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E2open Announces First Quarter Of Fiscal Year 2014 Results

E2open, Inc. (NASDAQ: EOPN), a leading provider of strategic, cloud-based software solutions for collaborative execution across global trading networks, today announced financial results for the quarter ended May 31, 2013.

Mark Woodward, E2open’s President and CEO, said, “The first quarter was a strong start to the new fiscal year, and it was highlighted by 26% year-over-year growth in our non-GAAP subscriptions and support revenue. The Company continues to execute well against its strategy to both gain new customers and further penetrate existing accounts. In addition, the acceleration of our partner enablement program is on track and will help drive our growth in the future. Based on our strong first quarter performance and ongoing business momentum, we are increasing our fiscal year guidance for subscriptions and support revenue as well as new and upsell bookings.”

First Quarter Financial Highlights:

  • GAAP Revenue: Total GAAP revenue was $15.6 million for the first quarter of fiscal 2014; subscriptions and support revenue was $12.3 million, and professional services revenue was $3.3 million.
  • Non-GAAP Revenue: Non-GAAP revenue for the first quarter of fiscal 2014 includes $0.5 million from the impact of a previous contract amendment that accelerated revenue from future periods to the second quarter of fiscal 2013. Total non-GAAP revenue was $16.1 million, an increase of 4% compared to $15.5 million for the first quarter of fiscal 2013 and a decrease of 11% compared to $18.1 million for the fourth quarter of fiscal 2013. Subscriptions and support revenue was $12.4 million, an increase of 26% compared to $9.8 million for the first quarter of fiscal 2013 and an increase of 6% compared to $11.7 million for the fourth quarter of fiscal 2013. Professional services revenue was $3.7 million, a decrease of 34% compared to $5.7 million for the first quarter of fiscal 2013 and a decrease of 42% compared to $6.4 million for the fourth quarter of fiscal 2013.
  • GAAP Loss from Operations: GAAP loss from operations was ($5.4) million compared to ($2.2) million for the first quarter of fiscal 2013 and ($2.6) million for the fourth quarter of fiscal 2013.
  • Non-GAAP Loss from Operations: Non-GAAP loss from operations was ($4.1) million compared to ($1.8) million for the first quarter of fiscal 2013 and ($1.4) million for the fourth quarter of fiscal 2013.
  • GAAP Net Loss: GAAP net loss was ($5.4) million compared to ($2.4) million for the first quarter of fiscal 2013 and ($2.8) million for the fourth quarter of fiscal 2013. GAAP net loss per share was ($0.21), based on 25.6 million weighted-average shares outstanding, compared to ($0.38) per share, based on 6.2 million weighted-average shares outstanding, for the first quarter of fiscal 2013 and ($0.11) per share, based on 25.2 million weighted-average shares outstanding, for the fourth quarter of fiscal 2013.
  • Non-GAAP Net Loss: Non-GAAP net loss was ($4.0) million compared to ($1.9) million for the first quarter of fiscal 2013 and ($1.5) million for the fourth quarter of fiscal 2013. Non-GAAP net loss per share was ($0.15), based on 27.2 million weighted-average shares outstanding, compared to ($0.08), based on 22.7 million weighted-average shares outstanding, for the first quarter of fiscal 2013 and ($0.06), based on 27.2 million weighted-average shares outstanding, for the fourth quarter of fiscal 2013.
  • Adjusted EBITDA: Adjusted EBITDA was ($3.6) million compared to ($1.4) million for the first quarter of fiscal 2013 and ($1.0) million for the fourth quarter of fiscal 2013.
  • Cash Flow: Cash flow from operations and free cash flow were both ($3.3) million after deducting $0.0 million of capital expenditures. This compares to cash flow from operations of ($0.8) million and free cash flow of ($1.5) million after deducting $0.7 million of capital expenditures for the first quarter of fiscal 2013.
  • Balance sheet: Cash and investments was $44.0 million, a decrease of $3.2 million compared to $47.2 million at the end of the fourth quarter of fiscal 2013.

First Quarter & Recent Business Highlights:

  • Added four new customers during the quarter and expanded our relationship with several other customers.
  • Ended the quarter with 80 customers, 36,238 unique registered trading partners, and 112,903 unique registered users on the E2open network.
  • Released E2 Rapid Resolutions, a new analytics product aimed at improving decision making related to changes and deviations based on real time input from the supply and demand chain.
  • Announced a new relationship with channel partner, TechTrends, to expand our presence in Brazil.
  • Named the winner at the 2012 Supply Chain Distinction Awards North America in the Solution Implementation category.

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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