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Jive Software Announces Fourth Quarter And Full Year 2013 Financial Results

Stocks in this article: JIVE

  • Record fourth quarter: * Total revenue of $39.3 million, up 21% year-over-year * Product revenue of $35.8 million, up 25% year-over-year * Short-term billings of $53.1 million, up 16% year-over-year 
  • Record fiscal year: * Total revenue of $145.8 million, up 28% year-over-year * Product revenue of $131.5 million, up 31% year-over-year * Short-term billings of $170.5 million, up 23% year-over-year

PALO ALTO, Calif., Feb. 11, 2014 (GLOBE NEWSWIRE) -- Jive Software, Inc. (Nasdaq:JIVE), a leader in social business, today announced financial results for its fourth quarter and fiscal year ended December 31, 2013.

"We are pleased to report a strong finish to 2013," stated Tony Zingale, Chairman & CEO of Jive. "In the fourth quarter, we saw positive results from our focused go-to-market messaging and sales efforts that were targeted at key IT and line of business decision makers. We continued to build on our highly differentiated track record of market leading innovation with the release of Jive Fall Cloud/Jive 7 and our unique ability to deliver tangible business results for our customers. We are excited by the progress we made in the second half of 2013 and believe we are well positioned to build upon this momentum in 2014."

Fourth Quarter 2013 Financial Highlights

  • Revenue: Total revenue for the fourth quarter was $39.3 million, an increase of 21% on a year-over-year basis. Within total revenue, product revenue was $35.8 million for the fourth quarter, an increase of 25% on a year-over-year basis. Professional services revenue for the fourth quarter was $3.5 million, compared to $3.9 million in the fourth quarter of 2012.  
  • Non-GAAP Billings: Short-term billings, which Jive defines as revenue plus the change in short-term deferred revenue, were $53.1 million for the fourth quarter, an increase of 16% on a year-over-year basis. Total billings, which Jive defines as revenue plus the change in short and long-term deferred revenue, was $58.9 million, an increase of 13% on a year-over-year basis.  
  • Gross Profit: GAAP gross profit for the fourth quarter was $24.7 million, compared to $20.5 million for the fourth quarter of 2012. Non-GAAP gross profit was $26.9 million for the fourth quarter, an increase of 24% year-over-year, and non-GAAP gross margin was 68%, representing approximately 100 basis points of margin improvement compared to the fourth quarter of 2012.  
  • Loss from Operations: GAAP loss from operations for the fourth quarter was $22.0 million, compared to a loss of $15.7 million for the fourth quarter of 2012. Non-GAAP loss from operations was $10.5 million, compared to a non-GAAP loss from operations of $8.9 million for the fourth quarter of 2012.  
  • Net Loss: GAAP net loss for the fourth quarter was $22.3 million, compared to a net loss of $15.6 million for the same period last year. GAAP net loss per share for the fourth quarter was $0.32, based on 68.8 million weighted-average shares outstanding, compared to a net loss per share of $0.24, based on 64.2 million weighted-average shares outstanding for the same period last year.

Non-GAAP net loss for the fourth quarter was $10.7 million, compared to a net loss of $9.1 million for the same period last year. Non-GAAP net loss per share for the fourth quarter was $0.16, based on 68.8 million weighted-average shares outstanding, compared to a net loss per share of $0.14, based on 64.2 million weighted-average shares outstanding for the same period last year.

  • Balance Sheet and Cash Flow: As of December 31, 2013, Jive had cash and cash equivalents and marketable securities of $141.7 million, compared to $152.0 million as of September 30, 2013. Cash used from operations was ($4.3) million and the company invested $5.1 million in capital expenditures, leading to free cash flow of ($9.4) million for the fourth quarter of 2013. Free cash flow was ($2.9) million for the fourth quarter of 2012. Free cash flow is defined as cash flows provided by operating activities minus cash flows used to purchase capital expenditures.

Full Year 2013 Financial Highlights

  • Revenue: Total revenue was $145.8 million for fiscal 2013, an increase of 28% on a year-over-year basis. Within total revenue, product revenue was $131.5 million for fiscal 2013, an increase of 31% on a year-over-year basis. Services revenue for fiscal 2013 was $14.3 million, an increase of 5% on a year-over-year basis.  
  • Non-GAAP Billings: Short-term billings, which Jive defines as revenue plus the change in short-term deferred revenue, were $170.5 million for fiscal 2013, an increase of 23% on a year-over-year basis. Total billings, which Jive defines as revenue plus the change in short and long-term deferred revenue, were $176.1 million, an increase of 15% on a year-over-year basis.  
  • Gross Profit: GAAP gross profit was $90.5 million fiscal 2013, compared to $68.8 million for fiscal 2012. Non-GAAP gross profit was $97.8 million for fiscal 2013, representing a year-over-year increase of 33% and a non-GAAP gross margin of 67%.  
  • Loss from Operations: GAAP loss from operations was $76.0 million for fiscal 2013, compared to a loss of $47.1 million for fiscal 2012. Non-GAAP loss from operations was $36.3 million for fiscal 2013, compared to a loss of $26.2 million for fiscal 2012.   
  • Net Loss: GAAP net loss for fiscal 2013 was $75.4 million, compared to a $47.4 million net loss for fiscal 2012. GAAP net loss per share for fiscal 2013 was $1.12 based on 67.4 million weighted-average shares outstanding, compared to a loss per share of $0.76 based on 62.6 million weighted-average shares outstanding for fiscal 2012.

Non-GAAP net loss for fiscal 2013 was $37.1 million, compared to a $26.9 million net loss for fiscal 2012. Non-GAAP net loss per share for fiscal 2013 was $0.55, based on 67.4 million weighted-average shares outstanding, compared to a non-GAAP net loss per share of $0.43 based on 62.6 million weighted-average shares outstanding for fiscal 2012.

  • Cash Flow: The company used ($3.0) million in cash from operations and invested $13.9 million in capital expenditures, leading to free cash flow of ($16.9) million for fiscal 2013. Free cash flow was ($7.5) million for fiscal 2012.

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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