BURLINGTON, Mass., Jan. 28, 2016 /PRNewswire/ -- Attunity,
Ltd. (NasdaqCM: ATTU), a leading provider of Big Data
management software solutions, today reported its unaudited
financial results for the three month period and full year ended
December 31, 2015.
"We reported a 36% increase in total revenue for 2015 as a
result of strong market demand for our core line of Big Data and
cloud solutions. We are also seeing increased demand for
significantly larger deals with Attunity being positioned as a
strategic enterprise solution. Revenue for the year was slightly
impacted by longer sales cycles and new licensing models associated
with providing these large-scale solutions to global customers. As
a result, revenue was slightly lower than the annual guidance we
provided in March after acquiring Appfluent," said Shimon Alon, Chairman and CEO of Attunity. "We
believe 2015 was a transformational year for Attunity as we evolved
into a globally recognized brand. Our new solutions provide a
strategic platform from which customers will maximize the value of
their entire Big Data environment which is often the most important
and visible initiative underway within a Global 2000
organization."
Recent Operational Highlights:
- Signed several Replicate for Hadoop deals, including one with a
large U.S. retailer
- Won first customer under new global reseller agreement with
Teradata
- Extended OEM distribution agreement with Microsoft Corp.
through 2016
- Completed successful pilot program of Attunity Compose, which
resulted in initial customer engagements
- Introduced Attunity CloudBeam for Google Cloud SQL
Financial Highlights for Q4 2015, compared with Q4 2014:
- Total non-GAAP revenue increased 20% to $13.2 million*
- Total revenue increased 20% to $13.0
million
- Non-GAAP net income of $0.2
million, compared with non-GAAP net income of $1.1 million for the fourth quarter of 2014*
- Positive cash flow from operations of $0.5 million, compared with $0.6 million for the fourth quarter of 2014
Financial Highlights for the Full Year 2015, compared with
the Full Year of 2014:
- Total non-GAAP revenue increased 36% to $49.1 million*
- Total revenue increased 36% to $48.4
million
- Non-GAAP net income of $1.6
million for both 2015 and 2014*
- Positive cash flow from operations of $4.7 million, compared with $3.1 million for 2014
Big Data Management and Cloud Solutions
Attunity is regularly expanding the capabilities and partnerships
for its replication platform for the cloud. There are currently
three revenue pipelines feeding into this platform, including
revenue from strategic OEM, direct sales and partner's referrals
from Amazon AWS and Microsoft Azure. The Company also expanded its
product portfolio to support cloud databases for the recently
launched Google Cloud SQL.
The ability of Attunity Visibility to optimize performance and
balance workloads for customers from traditional data warehouses to
Hadoop has generated market demand that has resulted in a strong
sales pipeline of Fortune 500 companies.
Sales and Marketing
The Company continued
to extend its sales, marketing and business development teams,
having grown the total headcount nearly 80% compared with the
beginning of 2014. Beyond building out the ranks, the Company has
enhanced its sales leadership team.
"Our sales and marketing strategy has evolved in order to
address working with larger organizations, landing larger deals and
taking advantage of cross selling opportunities for complementary
offerings. As a result, we have seen the value of our average
customer agreement increase," continued Mr. Alon.
Financial Results for Q4 2015
Total revenue for the fourth quarter of 2015 increased 20% to
$13.0 million, compared with
$10.9 million for the same period in
2014. This includes license revenues for the fourth quarter of
2015, which increased 11% to $7.4
million, compared with $6.7
million for the same period in 2014. It also includes
maintenance and service revenue, which grew 33% to $5.6 million, compared with $4.2 million for the same period in 2014.
Total non-GAAP revenue for the fourth quarter of 2015 was
$13.2 million, compared with
$11.0 million for the same period in
2014. This includes non-GAAP maintenance and service revenue of
$5.8 million, which grew 34% from the
same period in 2014. Non-GAAP revenue for the fourth quarter of
2015 includes a total of $0.2 million
in revenue associated with acquisitions, compared with $0.1 million of similar revenue for the same
period in 2014.*
Operating loss for the fourth quarter of 2015 was $1.4 million, compared with an operating income
of $1.2 million for the same period
in 2014.
Non-GAAP operating income was $0.7
million for the fourth quarter of 2015, compared with
operating income of $2.1 million for
the fourth quarter of 2014. Non-GAAP operating income for the
fourth quarter of 2015 excludes a total of $2.1 million in expenses and amortization
associated with acquisitions and equity-based compensation
expenses, compared with $0.9 million
of similar expenses for the same period in 2014.*
Net loss for the fourth quarter of 2015 was $1.2 million, or $0.07 per diluted share, compared with net loss
of $0.1 million, or $0.00 per diluted share in the fourth quarter of
2014.
Non-GAAP net income for the fourth quarter of 2015 was
$0.2 million, compared with non-GAAP
net income of $1.1 million for the
same period in 2014. Non-GAAP net income for the fourth quarter of
2015 excludes a total of $1.4 million
in expenses and amortization associated with acquisitions and
equity-based compensation expenses, compared with $1.1 million of similar expenses for the same
period in 2014.*
Financial Results for Full Year 2015
Total revenue for
the full year ended December 31, 2015
increased 36% to $48.4 million,
compared with $35.7 million for 2014.
This includes a 33% increase in license revenues for 2015 to
$26.7 million, compared with
$20.1 million for 2014. It also
includes maintenance and service revenue, which grew 39% to
$21.6 million compared with
$15.5 million for 2014.
Total non-GAAP revenue for 2015 was $49.1
million, compared with $36.0
million in 2014. This includes non-GAAP maintenance and
service revenue of $22.4 million,
which grew 41% from 2014. Non-GAAP revenue for 2015 includes a
total of $0.7 million in revenue
associated with acquisitions, compared with $0.4 million of similar revenue in 2014. *
Operating loss for 2015 was $4.1
million, compared with an operating loss of $0.1 million in 2014.
Non-GAAP operating income was $3.9
million for 2015, compared with operating income of
$3.1 million in 2014. Non-GAAP
operating income for 2015 excludes a total of $8.0 million in expenses and amortization
associated with acquisitions and equity-based compensation
expenses, compared with $3.1 million
of similar expenses for 2014.*
Net loss for 2015 was $5.3
million, or $0.33 per diluted
share, compared with net loss of $1.7
million, or $0.11 per diluted
share, in 2014.
Non-GAAP net income for 2015 was $1.6
million, compared with non-GAAP net income of $1.6 million in 2014. Non-GAAP net income for
2015 excludes a total of $6.9 million
in expenses and amortization associated with acquisitions and
equity-based compensation expenses, compared with $3.3 million of similar expenses in 2014.*
Cash and cash equivalents were $12.5
million as of December 31,
2015, compared with $19.0
million as of December 31,
2014. This decrease is mainly attributable to the
acquisition of Appfluent in March
2015.
Shareholders' equity as of December 31,
2015 increased to $36.6
million, compared with $31.2
million as of December 31,
2014.
Outlook for Full Year 2016
"As we look ahead, we
expect to benefit from the signing of a number of enterprise
agreements that reflect new multi-year, multi-tier licensing
structures sought by the global companies in our pipeline. These
larger, longer-term agreements will add recurring revenue to our
business, building over time as we engage an increasing number of
customers under these new terms," concluded Mr. Alon.
The Company expects revenue to increase to between
approximately $58 and $62 million for 2016. Additionally,
the Company expects non-GAAP operating margin to range between 5%
and 8%.
Financial Reconciliation to non-GAAP figures for 2016
Outlook:
|
From
|
To
|
|
GAAP Operating Profit
Margin
|
(9%)
|
(6%)
|
|
Equity base
compensation
|
8%
|
8%
|
|
Amortization and
other adjustments – related acquisitions
|
6%
|
6%
|
|
Non-GAAP Operating
Profit margin (*)
|
5%
|
8%
|
(*) Non-GAAP Operating Profit Margin is calculated by dividing
the non-GAAP Operating Profit by the total non-GAAP revenues for
the period.
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, January 28th 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 +1-888-428-9490
(U.S. Toll Free), +1 80 924 5906 (Israel), or +1-719-457-2645 (International).
All dial-in participants must use the following code to access the
call: 6761974.
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,
and http://www.kcsa.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 11,
2016, 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: 6761974. 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 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
we expect the signing of a number of enterprise agreements that
reflect new multi-year, multi-tier licensing structures or when we
provide our outlook for 2016, we use forward-looking statements.
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 Compose
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.
© 2016 Attunity Ltd. All rights reserved. Attunity is a
trademark of Attunity Inc.
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
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
12,522
|
|
18,959
|
|
Restricted
cash
|
|
-
|
|
430
|
|
Trade receivables
(net of allowance for doubtful accounts of $15 at
December 31, 2015 and December
31, 2014)
|
|
4,734
|
|
5,991
|
|
Other accounts
receivable and prepaid expenses
|
|
1,095
|
|
453
|
|
|
|
|
|
|
Total current
assets
|
|
18,351
|
|
25,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance pay
fund
|
|
3,513
|
|
3,247
|
|
Property and
equipment, net
|
|
1,260
|
|
980
|
|
Goodwill and
intangible assets, net
|
|
40,252
|
|
22,869
|
|
Other
assets
|
|
169
|
|
577
|
|
|
|
|
|
|
Total long-term
assets
|
|
45,194
|
|
27,673
|
|
|
|
|
|
|
Total
assets
|
|
63,545
|
|
53,506
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
$
664
|
|
$ 322
|
|
Payment obligation
related to acquisitions
|
|
2,204
|
|
2,278
|
|
Deferred
revenues
|
|
9,354
|
|
7,091
|
|
Employees and payroll
accruals
|
|
4,054
|
|
3,023
|
|
Accrued expenses and
other current liabilities
|
|
1,248
|
|
1,551
|
|
|
|
|
|
|
Total current
liabilities
|
|
17,524
|
|
14,265
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
Deferred
revenue
|
|
1,348
|
|
576
|
|
Liabilities presented
at fair value and other long-term liabilities
|
|
1,214
|
|
1,004
|
|
Payment obligation
related to acquisitions
|
|
2,080
|
|
2,208
|
|
Accrued severance
pay
|
|
4,746
|
|
4,296
|
|
|
|
|
|
|
Total long-term
liabilities
|
|
9,388
|
|
8,084
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Share capital -
Ordinary shares of NIS 0.4 par value -
|
|
|
|
|
|
Authorized:
32,500,000 shares at December 31, 2015 and December 31, 2014;
Issued and outstanding: 16,550,414 shares at December 31, 2015 and
15,375,716 shares at December 31, 2014
|
|
1,876
|
|
1,772
|
|
Additional paid-in
capital
|
|
144,836
|
|
133,931
|
|
Accumulated other
comprehensive loss
|
|
(1,137)
|
|
(871)
|
|
Accumulated
deficit
|
|
(108,942)
|
|
(103,675)
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
36,633
|
|
31,157
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$ 63,545
|
|
$ 53,506
|
|
CONDENSED
STATEMENTS OF OPERATIONS
|
|
U.S. dollars in
thousands, except per share data
|
|
|
|
|
|
|
|
Year
ended
|
|
Three months
ended
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
Software
licenses
|
|
$ 26,744
|
|
$ 20,128
|
|
$ 7,416
|
|
$ 6,669
|
|
Maintenance and
services
|
|
21,634
|
|
15,524
|
|
5,608
|
|
4,210
|
|
Total
revenues
|
|
48,378
|
|
35,652
|
|
13,024
|
|
10,879
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
7,278
|
|
3,321
|
|
2,123
|
|
1,006
|
|
Research and
development
|
|
11,139
|
|
9,316
|
|
3,156
|
|
2,215
|
|
Selling and
marketing
|
|
29,249
|
|
19,136
|
|
8,103
|
|
5,392
|
|
General and
administrative
|
|
4,857
|
|
3,944
|
|
1,070
|
|
1,019
|
|
Total operating
expenses
|
|
52,523
|
|
35,717
|
|
14,452
|
|
9,632
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
|
(4,145)
|
|
(65)
|
|
(1,428)
|
|
1,247
|
|
Financial expenses
(income), net
|
|
576
|
|
893
|
|
(168)
|
|
577
|
|
Loss before taxes on
income
|
|
(4,721)
|
|
(958)
|
|
(1,260)
|
|
670
|
|
Taxes on income
(income tax benefit)
|
|
546
|
|
734
|
|
(25)
|
|
727
|
|
Net loss
|
|
$ (5,267)
|
|
$ (1,692)
|
|
$ (1,235)
|
|
$
(57)
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
|
$ (0.33)
|
|
$ (0.11)
|
|
$ (0.07)
|
|
$ (0.00)
|
|
Weighted average
number of shares used in computing basic and diluted net loss per
share
|
|
16,183
|
|
15,024
|
|
16,503
|
|
15,243
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
|
|
Year
ended
|
|
|
2015
|
|
2014
|
|
|
Unaudited
|
|
Audited
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$ (5,267)
|
|
$ (1,692)
|
|
Adjustments required
to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation
|
|
411
|
|
345
|
|
Stock based
compensation
|
|
2,827
|
|
1,489
|
|
Amortization of
intangible assets
|
|
2,862
|
|
1,215
|
|
Accretion of payment
obligations and other acquisition related adjustment
|
|
236
|
|
682
|
|
Foreign currency
translation adjustments
|
|
139
|
|
-
|
|
Change in:
|
|
|
|
|
|
Accrued
severance pay, net
|
|
184
|
|
(46)
|
|
Trade
receivables
|
|
1,230
|
|
(767)
|
|
Other
accounts receivable and prepaid expenses
|
|
(363)
|
|
265
|
|
Other
long term assets
|
|
(38)
|
|
(1)
|
|
Trade
payables
|
|
287
|
|
(136)
|
|
Deferred
revenues
|
|
2,533
|
|
1,674
|
|
Employees and payroll accruals
|
|
961
|
|
(187)
|
|
Accrued
expenses and other current liabilities
|
|
(196)
|
|
782
|
|
Liabilities presented
at fair value and other long-term liabilities
|
|
(91)
|
|
(187)
|
|
Tax benefits related
to exercise of stock options
|
|
(218)
|
|
(121)
|
|
Change in deferred
taxes, net
|
|
(777)
|
|
(224)
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
4,720
|
|
3,091
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(625)
|
|
(446)
|
|
Decrease (Increase)
in restricted cash
|
|
430
|
|
(430)
|
|
Acquisition of
company, net of cash acquired
|
|
(10,402)
|
|
(748)
|
|
Net cash used in
investing activities
|
|
(10,597)
|
|
(1,624)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Proceeds from
exercise of stock options, warrants and rights
|
|
1,365
|
|
888
|
|
Tax benefits related
to exercise of stock options
|
|
218
|
|
121
|
|
Payment of contingent
consideration
|
|
(2,054)
|
|
-
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
(471)
|
|
1,009
|
|
|
|
|
|
|
Foreign currency
translation adjustments on cash and cash equivalents
|
|
(89)
|
|
2
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
(6,437)
|
|
2,478
|
|
Cash and cash
equivalents at the beginning of the year
|
|
18,959
|
|
16,481
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the year
|
|
12,522
|
|
18,959
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow activities:
|
|
|
|
|
|
Cash paid during the
year for taxes
|
|
$
1,558
|
|
$
500
|
|
|
|
|
|
|
Cash paid during the
year for interest
|
|
|
|
|
|
|
$
-
|
|
$
5
|
|
Non cash
activities:
|
|
|
|
|
|
Issuance of shares
related to acquisition
|
|
$
6,599
|
|
$
503
|
|
|
|
|
|
|
RECONCILIATION OF
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
Three months ended
December 31, 2015
|
|
Three months ended
December 31, 2014
|
|
Unaudited
|
|
Unaudited
|
|
GAAP
|
Adj.
|
|
NON-GAAP
|
|
GAAP
|
Adj.
|
|
NON-GAAP
|
|
Software
licenses
|
7,416
|
|
|
7,416
|
|
6,669
|
|
|
6,669
|
|
Maintenance and
services
|
5,608
|
155
|
(a)
|
5,763
|
|
4,210
|
78
|
(a)
|
4,288
|
|
Total
revenues
|
13,024
|
|
|
13,179
|
|
10,879
|
|
|
10,957
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
2,123
|
696
|
(b)
|
1,427
|
|
1,006
|
247
|
(b)
|
759
|
|
Research and
development
|
3,156
|
362
|
(b), (c)
|
2,794
|
|
2,215
|
129
|
(c)
|
2,086
|
|
Selling and
marketing
|
8,103
|
667
|
(b), (c)
|
7,436
|
|
5,392
|
244
|
(b), (c)
|
5,148
|
|
General and
administrative
|
1,070
|
220
|
(c)
|
850
|
|
1,019
|
162
|
(c)
|
857
|
|
Total operating
expenses
|
14,452
|
|
|
12,507
|
|
9,632
|
|
|
8,850
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(1,428)
|
|
|
672
|
|
1,247
|
|
|
2,107
|
|
Financial expenses
(income) net
|
(168)
|
(266)
|
(d)
|
98
|
|
577
|
377
|
(d)
|
200
|
|
Income (loss) before
taxes on income
|
(1,260)
|
|
|
574
|
|
670
|
|
|
1,907
|
|
Taxes on income
(income tax benefit)
|
(25)
|
(449)
|
(e)
|
424
|
|
727
|
(129)
|
(e)
|
856
|
|
Net income
(loss)
|
(1,235)
|
|
|
150
|
|
(57)
|
|
|
1,051
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share
|
(0.07)
|
|
|
0.01
|
|
0.00
|
|
|
0.07
|
|
Weighted average
number of shares used in computing diluted net income (loss) per
share
|
16,503
|
|
|
17,218
|
|
15,243
|
|
|
15,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Valuation
adjustment on acquired deferred maintenance revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
Acquisition-related adjustments and amortization of intangible
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Cost of
revenues
|
696
|
|
247
|
|
|
|
|
|
|
Research and
development
|
100
|
|
-
|
|
|
|
|
|
|
Selling and
marketing
|
154
|
|
81
|
|
|
|
|
|
|
General and
administrative
|
-
|
|
48
|
|
|
|
|
|
|
950
|
|
376
|
|
|
|
|
|
|
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, December 31,
|
|
|
2015
|
|
2014
|
|
Research and
development
|
|
262
|
|
129
|
|
Selling and
marketing
|
|
513
|
|
163
|
|
General and
administrative
|
|
220
|
|
114
|
|
|
995
|
|
406
|
|
|
(d) Accretion of
payment obligations and revaluation of liabilities presented at
fair value:
|
|
|
|
Three months
ended, December 31,
|
|
|
2015
|
|
2014
|
|
Revaluation of
liabilities presented at fair value
|
(362)
|
|
206
|
|
Accretion of payment
obligations
|
96
|
|
171
|
|
|
(266)
|
|
377
|
|
|
|
|
|
|
(e) Taxes related to
acquisitions and stock options
|
|
|
|
RECONCILIATION OF
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
Year ended
December 31, 2015
|
|
Year ended
December 31, 2014
|
|
Unaudited
|
|
Unaudited
|
|
GAAP
|
Adj.
|
|
NON-GAAP
|
|
GAAP
|
Adj.
|
|
NON-GAAP
|
|
Software
licenses
|
26,744
|
|
|
26,744
|
|
20,128
|
|
|
20,128
|
|
Maintenance and
services
|
21,634
|
741
|
(a)
|
22,375
|
|
15,524
|
363
|
(a)
|
15,887
|
|
Total
revenues
|
48,378
|
|
|
49,119
|
|
35,652
|
|
|
36,015
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
7,278
|
2,518
|
(b)
|
4,760
|
|
3,321
|
889
|
(b)
|
2,432
|
|
Research and
development
|
11,139
|
1,028
|
(b), (c)
|
10,111
|
|
9,316
|
440
|
(c)
|
8,876
|
|
Selling and
marketing
|
29,249
|
2,439
|
(b), (c)
|
26,810
|
|
19,136
|
962
|
(b), (c)
|
18,174
|
|
General and
administrative
|
4,857
|
1,282
|
(b), (c)
|
3,575
|
|
3,944
|
461
|
(c)
|
3,483
|
|
Total operating
expenses
|
52,523
|
|
|
45,256
|
|
35,717
|
|
|
32,965
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(4,145)
|
|
|
3,863
|
|
(65)
|
|
|
3,050
|
|
Financial expenses,
net
|
576
|
287
|
(d)
|
289
|
|
893
|
495
|
(d)
|
398
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes on income
|
(4,721)
|
|
|
3,574
|
|
(958)
|
|
|
2,652
|
|
Taxes on
income
|
546
|
(1,416)
|
(e)
|
1,962
|
|
734
|
(354)
|
(e)
|
1,088
|
|
Net income
(loss)
|
(5,267)
|
|
|
1,612
|
|
(1,692)
|
|
|
1,564
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share
|
(0.33)
|
|
|
0.10
|
|
(0.11)
|
|
|
0.10
|
|
Weighted average
number of shares used in computing diluted net income (loss)
per share
|
16,183
|
|
|
16,949
|
|
15,024
|
|
|
15,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Valuation
adjustment on acquired deferred maintenance revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
Acquisition-related adjustments and amortization of intangible
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Cost of
revenues
|
2,518
|
|
889
|
|
|
|
|
|
|
Research and
development
|
314
|
|
-
|
|
|
|
|
|
|
Selling and
marketing
|
1,047
|
|
326
|
|
|
|
|
|
|
General and
administrative
|
561
|
|
48
|
|
|
|
|
|
|
|
4,440
|
|
1,263
|
|
|
|
|
|
|
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:
|
|
|
Year ended
December 31,
|
|
|
2015
|
|
2014
|
|
Research and
development
|
|
714
|
|
440
|
|
Selling and
marketing
|
|
1,392
|
|
636
|
|
General and
administrative
|
|
721
|
|
413
|
|
|
2,827
|
|
1,489
|
|
|
(d) Accretion of
payment obligations and revaluation of liabilities presented at
fair value:
|
|
|
|
Year ended
December 31,
|
|
2015
|
|
2014
|
|
Revaluation of
liabilities presented at fair value
|
(187)
|
|
(187)
|
|
Accretion of payment
obligations
|
474
|
|
682
|
|
|
287
|
|
495
|
|
|
|
|
|
(e) Taxes related to
acquisitions and stock options
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/attunity-reports-fourth-quarter-and-full-year-2015-results-36-revenue-growth-in-2015-300211342.html
SOURCE Attunity, Ltd.