Delaware | 001-35956 | 26-1212370 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
1405 Lake Cook Road, Deerfield, IL | 60015 | |||
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TEXTURA CORPORATION | ||||
July 30, 2015 | By: | /s/ Jillian Sheehan | ||
Name: | Jillian Sheehan | |||
Title: | Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release, dated July 30, 2015 |
• | Textura was named the fifth fastest-growing company in Chicago in Crain’s Chicago Business “Fast Fifty” based on revenue growth from 2009 to 2014 of 1,887 percent and was the second fastest-growing technology company on the list. |
• | Textura launched PerformanceTracker™, expanding its suite of solutions. PerformanceTracker transforms the performance evaluation process for general contractors to yield data-driven, actionable insights and full visibility into the performance of subcontractors and other project partners. |
• | Webcor Builders was announced as joining the growing list of large general contractors on CPM. Webcor is a $1.2 billion full service general contractor ranking No. 50 on Engineering News-Record’s 2015 ENR 400 listing of top general contractors. |
• | Revenue: Revenue was $21.3 million, a year-over-year increase of 42%. Activity-driven revenue increased 48% to $17.2 million and organization-driven revenue increased 21% to $4.1 million. Billings of $24.9 million increased 36% year over year. |
• | Gross Margin: Adjusted gross margin improved to 83.8% and GAAP gross margin was 82.4% for the quarter, compared with 80.8% and 79.8%, respectively, in the quarter ended June 30, 2014. |
• | Adjusted EBITDA and Net Loss: Adjusted EBITDA was $2.3 million, compared with a loss of ($2.2) million in the quarter ended June 30, 2014. GAAP net loss was ($2.9) million, an improvement from a loss of ($6.1) million in the prior-year period. Adjusted EPS was $0.05 compared with a loss of ($0.12) in the quarter ended June 30, 2014. GAAP net loss per share was ($0.11) compared with a loss of ($0.24) in the prior-year period. |
• | Operating Metrics: Total active construction projects increased 20% year over year to 9,123, representing approximately $200 billion of construction value. New projects added totaled 2,280, representing $25.8 billion in construction value, which increased 46% from the prior-year period. The increase was driven largely by |
• | Total Cash and Cash Equivalents: As of June 30, 2015, total cash and cash equivalents was $68.0 million. Cash generated by operations during the quarter was $4.6 million. Free cash flow was negative for the quarter ended June 30, 2015, due to Textura's capital investments in its downtown office location and the purchase of certain leased assets. |
• | Deferred Revenue: Deferred revenue at June 30, 2015 was $41.5 million, up 9% from $37.9 million at March 31, 2015 and up 33% from $31.1 million at June 30, 2014. |
• | Revenue in the range of $22.4 to $23.4 million |
• | Year-over-year revenue growth in the range of 37 - 43% |
• | Adjusted EPS in the range of $0.05 - $0.07, excluding stock-based compensation expenses of $3.0 million and amortization of acquired intangible assets of $1.1 million, and assuming approximately 25.9 million weighted-average common shares outstanding |
• | GAAP net loss per share in the range of ($0.11) - ($0.09) |
• | Revenue in the range of $88 to $92 million |
• | Year-over-year revenue growth in the range of 40 - 46% |
• | Adjusted EPS in the range of $0.18 - $0.21, excluding stock-based compensation expenses of $10.6 million and amortization of acquired intangible assets of $4.2 million, and assuming approximately 25.9 million weighted-average common shares outstanding |
• | GAAP net loss per share in the range of ($0.40) - ($0.37) |
• | Cash flow from operations in the range of $17 to $21 million |
• | for planning purposes, including the preparation of the annual budget; and |
• | to evaluate the effectiveness of business strategies. |
Investor Contact: | Media Contact: | |
Annie Leschin | Matt Scroggins | |
Textura Corporation, Investor Relations | matt.scroggins@texturacorp.com | |
annie@streetsmartir.com | 224-254-6652 | |
415-775-1788 | ||
or | ||
ir@texturacorp.com | ||
847-457-6553 |
June 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 67,980 | $ | 66,758 | |||
Accounts receivable, net of allowance for doubtful accounts of $207 at June 30, 2015 and $254 at December 31, 2014 | 9,520 | 8,274 | |||||
Prepaid expenses and other current assets | 1,282 | 1,163 | |||||
Total current assets | 78,782 | 76,195 | |||||
Property and equipment, net | 32,161 | 26,103 | |||||
Restricted cash | 2,180 | 1,780 | |||||
Goodwill | 52,848 | 52,848 | |||||
Intangible assets, net | 10,025 | 12,132 | |||||
Other assets | 1,331 | 226 | |||||
Total assets | $ | 177,327 | $ | 169,284 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 1,874 | $ | 1,699 | |||
Accrued expenses | 10,520 | 9,874 | |||||
Deferred revenue, short-term | 37,133 | 31,923 | |||||
Leases payable, short-term | 4 | 412 | |||||
Total current liabilities | 49,531 | 43,908 | |||||
Deferred revenue, long-term | 4,364 | 3,660 | |||||
Other long-term liabilities | 1,155 | 1,028 | |||||
Total liabilities | 55,050 | 48,596 | |||||
Stockholders’ equity | |||||||
Common stock, $.001 par value; 90,000 shares authorized; 26,516 and 26,247 shares issued and 25,860 and 25,588 shares outstanding at June 30, 2015 and December 31, 2014, respectively | 26 | 26 | |||||
Additional paid in capital | 348,031 | 340,344 | |||||
Treasury stock, at cost; 656 and 659 shares at June 30, 2015 and December 31, 2014, respectively | (10,013 | ) | (9,923 | ) | |||
Accumulated other comprehensive loss | (428 | ) | (340 | ) | |||
Accumulated deficit | (215,339 | ) | (209,419 | ) | |||
Total stockholders’ equity | 122,277 | 120,688 | |||||
Total liabilities and stockholders’ equity | $ | 177,327 | $ | 169,284 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | $ | 21,283 | $ | 14,965 | $ | 40,484 | $ | 28,752 | |||||||
Operating expenses | |||||||||||||||
Cost of services (exclusive of depreciation and amortization shown separately below) | 3,750 | 3,028 | 7,328 | 5,910 | |||||||||||
General and administrative | 7,649 | 6,473 | 14,481 | 12,528 | |||||||||||
Sales and marketing | 5,379 | 4,663 | 10,572 | 9,506 | |||||||||||
Technology and development | 5,190 | 4,819 | 9,899 | 10,175 | |||||||||||
Depreciation and amortization | 2,089 | 1,962 | 3,965 | 3,848 | |||||||||||
Total operating expenses | 24,057 | 20,945 | 46,245 | 41,967 | |||||||||||
Loss from operations | (2,774 | ) | (5,980 | ) | (5,761 | ) | (13,215 | ) | |||||||
Other income (expense), net | |||||||||||||||
Interest income and other expense, net | 5 | 27 | 20 | 45 | |||||||||||
Interest expense | (4 | ) | (35 | ) | (15 | ) | (78 | ) | |||||||
Total other income (expense), net | 1 | (8 | ) | 5 | (33 | ) | |||||||||
Loss before income taxes | (2,773 | ) | (5,988 | ) | (5,756 | ) | (13,248 | ) | |||||||
Income tax provision | 80 | 80 | 164 | 160 | |||||||||||
Net loss | $ | (2,853 | ) | $ | (6,068 | ) | $ | (5,920 | ) | $ | (13,408 | ) | |||
Less: Net loss attributable to non-controlling interest | — | (94 | ) | — | (169 | ) | |||||||||
Net loss attributable to Textura Corporation | (2,853 | ) | (5,974 | ) | (5,920 | ) | (13,239 | ) | |||||||
Accretion of redeemable non‑controlling interest | — | 105 | — | 199 | |||||||||||
Net loss available to Textura Corporation common stockholders | $ | (2,853 | ) | $ | (6,079 | ) | $ | (5,920 | ) | $ | (13,438 | ) | |||
Net loss per share available to Textura Corporation common stockholders, basic and diluted | $ | (0.11 | ) | $ | (0.24 | ) | $ | (0.23 | ) | $ | (0.54 | ) | |||
Weighted-average number of common shares outstanding, basic and diluted | 25,774 | 25,001 | 25,707 | 24,908 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cash flows from operating activities | |||||||||||||||
Net loss | $ | (2,853 | ) | $ | (6,068 | ) | $ | (5,920 | ) | $ | (13,408 | ) | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||
Depreciation and amortization | 2,089 | 1,962 | 3,965 | 3,848 | |||||||||||
Deferred income taxes | 80 | 80 | 160 | 160 | |||||||||||
Non-cash interest expense | — | — | — | (1 | ) | ||||||||||
Share‑based compensation | 2,649 | 1,830 | 4,620 | 3,766 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | (1,906 | ) | 102 | (1,247 | ) | (1,618 | ) | ||||||||
Prepaid expenses and other assets | (162 | ) | (314 | ) | (202 | ) | 105 | ||||||||
Deferred revenue, including long-term portion | 3,580 | 3,314 | 5,914 | 5,317 | |||||||||||
Accounts payable | 49 | 712 | (13 | ) | 582 | ||||||||||
Accrued expenses and other | 1,076 | 683 | 517 | 220 | |||||||||||
Net cash provided by (used in) operating activities | 4,602 | 2,301 | 7,794 | (1,029 | ) | ||||||||||
Cash flows from investing activities | |||||||||||||||
Increase in restricted cash and escrow funds | (826 | ) | — | (1,226 | ) | — | |||||||||
Purchases of property and equipment | (5,001 | ) | (2,073 | ) | (7,890 | ) | (3,625 | ) | |||||||
Net cash used in investing activities | (5,827 | ) | (2,073 | ) | (9,116 | ) | (3,625 | ) | |||||||
Cash flows from financing activities | |||||||||||||||
Principal payments on loan payable | — | (95 | ) | — | (99 | ) | |||||||||
Payments on capital leases | (182 | ) | (202 | ) | (408 | ) | (397 | ) | |||||||
Proceeds from exercise of options and warrants | 1,947 | 957 | 3,067 | 1,552 | |||||||||||
Buyout of non-controlling interest | — | (1,563 | ) | — | (1,563 | ) | |||||||||
Net issuance (repurchase) of common shares (treasury) | (147 | ) | (4,096 | ) | (91 | ) | (4,096 | ) | |||||||
Net cash provided by (used in) financing activities | 1,618 | (4,999 | ) | 2,568 | (4,603 | ) | |||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 97 | (5 | ) | (24 | ) | 5 | |||||||||
Net increase (decrease) in cash and cash equivalents | 490 | (4,776 | ) | 1,222 | (9,252 | ) | |||||||||
Cash and cash equivalents | |||||||||||||||
Beginning of period | 67,490 | 72,654 | $ | 66,758 | $ | 77,130 | |||||||||
End of period | $ | 67,980 | $ | 67,878 | $ | 67,980 | $ | 67,878 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Activity‑driven revenue | $ | 17,172 | $ | 11,581 | $ | 32,165 | $ | 22,238 | |||||||
Organization‑driven revenue | 4,111 | 3,384 | 8,319 | 6,514 | |||||||||||
Total revenue | $ | 21,283 | $ | 14,965 | $ | 40,484 | $ | 28,752 | |||||||
Activity‑driven revenue: | |||||||||||||||
Number of projects added | 2,280 | 1,729 | 4,074 | 3,441 | |||||||||||
Client‑reported construction value added (billions) | $ | 25.8 | $ | 17.7 | $ | 49.9 | $ | 37.2 | |||||||
Active projects during period | 9,123 | 7,578 | 10,857 | 8,961 | |||||||||||
Organization‑driven revenue: | |||||||||||||||
Number of organizations | 19,877 | 15,922 | 20,820 | 16,497 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(in thousands) | |||||||||||||||
Net loss | $ | (2,853 | ) | $ | (6,068 | ) | $ | (5,920 | ) | $ | (13,408 | ) | |||
Total other (income) expense, net | (1 | ) | 8 | (5 | ) | 33 | |||||||||
Income tax provision | 80 | 80 | 164 | 160 | |||||||||||
Depreciation and amortization | 2,089 | 1,962 | 3,965 | 3,848 | |||||||||||
EBITDA | (685 | ) | (4,018 | ) | (1,796 | ) | (9,367 | ) | |||||||
Share‑based compensation expense | 2,649 | 1,830 | 4,620 | 3,766 | |||||||||||
Acquisition‑related and other expenses* | 339 | — | 339 | 74 | |||||||||||
Adjusted EBITDA | $ | 2,303 | $ | (2,188 | ) | $ | 3,163 | $ | (5,527 | ) |
Three Months Ended March 31, | Three Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Revenue | $ | 19,201 | $ | 13,787 | $ | 21,283 | $ | 14,965 | |||||||
Operating expenses | 22,188 | 21,022 | 24,057 | 20,945 | |||||||||||
Operating income (loss) | $ | (2,987 | ) | $ | (7,235 | ) | $ | (2,774 | ) | $ | (5,980 | ) | |||
Operating margin | (16 | )% | (52 | )% | (13 | )% | (40 | )% | |||||||
Adjustments: | |||||||||||||||
Depreciation and amortization as % of revenue | 10 | % | 14 | % | 10 | % | 13 | % | |||||||
Share-based compensation expense as % of revenue | 10 | % | 14 | % | 12 | % | 12 | % | |||||||
Acquisition‑related and other expenses as % of revenue* | — | % | — | % | 2 | % | — | % | |||||||
Adjusted EBITDA Margin | 4 | % | (24 | )% | 11 | % | (15 | )% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Net loss available to Textura Corporation common shareholders | $ | (2,853 | ) | $ | (6,079 | ) | $ | (5,920 | ) | $ | (13,438 | ) | |||
Accretion of redeemable non-controlling interest | — | 105 | — | 199 | |||||||||||
Net loss attributable to non-controlling interest | — | (94 | ) | — | (169 | ) | |||||||||
Net loss | $ | (2,853 | ) | $ | (6,068 | ) | $ | (5,920 | ) | $ | (13,408 | ) | |||
Share-based compensation expense | 2,649 | 1,830 | 4,620 | 3,766 | |||||||||||
Amortization of intangible assets | 1,053 | 1,282 | 2,106 | 2,564 | |||||||||||
Acquisition-related and other expenses* | 339 | — | 339 | 74 | |||||||||||
Adjusted net loss | $ | 1,188 | $ | (2,956 | ) | $ | 1,145 | $ | (7,004 | ) | |||||
Weighted-average common shares used in basic and diluted EPS | 25,774 | 25,001 | 25,707 | 24,908 | |||||||||||
Adjusted EPS | $ | 0.05 | $ | (0.12 | ) | $ | 0.04 | $ | (0.28 | ) | |||||
Net loss per share | $ | (0.11 | ) | $ | (0.24 | ) | $ | (0.23 | ) | $ | (0.54 | ) | |||
Accretion of redeemable non-controlling interest | — | — | — | 0.01 | |||||||||||
Share-based compensation expense | 0.11 | 0.07 | 0.18 | 0.15 | |||||||||||
Amortization of intangible assets | 0.04 | 0.05 | 0.08 | 0.10 | |||||||||||
Acquisition-related and other expenses* | 0.01 | — | 0.01 | — | |||||||||||
Adjusted EPS | $ | 0.05 | $ | (0.12 | ) | $ | 0.04 | $ | (0.28 | ) |
Three Months Ended June 30, 2015 | |||||||||||||||
GAAP Operating Expenses | Share-Based Compensation and Amortization of Intangible Assets | Acquisition-related and other expenses* | Adjusted Operating Expenses | ||||||||||||
(in thousands) | |||||||||||||||
Cost of services | $ | 3,750 | $ | 180 | $ | 136 | $ | 3,434 | |||||||
General and administrative | 7,649 | 2,030 | 203 | 5,416 | |||||||||||
Sales and marketing | 5,379 | 233 | — | 5,146 | |||||||||||
Technology and development | 5,190 | 206 | — | 4,984 | |||||||||||
Depreciation and amortization | 2,089 | 1,053 | — | 1,036 | |||||||||||
Total | $ | 24,057 | $ | 3,702 | $ | 339 | $ | 20,016 |
Three Months Ended June 30, 2014 | |||||||||||
GAAP Operating Expenses | Share-Based Compensation and Amortization of Intangible Assets | Adjusted Operating Expenses | |||||||||
(in thousands) | |||||||||||
Cost of services | $ | 3,028 | $ | 156 | $ | 2,872 | |||||
General and administrative | 6,473 | 1,049 | 5,424 | ||||||||
Sales and marketing | 4,663 | 324 | 4,339 | ||||||||
Technology and development | 4,819 | 301 | 4,518 | ||||||||
Depreciation and amortization | 1,962 | 1,282 | 680 | ||||||||
Total | $ | 20,945 | $ | 3,112 | $ | 17,833 |
Three Months Ended June 30, | |||||||
2015 | 2014 | ||||||
(dollars in thousands) | |||||||
Revenue | $ | 21,283 | $ | 14,965 | |||
Cost of services | 3,750 | 3,028 | |||||
Gross profit | 17,533 | 11,937 | |||||
Gross margin | 82.4 | % | 79.8 | % | |||
Adjustments: | |||||||
Share-based compensation expense as % of revenue | 0.8 | % | 1.0 | % | |||
Other non-recurring expenses as % of revenue* | 0.6 | % | — | ||||
Adjusted Gross Margin | 83.8 | % | 80.8 | % |
Three Months Ended September, 2015 | Twelve Months Ended December 31, 2015 | ||||||||||||||
High End | Low End | High End | Low End | ||||||||||||
Net loss per share | $ | (0.09 | ) | $ | (0.11 | ) | $ | (0.37 | ) | $ | (0.40 | ) | |||
Share-based compensation expense | 0.12 | 0.12 | 0.41 | 0.41 | |||||||||||
Amortization of intangible assets | 0.04 | 0.04 | 0.16 | 0.16 | |||||||||||
Acquisition-related and other expenses* | — | — | 0.01 | 0.01 | |||||||||||
Adjusted EPS | $ | 0.07 | $ | 0.05 | $ | 0.21 | $ | 0.18 |