LogMeIn Inc (NASDAQ: LOGM) stock fell over 13.62% on Feb 18th, 2019 (Source: Google finance). The Company’s co-founder and Chairman, Michael K. Simon, will resign from the board, effective upon the conclusion of the Company’s Annual Meeting of Stockholders on May 30, 2019 and his position as Chairman effective March 1, 2019. The companys has named Robert Calderoni, who is currently serving as a member of the Board, to succeed Mr. Simon as the Company’s Chairman.
LOGM in the fourth quarter of FY 18 has reported the adjusted earnings per share of $1.47, while adjusted revenue growth of 3.2 percent to $311 million in the fourth quarter of FY 18. LOGM finished the year with a strong sales quarter, highlighted by Jive revenue, growing at 35% in the quarter, aided by the success of the connect bundle; Bold closing eight six-figure deals in the quarter, the same number that the company closed in all of 2017; and LastPass closing five large enterprise deals in the month of December alone.
Meanwhile, LOGM will undertake a global restructuring plan planned to streamline the organization and reallocate resources to better align with the growth acceleration goals. The company expects to substantially complete this restructuring by the end of fiscal year 2019. Upon completion of the plan, the company expects to achieve annualized cost savings of approximately $26 million.
LOGN has declared the dividend of $0.325 per share payable on March 12, 2019 to stockholders of record as of February 25, 2019.
For the first quarter of 2019, LOGN expects non-GAAP revenue to be in the range of $304 million to $306 million. Adjusted EBITDA is expected to be in the range of $94 million to $96 million, or approximately 31% of non-GAAP revenue. Non-GAAP net income is expected to be in the range of $57 million to $59 million, or $1.12 to $1.15 per diluted share.
For FY 19, LOGN expects full year 2019 non-GAAP revenue to be in the range of $1.250 billion to $1.260 billion. Adjusted EBITDA is expected to be in the range of $407 million to $412 million, or approximately 33% of non-GAAP revenue. Non-GAAP net income is expected to be in the range of $248 million to $252 million, or $4.90 to $4.97 per diluted share.