TEXTURA CORP CHICAGO, Feb. 24, 2016 /PRNewswire/ -- Textura Corporation (NYSE: TXTR), a leading provider of collaboration solutions for the construction industry, today announced financial results for the quarter and year ended December 31, 2015.
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"The fourth quarter capped a solid year for Textura as we made progress towards our strategic goals. With growing demand for our solutions, evidenced by the addition of several large general contractors in the U.S., we are extending our leading position and market share," said Dave Habiger, interim CEO. "Our proven model of strong revenue growth, Adjusted EBITDA and cash generation further strengthened our ability to continue to invest in our solution roadmap and return value to our shareholders."
Q4 2015 Results
-- Revenue: Revenue was $23.7 million, a year-over-year increase of 33%.
Activity-driven revenue increased 37% to $19.5 million and
organization-driven revenue increased 17% to $4.3 million. Billings and
contractual backlog, otherwise known as bookings, totaled $26.5 million
in the fourth quarter, an increase of 34% year over year.
-- Gross Margin: Adjusted gross margin improved to 84.3% and GAAP gross
margin was 82.8% for the quarter, compared with 82.4% and 79.8%,
respectively, in the quarter ended December 31, 2014.
-- Adjusted EBITDA and Net Loss: Adjusted EBITDA improved to $3.9 million
from $0.4 million in the quarter ended December 31, 2014. GAAP net loss
was ($8.2) million, compared with a loss of ($3.9) million in the
prior-year period. Adjusted Basic and Diluted EPS was $0.09, compared
with an Adjusted Basic and Diluted net loss per share of ($0.02) in the
quarter ended December 31, 2014. GAAP basic and diluted net loss per
share was ($0.31) compared with a net loss per share of ($0.15) in the
prior-year period.
-- Operating Metrics: Total active construction projects during the quarter
increased 23% year over year to 10,358, representing approximately $202
billion in construction value. New projects added totaled 2,175,
representing $24.5 billion in construction value, a 46% increase from
the prior-year period. The increase was driven largely by CPM general
contractor implementations as well as overall growth in the construction
industry. Total number of organizations utilizing Textura's
organization-driven solutions increased 20% to 20,884.
-- Liquidity: Cash generated from operations during the quarter was $6.1
million, and free cash flow was $3.9 million for the quarter.
Fiscal Year 2015 Results
-- Revenue: Revenue was $86.7 million, a year-over-year increase of 38%.
Activity-driven revenue increased 42% to $70.0 million and
organization-driven revenue increased 23% to $16.7 million. Billings and
contractual backlog, otherwise known as bookings, totaled $99.0 million
for the year, an increase of 36%.
-- Gross Margin: Adjusted gross margin improved to 83.7% and GAAP gross
margin was 82.4% for the year, compared with 81.5% and 79.6%,
respectively, in the year ended December 31, 2014.
-- Adjusted EBITDA and Net Loss: Adjusted EBITDA improved to $10.2 million
from a loss of ($6.1) million in the year ended December 31, 2014. GAAP
net loss was ($16.6) million, compared to a loss of ($24.9) million in
the prior year. Adjusted Basic EPS was $0.21, compared with an Adjusted
Basic net loss per share of ($0.37) in the year ended December 31, 2014.
Adjusted Diluted EPS was $0.20 for the year ended December 31, 2015.
GAAP basic and diluted net loss per share was ($0.64) compared with a
net loss per share of ($0.99) in the prior year.
-- Operating Metrics: Total active construction projects during the year
increased 21% year over year to 15,152, representing approximately $256
billion in construction value. New projects added totaled 8,451,
representing $100 billion in construction value, which increased 39%
from the prior year. Total number of organizations utilizing Textura's
organization-driven solutions increased 27% to 24,669.
-- Liquidity: As of December 31, 2015, total cash and cash equivalents was
$78.7 million. Cash generated from operations during the year was $20.3
million, and free cash flow was $7.0 million for the year.
-- Deferred Revenue: As of December 31, 2015, deferred revenue was $43.8
million, up 23% from $35.6 million as of December 31, 2014.
Outlook
For the quarter ending March 31, 2016
-- Revenue in the range of $23.7 to $24.7 million
-- Year-over-year revenue growth in the range of 23 - 29%
-- Adjusted Basic and Diluted EPS in the range of $0.07 - $0.11, excluding
stock-based compensation expenses of $3.2 million and amortization of
acquired intangible assets of $0.8 million, and assuming approximately
26.2 million and 27.2 million weighted-average common shares
outstanding, respectively, for the Adjusted Basic and Diluted EPS
calculations
-- GAAP basic and diluted net loss per share in the range of ($0.08) -
($0.04), assuming approximately 26.2 million weighted-average common
shares outstanding
For the full year ending December 31, 2016
-- Revenue in the range of $106.0 to $111.0 million
-- Year-over-year revenue growth in the range of 22 - 28%
-- Adjusted Basic EPS in the range of $0.35 - $0.50, excluding stock-based
compensation expenses of $10.6 million and amortization of acquired
intangible assets of $2.7 million, and assuming approximately 26.6
million weighted-average common shares outstanding
-- Adjusted Diluted EPS in the range of $0.33 - $0.48, excluding
stock-based compensation expenses of $10.6 million and amortization of
acquired intangible assets of $2.7 million, and assuming approximately
27.8 million weighted-average shares outstanding
-- GAAP basic and diluted net loss per share in the range of ($0.15) -
$0.00, assuming approximately 26.6 million weighted-average common
shares outstanding
-- Cash flow from operations in the range of $25 - $30 million
Conference Call and Webcast Information
Textura plans to host a conference call today at 4:00 p.m. Central Time / 5:00 p.m. Eastern Time to review its financial results for the quarter and year ended December 31, 2015, and to discuss its financial outlook. Interested parties are invited to listen to the conference call by dialing 1-877-407-9039, or for international callers, 1-201-689-8470. Replays of the entire call will be available through March 3, 2016, at 1-877-870-5176, or for international callers, 1-858-384-5517, conference ID #13629008. A webcast of the conference call will also be available on the Investor Relations page of Textura's website at investors.texturacorp.com.
2016 Annual Meeting and Record Dates
Textura will hold its 2016 Annual Meeting of Stockholders on Monday, May 2, 2016 at 8:30 a.m. Central Time at its executive offices located at 1405 Lake Cook Road, Deerfield, IL 60015. The record date for voting eligibility at the Annual Meeting is March 10, 2016.
About Textura
Textura is a leading provider of collaboration and productivity tools for the construction industry. Our solutions serve construction industry professionals across the project lifecycle - from takeoff, estimating, design, pre-qualification and bid management to submittals, field management, performance management and payment. With award winning technology, world-class customer support and consistent growth, Textura is leading the construction industry's technology transformation.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to Textura's financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled "Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Operating Expenses, Adjusted Gross Margin, Free Cash Flow and Bookings Definitions."
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Operating Expenses, Adjusted Gross Margin, Free Cash Flow and Bookings Definitions
Adjusted EBITDA represents loss before interest, taxes, depreciation and amortization, share-based compensation expense, asset impairment expense, severance expense, and acquisition-related and other expenses. Adjusted EBITDA is not determined in accordance with accounting principles generally accepted in the United States (''GAAP''), and is a performance measure used by management in conjunction with traditional GAAP operating performance measures as part of the overall assessment of our performance including:
-- for planning purposes, including the preparation of the annual budget;
and
-- to evaluate the effectiveness of business strategies.
We believe the use of Adjusted EBITDA as an additional operating performance metric provides greater consistency for period-to-period comparisons of our operations. For our internal analysis, Adjusted EBITDA removes fluctuations caused by changes in our capital structure (interest expense), non-cash items such as depreciation, amortization and share-based compensation, and infrequent charges.
These excluded amounts in any given period may not directly correlate to the underlying performance of the business or may fluctuate significantly from period to period due to acquisitions, fully amortized tangible or intangible assets, or the timing and pricing of new share-based awards. We also believe Adjusted EBITDA is useful to investors and securities analysts in evaluating our operating performance as it provides them an additional tool to compare business performance across companies and periods.
Adjusted EBITDA is not a measurement under GAAP and should not be considered an alternative to net loss or as an alternative to cash flow from operating activities. The Adjusted EBITDA measurement has limitations as an analytical tool and the method of calculation may vary from company to company.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue. We believe the use of Adjusted EBITDA Margin as an additional operating performance metric provides greater consistency for period-to-period comparisons of our operations and greater comparability to our peer group.
Adjusted EBITDA Margin is not a measurement under GAAP and should not be considered an alternative to operating margin. The Adjusted EBITDA Margin measurement has limitations as an analytical tool and the method of calculation may vary from company to company.
Adjusted Basic EPS is calculated as Adjusted Net Loss divided by the number of basic weighted-average common shares outstanding during the period. Adjusted Diluted EPS is calculated as Adjusted Net Loss divided by the number of diluted weighted-average common shares outstanding during the period. Adjusted Net Loss is comprised of Textura's net loss adjusted for share-based compensation expense, amortization expense, asset impairment expense, severance expense, and acquisition-related and other expenses recognized during the period. We believe the use of Adjusted Basic and Diluted EPS as additional operating performance metrics provide greater consistency for period-to-period comparisons of our operations and greater comparability to our peer group.
Adjusted Basic and Diluted EPS are not measurements under GAAP and should not be considered alternatives to net loss per share. The Adjusted Basic and Diluted EPS measurements have limitations as analytical tools and the methods of calculation may vary from company to company.
Adjusted Operating Expenses is calculated as total operating expenses, adjusted for share-based compensation expense, amortization expense, asset impairment expense, severance expense, and acquisition-related and other expenses recognized during the period. We believe the use of Adjusted Operating Expenses as an additional operating performance metric provides greater consistency for period-to-period comparisons of our operations and greater comparability to our peer group.
Adjusted Operating Expenses is not a measurement under GAAP and should not be considered an alternative to operating expenses. The Adjusted Operating Expenses measurement has limitations as an analytical tool and the method of calculation may vary from company to company.
Adjusted Gross Margin is calculated as gross margin, adjusted for share-based compensation expense and acquisition-related and other expenses recognized during the period. We believe the use of Adjusted Gross Margin as an additional operating performance metric provides greater consistency for period-to-period comparisons of our operations and greater comparability to our peer group.
Adjusted Gross Margin is not a measurement under GAAP and should not be considered an alternative to gross margin. The Adjusted Gross Margin measurement has limitations as an analytical tool and the method of calculation may vary from company to company.
Free Cash Flow is calculated as net cash provided by operating activities, less purchases of property and equipment, as reflected on the Consolidated Statements of Cash Flow. Free Cash Flow is not a measurement under GAAP and should not be considered an alternative to cash flow from operating activities. The Free Cash Flow measurement has limitations as an analytical tool and the method of calculation may vary from company to company.
Bookings is calculated as billings, defined as change in deferred revenue plus revenue recognized in the period, plus contractual backlog. Bookings is not a measurement under GAAP and should not be considered an alternative to revenue. The Bookings measurement has limitations as an analytical tool and the method of calculation may vary from company to company.
Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding Textura's future financial performance, market growth, total addressable market, demand for Textura's solutions, and general business conditions and outlook. Any forward-looking statements contained in this press release are based upon Textura's historical performance and its current expectations and projections about future events and financial trends affecting the financial condition of its business. These forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward-looking statements are based on information available to Textura as of the date of this press release, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, trends in the global and domestic economy and the commercial construction industry; our ability to effectively manage our growth; our ability to develop the market for our solutions; competition with our business; abnormal severe winter weather conditions; our dependence on a limited number of client relationships for a significant portion of our revenues; our dependence on a single software solution for a substantial portion of our revenues; the length of the selling cycle to secure new enterprise relationships for our CPM solution, which requires significant investment of resources; our ability to cross-sell our solutions; the continued growth of the market for on-demand software solutions; our ability to develop and bring to market new solutions in a timely manner; our success in expanding our international business and entering new industries; and the availability of suitable acquisitions or partners and our ability to achieve expected benefits from such acquisitions or partnerships. Forward-looking statements speak only as of the date of this press release and we assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Further information on potential factors that could affect actual results is included under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed on March 6, 2015, our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, which we expect to file on or about March 4, 2016, and our other reports filed with the SEC.
Investor Contact: Media Contact:
Annie Leschin Matt Scroggins
Textura Corporation, Investor Relations matt.scroggins@texturacorp.com
annie@streetsmartir.com 224-254-6652
415-775-1788
or
ir@texturacorp.com
847-457-6553
Textura Corporation
Consolidated Balance Sheets (unaudited)
(in thousands, except per share amounts)
December 31, December 31,
2015 2014
---- ----
Assets
Current assets
Cash
and
cash
equivalents $78,669 $66,758
Accounts
receivable, 31,
net 2015
of and
allowance 2014,
of respectively
$193
and
$254
at
December 6,425 8,274
Prepaid
expenses
and
other
current
assets 1,225 1,163
----- -----
Total
current
assets 86,319 76,195
Property
and
equipment,
net 34,214 26,103
Restricted
cash 2,839 1,780
Goodwill 52,848 52,848
Intangible
assets,
net 7,965 12,132
Other
assets 157 226
Total
assets $184,342 $169,284
======== ========
Liabilities and Stockholders' Equity
Current liabilities
Accounts
payable $2,701 $1,699
Accrued
expenses 11,378 9,874
Deferred
revenue,
short-
term 40,089 31,923
Leases
payable,
short-
term - 412
Total
current
liabilities 54,168 43,908
Deferred
revenue,
long-
term 3,724 3,660
Other
long-
term
liabilities 2,040 1,028
Total
liabilities 59,932 48,596
------ ------
Stockholders' equity
Common stock, $.001 par value; 90,000
shares authorized; 26,861 and 26,247
shares issued and 26,190 and 25,588
shares outstanding at December 31, 2015
and 2014, respectively
26 26
Additional
paid
in
capital 361,370 340,344
Treasury
stock, 2015
at and
cost; 2014,
671 respectively
and
659
shares
at
December
31, (10,309) (9,923)
Accumulated
other
comprehensive
loss (662) (340)
Accumulated
deficit (226,015) (209,419)
-------- --------
Total
Textura
Corporation
stockholders'
equity 124,410 120,688
Total
liabilities
and
stockholders'
equity $184,342 $169,284
======== ========
Textura Corporation
Consolidated Statements of Operations (unaudited)
(in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
Revenues $23,732 $17,862 $86,729 $62,968
Operating expenses
Cost of services
(exclusive of
depreciation and
amortization shown
separately below) 4,079 3,606 15,254 12,851
General and
administrative 13,848 6,489 36,661 25,249
Sales and marketing 5,204 5,143 21,013 20,518
Technology and
development 5,326 4,490 20,404 21,031
Depreciation and
amortization 2,361 1,903 8,628 7,741
Asset impairment 1,070 - 1,070 -
Total operating
expenses 31,888 21,631 103,030 87,390
------ ------ ------- ------
Loss from operations (8,156) (3,769) (16,301) (24,422)
Other income (expense), net
Interest income and
other expense, net 13 19 43 70
Interest expense (8) (27) (31) (133)
Total other income
(expense), net 5 (8) 12 (63)
--- --- --- ---
Loss before income
taxes (8,151) (3,777) (16,289) (24,485)
Income tax provision 63 130 307 370
--- --- --- ---
Net loss $(8,214) $(3,907) $(16,596) $(24,855)
Less: Net loss
attributable to non-
controlling interest - - - (169)
--- --- --- ----
Net loss attributable
to Textura
Corporation (8,214) (3,907) (16,596) (24,686)
Accretion of
redeemable
non-controlling
interest - - - 199
Net loss attributable
to Textura
Corporation common
stockholders $(8,214) $(3,907) $(16,596) $(24,885)
======= ======= ======== ========
Net loss per share
attributable to
Textura Corporation
common stockholders,
basic and diluted $(0.31) $(0.15) $(0.64) $(0.99)
Weighted-average
number of common
shares outstanding,
basic and diluted 26,095 25,487 25,860 25,184
Textura Corporation
Consolidated Statements of Cash Flows (unaudited)
(in thousands)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
Cash flows from operating activities
Net loss $(8,214) $(3,907) $(16,596) $(24,855)
Adjustments to reconcile net loss to net cash provided
by operating activities:
Depreciation and amortization 2,361 1,903 8,628 7,741
Asset impairment charge 1,070 - 1,070 -
Deferred income taxes 80 80 320 320
Non-cash interest income - - - (1)
Share-based compensation 6,326 1,971 14,108 8,375
Changes in operating assets and liabilities:
Accounts receivable 3,546 (1,082) 1,807 (2,680)
Prepaid expenses and other
assets (361) 563 (223) 808
Deferred revenue, including
long-term portion (1,291) 1,946 8,246 9,762
Accounts payable 456 58 812 418
Accrued expenses and other 2,154 163 2,134 1,937
----- --- ----- -----
Net cash provided by operating
activities 6,127 1,695 20,306 1,825
Cash flows from investing activities
Increase in restricted cash
and escrow funds (466) - (1,060) (1,250)
Purchases of property and
equipment, including software
development costs (2,222) (2,339) (13,301) (8,133)
Net cash used in investing
activities (2,688) (2,339) (14,361) (9,383)
Cash flows from financing activities
Principal payments on loan
payable - (141) - (246)
Payments on capital leases - (217) (412) (825)
Proceeds from exercise of
options and warrants 2,455 1,922 6,919 4,135
Buyout of non-controlling
interest - - - (1,563)
Net repurchase of common
shares (326) (24) (386) (4,092)
---- ----
Net cash provided by (used in)
financing activities 2,129 1,540 6,121 (2,591)
Effect of changes in foreign
exchange rates on cash and
cash equivalents (66) (173) (155) (223)
--- ---- ---- ----
Net increase (decrease) in
cash and cash equivalents 5,502 723 11,911 (10,372)
Cash and cash equivalents
Beginning of period 73,167 66,035 66,758 77,130
End of period $78,669 $66,758 $78,669 $66,758
======= ======= ======= =======
Textura Corporation
Operating Metrics (unaudited)
(dollars in thousands and where otherwise indicated)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
Activity-
driven
revenue $19,472 $14,233 $70,022 $49,393
Organization-
driven
revenue 4,260 3,629 16,707 13,575
Total
revenue $23,732 $17,862 $86,729 $62,968
======= ======= ======= =======
Activity-driven revenue:
Number
of
projects
added 2,175 1,625 8,451 6,858
Client-
reported
construction
value
added
(billions) $24.5 $16.8 $100.0 $72.2
Active
projects
during
period 10,358 8,450 15,152 12,521
Organization-driven revenue:
Number
of
organizations 20,884 17,476 24,669 19,456
The following tables provide our calculations to arrive at Bookings:
Three Months Ended Twelve Months Ended
December 31, 2015 December 31, 2015
----------------- -----------------
(in thousands)
-------------
Deferred
revenue,
beginning of
period $45,102 $35,583
Deferred
revenue, end
of period 43,813 43,813
------ ------
Net change (1,289) 8,230
Revenue
recognized
during the
period 23,732 86,729
------ ------
Billings 22,443 94,959
Contractual
backlog, end
of period 4,043 4,043
Bookings $26,486 $99,002
======= =======
Three Months Ended Twelve Months Ended
December 31, 2014 December 31, 2014
----------------- -----------------
(in thousands)
-------------
Deferred
revenue,
beginning of
period $33,647 $25,831
Deferred
revenue, end
of period 35,583 35,583
------ ------
Net change 1,936 9,752
Revenue
recognized
during the
period 17,862 62,968
------ ------
Billings 19,798 72,720
Contractual
backlog, end
of period - -
Bookings $19,798 $72,720
======= =======
The following table reconciles Adjusted EBITDA to the most directly comparable GAAP measure, net loss:
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
(in thousands)
-------------
Net loss $(8,214) $(3,907) $(16,596) $(24,855)
Total other (income) expense, net (5) 8 (12) 63
Income tax provision 63 130 307 370
Depreciation and amortization 2,361 1,903 8,628 7,741
----- ----- ----- -----
EBITDA (5,795) (1,866) (7,673) (16,681)
Share-based compensation 6,326 1,971 14,108 8,375
Asset impairment charge 1,070 - 1,070 -
Severance expense 1,771 - 1,771 1,488
Acquisition-related and other expenses* 503 320 909 764
Adjusted EBITDA $3,875 $425 $10,185 $(6,054)
====== ==== ======= =======
* In the three months ended
December 31, 2015,
acquisition-related and other
expenses represented certain
strategic, CEO transition and
tax-related costs as well as
a lease exit cost. In the
twelve months ended December
31, 2015, acquisition-related
and other expenses also
included certain legal costs
related to the previously
disclosed CEO transition and
securities litigation. In
2014, acquisition-related and
other expenses represented
acquisition, strategic
transaction and certain tax-
related costs.
The following table reconciles Adjusted EBITDA Margin to the most directly comparable GAAP measure, operating margin:
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
(dollars in thousands)
---------------------
Revenue $23,732 $17,862 $86,729 $62,968
Operating expenses 31,888 21,631 103,030 87,390
------ ------ ------- ------
Operating loss $(8,156) $(3,769) $(16,301) $(24,422)
Operating margin (34)% (21)% (19)% (39)%
Adjustments, as a % of
revenue:
Depreciation and amortization 10% 11% 10% 12%
Share-based compensation 27% 11% 17% 14%
Asset impairment charge 4% -% 1% -%
Severance expense 7% -% 2% 2%
Acquisition-related and other
expenses* 2% 1% 1% 1%
Adjusted EBITDA Margin 16% 2% 12% (10)%
* In the three months ended
December 31, 2015,
acquisition-related and other
expenses represented certain
strategic, CEO transition and
tax-related costs as well as
a lease exit cost. In the
twelve months ended December
31, 2015, acquisition-related
and other expenses also
included certain legal costs
related to the previously
disclosed CEO transition and
securities litigation. In
2014, acquisition-related and
other expenses represented
acquisition, strategic
transaction and certain tax-
related costs.
The following table reconciles Adjusted EPS to the most directly comparable GAAP measure, net loss per share:
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
(in thousands, except per share amounts)
---------------------------------------
Net loss
attributable to
Textura
Corporation common
shareholders $(8,214) $(3,907) $(16,596) $(24,885)
Accretion of
redeemable non-
controlling
interest - - - 199
Net loss
attributable to
non-controlling
interest - - - (169)
--- --- --- ----
Net loss $(8,214) $(3,907) $(16,596) $(24,855)
Share-based
compensation 6,326 1,971 14,108 8,375
Amortization of
intangible assets 1,007 1,131 4,166 4,977
Asset impairment
charge 1,070 - 1,070 -
Severance expense 1,771 - 1,771 1,488
Acquisition-
related and other
expenses (1) 503 320 909 764
Adjusted net income
(loss) $2,463 $(485) $5,428 $(9,251)
====== ===== ====== =======
Weighted-average
number of common
shares outstanding
- basic and
diluted 26,095 25,487 25,860 25,184
Dilutive equity
awards (2) 1,542 - 1,708 -
Adjusted weighted-
average number of
common shares
outstanding -
diluted 27,637 25,487 27,568 25,184
====== ====== ====== ======
Net loss per share $(0.31) $(0.15) $(0.64) $(0.99)
====== ====== ====== ======
Adjusted Basic EPS
(3) $0.09 $(0.02) $0.21 $(0.37)
===== ====== ===== ======
Adjusted Diluted
EPS (3) $0.09 $(0.02) $0.20 $(0.37)
===== ====== ===== ======
1) In the three months ended
December 31, 2015, acquisition-
related and other expenses
represented certain strategic,
CEO transition and tax-related
costs as well as a lease exit
cost. In the twelve months
ended December 31, 2015,
acquisition-related and other
expenses also included certain
legal costs related to the
previously disclosed CEO
transition and securities
litigation. In 2014,
acquisition-related and other
expenses represented
acquisition, strategic
transaction and certain tax-
related costs.
2) In the three and twelve
months ended December 31, 2015,
dilutive equity awards totaled
1.5 million and 1.7 million
shares, respectively. Dilutive
equity awards represent
potential common stock
instruments such as stock
options, unvested restricted
stock units and warrants.
Potential common stock
instruments were excluded for
the 2014 periods as their
effect would have been anti-
dilutive.
3) Adjusted Basic EPS is
calculated using adjusted net
income (loss) divided by the
GAAP weighted-average number
of common shares outstanding -
basic and diluted. For the 2015
periods, Adjusted Diluted EPS
was calculated using adjusted
net income (loss) divided by
the adjusted weighted-average
number of common shares
outstanding - diluted. For the
2014 periods, given the loss
positions, Adjusted Diluted EPS
equals Adjusted Basic EPS.
The following tables reconcile Adjusted Operating Expenses to the most directly comparable GAAP measure, operating expenses:
Three Months Ended December 31, 2015
------------------------------------
Share-Based
Compensation
and Acquisition-
GAAP Amortization Asset related and Adjusted
Operating of Intangible Impairment Severance Other Operating
Expenses Assets Charge Expense Expenses* Expenses
-------- ------ ------ ------- -------- --------
(in thousands)
-------------
Cost of services $4,079 $301 $ - $ - $48 $3,730
General and
administrative 13,848 5,569 - 1,771 455 6,053
Sales and marketing 5,204 265 - - - 4,939
Technology and
development 5,326 191 - - - 5,135
Depreciation and
amortization 2,361 1,007 - - - 1,354
Asset impairment 1,070 - 1,070 - - -
----- --- ----- --- --- ---
Total $31,888 $7,333 $1,070 $1,771 $503 $21,211
======= ====== ====== ====== ==== =======
* In the three months ended
December 31, 2015,
acquisition-related and other
expenses represented certain
strategic, CEO transition and
tax-related costs as well as
a lease exit cost.
Twelve Months Ended December 31, 2015
-------------------------------------
Share-Based
Compensation
and Acquisition-
GAAP Amortization Asset related and Adjusted
Operating of Intangible Impairment Severance Other Operating
Expenses Assets Charge Expense Expenses* Expenses
-------- ------ ------ ------- -------- --------
(in thousands)
-------------
Cost of services $15,254 $946 $ - $ - $184 $14,124
General and
administrative 36,661 11,308 - 1,771 725 22,857
Sales and marketing 21,013 1,035 - - - 19,978
Technology and
development 20,404 819 - - - 19,585
Depreciation and
amortization 8,628 4,166 - - - 4,462
Asset impairment 1,070 - 1,070 - - -
----- --- ----- --- --- ---
Total $103,030 $18,274 $1,070 $1,771 $909 $81,006
======== ======= ====== ====== ==== =======
* In the twelve months ended
December 31, 2015,
acquisition-related and
other expenses also included
certain legal costs related
to the previously disclosed
CEO transition and
securities litigation.
Three Months Ended December 31, 2014
------------------------------------
Share-Based
Compensation
and Acquisition-
GAAP Amortization related and Adjusted
Operating of Intangible Other Operating
Expenses Assets Expenses* Expenses
-------- ------ -------- --------
(in thousands)
-------------
Cost of services $3,606 $196 $275 $3,135
General and
administrative 6,489 1,328 45 5,116
Sales and marketing 5,143 279 - 4,864
Technology and
development 4,490 168 - 4,322
Depreciation and
amortization 1,903 1,131 - 772
----- ----- --- ---
Total $21,631 $3,102 $320 $18,209
======= ====== ==== =======
* In the three months ended
December 31, 2014,
acquisition-related and
other expenses represent
strategic transaction and
certain tax-related costs.
Twelve Months Ended December 31, 2014
-------------------------------------
Share-Based
Compensation
and Acquisition-
GAAP Amortization related and Adjusted
Operating of Intangible Other Operating
Expenses Assets Expenses* Expenses
-------- ------ -------- --------
(in thousands)
-------------
Cost of services $12,851 $594 $619 $11,638
General and
administrative 25,249 4,617 239 20,393
Sales and marketing 20,518 1,501 592 18,425
Technology and
development 21,031 1,663 802 18,566
Depreciation and
amortization 7,741 4,977 - 2,764
----- ----- --- -----
Total $87,390 $13,352 $2,252 $71,786
======= ======= ====== =======
* In the twelve months ended
December 31, 2014,
acquisition-related and other
expenses represented
acquisition, strategic
transaction and certain tax-
related costs.
The following table reconciles Adjusted Gross Margin to the most directly comparable GAAP measure, gross margin:
Three Months Ended Twelve Months Ended
December, December 31,
--------- ------------
2015 2014 2015 2014
---- ---- ---- ----
(dollars in thousands)
---------------------
Revenue $23,732 $17,862 $86,729 $62,968
Cost of services 4,079 3,606 15,254 12,851
----- ----- ------ ------
Gross profit $19,653 $14,256 $71,475 $50,117
Gross margin 82.8% 79.8% 82.4% 79.6%
Adjustments:
Share-based
compensation as %
of revenue 1.3% 1.1% 1.1% 0.9%
Acquisition-related
and other expenses
as % of revenue* 0.2% 1.5% 0.2% 1.0%
--- ---
Adjusted Gross
Margin 84.3% 82.4% 83.7% 81.5%
* Acquisition-related and
other expenses represented
certain tax-related costs.
The follow table reconciles Free Cash Flow to the most directly comparable GAAP measure, net cash from operating activities:
Three Months Ended Twelve Months Ended
December 31, 2015 December 31, 2015
----------------- -----------------
(in thousands)
-------------
Net cash
provided by
operating
activities $6,127 $20,306
Purchases of
property and
equipment,
including
software
development
costs (2,222) (13,301)
------ -------
Free Cash Flow $3,905 $7,005
====== ======
The following tables reconcile Basic and Diluted Adjusted EPS guidance to the most directly comparable GAAP measure, net loss per share:
Three Months Ending Twelve Months Ending
March 31, 2016 December 31, 2016
-------------- -----------------
High End Low End High End Low End
-------- ------- -------- -------
Basic net loss per
share $(0.04) $(0.08) $ - $(0.15)
Share-based
compensation 0.12 0.12 0.40 0.40
Amortization of
intangible assets 0.03 0.03 0.10 0.10
Adjusted Basic EPS $0.11 $0.07 $0.50 $0.35
===== ===== ===== =====
Three Months Ending Twelve Months Ending
March 31, 2016 December 31, 2016
-------------- -----------------
High End Low End High End Low End
-------- ------- -------- -------
Diluted net loss per
share $(0.04) $(0.08) $ - $(0.15)
Share-based
compensation 0.12 0.12 0.38 0.38
Amortization of
intangible assets 0.03 0.03 0.10 0.10
Adjusted Diluted EPS $0.11 $0.07 $0.48 $0.33
===== ===== ===== =====
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SOURCE Textura Corporation
