BURLINGTON, Mass., Jan. 29, 2015 /PRNewswire/ -- Attunity,
Ltd. (NASDAQ CM: ATTU), a leading provider of information
availability software solutions, today reported its unaudited
financial results for the three-month period and year ended
December 31, 2014.
Recent Operational Highlights:
- Entered into a multi-million dollar technology license
agreement with a Cloud services company for a consideration of
approximately $7.5 million payable
over two years, or over $10 million
if the partner exercises additional expansion options.
- Expanded strategic position in Big Data markets with advanced
data warehouse automation technology through acquisition of
BIReady
- New customer accounts won in Q4 across all our geographical
territories and with all of the key go-to-market partners,
including Microsoft, Teradata, Pivotal and HP Vertica
- Added strategic go-to-market partnerships with Cloudera and
Hortonworks for the Attunity solution for Hadoop
- Expanded the sales management in North America, including the appointment of
Jeff Burt and David Collins as Regional VP's of Sales.
- Finalized plan to expand sales and business development team to
up to 40 people in 2015
Financial Highlights for the Fourth Quarter of 2014, compared
with the Fourth Quarter of 2013:
- Total non-GAAP revenue grew 38% to $11.0
million
- Total GAAP revenue grew 37% to $10.9
million
- Total license revenue grew 39% to $6.7
million
- Non-GAAP operating income of $2.1
million
- GAAP operating income of $1.2
million
Financial Highlights for the Full Year 2014, compared with
the Full Year of 2013:
- Total non-GAAP revenue grew 43% to $36.0
million
- Total GAAP revenue grew 41% to $35.7
million
- Total license revenue grew 51% to $20.1
million
- Non-GAAP operating income of $3.0
million
- GAAP operating loss of $65,000
- Cash, cash equivalents and restricted cash of $19.4 million as of December 31, 2014, compared with $16.5 million as of December 31, 2013
"The fourth quarter of 2014 was a record quarter for us in terms
of total revenues and revenues from our Big Data product offering.
Over the past year, we advanced the development of both our
business and penetration of the market, successfully bringing our
suite of advanced Big Data and Cloud solutions to a growing base of
customers," stated Shimon Alon,
Chairman and CEO of Attunity. "We have taken a targeted approach to
our growth strategy, including expanding our sales and marketing
initiatives in areas that offer us the highest potential ROI,
developing, acquiring and launching new solutions in order to
service a broader segment of the market, and fostering key
go-to-market partnerships with the likes of Microsoft, Teradata, HP
Vertica, Cloudera, Pivotal, and Amazon Web Services. We
believe these initiatives are generating good traction, and are
expected to continue to support our growth through 2015 and into
the future."
Mr. Alon continued, "We believe the innovation and development
of our new solutions continue to be ahead of our peers and is
solidifying our position as a market leader in the Big Data
integration market. This is demonstrated by, among other
things, the positive initial market adoption of our Attunity for
Hadoop solution. This traction included closing customer deals
within weeks of the Attunity for Hadoop launch in the fourth
quarter. We believe this solution is an unmatched offering,
enabling the accelerated movement of Big Data for Hadoop
environments, simplifying its use for analytics and BI, and
materially reducing implementation costs. We plan to expand our
solutions for Hadoop in 2015 and expect it to contribute to our
revenue growth," continued Mr. Alon.
Sales and Marketing
Attunity continues to execute upon
its sales strategy and drive future growth. Further expansion of
the sales team is planned for 2015. In support of this plan, the
Company hired two new regional vice presidents of sales to ensure
high productivity and proper oversight so that the team continues
to operate at optimum levels.
"We are entering 2015 with positive momentum and a strong
management team, and believe the expanded salesforce is well
equipped to identify opportunities and generate leads from our
expanded marketing and partnership programs."
"In addition, we are expanding our value to Business
Intelligence (BI) and data warehouse customers through the
recent acquisition of BIReady's technology. Their unique solution
is designed to provide fast, flexible delivery of information for
Big Data Analytics and BI projects. This acquisition marks a major
milestone in the evolution of our long-term growth strategy with a
new solution that, in addition to moving the data, will also
provide customers with the ability to generate data models for
their data warehouses. We plan to cross-sell and up-sell the
BIReady solution to customers using data warehousing on-premises or
in the cloud," concluded Mr. Alon.
Financial Results for Q4 2014
Total revenue for the fourth quarter of 2014 increased 37% to
$10.9 million, compared with revenue
of $7.9 million for the same period
of 2013.
Total non-GAAP revenue for the fourth quarter of 2014 increased
38% to $11.0 million, compared with
revenue of $8.0 million for the same
period of 2013. This includes a 39% increase of license revenue to
$6.7 million, compared with
$4.8 million for the same period of
2013, as well as non-GAAP maintenance and service revenue, which
grew 35% to $4.3 million, compared
with $3.2 million for the same period
of 2013.1 The growth in total revenue is mainly
attributable to an increase in Attunity Replicate revenue, the
Hayes acquisition, increased activity with go-to-market partners,
and revenues from the recently announced technology license
agreement.
Non-GAAP maintenance and service revenue for the fourth quarter
of 2014 includes approximately $0.1
million of acquired maintenance revenue from Hayes that was
not recognized earlier due to business combination accounting
rules.1
Operating income for the fourth quarter of 2014 was $1.2 million, compared with $0.2 million for the same period of 2013.
Non-GAAP operating income for the fourth quarter of 2014 was
$2.1 million, compared with
$1.2 million for the same period of
2013. Non-GAAP operating income for the fourth quarter of 2014
excludes $0.9 million in expenses and
amortization associated with acquisitions and equity-based
compensation expenses. This is compared with a $1.0 million of similar expenses for the same
period last year.1
Net income for the fourth quarter of 2014 was $0.1 million, or $0.01 per diluted share, compared with a net loss
of $0.2 million, or ($0.01) per diluted share in the fourth quarter
of 2013.
Non-GAAP net income for the fourth quarter of 2014 was
$1.2 million, or $0.08 per diluted share, compared with a non-GAAP
net income of $0.9 million, or
$0.06 per diluted share, for the same
period last year. Non-GAAP net income for both fourth quarters of
2014 and 2013 excludes a total of $1.1
million in expenses mostly attributable to expenses and
amortization associated with acquisitions and equity-based
compensation expenses.1
Financial Results for Full Year 2014
Total revenue increased 41% for 2014 to $35.7 million, compared to $25.2 million in 2013. This included a 51%
increase in license revenue to $20.1
million, compared to $13.4
million in 2013; and a 31% increase in maintenance and
service revenue to $15.5 million,
compared with $11.8 million for
2013.
Total non-GAAP revenue for the 2014 increased 43% to
$36.0 million, compared with revenue
of $25.2 million for 2013. This
includes a 51% increase of license revenue to $20.1 million, compared with $13.4 million for 2013, as well as non-GAAP
maintenance and service revenue, which grew 34% to $15.9 million, compared with $11.8 million for 2013.1
Operating loss for 2014 was $65,000 compared to $58,000 for 2013.
Non-GAAP operating income for 2014 was $3.0 million, compared to $2.1 million for 2013. Non-GAAP operating income
for 2014 excludes the impact of stock-based compensation expenses,
amortization and expenses related to the acquisitions of Hayes,
RepliWeb and BIReady of $3.1 million.
Non-GAAP operating income for 2013 excludes the impact of
stock-based compensation expenses, amortization and expenses
related to the acquisitions of RepliWeb and Hayes of $2.2 million. 1
Net loss for 2014 was $1.5
million, or $(0.10) per
diluted share, compared to net loss of $0.6
million, or $(0.05) per
diluted share, in 2013.
Non-GAAP net income for 2014 was $1.7
million, compared to $1.5
million in 2013. Non-GAAP net income for 2014 excludes a
total of $3.2 million in expenses and
amortization related to the acquisitions of Hayes, RepliWeb, and
BIReady, net of tax effects, equity-based compensation expenses and
financial expenses associated with the revaluation of liabilities
presented at fair value. Non-GAAP net income for 2013 excludes a
total of $2.1 million in expenses and
amortization related to the acquisitions of RepliWeb and Hayes, net
of tax effects, equity-based compensation expenses and financial
expenses associated with the revaluation of liabilities presented
at fair value.1
Cash, cash equivalents and restricted cash were $19.4 million as of December 31, 2014, compared with $16.5 million as of December 31, 2013. This increase is mainly
attributable to positive cash flow from operations of $3.1 million. Shareholders' equity was
$31.3 million as of December 31, 2014, a 4% increase compared to
December 31, 2013.
Outlook for 2015
The Company expects revenue from
Attunity's business to increase to between approximately
$46 and $48 million for 2015.
Additionally, the Company expects non-GAAP operating margin to
range between 10% and 14%.
Financial Reconciliation to NON-GAAP figures for 2014
Outlook:
|
From
|
To
|
|
GAAP Operating
Profit Margin
|
1%
|
5%
|
|
Equity base
compensation
|
5%
|
5%
|
|
Amortization and
other adjustments – related acquisitions
|
4%
|
4%
|
|
Non-GAAP Operating
Profit margin (*)
|
10%
|
14%
|
(*)Non GAAP Operating Profit Margin is calculated by dividing
the Non GAAP Operating Profit by the total revenues for the
period.
The Company clarified that it does not expect to provide or
update guidance more often than on an annual basis.
1See "Use of Non-GAAP Financial
Information" below for more information regarding Attunity's use of
Non-GAAP financial measures.
Conference Call Information
The Company will host a conference call with the investment
community today, Thursday, January
29th at 10:00 a.m. Eastern
Time featuring remarks by Shimon
Alon, Chairman and CEO of Attunity, and Dror Harel-Elkayam, CFO of Attunity. The dial-in
numbers for the conference call are +1-888-364-3105 (U.S. Toll
Free), 180-924-5905 (Israel Toll
Free), or +1-719-325-2436 (International). All dial-in
participants must use the following code to access the call:
5311828.
Please call at least five minutes before the scheduled start
time. The conference call will also be available via webcast,
which can be accessed through the Events section of Attunity's
website, http://www.attunity.com/events. Please allow extra
time prior to the call to visit the site and download any necessary
software to listen to the live broadcast.
For interested individuals unable to join the conference call, a
replay of the call will be available through February 12, 2015, at +1-877-870-5176 (U.S. Toll
Free) or 1-858-384-5517 (International). Participants must use the
following code to access the replay of the call: 5311828. The
online archive of the webcast will be available on
http://www.attunity.com/events for 30 days following the call.
About Attunity
Attunity is a leading provider of
information availability software solutions that enable access,
management, sharing and distribution of data, including Big Data,
across heterogeneous enterprise platforms, organizations, and
the cloud. Our software solutions include data
replication, data flow management, test data management,
change data capture (CDC), data
connectivity, enterprise file
replication (EFR), managed-file-transfer (MFT), data
warehouse automation, and cloud data delivery. Using
Attunity's software solutions, our customers enjoy significant
business benefits by enabling real-time access and availability of
data and files where and when needed, across the maze of
heterogeneous systems making up today's IT environment.
Attunity has supplied innovative software solutions to its
enterprise-class customers for nearly 20 years and has successful
deployments at thousands of organizations worldwide. Attunity
provides software directly and indirectly through a number of
partners such as Microsoft, Oracle, IBM and HP. Headquartered in
Boston, Attunity serves its
customers via offices in North
America, Europe, and
Asia Pacific and through a network
of local partners. For more information,
visit www.attunity.com or our In Tune blog and
join our community on Twitter, Facebook, LinkedIn and YouTube,
the content of which is not part of this press release.
Use of Non-GAAP Financial Information
In addition to
reporting financial results in accordance with U.S.
generally-accepted accounting principles, or GAAP, Attunity uses
Non-GAAP measures of revenue, net income, operating income,
operating profit margin and net income per share, which are
adjustments from results based on GAAP to exclude expenses and
amortization associated with the acquisitions of RepliWeb, Hayes
and BIReady, net of related tax, stock-based compensation expenses
in accordance with ASC 718, and non-cash financial expenses such as
the effect of a revaluation of liabilities presented at fair value.
Attunity's management believes the non-GAAP financial information
provided in this release is useful to investors' understanding and
assessment of Attunity's on-going core operations and prospects for
the future. Management uses both GAAP and non-GAAP information in
evaluating and operating its business internally and as such has
determined that it is important to provide this information to
investors. The presentation of this non-GAAP financial information
is not intended to be considered in isolation or as a substitute
for results prepared in accordance with GAAP. For further details,
see the Reconciliation of Selected GAAP Measures to Non-GAAP
Measures table later in this press release.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 and other Federal Securities laws.
Statements preceded by, followed by, or that otherwise include the
words "believes", "expects", "anticipates", "intends", "estimates",
"plans", and similar expressions or future or conditional verbs
such as "will", "should", "would", "may" and "could" are generally
forward-looking in nature and not historical facts. For example,
when we say that our initiatives are generating good traction, and
are expected to continue to support our growth through 2015 and
into the future or that we intend to expand our sales force in 2015
or our outlook for 2015, or when we say that we expect
Attunity for Hadoop to contribute to our revenue growth, we
use a forward-looking statement. Because such statements deal with
future events, they are subject to various risks and uncertainties
and actual results, expressed or implied by such forward-looking
statements, could differ materially from Attunity's current
expectations. Factors that could cause or contribute to such
differences include, but are not limited to: our reliance on
strategic relationships with our distributors, OEM, VAR and
"go-to-market" and other business partners, and on our other
significant customers;; risks and uncertainties relating to
acquisitions, including costs and difficulties related to
integration of acquired businesses; timely availability and
customer acceptance of Attunity's new and existing products,
including Attunity Maestro; risks and uncertainties relating to
fluctuations in our quarterly operating results, which may not
necessarily be indicative of future periods; changes in
the competitive landscape, including new competitors or the impact
of competitive pricing and products; a shift in demand for products
such as Attunity's products; the impact on revenue of economic and
political uncertainties and weaknesses in various regions of the
world, including the commencement or escalation of hostilities or
acts of terrorism; and other factors and risks on which Attunity
may have little or no control. This list is intended to identify
only certain of the principal factors that could cause actual
results to differ. For a more detailed description of the risks and
uncertainties affecting Attunity, reference is made to Attunity's
latest Annual Report on Form 20-F which is on file with the
Securities and Exchange Commission (SEC) and the other risk factors
discussed from time to time by Attunity in reports filed with, or
furnished to, the SEC. Except as otherwise required by law,
Attunity undertakes no obligation to publicly release any revisions
to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
© 2015 Attunity Ltd. All rights reserved. Attunity is a
trademark of Attunity Inc. All other product and company names
herein may be trademarks of their respective owners.
For more information, please contact:
Garth Russell / Christopher Harrison
KCSA Strategic Communications
P: + 1 212-682-6300
grussell@kcsa.com / charrison@kcsa.com
Dror Harel-Elkayam, CFO
Attunity Ltd.
Tel. +972 9-899-3000
dror.elkayam@attunity.com
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
|
Unaudited
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 18,959
|
|
$ 16,481
|
|
Restricted
cash
|
|
430
|
|
-
|
|
Trade receivables
(net of allowance for doubtful accounts of $15 at December 31, 2014
and December 31, 2013)
|
|
5,850
|
|
5,224
|
|
Other accounts
receivable and prepaid expenses
|
|
453
|
|
685
|
|
|
|
|
|
|
Total current
assets
|
|
$ 25,692
|
|
$ 22,390
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Other long term
assets
|
|
577
|
|
385
|
|
Severance pay
fund
|
|
3,247
|
|
3,233
|
|
Property and
equipment, net
|
|
980
|
|
879
|
|
Intangible assets,
net
|
|
5,402
|
|
5,345
|
|
Goodwill
|
|
17,467
|
|
17,748
|
|
|
|
|
|
|
Total long-term
assets
|
|
27,673
|
|
27,590
|
|
|
|
|
|
|
Total
assets
|
|
$ 53,365
|
|
$ 49,980
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
|
$ 322
|
|
$ 458
|
|
Contingent purchase
consideration
|
|
2,054
|
|
-
|
|
Deferred
revenues
|
|
6,879
|
|
5,175
|
|
Employees and payroll
accruals
|
|
3,023
|
|
3,210
|
|
Accrued expenses and
other current liabilities
|
|
1,591
|
|
1,365
|
|
|
|
|
|
|
Total current
liabilities
|
|
13,869
|
|
10,208
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Long-term deferred
revenue
|
|
647
|
|
847
|
|
Liabilities presented
at fair value and other long-term liabilities
|
|
1,004
|
|
1,219
|
|
Contingent purchase
consideration
|
|
2,208
|
|
3,280
|
|
Accrued severance
pay
|
|
4,296
|
|
4,328
|
|
|
|
|
|
|
Total long-term
liabilities
|
|
8,155
|
|
9,674
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Share capital -
Ordinary shares of NIS 0.4 par value -
|
|
1,772
|
|
1,677
|
|
Authorized:
32,500,000 shares at December 31, 2014 and 2013; Issued and
outstanding: 15,375,716 shares at December 31, 2014 and 14,527,292
shares at December 31, 2013
|
|
|
|
|
|
Additional paid-in
capital
|
|
133,931
|
|
130,944
|
|
Receipt on account of
shares
|
|
-
|
|
81
|
|
Accumulated other
comprehensive loss
|
|
(871)
|
|
(621)
|
|
Accumulated
deficit
|
|
(103,491)
|
|
(101,983)
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
31,341
|
|
30,098
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$ 53,365
|
|
$ 49,980
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands, except per share data
|
|
|
|
|
|
|
|
Year
ended
December
31,
|
|
Three Months
ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
Unaudited
|
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
Software
licenses
|
|
$ 20,128
|
|
$ 13,364
|
|
$ 6,669
|
|
$ 4,782
|
|
Maintenance and
services
|
|
15,524
|
|
11,833
|
|
4,210
|
|
3,160
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
35,652
|
|
25,197
|
|
10,879
|
|
7,942
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
3,321
|
|
2,132
|
|
1,006
|
|
579
|
|
Research and
development
|
|
9,316
|
|
7,756
|
|
2,215
|
|
2,048
|
|
Selling and
marketing
|
|
19,136
|
|
11,793
|
|
5,392
|
|
3,751
|
|
General and
administrative
|
|
3,944
|
|
3,574
|
|
1,019
|
|
1,388
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
35,717
|
|
25,255
|
|
9,632
|
|
7,766
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(65)
|
|
(58)
|
|
1,247
|
|
176
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
893
|
|
627
|
|
577
|
|
278
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
(958)
|
|
(685)
|
|
670
|
|
(102)
|
|
|
|
|
|
|
|
|
|
|
Taxes on income
(benefit)
|
|
550
|
|
(56)
|
|
543
|
|
60
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$ (1,508)
|
|
$ (629)
|
|
$ 127
|
|
$ (162)
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
$ (0.10)
|
|
$ (0.05)
|
|
$
0.01
|
|
$
(0.01)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing basic earnings (loss) per
share
|
|
$ 15,024
|
|
$ 11,474
|
|
$ 15,243
|
|
$ 12,561
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share
|
|
$ (0.10)
|
|
$ (0.05)
|
|
$
0.01
|
|
$
(0.01)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing diluted earnings (loss) per
share
|
|
$ 15,024
|
|
$ 11,474
|
|
$ 15,891
|
|
$ 12,561
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
Year
ended
December
31,
|
|
|
2014
|
|
2013
|
|
|
Unaudited
|
|
|
|
Cash flows
activities:
|
|
|
|
|
|
Net loss
|
|
$
(1,508)
|
|
$
(629)
|
|
Adjustments required to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation
|
|
345
|
|
256
|
|
Stock based
compensation
|
|
1,489
|
|
746
|
|
Amortization of
intangible assets
|
|
1,215
|
|
909
|
|
Accretion of payment
obligation
|
|
682
|
|
95
|
|
|
|
|
|
|
Change in:
|
|
|
|
|
|
Accrued severance pay,
net
|
|
(46)
|
|
(14)
|
|
Trade
receivables
|
|
(626)
|
|
(1,049)
|
|
Other accounts
receivable and prepaid expenses
|
|
265
|
|
(226)
|
|
Trade
payables
|
|
(136)
|
|
115
|
|
Deferred
revenues
|
|
1,533
|
|
10
|
|
Employees and payroll
accruals
|
|
(187)
|
|
506
|
|
Accrued expenses and
other liabilities
|
|
626
|
|
(201)
|
|
Change in liabilities
presented at fair value and other long term liabilities
|
|
(197)
|
|
363
|
|
Excess tax
benefit
|
|
(121)
|
|
(189)
|
|
Change in deferred
taxes, net
|
|
(242)
|
|
(434)
|
|
Other
|
|
(1)
|
|
4
|
|
Net cash provided by
operating activities
|
|
3,091
|
|
262
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(446)
|
|
(663)
|
|
Increase in restricted
cash
|
|
(430)
|
|
-
|
|
Acquisition of
companies
|
|
(748)
|
|
(4,163)
|
|
Net cash used in
investing activities
|
|
(1,624)
|
|
(4,826)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Proceeds from exercise
of stock options, warrants and rights
|
|
888
|
|
1,096
|
|
Receipts on account of
shares
|
|
-
|
|
81
|
|
Repayment of contingent
consideration
|
|
-
|
|
(2,000)
|
|
Capital raise,
net
|
|
-
|
|
17,956
|
|
Excess tax
benefit
|
|
121
|
|
189
|
|
Net cash provided by
financing activities
|
|
1,009
|
|
17,322
|
|
|
|
|
|
|
Foreign currency
translation adjustments on cash and cash equivalents
|
|
2
|
|
(55)
|
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
|
2,478
|
|
12,703
|
|
Cash and cash
equivalents at the beginning of the period
|
|
16,481
|
|
3,778
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
$ 18,959
|
|
$ 16,481
|
|
|
|
|
|
|
Supplemental disclosure
of cash flow activities:
|
|
|
|
|
|
Cash paid during the
period for income tax
|
|
$
500
|
|
$
426
|
|
|
|
|
|
|
Non cash
activities:
|
|
|
|
|
|
Issuance of shares
related to acquisition of Hayes
|
|
$
503
|
|
$
1,046
|
|
UNAUDITED
RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL
INFORMATION
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
|
|
Three months ended
December 31, 2014
|
|
Three months ended
December 31, 2013
|
|
|
GAAP
|
|
Adj.
|
|
|
|
Non-GAAP
|
|
GAAP
|
|
Adj.
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software
licenses
|
|
6,669
|
|
|
|
|
|
6,669
|
|
4,782
|
|
|
|
|
|
4,782
|
|
Maintenance and
services
|
|
4,210
|
|
78
|
|
(a)
|
|
4,288
|
|
3,160
|
|
13
|
|
(a)
|
|
3,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
10,879
|
|
|
|
|
|
10,957
|
|
7,942
|
|
|
|
|
|
7,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
1,006
|
|
247
|
|
(b)
|
|
759
|
|
579
|
|
261
|
|
(b)
|
|
318
|
|
Research and
development
|
|
2,215
|
|
129
|
|
(c)
|
|
2,086
|
|
2,048
|
|
55
|
|
(c)
|
|
1,993
|
|
Selling and
marketing
|
|
5,392
|
|
244
|
|
(b),(c)
|
|
5,148
|
|
3,751
|
|
175
|
|
(b), (c)
|
|
3,576
|
|
General and
administrative
|
|
1,019
|
|
162
|
|
(c), (e)
|
|
857
|
|
1,388
|
|
556
|
|
(c), (e)
|
|
832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
9,632
|
|
|
|
|
|
8,850
|
|
7,766
|
|
|
|
|
|
6,719
|
|
Operating
income
|
|
1,247
|
|
|
|
|
|
2,107
|
|
176
|
|
|
|
|
|
1,236
|
|
Financial expenses,
net
|
|
577
|
|
377
|
|
(d)
|
|
200
|
|
278
|
|
205
|
|
(d)
|
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
670
|
|
|
|
|
|
1,907
|
|
(102)
|
|
|
|
|
|
1,163
|
|
Taxes on
income
|
|
543
|
|
(129)
|
|
(f)
|
|
672
|
|
60
|
|
(245)
|
|
(f)
|
|
305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
127
|
|
|
|
|
|
1,235
|
|
(162)
|
|
|
|
|
|
858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
0.01
|
|
|
|
|
|
0.08
|
|
(0.01)
|
|
|
|
|
|
0.07
|
|
Weighted average number
of shares used in computing basic earnings per
share
|
|
15,243
|
|
|
|
|
|
15,243
|
|
12,561
|
|
|
|
|
|
12,561
|
|
Diluted earnings (loss)
per share
|
|
0.01
|
|
|
|
|
|
0.08
|
|
(0.01)
|
|
|
|
|
|
0.06
|
|
Weighted average number
of shares used in computing diluted earnings (loss) per
share
|
|
15,891
|
|
|
|
|
|
15,921
|
|
12,561
|
|
|
|
|
|
13,922
|
|
UNAUDITED
RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL
INFORMATION
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
(a)
|
Valuation adjustment
on acquired deferred services revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
December
31,
|
|
|
|
2014
|
|
2013
|
|
(b)
|
Amortization of
acquired intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues -
amortization of technology
|
|
$ 247
|
|
$ 261
|
|
Selling and marketing -
amortization of customers relationship
|
|
81
|
|
89
|
|
|
|
|
|
|
|
|
|
$ 328
|
|
$ 350
|
|
|
|
|
|
|
|
(c)
|
Stock-based
compensation expenses under ASC 718 included
in:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
$ 129
|
|
$
55
|
|
Selling and
marketing
|
|
163
|
|
86
|
|
General and
administrative
|
|
114
|
|
51
|
|
|
|
|
|
|
|
|
|
$ 406
|
|
$ 192
|
|
|
|
|
|
|
|
(d)
|
Acquisition-related
financial expenses and revaluation of liabilities presented at fair
value
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation of
liabilities presented at fair value
|
|
$ 206
|
|
$ 176
|
|
Accretion of payment
obligation
|
|
171
|
|
29
|
|
|
|
|
|
|
|
|
|
$ 377
|
|
$ 205
|
|
|
|
|
|
|
|
(e)
|
Acquisition related
expenses in the amount of $48 and $505, for the three months ended
December 31, 2014 and 2013, respectively.
|
|
|
|
(f)
|
Taxes related to
acquisitions.
|
|
UNAUDITED
RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL
INFORMATION
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
|
|
Year ended
December 31, 2014
|
|
Year ended
December 31, 2013
|
|
|
GAAP
|
|
Adj.
|
|
|
|
Non-GAAP
|
|
GAAP
|
|
Adj.
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software
licenses
|
|
20,128
|
|
|
|
|
|
20,128
|
|
13,364
|
|
|
|
|
|
13,364
|
|
Maintenance and
services
|
|
15,524
|
|
363
|
|
(a)
|
|
15,887
|
|
11,833
|
|
13
|
|
(a)
|
|
11,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
35,652
|
|
|
|
|
|
36,015
|
|
25,197
|
|
|
|
|
|
25,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
3,321
|
|
889
|
|
(b)
|
|
2,432
|
|
2,132
|
|
647
|
|
(b)
|
|
1,485
|
|
Research and
development
|
|
9,316
|
|
440
|
|
(c)
|
|
8,876
|
|
7,756
|
|
237
|
|
(c)
|
|
7,519
|
|
Selling and
marketing
|
|
19,136
|
|
962
|
|
(b), (c)
|
|
18,174
|
|
11,793
|
|
587
|
|
(b), (c)
|
|
11,206
|
|
General and
administrative
|
|
3,944
|
|
461
|
|
(c), (e)
|
|
3,483
|
|
3,574
|
|
689
|
|
(c), (e)
|
|
2,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
35,717
|
|
|
|
|
|
32,965
|
|
25,255
|
|
|
|
|
|
23,095
|
|
Operating income
(loss)
|
|
(65)
|
|
|
|
|
|
3,050
|
|
(58)
|
|
|
|
|
|
2,115
|
|
Financial expenses,
net
|
|
893
|
|
495
|
|
(d)
|
|
398
|
|
627
|
|
458
|
|
(d)
|
|
169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
(958)
|
|
|
|
|
|
2,652
|
|
(685)
|
|
|
|
|
|
1,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income
(benefit)
|
|
550
|
|
(354)
|
|
(f)
|
|
904
|
|
(56)
|
|
(461)
|
|
(f)
|
|
405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(1,508)
|
|
|
|
|
|
1,748
|
|
(629)
|
|
|
|
|
|
1,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
(0.10)
|
|
|
|
|
|
0.12
|
|
(0.05)
|
|
|
|
|
|
0.13
|
|
Weighted average
number of shares used in computing basic earnings (loss) per
share
|
|
15,024
|
|
|
|
|
|
15,024
|
|
11,474
|
|
|
|
|
|
11,474
|
|
Diluted earnings
(loss) per share
|
|
(0.10)
|
|
|
|
|
|
0.11
|
|
(0.05)
|
|
|
|
|
|
0.12
|
|
Weighted average
number of shares used in computing diluted earnings (loss)
per share
|
|
15,024
|
|
|
|
|
|
15,871
|
|
11,474
|
|
|
|
|
|
12,589
|
|
UNAUDITED
RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL
INFORMATION
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
(a)
|
Valuation adjustment
on acquired deferred services revenue.
|
|
|
|
|
|
|
|
|
|
Three months
ended
December
31,
|
|
|
|
2014
|
|
2013
|
|
(b)
|
Amortization of
acquired intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues -
amortization of technology
|
|
889
|
|
647
|
|
Selling and marketing -
amortization of customers relationship
|
|
326
|
|
262
|
|
|
|
|
|
|
|
|
|
1,215
|
|
909
|
|
|
|
|
|
|
|
(c)
|
Stock-based
compensation expenses under ASC 718 included
in:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
440
|
|
237
|
|
Selling and
marketing
|
|
636
|
|
325
|
|
General and
administrative
|
|
413
|
|
184
|
|
|
|
|
|
|
|
|
|
1,489
|
|
746
|
|
|
|
|
|
|
|
(d)
|
Acquisition-related
financial expenses and revaluation of liabilities presented at fair
value
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation of
liabilities presented at fair value
|
|
(187)
|
|
363
|
|
Accretion of payment
obligation
|
|
682
|
|
95
|
|
|
|
|
|
|
|
|
|
495
|
|
458
|
|
|
|
|
|
|
|
(e)
|
Acquisition related
expenses in the amount of $48 and $505, for the years ended
December 31, 2014 and 2013, respectively.
|
|
|
|
|
|
|
|
(f)
|
Taxes related to
acquisitions.
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/attunity-reports-41-revenue-growth-in-2014-300027681.html
SOURCE Attunity, Ltd.