Xactly (NYSE:XTLY), a leading provider of cloud-based incentive
solutions, today provided preliminary financial results for the
first quarter fiscal 2018 ended April 30, 2017.
For the first quarter fiscal 2018, total revenue is expected to
be approximately $24.6 million and subscription revenue is expected
to be approximately $19.5 million. Calculated billings are expected
to be in the range of $25.3 million to $25.5 million for the
quarter. GAAP net loss is expected to be in the range
of $(4.6) to $(4.4) million, or $(0.15) to $(0.14)
per share. Non-GAAP net loss is expected to be in the range of
$(1.9) million to $(1.7) million, or $(0.06) to $(0.05) per share.
Adjusted EBITDA loss is expected to be in the range of $(0.6)
million to $(0.4) million.
In a separate press release issued today, Xactly announced that
it has entered into a definitive agreement to be acquired by
affiliates of Vista Equity Partners.
The company will report its fiscal 2018 first quarter results in
its Quarterly Report on Form 10-Q. Xactly will not hold a
conference call to discuss earnings due to the announced sale of
the company.
Non-GAAP Financial Measures
To supplement its financial statements, Xactly also provides
investors with certain non-GAAP financial measures. We believe that
these non-GAAP measures are useful as a supplement in evaluating
our ongoing operational performance and enhancing an overall
understanding of our past financial performance. The non-GAAP
financial measures included in this press release should not be
considered in isolation from, or as a substitute for, financial
information prepared in accordance with U.S. GAAP, and the non-GAAP
financial measures that we use may differ from those of other
companies in our industry. A reconciliation between each non-GAAP
financial measure and its nearest GAAP equivalent and related
explanations are included below. We believe that supplementing GAAP
disclosure with non-GAAP disclosure that excludes items that are
not directly related to performance in any particular period
provides management and investors with a more complete view of
Xactly’s operational performance. Various items are excluded from
such non-GAAP financial measures in part because the decisions
which gave rise to the excluded items were not made to increase
revenue in a particular period, but were made for Xactly’s
long-term benefit over multiple periods.
Non-GAAP net loss and non-GAAP net loss
per share. We believe non-GAAP net loss and non-GAAP net
loss per share may prove useful to investors who wish to consider
the impact of certain non-cash or non-recurring items, such as
certain one-time charges, on Xactly’s operating performance. We
compensate for the inherent limitations associated with using
non-GAAP net loss and non-GAAP net loss per share through
disclosure of these limitations, presentation of our financial
statements in accordance with U.S. GAAP and reconciliation of these
non-GAAP financial measures to the most directly comparable U.S.
GAAP measures, net loss and net loss per share. We calculate
non-GAAP net loss (and non-GAAP net loss per share) as net loss
(and net loss per share) before (i) stock-based compensation, (ii)
increase or decrease in expenses related to the change in fair
value of convertible preferred stock warrant liabilities, (iii) and
any applicable, non-recurring or unusual charges as we may
determine from time to time.
Adjusted EBITDA. We believe that
Adjusted EBITDA helps illustrate underlying trends in our business
that could otherwise be masked by the effect of the income or
expenses that we exclude from Adjusted EBITDA. Furthermore, we use
this measure to establish budgets and operational goals for
managing our business and evaluating our performance. We also
believe that Adjusted EBITDA provides an additional tool for
investors to use in comparing our recurring core business operating
results over multiple periods with other companies in our industry.
We compensate for the inherent limitations associated with using
Adjusted EBITDA through disclosure of these limitations,
presentation of our financial statements in accordance with U.S.
GAAP and reconciliation of Adjusted EBITDA to the most directly
comparable U.S. GAAP measure, net loss. We calculate Adjusted
EBITDA as net loss before (i) other income (expense), net, which
includes interest expense, the change in fair value of convertible
preferred stock warrant liabilities and other income and expense,
(ii) income tax expense, (iii) depreciation and amortization of
property and equipment, (iv) amortization of debt issuance costs,
(v) stock-based compensation and (vi) any applicable, non-recurring
or unusual charges as we may determine from time to time.
Forward-Looking Statements
All statements in this press release that are not historical are
forward-looking statements, including, among other things, expected
GAAP and non-GAAP financial operating results for the first fiscal
quarter of fiscal 2018, such as revenue, calculated billings growth
rate, net loss, net loss per share, non-GAAP net loss and non-GAAP
net loss per share and Adjusted EBITDA, and other information about
future events and trends that we believe may affect our business,
financial condition, operating results and growth prospects, within
the safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. You should not place undue reliance on
forward-looking statements because they involve known and unknown
risks, uncertainties, changes in circumstances and other factors
that are, in some cases, beyond Xactly’s control and could cause
actual results to differ materially from the information expressed
or implied by forward-looking statements made in this press
release. Factors that could materially affect actual results can be
found in Xactly’s most recent filings with the Securities and
Exchange Commission, including Xactly’s most recent reports on
Forms 8-K and 10-K, and include those listed under the caption
“Risk Factors.” Xactly undertakes no obligation to revise or update
information in this press release to reflect events or
circumstances in the future, even if new information becomes
available.
About Xactly
Headquartered in San Jose, California, Xactly (NYSE: XTLY), is a
leading provider of enterprise-class, cloud-based, incentive
compensation solutions for employee and sales performance
management. Named a leader in Gartner’s Magic Quadrant for Sales
Performance Management software, Xactly addresses a critical
business need to incentivize employees and align their behaviors
with company goals. Our products allow organizations to make more
strategic decisions, increase employee performance, improve
margins, and mitigate risk.Our core values are key to our success,
and each day we’re committed to upholding them by delivering the
best we can to our customers. To learn more about Xactly and the
latest issues and trends in SPM software, follow us on Twitter,
Facebook, and subscribe to the Xactly blog.
©2017 Xactly Corporation. All rights reserved. Xactly, the
Xactly logo, and “Inspire Performance” are registered trademarks or
trademarks of Xactly Corporation in the United States and/or other
countries. All other trademarks are the property of their
respective owners.
Additional Information and Where to Find It
Xactly plans to file with the Securities and Exchange Commission
(the “SEC”), and furnish to its stockholders a proxy statement in
connection with the proposed merger with Excalibur Merger Sub,
Inc., pursuant to which Xactly would be acquired by entities
affiliated with Vista Equity Partners (the “Merger”). The proxy
statement described above will contain important information about
the proposed merger and related matters. INVESTORS, STOCKHOLDERS
AND SECURITY HOLDERS OF XACTLY ARE URGED TO READ THESE MATERIALS
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER
RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT XACTLY
WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT XACTLY AND THE TRANSACTION.
Investors, stockholders and security holders will be able to obtain
free copies of these documents and other documents filed with the
SEC by Xactly through the website maintained by the SEC at
www.sec.gov. In addition, investors, stockholders and security
holders will be able to obtain free copies of these documents from
Xactly by contacting Xactly's Investor Relations at (408) 477-3338,
by e-mail at ir@xactlycorp.com, or by going to Xactly's Investor
Relations page on its website at investors.xactlycorp.com.
Participants in the Solicitation
The directors and executive officers of Xactly may be deemed to
be participants in the solicitation of proxies from the
stockholders of Xactly in connection with the proposed Merger.
Information regarding the interests of these directors and
executive officers in the transaction described herein will be
included in the proxy statement described above. Additional
information regarding Xactly's directors and executive officers is
also included in Xactly's proxy statement for its 2017 Annual
Meeting of Stockholders, which was filed with the SEC on May 11,
2017. These documents are available free of charge as described in
the preceding paragraph.
Reconciliation of Preliminary GAAP Net Loss to
Preliminary Non-GAAP Net Loss (in thousands, except per share
data) (Unaudited)
Preliminary Three months
ended April 30, 2017 GAAP net loss $(4,600) -
$(4,400) Non-GAAP adjustments: Stock-based compensation 2,700
Non-GAAP net loss $(1,900) - $(1,700) GAAP net loss
per share, basic and diluted $(0.15) - $(0.14) Non-GAAP net loss
per share, basic and diluted $(0.06) - $(0.05) Shares used
in computing non-GAAP net loss per share: Basic and diluted 31,700
Reconciliation of Preliminary GAAP Net Loss to
Preliminary Adjusted EBITDA (in thousands) (Unaudited)
Preliminary Three months ended April 30,
2017 Net loss $(4,600) - $(4,400) Non-GAAP adjustments:
Interest expense 100 Income tax expense 100 Depreciation and
amortization 1,100 Stock-based compensation 2,700 Adjusted EBITDA
$(600) - $(400)
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170530005520/en/
The Blueshirt GroupInvestor RelationsLisa Laukkanen,
415-217-4967lisa@blueshirtgroup.comorNicole Gunderson,
415-489-2196nicole@blueshirtgroup.com
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