BroadSoft Reports Second Quarter 2016 Financial Results
/EINPresswire.com/ -- GAITHERSBURG, MD -- (Marketwired) -- 08/01/16 -- BroadSoft, Inc. (NASDAQ: BSFT), a leading global provider of hosted cloud-based enterprise communications software and services to the telecommunications industry, today announced financial results for the quarter ended June 30, 2016.
Financial Highlights for the Second Quarter of 2016
- Total revenue increased 27% year-over-year to $81.7 million
- GAAP gross profit equaled 72% of total revenue; non-GAAP gross profit equaled 77% of total revenue
- GAAP income from operations totaled $0.6 million; non-GAAP income from operations totaled $15.9 million or 19% of revenue
- GAAP basic and diluted net loss per share equaled $(0.10) per common share; non-GAAP diluted earnings per share equaled $0.49 per common share
Results for the three months ended June 30, 2016
Total revenue rose to $81.7 million in the second quarter of 2016, an increase of 27% compared to $64.5 million in the second quarter of 2015.
Net loss for the second quarter of 2016 was $(2.9) million, or $(0.10) per basic and diluted common share, compared to net loss of $(5.3) million, or $(0.18) per basic and diluted common share in the second quarter of 2015.
On a non-GAAP basis, net income in the second quarter of 2016 was $15.0 million, or $0.49 per diluted common share, compared to non-GAAP net income of $9.7 million, or $0.32 per diluted common share, in the second quarter of 2015. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.
Results for the six months ended June 30, 2016
Total revenue rose to $154.9 million for the first six months of 2016, an increase of 29% compared to $120.2 million for the first six months of 2015.
Net loss for the first six months of 2016 was $(4.4) million, or $(0.15) per basic and diluted common share, compared to a net loss of $(8.2) million, or $(0.28) per basic and diluted common share for the first six months of 2015.
On a non-GAAP basis, net income for the first six months of 2016 was $26.0 million, or $0.87 per diluted common share, compared to non-GAAP net income of $17.0 million, or $0.57 per diluted common share, for the first six months of 2015. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.
Management Commentary
"In the second quarter, we delivered strong results as we achieved robust double-digit revenue growth," said Michael Tessler, president and chief executive officer, BroadSoft. "We see more and more service provider customers around the world launching and promoting truly converged fixed and mobile unified communications services based on BroadSoft solutions. This is a great validation of our products and vision. We will continue to innovate to remain the industry leader as the business communications market continues to evolve."
Guidance
For the third quarter of 2016, BroadSoft anticipates revenue of $78 to $83 million. The company also expects to achieve earnings on a non-GAAP basis of $0.26 to $0.41 per diluted common share. For the full year 2016, BroadSoft expects revenue in the range of $332 million to $340 million and non-GAAP EPS in the range of $1.95 to $2.15.
A reconciliation of non-GAAP earnings per share guidance, as well as projected non-GAAP cost of sales and operating expenses to be discussed on this morning's teleconference, to the closest corresponding GAAP measures, is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, the measures and effects of non-cash income taxes and stock-based compensation expense. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.
Conference Call
BroadSoft will discuss its second quarter 2016 results and its business outlook today via teleconference at 8:30 a.m. Eastern Time. To participate in the teleconference, callers can dial the toll free number 1-877-312-5517 (U.S. callers only) or 1-760-666-3772 (from outside the U.S.). The conference call can also be heard live via audio webcast at http://investors.broadsoft.com/events.cfm. To help ensure the conference begins on time, please dial in or connect via the web five minutes prior to the scheduled start time.
For those unable to participate in the live call, a recording will be available shortly after the conclusion of the call at http://investors.broadsoft.com/events.cfm and will remain available until immediately prior to our next earnings call.
Non-GAAP financial measures:
BroadSoft has provided in this release, and will provide on this morning's teleconference, financial information that has not been prepared in accordance with generally accepted accounting principles, or GAAP. BroadSoft uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating BroadSoft's ongoing operational performance. BroadSoft's management regularly uses these non-GAAP financial measures to understand and manage its business and believes these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain non-cash expenses, and may include additional adjustments for items that are infrequent in nature. BroadSoft believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in BroadSoft's industry, many of which present similar non-GAAP financial measures to investors. A reconciliation of the non-GAAP financial measures included in this release and to be discussed on this morning's teleconference to the most directly comparable GAAP financial measures is set forth below.
Non-GAAP cost of revenue, license software cost of revenue, subscription and maintenance cost of revenue and professional services and other cost of revenue. We define non-GAAP cost of revenue as a cost of revenue less stock-based compensation expense and amortization expense for acquired intangible assets. We consider non-GAAP cost of revenue to be a useful metric for management and our investors because it excludes the effect of certain non-cash expenses so management and investors can compare our cost of revenue over multiple periods.
Non-GAAP gross profit, license software gross profit, subscription and maintenance support gross profit and professional services and other gross profit. We define non-GAAP gross profit as gross profit plus stock-based compensation expense and amortization expense for acquired intangible assets. We consider non-GAAP gross profit to be a useful metric for management and our investors because it excludes the effect of certain non-cash expenses so management and investors can compare our sales margins over multiple periods.
Non-GAAP income from operations. We define non-GAAP operating income as income from operations plus stock-based compensation expense and amortization expense for acquired intangible assets. We consider non-GAAP operating income to be a useful metric for management and investors because it excludes the effect of certain non-cash expenses so management and investors can compare our core business operating results over multiple periods.
Non-GAAP operating expenses, sales and marketing expense, research and development expense and general and administrative expense. We define non-GAAP operating expenses as operating expense plus stock-based compensation expense allocated to sales and marketing, research and development and general and administrative expenses. Similarly, we define non-GAAP sales and marketing, research and development and general and administrative expenses as the relevant GAAP measure plus stock-based compensation expense allocated to the particular expense item.
Non-GAAP net income and net income per share. We define non-GAAP net income as net income plus stock-based compensation expense, amortization expense for acquired intangible assets, non-cash interest expense on our convertible senior notes, foreign currency transaction gains and losses, loss on repurchase of our convertible senior notes and non-cash tax expense included in the GAAP tax provision. We define non-GAAP income per share as non-GAAP net income divided by the weighted average shares outstanding.
The presentation of non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP income from operations, and other non-GAAP financial measures in this release and on this morning's teleconference is not meant to be a substitute for "net income," "net income per share," "gross margin," "income from operations" or other financial measures presented in accordance with GAAP, but rather should be evaluated in conjunction with such data. BroadSoft's definition of "non-GAAP net income," "non-GAAP net income per share," "non-GAAP gross margin," "non-GAAP income from operations" and other non-GAAP financial measures may differ from similarly titled non-GAAP measures used by other companies and may differ from period to period. In reporting non-GAAP measures in the future, management may make other adjustments for expenses and gains it does not consider reflective of core operating performance in a particular period and may modify "non-GAAP net income," "non-GAAP net income per share," "non-GAAP gross margin," "non-GAAP income from operations" and such other non-GAAP measures by excluding these expenses and gains.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by their use of terms and phrases such as "anticipate," "expect," "will," "believe," "continue" and other similar terms and phrases, and such forward-looking statements include, but are not limited to, the statements regarding the Company's future financial performance set forth under the heading "Guidance." The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: the Company's ability to expand its BroadCloud offering geographically and increase the associated recurring service revenue; the Company's dependence on the success of BroadWorks and on its service provider customers to sell services using its applications; the Company's dependence in large part on service providers' continued deployment of, and investment in, their IP-based networks; claims that the Company infringes the intellectual property rights of others; the Company's ability to integrate and achieve the expected benefits from its recent acquisitions; and the Company's ability to expand its product offerings, as well as those factors contained in the "Risk Factors" sections of the Company's Form 10-K for the year ended December 31, 2015 filed with the SEC on February 29, 2016, and in the Company's other filings with the SEC. All information in this release is as of August 1, 2016. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statement made herein for any reason to conform the statement to actual results or changes in the Company's expectations.
About BroadSoft
BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company's core communications platform enables the delivery of a range of enterprise and consumer calling, messaging and collaboration communication services, including private branch exchanges, video calling, text messaging and converged mobile and fixed-line services.
Financial Statements
The financial statements set forth below are not the complete set of the Company's financial statements for the quarter and the year and are presented below without footnotes. Readers are encouraged to obtain and carefully review BroadSoft's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, including all financial statements contained therein and the footnotes thereto, once the report is filed with the SEC. Once filed with the SEC, the Form 10-Q may be retrieved from the SEC's website at www.sec.gov or from BroadSoft's website at www.broadsoft.com.
BroadSoft, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
June 30, December 31,
2016 2015
------------ ------------
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents $ 138,520 $ 175,857
Short-term investments 125,592 72,531
Accounts receivable, net of allowance for
doubtful accounts of $65 and $85 at June 30,
2016 and December 31, 2015, respectively 105,775 108,113
Other current assets 14,388 13,155
------------ ------------
Total current assets 384,275 369,656
------------ ------------
Long-term assets:
Property and equipment, net 20,483 19,481
Long-term investments 92,866 102,385
Intangible assets, net 23,567 18,835
Goodwill 80,020 72,275
Deferred tax assets 8,572 1,661
Other long-term assets 6,771 8,081
------------ ------------
Total long-term assets 232,279 222,718
------------ ------------
Total assets $ 616,554 $ 592,374
============ ============
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable and accrued expenses $ 31,177 $ 28,667
Deferred revenue, current portion 100,712 106,483
------------ ------------
Total current liabilities 131,889 135,150
------------ ------------
Convertible senior notes 194,562 188,331
Deferred revenue 6,593 4,571
Other long-term liabilities 6,070 7,289
------------ ------------
Total liabilities 339,114 335,341
------------ ------------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value per share;
5,000,000 shares authorized at June 30, 2016
and December 31, 2015; no shares issued and
outstanding at June 30, 2016 and December
31, 2015 -- --
Common stock, par value $0.01 per share;
100,000,000 shares authorized at June 30,
2016 and December 31, 2015; 29,736,368 and
29,080,197 shares issued and outstanding at
June 30, 2016 and December 31, 2015,
respectively. 297 291
Additional paid-in capital 359,063 333,153
Accumulated other comprehensive loss (16,200) (13,810)
Accumulated deficit (65,720) (62,601)
------------ ------------
Total stockholders' equity 277,440 257,033
------------ ------------
Total liabilities and stockholders' equity $ 616,554 $ 592,374
============ ============
BroadSoft, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2016 2015 2016 2015
---------- ---------- ---------- ----------
(Unaudited) (Unaudited)
Revenue:
License software $ 33,597 $ 30,091 $ 64,506 $ 53,027
Subscription and
maintenance support 36,800 27,026 69,839 52,435
Professional services and
other 11,324 7,367 20,512 14,693
---------- ---------- ---------- ----------
Total revenue 81,721 64,484 154,857 120,155
Cost of revenue:
License software 2,169 2,869 3,898 5,540
Subscription and
maintenance support 11,456 10,227 22,166 19,171
Professional services and
other 8,921 7,125 17,280 11,520
---------- ---------- ---------- ----------
Total cost of revenue 22,546 20,221 43,344 36,231
---------- ---------- ---------- ----------
Gross profit 59,175 44,263 111,513 83,924
Operating expenses:
Sales and marketing 25,951 21,567 49,274 39,114
Research and development 20,068 16,266 38,189 30,550
General and administrative 12,603 11,306 23,916 20,411
---------- ---------- ---------- ----------
Total operating expenses 58,622 49,139 111,379 90,075
---------- ---------- ---------- ----------
Income (loss) from operations 553 (4,876) 134 (6,151)
Other expense:
Interest expense 3,926 2,027 7,779 4,016
Interest income (664) (282) (1,267) (496)
Other, net 185 (484) (326) 1,223
---------- ---------- ---------- ----------
Total other expense, net 3,447 1,261 6,186 4,743
---------- ---------- ---------- ----------
Loss before income taxes (2,894) (6,137) (6,052) (10,894)
Provision for (benefit
from) income taxes 1 (849) (1,648) (2,701)
---------- ---------- ---------- ----------
Net loss $ (2,895) $ (5,288) $ (4,404) $ (8,193)
========== ========== ========== ==========
Net loss per common share:
Basic and diluted $ (0.10) $ (0.18) $ (0.15) $ (0.28)
Weighted average common
shares outstanding:
Basic and diluted 29,449 29,230 29,295 29,111
Stock-based compensation
expense included above:
Cost of revenue $ 2,171 $ 2,347 $ 3,893 $ 3,386
Sales and marketing 4,792 4,818 8,348 7,236
Research and development 4,020 4,067 7,165 6,505
General and administrative 2,629 2,562 4,880 4,103
BroadSoft, Inc.
SUMMARY OF CONSOLIDATED CASH FLOW ACTIVITY
(Unaudited)
Six Months Ended
June 30,
----------------------
2016 2015
---------- ----------
(in thousands)
Cash provided by (used in):
Operating activities $ 32,689 $ 13,665
Investing activities (72,802) (33,822)
Financing activities 3,230 (1,889)
BroadSoft, Inc.
BILLINGS (REVENUE PLUS NET CHANGE IN DEFERRED REVENUE)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ----------------------
2016 2015 2016 2015
---------- ---------- ---------- ----------
(in thousands)
Beginning of period deferred
revenue balance $ 102,725 $ 101,367 $ 111,054 $ 101,456
End of period deferred revenue
balance 107,305 107,726 107,305 107,726
---------- ---------- ---------- ----------
Increase (decrease) in
deferred revenue 4,580 6,359 (3,749) 6,270
Revenue 81,721 64,484 154,857 120,155
---------- ---------- ---------- ----------
Revenue plus net change in
deferred revenue $ 86,301 $ 70,843 151,108 126,425
========== ========== ========== ==========
BroadSoft, Inc.
LICENSE SOFTWARE BILLINGS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2016 2015 2016 2015
---------- ---------- ---------- ----------
(in thousands)
Beginning of period deferred
license software revenue
balance $ 27,853 $ 30,771 $ 33,200 $ 26,495
End of period deferred license
software revenue balance 26,798 32,582 26,798 32,582
---------- ---------- ---------- ----------
Increase (decrease) in
deferred license software
revenue (1,055) 1,811 (6,402) 6,087
License software revenue 33,597 30,091 64,506 53,027
License software revenue plus
net change in deferred
license software revenue $ 32,542 $ 31,902 $ 58,104 $ 59,114
========== ========== ========== ==========
BroadSoft, Inc.
SUBSCRIPTION AND MAINTENANCE SUPPORT BILLINGS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ----------------------
2016 2015 2016 2015
---------- ---------- ---------- ----------
(in thousands)
Beginning of period deferred
subscription and maintenance
support revenue balance $ 57,464 $ 51,204 $ 61,399 $ 52,764
End of period deferred
subscription and maintenance
support revenue balance 60,381 53,951 60,381 53,951
---------- ---------- ---------- ----------
Increase (decrease) in
deferred subscription and
maintenance support revenue 2,917 2,747 (1,018) 1,187
Subscription and maintenance
support revenue 36,800 27,026 69,839 52,435
Subscription and maintenance
support revenue plus net
change in deferred
subscription and maintenance
support revenue $ 39,717 $ 29,773 $ 68,821 $ 53,622
========== ========== ========== ==========
BroadSoft, Inc.
PROFESSIONAL SERVICES AND OTHER BILLINGS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2016 2015 2016 2015
---------- ---------- ---------- ----------
(in thousands)
Beginning of period deferred
professional services and other
revenue balance $ 17,408 $ 19,392 $ 16,455 $ 22,197
End of period deferred
professional services and other
revenue balance 20,126 21,193 20,126 21,193
---------- ---------- ---------- ----------
Increase (decrease) in
deferred professional
services and other revenue 2,718 1,801 3,671 (1,004)
Professional services and other
revenue 11,324 7,367 20,512 14,693
Professional services and
other revenue plus net change
in deferred professional
services and other revenue $ 14,042 $ 9,168 $ 24,183 $ 13,689
========== ========== ========== ==========
BroadSoft, Inc.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2016 2015 2016 2015
--------- --------- --------- ---------
(in thousands)
Non-GAAP cost of revenue:
GAAP license cost of revenue $ 2,169 $ 2,869 $ 3,898 $ 5,540
(percent of related
revenue) 6% 10% 6% 10%
Less:
Stock-based compensation
expense 168 374 326 537
Amortization of acquired
intangible assets 335 419 669 868
--------- --------- --------- ---------
Non-GAAP license cost of
revenue $ 1,666 $ 2,076 $ 2,903 $ 4,135
========= ========= ========= =========
(percent of related
revenue) 5% 7% 5% 8%
GAAP subscription and
maintenance support cost of
revenue $ 11,456 $ 10,227 $ 22,166 $ 19,171
(percent of related
revenue) 31% 38% 32% 37%
Less:
Stock-based compensation
expense 833 1,114 1,486 1,721
Amortization of acquired
intangible assets 1,183 1,056 2,235 2,111
--------- --------- --------- ---------
Non-GAAP subscription and
maintenance support cost of
revenue $ 9,440 $ 8,057 $ 18,445 $ 15,339
========= ========= ========= =========
(percent of related
revenue) 26% 30% 26% 29%
GAAP professional services
and other cost of revenue $ 8,921 $ 7,125 $ 17,280 $ 11,520
(percent of related
revenue) 79% 97% 84% 78%
Less:
Stock-based compensation
expense 1,170 859 2,081 1,128
Amortization of acquired
intangible assets $ 175 $ 58 $ 350 $ 58
--------- --------- --------- ---------
Non-GAAP professional
services and other cost of
revenue $ 7,576 $ 6,208 $ 14,849 $ 10,334
========= ========= ========= =========
(percent of related
revenue) 67% 84% 72% 70%
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2016 2015 2016 2015
--------- --------- --------- ---------
(in thousands)
Non-GAAP gross profit:
GAAP gross profit $ 59,175 $ 44,263 $ 111,513 $ 83,924
(percent of total revenue) 72% 69% 72% 70%
Plus:
Stock-based compensation
expense 2,171 2,347 3,893 3,386
Amortization of acquired
intangible assets 1,693 1,533 3,254 3,037
--------- --------- --------- ---------
Non-GAAP gross profit $ 63,039 $ 48,143 $ 118,660 $ 90,347
========= ========= ========= =========
(percent of total revenue) 77% 75% 77% 75%
GAAP license gross profit $ 31,428 $ 27,222 $ 60,608 $ 47,487
(percent of related
revenue) 94% 90% 94% 90%
Plus:
Stock-based compensation
expense 168 374 326 537
Amortization of acquired
intangible assets 335 419 669 868
--------- --------- --------- ---------
Non-GAAP license gross profit$ 31,931 $ 28,015 $ 61,603 $ 48,892
========= ========= ========= =========
(percent of related
revenue) 95% 93% 95% 92%
GAAP subscription and
maintenance support gross
profit $ 25,344 $ 16,799 $ 47,673 $ 33,264
(percent of related
revenue) 69% 62% 68% 63%
Plus:
Stock-based compensation
expense 833 1,114 1,486 1,721
Amortization of acquired
intangible assets 1,183 1,056 2,235 2,111
--------- --------- --------- ---------
Non-GAAP subscription and
maintenance support gross
profit $ 27,360 $ 18,969 $ 51,394 $ 37,096
========= ========= ========= =========
(percent of related
revenue) 74% 70% 74% 71%
GAAP professional services
and other gross profit $ 2,403 $ 242 $ 3,232 $ 3,173
(percent of related
revenue) 21% 3% 16% 22%
Plus:
Stock-based compensation
expense 1,170 859 2,081 1,128
Amortization of acquired
intangible assets $ 175 $ 58 $ 350 $ 58
--------- --------- --------- ---------
Non-GAAP professional
services and other gross
profit $ 3,748 $ 1,159 $ 5,663 $ 4,359
========= ========= ========= =========
(percent of related
revenue) 33% 16% 28% 30%
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2016 2015 2016 2015
--------- --------- --------- ---------
(in thousands)
Non-GAAP income from
operations:
GAAP loss from operations $ 553 $ (4,876) $ 134 $ (6,151)
(percent of total revenue) 1% (8)% --% (5)%
Plus:
Stock-based compensation
expense 13,612 13,794 24,286 21,230
Amortization of acquired
intangible assets 1,693 1,533 3,254 3,037
--------- --------- --------- ---------
Non-GAAP income from
operations $ 15,858 $ 10,451 $ 27,674 $ 18,116
========= ========= ========= =========
(percent of total revenue) 19% 16% 18% 15%
GAAP operating expense $ 58,622 $ 49,139 $ 111,379 $ 90,075
(percent of total revenue) 72% 76% 72% 75%
Less:
Stock-based compensation
expense 11,441 11,447 20,393 17,844
--------- --------- --------- ---------
Non-GAAP operating expense $ 47,181 $ 37,692 $ 90,986 $ 72,231
========= ========= ========= =========
(percent of total revenue) 58% 58% 59% 60%
GAAP sales and marketing
expense $ 25,951 $ 21,567 $ 49,274 $ 39,114
(percent of total revenue) 32% 33% 32% 33%
Less:
Stock-based compensation
expense 4,792 4,818 8,348 7,236
--------- --------- --------- ---------
Non-GAAP sales and marketing
expense $ 21,159 $ 16,749 $ 40,926 $ 31,878
========= ========= ========= =========
(percent of total revenue) 26% 26% 26% 27%
GAAP research and development
expense $ 20,068 $ 16,266 $ 38,189 $ 30,550
(percent of total revenue) 25% 25% 25% 25%
Less:
Stock-based compensation
expense 4,020 4,067 7,165 6,505
--------- --------- --------- ---------
Non-GAAP research and
development expense $ 16,048 $ 12,199 $ 31,024 $ 24,045
========= ========= ========= =========
(percent of total revenue) 20% 19% 20% 20%
GAAP general and
administrative expense $ 12,603 $ 11,306 $ 23,916 $ 20,411
(percent of total revenue) 15% 18% 15% 17%
Less:
Stock-based compensation
expense 2,629 2,562 4,880 4,103
--------- --------- --------- ---------
Non-GAAP general and
administrative expense $ 9,974 $ 8,744 $ 19,036 $ 16,308
========= ========= ========= =========
(percent of total revenue) 12% 14% 12% 14%
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2016 2015 2016 2015
--------- --------- --------- ---------
(in thousands, except per share data)
Non-GAAP net income and
income per share:
GAAP net loss $ (2,895) $ (5,288) $ (4,404) $ (8,193)
(percent of total revenue) (4)% (8)% (3)% (7)%
Adjusted for:
Stock-based compensation
expense 13,612 13,794 24,286 21,230
Amortization of acquired
intangible assets 1,693 1,533 3,254 3,037
Non-cash interest expense
on our convertible senior
notes 3,144 1,576 6,231 3,116
Foreign currency
transaction losses (gains) 185 (484) (326) 1,223
Non-cash tax benefit (786) (1,406) (3,018) (3,409)
--------- --------- --------- ---------
Non-GAAP net income $ 14,953 $ 9,725 $ 26,023 $ 17,004
========= ========= ========= =========
(percent of total revenue) 18% 15% 17% 14%
GAAP net loss per basic
common share $ (0.10) $ (0.18) $ (0.15) $ (0.28)
Adjusted for:
Stock-based compensation
expense 0.46 0.47 0.83 0.73
Amortization of acquired
intangible assets 0.06 0.05 0.11 0.10
Non-cash interest expense
on our convertible senior
notes 0.11 0.05 0.21 0.11
Foreign currency
transaction losses (gains) 0.01 (0.02) (0.01) 0.04
Non-cash tax benefit (0.03) (0.05) (0.10) (0.12)
--------- --------- --------- ---------
Non-GAAP net income per basic
common share $ 0.51 $ 0.33 $ 0.89 $ 0.58
========= ========= ========= =========
GAAP net loss per diluted
common share $ (0.10) $ (0.18) $ (0.15) $ (0.28)
Adjusted for:
Stock-based compensation
expense 0.44 0.46 0.81 0.71
Amortization of acquired
intangible assets 0.06 0.05 0.11 0.10
Non-cash interest expense
on our convertible senior
notes 0.10 0.05 0.21 0.10
Foreign currency
transaction losses (gains) 0.01 (0.02) (0.01) 0.04
Non-cash tax benefit (0.03) (0.05) (0.10) (0.11)
--------- --------- --------- ---------
Non-GAAP net income per
diluted common share $ 0.49 $ 0.32 $ 0.87 $ 0.57
========= ========= ========= =========
* For the three and six months ended June 30, 2016 and 2015, the non-GAAP net income per diluted common share calculation included the dilutive effect of stock-based awards and for the three and six months ended June 30, 2016, the non-GAAP net income per diluted common share calculation included the effect of the premium feature of the 1.00% convertible senior notes due in 2022 (which, in each case, were not reflected in the corresponding GAAP diluted share calculations, as their effect would have been anti-dilutive as a result of the net losses for these periods). Total diluted weighted average common shares outstanding used for calculating non-GAAP net income per diluted common share were 30,629 thousand and 29,930 thousand for the three months ended June 30, 2016 and 2015 and 30,044 thousand and 29,741 thousand for the six months ended June 30, 2016 and 2015, respectively.
BSFT-F
Contact Information
For further information contact:
Investor Relations:
Chris Martin
+1-561-404-2130
cmartin@broadsoft.com
Media Contacts:
Brian Lustig
Bluetext PR for BroadSoft North America
+1 301.775.6203
brian@bluetext.com
Andy Crisp / Jon Bawden / Kate Anderson
Cohesive for BroadSoft UK
+44 (0) 1291 626200
broadsoft@wearecohesive.com
Terry Alberstein
Navigate Communication
+61 (0) 458-484-921
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