SYS-CON MEDIA Authors: Peter Silva, Kevin Jackson, Jessica Qiu, Dana Gardner, Dan Stolts

News Feed Item

BroadSoft Reports Second Quarter 2013 Financial Results

GAITHERSBURG, MD -- (Marketwired) -- 08/05/13 -- BroadSoft, Inc. (NASDAQ: BSFT), the leading global provider of Internet protocol-based, or IP-based, communications services to the telecommunications industry, today announced financial results for the quarter ended June 30, 2013.

Financial Highlights for the Second Quarter of 2013

  • Total revenue increased 9% year-over-year to $44.0 million
  • GAAP gross profit was 78% of total revenue; non-GAAP gross profit was 82% of total revenue
  • GAAP loss from operations totaled $2.3 million; non-GAAP income from operations totaled $9.7 million, or 22% of revenue
  • GAAP basic and diluted EPS was $(0.11) per common share; non-GAAP diluted EPS was $0.32 per common share

Results for the three months ended June 30, 2013

Total revenue rose to $44.0 million in the second quarter of 2013, an increase of 9% compared to $40.5 million in the second quarter of 2012.

Net loss for the second quarter of 2013 was $3.0 million, or $0.11 per basic and diluted common share, compared to net income of $2.4 million, or $0.08 per diluted common share, in the second quarter of 2012.

On a non-GAAP basis, net income in the second quarter of 2013 was $9.2 million, or $0.32 per diluted common share, compared to non-GAAP net income of $9.4 million, or $0.33 per basic and diluted common share, in the second quarter of 2012. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.

Results for the six months ended June 30, 2013

Total revenue was $83.6 million for the first six months of 2013, compared to $78.9 million for the first six months of 2012, reflecting year-over-year growth of 6%.

Net loss for the first six months of 2013 was $5.3 million, or $0.19 per basic and diluted common share, compared to net income of $4.1 million, or $0.14 per diluted common share, for the first six months of 2012.

On a non-GAAP basis, net income for the first six months of 2013 was $14.3 million or $0.50 per diluted common share, compared to non-GAAP net income of $17.5 million, or $0.62 per diluted common share, in the first six months of 2012. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.

Management Commentary

"Our second quarter performance was driven by the positive results our customers are experiencing with their hosted Unified Communications services in the marketplace," said Michael Tessler, president and chief executive officer, BroadSoft. "There are many factors driving the demand for hosted Unified Communications, including the growth of mobile workers. This workforce evolution is pushing enterprises to seek business tools, such as hosted Unified Communications, that speed decision-making, allow remote teams to easily collaborate and ensure enterprises run efficiently. The extensive mobile capabilities of our UC-One platform are designed to enable our service provider customers to meet the needs of the increasingly mobile enterprise."

"We were pleased with our results for the second quarter from a revenue, billings and profitability perspective," said Jim Tholen, chief financial officer, BroadSoft. "A highlight of the quarter was the 25% year-over-year growth in our software billings. This strength was driven by our enterprise-centric UC solutions which saw strong demand across products, end-market segments and geographies."

Guidance

For the third quarter of 2013, BroadSoft anticipates revenue of $42 to $46 million. The Company also expects to achieve earnings on a non-GAAP basis of $0.23 to $0.33 per diluted common share.

For the full year 2013, BroadSoft expects revenue of $181 to $186 million. The Company anticipates full year 2013 earnings on a non-GAAP basis of $1.15 to $1.40 per diluted common share.

Conference Call

BroadSoft will discuss its second quarter 2013 results and its business outlook today via teleconference at 5:00 p.m. Eastern Time. To participate in the teleconference, callers can dial the toll free number 1-877-312-5517 (U.S. callers only) or 1-760-666-3772 (from outside the U.S.). The conference call can also be heard live via audio webcast at http://investors.broadsoft.com/events.cfm. To help ensure the conference begins on time, please dial in or connect via the web five minutes prior to the scheduled start time.

For those unable to participate in the live call, a recording will be available shortly after the conclusion of the call at http://investors.broadsoft.com/events.cfm and will remain available until immediately prior to our next earnings call.

BroadSoft has provided in this release, and will provide on this afternoon's teleconference, financial information that has not been prepared in accordance with generally accepted accounting principles, or GAAP. BroadSoft uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating BroadSoft's ongoing operational performance. BroadSoft's management regularly uses these non-GAAP financial measures to understand and manage its business and believes these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain non-cash expenses, and may include additional adjustments for items that are infrequent in nature. BroadSoft believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in BroadSoft's industry, many of which present similar non-GAAP financial measures to investors. A reconciliation of the non-GAAP financial measures included in this release and to be discussed on this afternoon's teleconference to the most directly comparable GAAP financial measures is set forth below.

Non-GAAP financial measures:

Non-GAAP net income and net income per share. BroadSoft defines non-GAAP net income as net income plus stock-based compensation expense, amortization expense for acquired intangible assets, non-cash interest expense on the Company's convertible notes, and non-cash tax expense included in the GAAP tax provision. BroadSoft defines non-GAAP income per share as non-GAAP net income divided by the weighted average shares outstanding. BroadSoft considers these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of certain non-cash expenses so management and investors can compare BroadSoft's core business operating results over multiple periods.

Non-GAAP gross profit, license gross profit, subscription and maintenance support gross profit, and professional services and other gross profit. BroadSoft defines non-GAAP gross profit as gross profit plus stock-based compensation expense and amortization expense for acquired intangible assets. BroadSoft considers non-GAAP gross profit to be a useful metric for management and our investors because it excludes the effect of certain non-cash expenses so management and its investors can compare BroadSoft's sales margins over multiple periods. Where BroadSoft provides further breakdown of non-GAAP gross profit between license, subscription and maintenance support and professional services and other, the Company adds back the stock-based compensation expense and amortization expense, as applicable, to the related gross profit.

Non-GAAP license cost of revenue, subscription and maintenance support cost of revenue, and professional services and other cost of revenue. BroadSoft defines non-GAAP cost of revenue as cost of revenue less stock-based compensation expense and amortization expense for acquired intangible assets. BroadSoft considers non-GAAP cost of revenue to be a useful metric for management and our investors because it excludes the effect of certain non-cash expenses so management and its investors can compare BroadSoft's cost of revenue over multiple periods. Where BroadSoft provides further breakdown of non-GAAP cost of revenue between license, subscription and maintenance support and professional services and other, the Company subtracts the stock-based compensation expense and amortization expense, as applicable, to the related cost of revenue.

Non-GAAP income from operations. BroadSoft defines non-GAAP income from operations as income from operations plus stock-based compensation expense and amortization expense for acquired intangible assets. BroadSoft considers non-GAAP income from operations to be a useful metric for management and investors because it excludes the effect of certain non-cash expenses so management and investors can compare BroadSoft's core business operating results over multiple periods. Where BroadSoft provides further breakdown of non-GAAP operating expenses for sales and marketing, research and development and general and administrative, the Company deducts stock-based compensation expense included in the applicable expense item.

Billings. BroadSoft defines billings as revenue plus the net change in our deferred revenue balance for a particular period. BroadSoft believes that billings is a key measure of our business activity.

With respect to our expectations under "Guidance" above, reconciliation of non-GAAP earnings per share guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, in particular, the measures and effects of non-cash income taxes, which are extremely difficult to project as a result of our tax status in a number of foreign jurisdictions, and stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

The presentation of non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP income from operations, billings and other non-GAAP financial measures in this release and on this afternoon's teleconference is not meant to be a substitute for "net income," "net income per share," "gross margin," "income from operations" or other financial measures presented in accordance with GAAP, but rather should be evaluated in conjunction with such data. BroadSoft's definition of "non-GAAP net income," "non-GAAP net income per share," "non-GAAP gross margin," "non-GAAP income from operations," "billings" and other non-GAAP financial measures may differ from similarly titled non-GAAP measures used by other companies and may differ from period to period. In reporting non-GAAP measures in the future, management may make other adjustments for expenses and gains it does not consider reflective of core operating performance in a particular period and may modify "non-GAAP net income," "non-GAAP net income per share," "non-GAAP gross margin," "non-GAAP income from operations," "billings" and such other non-GAAP measures by excluding these expenses and gains.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by their use of terms and phrases such as "anticipate," "expect," "will," "believe," "continue" and other similar terms and phrases, and such forward-looking statements include, but are not limited to, the statements regarding the Company's future financial performance set forth under the heading "Guidance." The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: the Company's dependence on the success of BroadWorks® and on its service provider customers to sell services using its applications; the Company's dependence in large part on service providers' continued deployment of, and investment in, their IP-based networks; claims that the Company infringes the intellectual property rights of others; the Company's ability to integrate and achieve the expected benefits from its recent acquisitions; and the Company's ability to expand its product offerings, as well as those factors contained in the "Risk Factors" sections of the Company's Form 10-K for the year ended December 31, 2012 filed with the SEC on February 27, 2013, and in the Company's other filings with the SEC. All information in this release is as of August 5, 2013. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statement made herein for any reason to conform the statement to actual results or changes in the Company's expectations.

About BroadSoft

BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company's core communications platform enables the delivery of a range of enterprise and consumer calling, messaging and collaboration communication services, including private branch exchanges, video calling, text messaging and converged mobile and fixed-line services.

Financial Statements

The financial statements set forth below are not the complete set of the Company's financial statements for the quarter and are presented below without footnotes. Readers are encouraged to obtain and carefully review BroadSoft's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, including all financial statements contained therein and the footnotes thereto, when it is filed with the SEC. Once filed with the SEC, the Form 10-Q may be retrieved from the SEC's website at www.sec.gov or from BroadSoft's website at www.broadsoft.com.

BSFT-F



                               BroadSoft, Inc.

                    Condensed Consolidated Balance Sheets
                                 (unaudited)

                                                  June 30,     December 31,
                                                    2013           2012
                                               -------------  -------------
                                                (In thousands, except share
                                                    and per share data)
Assets:
Current assets:
  Cash and cash equivalents                    $      80,191  $      90,545
  Short-term investments                              71,921         73,075
  Accounts receivable, net of allowance for
   doubtful accounts of $72 and $139 at June
   30, 2013 and December 31, 2012,
   respectively                                       49,334         48,980
  Deferred tax assets                                  4,331          3,732
  Other current assets                                11,487         10,796
                                               -------------  -------------
    Total current assets                             217,264        227,128
                                               -------------  -------------
Long-term assets:
  Property and equipment, net                          8,201          7,361
  Long-term investments                               54,632         30,102
  Restricted cash                                        581            584
  Intangible assets, net                               9,631         11,247
  Goodwill                                            37,377         37,529
  Other long-term assets                              21,852         12,955
                                               -------------  -------------
    Total long-term assets                           132,274         99,778
                                               -------------  -------------
      Total assets                             $     349,538  $     326,906
                                               =============  =============
Liabilities and stockholders' equity:
Current liabilities:
  Accounts payable and accrued expenses        $      15,459  $      15,686
  Notes payable and bank loans, current
   portion                                               547            555
  Deferred revenue, current portion                   53,822         49,368
                                               -------------  -------------
      Total current liabilities                       69,828         65,609

Convertible senior notes                              88,953         86,451
Notes payable and bank loans                             409            414
Deferred revenue                                       7,144         11,781
Other long-term liabilities                            1,448          1,416
                                               -------------  -------------
      Total liabilities                              167,782        165,671
                                               -------------  -------------

Commitments and contingencies (Note 8)

Stockholders' equity:

  Preferred stock, $0.01 par value per share;
   5,000,000 shares authorized at June 30,
   2013 and December 31, 2012; no shares
   issued and outstanding at June 30, 2013 and
   December 31, 2012                                       -              -
  Common stock, par value $0.01 per share;
   100,000,000 shares authorized at June 30,
   2013 and December 31, 2012; 28,106,231 and
   27,913,471 shares issued and outstanding at
   June 30, 2013 and December 31, 2012,
   respectively                                          281            279
  Additional paid-in capital                         234,664        208,073
  Accumulated other comprehensive loss                (3,748)        (3,008)
  Accumulated deficit                                (49,441)       (44,109)
                                               -------------  -------------
Total stockholders' equity                           181,756        161,235
                                               -------------  -------------
Total liabilities and stockholders' equity     $     349,538  $     326,906
                                               =============  =============




                               BroadSoft, Inc.

               Condensed Consolidated Statements of Operations
                                 (Unaudited)

                                  Three Months Ended     Six Months Ended
                                       June 30,              June 30,
                                 --------------------  --------------------
                                    2013       2012       2013       2012
                                 ---------  ---------  ---------  ---------
                                    (In thousands, except per share data)
Revenue:
  License software               $  24,699  $  22,501  $  45,541  $  43,766
  Subscription and maintenance
   support                          16,306     13,794     31,491     26,167
  Professional services and
   other                             3,004      4,221      6,602      8,926
                                 ---------  ---------  ---------  ---------
    Total revenue                   44,009     40,516     83,634     78,859

Cost of revenue:
  License software                   2,119      2,652      4,579      4,873
  Subscription and maintenance
   support                           4,780      3,457      9,393      6,845
  Professional services and
   other                             2,872      2,212      5,565      4,675
                                 ---------  ---------  ---------  ---------
    Total cost of revenue            9,771      8,321     19,537     16,393
                                 ---------  ---------  ---------  ---------

Gross profit                        34,238     32,195     64,097     62,466

Operating expenses:
  Sales and marketing               15,536     11,608     29,265     22,680
  Research and development          12,935      9,131     25,303     17,607
  General and administrative         8,078      5,880     15,597     11,694
                                 ---------  ---------  ---------  ---------
    Total operating expenses        36,549     26,619     70,165     51,981
                                 ---------  ---------  ---------  ---------

(Loss) Income from operations       (2,311)     5,576     (6,068)    10,485

Other expense (income):
  Interest income                     (117)      (120)      (231)      (237)
  Interest expense                   1,817      1,723      3,606      3,419
                                 ---------  ---------  ---------  ---------
    Total other expense, net         1,700      1,603      3,375      3,182
                                 ---------  ---------  ---------  ---------
(Loss) Income before income
 taxes                              (4,011)     3,973     (9,443)     7,303
  (Benefit from) provision for
   income taxes                       (996)     1,617     (4,111)     3,246
                                 ---------  ---------  ---------  ---------
Net (loss) income                $  (3,015) $   2,356  $  (5,332) $   4,057
                                 =========  =========  =========  =========


Net (loss) income per common
 share:
  Basic                          $   (0.11) $    0.09  $   (0.19) $    0.15
  Diluted                        $   (0.11) $    0.08  $   (0.19) $    0.14

Weighted average common shares
 outstanding:
  Basic                             28,055     27,550     28,015     27,392
  Diluted                           28,055     28,253     28,015     28,238

Stock-based compensation expense
 included above:
  Cost of revenue                $   1,269  $     483  $   2,266  $     891
  Sales and marketing                3,799      1,391      6,557      2,528
  Research and development           3,609      1,101      6,487      1,900
  General and administrative         2,536        806      4,447      1,653




                               BroadSoft, Inc.

                 Summary of Consolidated Cash Flow Activity
                                 (Unaudited)

                                                          Six Months Ended
                                                              June 30,
                                                         ------------------
                                                           2013      2012
                                                         --------  --------
                                                           (in thousands)
Net cash provided by operating activities                   8,395     8,233
Net cash used in investing activities                     (25,238)  (17,103)
Net cash provided by (used in) financing activities         6,834      (904)




                                  Billings
                                 (Unaudited)

                                   Three Months Ended    Six Months Ended
                                        June 30,             June 30,
                                  -------------------  --------------------
                                     2013      2012       2013       2012
                                  --------- ---------  ---------  ---------

Beginning of period deferred
 revenue balance                  $  59,580 $  51,631  $  61,149  $  57,136
End of period deferred revenue
 balance                             60,966    48,794     60,966     48,794
                                  --------- ---------  ---------  ---------
Increase (decrease) in deferred
 revenue                              1,386    (2,837)      (183)    (8,342)
Revenue                              44,009    40,516     83,634     78,859
                                  --------- ---------  ---------  ---------
Revenue plus net change in
 deferred revenue                 $  45,395 $  37,679  $  83,451  $  70,517
                                  ========= =========  =========  =========




                              Software Billings
                                 (Unaudited)

                                                         Three Months Ended
                                                              June 30,
                                                        -------------------
                                                           2013      2012
                                                        --------- ---------

Beginning of period deferred license software revenue
 balance                                                $  15,600 $  14,382
End of period deferred license software revenue balance    17,258    12,933
                                                        --------- ---------
Increase (decrease) in deferred license software
 revenue                                                    1,658    (1,449)
License software revenue                                   24,699    22,501
                                                        --------- ---------
License software revenue plus net change in deferred
 license software revenue                               $  26,357 $  21,052
                                                        ========= =========




                               BroadSoft, Inc.

                Reconciliation of Non-GAAP Financial Measures
                                 (Unaudited)

                                  Three Months Ended     Six Months Ended
                                       June 30,              June 30,
                                 --------------------  --------------------
                                    2013       2012       2013       2012
                                 ---------  ---------  ---------  ---------
                                               (In thousands)
Non-GAAP gross profit:
GAAP gross profit                $  34,238  $  32,195  $  64,097  $  62,466
  (percent of total revenue)            78%        79%        77%        79%
Plus:
  Stock-based compensation
   expense                           1,269        483      2,266        891
  Amortization of acquired
   intangible assets                   798        557      1,596      1,116
                                 ---------  ---------  ---------  ---------

Non-GAAP gross profit            $  36,305  $  33,235  $  67,959  $  64,473
                                 =========  =========  =========  =========
  (percent of total revenue)            82%        82%        81%        82%

GAAP license gross profit        $  22,580  $  19,849  $  40,962  $  38,893
  (percent of related revenue)          91%        88%        90%        89%
Plus:
  Stock-based compensation
   expense                             321        174        554        315
  Amortization of acquired
   intangible assets                   210        239        422        480
                                 ---------  ---------  ---------  ---------

Non-GAAP license gross profit    $  23,111  $  20,262  $  41,938  $  39,688
                                 =========  =========  =========  =========
  (percent of related revenue)          94%        90%        92%        91%

GAAP subscription and
 maintenance support gross
 profit                          $  11,526  $  10,337  $  22,098  $  19,322
  (percent of related revenue)          71%        75%        70%        74%
Plus:
  Stock-based compensation
   expense                             653        191      1,197        353
  Amortization of acquired
   intangible assets                   588        318      1,174        636
                                 ---------  ---------  ---------  ---------

Non-GAAP subscription and
 maintenance support gross
 profit                          $  12,767  $  10,846  $  24,469  $  20,311
                                 =========  =========  =========  =========
  (percent of related revenue)          78%        79%        78%        78%

GAAP professional services and
 other gross profit              $     132  $   2,009  $   1,037  $   4,251
  (percent of related revenue)           4%        48%        16%        48%
Plus:
  Stock-based compensation
   expense                             295        118        515        223
                                 ---------  ---------  ---------  ---------

Non-GAAP professional services
 and other gross profit          $     427  $   2,127  $   1,552  $   4,474
                                 =========  =========  =========  =========
  (percent of related revenue)          14%        50%        24%        50%




                               BroadSoft, Inc.

          Reconciliation of Non-GAAP Financial Measures (continued)
                                 (Unaudited)

                                 Three Months Ended      Six Months Ended
                                      June 30,               June 30,
                                  2013        2012       2013        2012
                               ---------   ---------  ---------   ---------
                                              (In thousands)
Non-GAAP income from
 operations:
GAAP (loss) income from
 operations                    $  (2,311)  $   5,576  $  (6,068)  $  10,485
  (percent of total revenue)          (5)%        14%        (7)%        13%
Plus:
  Stock-based compensation
   expense                        11,213       3,781     19,757       6,972
  Amortization of acquired
   intangible assets                 798         557      1,596       1,116
                               ---------   ---------  ---------   ---------

Non-GAAP income from
 operations                    $   9,700   $   9,914  $  15,285   $  18,573
                               =========   =========  =========   =========
  (percent of total revenue)          22%         24%        18%         24%

GAAP operating expense         $  36,549   $  26,619  $  70,165   $  51,981

Less:
  Stock-based compensation
   expense                         9,944       3,298     17,491       6,081
                               ---------   ---------  ---------   ---------

Non-GAAP operating expense     $  26,605   $  23,321  $  52,674   $  45,900
                               =========   =========  =========   =========
  (as percent of total
   revenue)                           60%         58%        63%         58%

GAAP sales and marketing
 expense                       $  15,536   $  11,608  $  29,265   $  22,680

Less:
  Stock-based compensation
   expense                         3,799       1,391      6,557       2,528
                               ---------   ---------  ---------   ---------

Non-GAAP sales and marketing
 expense                       $  11,737   $  10,217  $  22,708   $  20,152
                               =========   =========  =========   =========
  (as percent of total
   revenue)                           27%         25%        27%         26%

GAAP research and development
 expense                       $  12,935   $   9,131  $  25,303   $  17,607

Less:
  Stock-based compensation
   expense                         3,609       1,101      6,487       1,900
                               ---------   ---------  ---------   ---------

Non-GAAP research and
 development expense           $   9,326   $   8,030  $  18,816   $  15,707
                               =========   =========  =========   =========
  (as percent of total
   revenue)                           21%         20%        22%         20%

GAAP general and
 administrative expense        $   8,078   $   5,880  $  15,597   $  11,694

Less:
  Stock-based compensation
   expense                         2,536         806      4,447       1,653
                               ---------   ---------  ---------   ---------

Non-GAAP general and
 administrative expense        $   5,542   $   5,074  $  11,150   $  10,041
                               =========   =========  =========   =========
  (as percent of total
   revenue)                           13%         13%        13%         13%




                               BroadSoft, Inc.

          Reconciliation of Non-GAAP Financial Measures (continued)
                                 (Unaudited)

                                 Three Months Ended      Six Months Ended
                                      June 30,               June 30,
                                  2013        2012       2013        2012
                               ---------   ---------  ---------   ---------
                                   (In thousands, except per share data)
Non-GAAP net income and income
 per share:
GAAP net (loss) income         $  (3,015)  $   2,356  $  (5,332)  $   4,057
  (as percent of total
   revenue)                           (7)%         6%        (6)%         5%
Adjusted for:
  Stock-based compensation
   expense                        11,213       3,781     19,757       6,972
  Amortization of acquired
   intangible assets                 798         557      1,596       1,116
  Non-cash interest expense on
   our convertible notes           1,367       1,273      2,706       2,515
  Non-cash tax (benefit)
   provision                      (1,183)      1,425     (4,403)      2,888
                               ---------   ---------  ---------   ---------

Non-GAAP net income            $   9,180   $   9,392  $  14,324   $  17,548
                               =========   =========  =========   =========
  (as percent of total
   revenue)                           21%         23%        17%         22%

GAAP net (loss) income per
 basic common share            $   (0.11)  $    0.09  $   (0.19)  $    0.15

Adjusted for:
  Stock-based compensation
   expense                          0.40        0.14       0.70        0.25
  Amortization of acquired
   intangible assets                0.03        0.02       0.06        0.04
  Non-cash interest expense on
   our convertible notes            0.05        0.04       0.10        0.09
  Non-cash tax (benefit)
   provision                       (0.04)       0.05      (0.16)       0.11
                               ---------   ---------  ---------   ---------

Non-GAAP net income per basic
 common share                  $    0.33   $    0.34  $    0.51   $    0.64
                               =========   =========  =========   =========


GAAP net (loss) income per
 diluted common share          $   (0.11)  $    0.08  $   (0.19)  $    0.14

Adjusted for:
  Stock-based compensation
   expense                          0.39        0.13       0.69        0.25
  Amortization of acquired
   intangible assets                0.03        0.02       0.06        0.04
  Non-cash interest expense on
   our convertible notes            0.05        0.05       0.09        0.09
  Non-cash tax (benefit)
   provision                       (0.04)       0.05      (0.15)       0.10
                               ---------   ---------  ---------   ---------

Non-GAAP net income per
 diluted common share *        $    0.32   $    0.33  $    0.50   $    0.62
                               =========   =========  =========   =========

* For the quarter and the six-month period ended June 30, 2013, the diluted non-GAAP earnings per share calculation included the dilutive effect of stock-based awards on the weighted average common shares outstanding. Total shares outstanding for the non-GAAP diluted earnings per share calculation was 28,742,324 for the second quarter of 2013 and 28,722,106 for the first six months of 2013.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.