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Tangoe, Inc. Announces Second Quarter 2012 Financial Results

Stocks in this article: TNGO

Tangoe, Inc. (NASDAQ: TNGO), a leading global provider of communications lifecycle management (CLM) software and related services, today announced financial results for its second quarter ended June 30, 2012.

“We are pleased with the company’s second quarter performance, which led to revenue and profitability that were above the high-end of our guidance,” stated Albert Subbloie, president and CEO of Tangoe. “Tangoe continues to expand its market share leadership position through the combination of organic growth, driven by new account wins, expansion with existing customers and traction with our strategic alliance partners, as well as strategic acquisitions that further accelerate our growth and momentum.”

Subbloie added, “We are very excited about our acquisition of Symphony Teleca's TEM Business, which was among the largest independent providers of telecom expense management solutions behind Tangoe. In addition to increasing our customer base, spend under management and overall scale, we expect that the acquisition of Symphony will further accelerate the expansion of our global presence and bolster our relationships with key alliance partners.”

Second Quarter 2012 Financial Highlights

  • Revenue: Total revenue for the second quarter was $36.3 million, an increase of 39% on a year-over-year basis. Recurring technology and services revenue was $32.1 million, an increase of 36% on a year-over-year basis. Strategic consulting, software licenses and other services revenue contributed the remaining $4.2 million of total revenue for the second quarter of 2012.
  • Operating Income: GAAP operating income for the second quarter was $0.5 million, compared to operating income of $1.0 million for the second quarter of 2011. Non-GAAP operating income for the second quarter was $4.4 million, representing an increase of 52% compared to $2.9 million for the second quarter of 2011.
  • Net Income (Loss): GAAP net income for the second quarter was $0.3 million, compared to a $1.4 million net loss for the same period last year. GAAP diluted income per share for the second quarter was $0.01, based on 41.1 million weighted-average diluted shares outstanding, compared to a loss per share of $0.48, after deducting dividends and accretion related to our preferred stock and based on 4.9 million weighted-average shares outstanding, for the same period last year.Non-GAAP net income for the second quarter was $4.2 million, up 110% compared to $2.0 million for the second quarter of 2011. Non-GAAP diluted net income per share for the second quarter was $0.10 based on 41.1 million weighted-average diluted shares outstanding compared to $0.07 per share based on 29.9 million weighted-average diluted shares outstanding for the same period last year.
  • Adjusted EBITDA: Adjusted EBITDA for the second quarter was $4.7 million, an increase of 52% compared to $3.1 million for the second quarter of 2011. Adjusted EBITDA margin was 13.0% for the second quarter of 2012, an increase compared to an 12.0% margin for the same period last year.
  • Cash and Cash Flow: As of June 30, 2012, Tangoe had cash and cash equivalents of $78.4 million, an increase of $40.5 million from the end of the prior quarter due primarily to proceeds generated from the company’s follow-on offering.The company generated $4.0 million in net cash from operations for the second quarter of 2012, compared to $2.4 million during the second quarter of 2011. The company generated $3.7 million in unlevered free cash flow for the quarter, an increase of 42% compared to $2.6 million during the second quarter of 2011.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

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