[July 10, 2014] |
|
E2open Announces First Quarter of Fiscal Year 2015 Results
FOSTER CITY, Calif. --(Business Wire)--
E2open, Inc. (NASDAQ: EOPN), the 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 May 31, 2014.
"We were pleased with our results in the quarter, which reflected
continued strong growth in our subscriptions and support revenue," said
Mark Woodward, E2open's President and CEO. "In addition, our acquisition
of Serus Corporation, with its industry-leading expertise and
cloud-based offering, gives our customers deeper visibility to better
collaborate and manage processes such as manufacturing, compliance, and
new product introductions - all critical in today's technology driven
industries."
First Quarter Financial Highlights:
-
GAAP Revenue: Total GAAP revenue was $19.0 million for the
first quarter of fiscal 2015; subscriptions and support revenue was
$16.3 million and professional services revenue was $2.7 million.
-
Non-GAAP Revenue: Total non-GAAP revenue for the first quarter
of fiscal 2015 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 $19.6 million, an increase of 22% compared to
$16.1 million for the first quarter of fiscal 2014 and a decrease of
2% compared to $20.0 million for the fourth quarter of fiscal 2014.
Subscriptions and support revenue was $16.5 million, an increase of
33% compared to $12.4 million for the first quarter of fiscal 2014 and
was consistent with the $16.5 million revenue for the fourth quarter
of fiscal 2014. Professional services revenue was $3.2 million, a
decrease of 16% compared to $3.7 million for the first quarter of
fiscal 2014 and a decrease of 9% compared to $3.5 million for the
fourth quarter of fiscal 2014.
-
GAAP Loss from Operations: GAAP loss from operations was ($7.4)
million compared to ($5.4) million for the first quarter of fiscal
2014 and ($6.4) million for the fourth quarter of fiscal 2014.
-
Non-GAAP Loss from Operations: Non-GAAP loss from operations
was ($4.1) million compared to ($4.1) million for the first quarter of
fiscal 2014 and ($3.6) million for the fourth quarter of fiscal 2014.
-
GAAP Net Loss: GAAP net loss was ($7.3) million compared to
($5.4) million for the first quarter of fiscal 2014 and ($6.4) million
for the fourth quarter of fiscal 2014. GAAP net loss per share was
($0.25), based on 28.8 million weighted-average shares outstanding,
compared to ($0.21) per share, based on 25.6 million weighted-average
shares outstanding, for the first quarter of fiscal 2014 and ($0.23)
per share, based on 27.5 million weighted-average shares outstanding,
for the fourth quarter of fiscal 2014.
-
Non-GAAP Net Loss: Non-GAAP net loss was ($4.3) million
compared to ($4.0) million for the first quarter of fiscal 2014 and
($3.9) million for the fourth quarter of fiscal 2014. Non-GAAP net
loss per share was ($0.14), based on 30.5 million weighted-average
shares outstanding, compared to ($0.15), based on 27.2 million
weighted-average shares outstanding, for the first quarter of fiscal
2014 and ($0.13), based on 29.3 million weighted-average shares
outstanding, for the fourth quarter of fiscal 2014.
-
Adjusted EBITDA: Adjusted EBITDA was ($3.6) million compared to
($3.6) million for the first quarter of fiscal 2014 and ($3.0) million
for the fourth quarter of fiscal 2014.
-
Cash Flow: Cash flow from operations and free cash flow were
both ($2.3) million after deducting $0.1 million of capital
expenditures and adjusting for $0.1 million of acquisition-related
expenses. This compares to cash flow from operations and free cash
flow of ($3.3) million after deducting $0.0 million of capital
expenditures for the first quarter of fiscal 2014.
-
Balance Sheet: Cash and investments was $61.9 million, a
decrease of $3.7 million compared to $65.6 million at the end of the
fourth quarter of fiscal 2014.
First Quarter & Recent Business Highlights:
-
Acquired Serus Corporation, a leading provider of cloud-based
solutions for outsourced manufacturing and execution.
-
Signed a strategic alliance agreement with KPMG
LLP, U.S. audit, tax and advisory firm. The agreement includes
supply chain services delivery and joint marketing efforts in the
United States.
-
Announced that E2open, in partnership with L'Oréal, was named to the
2014 Supply & Demand Chain Executive 100.
-
Recognized as One of the Best Places to Work in the Bay Area for 2014
by the San Francisco Business Times.
-
Added three new customers during the quarter and expanded our
relationship with several other customers.
-
Ended the quarter with 108 customers, 39,544 unique registered trading
partners, and 130,569 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 July 10, 2014, E2open is providing guidance for its second 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 $86.9 million to $89.4 million, including a $2.1
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 purchase accounting adjustments
to deferred revenue related to acquisitions. Excluding the
aforementioned contract amendment and the purchase accounting
adjustments to deferred revenue, total non-GAAP revenue is expected to
be in the range of $89.0 million to $91.5 million. Non-GAAP loss from
operations is expected to be in the range of ($16.2) million to
($15.2) million. Non-GAAP loss per share is expected to be in the
range of ($0.54) to ($0.51) based on approximately 31.3 million
weighted-average shares outstanding. Adjusted EBITDA is expected to be
in the range of ($14.0) million to ($13.0) million. Free cash flow is
expected to be in the range of ($12.0) million to ($11.0) million. New
and upsell subscriptions and support bookings are expected to be in
the range of $91.5 million to $96.5 million, representing growth of
approximately 29% to 36% compared to fiscal 2014.
-
Second Quarter Fiscal 2015 Guidance: Total GAAP revenue is
expected to be in the range of $19.5 million to $20.3 million. Total
non-GAAP revenue is expected to be in the range of $20.2 million to
$21.0 million, which includes a $0.7 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
purchase accounting adjustments to deferred revenue related to
acquisitions. Non-GAAP loss from operations is expected to be in the
range of ($6.1) million to ($5.4) million. Non-GAAP loss per share is
expected to be in the range of ($0.20) to ($0.18) based on
approximately 31.5 million weighted-average shares outstanding.
Adjusted EBITDA is expected to be in the range of ($5.5) million to
($4.8) 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 first quarter of fiscal
2015 and outlook for the second quarter of fiscal 2015 and the full
year of fiscal 2015
-
When: Thursday, July 10, 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 13584427 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 13584427.
About E2open
E2open (NASDAQ: EOPN) is the 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. For more information, visit www.e2open.com.
"Safe harbor" statement under the Private Securities Litigation
Reform Act of 1995
This press release contains forward-looking statements about expected
total GAAP revenue, total non-GAAP revenue, non-GAAP loss from
operations, non-GAAP loss per share, weighted-average shares
outstanding, and adjusted EBITDA for the second quarter of fiscal 2015
and the full fiscal year, and free cash flow and new and upsell
subscriptions and support 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; the Company's
acquisitions; 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 total non-GAAP revenue, total non-GAAP loss from operations,
non-GAAP net loss, weighted-average shares outstanding, non-GAAP net
loss per share, adjusted EBITDA, and free cash flow. Non-GAAP loss from
operations and non-GAAP net loss exclude expenses related to stock-based
compensation expense, amortization of acquired intangibles,
acquisition-related expenses, and non-cash 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
loss from operations and non-GAAP net 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
purchase accounting adjustments to deferred revenue related to
acquisitions. Adjusted EBITDA is defined as net income (loss), adjusted
for accelerated revenue from a contract amendment, the impact of
purchase accounting adjustments to deferred revenue related to
acquisitions, depreciation and amortization, stock-based compensation
expense, interest and other income (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,
adjusted for payment of 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
|
|
|
|
|
|
May 31,
2014
|
|
|
February 28,
2014
|
|
|
May 31,
2013
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
$
|
16,306
|
|
|
|
|
$
|
16,313
|
|
|
|
|
$
|
12,292
|
|
Professional services and other
|
|
|
|
|
|
2,725
|
|
|
|
|
|
3,057
|
|
|
|
|
|
3,307
|
|
Total revenue
|
|
|
|
|
|
19,031
|
|
|
|
|
|
19,370
|
|
|
|
|
|
15,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support (1)
|
|
|
|
|
|
3,120
|
|
|
|
|
|
3,039
|
|
|
|
|
|
2,528
|
|
Professional services and other (1)
|
|
|
|
|
|
3,851
|
|
|
|
|
|
4,144
|
|
|
|
|
|
4,057
|
|
Amortization of acquired intangibles
|
|
|
|
|
|
350
|
|
|
|
|
|
350
|
|
|
|
|
|
-
|
|
Total cost of revenue
|
|
|
|
|
|
7,321
|
|
|
|
|
|
7,533
|
|
|
|
|
|
6,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
13,186
|
|
|
|
|
|
13,274
|
|
|
|
|
|
9,764
|
|
Professional services and other
|
|
|
|
|
|
(1,126
|
)
|
|
|
|
|
(1,087
|
)
|
|
|
|
|
(750
|
)
|
Amortization of acquired intangibles
|
|
|
|
|
|
(350
|
)
|
|
|
|
|
(350
|
)
|
|
|
|
|
-
|
|
Total gross profit
|
|
|
|
|
|
11,710
|
|
|
|
|
|
11,837
|
|
|
|
|
|
9,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
79
|
%
|
|
|
|
|
79
|
%
|
|
|
|
|
79
|
%
|
Professional services and other
|
|
|
|
|
|
(41
|
%)
|
|
|
|
|
(36
|
%)
|
|
|
|
|
(23
|
%)
|
Total gross margin
|
|
|
|
|
|
62
|
%
|
|
|
|
|
61
|
%
|
|
|
|
|
58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development (1)
|
|
|
|
|
|
5,224
|
|
|
|
|
|
4,786
|
|
|
|
|
|
4,073
|
|
Sales and marketing (1)
|
|
|
|
|
|
10,442
|
|
|
|
|
|
9,904
|
|
|
|
|
|
7,899
|
|
General and administrative (1)
|
|
|
|
|
|
2,898
|
|
|
|
|
|
3,158
|
|
|
|
|
|
2,448
|
|
Acquisition-related expenses
|
|
|
|
|
|
208
|
|
|
|
|
|
51
|
|
|
|
|
|
-
|
|
Amortization of acquired intangibles
|
|
|
|
|
|
294
|
|
|
|
|
|
294
|
|
|
|
|
|
-
|
|
Total operating expenses
|
|
|
|
|
|
19,066
|
|
|
|
|
|
18,193
|
|
|
|
|
|
14,420
|
|
Loss from operations
|
|
|
|
|
|
(7,356
|
)
|
|
|
|
|
(6,356
|
)
|
|
|
|
|
(5,406
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other expense, net
|
|
|
|
|
|
(33
|
)
|
|
|
|
|
(383
|
)
|
|
|
|
|
51
|
|
Loss before income taxes
|
|
|
|
|
|
(7,389
|
)
|
|
|
|
|
(6,739
|
)
|
|
|
|
|
(5,355
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit from (provision for) income taxes
|
|
|
|
|
|
71
|
|
|
|
|
|
366
|
|
|
|
|
|
(39
|
)
|
Net loss
|
|
|
|
|
$
|
(7,318
|
)
|
|
|
|
$
|
(6,373
|
)
|
|
|
|
$
|
(5,394
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
$
|
(0.25
|
)
|
|
|
|
$
|
(0.23
|
)
|
|
|
|
$
|
(0.21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used to compute net loss per share:
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
|
28,836
|
|
|
|
|
|
27,497
|
|
|
|
|
|
25,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
$
|
104
|
|
|
|
|
$
|
106
|
|
|
|
|
$
|
63
|
|
Professional services and other
|
|
|
|
|
|
438
|
|
|
|
|
|
403
|
|
|
|
|
|
169
|
|
Total cost of revenue
|
|
|
|
|
|
542
|
|
|
|
|
|
509
|
|
|
|
|
|
232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
|
159
|
|
|
|
|
|
111
|
|
|
|
|
|
68
|
|
Sales and marketing
|
|
|
|
|
|
672
|
|
|
|
|
|
569
|
|
|
|
|
|
290
|
|
General and administrative
|
|
|
|
|
|
413
|
|
|
|
|
|
313
|
|
|
|
|
|
255
|
|
Total operating expenses
|
|
|
|
|
|
1,244
|
|
|
|
|
|
993
|
|
|
|
|
|
613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based compensation
|
|
|
|
|
$
|
1,786
|
|
|
|
|
$
|
1,502
|
|
|
|
|
$
|
845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. and Subsidiaries
|
Condensed Consolidated Balance Sheets
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, 2014
|
|
|
February 28, 2014
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
31,349
|
|
|
$
|
42,723
|
Short-term investments
|
|
|
|
|
|
19,957
|
|
|
|
14,374
|
Accounts receivable, net
|
|
|
|
|
|
15,310
|
|
|
|
21,995
|
Prepaid expenses and other current assets
|
|
|
|
|
|
3,510
|
|
|
|
4,380
|
Total current assets
|
|
|
|
|
|
70,126
|
|
|
|
83,472
|
Long-term investments
|
|
|
|
|
|
10,554
|
|
|
|
8,541
|
Goodwill
|
|
|
|
|
|
22,556
|
|
|
|
22,556
|
Intangible assets, net
|
|
|
|
|
|
10,750
|
|
|
|
11,395
|
Property and equipment, net
|
|
|
|
|
|
3,347
|
|
|
|
3,431
|
Other assets
|
|
|
|
|
|
1,248
|
|
|
|
1,316
|
Total assets
|
|
|
|
|
$
|
118,581
|
|
|
$
|
130,711
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
$
|
11,322
|
|
|
$
|
12,366
|
Deferred revenue
|
|
|
|
|
|
39,151
|
|
|
|
43,672
|
Payable to ICON shareholders
|
|
|
|
|
|
5,447
|
|
|
|
5,473
|
Current portion of notes payable and capital lease obligations
|
|
|
|
|
|
2,975
|
|
|
|
2,995
|
Total current liabilities
|
|
|
|
|
|
58,895
|
|
|
|
64,506
|
Deferred revenue
|
|
|
|
|
|
924
|
|
|
|
1,587
|
Notes payable and capital lease obligations, net of current portion
|
|
|
|
|
|
2,372
|
|
|
|
2,599
|
Other noncurrent liabilities
|
|
|
|
|
|
2,040
|
|
|
|
2,195
|
Total liabilities
|
|
|
|
|
|
64,231
|
|
|
|
70,887
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
29
|
|
|
|
29
|
Additional paid-in capital
|
|
|
|
|
|
427,849
|
|
|
|
426,031
|
Accumulated other comprehensive income
|
|
|
|
|
|
57
|
|
|
|
31
|
Accumulated deficit
|
|
|
|
|
|
(373,585)
|
|
|
|
(366,267)
|
Total stockholders' equity
|
|
|
|
|
|
54,350
|
|
|
|
59,824
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
118,581
|
|
|
$
|
130,711
|
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
May 31,
2014
|
|
|
February 28,
2014
|
|
|
May 31,
2013
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
|
$
|
(7,318
|
)
|
|
|
$
|
(6,373
|
)
|
|
|
$
|
(5,394
|
)
|
|
Adjustments to reconcile net loss to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
|
|
1,786
|
|
|
|
|
1,502
|
|
|
|
|
845
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
1,215
|
|
|
|
|
1,221
|
|
|
|
|
404
|
|
|
|
|
Other
|
|
|
|
|
|
|
67
|
|
|
|
|
192
|
|
|
|
|
(23
|
)
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
|
6,685
|
|
|
|
|
(862
|
)
|
|
|
|
6,797
|
|
|
|
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
955
|
|
|
|
|
(583
|
)
|
|
|
|
(74
|
)
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
|
(350
|
)
|
|
|
|
120
|
|
|
|
|
(1,523
|
)
|
|
|
|
|
Deferred revenue
|
|
|
|
|
|
(5,183
|
)
|
|
|
|
8,787
|
|
|
|
|
(4,589
|
)
|
|
|
|
|
Other
|
|
|
|
|
|
(167
|
)
|
|
|
|
(286
|
)
|
|
|
|
261
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
|
(2,310
|
)
|
|
|
|
3,718
|
|
|
|
|
(3,296
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
|
(71
|
)
|
|
|
|
(48
|
)
|
|
|
|
(39
|
)
|
|
Sale (purchase) of marketable securities, net
|
|
|
|
|
|
(7,750
|
)
|
|
|
|
(22,527
|
)
|
|
|
|
(1,412
|
)
|
|
Other assets
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
12
|
|
|
|
|
(24
|
)
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
|
|
(7,822
|
)
|
|
|
|
(22,563
|
)
|
|
|
|
(1,475
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from bank credit facilities
|
|
|
|
|
|
2,284
|
|
|
|
|
2,963
|
|
|
|
|
-
|
|
|
Repayment of bank credit facilities
|
|
|
|
|
|
(2,284
|
)
|
|
|
|
(3,426
|
)
|
|
|
|
-
|
|
|
Repayment of notes payable and capital lease obligations
|
|
|
|
|
|
(948
|
)
|
|
|
|
(713
|
)
|
|
|
|
(458
|
)
|
|
Proceeds from stock offering, net
|
|
|
|
|
|
-
|
|
|
|
|
50,042
|
|
|
|
|
-
|
|
|
Payment of stock offering costs
|
|
|
|
|
|
(305
|
)
|
|
|
|
(362
|
)
|
|
|
|
-
|
|
|
Proceeds from exercise of common stock options
|
|
|
|
|
|
89
|
|
|
|
|
677
|
|
|
|
|
673
|
|
|
Other
|
|
|
|
|
|
|
|
|
(52
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
|
|
|
(1,216
|
)
|
|
|
|
49,181
|
|
|
|
|
215
|
|
Effect of exchange rate changes
|
|
|
|
|
|
(26
|
)
|
|
|
|
6
|
|
|
|
|
3
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
|
(11,374
|
)
|
|
|
|
30,342
|
|
|
|
|
(4,553
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
42,723
|
|
|
|
|
12,381
|
|
|
|
|
20,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
|
$
|
31,349
|
|
|
|
$
|
42,723
|
|
|
|
$
|
15,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
|
$
|
94
|
|
|
|
$
|
113
|
|
|
|
$
|
16
|
|
|
|
Income taxes
|
|
|
|
|
$
|
123
|
|
|
|
$
|
-
|
|
|
|
$
|
45
|
|
Noncash financing and investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, software and equipment acquired under
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
notes payable and capital leases
|
|
|
|
|
$
|
312
|
|
|
|
$
|
767
|
|
|
|
$
|
355
|
|
|
|
Prepaid software, maintenance and services acquired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under notes payable and capital leases
|
|
|
|
|
$
|
426
|
|
|
|
$
|
747
|
|
|
|
$
|
973
|
|
|
|
Vesting of early exercised common stock options
|
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. and Subsidiaries
|
GAAP to Non-GAAP Reconciliation Tables
|
(dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
`
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
May 31,
2014
|
|
|
February 28,
2014
|
|
|
May 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
$
|
16,306
|
|
|
|
$
|
16,313
|
|
|
|
$
|
12,292
|
|
Professional services and other
|
|
|
|
|
|
2,725
|
|
|
|
|
3,057
|
|
|
|
|
3,307
|
|
Total
|
|
|
|
|
|
19,031
|
|
|
|
|
19,370
|
|
|
|
|
15,599
|
|
Add: accelerated revenue from contract amendment
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
79
|
|
|
|
|
78
|
|
|
|
|
79
|
|
Professional services and other
|
|
|
|
|
|
429
|
|
|
|
|
420
|
|
|
|
|
429
|
|
Total
|
|
|
|
|
|
508
|
|
|
|
|
498
|
|
|
|
|
508
|
|
Add: deferred revenue purchase accounting adjustment
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
79
|
|
|
|
|
101
|
|
|
|
|
-
|
|
Professional services and other
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Total
|
|
|
|
|
|
79
|
|
|
|
|
101
|
|
|
|
|
-
|
|
Non-GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
16,464
|
|
|
|
|
16,492
|
|
|
|
|
12,371
|
|
Professional services and other
|
|
|
|
|
|
3,154
|
|
|
|
|
3,477
|
|
|
|
|
3,736
|
|
Total
|
|
|
|
|
$
|
19,618
|
|
|
|
$
|
19,969
|
|
|
|
$
|
16,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
$
|
13,186
|
|
|
|
$
|
13,274
|
|
|
|
$
|
9,764
|
|
Professional services and other
|
|
|
|
|
|
(1,126
|
)
|
|
|
|
(1,087
|
)
|
|
|
|
(750
|
)
|
Amortization of acquired intangibles
|
|
|
|
|
|
(350
|
)
|
|
|
|
(350
|
)
|
|
|
|
-
|
|
Total
|
|
|
|
|
|
11,710
|
|
|
|
|
11,837
|
|
|
|
|
9,014
|
|
Add: accelerated revenue from contract amendment
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
79
|
|
|
|
|
78
|
|
|
|
|
79
|
|
Professional services and other
|
|
|
|
|
|
429
|
|
|
|
|
420
|
|
|
|
|
429
|
|
Total
|
|
|
|
|
|
508
|
|
|
|
|
498
|
|
|
|
|
508
|
|
Add: deferred revenue purchase accounting adjustment
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
79
|
|
|
|
|
101
|
|
|
|
|
-
|
|
Professional services and other
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Total
|
|
|
|
|
|
79
|
|
|
|
|
101
|
|
|
|
|
-
|
|
Add: stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
104
|
|
|
|
|
106
|
|
|
|
|
63
|
|
Professional services and other
|
|
|
|
|
|
438
|
|
|
|
|
403
|
|
|
|
|
169
|
|
Total
|
|
|
|
|
|
542
|
|
|
|
|
509
|
|
|
|
|
232
|
|
Add: amortization of acquired intangibles
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Professional services and other
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Amortization of acquired intangibles
|
|
|
|
|
|
350
|
|
|
|
|
350
|
|
|
|
|
-
|
|
Total
|
|
|
|
|
|
350
|
|
|
|
|
350
|
|
|
|
|
-
|
|
Non-GAAP Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
13,448
|
|
|
|
|
13,559
|
|
|
|
|
9,906
|
|
Professional services and other
|
|
|
|
|
|
(259
|
)
|
|
|
|
(264
|
)
|
|
|
|
(152
|
)
|
Amortization of acquired intangibles
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Total
|
|
|
|
|
$
|
13,189
|
|
|
|
$
|
13,295
|
|
|
|
$
|
9,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
|
|
82
|
%
|
|
|
|
82
|
%
|
|
|
|
80
|
%
|
Professional services and other
|
|
|
|
|
|
(8
|
%)
|
|
|
|
(8
|
%)
|
|
|
|
(4
|
%)
|
Total
|
|
|
|
|
|
67
|
%
|
|
|
|
67
|
%
|
|
|
|
61
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. and Subsidiaries
|
GAAP to Non-GAAP Reconciliation Tables
|
(in thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
May 31,
2014
|
|
|
February 28,
2014
|
|
|
May 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Loss from Operations
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
|
$
|
(7,356
|
)
|
|
|
$
|
(6,356
|
)
|
|
|
$
|
(5,406
|
)
|
Add: accelerated revenue from contract amendment
|
|
|
|
|
|
508
|
|
|
|
|
498
|
|
|
|
|
508
|
|
Add: deferred revenue purchase accounting adjustment
|
|
|
|
|
|
79
|
|
|
|
|
101
|
|
|
|
|
-
|
|
Add: stock-based compensation expense
|
|
|
|
|
|
1,786
|
|
|
|
|
1,502
|
|
|
|
|
845
|
|
Add: amortization of acquired intangibles
|
|
|
|
|
|
644
|
|
|
|
|
644
|
|
|
|
|
-
|
|
Add: acquisition-related expenses
|
|
|
|
|
|
208
|
|
|
|
|
51
|
|
|
|
|
-
|
|
Non-GAAP loss from operations
|
|
|
|
|
$
|
(4,131
|
)
|
|
|
$
|
(3,560
|
)
|
|
|
$
|
(4,053
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Loss Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
|
$
|
(7,318
|
)
|
|
|
$
|
(6,373
|
)
|
|
|
$
|
(5,394
|
)
|
Add: accelerated revenue from contract amendment
|
|
|
|
|
|
508
|
|
|
|
|
498
|
|
|
|
|
508
|
|
Add: deferred revenue purchase accounting adjustment
|
|
|
|
|
|
79
|
|
|
|
|
101
|
|
|
|
|
-
|
|
Add: stock-based compensation
|
|
|
|
|
|
1,786
|
|
|
|
|
1,502
|
|
|
|
|
845
|
|
Add (Less): provision for (benefit from) income taxes
|
|
|
|
|
|
(71
|
)
|
|
|
|
(366
|
)
|
|
|
|
39
|
|
Add: amortization of acquired intangibles
|
|
|
|
|
|
644
|
|
|
|
|
644
|
|
|
|
|
-
|
|
Add: acquisition-related expenses
|
|
|
|
|
|
208
|
|
|
|
|
51
|
|
|
|
|
-
|
|
Non-GAAP loss before income taxes
|
|
|
|
|
|
(4,164
|
)
|
|
|
|
(3,943
|
)
|
|
|
|
(4,002
|
)
|
Cash paid for income taxes
|
|
|
|
|
|
(123
|
)
|
|
|
|
-
|
|
|
|
|
(45
|
)
|
Non-GAAP net loss
|
|
|
|
|
$
|
(4,287
|
)
|
|
|
$
|
(3,943
|
)
|
|
|
$
|
(4,047
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
28,836
|
|
|
|
|
27,497
|
|
|
|
|
25,615
|
|
Effect of potentially dilutive common stock equivalents (1)
|
|
|
|
|
|
1,636
|
|
|
|
|
1,757
|
|
|
|
|
1,599
|
|
Non-GAAP weighted average shares used to compute non-GAAP net loss
per share
|
|
|
|
|
|
30,472
|
|
|
|
|
29,254
|
|
|
|
|
27,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share (diluted)
|
|
|
|
|
$
|
(0.25
|
)
|
|
|
$
|
(0.23
|
)
|
|
|
$
|
(0.21
|
)
|
Non-GAAP net loss per share
|
|
|
|
|
$
|
(0.14
|
)
|
|
|
$
|
(0.13
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
|
$
|
(7,318
|
)
|
|
|
$
|
(6,373
|
)
|
|
|
$
|
(5,394
|
)
|
Add: depreciation and amortization
|
|
|
|
|
|
571
|
|
|
|
|
577
|
|
|
|
|
404
|
|
Add: amortization of acquired intangibles
|
|
|
|
|
|
644
|
|
|
|
|
644
|
|
|
|
|
-
|
|
Add (Less): interest and other expense, net
|
|
|
|
|
|
33
|
|
|
|
|
383
|
|
|
|
|
(51
|
)
|
Add (Less): provision for (benefit from) income taxes
|
|
|
|
|
|
(71
|
)
|
|
|
|
(366
|
)
|
|
|
|
39
|
|
EBITDA
|
|
|
|
|
|
(6,141
|
)
|
|
|
|
(5,135
|
)
|
|
|
|
(5,002
|
)
|
Add: accelerated revenue from contract amendment
|
|
|
|
|
|
508
|
|
|
|
|
498
|
|
|
|
|
508
|
|
Add: deferred revenue purchase accounting adjustment
|
|
|
|
|
|
79
|
|
|
|
|
101
|
|
|
|
|
-
|
|
Add: stock-based compensation expense
|
|
|
|
|
|
1,786
|
|
|
|
|
1,502
|
|
|
|
|
845
|
|
Add: acquisition-related expenses
|
|
|
|
|
|
208
|
|
|
|
|
51
|
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
|
|
|
$
|
(3,560
|
)
|
|
|
$
|
(2,983
|
)
|
|
|
$
|
(3,649
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
$
|
(2,310
|
)
|
|
|
$
|
3,718
|
|
|
|
$
|
(3,296
|
)
|
Less: capital expenditures
|
|
|
|
|
|
(71
|
)
|
|
|
|
(48
|
)
|
|
|
|
(39
|
)
|
Add: acquisition-related expenses
|
|
|
|
|
|
73
|
|
|
|
|
357
|
|
|
|
|
-
|
|
Free cash flow
|
|
|
|
|
$
|
(2,308
|
)
|
|
|
$
|
4,027
|
|
|
|
$
|
(3,335
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
[ Back To TMCnet.com's Homepage ]
|