JIVE SOFTWARE INC PALO ALTO, Calif., Feb. 7, 2017 /PRNewswire/ -- Jive Software, Inc. (NASDAQ: JIVE), the leading provider of modern communication and collaboration solutions for business, today announced financial results for its fourth quarter and year ended December 31, 2016.
"Strong execution resulted in another quarter that exceeded our expectations as we achieved record revenue, continued to improve profitability, increased cash flow from operations and gained momentum across the business," said Elisa Steele, CEO of Jive Software. "GAAP income from operations for the fourth quarter was $0.6 million, an increase of $8.2 million compared to one year ago. Non-GAAP operating income was $5.1 million, and represents the third quarter in a row that we have delivered on our commitment to operate within a sustainably profitable non-GAAP operating model. In addition, we generated $9.8 million in positive cash flow from operations compared to negative $4.2 million in the fourth quarter last year."
"Based on the transformation work we did in 2016 to realign the company, we are strategically poised for success as we enter 2017. We have made great strides in our operational excellence initiatives, and have positioned Jive's unique value proposition in the market to solve the growing problems of digital fragmentation across the enterprise workplace. We have stabilized the business, and we are vigorously building the foundation for future growth while maintaining a disciplined cost structure. We are confident that we are doing all the right things to generate increased demand for our products, as well as drive long-term value for both customers and shareholders," said Steele.
Fourth Quarter 2016 Financial Highlights
-- Revenue: Total revenue for the fourth quarter was $51.7 million, which
is an all-time quarterly record and represents an increase of 3% on a
year-over-year basis. Within total revenue, product revenue was $47.6
million for the fourth quarter, an increase of 2% on a year-over-year
basis. Professional services revenue for the fourth quarter was $4.1
million, an increase of 14% on a year-over-year basis.
-- Non-GAAP Billings: Short-term billings, which Jive defines as revenue
plus the change in short-term deferred revenue, were $65.5 million for
the fourth quarter, an increase of 9% year-over-year. Total billings,
which Jive defines as revenue plus the change in short and long-term
deferred revenue, was $69.1 million, an increase of 21% on a
year-over-year basis.
-- Gross Profit: GAAP gross profit for the fourth quarter of 2016 was
$36.1 million compared to $31.5 million for the fourth quarter of 2015.
GAAP gross margin for the fourth quarter of 2016 was 70% compared to 63%
for the fourth quarter of 2015. Non-GAAP gross profit was $37.0 million
for the fourth quarter, an increase of 12% year-over-year. Non-GAAP
gross margin for the fourth quarter of 2016 was 72% compared to 66% for
the fourth quarter of 2015.
-- Income from Operations: GAAP income from operations for the fourth
quarter was $0.6 million, compared to a GAAP loss from operations of
$7.6 million for the fourth quarter of 2015. Non-GAAP income from
operations was $5.1 million for the fourth quarter, compared to a
non-GAAP loss from operations of $2.9 million for the fourth quarter of
2015.
-- Net Income: GAAP net income for the fourth quarter was $0.9 million,
compared to a GAAP net loss of $8.5 million for the same period last
year. GAAP net income per diluted share for the fourth quarter was
$0.01, compared to a GAAP net loss per diluted share of $0.11 for the
same period last year. Non-GAAP net income for the fourth quarter was
$5.4 million, compared to a non-GAAP net loss of $3.9 million for the
same period last year. Non-GAAP net income per diluted share for the
fourth quarter was $0.07, compared to a non-GAAP net loss per diluted
share of $0.05, for the same period last year.
-- Balance Sheet and Cash Flow: As of December 31, 2016, Jive held cash and
cash equivalents and marketable securities of $109.2 million, compared
to $102.5 million as of September 30, 2016. Cash generated from
operations was $9.8 million. The company invested $1.1 million in
capital expenditures and used $0.1 million to finance capital leases,
leading to positive free cash flow of $8.6 million for the fourth
quarter of 2016. In the fourth quarter of 2015, cash used in
operations was $4.2 million and the company invested $1.7 million in
capital expenditures, leading to negative free cash flow of $5.9
million. Free cash flow is defined as cash flows provided by operating
activities minus cash flows used to purchase capital expenditures and
finance capital leases.
Full Year 2016 Financial Highlights
-- Revenue: Total revenue was $204.1 million for 2016, which is an all-time
annual record and an increase of 4% on a year-over-year basis. Product
revenue was $187.3 million for 2016, an increase of 4% on a
year-over-year basis. Professional services revenue for 2016 was $16.8
million, an increase of 7% on a year-over-year basis.
-- Non-GAAP Billings: Short-term billings, which Jive defines as revenue
plus the change in short-term deferred revenue, were $199.8 million for
2016, which was essentially flat on a year-over-year basis. Total
billings, which Jive defines as revenue plus the change in short and
long-term deferred revenue, were $195.7 million, an increase of 7% on a
year-over-year basis.
-- Gross Profit: GAAP gross profit was $136.7 million for 2016 compared to
$123.6 million for 2015. GAAP gross margin for 2016 was 67%, compared
to 63% for 2015. Non-GAAP gross profit was $141.2 million for 2016
representing a year-over-year increase of 8%. Non-GAAP gross margin for
2016 was 69%, compared to 67% for 2015.
-- Loss from Operations: GAAP loss from operations was $13.8 million for
2016, compared to a GAAP loss from operations of $34.6 million for 2015.
Non-GAAP income from operations was $8.5 million for 2016, compared to a
non-GAAP loss from operations of $9.4 million for 2015.
-- Net Loss: GAAP net loss for 2016 was $14.0 million, compared to a GAAP
net loss of $34.9 million for 2015. GAAP net loss per diluted share for
2016 was $0.18, compared to a GAAP net loss per diluted share of $0.46
for 2015. Non-GAAP net income for 2016 was $8.3 million, compared to
non-GAAP net loss of $10.8 million for 2015. Non-GAAP net income per
diluted share for 2016 was $0.10, compared to a non-GAAP net loss per
diluted share of $0.14 for 2015.
-- Cash Flow: Cash generated from operations was $4.3 million, the company
invested $3.1 million in capital expenditures and used $0.2 million to
finance capital leases, leading to positive free cash flow of $1.0
million for 2016. Free cash flow was negative $6.2 million for 2015.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Fourth Quarter and Recent Business Highlights
-- Achieved new customer wins with Canadian Imperial Bank of Commerce,
Carlson Wagonlit Travel, Dialog Semiconductor, Electric Paper
Evaluationssysteme GmbH, Elementis Global, Hospice of The Bluegrass,
Inc., Iberley, Massage Envy Franchising, LLC, New Era Cap Company, Pax8,
PubMatic, Inc., Seattle Mariners, and State Compensation Insurance Fund,
among others.
-- Expanded or renewed customer relationships with Akamai Technologies,
Athenahealth, Inc., Cerner Corporation, Ciena Corporation, Comcast,
Cypress Semiconductor Corporation, Fidelity Investments, GAP, Harvard
Pilgrim Healthcare, Hitachi Data Systems Corp., Humana, Informatica,
Inland Empire Health Plan, Intarcia Therapeutics, Intel Security,
IQNavigator, KIABI, lululemon athletica inc., MedAmerica, Mentor
Graphics, Nokia Siemens Network, ServiceNow, Skechers U.S.A., Inc.,
Spectrum Health, StMicroelectronics, Sunrun, Telus Communications,
VeriSign, Inc., Vimpelcom Eurasia, Virgin Media Limited, and Zebra
Technologies, among others.
-- Jive is currently transitioning its cloud infrastructure to Amazon Web
Services (AWS), which will enable the company to take its cloud
capabilities to the next level at a lower cost. By building on its
existing relationship with AWS, Jive plans to drive greater customer
value by accelerating delivery of new cloud functionality while ensuring
world class performance.
-- Jive was ranked as a Leader in The Forrester Wave(TM): Enterprise
Collaboration, Q4 2016(1) report, which analyzed the state of the market
and evaluated nine of the most significant vendors. One of four Leaders
in this evaluation, Jive received the highest possible score in the
"innovation and market approach" criterion.
-- Jive was ranked as a Leader in Ovum's Employee Engagement, Collaboration
and Productivity Report(2). Ovum, a leading global technology research
and advisory firm, evaluated several vendors for this year's report and
recognized the Jive Interactive Intranet solution for its extensive
range of business and IT management features, as well as the product's
overall market impact.
-- Jive has received sponsorship from an existing customer for the Federal
Risk and Authorization Program, or FedRAMP "in process" certification
program. When full certification is completed in 2017, Jive's
FedRAMP-certified collaboration hub solution will include new and
enhanced security features, as well as a certified FedRAMP cloud
infrastructure hosted via the Amazon Web Services GovCloud.
Financial Outlook
As of February 7, 2017, Jive's guidance for its first quarter 2017 is as follows:
-- First Quarter 2017 Guidance:
-- Total revenue is expected to be in the range of $50.0 million to
$51.0 million.
-- Non-GAAP income from operations is expected to be in the range of
$3.3 million to $4.3 million.
-- Non-GAAP earnings per diluted share are expected to be in the range
of $0.04 to $0.05 based on approximately 81.5 million
weighted-average diluted shares outstanding.
-- Change in short-term billings is expected to be negative 10% to 0%.
-- Free cash flow is expected to be in the range of $10.0 million to
$12.0 million.
With respect to the Company's expectations under "Financial Outlook" above, the Company's non-GAAP guidance excludes stock-based compensation, income taxes, amortization of intangible assets, restructuring, capital expenditures, and capital lease payments, which are reconciling items between those non-GAAP measures and their most closely comparable GAAP measures. The Company does not provide reconciliations of non-GAAP income from operations, non-GAAP earnings per share or free cash flow to the corresponding GAAP measures due to the high variability of, and difficulty in making accurate forecasts and projections with respect to, the items excluded from these non-GAAP financial measures. In particular, stock-based compensation and restructuring charges are impacted by the Company's retention needs as well as the future fair market value of its common stock, and free cash flow is impacted by the timing and amounts of capital expenditures, all of which are difficult to predict and subject to constant change. Accordingly, a reconciliation to GAAP loss from operations, GAAP loss per share, and cash flows from operating activities is not available without unreasonable effort. The actual amounts of these excluded items will have a significant impact on the Company's non-GAAP income from operations, non-GAAP earnings per share and free cash flow.
Quarterly Conference Call
Jive will host a conference call today at 2:00 p.m. PT (5:00 p.m. ET) to review the Company's financial results for the fourth quarter and full year 2016, and outlook for the first quarter 2017. Listeners may access a live webcast of the conference call along with an accompanying slide presentation under "News, Events & Presentations, Quarterly Earnings" on Jive's investor relations website at http://quarterlyearnings.jivesoftware.com. A replay of the webcast will be available on the website following the live event. To listen by phone, dial 844-492-3729 (domestic) or 412-542-4195 (international). A replay of this conference call can be accessed through February 14, 2017, by dialing 877-344-7529 (domestic) or 412-317-0088 (international). The replay pass code is 10099667.
About Jive Software
Jive (Nasdaq: JIVE) is the leader in accelerating workplace digital transformation for organizations, enabling people to work better together. The company provides industry-leading Interactive Intranet and Customer Community solutions that connect people, information and ideas to help businesses outpace their competitors. With more than 30 million users worldwide and customers in virtually every industry, Jive is consistently recognized as a leader by top analyst firms, including Gartner Inc., Ovum and Aragon Research. More information can be found at www.jivesoftware.com or the Jive Blog.
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles.
Non-GAAP gross profit, income (loss) from operations, net income (loss) and net income (loss) per share exclude stock-based compensation expenses, restructuring expenses and amortization of acquisition related intangible assets. Free cash flow is defined by the Company as cash flows provided by operating activities less principal payments on capital leases and purchases of property and equipment. Total billings is defined by the Company as revenue plus the change in total deferred revenue. Short-term billings is defined as revenue plus the change in short-term deferred revenue. Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional meaningful insight for analysts and investors in evaluating the Company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool, are not intended to be an alternative to financial measures prepared in accordance with GAAP, and may be different from non-GAAP financial measures presented by other companies as non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP is provided in the accompanying tables.
Safe Harbor Statement
"Safe Harbor" statement under Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, including statements concerning our financial guidance for the first quarter of 2017, expectations regarding our strategy of driving improved financial and operational performance, expectations regarding our ability to improve profitability, expense reductions and related charges, anticipated results relating to our new cloud architecture and our anticipated FedRAMP certification, new business initiatives and changes in product development; assumptions related to cost savings, product demand and operating efficiencies; and our belief that we are well positioned to build upon our momentum over time. The achievement of success in the matters covered by such forward-looking statements involves substantial risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results or events could differ materially from the results expressed or implied by the forward-looking statements we make.
The risk and uncertainties referred to above include, but are not limited to, risks associated with our limited operating history; expectations regarding the widespread adoption of social business platforms by enterprises; uncertainty regarding the market for social business platforms; changes in the competitive dynamics of our market; our ability to increase and predict new subscriptions; subscription renewal or upsell rates and the impact these rates may have on our future revenues; our ability to increase the pace at which we are able to add new customers, our reliance on our own controls and third-party service providers to host some of our products; the risk that our security measures could be breached and unauthorized access to customer data could be obtained; potential third party intellectual property infringement claims; and the price volatility of our common stock.
More information about potential factors that could affect our business and financial results is contained in our quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We do not intend and undertake no duty to release publicly any updates or revisions to any forward-looking statements contained herein.
JIVE SOFTWARE, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
For the Three Months Ended For the Twelve Months Ended
December 31, December 31,
------------ ------------
2016 2015 2016 2015
---- ---- ---- ----
Revenues:
Product $47,583 $46,544 $187,313 $180,172
Professional services 4,112 3,607 16,781 15,621
----- ------
Total revenues 51,695 50,151 204,094 195,793
Cost of revenues:
Product 11,597 13,186 48,217 49,816
Professional services 3,958 5,466 19,195 22,378
----- ------
Total cost of revenues 15,555 18,652 67,412 72,194
------ ------ ------ ------
Gross profit 36,140 31,499 136,682 123,599
Operating expenses:
Research and development 11,204 12,081 45,769 52,818
Sales and marketing 17,633 20,688 74,654 78,684
General and administrative 6,617 6,288 25,913 26,708
Restructuring 74 - 4,103 -
Total operating expenses 35,528 39,057 150,439 158,210
------ ------ ------- -------
Income (loss) from operations 612 (7,558) (13,757) (34,611)
Other income (expense), net:
Interest income 154 85 549 277
Interest expense (14) (22) (130) (171)
Other, net 379 (133) 597 903
Total other income (expense),
net 519 (70) 1,016 1,009
--- --- ----- -----
Income (loss) before provision
for income taxes 1,131 (7,628) (12,741) (33,602)
Provision for income taxes 216 921 1,223 1,251
--- ---
Net income (loss) $915 $(8,549) $(13,964) $(34,853)
Basic net income
(loss) per share $0.01 $(0.11) $(0.18) $(0.46)
Diluted net income
(loss) per share $0.01 $(0.11) $(0.18) $(0.46)
Weighted average shares
outstanding
Basic 78,436 76,093 77,494 75,217
====== ====== ====== ======
Diluted 80,789 76,093 77,494 75,217
====== ====== ====== ======
JIVE SOFTWARE, INC.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31, December 31,
2016 2015
---- ----
Assets
Current assets:
Cash and
cash
equivalents $29,560 $9,870
Short-term
marketable
securities 79,656 96,410
Accounts receivable 57,386 54,090
Prepaid expenses and
other current assets 16,438 13,135
------ ------
Total current assets 183,040 173,505
Marketable
securities,
noncurrent - 6,429
Property and
equipment 9,583 12,747
Goodwill 29,753 29,753
Intangible assets 1,967 4,546
Other assets 4,537 8,165
----- -----
Total
assets $228,880 $235,145
Liabilities and
Stockholders' Equity
Current liabilities:
Accounts
payable $2,233 $3,684
Accrued payroll and
related liabilities 12,312 6,954
Other accrued
liabilities 7,055 7,842
Deferred revenue,
current 127,574 131,850
Term debt, current 600 2,400
-----
Total current
liabilities 149,774 152,730
Deferred revenue,
less current portion 12,285 16,392
Term debt, less
current portion - 1,200
Other long-term
liabilities 2,678 2,682
-----
Total liabilities 164,737 173,004
Stockholders' Equity:
Common stock 7 7
Less treasury stock
at cost (3,352) (3,352)
Additional paid-in
capital 400,740 384,164
Accumulated deficit (332,501) (318,537)
Accumulated other
comprehensive loss (751) (141)
Total stockholders'
equity 64,143 62,141
------ ------
Total
liabilities
and
stockholders'
equity $228,880 $235,145
JIVE SOFTWARE, INC.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2016 2015 2016 2015
---- ---- ---- ----
Cash flows from operating
activities:
Net income (loss) $915 $(8,549) $(13,964) $(34,853)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities:
Depreciation and amortization 3,132 3,734 12,663 15,605
Stock-based compensation 4,003 3,525 15,602 20,290
Change in deferred taxes 25 243 200 338
Non-recurring gain - - - (1,107)
Other (71) 103 104 103
Decrease (increase) in:
Accounts receivable, net (18,021) (7,053) (3,296) 12,639
Prepaid expenses and other
assets (2,360) 357 (2,559) (307)
Increase (decrease) in:
Accounts payable 42 (3,620) (1,702) 535
Accrued payroll and related
liabilities 4,149 1,079 6,620 300
Other accrued liabilities 994 (1,059) (592) (1,266)
Deferred revenue 17,415 6,968 (8,383) (12,297)
Other long-term liabilities (411) 33 (407) 315
---- --- ---- ---
Net cash provided by (used in)
operating activities 9,812 (4,239) 4,286 295
Cash flows from investing
activities:
Payments for purchase of
property and equipment (1,072) (1,667) (3,114) (6,450)
Purchases of marketable
securities (24,790) (51,869) (84,933) (133,314)
Sales of marketable securities 9,299 7,480 10,300 25,383
Maturities of marketable
securities 31,000 43,216 97,098 104,317
------ ------ ------ -------
Net cash provided by (used in)
investing activities 14,437 (2,840) 19,351 (10,064)
Cash flows from financing
activities:
Proceeds from exercise of
stock options 30 272 348 1,345
Taxes paid related to net
share settlement of equity
awards (336) (269) (984) (1,058)
Capital lease payments (130) - (210) -
Repayments of term loans (1,200) (600) (3,000) (2,400)
Non-recurring gain - - - 1,107
--- --- -----
Net cash used in financing
activities (1,636) (597) (3,846) (1,006)
------ ---- ------ ------
Net increase (decrease) in
cash and cash equivalents 22,613 (7,676) 19,791 (10,775)
Effect of exchange rate
changes (115) 95 (101) 51
Cash and cash equivalents,
beginning of period 7,062 17,451 9,870 20,594
----- ------ ----- ------
Cash and cash
equivalents, end
of period $29,560 $9,870 $29,560 $9,870
JIVE SOFTWARE, INC.
Reconciliation of Non-GAAP Information
(In thousands, except per share data)
(Unaudited)
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
Gross profit, as
reported $36,140 $31,499 $136,682 $123,599
Add back:
Stock-based compensation 486 641 2,162 3,029
Amortization related to
acquisitions 406 906 2,372 3,694
Gross profit, non-
GAAP $37,032 $33,046 $141,216 $130,322
Gross margin, non-GAAP 72% 66% 69% 67%
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
Research and
development, as
reported $11,204 $12,081 $45,769 $52,818
Less:
Stock-based compensation 990 1,081 3,809 7,078
Amortization related to
acquisitions - 54 52 701
Research and
development, non-
GAAP $10,214 $10,946 $41,908 $45,039
As percentage of total revenues,
non-GAAP 20% 22% 21% 23%
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
Sales and marketing,
as reported $17,633 $20,688 $74,654 $78,684
Less:
Stock-based compensation 851 817 3,373 3,775
Amortization related to
acquisitions 12 119 155 507
Sales and marketing,
non-GAAP $16,770 $19,752 $71,126 $74,402
As percentage of total revenues,
non-GAAP 32% 39% 35% 38%
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
General and
administrative, as
reported $6,617 $6,288 $25,913 $26,708
Less:
Stock-based compensation 1,684 997 6,239 6,423
General and
administrative,
non-GAAP $4,933 $5,291 $19,674 $20,285
As percentage of total revenues,
non-GAAP 10% 11% 10% 10%
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
Income (loss) from operations, as
reported 612 $(7,558) (13,757) $(34,611)
Add back:
Stock-based compensation 4,011 3,536 15,583 20,305
Amortization related to
acquisitions 418 1,079 2,579 4,902
Restructuring 74 - 4,103 -
Income (loss) from
operations, non-
GAAP $5,115 $(2,943) $8,508 $(9,404)
As percentage of total revenues,
non-GAAP 10% (6)% 4% (5)%
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
Income (loss) before
provision for income
taxes, as reported $1,131 $(7,628) $(12,741) $(33,602)
Add back:
Stock-based compensation 4,011 3,536 15,583 20,305
Amortization related to
acquisitions 418 1,079 2,579 4,902
Restructuring 74 - 4,103 -
Less:
Non-recurring gain - - - (1,107)
Income (loss) before
provision for income
taxes, non-GAAP $5,634 $(3,013) $9,524 $(9,502)
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
Net income (loss), as
reported $915 $(8,549) $(13,964) $(34,853)
Add back:
Stock-based compensation 4,011 3,536 15,583 20,305
Amortization related to
acquisitions 418 1,079 2,579 4,902
Restructuring 74 - 4,103 -
Less:
Non-recurring gain - - - (1,107)
Net income (loss),
non-GAAP $5,418 $(3,934) $8,301 $(10,753)
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
GAAP weighted average diluted
shares 78,436 76,093 77,494 75,217
Dilutive equity awards included in
non-GAAP earnings per share 2,353 - 2,203 -
Non-GAAP weighted average diluted
shares 80,789 76,093 79,697 75,217
====== ====== ====== ======
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
Diluted net income
(loss) per share, as
reported $0.01 $(0.11) $(0.18) $(0.46)
Add back:
Stock-based compensation 0.05 0.05 0.20 0.27
Amortization related to
acquisitions 0.01 0.01 0.03 0.07
Restructuring 0.00 - 0.05 -
Less:
Non-recurring gain - - - (0.01)
Diluted net income
(loss) per share,
non-GAAP (1) $0.07 $(0.05) $0.10 $(0.14)
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
Total revenues $51,695 $50,151 $204,094 $195,793
Deferred revenue, current, end of
period 127,574 131,850 127,574 131,850
Less: Deferred revenue, current,
beginning of period (113,775) (121,752) (131,850) (128,592)
Short-term billings $65,494 $60,249 $199,818 $199,051
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
Total revenues $51,695 $50,151 $204,094 $195,793
Deferred revenue, end of period 139,859 148,242 139,859 148,242
Less: Deferred revenue, beginning
of period (122,444) (141,274) (148,242) (160,539)
Total billings $69,110 $57,119 $195,711 $183,496
Three Months Ended December 31, Twelve Months Ended December 31,
------------------------------- --------------------------------
2016 2015 2016 2015
---- ---- ---- ----
Cash flows provided
by (used in)
operating activities $9,812 $(4,239) $4,286 $295
Payments for purchase of property
and equipment (1,072) (1,667) (3,114) (6,450)
Capital lease payments (130) - (210) -
Free cash flow $8,610 $(5,906) $962 $(6,155)
(1) Per share amounts
may not add due to
rounding.
(1) The Forrester Wave(TM): Enterprise Collaboration, Q4 2016, by Craig Le Clair et al., December 7, 2016
(2) Ovum Research "Ovum Decision Matrix: Selecting an Enterprise Social Networking Product, 2016-17, IT0021-000156 (October 27, 2016)" by Richard Edwards
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jive-software-announces-fourth-quarter-and-full-year-2016-results-300403655.html
SOURCE Jive Software
