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 | ||||
February 24, 2016 | By: | /s/ Jillian Sheehan | ||
Name: | Jillian Sheehan | |||
Title: | Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release, dated February 24, 2016 |
• | Revenue of $86.7 million, up 38% y/y |
• | Billings (including contractual backlog) of $99.0 million, up 36% y/y |
• | Revenue: Revenue was $23.7 million, a year-over-year increase of 33%. Activity-driven revenue increased 37% to $19.5 million and organization-driven revenue increased 17% to $4.3 million. Billings and contractual backlog, otherwise known as bookings, totaled $26.5 million in the fourth quarter, an increase of 34% year over year. |
• | Gross Margin: Adjusted gross margin improved to 84.3% and GAAP gross margin was 82.8% for the quarter, compared with 82.4% and 79.8%, respectively, in the quarter ended December 31, 2014. |
• | Adjusted EBITDA and Net Loss: Adjusted EBITDA improved to $3.9 million from $0.4 million in the quarter ended December 31, 2014. GAAP net loss was ($8.2) million, compared with a loss of ($3.9) million in the prior-year period. Adjusted Basic and Diluted EPS was $0.09, compared with an Adjusted Basic and Diluted net loss per share of ($0.02) in the quarter ended December 31, 2014. GAAP basic and diluted net loss per share was ($0.31) compared with a net loss per share of ($0.15) in the prior-year period. |
• | Operating Metrics: Total active construction projects during the quarter increased 23% year over year to 10,358, representing approximately $202 billion in construction value. New projects added totaled 2,175, representing $24.5 billion in construction value, a 46% increase from the prior-year period. The increase was driven largely by CPM general contractor implementations as well as overall growth in the construction industry. Total number of organizations utilizing Textura's organization-driven solutions increased 20% to 20,884. |
• | Liquidity: Cash generated from operations during the quarter was $6.1 million, and free cash flow was $3.9 million for the quarter. |
• | Revenue: Revenue was $86.7 million, a year-over-year increase of 38%. Activity-driven revenue increased 42% to $70.0 million and organization-driven revenue increased 23% to $16.7 million. Billings and contractual backlog, otherwise known as bookings, totaled $99.0 million for the year, an increase of 36%. |
• | Gross Margin: Adjusted gross margin improved to 83.7% and GAAP gross margin was 82.4% for the year, compared with 81.5% and 79.6%, respectively, in the year ended December 31, 2014. |
• | Adjusted EBITDA and Net Loss: Adjusted EBITDA improved to $10.2 million from a loss of ($6.1) million in the year ended December 31, 2014. GAAP net loss was ($16.6) million, compared to a loss of ($24.9) million in the prior year. Adjusted Basic EPS was $0.21, compared with an Adjusted Basic net loss per share of ($0.37) in the year ended December 31, 2014. Adjusted Diluted EPS was $0.20 for the year ended December 31, 2015. GAAP basic and diluted net loss per share was ($0.64) compared with a net loss per share of ($0.99) in the prior year. |
• | Operating Metrics: Total active construction projects during the year increased 21% year over year to 15,152, representing approximately $256 billion in construction value. New projects added totaled 8,451, representing $100 billion in construction value, which increased 39% from the prior year. Total number of organizations utilizing Textura's organization-driven solutions increased 27% to 24,669. |
• | Liquidity: As of December 31, 2015, total cash and cash equivalents was $78.7 million. Cash generated from operations during the year was $20.3 million, and free cash flow was $7.0 million for the year. |
• | Deferred Revenue: As of December 31, 2015, deferred revenue was $43.8 million, up 23% from $35.6 million as of December 31, 2014. |
• | Revenue in the range of $23.7 to $24.7 million |
• | Year-over-year revenue growth in the range of 23 - 29% |
• | Adjusted Basic and Diluted EPS in the range of $0.07 - $0.11, excluding stock-based compensation expenses of $3.2 million and amortization of acquired intangible assets of $0.8 million, and assuming approximately 26.2 million and 27.2 million weighted-average common shares outstanding, respectively, for the Adjusted Basic and Diluted EPS calculations |
• | GAAP basic and diluted net loss per share in the range of ($0.08) - ($0.04), assuming approximately 26.2 million weighted-average common shares outstanding |
• | Revenue in the range of $106.0 to $111.0 million |
• | Year-over-year revenue growth in the range of 22 - 28% |
• | Adjusted Basic EPS in the range of $0.35 - $0.50, excluding stock-based compensation expenses of $10.6 million and amortization of acquired intangible assets of $2.7 million, and assuming approximately 26.6 million weighted-average common shares outstanding |
• | Adjusted Diluted EPS in the range of $0.33 - $0.48, excluding stock-based compensation expenses of $10.6 million and amortization of acquired intangible assets of $2.7 million, and assuming approximately 27.8 million weighted-average shares outstanding |
• | GAAP basic and diluted net loss per share in the range of ($0.15) - $0.00, assuming approximately 26.6 million weighted-average common shares outstanding |
• | Cash flow from operations in the range of $25 - $30 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 |
December 31, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 78,669 | $ | 66,758 | |||
Accounts receivable, net of allowance of $193 and $254 at December 31, 2015 and 2014, respectively | 6,425 | 8,274 | |||||
Prepaid expenses and other current assets | 1,225 | 1,163 | |||||
Total current assets | 86,319 | 76,195 | |||||
Property and equipment, net | 34,214 | 26,103 | |||||
Restricted cash | 2,839 | 1,780 | |||||
Goodwill | 52,848 | 52,848 | |||||
Intangible assets, net | 7,965 | 12,132 | |||||
Other assets | 157 | 226 | |||||
Total assets | $ | 184,342 | $ | 169,284 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 2,701 | $ | 1,699 | |||
Accrued expenses | 11,378 | 9,874 | |||||
Deferred revenue, short-term | 40,089 | 31,923 | |||||
Leases payable, short-term | — | 412 | |||||
Total current liabilities | 54,168 | 43,908 | |||||
Deferred revenue, long-term | 3,724 | 3,660 | |||||
Other long-term liabilities | 2,040 | 1,028 | |||||
Total liabilities | 59,932 | 48,596 | |||||
Stockholders’ equity | |||||||
Common stock, $.001 par value; 90,000 shares authorized; 26,861 and 26,247 shares issued and 26,190 and 25,588 shares outstanding at December 31, 2015 and 2014, respectively | 26 | 26 | |||||
Additional paid in capital | 361,370 | 340,344 | |||||
Treasury stock, at cost; 671 and 659 shares at December 31, 2015 and 2014, respectively | (10,309 | ) | (9,923 | ) | |||
Accumulated other comprehensive loss | (662 | ) | (340 | ) | |||
Accumulated deficit | (226,015 | ) | (209,419 | ) | |||
Total Textura Corporation stockholders’ equity | 124,410 | 120,688 | |||||
Total liabilities and stockholders’ equity | $ | 184,342 | $ | 169,284 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | $ | 23,732 | $ | 17,862 | $ | 86,729 | $ | 62,968 | |||||||
Operating expenses | |||||||||||||||
Cost of services (exclusive of depreciation and amortization shown separately below) | 4,079 | 3,606 | 15,254 | 12,851 | |||||||||||
General and administrative | 13,848 | 6,489 | 36,661 | 25,249 | |||||||||||
Sales and marketing | 5,204 | 5,143 | 21,013 | 20,518 | |||||||||||
Technology and development | 5,326 | 4,490 | 20,404 | 21,031 | |||||||||||
Depreciation and amortization | 2,361 | 1,903 | 8,628 | 7,741 | |||||||||||
Asset impairment | 1,070 | — | 1,070 | — | |||||||||||
Total operating expenses | 31,888 | 21,631 | 103,030 | 87,390 | |||||||||||
Loss from operations | (8,156 | ) | (3,769 | ) | (16,301 | ) | (24,422 | ) | |||||||
Other income (expense), net | |||||||||||||||
Interest income and other expense, net | 13 | 19 | 43 | 70 | |||||||||||
Interest expense | (8 | ) | (27 | ) | (31 | ) | (133 | ) | |||||||
Total other income (expense), net | 5 | (8 | ) | 12 | (63 | ) | |||||||||
Loss before income taxes | (8,151 | ) | (3,777 | ) | (16,289 | ) | (24,485 | ) | |||||||
Income tax provision | 63 | 130 | 307 | 370 | |||||||||||
Net loss | $ | (8,214 | ) | $ | (3,907 | ) | $ | (16,596 | ) | $ | (24,855 | ) | |||
Less: Net loss attributable to non-controlling interest | — | — | — | (169 | ) | ||||||||||
Net loss attributable to Textura Corporation | (8,214 | ) | (3,907 | ) | (16,596 | ) | (24,686 | ) | |||||||
Accretion of redeemable non‑controlling interest | — | — | — | 199 | |||||||||||
Net loss attributable to Textura Corporation common stockholders | $ | (8,214 | ) | $ | (3,907 | ) | $ | (16,596 | ) | $ | (24,885 | ) | |||
Net loss per share attributable to Textura Corporation common stockholders, basic and diluted | $ | (0.31 | ) | $ | (0.15 | ) | $ | (0.64 | ) | $ | (0.99 | ) | |||
Weighted-average number of common shares outstanding, basic and diluted | 26,095 | 25,487 | 25,860 | 25,184 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cash flows from operating activities | |||||||||||||||
Net loss | $ | (8,214 | ) | $ | (3,907 | ) | $ | (16,596 | ) | $ | (24,855 | ) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 2,361 | 1,903 | 8,628 | 7,741 | |||||||||||
Asset impairment charge | 1,070 | — | 1,070 | — | |||||||||||
Deferred income taxes | 80 | 80 | 320 | 320 | |||||||||||
Non-cash interest income | — | — | — | (1 | ) | ||||||||||
Share‑based compensation | 6,326 | 1,971 | 14,108 | 8,375 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | 3,546 | (1,082 | ) | 1,807 | (2,680 | ) | |||||||||
Prepaid expenses and other assets | (361 | ) | 563 | (223 | ) | 808 | |||||||||
Deferred revenue, including long-term portion | (1,291 | ) | 1,946 | 8,246 | 9,762 | ||||||||||
Accounts payable | 456 | 58 | 812 | 418 | |||||||||||
Accrued expenses and other | 2,154 | 163 | 2,134 | 1,937 | |||||||||||
Net cash provided by operating activities | 6,127 | 1,695 | 20,306 | 1,825 | |||||||||||
Cash flows from investing activities | |||||||||||||||
Increase in restricted cash and escrow funds | (466 | ) | — | (1,060 | ) | (1,250 | ) | ||||||||
Purchases of property and equipment, including software development costs | (2,222 | ) | (2,339 | ) | (13,301 | ) | (8,133 | ) | |||||||
Net cash used in investing activities | (2,688 | ) | (2,339 | ) | (14,361 | ) | (9,383 | ) | |||||||
Cash flows from financing activities | |||||||||||||||
Principal payments on loan payable | — | (141 | ) | — | (246 | ) | |||||||||
Payments on capital leases | — | (217 | ) | (412 | ) | (825 | ) | ||||||||
Proceeds from exercise of options and warrants | 2,455 | 1,922 | 6,919 | 4,135 | |||||||||||
Buyout of non-controlling interest | — | — | — | (1,563 | ) | ||||||||||
Net repurchase of common shares | (326 | ) | (24 | ) | (386 | ) | (4,092 | ) | |||||||
Net cash provided by (used in) financing activities | 2,129 | 1,540 | 6,121 | (2,591 | ) | ||||||||||
Effect of changes in foreign exchange rates on cash and cash equivalents | (66 | ) | (173 | ) | (155 | ) | (223 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 5,502 | 723 | 11,911 | (10,372 | ) | ||||||||||
Cash and cash equivalents | |||||||||||||||
Beginning of period | 73,167 | 66,035 | $ | 66,758 | $ | 77,130 | |||||||||
End of period | $ | 78,669 | $ | 66,758 | $ | 78,669 | $ | 66,758 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Activity‑driven revenue | $ | 19,472 | $ | 14,233 | $ | 70,022 | $ | 49,393 | |||||||
Organization‑driven revenue | 4,260 | 3,629 | 16,707 | 13,575 | |||||||||||
Total revenue | $ | 23,732 | $ | 17,862 | $ | 86,729 | $ | 62,968 | |||||||
Activity‑driven revenue: | |||||||||||||||
Number of projects added | 2,175 | 1,625 | 8,451 | 6,858 | |||||||||||
Client‑reported construction value added (billions) | $ | 24.5 | $ | 16.8 | $ | 100.0 | $ | 72.2 | |||||||
Active projects during period | 10,358 | 8,450 | 15,152 | 12,521 | |||||||||||
Organization‑driven revenue: | |||||||||||||||
Number of organizations | 20,884 | 17,476 | 24,669 | 19,456 |
Three Months Ended December 31, 2015 | Twelve Months Ended December 31, 2015 | ||||||
(in thousands) | |||||||
Deferred revenue, beginning of period | $ | 45,102 | $ | 35,583 | |||
Deferred revenue, end of period | 43,813 | 43,813 | |||||
Net change | (1,289 | ) | 8,230 | ||||
Revenue recognized during the period | 23,732 | 86,729 | |||||
Billings | 22,443 | 94,959 | |||||
Contractual backlog, end of period | 4,043 | 4,043 | |||||
Bookings | $ | 26,486 | $ | 99,002 |
Three Months Ended December 31, 2014 | Twelve Months Ended December 31, 2014 | ||||||
(in thousands) | |||||||
Deferred revenue, beginning of period | $ | 33,647 | $ | 25,831 | |||
Deferred revenue, end of period | 35,583 | 35,583 | |||||
Net change | 1,936 | 9,752 | |||||
Revenue recognized during the period | 17,862 | 62,968 | |||||
Billings | 19,798 | 72,720 | |||||
Contractual backlog, end of period | — | — | |||||
Bookings | $ | 19,798 | $ | 72,720 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(in thousands) | |||||||||||||||
Net loss | $ | (8,214 | ) | $ | (3,907 | ) | $ | (16,596 | ) | $ | (24,855 | ) | |||
Total other (income) expense, net | (5 | ) | 8 | (12 | ) | 63 | |||||||||
Income tax provision | 63 | 130 | 307 | 370 | |||||||||||
Depreciation and amortization | 2,361 | 1,903 | 8,628 | 7,741 | |||||||||||
EBITDA | (5,795 | ) | (1,866 | ) | (7,673 | ) | (16,681 | ) | |||||||
Share‑based compensation | 6,326 | 1,971 | 14,108 | 8,375 | |||||||||||
Asset impairment charge | 1,070 | — | 1,070 | — | |||||||||||
Severance expense | 1,771 | — | 1,771 | 1,488 | |||||||||||
Acquisition‑related and other expenses* | 503 | 320 | 909 | 764 | |||||||||||
Adjusted EBITDA | $ | 3,875 | $ | 425 | $ | 10,185 | $ | (6,054 | ) |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Revenue | $ | 23,732 | $ | 17,862 | $ | 86,729 | $ | 62,968 | |||||||
Operating expenses | 31,888 | 21,631 | 103,030 | 87,390 | |||||||||||
Operating loss | $ | (8,156 | ) | $ | (3,769 | ) | $ | (16,301 | ) | $ | (24,422 | ) | |||
Operating margin | (34 | )% | (21 | )% | (19 | )% | (39 | )% | |||||||
Adjustments, as a % of revenue: | |||||||||||||||
Depreciation and amortization | 10 | % | 11 | % | 10 | % | 12 | % | |||||||
Share-based compensation | 27 | % | 11 | % | 17 | % | 14 | % | |||||||
Asset impairment charge | 4 | % | — | % | 1 | % | — | % | |||||||
Severance expense | 7 | % | — | % | 2 | % | 2 | % | |||||||
Acquisition‑related and other expenses* | 2 | % | 1 | % | 1 | % | 1 | % | |||||||
Adjusted EBITDA Margin | 16 | % | 2 | % | 12 | % | (10 | )% |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Net loss attributable to Textura Corporation common shareholders | $ | (8,214 | ) | $ | (3,907 | ) | $ | (16,596 | ) | $ | (24,885 | ) | |||
Accretion of redeemable non-controlling interest | — | — | — | 199 | |||||||||||
Net loss attributable to non-controlling interest | — | — | — | (169 | ) | ||||||||||
Net loss | $ | (8,214 | ) | $ | (3,907 | ) | $ | (16,596 | ) | $ | (24,855 | ) | |||
Share-based compensation | 6,326 | 1,971 | 14,108 | 8,375 | |||||||||||
Amortization of intangible assets | 1,007 | 1,131 | 4,166 | 4,977 | |||||||||||
Asset impairment charge | 1,070 | — | 1,070 | — | |||||||||||
Severance expense | 1,771 | — | 1,771 | 1,488 | |||||||||||
Acquisition-related and other expenses (1) | 503 | 320 | 909 | 764 | |||||||||||
Adjusted net income (loss) | $ | 2,463 | $ | (485 | ) | $ | 5,428 | $ | (9,251 | ) | |||||
Weighted-average number of common shares outstanding - basic and diluted | 26,095 | 25,487 | 25,860 | 25,184 | |||||||||||
Dilutive equity awards (2) | 1,542 | — | 1,708 | — | |||||||||||
Adjusted weighted-average number of common shares outstanding - diluted | 27,637 | 25,487 | 27,568 | 25,184 | |||||||||||
Net loss per share | $ | (0.31 | ) | $ | (0.15 | ) | $ | (0.64 | ) | $ | (0.99 | ) | |||
Adjusted Basic EPS (3) | $ | 0.09 | $ | (0.02 | ) | $ | 0.21 | $ | (0.37 | ) | |||||
Adjusted Diluted EPS (3) | $ | 0.09 | $ | (0.02 | ) | $ | 0.20 | $ | (0.37 | ) |
Three Months Ended December 31, 2015 | |||||||||||||||||||||||
GAAP Operating Expenses | Share-Based Compensation and Amortization of Intangible Assets | Asset Impairment Charge | Severance Expense | Acquisition-related and Other Expenses* | Adjusted Operating Expenses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of services | $ | 4,079 | $ | 301 | $ | — | $ | — | $ | 48 | $ | 3,730 | |||||||||||
General and administrative | 13,848 | 5,569 | — | 1,771 | 455 | 6,053 | |||||||||||||||||
Sales and marketing | 5,204 | 265 | — | — | — | 4,939 | |||||||||||||||||
Technology and development | 5,326 | 191 | — | — | — | 5,135 | |||||||||||||||||
Depreciation and amortization | 2,361 | 1,007 | — | — | 1,354 | ||||||||||||||||||
Asset impairment | 1,070 | — | 1,070 | — | — | ||||||||||||||||||
Total | $ | 31,888 | $ | 7,333 | $ | 1,070 | $ | 1,771 | $ | 503 | $ | 21,211 |
Twelve Months Ended December 31, 2015 | |||||||||||||||||||||||
GAAP Operating Expenses | Share-Based Compensation and Amortization of Intangible Assets | Asset Impairment Charge | Severance Expense | Acquisition-related and Other Expenses* | Adjusted Operating Expenses | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of services | $ | 15,254 | $ | 946 | $ | — | $ | — | $ | 184 | $ | 14,124 | |||||||||||
General and administrative | 36,661 | 11,308 | — | 1,771 | 725 | 22,857 | |||||||||||||||||
Sales and marketing | 21,013 | 1,035 | — | — | — | 19,978 | |||||||||||||||||
Technology and development | 20,404 | 819 | — | — | — | 19,585 | |||||||||||||||||
Depreciation and amortization | 8,628 | 4,166 | — | — | 4,462 | ||||||||||||||||||
Asset impairment | 1,070 | — | 1,070 | — | — | ||||||||||||||||||
Total | $ | 103,030 | $ | 18,274 | $ | 1,070 | $ | 1,771 | $ | 909 | $ | 81,006 |
Three Months Ended December 31, 2014 | |||||||||||||||
GAAP Operating Expenses | Share Based Compensation and Amortization of Intangible Assets | Acquisition-related and Other Expenses* | Adjusted Operating Expenses | ||||||||||||
(in thousands) | |||||||||||||||
Cost of services | $ | 3,606 | $ | 196 | $ | 275 | $ | 3,135 | |||||||
General and administrative | 6,489 | 1,328 | 45 | 5,116 | |||||||||||
Sales and marketing | 5,143 | 279 | — | 4,864 | |||||||||||
Technology and development | 4,490 | 168 | — | 4,322 | |||||||||||
Depreciation and amortization | 1,903 | 1,131 | — | 772 | |||||||||||
Total | $ | 21,631 | $ | 3,102 | $ | 320 | $ | 18,209 |
Twelve Months Ended December 31, 2014 | |||||||||||||||
GAAP Operating Expenses | Share Based Compensation and Amortization of Intangible Assets | Acquisition-related and Other Expenses* | Adjusted Operating Expenses | ||||||||||||
(in thousands) | |||||||||||||||
Cost of services | $ | 12,851 | $ | 594 | $ | 619 | $ | 11,638 | |||||||
General and administrative | 25,249 | 4,617 | 239 | 20,393 | |||||||||||
Sales and marketing | 20,518 | 1,501 | 592 | 18,425 | |||||||||||
Technology and development | 21,031 | 1,663 | 802 | 18,566 | |||||||||||
Depreciation and amortization | 7,741 | 4,977 | — | 2,764 | |||||||||||
Total | $ | 87,390 | $ | 13,352 | $ | 2,252 | $ | 71,786 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Revenue | $ | 23,732 | $ | 17,862 | $ | 86,729 | $ | 62,968 | |||||||
Cost of services | 4,079 | 3,606 | 15,254 | 12,851 | |||||||||||
Gross profit | $ | 19,653 | $ | 14,256 | $ | 71,475 | $ | 50,117 | |||||||
Gross margin | 82.8 | % | 79.8 | % | 82.4 | % | 79.6 | % | |||||||
Adjustments: | |||||||||||||||
Share-based compensation as a % of revenue | 1.3 | % | 1.1 | % | 1.1 | % | 0.9 | % | |||||||
Acquisition-related and other expenses as a % of revenue* | 0.2 | % | 1.5 | % | 0.2 | % | 1.0 | % | |||||||
Adjusted Gross Margin | 84.3 | % | 82.4 | % | 83.7 | % | 81.5 | % |
Three Months Ended December 31, 2015 | Twelve Months Ended December 31, 2015 | ||||||
(in thousands) | |||||||
Net cash provided by operating activities | $ | 6,127 | $ | 20,306 | |||
Purchases of property and equipment, including software development costs | (2,222 | ) | (13,301 | ) | |||
Free Cash Flow | $ | 3,905 | $ | 7,005 |
Three Months Ending March 31, 2016 | Twelve Months Ending December 31, 2016 | ||||||||||||||
High End | Low End | High End | Low End | ||||||||||||
Basic net loss per share | $ | (0.04 | ) | $ | (0.08 | ) | $ | — | $ | (0.15 | ) | ||||
Share-based compensation | 0.12 | 0.12 | 0.40 | 0.40 | |||||||||||
Amortization of intangible assets | 0.03 | 0.03 | 0.10 | 0.10 | |||||||||||
Adjusted Basic EPS | $ | 0.11 | $ | 0.07 | $ | 0.50 | $ | 0.35 |
Three Months Ending March 31, 2016 | Twelve Months Ending December 31, 2016 | ||||||||||||||
High End | Low End | High End | Low End | ||||||||||||
Diluted net loss per share | $ | (0.04 | ) | $ | (0.08 | ) | $ | — | $ | (0.15 | ) | ||||
Share-based compensation | 0.12 | 0.12 | 0.38 | 0.38 | |||||||||||
Amortization of intangible assets | 0.03 | 0.03 | 0.10 | 0.10 | |||||||||||
Adjusted Diluted EPS | $ | 0.11 | $ | 0.07 | $ | 0.48 | $ | 0.33 |