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E2open Announces Second Quarter Of Fiscal Year 2013 Results

Second bullet point in the "Guidance" section, fifth sentence should read: Non-GAAP loss per share is expected to be in the range of ($0.14) to ($0.06) based on approximately 25.2 million weighted-average shares outstanding (sted Non-GAAP loss per share is expected to be in the range of ($0.18) to ($0.08) based on approximately 19.1 million weighted-average shares outstanding).

The corrected release reads:

E2OPEN ANNOUNCES SECOND QUARTER OF FISCAL YEAR 2013 RESULTS

Record quarterly revenue

Company guides to FY13 revenue growth of 26%-28% or 21%-22% excluding a nonrecurring item

Company guides to bookings growth of 25%-30%

E2open, Inc. (NASDAQ: EOPN), a leading provider of strategic, cloud-based solutions for collaborative execution across global trading networks, today announced financial results for the quarter ended August 31, 2012.

“E2open continued to execute at a high level during our second fiscal quarter, leading to financial results that were better than our expectations,” said Mark Woodward, E2open’s President and CEO. “Enterprises are increasingly demanding cloud-based supply chain solutions to improve collaboration, visibility and efficiency of their global trading networks. E2open is benefitting from this demand as a result of our market leadership position and track record of providing the solutions that support some of the largest supply chains in the world.”

Mr. Woodward added, “The completion of our IPO during the second quarter provides us with increased financial resources and market awareness, which further strengthen E2open’s ability to execute its growth strategy and capitalize on a growing multi-billion dollar opportunity as we continue to transform the supply chain management market with our cloud-based solutions.”

Second Quarter Financial Highlights:

  • Revenue: Total revenue was $22.9 million for the second quarter of fiscal 2013; subscription and support revenue was $11.1 million, and professional services revenue was $11.8 million. Results for the second quarter included $4.5 million of revenue accelerated from future periods associated with a contract amendment, of which $1.0 million would have been recognized in the remainder of fiscal 2013 and $3.5 million would have been recognized subsequent to fiscal 2013.Excluding the aforementioned nonrecurring item, total revenue for the second quarter of fiscal 2013 was $18.4 million, an increase of 11% compared to $16.6 million for the second quarter of fiscal 2012 and 19% compared to $15.5 million for the first quarter of fiscal 2013. Subscription and support revenue was $10.4 million, an increase of 13% compared to $9.2 million for the second quarter of fiscal 2012 and 6% compared to $9.8 million for the first quarter of fiscal 2013. Professional services revenue was $7.9 million, an increase of 7% compared to $7.4 million for the second quarter of fiscal 2012 and 40% compared to $5.7 million for the first quarter of fiscal 2013.
  • Income from Operations: GAAP income from operations was $4.8 million compared to $2.3 million for the second quarter of fiscal 2012, and compared to ($2.2) million for the first quarter of fiscal 2013. Non-GAAP income from operations was $0.7 million compared to $2.4 million for the second quarter of fiscal 2012, and compared to ($1.8) million for the first quarter of fiscal 2013.
  • Net Income: GAAP net income was $4.6 million, compared to $2.2 million for the second quarter of fiscal 2012, and compared to ($2.4) million for the first quarter of fiscal 2013. GAAP net income per share attributable to common stockholders was $0.19 based on 24.4 million weighted-average shares outstanding, compared to $0.00 per share based on 6.2 million weighted-average shares outstanding for the second quarter of fiscal 2012, and ($0.38) per share based on 6.2 million weighted-average shares outstanding for the first quarter of fiscal 2013.
  • Non-GAAP Net Income: Non-GAAP net income was $0.5 million, compared to $2.3 million for the second quarter of fiscal 2012, and compared to ($1.9) million for the first quarter of fiscal 2013. Non-GAAP net income per share was $0.02 based on 24.4 million weighted-average shares outstanding, compared to $0.10 based on 22.3 million weighted-average shares outstanding for the second quarter of fiscal 2012, and compared to ($0.08) based on 22.7 million weighted-average shares outstanding for the first quarter of fiscal 2013.
  • Adjusted EBITDA: Adjusted EBITDA was $1.1 million compared to $2.8 million for the second quarter of fiscal 2012, and compared to ($1.4) million for the first quarter of fiscal 2013.
  • Cash Flow: Cash flow from operations was ($5.6) million, leading to free cash flow of ($6.0) million after taking into consideration $0.4 million of capital expenditures. This compares to ($2.8) million in cash flow from operations and free cash flow of ($2.9) million after taking into consideration $0.1 million of capital expenditures for the second quarter of fiscal 2012.
  • Balance sheet: Cash and investments was $43.8 million, compared to $10.2 million at the end of fiscal 2012. The Company received $52.3 million in proceeds, net of underwriting discounts and commissions, from its initial public offering during the second quarter and paid down $12.4 million of debt.

Second Quarter Business Highlights:

  • Added seven new customers in the second quarter and expanded our relationship with numerous customers.
  • Opened new offices in Paris and Stockholm.
  • Ended the quarter with 66 customers, 33,471 unique registered trading partners, and 99,292 unique registered users on the E2open network.
  • E2open completed its IPO and began trading on the NASDAQ, becoming the first SaaS supply chain vendor to trade in the public markets.

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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