0001171843-09-001018.txt : 20091022 0001171843-09-001018.hdr.sgml : 20091022 20091022160212 ACCESSION NUMBER: 0001171843-09-001018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20090930 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091022 DATE AS OF CHANGE: 20091022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RIGHTNOW TECHNOLOGIES INC CENTRAL INDEX KEY: 0001111247 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 810503640 STATE OF INCORPORATION: MT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31321 FILM NUMBER: 091132572 BUSINESS ADDRESS: STREET 1: 136 ENTERPRISE BLVD. CITY: BOZEMAN STATE: MT ZIP: 59718 BUSINESS PHONE: 406 522 2952 MAIL ADDRESS: STREET 1: 136 ENTERPRISE BLVD. CITY: BOZEMAN STATE: MT ZIP: 59718 8-K 1 f8k_102209.htm FORM 8-K

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) October 22, 2009
RIGHTNOW TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Charter)
DELAWARE	000-31321	81-0503640
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
136 ENTERPRISE BOULEVARD, BOZEMAN, MT		59718
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s telephone number, including area code (406) 522-4200
N/A
(Former Name or Former Address, if Changed Since Last Report)

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))

Item 2.02. Results of Operations and Financial Condition.

On October 22, 2009, RightNow Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2009. A copy of the press release is furnished herewith as Exhibit 99.1. The Company also has posted on its website supplemental financial data, as of October 22, 2009, which is furnished herewith as Exhibit 99.2.

The information contained under Item 2.02 in this report and in Exhibits 99.1 and 99.2 attached to this report is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(a) Financial statements of business acquired.

Not Applicable

(b) Pro forma financial information.

Not applicable

(d) Exhibits.

Exhibit No.	Description of Exhibit

99.1	Press Release dated October 22, 2009 announcing RightNow Technologies, Inc.’s financial results for the third quarter ended September 30, 2009 (furnished herewith but not filed pursuant to Item 2.02).
99.2	Supplemental financial data of RightNow Technologies, Inc. as of October 22, 2009 (furnished herewith but not filed pursuant to Item 2.02).

SIGNATURES

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.

		RIGHTNOW TECHNOLOGIES, INC.
		(Registrant)
Dated: October 22, 2009		/s/ Jeffrey C. Davison
		Jeffrey C. Davison Chief Financial Officer, Vice President and Treasurer

EXHIBIT INDEX

Exhibit No.	Description of Exhibit

99.1	Press Release dated October 22, 2009 announcing RightNow Technologies, Inc.’s financial results for the third quarter ended September 30, 2009 (furnished herewith but not filed pursuant to Item 2.02).
99.2	Supplemental financial data of RightNow Technologies, Inc. as of October 22, 2009 (furnished herewith but not filed pursuant to Item 2.02).

EX-99 2 exh_991.htm EXHIBIT 99.1

For Further Information, Contact:

Investor Relations:	Corporate Communications:
Todd Friedman or Stacie Bosinoff	Katie O’Connell
The Blueshirt Group	RightNow Technologies
415.217.7722	925.674.1487 Desk
todd@blueshirtgroup.com	925.270.6107 Cell
stacie@blueshirtgroup.com	koconnell@rightnow.com

RightNow Technologies Announces

Third Quarter 2009 Financial Results

Growth in Recurring Revenue Drives Earnings Ahead of Guidance

BOZEMAN, Mont. (October 22, 2009) — RightNow® Technologies, Inc. (NASDAQ: RNOW) today announced results for the third quarter ended September 30, 2009. Total revenue in the third quarter of 2009 was $38.7 million, compared to $36.2 million in the third quarter of 2008. Recurring revenue in the third quarter of 2009 increased 15% to $29.7 million from $25.9 million in the third quarter of 2008. Net income in the third quarter of 2009 was $2.0 million, or $0.06 per share, compared to a net loss of $(1.4) million, or $(0.04) per share, in the third quarter of 2008. Non-GAAP net income in the third quarter of 2009, which excludes stock-based compensation charges of $1.8 million, was $3.8 million, or $0.12 per share, compared to non-GAAP net income of $85,000, or $0.00 per share, in the third quarter of 2008.

Revenue for the nine months ended September 30, 2009 was $111.1 million, compared to $104.4 million for the comparable period in 2008. Net income for the nine months ended September 30, 2009 was $3.3 million, or $0.10 per share, compared to a net loss of $(8.0) million, or $(0.24) per share, for the comparable period in 2008. Non-GAAP net income for the nine months ended September 30, 2009, which excludes stock-based compensation charges of $6.1 million, was $9.4 million, or $0.29 per share, compared to non-GAAP net loss of $(3.3) million, or $(0.10) per share, for the comparable period in 2008.

New, renewed and expanded customer relationships during the third quarter of 2009 included Epson, FICO, iRobot, Lucent-Alcatel, The Men’s Wearhouse, Nike, Photobox, TiVo, U.S. Air Force, and Virgin Mobile.

“Our focus on delivering meaningful business results for large consumer organizations translated into another great quarter, both in terms of our financial results and our overall business,” stated Greg Gianforte, CEO and Founder. “As we head into our Annual Summit next week, we are excited to share our customers’ success, and demonstrate our vision to combine the social experience with our existing customer experience solutions.”

“We are pleased to report revenue and earnings ahead of guidance, which was driven by recurring revenue growth,” said Jeff Davison, CFO. “During the third quarter recurring revenue grew $2.3 million, or 9% sequentially over the second quarter of 2009. Through three quarters, we have generated $0.29 non-GAAP earnings per share, well ahead of our guidance.”

Guidance

For the fourth quarter of 2009, revenue is expected to be in the range of approximately $39 to $40 million. Fourth quarter net income (loss) per share is expected to be in the range of $(0.01) to $0.01. Non-GAAP net income per share, which excludes stock-based compensation, is expected to be in the range of $0.04 to $0.06. This would equate to full year revenue of approximately $150 to $151 million, net income per share of $0.09 to $0.11 and non-GAAP net income per share of $0.33 to $0.35

Quarterly Conference Call

RightNow Technologies will discuss its quarterly results today via teleconference at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time.) To access the call, please dial (877) 627-6585, or outside the U.S. (719) 325-4805, at least five minutes prior to the 2:30 p.m. MT start time. A live webcast of the call will also be available at http://investor.rightnow.com/index.cfm under the Investor Webcasts menu. An audio replay will be available between 5:30 p.m. MT October 22, 2009 and 9:59 p.m. MT November 5, 2009 by calling (888) 203-1112 or (719) 457-0820, with passcode 3459047. The replay will also be available on our website at http://investor.rightnow.com.

About RightNow Technologies

RightNow (NASDAQ: RNOW) delivers the high-impact technology solutions and services organizations need to cost-efficiently deliver a consistently superior customer experience across their frontline service, sales and marketing touch-points. Approximately 1,900 corporations and government agencies worldwide depend on RightNow to achieve their strategic objectives and better meet the needs of those they serve. RightNow is headquartered in Bozeman, Montana. For more information, please visit www.rightnow.com.

RightNow is a registered trademark of RightNow Technologies, Inc. NASDAQ is a registered trademark of The NASDAQ Stock Market LLC.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations and management’s future strategic plans. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to, risks associated with general economic conditions; fluctuations in foreign currency exchange; our business model; our ability to develop or acquire, and gain market acceptance for, new products in a cost-effective and timely manner; the success of our efforts to integrate HiveLive’s people and processes, following our recent acquisition of that company; the risk of asset impairment associated with the acquisition of HiveLive; the gain or loss of key customers; competitive pressures; our ability to expand or contract operations and to grow profitability; fluctuations in our earnings as a result of the impact of stock-based compensation expense; interruptions or delays in our hosting operations; breaches of our security measures; our ability to protect our intellectual property from infringement, and to avoid infringing on the intellectual property rights of third parties; our ability to manage and expand our partner relationships; any unanticipated ambiguities in fair value accounting standards; and our ability to expand, retain and motivate our employees. Further information on potential factors that could affect our financial results is included in our most recent Annual Report on Form 10-K and quarterly reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement for any reason.

FRNOW

RightNow Technologies, Inc.

Consolidated Balance Sheets

(In thousands) (Unaudited)

	September 30,			December 31,
	2009			2008

Assets
Cash and cash equivalents	$	32,388		$	51,405
Short-term investments		60,634			34,412
Accounts receivable		31,034			36,770
Term receivables, current		3,011			5,752
Allowance for doubtful accounts		(1,701	)		(2,277	)
Net receivables		32,344			40,245
Deferred commissions		5,822			5,381
Prepaid and other current assets		2,867			2,150
Total current assets		134,055			133,593

Long-term investments		--			4,963
Property and equipment, net		9,781			10,141
Term receivables, non-current		1,447			3,547
Intangible assets, net		11,222			6,399
Deferred commissions, non-current		2,828			2,840
Other		941			854
Total Assets	$	160,274		$	162,337

Liabilities and Stockholders’ Equity
Accounts payable	$	4,593		$	5,058
Commissions and bonuses payable		4,838			5,665
Other accrued liabilities		12,008			11,165
Current portion of long-term debt		34			46
Current portion of deferred revenue		75,643			77,584
Total current liabilities		97,116			99,518

Long-term debt, less current portion		--			22
Deferred revenue, net of current portion		28,298			35,614

Stockholders’ equity:
Common stock		34			34
Additional paid-in capital		109,394			102,662
Treasury stock, at cost		(15,007	)		(13,209	)
Accumulated other comprehensive income		1,395			1,916
Accumulated deficit		(60,956	)		(64,220	)
Total stockholders’ equity		34,860			27,183
Total Liabilities and Stockholders’ Equity	$	160,274		$	162,337

RightNow Technologies, Inc.

Consolidated Operating Statements

(In thousands, except per share amounts) (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
Revenue:
Software, hosting and support	$	29,754		$	25,956		$	83,223		$	76,085
Professional services		8,977			10,281			27,885			28,271
Total revenue		38,731			36,237			111,108			104,356

Cost of revenue:
Software, hosting and support		5,232			5,305			15,135			15,383
Professional services		6,365			8,133			19,719			23,228
Total cost of revenue		11,597			13,438			34,854			38,611

Gross profit		27,134			22,799			76,254			65,745

Operating expenses:
Sales and marketing		16,175			16,889			47,046			51,334
Research and development		5,100			4,671			14,907			13,664
General and administrative		4,018			3,215			11,671			10,621
Total operating expenses		25,293			24,775			73,624			75,619

Income (loss) from operations		1,841			(1,976	)		2,630			(9,874	)

Interest and other income, net		342			552			1,094			2,009

Income (loss) before income taxes		2,183			(1,424	)		3,724			(7,865	)
Benefit (provision) for income taxes		(218	)		(23	)		(460	)		(110	)
Net income (loss)	$	1,965		$	(1,447	)	$	3,264		$	(7,975	)

Net income (loss) per share:
Basic	$	0.06		$	(0.04	)	$	0.10		$	(0.24	)
Diluted	$	0.06		$	(0.04	)	$	0.10		$	(0.24	)

Shares used in the computation:
Basic		31,733			33,640			31,731			33,585
Diluted		32,424			33,640			32,249			33,585

Supplemental information of stock-based compensation expense included in:
Cost of software, hosting and support	$	120		$	87		$	358		$	243
Cost of professional services		138			158			480			476
Sales and marketing		761			738			2,335			1,871
Research and development		285			252			924			729
General and administrative		548			297			2,007			1,376
Total stock-based compensation	$	1,852		$	1,532		$	6,104		$	4,695

RightNow Technologies, Inc.

Consolidated Statements of Cash Flow

(In thousands) (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
Operating activities:
Net income (loss)	$	1,965		$	(1,447	)	$	3,264		$	(7,975	)
Non-cash adjustments:
Depreciation and amortization		1,797			1,956			5,410			5,866
Stock-based compensation		1,852			1,532			6,104			4,695
Provision for losses on accounts receivable		30			64			117			179
Changes in operating accounts:
Receivables		2,333			1,143			10,731			12,652
Prepaid expenses		(628	)		(211	)		(735	)		(654	)
Deferred commissions		(65	)		(957	)		(142	)		(2,170	)
Accounts payable		(1,397	)		(523	)		(567	)		1,061
Commissions and bonuses payable		(132	)		166			(941	)		(615	)
Other accrued liabilities		(30	)		565			415			1,016
Deferred revenue		(569	)		(3,566	)		(12,036	)		(2,999	)
Other		(247	)		(52	)		256			(142	)
Cash provided (used) by operating activities		4,909			(1,330	)		11,876			10,914

Investing activities:
Net change in short-term investments		(13,081	)		2,218			(21,391	)		996
Acquisition of property and equipment		(1,243	)		(1,311	)		(3,673	)		(4,344	)
Intangible asset additions		(144	)		--			(244	)		--
Business acquisitions		(5,906	)		--			(5,906	)		--
Other		3			2			8			(25	)
Cash provided (used) by investing activities		(20,371	)		909			(31,206	)		(3,373	)

Financing activities:
Proceeds from issuance of common stock		167			618			396			1,266
Excess tax benefit of stock options exercised		95			--			232			--
Common stock repurchased		--			--			(1,798	)		--
Payments on long-term debt		(12	)		(11	)		(35	)		(33	)
Cash provided (used) by financing activities		250			607			(1,205	)		1,233

Effect of foreign exchange rates on cash and cash equivalents		613			(1,822	)		1,518			(1,310	)

Increase (decrease) in cash and cash equivalents		(14,599	)		(1,636	)		(19,017	)		7,464

Cash and cash equivalents at beginning of period		46,987			52,781			51,405			43,681
Cash and cash equivalents at end of period	$	32,388		$	51,145		$	32,388		$	51,145

RightNow Technologies, Inc.

Reconciliation of Non-GAAP Measurements

(Amounts in thousands, except per share amounts) (Unaudited)

Diluted Earnings Per Share Reconciliation

	Three Months Ended September 30,					Nine Months Ended September 30,
	2009		2008			2009		2008
Net income (loss) as reported	$	1,965	$	(1,447	)	$	3,264	$	(7,975	)
Add stock-based compensation (“SBC”)		1,852		1,532			6,104		4,695
Net income (loss) before SBC	$	3,817	$	85		$	9,368	$	(3,280	)

Net income (loss) per share, as reported (basic and diluted)	$	0.06	$	(0.04	)	$	0.10	$	(0.24	)
Net income (loss) per share, before SBC (basic)	$	0.12	$	0.00		$	0.30	$	(0.10	)
Net income (loss) per share, before SBC (diluted)	$	0.12	$	0.00		$	0.29	$	(0.10	)

Shares outstanding (basic), as reported		31,733		33,640			31,731		33,585
Shares outstanding (diluted), as reported		32,424		34,432			32,249		33,585

Forward-Looking Guidance Reconciliation

	GAAP Guidance								Non-GAAP Guidance
	From			To		Adjustment			From		To
Fourth quarter ending December 31, 2009
Net income	$	(400	)	$	300	$	1,800	[a]	$	1,400	$	2,100
Net income (loss) per share	$	(0.01	)	$	0.01				$	0.04	$	0.06
Shares (diluted)		32,000			32,500					32,500		32,500

Year ending December 31, 2009
Net income	$	2,864		$	3,564	$	7,904	[a]	$	10,768	$	11,468
Net income per share	$	0.09		$	0.11				$	0.33	$	0.35
Shares (diluted)		32,500			32,500					32,500		32,500

[a] Estimated stock-based compensation expense to be recorded for the periods indicated in accordance with FASB Accounting Standards Codification Topic 718, Compensation-Stock Compensation, which is effective for periods beginning January 1, 2006.

About Non-GAAP Financial Measures

Non-GAAP net income (loss) and diluted net income (loss) per share are supplemental measures of our performance that are not required by, or presented in accordance with GAAP. These non-GAAP financial measures are not intended to be used in isolation and should not be considered a substitute for net income (loss) and net income (loss) per share or any other performance measure determined in accordance with GAAP. We present non-GAAP net income (loss) and net income (loss) per share because we consider each to be an important supplemental measure of our performance.

Management uses these non-GAAP financial measures to make operational decisions, evaluate the Company’s performance, prepare forecasts and determine compensation. Further, management believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance when planning, forecasting and analyzing future periods. Our stock-based compensation expenses are expected to vary depending on the number of new grants issued, changes in our stock price, stock market volatility, expected option lives and risk-free rates of return, all of which are difficult to estimate. In calculating non-GAAP net income (loss) and net income (loss) per share, management excludes stock-based compensation expenses to facilitate its review of the comparability of the Company’s operating performance on a period-to-period basis because such expenses are not, in management’s view, related to the Company’s ongoing operating performance. Management uses this view of its operating performance for purposes of comparison with its business plan and individual operating budgets and resource allocation.

Management further believes that these non-GAAP financial measures are useful to investors in providing greater transparency to the information used by management in its operational decision making. We believe that the use of non-GAAP net income (loss) and net income (loss) per share also facilitate a comparison of RightNow’s underlying operating performance with that of other companies in our industry, which use similar non-GAAP financial measures to supplement their GAAP results.

Calculating non-GAAP net income (loss) and net income (loss) per share have limitations as an analytical tool, and readers should not consider these measures in isolation or as substitutes for GAAP net income (loss) and GAAP net income (loss) per share. In the future, we expect to incur additional stock-based compensation expenses and the exclusion of these expenses in the presentation of our non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool, which include:

·	Other companies inside and outside of our industry may calculate non-GAAP net income (loss) and net income (loss) per share differently than we do, limiting their usefulness as a comparative tool; and

·	The Company’s income tax expense or benefit will be ultimately based on its GAAP taxable income and actual tax rates in effect, which may differ significantly from the effective tax rate used in our non-GAAP financial measures.

In addition, the adjustments to our GAAP financial measures reflect the exclusion of stock-based compensation expenses that are recurring and will be reflected in the Company’s financial results for the foreseeable future. The Company compensates for these limitations by providing specific information regarding the GAAP amount excluded from the non-GAAP financial measures. The Company further compensates for the limitations of our use of non-GAAP financial measures by presenting comparable GAAP measures more prominently. The Company evaluates the non-GAAP financial measures together with the most directly comparable GAAP financial measures.

Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with our GAAP net income (loss) and net income (loss) per share. For more information, see the consolidated operating statements and reconciliation of non-GAAP measurements contained in this press release.

***

EX-99 3 exh_992.htm EXHIBIT 99.1

Exhibit 99.2

Consolidated Balance Sheets		Amounts in thousands
	Unaudited
	Last updated October 22, 2009	Mar 31,	Jun 30,	Sep 30,	Dec 31,	Mar 31,	Jun 30,	Sep 30,	Dec 31,	Mar 31,	Jun 30,	Sep 30,	Dec 31,	Mar 31,	Jun 30,	Sep 30,
		2006	2006	2006	2006	2007	2007	2007	2007	2008	2008	2008	2008	2009	2009	2009
Assets
Current assets:
	Cash and cash equivalents	42,444	30,546	38,114	39,208	44,899	33,842	33,109	43,681	44,591	52,781	51,145	51,405	51,462	46,987	32,388
	Short-term investments	27,063	35,203	36,906	39,127	37,578	52,911	56,823	52,644	36,585	41,540	46,444	34,412	36,517	42,808	60,634
	Accounts receivable	31,615	26,250	25,347	32,021	25,050	27,797	24,690	29,480	27,503	26,722	27,820	36,770	24,220	31,670	31,034
	Term receivables	17,268	19,255	22,587	23,806	20,555	15,756	13,773	13,069	9,616	8,814	6,875	5,752	4,810	4,107	3,011
	Less allowance for doubtful accounts	(2,090)	(2,331)	(3,225)	(2,621)	(2,273)	(2,046)	(2,009)	(1,918)	(2,056)	(2,177)	(2,148)	(2,277)	(1,901)	(1,910)	(1,701)
	Prepaid & other current assets	2,439	2,514	2,874	2,498	3,676	4,980	5,786	5,979	6,773	7,082	7,497	7,531	7,593	7,815	8,689
	Total current assets	118,739	111,437	122,603	134,039	129,485	133,240	132,172	142,935	123,012	134,762	137,633	133,593	122,701	131,477	134,055

Long-term investments		-	-	-	-	-	-	-	-	17,810	11,925	4,612	4,963	4,980	4,792	-
Property and equipment, net		6,632	8,620	8,470	10,073	10,715	10,494	10,451	10,856	10,807	10,798	10,377	10,141	9,187	9,775	9,781
Term receivables, noncurrent		12,611	15,765	22,193	24,805	19,349	13,239	11,170	9,859	8,059	5,728	4,420	3,547	2,804	2,159	1,447
Intangible and other assets, net		1,447	9,699	9,302	9,325	9,380	9,352	9,221	10,136	10,016	10,025	10,268	10,093	9,274	9,379	14,991
Total assets		139,429	145,521	162,568	178,242	168,929	166,325	163,014	173,786	169,704	173,238	167,310	162,337	148,946	157,582	160,274

Liabilities, Preferred Stock and Stockholders' Equity
Current liabilities:
	Accounts payable and accrued liabilities	9,231	8,970	8,591	12,005	13,818	14,688	14,855	15,790	18,146	17,919	17,405	16,223	14,309	17,847	16,601
	Commissions and bonuses payable	3,706	3,066	4,001	4,069	2,902	2,918	2,889	5,044	3,531	4,279	4,351	5,665	3,084	4,958	4,838
	Current portion of long-term debt	30	35	35	31	32	32	42	43	44	44	45	46	46	45	34
	Deferred revenue	54,191	56,222	59,218	67,560	67,444	66,660	69,665	76,995	73,575	76,693	72,008	77,584	72,885	75,972	75,643
	Total current liabilities	67,158	68,293	71,845	83,665	84,196	84,298	87,451	97,872	95,296	98,935	93,809	99,518	90,324	98,822	97,116

Deferred revenue, noncurrent		26,715	31,012	43,402	47,018	41,241	41,718	37,139	37,665	38,079	39,289	37,201	35,614	30,322	28,112	28,298
Long-term debt		109	123	113	85	77	69	79	68	57	45	34	22	10	-	-

Preferred stock		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Stockholders' equity (deficit):
	Common stock	32	32	32	33	33	33	33	33	34	34	34	34	34	34	34
	Additional paid-in capital	79,536	81,856	83,428	86,069	88,064	90,750	92,486	95,377	97,107	99,187	101,337	102,662	104,345	107,281	109,394
	Treasury stock, at cost	-	-	-	-	-	-	-	-	-	-	-	(13,209)	(15,007)	(15,007)	(15,007)
	Other comprehensive income (loss)	(393)	(312)	(250)	(332)	(384)	(504)	(551)	(292)	(536)	(787)	(193)	1,916	1,875	1,260	1,395
	Accumulated deficit	(33,728)	(35,483)	(36,002)	(38,296)	(44,298)	(50,039)	(53,623)	(56,937)	(60,333)	(63,465)	(64,912)	(64,220)	(62,957)	(62,920)	(60,956)
	Total stockholders' equity	45,447	46,093	47,208	47,474	43,415	40,240	38,345	38,181	36,272	34,969	36,266	27,183	28,290	30,648	34,860
Total liabilities, preferred stock and
	stockholders' equity	139,429	145,521	162,568	178,242	168,929	166,325	163,014	173,786	169,704	173,238	167,310	162,337	148,946	157,582	160,274

Consolidated Statements of Operations
	Unaudited	Amounts in thousands
	Last updated October 22, 2009
		2006					2007					2008					2009
		Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	YTD
Revenue:
	Software, hosting and support	19,310	20,636	23,754	22,557	86,257	19,819	20,693	22,366	24,105	86,983	24,556	25,573	25,956	26,491	102,576	26,045	27,424	29,754	83,223
	Professional services	5,321	6,272	6,334	6,204	24,131	5,883	5,772	6,880	6,559	25,094	8,342	9,648	10,281	9,588	37,859	9,992	8,916	8,977	27,885
	Total revenue	24,631	26,908	30,088	28,761	110,388	25,702	26,465	29,246	30,664	112,077	32,898	35,221	36,237	36,079	140,435	36,037	36,340	38,731	111,108

Cost of revenue:
	Software, hosting and support	2,771	3,159	3,667	3,663	13,260	4,394	4,565	4,604	4,848	18,411	5,035	5,043	5,305	5,014	20,397	4,949	4,954	5,232	15,135
	Professional services	4,104	4,941	4,969	5,096	19,110	5,171	5,036	5,667	6,138	22,012	7,285	7,810	8,133	7,212	30,440	7,008	6,346	6,365	19,719
	Total cost of revenue	6,875	8,100	8,636	8,759	32,370	9,565	9,601	10,271	10,986	40,423	12,320	12,853	13,438	12,226	50,837	11,957	11,300	11,597	34,854

Gross profit		17,756	18,808	21,452	20,002	78,018	16,137	16,864	18,975	19,678	71,654	20,578	22,368	22,799	23,853	89,598	24,080	25,040	27,134	76,254

Operating expenses:
	Sales and marketing	13,726	14,852	16,535	16,391	61,504	15,727	15,788	16,516	17,087	65,118	16,818	17,627	16,889	16,294	67,628	14,863	16,008	16,175	47,046
	Research and development	3,130	3,476	3,740	4,132	14,478	4,296	4,343	4,308	4,137	17,084	4,486	4,507	4,671	4,628	18,292	4,756	5,051	5,100	14,907
	General and administrative	2,056	2,709	2,333	2,480	9,578	2,860	3,178	2,680	2,782	11,500	3,516	3,890	3,215	2,994	13,615	3,446	4,207	4,018	11,671
	Total operating expenses	18,912	21,037	22,608	23,003	85,560	22,883	23,309	23,504	24,006	93,702	24,820	26,024	24,775	23,916	99,535	23,065	25,266	25,293	73,624

Operating income (loss)		(1,156)	(2,229)	(1,156)	(3,001)	(7,542)	(6,746)	(6,445)	(4,529)	(4,328)	(22,048)	(4,242)	(3,656)	(1,976)	(63)	(9,937)	1,015	(226)	1,841	2,630
Interest and other income (expense), net		672	768	740	884	3,064	828	885	1,004	966	3,683	938	519	552	687	2,696	401	351	342	1,094

Income (loss) before income taxes		(484)	(1,461)	(416)	(2,117)	(4,478)	(5,918)	(5,560)	(3,525)	(3,362)	(18,365)	(3,304)	(3,137)	(1,424)	624	(7,241)	1,416	125	2,183	3,724
(Provision) benefit for income taxes		44	(294)	(103)	(177)	(530)	(84)	(181)	(59)	48	(276)	(92)	5	(23)	68	(42)	(153)	(89)	(218)	(460)
Net income (loss)		(440)	(1,755)	(519)	(2,294)	(5,008)	(6,002)	(5,741)	(3,584)	(3,314)	(18,641)	(3,396)	(3,132)	(1,447)	692	(7,283)	1,263	36	1,965	3,264

Net income (loss) per share:
	Basic	$ (0.01)	$ (0.05)	$ (0.02)	$ (0.07)	$ (0.16)	$ (0.18)	$ (0.17)	$ (0.11)	$ (0.10)	$ (0.56)	$ (0.10)	$ (0.09)	$ (0.04)	$ 0.02	$ (0.22)	$ 0.04	$ 0.00	$ 0.06	$ 0.10
	Diluted	$ (0.01)	$ (0.05)	$ (0.02)	$ (0.07)	$ (0.16)	$ (0.18)	$ (0.17)	$ (0.11)	$ (0.10)	$ (0.56)	$ (0.10)	$ (0.09)	$ (0.04)	$ 0.02	$ (0.22)	$ 0.04	$ 0.00	$ 0.06	$ 0.10

Shares used in the computation:
	Basic	31,943	32,172	32,316	32,529	32,241	32,858	32,983	33,094	33,371	33,078	33,532	33,582	33,640	32,692	33,362	31,784	31,677	31,733	31,731
	Diluted	31,943	32,172	32,316	32,529	32,241	32,858	32,983	33,094	33,371	33,078	33,532	33,582	33,640	33,204	33,362	32,249	32,160	32,424	32,249


Supplemental information of stock-based
compensation expense included in:
	Cost of software, hosting and support	38	55	52	48	193	58	79	84	67	288	77	79	87	80	323	96	142	120	358
	Cost of professional services	97	137	124	113	471	125	149	217	156	647	153	165	158	162	638	133	209	138	480
	Sales and marketing	366	535	529	499	1,929	658	731	542	333	2,264	538	595	738	583	2,454	622	952	761	2,335
	Research and development	159	233	230	212	834	226	289	166	206	887	235	242	252	240	969	262	377	285	924
	General and administrative	123	718	179	181	1,201	235	743	199	208	1,385	263	816	297	265	1,641	403	1,056	548	2,007
	Total stock-based compensation	783	1,678	1,114	1,053	4,628	1,302	1,991	1,208	970	5,471	1,266	1,897	1,532	1,330	6,025	1,516	2,736	1,852	6,104

Consolidated Statements of Cash Flow
	Unaudited
	Last updated October 22, 2009	2006					2007					2008					2009
		Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	YTD
Operating activities
Net income (loss)		(440)	(1,755)	(519)	(2,294)	(5,008)	(6,002)	(5,741)	(3,584)	(3,314)	(18,641)	(3,396)	(3,132)	(1,447)	692	(7,283)	1,263	36	1,965	3,264
Noncash adjustments:
	Depreciation and amortization	1,105	1,337	1,556	1,683	5,681	1,675	1,880	1,869	1,842	7,266	1,954	1,956	1,956	1,905	7,771	1,887	1,726	1,797	5,410
	Provision for losses on accounts receivable	(248)	7	292	255	306	(69)	13	401	39	384	89	26	64	33	212	57	30	30	117
	Stock-based compensation expense			1,114	1,053	4,628	1,302	1,991	1,208	970	5,471	1,266	1,897	1,532	1,330	6,025	1,516	2,736	1,852	6,104
Changes in operating accounts:
	Receivables	(9,798)	1,386	(8,117)	(10,958)	(27,487)	15,427	8,224	6,933	(3,032)	27,552	7,447	4,062	1,143	(7,878)	4,774	13,569	(5,171)	2,333	10,731
	Prepaid and other current assets	(167)	8	(225)	193	(191)	(1,471)	(1,612)	(803)	(1,143)	(5,029)	(852)	(804)	(1,168)	(900)	(3,724)	399	(583)	(693)	(877)
	Accounts payable and accrued liabilities	1,191	(638)	(373)	3,277	3,457	1,748	810	89	1,041	3,688	2,292	(257)	42	(720)	1,357	(1,823)	3,099	(1,427)	(151)
	Commissions and bonuses payable	787	(752)	932	58	1,025	(1,171)	(1)	(47)	2,176	957	(1,523)	742	166	1,545	930	(2,553)	1,743	(132)	(942)
	Deferred revenue	12,976	5,349	15,184	11,273	44,782	(6,056)	(814)	(2,143)	8,407	(606)	(3,434)	4,001	(3,566)	7,168	4,169	(9,429)	(2,038)	(569)	(12,036)
	Other	(137)	244	(8)	(249)	(150)	(23)	13	(130)	132	(8)	(173)	83	(52)	635	493	-	503	(247)	256
	Cash provided (used) by operating activities	6,052	6,864	9,836	4,291	27,043	5,360	4,763	3,793	7,118	21,034	3,670	8,574	(1,330)	3,810	14,724	4,886	2,081	4,909	11,876

Investing activities
Acquistion of property and equipment		(1,140)	(2,770)	(1,020)	(2,828)	(7,758)	(1,987)	(1,351)	(1,426)	(2,436)	(7,200)	(1,522)	(1,536)	(1,309)	(1,425)	(5,792)	(584)	(1,841)	(1,240)	(3,665)
Business acquisitions		-	(8,731)	-	-	(8,731)	-	-	-	-	-	-	-	-	-	-	-	-	(5,906)	(5,906)
Change in investments, net		(3,749)	(8,140)	(1,638)	(2,285)	(15,812)	1,549	(15,333)	(3,912)	4,179	(13,517)	(1,970)	748	2,218	12,435	13,431	(2,251)	(6,059)	(13,081)	(21,391)
Other		(10)	-		(3)	(13)	(29)	(32)	1	17	(42)	-	-	-	-	-	(100)	-	(144)	(244)
Cash provided (used) for investing activities		(4,899)	(19,641)	(2,658)	(5,116)	(32,314)	(467)	(16,716)	(5,337)	1,760	(20,759)	(3,492)	(788)	909	11,010	7,639	(2,935)	(7,900)	(20,371)	(31,206)

Financing activities
Net proceeds from (payments on) long-term debt		(7)	(7)	(9)	(32)	(55)	(7)	(8)	(10)	(10)	(35)	(11)	(11)	(11)	(10)	(43)	(12)	(11)	(12)	(35)
Proceeds from issuance of stock:
	Common stock issued under employee benefit plans	432	567	363	1,359	2,721	643	536	509	1,966	3,653	414	234	618	130	1,396	78	151	167	396
Common stock repurchase (Treasury)												-	-	-	(13,209)	(13,209)	(1,798)	-	-	(1,798)
Other		-	-	-	400	400	49	160	19	(45)	183	51	(53)	-	(133)	(135)	89	48	95	232
Cash provided (used) by financing activities		425	560	354	1,727	3,066	685	688	518	1,911	3,801	454	170	607	(13,222)	(11,991)	(1,643)	188	250	(1,205)

Effect of foreign exchange rates		(8)	319	36	192	539	113	208	293	(217)	397	278	234	(1,822)	(1,338)	(2,648)	(251)	1,156	613	1,518

Net change in cash and cash equivalents		1,570	(11,898)	7,568	1,094	(1,666)	5,691	(11,057)	(733)	10,572	4,473	910	8,190	(1,636)	260	7,724	57	(4,475)	(14,599)	(19,017)

Cash and cash equivalents at beginning of period		40,874	42,444	30,546	38,114	40,874	39,208	44,899	33,842	33,109	39,208	43,681	44,591	52,781	51,145	43,681	51,405	51,462	46,987	51,405
Cash and cash equivalents at end of period		42,444	30,546	38,114	39,208	39,208	44,899	33,842	33,109	43,681	43,681	44,591	52,781	51,145	51,405	51,405	51,462	46,987	32,388	32,388

Supplemental Data Sheet		Amounts in thousands
Unaudited		2006					2007					2008					2009
Last updated October 22, 2009		Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	Q4	YTD	Q1	Q2	Q3	YTD

Revenue	Recurring	13,977	15,083	16,710	17,678	63,448	19,225	20,341	21,813	23,541	84,920	24,412	25,459	25,917	26,476	102,264	25,955	27,393	29,741	83,089
Mix	Perpetual	5,333	5,553	7,044	4,879	22,809	594	352	553	564	2,063	144	114	39	15	312	90	31	13	134
(in thousands)	Professional services	5,321	6,272	6,334	6,204	24,131	5,883	5,772	6,880	6,559	25,094	8,342	9,648	10,281	9,588	37,859	9,992	8,916	8,977	27,885
	Total	24,631	26,908	30,088	28,761	110,388	25,702	26,465	29,246	30,664	112,077	32,898	35,221	36,237	36,079	140,435	36,037	36,340	38,731	111,108

Revenue	Recurring	56%	56%	56%	61%	57%	75%	77%	74%	77%	76%	75%	73%	72%	73%	73%	72%	75%	77%	75%
Mix	Perpetual	22%	21%	23%	17%	21%	2%	1%	2%	2%	2%	0%	0%	0%	0%	0%	0%	0%	0%	0%
(% of total)	Professional services	22%	23%	21%	22%	22%	23%	22%	24%	21%	22%	25%	27%	28%	27%	27%	28%	25%	23%	25%



Revenue by	Americas	17,368	20,072	23,847	21,235	82,522	18,472	18,908	20,687	21,473	79,540	22,357	23,384	25,187	26,712	97,640	26,997	26,386	27,737	81,120
Geography	Europe	5,014	5,335	4,732	5,520	20,601	5,359	5,321	5,958	6,923	23,561	8,066	8,876	8,082	6,922	31,946	6,440	6,832	7,441	20,713
(in thousands)	Asia Pacific	2,249	1,501	1,509	2,006	7,265	1,871	2,236	2,601	2,268	8,976	2,475	2,961	2,968	2,445	10,849	2,600	3,122	3,553	9,275

Revenue by	Americas	71%	74%	79%	74%	74%	72%	72%	71%	70%	71%	67%	67%	70%	74%	69%	75%	72%	72%	73%
Geography	Europe	20%	20%	16%	19%	19%	21%	20%	20%	23%	21%	25%	25%	22%	19%	23%	18%	19%	19%	19%
(% of total)	Asia Pacific	9%	6%	5%	7%	7%	7%	8%	9%	7%	8%	8%	8%	8%	7%	8%	7%	9%	9%	8%



Deferred	Current	54,191	56,222	59,218	67,560		67,444	66,660	69,665	76,995		73,575	76,693	72,008	77,584		72,885	75,972	75,643
Revenue	Non-current	26,715	31,012	43,402	47,018		41,241	41,718	37,139	37,665		38,079	39,289	37,201	35,614		30,322	28,112	28,298
(in thousands)	Total	80,906	87,234	102,620	114,578		108,685	108,378	106,804	114,660		111,654	115,982	109,209	113,198		103,207	104,084	103,941

Term Receivables	Current	17,268	19,255	22,587	23,806		20,555	15,756	13,773	13,069		9,616	8,814	6,875	5,752		4,810	4,107	3,011
(in thousands)	Non-current	12,611	15,765	22,193	24,805		19,349	13,239	11,170	9,859		8,059	5,728	4,420	3,547		2,804	2,159	1,447
	Total	29,879	35,020	44,780	48,611		39,904	28,995	24,943	22,928		17,675	14,542	11,295	9,299		7,614	6,266	4,458

Net Deferred	Current	36,923	36,967	36,631	43,754		46,889	50,904	55,892	63,926		63,959	67,879	65,133	71,832		68,075	71,865	72,632
Revenue	Non-current	14,104	15,247	21,209	22,213		21,892	28,479	25,969	27,806		30,020	33,561	32,781	32,067		27,518	25,953	26,851
(in thousands)	Total	51,027	52,214	57,840	65,967		68,781	79,383	81,861	91,732		93,979	101,440	97,914	103,899		95,593	97,818	99,483



Customers	New	97	261	83	79	520	62	74	60	60	256	64	73	68	59	264	26	46	56	128
	Total (~)	1,500	1,700	1,800	1,800		1,800	1,800	1,800	1,800		1,800	1,900	1,900	1,900		1,900	1,900	1,900	1,900
	Interactions (in millions)	281	223	261	285	1,050	352	332	347	436	1,467	463	477	576	583	2,099	584	586	620	1,790



Employees	Worldwide	578	649	654	658		679	698	691	686		718	765	777	737		742	756	792

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