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Fleetmatics Announces Third Quarter 2012 Financial Results

Please note that the non-GAAP EPS guidance for fourth quarter of 2012 was correct at $0.17 to $0.18 per share, however the full year non-GAAP EPS guidance should have been $0.54 to $0.55 as corrected in this release. The remainder of the release issued yesterday was correct.

The corrected release reads:

FLEETMATICS ANNOUNCES THIRD QUARTER 2012 FINANCIAL RESULTS
  • Milestone of over 300,000 subscribed vehicles attained
  • Total revenue of $33.2 million, up 39% year-over-year
  • GAAP EPS of $0.04; non-GAAP EPS of $0.19, up 171% year-over-year
  • Adjusted EBITDA of $10.1 million, up 80% year-over-year

Fleetmatics (NYSE: FLTX), a leading global provider of fleet management solutions for commercial fleet vehicles, today announced financial results for its third quarter ended September 30, 2012.

“We are very pleased with the company’s strong third quarter performance which was highlighted by robust growth of subscriptions, revenue and adjusted EBITDA,” stated Jim Travers, Chief Executive Officer of Fleetmatics. “Our strong revenue growth is being driven by continued market demand, solid execution by our team and the value proposition of our comprehensive Software-as-a-Service fleet management solution to SMBs.”

Travers added, “The completion of our initial public offering was an important milestone for our company. Fleetmatics now has greater brand awareness and enhanced resources to execute its growth strategy and further extend its leadership position. Looking forward, there are numerous opportunities for Fleetmatics to continue to drive strong growth over the long-term, including acquiring new customers, increasing sales to existing customers, entering new geographies, introducing new features and further monetizing our data.”

Third Quarter 2012 Financial Highlights
  • Revenue: Total revenue for the third quarter was $33.2 million, an increase of 39% compared to $23.9 million for the third quarter of 2011.
  • Gross Profit: GAAP gross profit for the third quarter was $24.3 million, compared to $16.4 million for the third quarter of 2011. GAAP gross margin was 73% for the third quarter, compared to 69% during the same period last year.
  • Operating Income: GAAP operating income for the third quarter was $2.5 million, compared to $1.7 million for the third quarter of 2011.
  • Net Income: GAAP net income for the third quarter was $1.2 million, compared to $0.2 million for the same period last year. GAAP diluted net income per share for the third quarter was $0.04, based on 2.8 million weighted-average diluted shares outstanding, compared to $0.00, and based on 2.1 million weighted-average diluted shares outstanding, for the same period last year.Non-GAAP adjusted earnings, which excludes stock-based compensation expenses and amortization of intangible assets and the tax effects related to these items, was $5.6 million for the quarter, up 191% compared to $1.9 million for the third quarter of 2011. Non-GAAP diluted adjusted earnings per share for the third quarter was $0.19 based on 29.5 million pro forma weighted-average diluted shares outstanding compared to $0.07 per share based on 28.8 million pro forma weighted-average diluted shares outstanding for the same period last year.
  • Adjusted EBITDA: Adjusted EBITDA for the third quarter was $10.1 million, an increase of 80% compared to $5.6 million for the third quarter of 2011. Adjusted EBITDA margin was 30.3% for the third quarter of 2012, compared to a 23.4% margin for the same period last year. Adjusted EBITDA is defined as net income (loss) plus provision for income taxes; interest (income) expense, net; foreign currency transaction gain (loss), net; depreciation and amortization of property and equipment; amortization of capitalized in-vehicle devices owned by customers; amortization of intangible assets; share-based compensation; management services agreement expense; and loss on extinguishment of debt.
  • Balance Sheet: As of September 30, 2012, Fleetmatics had cash of $9.0 million. Subsequent to the end of the quarter, Fleetmatics completed its initial public offering on October 11, 2012, which generated net proceeds of approximately $94 million.The company used $0.9 million in net cash from operations and invested $5.1 million in capital expenditures, leading to free cash flow of negative $6.0 million for the third quarter of 2012.

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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