[February 20, 2013] |
|
Fleetmatics Announces Fourth Quarter and Full Year 2012 Financial Results
DUBLIN & BOSTON --(Business Wire)--
Fleetmatics Group PLC (NYSE: FLTX), a leading global provider of fleet
management solutions for commercial fleet vehicles delivered as
Software-as-a-Service (SaaS), today announced preliminary financial
results for its fourth quarter and full year ended December 31, 2012.
"We were very pleased with the company's execution during the fourth
quarter, which provided a strong finish to a record year," stated Jim
Travers, Chief Executive Officer of Fleetmatics. "Our strong growth in
subscriptions, revenue, and profitability is being driven by continued
market demand for our highly differentiated Software-as-a-Service fleet
management solution for SMBs."
Travers added, "Looking forward, Fleetmatics remains well positioned to
maintain its momentum and capitalize on the large underpenetrated market
for fleet tracking. We continue to expect the combination of acquiring
new customers, increasing sales to existing customers, entering new
geographies, introducing new features and further monetizing our data,
to extend our leadership position and increase our market share
worldwide."
Fourth Quarter 2012 Financial Highlights
-
Revenue: Total revenue for the fourth quarter was $35.8
million, an increase of 38% compared to $25.9 million for the fourth
quarter of 2011.
-
Gross Profit: GAAP gross profit for the fourth quarter was
$26.6 million, compared to $18.2 million for the fourth quarter of
2011. Non-GAAP gross profit, which excludes share-based compensation
and amortization of intangible assets was $26.7 million for the
quarter compared to $18.3 million in the year ago period. GAAP gross
margin was 74% for the fourth quarter of 2012, compared to 70% during
the same period of last year. Non-GAAP gross margin was 75% for the
fourth quarter of 2012, compared to 71% during the same period last
year.
-
Operating Income: GAAP operating income for the fourth quarter
was $6.6 million, compared to $2.4 million for the fourth quarter of
2011. Non-GAAP operating income, which excludes share-based
compensation, amortization of intangible assets and other items as
defined in "Non-GAAP Financial Measures" was $9.0 million, an
increase of 100% compared to $4.5 million for the fourth quarter of
2011.
-
Net Income: Preliminary GAAP net income for the fourth quarter
was $4.1 million, compared to $1.1 million for the same period last
year. Preliminary GAAP diluted net income per share for the fourth
quarter was $0.13, based on 32.2 million weighted-average diluted
shares outstanding, compared to $0.03, and based on 2.4 million
weighted-average diluted shares outstanding, for the same period last
year.
Preliminary non-GAAP adjusted earnings, which
excludes share-based compensation, amortization of intangible assets
as well as other items as defined in "Non-GAAP Financial Measures" was
$6.4 million for the fourth quarter, up 142% compared to $2.6 million
for the fourth quarter of 2011. Preliminary non-GAAP diluted adjusted
earnings per share for the fourth quarter was $0.18 based on 35.4
million pro forma weighted-average diluted shares outstanding compared
to $0.09 per share based on 29.1 million pro forma weighted-average
diluted shares outstanding for the same period last year.
-
Adjusted EBITDA: Adjusted EBITDA for the fourth quarter
was $11.8 million, an increase of 77% compared to $6.7 million for the
fourth quarter of 2011. Adjusted EBITDA margin was 33% for the fourth
quarter of 2012, compared to a 26% margin for the same period last
year. Adjusted EBITDA is defined as net income (loss) plus provision
for income taxes; interest (income) expense, net; foreign currency
transaction (gain) loss, net; depreciation and amortization of
property and equipment; amortization of capitalized in-vehicle devices
owned by customers; amortization of intangible assets; share-based
compensation; and other items as defined in "Non-GAAP Financial
Measures."
-
Balance Sheet: As of December 31, 2012, Fleetmatics had cash of
$100.1 million, due primarily to the completion of the company's
initial public offering on October 11, 2012, which generated net
proceeds of approximately $93.4 million.
During the fourth
quarter of 2012, the company generated $9.8 million in net cash from
operations and invested $6.0 million in capital expenditures,
resulting in free cash flow of $3.8 million. During the fourth quarter
of 2011, the company generated $2.4 million in net cash from
operations and invested $4.5 million in capital expenditures,
resulting in free cash flow of negative $2.1 million.
-
Final determination of GAAP net income and non-GAAP adjusted earnings
are subject to the completion of the Company's tax provision. The
fourth quarter tax provision is currently estimated to be $2.0
million. The company expects the tax provision to be completed upon
the filing of the Company's 20-F for 2012.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the financial statement tables included in this press
release. An explanation of these measures is also included below under
the heading "Non-GAAP Financial Measures."
Full Year 2012 Financial Highlights
-
Revenue: Total revenue for the full year of 2012 was $127.5
million, an increase of 38% compared to $92.3 million for the full
year 2011.
-
Gross Profit: GAAP gross profit for the full year was $91.9
million, compared to $63.7 million for 2011. Non-GAAP gross profit for
the year was $92.5 million compared to $64.2 million in 2011. GAAP
gross margin was 72% for the full year 2012, compared to 69% during
2011. Non-GAAP gross margin was 73% for the full year of 2012,
compared to 70% during 2011.
-
Operating Income: GAAP operating income for the full year was
$12.4 million, an increase of 108% compared to $6.0 million for 2011.
Non-GAAP operating income was $23.7 million, an increase of 71%
compared to $13.8 million for 2011.
-
Net Income: Preliminary GAAP net income for the full year was
$4.9 million, an increase of 72% compared to $2.9 million last year.
Preliminary GAAP diluted net income per share for the full year was
$0.46, based on 10.1 million weighted-average diluted shares
outstanding, compared to $0.08, and based on 2.1 million
weighted-average diluted shares outstanding, last year.
Preliminary
non-GAAP adjusted earnings was $17.1 million for the full year, up
103% compared to $8.4 million for 2011. Non-GAAP diluted adjusted
earnings per share for the full year was $0.55 based on 30.8 million
pro forma weighted-average diluted shares outstanding, compared to
$0.29 per share based on 28.7 million pro forma weighted-average
diluted shares outstanding last year.
-
Adjusted EBITDA: Adjusted EBITDA for the full year was
$33.9 million, an increase of 56% compared to $21.7 million for 2011.
Adjusted EBITDA margin was 27% for the full year of 2012, compared to
a 24% margin last year.
-
Cash Flow: The company generated $16.9 million in net cash from
operations and invested $25.2 million in capital expenditures,
resulting in free cash flow of negative $8.3 million during the full
year of 2012. The company generated $1.8 million in net cash from
operations and invested $15.1 million in capital expenditures during
the full year 2011, resulting in free cash flow of negative $13.3
million.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the financial statement tables included in this press
release. An explanation of these measures is also included below under
the heading "Non-GAAP Financial Measures."
Fourth Quarter 2012 Operating Highlights
-
Fleetmatics ended the fourth quarter of 2012 with 331,000 active
vehicles under subscription, up 40% compared to 237,000 during the
fourth quarter of 2011.
-
Net churn during the fourth quarter of 2012 was 1.6% compared to 1.2%
during the fourth quarter of 2011. We calculate our net churn for a
period by dividing (i) the number of vehicles under subscription added
from existing customers less vehicles under subscription lost from
existing customers over that period by (ii) the total vehicles under
subscription at the beginning of that period. A positive net churn in
each period means we added more vehicles from existing customers than
we lost from those customers during the particular period.
Financial Outlook
As of February 20, 2013, Fleetmatics is initiating guidance for the
first quarter of 2013 and full year 2013 as follows:
First Quarter 2013 Guidance: Total revenue is expected to be in
the range of $37.2 million to $37.6 million. Adjusted EBITDA is expected
to be in the range of $8.7 million to $9.1 million. Non-GAAP diluted
adjusted earnings per share is expected to be in the range of $0.12 to
$0.14 based on approximately 36.2 million weighted-average diluted
shares outstanding. Fleetmatics' non-GAAP results exclude an estimated
$0.7 million of share-based compensation expense, $0.5 million of
intangible amortization, and $0.5 million relating to tax reserves.
Full Year 2013 Guidance: Total revenue is expected to be in the
range of $162.5 million to $164.5 million, which represents growth of
28% year-over-year at the midpoint. Adjusted EBITDA is expected to be in
the range of $45 million to $46 million. Non-GAAP diluted adjusted
earnings per share is expected to be in the range of $0.69 to $0.72
based on approximately 36.9 million weighted-average diluted shares
outstanding. Fleetmatics' non-GAAP results exclude an estimated $2.7
million of share-based compensation expense, $1.9 million of intangible
amortization, and negative $14.5 million relating to tax reserves.
Quarterly Conference Call
Fleetmatics will host a conference call today at 5:00 p.m. EST to
discuss the company's financial results for the fourth quarter and full
year 2012, its business outlook and other matters. To access this call,
dial +1-888-401-4690 (United States), or +1-719-325-2461
(international), with conference ID # 3041154. A live webcast of this
conference call will also be available on the investor relations portion
of the company's website at ir.fleetmatics.com, and a replay will be
archived on the website as well. A replay of this conference call will
also be available through March 6, 2013, by dialing +1-877-870-5176
(United States), or +1-858-384-5517 (international). The recording
access code is #3041154.
About Fleetmatics Group PLC
Fleetmatics Group PLC is a leading global provider of fleet management
solutions for small and mid-sized businesses delivered as
Software-as-a-Service (SaaS). Our solutions enable businesses to meet
the challenges associated with managing local fleets, and improve the
productivity of their mobile workforces, by extracting actionable
business intelligence from real-time and historical vehicle and driver
behavioral data.
Fleetmatics Group's intuitive, cost-effective Web-based solutions
provide fleet operators with visibility into vehicle location, fuel
usage, speed and mileage, and other insights into their mobile
workforce, enabling them to reduce operating and capital costs, as well
as increase revenue. Fleetmatics serves more than 18,000 customers,
tracking more than 331,000 vehicles worldwide.
Fleetmatics' solutions are marketed both under the Fleetmatics (www.fleetmatics.com)
and SageQuest (www.sage-quest.com)
brands.
Non-GAAP Financial Measures
In this release, Fleetmatics' non-GAAP gross profit, non-GAAP gross
margin, non-GAAP operating income, non-GAAP adjusted earnings, non-GAAP
diluted adjusted earnings per share, are not presented in accordance
with generally accepted accounting principles (GAAP) and are not
intended to be used in lieu of GAAP presentations of results of
operations. Non-GAAP gross profit, non-GAAP gross margin and non-GAAP
operating income exclude share-based compensation and amortization of
intangible assets. Non-GAAP adjusted earnings and non-GAAP diluted
adjusted earnings per share exclude share-based compensation;
amortization of intangible assets; foreign currency transaction (gain)
loss; loss on extinguishment of debt; certain non-recurring litigation
and settlement costs; management services agreement expense; the tax
effects related to these items, and the tax reserve component of the
income tax provision.
Adjusted EBITDA is defined as net income (loss) plus provision for
income taxes; interest (income) expense, net; foreign currency
transaction (gain) loss, net; depreciation and amortization of property
and equipment; amortization of capitalized in-vehicle devices owned by
customers; amortization of intangible assets; share-based compensation;
certain non-recurring litigation and settlement costs; management
services agreement expense; and loss on extinguishment of debt.
Management presents these non-GAAP financial measures because it
considers them to be important supplemental measures of performance.
Management uses the non-GAAP financial measures for planning purposes,
including analysis of the company's performance against prior periods,
the preparation of operating budgets and to determine appropriate levels
of operating and capital investments. Management also believes that the
non-GAAP financial measures provide additional insight for analysts and
investors in evaluating the company's financial and operational
performance. However, these non-GAAP financial measures have limitations
as an analytical tool and are not intended to be an alternative to
financial measures prepared in accordance with GAAP. We intend to
provide these non-GAAP financial measures as part of our future earnings
discussions and, therefore, the inclusion of these non-GAAP financial
measures will provide consistency in our financial reporting. Investors
are encouraged to review the reconciliation of these non-GAAP measures
to their most directly comparable GAAP financial measures. A
reconciliation of our non-GAAP financial measures to their most directly
comparable GAAP measures has been provided in the financial statement
tables included below in this press release.
The company's earnings press releases containing such non-GAAP
reconciliations can be found on the Investors section of the Company's
web site at http://ir.fleetmatics.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements about our growth strategy, extending our market
leadership position, acquiring new customers, increasing sales to
existing customers, entering new geographies, introducing new features,
monetizing our data, and our expected financial results for the first
quarter of 2013, the full year of 2013 and the preliminary financial
results for the fourth quarter of 2012 and the full year of 2012. These
forward-looking statements include, but are not limited to: plans,
objectives, expectations and intentions and other statements contained
in this press release that are not historical facts and statements
identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" or words of similar meaning.
These forward-looking statements reflect our current views about our
plans, intentions, expectations, strategies and prospects, which are
based on the information currently available to us and on assumptions we
have made. Although we believe that our plans, intentions, expectations,
strategies and prospects as reflected in or suggested by those
forward-looking statements are reasonable, we can give no assurance that
the plans, intentions, expectations or strategies will be attained or
achieved. Furthermore, actual results may differ materially from those
described in the forward-looking statements and will be affected by a
variety of risks and factors that are beyond our control including,
without limitation, risks associated with our ability to effectively and
efficiently attract, sell to and retain SMB customers; our ability to
retain and increase sales to our existing customers; expectations
regarding the widespread adoption of fleet management solutions; our
ability to expand the sales of our products to customers located outside
the U.S.; our ability to continue to compete in a highly fragmented
market and the risk of future competitors by way of acquisition or
otherwise; keeping up with the rapid technological change required to
remain competitive in our industry; and the impact of adverse economic
conditions on information technology spending by SMB businesses , and
other risks set forth under the caption "Risk Factors" in the Company's
final prospectus related to its recent follow on public offering filed
pursuant to Rule 424b under the Securities Act with the Securities and
Exchange Commission on January 31, 2013, as updated by our subsequently
furnished or filed quarterly reports on Form 6-K, annual reports on Form
20-F and other filings that we make with the Securities and Exchange
Commission. We assume no obligation to update any forward-looking
statements contained in this document as a result of new information,
future events or otherwise.
|
FLEETMATICS GROUP PLC
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
Subscription revenue
|
|
$
|
35,821
|
|
|
$
|
25,865
|
|
|
$
|
127,451
|
|
|
$
|
92,317
|
|
Cost of subscription revenue
|
|
|
9,244
|
|
|
|
7,696
|
|
|
|
35,507
|
|
|
|
28,631
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
26,577
|
|
|
|
18,169
|
|
|
|
91,944
|
|
|
|
63,686
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
10,638
|
|
|
|
8,895
|
|
|
|
41,138
|
|
|
|
33,391
|
|
Research and development
|
|
|
2,135
|
|
|
|
1,648
|
|
|
|
7,379
|
|
|
|
6,021
|
|
General and administrative
|
|
|
7,158
|
|
|
|
5,184
|
|
|
|
31,047
|
|
|
|
18,309
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
19,931
|
|
|
|
15,727
|
|
|
|
79,564
|
|
|
|
57,721
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
6,646
|
|
|
|
2,442
|
|
|
|
12,380
|
|
|
|
5,965
|
|
Interest income (expense), net
|
|
|
(408
|
)
|
|
|
(609
|
)
|
|
|
(2,075
|
)
|
|
|
(2,386
|
)
|
Foreign currency transaction gain (loss), net
|
|
|
(96
|
)
|
|
|
(95
|
)
|
|
|
(24
|
)
|
|
|
155
|
|
Loss on extinguishment of debt
|
|
|
-
|
|
|
|
-
|
|
|
|
(934
|
)
|
|
|
-
|
|
Other income (expense), net
|
|
|
-
|
|
|
|
-
|
|
|
|
(32
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
6,142
|
|
|
|
1,738
|
|
|
|
9,315
|
|
|
|
3,734
|
|
Provision for income taxes
|
|
|
2,047*
|
|
|
|
668
|
|
|
|
4,372*
|
|
|
|
865
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
4,095*
|
|
|
|
1,070
|
|
|
|
4,943*
|
|
|
|
2,869
|
|
Accretion of redeemable convertible preferred shares to redemption
value
|
|
|
-
|
|
|
|
(113
|
)
|
|
|
(336
|
)
|
|
|
(446
|
)
|
Net income attributable to participating securities
|
|
|
-
|
|
|
|
(906
|
)
|
|
|
-
|
|
|
|
(2,294
|
)
|
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary shareholders
|
|
$
|
4,095*
|
|
|
$
|
51
|
|
|
$
|
4,607*
|
|
|
$
|
129
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.13*
|
|
|
$
|
0.03
|
|
|
$
|
0.52*
|
|
|
$
|
0.09
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
0.13*
|
|
|
$
|
0.03
|
|
|
$
|
0.46*
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
30,585,811
|
|
|
|
1,497,150
|
|
|
|
8,822,169
|
|
|
|
1,497,150
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
32,194,164
|
|
|
|
2,413,020
|
|
|
|
10,084,580
|
|
|
|
2,077,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Preliminary estimate subject to completion of the Company's FY
2012 tax provision.
|
|
|
FLEETMATICS GROUP PLC
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
December 31, 2012
|
|
December 31, 2011
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash
|
|
$
|
100,087
|
|
$
|
8,615
|
|
Restricted cash
|
|
|
64
|
|
|
592
|
|
Accounts receivable, net of allowances of $887 and $1,237 at
December 31, 2012 and 2011, respectively
|
|
|
8,871
|
|
|
5,376
|
|
Deferred tax assets
|
|
|
8,615
|
|
|
8,343
|
|
Prepaid expenses and other current assets
|
|
|
10,371
|
|
|
5,425
|
|
|
|
|
|
|
Total current assets
|
|
|
128,008
|
|
|
28,351
|
|
Property and equipment, net
|
|
|
41,132
|
|
|
26,848
|
|
Goodwill
|
|
|
24,879
|
|
|
24,879
|
|
Intangible assets, net
|
|
|
7,013
|
|
|
9,341
|
|
Deferred tax assets, net
|
|
|
547
|
|
|
4,298
|
|
Other assets
|
|
|
8,722
|
|
|
5,859
|
|
|
|
|
|
|
Total assets
|
|
$
|
210,301
|
|
$
|
99,576
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities, Redeemable Convertible Preferred Shares and
Shareholders' Deficit
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
9,115
|
|
$
|
5,398
|
|
Accrued expenses and other current liabilities
|
|
|
11,420
|
|
|
12,382
|
|
Deferred revenue
|
|
|
17,087
|
|
|
18,679
|
|
Current portion of long-term debt
|
|
|
1,250
|
|
|
750
|
|
|
|
|
|
|
Total current liabilities
|
|
|
38,872
|
|
|
37,209
|
|
|
|
|
|
|
Deferred revenue
|
|
|
8,931
|
|
|
7,741
|
|
Accrued income taxes
|
|
|
15,931
|
|
|
17,825
|
|
Long-term debt, net of discount of $556 and $449 at December 31,
2012 and 2011, respectively
|
|
|
22,881
|
|
|
16,301
|
|
Other liabilities
|
|
|
3,030
|
|
|
726
|
|
|
|
|
|
|
Total liabilities
|
|
|
89,645
|
|
|
79,802
|
|
|
|
|
|
|
Redeemable convertible preferred shares
|
|
|
-
|
|
|
130,839
|
|
Total shareholders' equity (deficit)
|
|
|
120,656
|
|
|
(111,065
|
)
|
|
|
|
|
|
Total liabilities, redeemable convertible preferred shares and
shareholders' equity (deficit)
|
|
$
|
210,301
|
|
$
|
99,576
|
|
|
|
|
|
|
|
|
|
|
FLEETMATICS GROUP PLC
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In thousands)
|
(Unaudited)
|
|
|
|
Year Ended December 31,
|
|
|
|
2012
|
|
|
|
2011
|
|
Cash flows from operating activities:
|
|
|
|
|
Net income
|
|
$
|
4,943
|
|
|
$
|
2,869
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation and amortization of property and equipment
|
|
|
9,547
|
|
|
|
7,581
|
|
Amortization of capitalized in-vehicle devices owned by customers
|
|
|
668
|
|
|
|
344
|
|
Amortization of intangible assets
|
|
|
2,332
|
|
|
|
3,349
|
|
Amortization of deferred commissions, other deferred costs and debt
discount
|
|
|
4,986
|
|
|
|
3,855
|
|
Provision for deferred tax assets
|
|
|
5,863
|
|
|
|
1,788
|
|
Provision for accounts receivable allowances
|
|
|
1,509
|
|
|
|
990
|
|
Unrealized foreign currency transaction (gain) loss
|
|
|
38
|
|
|
|
(178
|
)
|
Loss on disposal of property and equipment and other assets
|
|
|
2,182
|
|
|
|
954
|
|
Share-based compensation
|
|
|
2,422
|
|
|
|
2,292
|
|
Loss on extinguishment of debt, non-cash portion
|
|
|
405
|
|
|
|
-
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
|
(4,979
|
)
|
|
|
(3,460
|
)
|
Prepaid expenses and other current and long-term assets
|
|
|
(11,630
|
)
|
|
|
(7,211
|
)
|
Accounts payable, accrued expenses and other current liabilities
|
|
|
986
|
|
|
|
2,194
|
|
Accrued income taxes
|
|
|
(1,893
|
)
|
|
|
(1,015
|
)
|
Deferred revenue
|
|
|
(489
|
)
|
|
|
(12,547
|
)
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
16,890
|
|
|
|
1,805
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Purchases of property and equipment
|
|
|
(25,221
|
)
|
|
|
(15,083
|
)
|
Capitalization of internal-use software costs
|
|
|
(883
|
)
|
|
|
(686
|
)
|
Net (increase) decrease in restricted cash
|
|
|
528
|
|
|
|
(387
|
)
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(25,576
|
)
|
|
|
(16,156
|
)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Proceeds from issuance of Term Loan, net of discount and issuance
costs
|
|
|
23,549
|
|
|
|
-
|
|
Proceeds from borrowings under Revolving Credit Facility
|
|
|
8,286
|
|
|
|
-
|
|
Payments of borrowings under Revolving Credit Facility
|
|
|
(8,286
|
)
|
|
|
-
|
|
Proceeds from initial public offering, net of offering costs
|
|
|
94,667
|
|
|
|
-
|
|
Proceeds from exercise of stock options
|
|
|
305
|
|
|
|
-
|
|
Reversal of excess tax benefits from share-based awards
|
|
|
(266
|
)
|
|
|
-
|
|
Collection of note receivable from officer
|
|
|
-
|
|
|
|
152
|
|
Payments of Senior Secured Notes
|
|
|
(17,500
|
)
|
|
|
-
|
|
Payments of capital lease obligations
|
|
|
(369
|
)
|
|
|
(139
|
)
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
100,386
|
|
|
|
13
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
(228
|
)
|
|
|
(101
|
)
|
|
|
|
|
|
Net increase (decrease) in cash
|
|
|
91,472
|
|
|
|
(14,439
|
)
|
Cash, beginning of period
|
|
|
8,615
|
|
|
|
23,054
|
|
|
|
|
|
|
Cash, end of period
|
|
$
|
100,087
|
|
|
$
|
8,615
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
Cash paid for interest
|
|
$
|
1,913
|
|
|
$
|
2,251
|
|
Cash paid for income taxes
|
|
$
|
1,841
|
|
|
$
|
243
|
|
Supplemental disclosure of non-cash financing and investing
activities:
|
|
|
|
|
Accretion of redeemable convertible preferred shares to redemption
value
|
|
$
|
336
|
|
|
$
|
446
|
|
Acquisition of property and equipment through capital leases
|
|
$
|
31
|
|
|
$
|
1,152
|
|
Additions to property and equipment included in accounts payable at
the balance sheet dates
|
|
$
|
2,173
|
|
|
$
|
1,276
|
|
Initial public offering costs included in accounts payable at the
balance sheet dates
|
|
$
|
1,254
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
|
(In thousands)
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
4,095*
|
|
$
|
1,070
|
|
$
|
4,943*
|
|
$
|
2,869
|
|
Provision for income taxes
|
|
|
2,047
|
|
|
668
|
|
|
4,372
|
|
|
865
|
|
Interest (income) expense, net
|
|
|
408
|
|
|
609
|
|
|
2,075
|
|
|
2,386
|
|
Foreign currency transaction (gain) loss, net
|
|
|
96
|
|
|
95
|
|
|
24
|
|
|
(155
|
)
|
Depreciation and amortization of property and equipment
|
|
|
2,582
|
|
|
2,073
|
|
|
9,547
|
|
|
7,581
|
|
Amortization of capitalized in-vehicle devices owned by customers
|
|
|
200
|
|
|
105
|
|
|
668
|
|
|
344
|
|
Amortization of intangible assets
|
|
|
583
|
|
|
838
|
|
|
2,332
|
|
|
3,349
|
|
Share-based compensation
|
|
|
549
|
|
|
665
|
|
|
2,422
|
|
|
2,292
|
|
Litigation and settlements
|
|
|
1,216
|
|
|
-
|
|
|
1,216
|
|
|
-
|
|
Management Services Agreement expense
|
|
|
50
|
|
|
559
|
|
|
5,353
|
|
|
2,217
|
|
Loss on extinguishment of debt
|
|
|
-
|
|
|
-
|
|
|
934
|
|
|
-
|
|
Adjusted EBITDA
|
|
$
|
11,826
|
|
$
|
6,682
|
|
$
|
33,886
|
|
$
|
21,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Preliminary estimate subject to completion of the Company's FY
2012 tax provision.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EPS
|
(In thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
4,095*
|
|
|
$
|
1,070
|
|
|
$
|
4,943*
|
|
|
$
|
2,869
|
|
Amortization of intangible assets
|
|
|
583
|
|
|
|
838
|
|
|
|
2,332
|
|
|
|
3,349
|
|
Share-based compensation
|
|
|
549
|
|
|
|
665
|
|
|
|
2,422
|
|
|
|
2,292
|
|
Foreign currency transaction (gain) loss, net
|
|
|
96
|
|
|
|
95
|
|
|
|
24
|
|
|
|
(155
|
)
|
Loss on extinguishment of debt
|
|
|
-
|
|
|
|
-
|
|
|
|
934
|
|
|
|
-
|
|
Litigation and settlements
|
|
|
1,216
|
|
|
|
-
|
|
|
|
1,216
|
|
|
|
-
|
|
Management Services Agreement expense
|
|
|
50
|
|
|
|
559
|
|
|
|
5,353
|
|
|
|
2,217
|
|
Tax effect of non-GAAP adjustments above at 15%
|
|
|
(374
|
)
|
|
|
(324
|
)
|
|
|
(1,842
|
)
|
|
|
(1,155
|
)
|
Tax reserve component of income tax provision
|
|
|
204
|
|
|
|
(254
|
)
|
|
|
1,668
|
|
|
|
(1,014
|
)
|
Adjusted earnings
|
|
$
|
6,419*
|
|
|
$
|
2,649
|
|
|
$
|
17,050*
|
|
|
$
|
8,403
|
|
|
|
|
|
|
|
|
|
|
Pro forma weighted average ordinary shares outstanding - diluted
|
|
|
35,380,981
|
|
|
|
29,066,403
|
|
|
|
30,839,263
|
|
|
|
28,730,975
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted EPS
|
|
$
|
0.18*
|
|
|
$
|
0.09
|
|
|
$
|
0.55*
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
*Preliminary estimate subject to completion of the Company's FY
2012 tax provision.
|
|
|
|
|
|
|
|
|
|
|
FLEETMATICS GROUP PLC
|
RECONCILIATION TO NON-GAAP INCOME
|
(In thousands)
|
(Unaudited)
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
Cost of subscription revenue
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
$
|
42
|
|
|
$
|
7
|
|
|
$
|
136
|
|
|
$
|
24
|
|
Amortization of intangible assets
|
|
|
98
|
|
|
|
128
|
|
|
|
383
|
|
|
|
514
|
|
Subtotal cost of subscription revenue
|
|
|
140
|
|
|
|
135
|
|
|
|
519
|
|
|
|
538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
95
|
|
|
|
200
|
|
|
|
921
|
|
|
|
734
|
|
Amortization of intangible assets
|
|
|
485
|
|
|
|
710
|
|
|
|
1,949
|
|
|
|
2,835
|
|
Subtotal sales and marketing
|
|
|
580
|
|
|
|
910
|
|
|
|
2,870
|
|
|
|
3,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
53
|
|
|
|
47
|
|
|
|
187
|
|
|
|
155
|
|
Subtotal research and development
|
|
|
53
|
|
|
|
47
|
|
|
|
187
|
|
|
|
155
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
359
|
|
|
|
411
|
|
|
|
1,178
|
|
|
|
1,379
|
|
Management Services Agreement expense
|
|
|
50
|
|
|
|
559
|
|
|
|
5,353
|
|
|
|
2,217
|
|
Litigation and settlements
|
|
|
1,216
|
|
|
|
-
|
|
|
|
1,216
|
|
|
|
-
|
|
Subtotal general and administrative
|
|
|
1,625
|
|
|
|
970
|
|
|
|
7,747
|
|
|
|
3,596
|
|
|
|
|
|
|
|
|
|
|
Foreign currency transaction (gain) loss, net
|
|
|
96
|
|
|
|
95
|
|
|
|
24
|
|
|
|
(155
|
)
|
Loss on extinguishment of debt
|
|
|
-
|
|
|
|
-
|
|
|
|
934
|
|
|
|
-
|
|
Tax effect of non-GAAP adjustments, net of tax reserve component of
income tax provision
|
|
|
(170
|
)
|
|
|
(578
|
)
|
|
|
(174
|
)
|
|
|
(2,169
|
)
|
Total expense add-backs
|
|
$
|
2,324
|
|
|
$
|
1,579
|
|
|
$
|
12,107
|
|
|
$
|
5,534
|
|
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|