SCIENCE

Limelight Networks reported first quarter 2011 financial results. Highlights included:

-- Revenue of $49.8 million

-- Cloud-based services comprised 33% of revenue:

• Mobile internet and tablet computing revenue growth approximately 300% year-over-year
   
• Online video platform growth approximately 100% year-over-year
   
• Site and application acceleration services growth exceeded 100% year over year
   
• Enterprise cloud storage growth exceeded 40% year-over-year

"Limelight is positioned at the intersection of three exciting trends – 1) the shift of video content and its accompanying advertising dollars online, 2) the explosive growth of mobile Internet and tablet computing, and 3) the migration of software application and IT services into the cloud. We are pleased with how this strategic positioning, our global scale and our investments in cloud-based services are leading to healthy growth," said Jeff Lunsford, chairman and chief executive officer. "Our cloud-based services, sold alongside our core delivery offerings, are primarily software-as-a-service offerings that enjoy the technical and operational benefits of running on Limelight's globally distributed high-performance computing, storage, and delivery platform. These services deepen our relationships with customers by helping them solve complex problems in the cloud more efficiently than they could with in-house solutions, thereby creating value within their businesses. With these Q1 results and the new Limelight Content Management solution we acquired and announced this week, we are pleased to report that we are tracking ahead of our previous plan for achieving our target operating model."

Financial Highlights

For the first quarter of 2011, the Company reported revenue of $49.8 million, up 38% percent from the first quarter 2010. The Company also reported adjusted EBITDA of $3.6 million and non-GAAP net loss, before share-based compensation, litigation expenses, amortization of intangible assets, and acquisition-related expenses, of $3.6 million or 3 cents per basic share. GAAP net loss was $9.8 million, or 9 cents per basic share.

Capital investments were $8.1 million in the quarter. The Company ended the quarter with no bank debt and approximately $135 million in cash and short-term marketable securities.