

 

220,194

 

 

 

151,776

 

     

 

126,791

 

     

 

169,166

 

 

 

125,710

 

   
                                 
(1) Includes share-based compensation (see supplemental table for figures)
 
EDGIO, INC.
SUPPLEMENTAL FINANCIAL DATA
(In thousands)
(Unaudited)
                     
    Three Months Ended   Nine Months Ended
                     
    September 30,   June 30,   September 30,   September 30,   September 30,
   

2022

 

2022

 

2021

 

2022

 

2021

Share-based compensation:                    
Cost of services  

$

855

 

 

$

326

 

$

438

 

 

$

1,589

 

 

$

1,142

 

General and administrative  

 

2,200

 

 

 

2,166

 

 

2,301

 

 

 

6,469

 

 

 

10,203

 

Sales and marketing  

 

727

 

 

 

1,376

 

 

640

 

 

 

3,284

 

 

 

1,598

 

Research and development  

 

4,571

 

 

 

3,423

 

 

662

 

 

 

11,314

 

 

 

1,647

 

Restructuring charges  

 

-

 

 

 

-

 

 

(384

)

 

 

-

 

 

 

1,887

 

Total share-based compensation  

$

8,353

 

 

$

7,291

 

$

3,657

 

 

$

22,656

 

 

$

16,477

 

                     
Depreciation and amortization:                    
Network-related depreciation  

$

9,841

 

 

$

5,903

 

$

5,685

 

 

$

20,833

 

 

$

17,293

 

Other depreciation and amortization  

 

1,026

 

 

 

336

 

 

409

 

 

 

1,608

 

 

 

1,497

 

Amortization of intangible assets  

 

4,917

 

 

 

1,172

 

 

321

 

 

 

6,875

 

 

 

321

 

Total depreciation and amortization  

$

15,784

 

 

$

7,411

 

$

6,415

 

 

$

29,316

 

 

$

19,111

 

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

$

(6,583

)

 

$

15,407

 

$

(43,750

)

 

$

(8,535

)

 

$

(47,937

)

                     
End of period statistics:                    
Approximate number of active clients  

 

996

 

 

 

1,000

 

 

581

 

 

 

996

 

 

 

581

 

Number of employees and employee equivalents  

 

1,256

 

 

 

1,317

 

 

529

 

 

 

1,256

 

 

 

529

 

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 our 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 our 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 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 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, 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, 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 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:

  • Non-GAAP net income (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 income (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 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 financial 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   Nine Months Ended
                                         
    September 30, 2022   June 30, 2022   September 30, 2021   September 30, 2022   September 30, 2021
    Amount   Per Share   Amount   Per Share   Amount   Per Share   Amount   Per Share   Amount   Per Share
                                         
U.S. GAAP net loss  

$

(42,617

)

 

$

(0.19

)

 

$

(16,428

)

 

$

(0.11

)

 

$

(10,105

)

 

$

(0.08

)

 

$

(78,217

)

 

$

(0.46

)

 

$

(49,332

)

 

$

(0.39

)

                                         
Share-based compensation  

 

8,353

 

 

 

0.04

 

 

 

7,291

 

 

 

0.05

 

 

 

4,041

 

 

 

0.03

 

 

 

22,656

 

 

 

0.13

 

 

 

10,026

 

 

 

0.08

 

Non-cash interest expense  

 

214

 

 

 

0.00

 

 

 

211

 

 

 

0.00

 

 

 

204

 

 

 

0.00

 

 

 

634

 

 

 

0.00

 

 

 

604

 

 

 

0.00

 

Restructuring charges  

 

4,070

 

 

 

0.02

 

 

 

4,368

 

 

 

0.03

 

 

 

1,770

 

 

 

0.01

 

 

 

9,136

 

 

 

0.05

 

 

 

15,625

 

 

 

0.12

 

Acquisition and legal related expenses  

 

8,529

 

 

 

0.04

 

 

 

14,167

 

 

 

0.09

 

 

 

2,263

 

 

 

0.02

 

 

 

27,803

 

 

 

0.16

 

 

 

2,441

 

 

 

0.02

 

Amortization of intangible assets  

 

4,917

 

 

 

0.02

 

 

 

1,172

 

 

 

0.01

 

 

 

321

 

 

 

0.00

 

 

 

6,875

 

 

 

0.04

 

 

 

321

 

 

 

0.00

 

                                         
Non-GAAP net (loss) income  

$

(16,534

)

 

$

(0.08

)

 

$

10,781

 

 

$

0.07

 

 

$

(1,506

)

 

$

(0.01

)

 

$

(11,113

)

 

$

(0.07

)

 

$

(20,315

)

 

$

(0.16

)

                                         
                                         
Weighted-average basic shares used in per share calculation      

 

220,194

 

     

 

151,776

 

     

 

126,791

 

     

 

169,166

 

     

 

125,710

 

 
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,

     

2022

 

2022

 

2021

 

2022

 

2021

                       
U.S. GAAP net loss  

$

(42,617

)

 

$

(16,428

)

 

$

(10,105

)

 

$

(78,217

)

 

$

(49,332

)

                       
  Depreciation and amortization  

 

15,784

 

 

 

7,411

 

 

 

6,415

 

 

 

29,316

 

 

 

19,111

 

  Interest expense  

 

1,317

 

 

 

1,315

 

 

 

1,308

 

 

 

3,945

 

 

 

3,899

 

  Interest and other expense  

 

942

 

 

 

1,113

 

 

 

192

 

 

 

2,741

 

 

 

760

 

  Income tax expense (benefit)  

 

440

 

 

 

(19,589

)

 

 

211

 

 

 

(18,943

)

 

 

718

 

                       
EBITDA  

$

(24,134

)

 

$

(26,178

)

 

$

(1,979

)

 

$

(61,158

)

 

$

(24,844

)

                       
  Share-based compensation  

 

8,353

 

 

 

7,291

 

 

 

4,041

 

 

 

22,656

 

 

 

10,026

 

  Restructuring charges  

 

4,070

 

 

 

4,368

 

 

 

1,770

 

 

 

9,136

 

 

 

15,625

 

  Acquisition and legal related expenses  

 

8,529

 

 

 

14,167

 

 

 

2,263

 

 

 

27,803

 

 

 

2,441

 

                       
Adjusted EBITDA  

$

(3,182

)

 

$

(352

)

 

$

6,095

 

 

$

(1,563

)

 

$

3,248

 

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 256972. 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), EBITDA, Adjusted EBITDA, 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 November 9, 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) provides unmatched speed, security, and simplicity at the edge through globally-scaled media and applications platforms. The world’s most innovative companies and online properties – from entertainment, technology, retail, and finance – rely on our technology and services to accelerate and defend their web applications, APIs, and content. As the world continues to move to the edge, Edgio is the platform of choice to power valuable business outcomes. To learn more, visit edg.io and follow us on Twitter, LinkedIn and Facebook.

Edgio, Inc.
Investor relations: Sameet Sinha, 646-337-8909
ir@edg.io

Source: Edgio