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Jive Software Announces Third Quarter 2013 Financial Results

Stocks in this article: JIVE

PALO ALTO, Calif., Oct. 30, 2013 (GLOBE NEWSWIRE) -- Jive Software, Inc. (Nasdaq:JIVE), a leader in social business, today announced financial results for its third quarter ended September 30, 2013.

"Jive reported solid third quarter financial results, which exceeded our guidance from both a revenue and profitability perspective. The progress we made was a result of more focused go-to-market execution and more effective messaging to both business leaders as well as key influencers in the enterprise's IT organizations," stated Tony Zingale, Chairman and CEO of Jive. "We believe that Jive's new Fall Cloud release, introduced last week at JiveWorld13, further reinforces our multi-year technology lead, and combined with our demonstrated customer success, positions Jive well as the industry continues to move to the mainstream."

Third Quarter 2013 Financial Highlights

  • Revenue: Total revenue for the third quarter was $37.4 million, an increase of 29% on a year-over-year basis. Within total revenue, product revenue was $33.5 million for the third quarter, an increase of 29% on a year-over-year basis. Professional Services revenue for the third quarter was $3.9 million, an increase of 30% on a year-over-year basis.  
  • Non-GAAP Billings: Total billings, which Jive defines as revenue plus the change in total deferred revenue, were $37.0 million for the third quarter, compared to $38.9 million in the third quarter of 2012. Short-term billings, which Jive defines as revenue plus the change in short-term deferred, were $39.2 million for the third quarter, compared to $31.8 million in the third quarter of 2012.   
  • Gross Profit: GAAP gross profit for the third quarter was $23.5 million, compared to $17.6 million for the third quarter of 2012. Non-GAAP gross profit was $25.4 million for the third quarter, representing a year-over-year increase of 35%. Non-GAAP gross margin was 68%, representing a 300 basis point expansion compared to the non-GAAP gross margin in the third quarter of 2012.  
  • Loss from Operations: GAAP loss from operations for the third quarter was $18.5 million,compared to a loss from operations of $11.2 million for the third quarter of 2012. Non-GAAP loss from operations was $7.1 million,compared to a non-GAAP loss from operations of $5.5 million for the third quarter of 2012.  
  • Net Loss: GAAP net loss for the third quarter was $18.7 million, compared to a net loss of $11.3 million for the third quarter of 2012. GAAP net loss per share for the third quarter was $0.27 based on 68.2 million weighted-average shares outstanding, compared to a loss per share of $0.18 based on 62.9 million weighted-average shares outstanding for the third quarter of 2012.   Non-GAAP net loss for the third quarter was $7.3 million, compared to a non-GAAP net loss of $5.6 million for the third quarter of 2012. Non-GAAP net loss per share for the third quarter was $0.11 based on 68.2 million weighted-average shares outstanding, compared to a non-GAAP net loss per share of $0.09 based on 62.9 million weighted-average shares outstanding for the third quarter of 2012.  
  • Balance Sheet and Cash Flow: As of September 30, 2013, Jive had cash and cash equivalents and marketable securities of $152.0 million, compared to $160.9 million as of June 30, 2013.   Jive used $4.8 million in cash from operations and invested $4.0 million in capital expenditures, leading to free cash flow of ($8.8) million for the third quarter of 2013. Free cash flow was ($1.9) million for the third quarter of 2012. Free cash flow is defined as cash flows provided by operating activities minus cash flows used to purchase capital expenditures.

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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