BURLINGTON, Mass., Oct. 29, 2014 /PRNewswire/ -- ClickSoftware
Technologies Ltd. (NasdaqGS: CKSW), the leading provider of
automated mobile workforce management and optimization solutions
for the service industry, today announced results for the third
quarter ended September 30, 2014.
Highlights
- Quarterly revenues were $31.2
million (34% year-over-year growth);
- P&L improved to Non-GAAP EPS $0.00, Non-GAAP net loss $0.1 million;
- Annualized Recurring Revenues (ARR) from cloud subscriptions
expected to be at $26 - $30 million
by end of 2014;
- Quarterly recurring revenues from Cloud subscriptions and
Support reached 45% of total revenues;
- Total cash and liquid investments as of September 30, 2014 were $43.7 million;
- Reiterating full-year 2014 revenue guidance of $128 million to $133 million, representing annual
revenue growth of 24% to 29%.
For the third quarter ended September 30,
2014, total revenues were $31.2
million, up 34% from $23.3
million in the third quarter of 2013. Net loss for the third
quarter of 2014 was $1.5 million, or
$0.04 per fully diluted share,
compared to net loss of $3.6 million,
or $0.11 per fully diluted share, for
the same period last year. Operating expenses on a GAAP basis
included $440,000 connected with
organizational restructuring of the Company's acquired Xora
operations. Non-GAAP net loss for the quarter was $0.1 million, or $0.00 per fully diluted share, a substantial
improvement compared to Non-GAAP net loss of $3.3 million, or $0.10 per fully diluted share, for the same
period last year.
Software license revenues for the third quarter of 2014
were $5.0 million, up 20% compared
with $4.2 million in the same period
last year. Cloud subscription revenues increased
significantly to $5.3 million from
$0.5 million for the same period last
year. Support revenues were $8.7
million, up 8% compared with support revenues of
$8.0 million for the same period last
year. Consulting revenues were $12.2
million, up 15% compared with consulting revenues of
$10.6 million for the same period
last year.
Gross profit in the third quarter of 2014 was $16.9 million, or 54% of revenues, compared to
$12.2 million, or 52% of revenues,
for the same period last year.
Cash and liquid investments at the end of the third quarter of
2014 were $43.7 million. This is a
decrease of $1.1 million compared to
the end of the second quarter of 2014. Net cash used in operating
activities was $1.7 million during
the third quarter of 2014.
Management Commentary
"As we continue to advance initiatives to grow cloud recurring
revenues and position the Company for profitable growth, we
achieved 34% year-over-year revenue growth and also considerably
narrowed net loss as we practically reached Non-GAAP breakeven
point. Quarterly recurring revenues from cloud subscriptions and
on-going support contracts reached 45% of our total revenues,
providing us greater visibility heading into the fourth quarter and
fiscal 2015," said Dr. Moshe
BenBassat, ClickSoftware's Founder and CEO. "The timing of
several specific contracts expected to close in the third quarter
were delayed and are now expected to close in the fourth
quarter."
"The market trend of shifting from On-Premise to Cloud in large
businesses is also very evident in our pipeline's make-up and is
consistent in all territories. Specifically for the fourth quarter
of 2014, one customer already closed and three large customers are
in a contract signing process. We still expect to exit 2014 with
ARR in the range of $26 million to $30
million," Dr. BenBassat added.
"Our channel partnerships remain strong. Most notably, we have
expanded our offerings for the Salesforce community and are
acquiring new customers. We recently participated at DreamForce,
Salesforce's user conference, where our new S1-native ShiftExpert
product attracted lots of attention with its Smartwatch option. It
was part of the on-going presentation at Samsung's booth and was
mentioned in several presentations as one of the early business
applications leveraging wearables. We already signed two relatively
small ShiftExpert customers."
"Xora's integration into ClickSoftware is in its final stages as
we reorganize operations, establish joint product development,
marketing and sales teams, and integrate Xora's Smart line of
products with our classic products to create unique offerings for
communities of service providers of all sizes."
"As we look forward to the fourth quarter and beyond, we remain
optimistic about our prospects and our ability to win business and
achieve growth in 2014; as such we are maintaining annual revenue
guidance," concluded Dr. BenBassat.
Financial Outlook
The Company reiterates its previously provided full year 2014
guidance of revenues at the range of $128 to
$133 million.
The Company is also reiterating its full year 2014 Non-GAAP
earnings per share of $0.01 - $0.08.
Non-GAAP earnings exclude share-based compensation costs of
approximately $0.10 and amortization
of intangible assets of approximately $0.03 per fully diluted share. GAAP fully diluted
earnings per share is expected to be in the range of ($0.13) - ($0.05).
Investors Conference Call
ClickSoftware will host a conference call today at 9:00 a.m. ET to discuss its financial results and
other matters discussed in this press release, as well as answer
questions from the investment community. To participate,
please call (888) 407-2553 and ask for the ClickSoftware conference
call. International participants, please call +972-3-918-0610. The
call will be broadcasted by live webcast on the internet (in listen
mode only) at http://ir.clicksoftware.com. A replay of this
webcast will be available on the ClickSoftware website and on the
Investor Relations App. Alternatively, a telephone replay of the
call will be available for a week by calling (888) 782-4291
(international callers can dial +972-3-925-5904).
About ClickSoftware
ClickSoftware (NasdaqGS: CKSW) is the leading provider of
automated mobile workforce management and service optimization
solutions for the enterprise, both for mobile and in-house
resources. As pioneers of the "Service chain optimization" concept,
our solutions provide organizations with end-to-end visibility and
control of the entire service management chain by optimizing
forecasting, planning, shift and task scheduling, mobility and
real-time management of resource and customer communication.
Available via the cloud or on-premise, our products incorporate
best business practices and advanced decision-making algorithms to
manage service operations more efficiently, in a scalable,
integrated manner. Our solutions have become the backbone for many
leading organizations worldwide by addressing the fundamental
question of job fulfillment: Who does What, for Whom, With what,
Where and When.
ClickSoftware is the premier choice for delivering superb
business performance to service sector organizations of all sizes.
The company is headquartered in the
United States and Israel,
with offices across Europe, and
Asia Pacific. For more
information, please visit http://www.clicksoftware.com. Follow us
on Twitter, the content of which is not incorporated herein by
reference.
To download ClickSoftware's investor relations app, which offers
access to SEC documents, press releases, videos, audiocasts and
more, the content of which is not incorporated herein by reference,
please visit Apple's App Store to download on your iPhone and iPad,
or Google Play for your Android mobile device.
Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in
accordance with U.S. generally accepted accounting principles
(GAAP), the Company's earnings release contains Non-GAAP financial
measures of net income and net income per share that exclude the
effects of share-based compensation, tax benefit related to the
update of deferred tax asset, tax payment for previous years
retained earnings, impairment of intangible assets, the
amortization of acquired intangible assets and restructuring of
related expenses. The Company's management believes the Non-GAAP
financial information provided in this release is useful to
investors' understanding and assessment of the Company's on-going
core operations and prospects for the future. Management also
uses both GAAP and Non-GAAP information in evaluating and operating
business internally and as such deemed it important to provide all
this information to investors. The Non-GAAP financial
measures disclosed by the Company should not be considered in
isolation or as a substitute for, or superior to, financial
measures calculated in accordance with GAAP, and the financial
results calculated in accordance with GAAP and reconciliations to
those financial statements should be carefully evaluated.
Reconciliations between GAAP measures and Non-GAAP measures are
provided later in this press release.
Safe Harbor for Forward Looking Statements
This press release contains express or implied
forward-looking statements within the Private Securities Litigation
Reform Act of 1995 and other U.S. Federal securities laws. These
forward-looking statements include, but are not limited to, those
statements regarding future results of operations, including
expected growth, profitability, prospects, trends and opportunities
in cloud subscriptions, pipeline, demand for our solutions,
expected contract closings, integration of Xora, our outlook for
2014 revenues and GAAP and Non-GAAP earnings per share, and our
future expected ARR. Such "forward-looking statements" involve
known and unknown risks, uncertainties and other factors that may
cause actual results or performance to differ materially from those
projected. Achievement of these results by ClickSoftware may be
affected by many factors, including, but not limited to, risks and
uncertainties regarding the general economic outlook, the length of
or changes in ClickSoftware's sales cycle, ClickSoftware's ability
to close sales to potential customers in a timely manner and
maintain or strengthen relationships with strategic partners, the
timing of revenue recognition, foreign currency exchange rate
fluctuations and ClickSoftware's ability to maintain or increase
its sales pipeline. The forward-looking statements contained in
this press release are subject to other risks and uncertainties,
including those discussed in the "Risk Factors" section and
elsewhere in ClickSoftware's annual report on Form 20-F for the
year ended December 31, 2013 and in
subsequent filings with the Securities and Exchange Commission.
Except as otherwise required by law, ClickSoftware is under no
obligation to (and expressly disclaims any such obligation to)
update or alter its forward-looking statements whether as a result
of new information, future events or otherwise.
Note: Financial Schedules Attached
ClickSoftware
Technologies Ltd.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited. In
thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
September 30,
2014
|
|
September 30,
2013
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
Revenues:
|
|
|
|
|
|
|
Software
license
|
$ 5,024
|
16%
|
|
$ 4,199
|
18%
|
|
Cloud
Subscriptions
|
5,346
|
17%
|
|
451
|
1%
|
|
Support
|
8,708
|
28%
|
|
8,039
|
35%
|
|
Cloud
subscriptions and Support
|
14,054
|
45%
|
|
8,490
|
36%
|
|
Consulting
|
12,155
|
39%
|
|
10,599
|
46%
|
|
|
Total
revenues
|
31,233
|
100%
|
|
23,288
|
100%
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
Software
license
|
599
|
2%
|
|
488
|
2%
|
|
Cloud
subscriptions and Support
|
4,218
|
14%
|
|
1,570
|
7%
|
|
Consulting
|
9,523
|
30%
|
|
9,014
|
39%
|
|
|
Total cost of
revenues
|
14,340
|
46%
|
|
11,072
|
48%
|
|
|
|
|
|
|
|
|
Gross
Profit
|
16,893
|
54%
|
|
12,216
|
52%
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development costs, net
|
4,738
|
15%
|
|
3,848
|
17%
|
|
Selling and
marketing expenses
|
10,784
|
35%
|
|
10,088
|
43%
|
|
General and
administrative expenses
|
2,739
|
9%
|
|
2,298
|
10%
|
|
Restructuring and
related expenses
|
440
|
1%
|
|
-
|
-
|
|
|
Total operating
expenses
|
18,701
|
60%
|
|
16,234
|
70%
|
|
|
|
|
|
|
|
|
Operating
loss
|
(1,808)
|
(6%)
|
|
(4,018)
|
(17%)
|
Interest income,
net
|
170
|
1%
|
|
55
|
0%
|
Net loss before
taxes
|
$ (1,638)
|
(5%)
|
|
$ (3,963)
|
(17%)
|
Tax benefit,
net
|
172
|
0%
|
|
377
|
2%
|
Net
loss
|
$ (1,466)
|
(5%)
|
|
$ (3,586)
|
(15%)
|
|
|
|
|
|
|
|
|
Net loss per
ordinary share:
|
|
|
|
|
|
|
Basic
|
$
(0.04)
|
|
|
$ (0.11)
|
|
|
Diluted
|
$
(0.04)
|
|
|
$ (0.11)
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
net loss per
share
|
33,025,616
|
|
|
32,238,308
|
|
Shares used in
computing diluted
net loss per
share
|
33,025,616
|
|
|
32,238,308
|
|
|
|
|
|
|
|
|
|
ClickSoftware
Technologies Ltd.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited. In
thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
September 30,
2014
|
|
September 30,
2013
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
Revenues:
|
|
|
|
|
|
|
Software
license
|
$
18,022
|
20%
|
|
$ 16,675
|
23%
|
|
Cloud
Subscriptions
|
13,049
|
14%
|
|
1,090
|
2%
|
|
Support
|
25,826
|
28%
|
|
22,922
|
32%
|
|
Cloud
subscriptions and Support
|
38,875
|
42%
|
|
24,012
|
34%
|
|
Consulting
|
34,825
|
38%
|
|
31,801
|
44%
|
|
|
Total
revenues
|
91,722
|
100%
|
|
72,488
|
100%
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
Software
license
|
1,931
|
2%
|
|
1,704
|
2%
|
|
Cloud
subscriptions and Support
|
10,292
|
11%
|
|
4,425
|
6%
|
|
Consulting
|
27,481
|
30%
|
|
26,455
|
36%
|
|
|
Total cost of
revenues
|
39,704
|
43%
|
|
32,584
|
45%
|
|
|
|
|
|
|
|
|
Gross
Profit
|
52,018
|
57%
|
|
39,904
|
55%
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development costs, net
|
14,620
|
16%
|
|
11,572
|
16%
|
|
Selling and
marketing expenses
|
34,463
|
38%
|
|
28,813
|
40%
|
|
General and
administrative expenses
|
8,171
|
9%
|
|
6,643
|
9%
|
|
Restructuring and
related expenses
|
440
|
0%
|
|
-
|
-
|
|
|
Total operating
expenses
|
57,694
|
63%
|
|
47,028
|
65%
|
|
|
|
|
|
|
|
|
Operating
loss
|
(5,676)
|
(6%)
|
|
(7,124)
|
(10%)
|
Interest income,
net
|
485
|
1%
|
|
618
|
1%
|
Net loss before
taxes
|
$ (5,191)
|
(5%)
|
|
$ (6,506)
|
(9%)
|
Tax (expense)
benefit, net
|
(450)
|
(1%)
|
|
90
|
0%
|
Net
loss
|
$ (5,641)
|
(6%)
|
|
$ (6,416)
|
(9%)
|
|
|
|
|
|
|
|
|
Net loss per
ordinary share:
|
|
|
|
|
|
|
Basic
|
$
(0.17)
|
|
|
$ (0.20)
|
|
|
Diluted
|
$
(0.17)
|
|
|
$ (0.20)
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
net loss per
share
|
32,848,170
|
|
|
31,954,737
|
|
Shares used in
computing diluted
net loss per
share
|
32,848,170
|
|
|
31,954,737
|
|
|
|
|
|
|
|
|
|
ClickSoftware
Technologies Ltd.
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
December 31,
2013
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
$
22,686
|
|
$
25,346
|
|
Deposits
|
3,168
|
|
9,001
|
|
Marketable
securities
|
16,484
|
|
22,586
|
|
Trade receivables,
net
|
23,042
|
|
22,490
|
|
Deferred
taxes
|
1,360
|
|
1,740
|
|
Other receivables
and prepaid expenses
|
4,513
|
|
4,408
|
|
|
Total current
assets
|
71,253
|
|
85,571
|
|
|
|
|
|
|
|
LONG TERM
ASSETS
|
|
|
|
|
Property and
equipment, net
|
5,258
|
|
5,023
|
|
Deposits
|
1,352
|
|
1,072
|
|
Other receivables
and prepaid expenses
|
378
|
|
218
|
|
Deferred
taxes
|
2,650
|
|
2,060
|
|
Intangible assets
and Goodwill, net
|
12,550
|
|
1,572
|
|
Severance pay
funds
|
1,937
|
|
2,052
|
|
|
Total long term
assets
|
24,125
|
|
11,997
|
|
|
|
Total
Assets
|
$
95,378
|
|
$
97,568
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Current maturities
of debt
|
$
173
|
|
$
-
|
|
Accounts payable
and accrued expenses
|
16,934
|
|
17,707
|
|
Deferred
revenues
|
14,494
|
|
13,420
|
|
|
Total current
liabilities
|
31,601
|
|
31,127
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES
|
|
|
|
|
Debt, less current
maturities
|
153
|
|
-
|
|
Accrued severance
pay
|
4,732
|
|
4,840
|
|
Deferred
taxes
|
20
|
|
40
|
|
Deferred
revenues
|
3,864
|
|
4,642
|
|
|
Total long term
liabilities
|
8,769
|
|
9,522
|
|
|
Total
liabilities
|
40,370
|
|
40,649
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
Ordinary shares of
NIS 0.02 par value
|
140
|
|
137
|
|
Additional paid-in
capital
|
96,484
|
|
92,301
|
|
Accumulated
deficit
|
(41,820)
|
|
(36,179)
|
|
Accumulated other
comprehensive income
|
247
|
|
703
|
|
Treasury stock, at
cost: 39,000 shares
|
(43)
|
|
(43)
|
|
|
Total
shareholders' equity
|
55,008
|
|
56,919
|
|
|
|
Total Liabilities
and shareholders' equity
|
$
95,378
|
|
$
97,568
|
ClickSoftware
Technologies Ltd.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
September 30,
2014
(Unaudited)
|
|
September 30,
2013
(Unaudited)
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
Net
loss
|
$
(5,641)
|
|
$
(6,416)
|
|
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities:
|
|
|
|
|
|
Income and expense
items not involving cash flows:
|
|
|
|
|
|
|
Depreciation
|
2,116
|
|
1,881
|
|
|
|
Amortization of
deferred compensation
|
2,480
|
|
1,925
|
|
|
|
Amortization of
acquired intangible assets
|
763
|
|
229
|
|
|
|
Severance pay,
net
|
7
|
|
321
|
|
|
|
Gain on marketable
securities
|
(619)
|
|
(336)
|
|
|
|
Other
|
189
|
|
75
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
Trade
receivables
|
1,951
|
|
1,416
|
|
|
|
Deferred
taxes
|
(230)
|
|
(1,300)
|
|
|
|
Other
receivables
|
934
|
|
(417)
|
|
|
|
Accounts payable
and accrued expenses
|
(3,365)
|
|
(1,541)
|
|
|
|
Deferred
revenues
|
(157)
|
|
8,660
|
|
Net cash (used in)
provided by operating activities
|
$
(1,572)
|
|
$
4,497
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of
equipment
|
(2,090)
|
|
(2,906)
|
|
|
Acquisition of
subsidiary (*)
|
(12,464)
|
|
-
|
|
|
Decrease in
deposits
|
5,553
|
|
20,015
|
|
|
Investments in
marketable securities
|
(6,188)
|
|
(12,278)
|
|
|
Proceeds from sale
of marketable securities
|
12,909
|
|
7,217
|
|
Net cash (used in)
provided by investment activities
|
$
(2,280)
|
|
$
12,048
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Prepayments of
long-term debts
|
(514)
|
|
-
|
|
|
Dividend
paid
|
-
|
|
(6,723)
|
|
|
Employee options
exercised
|
1,706
|
|
1,167
|
|
Net cash provided
by (used in) financing activities
|
$
1,192
|
|
$
(5,556)
|
|
|
|
|
|
(DECREASE)
INCREASE IN CASH AND CASH EQUIVALENTS
|
(2,660)
|
|
10,989
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
25,346
|
|
12,793
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
22,686
|
|
$
23,782
|
|
|
|
|
|
|
(*) Acquisition of
subsidiary
|
|
|
|
|
Working capital
(excluding cash and cash equivalents)
|
233
|
|
|
|
Property and
Equipment
|
445
|
|
|
|
Intangible
assets
|
12,626
|
|
|
|
Long-term
liabilities
|
(840)
|
|
|
Cash paid for the
acquisition of a subsidiary, net
|
$
12,464
|
|
|
|
|
|
|
|
|
|
ClickSoftware
Technologies Ltd.
|
SUPPLEMENTAL
RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
|
(Unaudited. In
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
September 30,
2014
|
|
September 30,
2013
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
|
|
|
|
|
|
GAAP Operating
loss
|
$
(1,808)
|
(6%)
|
|
$
(4,018)
|
(17%)
|
Share-based
compensation (1)
|
953
|
|
|
736
|
|
Amortization of
intangible assets (2)
|
329
|
|
|
48
|
|
Restructuring and
related expenses
|
440
|
|
|
-
|
|
Non-GAAP Operating
loss
|
$
(86)
|
(0%)
|
|
$
(3,234)
|
(14%)
|
|
|
|
|
|
|
GAAP Net
loss
|
$
(1,466)
|
(5%)
|
|
$
(3,586)
|
(15%)
|
Share-based
compensation (1)
|
953
|
|
|
736
|
|
Amortization of
intangible assets (2)
|
329
|
|
|
48
|
|
Restructuring and
related expenses
|
440
|
|
|
-
|
|
Deferred
taxes
|
(370)
|
|
|
(510)
|
|
Non-GAAP Net
loss
|
$
(114)
|
(0%)
|
|
$
(3,312)
|
(14%)
|
|
|
|
|
|
|
GAAP loss per
share (diluted)
|
$
(0.04)
|
|
|
$
(0.11)
|
|
Share-based
compensation
|
0.03
|
|
|
0.02
|
|
Amortization of
intangible assets
|
0.01
|
|
|
0.00
|
|
Restructuring and
related expenses
|
0.01
|
|
|
-
|
|
Deferred
taxes
|
(0.01)
|
|
|
(0.01)
|
|
Non-GAAP Net loss
per share (diluted)
|
$
(0.00)
|
|
|
$
(0.10)
|
|
|
|
|
|
|
|
|
(1)
Share-based compensation:
|
|
|
|
|
|
|
Cost of
revenues
|
$
103
|
|
|
$
92
|
|
|
Research and
development costs, net
|
137
|
|
|
76
|
|
|
Selling and
marketing expenses
|
226
|
|
|
176
|
|
|
General and
administrative expenses
|
487
|
|
|
392
|
|
|
$
953
|
|
|
$
736
|
|
|
|
|
|
|
|
(2)
Amortization of intangible assets:
|
|
|
|
|
|
|
Cost of
revenues
|
$
329
|
|
|
$
48
|
|
|
Research and
development costs, net
|
-
|
|
|
-
|
|
|
|
|
$
329
|
|
|
$
48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ClickSoftware
Technologies Ltd.
|
SUPPLEMENTAL
RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
|
(Unaudited. In
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
September 30,
2014
|
|
September 30,
2013
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
|
|
|
|
|
|
GAAP Operating
loss
|
$
(5,676)
|
(6%)
|
|
$
(7,124)
|
(10%)
|
Share-based
compensation (1)
|
2,480
|
|
|
1,925
|
|
Amortization of
intangible assets (2)
|
763
|
|
|
229
|
|
Restructuring and
related expenses
|
440
|
|
|
-
|
|
Non-GAAP Operating
loss
|
$
(1,993)
|
(2%)
|
|
$
(4,970)
|
(7%)
|
|
|
|
|
|
|
GAAP Net
loss
|
$
(5,641)
|
(6%)
|
|
$
(6,416)
|
(9%)
|
Share-based
compensation (1)
|
2,480
|
|
|
1,925
|
|
Amortization of
intangible assets (2)
|
763
|
|
|
229
|
|
Restructuring and
related expenses
|
440
|
|
|
-
|
|
Tax payment for
previous years retained earnings*
|
-
|
|
|
744
|
|
Deferred
taxes
|
(230)
|
|
|
(1,300)
|
|
Non-GAAP Net
loss
|
$
(2,188)
|
(2%)
|
|
$ (4,818)
|
(7%)
|
|
|
|
|
|
|
GAAP loss per
share (diluted)
|
$
(0.17)
|
|
|
$
(0.20)
|
|
Share-based
compensation
|
0.08
|
|
|
0.06
|
|
Amortization of
intangible assets
|
0.02
|
|
|
0.01
|
|
Restructuring and
related expenses
|
0.01
|
|
|
-
|
|
Tax payment for
previous years retained earnings*
|
-
|
|
|
0.02
|
|
Deferred
taxes
|
(0.01)
|
|
|
(0.04)
|
|
Non-GAAP Net loss
per share (diluted)
|
$
(0.07)
|
|
|
$
(0.15)
|
|
|
|
|
|
|
|
|
(1)
Share-based compensation:
|
|
|
|
|
|
|
Cost of
revenues
|
$
311
|
|
|
$
262
|
|
|
Research and
development costs, net
|
342
|
|
|
212
|
|
|
Selling and
marketing expenses
|
693
|
|
|
505
|
|
|
General and
administrative expenses
|
1,134
|
|
|
946
|
|
|
$
2,480
|
|
|
$ 1,925
|
|
|
|
|
|
|
|
(2)
Amortization of intangible assets:
|
|
|
|
|
|
|
Cost of
revenues
|
$
763
|
|
|
$
200
|
|
|
Research and
development costs, net
|
-
|
|
|
29
|
|
|
|
|
$
763
|
|
|
$
229
|
|
|
|
|
|
|
|
|
|
* See Note 14.A to
our consolidated financial statements for the year ended December
31, 2012 included in our Annual Report on Form 20-F, regarding
November 2012 law
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ClickSoftware
Contact:
|
Investor Relations
Contact:
|
Noa
Schuman
|
Rob Fink
|
Investor
Relations
|
KCSA Strategic
Communications
|
+972-3-7659-467
|
212-896-1206
|
Noa.Schuman@ClickSoftware.com
|
rfink@kcsa.com
|
SOURCE ClickSoftware