EX-99.1 2 jive-06302016xex991.htm EXHIBIT 99.1 JIVE 06.30.2016 Exhibit


Exhibit 99.1

JIVE SOFTWARE ANNOUNCES SECOND QUARTER 2016 RESULTS



Palo Alto, Calif.August 2, 2016Jive Software, Inc. (NASDAQ: JIVE), the leading provider of modern communication and collaboration solutions for business, today announced financial results for its second quarter ended June 30, 2016.

“Jive delivered second quarter results that exceeded guidance,” said Elisa Steele, CEO of Jive Software. “GAAP loss from operations for the second quarter was $6.8 million, an improvement of $2.0 million compared to one year ago. In addition, we reached our stated goal of achieving non-GAAP operating profitability for the first time in our history as a public company.”
“Our top financial priorities this year are to improve execution and reach sustainable non-GAAP profitability. During the quarter, we took meaningful steps to create a more disciplined go-to-market strategy that further leverages our competitive differentiation to capture more opportunities in the enterprise collaboration market. Businesses are turning to Jive’s industry-leading, cloud-based solutions that make work more visible, searchable and memorable from any device, and during the quarter, we welcomed several new customers to Jive. In July, we extended our leadership position in the enterprise collaboration market with the release of our latest Interactive Intranet and Customer Community solutions that deepen collaborative connections and deliver intelligent insights to drive digital transformation in the workplace,” added Steele.
“We are pleased with our progress and execution in the second quarter, and remain focused on positioning the company for growth over the long term,” concluded Steele.

Second Quarter 2016 Financial Highlights
 
Revenue: Total revenue for the second quarter was $51.0 million, an increase of 5% on a year-over-year basis. Within total revenue, product revenue was $46.5 million for the second quarter, an increase of 5% on a year-over-year basis. Professional services revenue for the second quarter was $4.5 million, which was flat on a year-over-year basis.

Non-GAAP Billings: Short-term billings, which Jive defines as revenue plus the change in short-term deferred revenue, were $43.4 million for the second quarter, a decrease of 9% year-over-year. Total billings, which Jive defines as revenue plus the change in short and long-term deferred revenue, was $39.4 million, a decrease of 11% on a year-over-year basis.

Gross Profit: GAAP gross profit for the second quarter was $33.7 million, an increase of 11% year-over-year, and GAAP gross margin was 66%. Non-GAAP gross profit was $34.9 million for the second quarter, an increase of 8% year-over-year, and non-GAAP gross margin was 68%.

Loss from Operations: GAAP loss from operations for the second quarter was $6.8 million, compared to a loss from operations of $8.9 million for the second quarter of 2015. Non-GAAP income from operations was $1.8 million, compared to non-GAAP loss from operations of $2.1 million for the second quarter of 2015.

Net Loss: GAAP net loss for the second quarter was $6.7 million, compared to a net loss of $9.3 million for the same period last year. GAAP net loss per share for the second quarter was $0.09, based on 77.1 million weighted-average shares outstanding, compared to a net loss per share of $0.12, based on 75.0 million weighted-average shares outstanding for the same period last year.

Non-GAAP net income for the second quarter was $1.9 million, compared to a non-GAAP net loss of $2.6 million for the same period last year. Non-GAAP net income per share for the second quarter was $0.02, based on 79.5 million weighted-average diluted shares outstanding, compared to a non-GAAP net loss per share of $0.03, based on 75.0 million weighted-average shares outstanding, for the same period last year.
 
Balance Sheet and Cash Flow: As of June 30, 2016, Jive had cash and cash equivalents and marketable securities of $108.7 million, compared to $112.7 million as of December 31, 2015. Cash used by operations was $10.4 million and Jive used $0.4 million in capital expenditures and capital leases, leading to negative free cash flow of $10.8 million for the second quarter of 2016, compared to negative free cash flow of $6.1 million for the second quarter of 2015. Free cash flow is defined as cash flows provided by operating activities minus cash flows used to purchase capital expenditures and finance capital leases.






A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Second Quarter and Recent Business Highlights 

Achieved new customer wins with the Annie E. Casey Foundation, the Cleveland Clinic Foundation, Huawei Technologies Deutschland GmbH, KIABI, KIC InnoEnergy S.E, Lorenz Services Sp. z o.o., the National Institutes of Health, Regus plc, Snow Software, Thornton Tomasetti, Inc., University of Virginia, Vaco, Inc., Veterinary Growth Partners, Vicinity Centres and VimpelCom Eurasia, among others.

Expanded or renewed customer relationships with ADTRAN, Inc., Anglo American, Bandwidth.com, Check Point Software Technologies, Chloe+Isabel, Comcast, Commvault Systems, Inc., DSTL, Eli Lilly and Company, Filemaker, Inc., Intercontinental Exchange, lululemon athletica inc, MedAmerica, the Ministry of Defence, PwC, Ricoh Group, SAP Ariba, Tenable Network Security, Inc., United Health Group, and W.K. Kellogg Foundation, among others.

Jive announced the latest release of its industry-leading, cloud-based Interactive Intranet and Customer Community solutions that makes work more visible, searchable and memorable from any device, and allows companies to tap into their biggest asset -corporate memory- wherever and whenever needed. As a unified WorkHub, Jive captures, measures and influences all digital interactions within and outside of an organization. New capabilities include innovative personal analytics to drive faster and more informed decisions; intelligent profiles that streamline access to an organization’s knowledge base; and enhanced integration that infuses social monitoring functionality throughout a digital workplace. This latest release is another important milestone in Jive’s vision to bring employees, customers and partners together within one unified WorkHub.

The Jive Community, which provides service and support to Jive’s own customers, was recognized by the Association of Support Professionals (ASP) on its exclusive annual list of the top 10 best web support sites in the world. Built on Jive’s market-leading Customer Community solution software, Jive's Customer Community received accolades for successfully creating a cohesive and consistent world-class self-service support experience that significantly increased adoption and improved overall community satisfaction. Jive was also recognized for boosting the amount of customer questions answered via the community's self-service knowledge base channels and public discussions to an all-time high. Jive achieved this improvement over the past year by enhancing the community experience with a new page design, more seamless support processes and an updated information architecture. 


Financial Outlook

As of August 2, 2016, Jive’s guidance for its third quarter 2016 is as follows:
 
Third Quarter 2016 Guidance:

Total revenue is expected to be in the range of $49.0 million to $50 million.

Non-GAAP income from operations is expected to be in the range of $1.5 million to $2.5 million.

Non-GAAP earnings per share are expected to be in the range of $0.02 to $0.03 based on approximately 80.3 million weighted-average diluted shares outstanding.

Change in short-term billings is expected to be negative 8% to negative 3%.

Free cash flow is expected to be in the range of negative $7.5 million to negative $8.5 million.

With respect to the Company’s expectations under “Financial Outlook” above, the Company’s guidance excludes stock-based compensation, income taxes, amortization of intangible assets, restructuring, capital expenditures, and capital lease payments which are reconciling items between those non-GAAP and GAAP measures. The Company does not provide reconciliations of non-GAAP income from operations, non-GAAP earnings per share or free cash flow to the corresponding GAAP measures due to the high variability of, and difficulty in making accurate forecasts and projections with respect to, the items excluded from these non-GAAP financial measures. In particular, stock-based compensation and restructuring charges are impacted by the Company’s retention needs as well as the future fair market value of its common stock, and free cash flow is impacted by the timing and





amounts of capital expenditures, all of which are difficult to predict and subject to constant change. Accordingly, a reconciliation to GAAP loss from operations, GAAP loss per share, and cash flows from operating activities is not available without unreasonable effort. The actual amounts of these excluded items will have a significant impact on the Company’s non-GAAP income from operations, non-GAAP earnings per share and free cash flow.

Quarterly Conference Call

Jive will host a conference call today at 2:00 p.m. PT (5:00 p.m. ET) to review the Company's financial results for the second quarter and outlook for the third quarter 2016. Listeners may access a live webcast of the conference call along with an accompanying slide presentation under “News, Events & Presentations, Quarterly Earnings” on Jive’s investor relations website at http://investor.jivesoftware.com/QuarterlyEarnings. A replay of the webcast will be available on the website following the live event. To listen by phone, dial 844-492-3729 (domestic) or 412-542-4195 (international). A replay of this conference call can be accessed through August 9, 2016 by dialing 877-344-7529 (domestic) or 412-317-0088 (international). The replay pass code is 10090098.

About Jive Software

Jive (Nasdaq: JIVE) is the leader in accelerating workplace digital transformation for organizations, enabling people to work better together. The company provides industry-leading Interactive Intranet and Customer Community solutions that connect people, information and ideas to help businesses outpace their competitors. With more than 30 million users worldwide and customers in virtually every industry, Jive is consistently recognized as a leader by top analyst firms, including Gartner Inc. and Aragon Research. More information can be found at www.jivesoftware.com or the Jive Blog.


Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles.
Non-GAAP gross profit, loss from operations, net loss and net loss per share exclude stock-based compensation expenses and amortization of acquisition related intangible assets. Total billings is defined by the Company as revenue plus the change in total deferred revenue. Short-term billings is defined as revenue plus the change in short-term deferred revenue. Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional meaningful insight for analysts and investors in evaluating the Company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool, are not intended to be an alternative to financial measures prepared in accordance with GAAP, and may be different from non-GAAP financial measures presented by other companies as non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP is provided in the accompanying tables.

Safe Harbor Statement

“Safe Harbor” statement under Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, including statements concerning our financial guidance for the third fiscal quarter of 2016, expectations regarding our strategy of driving improved financial and operational performance, the timing of sustainable non-GAAP operating profitability, expense reductions and related charges, new business initiatives and changes in product roadmap and development; assumptions related to cost savings, product demand and operating efficiencies; the effectiveness and intended benefits of our product releases; and our belief that we are well positioned to build upon our momentum over time. The achievement of success in the matters covered by such forward-looking statements involves substantial risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results or events could differ materially from the results expressed or implied by the forward-looking statements we make.






The risk and uncertainties referred to above include, but are not limited to, risks associated with our limited operating history; expectations regarding the widespread adoption of social business platforms by enterprises; uncertainty regarding the market for social business platforms; changes in the competitive dynamics of our market; our ability to increase and predict new subscription; subscription renewal or upsell rates and the impact these rates may have on our future revenues; our ability to increase the pace at which we are able to add new customers, our reliance on our own controls and third-party service providers to host some of our products; the risk that our security measures could be breached and unauthorized access to customer data could be obtained; potential third party intellectual property infringement claims; and the price volatility of our common stock.
More information about potential factors that could affect our business and financial results is contained in our quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We do not intend and undertake no duty to release publicly any updates or revisions to any forward-looking statements contained herein.







Investor Contacts:
Cindy Klimstra
Jive Software
(650) 319-4343
cindy.klimstra@jivesoftware.com
Brian Denyeau
ICR
(646) 277-1251
brian.denyeau@icrinc.com
Media Contact:
Jason Khoury
Jive Software
(650) 847-8308
jason.khoury@jivesoftware.com






JIVE SOFTWARE, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Product
$
46,545

 
$
44,156

 
$
93,071

 
$
87,668

Professional services
4,472

 
4,455

 
8,607

 
8,069

Total revenues
51,017

 
48,611

 
101,678

 
95,737

Cost of revenues:
 
 
 
 
 
 
 
Product
12,249

 
12,374

 
25,015

 
24,007

Professional services
5,095

 
5,777

 
10,764

 
11,370

Total cost of revenues
17,344

 
18,151

 
35,779

 
35,377

Gross profit
33,673

 
30,460

 
65,899

 
60,360

Operating expenses:
 
 
 
 
 
 
 
Research and development
11,836

 
13,577

 
23,575

 
27,550

Sales and marketing
18,120

 
18,959

 
39,101

 
37,824

General and administrative
6,429

 
6,780

 
12,876

 
13,279

Restructuring
4,113

 

 
4,113

 

Total operating expenses
40,498

 
39,316

 
79,665

 
78,653

Loss from operations
(6,825
)
 
(8,856
)
 
(13,766
)
 
(18,293
)
Other income (expense), net:
 
 
 
 
 
 
 
Interest income
136

 
67

 
252

 
120

Interest expense
(37
)
 
(43
)
 
(81
)
 
(122
)
Other, net
446

 
(464
)
 
243

 
1,037

Total other income (expense), net
545

 
(440
)
 
414

 
1,035

Loss before provision for income taxes
(6,280
)
 
(9,296
)
 
(13,352
)
 
(17,258
)
Provision for income taxes
445

 
14

 
782

 
217

Net loss
$
(6,725
)
 
$
(9,310
)
 
$
(14,134
)
 
$
(17,475
)
Basic and diluted net loss per share
$
(0.09
)
 
$
(0.12
)
 
$
(0.18
)
 
$
(0.23
)
Shares used in basic and diluted per share calculations
77,144

 
75,011

 
76,813

 
74,528






JIVE SOFTWARE, INC.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
 
June 30, 2016
 
December 31, 2015
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
11,062

 
$
9,870

Short-term marketable securities
96,605

 
96,410

Accounts receivable, net of allowances
33,922

 
54,090

Prepaid expenses and other current assets
12,047

 
13,135

Total current assets
153,636

 
173,505

Marketable securities, noncurrent
1,006

 
6,429

Property and equipment, net of accumulated depreciation
10,422

 
12,747

Goodwill
29,753

 
29,753

Intangible assets, net of accumulated amortization
2,808

 
4,546

Other assets
6,448

 
8,165

Total assets
$
204,073

 
$
235,145

Liabilities and Stockholders’ Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
3,233

 
$
3,684

Accrued payroll and related liabilities
8,380

 
6,954

Other accrued liabilities
5,077

 
7,842

Deferred revenue, current
116,218

 
131,850

Term debt, current
2,400

 
2,400

Total current liabilities
135,308

 
152,730

Deferred revenue, less current portion
10,155

 
16,392

Term debt, less current portion

 
1,200

Other long-term liabilities
2,477

 
2,682

Total liabilities
147,940

 
173,004

Stockholders’ Equity:
 
 
 
Common stock
7

 
7

Less treasury stock at cost
(3,352
)
 
(3,352
)
Additional paid-in capital
392,473

 
384,164

Accumulated deficit
(332,671
)
 
(318,537
)
Accumulated other comprehensive income loss
(324
)
 
(141
)
Total stockholders’ equity
56,133

 
62,141

Total liabilities and stockholders’ equity
$
204,073

 
$
235,145






JIVE SOFTWARE, INC.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Cash flows from operating activities:
 
 
 
 
 
 
 
Net loss
$
(6,725
)
 
$
(9,310
)
 
$
(14,134
)
 
$
(17,475
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
 
 
 
 
 
 
 
Depreciation and amortization
3,121

 
3,826

 
6,690

 
7,964

Stock-based compensation
3,856

 
5,652

 
7,509

 
11,288

Change in deferred taxes
(64
)
 
31

 
(5
)
 
63

Non-recurring gain

 

 

 
(1,107
)
Other
25

 

 
74

 

Decrease (increase) in:
 
 
 
 
 
 
 
Accounts receivable, net
3,729

 
(3,765
)
 
20,168

 
20,043

Prepaid expenses and other assets
689

 
(569
)
 
1,671

 
(341
)
Increase (decrease) in:
 
 
 
 
 
 
 
Accounts payable
(3,738
)
 
1,902

 
(255
)
 
2,457

Accrued payroll and related liabilities
1,952

 
1,535

 
1,966

 
519

Other accrued liabilities
(1,553
)
 
(102
)
 
(2,509
)
 
(1,650
)
Deferred revenue
(11,588
)
 
(4,514
)
 
(21,869
)
 
(12,648
)
Other long-term liabilities
(84
)
 
141

 
(169
)
 
279

Net cash provided by (used in) operating activities
(10,380
)
 
(5,173
)
 
(863
)
 
9,392

Cash flows from investing activities:
 
 
 
 
 
 
 
Payments for purchase of property and equipment
(433
)
 
(907
)
 
(1,647
)
 
(3,343
)
Purchases of marketable securities
(24,200
)
 
(24,389
)
 
(39,424
)
 
(57,757
)
Sales of marketable securities

 
6,702

 
1,001

 
11,302

Maturities of marketable securities
27,345

 
16,751

 
43,398

 
39,802

Net cash provided by (used in) investing activities
2,712

 
(1,843
)
 
3,328

 
(9,996
)
Cash flows from financing activities:
 
 
 
 
 
 
 
Proceeds from exercise of stock options
266

 
161

 
305

 
788

Taxes paid related to net share settlement of equity awards
(231
)
 
(428
)
 
(375
)
 
(595
)
Capital lease payments
(31
)
 

 
(31
)
 

Repayments of term loans
(600
)
 
(600
)
 
(1,200
)
 
(1,200
)
Non-recurring gain

 

 

 
1,107

Net cash provided by (used in) financing activities
(596
)
 
(867
)
 
(1,301
)
 
100

Net increase (decrease) in cash and cash equivalents
(8,264
)
 
(7,883
)
 
1,164

 
(504
)
Effect of exchange rate changes
75

 
(98
)
 
28

 
(47
)
Cash and cash equivalents, beginning of period
19,251

 
28,024

 
9,870

 
20,594

Cash and cash equivalents, end of period
$
11,062

 
$
20,043

 
$
11,062

 
$
20,043






JIVE SOFTWARE, INC.
Reconciliation of Non-GAAP Information
(In thousands, except per share data)
(Unaudited) 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Gross profit, as reported
$
33,673

 
$
30,460

 
$
65,899

 
$
60,360

Add back:
 
 
 
 
 
 
 
Stock-based compensation
573

 
834

 
1,189

 
1,654

Amortization related to acquisitions
655

 
897

 
1,560

 
1,883

Gross profit, non-GAAP
$
34,901

 
$
32,191

 
$
68,648

 
$
63,897

Gross margin, non-GAAP
68
%
 
66
 %
 
68
 %
 
67
 %
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Research and development, as reported
$
11,836

 
$
13,577

 
$
23,575

 
$
27,550

less:
 
 
 
 
 
 
 
Stock-based compensation
924

 
1,835

 
1,840

 
4,353

Amortization related to acquisitions
13

 
65

 
52

 
588

Research and development, non-GAAP
$
10,899

 
$
11,677

 
$
21,683

 
$
22,609

As percentage of total revenues, non-GAAP
21
%
 
24
 %
 
21
 %
 
24
 %
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Sales and marketing, as reported
$
18,120

 
$
18,959

 
$
39,101

 
$
37,824

less:
 
 
 
 
 
 
 
Stock-based compensation
840

 
1,010

 
1,655

 
1,794

Amortization related to acquisitions
32

 
128

 
126

 
259

Sales and marketing, non-GAAP
$
17,248

 
$
17,821

 
$
37,320

 
$
35,771

As percentage of total revenues, non-GAAP
34
%
 
37
 %
 
37
 %
 
37
 %
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
General and administrative, as reported
$
6,429

 
$
6,780

 
$
12,876

 
$
13,279

less:
 
 
 
 
 
 
 
Stock-based compensation
1,509

 
1,967

 
2,798

 
3,489

General and administrative, non-GAAP
$
4,920

 
$
4,813

 
$
10,078

 
$
9,790

As percentage of total revenues, non-GAAP
10
%
 
10
 %
 
10
 %
 
10
 %
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Loss from operations, as reported
$
(6,825
)
 
$
(8,856
)
 
$
(13,766
)
 
$
(18,293
)
Add back:
 
 
 
 
 
 
 
Stock-based compensation
3,846

 
5,646

 
7,482

 
11,290

Amortization related to acquisitions
700

 
1,090

 
1,738

 
2,730

Restructuring charges
4,113

 

 
4,113

 

Income (loss) from operations, non-GAAP
$
1,834

 
$
(2,120
)
 
$
(433
)
 
$
(4,273
)
As percentage of total revenues, non-GAAP
4
%
 
(4
)%
 
0
 %
 
(4
)%
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Loss before provision for income taxes, as reported
$
(6,280
)
 
$
(9,296
)
 
$
(13,352
)
 
$
(17,258
)
Add back:
 
 
 
 
 
 
 
Stock-based compensation
3,846

 
5,646

 
7,482

 
11,290

Amortization related to acquisitions
700

 
1,090

 
1,738

 
2,730

Restructuring charges
4,113

 

 
4,113

 

Less:
 
 
 
 
 
 
 
Non-recurring gain

 

 

 
(1,107
)
Income (loss) before provision for income taxes, non-GAAP
$
2,379

 
$
(2,560
)
 
$
(19
)
 
$
(4,345
)





JIVE SOFTWARE, INC.
Reconciliation of Non-GAAP Information
(In thousands, except per share data)
(Unaudited)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Net loss, as reported
$
(6,725
)
 
$
(9,310
)
 
$
(14,134
)
 
$
(17,475
)
Add back:
 
 
 
 
 
 
 
Stock-based compensation
3,846

 
5,646

 
7,482

 
11,290

Amortization related to acquisitions
700

 
1,090

 
1,738

 
2,730

Restructuring charges
4,113

 

 
4,113

 
 
Less:
 
 
 
 
 
 
 
Non-recurring gain

 

 

 
(1,107
)
Net income (loss), non-GAAP
$
1,934

 
$
(2,574
)
 
$
(801
)
 
$
(4,562
)
 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
GAAP weighted average diluted shares
77,144

 
75,011

 
76,813

 
74,528

Dilutive equity awards included in non-GAAP earnings per share
2,321

 

 

 

Non-GAAP weighted average diluted shares
79,465

 
75,011

 
76,813

 
74,528

 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Diluted net loss per share, as reported
$
(0.09
)
 
$
(0.12
)
 
$
(0.18
)
 
$
(0.23
)
Add back:
 
 
 
 
 
 
 
Stock-based compensation
0.05

 
0.08

 
0.10

 
0.15

Amortization related to acquisitions
0.01

 
0.01

 
0.02

 
0.04

Restructuring charges
0.05

 

 
0.05

 

Less:
 
 
 
 
 
 
 
Non-recurring gain

 

 

 
(0.01
)
Diluted net income (loss) per share, non-GAAP (1)
$
0.02

 
$
(0.03
)
 
$
(0.01
)
 
$
(0.06
)
 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Total revenues
$
51,017

 
$
48,611

 
$
101,678

 
$
95,737

Deferred revenue, current, end of period
116,218

 
123,779

 
116,218

 
123,779

Less: Deferred revenue, current, beginning of period
(123,833
)
 
(124,774
)
 
(131,850
)
 
(128,592
)
Short-term billings
$
43,402

 
$
47,616

 
$
86,046

 
$
90,924

 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Total revenues
$
51,017

 
$
48,611

 
$
101,678

 
$
95,737

Deferred revenue, end of period
126,373

 
147,891

 
126,373

 
147,891

Less: Deferred revenue, beginning of period
(137,961
)
 
(152,405
)
 
(148,242
)
 
(160,539
)
Billings
$
39,429

 
$
44,097

 
$
79,809

 
$
83,089

 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Cash flows provided by (used in) operating activities
$
(10,380
)
 
$
(5,173
)
 
$
(863
)
 
$
9,392

Payments for purchase of property and equipment
(433
)
 
(907
)
 
(1,647
)
 
(3,343
)
Capital lease payments
(31
)
 

 
(31
)
 

Free cash flow
$
(10,844
)
 
$
(6,080
)
 
$
(2,541
)
 
$
6,049

 
(1)
Per share amounts may not add due to rounding.