SendGrid, Inc. (SEND) [Rocket]

In millions, except per share items	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	S-1/A
Revenues:
United States	70.0	50.4	36.8	26.7
International	41.9	29.6	21.7	16.1
Total revenues	111.9	79.9	58.5	42.8
Revenue growth [+]	40.0%	36.7%	36.7%
United States	38.9%	37.0%	37.6%
International	41.8%	36.1%	35.2%
Cost of goods sold	29.5	21.6	19.0	15.2
Gross profit	82.4	58.3	39.5	27.6
Gross margin	73.6%	73.0%	67.6%	64.5%
Selling, general and administrative [+]	58.3	40.7	26.2	24.8
Sales and marketing	28.2	21.8	13.7	15.3
General and administrative	30.1	18.9	12.5	9.6
Research and development	29.6	21.2	19.0	15.3
EBITDA [+]	3.9	3.3	-0.1	-9.6
EBITDA growth	15.9%	-2537.2%	-98.6%
EBITDA margin	3.5%	4.2%	-0.2%	-22.5%
Depreciation and amortization	9.4	6.9	5.5	2.9
EBIT [+]	-5.5	-3.6	-5.7	-12.5
EBIT growth	55.2%	-36.8%	-54.8%
EBIT margin	-5.0%	-4.5%	-9.7%	-29.2%
Non-recurring items [+]	0.0	0.0	0.0	0.1
Loss (gain) on sale of assets	0.0	0.0	0.0	0.1
Interest expense	0.2	0.2	0.2	0.3
Interest expense	0.2	0.2	0.2	0.3
Other income (expense), net [+]	-0.5	-0.1	0.0	-0.1
Other				0.4
Pre-tax income	-6.3	-3.9	-5.9	-13.0
Income taxes	0.0	0.0	0.0	0.0
Tax rate	0.0%	0.0%	0.0%	0.0%
Net income	-6.3	-3.9	-5.9	-13.0
Net margin	-5.6%	-4.9%	-10.0%	-30.3%

Basic EPS [+]	($0.74)	($0.52)	($0.83)	($2.50)
Growth	41.6%	-37.1%	-66.9%
Diluted EPS [+]	($0.74)	($0.52)	($0.83)	($2.50)
Growth	41.6%	-37.1%	-66.9%

Shares outstanding (basic) [+]	8.5	7.5	7.1	5.2
Growth	13.0%	6.1%	36.5%
Shares outstanding (diluted) [+]	8.5	7.5	7.1	5.2
Growth	13.0%	6.1%	36.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.