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Jive Software Announces Fourth Quarter And Full Year 2012 Financial Results

  • Record fourth quarter: -- Total revenue of $32.5 million, up 44% year-over-year -- Product revenue of $28.6 million, up 49% year-over-year -- Total billings of $52.0 million, up 44% year-over-year
  • Record fiscal year: -- Total revenue of $113.7 million, up 47% year-over-year -- Product revenue of $100.0 million, up 53% year-over-year -- Total billings of $152.9 million, up 46% year-over-year

PALO ALTO, Calif., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Jive Software, Inc. (Nasdaq:JIVE), a leader in social business, today announced financial results for its fourth quarter and fiscal year ended December 31, 2012.

"Growing market demand on a global basis contributed to a strong finish to a record year for Jive. During the fourth quarter, we experienced an acceleration in million dollar customer commitments, including the largest annual contract value deal in the history of Jive, and continued to add blue chip customers as part of our land and expand strategy," stated Tony Zingale, Chairman & CEO of Jive.

"After pioneering the social business market, Jive created a clear market leadership position based on delivering the industry's most robust and innovative platform," Zingale added. "We believe that 2013 will be the year that social business goes mainstream as customer focus continues to shift from features and functions to business value. Through the work just completed by a top three global business consultancy firm, companies using Jive reported a 15% increase in workforce productivity and a 4% increase in revenue. Our competitive advantage has become even stronger and we believe Jive is well positioned to gain significant market share as social business moves to mass adoption."

Fourth Quarter 2012 Financial Highlights

  • Revenue: Total revenue for the fourth quarter was $32.5 million, an increase of 44% on a year-over-year basis. Within total revenue, product revenue was $28.6 million for the fourth quarter, an increase of 49% on a year-over-year basis. Professional services revenue for the fourth quarter was $3.9 million, an increase of 17% on a year-over-year basis.  
  • Non-GAAP Billings: Total billings, which Jive defines as revenue plus the change in total deferred revenue, were $52.0 million for the fourth quarter, an increase of 44% on a year-over-year basis.   
  • Gross Profit: GAAP gross profit for the fourth quarter was $20.5 million, compared to $12.6 million for the fourth quarter of 2011. Non-GAAP gross profit was $21.7 million for the fourth quarter, an increase of 61% year-over-year, and non-GAAP gross margin was 67%, representing approximately 700 basis points of margin improvement compared to the fourth quarter of 2011.  
  • Loss from Operations: GAAP loss from operations for the fourth quarter was $15.7 million,compared to a loss of $11.9 million for the fourth quarter of 2011. Non-GAAP loss from operations was $8.9 million,compared to a non-GAAP loss from operations of $8.3 million for the fourth quarter of 2011.   
  • Net Loss: GAAP net loss for the fourth quarter was $15.6 million, compared to a net loss of $12.7 million for the same period last year. GAAP net loss per share for the fourth quarter was $0.24, based on 64.2 million weighted-average shares outstanding, compared to a net loss per share of $0.39, based on 32.5 million weighted-average shares outstanding for the same period last year. Non-GAAP net loss for the fourth quarter was $9.1 million, compared to a net loss of $9.1 million for the same period last year. Non-GAAP net loss per share for the fourth quarter was $0.14, based on 64.2 million weighted-average shares outstanding, compared to a net loss per share of $0.28, based on 32.5 million weighted-average shares outstanding for the same period last year.  
  • Balance Sheet and Cash Flow: As of December 31, 2012, Jive had cash and cash equivalents and marketable securities of $168.1 million, compared to $176.9 million at the end of the third quarter. The company used $7.6 million of cash for the previously announced acquisitions of Producteev and Meetings.io during the fourth quarter. Cash from operations was ($1.6) million and the company invested $1.3 million in capital expenditures, leading to free cash flow of ($2.9) million for the fourth quarter. Free cash flow was ($6.4) million for the fourth quarter of 2011. Free cash flow is defined as cash flows provided by operating activities minus cash flows used to purchase capital expenditures.

Full Year 2012 Financial Highlights

  • Revenue: Total revenue was $113.7 million for fiscal 2012, an increase of 47% on a year-over-year basis. Within total revenue, product revenue was $100.0 million for fiscal 2012, an increase of 53% on a year-over-year basis. Services revenue for fiscal 2012 was $13.6 million, an increase of 13% on a year-over-year basis.  
  • Billings: Total billings, which the company defines as revenue plus the change in total deferred revenue, were $152.9 million for fiscal 2012, an increase of 46% on a year-over-year basis.     
  • Gross Profit: GAAP gross profit was $68.8 million fiscal 2012, compared to $43.0 million for fiscal 2011. Non-GAAP gross profit was $73.4 million for fiscal 2012, representing a year-over-year increase of 62% and a non-GAAP gross margin of 65%.  
  • Loss from Operations: GAAP loss from operations was $47.1 million for fiscal 2012,compared to a loss of $45.7 million for fiscal 2011. Non-GAAP loss from operations was $26.2 million for fiscal 2012,compared to a loss of $32.2 million for fiscal 2011.   
  • Net Loss: GAAP net loss for fiscal 2012 was $47.4 million, compared to a $50.8 million net loss for fiscal 2011. GAAP net loss per share for fiscal 2012 was $0.76 based on 62.6 million weighted-average shares outstanding, compared to a loss per share of $1.95 based on 26.1 million weighted-average shares outstanding for fiscal 2011. Non-GAAP net loss for fiscal 2012 was $26.9 million, compared to a $33.9 million net loss for fiscal 2011. Non-GAAP net loss per share for fiscal 2012 was $0.43, based on 62.6 million weighted-average shares outstanding, compared to a non-GAAP net loss per share for fiscal 2011 of $1.30 based on 26.1 million weighted-average shares outstanding for fiscal 2011.  
  • Cash Flow: The company generated $3.1 million in cash from operations and invested $10.6 million in capital expenditures, leading to free cash flow of ($7.5) million for fiscal 2012. Free cash flow was ($19.3) million for fiscal 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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