[April 24, 2014] |
|
E2open Announces Fourth Quarter of Fiscal Year 2014 Results
FOSTER CITY, Calif. --(Business Wire)--
E2open, Inc. (NASDAQ: EOPN), a leading provider of strategic,
cloud-based software solutions for collaborative planning and execution
across global trading networks, today announced financial results for
the quarter ended February 28, 2014.
Mark Woodward, E2open's President and CEO, said, "We finished the year
with the highest year-over-year growth rate in subscription revenue in
12 quarters. In addition, the subscriptions and support portion of our
new and upsell bookings grew by 79% year-over-year, providing further
evidence that our growth initiatives are bearing fruit."
Fourth Quarter Financial Highlights:
-
GAAP Revenue: Total GAAP revenue was $19.4 million for the
fourth quarter of fiscal 2014; subscriptions and support revenue was
$16.3 million and professional services revenue was $3.1 million.
-
Non-GAAP Revenue: Non-GAAP revenue for the fourth quarter of
fiscal 2014 included $0.5 million from the impact of a previous
contract amendment that accelerated revenue from future periods to the
second quarter of fiscal 2013, and $0.1 million from the impact of a
purchase accounting adjustment to deferred revenue in connection with
the ICON acquisition in the second quarter of fiscal 2014. Total
non-GAAP revenue was $20.0 million, an increase of 10% compared to
$18.1 million for the fourth quarter of fiscal 2013 and an increase of
5% compared to $18.9 million for the third quarter of fiscal 2014.
Subscriptions and support revenue was $16.5 million, an increase of
41% compared to $11.7 million for the fourth quarter of fiscal 2013
and an increase of 13% compared to $14.7 million for the third quarter
of fiscal 2014. Professional services revenue was $3.5 million, a
decrease of 46% compared to $6.4 million for the fourth quarter of
fiscal 2013 and a decrease of 19% compared to $4.3 million for the
third quarter of fiscal 2014.
-
GAAP Loss from Operations: GAAP loss from operations was ($6.4)
million compared to ($2.6) million for the fourth quarter of fiscal
2013 and ($7.1) million for the third quarter of fiscal 2014.
-
Non-GAAP Loss from Operations: Non-GAAP loss from operations
was ($3.6) million compared to ($1.4) million for the fourth quarter
of fiscal 2013 and ($3.9) million for the third quarter of fiscal 2014.
-
GAAP Net Loss: GAAP net loss was ($6.4) million compared to
($2.8) million for the fourth quarter of fiscal 2013 and ($7.4)
million for the third quarter of fiscal 2014. GAAP net loss per share
was ($0.23), based on 27.5 million weighted-average shares
outstanding, compared to ($0.11) per share, based on 25.2 million
weighted-average shares outstanding for the fourth quarter of fiscal
2013, and ($0.28) per share based on 26.5 million weighted-average
shares outstanding for the third quarter of fiscal 2014.
-
Non-GAAP Net Loss: Non-GAAP net loss was ($3.9) million
compared to ($1.5) million for the fourth quarter of fiscal 2013 and
($4.4) million for the third quarter of fiscal 2014. Non-GAAP net loss
per share was ($0.13), based on 29.3 million weighted-average shares
outstanding, compared to ($0.06), based on 27.2 million
weighted-average shares outstanding for the fourth quarter of fiscal
2013 and ($0.16) based on 28.1 million weighted-average shares
outstanding for the third quarter of fiscal 2014.
-
Adjusted EBITDA: Adjusted EBITDA was ($3.0) million compared to
($1.0) million for the fourth quarter of fiscal 2013 and ($3.3)
million for the third quarter of fiscal 2014.
-
Cash Flow: Cash flow from operations was $3.7 million and free
cash flow was $4.0 million after deducting $0.0 million of capital
expenditures and adding back acquisition-related expenses of $0.4
million. This compares to cash flow from operations of $4.1 million
and free cash flow of $4.1 million after deducting $0.0 million of
capital expenditures for the fourth quarter of fiscal 2013.
-
Balance sheet: Cash and investments was $65.6 million, an
increase of $52.8 million compared to $12.8 million at the end of the
third quarter of fiscal 2014.
Fiscal Year 2014 Financial Highlights:
-
GAAP Revenue: Total GAAP revenue was $71.2 million for fiscal
2014; subscriptions and support revenue was $56.4 million and
professional services revenue was $14.8 million.
-
Non-GAAP Revenue: Non-GAAP revenue for fiscal 2014 included
$2.0 million from the impact of a previous contract amendment that
accelerated revenue from future periods to the second quarter of
fiscal 2013, and $0.3 million from the impact of a purchase accounting
adjustment to deferred revenue in connection with the ICON acquisition
in the second quarter of fiscal 2014. Total non-GAAP revenue was $73.6
million, an increase of 3% compared to $71.4 million for fiscal 2013.
Subscriptions and support revenue was $57.1 million, an increase of
32% compared to $43.2 million for fiscal 2013. Professional services
revenue was $16.5 million, a decrease of 41% compared to $28.2 million
for fiscal 2013.
-
GAAP Loss from Operations: GAAP loss from operations was
($24.8) million compared to ($0.0) million for fiscal 2013.
-
Non-GAAP Loss from Operations: Non-GAAP loss from operations
was ($14.3) million compared to ($1.3) million for fiscal 2013.
-
GAAP Net Loss: GAAP net loss was ($25.1) million compared to
($0.7) million for fiscal 2013. GAAP net loss per share was ($0.95),
based on 26.4 million weighted-average shares outstanding, compared to
($0.04) per share, based on 17.5 million weighted-average shares
outstanding for fiscal 2013.
-
Non-GAAP Net Loss: Non-GAAP net loss was ($15.1) million
compared to ($1.9) million for fiscal 2013. Non-GAAP net loss per
share was ($0.54), based on 28.1 million weighted-average shares
outstanding, compared to ($0.07), based on 25.4 million
weighted-average shares outstanding for fiscal 2013.
-
Adjusted EBITDA: Adjusted EBITDA was ($12.2) million compared
to $0.3 million for fiscal 2013.
-
Cash Flow: Cash flow from operations was ($11.7) million and
free cash flow was ($10.8) million after deducting $0.2 million of
capital expenditures and adding back acquisition-related expenses of
$1.1 million. This compares to cash flow from operations of ($1.0)
million and free cash flow of ($2.1) million after deducting $1.1
million of capital expenditures for fiscal 2013.
Fourth Quarter & Recent Business Highlights:
-
Released E2 Planning & Response version 11.2, bringing improved
"what-if" scenario and simulation capabilities, network planning
visualization and analytics, and certified SAP adapters to the cloud.
-
Announced that E2open customer Avnet Technology Solutions was
recognized in the "Customer Value Leadership" category for a new
supply chain system it developed in part on E2open's solutions.
-
Announced that E2open customer Radisys has been recognized with a 2014
Manufacturing Leadership Award in the "Enterprise Technology
Leadership" category.
-
Announced that three E2open executives were recognized by Supply &
Demand Chain Executive magazine as 2014 Pros to Know, a listing of top
supply and demand chain industry professionals.
-
Added three new customers during the quarter and expanded our
relationship with several other customers.
-
Ended the quarter with 106 customers, 38,548 unique registered trading
partners, and 125,960 unique registered users on the E2open network.
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."
Guidance:
As of April 24, 2014, E2open is providing guidance for its first quarter
of fiscal 2015 as well as the full fiscal year 2015.
-
Full Year Fiscal 2015 Guidance: Total GAAP revenue is expected
to be in the range of $84.9 million to $87.4 million, including a $1.6
million impact to revenue, due to the aforementioned acceleration of
revenue in the second quarter of fiscal 2013 in connection with a
contract amendment and the impact of a purchase accounting adjustment
to deferred revenue acquired in the second quarter of fiscal 2014.
Excluding the aforementioned contract amendment and the purchase
accounting adjustment to deferred revenue, total non-GAAP revenue is
expected to be in the range of $86.5 million to $89.0 million. Fiscal
2015 revenue guidance contemplates the anticipated loss of
approximately $2.5 million in subscription revenue in fiscal 2015 from
a pending contract amendment. Non-GAAP loss from operations is
expected to be in the range of ($14.0) million to ($13.0) million.
Non-GAAP loss per share is expected to be in the range of ($0.47) to
($0.43) based on approximately 31.3 million weighted-average shares
outstanding. Adjusted EBITDA is expected to be in the range of ($12.0)
million to ($11.0) million. Free cash flow is expected to be in the
range of ($10.0) million to ($9.0) million. New and upsell
subscriptions and support bookings are expected to be in the range of
$89.0 million to $94.0 million, representing growth of approximately
26% to 33% compared to fiscal 2014.
-
First Quarter Fiscal 2015 Guidance: Total GAAP revenue is
expected to be in the range of $18.4 million to $19.2 million.
Non-GAAP revenue is expected to be in the range of $19.0 million to
$19.8 million, which includes a $0.6 million impact to revenue, due to
the aforementioned acceleration of revenue in the second quarter of
fiscal 2013 in connection with a contract amendment and the impact of
a purchase accounting adjustment to deferred revenue acquired in the
second quarter of fiscal 2014. Non-GAAP loss from operations is
expected to be in the range of ($4.8) million to ($4.4) million.
Non-GAAP loss per share is expected to be in the range of ($0.16) to
($0.15) based on approximately 31.1 million weighted-average shares
outstanding. Adjusted EBITDA is expected to be in the range of ($4.2)
million to ($3.8) million.
With respect to the Company's expectations under "Guidance" above, the
Company has not reconciled non-GAAP income (loss) from operations or
non-GAAP income (loss) per share to GAAP income (loss) from operations
and GAAP income (loss) per share because these items cannot be
reasonably predicted.
Conference Call Details:
-
What: E2open financial results for the fourth quarter of fiscal
2014 and outlook for the first quarter of fiscal 2015 and the full
year of fiscal 2015
-
When: Thursday, April 24, 2014 at 2PM PT (5PM ET)
-
Dial in: To access the call in the U.S., please dial (877)
407-3982, and for international callers, please dial (201) 493-6780.
Callers may provide confirmation number 13577834 to access the call
more quickly, and are encouraged to dial into the call 10 to 15
minutes prior to the start to prevent any delay in joining.
-
Webcast: http://investor.e2open.com/
(live and replay)
-
Replay: A replay of the call will be available via telephone
for seven days, beginning two hours after the call. To listen to the
telephone replay in the U.S., please dial (877) 870-5176, and for
international callers, please dial (858) 384-5517 and enter access
code 13577834.
About E2open
E2open is a leading provider of cloud-based, on-demand software
solutions enabling enterprises to procure, manufacture, sell, and
distribute products more efficiently through collaborative planning and
execution across global trading networks. Enterprises use E2open
solutions to gain visibility into and control over their trading
networks through the real-time information, integrated business
processes, and advanced analytics that E2open provides. E2open customers
include Celestica, Cisco, HGST, HP, IBM, Lenovo, L'Oréal, LSI, Motorola
Solutions, Seagate, and Vodafone. E2open is headquartered in Foster
City, California with operations worldwide.
"Safe harbor" statement under the Private Securities Litigation
Reform Act of 1995
This press release contains forward-looking statements about expected
GAAP revenue, non-GAAP revenue, non-GAAP income (loss) from operations,
non-GAAP income (loss) per share, and adjusted EBITDA for the first
quarter of fiscal 2015 and the full fiscal year, and free cash flow and
new and upsell bookings for the full fiscal year. The achievement or
success of the matters covered by such forward-looking statements
involves risks, uncertainties and assumptions. If any such risks or
uncertainties materialize or if any of the assumptions prove incorrect,
the Company's results could differ materially from the results expressed
or implied by the forward-looking statements we make.
The risks and uncertainties referred to above include, but are not
limited to, risks associated with the Company's growth strategy; the
Company's plans for future products; the Company's operating results;
the Company's ability to anticipate future market demands and future
needs of its customers; the Company's customer concentration; the
Company's ability to effectively manage its growth; the Company's
expectations regarding expenses, sales and operations; anticipated
trends and challenges in the markets in which the Company operates; the
Company's competition; the Company's ability to successfully enter new
markets and manage its international expansion; and the Company's
intellectual property.
Further information on these and other factors that could affect the
Company's financial results is included in the filings made with the
Securities and Exchange Commission, including the Company's annual
report on Form 10-K and the Company's quarterly report on Form 10-Q.
These documents are available on the SEC Filings section of the Investor
Relations section of the Company's website at: http://investor.e2open.com.
E2open, Inc. assumes no obligation and does not intend to update these
forward-looking statements, except as required by law.
Non-GAAP Financial Measures
Our reported results include certain non-GAAP financial measures,
including non-GAAP revenue, non-GAAP income (loss) from operations,
non-GAAP net income (loss), weighted-average shares outstanding,
non-GAAP net income (loss) per share, adjusted EBITDA, and free cash
flow. Non-GAAP income (loss) from operations and non-GAAP net income
(loss) exclude expenses related to stock-based compensation expense,
amortization of acquired intangibles, acquisition-related expenses, and
noncash income taxes, as they are often excluded by other companies to
help investors understand the operational performance of their business
and, in the case of stock-based compensation, can be difficult to
predict. In addition, stock-based compensation expense varies from
period to period and company to company due to such things as differing
valuation methodologies and changes in stock price. Non-GAAP revenue,
non-GAAP income (loss) from operations and non-GAAP net income (loss)
also exclude the impact of certain accelerated revenue recognized in
connection with a contract amendment in the second quarter of fiscal
2013 and the impact of a purchase accounting adjustment to deferred
revenue acquired in the second quarter of fiscal 2014. Adjusted EBITDA
is defined as net income (loss), adjusted for accelerated revenue from a
contract amendment, the impact of a purchase accounting adjustment to
deferred revenue, depreciation and amortization, stock-based
compensation expense, interest and other expense, net, benefit from
(provision for) income taxes, amortization of acquired intangibles, and
acquisition-related expenses. Free cash flow is defined as net cash
provided by (used in) operating activities less capital expenditures,
which consist of purchases of property, equipment and software, and
excluding acquisition-related expenses. Reconciliation tables are
provided in this press release. Management believes that the use of
non-GAAP financial measures provides consistency and comparability with
our past financial performance, facilitates period to period comparisons
of results of operations, and also facilitates comparisons with other
peer companies, many of which use similar non-GAAP financial measures to
supplement their GAAP results. Non-GAAP results are presented for
supplemental informational purposes only for understanding our operating
results. The non-GAAP results should not be considered a substitute for
financial information presented in accordance with generally accepted
accounting principles, and may be different from non-GAAP measures used
by other companies.
E2open, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Operations
|
(dollars in thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
February 28,
2014
|
|
November 30,
2013
|
|
February 28,
2013
|
|
|
February 28,
2014
|
|
February 28,
2013
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
$
|
16,313
|
|
|
$
|
14,400
|
|
|
$
|
11,633
|
|
|
|
$
|
56,438
|
|
|
$
|
43,793
|
|
Professional services and other
|
|
|
3,057
|
|
|
|
3,860
|
|
|
|
5,978
|
|
|
|
$
|
14,803
|
|
|
$
|
31,145
|
|
Total revenue
|
|
|
19,370
|
|
|
|
18,260
|
|
|
|
17,611
|
|
|
|
|
71,241
|
|
|
|
74,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support (1)
|
|
|
3,039
|
|
|
|
2,769
|
|
|
|
2,063
|
|
|
|
|
10,981
|
|
|
|
8,275
|
|
Professional services and other (1)
|
|
|
4,144
|
|
|
|
4,309
|
|
|
|
4,029
|
|
|
|
|
16,996
|
|
|
|
15,037
|
|
Amortization of acquired intangibles
|
|
|
350
|
|
|
|
408
|
|
|
|
-
|
|
|
|
|
816
|
|
|
|
-
|
|
Total cost of revenue
|
|
|
7,533
|
|
|
|
7,486
|
|
|
|
6,092
|
|
|
|
|
28,793
|
|
|
|
23,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
13,274
|
|
|
|
11,631
|
|
|
|
9,570
|
|
|
|
|
45,457
|
|
|
|
35,518
|
|
Professional services and other
|
|
|
(1,087
|
)
|
|
|
(449
|
)
|
|
|
1,949
|
|
|
|
|
(2,193
|
)
|
|
|
16,108
|
|
Amortization of acquired intangibles
|
|
|
(350
|
)
|
|
|
(408
|
)
|
|
|
-
|
|
|
|
|
(816
|
)
|
|
|
-
|
|
Total gross profit
|
|
|
11,837
|
|
|
|
10,774
|
|
|
|
11,519
|
|
|
|
|
42,448
|
|
|
|
51,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
79
|
%
|
|
|
78
|
%
|
|
|
82
|
%
|
|
|
|
79
|
%
|
|
|
81
|
%
|
Professional services and other
|
|
|
(36
|
%)
|
|
|
(12
|
%)
|
|
|
33
|
%
|
|
|
|
(15
|
%)
|
|
|
52
|
%
|
Total gross margin
|
|
|
61
|
%
|
|
|
59
|
%
|
|
|
65
|
%
|
|
|
|
60
|
%
|
|
|
69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
Research and development (1)
|
|
|
4,786
|
|
|
|
5,099
|
|
|
|
3,729
|
|
|
|
|
18,491
|
|
|
|
14,999
|
|
Sales and marketing (1)
|
|
|
9,904
|
|
|
|
9,683
|
|
|
|
8,054
|
|
|
|
|
36,238
|
|
|
|
28,222
|
|
General and administrative (1)
|
|
|
3,158
|
|
|
|
2,413
|
|
|
|
2,304
|
|
|
|
|
10,660
|
|
|
|
8,413
|
|
Acquisition-related expenses
|
|
|
51
|
|
|
|
340
|
|
|
|
-
|
|
|
|
|
1,182
|
|
|
|
-
|
|
Amortization of acquired intangibles
|
|
|
294
|
|
|
|
369
|
|
|
|
-
|
|
|
|
|
688
|
|
|
|
-
|
|
Total operating expenses
|
|
|
18,193
|
|
|
|
17,904
|
|
|
|
14,087
|
|
|
|
|
67,259
|
|
|
|
51,634
|
|
Loss from operations
|
|
|
(6,356
|
)
|
|
|
(7,130
|
)
|
|
|
(2,568
|
)
|
|
|
|
(24,811
|
)
|
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other expense, net
|
|
|
(383
|
)
|
|
|
(461
|
)
|
|
|
(120
|
)
|
|
|
|
(762
|
)
|
|
|
(437
|
)
|
Loss before income taxes
|
|
|
(6,739
|
)
|
|
|
(7,591
|
)
|
|
|
(2,688
|
)
|
|
|
|
(25,573
|
)
|
|
|
(445
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit from (provision for) income taxes
|
|
|
366
|
|
|
|
209
|
|
|
|
(127
|
)
|
|
|
|
501
|
|
|
|
(264
|
)
|
Net loss
|
|
$
|
(6,373
|
)
|
|
$
|
(7,382
|
)
|
|
$
|
(2,815
|
)
|
|
|
$
|
(25,072
|
)
|
|
$
|
(709
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.23
|
)
|
|
$
|
(0.28
|
)
|
|
$
|
(0.11
|
)
|
|
|
$
|
(0.95
|
)
|
|
$
|
(0.04
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used to compute net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
27,497
|
|
|
|
26,545
|
|
|
|
25,178
|
|
|
|
|
26,415
|
|
|
|
17,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
$
|
106
|
|
|
$
|
77
|
|
|
$
|
52
|
|
|
|
$
|
328
|
|
|
$
|
179
|
|
Professional services and other
|
|
|
403
|
|
|
|
326
|
|
|
|
125
|
|
|
|
$
|
1,313
|
|
|
$
|
442
|
|
Total cost of revenue
|
|
|
509
|
|
|
|
403
|
|
|
|
177
|
|
|
|
|
1,641
|
|
|
|
621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
111
|
|
|
|
133
|
|
|
|
54
|
|
|
|
|
460
|
|
|
|
184
|
|
Sales and marketing
|
|
|
569
|
|
|
|
559
|
|
|
|
261
|
|
|
|
|
2,035
|
|
|
|
749
|
|
General and administrative
|
|
|
313
|
|
|
|
351
|
|
|
|
182
|
|
|
|
|
1,375
|
|
|
|
691
|
|
Total operating expenses
|
|
|
993
|
|
|
|
1,043
|
|
|
|
497
|
|
|
|
|
3,870
|
|
|
|
1,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based compensation
|
|
$
|
1,502
|
|
|
$
|
1,446
|
|
|
$
|
674
|
|
|
|
$
|
5,511
|
|
|
$
|
2,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
February 28, 2014
|
|
February 28, 2013
|
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
42,723
|
|
|
$
|
20,262
|
|
Short-term investments
|
|
|
14,374
|
|
|
|
15,289
|
|
Accounts receivable, net
|
|
|
21,995
|
|
|
|
20,670
|
|
Prepaid expenses and other current assets
|
|
|
4,323
|
|
|
|
2,212
|
|
Total current assets
|
|
|
83,415
|
|
|
|
58,433
|
|
Long-term investments
|
|
|
8,541
|
|
|
|
11,692
|
|
Goodwill
|
|
|
22,556
|
|
|
|
-
|
|
Intangible assets, net
|
|
|
11,395
|
|
|
|
-
|
|
Property and equipment, net
|
|
|
3,431
|
|
|
|
2,438
|
|
Other assets
|
|
|
3,844
|
|
|
|
905
|
|
Total assets
|
|
$
|
133,182
|
|
|
$
|
73,468
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
12,366
|
|
|
$
|
10,769
|
|
Deferred revenue
|
|
|
43,672
|
|
|
|
39,789
|
|
Payable to ICON shareholders
|
|
|
5,473
|
|
|
|
-
|
|
Current portion of notes payable and capital lease obligations
|
|
|
2,995
|
|
|
|
849
|
|
Total current liabilities
|
|
|
64,506
|
|
|
|
51,407
|
|
Deferred revenue
|
|
|
1,587
|
|
|
|
1,898
|
|
Notes payable and capital lease obligations, net of current portion
|
|
|
2,599
|
|
|
|
562
|
|
Deferred tax liability
|
|
|
3,385
|
|
|
|
-
|
|
Other noncurrent liabilities
|
|
|
1,281
|
|
|
|
508
|
|
Total liabilities
|
|
|
73,358
|
|
|
|
54,375
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Common stock
|
|
|
29
|
|
|
|
25
|
|
Additional paid-in capital
|
|
|
426,031
|
|
|
|
360,280
|
|
Accumulated other comprehensive income (loss)
|
|
|
31
|
|
|
|
(17
|
)
|
Accumulated deficit
|
|
|
(366,267
|
)
|
|
|
(341,195
|
)
|
Total stockholders' equity
|
|
|
59,824
|
|
|
|
19,093
|
|
Total liabilities and stockholders' equity
|
|
$
|
133,182
|
|
|
$
|
73,468
|
|
|
|
|
|
|
|
|
E2open, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
|
|
|
February 28,
2014
|
|
November 30,
2013
|
|
February 28,
2013
|
|
|
February 28,
2014
|
|
February 28,
2013
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(6,373
|
)
|
|
$
|
(7,382
|
)
|
|
$
|
(2,815
|
)
|
|
|
$
|
(25,072
|
)
|
|
$
|
(709
|
)
|
|
Adjustments to reconcile net loss to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
1,502
|
|
|
|
1,446
|
|
|
|
674
|
|
|
|
|
5,511
|
|
|
|
2,245
|
|
|
|
|
Depreciation and amortization
|
|
|
1,221
|
|
|
|
1,329
|
|
|
|
420
|
|
|
|
|
3,533
|
|
|
|
1,616
|
|
|
|
|
Other
|
|
|
(165
|
)
|
|
|
(256
|
)
|
|
|
129
|
|
|
|
|
(245
|
)
|
|
|
374
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
(505
|
)
|
|
|
(10,145
|
)
|
|
|
(894
|
)
|
|
|
|
(51
|
)
|
|
|
(4,366
|
)
|
|
|
|
|
Prepaid expenses and other current assets
|
|
|
(583
|
)
|
|
|
131
|
|
|
|
521
|
|
|
|
|
(2,063
|
)
|
|
|
1,149
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
120
|
|
|
|
2,222
|
|
|
|
558
|
|
|
|
|
3,548
|
|
|
|
2,079
|
|
|
|
|
|
Deferred revenue
|
|
|
8,787
|
|
|
|
4,662
|
|
|
|
5,456
|
|
|
|
|
2,417
|
|
|
|
(3,372
|
)
|
|
|
|
|
Other
|
|
|
(286
|
)
|
|
|
(30
|
)
|
|
|
89
|
|
|
|
|
734
|
|
|
|
27
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
3,718
|
|
|
|
(8,023
|
)
|
|
|
4,138
|
|
|
|
|
(11,688
|
)
|
|
|
(957
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(48
|
)
|
|
|
(68
|
)
|
|
|
(21
|
)
|
|
|
|
(213
|
)
|
|
|
(1,138
|
)
|
|
Sale (purchase) of marketable securities, net
|
|
|
(22,527
|
)
|
|
|
8,226
|
|
|
|
(1,880
|
)
|
|
|
|
4,250
|
|
|
|
(27,023
|
)
|
|
Payment for acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(11,489
|
)
|
|
|
-
|
|
|
Other assets
|
|
|
12
|
|
|
|
(6
|
)
|
|
|
3
|
|
|
|
|
79
|
|
|
|
29
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
(22,563
|
)
|
|
|
8,152
|
|
|
|
(1,898
|
)
|
|
|
|
(7,373
|
)
|
|
|
(28,132
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from bank credit facilities
|
|
|
2,963
|
|
|
|
1,982
|
|
|
|
-
|
|
|
|
|
5,481
|
|
|
|
30,300
|
|
|
Repayment of bank credit facilities
|
|
|
(3,426
|
)
|
|
|
(2,693
|
)
|
|
|
-
|
|
|
|
|
(6,772
|
)
|
|
|
(39,950
|
)
|
|
Repayment of notes payable and capital lease obligations
|
|
|
(713
|
)
|
|
|
(639
|
)
|
|
|
(607
|
)
|
|
|
|
(2,246
|
)
|
|
|
(2,502
|
)
|
|
Proceeds from exercise of common stock options
|
|
|
677
|
|
|
|
643
|
|
|
|
553
|
|
|
|
|
2,498
|
|
|
|
723
|
|
|
Repayment of debt assumed from acquired company
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(7,126
|
)
|
|
|
-
|
|
|
Proceeds from exercise of warrants
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
700
|
|
|
Payment of fractional shares from reverse stock split
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
Proceeds from public offering, net
|
|
|
50,042
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
50,042
|
|
|
|
52,313
|
|
|
Payment of deferred public offering costs
|
|
|
(362
|
)
|
|
|
(17
|
)
|
|
|
-
|
|
|
|
|
(379
|
)
|
|
|
(2,410
|
)
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
49,181
|
|
|
|
(724
|
)
|
|
|
(54
|
)
|
|
|
|
41,498
|
|
|
|
39,171
|
|
Effect of exchange rate changes
|
|
|
6
|
|
|
|
27
|
|
|
|
(8
|
)
|
|
|
|
24
|
|
|
|
(39
|
)
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
30,342
|
|
|
|
(568
|
)
|
|
|
2,178
|
|
|
|
|
22,461
|
|
|
|
10,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
12,381
|
|
|
|
12,949
|
|
|
|
18,084
|
|
|
|
|
20,262
|
|
|
|
10,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
42,723
|
|
|
$
|
12,381
|
|
|
$
|
20,262
|
|
|
|
$
|
42,723
|
|
|
$
|
20,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
$
|
113
|
|
|
$
|
67
|
|
|
$
|
31
|
|
|
|
$
|
256
|
|
|
$
|
239
|
|
|
|
Income taxes
|
|
$
|
-
|
|
|
$
|
44
|
|
|
$
|
15
|
|
|
|
$
|
121
|
|
|
$
|
134
|
|
Noncash financing and investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, software and equipment acquired under
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
notes payable and capital leases
|
|
$
|
767
|
|
|
$
|
395
|
|
|
$
|
589
|
|
|
|
$
|
2,839
|
|
|
$
|
662
|
|
|
|
Prepaid software, maintenance and services acquired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under notes payable and capital leases
|
|
$
|
747
|
|
|
$
|
847
|
|
|
$
|
633
|
|
|
|
$
|
3,666
|
|
|
$
|
1,615
|
|
|
|
Issuance of common stock for acquisition
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
$
|
8,849
|
|
|
$
|
-
|
|
|
|
Automatic conversion of preferred stock to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common stock in connection with the IPO
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
$
|
84,191
|
|
|
|
Vesting of early exercised common stock options
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
4
|
|
|
|
$
|
7
|
|
|
$
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. and Subsidiaries
|
GAAP to Non-GAAP Reconciliation Tables
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
`
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
February 28,
2014
|
|
November 30,
2013
|
|
February 28,
2013
|
|
|
February 28,
2014
|
|
February 28,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
$
|
16,313
|
|
|
$
|
14,400
|
|
|
$
|
11,633
|
|
|
|
$
|
56,438
|
|
|
$
|
43,793
|
|
Professional services and other
|
|
|
3,057
|
|
|
|
3,860
|
|
|
|
5,978
|
|
|
|
|
14,803
|
|
|
|
31,145
|
|
Total
|
|
|
19,370
|
|
|
|
18,260
|
|
|
|
17,611
|
|
|
|
|
71,241
|
|
|
|
74,938
|
|
Add (Less): accelerated revenue from contract amendment
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
78
|
|
|
|
78
|
|
|
|
93
|
|
|
|
|
314
|
|
|
|
(552
|
)
|
Professional services and other
|
|
|
420
|
|
|
|
424
|
|
|
|
420
|
|
|
|
|
1,702
|
|
|
|
(2,979
|
)
|
Total
|
|
|
498
|
|
|
|
502
|
|
|
|
513
|
|
|
|
|
2,016
|
|
|
|
(3,531
|
)
|
Add: deferred revenue purchase accounting adjustment
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
101
|
|
|
|
178
|
|
|
|
-
|
|
|
|
|
343
|
|
|
|
-
|
|
Professional services and other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
Total
|
|
|
101
|
|
|
|
178
|
|
|
|
-
|
|
|
|
|
343
|
|
|
|
-
|
|
Non-GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
16,492
|
|
|
|
14,656
|
|
|
|
11,726
|
|
|
|
|
57,095
|
|
|
|
43,241
|
|
Professional services and other
|
|
|
3,477
|
|
|
|
4,284
|
|
|
|
6,398
|
|
|
|
|
16,505
|
|
|
|
28,166
|
|
Total
|
|
$
|
19,969
|
|
|
$
|
18,940
|
|
|
$
|
18,124
|
|
|
|
$
|
73,600
|
|
|
$
|
71,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
$
|
13,274
|
|
|
$
|
11,631
|
|
|
$
|
9,570
|
|
|
|
$
|
45,457
|
|
|
$
|
35,518
|
|
Professional services and other
|
|
|
(1,087
|
)
|
|
|
(449
|
)
|
|
|
1,949
|
|
|
|
|
(2,193
|
)
|
|
|
16,108
|
|
Amortization of acquired intangibles
|
|
|
(350
|
)
|
|
|
(408
|
)
|
|
|
-
|
|
|
|
|
(816
|
)
|
|
|
-
|
|
Total
|
|
|
11,837
|
|
|
|
10,774
|
|
|
|
11,519
|
|
|
|
|
42,448
|
|
|
|
51,626
|
|
Add (Less): accelerated revenue from contract amendment
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
78
|
|
|
|
78
|
|
|
|
93
|
|
|
|
|
314
|
|
|
|
(552
|
)
|
Professional services and other
|
|
|
420
|
|
|
|
424
|
|
|
|
420
|
|
|
|
|
1,702
|
|
|
|
(2,979
|
)
|
Total
|
|
|
498
|
|
|
|
502
|
|
|
|
513
|
|
|
|
|
2,016
|
|
|
|
(3,531
|
)
|
Add: deferred revenue purchase accounting adjustment
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
101
|
|
|
|
178
|
|
|
|
-
|
|
|
|
|
343
|
|
|
|
-
|
|
Professional services and other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
Total
|
|
|
101
|
|
|
|
178
|
|
|
|
-
|
|
|
|
|
343
|
|
|
|
-
|
|
Add: stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
106
|
|
|
|
77
|
|
|
|
52
|
|
|
|
|
328
|
|
|
|
179
|
|
Professional services and other
|
|
|
403
|
|
|
|
326
|
|
|
|
125
|
|
|
|
|
1,313
|
|
|
|
442
|
|
Total
|
|
|
509
|
|
|
|
403
|
|
|
|
177
|
|
|
|
|
1,641
|
|
|
|
621
|
|
Add: amortization of acquired intangibles
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
Professional services and other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
Amortization of acquired intangibles
|
|
|
350
|
|
|
|
408
|
|
|
|
-
|
|
|
|
|
816
|
|
|
|
-
|
|
Total
|
|
|
350
|
|
|
|
408
|
|
|
|
-
|
|
|
|
|
816
|
|
|
|
-
|
|
Non-GAAP Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
13,559
|
|
|
|
11,964
|
|
|
|
9,715
|
|
|
|
|
46,442
|
|
|
|
35,145
|
|
Professional services and other
|
|
|
(264
|
)
|
|
|
301
|
|
|
|
2,494
|
|
|
|
|
822
|
|
|
|
13,571
|
|
Amortization of acquired intangibles
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
Total
|
|
$
|
13,295
|
|
|
$
|
12,265
|
|
|
$
|
12,209
|
|
|
|
$
|
47,264
|
|
|
$
|
48,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
82
|
%
|
|
|
82
|
%
|
|
|
83
|
%
|
|
|
|
81
|
%
|
|
|
81
|
%
|
Professional services and other
|
|
|
(8
|
%)
|
|
|
7
|
%
|
|
|
39
|
%
|
|
|
|
5
|
%
|
|
|
48
|
%
|
Total
|
|
|
67
|
%
|
|
|
65
|
%
|
|
|
67
|
%
|
|
|
|
64
|
%
|
|
|
68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. and Subsidiaries
|
GAAP to Non-GAAP Reconciliation Tables
|
(in thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
February 28,
2014
|
|
November 30,
2013
|
|
February 28,
2013
|
|
|
February 28,
2014
|
|
February 28,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Loss from Operations
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
$
|
(6,356
|
)
|
|
$
|
(7,130
|
)
|
|
$
|
(2,568
|
)
|
|
|
$
|
(24,811
|
)
|
|
$
|
(8
|
)
|
Add (Less): accelerated revenue from contract amendment
|
|
|
498
|
|
|
|
502
|
|
|
|
513
|
|
|
|
|
2,016
|
|
|
|
(3,531
|
)
|
Add: deferred revenue purchase accounting adjustment
|
|
|
101
|
|
|
|
178
|
|
|
|
-
|
|
|
|
|
343
|
|
|
|
-
|
|
Add: stock-based compensation expense
|
|
|
1,502
|
|
|
|
1,446
|
|
|
|
674
|
|
|
|
|
5,511
|
|
|
|
2,245
|
|
Add: amortization of acquired intangibles
|
|
|
644
|
|
|
|
777
|
|
|
|
-
|
|
|
|
|
1,504
|
|
|
|
-
|
|
Add: acquisition-related expenses
|
|
|
51
|
|
|
|
340
|
|
|
|
-
|
|
|
|
|
1,182
|
|
|
|
-
|
|
Non-GAAP loss from operations
|
|
$
|
(3,560
|
)
|
|
$
|
(3,887
|
)
|
|
$
|
(1,381
|
)
|
|
|
$
|
(14,255
|
)
|
|
$
|
(1,294
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Loss Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(6,373
|
)
|
|
$
|
(7,382
|
)
|
|
$
|
(2,815
|
)
|
|
|
$
|
(25,072
|
)
|
|
$
|
(709
|
)
|
Add (Less): accelerated revenue from contract amendment
|
|
|
498
|
|
|
|
502
|
|
|
|
513
|
|
|
|
|
2,016
|
|
|
|
(3,531
|
)
|
Add: deferred revenue purchase accounting adjustment
|
|
|
101
|
|
|
|
178
|
|
|
|
-
|
|
|
|
|
343
|
|
|
|
-
|
|
Add: stock-based compensation
|
|
|
1,502
|
|
|
|
1,446
|
|
|
|
674
|
|
|
|
|
5,511
|
|
|
|
2,245
|
|
Add (Less): provision for (benefit from) income taxes
|
|
|
(366
|
)
|
|
|
(209
|
)
|
|
|
127
|
|
|
|
|
(501
|
)
|
|
|
264
|
|
Add: amortization of acquired intangibles
|
|
|
644
|
|
|
|
777
|
|
|
|
-
|
|
|
|
|
1,504
|
|
|
|
-
|
|
Add: acquisition-related expenses
|
|
|
51
|
|
|
|
340
|
|
|
|
-
|
|
|
|
|
1,182
|
|
|
|
-
|
|
Non-GAAP loss before income taxes
|
|
|
(3,943
|
)
|
|
|
(4,348
|
)
|
|
|
(1,501
|
)
|
|
|
|
(15,017
|
)
|
|
|
(1,731
|
)
|
Cash paid for income taxes
|
|
|
-
|
|
|
|
(44
|
)
|
|
|
(15
|
)
|
|
|
|
(121
|
)
|
|
|
(134
|
)
|
Non-GAAP net loss
|
|
$
|
(3,943
|
)
|
|
$
|
(4,392
|
)
|
|
$
|
(1,516
|
)
|
|
|
$
|
(15,138
|
)
|
|
$
|
(1,865
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation between GAAP and non-GAAP weighted average shares
used to compute diluted net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute GAAP net loss per
share (diluted)
|
|
|
27,497
|
|
|
|
26,545
|
|
|
|
25,178
|
|
|
|
|
26,415
|
|
|
|
17,490
|
|
Effect of potentially dilutive common stock equivalents (1)
|
|
|
1,757
|
|
|
|
1,509
|
|
|
|
2,000
|
|
|
|
|
1,655
|
|
|
|
7,937
|
|
Non-GAAP weighted average shares used to compute non-GAAP net loss
per share
|
|
|
29,254
|
|
|
|
28,054
|
|
|
|
27,178
|
|
|
|
|
28,070
|
|
|
|
25,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share (diluted)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.28
|
)
|
|
$
|
(0.11
|
)
|
|
|
$
|
(0.95
|
)
|
|
$
|
(0.04
|
)
|
Non-GAAP net loss per share
|
|
$
|
(0.13
|
)
|
|
$
|
(0.16
|
)
|
|
$
|
(0.06
|
)
|
|
|
$
|
(0.54
|
)
|
|
$
|
(0.07
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(6,373
|
)
|
|
$
|
(7,382
|
)
|
|
$
|
(2,815
|
)
|
|
|
$
|
(25,072
|
)
|
|
$
|
(709
|
)
|
Add (Less): accelerated revenue from contract amendment
|
|
|
498
|
|
|
|
502
|
|
|
|
513
|
|
|
|
|
2,016
|
|
|
|
(3,531
|
)
|
Add: deferred revenue purchase accounting adjustment
|
|
|
101
|
|
|
|
178
|
|
|
|
-
|
|
|
|
|
343
|
|
|
|
-
|
|
Add: depreciation and amortization
|
|
|
577
|
|
|
|
552
|
|
|
|
420
|
|
|
|
|
2,029
|
|
|
|
1,616
|
|
Add: amortization of acquired intangibles
|
|
|
644
|
|
|
|
777
|
|
|
|
-
|
|
|
|
|
1,504
|
|
|
|
-
|
|
Add: interest and other expense, net
|
|
|
383
|
|
|
|
461
|
|
|
|
120
|
|
|
|
|
762
|
|
|
|
437
|
|
Add (Less): provision for (benefit from) income taxes
|
|
|
(366
|
)
|
|
|
(209
|
)
|
|
|
127
|
|
|
|
|
(501
|
)
|
|
|
264
|
|
Add: acquisition-related expenses
|
|
|
51
|
|
|
|
340
|
|
|
|
-
|
|
|
|
|
1,182
|
|
|
|
-
|
|
EBITDA
|
|
|
(4,485
|
)
|
|
|
(4,781
|
)
|
|
|
(1,635
|
)
|
|
|
|
(17,737
|
)
|
|
|
(1,923
|
)
|
Add: stock-based compensation expense
|
|
|
1,502
|
|
|
|
1,446
|
|
|
|
674
|
|
|
|
|
5,511
|
|
|
|
2,245
|
|
Adjusted EBITDA
|
|
$
|
(2,983
|
)
|
|
$
|
(3,335
|
)
|
|
$
|
(961
|
)
|
|
|
$
|
(12,226
|
)
|
|
$
|
322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
$
|
3,718
|
|
|
$
|
(8,023
|
)
|
|
$
|
4,138
|
|
|
|
$
|
(11,688
|
)
|
|
$
|
(957
|
)
|
Less: capital expenditures
|
|
|
(48
|
)
|
|
|
(68
|
)
|
|
|
(21
|
)
|
|
|
|
(213
|
)
|
|
|
(1,138
|
)
|
Add: acquisition-related expenses
|
|
|
357
|
|
|
|
503
|
|
|
|
-
|
|
|
|
|
1,066
|
|
|
|
-
|
|
Free cash flow
|
|
$
|
4,027
|
|
|
$
|
(7,588
|
)
|
|
$
|
4,117
|
|
|
|
$
|
(10,835
|
)
|
|
$
|
(2,095
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) These securities are anti-dilutive on a GAAP basis as a result
of our net loss, but are included for non-GAAP net loss per share.
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. and Subsidiaries
|
Bookings by Source
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
February 29, 2012
|
|
February 28, 2013
|
|
February 28, 2014
|
New and upsell
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
$
|
29,572
|
|
41
|
%
|
|
$
|
39,576
|
|
32
|
%
|
|
$
|
70,754
|
|
72
|
%
|
Professional services and other
|
|
|
21,429
|
|
30
|
%
|
|
|
30,712
|
|
25
|
%
|
|
|
11,319
|
|
12
|
%
|
Total new and upsell
|
|
|
51,001
|
|
70
|
%
|
|
|
70,288
|
|
56
|
%
|
|
|
82,073
|
|
84
|
%
|
Renewals
|
|
|
21,614
|
|
30
|
%
|
|
|
54,851
|
|
44
|
%
|
|
|
16,160
|
|
16
|
%
|
Total bookings
|
|
$
|
72,615
|
|
100
|
%
|
|
$
|
125,139
|
|
100
|
%
|
|
$
|
98,233
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-over-year growth
|
|
|
|
|
|
|
|
|
|
|
|
|
New and upsell
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
12
|
%
|
|
|
|
34
|
%
|
|
|
|
79
|
%
|
Professional services and other
|
|
|
|
24
|
%
|
|
|
|
43
|
%
|
|
|
|
(63
|
%)
|
Total new and upsell
|
|
|
|
17
|
%
|
|
|
|
38
|
%
|
|
|
|
17
|
%
|
Renewals
|
|
|
|
63
|
%
|
|
|
|
154
|
%
|
|
|
|
(71
|
%)
|
Total
|
|
|
|
28
|
%
|
|
|
|
72
|
%
|
|
|
|
(22
|
%)
|
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|