Jive Software Announces First Quarter 2013 Financial Results

  • 1Q total revenue of $33.9 million, up 34% year-over-year
  • 1Q product revenue of $30.7 million, up 41% year-over-year
  • 1Q total billings of $38.2 million, up 35% year-over-year
  • Generated $5.8 million of cash from operations and $3.0 million of free cash flow

PALO ALTO, Calif., April 30, 2013 (GLOBE NEWSWIRE) -- Jive Software, Inc. (Nasdaq:JIVE), a leader in social business, today announced financial results for its first quarter ended March 31, 2013.

"The first quarter was a solid start to the year, and it was highlighted by over 40% growth in product revenue and positive free cash flow for the first time since Jive became a public company," stated Tony Zingale, Chairman & CEO of Jive. "We continue to see growing evidence that the social business market is moving to the mainstream in 2013, including blue chip customers signing multi-million dollar, multi-year commitments with Jive. We believe that Jive is well positioned to capitalize on this market trend as a result of our differentiated business value proposition, product innovation leadership, growing sales pipeline and increased investments in sales and partnerships."

First Quarter 2013 Financial Highlights
  • Revenue: Total revenue for the first quarter was $33.9 million, an increase of 34% on a year-over-year basis. Within total revenue, product revenue was $30.7 million for the first quarter, an increase of 41% on a year-over-year basis. Professional Services revenue for the first quarter was $3.2 million, a decrease of 13% on a year-over-year basis.  
  • Non-GAAP Billings: Total billings, which Jive defines as revenue plus the change in total deferred revenue, were $38.2 million for the first quarter, an increase of 35% on a year-over-year basis.  
  • Gross Profit: GAAP gross profit for the first quarter was $20.8 million, compared to $14.7 million for the first quarter of 2012. Non-GAAP gross profit was $22.1 million for the first quarter, representing a year-over-year increase of 42% and a non-GAAP gross margin of 65%, representing a 300 basis point gross margin improvement compared to the first quarter of 2012.  
  • Loss from Operations: GAAP loss from operations for the first quarter was $16.6 million,compared to a loss of $8.8 million for the first quarter of 2012. Non-GAAP loss from operations was $9.6 million,compared to a loss of $5.1 million for the first quarter of 2012.  
  • Net Loss: GAAP net loss for the first quarter was $16.6 million, compared to a net loss of $8.9 million for the same period last year. GAAP net loss per share for the first quarter was $0.25 based on 65.5 million weighted-average shares outstanding, compared to a loss per share of $0.15 based on 61.4 million weighted-average shares outstanding for the same period last year.

Non-GAAP net loss for the first quarter was $9.6 million, compared to a net loss of $5.2 million for the same period last year. Non-GAAP net loss per share for the first quarter was $0.15 based on 65.5 million weighted-average shares outstanding, compared to net a loss per share of $0.09 based on 61.4 million weighted-average shares outstanding for the same period last year.
  • Balance Sheet and Cash Flow: As of March 31, 2013, Jive had cash and cash equivalents and marketable securities of $173.5 million, an increase from $168.1 million at the end of the fourth quarter.

The company generated $5.8 million in cash from operations and invested $2.8 million in capital expenditures, leading to free cash flow of $3.0 million for the first quarter. Free cash flow was ($1.3) million for the first quarter of 2012. 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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