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EX - 99.1 2 llnw - q22021 ex991.htm EX - 99.1 Exhibit 99.1 Limelight Networks Reports Financial Results for the Second Quarter of 2021 SCOTTSDALE , Ariz . , July 29 , 2021 - Limelight Networks , Inc. ( Nasdaq : LLNW ) ( Limelight ) , a leading provider of edge cloud services , today reported financial results for the second quarter ended June 30 , 2021 , delivering on several key milestones in its 2021 strategic plan , which resulted in over $ 3 million of adjusted EBITDA improvements quarter over quarter . Highlights of Strategic Plan Progress - Improve , Expand & Extend to Position for Growth Under the first full quarter with new leadership , Limelight made significant strides in a number of key areas to return momentum to the business , drive operational improvements and accelerate revenue growth and profitability . • • • • • • Achieved a 30 % reduction in rebuffer rates and increased global network throughput by 20 % through the newly formed performance operations team . Improved the service level agreement position with 8 of our top 10 clients . Achieved a 55 % increase in our traffic in Latin America quarter over quarter ; expecting to increase our capacity by 60 % in the second half of the year to support growth in the region . Identified over $ 8 million in annualized network operations cost savings which is expected to contribute $ 4 million to gross profit in the second half of the year . Key client winback expected to yield over $ 6 million in annualized revenue . This client was formerly a top 10 revenue client . Appointed Eric Armstrong as Senior Vice President of Growth . Most recently , Eric was Vice President , North American Sales and Services at Harmonic , Inc. , a global leader in streaming , broadcast and service provider video infrastructure . Acquired Layer0 , a leading provider of SaaS development and deployment tools for frontend web apps and API's to diversify product offering , clients and deliver an expected revenue contribution of over $ 20 million in 2022 , while being accretive to gross margins and adjusted EBITDA . With the acquisition , Layer0's founder Ajay Kapur , will join Limelight as our Chief Technology Officer . " It has been a very productive quarter and I am pleased with our ability to manage change while also aggressively executing on the plans outlined in our last earnings call , " said Bob Lyons , President and Chief Executive Officer . " We were able to make a number of meaningful improvements in the business that position us well for a strong run - rate exiting 2021. We improved our adjusted EBITDA by over $ 3 million , as savings from the actions taken in the first quarter delivered material operational improvements and most importantly , we see strong early signs of client confidence returning . Our three pillar framework of improving , expanding and extending the core will continue to guide us as we push for continued momentum in the last half of the year . " Additionally , I am pleased to welcome both Eric and Ajay to the executive management team and welcome the entire Layer0 team to Limelight . I believe the simplified organization and operating structure we established has allowed us to move more quickly and efficiently . The addition of Eric , Ajay and the Layer0 team is a great infusion of diversified experience and talent . The Layer team is filled with innovative , results - oriented people and we look forward to what our new combined organization will accomplish together , " said Lyons .