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Jive Software Announces First Quarter 2013 Financial Results

The risk and uncertainties referred to above include, but are not limited to, risks associated with our limited operating history; expectations regarding the widespread adoption of social business platforms by enterprises; uncertainty regarding the market for social business platforms; changes in the competitive dynamics of our market; our ability to increase and predict new subscription; subscription renewal or upsell rates and the impact these rates may have on our future revenues; our reliance on our own controls and third-party service providers to host some of our products; the risk that our security measures could be breached and unauthorized access to customer data could be obtained; potential third party intellectual property infringement claims; and the price volatility of our common stock. 

More information about potential factors that could affect our business and financial results is contained in our prospectus as filed with the Securities and Exchange Commission. Additional information will also be set forth in our quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We do not intend and undertake no duty to release publicly any updates or revisions to any forward-looking statements contained herein.

JIVE SOFTWARE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)
     
   Quarter Ended March 31, 
  2013 2012
     
Revenues:    
Product  $ 30,663  $ 21,671
Professional services  3,189  3,647
Total revenues  33,852  25,318
     
Cost of revenues:    
Product  9,212  6,822
Professional services  3,848  3,789
Total cost of revenues  13,060  10,611
Gross profit  20,792  14,707
     
Operating expenses:    
Research and development  12,677  8,355
Sales and marketing  18,864  11,356
General and administrative  5,866  3,802
Total operating expenses  37,407  23,513
     
Loss from operations  (16,615)  (8,806)
     
Other income (expense), net:    
Interest income  69  14
Interest expense  (75)  (88)
Other, net  (4)  (45)
Total other income (expense), net  (10)  (119)
     
Loss before provision for (benefit from) income taxes  (16,625)  (8,925)
Provision for (benefit from) income taxes  (24)  24
Net loss  $ (16,601)  $ (8,949)
     
Basic and diluted net loss per share  $ (0.25)  $ (0.15)
     
Shares used in basic and diluted per share calculations  65,459  61,446
 
 
 
JIVE SOFTWARE, INC. CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
     
   March 31,   December 31, 
  2013 2012
Assets    
     
Current assets:    
Cash and cash equivalents  $ 58,544  $ 48,955
Short-term marketable securities  85,293  96,492
Accounts receivable, net  42,623  54,200
Prepaid expenses and other current assets  8,850  7,864
Total current assets  195,310  207,511
     
Marketable securities, noncurrent  29,657  22,607
Property and equipment, net  17,524  16,803
Goodwill  23,435  23,435
Intangible assets, net  10,578  11,710
Other assets  194  214
Total assets  $ 276,698  $ 282,280
     
Liabilities and Stockholders' Equity    
     
Current liabilities:    
Accounts payable  $ 8,612  $ 9,557
Accrued payroll and related liabilities  5,099  7,357
Other accrued liabilities  7,810  7,123
Deferred revenue, current  90,186  87,698
Term debt, current  2,400  2,400
Total current liabilities  114,107  114,135
     
Deferred revenue, less current portion  31,219  29,349
Term debt, less current portion  7,800  8,400
Other long-term liabilities  526  538
Total liabilities  153,652  152,422
     
Commitments and contingencies    
     
Stockholders' equity:    
Common stock  7  7
Less treasury stock at cost  (3,352)  (3,352)
Additional paid-in capital  295,104  285,332
Accumulated deficit  (168,761)  (152,160)
Accumulated other comprehensive income  48  31
Total stockholders' equity  123,046  129,858
Total liabilities and stockholders' equity  $ 276,698  $ 282,280
 
 
 
JIVE SOFTWARE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
     
   Quarter Ended March 31, 
  2013 2012
     
Cash flows from operating activities:    
Net loss  $ (16,601)  $ (8,949)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization  3,257  2,218
Stock-based compensation  6,139  3,085
(Increase) decrease in:    
Accounts receivable, net  11,577  3,961
Prepaid expenses and other assets  (404)  388
Increase (decrease) in:    
Accounts payable  (920)  1,634
Accrued payroll and related liabilities  (2,258)  (2,325)
Other accrued liabilities  687  (845)
Deferred revenue  4,358  2,884
Other long-term liabilities  (12)  1
Net cash provided by operating activities  5,823  2,052
     
Cash flows from investing activities:    
Payments for purchase of property and equipment  (2,863)  (3,401)
Purchases of marketable securities  (27,492)  (34,351)
Sales of marketable securities  9,653  -- 
Maturities of marketable securities  21,430  -- 
Net cash used in investing activities  728  (37,752)
     
Cash flows from financing activities:    
Proceeds from exercise of stock options and restricted stock  3,633  312
Payments of initial public offering expenses  --   (766)
Repayments of term loans  (600)  (750)
Net cash provided by (used in) financing activities  3,033  (1,204)
     
Net decrease in cash and cash equivalents  9,584  (36,904)
Effect of exchange rate changes  5  4
Cash and cash equivalents, beginning of period  48,955  180,649
Cash and cash equivalents, end of period  $ 58,544  $ 143,749
 
 
 
JIVE SOFTWARE, INC. RECONCILIATION OF NON-GAAP INFORMATION (In thousands, except per share data) (Unaudited)
     
   Quarter Ended March 31, 
  2013 2012
     
Gross profit, as reported  $ 20,792  $ 14,707
Add back:    
Stock-based compensation  521  258
Amortization related to acquisitions  756  625
Gross profit, non-GAAP  $ 22,069  $ 15,590
Gross margin, non-GAAP 65% 62%
   Quarter Ended March 31, 
  2013 2012
     
Research and development, as reported  $ 12,677  $ 8,355
Less:    
Stock-based compensation  2,232  947
Amortization related to acquisitions  66  -- 
Research and development, non-GAAP  $ 10,379  $ 7,408
As percentage of total revenues, non-GAAP 31% 29%
   Quarter Ended March 31, 
  2013 2012
     
Sales and marketing, as reported  $ 18,864  $ 11,356
Less:    
Stock-based compensation  2,224  526
Amortization related to acquisitions  60  -- 
Sales and marketing, non-GAAP  $ 16,580  $ 10,830
As percentage of total revenues, non-GAAP 49% 43%
   Quarter Ended March 31, 
  2013 2012
     
General and administrative, as reported  $ 5,866  $ 3,802
Less:    
Stock-based compensation  1,162  1,354
General and administrative, non-GAAP  $ 4,704  $ 2,448
As percentage of total revenues, non-GAAP 14% 10%
   Quarter Ended March 31, 
  2013 2012
     
Loss from operations, as reported  $ (16,615)  $ (8,806)
Add back:    
Stock-based compensation  6,139  3,085
Amortization related to acquisitions  882  625
Loss from operations, non-GAAP  $ (9,594)  $ (5,096)
     
   Quarter Ended March 31, 
  2013 2012
     
Loss before provision for income taxes, as reported  $ (16,625)  $ (8,925)
Add back:    
Stock-based compensation  6,139  3,085
Amortization related to acquisitions  882  625
Loss before provision for income taxes, non-GAAP  $ (9,604)  $ (5,215)
     
   Quarter Ended March 31, 
  2013 2012
     
Net loss, as reported  $ (16,601)  $ (8,949)
Add back:    
Stock-based compensation  6,139  3,085
Amortization related to acquisitions  882  625
Net loss, non-GAAP  $ (9,580)  $ (5,239)
     
   Quarter Ended March 31, 
  2013 2012
     
Basic and diluted net loss per share, as reported  $ (0.25)  $ (0.15)
Add back:    
Stock-based compensation  0.09  0.05
Amortization related to acquisitions  0.01  0.01
Basic and diluted net loss per share, non-GAAP  $ (0.15)  $ (0.09)
     
   Quarter Ended March 31, 
  2013 2012
     
Total revenues  $ 33,852  $ 25,318
Deferred revenue, end of period  121,405  80,710
Less: Deferred revenue, beginning of period  (117,047)  (77,826)
Billings  $ 38,210  $ 28,202
CONTACT: Investor Contact:
         Brian Denyeau
         ICR
         (646) 277-1251
         brian.denyeau@icrinc.com
         
         Media Contact:
         Amanda Pires
         (650) 465-1215
         amanda.pires@jivesoftware.com

Stock quotes in this article: JIVE 

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