Blackbaud, Inc.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 2006
BLACKBAUD, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
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000-50600
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11-2617163 |
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(Commission File Number)
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(IRS Employer ID Number) |
2000 Daniel Island Drive, Charleston, South Carolina 29492
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (843) 216-6200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On August 7, 2006, Blackbaud, Inc. issued a press release reporting unaudited financial results for
the quarter ended June 30, 2006. A copy of the press release is attached.
The information in this Form 8-K (including Exhibit 99.1) shall not be deemed filed for purposes
of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to
the liabilities of that section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific
reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
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Exhibit No. |
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Description |
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99.1
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Press release dated August 7, 2006. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BLACKBAUD, INC. |
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Date: August 7, 2006
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/s/ Timothy V. Williams |
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Timothy V. Williams,
Vice President and Chief Financial Officer |
Ex-99.1
EXHIBIT 99.1
Blackbaud, Inc. Announces Second Quarter 2006 Results and Third Quarter 2006 Dividend
CHARLESTON, S.C., August 7, 2006 Blackbaud, Inc. (Nasdaq: BLKB), the leading provider of
software and related services designed specifically for nonprofit organizations, today announced
financial results for its second quarter, ended June 30, 2006.
For the quarter ended June 30, 2006, Blackbaud reported total revenue of $48.8 million, an increase
of 14% compared with the second quarter of 2005. License revenue increased 11% to $9.2 million,
services revenue increased 11% to $15.7 million, and maintenance and subscriptions revenue
increased 17% to $22.5 million over the comparable period.
Marc Chardon, Chief Executive Officer of Blackbaud, stated, We are very pleased with the Companys
performance in the second quarter, highlighted by better-than-expected revenue and profitability.
We believe the breadth and depth of Blackbauds product portfolio and distribution model is a key
competitive advantage and was a primary factor in our strong performance in the second quarter.
Chardon continued, We also believe there is a large, untapped market for state-of-the-art
technology that helps nonprofit organizations improve their efficiency, donor relationships and
ability to raise money to support their missions. In addition to the exciting opportunity that we
continue to see for our existing solutions, we have recently identified several new nonprofit
market opportunities that we believe we can successfully target that will allow us to expand our
addressable market. As an example, we plan to develop solutions to bring a greater level of
effectiveness to the direct-response marketing needs of many large non profit organizations.
Blackbauds income from operations and net income, determined in accordance with generally accepted
accounting principles (GAAP), were $12.4 million and $7.7 million, respectively, for the second
quarter of 2006 compared with income from operations of $9.0 million and net income of $8.5 million
in the same period last year. GAAP diluted earnings per share were $0.17 for the quarter ended
June 30, 2006, compared with $0.18 in the same period last year. The decline in the Companys
earnings in the second quarter 2006 compared with the second quarter 2005 was principally the
result of $2.9 million of state tax credits recognized in the 2005 quarter that were not repeated
in 2006.
For the quarter ended June 30, 2006, non-GAAP income from operations and net income, which exclude
stock-based compensation expense, amortization of intangibles arising from business combinations
and certain state tax credits, were $14.6 million and $9.0 million, respectively. This represents
growth of 19% in non-GAAP income from operations and 16% in non-GAAP net income, compared with the
second quarter 2005. Non-GAAP earnings per share were $0.20 for the quarter ended June 30, 2006
compared with $0.16 in the same period last year. A reconciliation of GAAP to non-GAAP results 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.
Blackbaud had cash and cash equivalents of $30.9 million at June 30, 2006, an increase of $14.4
million compared to the end of the prior quarter. The increase in cash was primarily the result of
strong cash flow from operations.
Timothy V. Williams, Chief Financial Officer of Blackbaud, stated, The Company delivered its
highest non-GAAP operating margin in two years, while at the same time we were also investing in
strategic initiatives to help grow the business for the long-term. Our cash flow generation also
remains strong, enabling us to continue to return cash to our stockholders in order to maximize
stockholder value.
Third Quarter Dividend
Blackbaud announced today that its Board of Directors has declared a third quarter dividend of
$0.07 per share payable on September 15, 2006 to stockholders of record on August 28, 2006.
Conference Call Details
Blackbaud will host a conference call today, August 7, 2006, at 5:00 p.m. (EST) to discuss the
Companys financial results, operations and related matters. To access this call, dial 800-819-9193
(domestic) or 913-981-4911 (international). A replay of this conference call will be available
through August 14, 2006, at 888-203-1112 (domestic) or 719-457-0820 (international). The replay
passcode is 3784878. A live webcast of this conference call will be available on the Investor
Relations page of the Companys Web site, and a replay will be archived on the Web site as well.
About Blackbaud
Blackbaud is the leading global provider of software and related services designed specifically for
nonprofit organizations. More than 15,000 organizations including the American Red Cross,
Bowdoin College, the Chesapeake Bay Foundation, the Crohns & Colitis Foundation of America, the
Detroit Zoological Society, Episcopal High School, Help the Aged, the New York Philharmonic, and
United Way of America use Blackbaud products and consulting services for fundraising, financial
management, business intelligence, and school administration. Blackbauds solutions include The
Raisers
Edge®,
The Financial
Edge, The Education Edge, The
Patron
Edge®,
Blackbaud®
NetCommunity, The Information
Edge, The Researchers Edge, WealthPoint, and
ProspectPoint, as well as a wide range of consulting and educational services. Founded
in 1981, Blackbaud is headquartered in Charleston, South Carolina, and has operations in Toronto,
Ontario; London, England; Glasgow, Scotland; and Sydney, Australia. For more information, visit
www.blackbaud.com.
Blackbaud, the Blackbaud logo, The Raisers Edge, The Financial Edge, The Education Edge, The
Patron Edge, Blackbaud NetCommunity, The Information Edge, The Researchers Edge, WealthPoint,
and ProspectPoint are trademarks or registered trademarks of Blackbaud, Inc.
Forward-looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained
in this news release are forward-looking statements that involve a number of risks and
uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking
statements, it is possible that future circumstances might differ from the assumptions on which
such statements are based. In addition, other important factors that could cause results to differ
materially include the following: uncertainty regarding increased business and renewals from
existing customers; continued success in sales growth; adoption of our products and services by
nonprofits; risk associated with the ability to attract and retain key personnel; successful
implementation of multiple integrated software products; lengthy sales and implementation cycles,
particularly in larger organizations; risks related to our dividend policy and stock repurchase
program, including potential limitations on our ability to grow and the possibility that we might
discontinue payment of dividends and stock repurchases; risk associated with product concentration;
economic conditions and seasonality; competition; risks associated with management of growth; risks
associated with acquisitions; technological changes that make our products and services less
competitive; and the other risk factors set forth from time to time in the SEC filings for
Blackbaud, copies of which are available free of charge upon request from Blackbauds investor
relations department.
Non-GAAP Financial Measures
Blackbaud has provided in this release financial information that has not been prepared in
accordance with GAAP. This information includes non-GAAP gross margin, non-GAAP operating income
and margin, non-GAAP net income and non-GAAP earnings per share. Blackbaud 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 Blackbauds ongoing operational
performance. Blackbaud believes that 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 Blackbauds industry, many of which present
similar non-GAAP financial measures to investors. As noted, the non-GAAP financial results
discussed above exclude the impact of costs associated with amortization of intangibles arising
from business combinations, stock-based compensation expense and certain adjustments to our
deferred tax asset.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for,
financial information prepared in accordance with GAAP. Investors are encouraged to review the
reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure
below. As previously mentioned, a reconciliation of GAAP to our non-GAAP financial measures has
been provided in the financial statement tables included in this press release.
INVESTOR CONTACT:
Tim Dolan
Integrated Corporate Relations
203-682-8200
MEDIA CONTACT:
Melanie Milonas
Blackbaud, Inc.
melanie.milonas@blackbaud.com
843.216.6200 x3307
SOURCE: Blackbaud, Inc.
Blackbaud, Inc.
Consolidated balance sheets
(Unaudited)
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June 30, |
|
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December 31, |
|
(in thousands, except share amounts) |
|
2006 |
|
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2005 |
|
|
Assets |
|
|
|
|
|
|
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|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
30,921 |
|
|
$ |
22,683 |
|
Cash, restricted |
|
|
506 |
|
|
|
|
|
Accounts receivable, net of allowance of $1,200 and
$1,100, respectively |
|
|
34,722 |
|
|
|
25,577 |
|
Prepaid expenses and other current assets |
|
|
7,550 |
|
|
|
8,741 |
|
Deferred tax asset, current portion |
|
|
8,149 |
|
|
|
7,600 |
|
|
|
|
Total current assets |
|
|
81,848 |
|
|
|
64,601 |
|
Property and equipment, net |
|
|
8,854 |
|
|
|
8,700 |
|
Deferred tax asset |
|
|
66,459 |
|
|
|
71,487 |
|
Goodwill |
|
|
2,367 |
|
|
|
2,208 |
|
Intangible assets, net |
|
|
8,287 |
|
|
|
396 |
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Other assets |
|
|
70 |
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|
|
106 |
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|
|
|
|
|
|
|
|
|
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Total assets |
|
$ |
167,885 |
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|
$ |
147,498 |
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|
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|
|
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|
Liabilities and stockholders equity |
|
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Current liabilities: |
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
3,230 |
|
|
$ |
4,683 |
|
Accrued expenses and other current liabilities |
|
|
14,169 |
|
|
|
15,806 |
|
Deferred acquisition costs, current portion |
|
|
506 |
|
|
|
|
|
Deferred revenue |
|
|
67,957 |
|
|
|
59,459 |
|
|
|
|
Total current liabilities |
|
|
85,862 |
|
|
|
79,948 |
|
Deferred acquisition costs, long-term portion |
|
|
265 |
|
|
|
|
|
Long-term deferred revenue |
|
|
1,883 |
|
|
|
1,279 |
|
|
|
|
Total liabilities |
|
|
88,010 |
|
|
|
81,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders equity: |
|
|
|
|
|
|
|
|
Preferred stock; 20,000,000 shares authorized, none outstanding |
|
|
|
|
|
|
|
|
Common stock, $.001 par value; 180,000,000
shares authorized, 48,473,773 and 47,529,836 shares issued
at June 30, 2006 and December 31, 2005, respectively |
|
|
48 |
|
|
|
48 |
|
Additional paid-in capital |
|
|
80,231 |
|
|
|
73,583 |
|
Deferred compensation |
|
|
|
|
|
|
(6,497 |
) |
Treasury stock, at cost; 4,669,084 and 4,267,313 shares at
June 30, 2006 and December 31, 2005, respectively |
|
|
(67,893 |
) |
|
|
(60,902 |
) |
Accumulated other comprehensive income |
|
|
245 |
|
|
|
92 |
|
Retained earnings |
|
|
67,244 |
|
|
|
59,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders equity |
|
|
79,875 |
|
|
|
66,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
167,885 |
|
|
$ |
147,498 |
|
|
|
|
Blackbaud, Inc.
Consolidated statements of operations
(Unaudited)
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
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|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
(in thousands, except share and per share amounts) |
|
2006 |
|
|
2005 |
|
|
2006 |
|
|
2005 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees |
|
$ |
9,234 |
|
|
$ |
8,304 |
|
|
$ |
16,455 |
|
|
$ |
14,772 |
|
Services |
|
|
15,695 |
|
|
|
14,112 |
|
|
|
29,409 |
|
|
|
25,584 |
|
Maintenance |
|
|
20,042 |
|
|
|
17,527 |
|
|
|
39,241 |
|
|
|
34,642 |
|
Subscriptions |
|
|
2,478 |
|
|
|
1,667 |
|
|
|
4,786 |
|
|
|
3,133 |
|
Other revenue |
|
|
1,328 |
|
|
|
1,198 |
|
|
|
2,618 |
|
|
|
2,080 |
|
|
|
|
|
|
Total revenue |
|
|
48,777 |
|
|
|
42,808 |
|
|
|
92,509 |
|
|
|
80,211 |
|
|
|
|
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of license fees |
|
|
510 |
|
|
|
1,140 |
|
|
|
1,180 |
|
|
|
2,086 |
|
Cost of services (of which $140, $83, $280 and $174 in the three months ended June 30,
2006 and 2005 and in the six months ended June 30, 2006 and 2005, respectively, was
stock-based compensation expense) |
|
|
8,147 |
|
|
|
7,087 |
|
|
|
16,258 |
|
|
|
13,613 |
|
Cost of maintenance (of which $29, $11, $58 and $22 in the three months ended June 30,
2006 and 2005 and in the six months ended June 30, 2006 and 2005, respectively, was
stock-based compensation expense) |
|
|
3,451 |
|
|
|
2,664 |
|
|
|
6,658 |
|
|
|
5,304 |
|
Cost of subscriptions (of which $5, $0, $9 and $0 in the three months ended June 30,
2006 and 2005 and in the six months ended June 30, 2006 and 2005, respectively, was
stock-based compensation expense) |
|
|
577 |
|
|
|
418 |
|
|
|
1,117 |
|
|
|
834 |
|
Cost of other revenue |
|
|
1,415 |
|
|
|
1,165 |
|
|
|
2,505 |
|
|
|
1,935 |
|
|
|
|
|
|
Total cost of revenue |
|
|
14,100 |
|
|
|
12,474 |
|
|
|
27,718 |
|
|
|
23,772 |
|
|
|
|
|
|
Gross profit |
|
|
34,677 |
|
|
|
30,334 |
|
|
|
64,791 |
|
|
|
56,439 |
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing (of which $220, $70, $440 and $144 in the three months ended June 30,
2006 and 2005 and in the six months ended June 30, 2006 and 2005, respectively, was
stock-based compensation expense) |
|
|
10,537 |
|
|
|
8,882 |
|
|
|
19,821 |
|
|
|
16,638 |
|
Research and development (of which $188, $42, $379 and $97 in the three months ended
June 30, 2006 and 2005 and in the six months ended June 30, 2006 and 2005,
respectively, was stock-based compensation expense) |
|
|
5,886 |
|
|
|
5,325 |
|
|
|
11,910 |
|
|
|
10,427 |
|
General and administrative (of which $1,420, $3,114, $2,810 and $(4,757) in the three
months ended June 30, 2006 and 2005 and in the six months ended June 30, 2006 and
2005, respectively, was stock-based compensation expense (benefit)) |
|
|
5,627 |
|
|
|
7,120 |
|
|
|
11,088 |
|
|
|
3,084 |
|
Amortization |
|
|
190 |
|
|
|
|
|
|
|
319 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
22,240 |
|
|
|
21,327 |
|
|
|
43,138 |
|
|
|
30,149 |
|
|
|
|
|
|
Income from operations |
|
|
12,437 |
|
|
|
9,007 |
|
|
|
21,653 |
|
|
|
26,290 |
|
Interest income |
|
|
224 |
|
|
|
327 |
|
|
|
373 |
|
|
|
580 |
|
Interest expense |
|
|
(12 |
) |
|
|
(12 |
) |
|
|
(24 |
) |
|
|
(25 |
) |
Other (expense) income, net |
|
|
(103 |
) |
|
|
109 |
|
|
|
(132 |
) |
|
|
(2 |
) |
|
|
|
|
|
Income before provision for income taxes |
|
|
12,546 |
|
|
|
9,431 |
|
|
|
21,870 |
|
|
|
26,843 |
|
Income tax provision |
|
|
4,816 |
|
|
|
896 |
|
|
|
8,470 |
|
|
|
7,449 |
|
|
|
|
|
|
Net income |
|
$ |
7,730 |
|
|
$ |
8,535 |
|
|
$ |
13,400 |
|
|
$ |
19,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.18 |
|
|
$ |
0.19 |
|
|
$ |
0.31 |
|
|
$ |
0.45 |
|
Diluted |
|
$ |
0.17 |
|
|
$ |
0.18 |
|
|
$ |
0.30 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares and equivalents outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares |
|
|
43,218,530 |
|
|
|
43,869,796 |
|
|
|
43,052,552 |
|
|
|
42,958,761 |
|
Diluted weighted average shares |
|
|
44,650,455 |
|
|
|
48,675,998 |
|
|
|
44,577,197 |
|
|
|
48,097,775 |
|
Dividends per share |
|
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.14 |
|
|
$ |
0.10 |
|
Blackbaud, Inc.
Consolidated statements of cash flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
(in thousands) |
|
2006 |
|
|
2005 |
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,400 |
|
|
$ |
19,394 |
|
Adjustments to reconcile net income to net provided by
cash provided by operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,745 |
|
|
|
1,359 |
|
Provision for doubtful accounts and sales returns |
|
|
572 |
|
|
|
694 |
|
Stock-based compensation expense (benefit) |
|
|
3,976 |
|
|
|
(3,881 |
) |
Amortization of deferred financing fees |
|
|
24 |
|
|
|
24 |
|
Deferred taxes |
|
|
4,033 |
|
|
|
6,012 |
|
Excess tax benefit on exercise of stock options |
|
|
|
|
|
|
3,269 |
|
Changes in assets and liabilities, net of acquisition |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(9,276 |
) |
|
|
(8,846 |
) |
Prepaid expenses and other assets |
|
|
1,224 |
|
|
|
(2,723 |
) |
Trade accounts payable |
|
|
(1,467 |
) |
|
|
28 |
|
Accrued expenses and other current liabilities |
|
|
(1,772 |
) |
|
|
(2,367 |
) |
Deferred revenue |
|
|
7,176 |
|
|
|
6,365 |
|
|
|
|
Total adjustments |
|
|
6,235 |
|
|
|
(66 |
) |
|
|
|
Net cash provided by operating
activities |
|
|
19,635 |
|
|
|
19,328 |
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(1,434 |
) |
|
|
(890 |
) |
Purchase of net assets of acquired company |
|
|
(6,083 |
) |
|
|
(497 |
) |
|
|
|
Net cash used in investing activities |
|
|
(7,517 |
) |
|
|
(1,387 |
) |
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Payments on capital lease obligations |
|
|
|
|
|
|
(44 |
) |
Proceeds from exercise of stock options |
|
|
4,766 |
|
|
|
5,411 |
|
Excess tax benefit on exercise of stock options |
|
|
4,403 |
|
|
|
|
|
Purchase of treasury stock |
|
|
(6,991 |
) |
|
|
(10,630 |
) |
Dividend payments to stockholders |
|
|
(6,103 |
) |
|
|
(4,297 |
) |
|
|
|
Net cash used in financing activities |
|
|
(3,925 |
) |
|
|
(9,560 |
) |
|
|
|
Effect of exchange rate on cash and cash equivalents |
|
|
45 |
|
|
|
(81 |
) |
|
|
|
Net increase in cash and cash equivalents |
|
|
8,238 |
|
|
|
8,300 |
|
Cash and cash equivalents, beginning of period |
|
|
22,683 |
|
|
|
42,144 |
|
|
|
|
Cash and cash equivalents, end of period |
|
$ |
30,921 |
|
|
$ |
50,444 |
|
|
|
|
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP financial measures
(Unaudited)
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2006 |
|
|
2005 |
|
|
2006 |
|
|
2005 |
|
|
GAAP revenue |
|
$ |
48,777 |
|
|
$ |
42,808 |
|
|
$ |
92,509 |
|
|
$ |
80,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
34,677 |
|
|
$ |
30,334 |
|
|
$ |
64,791 |
|
|
$ |
56,439 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of deferred compensation expense options |
|
|
65 |
|
|
|
94 |
|
|
|
131 |
|
|
|
196 |
|
Amortization of deferred compensation expense restricted stock |
|
|
109 |
|
|
|
|
|
|
|
216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit |
|
$ |
34,851 |
|
|
$ |
30,428 |
|
|
$ |
65,138 |
|
|
$ |
56,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit |
|
|
71 |
% |
|
|
71 |
% |
|
|
70 |
% |
|
|
71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from operations |
|
$ |
12,437 |
|
|
$ |
9,007 |
|
|
$ |
21,653 |
|
|
$ |
26,290 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of deferred compensation expense (benefit) options |
|
|
1,533 |
|
|
|
3,320 |
|
|
|
3,042 |
|
|
|
(4,320 |
) |
Amortization of deferred compensation expense restricted stock |
|
|
469 |
|
|
|
|
|
|
|
934 |
|
|
|
|
|
Amortization of intangibles from business combinations |
|
|
190 |
|
|
|
|
|
|
|
319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-GAAP adjustments |
|
|
2,192 |
|
|
|
3,320 |
|
|
|
4,295 |
|
|
|
(4,320 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from operations |
|
$ |
14,629 |
|
|
$ |
12,327 |
|
|
$ |
25,948 |
|
|
$ |
21,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin |
|
|
30 |
% |
|
|
29 |
% |
|
|
28 |
% |
|
|
27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
7,730 |
|
|
$ |
8,535 |
|
|
$ |
13,400 |
|
|
$ |
19,394 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-GAAP adjustments affecting income from operations |
|
|
2,192 |
|
|
|
3,320 |
|
|
|
4,295 |
|
|
|
(4,320 |
) |
Tax impact related to Non-GAAP adjustments |
|
|
(932 |
) |
|
|
(4,077 |
) |
|
|
(1,735 |
) |
|
|
(1,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
$ |
8,990 |
|
|
$ |
7,778 |
|
|
$ |
15,960 |
|
|
$ |
13,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP shares used in computing diluted income per share |
|
|
44,650 |
|
|
|
48,676 |
|
|
|
44,577 |
|
|
|
48,098 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental shares related to dilutive securities |
|
|
257 |
|
|
|
(1,350 |
) |
|
|
258 |
|
|
|
(1,433 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing Non-GAAP earnings per diluted share |
|
|
44,907 |
|
|
|
47,326 |
|
|
|
44,835 |
|
|
|
46,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per diluted share |
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
$ |
0.36 |
|
|
$ |
0.29 |
|
|
|
|
|
|