Fourth Quarter Revenue Increases 30% Year Over Year
Marks Third Consecutive Quarter of Accelerated Revenue Growth
Subscribers Increase 37% over Fiscal 2015
Xactly, (NYSE:XTLY),
a leading provider of cloud-based
incentive solutions, today announced its financial results for the
fourth quarter and fiscal year 2016 ended January 31, 2016.
“Our strong fourth quarter results capped an excellent year for Xactly,”
said Christopher W. Cabrera, founder and CEO of Xactly Corporation. “Our
total revenue and subscription revenue growth accelerated during the
year, demonstrating our ongoing business momentum and the value of our
product offerings. As a recognized leader in the industry, our robust,
pure-play, cloud-based product offerings backed by ten years of
compensation data are increasingly differentiating us as companies look
to use incentive compensation as a strategic lever to drive their
growth. We look forward to continuing to deliver value to our customers
and extending our market leadership.”
“While posting strong fourth quarter results, we continued to deliver on
our strategy of driving solid top-line growth while making progress on
the path to profitability. Our expectation remains that we will achieve
our goal of positive cash flow from operations in Q4 of fiscal 2017,”
said Joseph Consul, CFO of Xactly Corporation.
Fourth Quarter Fiscal 2016 Financial Highlights
-
Total revenue was $20.7 million, an increase of 30% from the fourth
quarter of fiscal year 2015 total revenue of $15.9 million.
Subscription revenue was $16.3 million, an increase of 29% from the
fourth quarter of fiscal 2015 subscription revenue of $12.6 million.
-
GAAP net loss for the fourth quarter of fiscal 2016 was $(5.9) million
compared to $(4.8) million in the fourth quarter of fiscal 2015.
-
Non-GAAP net loss for the fourth quarter of fiscal 2016 was $(4.5)
million compared to a non-GAAP net loss of $(4.4) million for the
fourth quarter of fiscal 2015.
-
Adjusted EBITDA for the fourth quarter of fiscal 2016 was a loss of
$(3.4) million, or 16% of revenue, compared to a loss of $(2.4)
million, or 15% of revenue, for the fourth quarter of fiscal 2015.
Full Year Fiscal 2016 Financial Highlights
-
Total revenue was $76.0 million, an increase of 24% from fiscal year
2015 total revenue of $61.1 million. Subscription revenue was $59.2
million, an increase of 25% from fiscal 2015 subscription revenue of
$47.3 million.
-
GAAP net loss for fiscal 2016 was $(24.7) million compared to $(18.5)
million in fiscal 2015.
-
Non-GAAP net loss for fiscal 2016 was $(19.8) million compared to a
non-GAAP net loss of $(16.5) million for fiscal 2015.
-
Adjusted EBITDA for fiscal 2016 was a loss of $(12.7) million, or 17%
of revenue, compared to a loss of $(11.1) million, or 18% of revenue,
for fiscal 2015.
Recent Business Highlights
-
Posted third consecutive quarter of accelerated revenue growth since
the initial public offering on June 26, 2015.
-
Ended the year with 266,000 subscribers, a 37% increase over last year.
-
Ended the year with 870 customers, a 20% increase over fiscal 2015,
with key enterprise wins in the Retail, Financial Services, Software
and Technology, Business Services and High Tech Manufacturing vertical
markets.
-
Reduced net cash used in operations by 44% in fiscal 2016 compared to
fiscal 2015.
-
Positioned in the Leaders quadrant1 in all three Sales
Performance Management reports published by Gartner.
-
Earned the Gold Stevie Award for Sales and Customer Service, and a
2016 CRM Market Winner by CRM Magazine, leading in every category.
-
Experienced solid expansion in the number of modules customers are
purchasing. On average, new enterprise customers in the quarter
purchased five products from the suite, compared to an overall average
of four products in the year-ago period.
-
In the fourth quarter, over twenty percent of all new enterprise
customers included our latest module, Xactly Insights™, on their
initial order.
Business Outlook
For the first quarter of fiscal 2017, Xactly expects to report:
-
Revenue in the range of $21.8 to $22.2 million
-
GAAP net loss in the range of $(6.1) to $(5.7) million, or $(0.21) to
$(0.19) per share
-
Non-GAAP net loss in the range of $(4.6) to $(4.2) million, or $(0.16)
to $(0.14) per share
For the full year of fiscal 2017, Xactly expects to report:
-
Revenue in the range of $94.0 to $95.5 million
-
GAAP net loss in the range of $(26.0) to $(24.5) million, or $(0.86)
to $(0.81) per share
-
Non-GAAP net loss in the range of $(18.8) to $(17.3) million, or
$(0.62) to $(0.57) per share
Conference Call Details:
Xactly will discuss its quarterly results today via teleconference at
1:30 p.m. PT (4:30 p.m. ET). Investors may listen to the live conference
call (ID 7212479) by dialing 888-287-5563 or 719-325-2393 at 4:30 p.m.
Eastern Time on March 3, 2016. An audio replay of the call will be
available through 4:30 p.m. Eastern Time on March 17, 2016 by dialing
888-203-1112 or 719-457-0820 and entering access code 7212479.
A webcast of the presentation will be available on the company’s
investor relations website at http://investors.xactlycorp.com/investors/overview/default.aspx.
Non-GAAP Financial Measures
To supplement its financial statements, Xactly also provides investors
with certain non-GAAP financial measures. We believe that these non-GAAP
measures are useful as a supplement in evaluating our ongoing
operational performance and enhancing an overall understanding of our
past financial performance. The non-GAAP financial measures included in
this press release should not be considered in isolation from, or as a
substitute for, financial information prepared in accordance with U.S.
GAAP, and the non-GAAP financial measures that we use may differ from
those of other companies in our industry. A reconciliation between each
non-GAAP financial measure and its nearest GAAP equivalent and related
explanations are included below. We believe that supplementing GAAP
disclosure with non-GAAP disclosure that excludes items that are not
directly related to performance in any particular period provides
management and investors with a more complete view of Xactly’s
operational performance. Various items are excluded from such non-GAAP
financial measures in part because the decisions which gave rise to the
excluded items were not made to increase revenue in a particular period,
but were made for Xactly’s long-term benefit over multiple periods.
Non-GAAP net loss and non-GAAP net loss per share.
We believe non-GAAP net loss and non-GAAP net loss per share may prove
useful to investors who wish to consider the impact of certain non-cash
or non-recurring items, such as certain one-time charges, on Xactly’s
operating performance. We compensate for the inherent limitations
associated with using non-GAAP net loss and non-GAAP net loss per share
through disclosure of these limitations, presentation of our financial
statements in accordance with U.S. GAAP and reconciliation of these
non-GAAP financial measures to the most directly comparable U.S. GAAP
measures, net loss and net loss per share. We calculate non-GAAP net
loss (and non-GAAP net loss per share) as net loss (and net loss per
share) before (i) stock-based compensation, (ii) increase or decrease in
expenses related to the change in fair value of convertible preferred
stock warrant liabilities, (iii) amortization of intangible assets, and
(iv) any applicable, non-recurring or unusual charges as we may
determine from time to time.
Adjusted EBITDA. We believe that Adjusted
EBITDA helps illustrate underlying trends in our business that could
otherwise be masked by the effect of the income or expenses that we
exclude from Adjusted EBITDA. Furthermore, we use this measure to
establish budgets and operational goals for managing our business and
evaluating our performance. We also believe that Adjusted EBITDA
provides an additional tool for investors to use in comparing our
recurring core business operating results over multiple periods with
other companies in our industry. We compensate for the inherent
limitations associated with using Adjusted EBITDA through disclosure of
these limitations, presentation of our financial statements in
accordance with U.S. GAAP and reconciliation of Adjusted EBITDA to the
most directly comparable U.S. GAAP measure, net loss. We calculate
Adjusted EBITDA as net loss before (i) other income (expense), net,
which includes interest expense, the change in fair value of convertible
preferred stock warrant liabilities and other income and expense, (ii)
income tax expense, (iii) depreciation and amortization of property and
equipment, (iv) amortization of intangible assets, (v) amortization of
debt issuance costs, (vi) stock-based compensation and (vii) any
applicable, non-recurring or unusual charges as we may determine from
time to time.
Forward-Looking Statements
All statements in this press release that are not historical are
forward-looking statements, including, among other things, projected
GAAP and non-GAAP financial operating results for the first quarter and
full year of fiscal 2017, such as revenue, net loss, net loss per share,
non-GAAP net loss and non-GAAP net loss per share, and our expectation
regarding our ability to achieve positive cash flow from operations in
the future, and other information about future events and trends that we
believe may affect our business, financial condition, operating results
and growth prospects, within the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995. You should not place
undue reliance on forward-looking statements because they involve known
and unknown risks, uncertainties, changes in circumstances and other
factors that are, in some cases, beyond Xactly’s control and could cause
actual results to differ materially from the information expressed or
implied by forward-looking statements made in this press release.
Factors that could materially affect actual results can be found in
Xactly’s most recent filings with the Securities and Exchange
Commission, including Xactly’s most recent reports on Forms 8-K and
10-Q, and include those listed under the caption “Risk Factors.” Xactly
undertakes no obligation to revise or update information in this press
release to reflect events or circumstances in the future, even if new
information becomes available.
About Xactly
Xactly is a leading provider of enterprise-class, cloud-based, incentive
compensation solutions for employee and sales performance management. We
address a critical business need: To incentivize employees and align
their behaviors with company goals. Our products allow organizations to
make more strategic decisions, increase employee performance, improve
margins, and mitigate risk. Our core values are key to our success, and
each day we’re committed to upholding them by delivering the best we can
to our customers.
©2016 Xactly Corporation. All rights reserved. Xactly, the Xactly logo,
Xactly Insights and “Inspire Performance” are registered trademarks or
trademarks of Xactly Corporation in the United States and/or other
countries. All other trademarks are the property of their respective
owners.
1 Gartner “Magic Quadrant for Sales Performance Management”
by Tad Travis. January 21, 2016.
About the Magic Quadrant
Gartner does not endorse any vendor, product or service depicted in its
research publications, and does not advise technology users to select
only those vendors with the highest ratings or other designation.
Gartner research publications consist of the opinions of Gartner's
research organization and should not be construed as statements of fact.
Gartner disclaims all warranties, expressed or implied, with respect to
this research, including any warranties of merchantability or fitness
for a particular purpose.
|
|
|
Xactly Corporation
|
|
Condensed Consolidated Balance Sheets
|
|
(in thousands, except par value and share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
January 31, 2016
|
|
January 31, 2015
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
48,027
|
|
|
$
|
19,325
|
|
|
Restricted cash, short term
|
|
|
286
|
|
|
|
102
|
|
|
Accounts receivable, net
|
|
|
20,278
|
|
|
|
17,172
|
|
|
Prepaid expenses and other current assets
|
|
|
3,219
|
|
|
|
3,875
|
|
|
Total current assets
|
|
|
71,810
|
|
|
|
40,474
|
|
|
Property and equipment, net
|
|
|
8,410
|
|
|
|
5,070
|
|
|
Goodwill
|
|
|
6,384
|
|
|
|
6,384
|
|
|
Other long-term assets
|
|
|
280
|
|
|
|
767
|
|
|
Total assets
|
|
$
|
86,884
|
|
|
$
|
52,695
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ deficit
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
2,362
|
|
|
$
|
1,891
|
|
|
Accrued expenses
|
|
|
9,512
|
|
|
|
7,166
|
|
|
Debt, current portion
|
|
|
8,981
|
|
|
|
6,369
|
|
|
Deferred revenue, current portion
|
|
|
41,183
|
|
|
|
31,839
|
|
|
Total current liabilities
|
|
|
62,038
|
|
|
|
47,265
|
|
|
Debt, less current portion
|
|
|
6,826
|
|
|
|
20,546
|
|
|
Other long-term liabilities
|
|
|
4,257
|
|
|
|
2,107
|
|
|
Preferred stock warrant liabilities
|
|
|
—
|
|
|
|
5,885
|
|
|
Deferred revenue, less current portion
|
|
|
3,327
|
|
|
|
2,304
|
|
|
Total liabilities
|
|
|
76,448
|
|
|
|
78,107
|
|
|
Commitments and contingencies
|
|
|
|
|
|
Stockholders’ equity (deficit):
|
|
|
|
|
|
Convertible preferred stock, $0.001 par value; no shares and
79,000,000 shares authorized as of January 31, 2016 and 2015,
respectively; no shares and 17,871,971 shares issued and
outstanding as of January 31, 2016 and 2015, respectively;
aggregate liquidation preference of $0 and $102,463 as of January
31, 2016 and 2015, respectively
|
|
|
—
|
|
|
|
83,018
|
|
|
Preferred stock, $0.001 par value; 20,000,000 shares and no shares
authorized as of January 31, 2016 and 2015, respectively; no shares
issued or outstanding as of January 31, 2016 and 2015
|
|
|
—
|
|
|
|
—
|
|
|
Common stock $0.001 par value; 1,000,000,000 and 120,000,000 shares
authorized as of January 31, 2016 and 2015, respectively; 29,542,537
and 2,881,951 shares issued and outstanding as of January 31, 2016
and 2015, respectively
|
|
|
30
|
|
|
|
3
|
|
|
Additional paid-in capital
|
|
|
151,064
|
|
|
|
7,422
|
|
|
Accumulated other comprehensive loss
|
|
|
(180
|
)
|
|
|
(96
|
)
|
|
Accumulated deficit
|
|
|
(140,478
|
)
|
|
|
(115,759
|
)
|
|
Total shareholders' equity (deficit)
|
|
|
10,436
|
|
|
|
(25,412
|
)
|
|
Total liabilities and shareholders' equity (deficit)
|
|
$
|
86,884
|
|
|
$
|
52,695
|
|
|
|
|
Xactly Corporation
|
|
Condensed Consolidated Statements of Operations
|
|
(in thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
|
January 31,
|
|
January 31,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Subscription services
|
|
$
|
16,306
|
|
|
$
|
12,644
|
|
|
$
|
59,211
|
|
|
$
|
47,309
|
|
|
Professional services
|
|
|
4,396
|
|
|
|
3,241
|
|
|
|
16,763
|
|
|
|
13,802
|
|
|
Total revenue
|
|
|
20,702
|
|
|
|
15,885
|
|
|
|
75,974
|
|
|
|
61,111
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
Subscription services
|
|
|
4,031
|
|
|
|
3,014
|
|
|
|
15,722
|
|
|
|
11,717
|
|
|
Professional services
|
|
|
4,379
|
|
|
|
3,171
|
|
|
|
15,680
|
|
|
|
13,325
|
|
|
Total cost of revenue
|
|
|
8,410
|
|
|
|
6,185
|
|
|
|
31,402
|
|
|
|
25,042
|
|
|
Gross profit
|
|
|
12,292
|
|
|
|
9,700
|
|
|
|
44,572
|
|
|
|
36,069
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
4,159
|
|
|
|
3,161
|
|
|
|
15,650
|
|
|
|
11,867
|
|
|
Sales and marketing
|
|
|
9,750
|
|
|
|
7,085
|
|
|
|
34,836
|
|
|
|
28,877
|
|
|
General and administrative
|
|
|
4,049
|
|
|
|
2,811
|
|
|
|
14,502
|
|
|
|
10,087
|
|
|
Amortization of intangibles
|
|
|
—
|
|
|
|
164
|
|
|
|
—
|
|
|
|
707
|
|
|
Total operating expenses
|
|
|
17,958
|
|
|
|
13,221
|
|
|
|
64,988
|
|
|
|
51,538
|
|
|
Operating loss
|
|
|
(5,666
|
)
|
|
|
(3,521
|
)
|
|
|
(20,416
|
)
|
|
|
(15,469
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(153
|
)
|
|
|
(1,282
|
)
|
|
|
(6,021
|
)
|
|
|
(3,087
|
)
|
|
Loss on extinguishment of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,524
|
)
|
|
|
—
|
|
|
Decrease in fair value of preferred stock warrant liabilities
|
|
|
—
|
|
|
|
140
|
|
|
|
3,542
|
|
|
|
309
|
|
|
Other income (expense), net
|
|
|
44
|
|
|
|
(15
|
)
|
|
|
(1
|
)
|
|
|
(20
|
)
|
|
Total other income (expense)
|
|
|
(109
|
)
|
|
|
(1,157
|
)
|
|
|
(4,004
|
)
|
|
|
(2,798
|
)
|
|
Loss before income taxes
|
|
|
(5,775
|
)
|
|
|
(4,678
|
)
|
|
|
(24,420
|
)
|
|
|
(18,267
|
)
|
|
Income tax expense
|
|
|
118
|
|
|
|
158
|
|
|
|
299
|
|
|
|
265
|
|
|
Net loss
|
|
$
|
(5,893
|
)
|
|
$
|
(4,836
|
)
|
|
$
|
(24,719
|
)
|
|
$
|
(18,532
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.20
|
)
|
|
$
|
(1.69
|
)
|
|
$
|
(1.33
|
)
|
|
$
|
(6.69
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares used in computing net loss per
share attributable to common stockholders:
|
|
|
|
Basic and diluted
|
|
|
29,312
|
|
|
|
2,854
|
|
|
|
18,545
|
|
|
|
2,769
|
|
|
|
|
Xactly Corporation
|
|
Condensed Consolidated Statement of Cash Flows
|
|
(in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
Twelve months ended January 31,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Net loss
|
|
$
|
(24,719
|
)
|
|
$
|
(18,532
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
3,133
|
|
|
|
1,972
|
|
|
Amortization of intangible assets
|
|
|
—
|
|
|
|
707
|
|
|
Loss on extinguishment of debt
|
|
|
1,524
|
|
|
|
—
|
|
|
Amortization of debt issuance costs
|
|
|
3,512
|
|
|
|
771
|
|
|
Stock-based compensation
|
|
|
3,857
|
|
|
|
1,658
|
|
|
Donation of common stock to XactlyOne Foundation
|
|
|
498
|
|
|
|
—
|
|
|
Income from change in fair value of warrant liabilities
|
|
|
(3,542
|
)
|
|
|
(309
|
)
|
|
Loss from disposal on fixed assets
|
|
|
245
|
|
|
|
21
|
|
|
Facility exit costs
|
|
|
693
|
|
|
|
—
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
|
(3,106
|
)
|
|
|
(2,657
|
)
|
|
Prepaid expenses and other current assets
|
|
|
(926
|
)
|
|
|
(536
|
)
|
|
Other long-term assets
|
|
|
—
|
|
|
|
107
|
|
|
Accounts payable
|
|
|
310
|
|
|
|
78
|
|
|
Accrued expenses
|
|
|
1,964
|
|
|
|
845
|
|
|
Deferred revenue
|
|
|
10,367
|
|
|
|
4,612
|
|
|
Other long-term liabilities
|
|
|
(174
|
)
|
|
|
(125
|
)
|
|
Net cash used in operating activities
|
|
|
(6,364
|
)
|
|
|
(11,388
|
)
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(4,298
|
)
|
|
|
(3,115
|
)
|
|
Restricted cash
|
|
|
—
|
|
|
|
(129
|
)
|
|
Net cash used in investing activities
|
|
|
(4,298
|
)
|
|
|
(3,244
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Proceeds from line of credit
|
|
|
—
|
|
|
|
5,010
|
|
|
Proceeds from principal on term debt, net of issuance costs
|
|
|
9,937
|
|
|
|
9,795
|
|
|
Payments of principal on term debt
|
|
|
(26,033
|
)
|
|
|
—
|
|
|
Proceeds from exercise of warrants to acquire convertible
preferred stock, net of issuance costs
|
|
|
37
|
|
|
|
25
|
|
|
Proceeds from issuance of convertible preferred stock, net of
issuance costs
|
|
|
—
|
|
|
|
8,362
|
|
|
Proceeds from exercise of stock options
|
|
|
938
|
|
|
|
348
|
|
|
Principal payments under capital lease obligations
|
|
|
(3
|
)
|
|
|
(465
|
)
|
|
Tax payments related to the exercise of stock options
|
|
|
(1,570
|
)
|
|
|
—
|
|
|
Payment of deferred initial public offering costs
|
|
|
(2,732
|
)
|
|
|
(1,566
|
)
|
|
Proceeds from initial public offering
|
|
|
58,844
|
|
|
|
—
|
|
|
Net cash provided by financing activities
|
|
|
39,418
|
|
|
|
21,509
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(54
|
)
|
|
|
(4
|
)
|
|
Net increase in cash and cash equivalents
|
|
|
28,702
|
|
|
|
6,873
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
19,325
|
|
|
|
12,452
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
48,027
|
|
|
$
|
19,325
|
|
|
|
|
Reconciliation of GAAP Net Loss to Adjusted EBITDA
|
|
(in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
|
January 31,
|
|
January 31,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(5,893
|
)
|
|
$
|
(4,836
|
)
|
|
$
|
(24,719
|
)
|
|
$
|
(18,532
|
)
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
153
|
|
|
|
1,282
|
|
|
|
6,021
|
|
|
|
3,087
|
|
|
Income tax expense
|
|
|
118
|
|
|
|
158
|
|
|
|
299
|
|
|
|
265
|
|
|
Depreciation and amortization
|
|
|
855
|
|
|
|
516
|
|
|
|
3,133
|
|
|
|
1,972
|
|
|
Amortization of intangible assets
|
|
|
—
|
|
|
|
164
|
|
|
|
—
|
|
|
|
707
|
|
|
Loss on extinguishment of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
1,524
|
|
|
|
—
|
|
|
Stock-based compensation
|
|
|
1,410
|
|
|
|
444
|
|
|
|
3,857
|
|
|
|
1,658
|
|
|
Decrease in fair value of preferred stock warrant liabilities
|
|
|
—
|
|
|
|
(140
|
)
|
|
|
(3,542
|
)
|
|
|
(309
|
)
|
|
Other income (expense), net
|
|
|
(44
|
)
|
|
|
15
|
|
|
|
1
|
|
|
|
20
|
|
|
Loss on disposal of fixed assets
|
|
|
—
|
|
|
|
—
|
|
|
|
245
|
|
|
|
—
|
|
|
Donation of common stock to XactlyOne Foundation
|
|
|
—
|
|
|
|
—
|
|
|
|
498
|
|
|
|
—
|
|
|
Adjusted EBITDA
|
|
$
|
(3,401
|
)
|
|
$
|
(2,397
|
)
|
|
$
|
(12,683
|
)
|
|
$
|
(11,132
|
)
|
|
|
|
Stock-based compensation
|
|
(in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
|
January 31,
|
|
January 31,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Stock-based compensation:
|
|
|
|
|
|
|
|
|
|
Cost of subscription services
|
|
|
157
|
|
|
68
|
|
|
456
|
|
|
237
|
|
Cost of professional services
|
|
|
191
|
|
|
18
|
|
|
454
|
|
|
61
|
|
Research and development
|
|
|
350
|
|
|
82
|
|
|
898
|
|
|
272
|
|
Sales and marketing
|
|
|
342
|
|
|
72
|
|
|
893
|
|
|
312
|
|
General and administrative
|
|
|
370
|
|
|
204
|
|
|
1,156
|
|
|
776
|
|
Total stock-based compensation
|
|
$
|
1,410
|
|
$
|
444
|
|
$
|
3,857
|
|
$
|
1,658
|
|
|
|
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
|
|
(in thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
|
January 31,
|
|
January 31,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(5,893
|
)
|
|
$
|
(4,836
|
)
|
|
$
|
(24,719
|
)
|
|
$
|
(18,532
|
)
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
—
|
|
|
|
164
|
|
|
|
—
|
|
|
|
707
|
|
|
Stock-based compensation
|
|
|
1,410
|
|
|
|
444
|
|
|
|
3,857
|
|
|
|
1,658
|
|
|
Decrease in fair value of preferred stock warrant liabilities
|
|
|
—
|
|
|
|
(140
|
)
|
|
|
(3,542
|
)
|
|
|
(309
|
)
|
|
Donation of common stock to XactlyOne Foundation
|
|
|
—
|
|
|
|
—
|
|
|
|
498
|
|
|
|
—
|
|
|
Non-cash debt issuance costs
|
|
|
—
|
|
|
|
—
|
|
|
|
4,088
|
|
|
|
—
|
|
|
Non-GAAP net loss
|
|
$
|
(4,483
|
)
|
|
$
|
(4,368
|
)
|
|
$
|
(19,818
|
)
|
|
$
|
(16,476
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per share:
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.15
|
)
|
|
$
|
(1.53
|
)
|
|
$
|
(1.07
|
)
|
|
$
|
(5.95
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing non-GAAP net loss per share:
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
29,312
|
|
|
|
2,854
|
|
|
|
18,545
|
|
|
|
2,769
|
|
|
|
|
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss - GUIDANCE
|
|
(in thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
Three months ending
|
|
|
|
April 30, 2016
|
|
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(6,100
|
)
|
|
$
|
(5,700
|
)
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
Stock-based compensation
|
|
|
1,500
|
|
|
|
1,500
|
|
|
Non-GAAP net loss
|
|
$
|
(4,600
|
)
|
|
$
|
(4,200
|
)
|
|
|
|
|
|
|
|
GAAP net loss per share, basic and diluted
|
|
$
|
(0.21
|
)
|
|
$
|
(0.19
|
)
|
|
Non-GAAP net loss per share, basic and diluted
|
|
$
|
(0.16
|
)
|
|
$
|
(0.14
|
)
|
|
|
|
|
|
|
|
Shares used in computing GAAP and non-GAAP net loss per share:
|
|
|
|
|
|
Basic and diluted
|
|
|
29,500
|
|
|
|
29,500
|
|
|
|
|
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss - GUIDANCE
|
|
(in thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
Fiscal Year Ending
|
|
|
|
January 31, 2017
|
|
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$ (26,000)
|
|
$ (24,500)
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
Stock-based compensation
|
|
7,200
|
|
7,200
|
|
Non-GAAP net loss
|
|
$ (18,800)
|
|
$ (17,300)
|
|
|
|
|
|
|
|
GAAP net loss per share, basic and diluted
|
|
$ (0.86)
|
|
$ (0.81)
|
|
Non-GAAP net loss per share, basic and diluted
|
|
$ (0.62)
|
|
$ (0.57)
|
|
|
|
|
|
|
|
Shares used in computing GAAP and non-GAAP net loss per share:
|
|
|
|
|
|
Basic and diluted
|
|
30,100
|
|
30,100
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160303006472/en/
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