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E2open Announces Second Quarter Of Fiscal Year 2014 Results

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

Mark Woodward, E2open’s President and CEO, said, “We showed strong growth once again in our non-GAAP subscriptions and support revenue during the second quarter. We were also pleased to have completed the acquisition of ICON-SCM (ICON), a market leader in supply chain planning and collaboration, which expands our market opportunity substantially. In addition, we continue to make significant progress with our partner enablement efforts. We remain uniquely positioned in the collaborative planning and execution market, which is still in the early stages of its growth.”

Second Quarter Financial Highlights:

  • GAAP Revenue: Total GAAP revenue was $18.0 million for the second quarter of fiscal 2014; subscriptions and support revenue was $13.4 million, and professional services revenue was $4.6 million.
  • Non-GAAP Revenue: Non-GAAP revenue for the second 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, and $0.1 million from the impact of a purchase accounting adjustment to deferred revenue in connection with the ICON acquisition in the second quarter of fiscal 2014. Total non-GAAP revenue was $18.6 million, an increase of 1% compared to $18.4 million for the second quarter of fiscal 2013 and an increase of 15% compared to $16.1 million for the first quarter of fiscal 2014. Subscriptions and support revenue was $13.6 million, an increase of 30% compared to $10.4 million for the second quarter of fiscal 2013 and an increase of 10% compared to $12.4 million for the first quarter of fiscal 2014. Professional services revenue was $5.0 million, a decrease of 37% compared to $7.9 million for the second quarter of fiscal 2013 and an increase of 34% compared to $3.7 million for the first quarter of fiscal 2014.
  • GAAP Income (Loss) from Operations: GAAP income (loss) from operations was ($5.9) million compared to $4.8 million for the second quarter of fiscal 2013 and ($5.4) million for the first quarter of fiscal 2014.
  • Non-GAAP Income (Loss) from Operations: Non-GAAP income (loss) from operations was ($2.8) million compared to $0.7 million for the second quarter of fiscal 2013 and ($4.1) million for the first quarter of fiscal 2014.
  • GAAP Net Income (Loss): GAAP net income (loss) was ($5.9) million compared to $4.6 million for the second quarter of fiscal 2013 and ($5.4) million for the first quarter of fiscal 2014. GAAP net income (loss) per share was ($0.23), based on 26.0 million weighted-average shares outstanding, compared to $0.19 per share, based on 24.4 million weighted-average shares outstanding, for the second quarter of fiscal 2013 and ($0.21) per share, based on 25.6 million weighted-average shares outstanding, for the first quarter of fiscal 2014.
  • Non-GAAP Net Income (Loss): Non-GAAP net income (loss) was ($2.8) million compared to $0.5 million for the second quarter of fiscal 2013 and ($4.0) million for the first quarter of fiscal 2014. Non-GAAP net loss per share was ($0.10), based on 27.5 million weighted-average shares outstanding, compared to $0.02, based on 24.4 million weighted-average shares outstanding, for the second quarter of fiscal 2013 and ($0.15), based on 27.2 million weighted-average shares outstanding, for the first quarter of fiscal 2014.
  • Adjusted EBITDA: Adjusted EBITDA was ($2.3) million compared to $1.1 million for the second quarter of fiscal 2013 and ($3.6) million for the first quarter of fiscal 2014.
  • Cash Flow: Cash flow from operations was ($4.1) million and free cash flow was ($3.9) million after deducting $0.0 million of capital expenditures and adding back acquisition-related expenses of $0.2 million. This compares to cash flow from operations of ($5.6) million and free cash flow of ($6.0) million after deducting $0.4 million of capital expenditures for the second quarter of fiscal 2013.
  • Balance sheet: Cash and investments was $21.6 million, a decrease of $22.4 million compared to $44.0 million at the end of the first quarter of fiscal 2014, owing primarily to the use of cash in the acquisition of ICON.

Second Quarter & Recent Business Highlights:

  • Acquired ICON, a market leader in supply chain planning and collaboration.
  • Added 21 new customers (including 18 from ICON) during the quarter and expanded our relationship with several other customers.
  • Ended the quarter with 101 customers, 37,048 unique registered trading partners, and 117,212 unique registered users on the E2open network.
  • Named as one of the 100 Great Supply Chain Partners for 2013 by SupplyChainBrain in their 11 th annual survey.
  • Appointed Michael Linder as Vice President and General Manager for EMEA.

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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