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Fleetmatics Announces Record Second Quarter 2013 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 financial results for its second quarter ended June 30, 2013.

“We are very pleased with our strong execution during the second quarter, which was highlighted by the ongoing robust demand for our comprehensive fleet management solution,” stated Jim Travers, Chief Executive Officer of Fleetmatics. “Our ability to transform vehicle and driver behavioral data into actionable intelligence for our SMB customers resulted in subscription growth, revenue and profitability that were above our expectations. Looking forward, we have entered the second half of the year with strong momentum and remain in position to grow market share worldwide by acquiring new customers, increasing sales to existing customers, entering new geographies and introducing new features.”

Second Quarter 2013 Financial Highlights
  • Revenue: Total revenue for the second quarter was $42.5 million, an increase of 39.1% compared to $30.6 million for the second quarter of 2012.
  • Gross Profit: GAAP gross profit for the second quarter was $31.7 million, compared to $21.7 million for the second quarter of 2012. GAAP gross margin was 74.5% compared to 70.9% for the same period in 2012. Non-GAAP gross profit, which excludes share-based compensation and amortization of intangible assets was $31.8 million for the quarter compared to $21.8 million in the year ago period. Non-GAAP gross margin was 74.9% for the second quarter of 2013, compared to 71.3% during the same period last year.
  • Operating Income: GAAP operating income for the second quarter was $8.6 million, compared to $1.1 million for the second quarter of 2012. Non-GAAP operating income, which excludes share-based compensation, amortization of intangible assets and other items as defined in “Non-GAAP Financial Measures”, was $10.9 million, compared to $3.4 million for the second quarter of 2012.
  • Net Income/loss: GAAP net income for the second quarter was $5.7 million, compared to a loss of $1.4 million for the same period last year. GAAP net income per share attributable to ordinary shareholders for the second quarter was $0.16, based on 36.4 million weighted-average diluted shares outstanding, compared to a loss of $0.99, based on 1.5 million weighted-average diluted shares outstanding, for the same period last year.Non-GAAP adjusted earnings, which excludes share-based compensation, amortization of intangible assets and other items as defined in “Non-GAAP Financial Measures”, was $8.3 million for the second quarter, compared to $1.4 million for the second quarter of 2012. Non-GAAP adjusted earnings per share for the second quarter was $0.23 based on 36.4 million weighted-average diluted shares outstanding compared to $0.05 per share based on 28.2 million pro forma weighted-average diluted shares outstanding for the same period last year.
  • Adjusted EBITDA: Adjusted EBITDA for the second quarter was $14.2 million, an increase of 141.7% compared to $5.9 million for the second quarter of 2012. Adjusted EBITDA margin was 33.5% for the second quarter of 2013, compared to a 19.3% 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.”

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.”
  • Balance Sheet: As of June 30, 2013, Fleetmatics had cash of $105.2 million, an increase of $3.2 million since March 31, 2013 . Subsequent to the end of the quarter, Fleetmatics completed a follow on offering on July 30, 2013, which generated net proceeds of approximately $31.6 million for the Company.During the second quarter of 2013, the Company generated $11.1 million in net cash from operations and invested $9.0 million in capital expenditures, resulting in free cash flow of $2.1 million. During the second quarter of 2012, the Company generated $2.1 million in net cash from operations and invested $7.3 million in capital expenditures, resulting in free cash flow of negative $5.2 million.

Second Quarter 2013 and Recent Operating Highlights
  • Acquired Australian-based, Connect2Field, a privately held developer of cloud-based field service management applications.
  • Fleetmatics ended the second quarter of 2013 with over 388,000 active vehicles under subscription, up 38.1% compared to over 281,000 during the second quarter of 2012.
  • Quarterly net churn during the second quarter of 2013 improved to 1.3% compared to 0.9% during the second quarter of 2012. We calculate our net churn for a period by dividing (i) the number of vehicles under subscription added from existing customers less vehicles under subscription lost from existing customers over that period by (ii) the total vehicles under subscription at the beginning of that period. A positive net churn in each period means we added more vehicles from existing customers than we lost from those customers during the particular period.

Financial Outlook

As of August 7, 2013, Fleetmatics is initiating guidance for the third quarter of 2013 and full year 2013 as follows:

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