MORRISVILLE, N.C., July 30, 2015 (GLOBE NEWSWIRE) -- SciQuest, Inc. SQI, a leading provider of cloud-based business automation solutions for spend management, today announced its financial results for the second quarter ended June 30, 2015.
"In the second quarter, we generated strong quarterly financial results and signed a record number of new customers fueled by momentum in the commercial market. We remain on track to finish the development work this year that will enable us to deliver a fully-unified, world class suite of spend management solutions. Revenue and earnings per share in the quarter were at or near the top of the quarterly guidance ranges," said Stephen Wiehe, Chief Executive Officer of SciQuest. "We generated healthy adjusted EBITDA margins in the second quarter, which is a great start towards our new target of at least 20%, which we expect to reach during 2016. This profitability target will provide us with sufficient ability to reinvest in the business and generate attractive revenue growth in the future."
Second Quarter 2015 Results
SciQuest reported GAAP revenues of $26.5 million for the quarter ended June 30, 2015 compared to $25.3 million in the second quarter of 2014.
GAAP income from operations in the second quarter of 2015 was $0.4 million compared to GAAP loss from operations of $0.2 million in the second quarter of 2014. GAAP net income was $0.4 million in the second quarter of 2015 compared to GAAP net loss of $0.1 million in the same quarter in the prior year.
GAAP diluted net income per share was $0.01 in the second quarter of 2015 based on 28.0 million weighted average diluted shares outstanding. GAAP basic net loss per share in the second quarter of 2014 was breakeven based on 27.4 million weighted average basic shares outstanding.
Non-GAAP revenues(1) in the second quarter were $26.5 million, which included approximately $0.5 million of additional revenue generated by a settlement fee that we received from a former customer. Non-GAAP income from operations(2) in the second quarter of 2015 was $3.1 million compared to non-GAAP income from operations(2) of $3.2 million in the second quarter of 2014. Adjusted EBITDA(3) was $4.9 million and adjusted EBITDA margin(3) was 18.4% compared to an adjusted EBITDA margin of 17.5% a year ago. Non-GAAP net income(4) in the second quarter of 2015 was $2.0 million, which was flat to non-GAAP net income(4) in the second quarter of 2014.
Non-GAAP diluted net income per share(4) was $0.07 in the second quarter of 2015. Non-GAAP diluted net income per share(4) in the second quarter of 2014 was $0.07 based on 27.8 million weighted average diluted shares outstanding.
Business Outlook
SciQuest is issuing guidance for the third quarter and updating its full year guidance as follows:
Third Quarter 2015
- GAAP revenues between $26.0 million and $26.2 million.
- GAAP basic net loss per share between $0.01 and breakeven.
-
Weighted average basic shares outstanding of approximately 27.7 million.
- Non-GAAP revenues(1) between $26.0 million and $26.2 million.
- Non-GAAP diluted net income per share(3) between $0.06 and $0.07.
- Weighted average diluted shares outstanding of approximately 28.1 million.
Full Year 2015
- GAAP revenues between $104.7 million and $105.2 million.
- GAAP diluted net income per share between $0.01 and $0.03.
- Weighted average diluted shares outstanding of approximately 28.0 million.
- Net cash provided by operating activities between $17.0 million and $19.0 million.
-
Capitalization of software development costs of approximately $6.0 million, purchase of property and equipment of approximately $2.5 million.
- Non-GAAP revenues(1) between $104.8 million and $105.3 million.
- Adjusted EBITDA margin(3) of at least 17 percent.
- Non-GAAP diluted net income per share(4) between $0.25 and $0.27.
- Adjusted free cash flow(5) between $8.5 million and $10.5 million.
A reconciliation of the most comparable GAAP financial measure to the non-GAAP measures used above is included with the financial tables at the end of this release.
ENDNOTES
1) Non-GAAP revenues exclude the purchase accounting deferred revenue adjustment.
2) Non-GAAP income from operations excludes the purchase accounting deferred revenue adjustment; stock-based compensation expense; the amortization of (i) intangible assets and (ii) acquired software; and, when applicable: (i) acquisition related costs and (ii) headquarter relocation costs.
3) Adjusted EBITDA deducts from net income the purchase accounting deferred revenue adjustment; stock-based compensation expense; depreciation and amortization; income tax; interest income; other expenses, net; and, when applicable: (i) acquisition related costs and (ii) headquarter relocation costs. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by non-GAAP revenue.
4) Non-GAAP net income and non-GAAP diluted net income per share exclude the purchase accounting deferred revenue adjustment; stock-based compensation expense; the amortization of (i) intangible assets and (ii) acquired software; and, when applicable: (i) acquisition related costs and (ii) headquarter relocation costs. Non-GAAP net income includes the burden of the tax effect related to these excluded items.
5) Adjusted free cash flow is defined as net cash provided by operating activities plus acquisition-related costs, when applicable, less (i) the purchase of property and equipment, (ii) capitalization of software development costs and (iii) when applicable, tenant improvement credits net of lease exit costs.
| Conference Call Information | |
| What: | SciQuest's second quarter results conference call |
| When: | Thursday July 30, 2015 |
| Time: | 4:30 p.m. ET |
| Webcast: | http://investor.sciquest.com/ (live and replay) |
| Live Call: | (877) 407-8289, domestic |
| (201) 689-8341, international | |
| Replay: | (877) 660-6853, domestic |
| (201) 612-7415, international | |
| Live and replay conference ID code: 1361-4291 | |
Non-GAAP Financial Measures
SciQuest provides all information required in accordance with GAAP, but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Accordingly, SciQuest presents non-GAAP financial measures when reporting its financial results to provide investors with additional tools to evaluate SciQuest's operating results in a manner that focuses on what SciQuest believes to be its ongoing business operations and what SciQuest uses to evaluate its ongoing operations and for internal planning and forecasting purposes. SciQuest's management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. SciQuest's management believes it is useful for itself and investors to review, as applicable, both GAAP information that includes: (i) depreciation and amortization; (ii) stock-based compensation; (iii) purchase accounting deferred revenue adjustment; (iv) other significant items, when applicable; and (v) the beneficial income tax effect related to these included items; and the non-GAAP measures that exclude such information in order to assess the performance of SciQuest's business and for planning and forecasting in subsequent periods. Whenever SciQuest uses such a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure to the extent possible. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed herein.
About SciQuest
SciQuest SQI spend management solutions enable procurement, sourcing and financial professionals to focus on strategic decisions that transform business processes. Our feature-rich products and expert services help hundreds of organizations, including leading global companies, drive bottom line results by improving, automating and optimizing their source-to-settle processes.
Learn more about our solutions and how we can help your organization turn spending into savings at www.sciquest.com.
To join the conversation, please visit our blog at http://www.sciquest.com/blog or follow us on Twitter @SciQuest.
Cautionary Note Regarding Forward-Looking Statements
Forward-looking statements include information concerning SciQuest's possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, potential market opportunities, the effects of competition and other factors that could impact future performance. In particular, forward-looking statements include references to elongated sales cycles, achieving adjusted EBITDA margin goals during 2016, future reinvestment in the business, future revenue growth rates and all statements in the "Business Outlook" section. Forward-looking statements consist of statements that are not historical facts and can be identified by terms such as, but not limited to, "accelerates", "anticipates," "believes," "could," "seeks," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Certain of these risks are discussed in "Part I, Item 1A, Risk Factors" and elsewhere in SciQuest's most recent Annual Report on Form 10-K and other reports, as filed with the United States Securities and Exchange Commission ("SEC"). In particular, we call your attention to the risk factors in our Annual Report on Form 10-K entitled "Our actual operating results may differ significantly from our guidance", "If we are unable to attract new customers, or if our existing customers do not purchase additional products or services, the growth of our business and cash flows will be adversely affected", "Our failure to sustain our historical renewal rates, pricing and terms of our customer contracts would adversely affect our operating results" and "We are subject to a lengthy sales cycle and delays or failures to complete sales may harm our business and result in slower growth." The company's SEC reports are available free of charge on the SEC's website at http://www.sec.gov or on the company's website at www.sciquest.com. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Also, forward-looking statements represent management's beliefs and assumptions only as of the date of this release. Except as required by law, SciQuest assumes no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
SQI-F
| SCIQUEST, INC. | ||
| CONSOLIDATED BALANCE SHEETS | ||
| (in thousands except per share amounts) | ||
| As of June 30, | As of December 31, | |
| 2015 | 2014 | |
| (unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 57,326 | $ 59,419 |
| Short-term investments | 70,421 | 71,493 |
| Accounts receivable, net | 12,042 | 12,032 |
| Prepaid expenses and other current assets | 2,847 | 2,666 |
| Deferred tax asset | 404 | 400 |
| Total current assets | 143,040 | 146,010 |
| Property and equipment, net | 14,598 | 13,595 |
| Goodwill | 62,886 | 63,779 |
| Intangible assets, net | 21,115 | 23,846 |
| Deferred commissions | 5,712 | 6,094 |
| Deferred tax asset, less current portion | 11,779 | 11,657 |
| Other | 298 | 234 |
| Total assets | $ 259,428 | $ 265,215 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities: | ||
| Accounts payable | $ 271 | $ 375 |
| Accrued liabilities | 8,570 | 10,051 |
| Deferred revenues | 53,823 | 59,751 |
| Total current liabilities | 62,664 | 70,177 |
| Deferred revenues, less current portion | 9,373 | 11,350 |
| Deferred rent, less current portion | 1,986 | 2,027 |
| Stockholders' equity: | ||
| Common stock, $0.001 par value; 50,000 shares authorized; 27,812 and 27,574 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively | 28 | 28 |
| Additional paid-in capital | 208,897 | 204,065 |
| Accumulated other comprehensive loss | (4,236) | (3,055) |
| Accumulated deficit | (19,284) | (19,377) |
| Total stockholders' equity | 185,405 | 181,661 |
| Total liabilities and stockholders' equity | $ 259,428 | $ 265,215 |
| SCIQUEST, INC. | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||
| (in thousands except per share amounts) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| 2015 | 2014 | 2015 | 2014 | |
| (unaudited) | (unaudited) | |||
| Revenues | $ 26,501 | $ 25,287 | $ 52,442 | $ 50,694 |
| Cost of revenues (1)(2) | 8,702 | 7,876 | 17,030 | 15,546 |
| Gross profit | 17,799 | 17,411 | 35,412 | 35,148 |
| Operating expenses: (1) | ||||
| Research and development | 6,730 | 7,188 | 13,802 | 14,115 |
| Sales and marketing | 6,727 | 6,241 | 13,733 | 13,201 |
| General and administrative | 3,170 | 3,333 | 6,519 | 6,443 |
| Amortization of intangible assets | 734 | 803 | 1,469 | 1,600 |
| Total operating expenses | 17,361 | 17,565 | 35,523 | 35,359 |
| Income (loss) from operations | 438 | (154) | (111) | (211) |
| Other income (expense), net: | ||||
| Interest income | 163 | 52 | 313 | 58 |
| Other (expense) income, net | (47) | (2) | (235) | (11) |
| Total other income (expense), net | 116 | 50 | 78 | 47 |
| Income (loss) before income taxes | 554 | (104) | (33) | (164) |
| Income tax (expense) benefit | (172) | 31 | 126 | 157 |
| Net income (loss) | $ 382 | $ (73) | $ 93 | $ (7) |
| Other comprehensive income (loss): | ||||
| Foreign currency translation adjustments | 462 | 682 | (1,181) | (75) |
| Comprehensive income (loss) | $ 844 | $ 609 | $ (1,088) | $ (82) |
| Net income (loss) per share | ||||
| Basic | $ 0.01 | $ (0.00) | $ 0.00 | $ (0.00) |
| Diluted | $ 0.01 | $ (0.00) | $ 0.00 | $ (0.00) |
| Weighted average shares outstanding used in computing per share amounts | ||||
| Basic | 27,646 | 27,423 | 27,615 | 25,675 |
| Diluted | 27,989 | 27,423 | 27,955 | 25,675 |
| (1) Amounts include stock-based compensation expense, as follows: | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| 2015 | 2014 | 2015 | 2014 | |
| (unaudited) | (unaudited) | |||
| Cost of revenues | $ 217 | $ 183 | $ 402 | $ 346 |
| Research and development | 163 | 201 | 291 | 381 |
| Sales and marketing | 371 | 412 | 741 | 774 |
| General and administrative | 694 | 835 | 1,480 | 1,593 |
| $ 1,445 | $ 1,631 | $ 2,914 | $ 3,094 | |
| (2) Cost of revenues includes amortization of capitalized software development costs of: | ||||
| Amortization of capitalized software development costs: | $ 1,072 | $ 673 | $ 1,989 | $ 1,231 |
| Amortization of acquired software: | 496 | 519 | 993 | 1,039 |
| $ 1,568 | $ 1,192 | $ 2,982 | $ 2,270 | |
| SCIQUEST, INC. | ||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (in thousands) | ||
| Six Months Ended June 30, | ||
| 2015 | 2014 | |
| (unaudited) | ||
| Cash flows from operating activities | ||
| Net income (loss) | $ 93 | $ (7) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 5,879 | 5,120 |
| Stock-based compensation expense | 2,914 | 3,094 |
| Deferred taxes | (126) | (214) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (33) | (1,813) |
| Prepaid expense and other current assets | (175) | 476 |
| Deferred commissions and other assets | 302 | (113) |
| Accounts payable | (105) | 931 |
| Accrued liabilities | (1,523) | (5,971) |
| Deferred revenues | (7,813) | (4,608) |
| Deferred rent | (41) | -- |
| Net cash used in operating activities | (628) | (3,105) |
| Cash flows from investing activities | ||
| Addition of capitalized software development costs | (3,257) | (2,752) |
| Purchase of property and equipment | (1,285) | (1,559) |
| Purchase of short-term investments | (72,478) | (67,710) |
| Maturities of short-term investments | 73,550 | 20,480 |
| Net cash used in investing activities | (3,470) | (51,541) |
| Cash flows from financing activities | ||
| Proceeds from public offering, net of underwriting discount | -- | 87,673 |
| Public offering costs | -- | (240) |
| Proceeds from exercise of common stock options | 1,520 | 351 |
| Proceeds from employee stock purchase plan activity | 476 | 541 |
| Net cash provided by financing activities | 1,996 | 88,325 |
| Effect of exchange rate change on cash and cash equivalents | 9 | 230 |
| Net (decrease) increase in cash and cash equivalents | (2,093) | 33,909 |
| Cash and cash equivalents at beginning of the period | 59,419 | 19,117 |
| Cash and cash equivalents at end of the period | $ 57,326 | $ 53,026 |
| RECONCILIATION DATA | ||||
| (UNAUDITED) | ||||
| (in thousands except per share amounts) | ||||
| Reconciliation of Net Income (Loss) to Non-GAAP Net Income: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Net income (loss) | $ 382 | $ (73) | $ 93 | $ (7) |
| Purchase accounting deferred revenue adjustment | 16 | 378 | 44 | 1,125 |
| Amortization of intangible assets | 734 | 803 | 1,469 | 1,600 |
| Amortization of acquired software | 496 | 519 | 993 | 1,039 |
| Stock-based compensation | 1,445 | 1,631 | 2,914 | 3,094 |
| Tax effect of adjustments | (1,091) | (1,287) | (2,223) | (2,763) |
| Non-GAAP net income | $ 1,982 | $ 1,971 | $ 3,290 | $ 4,088 |
| Non-GAAP net income per share: | ||||
| Basic | $ 0.07 | $ 0.07 | $ 0.12 | $ 0.16 |
| Diluted | $ 0.07 | $ 0.07 | $ 0.12 | $ 0.16 |
| Weighted average shares outstanding used in computing per share amounts: | ||||
| Basic | 27,646 | 27,423 | 27,615 | 25,675 |
| Diluted | 27,989 | 27,801 | 27,955 | 26,177 |
| Reconciliation of Income (Loss) from Operations to Non-GAAP Income from Operations: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Income (loss) from operations | $ 438 | $ (154) | $ (111) | $ (211) |
| Purchase accounting deferred revenue adjustment | 16 | 378 | 44 | 1,125 |
| Amortization of intangible assets | 734 | 803 | 1,469 | 1,600 |
| Amortization of acquired software | 496 | 519 | 993 | 1,039 |
| Stock-based compensation | 1,445 | 1,631 | 2,914 | 3,094 |
| Non-GAAP income from operations | $ 3,129 | $ 3,177 | $ 5,309 | $ 6,647 |
| Reconciliation of Net Income (Loss) to Adjusted EBITDA: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Net income (loss) | $ 382 | $ (73) | $ 93 | $ (7) |
| Income tax expense (benefit) | 172 | (31) | (126) | (157) |
| Other (income) expense, net | (116) | (50) | (78) | (47) |
| Purchase accounting deferred revenue adjustment | 16 | 378 | 44 | 1,125 |
| Depreciation and amortization | 2,990 | 2,635 | 5,879 | 5,120 |
| Stock-based compensation | 1,445 | 1,631 | $ 2,914 | $ 3,094 |
| Adjusted EBITDA | $ 4,889 | $ 4,490 | $ 8,726 | $ 9,128 |
| Calculation of Adjusted EBITDA Margin: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Adjusted EBITDA | $ 4,889 | $ 4,490 | $ 8,726 | $ 9,128 |
| ÷ Non-GAAP Revenues | 26,517 | 25,665 | 52,486 | 51,819 |
| Adjusted EBITDA margin | 18.4% | 17.5% | 16.6% | 17.6% |
| Reconciliation of Operating Expenses to Non-GAAP Operating Expenses: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Operating expenses | $ 17,361 | $ 17,565 | $ 35,523 | $ 35,359 |
| Amortization of intangible assets | (734) | (803) | (1,469) | (1,600) |
| Stock-based compensation | (1,228) | (1,448) | (2,512) | (2,748) |
| Non-GAAP operating expenses | $ 15,399 | $ 15,314 | $ 31,542 | $ 31,011 |
| Reconciliation of Net Cash Provided by (Used In) Operating Activities to Adjusted Free Cash Flow: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Net cash provided by (used in) operating activities | $ 1,104 | $ (1,259) | $ (628) | $ (3,105) |
| Purchase of property and equipment | (549) | (1,385) | (1,285) | (1,559) |
| Capitalization of software development costs | (1,774) | (1,444) | (3,257) | (2,752) |
| Free cash flow | (1,219) | (4,088) | (5,170) | (7,416) |
| Acquisition related costs | -- | -- | -- | 3,600 |
| Adjusted free cash flow | $ (1,219) | $ (4,088) | $ (5,170) | $ (3,816) |
| RECONCILIATION DATA | ||||
| (UNAUDITED) | ||||
| (in thousands) | ||||
| Reconciliation of Revenues to Non-GAAP Revenues: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Revenues | $ 26,501 | $ 25,287 | $ 52,442 | $ 50,694 |
| Purchase accounting deferred revenue adjustment | 16 | 378 | 44 | 1,125 |
| Non-GAAP Revenues | $ 26,517 | $ 25,665 | $ 52,486 | $ 51,819 |
| Reconciliation of Cost of Revenues to Non-GAAP Cost of Revenues: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Cost of revenues | $ 8,702 | $ 7,876 | $ 17,030 | $ 15,546 |
| Amortization of acquired software | (496) | (519) | (993) | (1,039) |
| Stock-based compensation | (217) | (183) | (402) | (346) |
| Non-GAAP Cost of revenues | $ 7,989 | $ 7,174 | $ 15,635 | $ 14,161 |
| Reconciliation of Research and Development to Non-GAAP Research and Development: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Research and development | $ 6,730 | $ 7,188 | $ 13,802 | $ 14,115 |
| Stock-based compensation | (163) | (201) | (291) | (381) |
| Non-GAAP Research and development | $ 6,567 | $ 6,987 | $ 13,511 | $ 13,734 |
| Reconciliation of Sales and Marketing to Non-GAAP Sales and Marketing: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Sales and marketing | $ 6,727 | $ 6,241 | $ 13,733 | $ 13,201 |
| Stock-based compensation | (371) | (412) | (741) | (774) |
| Non-GAAP Sales and marketing | $ 6,356 | $ 5,829 | $ 12,992 | $ 12,427 |
| Reconciliation of General and Administrative to Non-GAAP General and Administrative: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| General and administrative | $ 3,170 | $ 3,333 | $ 6,519 | $ 6,443 |
| Stock-based compensation | (694) | (835) | (1,480) | (1,593) |
| Non-GAAP General and administrative | $ 2,476 | $ 2,498 | $ 5,039 | $ 4,850 |
| Reconciliation of Amortization of Intangible Assets to Non-GAAP Amortization of Intangible Assets: | Three Months Ended June 30, | Six Months Ended June 30, | ||
| 2015 | 2014 | 2015 | 2014 | |
| Amortization of intangible assets | $ 734 | $ 803 | $ 1,469 | $ 1,600 |
| Amortization of intangible assets | (734) | (803) | (1,469) | (1,600) |
| Non-GAAP Amortization of intangible assets | $ -- | $ -- | $ -- | $ -- |
| RECONCILIATION DATA | ||||
| (UNAUDITED) | ||||
| (in thousands except per share amounts) | ||||
|
Reconciliation of Revenue Outlook to Non-GAAP Revenue Outlook: |
Three Months Ended September 30, 2015 |
T Twelve Months Ended December 31, 2015 |
||
| Low end of Range | High end of Range | Low end of Range | High end of Range | |
| Revenues | $ 26,000 | $ 26,200 | $ 104,700 | $ 105,200 |
| Purchase accounting deferred revenue adjustment | 0 | 0 | 100 | 100 |
| Non-GAAP revenues | $ 26,000 | $ 26,200 | $ 104,800 | $ 105,300 |
|
Reconciliation of Net (Loss) Income per Share Outlook to Non-GAAP Income per Share Outlook: |
Three Months Ended September 30, 2015 |
Twelve Months Ended December 31, 2015 | ||
| Low end of Range | High end of Range | Low end of Range | High end of Range | |
| Net (loss) income per share | $ (0.01) | $ (0.00) | $ 0.01 | $ 0.03 |
| Purchase accounting deferred revenue adjustment per share | 0.00 | 0.00 | 0.00 | 0.00 |
| Amortization of intangible assets per share and acquired software per share | 0.04 | 0.04 | 0.17 | 0.17 |
| Stock-based compensation per share | 0.06 | 0.06 | 0.22 | 0.22 |
| Tax effect of adjustments per share | (0.03) | (0.03) | (0.15) | (0.15) |
| Non-GAAP net income per share | $ 0.06 | $ 0.07 | $ 0.25 | $ 0.27 |
| Reconciliation of Net Income to Adjusted EBITDA: | Twelve Months Ended December 31, 2015 | |||
| Minimum Expected | ||||
| Net income | $ 300 | |||
| Income tax expense | 100 | |||
| Other income, net | (400) | |||
| Purchase accounting deferred revenue adjustment | 100 | |||
| Depreciation and amortization | 11,500 | |||
| Stock-based compensation | 6,200 | |||
| Adjusted EBITDA | $ 17,800 | |||
| Calculation of Adjusted EBITDA Margin: | Twelve Months Ended December 31, 2015 | |||
| Minimum Expected | ||||
| Adjusted EBITDA | $ 17,800 | |||
| ÷ Non-GAAP Revenues | 104,800 | |||
| Adjusted EBITDA margin | 17% | |||
|
Reconciliation of Net Cash Provided by Operating Activities Outlook to Adjusted Free Cash Flow Outlook: |
Twelve Months Ended December 31, 2015 |
|||
| Low end of Range | High end of Range | |||
| Net cash provided by operating activities | $ 17,000 | $ 19,000 | ||
| Capitalization of software development costs | (6,000) | (6,000) | ||
| Purchase of property and equipment | (2,500) | (2,500) | ||
| Adjusted free cash flow | $ 8,500 | $ 10,500 | ||
| RECONCILIATION DATA | ||||||
| (UNAUDITED) | ||||||
| (in thousands) | ||||||
| Three Months Ended | ||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA: | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | March 31, 2015 | June 30, 2015 |
| Net income (loss) | $ 66 | $ (73) | $ (430) | $ 368 | $ (289) | $ 382 |
| Income tax (benefit) expense | (126) | (31) | (164) | (148) | (298) | 172 |
| Other expense (income), net | 3 | (50) | (87) | (16) | 38 | (116) |
| Purchase accounting deferred revenue adjustment | 747 | 378 | 186 | 54 | 28 | 16 |
| Depreciation and amortization | 2,485 | 2,635 | 2,834 | 2,897 | 2,889 | 2,990 |
| Stock-based compensation | 1,463 | 1,631 | 1,578 | 1,517 | 1,469 | 1,445 |
| Headquarter relocation costs | -- | -- | 830 | -- | -- | -- |
| Adjusted EBITDA | $ 4,638 | $ 4,490 | $ 4,747 | $ 4,672 | $ 3,837 | $ 4,889 |
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