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8-K - FORM 8-K - Jive Software, Inc.d677443d8k.htm

Exhibit 99.1

Jive Software Announces Fourth Quarter and Full Year 2013 Financial Results

 

    Record fourth quarter:

 

    Total revenue of $39.3 million, up 21% year-over-year

 

    Product revenue of $35.8 million, up 25% year-over-year

 

    Short-term billings of $53.1 million, up 16% year-over-year

 

    Record fiscal year:

 

    Total revenue of $145.8 million, up 28% year-over-year

 

    Product revenue of $131.5 million, up 31% year-over-year

 

    Short-term billings of $170.5 million, up 23% year-over-year

Palo Alto, Calif. – February 11, 2014 — Jive Software, Inc. (NASDAQ: JIVE), a leader in social business, today announced financial results for its fourth quarter and fiscal year ended December 31, 2013.

“We are pleased to report a strong finish to 2013,” stated Tony Zingale, Chairman & CEO of Jive. “In the fourth quarter, we saw positive results from our focused go-to-market messaging and sales efforts that were targeted at key IT and line of business decision makers. We continued to build on our highly differentiated track record of market leading innovation with the release of Jive Fall Cloud/Jive 7 and our unique ability to deliver tangible business results for our customers. We are excited by the progress we made in the second half of 2013 and believe we are well positioned to build upon this momentum in 2014.”

Fourth Quarter 2013 Financial Highlights

 

    Revenue: Total revenue for the fourth quarter was $39.3 million, an increase of 21% on a year-over-year basis. Within total revenue, product revenue was $35.8 million for the fourth quarter, an increase of 25% on a year-over-year basis. Professional services revenue for the fourth quarter was $3.5 million, compared to $3.9 million in the fourth quarter of 2012.

 

    Non-GAAP Billings: Short-term billings, which Jive defines as revenue plus the change in short-term deferred revenue, were $53.1 million for the fourth quarter, an increase of 16% on a year-over-year basis. Total billings, which Jive defines as revenue plus the change in short and long-term deferred revenue, was $58.9 million, an increase of 13% on a year-over-year basis.

 

   

Gross Profit: GAAP gross profit for the fourth quarter was $24.7 million, compared to $20.5 million for the fourth quarter of 2012. Non-GAAP gross profit was $26.9 million for the fourth

 

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quarter, an increase of 24% year-over-year, and non-GAAP gross margin was 68%, representing approximately 100 basis points of margin improvement compared to the fourth quarter of 2012.

 

    Loss from Operations: GAAP loss from operations for the fourth quarter was $22.0 million, compared to a loss of $15.7 million for the fourth quarter of 2012. Non-GAAP loss from operations was $10.5 million, compared to a non-GAAP loss from operations of $8.9 million for the fourth quarter of 2012.

 

    Net Loss: GAAP net loss for the fourth quarter was $22.3 million, compared to a net loss of $15.6 million for the same period last year. GAAP net loss per share for the fourth quarter was $0.32, based on 68.8 million weighted-average shares outstanding, compared to a net loss per share of $0.24, based on 64.2 million weighted-average shares outstanding for the same period last year.

Non-GAAP net loss for the fourth quarter was $10.7 million, compared to a net loss of $9.1 million for the same period last year. Non-GAAP net loss per share for the fourth quarter was $0.16, based on 68.8 million weighted-average shares outstanding, compared to a net loss per share of $0.14, based on 64.2 million weighted-average shares outstanding for the same period last year.

 

    Balance Sheet and Cash Flow: As of December 31, 2013, Jive had cash and cash equivalents and marketable securities of $141.7 million, compared to $152.0 million as of September 30, 2013. Cash used from operations was ($4.3) million and the company invested $5.1 million in capital expenditures, leading to free cash flow of ($9.4) million for the fourth quarter of 2013. Free cash flow was ($2.9) million for the fourth quarter of 2012. Free cash flow is defined as cash flows provided by operating activities minus cash flows used to purchase capital expenditures.

Full Year 2013 Financial Highlights

 

    Revenue: Total revenue was $145.8 million for fiscal 2013, an increase of 28% on a year-over-year basis. Within total revenue, product revenue was $131.5 million for fiscal 2013, an increase of 31% on a year-over-year basis. Services revenue for fiscal 2013 was $14.3 million, an increase of 5% on a year-over-year basis.

 

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    Non-GAAP Billings: Short-term billings, which Jive defines as revenue plus the change in short-term deferred revenue, were $170.5 million for fiscal 2013, an increase of 23% on a year-over-year basis. Total billings, which Jive defines as revenue plus the change in short and long-term deferred revenue, were $176.1 million, an increase of 15% on a year-over-year basis.

 

    Gross Profit: GAAP gross profit was $90.5 million fiscal 2013, compared to $68.8 million for fiscal 2012. Non-GAAP gross profit was $97.8 million for fiscal 2013, representing a year-over-year increase of 33% and a non-GAAP gross margin of 67%.

 

    Loss from Operations: GAAP loss from operations was $76.0 million for fiscal 2013, compared to a loss of $47.1 million for fiscal 2012. Non-GAAP loss from operations was $36.3 million for fiscal 2013, compared to a loss of $26.2 million for fiscal 2012.

 

    Net Loss: GAAP net loss for fiscal 2013 was $75.4 million, compared to a $47.4 million net loss for fiscal 2012. GAAP net loss per share for fiscal 2013 was $1.12 based on 67.4 million weighted-average shares outstanding, compared to a loss per share of $0.76 based on 62.6 million weighted-average shares outstanding for fiscal 2012.

Non-GAAP net loss for fiscal 2013 was $37.1 million, compared to a $26.9 million net loss for fiscal 2012. Non-GAAP net loss per share for fiscal 2013 was $0.55, based on 67.4 million weighted-average shares outstanding, compared to a non-GAAP net loss per share of $0.43 based on 62.6 million weighted-average shares outstanding for fiscal 2012.

 

    Cash Flow: The company used ($3.0) million in cash from operations and invested $13.9 million in capital expenditures, leading to free cash flow of ($16.9) million for fiscal 2013. Free cash flow was ($7.5) million for fiscal 2012.

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

 

    Ended the fourth quarter with 876 customers, an increase of 76 compared to the end of 2012 and an increase of 21 compared to the end of the third quarter of 2013.

 

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    Signed new and expanded customer relationships with AES Corporation, Bank of New York Mellon, Boston Beer Company, CA Technologies, IHS Global, JM Family Enterprises, Lafarge, LDS Church, Nokia Siemens, OSISoft, Shaw Cablesystems, Scotiabank, Spectrum Health, and Windstream, among others.

 

    Former Skype and Yahoo! executive, Elisa Steele, joined Jive as its executive vice president of strategy and chief marketing officer. Elisa brings more than 20 years of experience in sales, marketing and strategy gained from her time at Microsoft, Skype, Yahoo!, and NetApp.

 

    Shipped Jive 7 cloud, private cloud and hosted solution, Jive’s most innovative product platform ever. Key innovations in this release include: Jive Social Directory, a simple way to source talent and find exerts in your company, real-time messaging, bi-directional syncing with Google Drive, and a Universal App that brings all new functionality to iPad and iPhone devices.

Update on Senior Leadership Team

James Larson, president of worldwide field operations, is resigning from Jive effective March 31, 2014 to pursue opportunities to become a chief executive officer at a private, early stage company. John McCracken, senior vice president of worldwide sales, will continue to run our sales organization while we conduct a search for Mr. Larson’s replacement.

Financial Outlook: As of February 11, 2014, Jive’s guidance for its first quarter and full year 2014 is as follows:

 

    First Quarter 2014 Guidance:

 

    Total revenue is expected to be in the range of $40.0 million to $41.0 million.

 

    Non-GAAP loss from operations is expected to be in the range of $8.0 million to $9.0 million.

 

    Non-GAAP loss per share is expected to be in the range of $0.11 to $0.13 based on approximately 69.2 million weighted-average diluted shares outstanding.

 

    Full Year 2014 Guidance:

 

    Total revenue is expected to be in the range of $170.0 million to $175.0 million.

 

    Non-GAAP loss from operations is expected to be in the range of $27.0 million to $32.0 million.

 

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    Non-GAAP loss per share is expected to be in the range of $0.39 to $0.46 based on approximately 70.5 million weighted-average diluted shares outstanding.

 

    Free cash flow is expected to be in the range of negative $15 million to $20 million.

With respect to the Company’s expectations under “Financial Outlook” above, the Company has not reconciled non-GAAP loss from operations or non-GAAP loss per share to GAAP loss from operations and GAAP loss per share because the Company does not provide guidance for stock-based compensation, income taxes or amortization of intangible assets, which are reconciling items between those Non-GAAP and GAAP measures. As certain items that impact GAAP loss from operations and GAAP loss per share are out of the Company’s control and/or cannot be reasonably predicted, the Company is unable to provide such guidance. Accordingly, a reconciliation to GAAP loss from operations and GAAP loss per share is not available without unreasonable effort.

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 2013, in addition to discussing the Company’s outlook for the first quarter and full year 2014. To access this call, dial 1-866-454-4208 (domestic) or 1-913-312-4372 (international) with conference ID #2508011. A live webcast of the conference call will be accessible from the Investor Relations section of Jive’s website at http://investors.jivesoftware.com/ and a replay will be archived and accessible at: http://investors.jivesoftware.com/events.cfm. A replay of this conference call can also be accessed through February 18, 2014, by dialing 1-877-870-5176 (domestic) or 1-858-384-5517 (international). The replay passcode is 2508011.

About Jive Software

Jive (NASDAQ: JIVE) is the communication and collaboration platform for modern, mobile business. Recognized as a leader in social business by the industry’s top analyst firms, Jive’s cloud-based platform connects employees, customers and partners – transforming the way work gets done and unleashing productivity, creativity and innovation for millions of people in the world’s largest businesses. More information can be found at www.jivesoftware.com or the Jive News Blog here.

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.

 

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Non-GAAP gross profit, loss from operations, net loss and net loss per share exclude stock-based compensation expenses, non-recurring expenses related to acquisitions, amortization of acquisition related intangible assets, and changes in fair value of warrant liabilities. 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 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 and are not intended to be an alternative to financial measures prepared in accordance with GAAP. 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 fiscal quarter of 2014 and the full year of 2014, the future growth of the social business market, and our belief that we are well positioned to build upon our momentum in 2014. 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 subscription; subscription renewal or upsell rates and the impact these rates may have on our future revenues; our reliance on our own controls and third-party service providers to host some of our products; the

 

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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 prospectus as filed with the Securities and Exchange Commission. Additional information will also be set forth 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.

Investor Contact:

Brian Denyeau

ICR

(646) 277-1251

brian.denyeau@icrinc.com

Media Contact:

Amanda Pires

(650) 465-1215

amanda.pires@jivesoftware.com

 

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JIVE SOFTWARE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

     For the Three Months Ended
December 31,
    For the Twelve Months Ended
December 31,
 
         2013             2012             2013             2012      

Revenues:

        

Product

   $ 35,829      $ 28,604      $ 131,507      $ 100,040   

Professional services

     3,481        3,921        14,256        13,626   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     39,310        32,525        145,763        113,666   

Cost of revenues:

        

Product

     9,633        8,495        37,419        30,240   

Professional services

     4,959        3,570        17,873        14,625   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenues

     14,592        12,065        55,292        44,865   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     24,718        20,460        90,471        68,801   

Operating expenses:

        

Research and development

     14,359        11,863        55,742        39,190   

Sales and marketing

     25,935        19,498        86,083        60,235   

General and administrative

     6,464        4,764        24,613        16,444   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     46,758        36,125        166,438        115,869   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (22,040     (15,665     (75,967     (47,068

Other income (expense), net:

        

Interest income

     65        64        249        180   

Interest expense

     (80     (96     (314     (421

Other, net

     (54     (94     (349     (98
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expense), net

     (69     (126     (414     (339
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before provision for (benefit from) from income taxes

     (22,109     (15,791     (76,381     (47,407

Provision for (benefit from) for income taxes

     176        (218     (1,010     28   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (22,285   $ (15,573   $ (75,371   $ (47,435
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net loss per share

   $ (0.32   $ (0.24   $ (1.12   $ (0.76
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in basic and diluted per share calculations

     68,752        64,165        67,381        62,614   
  

 

 

   

 

 

   

 

 

   

 

 

 


JIVE SOFTWARE, INC.

Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

     December 31,  
     2013     2012  

Assets

    

Current Assets:

    

Cash and cash equivalents

   $ 38,415      $ 48,955   

Short-term marketable securities

     69,809        96,492   

Accounts receivable, net of allowances

     58,829        54,200   

Prepaid expenses and other current assets

     9,425        7,864   
  

 

 

   

 

 

 

Total current assets

     176,478        207,511   

Marketable securities, noncurrent

     33,443        22,607   

Property and equipment, net of accumulated depreciation

     21,379        16,803   

Goodwill

     29,753        23,435   

Intangible assets, net of accumulated amortization

     14,310        11,710   

Other assets

     572        214   
  

 

 

   

 

 

 

Total assets

   $ 275,935      $ 282,280   
  

 

 

   

 

 

 

Liabilities and Stockholders’ Equity

    

Current Liabilities:

    

Accounts payable

   $ 6,412      $ 9,557   

Accrued payroll and related liabilities

     7,469        7,357   

Other accrued liabilities

     8,478        7,123   

Deferred revenue, current

     112,432        87,698   

Term debt, current

     2,400        2,400   
  

 

 

   

 

 

 

Total current liabilities

     137,191        114,135   

Deferred revenue, less current portion

     34,905        29,349   

Term debt, less current portion

     6,000        8,400   

Other long-term liabilities

     1,605        538   
  

 

 

   

 

 

 

Total liabilities

     179,701        152,422   

Commitments and contingencies

    

Stockholders’ Equity:

    

Common stock

     7        7   

Less treasury stock at cost

     (3,352     (3,352

Additional paid-in capital

     326,834        285,332   

Accumulated deficit

     (227,531     (152,160

Accumulated other comprehensive income

     276        31   
  

 

 

   

 

 

 

Total stockholders’ equity

     96,234        129,858   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 275,935      $ 282,280   
  

 

 

   

 

 

 


JIVE SOFTWARE, INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Cash flows from operating activities:

        

Net loss

   $ (22,285   $ (15,573   $ (75,371   $ (47,435

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

        

Depreciation and amortization

     3,972        2,880        15,774        10,050   

Stock-based compensation

     10,246        5,932        34,754        18,209   

Change in deferred taxes

     —          (281     (1,351     (281

Loss on sale of property and equipment

     10        21        10        21   

(Increase) decrease, net of acquisitions, in:

        

Accounts receivable, net

     (18,792     (18,325     (4,629     (22,201

Prepaid expenses and other assets

     1,279        (1,051     (1,437     (3,343

Increase (decrease), net of acquisitions, in:

        

Accounts payable

     (2,336     1,407        (2,669     5,529   

Accrued payroll and related liabilities

     2,080        1,704        101        728   

Other accrued liabilities

     1,683        2,589        1,057        2,645   

Deferred revenue

     19,593        19,493        30,290        39,221   

Other long-term liabilities

     297        (405     493        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     (4,253     (1,609     (2,978     3,143   

Cash flows from investing activities:

        

Payments for purchase of property and equipment

     (5,145     (1,259     (13,934     (10,648

Purchases of marketable securities

     (26,015     (12,840     (111,700     (154,475

Sales of marketable securities

     11,239        —          40,772        11,147   

Maturities of marketable securities

     20,579        13,140        84,934        24,229   

Acquisitions, net of cash acquired

     —          (7,613     (11,047     (7,613
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     658        (8,572     (10,975     (137,360

Cash flows from financing activities:

        

Proceeds from exercise of stock options

     356        2,246        6,947        5,970   

Taxes paid related to net share settlement of equity awards

     (320     —          (1,074     —     

Payments of initial public offering expenses

     —          —          —          (1,014

Repayments of term loans

     (600     (600     (2,400     (2,450
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     (564     1,646        3,473        2,506   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (4,159     (8,535     (10,480     (131,711

Effect of exchange rate changes

     (32     18        (60     17   

Cash and cash equivalents, beginning of period

     42,606        57,472        48,955        180,649   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 38,415      $ 48,955      $ 38,415      $ 48,955   
  

 

 

   

 

 

   

 

 

   

 

 

 


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,
 
     2013     2012     2013     2012  

Gross profit, as reported

   $ 24,718      $ 20,460      $ 90,471      $ 68,801   

Add back:

        

Stock-based compensation

     1,161        622        3,450        2,035   

Amortization related to acquisitions

     972        662        3,626        2,521   

Non-recurring acquisition expense

     —          —          250        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit, non-GAAP

   $ 26,851      $ 21,744      $ 97,797      $ 73,357   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross margin, non-GAAP

     68     67     67     65
     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Research and development, as reported

   $ 14,359      $ 11,863      $ 55,742      $ 39,190   

less:

        

Stock-based compensation

     4,243        2,065        14,133        6,250   

Amortization related to acquisitions

     127        17        430        17   

Non-recurring acquisition expense

     100        100        150        100   
  

 

 

   

 

 

   

 

 

   

 

 

 

Research and development, non-GAAP

   $ 9,889      $ 9,681      $ 41,029      $ 32,823   
  

 

 

   

 

 

   

 

 

   

 

 

 

As percentage of total revenues, non-GAAP

     25     30     28     29
     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Sales and marketing, as reported

   $ 25,935      $ 19,498      $ 86,083      $ 60,235   

less:

        

Stock-based compensation

     3,075        2,080        10,614        4,970   

Amortization related to acquisitions

     129        11        433        11   
  

 

 

   

 

 

   

 

 

   

 

 

 

Sales and marketing, non-GAAP

   $ 22,731      $ 17,407      $ 75,036      $ 55,254   
  

 

 

   

 

 

   

 

 

   

 

 

 

As percentage of total revenues, non-GAAP

     58     54     51     49
     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

General and administrative, as reported

   $ 6,464      $ 4,764      $ 24,613      $ 16,444   

less:

        

Stock-based compensation

     1,767        1,165        6,557        4,954   
  

 

 

   

 

 

   

 

 

   

 

 

 

General and administrative, non-GAAP

   $ 4,697      $ 3,599      $ 18,056      $ 11,490   
  

 

 

   

 

 

   

 

 

   

 

 

 

As percentage of total revenues, non-GAAP

     12     11     12     10
     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Loss from operations, as reported

   $ (22,040   $ (15,665   $ (75,967   $ (47,068

Add back:

        

Stock-based compensation

     10,246        5,932        34,754        18,209   

Amortization related to acquisitions

     1,228        690        4,489        2,549   

Non-recurring acquisition expense

     100        100        400        100   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations, non-GAAP

   $ (10,466   $ (8,943   $ (36,324   $ (26,210
  

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Loss before provision for (benefit from) income taxes, as reported

   $ (22,109   $ (15,791   $ (76,381   $ (47,407

Add back:

        

Stock-based compensation

     10,246        5,932        34,754        18,209   

Amortization related to acquisitions

     1,228        690        4,489        2,549   

Non-recurring acquisition expense

     100        100        400        100   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before provision for (benefit from) income taxes, non-GAAP

   $ (10,535   $ (9,069   $ (36,738   $ (26,549
  

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Net loss, as reported

   $ (22,285   $ (15,573   $ (75,371   $ (47,435

Add back:

        

Stock-based compensation

     10,246        5,932        34,754        18,209   

Amortization related to acquisitions

     1,228        690        4,489        2,549   

Non-recurring acquisition expense

     100        100        400        100   

Tax benefit related to acquisitions

     —          (281     (1,351     (281
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss, non-GAAP

   $ (10,711   $ (9,132   $ (37,079   $ (26,858
  

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Basic and diluted net loss per share, as reported

   $ (0.32   $ (0.24   $ (1.12   $ (0.76

Add back:

        

Stock-based compensation

     0.15        0.09        0.52        0.29   

Amortization related to acquisitions

     0.01        0.01        0.06        0.04   

Non-recurring acquisition expense

     0.00        0.00        0.01        0.00   

Tax benefit related to acquisitions

     —          (0.00     (0.02     (0.00
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net loss per share, non-GAAP

   $ (0.16   $ (0.14   $ (0.55   $ (0.43
  

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Total revenues

   $ 39,310      $ 32,525      $ 145,763      $ 113,666   

Deferred revenue, current, end of period

     112,432        87,698        112,432        87,698   

Less: Deferred revenue, current, beginning of period

     (98,602     (74,425     (87,698     (62,329
  

 

 

   

 

 

   

 

 

   

 

 

 

Short-term billings

   $ 53,140      $ 45,798      $ 170,497      $ 139,035   
  

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Total revenues

   $ 39,310      $ 32,525      $ 145,763      $ 113,666   

Deferred revenue, end of period

     147,337        117,047        147,337        117,047   

Less: Deferred revenue, beginning of period

     (127,744     (97,554     (117,047     (77,826
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Billings

   $ 58,903      $ 52,018      $ 176,053      $ 152,887