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): February 9, 2012
PROS Holdings, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware | 001-33554 | 76-0168604 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
3100 Main Street, Suite 900 Houston, TX |
77002 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code (713) 335-5151
(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 February 9, 2012, PROS Holdings, Inc. (the Company) issued a press release announcing financial results for its quarter and year ended December 31, 2011. A copy of the press release, dated as of February 9, 2012, is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The press release contains forward looking statements regarding the Company and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.
The information in this Current Report, including the exhibit attached hereto, shall not be deemed filed with the Securities and Exchange Commission for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) | Exhibits |
99.1 | Press release dated February 9, 2012. |
Page 2 of 11
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.
PROS HOLDINGS, INC. | ||||
Date: February 9, 2012 | ||||
/s/ Charles H. Murphy | ||||
Charles H. Murphy | ||||
Chief Financial Officer and Executive Vice President |
Page 3 of 11
Exhibit 99.1
PROS HOLDINGS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2011 FINANCIAL RESULTS
| Record fourth quarter revenue of $26.2 million increased 30% year-over-year, exceeding guidance. |
| Record 2011 revenue of $96.6 million. |
| GAAP operating income of $2.7 million for the fourth quarter, exceeding guidance, and $8.6 million for 2011. |
| Non-GAAP operating income for the fourth quarter was $4.5 million, exceeding guidance. Non-GAAP operating income for the full year 2011 was $15.4 million, an increase of 62% year over year. |
| GAAP net income for the fourth quarter of $0.08 per share, and non-GAAP net income of $0.11 per share. GAAP net income for the full year 2011 of $0.23 per share, and non-GAAP net income of $0.39 per share. |
HOUSTON, Texas February 9, 2012 PROS Holdings, Inc. (NYSE: PRO), a world leader in pricing and revenue management software, today announced financial results for the fourth quarter and full year ended December 31, 2011.
Total GAAP revenue for the fourth quarter of 2011 was $26.2 million, which was above the high end of the Companys revenue guidance for the quarter, and represented an increase of 30% over the fourth quarter 2010.
CEO Andres Reiner stated, We are excited to announce a record performance in the fourth quarter, capping off an excellent year. Our strong results reflect the investments we have made to accelerate awareness and adoption, extend our product leadership, and increase our global reach and scale. We enter 2012 with great confidence as PROS is well positioned to help companies compete and win in their markets by turning pricing into a strategic advantage.
For the quarter ended December 31, 2011, GAAP operating income was $2.7 million, compared with an operating loss of $0.3 million in the fourth quarter of 2010. GAAP net income in the quarter was $2.1 million, or $0.08 per share, compared with $0.6 million, or $0.02 per share, in the fourth quarter of 2010.
For the quarter ended December 31, 2011, non-GAAP operating income was $4.5 million, which exceeded the high end of the guidance for the quarter and represents a 56% increase, compared with $2.9 million in the fourth quarter of 2010. Non-GAAP net income for the fourth quarter of 2011 was $3.2 million, or $0.11 per share, compared with $2.2 million, or $0.08 per share, in the fourth quarter of 2010.
CEO Andres Reiner stated, In addition to the record performance in the fourth quarter we are pleased with our full year performance with record revenue, a non-GAAP operating income increase of 62% over the prior year, and our sales momentum.
For the year ended December 31, 2011, GAAP revenue was $96.6 million, above the high end of the guidance for the year, compared with GAAP revenue of $71.0 million in 2010 and non-GAAP revenue of $74.2 million in 2010, a 30% increase over prior year non-GAAP revenue. GAAP operating income was $8.6 million for 2011, compared with an operating loss of $4.3 million in 2010. GAAP net income for 2011 was $6.4 million, or $0.23 per share, compared with a net loss of $1.9 million, or $0.07 per share in 2010.
Page 4 of 11
For the year ended December 31, 2011, non-GAAP operating income was $15.4 million, a 62% increase, compared with $9.5 million in 2010. Non-GAAP net income for the 2011 was $10.7 million, or $0.39 per share, compared with $6.8 million, or $0.25 per share in 2010.
Backlog was $124.1 million as of December 31, 2011, as compared with backlog of $107.0 million as of December 31, 2010. The portion of backlog as of December 31, 2011 reasonably expected to be recognized as revenue within the next twelve months is estimated to be $85.8 million.
Fourth Quarter and 2011 Business Highlights
| Selected by new customers such as Autodesk, Air Europa, Coates Hire, Kemira, Novozymes and Sunoco, among others |
| Awarded strategic 2011 Vendor of the Year by 3663, a leading food service distributor in the United Kingdom |
| Awarded a top rating of Strong Positive in Gartner MarketScope report on pricing optimization software |
| Launched enterprise software resellers program with partners in Brazil, China, Portugal, and Spain |
| Participated in key global marketing events in Beijing, Shanghai, Sao Paulo, Madrid, and Barcelona |
| Increased headcount by 111, or 26%, to end the year with 540 people, reflecting investments across the company to drive long-term growth |
Executive Vice President and Chief Financial Officer Charles Murphy stated, We are pleased with our performance for the quarter and full year as the strength of our revenue drove operating profit and earnings per share above the high end of our guidance. We are also pleased with our strong balance sheet, with $68.5 million in cash and no debt. With our strong backlog entering 2012, we are confident in our ability to grow full year revenue approximately 20%. We also plan to continue on our stated path of investing in support of the growth of the business in order to capture the opportunity we see in front of us while continuing to deliver solid profitability.
The attached table provides a reconciliation of GAAP to non-GAAP income from operations and net income as well as net income per share available to common stockholders for the quarter and full year ended December 31, 2011 and 2010.
Financial Outlook
Based on information as of today, PROS anticipates the following performance for the first quarter of 2012:
| Total revenue in the range of $26.6 million to $27.1 million |
| GAAP income from operations of $2.1 million to $2.6 million and GAAP earnings per share of $0.05 to $0.06 |
| Non-GAAP income from operations of $3.7 million to $4.2 million and non-GAAP earnings per share of $0.09 to $0.10, which exclude estimated non-cash share-based compensation charges of approximately $1.6 million |
| GAAP and non-GAAP estimated tax rate of approximately 36% and 35%, respectively |
| Estimated weighted average of 28.2 million diluted shares outstanding |
Conference Call
In conjunction with this announcement, PROS Holdings, Inc. will host a conference call on February 9, 2012, at 4:30 p.m. (ET) to discuss the companys financial results. To access this call, dial (866) 203-2528 (domestic) or (617) 213-8847 (international). The pass code for the call is 67165872. Additionally, a live webcast of the conference call will be available in the Investor Relations section of the Companys web site at www.prospricing.com.
Following the conference call, a replay will be available at (888) 286-8010 (domestic) or (617) 801-6888 (international). The replay pass code is 63972510. An archived web cast of this conference call will also be available in the Investor Relations section of the Companys web site at www.prospricing.com.
Page 5 of 11
About PROS
PROS Holdings, Inc. (NYSE: PRO) is a leading provider of prescriptive pricing and revenue management software for companies in the manufacturing, distribution, services and travel industries. PROS gives customers far greater confidence and agility in their pricing strategies by providing data-driven insights into transaction profitability, forecasting demand, recommending optimal prices for each product and deal, and streamlining pricing processes with enhanced controls and compliance. With $468 billion in revenues under management, PROS has implemented more than 500 solutions in more than 50 countries. The PROS team comprises more than 500 professionals, including 100 with advanced degrees and 25 with Ph.D.s. To learn more, visit www.prospricing.com.
Forward-looking Statements
This press release contains forward-looking statements, including statements about PROS momentum and future financial performance, positioning of PROS, in the enterprise and mid-market sectors, the confidence and optimism of PROS management, customer successes, the growth and reach of PROS reseller network, awareness of PROS pricing optimization solutions, the demands for PROS solutions, the predictability of the PROS business and PROS effective tax rate and the continued reinstatement of the R&E tax credit. The forward-looking statements contained in this press release are based upon PROS historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ materially from those described herein include risks related to: (a) the impact that a slowdown in the world or any particular economy has on PROS business sales cycles, prospects and customers spending decisions and timing of implementation decisions, (b) the challenges associated with PROS selling its solutions and successfully installing and delivering the products and services, (c) the difficulties and risks associated with developing and selling complex new products and enhancements with the technical specifications and functionality desired by customers, (d) the risk that the market for PROS pricing and margin optimization software does not grow as anticipated, (e) the difficulties of making accurate estimates necessary to complete a project and recognize revenue and risk that PROS revenue model will not continue to provide predictability of the PROS business, (f) the risk that PROS will not be able to maintain historical maintenance renewal rates, (g) personnel and other risks associated with growing a business generally (h) the risk that modification or negotiation of contractual arrangements will be necessary during PROS implementations of its solutions, (i) the impact of currency fluctuations on PROS results of operations, (j) the risk that reseller and other relationships do not increase sales of PROS solutions and (k) the risk posed by civil and political unrest in regions in which PROS operate. Additional information relating to the uncertainty affecting the PROS business are contained in PROS filings with the Securities and Exchange Commission. These forward-looking statements represent PROS expectations as of the date of this press release. Subsequent events may cause these expectations to change, and PROS disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
PROS has provided in this release certain financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP revenue, income from operations, net income and diluted earnings per share. PROS uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating PROS ongoing operational performance.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure as detailed above. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables included as part of this press release. PROS use of non-GAAP financial measures may not be consistent with the presentations by similar companies in PROS industry.
Page 6 of 11
Investor Contact:
PROS Investor Relations
Matthew Balfour
713-335-5232
mbalfour@prospricing.com
Media Contact:
PROS Public Relations
Yvonne Donaldson
713-335-5310
ydonaldson@prospricing.com
Page 7 of 11
PROS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
(Unaudited)
December 31, | ||||||||
2011 | 2010 | |||||||
Assets: |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 68,457 | $ | 55,845 | ||||
Short-term investments |
| 73 | ||||||
Accounts and unbilled receivables, net of allowance of $1,130 and $1,020, respectively |
33,864 | 27,402 | ||||||
Prepaid expenses and other current assets |
8,353 | 6,170 | ||||||
|
|
|
|
|||||
Total current assets |
110,674 | 89,490 | ||||||
Restricted cash |
329 | 293 | ||||||
Property and equipment, net |
4,703 | 3,248 | ||||||
Other long term assets, net |
5,553 | 5,097 | ||||||
|
|
|
|
|||||
Total assets |
$ | 121,259 | $ | 98,128 | ||||
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Liabilities and stockholders equity: |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 4,914 | $ | 2,131 | ||||
Accrued liabilities |
1,318 | 1,998 | ||||||
Accrued payroll and other employee benefits |
5,139 | 4,606 | ||||||
Deferred revenue |
33,094 | 28,429 | ||||||
|
|
|
|
|||||
Total current liabilities |
44,465 | 37,164 | ||||||
Long-term deferred revenue |
2,850 | 1,461 | ||||||
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|
|
|||||
Total liabilities |
47,315 | 38,625 | ||||||
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|
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Commitments and contingencies |
||||||||
Stockholders equity: |
||||||||
Common stock, $0.001 par value, 75,000,000 shares authorized, 31,432,430 and 30,777,000 shares issued, respectively, 27,014,845 and 26,359,415 shares outstanding, respectively |
31 | 31 | ||||||
Additional paid-in capital |
77,934 | 69,844 | ||||||
Treasury stock, 4,417,585 common shares, at cost |
(13,938 | ) | (13,938 | ) | ||||
Accumulated other comprehensive loss |
(11 | ) | (11 | ) | ||||
Retained earnings |
9,928 | 3,577 | ||||||
|
|
|
|
|||||
Total stockholders equity |
73,944 | 59,503 | ||||||
|
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|
|
|||||
Total liabilities and stockholders equity |
$ | 121,259 | $ | 98,128 | ||||
|
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|
|
Page 8 of 11
PROS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(Unaudited)
For the Three Months Ended December 31, |
For the Year Ended December 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue: |
||||||||||||||||
License and implementation |
$ | 17,540 | $ | 12,685 | $ | 62,975 | $ | 42,067 | ||||||||
Maintenance and support |
8,700 | 7,508 | 33,664 | 28,978 | ||||||||||||
|
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|
|||||||||
Total revenue |
26,240 | 20,193 | 96,639 | 71,045 | ||||||||||||
Cost of revenue: |
||||||||||||||||
License and implementation |
5,501 | 4,319 | 19,755 | 14,751 | ||||||||||||
Maintenance and support |
1,751 | 1,434 | 6,682 | 5,816 | ||||||||||||
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|
|||||||||
Total cost of revenue |
7,252 | 5,753 | 26,437 | 20,567 | ||||||||||||
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|
|||||||||
Gross profit |
18,988 | 14,440 | 70,202 | 50,478 | ||||||||||||
Gross margin |
72.4 | % | 71.5 | % | 72.6 | % | 71.1 | % | ||||||||
Operating expenses: |
||||||||||||||||
Selling, marketing, general and administrative |
9,579 | 9,617 | 35,930 | 34,101 | ||||||||||||
Research and development |
6,719 | 5,122 | 25,671 | 20,664 | ||||||||||||
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Total operating expenses |
16,298 | 14,739 | 61,601 | 54,765 | ||||||||||||
Income (loss) from operations |
2,690 | (299 | ) | 8,601 | (4,287 | ) | ||||||||||
Other income: |
||||||||||||||||
Interest income |
2 | 16 | 33 | 69 | ||||||||||||
Other income |
| 25 | | 25 | ||||||||||||
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Income (loss) before income tax provision |
2,692 | (258 | ) | 8,634 | (4,193 | ) | ||||||||||
Income tax provision (benefit) |
571 | (889 | ) | 2,284 | (2,262 | ) | ||||||||||
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Net income (loss) |
$ | 2,121 | $ | 631 | 6,350 | (1,931 | ) | |||||||||
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Net earnings (loss) attributable to common stockholders per share: |
||||||||||||||||
Basic |
$ | 0.08 | $ | 0.02 | $ | 0.24 | $ | (0.07 | ) | |||||||
Diluted |
$ | 0.08 | $ | 0.02 | $ | 0.23 | $ | (0.07 | ) | |||||||
Weighted average number of shares: |
||||||||||||||||
Basic |
26,974,685 | 26,234,825 | 26,831,530 | 26,089,850 | ||||||||||||
Diluted |
28,035,591 | 27,136,193 | 27,761,958 | 26,089,850 |
Page 9 of 11
PROS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Year Ended December 31, | ||||||||
2011 | 2010 | |||||||
Operating activities: |
||||||||
Net income (loss) |
$ | 6,350 | $ | (1,931 | ) | |||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation |
1,609 | 1,361 | ||||||
Share-based compensation |
6,832 | 6,964 | ||||||
Excess tax benefits on share-based compensation |
(1,379 | ) | (959 | ) | ||||
Deferred income tax |
315 | (187 | ) | |||||
Provision for doubtful accounts |
178 | (87 | ) | |||||
Changes in operating assets and liabilities: |
||||||||
Accounts and unbilled receivable |
(6,659 | ) | (16,861 | ) | ||||
Prepaid expenses and other |
(1,651 | ) | (2,737 | ) | ||||
Accounts payable, accrued liabilities, accrued contract labor and accrued payroll |
2,594 | 654 | ||||||
Other current liabilities |
| (4,866 | ) | |||||
Deferred revenue |
6,054 | 13,373 | ||||||
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Net cash provided by (used in) operating activities |
14,243 | (5,276 | ) | |||||
Investing activities: |
||||||||
Purchases of property and equipment |
(3,002 | ) | (1,524 | ) | ||||
Increase in restricted cash |
(36 | ) | (293 | ) | ||||
Decrease (increase) in short-term investment |
73 | (73 | ) | |||||
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Net cash used in investing activities |
(2,965 | ) | (1,890 | ) | ||||
Financing activities: |
||||||||
Proceeds from the exercise of stock options |
1,874 | 888 | ||||||
Excess tax benefits on share-based compensation |
1,379 | 959 | ||||||
Tax withholding related to net share settlement of restricted stock units |
(1,919 | ) | (1,285 | ) | ||||
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Net cash provided by financing activities |
1,334 | 562 | ||||||
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Net increase (decrease) in cash and cash equivalents |
12,612 | (6,604 | ) | |||||
Cash and cash equivalents: |
||||||||
Beginning of period |
55,845 | 62,449 | ||||||
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End of period |
$ | 68,457 | $ | 55,845 | ||||
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Page 10 of 11
PROS HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share data)
(Unaudited)
We use these non-GAAP financial measures to assist in the management of the Company because we believe that this information provides a more consistent and complete understanding of the underlying results and trends of the ongoing business due to the uniqueness of these charges.
For the Three Months Ended December 31, |
Quarter over Quarter % change |
For the Year Ended December 31, |
Year
over Year % change |
|||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||
Total revenue |
$ | 26,240 | $ | 20,193 | 30 | % | $ | 96,639 | $ | 71,045 | 36 | % | ||||||||||||
Non-GAAP adjustment: |
||||||||||||||||||||||||
Litigation & settlement expense |
| | | 3,134 | ||||||||||||||||||||
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Non-GAAP total revenue |
$ | 26,240 | $ | 20,193 | 30 | % | $ | 96,639 | $ | 74,179 | 30 | % | ||||||||||||
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GAAP gross profit |
$ | 18,988 | $ | 14,440 | 31 | % | $ | 70,202 | $ | 50,478 | 39 | % | ||||||||||||
Non-GAAP adjustment: |
||||||||||||||||||||||||
GAAP share-based compensation |
307 | 262 | 1,201 | 876 | ||||||||||||||||||||
Litigation & settlement expense |
| | | 3,134 | ||||||||||||||||||||
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Non-GAAP gross profit |
$ | 19,295 | $ | 14,702 | 31 | % | $ | 71,403 | $ | 54,488 | 31 | % | ||||||||||||
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Non-GAAP gross margin |
73.5 | % | 72.8 | % | 73.9 | % | 73.5 | % | ||||||||||||||||
GAAP selling, marketing, general and administrative |
$ | 9,579 | $ | 9,617 | (0 | )% | $ | 35,930 | $ | 34,101 | 5 | % | ||||||||||||
Non-GAAP adjustment: |
||||||||||||||||||||||||
GAAP share-based compensation |
1,067 | 1,902 | 4,038 | 4,859 | ||||||||||||||||||||
Litigation & settlement expense |
| | | 3,040 | ||||||||||||||||||||
Separation compensation |
| 683 | | 683 | ||||||||||||||||||||
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Non- GAAPselling, marketing, general and administrative |
$ | 8,512 | $ | 7,032 | 21 | % | $ | 31,892 | $ | 25,519 | 25 | % | ||||||||||||
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GAAP research and development |
$ | 6,719 | $ | 5,122 | 31 | % | $ | 25,671 | $ | 20,664 | 24 | % | ||||||||||||
Non-GAAP adjustment: |
||||||||||||||||||||||||
GAAP share-based compensation |
450 | 339 | 1,593 | 1,229 | ||||||||||||||||||||
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Non- GAAP research and development |
$ | 6,269 | $ | 4,783 | 31 | % | $ | 24,078 | $ | 19,435 | 24 | % | ||||||||||||
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Income (loss) from operations |
$ | 2,690 | $ | (299 | ) | nm | $ | 8,601 | $ | (4,287 | ) | nm | ||||||||||||
Non-GAAP adjustment: |
||||||||||||||||||||||||
GAAP share-based compensation |
1,824 | 2,503 | 6,832 | 6,964 | ||||||||||||||||||||
Litigation & settlement expense |
| | | 6,174 | ||||||||||||||||||||
Separation compensation |
| 683 | | 683 | ||||||||||||||||||||
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Non-GAAP income from operations |
$ | 4,514 | $ | 2,887 | 56 | % | $ | 15,433 | $ | 9,534 | 62 | % | ||||||||||||
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Non-GAAP income from operations % |
17.2 | % | 14.3 | % | 16.0 | % | 12.9 | % | ||||||||||||||||
GAAP net income (loss) |
$ | 2,121 | $ | 631 | nm | $ | 6,350 | $ | (1,931 | ) | nm | |||||||||||||
Non-GAAP adjustment: |
||||||||||||||||||||||||
GAAP share-based compensation |
1,824 | 2,503 | 6,832 | 6,964 | ||||||||||||||||||||
Separation compensation |
| 683 | | 683 | ||||||||||||||||||||
Litigation & settlement expense |
| | | 6,174 | ||||||||||||||||||||
Tax impact of the reinstatement of the |
||||||||||||||||||||||||
R&E tax credit |
| (413 | ) | | | |||||||||||||||||||
Tax impact related to non-GAAP adjustments |
(741 | ) | (1,196 | ) | (2,436 | ) | (5,048 | ) | ||||||||||||||||
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Non-GAAP net income |
$ | 3,204 | $ | 2,208 | 45 | % | $ | 10,746 | $ | 6,842 | 57 | % | ||||||||||||
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Non-GAAP diluted earnings per share |
$ | 0.11 | $ | 0.08 | $ | 0.39 | $ | 0.25 | ||||||||||||||||
Shares used in computing non-GAAP earnings per share |
28,036 | 27,136 | 27,762 | 26,856 | ||||||||||||||||||||
Detail of non-GAAP share-based compensation expense: |
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Cost of revenue |
$ | 307 | $ | 262 | $ | 1,201 | $ | 876 | ||||||||||||||||
Selling, marketing, general and administrative |
1,067 | 1,902 | 4,038 | 4,859 | ||||||||||||||||||||
Research and development |
450 | 339 | 1,593 | 1,229 | ||||||||||||||||||||
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Total share-based compensation expense |
$ | 1,824 | $ | 2,503 | $ | 6,832 | $ | 6,964 | ||||||||||||||||
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GAAP net cash provided by (used in) operating activities |
$ | 14,243 | $ | (5,276 | ) | |||||||||||||||||||
Non-GAAP adjustment: |
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Litigation & settlement expense |
| 11,056 | ||||||||||||||||||||||
Tax impact related to non-GAAP adjustments |
| (3,759 | ) | |||||||||||||||||||||
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Non-GAAP net cash provided by operating activities |
$ | 14,243 | $ | 2,021 | ||||||||||||||||||||
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|
nmnot meaningful
Page 11 of 11
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