UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
September 4, 2019
___________________________________
Slack Technologies, Inc.
(Exact name of registrant as specified in its charter)
___________________________________
Delaware
(State or other jurisdiction of incorporation or organization)
001-38926
(Commission File Number)
26-4400325
(I.R.S. Employer Identification Number)
500 Howard Street
San Francisco, California 94105
(Address of principal executive offices and zip code)

(855) 980-5920
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share
WORK
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ý
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.






Item 2.02 - Results of Operations and Financial Condition
On September 4, 2019, Slack Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended July 31, 2019. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information furnished under this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits
Exhibit Number
 
Description
99.1
 





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 4, 2019
Slack Technologies, Inc.
 
 
 
 
By:
/s/ Allen Shim
 
Name:
Allen Shim
 
Title:
Chief Financial Officer



Exhibit 99.1

Slack Announces Second Quarter Fiscal Year 2020 Results
Q2FY20 total revenue of $145.0 million up 58% year-over-year
SAN FRANCISCO, September 4, 2019—Slack Technologies, Inc. (NYSE: WORK), the leading global collaboration hub that makes people’s working lives simpler, more pleasant and more productive, today reported financial results for its fiscal quarter ended July 31, 2019.
Management Commentary:
"This is an entirely new category of software enabling a once-in-a-generation shift in the way people work together. We believe channel-based collaboration is so superior to email-based communication for work, that this shift is inevitable," said Stewart Butterfield, Chief Executive Officer and Co-Founder at Slack. "Customers are choosing Slack because we offer a great user experience, a rich application platform and ecosystem, and a growing network for inter-company collaboration via shared channels."
"Revenue growth was 58% year-over-year, despite a one-time revenue headwind from credits issued in the quarter related to service level disruption," said Allen Shim, Chief Financial Officer at Slack. "We remain focused on expansion within existing customers and growing our large enterprise customer base, and ended the quarter with 720 Paid Customers greater than $100,000 in annual recurring revenue, which is up 75% year-over-year."
Second Quarter Fiscal 2020 Financial Highlights:
Total revenue was $145.0 million, an increase of 58% year-over-year. Revenue was negatively impacted by $8.2 million of credits related to service level disruption in the quarter.
Calculated Billings was $174.8 million an increase of 52% year-over-year.
GAAP gross profit was $113.9 million, or 78.5% gross margin, compared to $80.7 million, or 87.7% gross margin, in the second quarter of fiscal year 2019. Non-GAAP gross profit was $126.3 million, or 87.1% gross margin, compared to $80.7 million, or 87.7% gross margin, in the second quarter of fiscal year 2019.
GAAP operating loss was $363.7 million, or 251% of total revenue, compared to a $33.7 million loss in the second quarter of fiscal year 2019, or 37% of total revenue. GAAP operating loss includes $307.0 million of stock-based compensation and related employer payroll taxes, primarily related to the satisfaction of the performance vesting condition on outstanding RSUs in connection with Slack's direct listing on June 20, 2019. Non-GAAP operating loss was $55.6 million, or 38% of total revenue, compared to a $32.0 million loss in the second quarter of fiscal year 2019, or 35% of total revenue.
GAAP net loss per basic and diluted share was $0.98. Non-GAAP net loss per share was $0.14.
Net cash provided by operations was $0.3 million, or 0% of total revenue, compared to cash provided by operations of $1.5 million, or 2% of total revenue, for the second quarter of fiscal year 2019. Free Cash Flow was $(7.9) million, or 5% of total revenue, compared to $(7.7) million, or 8% of total revenue for the second quarter of fiscal year 2019.
Recent Business Highlights:
Second Quarter Highlights:
Ended the quarter with over 100,000 Paid Customers, up 37% year-over-year.
Net dollar retention rate was 136%.
The number of Paid Customers greater than $100,000 in annual recurring revenue was 720, up 75% year-over-year.
Financial Outlook:
For the third quarter of fiscal year 2020, Slack currently expects:
Total revenue of $154 million to $156 million, representing year-over-year growth of 46% to 48%.
Non-GAAP operating loss of $49 million to $47 million.
Non-GAAP net loss per share of $0.09 to $0.08, assuming weighted average shares outstanding of 544 million.
For the full fiscal year 2020, Slack currently expects:
Total revenue of $603 million to $610 million, representing year-over-year growth of 51% to 52%.





Non-GAAP operating loss of $180 million to $176 million, including approximately $30 million of one-time direct listing related expenses.
Non-GAAP net loss per share of $0.42 to $0.40, assuming weighted average shares outstanding of 399 million.
Calculated Billings of $740 million to $760 million, representing year-over-year growth of 43% to 47%.
Free Cash Flow net burn of $100 million to $110 million, including approximately $30 million of one-time direct listing-related expenses and $21 million of one-time direct listing related cash taxes related to RSU vesting.
Non-GAAP Financial Measures
This press release and the accompanying tables contain the following non-GAAP financial measures: calculated billings, free cash flow, non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, and non-GAAP net loss per share. Certain of these non-GAAP financial measures exclude stock-based compensation and amortization of intangible assets.
Slack believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Slack’s financial condition and results of operations. Slack’s management uses these non-GAAP measures to compare Slack’s performance to that of prior periods for trend analysis, and for budgeting and planning purposes. Slack believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Slack’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Slack’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Slack urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate Slack’s business.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. Slack has not reconciled its outlook as to non-GAAP operating loss and non-GAAP net loss per share to their most directly comparable GAAP measure because certain items are out of Slack’s control or cannot be reasonably predicted. Accordingly, a reconciliation for forward-looking non-GAAP operating loss and non-GAAP net loss per share is not available without unreasonable effort.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Slack’s control. Slack’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Slack’s final prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on June 20, 2019. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Slack makes with the Securities and Exchange Commission from time to time, including its Quarterly Report on Form 10-Q for the quarter





ended July 31, 2019. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Slack’s recent growth rates may not be indicative of its future growth; Slack may experience quarterly fluctuations in its results of operations due to a number of factors that make its future results difficult to predict and could cause its results of operations to fall below analyst or investor expectations or to fluctuate more than expected; Slack may fail to manage its growth effectively and may be unable to execute its business plan or maintain high levels of service and customer satisfaction; real or perceived errors, failures, vulnerabilities, or bugs in Slack could harm Slack’s business, results of operations, and financial condition; a security incident may allow unauthorized access to Slack’s systems, networks, or data or the data of organizations on Slack, harm its reputation, create additional liability, and harm its financial results; any actual or perceived failure by Slack to comply with privacy, data protection, information security, consumer privacy, data residency, or telecommunications laws, regulations, government access requests, and obligations in one or multiple jurisdictions could result in proceedings, actions, or penalties against Slack and could harm its business and reputation; the risk of interruptions or performance problems, including a service outage, associated with Slack’s technology or infrastructure; the market and software categories in which Slack participates are competitive, new, and rapidly changing, and if it does not compete effectively with established companies as well as new market entrants its business, results of operations, and financial condition could be harmed; a protracted infringement claim, a claim that results in a significant damage award, or a claim that results in an injunction could harm Slack’s results of operations; adverse general economic and market conditions; Slack’s ability to attract and retain qualified employees and key personnel; changes in foreign exchange rates; general political or destabilizing events, including war, conflict or acts of terrorism; and other risks and uncertainties. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Slack’s views as of the date of this press release. Slack anticipates that subsequent events and developments will cause its views to change. Slack undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Slack’s views as of any date subsequent to the date of this press release.
Additional information regarding these and other factors that could affect Slack’s results is included in Slack’s SEC filings, which may be obtained by visiting our Investor Relations website at investor.slackhq.com or the SEC's website at www.sec.gov.
Earnings Webcast
Slack will hold a public webcast at 2:00 p.m. PDT today to discuss the results for its second quarter fiscal 2020. The live public call can be accessed by dialing (866) 211-3197 within the U.S., and (647) 689-6597 internationally. The conference ID is 5175868. The webcast replay, and audio download will also be available on our Investor Relations website at investor.slackhq.com.
About Slack
Slack is where work happens. Slack is a new layer of the business technology stack that brings together people, applications and data – a hub for collaboration where people can effectively work together, access critical applications and services, and find important information to do their best work. People around the world use Slack to connect their teams, unify their systems and drive their business forward.
- ## -
Slack and the Slack logo are trademarks of Slack Technologies, Inc. or its subsidiaries in the U.S. and/or other countries. Other names and brands may be claimed as the property of others.
CONTACTS:
Jesse Hulsing
Karesha McGee
Investor Relations
Media Relations
ir@slack.com
pr@slack.com






SLACK TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
 
2019
 
2018
 
2019
 
2018
Revenue
 
$
144,973

 
$
92,018

 
$
279,794

 
$
172,937

Cost of revenue
 
31,106

 
11,361

 
49,680

 
21,462

Gross profit
 
113,867

 
80,657

 
230,114

 
151,475

Operating expenses:
 
 
 
 
 
 
 
 
Research and development
 
217,769

 
35,182

 
268,872

 
70,592

Sales and marketing
 
136,392

 
53,553

 
203,230

 
95,721

General and administrative
 
123,356

 
25,608

 
160,100

 
45,176

Total operating expenses
 
477,517

 
114,343

 
632,202

 
211,489

Loss from operations
 
(363,650
)
 
(33,686
)
 
(402,088
)
 
(60,014
)
Other income (expense), net
 
3,111

 
2,085

 
10,188

 
3,887

Loss before income taxes
 
(360,539
)
 
(31,601
)
 
(391,900
)
 
(56,127
)
Provision (benefit) for income taxes
 
(923
)
 
85

 
(403
)
 
435

Net loss
 
(359,616
)
 
(31,686
)
 
(391,497
)
 
(56,562
)
Net income (loss) attributable to noncontrolling interest
 
(54
)
 
174

 
1,397

 
180

Net loss attributable to Slack common stockholders
 
$
(359,562
)
 
$
(31,860
)
 
$
(392,894
)
 
$
(56,742
)
Basic and diluted net loss per share:
 
 
 
 
 
 
 
 
Net loss per share attributable to Slack common stockholders, basic and diluted
 
$
(0.98
)
 
$
(0.26
)
 
$
(1.58
)
 
$
(0.47
)
Weighted-average shares used in computing net loss per share attributable to Slack common stockholders, basic and diluted
 
368,533

 
120,900

 
249,222

 
119,930







SLACK TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
 
July 31,
2019
 
January 31,
2019
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
498,275

 
$
180,770

Marketable securities
 
287,072

 
660,301

Accounts receivable, net
 
72,538

 
87,438

Prepaid expenses and other current assets
 
60,289

 
54,213

Total current assets
 
918,174

 
982,722

Restricted cash
 
38,490

 
20,490

Strategic investments
 
17,496

 
12,334

Property and equipment, net
 
107,513

 
88,359

Intangible assets, net
 
13,137

 
15,203

Goodwill
 
48,598

 
48,598

Other assets
 
32,306

 
31,250

Total assets
 
$
1,175,714

 
$
1,198,956

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
8,476

 
$
16,613

Accrued compensation and benefits
 
65,909

 
46,151

Accrued expenses and other current liabilities
 
42,866

 
29,809

Deferred revenue
 
285,016

 
239,825

Total current liabilities
 
402,267

 
332,398

Deferred revenue, noncurrent
 
1,507

 
2,048

Other liabilities
 
22,157

 
22,904

Total liabilities
 
425,931

 
357,350

Commitments and contingencies
 
 
 
 
Stockholders’ equity:
 
 
 
 
Convertible preferred stock
 

 
1,392,101

Common stock
 
54

 
13

Additional paid-in-capital
 
1,796,988

 
105,633

Accumulated other comprehensive loss
 
(119
)
 
(498
)
Accumulated deficit
 
(1,058,457
)
 
(665,563
)
Total Slack Technologies, Inc. stockholders’ equity
 
738,466

 
831,686

Noncontrolling interest
 
11,317

 
9,920

Total stockholders’ equity
 
749,783

 
841,606

Total liabilities and stockholders’ equity
 
$
1,175,714

 
$
1,198,956







SLACK TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
 
 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
 
2019
 
2018
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
 
 
 
 
Net loss
 
$
(359,616
)
 
$
(31,686
)
 
$
(391,497
)
 
$
(56,562
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
6,781

 
3,848

 
12,657

 
6,663

Loss on disposal of property and equipment
 

 
1,875

 

 
2,165

Stock-based compensation
 
285,787

 
1,638

 
289,426

 
7,756

Amortization of deferred contract acquisition costs
 
1,827

 
637

 
3,290

 
1,090

Net amortization of bond premium on debt securities available for sale
 
(655
)
 
(431
)
 
(1,736
)
 
(565
)
Change in fair value of strategic investments
 
141

 
(349
)
 
(2,884
)
 
(349
)
Other non-cash charges
 
(396
)
 
145

 
(359
)
 
298

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Accounts receivable
 
(362
)
 
(6,046
)
 
15,258

 
(6,134
)
Prepaid expenses and other assets
 
(3,699
)
 
(10,463
)
 
(10,161
)
 
(10,848
)
Accounts payable
 
(397
)
 
3,920

 
(1,436
)
 
5,541

Accrued compensation and benefits
 
35,056

 
8,156

 
19,758

 
668

Deferred revenue
 
29,834

 
22,749

 
44,650

 
43,910

Other current and long-term liabilities
 
6,020

 
7,495

 
9,229

 
11,288

Net cash provided by (used in) operating activities
 
321

 
1,488

 
(13,805
)
 
4,921

Cash flows from investing activities:
 
 
 
 
 
 
 
 
Purchases of marketable securities
 
(34,646
)
 
(138,073
)
 
(59,553
)
 
(368,049
)
Maturities of marketable securities
 
118,265

 
137,941

 
268,951

 
347,191

Sales of marketable securities
 
166,074

 
6,633

 
166,074

 
6,633

Acquisition of business
 

 
(2,500
)
 

 
(2,500
)
Acquisition of intangible assets
 

 
(1,184
)
 

 
(1,184
)
Purchases of property and equipment
 
(8,192
)
 
(9,210
)
 
(28,269
)
 
(27,612
)
Sales of property and equipment
 

 

 

 
520

Purchase of strategic investments
 
(2,370
)
 
(900
)
 
(5,470
)
 
(900
)
Proceeds from liquidation of strategic investments
 

 
152

 
2,858

 
152

Net cash provided by (used in) investing activities
 
239,131

 
(7,141
)
 
344,591

 
(45,749
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
Proceeds from exercise of stock options
 
7,890

 
1,089

 
10,275

 
1,862

Payment of contingent consideration for an acquisition
 
(5,000
)
 

 
(5,000
)
 

Issuance of common stock to third party
 

 
6,084

 

 
6,084

Other financing activities
 
(556
)
 

 
(556
)
 
(15
)
Net cash provided by financing activities
 
2,334

 
7,173

 
4,719

 
7,931

Net increase (decrease) in cash, cash equivalents and restricted cash
 
241,786

 
1,520

 
335,505

 
(32,897
)
Cash, cash equivalents and restricted cash at beginning of period
 
294,979

 
103,646

 
201,260

 
138,063

Cash, cash equivalents and restricted cash at end of period
 
$
536,765

 
$
105,166

 
$
536,765

 
$
105,166






SLACK TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands)
(Unaudited)

Calculated Billings
 
 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
 
2019
 
2018
 
2019
 
2018
Revenue
 
$
144,973

 
$
92,018

 
$
279,794

 
$
172,937

Add: Total deferred revenue, end of period
 
286,523

 
169,363

 
286,523

 
169,363

Less: Total deferred revenue, beginning of period
 
(256,689
)
 
(146,614
)
 
(241,873
)
 
(125,453
)
Calculated Billings
 
$
174,807

 
$
114,767

 
$
324,444

 
$
216,847


Free Cash Flow
 
 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
 
2019
 
2018
 
2019
 
2018
Net cash provided by (used in) operating activities
 
$
321

 
$
1,488

 
$
(13,805
)
 
$
4,921

Purchases of property and equipment
 
(8,192
)
 
(9,210
)
 
(28,269
)
 
(27,612
)
Free Cash Flow
 
$
(7,871
)
 
$
(7,722
)
 
$
(42,074
)
 
$
(22,691
)







SLACK TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP DATA
(In thousands, except per share data)
(Unaudited)
 
 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
 
2019
 
2018
 
2019
 
2018
Reconciliation of gross profit:
 
 
 
 
 
 
 
 
GAAP gross profit
 
$
113,867

 
$
80,657

 
$
230,114

 
$
151,475

Add: Stock-based compensation and related employer payroll taxes
 
11,845

 
58

 
11,891

 
661

Add: Amortization of acquired intangible assets
 
559

 
19

 
1,117

 
19

Non-GAAP gross profit
 
$
126,271

 
$
80,734

 
$
243,122

 
$
152,155

 
 
 
 
 
 
 
 
 
Reconciliation of operating expenses:
 
 
 
 
 
 
 
 
GAAP research and development
 
$
217,769

 
$
35,182

 
$
268,872

 
$
70,592

Less: Stock-based compensation and related employer payroll taxes
 
(163,035
)
 
(944
)
 
(164,670
)
 
(4,339
)
Less: Amortization of acquired intangible assets
 
(149
)
 

 
(299
)
 

Non-GAAP research and development
 
$
54,585

 
$
34,238

 
$
103,903

 
$
66,253

 
 
 
 
 
 
 
 
 
GAAP sales and marketing
 
$
136,392

 
$
53,553

 
$
203,230

 
$
95,721

Less: Stock-based compensation and related employer payroll taxes
 
(69,321
)
 
(248
)
 
(69,703
)
 
(1,452
)
Less: Amortization of acquired intangible assets
 
(325
)
 
(54
)
 
(650
)
 
(54
)
Non-GAAP sales and marketing
 
$
66,746

 
$
53,251

 
$
132,877

 
$
94,215

 
 
 
 
 
 
 
 
 
GAAP general and administrative
 
$
123,356

 
$
25,608

 
$
160,100

 
$
45,176

Less: Stock-based compensation and related employer payroll taxes
 
(62,797
)
 
(388
)
 
(64,373
)
 
(1,304
)
Non-GAAP general and administrative
 
$
60,559

 
$
25,220

 
$
95,727

 
$
43,872

 
 
 
 
 
 
 
 
 
Reconciliation of loss from operations:
 
 
 
 
 
 
 
 
GAAP operating loss
 
$
(363,650
)
 
$
(33,686
)
 
$
(402,088
)
 
$
(60,014
)
Add: Stock-based compensation and related employer payroll taxes
 
306,998

 
1,638

 
310,637

 
7,756

Add: Amortization of acquired intangible assets
 
1,033

 
73

 
2,066

 
73

Non-GAAP operating loss
 
$
(55,619
)
 
$
(31,975
)
 
$
(89,385
)
 
$
(52,185
)
 
 
 
 
 
 
 
 
 
Reconciliation of net loss and net loss per share:
 
 
 
 
 
 
 
 
Net loss attributable to Slack common stockholders
 
$
(359,562
)
 
$
(31,860
)
 
$
(392,894
)
 
$
(56,742
)
Add: Stock-based compensation and related employer payroll taxes
 
306,998

 
1,638

 
310,637

 
7,756

Add: Amortization of acquired intangible assets
 
1,033

 
73

 
2,066

 
73

Non-GAAP net loss
 
$
(51,531
)
 
$
(30,149
)
 
$
(80,191
)
 
$
(48,913
)
 
 
 
 
 
 
 
 
 
GAAP net loss per share
 
$
(0.98
)
 
$
(0.26
)
 
$
(1.58
)
 
$
(0.47
)
Add: Stock-based compensation and related employer payroll taxes
 
0.84

 
0.01

 
1.25

 
0.06

Add: Amortization of acquired intangible assets
 

 

 
0.01

 

Non-GAAP net loss per share
 
$
(0.14
)
 
$
(0.25
)
 
$
(0.32
)
 
$
(0.41
)
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding, basic and diluted
 
368,533

 
120,900

 
249,222

 
119,930