WORK
$21.81
Slack Technologies
($2.19)
(9.13%)
Earnings Details
2nd Quarter July 2019
Wednesday, September 4, 2019 4:15:00 PM
Tweet Share Watch
Summary

Slack Technologies Misses

Slack Technologies (WORK) reported a 2nd Quarter July 2019 loss of $0.98 per share on revenue of $145.0 million. The consensus estimate was a loss of $1.03 per share on revenue of $140.6 million. The Earnings Whisper number was for a loss of $0.18 per share.

The company said it expects a third quarter loss of $0.09 to $0.08 per share on revenue of $154.0 million to $156.0 million and a fiscal 2020 loss of $0.42 to $0.40 per share on revenue of $603.0 million to $610.0 million. The current consensus estimate is a loss of $0.08 per share on revenue of $153.6 million for the quarter ending October 31, 2019 and a loss of $0.43 per share on revenue of $598.5 million for the year ending January 31, 2020.

Results
Reported Earnings
($0.98)
Earnings Whisper
($0.18)
Consensus Estimate
($1.03)
Reported Revenue
$145.0 Mil
Revenue Estimate
$140.6 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

 Slack Announces Second Quarter Fiscal Year 2020 Results

 Q2FY20 total revenue of $145.0 million up 58% year-over-year

SAN FRANCISCO--(BUSINESS WIRE)--Slack Technologies, Inc. (NYSE: WORK), the leading global collaboration hub that makes people’s working lives simpler, more pleasant and more productive, today reported financial results for its fiscal quarter ended July 31, 2019.

Management Commentary:

"This is an entirely new category of software enabling a once-in-a-generation shift in the way people work together. We believe channel-based collaboration is so superior to email-based communication for work, that this shift is inevitable," said Stewart Butterfield, Chief Executive Officer and Co-Founder at Slack. "Customers are choosing Slack because we offer a great user experience, a rich application platform and ecosystem, and a growing network for inter-company collaboration via shared channels."

"Revenue growth was 58% year-over-year, despite a one-time revenue headwind from credits issued in the quarter related to service level disruption," said Allen Shim, Chief Financial Officer at Slack. "We remain focused on expansion within existing customers and growing our large enterprise customer base, and ended the quarter with 720 Paid Customers greater than $100,000 in annual recurring revenue, which is up 75% year-over-year."

Second Quarter Fiscal 2020 Financial Highlights:

  • Total revenue was $145.0 million, an increase of 58% year-over-year. Revenue was negatively impacted by $8.2 million of credits related to service level disruption in the quarter.
  • Calculated Billings was $174.8 million, an increase of 52% year-over-year.
  • GAAP gross profit was $113.9 million, or 78.5% gross margin, compared to $80.7 million, or 87.7% gross margin, in the second quarter of fiscal year 2019. Non-GAAP gross profit was $126.3 million, or 87.1% gross margin, compared to $80.7 million, or 87.7% gross margin, in the second quarter of fiscal year 2019.
  • GAAP operating loss was $363.7 million, or 251% of total revenue, compared to a $33.7 million loss in the second quarter of fiscal year 2019, or 37% of total revenue. GAAP operating loss includes $307.0 million of stock-based compensation and related employer payroll taxes, primarily related to the satisfaction of the performance vesting condition on outstanding RSUs in connection with Slack's direct listing on June 20, 2019. Non-GAAP operating loss was $55.6 million, or 38% of total revenue, compared to a $32.0 million loss in the second quarter of fiscal year 2019, or 35% of total revenue.
  • GAAP net loss per basic and diluted share was $0.98. Non-GAAP net loss per share was $0.14.
  • Net cash provided by operations was $0.3 million, or 0% of total revenue, compared to cash provided by operations of $1.5 million, or 2% of total revenue, for the second quarter of fiscal year 2019. Free Cash Flow was $(7.9) million, or 5% of total revenue, compared to $(7.7) million, or 8% of total revenue for the second quarter of fiscal year 2019.

Recent Business Highlights:

  • Second Quarter Highlights:
    • Ended the quarter with over 100,000 Paid Customers, up 37% year-over-year.
    • Net dollar retention rate was 136%.
    • The number of Paid Customers greater than $100,000 in annual recurring revenue was 720, up 75% year-over-year.

Financial Outlook:

For the third quarter of fiscal year 2020, Slack currently expects:

  • Total revenue of $154 million to $156 million, representing year-over-year growth of 46% to 48%.
  • Non-GAAP operating loss of $49 million to $47 million.
  • Non-GAAP net loss per share of $0.09 to $0.08, assuming weighted average shares outstanding of 544 million.

For the full fiscal year 2020, Slack currently expects:

  • Total revenue of $603 million to $610 million, representing year-over-year growth of 51% to 52%.
  • Non-GAAP operating loss of $180 million to $176 million, including approximately $30 million of one-time direct listing related expenses.
  • Non-GAAP net loss per share of $0.42 to $0.40, assuming weighted average shares outstanding of 399 million.
  • Calculated Billings of $740 million to $760 million, representing year-over-year growth of 43% to 47%.
  • Free Cash Flow net burn of $100 million to $110 million, including approximately $30 million of one-time direct listing-related expenses and $21 million of one-time direct listing related cash taxes related to RSU vesting.

Non-GAAP Financial Measures

This press release and the accompanying tables contain the following non-GAAP financial measures: calculated billings, free cash flow, non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, and non-GAAP net loss per share. Certain of these non-GAAP financial measures exclude stock-based compensation and amortization of intangible assets.

Slack believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Slack’s financial condition and results of operations. Slack’s management uses these non-GAAP measures to compare Slack’s performance to that of prior periods for trend analysis, and for budgeting and planning purposes. Slack believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Slack’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Slack’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Slack urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate Slack’s business.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. Slack has not reconciled its outlook as to non-GAAP operating loss and non-GAAP net loss per share to their most directly comparable GAAP measure because certain items are out of Slack’s control or cannot be reasonably predicted. Accordingly, a reconciliation for forward-looking non-GAAP operating loss and non-GAAP net loss per share is not available without unreasonable effort.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Slack’s control. Slack’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Slack’s final prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on June 20, 2019. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Slack makes with the Securities and Exchange Commission from time to time, including its Quarterly Report on Form 10-Q for the quarter ended July 31, 2019. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Slack’s recent growth rates may not be indicative of its future growth; Slack may experience quarterly fluctuations in its results of operations due to a number of factors that make its future results difficult to predict and could cause its results of operations to fall below analyst or investor expectations or to fluctuate more than expected; Slack may fail to manage its growth effectively and may be unable to execute its business plan or maintain high levels of service and customer satisfaction; real or perceived errors, failures, vulnerabilities, or bugs in Slack could harm Slack’s business, results of operations, and financial condition; a security incident may allow unauthorized access to Slack’s systems, networks, or data or the data of organizations on Slack, harm its reputation, create additional liability, and harm its financial results; any actual or perceived failure by Slack to comply with privacy, data protection, information security, consumer privacy, data residency, or telecommunications laws, regulations, government access requests, and obligations in one or multiple jurisdictions could result in proceedings, actions, or penalties against Slack and could harm its business and reputation; the risk of interruptions or performance problems, including a service outage, associated with Slack’s technology or infrastructure; the market and software categories in which Slack participates are competitive, new, and rapidly changing, and if it does not compete effectively with established companies as well as new market entrants its business, results of operations, and financial condition could be harmed; a protracted infringement claim, a claim that results in a significant damage award, or a claim that results in an injunction could harm Slack’s results of operations; adverse general economic and market conditions; Slack’s ability to attract and retain qualified employees and key personnel; changes in foreign exchange rates; general political or destabilizing events, including war, conflict or acts of terrorism; and other risks and uncertainties. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Slack’s views as of the date of this press release. Slack anticipates that subsequent events and developments will cause its views to change. Slack undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Slack’s views as of any date subsequent to the date of this press release.

Additional information regarding these and other factors that could affect Slack’s results is included in Slack’s SEC filings, which may be obtained by visiting our Investor Relations website at investor.slackhq.com or the SEC's website at www.sec.gov.

Earnings Webcast

Slack will hold a public webcast at 2:00 p.m. PDT today to discuss the results for its second quarter fiscal 2020. The live public call can be accessed by dialing (866) 211-3197 within the U.S., and (647) 689-6597 internationally. The conference ID is 5175868. The webcast replay, and audio download will also be available on our Investor Relations website at investor.slackhq.com.

About Slack

Slack is where work happens. Slack is a new layer of the business technology stack that brings together people, applications and data – a hub for collaboration where people can effectively work together, access critical applications and services, and find important information to do their best work. People around the world use Slack to connect their teams, unify their systems and drive their business forward.

- ## -

Slack and the Slack logo are trademarks of Slack Technologies, Inc. or its subsidiaries in the U.S. and/or other countries. Other names and brands may be claimed as the property of others.

 

SLACK TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2019

 

2018

 

2019

 

2018

Revenue

 

$

144,973

 

 

$

92,018

 

 

$

279,794

 

 

$

172,937

 

Cost of revenue

 

31,106

 

 

11,361

 

 

49,680

 

 

21,462

 

Gross profit

 

113,867

 

 

80,657

 

 

230,114

 

 

151,475

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

217,769

 

 

35,182

 

 

268,872

 

 

70,592

 

Sales and marketing

 

136,392

 

 

53,553

 

 

203,230

 

 

95,721

 

General and administrative

 

123,356

 

 

25,608

 

 

160,100

 

 

45,176

 

Total operating expenses

 

477,517

 

 

114,343

 

 

632,202

 

 

211,489

 

Loss from operations

 

(363,650

)

 

(33,686

)

 

(402,088

)

 

(60,014

)

Other income (expense), net

 

3,111

 

 

2,085

 

 

10,188

 

 

3,887

 

Loss before income taxes

 

(360,539

)

 

(31,601

)

 

(391,900

)

 

(56,127

)

Provision (benefit) for income taxes

 

(923

)

 

85

 

 

(403

)

 

435

 

Net loss

 

(359,616

)

 

(31,686

)

 

(391,497

)

 

(56,562

)

Net income (loss) attributable to noncontrolling interest

 

(54

)

 

174

 

 

1,397

 

 

180

 

Net loss attributable to Slack common stockholders

 

$

(359,562

)

 

$

(31,860

)

 

$

(392,894

)

 

$

(56,742

)

Basic and diluted net loss per share:

 

 

 

 

 

 

 

 

Net loss per share attributable to Slack common stockholders, basic and diluted

 

$

(0.98

)

 

$

(0.26

)

 

$

(1.58

)

 

$

(0.47

)

Weighted-average shares used in computing net loss per share attributable to Slack common stockholders, basic and diluted

 

368,533

 

 

120,900

 

 

249,222

 

 

119,930

 

 

SLACK TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

July 31,
2019

 

January 31,
2019

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

498,275

 

 

$

180,770

 

Marketable securities

 

287,072

 

 

660,301

 

Accounts receivable, net

 

72,538

 

 

87,438

 

Prepaid expenses and other current assets

 

60,289

 

 

54,213

 

Total current assets

 

918,174

 

 

982,722

 

Restricted cash

 

38,490

 

 

20,490

 

Strategic investments

 

17,496

 

 

12,334

 

Property and equipment, net

 

107,513

 

 

88,359

 

Intangible assets, net

 

13,137

 

 

15,203

 

Goodwill

 

48,598

 

 

48,598

 

Other assets

 

32,306

 

 

31,250

 

Total assets

 

$

1,175,714

 

 

$

1,198,956

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

8,476

 

 

$

16,613

 

Accrued compensation and benefits

 

65,909

 

 

46,151

 

Accrued expenses and other current liabilities

 

42,866

 

 

29,809

 

Deferred revenue

 

285,016

 

 

239,825

 

Total current liabilities

 

402,267

 

 

332,398

 

Deferred revenue, noncurrent

 

1,507

 

 

2,048

 

Other liabilities

 

22,157

 

 

22,904

 

Total liabilities

 

425,931

 

 

357,350

 

Commitments and contingencies

 

 

 

 

Stockholders’ equity:

 

 

 

 

Convertible preferred stock

 

 

 

1,392,101

 

Common stock

 

54

 

 

13

 

Additional paid-in-capital

 

1,796,988

 

 

105,633

 

Accumulated other comprehensive loss

 

(119

)

 

(498

)

Accumulated deficit

 

(1,058,457

)

 

(665,563

)

Total Slack Technologies, Inc. stockholders’ equity

 

738,466

 

 

831,686

 

Noncontrolling interest

 

11,317

 

 

9,920

 

Total stockholders’ equity

 

749,783

 

 

841,606

 

Total liabilities and stockholders’ equity

 

$

1,175,714

 

 

$

1,198,956

 

 

SLACK TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2019

 

2018

 

2019

 

2018

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(359,616

)

 

$

(31,686

)

 

$

(391,497

)

 

$

(56,562

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

6,781

 

 

3,848

 

 

12,657

 

 

6,663

 

Loss on disposal of property and equipment

 

 

 

1,875

 

 

 

 

2,165

 

Stock-based compensation

 

285,787

 

 

1,638

 

 

289,426

 

 

7,756

 

Amortization of deferred contract acquisition costs

 

1,827

 

 

637

 

 

3,290

 

 

1,090

 

Net amortization of bond premium on debt securities available for sale

 

(655

)

 

(431

)

 

(1,736

)

 

(565

)

Change in fair value of strategic investments

 

141

 

 

(349

)

 

(2,884

)

 

(349

)

Other non-cash charges

 

(396

)

 

145

 

 

(359

)

 

298

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

(362

)

 

(6,046

)

 

15,258

 

 

(6,134

)

Prepaid expenses and other assets

 

(3,699

)

 

(10,463

)

 

(10,161

)

 

(10,848

)

Accounts payable

 

(397

)

 

3,920

 

 

(1,436

)

 

5,541

 

Accrued compensation and benefits

 

35,056

 

 

8,156

 

 

19,758

 

 

668

 

Deferred revenue

 

29,834

 

 

22,749

 

 

44,650

 

 

43,910

 

Other current and long-term liabilities

 

6,020

 

 

7,495

 

 

9,229

 

 

11,288

 

Net cash provided by (used in) operating activities

 

321

 

 

1,488

 

 

(13,805

)

 

4,921

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of marketable securities

 

(34,646

)

 

(138,073

)

 

(59,553

)

 

(368,049

)

Maturities of marketable securities

 

118,265

 

 

137,941

 

 

268,951

 

 

347,191

 

Sales of marketable securities

 

166,074

 

 

6,633

 

 

166,074

 

 

6,633

 

Acquisition of business

 

 

 

(2,500

)

 

 

 

(2,500

)

Acquisition of intangible assets

 

 

 

(1,184

)

 

 

 

(1,184

)

Purchases of property and equipment

 

(8,192

)

 

(9,210

)

 

(28,269

)

 

(27,612

)

Sales of property and equipment

 

 

 

 

 

 

 

520

 

Purchase of strategic investments

 

(2,370

)

 

(900

)

 

(5,470

)

 

(900

)

Proceeds from liquidation of strategic investments

 

 

 

152

 

 

2,858

 

 

152

 

Net cash provided by (used in) investing activities

 

239,131

 

 

(7,141

)

 

344,591

 

 

(45,749

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

7,890

 

 

1,089

 

 

10,275

 

 

1,862

 

Payment of contingent consideration for an acquisition

 

(5,000

)

 

 

 

(5,000

)

 

 

Issuance of common stock to third party

 

 

 

6,084

 

 

 

 

6,084

 

Other financing activities

 

(556

)

 

 

 

(556

)

 

(15

)

Net cash provided by financing activities

 

2,334

 

 

7,173

 

 

4,719

 

 

7,931

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

241,786

 

 

1,520

 

 

335,505

 

 

(32,897

)

Cash, cash equivalents and restricted cash at beginning of period

 

294,979

 

 

103,646

 

 

201,260

 

 

138,063

 

Cash, cash equivalents and restricted cash at end of period

 

$

536,765

 

 

$

105,166

 

 

$

536,765

 

 

$

105,166

 

 
 

SLACK TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands)

(Unaudited)

 

Calculated Billings

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2019

 

2018

 

2019

 

2018

Revenue

 

$

144,973

 

 

$

92,018

 

 

$

279,794

 

 

$

172,937

 

Add: Total deferred revenue, end of period

 

286,523

 

 

169,363

 

 

286,523

 

 

169,363

 

Less: Total deferred revenue, beginning of period

 

(256,689

)

 

(146,614

)

 

(241,873

)

 

(125,453

)

Calculated Billings

 

$

174,807

 

 

$

114,767

 

 

$

324,444

 

 

$

216,847

 

 

Free Cash Flow

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2019

 

2018

 

2019

 

2018

Net cash provided by (used in) operating activities

 

$

321

 

 

$

1,488

 

 

$

(13,805

)

 

$

4,921

 

Purchases of property and equipment

 

(8,192

)

 

(9,210

)

 

(28,269

)

 

(27,612

)

Free Cash Flow

 

$

(7,871

)

 

$

(7,722

)

 

$

(42,074

)

 

$

(22,691

)

 

SLACK TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP DATA

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

 

2019

 

2018

 

2019

 

2018

Reconciliation of gross profit:

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

113,867

 

 

$

80,657

 

 

$

230,114

 

 

$

151,475

 

Add: Stock-based compensation and related employer payroll taxes

 

11,845

 

 

58

 

 

11,891

 

 

661

 

Add: Amortization of acquired intangible assets

 

559

 

 

19

 

 

1,117

 

 

19

 

Non-GAAP gross profit

 

$

126,271

 

 

$

80,734

 

 

$

243,122

 

 

$

152,155

 

 

 

 

 

 

 

 

 

 

Reconciliation of operating expenses:

 

 

 

 

 

 

 

 

GAAP research and development

 

$

217,769

 

 

$

35,182

 

 

$

268,872

 

 

$

70,592

 

Less: Stock-based compensation and related employer payroll taxes

 

(163,035

)

 

(944

)

 

(164,670

)

 

(4,339

)

Less: Amortization of acquired intangible assets

 

(149

)

 

 

 

(299

)

 

 

Non-GAAP research and development

 

$

54,585

 

 

$

34,238

 

 

$

103,903

 

 

$

66,253

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

136,392

 

 

$

53,553

 

 

$

203,230

 

 

$

95,721

 

Less: Stock-based compensation and related employer payroll taxes

 

(69,321

)

 

(248

)

 

(69,703

)

 

(1,452

)

Less: Amortization of acquired intangible assets

 

(325

)

 

(54

)

 

(650

)

 

(54

)

Non-GAAP sales and marketing

 

$

66,746

 

 

$

53,251

 

 

$

132,877

 

 

$

94,215

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

123,356

 

 

$

25,608

 

 

$

160,100

 

 

$

45,176

 

Less: Stock-based compensation and related employer payroll taxes

 

(62,797

)

 

(388

)

 

(64,373

)

 

(1,304

)

Non-GAAP general and administrative

 

$

60,559

 

 

$

25,220

 

 

$

95,727

 

 

$

43,872

 

 

 

 

 

 

 

 

 

 

Reconciliation of loss from operations:

 

 

 

 

 

 

 

 

GAAP operating loss

 

$

(363,650

)

 

$

(33,686

)

 

$

(402,088

)

 

$

(60,014

)

Add: Stock-based compensation and related employer payroll taxes

 

306,998

 

 

1,638

 

 

310,637

 

 

7,756

 

Add: Amortization of acquired intangible assets

 

1,033

 

 

73

 

 

2,066

 

 

73

 

Non-GAAP operating loss

 

$

(55,619

)

 

$

(31,975

)

 

$

(89,385

)

 

$

(52,185

)

 

 

 

 

 

 

 

 

 

Reconciliation of net loss and net loss per share:

 

 

 

 

 

 

 

 

Net loss attributable to Slack common stockholders

 

$

(359,562

)

 

$

(31,860

)

 

$

(392,894

)

 

$

(56,742

)

Add: Stock-based compensation and related employer payroll taxes

 

306,998

 

 

1,638

 

 

310,637

 

 

7,756

 

Add: Amortization of acquired intangible assets

 

1,033

 

 

73

 

 

2,066

 

 

73

 

Non-GAAP net loss

 

$

(51,531

)

 

$

(30,149

)

 

$

(80,191

)

 

$

(48,913

)

 

 

 

 

 

 

 

 

 

GAAP net loss per share

 

$

(0.98

)

 

$

(0.26

)

 

$

(1.58

)

 

$

(0.47

)

Add: Stock-based compensation and related employer payroll taxes

 

0.84

 

 

0.01

 

 

1.25

 

 

0.06

 

Add: Amortization of acquired intangible assets

 

 

 

 

 

0.01

 

 

 

Non-GAAP net loss per share

 

$

(0.14

)

 

$

(0.25

)

 

$

(0.32

)

 

$

(0.41

)

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic and diluted

 

368,533

 

 

120,900

 

 

249,222

 

 

119,930

 

 

Jesse Hulsing
Investor Relations
ir@slack.com

Karesha McGee
Media Relations
pr@slack.com

Source: Slack Technologies, Inc.