- 2Q total revenue of $35.2 million, up 31% year-over-year
- 2Q total billings of $42.0 million, up 24% year-over-year
PALO ALTO, Calif., July 30, 2013 (GLOBE NEWSWIRE) -- Jive Software, Inc. (Nasdaq:JIVE), a leader in social business, today announced financial results for its second quarter ended June 30, 2013.
"Our second quarter financial results met or exceeded our guidance on both the top and bottom line. However, the evolution of the market toward the mainstream buyer, combined with our go-to-market execution challenges, led to longer than expected sales cycles at the end of the quarter," stated Tony Zingale, Chairman & CEO of Jive. "Despite these challenges, we signed new blue chip customers, expanded relationships with existing strategic customers and led the market by delivering significant new product innovations."
Zingale added, "We continue to have a solid overall sales pipeline, market leading solutions and a highly differentiated track record of delivering business value to customers. While the move to mainstream buyers is not without new challenges, we believe the reward for winning this opportunity will be substantial. We expect the Company to deliver improved execution in the second half of the year, and we believe that Jive is well positioned to be the pure play winner in the social business market."Second Quarter 2013 Financial Highlights
- Revenue:Total revenue for the second quarter was $35.2 million, an increase of 31% on a year-over-year basis. Within total revenue, product revenue was $31.6 million for the second quarter, an increase of 32% on a year-over-year basis. Professional Services revenue for the second quarter was $3.7 million, an increase of 21% on a year-over-year basis.
- Non-GAAP Billings: Total billings, which Jive defines as revenue plus the change in total deferred revenue, were $42.0 million for the second quarter, an increase of 24% on a year-over-year basis.
- Gross Profit: GAAP gross profit for the second quarter was $21.5 million, compared to $16.0 million for the second quarter of 2012. Non-GAAP gross profit was $23.4 million for the second quarter, representing a year-over-year increase of 37%. Non-GAAP gross margin was 67%, representing a 300 basis point non-GAAP gross margin improvement compared to the second quarter of 2012.
- Loss from Operations: GAAP loss from operations for the second quarter was $18.8 million,compared to a loss from operations of $11.4 million for the second quarter of 2012. Non-GAAP loss from operations was $9.2 million,compared to a non-GAAP loss from operations of $6.7 million for the second quarter of 2012.
- Net Loss:GAAP net loss for the second quarter was $17.8 million, compared to a net loss of $11.6 million for the same period last year. GAAP net loss per share for the second quarter was $0.27 based on 66.8 million weighted-average shares outstanding, compared to a loss per share of $0.19 based on 61.9 million weighted-average shares outstanding for the same period last year. Non-GAAP net loss for the second quarter was $9.5 million, compared to a non-GAAP net loss of $6.8 million for the same period last year. Non-GAAP net loss per share for the second quarter was $0.14 based on 66.8 million weighted-average shares outstanding, compared to a non-GAAP net loss per share of $0.11 based on 61.9 million weighted-average shares outstanding for the same period last year.
- Balance Sheet and Cash Flow: As of June 30, 2013, Jive had cash and cash equivalents and marketable securities of $160.9 million, compared to $173.5 million at the end of the first quarter. During the quarter, the Company used $11.0 million of cash to complete the acquisitions of StreamOnce and Clara. The Company generated $214,000 in cash from operations and invested $1.9 million in capital expenditures, leading to free cash flow of ($1.7) million for the second quarter. Free cash flow was ($1.4) million for the second quarter of 2012. Free cash flow is defined as cash flows provided by operating activities minus cash flows used to purchase capital expenditures.
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