Total Deferred Revenue up 29% Year over Year
SUNNYVALE, Calif., Sept. 06, 2018 (GLOBE NEWSWIRE) -- eGain (NASDAQ: EGAN), a leading provider of cloud customer engagement
solutions, today announced financial results for its fiscal 2018 fourth quarter and full year ended June 30, 2018.
Fiscal 2018 Full Year Financial Highlights
- SaaS revenue increased 37% year over year to $32.7 million.
- Total revenue, excluding legacy license revenue, increased 13% year over year to $60.7 million.
- Recurring revenue increased 16% year over year to $50.8 million.
- Recurring revenue gross margin increased to 74%, up from 73% for fiscal 2017.
- GAAP net loss improved to $2.0 million, or $(0.07) per share on a basic and diluted basis, compared to a GAAP net loss of
$6.0 million, or $(0.22) per share on a basic and diluted basis, for fiscal 2017.
- Non-GAAP net income improved to $1.7 million, or $0.06 per share on a non-GAAP basic and diluted basis, compared to a
non-GAAP net loss of $3.3 million, or $(0.12) per share on a non-GAAP basic and diluted basis, for fiscal 2017.
- Cash generated from operations increased 22% year over year to $6.6 million.
- Total cash and cash equivalents increased 8% year over year to $11.5 million as of June 30, 2018.
- Total deferred revenue increased 29% year over year to $77.6 million as of June 30, 2018.
Fiscal 2018 Fourth Quarter Financial Highlights
- SaaS revenue increased 37% year over year to $9.3 million.
- Total revenue, excluding legacy license revenue, increased 8% year over year to $15.4 million.
- Recurring revenue increased 15% year over year to $13.3 million, and represented 86% of total revenue.
- GAAP net loss was $536,000, or $(0.02) per share on a basic and diluted basis, compared to a GAAP net loss of $45,000, or
$(0.00) per share on a basic and diluted basis, for Q4 2017.
- Non-GAAP net income was $300,000, or $0.01 per share on a basic and diluted basis, compared to non-GAAP net income of
$536,000, or $0.02 per share on a basic and diluted basis, for Q4 2017.
Ashu Roy, eGain CEO, commented, “We exceeded our revenue targets in our first year of SaaS execution and finished with strong
bookings in the fourth quarter. In response to strengthening demand for our AI-powered customer engagement platform, today we
announced our risk free ‘AI value in 30 days’ offer.”
Non-GAAP Financial Measures
This press release includes non-GAAP operating income/(loss) and non-GAAP net income/(loss) as supplemental information relating to
our operating results. Non-GAAP operating income/(loss) is defined as operating income/(loss) adjusted for stock-based compensation
expense and amortization of acquired intangible assets. Non-GAAP net income/(loss) is defined as net income/(loss) adjusted for
stock-based compensation expense and amortization of acquired intangible assets. Recurring revenue is made up of SaaS revenue and
legacy support revenue. SaaS revenue includes ratable revenue from cloud subscription, term and ratable licenses and associated
support contracts. Legacy support is revenue associated with perpetual license arrangements the Company is no longer selling. Total
deferred revenue includes both GAAP deferred revenue and non-GAAP unbilled deferred revenue that remains off balance sheet,
collectively representing contractual commitments that have not been recognized as revenue. Non-GAAP results are presented for
supplemental informational purposes only and 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.
eGain’s management uses these non-GAAP measures to compare the company’s performance to that of prior periods for trend analyses
and for budgeting and planning purposes. eGain believes that 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 the company’s financial measures with
other software companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater
transparency with respect to key metrics used by management in its financial and operational decision-making. Reconciliation
tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included
with the financial tables at the end of this release. eGain urges investors to review the reconciliation and not to rely on any
single financial measure to evaluate the company’s business.
Quarterly Conference Call
eGain will discuss its quarterly results today via teleconference at 2:00 p.m. Pacific Daylight Time. To access the live call,
please dial (888) 599-8686 (U.S. toll free) or (323) 794-2551 (international), and give the
participant pass code 1712991. A live webcast of the call and slide presentation can be accessed from the
investors section at www.egain.com. A replay of the conference call will also be available via telephone beginning approximately
two hours after conclusion of the call and remain in effect for one week. To access the replay dial-in information, please click
here. An archive of the webcast will also be available on the investors section at www.egain.com.
About eGain
eGain customer engagement solutions power digital transformation for leading brands. Our top-rated cloud applications for social, mobile, web, and contact centers help clients
deliver connected customer
journeys in an omnichannel world. To learn more about eGain, visit www.egain.com.
Cautionary Note Regarding Forward-Looking Statements. This press release contains forward-looking statements
within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements include our beliefs regarding demand for our products, including our belief that demand for our
AI-powered customer engagement platform is strong and that fourth quarter bookings are strong, that we will see benefits to the
Company from new product releases and that we will continue to see benefits to the Company from our transition to a SaaS based
business, including growth in our SaaS and recurring revenue, improvements in our recurring revenue gross margin, increased
operating income and net income, and increased cash from operations, among other matters. 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 new product releases; risks that customer demand may fluctuate or decrease; risks that we
are unable to collect unbilled contractual commitments; risks that our SaaS based revenue model and lengthy sales cycles may
negatively affect our operating results; currency risks; our ability to capitalize on customer engagement; the success of
organization changes; risks related to our reliance on a relatively small number of customers for a substantial portion of our
revenue; our ability to compete successfully and manage growth; our ability to develop and expand strategic and third party
distribution channels; risks related to our international operations; our ability to invest resources to improve our products and
continue to innovate; and other risks detailed from time to time in eGain’s public filings, including eGain’s annual report on Form
10-K filed on September 26, 2017 and subsequent reports filed with the Securities and Exchange Commission, which are available
on the Securities and Exchange Commission’s Web site at www.sec.gov. These forward-looking statements are based on current
expectations and speak only as of the date hereof. The Company assumes no obligation to update these forward-looking
statements.
eGain, the eGain logo, and all other eGain product names and slogans are trademarks or registered trademarks of eGain Corp.
in the United States and/or other countries. All other company names and products mentioned in this release may be trademarks or
registered trademarks of the respective companies.
MKR Group Investor
Relations
Todd Kehrli or Jim Byers
Phone: 323-468-2300
Email: egain@mkr-group.com
eGain Corporation |
Condensed Consolidated Balance
Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
11,498 |
|
$ |
10,627 |
|
Restricted cash |
|
6 |
|
|
6 |
|
Accounts receivable, net |
|
7,389 |
|
|
7,201 |
|
Deferred commissions |
|
986 |
|
|
690 |
|
Prepaid expenses |
|
2,374 |
|
|
1,737 |
|
Other current assets |
|
285 |
|
|
370 |
|
Total current assets |
|
22,538 |
|
|
20,631 |
|
Property and equipment, net |
|
559 |
|
|
1,059 |
|
Deferred commissions, net of current portion |
|
891 |
|
|
694 |
|
Intangible assets, net |
|
733 |
|
|
2,748 |
|
Goodwill |
|
13,186 |
|
|
13,186 |
|
Other assets |
|
1,715 |
|
|
1,433 |
|
Total assets |
$ |
39,622 |
|
$ |
39,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
3,905 |
|
$ |
2,363 |
|
Accrued compensation |
|
5,706 |
|
|
4,339 |
|
Accrued liabilities |
|
2,285 |
|
|
2,364 |
|
Deferred revenue |
|
18,364 |
|
|
18,332 |
|
Capital lease obligations |
|
42 |
|
|
108 |
|
Bank borrowings |
|
259 |
|
|
805 |
|
Total current liabilities |
|
30,561 |
|
|
28,311 |
|
Deferred revenue, net of current portion |
|
7,833 |
|
|
4,887 |
|
Capital lease obligations, net of current portion |
|
— |
|
|
42 |
|
Bank borrowings, net of current portion |
|
8,941 |
|
|
14,802 |
|
Other long term liabilities |
|
1,000 |
|
|
1,330 |
|
Total liabilities |
|
48,335 |
|
|
49,372 |
|
Stockholders' deficit: |
|
|
|
|
|
|
Common stock |
|
28 |
|
|
27 |
|
Additional paid-in capital |
|
346,222 |
|
|
343,367 |
|
Notes receivable from stockholders |
|
(85) |
|
|
(83) |
|
Accumulated other comprehensive loss |
|
(1,618) |
|
|
(1,663) |
|
Accumulated deficit |
|
(353,260) |
|
|
(351,269) |
|
Total stockholders' deficit |
|
(8,713) |
|
|
(9,621) |
|
Total liabilities and stockholders' deficit |
$ |
39,622 |
|
$ |
39,751 |
|
|
|
|
|
|
|
|
|
eGain Corporation |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share
data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Recurring |
$ |
13,347 |
|
$ |
11,603 |
|
$ |
50,767 |
|
$ |
43,585 |
Legacy license |
|
182 |
|
|
333 |
|
|
585 |
|
|
4,557 |
Professional services |
|
2,060 |
|
|
2,685 |
|
|
9,955 |
|
|
10,073 |
Total revenue |
|
15,589 |
|
|
14,621 |
|
|
61,307 |
|
|
58,215 |
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
Cost of recurring |
|
3,590 |
|
|
3,080 |
|
|
13,075 |
|
|
11,956 |
Cost of legacy license |
|
19 |
|
|
15 |
|
|
77 |
|
|
50 |
Cost of professional services |
|
2,277 |
|
|
2,318 |
|
|
9,184 |
|
|
9,193 |
Total cost of revenue |
|
5,886 |
|
|
5,413 |
|
|
22,336 |
|
|
21,199 |
Gross profit |
|
9,703 |
|
|
9,208 |
|
|
38,971 |
|
|
37,016 |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
3,931 |
|
|
3,487 |
|
|
14,711 |
|
|
13,753 |
Sales and marketing |
|
4,426 |
|
|
4,553 |
|
|
17,681 |
|
|
20,436 |
General and administrative |
|
2,128 |
|
|
1,499 |
|
|
7,567 |
|
|
6,552 |
Total operating expenses |
|
10,485 |
|
|
9,539 |
|
|
39,959 |
|
|
40,741 |
Loss from operations |
|
(782) |
|
|
(331) |
|
|
(988) |
|
|
(3,725) |
Interest expense, net |
|
(185) |
|
|
(379) |
|
|
(983) |
|
|
(1,730) |
Other income (expense), net |
|
143 |
|
|
(79) |
|
|
(206) |
|
|
(32) |
Loss before income tax benefit (provision) |
|
(824) |
|
|
(789) |
|
|
(2,177) |
|
|
(5,487) |
Income tax benefit (provision) |
|
288 |
|
|
744 |
|
|
186 |
|
|
(533) |
Net loss |
$ |
(536) |
|
$ |
(45) |
|
$ |
(1,991) |
|
$ |
(6,020) |
|
|
|
|
|
|
|
|
|
|
|
|
Per share information: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per common share |
$ |
(0.02) |
|
$ |
(0.00) |
|
$ |
(0.07) |
|
$ |
(0.22) |
Weighted average shares used to compute basic and diluted net loss
per common share |
|
27,559 |
|
|
27,114 |
|
|
27,333 |
|
|
27,108 |
|
|
|
|
|
|
|
|
|
|
|
|
Summary of stock-based compensation included in the costs and
expenses above: |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
63 |
|
$ |
19 |
|
$ |
323 |
|
$ |
131 |
Research and development |
|
49 |
|
|
55 |
|
|
493 |
|
|
281 |
Sales and marketing |
|
75 |
|
|
(37) |
|
|
341 |
|
|
80 |
General and administrative |
|
145 |
|
|
41 |
|
|
538 |
|
|
175 |
Total stock-based compensation |
$ |
332 |
|
$ |
78 |
|
$ |
1,695 |
|
$ |
667 |
|
|
|
|
|
|
|
|
|
|
|
|
Summary of amortization of purchased intangibles from business
combinations in the costs and expenses above: |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
$ |
67 |
|
$ |
67 |
|
$ |
268 |
|
$ |
269 |
Research and development |
|
437 |
|
|
436 |
|
|
1,747 |
|
|
1,748 |
Sales and marketing |
|
— |
|
|
— |
|
|
— |
|
|
67 |
General and administrative |
|
— |
|
|
— |
|
|
— |
|
|
7 |
Total amortization of intangible assets |
$ |
504 |
|
$ |
503 |
|
$ |
2,015 |
|
$ |
2,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
eGain Corporation |
GAAP to Non-GAAP Reconciliation
Table |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Loss from operations |
$ |
(782) |
|
$ |
(331) |
|
$ |
(988) |
|
$ |
(3,725) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
332 |
|
|
78 |
|
|
1,695 |
|
|
667 |
Amortization of intangible assets |
|
504 |
|
|
503 |
|
|
2,015 |
|
|
2,091 |
Non-GAAP income (loss) from operations |
$ |
54 |
|
$ |
250 |
|
$ |
2,722 |
|
$ |
(967) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net loss |
$ |
(536) |
|
$ |
(45) |
|
$ |
(1,991) |
|
$ |
(6,020) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
332 |
|
|
78 |
|
|
1,695 |
|
|
667 |
Amortization of intangible assets |
|
504 |
|
|
503 |
|
|
2,015 |
|
|
2,091 |
Non-GAAP net income (loss) |
$ |
300 |
|
$ |
536 |
|
$ |
1,719 |
|
$ |
(3,262) |
Per share information: |
|
|
|
|
|
|
|
|
|
|
|
GAAP basic and diluted net loss per common share: |
$ |
(0.02) |
|
$ |
(0.00) |
|
$ |
(0.07) |
|
$ |
(0.22) |
Non-GAAP basic and diluted net income (loss) per common share: |
$ |
0.01 |
|
$ |
0.02 |
|
$ |
0.06 |
|
$ |
(0.12) |
Weighted average shares used in computing GAAP and non-GAAP net
income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
27,559 |
|
|
27,114 |
|
|
27,333 |
|
|
27,108 |
Diluted |
|
29,771 |
|
|
27,406 |
|
|
27,579 |
|
|
27,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
eGain Corporation |
Other GAAP to Non-GAAP Supplemental Financial
Information |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
Growth |
|
Constant currency |
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
rates |
|
growth rates [1] |
|
|
|
|
|
|
|
|
|
|
Total Deferred Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- GAAP deferred revenue on balance sheet |
$ |
26,197 |
|
$ |
23,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Unbilled and uncollected contractual commitments |
|
51,384 |
|
|
36,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
77,581 |
|
$ |
60,200 |
|
29% |
|
28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June 30, |
|
Growth |
|
Constant currency |
|
Twelve Months
Ended
June 30, |
|
Growth |
|
Constant currency |
|
2018 |
|
2017 |
|
rates |
|
growth rates [1] |
|
2018 |
|
2017 |
|
rates |
|
growth rates [1] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- SaaS Revenue |
$ |
9,343 |
|
$ |
6,803 |
|
37% |
|
34% |
|
$ |
32,694 |
|
$ |
23,921 |
|
37% |
|
33% |
- Legacy Support |
|
4,004 |
|
|
4,800 |
|
-17% |
|
-19% |
|
|
18,073 |
|
|
19,664 |
|
-8% |
|
-11% |
GAAP Recurring |
$ |
13,347 |
|
$ |
11,603 |
|
15% |
|
12% |
|
$ |
50,767 |
|
$ |
43,585 |
|
16% |
|
13% |
GAAP License |
|
182 |
|
|
333 |
|
-45% |
|
-49% |
|
|
585 |
|
|
4,557 |
|
-87% |
|
-88% |
GAAP Professional services |
|
2,060 |
|
|
2,685 |
|
-23% |
|
-25% |
|
|
9,955 |
|
|
10,073 |
|
-1% |
|
-4% |
GAAP Total revenue |
$ |
15,589 |
|
$ |
14,621 |
|
7% |
|
4% |
|
$ |
61,307 |
|
$ |
58,215 |
|
5% |
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP recurring |
$ |
3,590 |
|
$ |
3,080 |
|
|
|
|
|
$ |
13,075 |
|
$ |
11,956 |
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired intangible assets |
|
(67) |
|
|
(67) |
|
|
|
|
|
|
(268) |
|
|
(269) |
|
|
|
|
Non-GAAP recurring |
$ |
3,523 |
|
$ |
3,013 |
|
|
|
|
|
$ |
12,807 |
|
$ |
11,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP professional services |
$ |
2,277 |
|
$ |
2,318 |
|
|
|
|
|
$ |
9,184 |
|
$ |
9,193 |
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(63) |
|
|
(19) |
|
|
|
|
|
|
(323) |
|
|
(131) |
|
|
|
|
Non-GAAP professional services |
$ |
2,214 |
|
$ |
2,299 |
|
|
|
|
|
$ |
8,861 |
|
$ |
9,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total cost of revenue |
$ |
5,886 |
|
$ |
5,413 |
|
|
|
|
|
$ |
22,336 |
|
$ |
21,199 |
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(63) |
|
|
(19) |
|
|
|
|
|
|
(323) |
|
|
(131) |
|
|
|
|
Amortization of acquired intangible assets |
|
(67) |
|
|
(67) |
|
|
|
|
|
|
(268) |
|
|
(269) |
|
|
|
|
Non-GAAP total cost of revenue |
$ |
5,756 |
|
$ |
5,327 |
|
8% |
|
7% |
|
$ |
21,745 |
|
$ |
20,799 |
|
5% |
|
3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP recurring |
$ |
9,824 |
|
$ |
8,590 |
|
|
|
|
|
$ |
37,960 |
|
$ |
31,898 |
|
|
|
|
Non-GAAP license |
|
163 |
|
|
318 |
|
|
|
|
|
|
508 |
|
|
4,507 |
|
|
|
|
Non-GAAP professional services |
|
(154) |
|
|
386 |
|
|
|
|
|
|
1,094 |
|
|
1,011 |
|
|
|
|
Non-GAAP total gross profit |
$ |
9,833 |
|
$ |
9,294 |
|
6% |
|
2% |
|
$ |
39,562 |
|
$ |
37,416 |
|
6% |
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development |
$ |
3,931 |
|
$ |
3,487 |
|
|
|
|
|
$ |
14,711 |
|
$ |
13,753 |
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(49) |
|
|
(55) |
|
|
|
|
|
|
(493) |
|
` |
(281) |
|
|
|
|
Amortization of acquired intangible assets |
|
(437) |
|
|
(436) |
|
|
|
|
|
|
(1,747) |
|
|
(1,748) |
|
|
|
|
Non-GAAP research and development |
$ |
3,445 |
|
$ |
2,996 |
|
15% |
|
14% |
|
$ |
12,471 |
|
$ |
11,724 |
|
6% |
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing |
$ |
4,426 |
|
$ |
4,553 |
|
|
|
|
|
$ |
17,681 |
|
$ |
20,436 |
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(75) |
|
|
37 |
|
|
|
|
|
|
(341) |
|
|
(80) |
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
|
— |
|
|
|
|
|
|
— |
|
|
(67) |
|
|
|
|
Non-GAAP sales and marketing |
$ |
4,351 |
|
$ |
4,590 |
|
-5% |
|
-8% |
|
$ |
17,340 |
|
$ |
20,289 |
|
-15% |
|
-17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative |
$ |
2,128 |
|
$ |
1,499 |
|
|
|
|
|
$ |
7,567 |
|
$ |
6,552 |
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(145) |
|
|
(41) |
|
|
|
|
|
|
(538) |
|
|
(175) |
|
|
|
|
Amortization of acquired intangible assets |
|
— |
|
|
— |
|
|
|
|
|
|
— |
|
|
(7) |
|
|
|
|
Non-GAAP general and administrative |
$ |
1,983 |
|
$ |
1,458 |
|
36% |
|
34% |
|
$ |
7,029 |
|
$ |
6,370 |
|
10% |
|
8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
10,485 |
|
$ |
9,539 |
|
|
|
|
|
$ |
39,959 |
|
$ |
40,741 |
|
|
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(269) |
|
|
(59) |
|
|
|
|
|
|
(1,372) |
|
|
(536) |
|
|
|
|
Amortization of acquired intangible assets |
|
(437) |
|
|
(436) |
|
|
|
|
|
|
(1,747) |
|
|
(1,822) |
|
|
|
|
Non-GAAP operating expenses |
$ |
9,779 |
|
$ |
9,044 |
|
8% |
|
6% |
|
$ |
36,840 |
|
$ |
38,383 |
|
-4% |
|
-7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[1] Constant currency growth rates presented are
derived from converting the current period results for entities reporting in currencies other than U.S. Dollars into U.S.
Dollars at the exchange rates in effect during the prior period presented rather than the actual exchange rates in effect
during the current period. |