- 1Q total revenue of $33.9 million, up 34% year-over-year
- 1Q product revenue of $30.7 million, up 41% year-over-year
- 1Q total billings of $38.2 million, up 35% year-over-year
- Generated $5.8 million of cash from operations and $3.0 million of free cash flow
PALO ALTO, Calif., April 30, 2013 (GLOBE NEWSWIRE) -- Jive Software, Inc. (Nasdaq:JIVE), a leader in social business, today announced financial results for its first quarter ended March 31, 2013.
"The first quarter was a solid start to the year, and it was highlighted by over 40% growth in product revenue and positive free cash flow for the first time since Jive became a public company," stated Tony Zingale, Chairman & CEO of Jive. "We continue to see growing evidence that the social business market is moving to the mainstream in 2013, including blue chip customers signing multi-million dollar, multi-year commitments with Jive. We believe that Jive is well positioned to capitalize on this market trend as a result of our differentiated business value proposition, product innovation leadership, growing sales pipeline and increased investments in sales and partnerships."
First Quarter 2013 Financial Highlights
- Revenue: Total revenue for the first quarter was $33.9 million, an increase of 34% on a year-over-year basis. Within total revenue, product revenue was $30.7 million for the first quarter, an increase of 41% on a year-over-year basis. Professional Services revenue for the first quarter was $3.2 million, a decrease of 13% on a year-over-year basis.
- Non-GAAP Billings: Total billings, which Jive defines as revenue plus the change in total deferred revenue, were $38.2 million for the first quarter, an increase of 35% on a year-over-year basis.
- Gross Profit: GAAP gross profit for the first quarter was $20.8 million, compared to $14.7 million for the first quarter of 2012. Non-GAAP gross profit was $22.1 million for the first quarter, representing a year-over-year increase of 42% and a non-GAAP gross margin of 65%, representing a 300 basis point gross margin improvement compared to the first quarter of 2012.
- Loss from Operations: GAAP loss from operations for the first quarter was $16.6 million,compared to a loss of $8.8 million for the first quarter of 2012. Non-GAAP loss from operations was $9.6 million,compared to a loss of $5.1 million for the first quarter of 2012.
- Net Loss: GAAP net loss for the first quarter was $16.6 million, compared to a net loss of $8.9 million for the same period last year. GAAP net loss per share for the first quarter was $0.25 based on 65.5 million weighted-average shares outstanding, compared to a loss per share of $0.15 based on 61.4 million weighted-average shares outstanding for the same period last year.
Non-GAAP net loss for the first quarter was $9.6 million, compared to a net loss of $5.2 million for the same period last year. Non-GAAP net loss per share for the first quarter was $0.15 based on 65.5 million weighted-average shares outstanding, compared to net a loss per share of $0.09 based on 61.4 million weighted-average shares outstanding for the same period last year.
- Balance Sheet and Cash Flow: As of March 31, 2013, Jive had cash and cash equivalents and marketable securities of $173.5 million, an increase from $168.1 million at the end of the fourth quarter.
The company generated $5.8 million in cash from operations and invested $2.8 million in capital expenditures, leading to free cash flow of $3.0 million for the first quarter. Free cash flow was ($1.3) million for the first quarter of 2012. Free cash flow is defined as cash flows provided by operating activities minus cash flows used to purchase capital expenditures.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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