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BroadSoft Reports Fourth Quarter and Full Year 2012 Financial Results(Marketwire Via Acquire Media NewsEdge) GAITHERSBURG, MD -- (Marketwire) -- 02/27/13 -- BroadSoft, Inc. (NASDAQ: BSFT), the leading global provider of Internet protocol-based, or IP-based, communications services to the telecommunications industry, today announced financial results for the fourth quarter and twelve-month period ended December 31, 2012. Financial Highlights for the Fourth Quarter of 2012 Total revenue increased 13% year-over-year to $45.8 million GAAP gross profit equaled 82% of total revenue; non-GAAP gross profit equaled 85% of total revenueGAAP income from operations totaled $8.4 million or 18% of revenue; non-GAAP income from operations totaled $14.0 million or 31% of revenueGAAP diluted EPS equaled $0.17 per common share; non-GAAP diluted EPS equaled $0.47 per common share Results for the three months ended December 31, 2012 Total revenue rose to $45.8 million in the fourth quarter of 2012, an increase of 13% compared to $40.6 million in the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $4.9 million, or $0.17 per diluted common share, compared to net income of $5.5 million, or $0.19 per diluted common share in the fourth quarter of 2011. On a non-GAAP basis, net income in the fourth quarter of 2012 was $13.4 million, or $0.47 per diluted common share, compared to non-GAAP net income of $10.8 million, or $0.38 per diluted common share, in the fourth quarter of 2011. A reconciliation of non-GAAP and GAAP results is included in the financial tables below. Results for the twelve months ended December 31, 2012 For the full year, total revenue was $164.8 million, an increase of 19% compared to $138.1 million in 2011. Net income for the full year of 2012 was $12.1 million, or $0.43 per diluted common share, compared to net income of $32.3 million, or $1.15 per diluted common share, in 2011. GAAP results for 2011 included an income tax benefit of $8.9 million, or $0.32 per diluted common share, resulting from the release of a tax valuation allowance relating to net deferred tax assets. On a non-GAAP basis, net income for the full year of 2012 was $40.9 million or $1.44 per diluted common share, compared to non-GAAP net income of $34.5 million, or $1.23 per diluted common share, in 2011. Management Commentary "We executed well against our 2012 strategic plan, including our introduction of UC-One, the only Unified Communications platform designed for telecommunications service providers," said Michael Tessler, president and chief executive officer, BroadSoft. "In 2013, we will continue to focus on developing innovative mobile services to address the growing multi-device communication trend and provide users the freedom to communicate from anywhere. We will also closely collaborate with our customers to design successful go-to-market strategies to drive the rapid adoption of their hosted Unified Communications solutions beyond voice services." "For 2012, we grew revenues by 19% and billings by an even stronger 24%," said Jim Tholen, chief financial officer, BroadSoft. "We were pleased that we delivered non-GAAP operating margins of 26% for the year and cash flow from operations of over $30 million. As we head into 2013, we remain excited by the opportunities to further drive adoption of BroadSoft-enabled solutions." Guidance For the first quarter of 2013, BroadSoft anticipates revenue of $37 to $40 million. The Company also expects to achieve earnings on a non-GAAP basis of $0.02 to $0.12 per diluted common share. For the full year 2013, BroadSoft expects revenue of $181 to $189 million. This range assumes that we do not recognize any material contribution from amounts currently held in our long-term deferred revenue balance. The Company anticipates full year 2013 earnings on a non-GAAP basis of $1.10 to $1.35 per diluted common share. "Regarding our revenue guidance for 2013, we expect to see continued strong growth in our enterprise Unified Communications software and cloud offerings. We anticipate that this strong growth will be partially offset by lower consumer applications revenue prior to service providers ramping up their voice over LTE investment as well as a decline in our professional services revenue given timing issues related to professional services revenue recognized in 2011 and 2012 from prior periods," commented Tholen. Conference Call BroadSoft will discuss its fourth quarter and full year 2012 results and its business outlook today via teleconference at 5:00 p.m. Eastern Time. To participate in the teleconference, callers can dial the toll free number 1-877-312-5517 (U.S. callers only) or 1-760-666-3772 (from outside the U.S.). The conference call can also be heard live via audio webcast at http://investors.broadsoft.com/events.cfm. To help ensure the conference begins on time, please dial in or connect via the web five minutes prior to the scheduled start time. For those unable to participate in the live call, a recording will be available shortly after the conclusion of the call at http://investors.broadsoft.com/events.cfm and will remain available until immediately prior to our next earnings call. BroadSoft has provided in this release, and will provide on this afternoon's teleconference, financial information that has not been prepared in accordance with generally accepted accounting principles, or GAAP. BroadSoft uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating BroadSoft's ongoing operational performance. BroadSoft's management regularly uses these non-GAAP financial measures to understand and manage its business and believes these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain non-cash expenses, and may include additional adjustments for items that are infrequent in nature. BroadSoft believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in BroadSoft's industry, many of which present similar non-GAAP financial measures to investors. A reconciliation of the non-GAAP financial measures included in this release and to be discussed on this afternoon's teleconference to the most directly comparable GAAP financial measures is set forth below. Non-GAAP financial measures: Non-GAAP net income and net income per share. BroadSoft defines non-GAAP net income as net income plus stock-based compensation expense, amortization expense for acquired intangible assets, non-cash interest expense on the Company's convertible notes, and non-cash tax expense included in the GAAP tax provision. BroadSoft defines non-GAAP income per share as non-GAAP net income divided by the weighted average shares outstanding. BroadSoft considers these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of certain non-cash expenses so management and investors can compare BroadSoft's core business operating results over multiple periods. Non-GAAP gross profit, license gross profit, subscription and maintenance support gross profit, and professional services and other gross profit. BroadSoft defines non-GAAP gross profit as gross profit plus stock-based compensation expense and amortization expense for acquired intangible assets. BroadSoft considers non-GAAP gross profit to be a useful metric for management and our investors because it excludes the effect of certain non-cash expenses so management and its investors can compare BroadSoft's sales margins over multiple periods. Where BroadSoft provides further breakdown of non-GAAP gross profit between license, subscription and maintenance support and professional services and other, the Company adds back the stock-based compensation expense and amortization expense, as applicable, to the related gross profit. Non-GAAP license cost of revenue, subscription and maintenance support cost of revenue, and professional services and other cost of revenue. BroadSoft defines non-GAAP cost of revenue less stock-based compensation expense and amortization expense for acquired intangible assets. BroadSoft considers non-GAAP cost of revenue to be a useful metric for management and our investors because it excludes the effect of certain non-cash expenses so management and its investors can compare BroadSoft's cost of revenue over multiple periods. Where BroadSoft provides further breakdown of non-GAAP cost of revenue between license, subscription and maintenance support and professional services and other, the Company subtracts the stock-based compensation expense and amortization expense, as applicable, to the related cost of revenue. Non-GAAP income from operations. BroadSoft defines non-GAAP income from operations as income from operations plus stock-based compensation expense and amortization expense for acquired intangible assets. BroadSoft considers non-GAAP income from operations to be a useful metric for management and investors because it excludes the effect of certain non-cash expenses so management and investors can compare BroadSoft's core business operating results over multiple periods. Where BroadSoft provides further breakdown of non-GAAP operating expenses for sales and marketing, research and development and general and administrative, the Company deducts stock-based compensation expense included in the applicable expense item. Billings. BroadSoft defines billings as revenue plus the net change in our deferred revenue balance for a particular period. BroadSoft believes that billings is a key measure of our business activity. With respect to our expectations under "Guidance" above, reconciliation of non-GAAP earnings per share guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, the measures and effects of non-cash income taxes, which are extremely difficult to project as a result of our tax status in a number of foreign jurisdictions, and stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results. The presentation of non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP income from operations, billings and other non-GAAP financial measures in this release and on this afternoon's teleconference is not meant to be a substitute for "net income," "net income per share," "gross margin," "income from operations" or other financial measures presented in accordance with GAAP, but rather should be evaluated in conjunction with such data. BroadSoft's definition of "non-GAAP net income," "non-GAAP net income per share," "non-GAAP gross margin," "non-GAAP income from operations," "billings" and other non-GAAP financial measures may differ from similarly titled non-GAAP measures used by other companies and may differ from period to period. In reporting non-GAAP measures in the future, management may make other adjustments for expenses and gains it does not consider reflective of core operating performance in a particular period and may modify "non-GAAP net income," "non-GAAP net income per share," "non-GAAP gross margin," "non-GAAP income from operations," "billings" and such other non-GAAP measures by excluding these expenses and gains. Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by their use of terms and phrases such as "anticipate," "enable," "expect," "will," "believe," "continue" and other similar terms and phrases, and such forward-looking statements include, but are not limited to, the statements regarding the Company's future financial performance set forth under the heading "Guidance." The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: the Company's dependence on the success of BroadWorks® and on its service provider customers to sell services using its applications; the Company's dependence in large part on service providers' continued deployment of, and investment in, their IP-based networks; claims that the Company infringes the intellectual property rights of others; the Company's ability to integrate and achieve the expected benefits from its recent acquisitions, including Adaption Technologies; and the Company's ability to expand its product offerings, as well as those factors contained in the "Risk Factors" sections of the Company's Form 10-K for the year ended December 31, 2012 filed with the SEC on February 27, 2013, and in the Company's other filings with the SEC. All information in this release is as of February 27, 2013. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statement made herein for any reason to conform the statement to actual results or changes in the Company's expectations. About BroadSoft BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company's core communications platform enables the delivery of a range of enterprise and consumer calling, messaging and collaboration communication services, including private branch exchanges, video calling, text messaging and converged mobile and fixed-line services. Financial Statements The financial statements set forth below are not the complete set of the Company's financial statements for the quarter and the year and are presented below without footnotes. Readers are encouraged to obtain and carefully review BroadSoft's Annual Report on Form 10-K for the year ended December 31, 2012, including all financial statements contained therein and the footnotes thereto, as filed with the SEC on February 27, 2013. Once filed with the SEC, the Form 10-K may be retrieved from the SEC's website at www.sec.gov or from BroadSoft's website at www.broadsoft.com. BSFT-F BroadSoft, Inc. Condensed Consolidated Balance Sheets (unaudited) December 31, December 31, 2012 2011 ------------- ------------- (In thousands, except share and per share data) Assets: Current assets: Cash and cash equivalents $ 90,545 $ 94,072 Short-term investments 73,075 92,749 Accounts receivable, net of allowance for doubtful accounts of $139 and $54 at December 31, 2012 and December 31, 2011, respectively 48,980 47,048 Deferred tax assets 3,732 12,968 Other current assets 10,796 4,435 ------------- ------------- Total current assets 227,128 251,272 ------------- ------------- Long-term assets: Property and equipment, net 7,361 4,221 Long-term investments 30,102 5,000 Restricted cash 584 959 Intangible assets, net 11,247 8,842 Goodwill 37,529 17,276 Other long-term assets 12,955 3,386 ------------- ------------- Total long-term assets 99,778 39,684 ------------- ------------- Total assets $ 326,906 $ 290,956 ============= ============= Liabilities and stockholders' equity: Current liabilities: Accounts payable and accrued expenses $ 15,686 $ 14,999 Notes payable and bank loans, current portion 555 891 Deferred revenue, current portion 49,368 55,372 ------------- ------------- Total current liabilities 65,609 71,262 Convertible senior notes 86,451 81,737 Notes payable and bank loans 414 461 Deferred revenue 11,781 1,764 Deferred tax liabilities - 1,433 Other long-term liabilities 1,416 1,056 ------------- ------------- Total liabilities 165,671 157,713 ------------- ------------- Stockholders' equity: Common stock, par value $0.01 per share; 100,000,000 shares authorized at December 31, 2012 and December 31, 2011; 27,913,471 and 27,106,393 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively 279 271 Additional paid-in capital 208,073 191,714 Accumulated other comprehensive loss (3,008) (2,557) Accumulated deficit (44,109) (56,185) ------------- ------------- Total stockholders' equity 161,235 133,243 ------------- ------------- Total liabilities and stockholders' equity $ 326,906 $ 290,956 ============= ============= BroadSoft, Inc. Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Year Ended December 31, December 31, ------------------- ------------------- 2012 2011 2012 2011 --------- --------- --------- --------- (In thousands, except per share data) Revenue: License software $ 24,430 $ 25,482 $ 89,750 $ 77,289 Subscription and maintenance support 16,707 12,517 58,249 42,462 Professional services and other 4,672 2,552 16,843 18,313 --------- --------- --------- --------- Total revenue 45,809 40,551 164,842 138,064 Cost of revenue: License software 1,739 1,800 8,643 6,077 Subscription and maintenance support 4,319 2,829 14,831 10,419 Professional services and other 2,310 2,205 9,012 8,478 --------- --------- --------- --------- Total cost of revenue 8,368 6,834 32,486 24,974 --------- --------- --------- --------- Gross profit 37,441 33,717 132,356 113,090 Operating expenses: Sales and marketing 13,835 12,234 47,911 38,376 Research and development 9,695 7,611 36,178 27,744 General and administrative 5,468 5,383 22,863 19,534 --------- --------- --------- --------- Total operating expenses 28,998 25,228 106,952 85,654 ========= ========= ========= ========= Income from operations 8,443 8,489 25,404 27,436 Other expense, net: 1,661 1,600 6,470 3,314 --------- --------- --------- --------- Income before income taxes 6,782 6,889 18,934 24,122 Provision for (benefit from) income taxes 1,903 1,422 6,858 (8,175) --------- --------- --------- --------- Net income $ 4,879 $ 5,467 $ 12,076 $ 32,297 ========= ========= ========= ========= Net income per common share available to BroadSoft, Inc. common stockholders: Basic $ 0.18 $ 0.20 $ 0.44 $ 1.21 Diluted $ 0.17 $ 0.19 $ 0.43 $ 1.15 Weighted average common shares outstanding: Basic 27,861 27,065 27,581 26,603 Diluted 28,515 28,142 28,353 27,987 Stock-based compensation expense included above: Cost of revenue $ 555 $ 352 $ 1,831 $ 916 Sales and marketing 1,764 769 5,609 1,984 Research and development 1,558 638 4,498 1,901 General and administrative 847 549 3,084 2,400 BroadSoft, Inc. Summary of Consolidated Cash Flow Activity (Unaudited) Year ended December 31, ---------------------------- 2012 2011 2010 -------- -------- -------- (in thousands) Net cash provided by operating activities 30,598 28,575 19,386 Net cash used in investing activities (34,153) (99,136) (24,274) Net cash (used in) provided by financing activities (121) 117,431 29,203 Billings (Unaudited) Year ended December 31, 2012 2011 2010 --------- --------- --------- Beginning of period deferred revenue balance $ 57,136 $ 59,264 $ 40,047 End of period deferred revenue balance 61,149 57,136 59,264 --------- --------- --------- Increase (decrease) in deferred revenue 4,013 (2,128) 19,217 Revenue 164,842 138,064 95,623 --------- --------- --------- Revenue plus net change in deferred revenue 168,855 135,936 114,840 BroadSoft, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) Three Three Months Ended Months Years Ended December 31, Ended December 31, September 2012 2011 30, 2012 2012 2011 --------- --------- --------- --------- --------- (In thousands) Non-GAAP cost of revenue: GAAP license cost of revenue $ 1,739 $ 1,800 $ 2,030 $ 8,643 $ 6,077 Less: Stock-based compensation expense 124 128 113 553 331 Amortization of acquired intangibles 244 233 214 938 704 --------- --------- --------- --------- --------- Non-GAAP license cost of revenue $ 1,371 $ 1,439 $ 1,703 $ 7,152 $ 5,042 ========= ========= ========= ========= ========= GAAP subscription and maintenance support cost of revenue $ 4,319 $ 2,829 $ 3,667 $ 14,831 $ 10,419 Less: Stock-based compensation expense 316 133 170 839 334 Amortization of acquired intangibles 570 336 516 1,722 591 --------- --------- --------- --------- --------- Non-GAAP subscription and maintenance support cost of revenue $ 3,433 $ 2,360 $ 2,981 $ 12,270 $ 9,494 ========= ========= ========= ========= ========= GAAP professional services and other cost of revenue $ 2,310 $ 2,205 $ 2,028 $ 9,012 $ 8,478 Less: Stock-based compensation expense 115 91 102 439 251 --------- --------- --------- --------- --------- Non-GAAP professional services and other cost of revenue $ 2,195 $ 2,114 $ 1,926 $ 8,573 $ 8,227 ========= ========= ========= ========= ========= Non-GAAP gross profit: GAAP gross profit $ 37,441 $ 33,717 $ 32,449 $ 132,356 $ 113,090 (percent of total revenue) 82% 83% 81% 80% 82% Plus: Stock-based compensation expense 555 352 385 1,831 916 Amortization of acquired intangible assets 814 569 730 2,660 1,295 --------- --------- --------- --------- --------- Non-GAAP gross profit $ 38,810 $ 34,638 $ 33,564 $ 136,847 $ 115,301 ========= ========= ========= ========= ========= (percent of total revenue) 85% 85% 84% 83% 84% GAAP license gross profit $ 22,691 $ 23,682 $ 19,524 $ 81,107 $ 71,212 (percent of related revenue) 93% 93% 91% 90% 92% Plus: Stock-based compensation expense 124 128 113 553 331 Amortization of acquired intangible assets 244 233 214 938 704 --------- --------- --------- --------- --------- Non-GAAP license gross profit $ 23,059 $ 24,043 $ 19,851 $ 82,598 $ 72,247 ========= ========= ========= ========= ========= (percent of related revenue) 94% 94% 92% 92% 93% GAAP subscription and maintenance support gross profit $ 12,388 $ 9,688 $ 11,708 $ 43,418 $ 32,043 (percent of related revenue) 74% 77% 76% 75% 75% Plus: Stock-based compensation expense 316 133 170 839 334 Amortization of acquired intangible assets 570 336 516 1,722 591 --------- --------- --------- --------- --------- Non-GAAP subscription and maintenance support gross profit $ 13,274 $ 10,157 $ 12,394 $ 45,979 $ 32,968 ========= ========= ========= ========= ========= (percent of related revenue) 79% 81% 81% 79% 78% GAAP professional services and other gross profit $ 2,362 $ 347 $ 1,217 $ 7,831 $ 9,835 (percent of related revenue) 51% 14% 38% 46% 54% Plus: Stock-based compensation expense 115 91 102 439 251 --------- --------- --------- --------- --------- Non-GAAP professional services and other gross profit $ 2,477 $ 438 $ 1,319 $ 8,270 $ 10,086 ========= ========= ========= ========= ========= (percent of related revenue) 53% 17% 41% 49% 55% BroadSoft, Inc. Reconciliation of Non-GAAP Financial Measures (continued) (Unaudited) Three Three Months Ended Months Years Ended December 31, Ended December 31, September 2012 2011 30, 2012 2012 2011 --------- --------- --------- --------- --------- (In thousands) Non-GAAP income from operations: GAAP income from operations $ 8,443 $ 8,489 $ 6,476 $ 25,404 $ 27,436 (percent of total revenue) 18% 21% 16% 15% 20% Plus: Stock-based compensation expense 4,724 2,308 3,326 15,022 7,201 Amortization of acquired intangible assets 814 569 730 2,660 1,295 --------- --------- --------- --------- --------- Non-GAAP income from operations $ 13,981 $ 11,366 $ 10,532 $ 43,086 $ 35,932 ========= ========= ========= ========= ========= (percent of total revenue) 31% 28% 26% 26% 26% GAAP operating expense $ 28,998 $ 25,228 $ 25,973 $ 106,952 $ 85,654 Less: Stock-based compensation expense 4,169 1,956 2,941 13,191 6,285 --------- --------- --------- --------- --------- Non-GAAP operating expense $ 24,829 $ 23,272 $ 23,032 $ 93,761 $ 79,369 ========= ========= ========= ========= ========= (as percent of total revenue) 54% 57% 57% 57% 57% GAAP sales and marketing expense $ 13,835 $ 12,234 $ 11,396 $ 47,911 $ 38,376 Less: Stock-based compensation expense 1,764 769 1,317 5,609 1,984 --------- --------- --------- --------- --------- Non-GAAP sales and marketing expense $ 12,071 $ 11,465 $ 10,079 $ 42,302 $ 36,392 ========= ========= ========= ========= ========= (as percent of total revenue) 26% 28% 25% 26% 26% GAAP research and development expense $ 9,695 $ 7,611 $ 8,876 $ 36,178 $ 27,744 Less: Stock-based compensation expense 1,558 638 1,040 4,498 1,901 --------- --------- --------- --------- --------- Non-GAAP research and development expense $ 8,137 $ 6,973 $ 7,836 $ 31,680 $ 25,843 ========= ========= ========= ========= ========= (as percent of total revenue) 18% 17% 20% 19% 19% GAAP general and administrative expense $ 5,468 $ 5,383 $ 5,701 $ 22,863 $ 19,534 Less: Stock-based compensation expense 847 549 584 3,084 2,400 --------- --------- --------- --------- --------- Non-GAAP general and administrative expense $ 4,621 $ 4,834 $ 5,117 $ 19,779 $ 17,134 ========= ========= ========= ========= ========= (as percent of total revenue) 10% 12% 13% 12% 12% BroadSoft, Inc. Reconciliation of Non-GAAP Financial Measures (continued) (Unaudited) Three Three Months Ended Months Years Ended December 31, Ended December 31, September 2012 2011 30, 2012 2012 2011 --------- --------- --------- --------- --------- (In thousands, except per share data) Non-GAAP net income and income per share: GAAP net income $ 4,879 $ 5,467 $ 3,140 $ 12,076 $ 32,297 Adjusted for: Stock-based compensation expense 4,724 2,308 3,326 15,022 7,201 Amortization of acquired intangible assets 814 569 730 2,660 1,295 Non-cash interest expense on our convertible notes 1,319 1,230 1,286 5,120 2,561 Non-cash tax provision (benefit) 1,630 1,202 1,505 6,023 (8,879) --------- --------- --------- --------- --------- Non-GAAP net income $ 13,366 $ 10,776 $ 9,987 $ 40,901 $ 34,475 ========= ========= ========= ========= ========= GAAP net income per basic common share $ 0.18 $ 0.20 $ 0.11 $ 0.44 $ 1.21 Adjusted for: Stock-based compensation expense 0.17 0.09 0.12 0.54 0.27 Amortization of acquired intangible assets 0.03 0.02 0.03 0.10 0.05 Non-cash interest expense on our convertible notes 0.04 0.05 0.05 0.18 0.10 Non-cash tax provision (benefit) 0.06 0.04 0.05 0.22 (0.33) --------- --------- --------- --------- --------- Non-GAAP net income per basic common share $ 0.48 $ 0.40 $ 0.36 $ 1.48 $ 1.30 ========= ========= ========= ========= ========= GAAP net income per diluted common share $ 0.17 $ 0.19 $ 0.11 $ 0.43 $ 1.15 Adjusted for: Stock-based compensation expense 0.16 0.08 0.12 0.53 0.26 Amortization of acquired intangible assets 0.03 0.02 0.03 0.09 0.05 Non-cash interest expense on our convertible notes 0.05 0.05 0.04 0.18 0.09 Non-cash tax provision (benefit) 0.06 0.04 0.05 0.21 (0.32) --------- --------- --------- --------- --------- Non-GAAP net income per diluted common share $ 0.47 $ 0.38 $ 0.35 $ 1.44 $ 1.23 ========= ========= ========= ========= ========= Source: BroadSoft, Inc. |