UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 10, 2019
LIMELIGHT NETWORKS, INC.
(Exact name of Registrant as specified in its charter)
Delaware | 001-33508 | 20-1677033 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||
1465 North Scottsdale Road, Suite 400
Scottsdale, AZ 85257
(Address, including zip code, of principal executive offices)
(602) 850-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | LLNW | NASDAQ |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | 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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||
Item 7.01 | Regulation FD Disclosure. |
On December 10, 2019, Limelight Networks, Inc. (the “Company”) announced its guidance for full year of 2020 in a press release.
The information disclosed under this Item 7.01 shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Item 7.01 shall not be deemed incorporated by reference into any filing under the Exchange Act or the United States Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits.
Exhibit Number | Description | |
99.1 | Limelight Networks, Inc. Press Release dated December 10, 2019 (furnished herewith). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LIMELIGHT NETWORKS, INC. | |||||||||||||
Dated: December 10, 2019 | By: | /s/ Michael DiSanto | |||||||||||
Michael DiSanto SVP, Chief Administrative and Legal Officer & Secretary | |||||||||||||
December 10, 2019
Limelight Networks Guidance for 2020
Limelight Networks, Inc. (Nasdaq:LLNW) (Limelight), a leading provider of edge cloud services, today issued initial guidance for 2020.
Limelight expects the following financial results for 2020:
• | Revenue between $220 and $235 million |
• | GAAP earnings of between $(0.10) and $0.00 |
• | Non-GAAP earnings per share between $0.00 and $0.10 per share |
• | Adjusted EBITDA between than $25 and $35 million |
• | Capital Expenditures between $25 and $30 million |
“Our strategic focus on video and edge services is developing into an exceptional opportunity to grow at a faster rate than ever before. The movement of video content delivery from over-the-air broadcasts and cable to internet-based delivery is accelerating our top-line growth. This trend is firmly in place in the United States, and we are convinced it is a global trend with quicker adoption in newer markets. We are judiciously deploying global infrastructure and operating resources in a manner that we believe will allow us to monetize this opportunity,” said Bob Lento, Limelight’s Chief Executive Officer.
“Our business has meaningfully improved through 2019. We are confident that our 2019 exit run rates will be strong, which gives us conviction in our ability to deliver against our 2020 guidance. We believe the four quarters in 2020 will show sequential revenue growth and related margin improvements. Our plan is to continue to invest in the business to capture growth opportunities. At the same time, the business model leverage should be evident in the anticipated improvement in operating margins and free cash flow in light of the expected decline in capital expenditures,” Lento added.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These statements include, among others, statements regarding our strategic focus; our expectations regarding revenues for the full year 2019 and 2020; GAAP and non-GAAP net income (loss); Adjusted EBITDA; capital expenditures for the full year 2019 and 2020; operating margins and free cash flow; video content delivery trends, our future prospects; and our position in our industry. 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 customers, unforeseen changes in our hiring patterns, adverse outcomes in litigation, and experiencing expenses that exceed our expectations. 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.limelightnetworks.com and on the SEC website at www.SEC.gov. All information provided in this release is as of December 10, 2019, and we undertake no duty to update this information in light of new information or future events, unless required by law.
About Limelight
Limelight Networks, Inc. (NASDAQ: LLNW), a leading provider of digital content delivery, video, cloud security, and edge computing services, empowers customers to provide exceptional digital experiences. Limelight’s edge services platform includes a unique combination of global private infrastructure, intelligent software, and expert support services that enable current and future workflows. For more information, visit www.limelight.com, follow us on Twitter, Facebook, and LinkedIn.
Copyright (C) 2019 Limelight Networks, Inc. All rights reserved. All product or service names are the property of their respective owners.
Source: Limelight Networks
Language:
English
Contact:
Limelight Networks, Inc.
Sajid Malhotra, 602-850-5778
ir@llnw.com
Ticker Slug:
Ticker: LLNW
Exchange: NASDAQ