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Fleetmatics Announces First Quarter 2014 Financial Results

Stocks in this article: FLTX

Fleetmatics Group PLC (NYSE: FLTX), a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS), today announced financial results for its first quarter ended March 31, 2014.

“We are pleased with our strong start to the year, which was highlighted by continued growing demand for our comprehensive software-as-a-service fleet management solution,” stated Jim Travers, Chairman and Chief Executive Officer of Fleetmatics. “We believe that Fleetmatics remains well positioned to increase market share worldwide driven by our continued market penetration in North America and the UK, as well as launching our solution into our new markets of Australia, Mainland Europe and Mexico. We are also excited to have released our new software platform, which brings highly differentiated and industry-first functionality to our service-oriented local fleet customers.”

First Quarter 2014 Financial Highlights

  • Revenue: Total revenue for the first quarter was $51.9 million, an increase of 35.1% compared to $38.4 million for the first quarter of 2013.
  • Gross Profit: GAAP gross profit for the first quarter was $39.2 million, compared to $28.4 million for the first quarter of 2013. GAAP gross margin was 75.4% compared to 74.0% for the same period in 2013. Non-GAAP gross profit, which excludes share-based compensation and amortization of intangible assets, was $39.6 million for the quarter compared to $28.5 million in the year ago period. Non-GAAP gross margin was 76.2% for the first quarter of 2014, compared to 74.2% during the same period last year.
  • Operating Income: GAAP operating income for the first quarter was $5.3 million, compared to $5.8 million for the first quarter of 2013. Non-GAAP operating income, which excludes share-based compensation, amortization of intangible assets and other items as defined in “Non-GAAP Financial Measures”, was $9.1 million, compared to $7.9 million for the first quarter of 2013.
  • Net Income: GAAP net income for the first quarter was $3.6 million, compared to $3.0 million for the same period last year. GAAP net income per share for the first quarter was $0.09 based on 38.4 million weighted-average diluted shares outstanding, compared to $0.08 for the same period last year, based on 36.2 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 $7.2 million for the first quarter, compared to $5.4 million for the first quarter of 2013. Non-GAAP adjusted earnings per share for the first quarter was $0.19 per share based on 38.4 million weighted-average diluted shares outstanding compared to $0.15 per share, and based on 36.2 million weighted-average diluted shares outstanding, for the same period last year.
  • Adjusted EBITDA: Adjusted EBITDA for the first quarter was $13.8 million, an increase of 24.6% compared to $11.1 million for the first quarter of 2013. Adjusted EBITDA margin was 26.5% for the first quarter of 2014, compared to a 28.8% 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 March 31, 2014, Fleetmatics had cash of $148.2 million, an increase of $11.0 million since December 31, 2013.During the first quarter of 2014, the Company generated $20.3 million in net cash from operations and invested $8.6 million in purchases of property and equipment and capitalization of internally developed software, resulting in free cash flow of positive $11.7 million. During the first quarter of 2013, the Company generated $12.1 million in net cash from operations and invested $8.9 million in capital expenditures and capitalization of software, resulting in free cash flow of positive $3.1 million.

First Quarter 2014 Operating Highlights

  • Fleetmatics ended the first quarter of 2014 with approximately 472,000 active vehicles under subscription, up 32.6% compared to over 356,000 during the first quarter of 2013.Quarterly net churn during the first quarter of 2014 was 1.3%, the same as the first quarter of 2013. An explanation of this measure is included below under the heading “Non-GAAP Financial Measures.”

Financial Outlook

As of April 30, 2014, Fleetmatics is providing guidance for the second quarter of 2014 and full year 2014 as follows:

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