CARMEL, IN--(Marketwired - Feb 9, 2017) - Determine, Inc. (
Q3 FY2017 GAAP Financial Highlights:
(in thousands, except per share amounts)
GAAP Financial Measures | Q3 | Q2 | Q3 | Change | Change | Nine Months | ||||||||||||||||||||||||||
FY 2017 | FY 2017 | FY 2016 | Q/Q | Y/Y | FY 2017' | FY 2016' | Change Y/Y | |||||||||||||||||||||||||
Revenue - total | $ | 6,852 | $ | 6,584 | $ | 7,100 | 4.1 | % | (3.5 | %) | $ | 19,928 | $ | 20,080 | (0.8 | %) | ||||||||||||||||
Revenue - recurring | $ | 5,054 | $ | 5,145 | $ | 5,354 | (1.8 | %) | (5.6 | %) | $ | 15,267 | $ | 15,862 | (3.8 | %) | ||||||||||||||||
Revenue - non-recurring | $ | 1,798 | $ | 1,439 | $ | 1,746 | 24.9 | % | 3.0 | % | $ | 4,661 | $ | 4,218 | 10.5 | % | ||||||||||||||||
Gross profit - total | $ | 3,341 | $ | 3,138 | $ | 3,682 | 6.5 | % | (9.3 | %) | $ | 9,865 | $ | 10,494 | (6.0 | %) | ||||||||||||||||
Gross profit - recurring | $ | 3,277 | $ | 3,442 | $ | 3,538 | (4.8 | %) | (7.4 | %) | $ | 10,182 | $ | 10,859 | (6.2 | %) | ||||||||||||||||
Gross profit/ (loss) - non-recurring | $ | 64 | $ | (304 | ) | $ | 144 | 121.0 | % | (55.6 | %) | $ | (317 | ) | $ | (365 | ) | 13.2 | % | |||||||||||||
Gross margin - total | 48.8 | % | 47.7 | % | 51.9 | % | 1.1 pts | (3.1 pts | ) | 49.5 | % | 52.3 | % | (2.8 pts | ) | |||||||||||||||||
Gross margin - recurring | 64.8 | % | 66.9 | % | 66.1 | % | (2.1 pts | ) | (1.3 pts | ) | 66.7 | % | 68.5 | % | (1.8 pts | ) | ||||||||||||||||
Gross margin - non recurring | 3.5 | % | (21.1 | %) | 8.2 | % | 24.6 pts | (4.7 pts | ) | (6.8 | %) | (8.7 | %) | 1.9 pts | ||||||||||||||||||
Net loss | $ | (2,193 | ) | $ | (3,207 | ) | $ | (2,845 | ) | 31.6 | % | 22.9 | % | $ | (7,743 | ) | $ | (10,212 | ) | 24.2 | % | |||||||||||
EPS | $ | (0.18 | ) | $ | (0.28 | ) | $ | (0.25 | ) | $ | 0.10 | $ | 0.07 | $ | (0.67 | ) | $ | (0.90 | ) | $ | 0.23 | |||||||||||
Q3 FY2017 Non-GAAP Financial Highlights:
(in thousands, except per share amounts)
Non-GAAP Financial Measures | Q3 | Q2 | Q3 | Change | Change | Nine Months | ||||||||||||||||||||||||||
FY 2017 | FY 2017 | FY 2016 | Q/Q | Y/Y | FY 2017' | FY 2016' | Change Y/Y | |||||||||||||||||||||||||
Revenue - total | $ | 6,852 | $ | 6,584 | $ | 7,187 | 4.1 | % | (4.7 | %) | $ | 19,936 | $ | 20,308 | (1.8 | %) | ||||||||||||||||
Revenue - recurring | $ | 5,054 | $ | 5,145 | $ | 5,400 | (1.8 | %) | (6.4 | %) | $ | 15,275 | $ | 16,021 | (4.7 | %) | ||||||||||||||||
Revenue - non-recurring | $ | 1,798 | $ | 1,439 | $ | 1,787 | 24.9 | % | 0.6 | % | $ | 4,661 | $ | 4,287 | 8.7 | % | ||||||||||||||||
Gross profit - total | $ | 3,726 | $ | 3,460 | $ | 4,135 | 7.7 | % | (9.9 | %) | $ | 10,896 | $ | 11,677 | (6.7 | %) | ||||||||||||||||
Gross profit - recurring | $ | 3,591 | $ | 3,710 | $ | 3,859 | (3.2 | %) | (7.0 | %) | $ | 11,037 | $ | 11,736 | (6.0 | %) | ||||||||||||||||
Gross profit/( loss) - non-recurring | $ | 135 | $ | (250 | ) | $ | 276 | 154.0 | % | (51.1 | %) | $ | (141 | ) | $ | (59 | ) | (139.0 | %) | |||||||||||||
Gross margin - total | 54.4 | % | 52.5 | % | 57.5 | % | 1.9 pts | (3.1 pts | ) | 54.7 | % | 57.5 | % | (2.8 pts | ) | |||||||||||||||||
Gross margin - recurring | 71.0 | % | 72.1 | % | 71.5 | % | (1.1 pts | ) | (0.5 pts | ) | 72.3 | % | 73.3 | % | (1.0 pts | ) | ||||||||||||||||
Gross margin - non recurring | 7.5 | % | (17.4 | %) | 15.5 | % | 24.9 pts | (8.0 pts | ) | (3.0 | %) | (1.4 | %) | (1.6 pts | ) | |||||||||||||||||
Net loss | $ | (1,010 | ) | $ | (1,959 | ) | $ | (1,503 | ) | 48.4 | % | 32.8 | % | $ | (4,253 | ) | $ | (4,585 | ) | 7.2 | % | |||||||||||
EPS | $ | (0.08 | ) | $ | (0.17 | ) | $ | (0.13 | ) | $ | 0.09 | $ | 0.05 | $ | (0.37 | ) | $ | (0.45 | ) | $ | 0.08 | |||||||||||
Billings | $ | 7,545 | $ | 5,770 | $ | 7,800 | 30.8 | % | (3.3 | %) | $ | 19,595 | $ | 20,667 | (5.2 | %) | ||||||||||||||||
"This quarter we are very pleased by our return to the million dollar range for new Annualized Bookings, with quarter-over-quarter new sales growing at a rate in excess of 30%. Driving the sales performance was our disruptive, new Determine Cloud Platform offering, with over 90% of our new customers opting for the platform for their Source-to-Pay or Enterprise Contract Lifecycle Management needs," said Patrick Stakenas, President and CEO of Determine. "Over the coming months, we look forward to continuing to focus on several key executional tasks including advancing the Determine Cloud Platform's capabilities -- to provide our customers with 'Platformance', continuing to optimize organizational efficiencies, and building upon our robust lead pipeline to deliver incremental and accelerated sales in the coming quarters."
Q3 FY2017 Business Highlights:
Conference Call and Webcast: Thursday, February 9, 2017 at 5:00 PM (Eastern Time)
Participant Conference Call Numbers:
Toll-Free: 1-877- 407-0789
Toll/International: 1-201- 689-8562
Participant Webcast Link: http://public.viavid.com/index.php?id=122692
Replay Dial-in Information:
Toll-Free: 1-844- 512-2921
Toll/International: 1-412- 317-6671
From: 02/09/17 @ 8:00 pm Eastern Time
To: 02/16/17 @ 11:59 pm Eastern Time
Replay Pin Number: 13653707
Related: http://investor.determine.com
Supporting Resources
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Non-GAAP Financial Measures
To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including non-GAAP revenue, non-GAAP gross profit, non-GAAP net income and non-GAAP earnings per share, which we believe are helpful in understanding our past financial performance and future results. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "GAAP to Non-GAAP Reconciliations". Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.
The difference between GAAP and non-GAAP revenue is due to the impact of revaluing the deferred revenue balances acquired from primarily b-pack, Inc. as required by GAAP purchase accounting.
The difference between GAAP and non-GAAP gross profit is the difference in GAAP versus non-GAAP revenues as well as the elimination of the amortization of acquisition related intangibles, stock based compensation and severance expense from the costs of revenue. Non-GAAP net loss excludes the non-GAAP gross profit items as well as acquisition related costs.
Our management regularly uses our supplemental non-GAAP financial measures internally to understand and manage our business and forecast future periods; as such, we believe it is useful for investors to understand the effects of these items on our total operations. Further, please note that our non-GAAP revenue is intended to reflect the full amount of revenues that would have been otherwise recorded by the acquired entities of Iasta.com, Inc. and b-pack, Inc. while our non-GAAP gross profit also excludes the amortization of intangibles that occurred due to the acquisition of the entities of Iasta.com, Inc. and b-pack, Inc.
Annualized Bookings are an operating measure not derived from the company's revenues or any other amounts presented in accordance with GAAP in the company's statement of income, balance sheet, statement of cash flows or other equivalent statements.
"Annualized Bookings" means the annualized recurring contracted revenue from a new customer or a cross-sell or upsell to an existing customer.
Forward-looking Statements
Certain statements in this release and elsewhere by Determine are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding business outlook, assessment of market conditions, anticipated financial and operating results, strategies, product and channel development, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to fluctuations in demand for Determine's products and services, risks of losing key personnel or customers, protection of the company's intellectual property and government policies and regulations, including, but not limited to those affecting the company's industry. Determine undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the company can be found in the company's most recent Form 10-K as filed by the company with the Securities and Exchange Commission.
About Determine, Inc.
Determine, Inc. (
The Determine Cloud Platform gives procurement, finance and legal professionals the ability to deliver profound insights through analysis of their supplier relationships and contractual requirements. Our customers leverage the Determine Cloud Platform to discover previously unseen supplier and spend data; make more informed and smarter business decisions; drive new revenue; control costs; improve workflow efficiencies; and mitigate risk.
Our customers benefit from the Determine Cloud Platform's robust suite of integrated applications. Whether they start with a full-suite implementation or choose to implement just one application and build over time, each application allows for the automatic sharing of data in place on the Determine Cloud Platform.
For more information, please visit: www.determine.com.
Determine, Inc. | |||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31 | December 31 | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Revenues: | |||||||||||||||||
Recurring revenues | $ | 5,054 | 5,354 | $ | 15,267 | $ | 15,862 | ||||||||||
Non-recurring revenues | 1,798 | 1,746 | 4,661 | 4,218 | |||||||||||||
Total revenues | 6,852 | 7,100 | 19,928 | 20,080 | |||||||||||||
Cost of revenues: | |||||||||||||||||
Cost of recurring revenues | 1,777 | 1,816 | 5,085 | 5,003 | |||||||||||||
Cost of non-recurring revenues | 1,734 | 1,602 | 4,978 | 4,583 | |||||||||||||
Total cost of revenues | 3,511 | 3,418 | 10,063 | 9,586 | |||||||||||||
Gross profit: | |||||||||||||||||
Recurring gross profit | 3,277 | 3,538 | 10,182 | 10,859 | |||||||||||||
Non-recurring profit (loss) | 64 | 144 | (317 | ) | (365 | ) | |||||||||||
Total gross profit | 3,341 | 3,682 | 9,865 | 10,494 | |||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 1,049 | 1,230 | 3,052 | 2,851 | |||||||||||||
Sales and marketing | 2,273 | 3,310 | 7,843 | 10,313 | |||||||||||||
General and administrative | 1,761 | 2,072 | 5,432 | 6,211 | |||||||||||||
Impairment of software devlopment costs | - | - | 947 | ||||||||||||||
Total operating expenses | 5,083 | 6,612 | 16,327 | 19,375 | |||||||||||||
Loss from operations | (1,742 | ) | (2,930 | ) | (6,462 | ) | (8,881 | ) | |||||||||
Interest and other (expense), net | (462 | ) | (149 | ) | (1,388 | ) | (549 | ) | |||||||||
Net loss before income tax | (2,204 | ) | (3,079 | ) | (7,850 | ) | (9,430 | ) | |||||||||
Benefit from income taxes | 35 | 233 | 143 | 213 | |||||||||||||
Net loss | (2,169 | ) | (2,846 | ) | (7,707 | ) | (9,217 | ) | |||||||||
Net income (loss) attributed to non-controlling interest | (24 | ) | 1 | (36 | ) | 5 | |||||||||||
Net loss attributable to Determine, Inc. | (2,193 | ) | (2,845 | ) | (7,743 | ) | (9,212 | ) | |||||||||
Redeemable preferred stock accretion | - | - | - | 1,000 | |||||||||||||
Net loss attributable to common stockholders | $ | (2,193 | ) | $ | (2,845 | ) | $ | (7,743 | ) | $ | (10,212 | ) | |||||
Basic and diluted net loss per share | $ | (0.18 | ) | $ | (0.25 | ) | $ | (0.67 | ) | $ | (0.90 | ) | |||||
Determine, Inc. | |||||||||||||||||
GAAP to Non-GAAP Reconciliations | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Reconciliation of total revenue: | |||||||||||||||||
U.S. GAAP as reported | $ | 6,852 | $ | 7,100 | $ | 19,928 | $ | 20,080 | |||||||||
Adjustments: | |||||||||||||||||
Deferred revenue adjustment | - | 87 | 8 | 228 | |||||||||||||
Non-GAAP revenue | $ | 6,852 | $ | 7,187 | $ | 19,936 | $ | 20,308 | |||||||||
Reconciliation of gross profit: | |||||||||||||||||
U.S. GAAP as reported | $ | 3,341 | $ | 3,682 | $ | 9,865 | $ | 10,494 | |||||||||
Adjustments: | |||||||||||||||||
Deferred revenue adjustment | - | 87 | 8 | 228 | |||||||||||||
Amortizaton of acquision | 250 | 250 | 758 | 630 | |||||||||||||
Stock based compensation | 111 | 92 | 240 | 218 | |||||||||||||
Severance | 24 | 24 | 25 | 107 | |||||||||||||
Non-GAAP gross profit | $ | 3,726 | $ | 4,135 | $ | 10,896 | $ | 11,677 | |||||||||
Reconciliation to non-GAAP net loss: | |||||||||||||||||
Net loss | $ | (2,193 | ) | $ | (2,845 | ) | $ | (7,743 | ) | $ | (9,212 | ) | |||||
Stock-based compensation expense | 630 | 658 | 1,867 | 1,871 | |||||||||||||
Deferred revenue adjustment | - | 87 | 8 | 228 | |||||||||||||
Acquisition related costs | - | 138 | - | 912 | |||||||||||||
Amortization on intangibles | 526 | 542 | 1,594 | 1,373 | |||||||||||||
Benefit for income taxes | - | (213 | ) | (13 | ) | (213 | ) | ||||||||||
Severance costs | 27 | 130 | 34 | 456 | |||||||||||||
Non-GAAP net loss | $ | (1,010 | ) | $ | (1,503 | ) | $ | (4,253 | ) | $ | (4,585 | ) | |||||
Non-GAAP basic and diluted net loss per share | $ | (0.08 | ) | $ | (0.13 | ) | $ | (0.37 | ) | $ | (0.45 | ) | |||||
Weighted average shares outstanding for basic | |||||||||||||||||
and diluted net loss per share | 11,944 | 11,244 | 11,466 | 10,212 | |||||||||||||
Determine, Inc. | |||||||||||||||||
Condensed Consolidated Statements of Comprehensive Loss | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31 | December 31 | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Net loss | $ | (2,169 | ) | $ | (2,846 | ) | $ | (7,707 | ) | $ | (9,217 | ) | |||||
Other comprehensive income (loss) net: | |||||||||||||||||
Foreign currency translation adjustments | 44 | (11 | ) | 31 | (68 | ) | |||||||||||
Non-controlling interest | (24 | ) | 1 | (36 | ) | 5 | |||||||||||
Other comprehensive income (loss) | 20 | (10 | ) | (5 | ) | (63 | ) | ||||||||||
Comprehensive loss | $ | (2,149 | ) | $ | (2,856 | ) | $ | (7,712 | ) | $ | (9,280 | ) | |||||
Determine, Inc. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(In thousands) | ||||||||
December 31, | March 31, | |||||||
2016 | 2016 | |||||||
(Unaudited) | (Audited) | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 9,387 | $ | 9,418 | ||||
Accounts receivable, net | 6,759 | 7,031 | ||||||
Restricted cash | 34 | 34 | ||||||
Prepaid expenses and other current assets | 1,408 | 1,551 | ||||||
Total current assets | 17,588 | 18,034 | ||||||
Property and equipment, net | 94 | 136 | ||||||
Capitalized software, net | 2,131 | 1,699 | ||||||
Goodwill | 14,346 | 14,490 | ||||||
Other intangibles, net | 6,346 | 8,011 | ||||||
Other assets | 1,492 | 1,843 | ||||||
Total assets | $ | 41,997 | $ | 44,213 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Credit facility | $ | 10,861 | $ | 9,000 | ||||
Accounts payable | 2,435 | 1,973 | ||||||
Accrued payroll and related liabilities | 1,802 | 1,655 | ||||||
Other accrued liabilities | 2,020 | 2,396 | ||||||
Deferred revenue | 10,028 | 10,299 | ||||||
Income tax payable | 78 | 14 | ||||||
COFACE loan | 222 | 407 | ||||||
Accrued restructuring | - | 403 | ||||||
Total current liabilities | 27,446 | 26,147 | ||||||
Long-term deferred revenue | 5 | 67 | ||||||
Convertible note, net of debt discount | 7,374 | 5,420 | ||||||
Other long-term liabilities | 1,055 | 1,382 | ||||||
Deferred tax liability non current | 81 | 290 | ||||||
Total liabilities | 35,961 | 33,306 | ||||||
Total Determine, Inc. stockholders' equity controlling interest | 5,887 | 10,794 | ||||||
Non-controlling interest | 149 | 113 | ||||||
Total equity | 6,036 | 10,907 | ||||||
Total liabilities and equity | $ | 41,997 | $ | 44,213 | ||||
Determine, Inc. | |||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||
(In thousands) | |||||||||
(Unudited) | |||||||||
Nine Months Ended | |||||||||
December 31, | December 31, | ||||||||
2016 | 2015 | ||||||||
Operating activities | |||||||||
Net loss | $ | (7,707 | ) | $ | (9,217 | ) | |||
Adjustments to reconcile net loss to net cash used in | |||||||||
operating activities: | |||||||||
Depreciation and amortization | 2,478 | 1,868 | |||||||
Loss on disposition of property and equipment | - | 14 | |||||||
Stock-based compensation expense | 1,867 | 1,870 | |||||||
Deferred tax liability | (209 | ) | 93 | ||||||
Changes in assets and liabilities: | |||||||||
Accounts receivable, net | 272 | 149 | |||||||
Prepaid expenses and other current assets | 143 | 300 | |||||||
Other assets | 435 | (380 | ) | ||||||
Accounts payable | 462 | 113 | |||||||
Accrued payroll and related liabilities | 147 | 278 | |||||||
Accrued restructuring costs | (403 | ) | - | ||||||
Other accrued liabilities and other long-term liabilities | (356 | ) | (13 | ) | |||||
Deferred revenue | (333 | ) | (281 | ) | |||||
Net cash used in operating activities | (3,204 | ) | (5,206 | ) | |||||
Investing activities | |||||||||
Purchase of property and equipment | (39 | ) | (6 | ) | |||||
Capitalized software | (1,267 | ) | (1,077 | ) | |||||
Purchase of business, net of cash | - | (826 | ) | ||||||
Minority shareholder payment | - | (133 | ) | ||||||
Net cash used in investing activities | (1,306 | ) | (2,042 | ) | |||||
Financing activities | |||||||||
Proceeds from sale of common stock, preferred stock and warrants, net of issuance costs | - | 310 | |||||||
Employee taxes paid in exchange for restricted stock awards forefeited | 78 | 263 | |||||||
Issuance of common stock under employee stock plan | 80 | 87 | |||||||
Credit facility borrowing | 3,000 | 885 | |||||||
Credit facility payment | (1,139 | ) | (347 | ) | |||||
Repayment of loan | (185 | ) | (25 | ) | |||||
Conversion of preferred stock to common stock | - | (17 | ) | ||||||
Issuance of debt, net of costs | 2,429 | 2,743 | |||||||
Net cash provided by financing activities | 4,263 | 3,899 | |||||||
Effect of exchange rate changes on cash | 216 | 11 | |||||||
Net decrease in cash and cash equivalents | (31 | ) | (3,338 | ) | |||||
Cash and cash equivalents at beginning of the period | 9,418 | 13,178 | |||||||
Cash and cash equivalents at end of the period | $ | 9,387 | $ | 9,840 | |||||
Determine, Inc. | ||||||||||||||||
Billings Reconciliation | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Total revenues | $ | 6,852 | $ | 7,100 | $ | 19,928 | $ | 20,080 | ||||||||
Deferred revenue: | ||||||||||||||||
End of period | 10,033 | 9,019 | 10,033 | 9,019 | ||||||||||||
Beginning of period | 9,340 | 8,319 | 10,366 | 8,432 | ||||||||||||
Change in deferred revenue | 693 | 700 | (333 | ) | 587 | |||||||||||
Total billings (total revenues plus the change in deferred revenue) | $ | 7,545 | $ | 7,800 | $ | 19,595 | $ | 20,667 | ||||||||
Determine, Inc. | ||||||||||||||||
Non-GAAP EBITDA Reconciliation | ||||||||||||||||
(In thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Reconciliation to non-GAAP EBITDA net loss: | ||||||||||||||||
Non-GAAP net loss | $ | (1,010 | ) | $ | (1,503 | ) | $ | (4,253 | ) | $ | (4,585 | ) | ||||
Interest | 461 | 131 | 1,299 | 372 | ||||||||||||
Depreciation | 348 | 161 | 916 | 498 | ||||||||||||
Income Taxes and Minority Shareholder | (11 | ) | (233 | ) | (107 | ) | (217 | ) | ||||||||
Non-GAAP EBITDA net loss | $ | (212 | ) | $ | (1,444 | ) | $ | (2,145 | ) | $ | (3,932 | ) | ||||
Contact Information:
Contact
Media Relations
Rose Lee
Determine, Inc.
+1.877.806.1932
+1.650.532.1590
pr@determine.com