Acme Packet Reports Record Revenue And Earnings In Second Quarter Of 2011

Acme Packet, Inc. (NASDAQ: APKT), the leader in session delivery network solutions, today announced record results for the quarter ended June 30, 2011 and raised its business outlook for 2011. All earnings per share results are on a fully diluted basis unless otherwise noted.

Results for the Second Quarter of 2011

Total revenue in the second quarter of 2011 was $79.7 million, compared to $53.3 million in the second quarter of 2010 and $74.0 million in the first quarter of 2011. Net income in the second quarter of 2011 was $14.0 million, or $0.20 per share, compared to $9.7 million, or $0.14 per share, in the second quarter of 2010 and $13.7 million, or $0.19 per share, in the first quarter of 2011. Net income on a non-GAAP 1 basis in the second quarter of 2011 was $20.4 million, or $0.29 per share, compared to $12.5 million, or $0.19 per share, in the second quarter of 2010, and $18.9 million, or $0.27 per share, in the first quarter of 2011.

Company Raises Business Outlook for 2011

The Company today raised its business outlook for 2011. The Company’s outlook is based on the current indications for its business, which may change at any time. A reconciliation of the Company’s expected GAAP to non-GAAP business outlook, and a statement as to the use of non-GAAP financial measures, is included at the end of this press release.
 
  Business Outlook for Year Ending December 31, 2011
Estimate Issued April 26, 2011 Issued July 21, 2011
Total revenue (in millions) $310-$315 $315-$320
Total revenue growth rate Approximately 35% Approximately 36%-38%
Non-GAAP1 EPS $1.10-$1.15 $1.14-$1.18
Total non-GAAP1 EPS growth rate Approximately 40% Approximately 43%-48%
Diluted share count (in millions)   71.5 71.5
 

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 4:30 p.m. eastern time today to discuss the financial results as well as management’s outlook for the business. The conference call may be accessed in the United States by dialing 1.800.230.1093 and using access code “APKT”. The conference call may be accessed outside of the United States by dialing +1.612.288.0337 and using access code “APKT”. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at www.ir.acmepacket.com. A replay of the conference call will be available approximately two hours after the call by dialing 1.800.475.6701 or +1.320.365.3844 and using access code 209417 or by accessing the webcast replay on the Company’s investor relations website.

__________________

1A reconciliation of GAAP to non-GAAP results, and a statement on the use of non-GAAP financial measures, is included at the end of this press release.

About Acme Packet

Acme Packet (NASDAQ: APKT), the leader in session delivery network solutions, enables the trusted, first-class delivery of next-generation voice, data and unified communications services and applications across IP networks. Our Net-Net product family fulfills demanding security, service assurance and regulatory requirements in service provider, enterprise and contact center networks. Based in Bedford, Massachusetts, Acme Packet designs and manufactures its products in the USA, selling them through over 150 reseller partners worldwide. More than 1,440 customers in 105 countries have deployed over 13,000 Acme Packet systems, including 90 of the top 100 service providers and 34 of the Fortune 100. For more information visit www.acmepacket.com.

Acme Packet, Inc. Safe Harbor Statement

Statements contained herein that are not historical fact (including those in the section “Company Raises Business Outlook for 2011”) may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may relate to, among other things, expected financial and operating results, expected growth rates, future stock-based compensation and amortization expenses, future business prospects and market conditions. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those anticipated. These include, but are not limited to: the amount of stock-based compensation awarded; the applicable Company stock price used to determine stock-based compensation; the exercise pattern of employee stock options; difficulties expanding the Company’s customer base; difficulties leveraging market opportunities; difficulties providing solutions that meet the needs of customers; poor product sales; long sales cycles; difficulties developing new products; difficulties in relationships with vendors and partners; higher risks in international operations; difficulties managing rapid growth; difficulties managing the Company’s financial performance; the ability to hire and retain employees and appropriately staff operations; the Company’s cash needs; the impact of new accounting pronouncements and increased competition. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in the Company’s recent filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings.
   

Acme Packet, Inc.

Condensed Consolidated Statements of Income

(in thousands, except share and per share data)

(unaudited)
 
Three Months Ended June 30, Six Months Ended June 30,
  2011       2010     2011       2010  
Revenue:    
Product $ 64,688 $ 42,031 $ 124,430 $ 84,124
Maintenance, support and service   15,045     11,305     29,270     20,262  
Total revenue   79,733     53,336     153,700     104,386  
 
Cost of revenue:
Product 11,367 7,434 21,312 14,983
Maintenance, support and service   2,525     2,140     5,531     4,408  
Total cost of revenue   13,892     9,574     26,843     19,391  
 
Gross profit   65,841     43,762     126,857     84,995  
 
Operating expenses:
Sales and marketing 24,736 16,623 48,439 33,050
Research and development 12,719 8,646 24,013 17,339
General and administrative 5,788 3,595 10,365 6,879
Merger and integration-related costs   -     -     180     -  
Total operating expenses   43,243     28,864     82,997     57,268  
 
Income from operations 22,598 14,898 43,860 27,727
 
Other (expense) income, net   (196 )   176     (94 )   165  
 
Income before provision for income taxes 22,402 15,074 43,766 27,892
 
Provision for income taxes   8,394     5,345     16,049     9,830  
 
Net income $ 14,008   $ 9,729   $ 27,717   $ 18,062  
 
Net income per share:
Basic $ 0.21 $ 0.16 $ 0.42 $ 0.30
Diluted $ 0.20 $ 0.14 $ 0.39 $ 0.27
 

Weighted average number of common shares used inthe calculation of net income per share:
Basic 66,141,163 61,488,059 65,623,359 60,659,321
Diluted 71,033,614 67,184,884 70,839,456 66,118,943
 
Margin:
Gross margin 82.6 % 82.0 % 82.5 % 81.4 %
Operating margin 28.3 % 27.9 % 28.5 % 26.6 %
Net margin 17.6 % 18.2 % 18.0 % 17.3 %

 

Acme Packet, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)
 

June 30,2011
 

December 31,2010
Assets
Current assets:
Cash and cash equivalents $ 120,571 $ 91,669
Short-term investments 192,855 179,024
Accounts receivable, net 53,520 34,797
Inventory 9,721 6,662
Deferred product costs 1,048 3,572
Deferred tax asset 3,814 3,814
Income taxes receivable 14,131 9,979
Other current assets   4,760     3,231  
Total current assets 400,420 332,748
Long-term investments 5,000 5,030
Property and equipment, net 21,282 17,156
Acquired intangible assets, net 9,592 9,468
Goodwill 3,269 -
Deferred tax asset, net 14,802 14,802
Other assets   320     940  
Total assets $ 454,685   $ 380,144  
 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 8,372 $ 7,161
Accrued expenses and other current liabilities 9,591 14,629
Deferred revenue   32,897     31,998  
Total current liabilities   50,860     53,788  
 
Deferred revenue   1,999     1,546  
Deferred rent   4,584     4,265  
 
Stockholders’ equity:
Common stock 73 71
Additional paid-in capital 315,094 266,114
Treasury stock, at cost (37,522 ) (37,522 )
Other comprehensive income 32 34
Retained earnings   119,565     91,848  
Total stockholders’ equity   397,242     320,545  
Total liabilities and stockholders’ equity $ 454,685   $ 380,144  
 

   

Condensed Consolidated Statements of Cash Flow

(in thousands)

(unaudited)
 
Three Months Ended Six Months Ended
June 30, June 30,
  2011     2010   2011     2010
Cash provided by operating activities $ 8,664   $ 15,061 $ 20,205   $ 23,034
Cash used in investing activities 20,729 22,541 25,002 49,182
Cash provided by financing activities 13,712 17,443 33,699 26,210
 

Acme Packet, Inc.

Statement on Use of Non-GAAP Financial Measures and

Reconciliation of Non-GAAP Net Income and Non-GAAP Net Income Per Share

(in thousands, except share and per share data)

(unaudited)

Statement on Use of Non-GAAP Financial Measures:

To supplement its condensed consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company discloses certain non-GAAP financial measures, including “non-GAAP net income”, “net income on a non-GAAP basis”, “non-GAAP net income per share”, “non-GAAP EPS” and “net income per share on a non-GAAP basis”. These non-GAAP financial measures are not presented in accordance with GAAP and are not meant to be a substitute for the most directly comparable GAAP measures of “net income”, “EPS” or “net income per share”. Rather, these non-GAAP financial measures should be evaluated in conjunction with its most directly comparable GAAP financial measure and the Company’s financial statements as a whole.

Management uses these supplemental non-GAAP financial measures to evaluate performance period over period, to analyze the underlying trends in the Company's business, to assess its performance relative to its competitors, and to establish operational goals and forecasts that are used in allocating resources. Management uses these non-GAAP financial measures because they exclude stock-based compensation expense which is a non-cash charge and related payroll taxes, as well as amortization of acquired intangible assets and merger and integration-related costs associated with the Company’s acquisition activities, all of which are non-operational costs and expenses. By excluding stock-based compensation expense and related payroll taxes, amortization of acquired intangible assets, and merger and integration-related costs, management can compare the Company’s operations to prior periods and to the operations of other companies in its industry who may have materially different unusual, non-operational charges. Management does not consider any of stock-based compensation expense and related payroll taxes, amortization of acquired intangible assets, and merger and integration-related costs to be part of the Company’s operating activities or meaningful in evaluating the Company’s past financial performance or future prospects. Management believes that excluding these items is useful to investors because it is more representative of ongoing costs and therefore more comparable to historical operations.

Because management uses them, management believes that the disclosure of these non-GAAP financial measures to investors provides greater transparency and useful information to help the investor better understand the Company’s operating performance and to evaluate the methodology used by management to evaluate and measure such performance. Notwithstanding their utility to investors in understanding operational trends, these non-GAAP measures should not be considered measures of the Company’s liquidity. In addition, the Company cautions that its definition of “non-GAAP net income”, “non-GAAP EPS” and “non-GAAP net income per share” may differ from similar measures used by other companies and may differ from period to period. Also, in future periods, management may make other adjustments for expenses and gains that it does not consider reflective of core operating performance in a particular period thereby modifying its definition of “non-GAAP net income”, “non-GAAP EPS” and “non-GAAP net income per share” by excluding these other or additional expenses and gains.
   

Acme Packet, Inc.

Non-GAAP Condensed Consolidated Statements of Income

(in thousands, except share and per share data)

(unaudited)
 
Three Months Ended June 30, Six Months Ended June 30,
  2011       2010     2011       2010  
Revenue:    
Product $ 64,688 $ 42,031 $ 124,430 $ 84,124
Maintenance, support and service   15,045     11,305     29,270     20,262  
Total revenue   79,733     53,336     153,700     104,386  
 
Cost of revenue:
Product 10,504 6,864 19,816 13,861
Maintenance, support and service   2,026     1,897     4,581     3,933  
Total cost of revenue   12,530     8,761     24,397     17,794  
 
Gross profit   67,203     44,575     129,303     86,592  
 
Operating expenses:
Sales and marketing 20,155 14,750 40,233 29,550
Research and development 10,056 7,416 19,096 14,923
General and administrative   4,485     3,072     8,082     5,930  
Total operating expenses   34,696     25,238     67,411     50,403  
 
Income from operations 32,507 19,337 61,892 36,189
 
Other (expense) income, net   (196 )   176     (94 )   165  
 
Income before provision for income taxes 32,311 19,513 61,798 36,354
 
Provision for income taxes  

11,881
    7,043     22,429     13,171  
 
Net income $

20,430
  $ 12,470   $ 39,369   $ 23,183  
 
Net income per share:
Basic $ 0.31 $ 0.20 $ 0.60 $ 0.38
Diluted $ 0.29 $ 0.19 $ 0.56 $ 0.35
 

Weighted average number of common shares used inthe calculation of net income per share:
Basic 66,141,163 61,488,059 65,623,359 60,659,321
Diluted 71,033,614 67,184,884 70,839,456 66,118,943
 
Margin:
Gross margin 84.3 % 83.6 % 84.1 % 83.0 %
Operating margin 40.8 % 36.3 % 40.3 % 34.7 %
Net margin 25.6 % 23.4 % 25.6 % 22.2 %
 

Reconciliation of Non-GAAP Net Income and Non-GAAP Net Income Per Share for the Three Months Ended June 30, 2011, March 31, 2011, and June 30, 2010 and the Six Months Ended June 30, 2011 and June 30, 2010 (unaudited):
         

Acme Packet, Inc.

GAAP to Non-GAAP Reconciliation

Three Months Ended June 30, 2011

(in thousands, except share and per share data)

(unaudited)
 

 

 

 

GAAP
 

Stock-basedcompensationexpense andrelated payrolltaxes
 

Amortization ofacquiredintangibleassets
 

 

 

 

Non-GAAP1
Revenue:
Product $ 64,688 $ - $ - $ 64,688
Maintenance, support and service   15,045     -     -     15,045  
Total revenue   79,733     -     -     79,733  
 
Cost of revenue:
Product 11,367 (327 ) (536 ) 10,504
Maintenance, support and service   2,525     (499 )   -     2,026  
Total cost of revenue   13,892     (826 )   (536 )   12,530  
 
Gross profit   65,841     826     536     67,203  
 
Operating expenses:
Sales and marketing 24,736 (4,441 ) (140 ) 20,155
Research and development 12,719 (2,652 ) (11 ) 10,056
General and administrative   5,788     (1,303 )   -     4,485  
Total operating expenses   43,243     (8,396 )   (151 )   34,696  
 
Income from operations 22,598 9,222 687 32,507
 
Other (expense), net   (196 )   -     -     (196 )
 
Income before provision for income taxes 22,402 9,222 687 32,311
 
Provision for income taxes   8,394    

3,241
    246    

11,881
 
 
Net income $ 14,008   $

5,981
  $ 441   $

20,430
 
 
Net income per share:
Basic $ 0.21 $ 0.09 $ 0.01 $ 0.31
Diluted $ 0.20 $ 0.08 $ 0.01 $ 0.29
 

Weighted average number of commonshares used in the calculation of netincome per share:

 
Basic 66,141,163 66,141,163 66,141,163 66,141,163
Diluted 71,033,614 71,033,614 71,033,614 71,033,614
 
Margin:
Gross margin 82.6 % 84.3 %
Operating margin 28.3 % 40.8 %
Net margin 17.6 % 25.6 %
 

       

Acme Packet, Inc.

GAAP to Non-GAAP Reconciliation

Three Months Ended June 30, 2010

(in thousands, except share and per share data)

(unaudited)
 

 

 

 

GAAP
 

Stock-basedcompensationexpense andrelated payrolltaxes
 

Amortization ofacquiredintangibleassets
 

 

 

 

Non-GAAP1
Revenue:
Product $ 42,031 $ - $ - $ 42,031
Maintenance, support and service   11,305     -     -     11,305  
Total revenue   53,336     -     -     53,336  
 
Cost of revenue:
Product 7,434 (191 ) (379 ) 6,864
Maintenance, support and service   2,140     (243 )   -     1,897  
Total cost of revenue   9,574     (434 )   (379 )   8,761  
 
Gross profit   43,762     434     379     44,575  
 
Operating expenses:
Sales and marketing 16,623 (1,828 ) (45 ) 14,750
Research and development 8,646 (1,219 ) (11 ) 7,416
General and administrative   3,595     (523 )   -     3,072  
Total operating expenses   28,864     (3,570 )   (56 )   25,238  
 
Income from operations 14,898 4,004 435 19,337
 
Other income, net   176     -     -     176  
 
Income before provision for income taxes 15,074 4,004 435 19,513
 
Provision for income taxes   5,345     1,544     154     7,043  
 
Net income $ 9,729   $ 2,460   $ 281   $ 12,470  
 
Net income per share:
Basic $ 0.16 $ 0.04 $ 0.00 $ 0.20
Diluted $ 0.14 $ 0.04 $ 0.00 $ 0.19
 

Weighted average number of commonshares used in the calculation of netincome per share:
Basic 61,488,059 61,488,059 61,488,059 61,488,059
Diluted 67,184,884 67,184,884 67,184,884 67,184,884
 
Margin:
Gross margin 82.0 % 83.6 %
Operating margin 27.9 % 36.3 %
Net margin 18.2 % 23.4 %
 

         

Acme Packet, Inc.

GAAP to Non-GAAP Reconciliation

Six Months Ended June 30, 2011

(in thousands, except share and per share data)

(unaudited)
 

 

 

 

GAAP
 

Stock-basedcompensationexpense andrelated payrolltaxes
 

Amortization ofacquiredintangibleassets
 

 

Merger andintegration-related costs
 

 

 

 

Non-GAAP1
Revenue:
Product $ 124,430 $ - $ - $ - $ 124,430
Maintenance, support and service   29,270     -     -     -     29,270  
Total revenue   153,700     -     -     -     153,700  
 
Cost of revenue:
Product 21,312 (589 ) (907 ) - 19,816
Maintenance, support and service   5,531     (950 )   -     -     4,581  
Total cost of revenue   26,843     (1,539 )   (907 )   -     24,397  
 
Gross profit   126,857     1,539     907     -     129,303  
 
Operating expenses:
Sales and marketing 48,439 (8,020 ) (186 ) - 40,233
Research and development 24,013 (4,894 ) (23 ) - 19,096
General and administrative 10,365 (2,283 ) - - 8,082
Merger and integration-related costs   180     -     -     (180 )   -  
Total operating expenses   82,997     (15,197 )   (209 )   (180 )   67,411  
 
Income from operations 43,860 16,736 1,116 180 61,892
 
Other (expense), net   (94 )   -     -     -     (94 )
 
Income before provision for income taxes 43,766 16,736 1,116 180 61,798
 
Provision for income taxes   16,049     5,978     402     -     22,429  
 
Net income $ 27,717   $ 10,758   $ 714   $ 180   $ 39,369  
 
Net income per share:
Basic $ 0.42 $ 0.16 $ 0.01 $ 0.00 $ 0.60
Diluted $ 0.39 $ 0.15 $ 0.01 $ 0.00 $ 0.56
 

Weighted average number of commonshares used in the calculation of netincome per share:
Basic 65,623,359 65,623,359 65,623,359 65,623,359 65,623,359
Diluted 70,839,456 70,839,456 70,839,456 70,839,456 70,839,456
 
Margin:
Gross margin 82.5 % 84.1 %
Operating margin 28.5 % 40.3 %
Net margin 18.0 % 25.6 %
 

         

Acme Packet, Inc.

GAAP to Non-GAAP Reconciliation

Six Months Ended June 30, 2010

(in thousands, except share and per share data)

(unaudited)
 

 

 

 

GAAP
 

Stock-basedcompensationexpense andrelated payrolltaxes
 

Amortization ofacquiredintangibleassets
 

 

 

 

Non-GAAP1
Revenue:
Product $ 84,124 $ - $ - $ 84,124
Maintenance, support and service   20,262     -     -     20,262  
Total revenue   104,386     -     -     104,386  
 
Cost of revenue:
Product 14,983 (364 ) (758 ) 13,861
Maintenance, support and service   4,408     (475 )   -     3,933  
Total cost of revenue   19,391     (839 )   (758 )   17,794  
 
Gross profit   84,995     839     758     86,592  
 
Operating expenses:
Sales and marketing 33,050 (3,410 ) (90 ) 29,550
Research and development 17,339 (2,394 ) (22 ) 14,923
General and administrative   6,879     (949 )   -     5,930  
Total operating expenses   57,268     (6,753 )   (112 )   50,403  
 
Income from operations 27,727 7,592 870 36,189
 
Other income, net   165     -     -     165  
 
Income before provision for income taxes 27,892 7,592 870 36,354
 
Provision for income taxes   9,830     3,035     306     13,171  
 
Net income $ 18,062   $ 4,557   $ 564   $ 23,183  
 
Net income per share:
Basic $ 0.30 $ 0.08 $ 0.01 $ 0.38
Diluted $ 0.27 $ 0.07 $ 0.01 $ 0.35
 

Weighted average number of commonshares used in the calculation of netincome per share:
Basic 60,659,321 60,659,321 60,659,321 60,659,321
Diluted 66,118,943 66,118,943 66,118,943 66,118,943
 
Margin:
Gross margin 81.4 % 83.0 %
Operating margin 26.6 % 34.7 %
Net margin 17.3 % 22.2 %
 

           

Acme Packet, Inc.

GAAP to Non-GAAP Reconciliation

Three Months Ended March 31, 2011

(in thousands, except share and per share data)

(unaudited)
 

 

 

 

GAAP
 

Stock-basedcompensationexpense andrelated payrolltaxes
 

Amortization ofacquiredintangibleassets
 

 

Merger andintegration-related costs
 

 

 

 

Non-GAAP1
Revenue:
Product $ 59,742 $ - $ - $ - $ 59,742
Maintenance, support and service   14,225     -     -     -     14,225  
Total revenue   73,967     -     -     -     73,967  
 
Cost of revenue:
Product 9,945 (262 ) (371 ) - 9,312
Maintenance, support and service   3,006     (451 )   -     -     2,555  
Total cost of revenue   12,951     (713 )   (371 )   -     11,867  
 
Gross profit   61,016     713     371     -     62,100  
 
Operating expenses:
Sales and marketing 23,703 (3,579 ) (46 ) - 20,078
Research and development 11,294 (2,242 ) (12 ) - 9,040
General and administrative 4,577 (980 ) - - 3,597
Merger and integration-related costs   180     -     -     (180 )   -  
Total operating expenses   39,754     (6,801 )   (58 )   (180 )   32,715  
 
Income from operations 21,262 7,514 429 180 29,385
 
Other income, net   102     -     -     -     102  
 
Income before provision for income taxes 21,364 7,514 429 180 29,487
 
Provision for income taxes   7,655     2,737     156     -     10,548  
 
Net income $ 13,709   $ 4,777   $ 273   $ 180   $ 18,939  
 
Net income per share:
Basic $ 0.21 $ 0.07 $ 0.00 $ 0.00 $ 0.29
Diluted $ 0.19 $ 0.07 $ 0.00 $ 0.00 $ 0.27
 

Weighted average number of commonshares used in the calculation of netincome per share:
Basic 65,076,303 65,076,303 65,076,303 65,076,303 65,076,303
Diluted 70,476,973 70,476,973 70,476,973 70,476,973 70,476,973
 
Margin:
Gross margin 82.5 % 84.0 %
Operating margin 28.7 % 39.7 %
Net margin 18.5 % 25.6 %
 

Reconciliation of Expected Non-GAAP Net Income and Non-GAAP Net Income Per Share for the Year Ending December 31, 2011(unaudited):
     

Twelve Months Ending December 31, 2011(unaudited)(in thousands, except per share data)

 
Low   High
 
Revenue $ 315,000 $ 320,000
 
Reconciliation of non-GAAP net income:
Net income $ 55,800 $ 58,700
Adjustments:
Stock-based compensation expense and related payroll taxes, net of taxes 24,100 24,100
Amortization of acquired intangible assets, net of taxes 1,200 1,200
Merger and integration-related costs   180   180
Non-GAAP net income $ 81,200 $ 84,100
 
Reconciliation of diluted non-GAAP net income per share:
Net income per share $ 0.78 $ 0.82
Adjustments:
Stock-based compensation expense and related payroll taxes, net of taxes 0.34 0.34

Amortization of acquired intangible assets, net of taxes
0.02 0.02
Merger and integration-related costs   0.00   0.00
Non-GAAP net income per share $ 1.14 $ 1.18
 

         

Acme Packet, Inc.

Other Operational Data

(unaudited)
 
Three Months Ended Six Months Ended

June 30,2011
 

March 31,2011
 

June 30,2010

June 30,2011
 

June 30,2010
Other operational data:      
Depreciation and amortization (in thousands) $ 1,894 $ 2,358 $ 1,908 $ 4,252 $ 3,761
Capital expenditures (in thousands) 2,598 4,644 3,300 7,242 6,067
Days sales outstanding 60 53 46 - -
Total headcount 710 641 503 - -
Quarterly inventory turnover – annualized 5.42 5.79 5.39 - -
 

Copyright Business Wire 2010

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