BURLINGTON, Mass., Feb. 4, 2015 /PRNewswire/ -- ClickSoftware
Technologies Ltd. (Nasdaq GS: CKSW), the leading provider of
automated mobile workforce management and optimization solutions
for the service industry, today announced results for the fourth
quarter and year ended December 31,
2014.
Fourth Quarter 2014 Highlights
- Record revenues of $34.5 million,
up 12% year-over-year;
- Strong win rate, added 22 new customers, of which 15 were cloud
subscriptions;
- Cloud subscriptions revenues increased to $5.7 million compared to $0.5 million last year;
- Recurring revenues from cloud subscriptions and support reached
41% of total revenues;
- Non-GAAP net income of $3.6
million; Non-GAAP EPS of $0.11
per fully diluted share.
Full Year 2014 Highlights
- Record revenues of $126.2
million, up 22% year-over-year;
- Annualized Recurring Revenues (ARR) from cloud subscriptions
entering 2015 were $22.7
million;
- Non-GAAP net income of $1.4
million; Non-GAAP EPS of $0.04
per fully diluted share.
2015 Annual Guidance
- Revenues of $140 million â€"
$145 million;
- Non-GAAP EPS of $0.09 â€"
$0.15 per fully diluted share.
"I am pleased to report the tremendous progress in our efforts
to grow the Company while we and the market transition to a cloud
subscription model," said Dr. Moshe
BenBassat, ClickSoftware's Founder and CEO. "It is a
remarkable achievement to have recorded year-over-year revenue
growth of 22% during such period of transition. Our existing user
base in the cloud, combined with significant new cloud wins of
large customers, prove that we have become the premier cloud vendor
in the service sector in terms of user base and solution breadth
for service companies of all sizes. Our leadership was also
recognized in Gartner's Magic Quadrant for Field Service Management
report, which selected ClickSoftware as leaders for the fourth
consecutive year."
"We are also very pleased to have accomplished our goal of
returning to profitability and positive cash flow. Our annual cloud
subscriptions and support recurring revenues represented 42% of
total 2014 revenues and, together with strong bookings on the
fourth quarter, we expect this trend to continue to grow, providing
us with good visibility into future revenues, and with stability
going forward."
"In the fourth quarter alone we added 22 new enterprise
customers, far above our historical average, 15 (68%) of which
selected our cloud-based solutions. With large cloud customers, we
continue to experience a stair-step approach, whereby small initial
contracts increase in size over time as customers progress with
their roll-out of our solution. A number of such large customers
that had initially signed up a small number of users in 2014,
represent substantial potential for additional paying users," Dr.
BenBassat added.
"With our continuous innovations we have expanded our
addressable market, building a company that is now addressing a
deeper and broader share of the service sector. First, our
solutions today cover the needs of individual service
companies of all sizes, in all industry verticals, in the cloud and
on-premise, for both office users and mobile workers. Second, we
also expanded to enable win-win harmony within business
networks of service providers which collaborate in a variety
of outsourcing and contracting arrangements to deliver top quality
customer service. Our Optimization as a Service technology
is now bringing to SMBs (Small/Medium Businesses) advanced decision
support and optimization that was previously only available to
large companies," concluded Dr. BenBassat.
Fourth Quarter Results
For the fourth quarter ended December 31,
2014, total revenues were $34.5
million, up 12% from $30.7
million for the fourth quarter of 2013. Net income on a GAAP
basis for the quarter was $2.6
million, or $0.08 per fully
diluted share, compared with net income of $2.3 million, or $0.07 per fully diluted share, for the same
period last year. Operating expenses on a GAAP basis included
$309,000 attributed to the
restructuring of the Company's Xora operations. Non-GAAP net income
for the quarter increased 59% to $3.6
million, or $0.11 per fully
diluted share, compared with Non-GAAP net income of $2.3 million, or $0.07 per fully diluted share, for the same
period last year.
Software license revenues for the fourth quarter of 2014
were $9.3 million, down 11% compared
with $10.4 million for the same
period last year. This decrease was offset by a more than ten-fold
increase in Cloud subscription revenues to $5.7 million, from $0.5
million for the same period last year. Support
revenues were $8.6 million, up 6%
compared with support revenues of $8.1
million for the same period last year. Consulting
revenues were $11.0 million, down 6%
compared with consulting revenues of $11.7
million for the same period last year.
Gross profit for the fourth quarter of 2014 was $20.2 million, or 59% of revenues, compared with
$19.0 million, or 62% of revenues,
for the same period last year. The decrease in gross profit margins
was primarily due to the decrease in consulting revenues.
Cash and liquid investments at the end of the fourth quarter of
2014 were $45.0 million, an increase
of $1.3 million, compared with the
end of the third quarter of 2014. Net cash provided by operating
activities was $0.6 million during
the fourth quarter of 2014.
Full Year 2014 Results
Total revenues for 2014 increased 22% to $126.2 million, compared with revenues of
$103.2 million for the same period in
2013. The net loss on a GAAP basis for 2014 narrowed to
$3.0 million, or $(0.09) per fully diluted share, compared with a
net loss of $4.2 million, or
$(0.13) per fully diluted share, for
2013. Non-GAAP net income for 2014 improved to $1.4 million, or $0.04 per fully diluted share, compared with
Non-GAAP net loss of $2.5 million, or
$(0.08) per fully diluted share, for
2013.
2015 Annual Guidance
For 2015, the Company is providing the following guidance:
- Revenues of $140 million to $145
million, or top line growth of 11% to 15% compared with
2014. This outlook is based on the Company's backlog and deferred
revenues, current visibility into cloud ARR and business
pipeline;
- Non-GAAP fully diluted earnings per share of $0.09 to $0.15,
excluding share-based compensation costs of approximately
$0.12 per share, amortization of
intangible assets of approximately $0.04 per share, and deferred taxes of
approximately $0.01 per share.
Investors Conference Call and Supplemental Slides
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. For reference during the
call, the Company will post certain supplemental slides in the
Investor Relations section of ClickSoftware's web site at
http://ir.clicksoftware.com.
To participate, please call (888) 668-9141 and ask for the
ClickSoftware conference call. International participants, please
call +972-3-918-0609. 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) 326-9310 (international
callers can dial +972-3-925-5900).
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 and
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, cash flows, prospects, trends and
opportunities in cloud subscriptions as well as recurring revenues,
pipeline, demand for our solutions, expectations regarding
additional paying users, our guidance for 2015 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.
|
|
ClickSoftware
Contact:
|
Investor Relations
Contact:
|
Noa
Schuman
|
Christopher
Harrison
|
Investor
Relations
|
KCSA Strategic
Communications
|
+972-3-7659-467
|
212-896-1267
|
Noa.Schuman@ClickSoftware.com
|
charrison@kcsa.com
|
|
|
Note: Financial Schedules Attached
ClickSoftware
Technologies Ltd.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited. In
thousands, except share and per share amounts)
|
|
|
Three Months
Ended
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
Revenues:
|
|
|
|
|
|
|
Software
license
|
$ 9,255
|
27%
|
|
$ 10,408
|
34%
|
|
Cloud
subscriptions
|
5,674
|
16%
|
|
506
|
2%
|
|
Support
|
8,611
|
25%
|
|
8,118
|
26%
|
|
Cloud
subscriptions and Support
|
14,285
|
41%
|
|
8,624
|
28%
|
|
Consulting
|
10,951
|
32%
|
|
11,661
|
38%
|
|
|
Total
revenues
|
34,491
|
100%
|
|
30,693
|
100%
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
Software
license
|
631
|
2%
|
|
767
|
2%
|
|
Cloud
subscriptions and Support
|
4,340
|
12%
|
|
1,764
|
6%
|
|
Consulting
|
9,327
|
27%
|
|
9,192
|
30%
|
|
|
Total cost of
revenues
|
14,298
|
41%
|
|
11,723
|
38%
|
|
|
|
|
|
|
|
|
Gross
Profit
|
20,193
|
59%
|
|
18,970
|
62%
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development costs, net
|
4,543
|
13%
|
|
4,398
|
14%
|
|
Selling and
marketing expenses
|
11,290
|
33%
|
|
10,893
|
36%
|
|
General and
administrative expenses
|
2,730
|
8%
|
|
2,478
|
8%
|
|
Restructuring and
related expenses
|
309
|
1%
|
|
-
|
-
|
|
|
Total operating
expenses
|
18,872
|
55%
|
|
17,769
|
58%
|
|
|
|
|
|
|
|
|
Operating
income
|
1,321
|
4%
|
|
1,201
|
4%
|
Interest income,
net
|
790
|
2%
|
|
221
|
1%
|
Net income before
taxes
|
$ 2,111
|
6%
|
|
$ 1,422
|
5%
|
Tax benefit,
net
|
498
|
2%
|
|
834
|
2%
|
Net
income
|
$ 2,609
|
8%
|
|
$ 2,256
|
7%
|
|
|
|
|
|
|
|
|
Net income per
ordinary share:
|
|
|
|
|
|
|
Basic
|
$ 0.08
|
|
|
$ 0.07
|
|
|
Diluted
|
$ 0.08
|
|
|
$ 0.07
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net
income per share
|
33,112,941
|
|
|
32,334,458
|
|
Shares used in
computing diluted net
income per share
|
33,381,221
|
|
|
33,062,701
|
|
|
|
|
|
|
|
|
|
ClickSoftware
Technologies Ltd.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
December 31,
2014
(Unaudited)
|
|
December 31,
2013
(Audited)
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
Revenues:
|
|
|
|
|
|
|
Software
license
|
$ 27,277
|
22%
|
|
$ 27,083
|
26%
|
|
Cloud
Subscriptions
|
18,723
|
15%
|
|
1,596
|
2%
|
|
Support
|
34,437
|
27%
|
|
31,040
|
30%
|
|
Cloud
subscriptions and Support
|
53,160
|
42%
|
|
32,636
|
32%
|
|
Consulting
|
45,776
|
36%
|
|
43,462
|
42%
|
|
|
Total
revenues
|
126,213
|
100%
|
|
103,181
|
100%
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
Software
license
|
2,562
|
2%
|
|
2,471
|
2%
|
|
Cloud
subscriptions and Support
|
14,632
|
12%
|
|
6,189
|
6%
|
|
Consulting
|
36,808
|
29%
|
|
35,647
|
35%
|
|
|
Total cost of
revenues
|
54,002
|
43%
|
|
44,307
|
43%
|
|
|
|
|
|
|
|
|
Gross
Profit
|
72,211
|
57%
|
|
58,874
|
57%
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development costs, net
|
19,163
|
15%
|
|
15,970
|
15%
|
|
Selling and
marketing expenses
|
45,753
|
36%
|
|
39,706
|
38%
|
|
General and
administrative expenses
|
10,901
|
8%
|
|
9,121
|
9%
|
|
Restructuring and
related expenses
|
749
|
1%
|
|
-
|
-
|
|
|
Total operating
expenses
|
76,566
|
60%
|
|
64,797
|
63%
|
|
|
|
|
|
|
|
|
Operating
loss
|
(4,355)
|
(3%)
|
|
(5,923)
|
(6%)
|
Interest income,
net
|
1,275
|
1%
|
|
839
|
1%
|
Net loss before
taxes
|
$ (3,080)
|
(2%)
|
|
$ (5,084)
|
(5%)
|
Tax benefit,
net
|
48
|
0%
|
|
924
|
1%
|
Net
loss
|
$ (3,032)
|
(2%)
|
|
$ (4,160)
|
(4%)
|
|
|
|
|
|
|
|
|
Net loss per
ordinary share:
|
|
|
|
|
|
|
Basic
|
$ (0.09)
|
|
|
$ (0.13)
|
|
|
Diluted
|
$ (0.09)
|
|
|
$ (0.13)
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic
net loss per
share
|
32,912,107
|
|
|
32,048,030
|
|
Shares used in
computing diluted
net loss per
share
|
32,912,107
|
|
|
32,048,030
|
|
|
|
|
|
|
|
|
|
ClickSoftware
Technologies Ltd.
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
$ 30,605
|
|
$ 25,346
|
|
Deposits
|
3,205
|
|
9,001
|
|
Marketable
securities
|
9,855
|
|
22,586
|
|
Trade receivables,
net
|
25,849
|
|
22,490
|
|
Deferred
taxes
|
1,680
|
|
1,740
|
|
Other receivables
and prepaid expenses
|
3,957
|
|
4,408
|
|
|
Total current
assets
|
75,151
|
|
85,571
|
|
|
|
|
|
|
|
LONG TERM
ASSETS
|
|
|
|
|
Property and
equipment, net
|
4,979
|
|
5,023
|
|
Deposits
|
1,335
|
|
1,072
|
|
Other receivables
and prepaid expenses
|
368
|
|
218
|
|
Deferred
taxes
|
3,280
|
|
2,060
|
|
Intangible assets
and Goodwill, net
|
11,878
|
|
1,572
|
|
Severance pay
funds
|
1,719
|
|
2,052
|
|
|
Total long term
assets
|
23,559
|
|
11,997
|
|
|
|
Total
Assets
|
$ 98,710
|
|
$ 97,568
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Current maturities
of debt
|
$ 103
|
|
$ -
|
|
Accounts payable
and accrued expenses
|
18,664
|
|
17,707
|
|
Deferred
revenues
|
13,930
|
|
13,420
|
|
|
Total current
liabilities
|
32,697
|
|
31,127
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES
|
|
|
|
|
Debt, less current
maturities
|
70
|
|
-
|
|
Accrued severance
pay
|
4,276
|
|
4,840
|
|
Deferred
taxes
|
20
|
|
40
|
|
Deferred
revenues
|
3,622
|
|
4,642
|
|
|
Total long term
liabilities
|
7,988
|
|
9,522
|
|
|
Total
liabilities
|
40,685
|
|
40,649
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
Ordinary shares of
NIS 0.02 par value
|
140
|
|
137
|
|
Additional paid-in
capital
|
97,511
|
|
92,301
|
|
Accumulated
deficit
|
(39,211)
|
|
(36,179)
|
|
Accumulated other
comprehensive income
|
(372)
|
|
703
|
|
Treasury stock, at
cost: 39,000 shares
|
(43)
|
|
(43)
|
|
|
Total
shareholders' equity
|
58,025
|
|
56,919
|
|
|
|
Total Liabilities
and shareholders' equity
|
$ 98,710
|
|
$ 97,568
|
ClickSoftware
Technologies Ltd.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
December 31,
2014
(Unaudited)
|
|
December 31,
2013
(Audited)
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
Net
loss
|
$ (3,032)
|
|
$ (4,160)
|
|
Adjustments to
reconcile net loss to net cash (used in)
provided by operating activities:
|
|
|
|
|
|
Income and expense
items not involving cash flows:
|
|
|
|
|
|
|
Depreciation
|
2,854
|
|
2,593
|
|
|
|
Amortization of
deferred compensation
|
3,468
|
|
2,744
|
|
|
|
Amortization of
acquired intangible assets
|
1,092
|
|
278
|
|
|
|
Impairment of
acquired intangible assets
|
-
|
|
174
|
|
|
|
Severance pay,
net
|
(231)
|
|
288
|
|
|
|
Gain on marketable
securities
|
(1,536)
|
|
(429)
|
|
|
|
Other
|
199
|
|
92
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
Trade
receivables
|
(856)
|
|
(698)
|
|
|
|
Deferred
taxes
|
(1,180)
|
|
(2,310)
|
|
|
|
Other
receivables
|
881
|
|
(809)
|
|
|
|
Accounts payable
and accrued expenses
|
(1,635)
|
|
1,171
|
|
|
|
Deferred
revenues
|
(963)
|
|
7,512
|
|
Net cash (used in)
provided by operating activities
|
$ (939)
|
|
$ 6,446
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of
equipment
|
(2,544)
|
|
(3,502)
|
|
|
Acquisition of
subsidiary (*)
|
(12,136)
|
|
-
|
|
|
Decrease in
deposits
|
5,533
|
|
20,858
|
|
|
Investments in
marketable securities
|
(7,469)
|
|
(15,686)
|
|
|
Proceeds from sale
of marketable securities
|
21,736
|
|
9,164
|
|
Net cash provided
by investment activities
|
$ 5,120
|
|
$ 10,834
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Prepayments of
long-term debts
|
(667)
|
|
-
|
|
|
Dividend
paid
|
-
|
|
(6,723)
|
|
|
Employee options
exercised
|
1,745
|
|
1,996
|
|
Net cash provided
by (used in) financing activities
|
$ 1,078
|
|
$ (4,727)
|
|
|
|
|
|
INCREASE IN CASH
AND CASH EQUIVALENTS
|
5,259
|
|
12,553
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
25,346
|
|
12,793
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$ 30,605
|
|
$ 25,346
|
|
|
|
|
|
|
(*) Acquisition of
subsidiary
|
|
|
|
|
Working capital
(excluding cash and cash equivalents)
|
233
|
|
|
|
Property and
Equipment
|
445
|
|
|
|
Intangible
assets
|
12,298
|
|
|
|
Long-term
liabilities
|
(840)
|
|
|
Cash paid for the
acquisition of a subsidiary, net
|
$ 12,136
|
|
|
|
|
|
|
|
Supplemental
schedule of non-cash investing and operating
activities
|
|
|
|
Deferred tax
assets related to acquired intangible assets
|
349
|
|
|
|
|
|
|
|
|
|
ClickSoftware
Technologies Ltd.
|
SUPPLEMENTAL
RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
|
(Unaudited. In
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
|
|
|
|
|
|
GAAP Operating
income
|
$ 1,321
|
4%
|
|
$ 1,201
|
4%
|
Share-based
compensation (1)
|
988
|
|
|
819
|
|
Amortization of
intangible assets (2)
|
329
|
|
|
49
|
|
Impairment of
other intangible assets
|
-
|
|
|
174
|
|
Restructuring and
related expenses
|
309
|
|
|
-
|
|
Non-GAAP Operating
income
|
$ 2,947
|
8%
|
|
$ 2,243
|
7%
|
|
|
|
|
|
|
GAAP Net
income
|
$ 2,609
|
8%
|
|
$ 2,256
|
7%
|
Share-based
compensation (1)
|
988
|
|
|
819
|
|
Amortization of
intangible assets (2)
|
329
|
|
|
49
|
|
Impairment of
other intangible assets
|
-
|
|
|
174
|
|
Restructuring and
related expenses
|
309
|
|
|
-
|
|
Deferred
taxes
|
(601)
|
|
|
(1,010)
|
|
Non-GAAP Net
income
|
$ 3,634
|
11%
|
|
$ 2,288
|
7%
|
|
|
|
|
|
|
GAAP income per
share (diluted)
|
$ 0.08
|
|
|
$ 0.07
|
|
Share-based
compensation
|
0.03
|
|
|
0.02
|
|
Amortization of
intangible assets
|
0.01
|
|
|
0.00
|
|
Impairment of
other intangible assets
|
-
|
|
|
0.01
|
|
Restructuring and
related expenses
|
0.01
|
|
|
-
|
|
Deferred
taxes
|
(0.02)
|
|
|
(0.03)
|
|
Non-GAAP Net
income per share (diluted)
|
$ 0.11
|
|
|
$ 0.07
|
|
|
|
|
|
|
|
|
(1)
Share-based compensation:
|
|
|
|
|
|
|
Cost of
revenues
|
$ 123
|
|
|
$ 95
|
|
|
Research and
development costs, net
|
147
|
|
|
80
|
|
|
Selling and
marketing expenses
|
304
|
|
|
245
|
|
|
General and
administrative expenses
|
414
|
|
|
399
|
|
|
$ 988
|
|
|
$ 819
|
|
|
|
|
|
|
|
(2)
Amortization of intangible assets:
|
|
|
|
|
|
|
Cost of
revenues
|
$ 329
|
|
|
$ 49
|
|
|
Research and
development costs, net
|
-
|
|
|
-
|
|
|
|
|
$ 329
|
|
|
$ 49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ClickSoftware
Technologies Ltd.
|
SUPPLEMENTAL
RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
|
(Unaudited. In
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
|
|
|
|
|
|
GAAP Operating
loss
|
$ (4,355)
|
(4%)
|
|
$ (5,923)
|
(6%)
|
Share-based
compensation (1)
|
3,468
|
|
|
2,744
|
|
Amortization of
intangible assets (2)
|
1,092
|
|
|
278
|
|
Impairment of
other intangible assets
|
-
|
|
|
174
|
|
Restructuring and
related expenses
|
749
|
|
|
-
|
|
Non-GAAP Operating
income (loss)
|
$ 954
|
1%
|
|
$ (2,727)
|
(3%)
|
|
|
|
|
|
|
GAAP Net
loss
|
$ (3,032)
|
(2%)
|
|
$ (4,160)
|
(4%)
|
Share-based
compensation (1)
|
3,468
|
|
|
2,744
|
|
Amortization of
intangible assets (2)
|
1,092
|
|
|
278
|
|
Impairment of
other intangible assets
|
-
|
|
|
174
|
|
Restructuring and
related expenses
|
749
|
|
|
-
|
|
Tax payment for
previous years retained
earnings*
|
-
|
|
|
744
|
|
Deferred
taxes
|
(831)
|
|
|
(2,310)
|
|
Non-GAAP Net
income (loss)
|
$ 1,446
|
1%
|
|
$ (2,530)
|
(2%)
|
|
|
|
|
|
|
GAAP loss per
share (diluted)
|
$ (0.09)
|
|
|
$ (0.13)
|
|
Share-based
compensation
|
0.10
|
|
|
0.09
|
|
Amortization of
intangible assets
|
0.03
|
|
|
0.00
|
|
Impairment of
other intangible assets
|
-
|
|
|
0.01
|
|
Restructuring and
related expenses
|
0.02
|
|
|
-
|
|
Tax payment for
previous years retained
earnings*
|
-
|
|
|
0.02
|
|
Deferred
taxes
|
(0.02)
|
|
|
(0.07)
|
|
Non-GAAP Net
income (loss) per share
(diluted)
|
$ 0.04
|
|
|
$ (0.08)
|
|
|
|
|
|
|
|
|
(1)
Share-based compensation:
|
|
|
|
|
|
|
Cost of
revenues
|
$ 434
|
|
|
$ 357
|
|
|
Research and
development costs, net
|
489
|
|
|
292
|
|
|
Selling and
marketing expenses
|
997
|
|
|
750
|
|
|
General and
administrative expenses
|
1,548
|
|
|
1,345
|
|
|
$ 3,468
|
|
|
$ 2,744
|
|
|
|
|
|
|
|
(2)
Amortization of intangible assets:
|
|
|
|
|
|
|
Cost of
revenues
|
$ 1,092
|
|
|
$ 249
|
|
|
Research and
development costs, net
|
-
|
|
|
29
|
|
|
|
|
$ 1,092
|
|
|
$ 278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/clicksoftware-reports-record-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2014-300030647.html
SOURCE ClickSoftware