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Fleetmatics Announces Fourth Quarter And Full Year 2012 Financial Results

Fleetmatics Group PLC (NYSE: FLTX), a leading global provider of fleet management solutions for commercial fleet vehicles delivered as Software-as-a-Service (SaaS), today announced preliminary financial results for its fourth quarter and full year ended December 31, 2012.

“We were very pleased with the company’s execution during the fourth quarter, which provided a strong finish to a record year,” stated Jim Travers, Chief Executive Officer of Fleetmatics. “Our strong growth in subscriptions, revenue, and profitability is being driven by continued market demand for our highly differentiated Software-as-a-Service fleet management solution for SMBs.”

Travers added, “Looking forward, Fleetmatics remains well positioned to maintain its momentum and capitalize on the large underpenetrated market for fleet tracking. We continue to expect the combination of acquiring new customers, increasing sales to existing customers, entering new geographies, introducing new features and further monetizing our data, to extend our leadership position and increase our market share worldwide.”

Fourth Quarter 2012 Financial Highlights

  • Revenue: Total revenue for the fourth quarter was $35.8 million, an increase of 38% compared to $25.9 million for the fourth quarter of 2011.
  • Gross Profit: GAAP gross profit for the fourth quarter was $26.6 million, compared to $18.2 million for the fourth quarter of 2011. Non-GAAP gross profit, which excludes share-based compensation and amortization of intangible assets was $26.7 million for the quarter compared to $18.3 million in the year ago period. GAAP gross margin was 74% for the fourth quarter of 2012, compared to 70% during the same period of last year. Non-GAAP gross margin was 75% for the fourth quarter of 2012, compared to 71% during the same period last year.
  • Operating Income: GAAP operating income for the fourth quarter was $6.6 million, compared to $2.4 million for the fourth quarter of 2011. Non-GAAP operating income, which excludes share-based compensation, amortization of intangible assets and other items as defined in “Non-GAAP Financial Measures” was $9.0 million, an increase of 100% compared to $4.5 million for the fourth quarter of 2011.
  • Net Income: Preliminary GAAP net income for the fourth quarter was $4.1 million, compared to $1.1 million for the same period last year. Preliminary GAAP diluted net income per share for the fourth quarter was $0.13, based on 32.2 million weighted-average diluted shares outstanding, compared to $0.03, and based on 2.4 million weighted-average diluted shares outstanding, for the same period last year.Preliminary non-GAAP adjusted earnings, which excludes share-based compensation, amortization of intangible assets as well as other items as defined in “Non-GAAP Financial Measures” was $6.4 million for the fourth quarter, up 142% compared to $2.6 million for the fourth quarter of 2011. Preliminary non-GAAP diluted adjusted earnings per share for the fourth quarter was $0.18 based on 35.4 million pro forma weighted-average diluted shares outstanding compared to $0.09 per share based on 29.1 million pro forma weighted-average diluted shares outstanding for the same period last year.
  • Adjusted EBITDA: Adjusted EBITDA for the fourth quarter was $11.8 million, an increase of 77% compared to $6.7 million for the fourth quarter of 2011. Adjusted EBITDA margin was 33% for the fourth quarter of 2012, compared to a 26% 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; and other items as defined in “Non-GAAP Financial Measures.”
  • Balance Sheet: As of December 31, 2012, Fleetmatics had cash of $100.1 million, due primarily to the completion of the company’s initial public offering on October 11, 2012, which generated net proceeds of approximately $93.4 million.During the fourth quarter of 2012, the company generated $9.8 million in net cash from operations and invested $6.0 million in capital expenditures, resulting in free cash flow of $3.8 million. During the fourth quarter of 2011, the company generated $2.4 million in net cash from operations and invested $4.5 million in capital expenditures, resulting in free cash flow of negative $2.1 million.
  • Final determination of GAAP net income and non-GAAP adjusted earnings are subject to the completion of the Company’s tax provision. The fourth quarter tax provision is currently estimated to be $2.0 million. The company expects the tax provision to be completed upon the filing of the Company’s 20-F for 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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