From the Wires
CallidusCloud Announces Fourth Quarter and Full Year 2012 Results
Feb. 7, 2013 04:15 PM
PLEASANTON, CA -- (Marketwire) -- 02/07/13 -- Callidus Software Inc. (NASDAQ: CALD)
- Record Q4 SaaS Bookings
- 2012 SaaS Revenues of $55 Million; up 23% Year-over-Year
- Full Year 2012 Gross Annual Contract Value (ACV) Bookings up 73% over full year 2011
- Full year 2012 Billings up 24% Year-over-Year
- Full year 2012 Total Revenues Reach $95 Million
- Cash Balance Increased to $29.2 Million
Callidus Software Inc. (NASDAQ: CALD), a leading provider of hiring, learning, marketing and selling cloud software today announced financial results for the fourth quarter ended December 31, 2012.
"In Q4 we hit the $100 million run rate as a SaaS company. Our Selling, Marketing, Learning and Hiring Clouds all contributed to our ninth consecutive double-digit revenue growth quarter," said Leslie Stretch, President and CEO, CallidusCloud. "We signed a record 180 net new subscription customers including our largest ever SaaS conversion deal for the commissions platform. We had our strongest SaaS bookings since we started our SaaS business. I was particularly pleased that we made good progress on our cash balance and DSO's in the quarter."
Financial Highlights for the Fourth Quarter 2012
- Total revenue was $25.2 million for the fourth quarter, representing an increase of 12% compared to the same quarter last year. Total recurring revenues, which include SaaS revenues and maintenance and support, were $18.5 million, up approximately 9% compared to the fourth quarter of 2011. SaaS revenues of $14.6 million were up 15%, while maintenance and support revenues of $3.9 million were down 9% as compared to the fourth quarter of 2011. Service and other revenues of $6.8 million were up 21% as compared to the same quarter of 2011 driven by the release of $1.2 million in deferred service revenue upon project acceptance.
- Total GAAP gross margin was 46% for the fourth quarter up from 41% in the same quarter in 2011.
- Non-GAAP gross margin was 53% for the fourth quarter of 2012 up from 52% for the fourth quarter of 2011. Non-GAAP gross margin for the fourth quarter of 2012 excludes $717,000 of stock-based compensation expense, $535,000 in expenses to transfer India operations, and $535,000 of amortization of acquired intangibles.
- Fourth quarter 2012 GAAP recurring revenue gross margin was 59% up from 53% for the fourth quarter of 2011. Fourth quarter non-GAAP recurring revenue gross margin, which excludes $270,000 of stock-based compensation, $387,000 in expenses to transfer India operations, and $533,000 of amortization of acquired intangibles was 65%, up from 60% for the fourth quarter of 2011.
- GAAP net loss was $9.1 million, or ($0.25) per share, for the fourth quarter of 2012, which included $2.7 million of stock-based compensation expense, $837,000 of convertible note related interest and amortization expense, $827,000 of amortization of acquired intangible assets, $45,000 of acquisition-related expense, $859,000 in fees to transfer India operations, and $871,000 of patent litigation defense and restructuring costs. This compares to a GAAP net loss of $4.3 million, or ($0.13) per share, for the fourth quarter of 2011, which included $3.4 million of stock-based compensation expense, $821,000 of convertible note related expense items, gain on extinguishment of debt of $11,000, $516,000 of acquisition related expense, a tax benefit from release of valuation allowance of $2.4 million, $1.1 million of patent litigation and settlement costs, $717,000 of amortization of acquired intangible assets and $513,000 of restructuring expense.
- Non-GAAP net loss was $2.9 million, or ($0.08) per fully diluted share, for the quarter, compared to non-GAAP net income of $278,000, for the same period last year excluding the items identified above.
Financial Highlights for the Full Fiscal 2012
- Total revenue for the full fiscal year was $95.0 million, up 13% compared to $83.8 million in 2011. Total recurring revenues, which include SaaS revenues and maintenance and support, were $70.9 million, an increase of 13% from $63.0 million in 2011. SaaS revenues of $55.1 million were up 23%, while maintenance and support revenues of $15.8 million were down 12% as compared to 2011. Service and other revenues of $24.0 million were up 16% as compared to $20.8 million in 2011.
- Total GAAP gross margin was 47% for the full fiscal year, up from 40% in 2011.
- Non-GAAP gross margin was 54% for 2012, up from 48% in 2011. Non-GAAP gross margin for the full fiscal year excludes $3.6 million of stock-based compensation expense, $535,000 in expenses to transfer India operations, and $2.0 million of amortization of acquired intangibles.
- GAAP recurring revenue gross margin was 58% for the full year, up from 48% during 2011. Non-GAAP recurring revenue gross margin, which excludes $1.6 million of stock-based compensation, $387,000 in expenses to transfer India operations, and $2.0 million of amortization of acquired intangibles, was 63% for the full year, up from 54% for previous period.
- GAAP net loss was $27.7 million, or ($0.78) per share for the full year, which included $13.7 million of stock-based compensation expense, $3.3 million of convertible note related interest and amortization expense, $3.2 million of amortization of acquired intangible assets, $865,000 of acquisition-related expense, $859,000 in fees to transfer India operations, $1.8 million in acquisition related adjustment, $224,000 tax benefit from release of valuation allowance, and $2.2 million of patent litigation defense and restructuring costs. This compares to a GAAP net loss of $16.1 million, or ($0.49) per share, for 2011, which included $12.3 million of stock-based compensation expense, $2.3 million of convertible note related expense items, gain on extinguishment of debt of $915,000, $1.6 million of acquisition related expense, a tax benefit from release of valuation allowance of $3.0 million, $2.1 million of patent litigation and settlement costs, $1.6 million of amortization of acquired intangible assets, $375,000 impairment of investment expense, and $649,000 of restructuring expense.
- Non-GAAP net loss was $5.6 million, or ($0.16) per share, for the full year, compared to non-GAAP net income of $950,000, for the previous year excluding the items identified above.
Business Highlights for the Fourth Quarter 2012
- CallidusCloud received the highest "Strong Positive" rating in the 2012 MarketScope for Insurance ICM Software by Gartner, the world's leading information technology research and advisory company. The report revealed CallidusCloud as the vendor with the most new customers in a market that grew 23% in 2012.
- Launched strategic incentives module "MySalesGame" that directly addresses the limitations of traditional SPM tools by tapping into the inherent competitiveness in people. MySalesGame employs gamification techniques to engage sales professionals to adopt the tools, technology and training necessary to ensure consistent high performance.
- CallidusCloud sponsored key industry events including Cloudforce, Oracle Open World, Aberdeen Revenue-Driven Marketing Summit, Sales 2.0, the Sales Force Productivity Conference and Dev-Learn.
Business Highlights for the Full Year 2012
- Acquired a leader in next-generation marketing automation and leads management, LeadFormix. By uniting sales and marketing, LeadFormix award-winning Cloud solutions produce richer, targeted leads for sales along with easier access to qualified decision makers.
- Acquired 6FigureJobs, a premier executive career community and job board. The acquisition extends CallidusCloud's Hiring Cloud suite into a comprehensive sales and executive focused talent recruitment solution.
- Awarded the highest "Strong Positive" in both the 2012 MarketScope for Sales Performance Management and the 2012 MarketScope for Incentive Compensation Management in the Insurance industry.
- Added two significant new go-to-market channels by joining the salesforce.com ISV Force reseller program in Q2 and Oracle's ISV reseller program in Q3.
- CallidusCloud hosted over 400 customers and partners at its C3 conference in May, the largest Sales Performance and Effectiveness conference of its kind. Customers, prospects, industry analysts and partners gathered in Las Vegas to share best practice and industry insight.
- CallidusCloud collected 10 awards at the American Business Awards and International Business Awards including favorite company, best website, best new product and best new financial management cloud app for CallidusCloud's Commissions solution.
- The CallidusCloud Sales Effectiveness suite was selected as a finalist for the prestigious CODiE Awards in the "Best Cloud Application/Service", "Best Human Capital Management Solution", and "Best Financial Management Solution" categories.
Financial Outlook
Total revenue for the first quarter of 2013 is expected to be between $25 million and $26 million. GAAP operating expenses are expected to be between $17.6 million and $18.6 million in the first quarter of 2013, which includes stock-based compensation expense of approximately $2.7 million, amortization of acquired intangibles of $830,000, restructuring costs of $500,000, $840,000 of convertible note related interest and amortization expense, and $380,000 of patent litigation defense costs. At the midpoint of our range we would expect to be non-GAAP profitable by up to half a million dollars. Full year total revenue is expected to be between $105 million and $110 million. Non-GAAP operating income for the full year is expected to be between $4 million and $5 million. While we will need to use some cash in Q1 for our previous acquisitions we do expect to generate GAAP positive cash flow from operations throughout 2013.
Conference Call
A conference call to discuss the fourth quarter results and outlook is scheduled for 1:30 p.m. Pacific Daylight Time (PDT) today. The conference call will be available via live webcast at the Investor Relations section of Callidus Software's website.
Webcast site: http://www.media-server.com/m/p/g27krh84
Dial-in: 866-383-8119 (International callers: 617-597-5344)
Passcode: 90618271
Replay information: A webcast replay will be available on the Investor Relations section of our website under Calendar of Events.
For more information, please visit: http://www.calliduscloud.com/about-us/investor-relations/
About CallidusCloud
Callidus Software Inc. (NASDAQ: CALD), doing business as CallidusCloud, is a leading provider of cloud software. CallidusCloud enables organizations to drive performance and productivity across their business with our hiring, learning, marketing and selling clouds. From back office to the field, from desktop to mobile, we ensure organizations have the right tools to be more effective and perform better. The combined power of our clouds, our people, and our partners fuels growth, empowers the work force and delivers real value. CallidusCloud drives performance and productivity for over 1,700 leading organizations. Small, medium and large enterprises across multiple industries and geographies rely on CallidusCloud for quicker hiring, simpler learning, better marketing, and smarter selling.
For more information, please visit www.calliduscloud.com.
Note on Forward-Looking Statements
The forward-looking statements included in this press release, including discussion of our commercial prospects, estimates of first quarter and full year 2013 revenues, operating expenses, non-GAAP EPS, stock-based compensation expense and amortization of acquired intangibles expenses reflect management's best judgment based on factors currently known and involve risks and uncertainties. These risks and uncertainties include, but are not limited to, potential disruption of customer purchase decisions resulting from global economic conditions, timing and size of orders, potential material fluctuations in financial results and future growth rates, decreases in customer spending, uncertainty regarding purchasing trends in the SPM market, customer cancellations or non-renewal of maintenance contracts or on-demand services, our potential inability to manage effectively any growth we experience, uncertainty regarding the demand for and profitability of our on-demand services, increased competition or new entrants in the marketplace, and other risks detailed in Callidus' reports filed with the Securities and Exchange Commission (SEC), including its Form 10-K for 2011 and its third quarter 2012 Form 10-Q which may be obtained by contacting Callidus Software's Investor Relations department at 925-251-2248, or from the Investor Relations section of Callidus Software's website (CallidusCloud Investor Relations). Actual results may differ materially from those presently reported. We assume no obligation to update the information contained in this release.
Non-GAAP Financial Measures
Callidus has provided in this release financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP gross margin, non-GAAP recurring revenue gross margin, non-GAAP net loss, non-GAAP net loss per share. Callidus uses non-GAAP measures internally in analyzing its financial results and believes that they are useful to investors, as a supplement to GAAP measures, in evaluating Callidus' operating performance. Callidus believes that the use of these non-GAAP measures provides additional insight for investors to use in evaluation of ongoing operating results and trends and in comparing its financial measures with other companies in Callidus' industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial measures exclude stock-based compensation expense, a benefit from a purchase acquisition-related adjustment, restructuring expense, acquisition related expense, patent litigation defense cost, convertible note interest expense, amortization of convertible note issuance cost and amortization of acquired intangibles. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
©2013. Callidus Software Inc. All rights reserved. Callidus, Callidus Software, the Callidus Software logo, CallidusCloud, the CallidusCloud logo, TrueComp Manager, ActekSoft, ACom3, ForceLogix, Salesforce Assessments, iCentera, Webcom, LeadFormix, Litmos, the Litmos logo, Rapid Intake, and 6FigureJobs are trademarks, service marks, or registered trademarks of Callidus Software Inc. and its affiliates in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
CALLIDUS SOFTWARE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Revenues:
Recurring $ 18,457 $ 16,935 $ 70,919 $ 63,002
Services and other 6,776 5,611 24,032 20,769
--------- --------- --------- ---------
Total revenues 25,233 22,546 94,952 83,771
Cost of revenues:
Recurring (1) (2) (10) 7,605 7,960 30,039 32,820
Services and other (1) (2)
(10) 6,035 4,535 20,301 16,487
Patent settlement - 701 - 701
--------- --------- --------- ---------
Total cost of revenues 13,640 13,196 50,340 50,008
--------- --------- --------- ---------
Gross profit 11,593 9,350 44,612 33,763
Operating expenses:
Sales and marketing (1) (2)
(10) 8,898 5,900 32,442 20,203
Research and development (1)
(2) (10) 4,606 3,609 16,643 12,025
General and administrative (1)
(2) (3) (4) (10) 5,314 5,226 19,952 17,726
Acquisition related contingent
consideration - (1,787)
Restructuring 554 513 1,115 649
--------- --------- --------- ---------
Total operating expenses 19,372 15,248 68,365 50,603
--------- --------- --------- ---------
Operating loss (7,779) (5,898) (23,754) (16,840)
Interest income and other income
(expense) (5) (6) (8) (9) (1,096) (834) (3,556) (1,913)
--------- --------- --------- ---------
Loss before provision (benefit)
for income taxes (7) (8,875) (6,732) (27,310) (18,753)
Provision (benefit) for income
taxes 175 (2,398) 388 (2,677)
--------- --------- --------- ---------
Net loss $ (9,050) $ (4,334) $ (27,698) $ (16,076)
========= ========= ========= =========
Net loss per share - basic and
diluted
Net loss per share $ (0.25) $ (0.13) $ (0.78) $ (0.49)
Shares used in basic and diluted
per share computation 36,359 32,760 35,393 32,809
(1) Stock-based compensation included in
amounts above by category:
Cost of recurring 270 816 1,550 3,339
Cost of services 447 441 2,070 1,495
Sales and marketing 841 667 3,778 1,987
Research and development 406 458 1,782 1,548
General and administrative 774 1,007 4,475 3,914
--------- --------- --------- ---------
Total stock-based
compensation 2,738 3,389 13,655 12,283
(2) Acquisition, acquired and settlement
related asset amortization
Cost of recurring 533 383 2,036 669
Cost of services 2 2 - 2
Sales and marketing 233 293 880 812
Research and development - - - -
General and administrative 59 39 239 86
--------- --------- --------- ---------
Total acquisition related
asset amortization 827 717 3,155 1,569
(3) Acqisition related expense 45 516 865 1,596
(4) Patent litigation costs 317 1,070 1,103 2,142
(5) Interest expense on
convertible notes 703 682 2,813 1,947
(6) Amortization of convertible
note issuance costs 134 139 536 355
(7) Tax benefit from release of
valuation allowance - (2,403) (224) (2,975)
(8) Gain on extinguishment of
convertible note - (11) - (915)
(9) Impairment of asset - - - 375
(10) India operations transfer
fee 859 - 859 -
CALLIDUS SOFTWARE INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except per share data)
December 31, December 31,
2012 2011
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 16,400 $ 17,383
Short-term investments 12,771 35,406
Accounts receivable, net 22,567 21,778
Deferred income taxes 41 110
Prepaid and other current assets 6,660 5,831
------------- -------------
Total current assets 58,439 80,508
Property and equipment, net 10,580 6,772
Goodwill 31,207 24,416
Intangible assets, net 21,196 17,769
Deferred income taxes, noncurrent 708 206
Deposits and other assets 2,872 3,936
------------- -------------
Total assets $ 125,002 $ 133,607
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,706 $ 3,515
Accrued payroll and related expenses 5,854 4,278
Accrued expenses 8,472 12,272
Deferred income taxes 1,259 596
Deferred revenue 35,483 30,211
Capital lease obligations 921 1,196
------------- -------------
Total current liabilities 56,695 52,068
Deferred revenue, noncurrent 3,702 4,257
Deferred income taxes, noncurrent 160 197
Other liabilities 1,794 2,413
Capital lease obligations, noncurrent 8 915
Convertible notes 59,215 59,215
------------- -------------
Total liabilities 121,574 119,065
------------- -------------
Stockholders' equity:
Common stock 34 33
Additional paid-in capital 255,331 238,798
Treasury stock (14,430) (14,430)
Accumulated other comprehensive income 239 189
Accumulated deficit (237,746) (210,048)
------------- -------------
Total stockholders' equity 3,428 14,542
------------- -------------
Total liabilities and stockholders' equity $ 125,002 $ 133,607
============= =============
CALLIDUS SOFTWARE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2012 2011
----------- -----------
Cash flows from operating activities:
Net loss $ (27,698) $ (16,076)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation expense 3,114 3,098
Amortization of intangible assets 5,094 3,485
Provision for doubtful accounts and service
remediation reserves 595 48
Stock-based compensation 13,655 12,241
Stock-based compensation related to
acquisition - 42
Patent settlement expense - 701
Release of valuation allowance (350) (2,975)
Gain on disposal of property and equipment (2) (6)
Impairment of investments - 375
Amortization of convertible notes issuance
cost 402 355
Gain on extinguishment of convertible notes - (915)
Net amortization on investments 358 510
Acquisition-related contingent consideration (1,962) -
Changes in operating assets and liabilities:
Accounts receivable (1,112) (36)
Prepaid and other current assets (762) 1,775
Other assets 662 (2,667)
Accounts payable 1,046 1,300
Accrued expenses (813) (2,763)
Accrued payroll and related expenses 987 1,422
Accrued restructuring 443 146
Deferred revenue 4,576 62
Deferred income taxes 193 24
----------- -----------
Net cash used in operating activities (1,574) 146
----------- -----------
Cash flows from investing activities:
Purchases of investments (16,536) (52,886)
Proceeds from maturities and sale of investments 38,841 35,511
Purchases of property and equipment (6,823) (2,002)
Proceeds from disposal of property and equipment 2 6
Purchases of intangible assets (6,196) (1,522)
Acquisitions, net of cash acquired (7,715) (19,482)
----------- -----------
Net cash used in investing activities 1,573 (40,375)
----------- -----------
Cash flows from financing activities:
Proceeds from issuance of common stock 5,225 5,556
Repurchases of common stock - (14,430)
Repurchase of common stock from employees for
payment of taxes on vesting of restricted stock
units (2,346) (1,402)
Payment of consideration related to acquisitions (2,660) (1,210)
Proceeds from issuance of convertible notes, net
of issuance costs - 76,854
Repurchase of convertible notes - (19,448)
Repayment of debt assumed through acquisition (30) -
Payment of principal under capital leases (1,193) (1,170)
----------- -----------
Net cash provided by financing activities (1,004) 44,750
----------- -----------
Effect of exchange rates on cash and cash
equivalents 22 32
----------- -----------
Net increase (decrease) in cash and cash
equivalents (983) 4,553
Cash and cash equivalents at beginning of period 17,383 12,830
----------- -----------
Cash and cash equivalents at end of period $ 16,400 $ 17,383
=========== ===========
CALLIDUS SOFTWARE INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except for percentages and per share data)
(unaudited)
Three months ended Twelve months ended
December 31, December 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Non-GAAP gross profit
reconciliation
Gross profit $ 11,593 $ 9,350 $ 44,612 $ 33,763
Profit margin, as a % of total
revenues 46% 41% 47% 40%
Add back:
Non-cash stock-based
compensation 717 1,257 3,620 4,834
Non-cash amortization of
acquired
intangible assets 535 383 2,036 669
Patent settlement - 701 - 701
India operations transfer fee 535 - 535 -
--------- --------- --------- ---------
Non-GAAP gross profit $ 13,380 $ 11,691 $ 50,802 $ 39,967
--------- --------- --------- ---------
Profit margin, as a % of total
revenues 53% 52% 54% 48%
Non-GAAP recurring revenue gross
profit reconciliation
Recurring revenue gross profit $ 10,852 8,975 $ 40,880 $ 30,182
Recurring revenue profit
margin, as a % of recurring
revenues 59% 53% 58% 48%
Add back:
Non-cash stock-based
compensation 270 816 1,550 3,339
Non-cash amortization of
acquired
intangible assets 533 383 2,036 669
India operations transfer fee 387 - 387 -
--------- --------- --------- ---------
Non-GAAP Recurring revenue gross
profit $ 12,042 $ 10,174 $ 44,853 $ 34,190
--------- --------- --------- ---------
Recurring revenue profit
margin, as a % of recurring
revenues 65% 60% 63% 54%
Non-GAAP operating expense
reconciliation:
Operating expenses $ 19,372 15,248 $ 68,365 $ 50,603
Operating expenses, as a % of
total revenues 77% 68% 72% 60%
Add back:
Non-cash stock-based
compensation (2,021) (2,132) (10,035) (7,449)
Non-cash amortization of
acquired
intangible assets (292) (334) (1,119) (900)
Acquisition-related expense (45) (516) (865) (1,596)
Patent litigation and
settlement costs (317) (369) (1,103) (1,441)
Acquisition-related adjustment - - 1,787 -
India operations transfer fee (324) - (324) -
Restructuring (554) (513) (1,115) (649)
--------- --------- --------- ---------
Non-GAAP Operating Expenses $ 15,819 $ 11,384 $ 55,591 $ 38,568
--------- --------- --------- ---------
Non-GAAP Operating expenses,
as a % of total revenues 63% 50% 59% 46%
Non-GAAP operating income (loss)
reconciliation:
Operating loss $ (7,779) (5,898) $ (23,754) $ (16,840)
Operating loss, as a % of
total revenues -31% -26% -25% -20%
Add back:
Non-cash stock-based
compensation 2,738 3,389 13,655 12,283
Non-cash amortization of
acquired
intangible assets 827 717 3,155 1,569
Acquisition-related expense 45 516 865 1,596
Patent litigation and
settlement costs 317 1,070 1,103 2,142
Acquisition-related adjustment - - (1,787) -
India transfer operations fee 859 - 859 -
Restructuring 554 513 1,115 649
--------- --------- --------- ---------
Non-GAAP Operating income (loss) $ (2,438) $ 307 $ (4,788) $ 1,399
--------- --------- --------- ---------
Non-GAAP Operating income
(loss), as a % of total
revenues -10% 1% -5% 2%
CALLIDUS SOFTWARE INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except for percentages and per share data)
(unaudited)
Three months ended Twelve months ended
December 31, December 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Non-GAAP net loss
reconciliation:
Net loss $ (9,050) (4,334) $ (27,698) $ (16,076)
Net loss, as a % of total
revenues -36% -19% -29% -19%
Add back:
Non-cash stock-based
compensation 2,738 3,389 13,655 12,283
Non-cash amortization of
acquired
intangible assets 827 717 3,155 1,569
Acquisition related expenses 45 516 865 1,596
Patent litigation and
settlement costs 317 1,070 1,103 2,142
Acquisition-related adjustment - - (1,787) -
India transfer operations fee 859 - 859 -
Restructuring 554 513 1,115 649
Interest expense on
convertible notes 703 682 2,813 1,947
Amortization of convertible
note issuance cost 134 139 536 355
Tax benefit from release of
valuation allowance - (2,403) (224) (2,975)
Gain on extinguishment of
convertible note - (11) - (915)
Impairment of asset - - - 375
--------- --------- --------- ---------
Non-GAAP Net income (loss) $ (2,872) $ 278 $ (5,607) $ 950
--------- --------- --------- ---------
Non-GAAP Net income (loss), as
a % of total revenues -11% 1% -6% 1%
Non-GAAP net income (loss) per
share reconciliation:
Net loss per basic and diluted
share $ (0.25) (0.13) $ (0.78) $ (0.49)
Add back:
Non-cash stock-based
compensation 0.08 0.10 0.39 0.37
Non-cash amortization of
acquired
intangible assets 0.02 0.02 0.09 0.05
Acquisition related expenses - 0.02 0.02 0.05
Patent litigation and
settlement costs 0.01 0.04 0.03 0.07
Acquisition-related adjustment - - (0.05) -
India transfer operations fee 0.02 - 0.02 -
Restructuring 0.01 0.02 0.03 0.02
Interest expense on
convertible notes 0.02 0.02 0.08 0.06
Amortization of convertible
note issuance cost 0.01 - 0.02 0.01
Tax benefit from release of
valuation allowance - (0.07) (0.01) (0.09)
Gain on extinguishment of
convertible note - - - (0.03)
Impairment of asset - - - 0.01
--------- --------- --------- ---------
Non-GAAP net income (loss) per
basic share $ (0.08) $ 0.02 $ (0.16) $ 0.03
--------- --------- --------- ---------
Non-GAAP net income (loss) per
diluted share $ (0.08) $ 0.01 $ (0.16) $ 0.02
--------- --------- --------- ---------
Basic and fully diluted shares
reconciliation:
Basic shares 36,359 32,760 35,393 32,809
--------- --------- --------- ---------
Add back:
Weighted average effect of
dilutive securities - 9,803 - 7,692
--------- --------- --------- ---------
Diluted shares 36,359 42,563 35,393 40,501
--------- --------- --------- ---------
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In the old world of IT, if you didn't have hardware capacity or the budget to buy more, your project was dead in the water. Budget constraints can leave some of the best, most creative and most ingenious innovations on the cutting room floor. It’s a true dilemma for developers and inno...
