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ClickSoftware Reports Record Revenues and Operating Profit for the Third Quarter Ended September 30, 2009
PR Newswire
Oct 21, 2009
For the third quarter ended
Non-GAAP net income was
Software license revenues for the third quarter of 2009 were
Gross profit in the third quarter of 2009 was
During the third quarter of 2009 the Company concluded the acquisition of
the workforce management assets of AST for total consideration of about
Management Commentary
"The third quarter was another strong quarter for ClickSoftware with
record revenues and operating profit, and considerable growth in cash. Taking
a longer term view, since the end of the third quarter of 2008, shareholders'
equity has grown by 87%", said Dr.
The Company will ring the Nasdaq stock market opening bell on
Outlook
For the fourth quarter, the Company currently expects to achieve revenues
in the approximate range of
Investors Conference Call
ClickSoftware will host a conference call today at
About ClickSoftware
ClickSoftware is the leading provider of workforce management and service
optimization solutions that create business value for service operations
through higher levels of productivity, customer satisfaction and cost
effectiveness. Combining educational, implementation and support services
with best practices and its industry leading solutions, ClickSoftware drives
service decision making across all levels of the organization. From proactive
customer demand forecasting and capacity planning to real-time
decision-making, incorporating scheduling, mobility and location based
services, ClickSoftware helps service organizations get the most out of their
resources. With over 150 customers across a variety of industries and
geographies, and strong partnerships with leading platform and system
integration partners - ClickSoftware is uniquely positioned to deliver superb
business performance to any organization. The Company is headquartered in
Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains Non-GAAP financial measures of net income and net income per share that exclude the effects of share-based compensation in accordance with the requirements of SFAS No. 123R, "Share-based Payment" ("123R"), tax benefit related to the update of deferred tax asset and the amortization of acquired intangible assets. The Company's management believes the Non-GAAP financial information provided in this release is useful to investors' understanding and assessment of the Company's on-going core operations and prospects for the future. Management also uses both GAAP and Non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The Non-GAAP financial measures disclosed by the Company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. Reconciliations between GAAP measures and Non-GAAP measures are provided later in this press release.
Safe Harbor for Forward Looking Statements
This press release contains express or implied forward-looking statements
within the Private Securities Litigation Reform Act of 1995 and other U.S
Federal securities laws. These forward-looking statements include, but are
not limited to, those statements regarding future results of operations,
visibility into future periods, growth and rates of growth, and expectations
regarding future closing of contracts, receipt of orders, recognition of
revenues and deferred revenues. For example, when we discuss our "Outlook"
for the fourth quarter of 2009, our long term plans for growth and
anticipated benefits from acquisitions, we are using forward-looking
statements. Such "forward-looking statements" involve known and unknown
risks, uncertainties and other factors that may cause actual results or
performance to differ materially from those projected. Achievement of these
results by ClickSoftware may be affected by many factors, including, but not
limited to, risks and uncertainties regarding the general economic outlook,
the length of or changes in ClickSoftware's sales cycle, ClickSoftware's
ability to close sales to potential customers in a timely manner and maintain
or strengthen relationships with strategic partners, the timing of revenue
recognition, foreign currency exchange rate fluctuations, and ClickSoftware's
ability to maintain or increase its sales pipeline. The forward-looking
statements contained in this press release are subject to other risks and
uncertainties, including those discussed in the "Risk Factors" section and
elsewhere in ClickSoftware's annual report on Form 20-F for the year ended
Note: Financial Schedules Attached
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited. In thousands, except share and per share amounts)
Three Months Ended
September 30, 2009 September 30, 2008
____________________ ____________________
% of % of
$ Revenues $ Revenues
____________________ ____________________
Revenues:
Software license $ 5,369 32% $ 7,190 46%
Services 11,239 68% 8,474 54%
____________________ ____________________
Total revenues 16,608 100% 15,664 100%
Cost of revenues:
Software license 611 4% 763 5%
Services 5,143 31% 4,326 28%
____________________ ____________________
Total cost of revenues 5,754 35% 5,089 32%
____________________ ____________________
Gross profit 10,854 65% 10,575 68%
____________________ ____________________
Operating expenses:
Research and development
costs, net 1,701 10% 1,749 11%
Selling and marketing
expenses 4,282 26% 4,359 28%
General and administrative
expenses 1,736 10% 1,604 10%
____________________ ____________________
Total operating expenses 7,719 46% 7,712 49%
____________________ ____________________
Net income from operations 3,135 19% 2,863 18%
Interest, net 101 1% (154) (1)%
____________________ ____________________
Net income before taxes $ 3,236 19% $ 2,709 17%
Taxes on income 68 0% 51 0%
____________________ ____________________
Net income $ 3,168 19% $ 2,658 17%
____________________ ____________________
Net income per ordinary
share:
Basic $ 0.11 $ 0.09
____________________ ____________________
Diluted $ 0.10 $ 0.09
____________________ ____________________
Shares used in computing
basic Net income per share 29,916,657 28,545,709
____________________ ____________________
Shares used in computing
diluted Net income per
share 31,968,186 29,278,568
____________________ ____________________
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited. In thousands, except share and per share amounts)
Nine Months Ended
September 30, 2009 September 30, 2008
___________________ _____________________
% of % of
$ Revenues $ Revenues
___________________ _____________________
Revenues:
Software license $ 13,729 31% $ 14,252 37%
Services 30,222 69% 23,883 63%
___________________ _____________________
Total revenues 43,951 100% 38,135 100%
___________________ _____________________
Cost of revenues:
Software license 1,601 4% 1,610 4%
Services 13,148 30% 12,325 32%
___________________ _____________________
Total cost of revenues 14,749 34% 13,935 37%
___________________ _____________________
Gross profit 29,202 66% 24,200 63%
___________________ _____________________
Operating expenses:
Research and development
costs, net 4,701 11% 4,960 13%
Selling and marketing
expenses 11,789 27% 12,056 32%
General and
administrative expenses 4,721 11% 4,010 11%
___________________ _____________________
Total operating expenses 21,211 48% 21,026 55%
___________________ _____________________
Net income from operations 7,991 18% 3,174 8%
Interest, net 424 1% 187 0%
___________________ _____________________
Net income before taxes $ 8,415 19% $ 3,361 9%
Tax benefit (Taxes on income) (299) (1)% 239 1%
___________________ _____________________
Net income $ 8,714 20% $ 3,122 8%
___________________ _____________________
Net income per ordinary share:
Basic $ 0.30 $ 0.11
___________________ _____________________
Diluted $ 0.28 $ 0.11
___________________ _____________________
Shares used in computing
basic Net income per share 29,134,317 28,547,767
___________________ _____________________
Shares used in computing
diluted Net income per share 30,924,013 29,483,592
___________________ _____________________
ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited. In thousands, except share and per share amounts)
Three Months Ended
September 30, 2009 September 30, 2008
___________________ _____________________
% of % of
$ Revenues $ Revenues
___________________ _____________________
GAAP Net income: $ 3,168 19% $ 2,658 17%
Adjustment of share-based
compensation within:
Cost of Services 36 31
Research and development
costs, net 32 30
Selling and marketing
expenses 72 60
General and administrative
expenses 162 90
Adjustment of amortization of
intangible assets within:
Cost of revenues 82 -
Research and development
costs, net 30 -
Deferred taxes - -
___________________ _____________________
Non-GAAP Net income $ 3,582 22% $ 2,869 18%
___________________ _____________________
GAAP Net income per
ordinary share:
Basic $ 0.11 $ 0.09
___________________ _____________________
Diluted $ 0.10 $ 0.09
___________________ _____________________
Non-GAAP Net income
per ordinary share:
Basic $ 0.12 $ 0.10
___________________ _____________________
Diluted $ 0.11 $ 0.10
___________________ _____________________
ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(Unaudited. In thousands, except share and per share amounts)
Nine Months Ended
September 30, 2009 September 30, 2008
__________________ ___________________
% of % of
$ Revenues $ Revenues
__________________ ___________________
GAAP Net income: $ 8,714 20% $ 3,122 8%
Adjustment of share-based
compensation within:
Cost of Services 96 85
Research and development
costs, net 88 80
Selling and marketing expenses 194 165
General and administrative
expenses 312 240
Adjustment of amortization of
intangible assets within:
Cost of revenues 148 -
Research and development
costs, net 59 -
Deferred taxes (430) -
__________________ ___________________
Non-GAAP Net income $ 9,181 21% $ 3,692 10%
__________________ ___________________
GAAP Net income per
ordinary share:
Basic $ 0.30 $ 0.11
__________________ ___________________
Diluted $ 0.28 $ 0.11
__________________ ___________________
Non-GAAP Net income
per ordinary share:
Basic $ 0.32 $ 0.13
__________________ ___________________
Diluted $ 0.30 $ 0.13
__________________ ___________________
ClickSoftware Technologies Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
September 30, December 31,
2009 2008
____________________________
ASSETS (unaudited) (audited)
CURRENT ASSETS
Cash and cash equivalents $ 18,818 $ 17,427
Short-term investments 17,133 13,857
Trade receivables, net 11,723 7,825
Deferred taxes 2,370 1,940
Other receivables and prepaid expenses 1,825 1,071
____________________________
Total current assets 51,869 42,120
____________________________
FIXED ASSETS
Cost 5,462 4,142
Less - accumulated depreciation 2,677 2,017
____________________________
Total fixed assets 2,785 2,125
____________________________
Long-term investments 527 699
Intangible assets, net 1,802 -
Goodwill 2,184 -
Severance pay deposits 1,430 1,218
____________________________
Total Assets $ 60,597 $ 46,162
============================
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 9,367 $ 8,780
Deferred revenues 6,742 5,442
____________________________
Total current liabilities 16,109 14,222
____________________________
LONG TERM LIABILITIES
Accrued severance pay 2,892 2,653
Deferred revenues - Long term 2,912 3,201
____________________________
Total long-term liabilities 5,804 5,854
____________________________
Total liabilities 21,913 20,076
____________________________
SHAREHOLDERS' EQUITY
Ordinary shares of NIS 0.02 par value 124 116
Additional paid-in capital 78,603 74,771
Accumulated deficit (40,238) (48,952)
Accumulated other comprehensive income 238 194
Treasury stock, at cost: 39,000 shares (43) (43)
____________________________
Total shareholders' equity 38,684 26,086
____________________________
Total Liabilities and shareholders' equity $ 60,597 $ 46,162
============================
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited. In thousands of U.S dollars)
Nine months Ended
September 30, September 30,
2009 2008
_____________ _____________
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 8,714 $ 3,122
Adjustments to reconcile net income to
net cash provided by operating activities:
Expenses not affecting operating cash flows:
Depreciation 747 553
Amortization of deferred compensation 689 569
Amortization of acquired intangible assets 207 -
Severance pay, net 27 210
Other 17 8
Changes in operating assets and liabilities:
Increase in trade receivables (3,898) (6,501)
Increase in other receivables (710) (305)
Increase in deferred taxes (430) -
Increase in accounts payable and accrued
expenses 587 1,933
Increase in deferred revenues 1,011 1,495
_____________ _____________
Net cash provided by operating activities $ 6,961 $ 1,084
_____________ _____________
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment (1,424) (651)
Acquisition of intangible assets and
goodwill in a business combination (4,193) -
Short-term investment (3,104) (582)
_____________ _____________
Net cash used in investment activities $ (8,721) $ (1,233)
_____________ _____________
CASH FLOWS FROM FINANCING ACTIVITIES
Employee options exercised 3,151 110
_____________ _____________
Net cash provided by financing activities $ 3,151 $ 110
_____________ _____________
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 1,391 (39)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 17,427 9,054
_____________ _____________
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 18,818 $ 9,015
_____________ _____________
For more information about ClickSoftware, please call +1-781-272-5903 or
+1-888-438-3308, or visit http://www.clicksoftware.com.
Contacts:
Shmuel Arvatz Noa Schuman
Chief Financial Officer Investor Relations
+972-3-765-9400 +972-3-7659-467
Shmuel.Arvatz@clicksoftware.com Noa.Schuman@clicksoftware.com
SOURCE ClickSoftware Technologies Ltd
Copyright (2009) PR Newswire. All Rights Reserved.
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