[December 03, 2013] |
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Guidewire Software Announces First Quarter Fiscal 2014 Financial Results
FOSTER CITY, Calif. --(Business Wire)--
Guidewire Software, Inc. (NYSE: GWRE), a provider of software products
for Property/Casualty (P/C) insurers, today announced its financial
results for the fiscal quarter ended October 31, 2013.
"Our first quarter results reflected our customary seasonality, but
exceeded expectations for both revenue and profitability," said Marcus
Ryu, Chief Executive Officer of Guidewire Software. "We see good
validation for the investments we are making in our existing products
and in new initiatives that expand our market opportunity. We also
announced new capabilities in InsuranceSuite8, which were positively
received by customers at our Connections user conference in October. We
also added three paying Guidewire Live customers and have since closed
the first sale of our new data management capabilities."
Ryu added, "Based on our pipeline and long-term view of global P/C
industry demand for legacy core system replacement, we are investing to
expand on our leadership position and pursue opportunities that we
expect to lead to sustained revenue growth and profitability in the
years ahead."
First Quarter Fiscal 2014 Financial Highlights
Revenue
-
Total revenue for the first quarter of fiscal 2014 was $66.5 million,
an increase of 5% from the comparable period in fiscal 2013.
-
Total license revenue, including term and perpetual licenses, for the
first quarter of fiscal 2014 was $18.9 million, compared to $20.8
million in the comparable period in fiscal 2013. Term license revenue
was $18.4 million, compared to $20.6 million in the first quarter of
fiscal 2013. Revenue from perpetual licenses was $0.5 million compared
with $0.2 million a year ago. Maintenance revenue was $9.6 million, up
3% from the comparable period in fiscal 2013, and services revenue was
$38.0 million, up 15% from the comparable period in fiscal 2013.
-
Rolling four-quarter recurring term license and maintenance revenue
was $148.5 million, an increase of 29% from the comparable period in
fiscal 2013.
Profitability
-
GAAP operating loss was $(18.1) million for the first quarter of
fiscal 2014, compared to $(0.1) million operating loss in the
comparable period in fiscal 2013.
-
Non-GAAP operating loss was $(3.1) million for the first quarter of
fiscal 2014, compared to $9.7 million Non-GAAP operating income in the
comparable period in fiscal 2013.
-
GAAP net loss was $(10.6) million for the first quarter of fiscal
2014, compared to $0.4 million GAAP net income for the comparable
period in fiscal 2013. GAAP net loss per share was $(0.18), based on
basic and diluted weighted average shares outstanding of 58.6 million,
compared to GAAP earnings per share of $0.01 for the comparable period
in fiscal 2013, based on diluted weighted average shares outstanding
of 61.2 million.
-
Non-GAAP net loss was $(0.4) million for the first quarter of fiscal
2014, compared to $6.7 million Non-GAAP net income in the comparable
period in fiscal 2013. Non-GAAP net loss per diluted share was
$(0.01), based on basic and diluted weighted average shares
outstanding of 58.6 million, compared to $0.11 Non-GAAP net income per
diluted share for the first quarter of fiscal 2013, based on diluted
weighted average shares outstanding of 61.2 million.
Balance Sheet
-
The Company had $576.9 million in cash, cash equivalents and
investments at October 31, 2013, compared to $207.7 million at July
31, 2013. The Company used $14.6 million in cash flow from operations
in the first quarter, compared to cash flow used in operations of
$16.3 million in the comparable period in fiscal 2013.
Conference Call Information
What:
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Guidewire Software First Quarter Fiscal 2014 Financial Results
Conference Call
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When:
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Tuesday, December 3, 2013
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Time:
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2:00 p.m. PT (5:00 p.m. ET)
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Live Call:
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(877) 604-9665, domestic
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(719) 325-4763, international
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Replay:
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(877) 870-5176, passcode 2580053, domestic
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(858) 384-5517, passcode 2580053, international
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Webcast:
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http://ir.guidewire.com
(live and replay)
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The webcast will be archived on Guidewire's website for a period of
three months.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures:
Non-GAAP operating income, Non-GAAP net income and Non-GAAP earnings per
share.
Guidewire believes that these non-GAAP measures of financial results
provide useful information to management and investors regarding certain
financial and business trends relating to Guidewire's financial
condition and results of operations. The Company's management uses these
non-GAAP measures to compare the company's performance to that of prior
periods for trend analyses, for purposes of determining executive and
senior management incentive compensation and for budgeting and planning
purposes. The Company believes that 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 the Company's
financial measures with other software companies, many of which present
similar non-GAAP financial measures to investors.
Management of the Company does not consider these non-GAAP measures in
isolation or as an alternative to financial measures determined in
accordance with GAAP. The principal limitation of these non-GAAP
financial measures is that they exclude significant expenses and income
that are required by GAAP to be recorded in the Company's financial
statements. In addition, they are subject to inherent limitations as
they reflect the exercise of judgment by management about which expenses
and income are excluded or included in determining these non-GAAP
financial measures. In order to compensate for these limitations,
management presents non-GAAP financial measures in connection with GAAP
results. Guidewire urges investors to review the reconciliation of its
non-GAAP financial measures to the comparable GAAP financial measures,
which it includes in press releases announcing quarterly financial
results, including this press release, and not to rely on any single
financial measure to evaluate the Company's business.
Reconciliation tables of the most comparable GAAP financial measures to
the non-GAAP financial measures used in this press release are included
with the financial tables at the end of this release.
About Guidewire Software
Guidewire Software is a provider of software products for
Property/Casualty insurers. Designed to be flexible and scalable,
Guidewire products enable insurers to deliver excellent service,
increase market share and lower operating costs. Guidewire products
include Guidewire InsuranceSuite™, consisting of Guidewire
PolicyCenter®, Guidewire ClaimCenter® and Guidewire BillingCenter® which
span the core functional areas in insurance; Guidewire LiveSM,
a cloud-based network connecting peer insurers, core system data and
expert tools through instant on apps; Guidewire DataHub™ and Guidewire
InfoCenter™ which help insurers address their data management and
business intelligence challenges. Guidewire is headquartered in Foster
City, California, with offices in Beijing, Dublin, Hong Kong, London,
Munich, Paris, Sydney, Tokyo, Toronto and Warsaw. For more information,
please visit www.guidewire.com.
NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire
PolicyCenter, Guidewire BillingCenter, Guidewire InsuranceSuite,
Guidewire DataHub, Guidewire InfoCenter, Guidewire Live, Live Inside,
Before & After, Claim Canvas, ViewPoint, Guidewire PartnerConnect,
Guidewire SolutionConnect, Deliver Insurance Your Way, and the Guidewire
logo are trademarks, service marks, or registered trademarks of
Guidewire Software, Inc. in the United States and/or other countries.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to, statements
regarding our market positioning, future adoption of our products and
future investments. These forward-looking statements are made as of the
date they were first issued and were based on current expectations,
estimates, forecasts and projections as well as the beliefs and
assumptions of management. Words such as "expect," "anticipate,"
"should," "believe," "hope," "target," "project," "goals," "estimate,"
"potential," "predict," "may," "will," "might," "could," "intend,"
variations of these terms or the negative of these terms and similar
expressions are intended to identify these forward-looking statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that are
beyond Guidewire's control. Guidewire's actual results could differ
materially from those stated or implied in forward-looking statements
due to a number of factors, including but not limited to, risks detailed
in Guidewire's most recent Forms 10-K and 10-Q filed with the Securities
and Exchange Commission as well as other documents that may be filed by
the Company from time to time with the Securities and Exchange
Commission. In particular, the following factors, among others, could
cause results to differ materially from those expressed or implied by
such forward-looking statements: the market for our software may develop
more slowly than expected or than it has in the past; quarterly and
annual operating results may fluctuate more than expected; seasonal and
other variations related to our revenue recognition may cause
significant fluctuations in our results of operations and cash flows;
our reliance on sales to and renewals from a relatively small number of
large customers for a substantial portion of our revenues; our services
revenues produce lower gross margins than our license and maintenance
revenues; assertions by third parties that we violate their intellectual
property rights could substantially harm our business; we face intense
competition in our market; weakened global economic conditions may
adversely affect the P&C insurance industry including the rate of
information technology spending; our product development and sales
cycles are lengthy; the risk of losing key employees; changes in foreign
exchange rates; general political or destabilizing events, including
war, conflict or acts of terrorism; and other risks and uncertainties.
Past performance is not necessarily indicative of future results. The
forward-looking statements included in this press release represent
Guidewire's views as of the date of this press release. The Company
anticipates that subsequent events and developments will cause its views
to change. Guidewire undertakes no intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. These forward-looking
statements should not be relied upon as representing Guidewire's views
as of any date subsequent to the date of this press release.
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GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(unaudited, in thousands)
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October 31, 2013
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July 31, 2013
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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|
|
|
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$
|
437,145
|
|
|
$
|
79,767
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|
Short-term investments
|
|
|
|
|
91,561
|
|
|
76,932
|
|
Restricted cash, current
|
|
|
|
|
174
|
|
|
167
|
|
Accounts receivable
|
|
|
|
|
47,093
|
|
|
40,885
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|
Deferred tax assets, current
|
|
|
|
|
2,895
|
|
|
2,897
|
|
Prepaid expenses and other current assets
|
|
|
|
|
8,263
|
|
|
9,445
|
|
Total current assets
|
|
|
|
|
587,131
|
|
|
210,093
|
|
Long-term investments
|
|
|
|
|
48,192
|
|
|
51,040
|
|
Property and equipment, net
|
|
|
|
|
12,434
|
|
|
12,914
|
|
Intangible assets, net
|
|
|
|
|
6,519
|
|
|
6,879
|
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Deferred tax assets, noncurrent
|
|
|
|
|
28,526
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|
|
21,091
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Goodwill
|
|
|
|
|
9,143
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|
|
9,048
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Other assets
|
|
|
|
|
1,103
|
|
|
1,205
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TOTAL ASSETS
|
|
|
|
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$
|
693,048
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|
$
|
312,270
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Accounts payable
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$
|
6,925
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|
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$
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6,517
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Accrued employee compensation
|
|
|
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|
16,514
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26,302
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Deferred revenues, current
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|
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39,819
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|
37,351
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Other current liabilities
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|
|
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3,719
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|
4,614
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Total current liabilities
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|
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66,977
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74,784
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Deferred revenues, noncurrent
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3,686
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|
|
3,845
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Other liabilities
|
|
|
|
|
5,029
|
|
|
5,212
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Total liabilities
|
|
|
|
|
75,692
|
|
|
83,841
|
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STOCKHOLDERS' EQUITY:
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Common stock
|
|
|
|
|
7
|
|
|
6
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Additional paid-in capital
|
|
|
|
|
636,904
|
|
|
237,769
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(1,152
|
)
|
|
(1,558
|
)
|
Accumulated deficit
|
|
|
|
|
(18,403
|
)
|
|
(7,788
|
)
|
Total stockholders' equity
|
|
|
|
|
617,356
|
|
|
228,429
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
$
|
693,048
|
|
|
$
|
312,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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(unaudited, in thousands except share and per share data)
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|
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Three Months Ended October 31,
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2013
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2012
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Revenues:
|
|
|
|
|
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License
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$
|
18,870
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$
|
20,812
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|
Maintenance
|
|
|
|
|
9,639
|
|
|
9,370
|
|
Services
|
|
|
|
|
38,020
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|
|
33,119
|
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Total revenues
|
|
|
|
|
66,529
|
|
|
63,301
|
|
Cost of revenues: (1)
|
|
|
|
|
|
|
|
License
|
|
|
|
|
903
|
|
|
167
|
|
Maintenance
|
|
|
|
|
1,903
|
|
|
1,564
|
|
Services
|
|
|
|
|
37,114
|
|
|
25,826
|
|
Total cost of revenues
|
|
|
|
|
39,920
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|
|
27,557
|
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Gross profit:
|
|
|
|
|
|
|
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License
|
|
|
|
|
17,967
|
|
|
20,645
|
|
Maintenance
|
|
|
|
|
7,736
|
|
|
7,806
|
|
Services
|
|
|
|
|
906
|
|
|
7,293
|
|
Total gross profit
|
|
|
|
|
26,609
|
|
|
35,744
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Operating expenses: (1)
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|
|
|
|
|
|
|
Research and development
|
|
|
|
|
18,750
|
|
|
14,764
|
|
Sales and marketing
|
|
|
|
|
17,134
|
|
|
12,376
|
|
General and administrative
|
|
|
|
|
8,865
|
|
|
8,666
|
|
Total operating expenses
|
|
|
|
|
44,749
|
|
|
35,806
|
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Income (loss) from operations
|
|
|
|
|
(18,140
|
)
|
|
(62
|
)
|
Interest income, net
|
|
|
|
|
158
|
|
|
90
|
|
Other income, net
|
|
|
|
|
204
|
|
|
141
|
|
Income (loss) before provision for (benefit from) income taxes
|
|
|
|
|
(17,778
|
)
|
|
169
|
|
Provision for (benefit from) income taxes
|
|
|
|
|
(7,163
|
)
|
|
(278
|
)
|
Net income (loss)
|
|
|
|
|
$
|
(10,615
|
)
|
|
$
|
447
|
|
Earnings (loss) per share:
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
(0.18
|
)
|
|
$
|
0.01
|
|
Diluted
|
|
|
|
|
$
|
(0.18
|
)
|
|
$
|
0.01
|
|
Shares used in computing earnings (loss) per share:
|
|
|
|
|
|
|
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Basic
|
|
|
|
|
58,649,353
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|
|
54,814,044
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|
Diluted
|
|
|
|
|
58,649,353
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61,185,270
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(1) Amounts include stock-based compensation expense as
follows:
|
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|
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|
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Three Months Ended October 31,
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2013
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|
2012
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Stock-based compensation expenses:
|
|
|
|
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|
Cost of license
|
|
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|
$
|
102
|
|
|
$
|
-
|
Cost of maintenance revenues
|
|
|
|
|
279
|
|
|
261
|
Cost of services revenues
|
|
|
|
|
4,560
|
|
|
2,616
|
Research and development
|
|
|
|
|
3,195
|
|
|
2,042
|
Marketing and sales
|
|
|
|
|
3,489
|
|
|
1,651
|
General and administrative
|
|
|
|
|
3,075
|
|
|
3,214
|
Total stock-based compensation expenses
|
|
|
|
|
$
|
14,700
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|
|
$
|
9,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended October 31,
|
|
|
|
|
|
2013
|
|
2012
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CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
$
|
(10,615
|
)
|
|
$
|
447
|
|
Adjustments to reconcile net income (loss) to net cash used in
operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
1,591
|
|
|
1,100
|
|
Stock-based compensation
|
|
|
|
|
14,700
|
|
|
9,784
|
|
Excess tax benefit from exercise of stock options and vesting of RSUs
|
|
|
|
|
(132
|
)
|
|
(114
|
)
|
Deferred taxes
|
|
|
|
|
(7,431
|
)
|
|
(917
|
)
|
Other noncash items affecting net income (loss)
|
|
|
|
|
316
|
|
|
-
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(6,210
|
)
|
|
(5,847
|
)
|
Prepaid expenses and other assets
|
|
|
|
|
1,335
|
|
|
1,016
|
|
Accounts payable
|
|
|
|
|
884
|
|
|
827
|
|
Accrued employee compensation
|
|
|
|
|
(9,947
|
)
|
|
(11,604
|
)
|
Other liabilities
|
|
|
|
|
(1,299
|
)
|
|
929
|
|
Deferred revenues
|
|
|
|
|
2,225
|
|
|
(11,900
|
)
|
Net cash used in operating activities
|
|
|
|
|
(14,583
|
)
|
|
(16,279
|
)
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
Purchases of available-for-sale securities
|
|
|
|
|
(43,157
|
)
|
|
-
|
|
Sales and maturities of available-for-sale securities
|
|
|
|
|
31,102
|
|
|
-
|
|
Purchase of property and equipment
|
|
|
|
|
(1,206
|
)
|
|
(4,810
|
)
|
Acquisition, net of cash acquired
|
|
|
|
|
(95
|
)
|
|
-
|
|
Decrease in restricted cash
|
|
|
|
|
-
|
|
|
1,605
|
|
Net cash used in investing activities
|
|
|
|
|
(13,356
|
)
|
|
(3,205
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock upon exercise of stock options
|
|
|
|
|
2,063
|
|
|
3,163
|
|
Taxes remitted on RSU awards vested
|
|
|
|
|
(7,302
|
)
|
|
(4,164
|
)
|
Proceeds from issuance of common stock in connection with public
offerings, net of underwriting discounts and commission
|
|
|
|
|
389,949
|
|
|
-
|
|
Costs paid in connection with public offerings
|
|
|
|
|
(107
|
)
|
|
-
|
|
Excess tax benefit from exercise of stock options and vesting of RSUs
|
|
|
|
|
132
|
|
|
114
|
|
Net cash provided by (used in) financing activities
|
|
|
|
|
384,735
|
|
|
(887
|
)
|
Effect of foreign exchange rate changes on cash and cash equivalents
|
|
|
|
|
582
|
|
|
125
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
|
|
357,378
|
|
|
(20,246
|
)
|
CASH AND CASH EQUIVALENTS-Beginning of period
|
|
|
|
|
79,767
|
|
|
205,718
|
|
CASH AND CASH EQUIVALENTS-End of period
|
|
|
|
|
$
|
437,145
|
|
|
$
|
185,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
|
Reconciliation of GAAP to Non-GAAP Operating Results
|
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
The following tables reconcile the specific items excluded from GAAP
in the calculation of non-GAAP operating results for the periods
indicated below:
|
|
|
|
|
|
Three Months Ended October 31,
|
Income (loss) from operations reconciliation:
|
|
|
|
|
2013
|
|
2012
|
GAAP net income (loss) from operations
|
|
|
|
|
$
|
(18,140
|
)
|
|
$
|
(62
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
Stock-based compensation (1)
|
|
|
|
|
14,700
|
|
|
9,784
|
|
Amortization of intangibles (1)
|
|
|
|
|
360
|
|
|
-
|
|
Tax effect on Non-GAAP adjustment (2)
|
|
|
|
|
-
|
|
|
-
|
|
Non-GAAP net income (loss) from operations
|
|
|
|
|
$
|
(3,080
|
)
|
|
$
|
9,722
|
|
|
|
|
|
|
|
|
|
Net income (loss) reconciliation:
|
|
|
|
|
|
|
|
GAAP net income (loss)
|
|
|
|
|
$
|
(10,615
|
)
|
|
$
|
447
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
Stock-based compensation (1)
|
|
|
|
|
14,700
|
|
|
9,784
|
|
Amortization of intangibles (1)
|
|
|
|
|
360
|
|
|
-
|
|
Tax effect on Non-GAAP adjustments (2)
|
|
|
|
|
(4,834
|
)
|
|
(3,532
|
)
|
Non-GAAP net income (loss)
|
|
|
|
|
$
|
(389
|
)
|
|
$
|
6,699
|
|
(1) Adjustments relate to amortization of acquired
intangibles and stock-based compensation recognized during the period
for GAAP purposes. (2) Adjustment reflects the tax
benefit resulting from all non-GAAP adjustments.
|
|
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
|
Reconciliation of GAAP to Non-GAAP Operating Results
|
(unaudited, in thousands except share and per share data)
|
|
|
|
|
|
|
|
|
The following tables reconcile the specific items excluded from GAAP
in the calculation of non-GAAP operating results for the periods
indicated below:
|
|
|
|
|
|
Three Months Ended October 31,
|
|
|
|
|
|
2013
|
|
2012
|
Earnings per share reconciliation:
|
|
|
|
|
|
|
|
GAAP earnings (loss) per share - Diluted
|
|
|
|
|
$
|
(0.18
|
)
|
|
$
|
0.01
|
|
Amortization of intangibles acquired in business combinations
|
|
|
|
|
0.01
|
|
|
-
|
|
Stock-based compensation
|
|
|
|
|
0.25
|
|
|
0.16
|
|
Less tax benefit of non GAAP items
|
|
|
|
|
(0.09
|
)
|
|
(0.06
|
)
|
Non-GAAP dilutive shares excluded from GAAP EPS calculation (3)
|
|
|
|
|
-
|
|
|
-
|
|
Non-GAAP earnings (loss) per share - Diluted
|
|
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.11
|
|
(3) Due to the occurrence of a net loss on a GAAP basis, potentially
dilutive securities were excluded from the calculation of GAAP
earnings per share, as they would have an antidilutive effect.
However, as net income was earned on a Non-GAAP basis, these shares
have a dilutive effect on Non-GAAP earnings per share and are
included here.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended October 31,
|
|
|
|
|
|
2013
|
|
2012
|
Shares used in computing non-GAAP per share amounts:
|
|
|
|
|
|
|
|
Weighted average shares - Diluted
|
|
|
|
|
58,649,353
|
|
|
61,185,270
|
|
Non-GAAP dilutive shares excluded from GAAP EPS calculation (3)
|
|
|
|
|
-
|
|
|
-
|
|
Pro forma weighted average shares - Diluted
|
|
|
|
|
58,649,353
|
|
|
61,185,270
|
|
(3) Due to the occurrence of a net loss on a GAAP basis, potentially
dilutive securities were excluded from the calculation of GAAP
earnings per share, as they would have an antidilutive effect.
However, as net income was earned on a Non-GAAP basis, these shares
have a dilutive effect on Non-GAAP earnings per share and are
included here.
|
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