Delaware | 001-34777 | 52-2130962 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit | ||
Number | Description | |
99.1 | Press release dated February 23, 2017 |
BROADSOFT, INC. | ||||||||
Date: | February 23, 2017 | By: | /s/ James A. Tholen | |||||
Name: | James A. Tholen | |||||||
Title: | Chief Financial Officer |
• | Total revenue increased 14% year-over-year to $102.0 million |
• | GAAP gross profit equaled 76% of total revenue; non-GAAP gross profit equaled 80% of total revenue |
• | GAAP income from operations totaled $13.8 million or 14% of revenue; non-GAAP income from operations totaled $28.7 million or 28% of revenue |
• | GAAP diluted earnings per share equaled $0.18 per common share; non-GAAP diluted earnings per share equaled $0.91 per common share |
December 31, 2016 | December 31, 2015 | ||||||
(Unaudited) | |||||||
Assets: | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 82,993 | $ | 175,857 | |||
Short-term investments | 136,428 | 72,531 | |||||
Accounts receivable, net of allowance for doubtful accounts of $108 and $85 at December 31, 2016 and December 31, 2015, respectively | 121,817 | 108,113 | |||||
Other current assets | 17,431 | 13,155 | |||||
Total current assets | 358,669 | 369,656 | |||||
Long-term assets: | |||||||
Property and equipment, net | 22,626 | 19,481 | |||||
Long-term investments | 144,159 | 102,385 | |||||
Intangible assets, net | 27,839 | 18,835 | |||||
Goodwill | 82,758 | 72,275 | |||||
Deferred tax assets | 7,042 | 1,661 | |||||
Other long-term assets | 8,107 | 8,081 | |||||
Total long-term assets | 292,531 | 222,718 | |||||
Total assets | $ | 651,200 | $ | 592,374 | |||
Liabilities and stockholders’ equity: | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 33,854 | $ | 28,667 | |||
Deferred revenue, current portion | 97,037 | 106,483 | |||||
Total current liabilities | 130,891 | 135,150 | |||||
Convertible senior notes | 201,015 | 188,331 | |||||
Deferred revenue | 12,152 | 4,571 | |||||
Other long-term liabilities | 5,908 | 7,289 | |||||
Total liabilities | 349,966 | 335,341 | |||||
Commitments and contingencies (Note 12) | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.01 par value per share; 5,000,000 shares authorized at December 31, 2016 and December 31, 2015; no shares issued and outstanding at December 31, 2016 and December 31, 2015 | — | — | |||||
Common stock, par value $0.01 per share; 100,000,000 shares authorized at December 31, 2016 and December 31, 2015; 30,353,127 and 29,080,197 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 304 | 291 | |||||
Additional paid-in capital | 383,268 | 333,153 | |||||
Accumulated other comprehensive loss | (21,845 | ) | (13,810 | ) | |||
Accumulated deficit | (60,493 | ) | (62,601 | ) | |||
Total stockholders’ equity | 301,234 | 257,033 | |||||
Total liabilities and stockholders’ equity | $ | 651,200 | $ | 592,374 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Revenue: | |||||||||||||||
License software | $ | 33,321 | $ | 35,438 | $ | 129,313 | $ | 119,808 | |||||||
Subscription and maintenance support | 40,267 | 30,573 | 146,615 | 112,836 | |||||||||||
Professional services and other | 28,395 | 23,580 | 65,034 | 46,199 | |||||||||||
Total revenue | 101,983 | 89,591 | 340,962 | 278,843 | |||||||||||
Cost of revenue: | |||||||||||||||
License software | 1,888 | 2,247 | 7,585 | 10,231 | |||||||||||
Subscription and maintenance support | 12,657 | 9,644 | 46,717 | 38,602 | |||||||||||
Professional services and other | 9,535 | 7,976 | 36,875 | 28,925 | |||||||||||
Total cost of revenue | 24,080 | 19,867 | 91,177 | 77,758 | |||||||||||
Gross profit | 77,903 | 69,724 | 249,785 | 201,085 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 31,756 | 23,955 | 107,142 | 83,806 | |||||||||||
Research and development | 19,082 | 15,225 | 77,202 | 60,749 | |||||||||||
General and administrative | 13,259 | 9,920 | 49,934 | 41,287 | |||||||||||
Total operating expenses | 64,097 | 49,100 | 234,278 | 185,842 | |||||||||||
Income from operations | 13,806 | 20,624 | 15,507 | 15,243 | |||||||||||
Other expense: | |||||||||||||||
Interest expense | 4,019 | 3,793 | 15,756 | 10,656 | |||||||||||
Interest income | (731 | ) | (452 | ) | (2,680 | ) | (1,270 | ) | |||||||
Other, net | 687 | 402 | 155 | 5,714 | |||||||||||
Total other expense, net | 3,975 | 3,743 | 13,231 | 15,100 | |||||||||||
Income before income taxes | 9,831 | 16,881 | 2,276 | 143 | |||||||||||
Provision for (benefit from) income taxes | 4,005 | 5,258 | 1,460 | (36 | ) | ||||||||||
Net income | $ | 5,826 | $ | 11,623 | $ | 816 | $ | 179 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.19 | $ | 0.40 | $ | 0.03 | $ | 0.01 | |||||||
Diluted | $ | 0.18 | $ | 0.39 | $ | 0.03 | $ | 0.01 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 30,205 | 28,906 | 29,670 | 29,113 | |||||||||||
Diluted | 31,533 | 29,462 | 30,898 | 29,818 | |||||||||||
Stock-based compensation expense included above: | |||||||||||||||
Cost of revenue | $ | 2,222 | $ | 1,940 | $ | 8,340 | $ | 7,227 | |||||||
Sales and marketing | 4,735 | 3,773 | 18,056 | 13,821 | |||||||||||
Research and development | 3,648 | 2,911 | 15,062 | 11,844 | |||||||||||
General and administrative | 2,595 | 1,433 | 10,049 | 7,552 |
Year ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(Unaudited) | |||||||||||
Cash provided by (used in): | |||||||||||
Operating activities | $ | 67,097 | $ | 44,786 | $ | 54,759 | |||||
Investing activities | (156,087 | ) | (88,011 | ) | (17,558 | ) | |||||
Financing activities | (2,467 | ) | 118,918 | (4,135 | ) |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2014 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Beginning of period deferred revenue balance | $ | 102,049 | $ | 109,678 | $ | 111,054 | $ | 101,456 | $ | 77,662 | |||||||||
End of period deferred revenue balance | 109,189 | 111,054 | 109,189 | 111,054 | 101,456 | ||||||||||||||
Increase (decrease) in deferred revenue | 7,140 | 1,376 | (1,865 | ) | 9,598 | 23,794 | |||||||||||||
Revenue | 101,983 | 89,591 | 340,962 | 278,843 | 216,857 | ||||||||||||||
Revenue plus net change in deferred revenue | $ | 109,123 | $ | 90,967 | $ | 339,097 | $ | 288,441 | $ | 240,651 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2014 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Beginning of period deferred license software revenue balance | $ | 19,476 | $ | 32,282 | $ | 33,200 | $ | 26,495 | $ | 20,149 | |||||||||
End of period deferred license software revenue balance | 17,662 | 33,200 | 17,662 | 33,200 | 26,495 | ||||||||||||||
Increase (decrease) in deferred license software revenue | (1,814 | ) | 918 | (15,538 | ) | 6,705 | 6,346 | ||||||||||||
License software revenue | 33,321 | 35,438 | 129,313 | 119,808 | 103,311 | ||||||||||||||
License software revenue plus net change in deferred license software revenue | $ | 31,507 | $ | 36,356 | $ | 113,775 | $ | 126,513 | $ | 109,657 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2014 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Beginning of period deferred subscription and maintenance support revenue balance | $ | 58,154 | $ | 49,598 | $ | 61,399 | $ | 52,764 | $ | 46,975 | |||||||||
End of period deferred subscription and maintenance support revenue balance | 72,559 | 61,399 | 72,559 | 61,399 | 52,764 | ||||||||||||||
Increase in deferred subscription and maintenance support revenue | 14,405 | 11,801 | 11,160 | 8,635 | 5,789 | ||||||||||||||
Subscription and maintenance support revenue | 40,267 | 30,573 | 146,615 | 112,836 | 92,492 | ||||||||||||||
Subscription and maintenance support revenue plus net change in deferred subscription and maintenance support revenue | $ | 54,672 | $ | 42,374 | $ | 157,775 | $ | 121,471 | $ | 98,281 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2014 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Beginning of period deferred professional services and other revenue balance | $ | 24,419 | $ | 27,798 | $ | 16,455 | $ | 22,197 | $ | 10,538 | |||||||||
End of period deferred professional services and other revenue balance | 18,968 | 16,455 | 18,968 | 16,455 | 22,197 | ||||||||||||||
Increase (decrease) in deferred professional services and other revenue | (5,451 | ) | (11,343 | ) | 2,513 | (5,742 | ) | 11,659 | |||||||||||
Professional services and other revenue | 28,395 | 23,580 | 65,034 | 46,199 | 21,054 | ||||||||||||||
Professional services and other revenue plus net change in deferred professional services and other revenue | $ | 22,944 | $ | 12,237 | $ | 67,547 | $ | 40,457 | $ | 32,713 |
Three Months Ended December 31, | Three Months Ended September 30, | Year Ended December 31, | |||||||||||||||||
2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Non-GAAP cost of revenue: | |||||||||||||||||||
GAAP license cost of revenue | $ | 1,888 | $ | 2,247 | $ | 1,799 | $ | 7,585 | $ | 10,231 | |||||||||
(percent of related revenue) | 6 | % | 6 | % | 6 | % | 6 | % | 9 | % | |||||||||
Less: | |||||||||||||||||||
Stock-based compensation expense | 112 | 246 | 146 | 584 | 1,017 | ||||||||||||||
Amortization of acquired intangible assets | 450 | 421 | 334 | 1,452 | 1,718 | ||||||||||||||
Non-GAAP license cost of revenue | $ | 1,326 | $ | 1,580 | $ | 1,319 | $ | 5,549 | $ | 7,496 | |||||||||
(percent of related revenue) | 4 | % | 4 | % | 4 | % | 4 | % | 6 | % | |||||||||
GAAP subscription and maintenance support cost of revenue | $ | 12,657 | $ | 9,644 | $ | 11,894 | $ | 46,717 | $ | 38,602 | |||||||||
(percent of related revenue) | 31 | % | 32 | % | 33 | % | 32 | % | 34 | % | |||||||||
Less: | |||||||||||||||||||
Stock-based compensation expense | 985 | 677 | 952 | 3,423 | 3,006 | ||||||||||||||
Amortization of acquired intangible assets | 1,024 | 855 | 1,197 | 4,456 | 3,977 | ||||||||||||||
Non-GAAP subscription and maintenance support cost of revenue | $ | 10,648 | $ | 8,112 | $ | 9,745 | $ | 38,838 | $ | 31,619 | |||||||||
(percent of related revenue) | 26 | % | 27 | % | 27 | % | 26 | % | 28 | % | |||||||||
GAAP professional services and other cost of revenue | $ | 9,535 | $ | 7,976 | $ | 10,060 | $ | 36,875 | $ | 28,925 | |||||||||
(percent of related revenue) | 34 | % | 34 | % | 62 | % | 57 | % | 63 | % | |||||||||
Less: | |||||||||||||||||||
Stock-based compensation expense | 1,125 | 1,017 | 1,127 | 4,333 | 3,204 | ||||||||||||||
Amortization of acquired intangible assets | 175 | 175 | 175 | 700 | 408 | ||||||||||||||
Non-GAAP professional services and other cost of revenue | $ | 8,235 | $ | 6,784 | $ | 8,758 | $ | 31,842 | $ | 25,313 | |||||||||
(percent of related revenue) | 29 | % | 29 | % | 54 | % | 49 | % | 55 | % |
Three Months Ended December 31, | Three Months Ended September 30, | Year Ended December 31, | |||||||||||||||||
2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Non-GAAP gross profit: | |||||||||||||||||||
GAAP gross profit | $ | 77,903 | $ | 69,724 | $ | 60,369 | $ | 249,785 | $ | 201,085 | |||||||||
(percent of total revenue) | 76 | % | 78 | % | 72 | % | 73 | % | 72 | % | |||||||||
Plus: | |||||||||||||||||||
Stock-based compensation expense | 2,222 | 1,940 | 2,225 | 8,340 | 7,227 | ||||||||||||||
Amortization of acquired intangible assets | 1,649 | 1,451 | 1,706 | 6,608 | 6,103 | ||||||||||||||
Non-GAAP gross profit | $ | 81,774 | $ | 73,115 | $ | 64,300 | $ | 264,733 | $ | 214,415 | |||||||||
(percent of total revenue) | 80 | % | 82 | % | 76 | % | 78 | % | 77 | % | |||||||||
GAAP license gross profit | $ | 31,433 | $ | 33,191 | $ | 29,687 | $ | 121,728 | $ | 109,577 | |||||||||
(percent of related revenue) | 94 | % | 94 | % | 94 | % | 94 | % | 91 | % | |||||||||
Plus: | |||||||||||||||||||
Stock-based compensation expense | 112 | 246 | 146 | 584 | 1,017 | ||||||||||||||
Amortization of acquired intangible assets | 450 | 421 | 334 | 1,452 | 1,718 | ||||||||||||||
Non-GAAP license gross profit | $ | 31,995 | $ | 33,858 | $ | 30,167 | $ | 123,764 | $ | 112,312 | |||||||||
(percent of related revenue) | 96 | % | 96 | % | 96 | % | 96 | % | 94 | % | |||||||||
GAAP subscription and maintenance support gross profit | $ | 27,610 | $ | 20,929 | $ | 24,615 | $ | 99,898 | $ | 74,234 | |||||||||
(percent of related revenue) | 69 | % | 68 | % | 67 | % | 68 | % | 66 | % | |||||||||
Plus: | |||||||||||||||||||
Stock-based compensation expense | 985 | 677 | 952 | 3,423 | 3,006 | ||||||||||||||
Amortization of acquired intangible assets | 1,024 | 855 | 1,197 | 4,456 | 3,977 | ||||||||||||||
Non-GAAP subscription and maintenance support gross profit | $ | 29,619 | $ | 22,461 | $ | 26,764 | $ | 107,777 | $ | 81,217 | |||||||||
(percent of related revenue) | 74 | % | 73 | % | 73 | % | 74 | % | 72 | % | |||||||||
GAAP professional services and other gross profit | $ | 18,860 | $ | 15,604 | $ | 6,067 | $ | 28,159 | $ | 17,274 | |||||||||
(percent of related revenue) | 66 | % | 66 | % | 38 | % | 43 | % | 37 | % | |||||||||
Plus: | |||||||||||||||||||
Stock-based compensation expense | 1,125 | 1,017 | 1,127 | 4,333 | 3,204 | ||||||||||||||
Amortization of acquired intangible assets | 175 | 175 | 175 | 700 | 408 | ||||||||||||||
Non-GAAP professional services and other gross profit | $ | 20,160 | $ | 16,796 | $ | 7,369 | $ | 33,192 | $ | 20,886 | |||||||||
(percent of related revenue) | 71 | % | 71 | % | 46 | % | 51 | % | 45 | % |
Three Months Ended December 31, | Three Months Ended September 30, | Year Ended December 31, | |||||||||||||||||
2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Non-GAAP income from operations: | |||||||||||||||||||
GAAP income from operations | $ | 13,806 | $ | 20,624 | $ | 1,567 | $ | 15,507 | $ | 15,243 | |||||||||
(percent of total revenue) | 14 | % | 23 | % | 2 | % | 5 | % | 5 | % | |||||||||
Plus: | |||||||||||||||||||
Stock-based compensation expense | 13,200 | 10,057 | 14,021 | 51,507 | 40,444 | ||||||||||||||
Amortization of acquired intangible assets | 1,649 | 1,451 | 1,706 | 6,608 | 6,103 | ||||||||||||||
Non-GAAP income from operations | $ | 28,655 | $ | 32,132 | $ | 17,294 | $ | 73,622 | $ | 61,790 | |||||||||
(percent of total revenue) | 28 | % | 36 | % | 21 | % | 22 | % | 22 | % | |||||||||
GAAP operating expense | $ | 64,097 | $ | 49,100 | $ | 58,802 | $ | 234,278 | $ | 185,842 | |||||||||
(percent of total revenue) | 63 | % | 55 | % | 70 | % | 69 | % | 67 | % | |||||||||
Less: | |||||||||||||||||||
Stock-based compensation expense | 10,978 | 8,117 | 11,796 | 43,167 | 33,217 | ||||||||||||||
Non-GAAP operating expense | $ | 53,119 | $ | 40,983 | $ | 47,006 | $ | 191,111 | $ | 152,625 | |||||||||
(percent of total revenue) | 52 | % | 46 | % | 56 | % | 56 | % | 55 | % | |||||||||
GAAP sales and marketing expense | $ | 31,756 | $ | 23,955 | $ | 26,112 | $ | 107,142 | $ | 83,806 | |||||||||
(percent of total revenue) | 31 | % | 27 | % | 31 | % | 31 | % | 30 | % | |||||||||
Less: | |||||||||||||||||||
Stock-based compensation expense | 4,735 | 3,773 | 4,973 | 18,056 | 13,821 | ||||||||||||||
Non-GAAP sales and marketing expense | $ | 27,021 | $ | 20,182 | $ | 21,139 | $ | 89,086 | $ | 69,985 | |||||||||
(percent of total revenue) | 26 | % | 23 | % | 25 | % | 26 | % | 25 | % | |||||||||
GAAP research and development expense | $ | 19,082 | $ | 15,225 | $ | 19,931 | $ | 77,202 | $ | 60,749 | |||||||||
(percent of total revenue) | 19 | % | 17 | % | 24 | % | 23 | % | 22 | % | |||||||||
Less: | |||||||||||||||||||
Stock-based compensation expense | 3,648 | 2,911 | 4,249 | 15,062 | 11,844 | ||||||||||||||
Non-GAAP research and development expense | $ | 15,434 | $ | 12,314 | $ | 15,682 | $ | 62,140 | $ | 48,905 | |||||||||
(percent of total revenue) | 15 | % | 14 | % | 19 | % | 18 | % | 18 | % | |||||||||
GAAP general and administrative expense | $ | 13,259 | $ | 9,920 | $ | 12,759 | $ | 49,934 | $ | 41,287 | |||||||||
(percent of total revenue) | 13 | % | 11 | % | 15 | % | 15 | % | 15 | % | |||||||||
Less: | |||||||||||||||||||
Stock-based compensation expense | 2,595 | 1,433 | 2,574 | 10,049 | 7,552 | ||||||||||||||
Non-GAAP general and administrative expense | $ | 10,664 | $ | 8,487 | $ | 10,185 | $ | 39,885 | $ | 33,735 | |||||||||
(percent of total revenue) | 10 | % | 9 | % | 12 | % | 12 | % | 12 | % |
Three Months Ended December 31, | Three Months Ended September 30, | Year Ended December 31, | |||||||||||||||||
2016 | 2015 | 2016 | 2016 | 2015 | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
Non-GAAP net income and income per share: | |||||||||||||||||||
GAAP net income | $ | 5,826 | $ | 11,623 | $ | (605 | ) | $ | 816 | $ | 179 | ||||||||
(percent of total revenue) | 6 | % | 13 | % | (1 | )% | * | * | |||||||||||
Adjusted for: | |||||||||||||||||||
Stock-based compensation expense | 13,200 | 10,057 | 14,021 | 51,507 | 40,444 | ||||||||||||||
Amortization of acquired intangible assets | 1,649 | 1,451 | 1,706 | 6,608 | 6,103 | ||||||||||||||
Non-cash interest expense on our convertible senior notes | 3,256 | 3,177 | 3,197 | 12,683 | 8,617 | ||||||||||||||
Foreign currency transaction losses | 717 | 403 | (207 | ) | 201 | 1,962 | |||||||||||||
Loss on repurchase of convertible senior notes | — | — | — | — | 3,752 | ||||||||||||||
Non-cash tax provision | 4,054 | 3,979 | (1,758 | ) | (738 | ) | (2,477 | ) | |||||||||||
Non-GAAP net income | $ | 28,702 | $ | 30,690 | $ | 16,354 | $ | 71,078 | $ | 58,580 | |||||||||
(percent of total revenue) | 28 | % | 34 | % | 19 | % | 21 | % | 21 | % | |||||||||
GAAP net income per basic common share | $ | 0.19 | $ | 0.40 | $ | (0.02 | ) | $ | 0.03 | $ | 0.01 | ||||||||
Adjusted for: | |||||||||||||||||||
Stock-based compensation expense | 0.44 | 0.35 | 0.47 | 1.74 | 1.39 | ||||||||||||||
Amortization of acquired intangible assets | 0.05 | 0.05 | 0.06 | 0.22 | 0.21 | ||||||||||||||
Non-cash interest expense on our convertible senior notes | 0.11 | 0.11 | 0.11 | 0.43 | 0.30 | ||||||||||||||
Foreign currency transaction losses | 0.02 | 0.01 | (0.01 | ) | 0.01 | 0.07 | |||||||||||||
Loss on repurchase of convertible senior notes | — | — | — | — | 0.13 | ||||||||||||||
Non-cash tax provision | 0.13 | 0.14 | (0.06 | ) | (0.02 | ) | (0.09 | ) | |||||||||||
Non-GAAP net income per basic common share | $ | 0.95 | $ | 1.06 | $ | 0.55 | $ | 2.40 | $ | 2.01 | |||||||||
GAAP net income per diluted common share | $ | 0.18 | $ | 0.39 | $ | (0.02 | ) | $ | 0.03 | $ | 0.01 | ||||||||
Adjusted for: | |||||||||||||||||||
Stock-based compensation expense | 0.42 | 0.34 | 0.44 | 1.67 | 1.36 | ||||||||||||||
Amortization of acquired intangible assets | 0.05 | 0.05 | 0.05 | 0.21 | 0.20 | ||||||||||||||
Non-cash interest expense on our convertible senior notes | 0.10 | 0.11 | 0.10 | 0.41 | 0.29 | ||||||||||||||
Foreign currency transaction losses | 0.02 | 0.01 | (0.01 | ) | 0.01 | 0.07 | |||||||||||||
Loss on repurchase of convertible senior notes | — | — | — | — | 0.13 | ||||||||||||||
Non-cash tax provision | 0.13 | 0.14 | (0.06 | ) | (0.02 | ) | (0.08 | ) | |||||||||||
Non-GAAP net income per diluted common share ^ | $ | 0.91 | $ | 1.04 | $ | 0.52 | $ | 2.30 | $ | 1.96 |