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Jive Software Announces First Quarter 2014 Financial Results

  • 1Q total revenue of $41.0 million, up 21% year-over-year
  • 1Q short-term billings of $42.1 million, up 16% year-over-year

PALO ALTO, Calif., May 6, 2014 (GLOBE NEWSWIRE) -- Jive Software, Inc. (Nasdaq:JIVE), a leader in social business, today announced financial results for its first quarter ended March 31, 2014.

"Jive delivered a strong start to the year with financial results that met or exceeded the high end of our guidance range," stated Tony Zingale, Chairman & CEO of Jive Software. "Customers continue to respond favorably to our more refined go-to-market strategy, which targets the highest areas of value add and ROI for social business platforms - portals, social intranets and external communities."

Zingale added, "We delivered on an important milestone with the recent announcement of our strategic relationship with Cisco that expands our existing go-to-market footprint. Cisco and its channel partners will now resell Jive solutions as a fully integrated component of the Cisco collaboration family. We believe we are executing well against our overall strategy and are increasingly well positioned to deliver accelerating growth in the second half of 2014."

First Quarter 2014 Financial Highlights

  • Revenue: Total revenue for the first quarter was $41.0 million, an increase of 21% on a year-over-year basis. Within total revenue, product revenue was $37.4 million for the first quarter, an increase of 22% on a year-over-year basis. Professional Services revenue for the first quarter was $3.7 million, an increase of 15% 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 $42.1 million for the first 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 $39.8 million, an increase of 4% on a year-over-year basis.  
  • Gross Profit: GAAP gross profit for the first quarter was $25.6 million, compared to $20.8 million for the first quarter of 2013. Non-GAAP gross profit was $27.7 million for the first quarter, representing a year-over-year increase of 26% and a non-GAAP gross margin of 68%, representing a 300 basis point gross margin improvement compared to the first quarter of 2013.  
  • Loss from Operations: GAAP loss from operations for the first quarter was $17.1 million, compared to a loss of $16.6 million for the first quarter of 2013. Non-GAAP loss from operations was $6.1 million for the first quarter, compared to a loss of $9.6 million for the first quarter of 2013.  
  • Net Loss: GAAP net loss for the first quarter was $17.3 million, compared to a net loss of $16.6 million for the same period last year. GAAP net loss per share for the first quarter was $0.25 based on 69.3 million weighted-average shares outstanding, compared to a net loss per share of $0.25 based on 65.5 million weighted-average shares outstanding for the same period last year.   Non-GAAP net loss for the first quarter was $6.3 million, compared to a net loss of $9.6 million for the same period last year. Non-GAAP net loss per share for the first quarter was $0.09 based on 69.3 million weighted-average shares outstanding, compared to net a loss per share of $0.15 based on 65.5 million weighted-average shares outstanding for the same period last year.   
  • Balance Sheet and Cash Flow: As of March 31, 2014, Jive had cash and cash equivalents and marketable securities of $139.3 million, a decrease of $2.4 million from $141.7 million at the end of the fourth quarter.    The company generated $1.9 million in cash from operations and invested $3.6 million in capital expenditures, leading to free cash flow of negative $1.7 million for the first quarter. Free cash flow was $3.0 million for the first quarter of 2013. 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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