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Logmein Inc. (LOGM) filed Quarterly Report for the period ended 2011-09-30.
Logmein Inc. has a market cap of $864.3 million; its shares were traded at around $35.72 with a P/E ratio of 60.5 and P/S ratio of 8.6.
This is the annual revenues and earnings per share of LOGM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of LOGM.
Highlight of Business Operations:
Research and Development Expenses. Research and development expenses for the three months ended September 30, 2011 were $6.1 million, an increase of $2.5 million, or 71%, over research and development expenses of $3.6 million for the three months ended September 30, 2010. As a percentage of revenue, research and development expenses were 20% and 14% for the three months ended September 30, 2011 and 2010, respectively. The increase in absolute dollars was primarily due to a $1.8 million increase in personnel-related costs as we hired additional employees to improve the ease of use and functionality of our existing services and develop new service offerings and retained employees through our July 2011 acquisition of Pachube, recognized $0.7 million of contingent payment costs associated with the Pachube acquisition (see note 4) and a $0.2 million increase in stock-based compensation. The increase was also due to a $0.3 million increase in travel-related expense, $0.1 million increase in maintenance-related expense, $0.1 million increase in professional fees and a $0.1 million increase in depreciation expense.Sales and Marketing Expenses. Sales and marketing expenses for the three months ended September 30, 2011 were $14.6 million, an increase of $3.1 million, or 27%, over sales and marketing expenses of $11.5 million for the three months ended September 30, 2010. As a percentage of revenue, sales and marketing expenses were 47% and 45% for the three months ended September 30, 2011 and 2010, respectively. The increase in absolute dollars was primarily due to a $1.7 million increase in personnel-related costs, including $0.4 million in stock-based compensation, from additional employees hired to support our growth in sales and expand our marketing efforts. The increase was also due to a $0.7 million increase in marketing program costs, a $0.1 million increase in rent costs primarily related to office expansion, a $0.1 million increase in credit card processing fees, $0.1 million increase in professional fees, $0.1 million increase in maintenance-related expense and a $0.1 million increase in travel-related costs.
General and Administrative Expenses. General and administrative expenses for the three months ended September 30, 2011 were $5.7 million, an increase of $2.8 million, or 95%, over general and administrative expenses of $2.9 million for the three months ended September 30, 2010. As a percentage of revenue, general and administrative expenses were 18% and 12% for the three months ended September 30, 2011 and 2010, respectively. The increase in absolute dollars was primarily due to a $1.3 million state sales tax accrual for uncollected sales taxes. The increase was also due to an increase of $0.9 million in personnel-related costs, primarily consisting of $0.6 million in stock-based compensation, a $0.3 million increase in acquisition-related costs and a $0.1 million increase in accounting-related fees. The increase was also due to a $0.1 million increase in legal costs associated with our defense against the patent infringement claims made by 01 Communique, as discussed in Part II Item 1.
Research and Development Expenses. Research and development expenses for the nine months ended September 30, 2011 were $15.1 million, an increase of $4.2 million, or 39%, over research and development expenses of $10.9 million for the nine months ended September 30, 2010. As a percentage of revenue, research and development expenses were 17% and 15% for the nine months ended September 30, 2011 and 2010, respectively. The increase in absolute dollars was primarily due to a $3.1 million increase in personnel-related costs as we hired additional employees to improve the ease of use and functionality of our existing services and develop new service offerings and retained employees through our July 2011 acquisition of Pachube, recognized $0.7 million of contingent payment costs associated with the Pachube acquisition (see note 4) and a $0.6 million increase in stock-based compensation due to the decision to issue stock options to our Hungarian employees in 2011. The increase was also due to a $0.4 million increase in travel-related costs, a $0.3 million increase in professional fees and a $0.3 million increase in depreciation expense. This was offset by a $0.1 million increase in costs related to internally developed computer software to be sold as a service during the nine months ended September 30, 2011 and 2010, respectively, which was incurred during the application development stage and capitalized rather than expensed.
Sales and Marketing Expenses. Sales and marketing expenses for the nine months ended September 30, 2011 were $41.7 million, an increase of $9.5 million, or 30%, over sales and marketing expenses of $32.2 million for the nine months ended September 30, 2010. As a percentage of revenue, sales and marketing expenses were 48% and 46% for the nine months ended September 30, 2011 and 2010, respectively. The increase in absolute dollars was primarily due to a $4.1 million increase in personnel-related and recruiting costs, including $0.9 million in stock-based compensation, from additional employees hired to support our growth in sales and expand our marketing efforts and a $3.7 million increase in marketing program costs. The increase was also due to a $0.4 million increase in rent costs primarily related to office expansion, a $0.3 million increase in credit card processing fees, a $0.3 million increase in travel-related costs, a $0.2 million increase in related to maintenance expenses, and a $0.1 million increase in depreciation expense.
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