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 fourth quarter and full year ended December 31, 2013.
“The fourth quarter marked a strong finish to the year, driven by continued market demand and the strong value proposition of our comprehensive software-as-a-service fleet management solution to SMBs,” stated Jim Travers, Chairman and Chief Executive Officer of Fleetmatics. “During 2013, we successfully executed our strategy and extended our leadership position, as evidenced by the strong growth of new customers, increased sales to existing customers, geographic expansion, and the introduction of new features. Looking forward, we believe Fleetmatics remains well positioned to further grow market share driven by our continued commitment to innovation and expanding our global reach.”
Fourth Quarter 2013 Financial Highlights
- Revenue: Total revenue for the fourth quarter was $50.1 million, an increase of 39.8% compared to $35.8 million for the fourth quarter of 2012.
- Gross Profit: GAAP gross profit for the fourth quarter was $38.6 million, compared to $26.6 million for the fourth quarter of 2012. GAAP gross margin was 77.0% compared to 74.2% for the same period in 2012. Non-GAAP gross profit, which excludes share-based compensation and amortization of intangible assets was $39.0 million for the quarter compared to $26.7 million in the year ago period. Non-GAAP gross margin was 77.8% for the fourth quarter of 2013, compared to 74.6% during the same period last year.
- Operating Income: GAAP operating income for the fourth quarter was $8.2 million, compared to $6.6 million for the fourth 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 $12.3 million, compared to $9.0 million for the fourth quarter of 2012.
- Net Income: GAAP net income for the fourth quarter was $16.2 million, compared to $4.6 million for the same period last year. GAAP net income per share attributable to ordinary shareholders for the fourth quarter was $0.42 based on 38.3 million weighted-average diluted shares outstanding, compared to $0.14 for the same period last year, based on 32.2 million weighted-average diluted shares outstanding, for the same period last year. GAAP net income during the fourth quarter of 2013 included approximately $11.1 million of a tax benefit related to a release of a reserve of an uncertain tax position.Non-GAAP adjusted earnings, which excludes share-based compensation, amortization of intangible assets and other items as defined in “Non-GAAP Financial Measures”, was $8.9 million for the fourth quarter, compared to $6.9 million for the fourth quarter of 2012. Non-GAAP adjusted earnings per share for the fourth quarter was $0.23 based on 38.3 million pro forma weighted-average diluted shares outstanding compared to $0.19 per share, and based on 35.4 million pro forma weighted-average diluted shares outstanding, the same period last year.
- Adjusted EBITDA: Adjusted EBITDA for the fourth quarter was $16.1 million, an increase of 36.4% compared to $11.8 million for the fourth quarter of 2012. Adjusted EBITDA margin was 32.2% for the fourth quarter of 2013, compared to a 33.0% margin for the same period last year. Adjusted EBITDA is defined as net income (loss) plus (benefit) 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 December 31, 2013, Fleetmatics had cash of $137.2 million, a decrease of $2.7 million from the end of the prior quarter primarily due to capital expenditures during the quarter, as well as growth in accounts receivable associated with the growth in the Company revenue, as well as a billing system conversion completed during the quarter, all partially offset by the activity associated with proceeds from the exercise of stock option transactions and the generation of operating cash flow during the quarter.
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