BURLINGTON, Mass., Nov. 4, 2015 /PRNewswire/ -- Attunity,
Ltd. (NASDAQ CM: ATTU), a leading provider of big data
management software solutions, today reported its unaudited
financial results for the three month period ended September 30, 2015.
"The record revenue we reported for the quarter was driven by
scaling our direct sales force, expanding our big data solutions
for enterprise and cloud environments and delivering on
effective marketing and business development programs. Each
of these factors is continually feeding a pipeline of customer
orders that are becoming larger in scope and value, and across a
wider base of new customers than ever before," said Shimon Alon, Chairman and CEO of Attunity. "We
are experiencing strong activity and increasing interest from
customers, partners and other vendors across all of our product
offerings, geographies and business lines. As we further extend our
portfolio of innovative Big Data management solutions, we are able
to support a larger number of different environments, such as data
warehouses, clouds, Hadoop, open source, and others."
Recent Operational Highlights:
- Signed a strategic global resell agreement with Teradata,
expanding distribution to the large data warehousing and
fast-growing Big Data markets
- Introduced Attunity Replicate Express to drive market awareness
and demand generation for the expansive mainstream database
market, as well as the rapidly expanding Hadoop market
- Won a strategic deal for Attunity Compose (formerly "BIReady"),
the new Data Warehouse Automation offering, with one of the world's
largest global insurance companies
- Closed first Microsoft Azure customer order for the
recently launched Attunity CloudBeam for Azure SQL data
warehouse
- Expanded offerings for the cloud with a new solution for
loading data into Hadoop running on AWS
- Introduced Attunity Visibility for enterprise data usage
analytics and monitoring for Hadoop
- Launched Attunity Replicate for PostgreSQL, a leading
open-source database with rapidly growing market adoption
Financial Highlights for Q3 2015, compared with Q3 2014:
- Total non-GAAP revenue increased 37% to $13.0 million
- Total revenue increased 36% to $12.7
million
- Non-GAAP net income of $0.4
million, compared with non-GAAP net income of $1.1 million for the third quarter of 2014
- Generated positive cash flow from operations of $0.4 million
"Our strong partnerships with the major Big Data vendors have
resulted in an extension of the OEM agreements we have with
Microsoft and another leading global provider of business software
and hardware systems. These agreements enable us to continue to
generate leads and revenue, enhancing our brand. Working closely
together with the Amazon Web Services (AWS) and Microsoft Azure
teams, we are becoming a critical enabler of database migration
services that facilitate data transfers between on-premises and
cloud environments," continued Mr. Alon.
Big Data Management and Cloud Solutions
Attunity enhanced its replication platform for the cloud
"CloudBeam," with the launch of a version for Microsoft Azure, as
well as an expanded portfolio for AWS Cloud with support for
Hadoop. The Company has already closed the first CloudBeam solution
order for the Microsoft Azure SQL Data Warehouse and is building a
growing pipeline working jointly with the Microsoft cloud team.
Attunity Visibility has become a trusted solution for
enterprises, optimizing performance and balancing workloads from
traditional data warehouses to Hadoop. Now, as enterprises look to
adopt Hadoop at scale, they need to prioritize investments and make
more informed decisions to optimize the value to business users. To
accommodate this growing market need, Attunity enhanced Visibility
with the launch of "Attunity Visibility 7.0" in order to enable
data usage analytics in large Hadoop clusters. With these
capabilities, Attunity Visibility is the market's only Big Data
Management solution offering users business insights on the
utilization of both Hadoop and data warehouses.
Sales and Marketing
The Company continued to expand its sales, marketing and
business development teams, having grown the total headcount nearly
40% compared with the same period in 2014. These investments in
sales and marketing, along with an expanded presence in the Big
Data space at events and with analysts, have resulted in steady new
customer acquisition and a strong sales pipeline. More importantly,
we believe they will enable us to position the Company for
sustainable long-term growth through the remainder of the year.
"By working closely with the AWS and Microsoft Azure teams, we
are now widely recognized as a keystone for database migration
services that facilitate data transfers between on-premises and
cloud environments. The strong partnership with the major Big Data
vendors resulted in extending the OEM agreements we have with
Microsoft and another leading global provider of business software
and hardware systems," concluded Mr. Alon.
Financial Results for Q3 2015
Total revenues for the third quarter of 2015 increased 36% to
$12.7 million, compared with
$9.4 million for the same period in
2014. This includes license revenues for the third quarter of 2015,
which increased 26% to $7.0 million,
compared with $5.5 million for the
same period in 2014. It also includes maintenance and service
revenue, which grew 49% to $5.8
million compared with $3.9
million for the same period in 2014.
Total non-GAAP revenue for the third quarter of 2015 was
$13.0 million, compared with
$9.5 million for the same period in
2014. This includes non-GAAP maintenance and service revenue of
$6.0 million, which grew 52% from the
same period in 2014.*
Operating loss for the third quarter of 2015 was $1.3 million, compared with an operating income
of $0.4 million for the same period
in 2014.
Non-GAAP operating income was $1.0
million for the third quarter of 2015, compared with
operating income of $1.2 million for
the third quarter of 2014.*
Net loss for the third quarter of 2015 was $1.9 million, or $0.12 per diluted share, compared with net income
of $0.3 million, or $0.02 per diluted share in the third quarter of
2014.
Non-GAAP net income for the third quarter of 2015 was
$0.4 million, compared with non-GAAP
net income of $1.1 million for the
same period in 2014. Non-GAAP net income for the third quarter of
2015 excludes a total of $2.3 million
in expenses and amortization associated with acquisitions and
equity-based compensation expenses, compared with $0.8 million of similar expenses for the same
period in 2014.*
Cash and cash equivalents were $11.8
million as of September 30,
2015.
Shareholders' equity as of September 30,
2015 increased to $36.3
million, compared to $31.2 as
of December 31, 2014.
* 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 Wednesday, November
4th 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 +1-888-539-3679 (U.S. Toll
Free), +1 80 924 6042 (Israel), or
+1-719-325-2138 (International). All dial-in participants must use
the following code to access the call: 1144915.
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 November 18, 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: 1144915. 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 big data management 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, 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 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 http://www.attunity.com or our In Tune
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, 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, net of related tax,
stock-based compensation expenses in accordance with ASC 718,
acquisition-related compensation expense and non-cash financial
expenses such as the effect of a revaluation of liabilities
presented at fair value and accretion of payment obligations.
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.
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
investments in sales and marketing will enable to position the
Company for sustainable long-term growth through the remainder of
the year, 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:
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; risks and uncertainties relating to
acquisitions, including costs and difficulties related to
integration of acquired businesses; 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 Maestro
and Attunity Visibility; 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 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.
© 2015 Attunity Ltd. All rights reserved. Attunity is a
trademark of Attunity Inc.
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
|
11,786
|
|
18,959
|
Restricted
cash
|
|
-
|
|
430
|
Trade receivables
(net of allowance for doubtful accounts of $15 at
September 30, 2015 and December 31, 2014)
|
|
4,656
|
|
5,991
|
Other accounts
receivable and prepaid expenses
|
|
1,448
|
|
453
|
|
|
|
|
|
Total current
assets
|
|
17,890
|
|
25,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance pay
fund
|
|
3,427
|
|
3,247
|
Property and
equipment, net
|
|
1,174
|
|
980
|
Goodwill and
intangible assets, net
|
|
41,004
|
|
22,869
|
Other
assets
|
|
159
|
|
577
|
|
|
|
|
|
Total long-term
assets
|
|
45,764
|
|
27,673
|
|
|
|
|
|
Total
assets
|
|
63,654
|
|
53,506
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
$
478
|
|
$ 322
|
Payment obligation
related to acquisitions
|
|
2,526
|
|
2,278
|
Deferred
revenues
|
|
9,532
|
|
7,091
|
Employees and payroll
accruals
|
|
4,361
|
|
3,023
|
Accrued expenses and
other current liabilities
|
|
1,197
|
|
1,551
|
|
|
|
|
|
Total current
liabilities
|
|
18,094
|
|
14,265
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Long-term deferred
revenue
|
|
776
|
|
576
|
Liabilities presented
at fair value and other long-term liabilities
|
|
1,959
|
|
1,004
|
Payment obligation
related to acquisitions
|
|
1,899
|
|
2,208
|
Accrued severance
pay
|
|
4,604
|
|
4,296
|
|
|
|
|
|
Total long-term
liabilities
|
|
9,238
|
|
8,084
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
Share capital -
Ordinary shares of NIS 0.4 par value -
|
|
|
|
|
Authorized:
32,500,000 shares at September 30, 2015 and December 31, 2014;
Issued and outstanding: 16,471,460 shares at September 30, 2015 and
15,375,716 shares at December 31, 2014
|
|
1,868
|
|
1,772
|
Additional paid-in
capital
|
|
143,286
|
|
133,931
|
Accumulated other
comprehensive loss
|
|
(1,125)
|
|
(871)
|
Accumulated
deficit
|
|
(107,707)
|
|
(103,675)
|
|
|
|
|
|
Total shareholders'
equity
|
|
36,322
|
|
31,157
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$ 63,654
|
|
$ 53,506
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
U.S. dollars in
thousands, except per share data
|
|
|
Nine months
ended
|
|
Three months
ended
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
Software
licenses
|
|
$ 19,328
|
|
$ 13,459
|
|
$ 6,968
|
|
$ 5,530
|
Maintenance and
services
|
|
16,026
|
|
11,312
|
|
5,778
|
|
3,868
|
Total
revenue
|
|
35,354
|
|
24,771
|
|
12,746
|
|
9,398
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
5,155
|
|
2,315
|
|
1,912
|
|
843
|
Research and
development
|
|
7,983
|
|
7,102
|
|
3,090
|
|
2,265
|
Selling and
marketing
|
|
21,146
|
|
13,743
|
|
7,861
|
|
4,883
|
General and
administrative
|
|
3,787
|
|
2,924
|
|
1,151
|
|
1,036
|
Total operating
expenses
|
|
38,071
|
|
26,084
|
|
14,014
|
|
9,027
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(2,717)
|
|
(1,313)
|
|
(1,268)
|
|
371
|
Financial expenses,
net
|
|
744
|
|
316
|
|
509
|
|
127
|
Loss before taxes on
income
|
|
(3,461)
|
|
(1,629)
|
|
(1,777)
|
|
244
|
Taxes on
income
|
|
571
|
|
8
|
|
130
|
|
(34)
|
Net loss
|
|
$ (4,032)
|
|
$ (1,637)
|
|
$ (1,907)
|
|
$
278
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
|
$ (0.25)
|
|
$ (0.11)
|
|
$ (0.12)
|
|
$ 0.02
|
Weighted average
number
of shares used in computing
basic and diluted net loss per
share
|
|
16,075
|
|
14,950
|
|
16,421
|
|
15,179
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
U.S. dollars in
thousands
|
|
|
Nine months
ended
September
30,
|
|
|
2015
|
|
2014
|
|
|
Unaudited
|
Cash
flows activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$ (4,032)
|
|
$ (1,637)
|
Adjustments required
to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation
|
|
300
|
|
255
|
Stock based
compensation
|
|
1,832
|
|
1,083
|
Amortization of
intangible assets
|
|
2,073
|
|
887
|
Accretion of payment
obligations
|
|
377
|
|
512
|
Change in:
|
|
|
|
|
Accrued
severance pay, net
|
|
128
|
|
63
|
Trade
receivables
|
|
1,335
|
|
1,347
|
Other
accounts receivable and prepaid expenses
|
|
(698)
|
|
161
|
Other
long term assets
|
|
(28)
|
|
(1)
|
Trade
payables
|
|
113
|
|
87
|
Deferred
revenues
|
|
2,132
|
|
1,318
|
Employees and payroll accruals
|
|
1,286
|
|
(1,130)
|
Accrued
expenses and other liabilities
|
|
(373)
|
|
91
|
Change in liabilities
presented at fair value and other long-term liabilities
|
|
156
|
|
(391)
|
Tax benefits related
to exercise of stock options
|
|
(135)
|
|
-
|
Change in deferred
taxes, net
|
|
(204)
|
|
(203)
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
4,262
|
|
2,442
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchase of property
and equipment
|
|
(427)
|
|
(395)
|
Decrease (Increase)
in restricted cash
|
|
430
|
|
(850)
|
Acquisition of
company, net of cash acquired
|
|
(10,402)
|
|
-
|
Net cash used in
investing activities
|
|
(10,399)
|
|
(1,245)
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
exercise of stock options, warrants and rights
|
|
885
|
|
695
|
Tax benefits related
to exercise of stock options
|
|
135
|
|
-
|
Payment of contingent
consideration
|
|
(2,054)
|
|
-
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
(1,034)
|
|
695
|
|
|
|
|
|
Foreign currency
translation adjustments on cash and cash equivalents
|
|
(2)
|
|
51
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
(7,173)
|
|
1,943
|
Cash and cash
equivalents at the beginning of the period
|
|
18,959
|
|
16,481
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
11,786
|
|
18,424
|
|
|
|
|
|
Supplemental
disclosure of cash flow activities:
|
|
|
|
|
Cash paid during the
period for taxes
|
|
$
1,327
|
|
$
417
|
|
|
|
|
|
Non cash
activities:
|
|
|
|
|
Issuance of shares
related to acquisition
|
|
$
6,599
|
|
-
|
RECONCILIATION OF
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
|
U.S. dollars in
thousands, except share and per share data
|
|
|
Three months ended
September 30, 2015
|
|
Three months ended
September 30, 2014
|
|
Unaudited
|
|
Unaudited
|
|
GAAP
|
Adj.
|
|
NON-
GAAP
|
|
GAAP
|
Adj.
|
|
NON-
GAAP
|
Software
licenses
|
6,968
|
|
|
6,968
|
|
5,530
|
|
|
5,530
|
Maintenance and
services
|
5,778
|
240
|
(a)
|
6,018
|
|
3,868
|
94
|
(a)
|
3,962
|
Total
revenue
|
12,746
|
|
|
12,986
|
|
9,398
|
|
|
9,492
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
1,912
|
696
|
(b)
|
1,216
|
|
843
|
215
|
(b)
|
628
|
Research and
development
|
3,090
|
333
|
(b), (c)
|
2,757
|
|
2,265
|
119
|
(c)
|
2,146
|
Selling and
marketing
|
7,861
|
825
|
(b), (c)
|
7,036
|
|
4,883
|
257
|
(b), (c)
|
4,626
|
General and
administrative
|
1,151
|
196
|
(c)
|
955
|
|
1,036
|
110
|
(c)
|
926
|
Total operating
expenses
|
14,014
|
|
|
11,964
|
|
9,027
|
|
|
8,326
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(1,268)
|
|
|
1,022
|
|
371
|
|
|
1,166
|
Financial expenses
net
|
509
|
362
|
(d)
|
147
|
|
127
|
31
|
(d)
|
96
|
Income (loss) before
taxes on income
|
(1,777)
|
|
|
875
|
|
244
|
|
|
1,070
|
Taxes on
income
|
130
|
(320)
|
(e)
|
450
|
|
(34)
|
(46)
|
(e)
|
12
|
Net income
(loss)
|
(1,907)
|
|
|
425
|
|
278
|
|
|
1,058
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share
|
(0.12)
|
|
|
0.02
|
|
0.02
|
|
|
0.07
|
Weighted average
number
of shares used in computing
diluted net income (loss) per
share
|
16,421
|
|
|
17,278
|
|
15,837
|
|
|
15,862
|
|
|
(a) Valuation
adjustment on acquired deferred maintenance revenue
|
|
(b)
Acquisition-related compensation expenses and amortization of
intangible assets:
|
|
|
Three months ended
September 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
Cost of
revenues
|
696
|
|
215
|
|
|
|
Research and
development
|
100
|
|
-
|
|
|
|
Selling and
marketing
|
393
|
|
81
|
|
|
|
|
|
1,189
|
|
|
296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
|
U.S. dollars in
thousands, except share and per share data
|
(c) Stock-based
compensation expenses under ASC 718 included in:
|
|
|
|
|
|
|
|
|
|
Three months
ended, September 30,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Research and
development
|
|
233
|
|
119
|
|
|
|
|
|
Selling and
marketing
|
|
432
|
|
176
|
|
|
|
|
|
General and
administrative
|
|
196
|
|
110
|
|
|
|
|
|
|
|
861
|
|
405
|
|
|
|
|
|
(d) Accretion of
payment obligations and revaluation of liabilities presented at
fair value:
|
|
|
|
Three months
ended, September 30,
|
|
|
|
2015
|
|
2014
|
|
Revaluation of
liabilities presented at fair value
|
116
|
|
(140)
|
|
Accretion of payment
obligations
|
246
|
|
171
|
|
|
|
362
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
(e) Taxes related to
acquisitions
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
|
U.S. dollars in
thousands, except share and per share data
|
|
Nine months ended
September 30, 2015
|
|
Nine months ended
September 30, 2014
|
|
Unaudited
|
|
Unaudited
|
|
GAAP
|
Adj.
|
|
NON-GAAP
|
|
GAAP
|
Adj.
|
|
NON-GAAP
|
Software
licenses
|
19,328
|
|
|
19,328
|
|
13,459
|
|
|
13,459
|
Maintenance and
services
|
16,026
|
586
|
(a)
|
16,612
|
|
11,312
|
284
|
(a)
|
11,596
|
Total
revenue
|
35,354
|
|
|
35,940
|
|
24,771
|
|
|
25,055
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
5,155
|
1,823
|
(b)
|
3,332
|
|
2,315
|
643
|
(b)
|
1,672
|
Research and
development
|
7,983
|
667
|
(b), (c)
|
7,316
|
|
7,102
|
311
|
(c)
|
6,791
|
Selling and
marketing
|
21,146
|
1,771
|
(b), (c)
|
19,375
|
|
13,743
|
717
|
(b), (c)
|
13,026
|
General and
administrative
|
3,787
|
1,062
|
(b), (c)
|
2,725
|
|
2,924
|
299
|
(c)
|
2,625
|
Total operating
expenses
|
38,071
|
|
|
32,748
|
|
26,084
|
|
|
24,114
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(2,717)
|
|
|
3,192
|
|
(1,313)
|
|
|
941
|
Financial expenses,
net
|
744
|
554
|
(d)
|
190
|
|
316
|
119
|
(d)
|
197
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes on income
|
(3,461)
|
|
|
3,002
|
|
(1,629)
|
|
|
744
|
Taxes on
income
|
571
|
(702)
|
(e)
|
1,273
|
|
8
|
(225)
|
(e)
|
233
|
Net income
(loss)
|
(4,032)
|
|
|
1,729
|
|
(1,637)
|
|
|
511
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share
|
(0.25)
|
|
|
0.10
|
|
(0.11)
|
|
|
0.03
|
Weighted average
number of shares used in computing diluted net income (loss)
per share
|
16,075
|
|
|
16,834
|
|
14,950
|
|
|
15,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Valuation
adjustment on acquired deferred maintenance revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
Acquisition-related costs, compensation expenses and amortization
of intangible assets:
|
|
|
|
|
|
|
|
|
Nine months ended
September 30,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Cost of
revenues
|
1,823
|
|
643
|
|
|
|
|
|
Research and
development
|
214
|
|
-
|
|
|
|
|
|
Selling and
marketing
|
893
|
|
244
|
|
|
|
|
|
General and
administrative
|
561
|
|
-
|
|
|
|
|
|
|
|
3,491
|
|
887
|
|
|
|
|
|
RECONCILIATION OF
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
|
U.S. dollars in
thousands, except share and per share data
|
(c) Stock-based
compensation expenses under ASC 718 included
in:
|
|
|
|
|
|
|
|
Nine months ended
September 30,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Research and
development
|
|
453
|
|
311
|
|
|
|
|
|
Selling and
marketing
|
|
878
|
|
473
|
|
|
|
|
|
General and
administrative
|
|
501
|
|
299
|
|
|
|
|
|
|
|
1,832
|
|
1,083
|
|
|
|
|
|
(d) Accretion of
payment obligations and revaluation of liabilities presented at
fair value:
|
|
|
|
Nine months ended
September 30,
|
|
|
2015
|
|
2014
|
|
Revaluation of
liabilities presented at fair value
|
175
|
|
(393)
|
|
Accretion of payment
obligations
|
379
|
|
512
|
|
|
|
554
|
|
119
|
|
|
|
|
|
|
|
|
|
|
(e) Taxes related to
acquisitions
|
|
|
|
|
|
|
|
|
For more information, please contact:
Garth Russell / Allison Monat
KCSA Strategic Communications
P: + 1 212-682-6300
grussell@kcsa.com / amonat@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-record-revenues-for-third-quarter-2015-300172155.html
SOURCE Attunity Ltd.