[April 19, 2012] |
|
PGi Reports First Quarter 2012 Results: Organic Revenues Grew Nearly 9%* to $126.6M; Non-GAAP Diluted EPS from Continuing Operations $0.18*
ATLANTA --(Business Wire)--
Premiere Global Services, Inc. (NYSE: PGI), a global leader in virtual
meetings for 20 years, today announced results for the first quarter
ended March 31, 2012.
In the first quarter of 2012, revenues as reported increased 8.3% to
$126.6 million, compared to $116.9 million in the first quarter of 2011.
Diluted EPS from continuing operations was $0.13 and non-GAAP diluted
EPS from continuing operations was $0.18* in the first quarter of 2012,
compared to diluted EPS from continuing operations of $0.06 and non-GAAP
diluted EPS from continuing operations of $0.12* in the first quarter of
2011.
"During the first quarter, we continued to show solid momentum across
our global business," said Boland T. Jones, PGi founder, chairman and
CEO. "At the same time, we are making great progress in transitioning
PGi toward a software as a service model, as we continue to increase
both our direct sales of iMeet® and GlobalMeet® and the number and
quality of our distribution partners worldwide. As a result, we remain
optimistic in our outlook for the remainder of the year."
First Quarter 2012 Accomplishments
-
Reported nearly 9% organic revenue growth as compared to the first
quarter of 2011;
-
Reported non-GAAP diluted EPS from continuing operations growth of
over 50% as compared to the first quarter of 2011;
-
Grew the annual revenue run-rate from iMeet and GlobalMeet by greater
than 22% as compared to the fourth quarter of 2011;
-
Provisioned over 11,000 iMeet and GlobalMeet licenses worldwide;
-
Announced a multi-year, multi-million dollar strategic alliance with
Deutsche Telekom, naming the integrated telecommunications company as
the exclusive reseller of iMeet in Germany;
-
iMeet selected as a finalist in the Best New Product category for the
internationally renowned 2012 Edison Awards; and
-
Repurchased nearly 250,000 shares of common stock in the open market
under our share repurchase plan.
Financial Outlook
The following statements are based on PGi's current expectations. These
statements contain forward-looking statements and company estimates, and
actual results may differ materially. PGi assumes no duty to update any
forward-looking statements made in this press release.
Based on the strength of its first quarter results and current business
trends, PGi increased its financial outlook for 2012. Based on current
trends and foreign currency exchange rates, PGi now anticipates net
revenues from continuing operations in 2012 will be in the range of
$500-$510 million and non-GAAP diluted EPS from continuing operations
will be in the range of $0.72-$0.75*.
PGi will host a conference call today at 5:00 p.m., Eastern Time, to
discuss these results. To participate in the call, please dial-in to the
appropriate number 5-10 minutes prior to the scheduled start time: (888)
211-4495 (U.S. and Canada) or (913) 312-1396 (International). The
conference call will simultaneously be webcast. Please visit www.pgi.com
for webcast details and conference call replay information, as well as
the webcast archive and the text of the earnings release, including the
financial and statistical information to be presented during the call.
* Non-GAAP Financial Measures
To supplement the company's consolidated financial statements presented
in accordance with GAAP, we have included the following non-GAAP
measures of financial performance: non-GAAP operating income, non-GAAP
net income from continuing operations, non-GAAP diluted net income per
share (EPS) from continuing operations and organic growth. The company
has also included these non-GAAP measures, as well as net revenues and
segment net revenues, on a constant currency basis. Management uses
these measures internally as a means of analyzing the company's current
and future financial performance and identifying trends in our financial
condition and results of operations. We have provided this information
to investors to assist in meaningful comparisons of past, present and
future operating results and to assist in highlighting the results of
ongoing core operations. Please see the table attached for calculation
of these non-GAAP financial measures and for reconciliation to the most
directly comparable GAAP measures. These non-GAAP financial measures may
differ materially from comparable or similarly titled measures provided
by other companies and should be considered in addition to, not as a
substitute for or superior to, measures of financial performance
prepared in accordance with GAAP.
About Premiere Global Services, Inc. ¦ PGi
PGi has been a global leader in virtual meetings for 20 years. Our
cloud-based solutions deliver multi-point, real-time virtual
collaboration using video, voice and file sharing technologies. PGi
solutions are available via desktops, tablets or mobile devices, helping
businesses worldwide be more productive, mobile and green. PGi has a
global presence in 25 countries and an established base of more than
35,000 enterprise customers, including 75% of the Fortune 100™.
In the last five years, we have hosted more than 725 million people from
137 countries in over 65 million meetings.
For more information, visit us at http://www.pgi.com.
Statements made in this press release, other than those concerning
historical information, should be considered forward-looking and subject
to various risks and uncertainties. Such forward-looking statements are
made pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 and are made based on management's current
expectations or beliefs as well as assumptions made by, and information
currently available to, management. A variety of factors could cause
actual results to differ materially from those anticipated in Premiere
Global Services, Inc.'s forward-looking statements, including, but not
limited to, the following factors: competitive pressures, including
pricing pressures; technological changes and the development of
alternatives to our services; market acceptance of new cloud-based,
virtual meeting services, including our iMeet® and GlobalMeet®
services; our ability to attract new customers and to retain and
further penetrate our existing customers; risks associated with
challenging global economic conditions; price increases from our
telecommunications service providers; service interruptions and network
downtime; technological obsolescence and our ability to upgrade our
equipment or increase our network capacity; concerns regarding the
security of transactions; future write-downs of goodwill or other
intangible assets; greater than anticipated tax liabilities;
restructuring and cost reduction initiatives and the market reaction
thereto; our level of indebtedness; risks associated with acquisitions
and divestitures; the impact of the sale of our PGiSend business; our
ability to protect our intellectual property rights, including possible
adverse results of litigation or infringement claims; regulatory or
legislative changes, including further government regulations applicable
to traditional telecommunications service providers and data privacy;
risks associated with international operations and market expansion,
including fluctuations in foreign currency exchange rates; and other
factors described from time to time in our press releases, reports and
other filings with the Securities and Exchange Commission, including but
not limited to the "Risk Factors" section of our Annual Report on Form
10-K for the year ended December 31, 2011. All forward-looking
statements attributable to us or a person acting on our behalf are
expressly qualified in their entirety by this cautionary statement.
PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2012
|
|
2011
|
|
|
(Unaudited)
|
|
|
|
|
|
Net revenues
|
|
$
|
126,603
|
|
|
$
|
116,925
|
|
Operating expenses:
|
|
|
|
|
Cost of revenues (exclusive of depreciation and amortization shown
|
|
|
|
|
separately below)
|
|
|
53,450
|
|
|
|
47,342
|
|
Selling and marketing
|
|
|
34,034
|
|
|
|
36,112
|
|
General and administrative (exclusive of expenses
|
|
|
|
|
shown separately below)
|
|
|
15,281
|
|
|
|
13,781
|
|
Research and development
|
|
|
3,379
|
|
|
|
3,176
|
|
Excise and sales tax expense
|
|
|
-
|
|
|
|
21
|
|
Depreciation
|
|
|
7,945
|
|
|
|
7,725
|
|
Amortization
|
|
|
1,220
|
|
|
|
1,710
|
|
Restructuring costs
|
|
|
161
|
|
|
|
-
|
|
Asset impairments
|
|
|
25
|
|
|
|
19
|
|
Net legal settlements and related expenses
|
|
|
20
|
|
|
|
-
|
|
Total operating expenses
|
|
|
115,515
|
|
|
|
109,886
|
|
|
|
|
|
|
Operating income
|
|
|
11,088
|
|
|
|
7,039
|
|
|
|
|
|
|
Other (expense) income:
|
|
|
|
|
Interest expense
|
|
|
(1,772
|
)
|
|
|
(2,081
|
)
|
Interest income
|
|
|
4
|
|
|
|
16
|
|
Other, net
|
|
|
(70
|
)
|
|
|
(211
|
)
|
Total other expense
|
|
|
(1,838
|
)
|
|
|
(2,276
|
)
|
|
|
|
|
|
Income from continuing operations before income taxes
|
|
|
9,250
|
|
|
|
4,763
|
|
Income tax expense
|
|
|
3,024
|
|
|
|
1,831
|
|
Net income from continuing operations
|
|
|
6,226
|
|
|
|
2,932
|
|
|
|
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
(47
|
)
|
|
|
(31
|
)
|
|
|
|
|
|
Net income
|
|
$
|
6,179
|
|
|
$
|
2,901
|
|
|
|
|
|
|
BASIC WEIGHTED-AVERAGE SHARES OUTSTANDING
|
|
|
48,455
|
|
|
|
50,759
|
|
|
|
|
|
|
Basic net income per share
|
|
|
|
|
Continuing operations
|
|
$
|
0.13
|
|
|
$
|
0.06
|
|
Discontinued operations
|
|
|
-
|
|
|
|
-
|
|
Net income per share
|
|
$
|
0.13
|
|
|
$
|
0.06
|
|
|
|
|
|
|
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING
|
|
|
48,929
|
|
|
|
51,071
|
|
|
|
|
|
|
Diluted net income per share
|
|
|
|
|
Continuing operations
|
|
$
|
0.13
|
|
|
$
|
0.06
|
|
Discontinued operations
|
|
|
-
|
|
|
|
-
|
|
Net income per share
|
|
$
|
0.13
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
Cash and equivalents
|
|
$
|
23,751
|
|
|
$
|
32,033
|
|
Accounts receivable (less allowances of $711 and $613, respectively)
|
|
|
81,432
|
|
|
|
72,518
|
|
Prepaid expenses and other current assets
|
|
|
14,140
|
|
|
|
13,906
|
|
Income taxes receivable
|
|
|
1,976
|
|
|
|
1,739
|
|
Deferred income taxes, net
|
|
|
1,007
|
|
|
|
1,090
|
|
Total current assets
|
|
|
122,306
|
|
|
|
121,286
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET
|
|
|
102,690
|
|
|
|
103,449
|
|
|
|
|
|
|
OTHER ASSETS
|
|
|
|
|
Goodwill
|
|
|
297,205
|
|
|
|
295,690
|
|
Intangibles, net of amortization
|
|
|
9,809
|
|
|
|
10,906
|
|
Deferred income taxes, net
|
|
|
2,508
|
|
|
|
3,474
|
|
Other assets
|
|
|
9,081
|
|
|
|
8,016
|
|
TOTAL ASSETS
|
|
$
|
543,599
|
|
|
$
|
542,821
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Accounts payable
|
|
$
|
45,886
|
|
|
$
|
42,589
|
|
Income taxes payable
|
|
|
624
|
|
|
|
962
|
|
Accrued taxes, other than income taxes
|
|
|
3,344
|
|
|
|
3,611
|
|
Accrued expenses
|
|
|
25,814
|
|
|
|
28,999
|
|
Current maturities of long-term debt and capital lease obligations
|
|
|
3,765
|
|
|
|
3,845
|
|
Accrued restructuring costs
|
|
|
2,001
|
|
|
|
2,287
|
|
Deferred income taxes, net
|
|
|
375
|
|
|
|
386
|
|
Total current liabilities
|
|
|
81,809
|
|
|
|
82,679
|
|
|
|
|
|
|
LONG-TERM LIABILITIES
|
|
|
|
|
Long-term debt and capital lease obligations
|
|
|
188,153
|
|
|
|
195,963
|
|
Accrued restructuring costs
|
|
|
1,284
|
|
|
|
1,410
|
|
Accrued expenses
|
|
|
18,528
|
|
|
|
17,249
|
|
Deferred income taxes, net
|
|
|
2,194
|
|
|
|
1,783
|
|
Total long-term liabilities
|
|
|
210,159
|
|
|
|
216,405
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
Common stock, $0.01 par value; 150,000,000 shares authorized,
|
|
|
|
|
50,185,721 and 50,144,703 shares issued and outstanding, respectively
|
|
|
502
|
|
|
|
501
|
|
Additional paid-in capital
|
|
|
474,844
|
|
|
|
475,013
|
|
Accumulated other comprehensive gain
|
|
|
12,692
|
|
|
|
10,809
|
|
Accumulated deficit
|
|
|
(236,407
|
)
|
|
|
(242,586
|
)
|
Total shareholders' equity
|
|
|
251,631
|
|
|
|
243,737
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
543,599
|
|
|
$
|
542,821
|
|
|
|
|
|
|
|
|
|
|
PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2012
|
|
2011
|
|
|
(Unaudited)
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
Net income
|
|
$
|
6,179
|
|
|
$
|
2,901
|
|
Loss from discontinued operations, net of taxes
|
|
|
47
|
|
|
|
31
|
|
Net income from continuing operations
|
|
|
6,226
|
|
|
|
2,932
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation
|
|
|
7,945
|
|
|
|
7,725
|
|
Amortization
|
|
|
1,220
|
|
|
|
1,710
|
|
Amortization of debt issuance costs
|
|
|
147
|
|
|
|
234
|
|
Net legal settlements and related expenses
|
|
|
20
|
|
|
|
-
|
|
Payments for legal settlements and related expenses
|
|
|
(10
|
)
|
|
|
-
|
|
Deferred income taxes
|
|
|
1,935
|
|
|
|
1,353
|
|
Restructuring costs
|
|
|
161
|
|
|
|
-
|
|
Payments for restructuring costs
|
|
|
(622
|
)
|
|
|
(3,034
|
)
|
Asset impairments
|
|
|
25
|
|
|
|
19
|
|
Equity-based compensation
|
|
|
2,082
|
|
|
|
1,792
|
|
Excess tax benefits from share-based payment arrangements
|
|
|
(86
|
)
|
|
|
-
|
|
Provision for doubtful accounts
|
|
|
357
|
|
|
|
157
|
|
Changes in assets and liabilities, net of effect of acquisitions and
dispositions:
|
|
|
|
|
Changes in working capital
|
|
|
(9,825
|
)
|
|
|
(12,143
|
)
|
Net cash provided by operating activities from continuing operations
|
|
|
9,575
|
|
|
|
745
|
|
Net cash used in operating activities from discontinued operations
|
|
|
(298
|
)
|
|
|
(256
|
)
|
Net cash provided by operating activities
|
|
|
9,277
|
|
|
|
489
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
Capital expenditures
|
|
|
(7,497
|
)
|
|
|
(7,327
|
)
|
Other investing activities
|
|
|
(170
|
)
|
|
|
(49
|
)
|
Business dispositions
|
|
|
-
|
|
|
|
2,170
|
|
Net cash used in investing activities from continuing operations
|
|
|
(7,667
|
)
|
|
|
(5,206
|
)
|
Net cash used in investing activities from discontinued operations
|
|
|
(60
|
)
|
|
|
-
|
|
Net cash used in investing activities
|
|
|
(7,727
|
)
|
|
|
(5,206
|
)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
Principal payments under borrowing arrangements
|
|
|
(15,069
|
)
|
|
|
(9,223
|
)
|
Proceeds from borrowing arrangements
|
|
|
7,000
|
|
|
|
23,971
|
|
Payments of debt issuance costs
|
|
|
(23
|
)
|
|
|
-
|
|
Excess tax benefits of share-based payment arrangements
|
|
|
86
|
|
|
|
-
|
|
Purchase of treasury stock, at cost
|
|
|
(2,926
|
)
|
|
|
(3,319
|
)
|
Exercise of stock options
|
|
|
852
|
|
|
|
-
|
|
Net cash (used in) provided by financing activities from continuing
operations
|
|
|
(10,080
|
)
|
|
|
11,429
|
|
Net cash used in financing activities from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
Net cash (used in) provided by financing activities
|
|
|
(10,080
|
)
|
|
|
11,429
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and equivalents
|
|
|
248
|
|
|
|
613
|
|
|
|
|
|
|
NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS
|
|
|
(8,282
|
)
|
|
|
7,325
|
|
CASH AND EQUIVALENTS, beginning of period
|
|
|
32,033
|
|
|
|
15,101
|
|
CASH AND EQUIVALENTS, end of period
|
|
$
|
23,751
|
|
|
$
|
22,426
|
|
|
|
|
|
|
|
|
|
|
PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2012
|
|
2011
|
|
|
(Unaudited)
|
Non-GAAP Operating Income (1)
|
|
|
|
|
Operating income, as reported
|
|
$
|
11,088
|
|
$
|
7,039
|
Restructuring costs
|
|
|
161
|
|
|
-
|
Excise and sales tax expense
|
|
|
-
|
|
|
21
|
Asset impairments
|
|
|
25
|
|
|
19
|
Net legal settlements and related expenses
|
|
|
20
|
|
|
-
|
Equity-based compensation
|
|
|
2,082
|
|
|
1,792
|
Amortization
|
|
|
1,220
|
|
|
1,710
|
Non-GAAP operating income
|
|
$
|
14,596
|
|
$
|
10,581
|
|
|
|
|
|
Non-GAAP Net Income from Continuing Operations (1)
|
|
|
|
|
Net income from continuing operations, as reported
|
|
$
|
6,226
|
|
$
|
2,932
|
Elimination of non-recurring tax adjustments
|
|
|
249
|
|
|
450
|
Restructuring costs
|
|
|
113
|
|
|
-
|
Excise and sales tax expense
|
|
|
-
|
|
|
15
|
Asset impairments
|
|
|
18
|
|
|
13
|
Net legal settlements and related expenses
|
|
|
14
|
|
|
-
|
Equity-based compensation
|
|
|
1,457
|
|
|
1,272
|
Amortization
|
|
|
854
|
|
|
1,214
|
Non-GAAP net income from continuing operations
|
|
$
|
8,931
|
|
$
|
5,896
|
|
|
|
|
|
Non-GAAP Diluted EPS from Continuing Operations (1) (2)
|
|
|
|
|
Diluted net income per share from continuing operations, as reported
|
|
$
|
0.13
|
|
$
|
0.06
|
Elimination of non-recurring tax adjustments
|
|
|
0.01
|
|
|
0.01
|
Restructuring costs
|
|
|
-
|
|
|
-
|
Excise and sales tax expense
|
|
|
-
|
|
|
-
|
Asset impairments
|
|
|
-
|
|
|
-
|
Net legal settlements and related expenses
|
|
|
-
|
|
|
-
|
Equity-based compensation
|
|
|
0.03
|
|
|
0.02
|
Amortization
|
|
|
0.02
|
|
|
0.02
|
Non-GAAP diluted EPS from continuing operations
|
|
$
|
0.18
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
(1) Management believes that presenting non-GAAP operating income,
non-GAAP net income from continuing operations and non-GAAP
diluted EPS from continuing operations provide useful information
regarding underlying trends in the company's continuing
operations. Management expects equity-based compensation and
amortization expenses to be recurring costs and presents non-GAAP
net income from continuing operations and non-GAAP diluted EPS
from continuing operations to exclude these non-cash items as well
as non-recurring items that are unrelated to the company's ongoing
operations, including non-recurring tax adjustments, restructuring
costs, excise and sales tax expense, asset impairments and net
legal settlements and related expenses. These non-cash and
non-recurring items are presented net of taxes for non-GAAP net
income from continuing operations and non-GAAP diluted EPS from
continuing operations.
|
|
|
|
|
|
(2) Column totals may not sum due to the effect of rounding on EPS.
|
|
|
|
|
|
PREMIERE GLOBAL SERVICES, INC. AND SUBSIDIARIES
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
CONSTANT CURRENCY ADJUSTMENTS AND ORGANIC GROWTH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior Year Quarter Constant Currency Adjustments (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 - 12 (Constant currency)
|
|
Impact of fluctuations in foreign
currency exchange rates
|
|
Q1 - 12 (Actual)
|
|
|
|
|
|
|
(Unaudited, in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues
|
|
$
|
126,836
|
|
$
|
(233
|
)
|
|
$
|
126,603
|
|
|
|
|
North America Net Revenue
|
|
$
|
85,740
|
|
$
|
(55
|
)
|
|
$
|
85,685
|
|
|
|
|
Europe Net Revenue
|
|
$
|
26,392
|
|
$
|
(613
|
)
|
|
$
|
25,779
|
|
|
|
|
Asia Pacific Net Revenue
|
|
$
|
14,704
|
|
$
|
435
|
|
|
$
|
15,139
|
|
|
|
|
Non-GAAP Operating Income
|
|
$
|
14,749
|
|
$
|
(153
|
)
|
|
$
|
14,596
|
|
|
|
|
Non-GAAP Net Income from Continuing Operations
|
|
$
|
8,939
|
|
$
|
(8
|
)
|
|
$
|
8,931
|
|
|
|
|
Non-GAAP Diluted EPS from Continuing Operations
|
|
$
|
0.18
|
|
$
|
-
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Management also presents the non-GAAP financial measures
described under note 1 above, as well as net revenues and segment
net revenue, on a constant currency basis compared to the same
quarter in the previous year to exclude the effects of foreign
currency exchange rates, which are not completely within
management's control, in order to facilitate period-to-period
comparison of the company's financial results without the
distortion of these fluctuations. These constant currency
adjustments convert current quarter results using prior period (Q1
- 11) average exchange rates.
|
|
|
|
|
|
|
|
|
|
|
|
Sequential Quarter Constant Currency Adjustments (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 - 12 (Constant currency)
|
|
Impact of fluctuations in foreign
currency exchange rates
|
|
Q1 - 12 (Actual)
|
|
|
|
|
|
|
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues
|
|
$
|
126,631
|
|
$
|
(28
|
)
|
|
$
|
126,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Management also presents net revenues on a constant currency
basis compared to the prior quarter to exclude the effects of
foreign currency exchange rates, which are not completely within
management's control, in order to facilitate period-to-period
comparison of the company's financial results without the
distortion of these fluctuations. These constant currency
adjustments convert current quarter results using prior period (Q4
- 11) average exchange rates.
|
|
|
|
|
|
|
|
|
|
|
|
Organic Growth (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2011
|
|
Impact of fluctuations in foreign
currency exchange rates
|
|
Organic net revenue growth
|
|
March 31, 2012
|
|
Organic net revenue growth rate
|
|
|
(Unaudited, in thousands, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues, Three Months Ended
|
|
$
|
116,925
|
|
$
|
(233
|
)
|
|
$
|
9,911
|
|
$
|
126,603
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Management defines "organic growth" as revenue changes
excluding the impact of foreign currency exchange rate
fluctuations and acquisitions made during the periods presented
and presents this non-GAAP financial measure to exclude the effect
of these items that are not completely within management's
control, such as foreign currency exchange rate fluctuations, or
do not reflect the company's ongoing core operations or underlying
growth, such as acquisitions.
|
|
|
|
|
|
|
|
|
|
|
|
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