Attached files
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| 8-K - 8-K - inContact, Inc. | d675577d8k.htm |
Exhibit 99.1
inContact Reports Fourth Quarter and Full Year 2013 Financial Results
| • | Fourth Quarter Software Segment Revenues of $19.4 million and $68.9 million for full year 2013, up 26% for the year |
| • | 85 contracts signed representing 40% year over year bookings growth |
| • | Expanding distribution channel with 45 active partners contributing 53% of Q4 bookings |
SALT LAKE CITY – February 13, 2014 – inContact, Inc. (NASDAQ: SAAS), the leading provider of cloud contact center software and contact center optimization tools, today reported financial results for the fourth quarter and full year ended December 31, 2013.
Paul Jarman, inContact CEO said, “For Q4 and for all of 2013, we reached new record benchmarks across our business including sales pipeline, bookings, implementations and revenue. In Q4, we achieved record bookings, which represents 40% year over year growth in estimated annual contract value. We closed 85 contracts including 61 new logo customers and 24 expansion deals. For the full year 2013, total contracts came to 296, with 211 new customers and 85 expansions.”
Continued Jarman, “Across the board, 2013 was a transformational year for inContact with larger enterprises moving to the cloud and with our proven ability to sign and retain these larger customers. We continue to outpace competitors with innovations in multichannel customer service and in outbound communications. And our go-to-market strategy is working extremely well, with 53% of Q4 bookings from our diverse distribution channel.”
Revenue
Software segment revenue totaled $19.4 million for the quarter ended December 31, 2013, an increase of 24% from $15.6 million in Q4 2012. Software related network connectivity revenue for the quarter ended December 31, 2013 was $13.0 million, an increase of 13% from $11.5 million for the quarter ended December 31, 2012. Approximately 83% of Network connectivity segment revenues were derived from contracts with customers utilizing our contact center software.
Consolidated revenue for the quarter ended December 31, 2013 was $35.1 million versus $30.7 million for the same period in 2012, an increase of 14%.
For the year ended December 31, 2013, Software segment revenue totaled $68.9 million, an increase of 26% from $54.7 million for the same period in 2012. For the year ended December 31, 2013, Software related network connectivity revenue totaled $49.3 million, an increase of 25% from $39.5 million for the year ended December 31, 2012.
Consolidated revenue for the year ended December 31, 2013 was $130.0 million versus $110.3 million for the same period in 2012, an increase of 18%.
Gross Margin
Software segment gross margin for the quarter ended December 31, 2013 was 58% versus 60% for the same period in 2012, and excluding non-cash charges, non-GAAP Software segment gross margin was 71% for the fourth quarter of 2013, versus 72% in the fourth quarter of 2012. The decrease in gross margin is principally attributable to slightly higher levels of professional service costs and customer service costs incurred to service larger mid-market and enterprise customers and to support resellers. Fourth quarter 2013 Network connectivity segment gross margin was 36% versus 33%, due to increased efficiencies in call routing related to previous investments in technology, which has resulted in lower variable Network connectivity costs.
Consolidated gross margin percentage was 48% in the fourth quarter of 2013 compared to 47% for the same period in 2012. Excluding non-cash charges, consolidated gross margin was 56% for the fourth quarter compared to 54% for the same period in 2012.
Adjusted EBITDA
Earnings before interest, taxes, depreciation, amortization and stock-based compensation (“Adjusted EBITDA”) for the fourth quarter of 2013 was $1.3 million versus $2.3 million during the same period in 2012. This decrease in Adjusted EBITDA is due to the slight decrease in gross margins discussed above and an increased investment in software segment sales and marketing. Adjusted EBITDA is a non-GAAP measure management believes provides important insight into our operating results (see reconciliation of non-GAAP measures below).
Net Loss
Net loss for the quarter ended December 31, 2013 was $3.6 million, or ($0.06) per share, as compared to a net loss of $874,000 or ($0.02) per share for the same period in 2012.
Jarman concluded, “The majority of the contact center market opportunity is ahead of us. According to industry analyst firm Ovum, 90% of the contact center seats in the U.S. are still operating on legacy premise software—old, expensive, rigid systems that can’t keep up with the demands of today’s consumers. We are leading in the market because we are focused one hundred percent in the cloud, and because we have 10 years of experience in the software as a service model. Among pure cloud competitors, we have a unique business model and the most complete solution that includes carrier-grade connectivity, cloud infrastructure plus workforce optimization software. inContact has never been better positioned to grow and win and 2014 promises to be an outstanding year for our company.”
CONFERENCE CALL INFORMATION
We will host a conference call to discuss our fourth quarter 2013 financial results later today at 4:30 p.m. Eastern time (1:30 p.m. Pacific).
Dial-In Number: 1-800-895-0198
International: + 1-785-424-1053
Conference ID#: INCONTACT
An audio file of the call will be available after February 14, 2014 on the inContact Investor Relations website at http://investor.incontact.com, in the Webcasts and Presentations section. A replay of the call will be available via telephone after 7:30 p.m. Eastern time today and until February 20, 2014.
Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay Pin Number: 12331
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on inContact’s current expectations, estimates and projections about inContact’s industry, management’s beliefs, and certain assumptions made by management, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations and management’s future strategic plans. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
The risks and uncertainties referred to above include, but are not limited to, risks associated with inContact’s business model; our ability to develop or acquire, and gain market acceptance for new products, including our new sales and marketing and voice automation products, in a cost-effective and timely manner; the gain or loss of key customers; competitive pressures; its ability to expand operations; fluctuations in its earnings as a result of the impact of stock-based compensation expense; interruptions or delays in our hosting operations; breaches of our security measures; its ability to protect our intellectual property from infringement, and to avoid infringing on the intellectual property rights of third parties; and its ability to expand, retain and motivate our employees and manage its growth. Further information on potential factors that could affect our financial results is included in inContact’s annual report on Form 10-K, quarterly reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date they are made. inContact undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
INCONTACT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| December 31, | December 31, | |||||||
| 2013 | 2012 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 49,148 | $ | 48,836 | ||||
| Restricted cash |
81 | 81 | ||||||
| Accounts and other receivables, net of allowance for uncollectible accounts of $2,203 and $831, respectively |
18,682 | 18,043 | ||||||
| Other current assets |
4,217 | 3,278 | ||||||
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| Total current assets |
72,128 | 70,238 | ||||||
| Property and equipment, net |
23,716 | 19,862 | ||||||
| Intangible assets, net |
3,971 | 1,156 | ||||||
| Goodwill |
6,563 | 4,086 | ||||||
| Other assets |
1,540 | 1,005 | ||||||
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| Total assets |
$ | 107,918 | $ | 96,347 | ||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: |
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| Trade accounts payable |
$ | 9,696 | $ | 7,247 | ||||
| Accrued liabilities |
6,482 | 5,638 | ||||||
| Accrued commissions |
2,072 | 1,610 | ||||||
| Current portion of deferred revenue |
2,440 | 1,973 | ||||||
| Current portion of long-term debt and capital lease obligations |
3,461 | 2,691 | ||||||
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| Total current liabilities |
24,151 | 19,159 | ||||||
| Long-term debt and capital lease obligations |
4,580 | 2,859 | ||||||
| Deferred rent |
487 | 383 | ||||||
| Deferred revenue |
3,981 | 1,958 | ||||||
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| Total liabilities |
33,199 | 24,359 | ||||||
| Total stockholders’ equity |
74,719 | 71,988 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 107,918 | $ | 96,347 | ||||
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INCONTACT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE LOSS
(in thousands, except per share data)
| Quarter ended | Year ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
| Net revenue: |
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| Software |
$ | 19,407 | $ | 15,599 | $ | 68,897 | $ | 54,705 | ||||||||
| Network connectivity |
15,663 | 15,052 | 61,140 | 55,575 | ||||||||||||
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| Total net revenue |
35,070 | 30,651 | 130,037 | 110,280 | ||||||||||||
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| Costs of revenue: |
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| Software |
8,155 | 6,162 | 28,012 | 22,134 | ||||||||||||
| Network connectivity |
10,029 | 10,024 | 39,365 | 37,642 | ||||||||||||
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| Total costs of revenue |
18,184 | 16,186 | 67,377 | 59,776 | ||||||||||||
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| Gross profit |
16,886 | 14,465 | 62,660 | 50,504 | ||||||||||||
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| Operating expenses: |
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| Selling and marketing |
10,216 | 7,717 | 37,220 | 28,591 | ||||||||||||
| Research and development |
3,827 | 2,790 | 12,605 | 9,401 | ||||||||||||
| General and administrative |
6,124 | 4,656 | 21,219 | 17,140 | ||||||||||||
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| Total operating expenses |
20,167 | 15,163 | 71,044 | 55,132 | ||||||||||||
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| Loss from operations |
(3,281 | ) | (698 | ) | (8,384 | ) | (4,628 | ) | ||||||||
| Other income (expense): |
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| Interest income |
— | — | — | 3 | ||||||||||||
| Interest expense |
(79 | ) | (33 | ) | (317 | ) | (364 | ) | ||||||||
| Other expense |
(10 | ) | (74 | ) | (34 | ) | (275 | ) | ||||||||
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| Total other expense |
(89 | ) | (107 | ) | (351 | ) | (636 | ) | ||||||||
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| Loss before income taxes |
(3,370 | ) | (805 | ) | (8,735 | ) | (5,264 | ) | ||||||||
| Income tax expense |
(193 | ) | (69 | ) | (283 | ) | (120 | ) | ||||||||
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| Net loss and comprehensive loss |
$ | (3,563 | ) | $ | (874 | ) | $ | (9,018 | ) | $ | (5,384 | ) | ||||
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| Net loss per common share: |
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| Basic and diluted |
$ | (0.06 | ) | $ | (0.02 | ) | $ | (0.16 | ) | $ | (0.11 | ) | ||||
| Weighted average common shares outstanding: |
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| Basic and diluted |
55,829 | 53,410 | 54,742 | 47,108 | ||||||||||||
INCONTACT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year ended December 31, | ||||||||
| 2013 | 2012 | |||||||
| (Unaudited) | ||||||||
| Cash flows provided by operating activities: |
||||||||
| Net loss |
$ | (9,018 | ) | $ | (5,384 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
| Depreciation of property and equipment |
6,060 | 5,047 | ||||||
| Amortization of software development costs |
4,964 | 4,133 | ||||||
| Amortization of intangible assets |
434 | 238 | ||||||
| Amortization of note financing costs |
18 | 29 | ||||||
| Interest accretion |
6 | 9 | ||||||
| Stock-based compensation |
4,264 | 1,967 | ||||||
| Loss on disposal of property and equipment |
711 | 274 | ||||||
| Intangible assets written off |
— | 133 | ||||||
| Changes in operating assets and liabilities: |
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| Accounts and other receivables, net |
(3,370 | ) | (5,178 | ) | ||||
| Other current assets |
(939 | ) | (758 | ) | ||||
| Other non-current assets |
(522 | ) | (144 | ) | ||||
| Trade accounts payable |
1,204 | 92 | ||||||
| Accrued liabilities |
686 | 1,649 | ||||||
| Accrued commissions |
462 | 319 | ||||||
| Deferred rent |
116 | 78 | ||||||
| Deferred revenue |
2,490 | 1,929 | ||||||
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| Net cash provided by operating activities |
7,566 | 4,433 | ||||||
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| Cash flows used in investing activities: |
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| Gross decrease in restricted cash |
— | 165 | ||||||
| Purchase of intangible assets |
— | (133 | ) | |||||
| Payments made for deposits |
(12 | ) | (23 | ) | ||||
| Acquisition of assets |
(2,746 | ) | — | |||||
| Acquisition of a business |
(2,700 | ) | — | |||||
| Capitalized software development costs |
(6,169 | ) | (5,504 | ) | ||||
| Purchases of property and equipment |
(5,400 | ) | (3,737 | ) | ||||
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| Net cash used in investing activities |
(17,027 | ) | (9,232 | ) | ||||
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| Cash flows provided by financing activities: |
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| Proceeds from issuance of common stock |
77 | 37,475 | ||||||
| Offering costs payments |
— | (414 | ) | |||||
| Proceeds from exercise of options and warrants |
7,086 | 3,262 | ||||||
| Proceeds from sale of stock under employee stock purchase plan |
447 | 280 | ||||||
| Principal payments on long-term debt and capital leases |
(3,490 | ) | (3,163 | ) | ||||
| Purchase of treasury stock |
(304 | ) | — | |||||
| Borrowings under term loan |
7,000 | — | ||||||
| Payment of debt financing fees |
(43 | ) | (29 | ) | ||||
| Borrowings under the revolving credit notes |
— | 7,000 | ||||||
| Payments under the revolving credit notes |
(1,000 | ) | (8,500 | ) | ||||
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| Net cash provided by financing activities |
9,773 | 35,911 | ||||||
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| Net increase in cash and cash equivalents |
312 | 31,112 | ||||||
| Cash and cash equivalents at the beginning of the period |
48,836 | 17,724 | ||||||
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| Cash and cash equivalents at the end of the period |
$ | 49,148 | $ | 48,836 | ||||
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SEGMENT REPORTING
We operate under two business segments: Software and Network connectivity (formerly “Telecom”). The Software segment includes all monthly recurring revenue related to the delivery of our software applications, plus the associated professional services and setup fees and revenue related to quarterly minimum purchase commitments through July 2014, from a related party reseller. The Network connectivity segment includes all voice and data long distance services provided to customers.
For segment reporting, we classify operating expenses as either “direct” or “indirect.” Direct expense refers to costs attributable solely to either selling and marketing efforts or research and development efforts. Indirect expense refers to costs that management considers to be overhead in running the business. Management evaluates expenditures for both selling and marketing and research and development efforts at the segment level without the allocation of overhead expenses, such as rent, utilities and depreciation on property and equipment.
Operating segment revenues and profitability for the quarters and years ended December 31, 2013 and 2012 were as follows (in thousands):
| Quarter ended December 31, 2013 | Quarter ended December 31, 2012 | |||||||||||||||||||||||
| Network | Network | |||||||||||||||||||||||
| Software | Connectivity | Consolidated | Software | Connectivity | Consolidated | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
| Net revenue |
$ | 19,407 | $ | 15,663 | $ | 35,070 | $ | 15,599 | $ | 15,052 | $ | 30,651 | ||||||||||||
| Costs of revenue |
8,155 | 10,029 | 18,184 | 6,162 | 10,024 | 16,186 | ||||||||||||||||||
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| Gross profit |
11,252 | 5,634 | 16,886 | 9,437 | 5,028 | 14,465 | ||||||||||||||||||
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| Gross margin |
58 | % | 36 | % | 48 | % | 60 | % | 33 | % | 47 | % | ||||||||||||
| Operating expenses: |
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| Direct selling and marketing |
8,972 | 725 | 9,697 | 6,428 | 853 | 7,281 | ||||||||||||||||||
| Direct research and development |
3,558 | — | 3,558 | 2,548 | — | 2,548 | ||||||||||||||||||
| Indirect |
5,831 | 1,081 | 6,912 | 4,559 | 775 | 5,334 | ||||||||||||||||||
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| (Loss) income from operations |
$ | (7,109 | ) | $ | 3,828 | $ | (3,281 | ) | $ | (4,098 | ) | $ | 3,400 | $ | (698 | ) | ||||||||
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| Year ended December 31, 2013 | Year ended December 31, 2012 | |||||||||||||||||||||||
| Network | Network | |||||||||||||||||||||||
| Software | Connectivity | Consolidated | Software | Connectivity | Consolidated | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
| Net revenue |
$ | 68,897 | $ | 61,140 | $ | 130,037 | $ | 54,705 | $ | 55,575 | $ | 110,280 | ||||||||||||
| Costs of revenue |
28,012 | 39,365 | 67,377 | 22,134 | 37,642 | 59,776 | ||||||||||||||||||
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| Gross profit |
40,885 | 21,775 | 62,660 | 32,571 | 17,933 | 50,504 | ||||||||||||||||||
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| Gross margin |
59 | % | 36 | % | 48 | % | 60 | % | 32 | % | 46 | % | ||||||||||||
| Operating expenses: |
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| Direct selling and marketing |
31,722 | 3,511 | 35,233 | 23,758 | 3,207 | 26,965 | ||||||||||||||||||
| Direct research and development |
11,601 | — | 11,601 | 8,502 | — | 8,502 | ||||||||||||||||||
| Indirect |
20,540 | 3,670 | 24,210 | 16,688 | 2,977 | 19,665 | ||||||||||||||||||
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| (Loss) income from operations |
$ | (22,978 | ) | $ | 14,594 | $ | (8,384 | ) | $ | (16,377 | ) | $ | 11,749 | $ | (4,628 | ) | ||||||||
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RECONCILIATION of NON-GAAP MEASURES:
“Adjusted EBITDA” is Earnings Before deductions for Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation. “Gross Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation” is Gross Margin before deductions for Depreciation and Amortization and Stock-Based Compensation. Neither are measures of financial performance under generally accepted accounting principles (GAAP). Adjusted EBITDA and Gross Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation are provided for the use of the reader in understanding our operating results and are not prepared in accordance with, nor does it serve as an alternative to GAAP measures and may be materially different from similar measures used by other companies. While not a substitute for information prepared in accordance with GAAP, management believes that this information is helpful for investors to more easily understand our operating financial performance. Management also believes these measures may better enable an investor to form views of our potential financial performance in the future. These measures have limitations as analytical tools, and investors should not consider these measures in isolation or as a substitute for analysis of our results prepared in accordance with GAAP.
Reconciliation of Adjusted EBITDA to Net loss applicable to
common stockholders as it is presented on the Condensed Consolidated
Statements of Operations for inContact, Inc.
(in thousands - unaudited)
| Quarter ended December 31, | Year ended December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net loss and comprehensive loss |
$ | (3,563 | ) | $ | (874 | ) | $ | (9,018 | ) | $ | (5,384 | ) | ||||
| Depreciation and amortization |
3,244 | 2,507 | 11,458 | 9,418 | ||||||||||||
| Stock-based compensation |
1,303 | 587 | 4,264 | 1,967 | ||||||||||||
| Interest income and expense, net |
79 | 33 | 317 | 361 | ||||||||||||
| Income tax expense |
193 | 69 | 283 | 120 | ||||||||||||
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| Adjusted EBITDA |
$ | 1,256 | $ | 2,322 | $ | 7,304 | $ | 6,482 | ||||||||
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Reconciliation of Consolidated Gross Profit and Margin to Consolidated Gross Profit and Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation, as presented in Segment Reporting for inContact, Inc.
(in thousands - unaudited)
| Quarter ended December 31, 2013 | Quarter ended December 31, 2012 | |||||||||||||||
| Gross Profit | Gross Margin | Gross Profit | Gross Margin | |||||||||||||
| Consolidated gross profit and margin |
$ | 16,886 | 48 | % | $ | 14,465 | 47 | % | ||||||||
| Depreciation and amortization |
2,576 | 7 | % | 1,904 | 6 | % | ||||||||||
| Stock-based compensation |
133 | 0 | % | 99 | 0 | % | ||||||||||
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| Consolidated gross profit and margin, excluding non-cash charges |
$ | 19,595 | 56 | % | $ | 16,468 | 54 | % | ||||||||
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Reconciliation of Software Segment Gross Profit and Margin to Software Segment Gross Profit and Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation, as presented in Segment Reporting for inContact, Inc.
(in thousands - unaudited)
| Quarter ended December 31, 2013 | Quarter ended December 31, 2012 | |||||||||||||||
| Gross Profit | Gross Margin | Gross Profit | Gross Margin | |||||||||||||
| Software segment gross profit and margin |
$ | 11,252 | 58 | % | $ | 9,437 | 60 | % | ||||||||
| Depreciation and amortization |
2,378 | 12 | % | 1,687 | 11 | % | ||||||||||
| Stock-based compensation |
131 | 1 | % | 96 | 1 | % | ||||||||||
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| Software segment gross profit and margin, excluding non-cash charges |
$ | 13,761 | 71 | % | $ | 11,220 | 72 | % | ||||||||
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About inContact
inContact (NASDAQ: SAAS) is the cloud contact center software leader, helping organizations around the globe create high quality customer experiences. inContact is 100% focused on the cloud and is the only provider to combine cloud software with enterprise-class Network connectivity for a complete customer interaction solution. Winner of Frost & Sullivan 2012 North American Cloud Company of the Year in Cloud Contact Center Solutions, inContact has deployed over 1,300 cloud contact center instances. To learn more, visit www.inContact.com.
inContact® is the registered trademark of inContact, Inc.
CONTACT: Investor Contact: Edward Keaney, Market Street Partners, 415-445-3238, ekeaney@marketstreetpartners.com, or General Contact: Mariann McDonagh, inContact, Chief Marketing Officer, 801-320-3347, mariann.mcdonagh@inContact.com