EX-99.1 3 d471026dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

Item 6. Selected Financial Data

The selected consolidated financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” our Consolidated Financial Statements and Notes thereto, and other financial information included elsewhere in this Annual Report on Form 10-K. The selected consolidated financial data below reflects the retrospective voluntary change to our accounting policy for sales commissions related to new cloud (hosting) contracts with customers, from recording an expense when incurred to deferral and amortization of the sales commission in proportion to the revenue recognized over the term of the contract. Historical results are not necessarily indicative of results that may be expected for future periods.

 

     Year ended June 30,  
     2012     2011     2010     2009     2008  
     (in thousands, except per share information)  

Revenue:

          

License

   $ 11,067      $ 17,371      $ 7,389      $ 8,613      $ 6,570   

Recurring

     23,594        20,040        16,617        15,382        15,330   

Professional services

     8,703        6,654        5,871        9,224        8,207   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     43,364        44,065        29,877        33,219        30,107   

Cost of license

     (39     34        168        263        80   

Cost of recurring

     5,363        5,273        4,492        4,371        4,395   

Cost of professional services

     8,112        5,609        5,048        6,112        7,161   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenue

     13,436        10,916        9,708        10,746        11,636   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     29,928        33,149        20,169        22,473        18,471   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

          

Research and development

     6,132        5,551        5,510        5,481        5,098   

Sales and marketing

     20,086        14,071        10,184        10,281        11,331   

General and administrative

     5,743        3,974        3,211        3,271        4,240   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     31,961        23,596        18,905        19,033        20,669   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income / (loss) from operations

     (2,033     9,553        1,264        3,440        (2,198

Interest expense, net

     (722     (1,230     (1,123     (1,435     (1,659

Other income / (expense)

     (677     245        (67     230        332   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income / (loss) before income tax

     (3,432     8,568        74        2,235        (3,525

Income tax benefit / (expense), net

     (390     (196     (159     129        (206
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income / (loss)

   $ (3,822   $ 8,372      $ (85   $ 2,364      $ (3,731
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Per share information:

          

Basic net income / (loss) per common share

   $ (0.16   $ 0.37      $ (0.00   $ 0.11      $ (0.24
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net income / (loss) per common share

   $ (0.16   $ 0.34      $ (0.00   $ 0.11      $ (0.24
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares used in computing basic net income / (loss) per common share

     24,329        22,709        22,180        20,611        15,330   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares used in computing diluted net income / (loss) per common share

     24,329        24,289        22,180        20,612        15,330   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Below is a summary of stock-based compensation included in the costs and expenses above:

  

Cost of professional services and recurring revenue

   $ 77      $ 32      $ 35      $ 29      $ 41   

Research and development

   $ 180      $ 52      $ 78      $ 46      $ 57   

Sales and marketing

   $ 274      $ 46      $ 49      $ 25      $ 67   

General and administrative

   $ 325      $ 88      $ 82      $ 141      $ 153   

 

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     June 30,  
     2012      2011      2010     2009     2008  

Consolidated Balance Sheet Data:

            

Cash, cash equivalents and short-term investments (including restricted cash)

   $ 10,946       $ 13,096       $ 5,733      $ 7,511      $ 3,790   

Working capital

   $ 2,860       $ 4,251       $ (490   $ (1,426   $ (2,310

Total assets

   $ 27,943       $ 28,727       $ 15,958      $ 19,236      $ 14,330   

Deferred revenue

   $ 8,083       $ 5,824       $ 5,103      $ 5,531      $ 5,164   

Long-term debt

   $ 7,230       $ 3,333       $ 8,752      $ 7,999      $ 16,553   

 

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