Financial Data
SUMMARY FINANCIAL DATA
(IN THOUSANDS, EXCEPT PER SHARE DATA)
You should read this summary information with the discussion in
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and our financial statements and notes to those statements included
elsewhere in this prospectus.
PERIOD FROM
INCEPTION
(APRIL 14, 1997) TO YEAR ENDED DECEMBER 31,
DECEMBER 31, -------------------------
1997 1998 1999
------------------- ---- ----
STATEMENT OF OPERATIONS DATA:
Revenue......................... $ -- $201 $12,377
Cost of revenue................. -- 150 5,110
------- ---------- -----------
Gross profit.................... -- 51 7,267
Total operating expenses........ 2,996 9,900 20,390
------- ---------- -----------
Net loss........................ (2,856) (9,447) (12,606)
Net loss per share:
Basic and diluted............. $(11.36) $(6.26) $(3.99)
======= ========== ===========
Pro forma basic and diluted... $(0.57)
===========
Shares used in computing
net loss per share:
Basic and diluted............. 251 1,509 3,157
Pro forma basic and diluted... 22,277
The following table presents a summary of our balance sheet as of December
31, 1999:
- on an actual basis,
- on a pro forma basis to reflect the sale in January 2000 of 657,263
shares of Series E preferred stock at $21.14 per share, a charge to
accumulated deficit of $6.6 million related to the fair value of the
beneficial conversion feature of the Series E preferred stock, and the
conversion of all outstanding shares of our preferred stock into
21,003,996 shares of our common stock, and
- on a pro forma basis as adjusted to reflect our sale of
shares of common stock in this offering at an assumed initial public
offering price of $ per share, after deducting the estimated
underwriting discount and offering expenses.
DECEMBER 31, 1999
------------------------------------
PRO FORMA AS
ACTUAL PRO FORMA ADJUSTED
------ --------- ------------
BALANCE SHEET DATA:
Cash and cash equivalents..............$10,731 $24,586
Working capital........................ 10,350 24,206
Total assets........................... 23,206 37,061
Long-term liabilities.................. -- --
Redeemable preferred stock............. 34,534 --
Total stockholders' equity (deficit)...(19,858) 28,531
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