Logmein Inc. (LOGM, Financial) filed Quarterly Report for the period ended 2012-09-30.
Logmein Inc has a market cap of $497.4 million; its shares were traded at around $20.07 with a P/E ratio of 64.8 and P/S ratio of 4.2.
General and Administrative Expenses. General and administrative expenses for the three months ended September 30, 2012 were $5.0 million, a decrease of $0.7 million, or 12%, over general and administrative expenses of $5.7 million for the three months ended September 30, 2011. As a percentage of revenue, general and administrative expenses were 15% and 18% for the three months ended September 30, 2012 and 2011, respectively. The decrease in absolute dollars was primarily due to a $1.3 million accrual for uncollected sales taxes during the third quarter of 2011, which was offset by a $0.7 million increase in personnel related and recruiting costs, including a $0.6 million increase in stock-based compensation, as we increased the number of general and administrative employees to support our overall growth.
Research and Development Expenses. Research and development expenses for the nine months ended September 30, 2012 were $19.7 million, an increase of $4.6 million, or 31%, over research and development expenses of $15.1 million for the nine months ended September 30, 2011. As a percentage of revenue, research and development expenses were 19% and 17% for the nine months ended September 30, 2012 and 2011, respectively. The increase in absolute dollars was primarily due to a $4.2 million increase in personnel-related costs, including a $0.9 million increase in stock-based compensation, as we hired additional employees to improve the ease of use and functionality of our existing services and develop new service offerings, retained employees from the acquisitions of Cosm and Bold in July 2011 and January 2012, respectively, and an increase of $1.5 million and $0.3 million for contingent payment costs also associated with the Cosm and Bold acquisitions, respectively (see note 4 to the condensed consolidated financial statements). These were offset by a $0.2 million increase in costs related to internally developed computer software to be sold as a service which was incurred during the application development stage and therefore capitalized rather than expensed.
Sales and Marketing Expenses. Sales and marketing expenses for the nine months ended September 30, 2012 were $51.5 million, an increase of $9.8 million, or 24%, over sales and marketing expenses of $41.7 million for the nine months ended September 30, 2011. As a percentage of revenue, sales and marketing expenses were 51% and 48% for the nine months ended September 30, 2012 and 2011, respectively. The increase in absolute dollars was primarily due to a $5.9 million increase in personnel-related and recruiting costs, including $1.4 million in stock-based compensation, as we hired additional employees to support our growth in sales and expand our marketing efforts and $2.5 million increase in marketing program costs. The increase was also due to a $0.3 million increase in travel-related costs, a $0.3 million increase in credit card processing fees, a $0.3 million increase in professional fees, and a $0.2 million increase in hardware and software maintenance costs.
General and Administrative Expenses. General and administrative expenses for the nine months ended September 30, 2012 were $14.7 million, a decrease of $0.9 million, or 6%, over general and administrative expenses of $15.6 million for the nine months ended September 30, 2011. As a percentage of revenue, general and administrative expenses were 15% and 18% for the nine months ended September 30, 2012 and 2011, respectively. The decrease in absolute dollars was primarily due to a $3.0 million decrease in legal costs associated with our defense against the patent infringement claims made by 01 Communique, and a $1.3 million decrease due to an accrual for uncollected sales tax during the third quarter 2011. This was offset by a $2.4 million increase in personnel-related costs, primarily consisting of a $1.5 million increase in stock-based compensation, a $0.6 million increase in audit fees, a $0.2 million increase in travel related costs, a $0.1 million increase in miscellaneous tax costs, and a $0.1 million in director fees.
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Logmein Inc has a market cap of $497.4 million; its shares were traded at around $20.07 with a P/E ratio of 64.8 and P/S ratio of 4.2.
Highlight of Business Operations:
Research and Development Expenses. Research and development expenses for the three months ended September 30, 2012 were $6.8 million, an increase of $0.7 million, or 11%, over research and development expenses of $6.1 million for the three months ended September 30, 2011. As a percentage of revenue, research and development expenses were 19% and 20% for the three months ended September 30, 2012 and 2011, respectively. The increase in absolute dollars was primarily due to a $0.7 million increase in personnel-related costs, including a $0.4 million increase in stock-based compensation, 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 from the acquisitions of Cosm and Bold in July 2011 and January 2012, respectively. These were offset by a $0.1 million increase in costs related to internally developed computer software to be sold as a service which was incurred during the application development stage and therefore capitalized rather than expensed.General and Administrative Expenses. General and administrative expenses for the three months ended September 30, 2012 were $5.0 million, a decrease of $0.7 million, or 12%, over general and administrative expenses of $5.7 million for the three months ended September 30, 2011. As a percentage of revenue, general and administrative expenses were 15% and 18% for the three months ended September 30, 2012 and 2011, respectively. The decrease in absolute dollars was primarily due to a $1.3 million accrual for uncollected sales taxes during the third quarter of 2011, which was offset by a $0.7 million increase in personnel related and recruiting costs, including a $0.6 million increase in stock-based compensation, as we increased the number of general and administrative employees to support our overall growth.
Research and Development Expenses. Research and development expenses for the nine months ended September 30, 2012 were $19.7 million, an increase of $4.6 million, or 31%, over research and development expenses of $15.1 million for the nine months ended September 30, 2011. As a percentage of revenue, research and development expenses were 19% and 17% for the nine months ended September 30, 2012 and 2011, respectively. The increase in absolute dollars was primarily due to a $4.2 million increase in personnel-related costs, including a $0.9 million increase in stock-based compensation, as we hired additional employees to improve the ease of use and functionality of our existing services and develop new service offerings, retained employees from the acquisitions of Cosm and Bold in July 2011 and January 2012, respectively, and an increase of $1.5 million and $0.3 million for contingent payment costs also associated with the Cosm and Bold acquisitions, respectively (see note 4 to the condensed consolidated financial statements). These were offset by a $0.2 million increase in costs related to internally developed computer software to be sold as a service which was incurred during the application development stage and therefore capitalized rather than expensed.
Sales and Marketing Expenses. Sales and marketing expenses for the nine months ended September 30, 2012 were $51.5 million, an increase of $9.8 million, or 24%, over sales and marketing expenses of $41.7 million for the nine months ended September 30, 2011. As a percentage of revenue, sales and marketing expenses were 51% and 48% for the nine months ended September 30, 2012 and 2011, respectively. The increase in absolute dollars was primarily due to a $5.9 million increase in personnel-related and recruiting costs, including $1.4 million in stock-based compensation, as we hired additional employees to support our growth in sales and expand our marketing efforts and $2.5 million increase in marketing program costs. The increase was also due to a $0.3 million increase in travel-related costs, a $0.3 million increase in credit card processing fees, a $0.3 million increase in professional fees, and a $0.2 million increase in hardware and software maintenance costs.
General and Administrative Expenses. General and administrative expenses for the nine months ended September 30, 2012 were $14.7 million, a decrease of $0.9 million, or 6%, over general and administrative expenses of $15.6 million for the nine months ended September 30, 2011. As a percentage of revenue, general and administrative expenses were 15% and 18% for the nine months ended September 30, 2012 and 2011, respectively. The decrease in absolute dollars was primarily due to a $3.0 million decrease in legal costs associated with our defense against the patent infringement claims made by 01 Communique, and a $1.3 million decrease due to an accrual for uncollected sales tax during the third quarter 2011. This was offset by a $2.4 million increase in personnel-related costs, primarily consisting of a $1.5 million increase in stock-based compensation, a $0.6 million increase in audit fees, a $0.2 million increase in travel related costs, a $0.1 million increase in miscellaneous tax costs, and a $0.1 million in director fees.
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