0000879796-16-000047.txt : 20160609 0000879796-16-000047.hdr.sgml : 20160609 20160609160405 ACCESSION NUMBER: 0000879796-16-000047 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160609 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20160609 DATE AS OF CHANGE: 20160609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARI NETWORK SERVICES INC /WI CENTRAL INDEX KEY: 0000879796 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 391388360 STATE OF INCORPORATION: WI FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-19608 FILM NUMBER: 161706029 BUSINESS ADDRESS: STREET 1: 10850 WEST PARK PLACE STREET 2: SUITE 1200 CITY: MILWAUKEE STATE: WI ZIP: 53224 BUSINESS PHONE: 414 973-4300 MAIL ADDRESS: STREET 1: 10850 WEST PARK PLACE STREET 2: SUITE 1200 CITY: MILWAUKEE STATE: WI ZIP: 53224 8-K 1 aris-20160609x8k.htm 8-K 8K Earnings Release

 

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): June 9, 2016





ARI NETWORK SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

 



 

 

Wisconsin  

(State or other jurisdiction of incorporation)

0-19608 

(Commission File Number)

39-1388360 

(IRS Employer Identification No.)





10850 W. Park Place, Suite 1200

 Milwaukee, Wisconsin

(Address of principal executive offices)

 

 

53224

(Zip Code)

 

 

Registrant’s telephone number, including area code:  (414) 973-4300



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 June 9, 2016, ARI Network Services, Inc. issued a press release announcing its operating results for the quarter ended April 30, 2016.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.



Item 9.01.

Financial Statements and Exhibits.

 

 

(d)

Exhibits

 



Exhibit No.

Description

   

   

      99.1

Earnings Release dated June 9, 2016



   

   


   

 

SIGNATURE



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.


 



 

 

Dated:  June 9, 2016

ARI NETWORK SERVICES, INC.

   

   

   

   

   

   

   

   

   

   

By:

/s/ William A. Nurthen

   

   

William A. Nurthen

   

   

Vice President of Finance and Chief Financial Officer



   

   


   



EXHIBIT INDEX



Exhibit No.                                                                  Description



    99.1                                               Earnings Release dated June 9, 2016

 

 

   







EX-99 2 aris-20160609xex99.htm EX-99 Exhibits 991

FOR IMMEDIATE RELEASE



ARI Network Services, Inc. Announces Fiscal 2016 Third Quarter Results
Record quarterly revenue of $12.0 million and Adjusted EBITDA of $2.2 million



Milwaukee, Wis., June 9, 2016ARI Network Services, Inc. (NASDAQ: ARIS), an award-winning provider of SaaS, software tools and marketing services that help dealers, distributors and manufacturers Sell More Stuff!™, reported financial results today for its fiscal 2016 third quarter ended April 30, 2016.

Highlights for the fiscal third quarter included:

·

Ninth consecutive quarter of revenue growth for the firm.

·

Revenue increased 16.6% to $12.0 million, which compares with $10.3 million for the same period last year and $11.8 million in 2Q16. Recurring revenue growth continued to outpace overall revenue growth as it increased 18.8% to $11.1 million, which compares with $9.3 million for the same period last year and $10.8 million in 2Q16.

·

Operating income was $921,000, compared with $675,000 for the same period last year and $873,000 in 2Q16.

·

Adjusted EBITDA, a non-GAAP measure, increased 26.5% to $2.2 million, or 18.2% of revenue. This compares with Adjusted EBITDA of $1.7 million, or 16.8% of revenue in the same period last year and $2.1 million, or 17.8% of revenue in 2Q16.

·

Cash generated from operations was $2.6 million, compared with $1.9 million for the same period last year and $1.2 million in 2Q16.

Fiscal Year 2016 Third Quarter Financials

ARI achieved 16.6% revenue growth as it reported revenues of $12.0 million for the third quarter of fiscal year 2016, compared with $10.3 million for the same period last year. Recurring revenue comprised 92.2% of total revenue versus 90.5% for the same period last year and 91.6% from the previous quarter.

Gross margin for the third quarter of fiscal year 2016 was 80.5% versus 82.7% last year.

Operating income was $921,000, or 7.7% of revenue, for the third quarter of fiscal year 2016, compared with operating income of $675,000, or 6.6% of revenue for the same period last year, a 36.4% increase.

The company reported net income of $448,000, or $0.03 per diluted share for the quarter, compared with net income of $339,000, or $0.02 per share last year.

Management Discussion
Roy W. Olivier, President and Chief Executive Officer of ARI, commented, “I am proud of the ARI team, who have worked hard to consistently deliver improving performance throughout the year. We continue to focus on executing our strategy, and our third quarter results are representative of our continued ability to deliver results. We delivered strong new and upsell bookings in all the vertical markets we serve, resulting in over $3.0 million in new bookings and, for the first time, over $11.0 million in new bookings on a trailing twelve month basis. The scale we have added to the business over the past few years is allowing us to make additional investments in enhancing our products and services that I believe will drive growth in the coming years. I am confident that we remain well positioned to have a strong finish to our fiscal year.”

William Nurthen, Chief Financial Officer of ARI, commented, “As we enter the fourth quarter of our fiscal year, we continue to experience improvements in our financial performance both on a year-over-year


 

and trailing twelve month basis. In the third quarter of fiscal 2016, the Company was able to establish new quarterly highs for revenue, operating income, cash flow from operations and Adjusted EBITDA. From a profitability standpoint, we reached an important milestone for the Company as our trailing twelve month’s Adjusted EBITDA topped $8.0 million for the first time. Perhaps the most notable achievement of the quarter was our cash flow from operations of $2.6 million. This is more cash flow than the firm produced in all of its fiscal 2014 and represents a 39% increase over the prior high for quarterly cash flow. As a result of this performance, we achieved our balance sheet targets for fiscal 2016 a quarter early, as our total cash balance at quarter-end stood at more than $4.4 million.”

Fiscal 2016 First Quarter Conference Call
ARI will conduct a conference call on Thursday, June 9, 2016, at 4:30 p.m. EDT, to review the financial results for the fiscal quarter ended April 30, 2016. Interested parties can access the conference call by dialing 877.359.3639 or 408.427.3725 and referring to Conference ID: 5628613. The conference call is also being webcast and is available via the Company’s investor relations website at investor.arinet.com. A replay of the webcast will be archived on the Company’s investor relations website for 60 days.

Non-GAAP Measures

EBITDA is calculated as net income adjusted to exclude interest expense, amortization, depreciation and income tax expense. Adjusted EBITDA further eliminates non-cash, stock-based compensation expense. Management believes Adjusted EBITDA is helpful in understanding period-over-period operating results separate and apart from non-operating expenses and expenses pertaining to prior period investing activities, particularly given the Company’s significant investments in capitalized software and its continuing efforts in completing acquisitions, which typically result in significant non-cash depreciation and amortization expense in subsequent periods. However, Adjusted EBITDA has significant limitations as an analytical tool and should only be used cautiously in addition to, and never as a substitute for, operating income, cash flows or other measures of financial performance prepared in accordance with generally accepted accounting principles and may not necessarily be comparable to similarly titled measures of other companies. A reconciliation of net income to Adjusted EBITDA can be found in this release and at the Company’s investor relations website for all periods presented.

About ARI
ARI Network Services, Inc. (ARI) (NASDAQ: ARIS) offers an award-winning suite of SaaS, software tools, and marketing services to help dealers, equipment manufacturers and distributors in selected vertical markets Sell More Stuff!™ – online and in-store. Our innovative products are powered by a proprietary data repository of enriched original equipment and aftermarket electronic content spanning more than 17 million active part and accessory SKUs and 750,000 equipment models. Business is complicated, but we believe our customers’ technology tools don’t have to be. We remove the complexity of selling and servicing new and used vehicle inventory, parts, garments and accessories (PG&A) for customers in the automotive tire and wheel aftermarket, powersports, outdoor power equipment, marine, home medical equipment, recreational vehicles and appliance industries. More than 23,500 equipment dealers, 195 distributors and 3,360 brands worldwide leverage our web and eCatalog platforms to Sell More Stuff!™ For more information on ARI, visit investor.arinet.com.



Additional Information

·

Follow @ARI_Net on Twitter: twitter.com/ARI_Net

·

Become a fan of ARI on Facebook: www.facebook.com/ARInetwork

·

Join us on G+: plus.google.com/117293073211296447579

·

LinkedIn: linkedin.com/company/ari_2

·

Read more about ARI: investor.arinet.com/about-us



Images for media use only

Roy W. Olivier Hi Res | Roy W. Olivier Low Res

ARI Logo Hi Res|  ARI Logo Low Res



Forward-Looking Statements
Certain statements in this news release contain "forward‐looking statements" regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projects about the markets in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," “targets,” “goals,” “projects”, “intends,” “plans,” "believes," “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words, and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward‐looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in Part 1A of the Company’s most recent annual report on Form 10‐K, as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q, or other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward‐looking statements. The forward‐looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward‐looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission.

For media inquiries, contact:

Colleen Malloy, Director of Marketing, ARI, 414.973.4323, colleen.malloy@arinet.com



Investor inquiries, contact:

Steven Hooser, Three Part Advisors, +214.872.2710, shooser@threepa.com




 









 

 

 

 

 

 

 

 

 

 

 

ARI Network Services, Inc.

Consolidated Statements of Operations

(Dollars in Thousands, Except per Share Data)

(Unaudited)



 

 

 

 

 

 

 



Three months ended April 30

 

Nine months ended April 30



2016

 

2015

 

2016

 

2015

Net revenue

$

11,984 

 

$

10,280 

 

$

35,473 

 

$

29,531 

Cost of revenue

 

2,334 

 

 

1,780 

 

 

6,467 

 

 

5,391 

Gross profit

 

9,650 

 

 

8,500 

 

 

29,006 

 

 

24,140 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

2,801 

 

 

2,718 

 

 

8,314 

 

 

7,928 

Customer operations and support

 

2,374 

 

 

1,831 

 

 

7,248 

 

 

5,392 

Software development and technical support (net of capitalized software product costs)

 

1,221 

 

 

1,102 

 

 

3,795 

 

 

3,046 

General and administrative

 

1,732 

 

 

1,709 

 

 

5,247 

 

 

4,901 

Depreciation and amortization (exclusive of amortization of software product costs included in cost of revenue)

 

601 

 

 

465 

 

 

1,800 

 

 

1,245 

Net operating expenses

 

8,729 

 

 

7,825 

 

 

26,404 

 

 

22,512 

Operating income

 

921 

 

 

675 

 

 

2,602 

 

 

1,628 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(118)

 

 

(123)

 

 

(350)

 

 

(352)

Other, net

 

13 

 

 

30 

 

 

 

 

33 

Total other income (expense)

 

(105)

 

 

(93)

 

 

(345)

 

 

(319)

Income before provision for income tax

 

816 

 

 

582 

 

 

2,257 

 

 

1,309 

Income tax expense

 

(368)

 

 

(243)

 

 

(972)

 

 

(606)

Net income

$

448 

 

$

339 

 

$

1,285 

 

$

703 



 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

17,258 

 

 

14,362 

 

 

17,199 

 

 

14,100 

Diluted

 

17,769 

 

 

14,786 

 

 

17,689 

 

 

14,536 



 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

Basic

$

0.03 

 

$

0.02 

 

$

0.07 

 

$

0.05 

Diluted

$

0.03 

 

$

0.02 

 

$

0.07 

 

$

0.05 



 

 

 

 

 

 

 

 

 

 

 


















































 



 

 

 

 

 

 

ARI Network Services, Inc.

Consolidated Balance Sheets

(Dollars in Thousands, Except per Share Data)



 

 

 

 

 

 



 

(Unaudited)

 

(Audited)



April 30

 

July 31



 

2016

 

2015

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,440 

 

$

2,284 

Trade receivables, less allowance for doubtful accounts of $392

 

 

 

 

 

 

  and $372 at April 30, 2016 and July 31,2015, respectively

 

 

2,294 

 

 

2,046 

Work in process

 

 

185 

 

 

165 

Prepaid expenses and other

 

 

851 

 

 

820 

Deferred income taxes

 

 

3,495 

 

 

3,092 

Total current assets

 

 

11,265 

 

 

8,407 

Equipment and leasehold improvements:

 

 

 

 

 

 

Computer equipment and software for internal use

 

 

3,502 

 

 

2,800 

Leasehold improvements

 

 

629 

 

 

629 

Furniture and equipment

 

 

2,716 

 

 

2,981 

          Total equipment and leasehold improvements

 

 

6,847 

 

 

6,410 

Less accumulated depreciation and amortization

 

 

(4,637)

 

 

(3,989)

Net equipment and leasehold improvements

 

 

2,210 

 

 

2,421 

Capitalized software product costs:

 

 

 

 

 

 

Amounts capitalized for software product costs

 

 

27,006 

 

 

25,463 

Less accumulated amortization

 

 

(21,908)

 

 

(20,337)

Net capitalized software product costs

 

 

5,098 

 

 

5,126 

Deferred income taxes

 

 

1,135 

 

 

2,398 

Other intangible assets

 

 

8,275 

 

 

10,116 

Goodwill

 

 

21,639 

 

 

21,168 

Total non-current assets

 

 

38,357 

 

 

41,229 

Total assets

 

$

49,622 

 

$

49,636 



LIABILITIES

 

 

 

 

 

 

Current portion of long-term debt

 

$

2,172 

 

$

1,338 

Current portion of contingent liabilities

 

 

382 

 

 

754 

Accounts payable

 

 

574 

 

 

708 

Deferred revenue

 

 

7,135 

 

 

7,327 

Accrued payroll and related liabilities

 

 

1,979 

 

 

1,752 

Accrued sales, use and income taxes

 

 

182 

 

 

140 

Other accrued liabilities

 

 

736 

 

 

748 

Current portion of capital lease obligations

 

 

56 

 

 

174 

Total current liabilities

 

 

13,216 

 

 

12,941 

Long-term debt

 

 

7,281 

 

 

9,079 

Long-term portion of contingent liabilities

 

 

124 

 

 

362 

Capital lease obligations

 

 

68 

 

 

106 

Other long-term liabilities

 

 

176 

 

 

199 

Total non-current liabilities

 

 

7,649 

 

 

9,746 

Total liabilities

 

 

20,865 

 

 

22,687 



 

 

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Cumulative preferred stock, par value $.001 per share, 1,000,000 shares authorized; 0 shares issued and outstanding at April 30, 2016 and July 31, 2015, respectively

 

 

 —

 

 

 —

Junior preferred stock, par value $.001 per share, 100,000 shares authorized; 0 shares issued and outstanding at April 30, 2016 and July 31, 2015, respectively

 

 

 —

 

 

 —

Common stock, par value $.001 per share, 25,000,000 shares authorized; 17,262,940 and  17,097,426 shares issued and outstanding at April 30, 2016 and July 31, 2015, respectively

 

 

17 

 

 

17 

Additional paid-in capital

 

 

115,243 

 

 

114,700 

Accumulated deficit

 

 

(86,508)

 

 

(87,793)

Other accumulated comprehensive income

 

 

 

 

25 

Total shareholders' equity

 

 

28,757 

 

 

26,949 

Total liabilities and shareholders' equity

 

$

49,622 

 

$

49,636 




 









 

 

 

 

 

 

 

 



ARI Network Services, Inc.

 



Consolidated Statements of Cash Flows

 



(Dollars in Thousands)

 



(Unaudited)

 



 

 

Nine months ended April 30

 



 

 

2016

 

2015

 



Operating activities:

 

 

 

 

 

 

 



Net income

 

$

1,285 

 

$

703 

 



Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 



Amortization of software products

 

 

1,571 

 

 

1,560 

 



Non-cash interest expense

 

 

34 

 

 

55 

 



Depreciation and other amortization

 

 

1,800 

 

 

1,245 

 



(Gain) loss on change in fair value of earn-out receivable and payable

 

 

(5)

 

 

(28)

 



Provision for bad debt allowance

 

 

80 

 

 

131 

 



Deferred income taxes

 

 

860 

 

 

531 

 



Stock based compensation

 

 

316 

 

 

305 

 



Net change in assets and liabilities:

 

 

 

 

 

 

 



Trade receivables

 

 

(308)

 

 

(594)

 



Work in process, prepaid expenses and other

 

 

(51)

 

 

(16)

 



Other long-term assets

 

 

 -

 

 

(139)

 



Accounts payable

 

 

(145)

 

 

69 

 



Deferred revenue

 

 

(252)

 

 

142 

 



Accrued payroll and related liabilities

 

 

342 

 

 

349 

 



Accrued taxes and other accrued liabilities

 

 

16 

 

 

282 

 



Net cash provided by operating activities

 

$

5,543 

 

$

4,595 

 



Investing activities:

 

 

 

 

 

 

 



Purchase of equipment, software and leasehold improvements

 

 

(557)

 

 

(469)

 



Cash received on earn-out from disposition of a component of the business

 

 

 -

 

 

111 

 



Cash paid for contingent liabilities related to acquisitions

 

 

(505)

 

 

(250)

 



Cash paid for net assets related to acquisitions

 

 

 -

 

 

(5,950)

 



Software development costs capitalized

 

 

(1,310)

 

 

(1,000)

 



Net cash used in investing activities

 

$

(2,372)

 

$

(7,558)

 



Financing activities:

 

 

 

 

 

 

 



Borrowings under line of credit, net

 

$

 -

 

$

1,750 

 



Payments on long-term debt

 

 

(912)

 

 

(470)

 



Borrowings under long-term debt

 

 

 -

 

 

2,168 

 



Payments of capital lease obligations

 

 

(165)

 

 

(184)

 



Proceeds from exercise of common stock options

 

 

66 

 

 

75 

 



Net cash provided by (used in) financing activities

 

$

(1,011)

 

$

3,339 

 



Effect of foreign currency exchange rate changes on cash

 

 

(4)

 

 

(23)

 



Net change in cash and cash equivalents

 

 

2,156 

 

 

353 

 



Cash and cash equivalents at beginning of period

 

 

2,284 

 

 

1,808 

 



Cash and cash equivalents at end of period

 

$

4,440 

 

$

2,161 

 



Cash paid for interest

 

$

338 

 

$

256 

 



Cash paid for income taxes

 

$

45 

 

$

25 

 



 

 

 

 

 

 

 

 










 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-Gaap Measures

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA for the three, nine and twelve

 

 

 

 

 

 

months ended April 30, 2016 and 2015, respectively:

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA:

FY2016

 

 

FY2015

 

 

FY2016

 

 

FY2015

 

 

FY2016

 

 

FY2015

 

 

 

 

 

 



Q3

 

 

Q3

 

 

YTD

 

 

YTD

 

 

TTM

 

 

TTM

 

 

 

 

 

 

Net Income (loss)

$

448 

 

$

339 

 

$

1,285 

 

$

703 

 

$

1,653 

 

$

877 

 

 

 

 

 

 

Interest

 

118 

 

 

123 

 

 

350 

 

 

352 

 

 

463 

 

 

422 

 

 

 

 

 

 

Amortization of software products

 

531 

 

 

458 

 

 

1,571 

 

 

1,560 

 

 

2,034 

 

 

2,118 

 

 

 

 

 

 

Other depreciation and amortization

 

601 

 

 

465 

 

 

1,800 

 

 

1,245 

 

 

2,311 

 

 

1,553 

 

 

 

 

 

 

Loss on impairment of long-lived assets

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

35 

 

 

 

 

 

 

Income taxes

 

368 

 

 

243 

 

 

972 

 

 

606 

 

 

1,177 

 

 

836 

 

 

 

 

 

 

  EBITDA

$

2,066 

 

$

1,628 

 

$

5,978 

 

$

4,466 

 

$

7,638 

 

$

5,841 

 

 

 

 

 

 

Stock-based compensation

 

113 

 

 

95 

 

 

316 

 

 

305 

 

 

457 

 

 

536 

 

 

 

 

 

 

  Adjusted EBITDA

$

2,179 

 

$

1,723 

 

$

6,294 

 

$

4,771 

 

$

8,095 

 

$

6,377 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA for the following fiscal quarters:



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



4/30/16

 

 

1/31/16

 

 

10/31/15

 

 

7/31/15

 

 

4/30/15

 

 

1/31/15

 

 

10/31/14

 

 

7/31/14



Q3

 

 

Q2

 

 

Q1

 

 

Q4

 

 

Q3

 

 

Q2

 

 

Q1

 

 

Q4

Quarterly:

2016

 

 

2016

 

 

2016

 

 

2015

 

 

2015

 

 

2015

 

 

2015

 

 

2014

Net Income (loss)

$

448 

 

$

448 

 

$

389 

 

$

368 

 

$

339 

 

$

260 

 

$

104 

 

$

174 

Interest

 

118 

 

 

120 

 

 

112 

 

 

113 

 

 

123 

 

 

140 

 

 

89 

 

 

70 

Amortization of software products

 

531 

 

 

544 

 

 

496 

 

 

463 

 

 

458 

 

 

553 

 

 

549 

 

 

558 

Other depreciation and amortization

 

601 

 

 

590 

 

 

609 

 

 

511 

 

 

465 

 

 

408 

 

 

372 

 

 

308 

Loss on impairment of long-lived assets

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

35 

Income taxes

 

368 

 

 

305 

 

 

299 

 

 

205 

 

 

243 

 

 

274 

 

 

89 

 

 

230 

  EBITDA

$

2,066 

 

$

2,007 

 

$

1,905 

 

$

1,660 

 

$

1,628 

 

$

1,635 

 

$

1,203 

 

$

1,375 

Stock-based compensation

 

113 

 

 

88 

 

 

115 

 

 

141 

 

 

95 

 

 

107 

 

 

103 

 

 

231 

  Adjusted EBITDA

$

2,179 

 

$

2,095 

 

$

2,020 

 

$

1,801 

 

$

1,723 

 

$

1,742 

 

$

1,306 

 

$

1,606 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing Twelve Months (TTM):

Net Income (loss)

$

1,653 

 

$

1,544 

 

$

1,356 

 

$

1,071 

 

$

877 

 

$

698 

 

$

(23)

 

$

(102)

Interest

 

463 

 

 

468 

 

 

488 

 

 

465 

 

 

422 

 

 

367 

 

 

305 

 

 

286 

Amortization of software products

 

2,034 

 

 

1,961 

 

 

1,970 

 

 

2,023 

 

 

2,118 

 

 

2,192 

 

 

2,157 

 

 

2,052 

Other depreciation and amortization

 

2,311 

 

 

2,175 

 

 

1,993 

 

 

1,756 

 

 

1,553 

 

 

1,442 

 

 

1,373 

 

 

1,322 

Loss on FMV of Warrant Derivatives

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(4)

 

 

 

 

28 

Loss on impairment of long-lived assets

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

35 

 

 

35 

 

 

35 

 

 

35 

Income taxes

 

1,177 

 

 

1,052 

 

 

1,021 

 

 

811 

 

 

836 

 

 

746 

 

 

246 

 

 

241 

  EBITDA

$

7,638 

 

$

7,200 

 

$

6,828 

 

$

6,126 

 

$

5,841 

 

$

5,476 

 

$

4,099 

 

$

3,862 

Stock-based compensation

 

457 

 

 

439 

 

 

458 

 

 

446 

 

 

536 

 

 

609 

 

 

627 

 

 

560 

  Adjusted EBITDA

$

8,095 

 

$

7,639 

 

$

7,286 

 

$

6,572 

 

$

6,377 

 

$

6,085 

 

$

4,726 

 

$

4,422