[January 28, 2014] |
|
Kofax Provides Quarterly Financial Statements for Fiscal Years 2012 and 2013 and the First Quarter of Fiscal Year 2014
IRVINE, Calif. --(Business Wire)--
Kofax® Limited (NASDAQ:KFX) (LSE:KFX), a leading provider of smart
process applications for the business critical First Mile™ of customer
interactions, today provides unaudited IFRS quarterly financial
statements for the fiscal years ended June 30, 2012 and 2013 and the
quarter ended September 30, 2013 to assist investors in understanding
the Company's business and provide references for evaluating future
performance. This information is being provided in response to increased
interest from U.S. investors and analysts in more detailed historical
financial results of the Company. These condensed, consolidated
financial statements are unaudited and are intended to supplement the
half year and full year statements previously published.
In addition, the Company has provided certain non-IFRS, or "adjusted,"
financial measures as well as supplemental reconciliation data. Please
refer to the discussion of non-IFRS financial measures and associated
reconciliations in the statements for more information regarding the
Company's use of non-IFRS measures.
About Kofax
Kofax Limited is a leading provider of smart process applications for
the business critical First Mile of customer interactions. These begin
with an organization's systems of engagement, which generate real time,
information intensive communications from customers, and provide an
essential connection to their systems of record, which are typically
large scale, rigid enterprise applications and repositories not easily
adapted to more contemporary technology. Success in the First Mile can
dramatically improve an organization's customer experience and greatly
reduce operating costs, thus driving increased competitiveness, growth
and profitability. Kofax software and solutions provide a rapid return
on investment to more than 20,000 customers in financial services,
insurance, government, healthcare, business process outsourcing and
other markets. Kofax delivers these through its own sales and service
organization, and a global network of more than 800 authorized partners
in more than 75 countries throughout the Americas, EMEA and Asia
Pacific. For more information, visit kofax.com.
©2014 Kofax Limited. Kofax is a registered trademark and First Mile
is a trademark of Kofax Limited.
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Kofax Limited
|
Unaudited Condensed Consolidated Income Statements
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($ in thousands, except per share amounts)
|
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|
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|
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|
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|
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|
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|
|
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Q1-2012
|
|
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Q2-2012
|
|
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Q3-2012
|
|
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Q4-2012
|
|
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Q1-2013
|
|
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Q2-2013
|
|
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Q3-2013
|
|
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Q4-2013
|
|
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Q1-2014
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Software licenses
|
|
|
$
|
24,257
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|
|
|
$
|
33,261
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|
|
|
$
|
21,936
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|
|
|
$
|
37,801
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|
|
|
$
|
22,132
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|
|
|
$
|
25,017
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|
|
|
$
|
26,422
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|
|
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$
|
38,657
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|
|
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$
|
24,444
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Maintenance services
|
|
|
|
27,603
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|
|
|
|
29,458
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|
|
|
|
28,071
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|
|
|
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28,652
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|
|
|
|
29,876
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|
|
|
|
30,804
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|
|
|
|
29,966
|
|
|
|
|
31,105
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|
|
|
|
32,098
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Professional services
|
|
|
|
6,650
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|
|
|
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7,291
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|
|
|
|
8,685
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|
|
|
|
8,816
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|
|
|
|
8,127
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|
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|
|
7,883
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|
|
|
|
7,933
|
|
|
|
|
8,396
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|
|
|
|
8,870
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Total revenue
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|
|
58,510
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|
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|
|
70,010
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|
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|
|
58,692
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|
|
|
|
75,269
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|
|
|
|
60,135
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|
|
|
|
63,704
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|
|
|
|
64,321
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|
|
|
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78,158
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|
|
|
|
65,412
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Cost of software licenses
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|
|
2,516
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|
|
|
|
2,744
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|
|
|
|
2,309
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|
|
|
|
3,732
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|
|
|
|
2,431
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|
|
|
|
2,295
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|
|
|
|
2,576
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|
|
|
|
3,386
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|
|
|
|
2,656
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Cost of maintenance services
|
|
|
|
3,982
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|
|
|
|
4,100
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|
|
|
|
4,547
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|
|
|
|
3,791
|
|
|
|
|
4,226
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|
|
|
|
4,537
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|
|
|
|
4,753
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|
|
|
|
4,678
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|
|
|
|
4,807
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Cost of professional services
|
|
|
|
5,728
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|
|
|
|
6,375
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|
|
|
|
7,189
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|
|
|
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7,492
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|
|
|
|
6,925
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|
|
|
|
7,205
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|
|
|
|
7,182
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|
|
|
|
7,031
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|
|
|
|
7,629
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Research and development
|
|
|
|
8,282
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|
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|
|
8,250
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|
|
|
|
8,677
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|
|
|
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8,595
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|
|
|
|
8,471
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|
|
|
|
8,433
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|
|
|
|
9,010
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|
|
|
|
8,772
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|
|
|
|
9,077
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Sales and marketing
|
|
|
|
24,427
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|
|
|
|
24,220
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|
|
|
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24,244
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|
|
|
|
23,401
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|
|
|
|
24,485
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|
|
|
|
23,720
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|
|
|
|
24,565
|
|
|
|
|
25,439
|
|
|
|
|
28,039
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General and administrative
|
|
|
|
10,039
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|
|
|
|
10,602
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|
|
|
|
9,304
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|
|
|
|
9,151
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|
|
|
|
9,328
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|
|
|
|
9,907
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|
|
|
|
9,082
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|
|
|
|
8,969
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|
|
|
|
9,189
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Amortization of acquired intangible assets
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|
|
|
889
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|
|
|
|
1,016
|
|
|
|
|
1,477
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|
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|
|
1,808
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|
|
|
|
1,607
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|
|
|
|
1,619
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|
|
|
|
1,587
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|
|
|
|
1,894
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|
|
|
|
2,224
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Acquisition-related costs
|
|
|
|
363
|
|
|
|
|
1,411
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|
|
|
|
2,153
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|
|
|
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1,943
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|
|
|
|
1,438
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|
|
|
|
1,505
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|
|
|
|
1,600
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|
|
|
|
139
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|
|
|
|
2,104
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|
Restructuring costs
|
|
|
|
43
|
|
|
|
|
4,733
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|
|
|
(214
|
)
|
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|
|
355
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|
|
|
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-
|
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-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Other operating expenses, net
|
|
|
|
406
|
|
|
|
|
389
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|
|
|
|
85
|
|
|
|
|
(211
|
)
|
|
|
|
1,179
|
|
|
|
|
678
|
|
|
|
|
417
|
|
|
|
|
121
|
|
|
|
|
311
|
|
Operating costs and expenses
|
|
|
|
56,675
|
|
|
|
|
63,840
|
|
|
|
|
59,771
|
|
|
|
|
60,057
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|
|
|
|
60,090
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|
|
|
|
59,899
|
|
|
|
|
60,772
|
|
|
|
|
60,429
|
|
|
|
|
66,036
|
|
Income/(loss) from operations
|
|
|
|
1,835
|
|
|
|
|
6,170
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|
|
|
|
(1,079
|
)
|
|
|
|
15,212
|
|
|
|
|
45
|
|
|
|
|
3,805
|
|
|
|
|
3,549
|
|
|
|
|
17,729
|
|
|
|
|
(624
|
)
|
Finance income
|
|
|
|
2,230
|
|
|
|
|
1,577
|
|
|
|
|
815
|
|
|
|
|
1,327
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|
|
|
|
51
|
|
|
|
|
65
|
|
|
|
|
20
|
|
|
|
|
151
|
|
|
|
|
3,845
|
|
Finance expense
|
|
|
|
(114
|
)
|
|
|
|
(185
|
)
|
|
|
|
(158
|
)
|
|
|
|
(198
|
)
|
|
|
|
(173
|
)
|
|
|
|
(1,722
|
)
|
|
|
|
(2,901
|
)
|
|
|
|
(2,420
|
)
|
|
|
|
(156
|
)
|
Net finance income/(expense)
|
|
|
|
2,116
|
|
|
|
|
1,392
|
|
|
|
|
657
|
|
|
|
|
1,129
|
|
|
|
|
(122
|
)
|
|
|
|
(1,657
|
)
|
|
|
|
(2,881
|
)
|
|
|
|
(2,269
|
)
|
|
|
|
3,689
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|
Income/(loss) from continuing operations, before tax
|
|
|
|
3,951
|
|
|
|
|
7,562
|
|
|
|
|
(422
|
)
|
|
|
|
16,341
|
|
|
|
|
(77
|
)
|
|
|
|
2,148
|
|
|
|
|
668
|
|
|
|
|
15,460
|
|
|
|
|
3,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
1,268
|
|
|
|
|
3,090
|
|
|
|
|
84
|
|
|
|
|
5,553
|
|
|
|
|
789
|
|
|
|
|
1,651
|
|
|
|
|
997
|
|
|
|
|
4,761
|
|
|
|
|
610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
138
|
|
|
|
|
501
|
|
|
|
|
387
|
|
|
|
|
387
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) attributable to equity holders of the Parent
|
|
|
$
|
2,545
|
|
|
|
$
|
3,971
|
|
|
|
|
($893
|
)
|
|
|
$
|
10,401
|
|
|
|
|
($866
|
)
|
|
|
$
|
497
|
|
|
|
|
($329
|
)
|
|
|
$
|
10,699
|
|
|
|
$
|
2,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$
|
0.03
|
|
|
|
$
|
0.04
|
|
|
|
|
($0.01
|
)
|
|
|
$
|
0.13
|
|
|
|
|
($0.01
|
)
|
|
|
$
|
0.01
|
|
|
|
|
($0.01
|
)
|
|
|
$
|
0.13
|
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
$
|
0.03
|
|
|
|
$
|
0.04
|
|
|
|
|
($0.01
|
)
|
|
|
$
|
0.12
|
|
|
|
|
($0.01
|
)
|
|
|
$
|
0.01
|
|
|
|
|
($0.01
|
)
|
|
|
$
|
0.12
|
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kofax Limited
|
Unaudited Condensed Consolidated Statements of Financial Position
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2012
|
|
|
Q2-2012
|
|
|
Q3-2012
|
|
|
Q4-2012
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
92,519
|
|
|
$
|
62,344
|
|
|
$
|
82,036
|
|
|
$
|
81,122
|
|
|
$
|
90,282
|
|
|
$
|
87,031
|
|
|
$
|
86,806
|
|
|
$
|
93,413
|
|
|
$
|
71,999
|
Trade receivables, net
|
|
|
|
41,948
|
|
|
|
64,230
|
|
|
|
45,084
|
|
|
|
59,521
|
|
|
|
47,549
|
|
|
|
48,438
|
|
|
|
51,116
|
|
|
|
60,929
|
|
|
|
43,994
|
Inventories
|
|
|
|
1,959
|
|
|
|
2,121
|
|
|
|
1,903
|
|
|
|
1,542
|
|
|
|
1,382
|
|
|
|
1,955
|
|
|
|
1,801
|
|
|
|
1,800
|
|
|
|
2,056
|
Deferred tax assets
|
|
|
|
5,259
|
|
|
|
5,715
|
|
|
|
890
|
|
|
|
4,864
|
|
|
|
4,660
|
|
|
|
810
|
|
|
|
515
|
|
|
|
2,024
|
|
|
|
746
|
Other current assets
|
|
|
|
15,278
|
|
|
|
15,604
|
|
|
|
16,384
|
|
|
|
10,151
|
|
|
|
11,970
|
|
|
|
12,038
|
|
|
|
9,800
|
|
|
|
8,657
|
|
|
|
10,746
|
Total current assets
|
|
|
|
156,963
|
|
|
|
150,014
|
|
|
|
146,297
|
|
|
|
157,200
|
|
|
|
155,843
|
|
|
|
150,272
|
|
|
|
150,038
|
|
|
|
166,823
|
|
|
|
129,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-current assets
|
|
|
|
7,616
|
|
|
|
8,423
|
|
|
|
5,513
|
|
|
|
5,285
|
|
|
|
5,227
|
|
|
|
4,822
|
|
|
|
3,998
|
|
|
|
3,671
|
|
|
|
3,510
|
Property and equipment
|
|
|
|
6,292
|
|
|
|
5,828
|
|
|
|
5,696
|
|
|
|
5,571
|
|
|
|
5,244
|
|
|
|
5,084
|
|
|
|
4,792
|
|
|
|
4,510
|
|
|
|
4,515
|
Deferred tax assets
|
|
|
|
11,098
|
|
|
|
10,715
|
|
|
|
11,448
|
|
|
|
10,363
|
|
|
|
11,893
|
|
|
|
11,585
|
|
|
|
12,253
|
|
|
|
14,350
|
|
|
|
24,226
|
Intangible assets
|
|
|
|
153,348
|
|
|
|
183,422
|
|
|
|
183,413
|
|
|
|
179,358
|
|
|
|
179,778
|
|
|
|
178,472
|
|
|
|
190,003
|
|
|
|
189,789
|
|
|
|
240,500
|
Assets classified as held for sale
|
|
|
|
-
|
|
|
|
414
|
|
|
|
414
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Total assets
|
|
|
$
|
335,317
|
|
|
$
|
358,816
|
|
|
$
|
352,781
|
|
|
$
|
357,777
|
|
|
$
|
357,985
|
|
|
$
|
350,235
|
|
|
$
|
361,084
|
|
|
$
|
379,143
|
|
|
$
|
402,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
$
|
33,623
|
|
|
$
|
37,490
|
|
|
$
|
32,190
|
|
|
$
|
33,820
|
|
|
$
|
33,270
|
|
|
$
|
29,771
|
|
|
$
|
37,726
|
|
|
$
|
35,504
|
|
|
$
|
36,555
|
Deferred income - current
|
|
|
|
47,796
|
|
|
|
54,273
|
|
|
|
58,459
|
|
|
|
58,508
|
|
|
|
56,615
|
|
|
|
57,219
|
|
|
|
61,980
|
|
|
|
62,955
|
|
|
|
64,124
|
Current tax liabilities
|
|
|
|
14,745
|
|
|
|
18,118
|
|
|
|
10,500
|
|
|
|
12,255
|
|
|
|
12,051
|
|
|
|
6,876
|
|
|
|
6,626
|
|
|
|
10,106
|
|
|
|
9,711
|
Provisions - current
|
|
|
|
6,657
|
|
|
|
11,098
|
|
|
|
10,656
|
|
|
|
9,609
|
|
|
|
7,416
|
|
|
|
8,103
|
|
|
|
9,175
|
|
|
|
8,397
|
|
|
|
11,682
|
Total current liabilities
|
|
|
|
102,821
|
|
|
|
120,979
|
|
|
|
111,805
|
|
|
|
114,192
|
|
|
|
109,352
|
|
|
|
101,969
|
|
|
|
115,507
|
|
|
|
116,962
|
|
|
|
122,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee benefits
|
|
|
|
2,852
|
|
|
|
2,634
|
|
|
|
2,733
|
|
|
|
2,259
|
|
|
|
2,236
|
|
|
|
2,185
|
|
|
|
2,051
|
|
|
|
3,018
|
|
|
|
3,299
|
Deferred income - non-current
|
|
|
|
6,758
|
|
|
|
5,813
|
|
|
|
5,037
|
|
|
|
5,078
|
|
|
|
4,834
|
|
|
|
4,585
|
|
|
|
4,480
|
|
|
|
5,095
|
|
|
|
7,468
|
Deferred tax liabilities
|
|
|
|
14,319
|
|
|
|
17,172
|
|
|
|
16,791
|
|
|
|
14,112
|
|
|
|
13,189
|
|
|
|
13,081
|
|
|
|
11,986
|
|
|
|
14,607
|
|
|
|
19,918
|
Provisions - non-current
|
|
|
|
2,142
|
|
|
|
3,847
|
|
|
|
3,488
|
|
|
|
4,196
|
|
|
|
5,423
|
|
|
|
2,997
|
|
|
|
2,676
|
|
|
|
2,334
|
|
|
|
7,257
|
Total Liabilities
|
|
|
|
128,892
|
|
|
|
150,445
|
|
|
|
139,854
|
|
|
|
139,837
|
|
|
|
135,034
|
|
|
|
124,817
|
|
|
|
136,700
|
|
|
|
142,016
|
|
|
|
160,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders' equity
|
|
|
|
206,425
|
|
|
|
208,371
|
|
|
|
212,927
|
|
|
|
217,940
|
|
|
|
222,951
|
|
|
|
225,418
|
|
|
|
224,384
|
|
|
|
237,127
|
|
|
|
242,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and Shareholders' equity
|
|
|
$
|
335,317
|
|
|
$
|
358,816
|
|
|
$
|
352,781
|
|
|
$
|
357,777
|
|
|
$
|
357,985
|
|
|
$
|
350,235
|
|
|
$
|
361,084
|
|
|
$
|
379,143
|
|
|
$
|
402,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kofax Limited
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2012
|
|
|
Q2-2012
|
|
|
Q3-2012
|
|
|
Q4-2012
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before tax
|
|
|
$
|
3,951
|
|
|
|
$
|
7,562
|
|
|
|
|
($422
|
)
|
|
|
$
|
16,341
|
|
|
|
|
($77
|
)
|
|
|
$
|
2,148
|
|
|
|
$
|
668
|
|
|
|
$
|
15,460
|
|
|
|
$
|
3,065
|
|
Loss from discontinued operations before tax
|
|
|
|
(138
|
)
|
|
|
|
(501
|
)
|
|
|
|
(387
|
)
|
|
|
|
(462
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Income from operations before tax
|
|
|
|
3,813
|
|
|
|
|
7,061
|
|
|
|
|
(809
|
)
|
|
|
|
15,879
|
|
|
|
|
(77
|
)
|
|
|
|
2,148
|
|
|
|
|
668
|
|
|
|
|
15,460
|
|
|
|
|
3,065
|
|
Adj to reconcile profit before tax to net cash flows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income
|
|
|
|
(2,230
|
)
|
|
|
|
(1,577
|
)
|
|
|
|
(815
|
)
|
|
|
|
(1,327
|
)
|
|
|
|
(51
|
)
|
|
|
|
(65
|
)
|
|
|
|
(20
|
)
|
|
|
|
(151
|
)
|
|
|
|
(3,845
|
)
|
Finance expense
|
|
|
|
114
|
|
|
|
|
185
|
|
|
|
|
158
|
|
|
|
|
198
|
|
|
|
|
173
|
|
|
|
|
1,722
|
|
|
|
|
2,901
|
|
|
|
|
2,420
|
|
|
|
|
156
|
|
Depreciation and amortization
|
|
|
|
2,515
|
|
|
|
|
2,576
|
|
|
|
|
2,944
|
|
|
|
|
3,068
|
|
|
|
|
3,190
|
|
|
|
|
3,084
|
|
|
|
|
3,088
|
|
|
|
|
3,510
|
|
|
|
|
3,635
|
|
Share-based payment expense
|
|
|
|
1,057
|
|
|
|
|
1,122
|
|
|
|
|
881
|
|
|
|
|
845
|
|
|
|
|
362
|
|
|
|
|
829
|
|
|
|
|
(294
|
)
|
|
|
|
496
|
|
|
|
|
749
|
|
Gain on disposal of property and equipment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(153
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
|
10,016
|
|
|
|
|
(20,188
|
)
|
|
|
|
20,101
|
|
|
|
|
(16,789
|
)
|
|
|
|
12,648
|
|
|
|
|
(1,098
|
)
|
|
|
|
(3,354
|
)
|
|
|
|
(9,577
|
)
|
|
|
|
20,173
|
|
Other assets
|
|
|
|
(247
|
)
|
|
|
|
(7,299
|
)
|
|
|
|
4,407
|
|
|
|
|
5,173
|
|
|
|
|
(976
|
)
|
|
|
|
(615
|
)
|
|
|
|
3,232
|
|
|
|
|
(789
|
)
|
|
|
|
(1,184
|
)
|
Trade and other payables
|
|
|
|
(12,300
|
)
|
|
|
|
10,819
|
|
|
|
|
(7,710
|
)
|
|
|
|
364
|
|
|
|
|
(1,962
|
)
|
|
|
|
(3,931
|
)
|
|
|
|
8,528
|
|
|
|
|
(2,474
|
)
|
|
|
|
(5,719
|
)
|
Deferred income
|
|
|
|
(2,917
|
)
|
|
|
|
5,640
|
|
|
|
|
2,651
|
|
|
|
|
657
|
|
|
|
|
(2,930
|
)
|
|
|
|
52
|
|
|
|
|
5,064
|
|
|
|
|
2,043
|
|
|
|
|
1,170
|
|
Provisions
|
|
|
|
(214
|
)
|
|
|
|
4,017
|
|
|
|
|
1,667
|
|
|
|
|
926
|
|
|
|
|
922
|
|
|
|
|
1,425
|
|
|
|
|
(3,506
|
)
|
|
|
|
40
|
|
|
|
|
1,608
|
|
Payments under restructuring - personnel
|
|
|
|
(397
|
)
|
|
|
|
(594
|
)
|
|
|
|
(2,302
|
)
|
|
|
|
(38
|
)
|
|
|
|
(840
|
)
|
|
|
|
(27
|
)
|
|
|
|
6
|
|
|
|
|
(2
|
)
|
|
|
|
(100
|
)
|
Income taxes paid
|
|
|
|
(437
|
)
|
|
|
|
153
|
|
|
|
|
(2,616
|
)
|
|
|
|
(9,272
|
)
|
|
|
|
(1,851
|
)
|
|
|
|
(2,927
|
)
|
|
|
|
(2,385
|
)
|
|
|
|
(3,586
|
)
|
|
|
|
(1,302
|
)
|
Net cash inflow from operating activities
|
|
|
|
(1,227
|
)
|
|
|
|
1,915
|
|
|
|
|
18,557
|
|
|
|
|
(469
|
)
|
|
|
|
8,608
|
|
|
|
|
597
|
|
|
|
|
13,928
|
|
|
|
|
7,390
|
|
|
|
|
18,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment, licenses and similar rights
|
|
|
|
(866
|
)
|
|
|
|
(646
|
)
|
|
|
|
(709
|
)
|
|
|
|
(986
|
)
|
|
|
|
(588
|
)
|
|
|
|
(645
|
)
|
|
|
|
(552
|
)
|
|
|
|
(1,265
|
)
|
|
|
|
(1,070
|
)
|
Disposal of property and equipment, licenses and similar rights
|
|
|
|
8
|
|
|
|
|
33
|
|
|
|
|
33
|
|
|
|
|
746
|
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
|
(1
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
Acquisition of subsidiaries, net cash acquired
|
|
|
|
-
|
|
|
|
|
(29,018
|
)
|
|
|
|
(296
|
)
|
|
|
|
(1,027
|
)
|
|
|
|
(1,402
|
)
|
|
|
|
(3,097
|
)
|
|
|
|
(12,105
|
)
|
|
|
|
(155
|
)
|
|
|
|
(40,141
|
)
|
Purchase of financial instrument
|
|
|
|
-
|
|
|
|
|
(502
|
)
|
|
|
|
2
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Proceeds from sale of discontinued ops.
|
|
|
|
1,023
|
|
|
|
|
(1,023
|
)
|
|
|
|
-
|
|
|
|
|
5,074
|
|
|
|
|
-
|
|
|
|
|
600
|
|
|
|
|
3
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Interest received
|
|
|
|
28
|
|
|
|
|
-
|
|
|
|
|
145
|
|
|
|
|
339
|
|
|
|
|
46
|
|
|
|
|
61
|
|
|
|
|
23
|
|
|
|
|
1
|
|
|
|
|
29
|
|
Net cash outflow from investing activities
|
|
|
|
193
|
|
|
|
|
(31,156
|
)
|
|
|
|
(825
|
)
|
|
|
|
4,146
|
|
|
|
|
(1,944
|
)
|
|
|
|
(3,081
|
)
|
|
|
|
(12,631
|
)
|
|
|
|
(1,419
|
)
|
|
|
|
(41,182
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of share capital
|
|
|
|
43
|
|
|
|
|
131
|
|
|
|
|
649
|
|
|
|
|
584
|
|
|
|
|
1,513
|
|
|
|
|
232
|
|
|
|
|
186
|
|
|
|
|
(65
|
)
|
|
|
|
94
|
|
Decrease in long term borrowings
|
|
|
|
(279
|
)
|
|
|
|
-
|
|
|
|
|
176
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Purchases of and proceeds from employee benefit shares
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(2,868
|
)
|
|
|
|
-
|
|
|
|
|
(959
|
)
|
|
|
|
6
|
|
|
|
|
551
|
|
|
|
|
230
|
|
Interest paid
|
|
|
|
(113
|
)
|
|
|
|
(93
|
)
|
|
|
|
163
|
|
|
|
|
(385
|
)
|
|
|
|
(51
|
)
|
|
|
|
(170
|
)
|
|
|
|
(162
|
)
|
|
|
|
38
|
|
|
|
|
(137
|
)
|
Net cash inflow from financing activities
|
|
|
|
(349
|
)
|
|
|
|
38
|
|
|
|
|
988
|
|
|
|
|
(2,669
|
)
|
|
|
|
1,462
|
|
|
|
|
(897
|
)
|
|
|
|
30
|
|
|
|
|
524
|
|
|
|
|
187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
|
|
(1,383
|
)
|
|
|
|
(29,203
|
)
|
|
|
|
18,720
|
|
|
|
|
1,008
|
|
|
|
|
8,127
|
|
|
|
|
(3,381
|
)
|
|
|
|
1,327
|
|
|
|
|
6,495
|
|
|
|
|
(22,589
|
)
|
Cash and cash equivalents at start of the period
|
|
|
|
98,271
|
|
|
|
|
92,519
|
|
|
|
|
62,344
|
|
|
|
|
82,036
|
|
|
|
|
81,122
|
|
|
|
|
90,282
|
|
|
|
|
87,031
|
|
|
|
|
86,806
|
|
|
|
|
93,413
|
|
Exchange rate effects
|
|
|
|
(4,369
|
)
|
|
|
|
(972
|
)
|
|
|
|
972
|
|
|
|
|
(1,922
|
)
|
|
|
|
1,034
|
|
|
|
|
129
|
|
|
|
|
(1,552
|
)
|
|
|
|
112
|
|
|
|
|
1,175
|
|
Cash and cash equivalents at the end of the period
|
|
|
$
|
92,519
|
|
|
|
$
|
62,344
|
|
|
|
$
|
82,036
|
|
|
|
$
|
81,122
|
|
|
|
$
|
90,282
|
|
|
|
$
|
87,031
|
|
|
|
$
|
86,806
|
|
|
|
$
|
93,413
|
|
|
|
$
|
71,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discussion of Non-IFRS Measures
Management uses financial measures, both IFRS and non-IFRS, in analyzing
and assessing the overall performance of the business and for making
operational decisions. We have provided and believe that the non-IFRS
financial measures and supplemental reconciliation to IFRS financial
measures are useful to investors and other users of our financial
statements because the non-IFRS financial measures may be used as
additional tools to compare business performance across peer companies,
periods and financial markets.
While we use non-IFRS measures as a tool to enhance our understanding of
certain aspects of our financial performance, we do not believe that
these non-IFRS measures are a substitute for, or are superior to, the
information provided by IFRS results. As such, the presentation of
non-IFRS measures is not intended to be considered in isolation or as a
substitute for any measure prepared in accordance with IFRS. The primary
limitations associated with the use of non-IFRS measures as compared to
IFRS results are that non-IFRS measures may not be comparable to
similarly titled measures used by other companies in our industry and
that non-IFRS measures may exclude financial information that some
investors may consider important in evaluating our performance. We
compensate for these limitations by providing disclosure of the
differences between non-IFRS measures and IFRS results, including
providing a reconciliation of each non-IFRS measure to IFRS results, in
order to enable investors to perform their own analysis of our operating
results.
Non-IFRS Revenue - We defined non-IFRS revenue as revenue, as
reported under IFRS, increased to include revenue that is associated
with our historic acquisitions that has been excluded from reported
results for a given period due to the effects of purchase accounting. In
accordance with IFRS purchase accounting, an acquired company's deferred
revenue at the date of acquisition is subject to a fair value adjustment
which reduces the deferred amount and revenues recognized subsequent to
an acquisition. We include non-IFRS revenue to allow for more complete
comparisons to the financial results of our historical operations,
forward-looking guidance and the financial results of peer companies. We
believe these adjustments are useful to management and investors as a
measure of the ongoing performance of the business. Additionally,
although acquisition-related revenue adjustments are non-recurring, we
may incur similar adjustments in connection with future acquisitions.
Non-IFRS Income from Operations - We define non-IFRS income from
operations as income from operations, as reported under IFRS, excluding
the effect of acquisition fair value adjustment to revenue, share-based
payment expense, depreciation expense, amortization of acquired
intangible assets, acquisition-related costs, restructuring costs and
other operating expense, net. Share-based payment expense, depreciation
expense and amortization of acquired intangible assets in our non-IFRS
income from operations reconciliation represent non-cash charges which
are not considered by management in evaluating our operating
performance. Acquisition-related costs consist of: (i) costs directly
attributable to our acquisition strategy and the evaluation,
consummation and integration of our acquisitions (composed substantially
of professional services fees including legal, accounting and other
consultants and to a lesser degree to our personnel whose
responsibilities are devoted to acquisition activities), and (ii)
transition compensation costs (composed substantially of contingent
payments for shares that are treated as compensation expense and
retention payments that are anticipated to become payable to employees,
as well as severance payments to employees whose positions were made
redundant). These acquisition-related costs are not considered to be
related to the organic continuing operations of the acquired businesses
and are generally not relevant to assessing or estimating the long-term
performance of the acquired assets. Restructuring costs are not
considered in assessing our performance as we have not generally
incurred such costs for our continuing operations. Other operating
expense, net represents items that are not necessarily related to our
recurring operations and which therefore are not, under IFRS, included
in other expense lines. Accordingly, we exclude those amounts when
assessing non-IFRS income from operations. At times when we are
communicating with our shareholders, analysts and other parties we refer
to non-IFRS income from operations as adjusted EBITDA.
We assess non-IFRS income from operations as a percentage of total
non-IFRS revenue and by doing so, we are able to evaluate our relative
performance of our revenue growth compared to the expense growth for
those items included in non-IFRS income from operations. This measure
allows management and our Board of Directors to compare our performance
against that of other companies in our industry that may be of different
sizes.
Adjusted Cash Flows from Operations - We define adjusted cash
flows from operations as net cash inflows from operating activities, as
reported under IFRS, adjusted for income taxes paid or refunded and
payments under restructurings. Income tax payments paid/(refunded) is
included in this reconciliation as the timing of cash payments and
receipts can vary significantly from year-to-year based on a number of
factors, including the influence of acquisitions on our consolidated tax
attributes. Payments for restructurings relate to a specific activity
that is not part of ongoing operations.
Adjusted diluted earnings per share - We define adjusted diluted
earnings per share as diluted earnings per share, as reported under
IFRS, adjusted by certain items that are also excluded from our non-IFRS
income from operations and which are discussed above. The most
comparable IFRS metrics, 'income (loss) from continuing operations,
after tax' and 'earnings per share - diluted,' also include the
reconciling items finance income (expense), net, and the impacts of
income taxes on each of the other reconciling items. Therefore, we
include this non-IFRS measure in order to provide a more complete
comparison of our earnings per share from one period to another.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kofax Limited
|
Non-IFRS Measures
|
($ in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition Fair Value Adjustment to Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2012
|
|
|
Q2-2012
|
|
|
Q3-2012
|
|
|
Q4-2012
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
Software license
|
|
|
$
|
124
|
|
|
|
$
|
122
|
|
|
|
$
|
73
|
|
|
|
$
|
47
|
|
|
|
$
|
43
|
|
|
|
$
|
42
|
|
|
|
$
|
39
|
|
|
|
$
|
32
|
|
|
|
$
|
1,515
|
|
Maintenance service
|
|
|
|
143
|
|
|
|
|
326
|
|
|
|
|
627
|
|
|
|
|
412
|
|
|
|
|
-
|
|
|
|
|
112
|
|
|
|
|
21
|
|
|
|
|
72
|
|
|
|
|
307
|
|
Professional service
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
314
|
|
Total fair value adjustment to revenue
|
|
|
$
|
267
|
|
|
|
$
|
448
|
|
|
|
$
|
700
|
|
|
|
$
|
459
|
|
|
|
$
|
43
|
|
|
|
$
|
154
|
|
|
|
$
|
60
|
|
|
|
$
|
104
|
|
|
|
$
|
2,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Software License
|
Software License
|
|
|
$
|
24,257
|
|
|
|
$
|
33,261
|
|
|
|
$
|
21,936
|
|
|
|
$
|
37,801
|
|
|
|
$
|
22,132
|
|
|
|
$
|
25,017
|
|
|
|
$
|
26,422
|
|
|
|
$
|
38,657
|
|
|
|
$
|
24,444
|
|
Acquisition Fair Value Adjustment
|
|
|
|
124
|
|
|
|
|
122
|
|
|
|
|
73
|
|
|
|
|
47
|
|
|
|
|
43
|
|
|
|
|
42
|
|
|
|
|
39
|
|
|
|
|
32
|
|
|
|
|
1,515
|
|
Total Non-IFRS Software License
|
|
|
$
|
24,381
|
|
|
|
$
|
33,383
|
|
|
|
$
|
22,009
|
|
|
|
$
|
37,848
|
|
|
|
$
|
22,175
|
|
|
|
$
|
25,059
|
|
|
|
$
|
26,461
|
|
|
|
$
|
38,689
|
|
|
|
$
|
25,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Maintenance Services
|
Maintenance Services
|
|
|
$
|
27,603
|
|
|
|
$
|
29,458
|
|
|
|
$
|
28,071
|
|
|
|
$
|
28,652
|
|
|
|
$
|
29,876
|
|
|
|
$
|
30,804
|
|
|
|
$
|
29,966
|
|
|
|
$
|
31,105
|
|
|
|
$
|
32,098
|
|
Acquisition Fair Value Adjustment
|
|
|
|
143
|
|
|
|
|
326
|
|
|
|
|
627
|
|
|
|
|
412
|
|
|
|
|
-
|
|
|
|
|
112
|
|
|
|
|
21
|
|
|
|
|
72
|
|
|
|
|
307
|
|
Total Non-IFRS Maintenance Services
|
|
|
$
|
27,746
|
|
|
|
$
|
29,784
|
|
|
|
$
|
28,698
|
|
|
|
$
|
29,064
|
|
|
|
$
|
29,876
|
|
|
|
$
|
30,916
|
|
|
|
$
|
29,987
|
|
|
|
$
|
31,177
|
|
|
|
$
|
32,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Professional Services
|
Professional Services
|
|
|
$
|
6,650
|
|
|
|
$
|
7,291
|
|
|
|
$
|
8,685
|
|
|
|
$
|
8,816
|
|
|
|
$
|
8,127
|
|
|
|
$
|
7,883
|
|
|
|
$
|
7,933
|
|
|
|
$
|
8,396
|
|
|
|
$
|
8,870
|
|
Acquisition Fair Value Adjustment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
314
|
|
Total Non-IFRS Professional Services
|
|
|
$
|
6,650
|
|
|
|
$
|
7,291
|
|
|
|
$
|
8,685
|
|
|
|
$
|
8,816
|
|
|
|
$
|
8,127
|
|
|
|
$
|
7,883
|
|
|
|
$
|
7,933
|
|
|
|
$
|
8,396
|
|
|
|
$
|
9,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Total Revenue
|
Total Revenue
|
|
|
$
|
58,510
|
|
|
|
$
|
70,010
|
|
|
|
$
|
58,692
|
|
|
|
$
|
75,269
|
|
|
|
$
|
60,135
|
|
|
|
$
|
63,704
|
|
|
|
$
|
64,321
|
|
|
|
$
|
78,158
|
|
|
|
$
|
65,412
|
|
Acquisition Fair Value Adjustment
|
|
|
|
267
|
|
|
|
|
448
|
|
|
|
|
700
|
|
|
|
|
459
|
|
|
|
|
43
|
|
|
|
|
154
|
|
|
|
|
60
|
|
|
|
|
104
|
|
|
|
|
2,136
|
|
Total Non-IFRS Revenue
|
|
|
$
|
58,777
|
|
|
|
$
|
70,458
|
|
|
|
$
|
59,392
|
|
|
|
$
|
75,728
|
|
|
|
$
|
60,178
|
|
|
|
$
|
63,858
|
|
|
|
$
|
64,381
|
|
|
|
$
|
78,262
|
|
|
|
$
|
67,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Income from Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2012
|
|
|
Q2-2012
|
|
|
Q3-2012
|
|
|
Q4-2012
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
Income from operations
|
|
|
$
|
1,835
|
|
|
|
$
|
6,170
|
|
|
|
|
($1,079
|
)
|
|
|
$
|
15,212
|
|
|
|
$
|
45
|
|
|
|
$
|
3,805
|
|
|
|
$
|
3,549
|
|
|
|
$
|
17,729
|
|
|
|
|
($624
|
)
|
Acquisition fair value adjustment to revenue
|
|
|
|
267
|
|
|
|
|
448
|
|
|
|
|
700
|
|
|
|
|
459
|
|
|
|
|
43
|
|
|
|
|
154
|
|
|
|
|
60
|
|
|
|
|
104
|
|
|
|
|
2,136
|
|
Share-based payment expense
|
|
|
|
1,057
|
|
|
|
|
1,122
|
|
|
|
|
881
|
|
|
|
|
845
|
|
|
|
|
362
|
|
|
|
|
829
|
|
|
|
|
(294
|
)
|
|
|
|
496
|
|
|
|
|
749
|
|
Depreciation and amortization expense
|
|
|
|
1,656
|
|
|
|
|
1,530
|
|
|
|
|
1,433
|
|
|
|
|
1,294
|
|
|
|
|
1,583
|
|
|
|
|
1,465
|
|
|
|
|
1,501
|
|
|
|
|
1,460
|
|
|
|
|
1,383
|
|
Amortization of acquired intangible assets
|
|
|
|
889
|
|
|
|
|
1,016
|
|
|
|
|
1,477
|
|
|
|
|
1,808
|
|
|
|
|
1,607
|
|
|
|
|
1,619
|
|
|
|
|
1,587
|
|
|
|
|
1,894
|
|
|
|
|
2,224
|
|
Acquisition-related costs
|
|
|
|
363
|
|
|
|
|
1,411
|
|
|
|
|
2,097
|
|
|
|
|
1,887
|
|
|
|
|
1,438
|
|
|
|
|
1,505
|
|
|
|
|
1,600
|
|
|
|
|
139
|
|
|
|
|
2,104
|
|
Restructuring costs
|
|
|
|
43
|
|
|
|
|
4,733
|
|
|
|
|
(214
|
)
|
|
|
|
355
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Other operating expenses, net
|
|
|
|
406
|
|
|
|
|
389
|
|
|
|
|
85
|
|
|
|
|
(211
|
)
|
|
|
|
1,179
|
|
|
|
|
678
|
|
|
|
|
417
|
|
|
|
|
121
|
|
|
|
|
311
|
|
Non-IFRS income from operations
|
|
|
$
|
6,516
|
|
|
|
$
|
16,819
|
|
|
|
$
|
5,380
|
|
|
|
$
|
21,649
|
|
|
|
$
|
6,257
|
|
|
|
$
|
10,055
|
|
|
|
$
|
8,420
|
|
|
|
$
|
21,943
|
|
|
|
$
|
8,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted Earnings per Share
|
|
|
|
|
Q1-2012
|
|
|
Q2-2012
|
|
|
Q3-2012
|
|
|
Q4-2012
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
Net income
|
|
|
$
|
2,545
|
|
|
|
$
|
3,971
|
|
|
|
|
($893
|
)
|
|
|
$
|
10,401
|
|
|
|
|
($866
|
)
|
|
|
$
|
497
|
|
|
|
|
($329
|
)
|
|
|
$
|
10,699
|
|
|
|
$
|
2,455
|
|
Acquisition fair value adjustment to revenue
|
|
|
|
267
|
|
|
|
|
448
|
|
|
|
|
700
|
|
|
|
|
459
|
|
|
|
|
43
|
|
|
|
|
154
|
|
|
|
|
60
|
|
|
|
|
104
|
|
|
|
|
2,136
|
|
Share-based payment expense
|
|
|
|
1,057
|
|
|
|
|
1,122
|
|
|
|
|
881
|
|
|
|
|
845
|
|
|
|
|
362
|
|
|
|
|
829
|
|
|
|
|
(294
|
)
|
|
|
|
496
|
|
|
|
|
749
|
|
Amortization of acquired intangible assets
|
|
|
|
889
|
|
|
|
|
1,016
|
|
|
|
|
1,477
|
|
|
|
|
1,808
|
|
|
|
|
1,607
|
|
|
|
|
1,619
|
|
|
|
|
1,587
|
|
|
|
|
1,894
|
|
|
|
|
2,224
|
|
Acquisition-related costs
|
|
|
|
363
|
|
|
|
|
1,411
|
|
|
|
|
2,097
|
|
|
|
|
1,887
|
|
|
|
|
1,438
|
|
|
|
|
1,505
|
|
|
|
|
1,600
|
|
|
|
|
139
|
|
|
|
|
2,104
|
|
Restructuring costs
|
|
|
|
43
|
|
|
|
|
4,733
|
|
|
|
|
(214
|
)
|
|
|
|
355
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Net finance, other income and expense, net
|
|
|
|
(1,710
|
)
|
|
|
|
(1,003
|
)
|
|
|
|
(572
|
)
|
|
|
|
(1,340
|
)
|
|
|
|
1,301
|
|
|
|
|
2,335
|
|
|
|
|
3,298
|
|
|
|
|
2,390
|
|
|
|
|
(3,378
|
)
|
Tax effect of above adjustments
|
|
|
|
(245
|
)
|
|
|
|
(1,784
|
)
|
|
|
|
(416
|
)
|
|
|
|
(879
|
)
|
|
|
|
(753
|
)
|
|
|
|
(1,126
|
)
|
|
|
|
(990
|
)
|
|
|
|
(1,431
|
)
|
|
|
|
(2,090
|
)
|
Adjusted net income
|
|
|
$
|
3,209
|
|
|
|
$
|
9,914
|
|
|
|
$
|
3,060
|
|
|
|
$
|
13,536
|
|
|
|
$
|
3,132
|
|
|
|
$
|
5,813
|
|
|
|
$
|
4,932
|
|
|
|
$
|
14,291
|
|
|
|
$
|
4,200
|
|
Adjusted diluted earnings per share
|
|
|
|
0.04
|
|
|
|
|
0.11
|
|
|
|
|
0.03
|
|
|
|
|
0.16
|
|
|
|
|
0.04
|
|
|
|
|
0.07
|
|
|
|
|
0.05
|
|
|
|
|
0.16
|
|
|
|
|
0.05
|
|
Diluted shares
|
|
|
|
90,287
|
|
|
|
|
88,895
|
|
|
|
|
88,468
|
|
|
|
|
88,848
|
|
|
|
|
88,431
|
|
|
|
|
88,921
|
|
|
|
|
88,562
|
|
|
|
|
89,259
|
|
|
|
|
90,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Cash Flow from Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2012
|
|
|
Q2-2012
|
|
|
Q3-2012
|
|
|
Q4-2012
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
Cash inflows/(outflows) from operations
|
|
|
|
($1,227
|
)
|
|
|
$
|
1,915
|
|
|
|
$
|
18,557
|
|
|
|
|
($469
|
)
|
|
|
$
|
8,608
|
|
|
|
$
|
597
|
|
|
|
$
|
13,928
|
|
|
|
$
|
7,390
|
|
|
|
$
|
18,406
|
|
Income taxes (paid)/received
|
|
|
|
(437
|
)
|
|
|
|
153
|
|
|
|
|
(2,616
|
)
|
|
|
|
(9,272
|
)
|
|
|
|
(1,851
|
)
|
|
|
|
(2,927
|
)
|
|
|
|
(2,385
|
)
|
|
|
|
(3,586
|
)
|
|
|
|
(1,302
|
)
|
Payments under restructuring
|
|
|
|
(397
|
)
|
|
|
|
(594
|
)
|
|
|
|
(2,302
|
)
|
|
|
|
(38
|
)
|
|
|
|
(840
|
)
|
|
|
|
(27
|
)
|
|
|
|
6
|
|
|
|
|
(2
|
)
|
|
|
|
(100
|
)
|
Adjusted cash inflows/(outflows) from operations
|
|
|
|
(393
|
)
|
|
|
|
2,356
|
|
|
|
|
23,475
|
|
|
|
|
8,841
|
|
|
|
|
11,299
|
|
|
|
|
3,551
|
|
|
|
|
16,307
|
|
|
|
|
10,978
|
|
|
|
|
19,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kofax Limited
|
Non-IFRS Measures
|
($ in thousands)
|
Income Statements - non-IFRS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2012
|
|
|
Q2-2012
|
|
|
Q3-2012
|
|
|
Q4-2012
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
Non-IFRS Software licenses
|
|
|
$
|
24,381
|
|
|
$
|
33,383
|
|
|
$
|
22,009
|
|
|
$
|
37,848
|
|
|
$
|
22,175
|
|
|
$
|
25,059
|
|
|
$
|
26,461
|
|
|
$
|
38,689
|
|
|
$
|
25,959
|
Non-IFRS Maintenance services
|
|
|
|
27,746
|
|
|
|
29,784
|
|
|
|
28,698
|
|
|
|
29,064
|
|
|
|
29,876
|
|
|
|
30,916
|
|
|
|
29,987
|
|
|
|
31,177
|
|
|
|
32,405
|
Non-IFRS Professional services
|
|
|
|
6,650
|
|
|
|
7,291
|
|
|
|
8,685
|
|
|
|
8,816
|
|
|
|
8,127
|
|
|
|
7,883
|
|
|
|
7,933
|
|
|
|
8,396
|
|
|
|
9,184
|
Non-IFRS Total revenue
|
|
|
|
58,777
|
|
|
|
70,458
|
|
|
|
59,392
|
|
|
|
75,728
|
|
|
|
60,178
|
|
|
|
63,858
|
|
|
|
64,381
|
|
|
|
78,262
|
|
|
|
67,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software licenses (1)
|
|
|
|
2,495
|
|
|
|
2,726
|
|
|
|
2,293
|
|
|
|
3,718
|
|
|
|
2,413
|
|
|
|
2,279
|
|
|
|
2,560
|
|
|
|
3,371
|
|
|
|
2,642
|
Cost of maintenance services (1)
|
|
|
|
3,832
|
|
|
|
3,961
|
|
|
|
4,413
|
|
|
|
3,671
|
|
|
|
4,072
|
|
|
|
4,397
|
|
|
|
4,611
|
|
|
|
4,524
|
|
|
|
4,663
|
Cost of professional services (1)
|
|
|
|
5,475
|
|
|
|
6,114
|
|
|
|
6,900
|
|
|
|
7,237
|
|
|
|
6,631
|
|
|
|
6,945
|
|
|
|
6,928
|
|
|
|
6,763
|
|
|
|
7,384
|
Research and development (1)
|
|
|
|
7,722
|
|
|
|
7,783
|
|
|
|
8,235
|
|
|
|
8,176
|
|
|
|
7,976
|
|
|
|
7,902
|
|
|
|
8,487
|
|
|
|
8,371
|
|
|
|
8,527
|
Sales and marketing (1)
|
|
|
|
23,496
|
|
|
|
23,292
|
|
|
|
23,488
|
|
|
|
22,698
|
|
|
|
23,936
|
|
|
|
22,974
|
|
|
|
24,374
|
|
|
|
24,601
|
|
|
|
27,259
|
General and administrative (1)
|
|
|
|
9,241
|
|
|
|
9,763
|
|
|
|
8,683
|
|
|
|
8,579
|
|
|
|
8,893
|
|
|
|
9,306
|
|
|
|
9,001
|
|
|
|
8,689
|
|
|
|
8,790
|
Non-IFRS operating costs and expenses
|
|
|
|
52,261
|
|
|
|
53,639
|
|
|
|
54,012
|
|
|
|
54,079
|
|
|
|
53,921
|
|
|
|
53,803
|
|
|
|
55,961
|
|
|
|
56,319
|
|
|
|
59,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS income from operations
|
|
|
$
|
6,516
|
|
|
$
|
16,819
|
|
|
$
|
5,380
|
|
|
$
|
21,649
|
|
|
$
|
6,257
|
|
|
$
|
10,055
|
|
|
$
|
8,420
|
|
|
$
|
21,943
|
|
|
$
|
8,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
Excludes depreciation, amortization and share based payment
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kofax Limited
|
Supplemental Schedules
|
($ in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2012
|
|
|
Q2-2012
|
|
|
Q3-2012
|
|
|
Q4-2012
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
Cost of software license
|
|
|
$
|
21
|
|
|
$
|
18
|
|
|
$
|
16
|
|
|
$
|
14
|
|
|
$
|
18
|
|
|
$
|
16
|
|
|
$
|
16
|
|
|
|
$
|
15
|
|
|
|
$
|
14
|
Cost of maintenance service
|
|
|
|
150
|
|
|
|
139
|
|
|
|
134
|
|
|
|
120
|
|
|
|
154
|
|
|
|
140
|
|
|
|
142
|
|
|
|
|
140
|
|
|
|
|
130
|
Cost of professional service
|
|
|
|
246
|
|
|
|
249
|
|
|
|
281
|
|
|
|
249
|
|
|
|
293
|
|
|
|
260
|
|
|
|
253
|
|
|
|
|
242
|
|
|
|
|
220
|
Research and development
|
|
|
|
431
|
|
|
|
402
|
|
|
|
364
|
|
|
|
343
|
|
|
|
419
|
|
|
|
402
|
|
|
|
425
|
|
|
|
|
430
|
|
|
|
|
410
|
Sales and marketing
|
|
|
|
544
|
|
|
|
481
|
|
|
|
419
|
|
|
|
380
|
|
|
|
462
|
|
|
|
423
|
|
|
|
440
|
|
|
|
|
420
|
|
|
|
|
410
|
General and administrative
|
|
|
|
264
|
|
|
|
241
|
|
|
|
219
|
|
|
|
188
|
|
|
|
237
|
|
|
|
224
|
|
|
|
225
|
|
|
|
|
213
|
|
|
|
|
199
|
Total depreciation expense
|
|
|
$
|
1,656
|
|
|
$
|
1,530
|
|
|
$
|
1,433
|
|
|
$
|
1,294
|
|
|
$
|
1,583
|
|
|
$
|
1,465
|
|
|
$
|
1,501
|
|
|
|
$
|
1,460
|
|
|
|
$
|
1,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Based Payment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2012
|
|
|
Q2-2012
|
|
|
Q3-2012
|
|
|
Q4-2012
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
Cost of software license
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
Cost of maintenance service
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
14
|
|
|
|
|
14
|
Cost of professional service
|
|
|
|
7
|
|
|
|
12
|
|
|
|
8
|
|
|
|
6
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
|
26
|
|
|
|
|
25
|
Research and development
|
|
|
|
129
|
|
|
|
65
|
|
|
|
78
|
|
|
|
76
|
|
|
|
76
|
|
|
|
129
|
|
|
|
98
|
|
|
|
|
(29
|
)
|
|
|
|
140
|
Sales and marketing
|
|
|
|
387
|
|
|
|
447
|
|
|
|
337
|
|
|
|
323
|
|
|
|
87
|
|
|
|
323
|
|
|
|
(249
|
)
|
|
|
|
418
|
|
|
|
|
370
|
General and administrative
|
|
|
|
534
|
|
|
|
598
|
|
|
|
401
|
|
|
|
385
|
|
|
|
198
|
|
|
|
377
|
|
|
|
(144
|
)
|
|
|
|
67
|
|
|
|
|
200
|
Acquisition-related costs
|
|
|
|
-
|
|
|
|
-
|
|
|
|
57
|
|
|
|
55
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
Total share based payment
|
|
|
$
|
1,057
|
|
|
$
|
1,122
|
|
|
$
|
881
|
|
|
$
|
845
|
|
|
$
|
362
|
|
|
$
|
829
|
|
|
|
($294
|
)
|
|
|
$
|
496
|
|
|
|
$
|
749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: Kofax
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|