Delaware
|
000-50463
|
77-0438629
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
file number)
|
(I.R.S. Employer
Identification No.)
|
¨
|
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))
|
Item 2.02.
|
Results of Operations and Financial Condition
|
Item 9.01.
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits
|
Exhibit
Number
|
|
Description
|
|
Press Release of Callidus Software Inc. dated July 30, 2015
|
CALLIDUS SOFTWARE, INC.
|
||||
Date: July 30, 2015
|
By:
|
/s/ Bob L. Corey
|
||
Bob L. Corey
|
||||
Executive Vice President, Chief Financial Officer
|
Exhibit
Number
|
|
Description
|
|
Press Release of Callidus Software Inc. dated July 30, 2015
|
|
-
|
Q2 SaaS Revenue of $27.2 Million, a 39% Year-over-Year Increase
|
|
-
|
Record Q2 Revenue of $41.6 Million, a 28% Year-over-Year Increase
|
|
-
|
Year to Date Operating Cash Flow, a 65% Year-over-Year Increase
|
|
-
|
Raises 2015 Revenue Guidance – $167.0 Million to $169.0 Million
|
|
·
|
Recurring revenue gross margin was 74%, compared to 68% for the same quarter in the prior year.
|
|
·
|
Overall gross margin was 62%, compared to 60% for the same quarter in the prior year.
|
|
·
|
Operating loss was $4.3 million, compared to $3.0 million for the same quarter in the prior year.
|
|
·
|
Net loss was $4.7 million, or ($0.08) on a per share basis, compared to net income of $250,000, or breakeven on a per share basis, for the same quarter in the prior year. The second quarter of 2014 included a $3.9 million gain on the sale of select domain names and trademarks.
|
|
·
|
Cash from operations was $2.6 million in the current quarter, compared to $1.0 million for the same quarter in the prior year.
|
|
·
|
Recurring revenue gross margin was 77%, compared to 72% for the same quarter in the prior year.
|
|
·
|
Overall gross margin was 65%, compared to 63% for the same quarter in the prior year.
|
|
·
|
Operating income was $2.0 million, compared to $1.4 million for the same quarter in the prior year.
|
|
·
|
Net income was $1.6 million, or $0.03 per fully diluted share, compared to $1.0 million, or $0.02 per fully diluted share, for the same quarter in the prior year.
|
|
·
|
CallidusCloud hosted its fourth annual C3 customer conference in Las Vegas where top prospects and customers gathered to see the latest innovations in sales, marketing, learning and customer experience. The event had a marked increase in the quality of attendees yielding a significant pipeline increase as compared to last year’s event.
|
|
·
|
CallidusCloud announced the release of Producer Pro, a new solution enabling insurance carriers to effectively manage agents, brokers and agencies throughout their entire lifecycle. Producer Pro provides carriers with a complete view of their producers and helps streamline key processes such as onboarding to improve sales.
|
|
·
|
At a special launch event in London, CallidusCloud previewed the new Thunderbridge Predictive Analytics capabilities that enable companies to predict critical sales outcomes and performance based on historical data. The solution was also a feature of the keynote at C3 where the beta program was launched prior to general release in the fall.
|
|
·
|
DocuSign and CallidusCloud expanded their existing partnership to include CPQ. The DocuSign capabilities can now be resold by CallidusCloud as part of the Lead to Money Suite. This enables faster acceptance of commission plans, quotes and contracts.
|
|
·
|
After the quarter ended CallidusCloud announced the acquisition of BridgeFront, a leading provider of compliance education content for healthcare and insurance companies. The BridgeFront team of 20 has deep domain knowledge and brings over 300 customers. The content will be sold through CallidusCloud’s Litmos mobile learning business.
|
|
·
|
After 11 years of service David Pratt will retire from the board of directors. We would like to take this opportunity to thank him for his long service and wish him well for the future. David will formally retire at the October 27, 2015 board of directors meeting. With Murray Rode joining the board in 2014 the board of directors is at its full complement.
|
CALLIDUS SOFTWARE INC.
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
(In thousands, except for percentages and per share data)
|
||||||||||||||||
|
Three
Months Ended June 30, |
Three
Months Ended June 30, |
Six Months
Ended June 30, |
Six Months
Ended June 30, |
||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenue:
|
||||||||||||||||
Recurring
|
$ | 30,713 | $ | 23,684 | $ | 59,606 | $ | 45,934 | ||||||||
Services and license
|
10,901 | 8,831 | 21,753 | 17,558 | ||||||||||||
Total revenue
|
41,614 | 32,515 | 81,359 | 63,492 | ||||||||||||
Cost of revenue:
|
||||||||||||||||
Recurring
|
7,841 | 7,502 | 16,199 | 14,790 | ||||||||||||
Services and license
|
8,062 | 5,628 | 15,723 | 10,738 | ||||||||||||
Total cost of revenue
|
15,903 | 13,130 | 31,922 | 25,528 | ||||||||||||
Gross profit
|
25,711 | 19,385 | 49,437 | 37,964 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Sales and marketing
|
14,796 | 11,808 | 28,522 | 22,535 | ||||||||||||
Research and development
|
6,002 | 5,045 | 12,040 | 9,918 | ||||||||||||
General and administrative
|
9,112 | 5,135 | 16,530 | 10,221 | ||||||||||||
Restructuring and other
|
118 | 404 | 234 | 404 | ||||||||||||
Total operating expenses
|
30,028 | 22,392 | 57,326 | 43,078 | ||||||||||||
Operating loss
|
(4,317 | ) | (3,007 | ) | (7,889 | ) | (5,114 | ) | ||||||||
Interest income and other income (expense), net
|
(186 | ) | 3,941 | (376 | ) | 3,968 | ||||||||||
Interest expense
|
(56 | ) | (154 | ) | (123 | ) | (391 | ) | ||||||||
Income (loss) before provision for income taxes
|
(4,559 | ) | 780 | (8,388 | ) | (1,537 | ) | |||||||||
Provision for income taxes
|
165 | 530 | 379 | 680 | ||||||||||||
Net income (loss)
|
$ | (4,724 | ) | $ | 250 | $ | (8,767 | ) | $ | (2,217 | ) | |||||
Net income (loss) per share
|
||||||||||||||||
Basic
|
$ | (0.08 | ) | $ | - | $ | (0.16 | ) | $ | (0.05 | ) | |||||
Diluted
|
$ | (0.08 | ) | $ | - | $ | (0.16 | ) | $ | (0.05 | ) | |||||
Weighted average shares used in computing net income (loss) per share:
|
||||||||||||||||
Basic
|
55,595 | 46,648 | 53,166 | 46,298 | ||||||||||||
Diluted
|
55,595 | 48,061 | 53,166 | 46,298 | ||||||||||||
CALLIDUS SOFTWARE INC.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
(In thousands, except for percentages and per share data)
|
||||||||
June 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 72,272 | $ | 34,200 | ||||
Short-term investments
|
19,990 | 2,766 | ||||||
Accounts receivable, net
|
42,385 | 41,623 | ||||||
Prepaid and other current assets
|
9,492 | 10,384 | ||||||
Total current assets
|
144,139 | 88,973 | ||||||
Property and equipment, net
|
19,454 | 18,755 | ||||||
Goodwill
|
47,073 | 46,970 | ||||||
Intangible assets, net
|
15,491 | 17,757 | ||||||
Deferred income taxes, noncurrent
|
399 | 440 | ||||||
Deposits and noncurrent assets
|
2,854 | 3,403 | ||||||
Total assets
|
$ | 229,410 | $ | 176,298 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 3,160 | $ | 2,056 | ||||
Accrued payroll and related expenses
|
8,105 | 9,051 | ||||||
Accrued expenses
|
12,607 | 16,868 | ||||||
Deferred income taxes
|
1,475 | 1,475 | ||||||
Deferred revenue
|
67,108 | 61,427 | ||||||
Capital lease obligations
|
668 | 1,001 | ||||||
Total current liabilities
|
93,123 | 91,878 | ||||||
Deferred revenue, noncurrent
|
7,351 | 10,195 | ||||||
Deferred income taxes, noncurrent
|
334 | 561 | ||||||
Revolving line of credit
|
- | 10,481 | ||||||
Other noncurrent liabilities
|
4,561 | 4,709 | ||||||
Total liabilities
|
105,369 | 117,824 | ||||||
Stockholders’ equity:
|
||||||||
Common stock
|
55 | 49 | ||||||
Additional paid-in capital
|
418,509 | 344,312 | ||||||
Treasury stock
|
(14,430 | ) | (14,430 | ) | ||||
Accumulated other comprehensive loss
|
(608 | ) | (739 | ) | ||||
Accumulated deficit
|
(279,485 | ) | (270,718 | ) | ||||
Total stockholders’ equity
|
124,041 | 58,474 | ||||||
Total liabilities and stockholders’ equity
|
$ | 229,410 | $ | 176,298 |
CALLIDUS SOFTWARE INC.
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(unaudited)
|
||||||||
(In thousands, except for percentages and per share data)
|
||||||||
Six Months Ended June 30,
|
||||||||
2015
|
2014
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (8,767 | ) | $ | (2,217 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities:
|
- | |||||||
Depreciation expense
|
2,939 | 2,564 | ||||||
Amortization of intangible assets
|
2,547 | 2,525 | ||||||
Gain on sale of intangibles
|
(3,862 | ) | ||||||
Provision of doubtful accounts
|
676 | 480 | ||||||
Stock-based compensation
|
9,909 | 4,924 | ||||||
Deferred income taxes
|
(235 | ) | (239 | ) | ||||
Release of valuation allowance
|
- | (149 | ) | |||||
Loss on disposal of property and equipment
|
6 | - | ||||||
Amortization of convertible notes issuance cost
|
- | 58 | ||||||
Net amortization on investments
|
20 | 15 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(1,437 | ) | (243 | ) | ||||
Prepaid and other current assets
|
941 | (291 | ) | |||||
Other noncurrent assets
|
549 | 401 | ||||||
Accounts payable
|
915 | (706 | ) | |||||
Accrued expenses
|
729 | 1,553 | ||||||
Accrued payroll and related expenses
|
(946 | ) | (1,149 | ) | ||||
Accrued restructuring and other expenses
|
(32 | ) | (50 | ) | ||||
Deferred revenue
|
2,837 | 2,832 | ||||||
Net cash provided by operating activities
|
10,651 | 6,446 | ||||||
Cash flows from investing activities:
|
||||||||
Purchases of investments
|
(17,591 | ) | (1,209 | ) | ||||
Proceeds from maturities and sale of investments
|
351 | 5,050 | ||||||
Purchases of property and equipment
|
(8,285 | ) | (4,018 | ) | ||||
Purchases of intangible assets
|
(270 | ) | (743 | ) | ||||
Proceeds from sale of intangible assets, net of assets
|
- | 4,651 | ||||||
Acquisitions, net of cash acquired
|
- | (2,402 | ) | |||||
Net cash provided by (used in) investing activities
|
(25,795 | ) | 1,329 | |||||
Cash flows from financing activities:
|
||||||||
Proceeds from follow-on offering, net of issuance costs
|
64,372 | - | ||||||
Proceeds from issuance of common stock
|
2,229 | 1,975 | ||||||
Restricted stock units acquired to settle employee withholding liability
|
(2,356 | ) | (1,439 | ) | ||||
Excess tax benefits from stock-based compensation
|
33 | - | ||||||
Proceeds from line of credit (net of repayment to line of credit)
|
(10,481 | ) | 2,982 | |||||
Payment of consideration related to acquisitions
|
(226 | ) | (630 | ) | ||||
Repayment of debt
|
- | (645 | ) | |||||
Payment of principal under capital leases
|
(333 | ) | (416 | ) | ||||
Net cash provided by financing activities
|
53,238 | 1,827 | ||||||
Effect of exchange rates on cash and cash equivalents
|
(22 | ) | 17 | |||||
Net increase in cash and cash equivalents
|
38,072 | 9,619 | ||||||
Cash and cash equivalents at beginning of period
|
34,200 | 28,295 | ||||||
Cash and cash equivalents at end of period
|
$ | 72,272 | $ | 37,914 |
CALLIDUS SOFTWARE INC.
|
||||||||||||||||
GAAP TO NON-GAAP ADJUSTMENT SUMMARY
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
(In thousands, except for percentages and per share data)
|
||||||||||||||||
Non-GAAP adjustments include stock-based compensation, amortization of acquired intangible assets, patent litigation and settlement costs and estimates, interest expense on convertible notes, amortization of convertible note issuance costs, debt conversion expense, restructuring and other expenses, acquisition-related costs and gain on sale of domain names and trademarks as follows:
|
||||||||||||||||
Three Months
|
Six Months
|
|||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Cost of revenues:
|
||||||||||||||||
Recurring
|
$ | 887 | $ | 769 | $ | 1,805 | $ | 1,498 | ||||||||
Services and license
|
247 | 270 | 599 | 496 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Sales and marketing
|
1,486 | 1,054 | 3,269 | 1,883 | ||||||||||||
Research and development
|
650 | 474 | 1,447 | 912 | ||||||||||||
General and administrative
|
2,922 | 1,473 | 4,984 | 2,855 | ||||||||||||
Restructuring and other
|
118 | 404 | 234 | 404 | ||||||||||||
Interest income and other income (expense)
|
- | (3,728 | ) | - | (3,527 | ) | ||||||||||
Total
|
$ | 6,310 | $ | 716 | $ | 12,338 | $ | 4,521 |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
|||||||||||||||||
Three Months
|
Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2015
|
2014
|
2015
|
2014
|
||||||||||||||
Non-GAAP gross profit reconciliation:
|
|||||||||||||||||
Gross profit
|
$ | 25,711 | $ | 19,385 | $ | 49,437 | $ | 37,964 | |||||||||
Gross margin
|
62 | % | 60 | % | 61 | % | 60 | % | |||||||||
Add back:
|
|||||||||||||||||
Non-cash stock-based compensation
|
486 | 448 | 1,115 | 844 | |||||||||||||
Non-cash amortization of acquired
|
|||||||||||||||||
intangible assets
|
649 | 591 | 1,290 | 1,150 | |||||||||||||
Non-GAAP gross profit
|
$ | 26,846 | $ | 20,424 | $ | 51,842 | $ | 39,958 | |||||||||
Gross margin
|
65 | % | 63 | % | 64 | % | 63 | % | |||||||||
Non-GAAP recurring revenue gross profit reconciliation:
|
|||||||||||||||||
Recurring revenue gross profit
|
$ | 22,872 | $ | 16,182 | $ | 43,407 | $ | 31,144 | |||||||||
Recurring revenue gross margin
|
74 | % | 68 | % | 73 | % | 68 | % | |||||||||
Add back:
|
|||||||||||||||||
Non-cash stock-based compensation
|
249 | 192 | 536 | 374 | |||||||||||||
Non-cash amortization of acquired
|
|||||||||||||||||
intangible assets
|
638 | 577 | 1,269 | 1,124 | |||||||||||||
Non-GAAP recurring revenue gross profit
|
$ | 23,759 | $ | 16,951 | $ | 45,212 | $ | 32,642 | |||||||||
Recurring revenue gross margin
|
77 | % | 72 | % | 76 | % | 71 | % | |||||||||
Non-GAAP operating expense reconciliation:
|
|||||||||||||||||
Operating expenses
|
$ | 30,028 | $ | 22,392 | $ | 57,326 | $ | 43,078 | |||||||||
Operating expenses, as a % of total | |||||||||||||||||
revenues
|
72 | % | 69 | % | 70 | % | 68 | % | |||||||||
Subtract:
|
|||||||||||||||||
Non-cash stock-based compensation
|
(4,606 | ) | (2,184 | ) | (8,793 | ) | (4,080 | ) | |||||||||
Non-cash amortization of acquired
|
|||||||||||||||||
intangible assets
|
(423 | ) | (326 | ) | (841 | ) | (636 | ) | |||||||||
Patent litigation and settlement costs
|
(28 | ) | (491 | ) | (65 | ) | (934 | ) | |||||||||
Restructuring and other
|
(118 | ) | (404 | ) | (234 | ) | (404 | ) | |||||||||
Non-GAAP operating expenses
|
$ | 24,853 | $ | 18,987 | $ | 47,393 | $ | 37,024 | |||||||||
Non-GAAP operating expenses, as a %
|
|||||||||||||||||
of total revenues
|
60 | % | 58 | % | 58 | % | 58 | % |
CALLIDUS SOFTWARE INC.
|
|||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
|||||||||||||||||
(unaudited)
|
|||||||||||||||||
(In thousands, except for percentages and per share data)
|
|||||||||||||||||
Three Months Ended
|
Six Months Ended
|
||||||||||||||||
June 30,
|
June 30,
|
||||||||||||||||
2015
|
2014
|
2015
|
2014
|
||||||||||||||
Non-GAAP operating income (loss) reconciliation:
|
|||||||||||||||||
Operating loss
|
$ | (4,317 | ) | $ | (3,007 | ) | $ | (7,889 | ) | $ | (5,114 | ) | |||||
Operating loss, as a % of total
|
|||||||||||||||||
revenues
|
(10 | )% | (9 | )% | (10 | )% | (8 | )% | |||||||||
Add back:
|
|||||||||||||||||
Non-cash stock-based compensation
|
5,092 | 2,632 | 9,908 | 4,924 | |||||||||||||
Non-cash amortization of acquired
|
|||||||||||||||||
intangible assets
|
1,072 | 917 | 2,131 | 1,786 | |||||||||||||
Patent litigation and settlement costs
|
28 | 491 | 65 | 934 | |||||||||||||
Restructuring and other
|
118 | 404 | 234 | 404 | |||||||||||||
Non-GAAP operating income
|
$ | 1,992 | $ | 1,437 | $ | 4,449 | $ | 2,934 | |||||||||
Non-GAAP operating income, as a %
|
|||||||||||||||||
of total revenues
|
5 | % | 4 | % | 5 | % | 5 | % | |||||||||
Non-GAAP net income (loss) reconciliation:
|
|||||||||||||||||
Net income (loss)
|
$ | (4,724 | ) | $ | 250 | $ | (8,767 | ) | $ | (2,217 | ) | ||||||
Net income (loss), as a % of total
|
|||||||||||||||||
revenues
|
(11 | )% | 1 | % | (11 | )% | (3 | )% | |||||||||
Add back:
|
|||||||||||||||||
Non-cash stock-based compensation
|
5,092 | 2,632 | 9,908 | 4,924 | |||||||||||||
Non-cash amortization of acquired
|
|||||||||||||||||
intangible assets
|
1,072 | 917 | 2,131 | 1,786 | |||||||||||||
Patent litigation and settlement costs
|
28 | 491 | 65 | 934 | |||||||||||||
Restructuring and other
|
118 | 404 | 234 | 404 | |||||||||||||
Interest expense on convertible notes
|
- | 108 | - | 277 | |||||||||||||
Amortization of convertible note issuance cost
|
- | 26 | - | 58 | |||||||||||||
Sale of domain names and trademarks
|
- | (3,862 | ) | - | (3,862 | ) | |||||||||||
Non-GAAP net income
|
$ | 1,585 | $ | 966 | $ | 3,571 | $ | 2,304 | |||||||||
Non-GAAP net income, as a %
|
|||||||||||||||||
of total revenues
|
4 | % | 3 | % | 4 | % | 4 | % | |||||||||
Non-GAAP net income (loss) per share reconciliation:
|
|||||||||||||||||
Net loss per basic and diluted share
|
$ | (0.08 | ) | $ | - | $ | (0.16 | ) | $ | (0.05 | ) | ||||||
Add back:
|
|||||||||||||||||
Non-cash stock-based compensation
|
0.09 | 0.06 | 0.19 | 0.11 | |||||||||||||
Non-cash amortization of acquired
|
|||||||||||||||||
intangible assets
|
0.02 | 0.02 | 0.04 | 0.04 | |||||||||||||
Patent litigation and settlement costs
|
- | 0.01 | - | 0.02 | |||||||||||||
Restructuring and other
|
- | 0.01 | 0.01 | 0.01 | |||||||||||||
Interest expense on convertible notes
|
- | - | - | 0.01 | |||||||||||||
Amortization of convertible note issuance cost
|
- | - | - | (0.01 | ) | ||||||||||||
Sale of domain names and trademarks
|
- | (0.08 | ) | - | (0.08 | ) | |||||||||||
Non-GAAP net income per diluted share
|
$ | 0.03 | $ | 0.02 | $ | 0.07 | $ | 0.05 | |||||||||
Basic and fully diluted shares reconciliation:
|
|||||||||||||||||
GAAP basic shares
|
55,595 | 46,648 | 53,166 | 46,298 | |||||||||||||
Add back:
|
|||||||||||||||||
Weighted average effect of dilutive securities - GAAP
|
- | 1,413 | - | - | |||||||||||||
Shares used in calculation of diluted net income (loss) per share - GAAP
|
55,595 | 48,061 | 53,166 | 46,298 | |||||||||||||
Add back: | |||||||||||||||||
Weighted average effect of dilutive securities Non-GAAP
|
1,225 | 1,507 | 1,620 | 1,718 | |||||||||||||
Shares used in calculation of diluted net income per share - Non GAAP (a)
|
56,820 | 49,568 | 54,786 | 48,016 | |||||||||||||
(a) Shares used in the per share calculation for reconciling items between GAAP and Non-GAAP financial measures.
|
|||||||||||||||||
Three Months Ended
|
|||
September 30, 2015
|
|||
GAAP
|
Non-GAAP
|
||
Total revenue
|
$42,000 - $43,000
|
$42,000 - $43,000
|
|
Operating income (loss) (a)
|
($2,500) - ($3,500)
|
$3,000 - $4,000
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Net income (loss) per diluted share (c)
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($0.04) - ($0.06)
|
$0.05 - $0.07
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Twelve Months Ended
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December 31, 2015
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GAAP
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Non-GAAP
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Total revenue
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$167,000 - $169,000 |
$167,000 - $169,000
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Operating income (loss) (b)
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($9,000) - ($12,000)
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$12,000 - $13,500
|
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Net income (loss) per diluted share (c)
|
($0.25) - ($0.29)
|
$0.18 - $0.21
|
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(a)
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Estimated non-GAAP amounts above for the three months ending September 30, 2015 reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $1.0 - $1.2 million, estimated stock-based compensation expense of approximately $4.6 – $5.0 million, and patent litigation costs and restructuring of approximately $0.1 – $0.3 million.
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(b)
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Estimated non-GAAP amounts above for the twelve months ending December 31, 2015 reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $3.7 - $4.4 million, estimated stock-based compensation expense of approximately $18.5 - $19.5 million, and patent litigation and restructuring costs of approximately $0.3 - $1.0 million.
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(c)
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Non-GAAP fully diluted share count is between 56.8 million and 58.3 million. GAAP share count is between 54.8 million and 56.3 million.
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