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Tangoe, Inc. Announces Third Quarter 2012 Financial Results

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

“We are very pleased with the company’s strong execution during the third quarter, which resulted in revenue and profitability that exceeded our expectations,” stated Albert Subbloie, president and CEO of Tangoe. “The compelling value proposition associated with Tangoe’s suite of integrated solutions continued to fuel the strong growth of our recurring revenue during the quarter. We again had a very strong quarter for new customer additions, in addition to enjoying significant success expanding many of our existing relationships with large, global customers.”

Subbloie added, “We are very excited about our long-term product roadmap, which we believe will further expand Tangoe’s leadership position and market share gains. Demand for CLM solutions remains strong, and we continue to be optimistic about the company’s future. This is supported by our increased financial guidance for 2012, as well as our initial guidance of continued strong revenue growth and adjusted EBITDA margin expansion for the full year 2013.”

Third Quarter 2012 Financial Highlights

  • Revenue: Total revenue for the third quarter was $40.1 million, an increase of 47% on a year-over-year basis. Recurring technology and services revenue was $36.1 million, an increase of 48% on a year-over-year basis. Strategic consulting, software licenses and other services revenue contributed the remaining $4.0 million of total revenue for the third quarter of 2012.
  • Operating Income: GAAP operating income for the third quarter was $0.9 million, compared to a GAAP operating loss of $0.4 million for the third quarter of 2011. Non-GAAP operating income for the third quarter was $5.7 million, representing an increase of 84% compared to $3.1 million for the third quarter of 2011.
  • Net Income (Loss): GAAP net income for the third quarter was $0.6 million, compared to a $1.9 million net loss for the same period last year. GAAP diluted income per share for the third quarter was $0.01, based on 41.0 million weighted-average diluted shares outstanding, compared to a loss per share of $0.10, after deducting dividends and accretion related to our preferred stock and based on 22.8 million weighted-average shares outstanding, for the same period last year.Non-GAAP net income for the third quarter was $5.4 million, up 100% compared to $2.7 million for the third quarter of 2011. Non-GAAP diluted net income per share for the third quarter was $0.13 based on 41.0 million weighted-average diluted shares outstanding compared to $0.08 per share based on 35.1 million weighted-average diluted shares outstanding for the same period last year.
  • Adjusted EBITDA: Adjusted EBITDA for the third quarter was $6.0 million, an increase of 82% compared to $3.3 million for the third quarter of 2011. Adjusted EBITDA margin was 15.0% for the third quarter of 2012, an increase compared to a 12.2% margin for the same period last year.
  • Cash and Cash Flow: As of September 30, 2012, Tangoe had cash and cash equivalents of $55.7 million, a decrease of $22.7 million from the end of the prior quarter due primarily to the acquisition of Symphony Teleca’s TEM business.The company generated $6.0 million in net cash from operations for the third quarter of 2012, compared to $1.7 million during the third quarter of 2011. The company generated $5.4 million in unlevered free cash flow for the quarter, an increase of 157% compared to $2.1 million during the third 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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