BURLINGTON, Massachusetts,
Feb. 2, 2017 /PRNewswire/
-- Attunity Ltd. (NasdaqCM: ATTU), a leading provider of
data integration and Big Data management software solutions, today
reported its unaudited financial results for the three-month period
and full year ended December 31,
2016.
"The fourth quarter delivered solid financial results, including
22% increase of revenue, compared to the same period in 2015, and
positive cash flow. This growth was driven by several new customer
engagements closed during the quarter, including two that are
valued at more than $1 million each.
These agreements represent just a portion of the demand that we
believe exists in the market for our data integration solutions
supporting customers' Hadoop and data lake environments," said
Shimon Alon, Chairman and CEO of
Attunity.
"In 2016, license revenue contributed from larger customer deals
more than tripled to approximately $8
million, compared with $2.5
million for 2015. Being consistently selected by new, large
global customers demonstrates our leadership position and growing
market share. In addition, we believe these customers represent
significant expansion opportunities to further grow future
revenues. Considering this trend, we believe our addressable market
is larger than a year ago and will only continue to grow, as the
need for real-time Big Data analytics continues to play an
increasingly important role for our target customers across the
globe."
Recent Operational Highlights
- Closed several large customer transactions for data lake
initiatives including two worth over $1
million each
- Closed enterprise data replication agreement worth over
$1 million to replace incumbent
competitive vendor
- Extended OEM distribution agreement with Microsoft through
2017
- Introduced new data warehouse automation solution for Amazon
Redshift
- Recognized in CIOReview Magazine's '20 Most Promising Data
Integration Solution Providers 2016' List
Financial Highlights for Q4 2016, compared with Q4
2015
- Total revenue was $15.6 million,
compared with $12.8 million
- Operating expenses were $15.4
million, compared with $12.6
million
- Non-GAAP operating expenses were $14.0
million, compared with $12.5
million*
- Net loss of $0.2 million,
compared with net income of $0.4
million
- Non-GAAP net income of $1.1
million, compared with non-GAAP net loss of $18,000*
- Generated positive cash flow from operations of $0.3 million, compared with $0.7 million
Financial Highlights for FY 2016, compared with FY
2015
- Total revenue was $54.5 million,
compared with $48.2 million
- Operating expenses were $65.9
million, compared with $50.7
million
- Non-GAAP operating expenses were $54.6
million, compared with $45.2
million*
- Net loss of $10.7 million,
compared with net loss of $3.6
million
- Non-GAAP net loss of $2.2
million, compared with non-GAAP net income of $1.4 million*
- Cash used in operations of $0.8
million, compared with positive cash flow of $4.9 million
Big Data Management and Cloud Solutions
Attunity continued to build its market share in 2016, closing
several large customer agreements, ranging from over a million
dollars to several hundreds of thousands of dollars. These
agreements were closed with customers across diverse group of
industries and geographies, including a leading global
manufacturer, a global multi-billion-dollar insurance company; a
global payments processing leader; and a large medical claims
processing company. We believe these wins also clearly demonstrate
the value that Attunity's solutions provide to customers.
As an example, during the fourth quarter, Attunity was selected
by a leading global manufacturing company due to the Attunity
solution's unique ability to serve as a universal platform for the
manufacturer's broad data ingestion and management needs. The
customer's IT team plans to pull data from thousands of
applications across a diverse set of data sources, including
Oracle, Teradata and legacy mainframe, into its corporate data lake
deployed in a hybrid cloud environment leveraging Hadoop as well as
in-memory database technologies. Attunity collaborated with Big
Data and Cloud partners, like Hortonworks, Cloudera and MapR, whose
technologies were part of the overall solution to the customer.
These collaborations, along with the superior integration provided
by Attunity's universal product suite, led to the customer decision
to select Attunity.
This manufacturing customer also purchased Attunity's Visibility
solution to improve the cost efficiencies of its data management
environment, further benefitting from our expanded product
suite.
Another example of Attunity's success in bringing value to its
customers includes a multi-billion-dollar insurance company that
selected Attunity Replicate to provide real-time data feeds into
its data lake. The customer uses the data lake as a single
repository for their enterprise-wide reporting and analytics. They
initially evaluated Attunity Replicate Express as a free trial
solution. Then the customer selected Attunity Replicate for its
high-scale production use. After experiencing how efficient and
effective the solution is at ingesting data from various
heterogeneous systems into a Hadoop platform, they purchased the
Attunity solution, while noting its automation, real-time
capabilities and ease of use as key advantages.
It is customer engagements such as these two that are helping
Attunity gain recognition across the industry as a leading provider
of award-winning data integration and Big Data management software
solutions. The Company's product suite provides data
replication and ingest with real-time change data capture (CDC),
data warehouse automation, data usage analytics, data connectivity,
cloud data delivery, and test data management.
Attunity is stepping further into the SAP market, the largest in
the ERP industry, with the recent launch of Replicate for SAP. This
solution offers a unique value to the SAP market and strengthens
Attunity's differentiation with an application-level replication
that its traditional competition does not offer. We believe
Attunity Replicate for SAP had positive market feedback almost
immediately following its market introduction, with the first
customer engagement closed in under three months from launch and we
are looking forward to ramping up additional customer sales for
Replicate for SAP in 2017.
Looking ahead, the cloud continues to provide exciting new
growth opportunities as we see enterprises looking to migrate
databases to cloud platforms, and leverage the cloud to analyze
their data. These needs require an efficient and reliable way to
move data from customers' data centers. We believe that Attunity is
well positioned to accommodate this growing need with the Company's
innovative leading global OEMs and partners, such as Amazon Web
Services (AWS), Microsoft and Google.
Financial Results for Q4 2016
Total revenue for the fourth quarter of 2016 increased 22% to
$15.6 million, compared with
$12.8 million for the same period in
2015. This includes license revenue of $8.8
million, which increased 21% compared with $7.2 million for the same period in 2015, and
maintenance and service revenue, which grew 22% to $6.8 million, compared with $5.6 million for the same period in 2015.
Operating expenses for the fourth quarter of 2016 increased 22%
to $15.4 million, compared with
$12.6 million for the same period in
2015.
Non-GAAP operating expenses for the fourth quarter of 2016
increased 12% to $14.0 million,
compared with $12.5 million for the
fourth quarter of 2015. The Non-GAAP operating expenses in the
fourth quarter of 2016 exclude an approximately $1.4 million in expenses and amortization
associated with acquisitions and equity-based compensation
expenses. This is compared with (1) $2.2
million in adjustments, expenses and amortization associated
with acquisitions and equity-based compensation expenses, and (2) a
one-time gain of $1.9 million for the
previously accrued earn-out payment to former Appfluent
shareholders, as a result of Appfluent not meeting estimated
earn-out milestones, for the same period in 2015.*
Operating income for the fourth quarter of 2016 remained
constant at $0.2 million, compared
with the same period in 2015.
Non-GAAP operating income was $1.6
million for the fourth quarter of 2016, compared with
operating income of $0.5 million for
the fourth quarter of 2015. Non-GAAP operating income for the
fourth quarter of 2016 excludes a total of $1.4 million in expenses and amortization
associated with acquisitions and equity-based compensation
expenses. This is compared with (1) $2.3
million in adjustments, expenses and amortization associated
with acquisitions and equity-based compensation expenses, and (2) a
one-time gain of $1.9 million for the
previously accrued earn-out payment to former Appfluent
shareholders, as a result of Appfluent not meeting estimated
earn-out milestones, for the same period in 2015.*
Net loss for the fourth quarter of 2016 was $0.2 million, or ($0.01) per diluted share, compared with a net
income of $0.4 million, or
$0.02 per diluted share, in the
fourth quarter of 2015
Non-GAAP net income for the fourth quarter of 2016 was
$1.1 million, or $0.06 per diluted share, compared with non-GAAP
net loss of $18,000, or ($0.00) per diluted share, for the same period in
2015. Non-GAAP net loss for the fourth quarter of 2016 excludes
approximately $1.3 million primarily
in expenses and amortization associated with acquisitions and
equity-based compensation expenses, compared with approximately (1)
$1.6 million primarily in
adjustments, expenses and amortization associated with
acquisitions, equity-based compensation expenses, and non-cash tax
benefits, and (2) a one-time gain of $1.9
million for the previously accrued earn-out payment to
former Appfluent shareholders, as a result of Appfluent not meeting
estimated earn-out milestones, for the same period in 2015.*
Cash and cash equivalents were $9.2
million as of December 31,
2016, compared with $8.9
million as of September 30,
2016. During the fourth quarter of 2016 we generated
positive cash flow from operations of $0.3
million, compared with $0.7
million for the same period in 2015.
Shareholders' equity as of December 31,
2016 increased to $32.6
million, compared with $31.8
million as of September 30,
2016.
Financial Results for Full Year 2016
Total revenue for
the full year ended December 31, 2016
increased 13% to $54.5 million,
compared with $48.2 million for 2015.
This includes an 8% increase in license revenues for 2016 to
$28.7 million, compared with
$26.6 million for 2015. It also
includes maintenance and service revenue, which grew 20% to
$25.8 million compared with
$21.6 million for 2015.
Operating expenses for 2016 increased 30% to $65.9 million, compared with $50.7 million in 2015. The increase in operating
expenses is primarily due to (1) an approximately $4.1 million charge for partial impairment of
acquired intangible assets associated with the Appfluent
acquisition, (2) a one-time gain of $1.9
million recorded in 2015 for the previously accrued earn-out
payment to former Appfluent shareholders, (3) an increase of
$5.7 million in selling and marketing
expenses primarily as a result of (i) increased headcount in sales
and marketing teams, including new hires of sales engineers to
support the sales process of larger scale and enterprise-wide
implementations, and (ii) increased commissions due to higher
revenues, (4) an increase of $2.2
million in R&D costs primarily due to new hires and
salary updates, and (5) an increase of $1.5
million in cost of revenues due to an increase in
professional services and support personnel.
Non-GAAP operating expenses for 2016 increased 21% to
$54.6 million, compared with
$45.2 million for 2015. The Non-GAAP
operating expenses for 2016 exclude an approximately a total of
$11.2 million in expenses and
amortization associated with acquisitions, impairment charges and
equity-based compensation expenses, compared with (1) $7.5 million in expenses and amortization
associated with acquisitions, equity-based compensation expenses,
and (2) a one-time gain of $1.9
million for the previously accrued earn-out payment to
former Appfluent shareholders in 2015.*
Operating loss for 2016 was $11.4
million, compared with an operating loss of $2.5 million in 2015.
- The operating expenses in 2016 include an approximately
$4.1 million charge for partial
impairment of acquired intangible assets associated with the
Appfluent acquisition.
- The operating expenses in 2015 include a one-time gain of
$1.9 million for the previously
accrued earn-out payment to former Appfluent shareholders.
Non-GAAP operating loss was $0.1
million for 2016, compared with operating income of
$3.7 million in 2015. Non-GAAP
operating income for 2016 excludes a total of $11.3 million in expenses and amortization
associated with acquisitions, impairment charges and equity-based
compensation expenses, compared with (1) $8.2 million in expenses and amortization
associated with acquisitions, equity-based compensation expenses,
and (2) a one-time gain of $1.9
million for the previously accrued earn-out payment to
former Appfluent shareholders in 2015.*
Net loss for 2016 was $10.7
million, or ($0.64) per
diluted share, compared with $3.6
million, or ($0.22) per
diluted share, in 2015.
Non-GAAP net loss for 2016 was $2.2
million, or ($0.13) per
diluted share, compared with non-GAAP net income of $1.4 million, or 0.09 per diluted share, in 2015.
Non-GAAP net income for 2016 excludes a total of $8.5 million in expenses and amortization
associated with acquisitions, impairment charge, equity-based
compensation expenses and non-cash tax benefits, compared with (1)
$7.1 million in expenses and
amortization associated with acquisitions, equity-based
compensation expenses and non-cash tax benefits, and (2) a one-time
gain of $1.9 million for the
previously accrued earn-out payment to former Appfluent
shareholders in 2015.*
Cash and cash equivalents were $9.2
million as of December 31,
2016, compared with $12.5
million as of December 31,
2015. This decrease is mainly attributable to a final
earn-out payment of $1.9 million to
former Hayes Technology Group shareholders.
Shareholders' equity as of December 31,
2016 decreased to $32.6
million, compared with $38.3
million as of December 31,
2015.
Outlook for Full Year 2017
The Company expects revenue to increase to between approximately
$62 and $65 million for 2017.
Additionally, the Company expects non-GAAP operating margin to
range between 5% and 8%.
Financial Reconciliation to non-GAAP figures for 2017
Outlook:
|
From
|
To
|
GAAP Operating Loss
Margin
|
(3%)
|
0%
|
Equity-based
compensation
|
(6%)
|
(6%)
|
Amortization and
other adjustments – related acquisitions
|
(2%)
|
(2%)
|
Non-GAAP Operating
Profit margin (1)
|
5%
|
8%
|
(1) Non-GAAP Operating Profit Margin is calculated by dividing
the non-GAAP Operating Profit by the total non-GAAP revenues for
the period.
These estimates for 2017 reflect the Company's current and
preliminary views, which is subject to change (see below under
"Safe Harbor Statement"). The Company clarified that it does not
expect to provide or update guidance more often than on an annual
basis.
* See "Use of Non-GAAP Financial Information" below for
more information regarding Attunity's use of Non-GAAP financial
measures.
Conference Call and Webcast Information
The Company will host a conference call with the investment
community on Thursday, February 2nd at 8:30
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 +1-888-438-5535
(U.S. Toll Free), +1 80 924 5906 (Israel), or +1-719-325-2244 (International).
All dial-in participants must use the following code to access the
call: 1042718.
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 Investor Relations section of
Attunity's website, ir.attunity.com. 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 16,
2017, at +1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671
(International). Participants must use the following code to access
the replay of the call: 1042718. The online archive of the webcast
will be available on ir.attunity.com/events.cfm for 30 days
following the call.
About Attunity
Attunity is a leading provider of Big Data management software
solutions that enable access, management, sharing and distribution
of data across heterogeneous enterprise platforms, organizations,
and the cloud. Our software solutions include data
replication and distribution, test data
management, change data capture (CDC), data
connectivity, enterprise file
replication (EFR), managed file
transfer (MFT), data warehouse automation, data
usage analytics, and cloud data delivery.
Attunity has supplied innovative software solutions to its
enterprise-class customers for over 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 Hewlett Packard Enterprise. 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 http://www.attunity.com or our blog and
join our community
on Twitter, Facebook, LinkedIn and YouTube.
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 net income (loss), operating income
(loss), and diluted net income (loss) per share, which are adjusted
from results based on GAAP to exclude expenses, amortization and
impairment charges associated with the acquisitions, gain from a
reversal of previously accrued milestone-based
payments, stock-based compensation expenses in
accordance with ASC 718, non-cash financial expenses such as the
effect of a revaluation of liabilities presented at fair value and
accretion of payment obligations, and tax benefits related to
non-GAAP adjustments. 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
Supplemental Non-GAAP Financial Information table later in this
press release.
Important Note: Attunity is not
responsible for the awards mentioned in this press release or the
entities that award them.
Safe Harbor Statement
This press release contains
forward-looking statements, including statements regarding the
anticipated features and benefits of Replicate Solutions, 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 we are on the right path
towards driving solid long-term growth or when we provide our
outlook for 2017, we are using forward-looking statements. In
addition, announced results for the fourth quarter and full year
ended December 31, 2016 are preliminary, unaudited and
subject to audit adjustment. 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, risks and
uncertainties relating to: our history of operating losses and
ability to achieve profitability; our reliance on strategic
relationships with our distributors, OEM, VAR and "go-to-market"
and other business partners, and on our other significant
customers; our ability to manage our growth
effectively; acquisitions, including costs and difficulties
related to integration of acquired businesses and possible
impairment charges; our ability to expand our business into the SAP
market and the success of our Gold Client offering; timely
availability and customer acceptance of Attunity's new and existing
products, including Attunity Compose and Attunity Visibility;
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 revenues of economic and
political uncertainties and weaknesses in various regions of the
world, including the commencement or escalation of hostilities or
acts of terrorism as well as cyber-attacks; 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.
The contents of any website or hyperlinks mentioned in this
press release are for informational purposes and the contents
thereof are not part of this press release.
© 2017 Attunity Ltd. All rights reserved. Attunity is a
trademark of Attunity Inc.
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
Unaudited
|
|
Unaudited
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
9,166
|
$
|
12,522
|
|
Trade receivables
(net of allowance for doubtful accounts of $15 at December 31, 2016
and December 31, 2015 )
|
|
7,031
|
|
4,524
|
|
Other accounts
receivable and prepaid expenses
|
|
663
|
|
639
|
|
Total current
assets
|
|
16,860
|
|
17,685
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Other
assets
|
|
2,403
|
|
584
|
|
Severance pay
fund
|
|
3,770
|
|
3,513
|
|
Property and
equipment, net
|
|
1,214
|
|
1,260
|
|
Intangible assets,
net
|
|
2,778
|
|
9,272
|
|
Goodwill
|
|
30,929
|
|
30,844
|
|
Total long-term
assets
|
|
41,094
|
|
45,473
|
|
Total
assets
|
$
|
57,954
|
$
|
63,158
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands, except share and per share data
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
|
Unaudited
|
|
Unaudited
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
$
|
375
|
$
|
664
|
Payment obligation
related to acquisitions
|
|
271
|
|
2,204
|
Deferred
revenues
|
|
10,676
|
|
9,354
|
Employees and payroll
accruals
|
|
4,741
|
|
4,012
|
Accrued expenses and
other current liabilities
|
|
2,021
|
|
1,248
|
Total current
liabilities
|
|
18,084
|
|
17,482
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Other
liabilities
|
|
277
|
|
318
|
Deferred
revenues
|
|
1,438
|
|
1,348
|
Liability presented
at fair value
|
|
512
|
|
719
|
Payment obligation
related to acquisitions
|
|
-
|
|
254
|
Accrued severance
pay
|
|
5,027
|
|
4,746
|
Total long-term
liabilities
|
|
7,254
|
|
7,385
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
Share capital -
Ordinary shares of NIS 0.4 par value -
|
|
1,921
|
|
1,876
|
Authorized:
32,500,000 shares at December 31, 2016 and December 31, 2015;
Issued and outstanding: 16,841,238 shares at December 31, 2016 and
16,406,243 shares at December 31, 2015
|
|
|
|
Additional paid-in
capital
|
|
149,685
|
|
144,836
|
Accumulated other
comprehensive loss
|
|
(1,013)
|
|
(1,137)
|
Accumulated
deficit
|
|
(117,977)
|
|
(107,284)
|
Total shareholders'
equity
|
|
32,616
|
|
38,291
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
57,954
|
$
|
63,158
|
CONDENSED
STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
Unaudited
|
|
Unaudited
|
Revenues:
|
|
|
|
|
|
|
|
|
Software
licenses
|
|
8,791
|
|
7,240
|
|
28,653
|
|
26,568
|
Maintenance and
services
|
|
6,779
|
|
5,574
|
|
25,841
|
|
21,600
|
Total
revenue
|
|
15,570
|
|
12,814
|
|
54,494
|
|
48,168
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
2,109
|
|
2,123
|
|
8,780
|
|
7,278
|
Research and
development
|
|
3,207
|
|
3,156
|
|
13,283
|
|
11,139
|
Selling and
marketing
|
|
9,065
|
|
6,235
|
|
35,089
|
|
27,381
|
General and
administrative
|
|
993
|
|
1,070
|
|
4,594
|
|
4,857
|
Impairment of
acquisition-related intangible assets
|
|
-
|
|
-
|
|
4,122
|
|
-
|
Total operating
expenses
|
|
15,374
|
|
12,584
|
|
65,868
|
|
50,655
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
|
196
|
|
230
|
|
(11,374)
|
|
(2,487)
|
Financial (expenses)
income, net
|
|
(59)
|
|
168
|
|
(54)
|
|
(576)
|
Income (loss) before
income taxes
|
|
137
|
|
398
|
|
(11,428)
|
|
(3,063)
|
Income tax benefit
(taxes on income)
|
|
(382)
|
|
25
|
|
735
|
|
(546)
|
Net (loss)
profit
|
|
(245)
|
|
423
|
|
(10,693)
|
|
(3,609)
|
Basic and diluted net
(loss) income per share
|
|
(0.01)
|
|
0.03
|
|
(0.64)
|
|
(0.22)
|
Weighted average
number of shares used in computing basic net (loss) income per
share
|
|
16,818
|
|
16,503
|
|
16,739
|
|
16,183
|
Diluted net income
(loss) income per share
|
|
(0.01)
|
|
0.02
|
|
(0.64)
|
|
(0.22)
|
Weighted average
number of shares used in computing diluted net (loss) income per
share
|
|
16,818
|
|
17,123
|
|
16,739
|
|
16,183
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
Year ended
December 31,
|
|
|
2016
|
|
2015
|
|
|
Unaudited
|
Cash
flows activities:
|
|
|
|
|
Net loss
|
|
(10,693)
|
|
(3,609)
|
Adjustments required
to reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
Depreciation
|
|
493
|
|
411
|
Stock based
compensation
|
|
4,250
|
|
3,329
|
Impairment of
intangible assets
|
|
4,122
|
|
-
|
Amortization of
intangible assets
|
|
2,372
|
|
2,862
|
Accretion of payment
obligation
|
|
(8)
|
|
477
|
Changes in fair value
of payment obligation
|
|
35
|
|
(2,067)
|
Change in:
|
|
|
|
|
Accrued
severance pay, net
|
|
24
|
|
184
|
Trade
receivables
|
|
(2,544)
|
|
1,512
|
Other
accounts receivable and prepaid expenses
|
|
(29)
|
|
(364)
|
Other
long term assets
|
|
14
|
|
(174)
|
Trade
payables
|
|
(279)
|
|
343
|
Deferred
revenues
|
|
1,570
|
|
2,533
|
Employees and payroll accruals
|
|
1,101
|
|
635
|
Accrued
expenses and other current liabilities
|
|
594
|
|
(202)
|
Liabilities presented
at fair value and other long term liabilities
|
|
(185)
|
|
(91)
|
Tax benefit related
to exercise of stock options
|
|
171
|
|
(218)
|
Change in deferred
taxes, net
|
|
(1,833)
|
|
(641)
|
Net cash provided by
(used in) operating activities
|
|
(825)
|
|
4,920
|
Cash flows from
investing activities:
|
|
|
|
|
Purchase of property
and equipment
|
|
(456)
|
|
(625)
|
Decrease of
restricted cash
|
|
-
|
|
430
|
Cash paid in
connection with acquisition, net of acquired cash
|
|
-
|
|
(10,402)
|
Net cash used in
investing activities
|
|
(456)
|
|
(10,597)
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
exercise of warrants and options
|
|
289
|
|
1,164
|
Payment of contingent
consideration
|
|
(1,990)
|
|
(2,054)
|
Tax benefit related
to exercise of stock options
|
|
(171)
|
|
218
|
Net used in financing
activities
|
|
(1,872)
|
|
(672)
|
Foreign currency
translation adjustments on cash and cash equivalents
|
|
(203)
|
|
(88)
|
Decrease in cash and
cash equivalents
|
|
(3,356)
|
|
(6,437)
|
Cash and cash
equivalents at the beginning of the year
|
|
12,522
|
|
18,959
|
Cash and cash
equivalents at the end of the year
|
|
9,166
|
$
|
12,522
|
Supplemental
disclosure of cash flow activities:
|
|
|
|
|
Cash paid during the
year for taxes
|
|
653
|
|
1,558
|
Supplemental
disclosure of non-cash investing and financing
activities:
Issuance of shares
related to acquisition
|
|
224
|
|
6,600
|
RECONCILIATION OF
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
|
|
|
|
|
Three months
ended December 31,
|
|
Year
ended
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Unaudited
|
GAAP
revenues
|
15,570
|
|
12,814
|
|
54,494
|
|
48,168
|
Valuation adjustment
on acquired deferred service revenue
|
8
|
|
155
|
|
43
|
|
741
|
Non-GAAP
revenues
|
15,578
|
|
12,969
|
|
54,537
|
|
48,909
|
GAAP cost of
revenue
|
2,109
|
|
2,123
|
|
8,780
|
|
7,278
|
Amortization of
acquired intangible assets
|
385
|
|
696
|
|
2,143
|
|
2,518
|
Cost of revenue
adjustment (1)
|
26
|
|
-
|
|
148
|
|
-
|
Non-GAAP cost of
revenue
|
1,698
|
|
1,427
|
|
6,489
|
|
4,760
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
15,374
|
|
12,584
|
|
65,868
|
|
50,655
|
Cost of revenues
(1)
|
26
|
|
-
|
|
148
|
|
-
|
Research and
development (1) (2)
|
266
|
|
362
|
|
1,210
|
|
1,028
|
Sales and marketing
(1) (2)
|
448
|
|
(1,252)
|
|
2,379
|
|
269
|
General and
administrative (1) (2)
|
254
|
|
220
|
|
993
|
|
1,282
|
Amortization of
acquired intangible assets
|
424
|
|
789
|
|
2,372
|
|
2,862
|
Impairment of
acquisition-related intangible assets
|
-
|
|
-
|
|
4,122
|
|
-
|
Non-GAAP operating
expenses
|
13,956
|
|
12,465
|
|
54,644
|
|
45,214
|
|
|
|
|
|
|
|
|
GAAP Financial
(expense) income net
|
(59)
|
|
168
|
|
(54)
|
|
(576)
|
Revaluation of
liabilities presented at fair value
|
6
|
|
(362)
|
|
(207)
|
|
(187)
|
Accretion of payment
obligations
|
(6)
|
|
96
|
|
(8)
|
|
474
|
Non-GAAP Financial
expense net
|
(59)
|
|
(98)
|
|
(269)
|
|
(289)
|
|
|
|
|
|
|
|
|
GAAP income tax
benefit (taxes on income)
|
(382)
|
|
25
|
|
735
|
|
(546)
|
Tax benefits related
to non-GAAP adjustments
|
(84)
|
|
(449)
|
|
(2,587)
|
|
(1,416)
|
Non-GAAP taxes on
income
|
(466)
|
|
(424)
|
|
(1,852)
|
|
(1,962)
|
|
|
|
|
|
|
|
|
GAAP net (loss)
profit
|
(245)
|
|
423
|
|
(10,693)
|
|
(3,609)
|
Valuation adjustment
on acquired deferred revenue
|
8
|
|
155
|
|
43
|
|
741
|
Amortization of
acquired intangible assets
|
424
|
|
789
|
|
2,372
|
|
2,862
|
Impairment of
acquisition-related intangible assets
|
-
|
|
-
|
|
4,122
|
|
-
|
Acquisition related
expenses
|
-
|
|
(1,665)
|
|
779
|
|
(248)
|
Stock-based
compensation
|
994
|
|
995
|
|
3,951
|
|
2,827
|
Revaluation of
liabilities presented at fair value
|
6
|
|
(362)
|
|
(207)
|
|
(187)
|
Accretion of payment
obligations
|
(6)
|
|
96
|
|
(8)
|
|
474
|
Tax benefits related
to non-GAAP adjustments
|
(84)
|
|
(449)
|
|
(2,587)
|
|
(1,416)
|
Non-GAAP net (loss)
profit
|
1,097
|
|
(18)
|
|
(2,228)
|
|
1,444
|
|
|
|
|
|
|
|
|
GAAP diluted net
income (loss) per share
|
(0.01)
|
|
0.02
|
|
(0.64)
|
|
(0.22)
|
Non-GAAP diluted net
income (loss) per share
|
0.06
|
|
(0.00)
|
|
(0.13)
|
|
0.09
|
shares used in
computing GAAP diluted net income (loss) per share
|
16,818
|
|
17,123
|
|
16,739
|
|
16,183
|
shares used in
computing Non-GAAP diluted net income (loss) per share
|
17,438
|
|
16,503
|
|
16,739
|
|
16,982
|
|
|
RECONCILIATION OF
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION (Cont.)
|
|
(1) Stock-based
compensation expenses (*):
|
|
|
|
|
Three months
ended
December 31,
|
|
Year
Ended
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Unaudited
|
Cost of
revenues
|
26
|
|
-
|
|
148
|
|
-
|
Research and
development
|
266
|
|
262
|
|
1,024
|
|
714
|
Sales and
marketing
|
448
|
|
513
|
|
1,786
|
|
1,392
|
General and
administrative
|
254
|
|
220
|
|
993
|
|
721
|
|
994
|
|
995
|
|
3,951
|
|
2,827
|
(*) Retention bonus
paid in Attunity shares constitute part of (2) below
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Acquisition
related expenses:
|
|
|
|
|
|
|
|
Research and
development
|
-
|
|
100
|
|
186
|
|
314
|
Sales and
marketing
|
-
|
|
(1,765)
|
|
593
|
|
(1,123)
|
General and
administrative
|
-
|
|
-
|
|
-
|
|
561
|
|
-
|
|
(1,665)
|
|
779
|
|
(248)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information, please contact:
Garth Russell / Allison Soss
KCSA Strategic Communications
P: + 1 212-682-6300
grussell@kcsa.com / asoss@kcsa.com
Dror Harel-Elkayam, CFO
Attunity Ltd.
P: +972 9-899-3000
dror.elkayam@attunity.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/attunity-reports-fourth-quarter-and-full-year-2016-results-300401219.html
SOURCE Attunity Ltd.