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Precisely. Reach Global Markets 2015 ANNUAL REPORT Reach Global Markets. Precisely. www.lionbridge.com 48253cvr.indd 1 3/17/16 1:35 PM Corporate Information LIONBRIDGE Stock Symbol: NASDAQ:LIOX Annual Meeting Registrar and Transfer Agent The annual meeting is May 3, 2016, American Stock Transfer & CROWD-IN-THE-CLOUD™™ Corporate Headquarters at Lionbridge headquarters located Trust Company DIGITAL COONNTENT SOLUTIONS 1050 Winter Street, Suite 2300 at 1050 Winter Street, Suite 2300, 59 Maiden Lane, Plaza Level Waltham, MA 02451 Waltham, MA, at 10:00 a.m. New York, NY 10038 Telephone: 781.434.6000 212.936.5100 Fax: 781.434.6034 Investor Relations Lionbridge Technologies, Inc. Independent Registered Public Y Reports Phone: 978.964.1404 Accounting Firm Lionbridge enables more than 800 world-leading Lionbridge quarterly and annual PricewaterhouseCoopers LLP G reports, including Forms 10-Q 125 High Street brands to increase international market share E and 10-K, are available at Boston, MA 02110 www.lionbridge.com. and engage their customers globally. Using our T 617.530.5000 innovative cloud platforms and our global crowd A of more than 100,000 independent professionals, we provide translation, online marketing, global R T content management, and testing solutions that Corporate Leadership ensure global brand consistency, local relevancy, S and usability across all touch points of the Rory J. Cowan* Marc Osofsky* Mark Nesline content lifecycle. T Chairman and CEO Senior Vice President and General Senior Vice President, Manager, Global Offerings Engineering E Marc Litz* Senior Vice President and Henri Broekmate Peggy Shukur K Chief Financial Officer Senior Vice President, Senior Vice President, General Counsel, Global Client Solutions and Secretary R Richard Tobin* Senior Vice President, Tugdual Delisle A Global Localization and Translation Senior Vice President, Strategic Accounts Paula Shannon* Michele Erwin M Senior Vice President and Senior Vice President, Human Resources Global brands Chief Sales Officer depend on E G *“Executive Officer” under Section 16 of the Securities Exchange Act of 1934 D Lionbridge to I Board of Directors strengthen R B Rory J. Cowan Michael Dallas Jack Noonan N Chairman and CEO, Senior Vice President Human Resources, Former President, CEO, and Chairman, connections with Lionbridge Technologies, Inc. Hewlett Packard Enterprise SPSS, Inc. O I Edward A. Blechschmidt Steven Fisher James A. Quella their customers L Former CEO, Novelis Inc.; Gentiva Health President and CEO, Novelis Inc. Senior Advisor, The Blackstone Group LP Services, Inc.; Olsten Corp. Paul A. Kavanagh Claude P. Sheer Guy L. de Chazal European Industry Consultant Executive Chairman, Vizsafe, Inc. in local markets Former Managing Director, around the world. Morgan Stanley & Co. Incorporated Publications of interest to current and potential Lionbridge investors are available without charge. These include this Annual Report as well as Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Requests should be made to: Investor Relations, Lionbridge Technologies, Inc., 1050 Winter Street, Suite 2300, Waltham, Massachusetts 02451; [email protected]. General company information is also available at www.lionbridge.com. Lionbridge, the Lionbridge logo and Crowd-in-the-Cloud are trademarks of Lionbridge Technologies, Inc. Other companies, products, and services mentioned in the Annual Report are trademarks or service marks of the respective owners. 48253cvr.indd 2 3/17/16 1:35 PM Consu mer Te chno logy En te rp ri se T ec hn o lo g y B u s in e s s S e r v i c e s Cloud Technology Platform Effi cient technology- enabled delivery A Differentiated A u Global Model t o for Long-Term m o t i Advantage v e Global Scale Skilled program management experts in 28 countries g n ri u t c a f u n a M & l ls a e Global Crowd Workforce tri s n Qualifi ed professionals in u n d a In 100+ countries h C w l e a N eg , L s l & g ia in nc er ina f F f O ew N s , ience ts Life Sc rke Ma New 48253eds.indd 1 3/17/16 1:27 PM Dear Fellow Shareholders: Our goals for 2015 were to further repurchases, and funded two market-enabling acquisitions to reach new end markets and our leadership in global content optimize our cost structure. and communications, expand I am pleased with the underlying revenue into new vertical markets, engage growth, margin and profi t expansion, and new buyers, and adopt new cash generation of the business. This fi nan- REVENUE delivery models. I am delighted cial strength will serve as a foundation for our growth in 2016 and beyond. with our success. Lionbridge Leadership: 2016 and Beyond in millions $560 We’ve expanded into new end markets We have built a world-class delivery model, ranging from life sciences and manufac- global-scale cloud platform, and a highly turing to fi nance and legal. We’ve increased skilled crowd of professionals in more than our revenue from new buyers by offering $489 $490 100 countries. This unique combination of innovative global digital marketing services skill, technology, and geography enables that broaden our clients’ reach and engage- $457 enterprise clients across industries to unlock ment in target markets worldwide. We’ve greater levels of growth and success. In scaled our new onDemand online sales 2016, we will build on this platform to accel- and delivery platform. And we’ve integrated erate our business in three areas. We will: CLS Communication, a global translation company with operations in 10 countries. As • Expand Our Vertical Market Strategy: a result of these and other milestones, 2015 Throughout our history, we have built was our most successful year in company long-term relationships with clients in the 2012 2013 2014 2015 history. We achieved: technology sector. Today, many of the world’s leading technology fi rms rely on • Record revenue of $560 million, an increase Lionbridge as their primary provider of of $69 million, or 14 percent year-on-year. In language and marketing services, enabling constant currency we grew approximately their success in target markets worldwide. ADJUSTED EBITDA $90 million, or 16 percent year-on-year. To further diversify our business and • Total company gross margins of 33.6 accelerate our growth beyond the tech- percent, marking growth of 180 basis in millions $49 nology sector, during the past several points year-on-year through a combination years we have forged new relationships of increased revenue volume, cost reduc- with clients in other industries, such as tions, and language automation. manufacturing, automotive and aero- • Record GAAP net income of $14.2 million, space, and life sciences. In 2015, our $37 $36 or $0.23 per share, and non-GAAP net non-tech verticals accounted for 47 income of $39 million, or $0.63 per share. percent of total revenue, a signifi cant $33 increase from only 37 percent in 2014. Our • Record adjusted EBITDA of $49 million, ongoing end market diversifi cation is a growth of 34 percent year-on-year. cornerstone of our success. In 2016, we We also utilized our capital to support our will continue to align our sales and opera- growth plans, rationalize costs, and return tions to capitalize on growing demand capital to shareholders. In 2015, we gener- across verticals, particularly in industries 2012 2013 2014 2015 ated more than $21 million in cash fl ow from with business-critical, regulated content operations, funded $7.4 million in share such as life sciences, legal, and fi nancial. 48253eds.indd 2 3/17/16 1:27 PM Leveraging an unmatched operating model, flexible technology approach, and global market expertise, Lionbridge enables brands to deliver local relevance on a global scale. As a result, we expect ongoing growth in I am delighted with revenue and income and a more balanced the early success portfolio of revenue across end markets. of this new model. In only its second Record • Broaden Our Service Offerings Across year of production, Multiple Buyers: As the volume and pace onDemand delivered revenue: of online marketing continues to grow, projects for 665 many clients are seeking solutions to clients and increased $560 million manage and optimize their content assets revenue more than across channels, devices, and geogra- 60 percent year-on-year, reaching approxi- phies. With our decades of expertise in mately $5 million. In 2016, we expect Record managing global product releases and our onDemand will continue to grow at an unique crowd-in-the-cloud model, Lion- GAAP net annualized rate of more than 50 percent as bridge is well positioned to capitalize on onDemand becomes the platform of choice this growing demand. As a result, global income: for clients to manage distributed transla- marketing services has been one of the tion projects across their enterprise. $14.2 million fastest-growing areas of our business. In summary, our decade-long commitment To support this strategy, we’ve added to crowd-in-the-cloud leadership is allowing executive leadership with marketing exper- us to accelerate growth across new markets, Record tise, new technology that connects to our new buyers, and new channels. As a result, clients’ customer-experience platforms, adjusted we are driving record levels of revenue and new digital-marketing production growth, earnings, and cash fl ow. Most impor- capabilities in Costa Rica. These invest- EBITDA: tantly, with broad-based revenue streams ments are paying off. We estimate that and a fl exible global delivery model, we are $49 million marketing services accounts for about able to apply our skills across multiple end $85 million of our revenue. And we expect markets, geographies, and economies. I look marketing services will continue to forward to the road ahead as we build on our grow 10-15 percent in 2016 as we enable global scale to deliver new levels of leader- marketers to effectively engage customers ship, innovation, and growth.
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