[January 02, 2013] |
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E2open Announces Third Quarter of Fiscal Year 2013 results
FOSTER CITY, Calif. --(Business Wire)--
E2open, Inc. (NASDAQ: EOPN), a leading provider of strategic,
cloud-based software solutions for collaborative execution across global
trading networks, today announced financial results for the quarter
ended November 30, 2012.
"E2open continued to execute at a high level during our third fiscal
quarter, which contributed to financial results that were above the
high-end of our guidance," said Mark Woodward, E2open's President and
CEO. "E2open continues to transform supply chain management with our
comprehensive cloud-based platform, allowing enterprises across a number
of verticals to collaborate more effectively with their partners around
the world. The resulting improvement in visibility, efficiency, and
productivity continues to deliver a significant ROI for our clients and
is fueling E2open's business momentum."
Mr. Woodward added, "We are increasing our fiscal 2013 bookings growth
guidance to 30% to 35% based on the strength of our third quarter
performance, combined with a healthy pipeline of opportunities. This is
greater than our expected fiscal 2013 revenue growth and represents an
acceleration from our fiscal 2012 bookings growth of 28%. We remain very
optimistic about E2open's long-term growth opportunity and market
position."
Third Quarter Financial Highlights:
-
GAAP Revenue: Total GAAP revenue was $19.0 million for the
third quarter of fiscal 2013; subscriptions and support revenue was
$11.2 million, and professional services revenue was $7.8 million.
-
Non-GAAP Revenue: Non-GAAP revenue for the third quarter of
fiscal 2013 includes $0.5 million from the impact of a contract
amendment that accelerated revenue from future periods to the second
quarter of fiscal 2013. Total non-GAAP revenue was $19.5 million, an
increase of 31% compared to $14.8 million for the third quarter of
fiscal 2012 and 6% compared to $18.4 million for the second quarter of
fiscal 2013. Subscriptions and support revenue was $11.3 million, an
increase of 21% compared to $9.3 million for the third quarter of
fiscal 2012 and 8% compared to $10.4 million for the second quarter of
fiscal 2013. Professional services revenue was $8.2 million, an
increase of 49% compared to $5.5 million for the third quarter of
fiscal 2012 and 3% compared to $7.9 million for the second quarter of
fiscal 2013.
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GAAP Income (Loss) from Operations: GAAP income (loss) from
operations was $0.0 million compared to ($0.8) million for the third
quarter of fiscal 2012 and $4.8 million for the second quarter of
fiscal 2013.
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Non-GAAP Income (Loss) from Operations: Non-GAAP income (loss)
from operations was $1.1 million compared to ($0.7) million for the
third quarter of fiscal 2012 and $0.7 million for the second quarter
of fiscal 2013.
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GAAP Net Income (Loss): GAAP net income (loss) was ($0.1)
million, compared to ($1.1) million for the third quarter of fiscal
2012 and $4.6 million for the second quarter of fiscal 2013. GAAP net
income (loss) per share was ($0.00) based on 25.0 million
weighted-average shares outstanding, compared to ($0.19) per share
based on 6.0 million weighted-average shares outstanding for the third
quarter of fiscal 2012 and $0.19 per share based on 24.4 million
weighted-average shares outstanding for the second quarter of fiscal
2013.
-
Non-GAAP Net Income (Loss): Non-GAAP net income was $1.0
million, compared to ($0.9) million for the third quarter of fiscal
2012 and $0.5 million for the second quarter of fiscal 2013. Non-GAAP
net income per share was $0.04 based on 26.9 million weighted-average
shares outstanding, compared to ($0.05) based on 20.8 million
weighted-average shares outstanding for the third quarter of fiscal
2012 and $0.02 based on 24.4 million weighted-average shares
outstanding for the second quarter of fiscal 2013.
-
Adjusted EBITDA: Adjusted EBITDA was $1.5 million compared to
($0.3) million for the third quarter of fiscal 2012 and $1.1 million
for the second quarter of fiscal 2013.
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Cash Flow: Cash flow from operations was $1.3 million, leading
to free cash flow of $1.2 million after taking into consideration $0.1
million of capital expenditures. This compares to $0.8 million in cash
flow from operations and free cash flow of $0.7 million after taking
into consideration $0.1 million of capital expenditures for the third
quarter of fiscal 2012.
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Balance sheet: Cash and investments was $43.2 million, compared
to $43.8 million at the end of the second quarter of fiscal 2013.
Third Quarter & Recent Business Highlights:
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Added 4 new customers during the quarter and expanded our relationship
with several other customers. Year to date customer additions now
stand at 15, versus 13 for fiscal 2012 as a whole.
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Ended the quarter with 69 customers, 34,740 unique registered trading
partners, and 105,060 unique registered users on the E2open network.
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Launched Social Supply Chain initiative, an effort focused on
leveraging the power of social technologies to increase business value
in a supply chain context.
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Announced the availability of the newest version of E2 Cloud
Connectivity, the foundation layer of the E2open Business Network.
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Expanded our presence in the Japanese marketplace through a
partnership with NS Solutions Corporation, a subsidiary company of
Nippon Steel & Sumitomo Metal Corporation.
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."
Guidance:
As of January 2, 2013, E2open is providing guidance for its fourth
quarter of fiscal 2013 as well as the full fiscal year 2013.
-
Fourth Quarter Fiscal 2013 Guidance: Total GAAP revenue is
expected to be in the range of $18.9 million to $19.3 million.
Non-GAAP revenue is expected to be in the range of $19.4 million to
$19.8 million, which includes a $0.5 million impact to revenue, due to
the aforementioned acceleration of revenue in the second quarter of
fiscal 2013 in connection with a contract amendment. Non-GAAP income
(loss) from operations is expected to be in the range of ($1.4)
million to ($0.9) million. Non-GAAP income (loss) per share is
expected to be in the range of ($0.06) to ($0.04) based on
approximately 27.2 million weighted-average shares outstanding.
Adjusted EBITDA is expected to be in the range of ($1.0) million to
($0.5) million.
-
Full Year Fiscal 2013 Guidance: Total GAAP revenue is expected
to be in the range of $76.3 million to $76.7 million, including $3.6
million of revenue accelerated from future periods into the second
quarter of fiscal 2013 associated with a contract amendment. Excluding
the aforementioned contract amendment (a nonrecurring item), total
non-GAAP revenue is expected to be in the range of $72.7 million to
$73.1 million. The following non-GAAP guidance excludes the revenue
accelerated from future periods due to the contract amendment.
Non-GAAP income (loss) from operations is expected to be in the range
of ($1.3) million to ($0.8) million. Non-GAAP loss per share is
expected to be in the range of ($0.08) to ($0.06) based on
approximately 25.3 million weighted-average shares outstanding.
Adjusted EBITDA is expected to be in the range of $0.3 million to $0.8
million. Free cash flow is expected to be in the range of ($4.2)
million to ($3.1) million. Bookings are expected to be in the range of
$94.0 million to $98.0 million, representing growth of approximately
30% to 35% compared to fiscal 2012.
With respect to the Company's expectations under "Guidance" above, the
Company has not reconciled non-GAAP loss from operations or non-GAAP
loss per share to GAAP loss from operations and GAAP loss per share
because these items are out of the Company's control and/or cannot be
reasonably predicted.
Conference Call Details:
-
What: E2open financial results for the third quarter of fiscal
2013 and outlook for the fourth quarter of fiscal 2013 and the full
year of fiscal 2013
-
When: Wednesday, January 2, 2013 at 2PM PT (5PM ET)
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Dial in: To access the call in the U.S., please dial (877)
303-6306, and for international callers dial (631) 813-4727. Callers
may provide confirmation number 80858594 to access the call more
quickly, and are encouraged to dial into the call 10 to 15 minutes
prior to the start to prevent any delay in joining.
-
Webcast: http://investor.e2open.com/
(live and replay)
-
Replay: A replay of the call will be available via telephone
for seven days, beginning two hours after the call. To listen to the
telephone replay in the U.S., please dial (855) 859-2056, and for
international callers dial (404) 537-3406 and enter access code
80858594.
About E2open
E2open is a leading provider of cloud-based, on-demand software
solutions enabling enterprises to procure, manufacture, sell, and
distribute products more efficiently through collaborative execution
across global trading networks. Brand owners use E2open solutions to
gain visibility into and control over their trading networks through the
real-time information, integrated business processes, and advanced
analytics that E2open provides. E2open customers include Celestica,
Cisco, Dell, HGST, IBM, L'Oréal, LSI, Motorola Solutions, Seagate, and
Vodafone. E2open is headquartered in Foster City, California with
operations worldwide.
"Safe harbor" statement under the Private Securities Litigation
Reform Act of 1995
This press release contains forward-looking statements about expected
GAAP revenue, non-GAAP revenue, non-GAAP income (loss) from operations,
non-GAAP income (loss) per share, and Adjusted EBITDA for the fourth
quarter of fiscal 2013 and the full fiscal year, and free cash flow and
bookings for the full fiscal year. The achievement or success of the
matters covered by such forward-looking statements involves risks,
uncertainties and assumptions. If any such risks or uncertainties
materialize or if any of the assumptions prove incorrect, the company's
results could differ materially from the results expressed or implied by
the forward-looking statements we make.
The risks and uncertainties referred to above include, but are not
limited to, risks associated with the company's growth strategy; the
company's plans for future products; the company's operating results;
the company's ability to anticipate future market demands and future
needs of its customers; the company's customer concentration; the
company's ability to effectively manage its growth; the company's
expectations regarding its use of proceeds from its initial public
offering; the company's expectations regarding expenses, sales and
operations; anticipated trends and challenges in the markets in which
the company operates; the company's competition; the company's ability
to successfully enter new markets and manage its international
expansion; and the company's intellectual property.
Further information on these and other factors that could affect the
company's financial results is included in the filings made with the
Securities and Exchange Commission, including the company's Form 10-Q
that will be filed for the third quarter ended November 30, 2012. These
documents are available on the SEC Filings section of the Investor
Relations section of the company's website at: investor.e2open.com.
E2open, Inc. assumes no obligation and does not intend to update these
forward-looking statements, except as required by law.
Non-GAAP Financial Measures
Our reported results include certain non-GAAP financial measures,
including bookings, non-GAAP revenue, non-GAAP operating income (loss),
non-GAAP net income (loss), weighted average shares outstanding,
non-GAAP net income (loss) per share, adjusted EBITDA, and free cash
flow. Bookings represent the full value of customer orders or contracts
signed during a reporting period. Non-GAAP operating income (loss) and
non-GAAP net income (loss) exclude expenses related to stock-based
compensation expense and noncash income taxes as they are often excluded
by other companies to help investors understand the operational
performance of their business and, in the case of stock-based
compensation, can be difficult to predict. In addition, stock-based
compensation expense varies from period to period and company to company
due to such things as differing valuation methodologies and changes in
stock price. Non-GAAP revenue, non-GAAP operating income (loss) and
non-GAAP net income (loss) also exclude the impact of certain
accelerated revenue recognized in connection with a contract amendment
in the second quarter of fiscal 2013. Adjusted EBITDA is defined as net
income (loss), adjusted for accelerated revenue from a contract
amendment, depreciation and amortization, stock-based compensation
expense, interest and other expense, net, and provision for income
taxes. Free cash flow is defined as net cash provided by (used in)
operating activities less capital expenditures, which consist of
purchases of property, equipment and software. Reconciliation tables are
provided in this press release. Management believes that the use of
non-GAAP financial measures provides consistency and comparability with
our past financial performance, facilitates period to period comparisons
of results of operations, and also facilitates comparisons with other
peer companies, many of which use similar non-GAAP financial measures to
supplement their GAAP results. Non-GAAP results are presented for
supplemental informational purposes only for understanding our operating
results. The non-GAAP results should not be considered a substitute for
financial information presented in accordance with generally accepted
accounting principles, and may be different from non-GAAP measures used
by other companies.
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E2open, Inc. Condensed Consolidated Statements of
Operations (in thousands, except per share amounts) (Unaudited)
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Three Months Ended
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Nine Months Ended
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November 30,
2012
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August 31,
2012
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November 30,
2011
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November 30,
2012
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November 30,
2011
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Revenue
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Subscriptions and support
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$
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11,215
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$
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11,131
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$
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9,315
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$
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32,160
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$
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26,563
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Professional services and other
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7,748
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11,760
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5,494
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25,167
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16,099
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Total revenue
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18,963
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22,891
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14,809
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57,327
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42,662
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Cost of revenue
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Cost of subscriptions and support (1)
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2,175
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1,998
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1,928
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6,212
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5,599
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Cost of professional services and other (1)
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3,691
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3,664
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3,529
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11,008
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10,224
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Total cost of revenue
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5,866
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5,662
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5,457
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17,220
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15,823
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Gross profit
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Subscriptions and support
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9,040
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9,133
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7,387
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25,948
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20,964
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Professional services and other
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4,057
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8,096
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1,965
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14,159
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5,875
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Total gross profit
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13,097
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17,229
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9,352
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40,107
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26,839
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Gross margin
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Subscriptions and support
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81
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%
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|
|
82
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%
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|
79
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%
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|
81
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%
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|
79
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%
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Professional services and other
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52
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%
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|
69
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%
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36
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%
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56
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%
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36
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%
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Total gross margin
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69
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%
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75
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%
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63
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%
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70
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%
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63
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%
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Operating expenses
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Research and development (1)
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3,621
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3,557
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3,401
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11,270
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9,880
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Sales and marketing (1)
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7,393
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6,628
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5,113
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20,168
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13,161
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General and administrative (1)
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2,050
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2,277
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1,661
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6,109
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4,305
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Total operating expenses
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13,064
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12,462
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10,175
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37,547
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27,346
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Income (loss) from operations
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33
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4,767
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(823
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)
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2,560
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(507
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)
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Interest and other expense, net
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(53
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(169
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(242
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)
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(317
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(457
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)
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Net income (loss) before income taxes
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(20
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4,598
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(1,065
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2,243
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(964
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Income tax provision
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(62
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(32
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(48
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)
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(137
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)
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(122
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)
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Net income (loss)
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$
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(82
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)
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$
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4,566
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$
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(1,113
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)
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|
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$
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2,106
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|
$
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(1,086
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)
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Net income (loss) per share:
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Basic
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$
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(0.00
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)
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$
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0.33
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$
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(0.19
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)
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$
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0.13
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$
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(0.18
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)
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Diluted
|
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$
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(0.00
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)
|
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$
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0.19
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|
|
$
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(0.19
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)
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$
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0.08
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$
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(0.18
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)
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Weighted average outstanding shares:
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Basic
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25,021
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13,875
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5,985
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16,243
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5,880
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Diluted
|
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25,021
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|
|
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24,421
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|
|
|
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5,985
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|
|
|
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25,882
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|
|
|
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5,880
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(1) Includes stock-based compensation expense as follows:
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Cost of revenue
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|
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|
|
|
|
|
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|
|
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Cost of subscriptions and support
|
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$
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53
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|
|
|
$
|
40
|
|
|
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$
|
13
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|
|
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$
|
127
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|
|
|
$
|
33
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Cost of professional services and other
|
|
|
|
128
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|
|
|
|
102
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|
|
|
|
33
|
|
|
|
|
317
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|
|
|
|
89
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Total cost of revenue
|
|
|
|
181
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|
|
|
|
142
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|
|
|
|
46
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|
|
|
|
444
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|
|
|
|
122
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|
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|
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Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Research and development
|
|
|
|
52
|
|
|
|
|
25
|
|
|
|
|
20
|
|
|
|
|
130
|
|
|
|
|
53
|
|
Sales and marketing
|
|
|
|
206
|
|
|
|
|
137
|
|
|
|
|
53
|
|
|
|
|
488
|
|
|
|
|
135
|
|
General and administrative
|
|
|
|
171
|
|
|
|
|
178
|
|
|
|
|
46
|
|
|
|
|
509
|
|
|
|
|
100
|
|
Total operating expenses
|
|
|
|
429
|
|
|
|
|
340
|
|
|
|
|
119
|
|
|
|
|
1,127
|
|
|
|
|
288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based compensation expense
|
|
|
$
|
610
|
|
|
|
$
|
482
|
|
|
|
$
|
165
|
|
|
|
$
|
1,571
|
|
|
|
$
|
410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. Condensed Consolidated Balance Sheets (in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2012
|
|
|
February 29, 2012
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
18,084
|
|
|
|
$
|
10,219
|
|
Short -term investments
|
|
|
|
15,446
|
|
|
|
|
-
|
|
Accounts receivable, net
|
|
|
|
19,776
|
|
|
|
|
16,304
|
|
Prepaid expenses and other current assets
|
|
|
|
2,566
|
|
|
|
|
3,211
|
|
Total current assets
|
|
|
|
55,872
|
|
|
|
|
29,734
|
|
Long -term investments
|
|
|
|
9,686
|
|
|
|
|
-
|
|
Property and equipment, net
|
|
|
|
2,570
|
|
|
|
|
2,249
|
|
Other assets
|
|
|
|
868
|
|
|
|
|
710
|
|
Total assets
|
|
|
$
|
68,996
|
|
|
|
$
|
32,693
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity (Deficit)
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
$
|
10,684
|
|
|
|
$
|
9,142
|
|
Deferred revenue
|
|
|
|
34,884
|
|
|
|
|
38,101
|
|
Lines of credit
|
|
|
|
-
|
|
|
|
|
9,650
|
|
Current portion of notes payable and capital lease obligations
|
|
|
|
913
|
|
|
|
|
1,003
|
|
Total current liabilities
|
|
|
|
46,481
|
|
|
|
|
57,896
|
|
Deferred revenue
|
|
|
|
1,347
|
|
|
|
|
6,958
|
|
Notes payable and capital lease obligations, net of current portion
|
|
|
|
210
|
|
|
|
|
668
|
|
Other noncurrent liabilities
|
|
|
|
412
|
|
|
|
|
505
|
|
Total liabilities
|
|
|
|
48,450
|
|
|
|
|
66,027
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity (deficit):
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
-
|
|
|
|
|
83,491
|
|
Common Stock
|
|
|
|
25
|
|
|
|
|
6
|
|
Additional paid-in capital
|
|
|
|
359,048
|
|
|
|
|
223,776
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
(17
|
)
|
|
|
|
9
|
|
Accumulated deficit
|
|
|
|
(338,510
|
)
|
|
|
|
(340,616
|
)
|
Total stockholders' equity (deficit)
|
|
|
|
20,546
|
|
|
|
|
(33,334
|
)
|
Total liabilities and stockholders' equity (deficit)
|
|
|
$
|
68,996
|
|
|
|
$
|
32,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows (in
thousands) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
November 30,
2012
|
|
|
August 31,
2012
|
|
|
November 30,
2011
|
|
November 30,
2012
|
|
|
November 30,
2011
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
(82
|
)
|
|
|
$
|
4,566
|
|
|
|
$
|
(1,113
|
)
|
|
$
|
2,106
|
|
|
|
$
|
(1,086
|
)
|
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
|
610
|
|
|
|
|
482
|
|
|
|
|
165
|
|
|
|
1,571
|
|
|
|
|
410
|
|
Depreciation and amortization
|
|
|
|
|
401
|
|
|
|
|
386
|
|
|
|
|
371
|
|
|
|
1,196
|
|
|
|
|
1,150
|
|
Other
|
|
|
|
|
177
|
|
|
|
|
210
|
|
|
|
|
-
|
|
|
|
245
|
|
|
|
|
-
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
(3,784
|
)
|
|
|
|
(4,134
|
)
|
|
|
|
(1,566
|
)
|
|
|
(3,472
|
)
|
|
|
|
(2,525
|
)
|
Prepaid expenses and other current assets
|
|
|
|
|
1,177
|
|
|
|
|
3
|
|
|
|
|
183
|
|
|
|
628
|
|
|
|
|
(72
|
)
|
Accounts payable and accrued liabilities
|
|
|
|
|
2,068
|
|
|
|
|
(100
|
)
|
|
|
|
1,105
|
|
|
|
1,521
|
|
|
|
|
1,207
|
|
Deferred revenue
|
|
|
|
|
786
|
|
|
|
|
(6,966
|
)
|
|
|
|
1,739
|
|
|
|
(8,828
|
)
|
|
|
|
(1,109
|
)
|
Deferred rent
|
|
|
|
|
(41
|
)
|
|
|
|
(31
|
)
|
|
|
|
(49
|
)
|
|
|
(62
|
)
|
|
|
|
29
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
1,312
|
|
|
|
|
(5,584
|
)
|
|
|
|
835
|
|
|
|
(5,095
|
)
|
|
|
|
(1,996
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(70
|
)
|
|
|
|
(393
|
)
|
|
|
|
(138
|
)
|
|
|
(1,117
|
)
|
|
|
|
(495
|
)
|
Purchase of marketable securities, net
|
|
|
|
|
(10,807
|
)
|
|
|
|
(14,336
|
)
|
|
|
|
-
|
|
|
|
(25,143
|
)
|
|
|
|
-
|
|
Long-term deposits
|
|
|
|
|
(2
|
)
|
|
|
|
54
|
|
|
|
|
(88
|
)
|
|
|
26
|
|
|
|
|
(89
|
)
|
Net cash used in investing activities
|
|
|
|
|
(10,879
|
)
|
|
|
|
(14,675
|
)
|
|
|
|
(226
|
)
|
|
|
(26,234
|
)
|
|
|
|
(584
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from lines of credit
|
|
|
|
|
-
|
|
|
|
|
9,090
|
|
|
|
|
13,370
|
|
|
|
30,300
|
|
|
|
|
31,102
|
|
Repayments of lines of credit
|
|
|
|
|
-
|
|
|
|
|
(19,950
|
)
|
|
|
|
(13,830
|
)
|
|
|
(39,950
|
)
|
|
|
|
(27,710
|
)
|
Repayment of notes payable and capital lease obligations
|
|
|
|
|
(150
|
)
|
|
|
|
(1,494
|
)
|
|
|
|
(291
|
)
|
|
|
(1,895
|
)
|
|
|
|
(873
|
)
|
Proceeds from exercise of common stock options
|
|
|
|
|
10
|
|
|
|
|
128
|
|
|
|
|
-
|
|
|
|
170
|
|
|
|
|
31
|
|
Issuance of preferred stock
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
145
|
|
|
|
700
|
|
|
|
|
145
|
|
Payment of fractional shares from reverse stock split
|
|
|
|
|
-
|
|
|
|
|
(3
|
)
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
|
-
|
|
Proceeds from IPO
|
|
|
|
|
-
|
|
|
|
|
52,313
|
|
|
|
|
-
|
|
|
|
52,313
|
|
|
|
|
-
|
|
Payment of deferred IPO Costs
|
|
|
|
|
(1,681
|
)
|
|
|
|
(432
|
)
|
|
|
|
(26
|
)
|
|
|
(2,410
|
)
|
|
|
|
(130
|
)
|
Net cash provided by (used in) financing activities
|
|
|
|
|
(1,821
|
)
|
|
|
|
39,652
|
|
|
|
|
(632
|
)
|
|
|
39,225
|
|
|
|
|
2,565
|
|
Effect of exchange rate changes
|
|
|
|
|
(7
|
)
|
|
|
|
(6
|
)
|
|
|
|
5
|
|
|
|
(31
|
)
|
|
|
|
(2
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
(11,395
|
)
|
|
|
|
19,387
|
|
|
|
|
(18
|
)
|
|
|
7,865
|
|
|
|
|
(17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
29,479
|
|
|
|
|
10,092
|
|
|
|
|
10,061
|
|
|
|
10,219
|
|
|
|
|
10,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
18,084
|
|
|
|
$
|
29,479
|
|
|
|
$
|
10,043
|
|
|
$
|
18,084
|
|
|
|
$
|
10,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
$
|
29
|
|
|
|
$
|
107
|
|
|
|
$
|
47
|
|
|
$
|
208
|
|
|
|
$
|
137
|
|
Income taxes
|
|
|
|
$
|
57
|
|
|
|
$
|
5
|
|
|
|
$
|
37
|
|
|
$
|
119
|
|
|
|
$
|
87
|
|
Noncash financing and investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, software and equipment acquired under notes
payable and capital leases
|
|
|
|
$
|
32
|
|
|
|
$
|
41
|
|
|
|
$
|
152
|
|
|
$
|
73
|
|
|
|
$
|
152
|
|
Vesting of early exercised options
|
|
|
|
$
|
4
|
|
|
|
$
|
10
|
|
|
|
$
|
19
|
|
|
$
|
33
|
|
|
|
$
|
59
|
|
Conversion of preferred stock to common stock upon IPO
|
|
|
|
$
|
-
|
|
|
|
$
|
84,191
|
|
|
|
$
|
-
|
|
|
$
|
84,191
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. GAAP to Non-GAAP Reconciliation Tables (in
thousands, except per share amounts) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
November 30,
2012
|
|
|
August 31,
2012
|
|
|
November 30,
2011
|
|
|
November 30,
2012
|
|
|
November 30,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
$
|
11,215
|
|
|
|
$
|
11,131
|
|
|
|
$
|
9,315
|
|
|
|
$
|
32,160
|
|
|
|
$
|
26,563
|
|
Professional services and other
|
|
|
|
7,748
|
|
|
|
|
11,760
|
|
|
|
|
5,494
|
|
|
|
|
25,167
|
|
|
|
|
16,099
|
|
Total
|
|
|
|
18,963
|
|
|
|
|
22,891
|
|
|
|
|
14,809
|
|
|
|
|
57,327
|
|
|
|
|
42,662
|
|
Add (Less): accelerated revenue from contract amendment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
63
|
|
|
|
|
(708
|
)
|
|
|
|
-
|
|
|
|
|
(645
|
)
|
|
|
|
-
|
|
Professional services and other
|
|
|
|
424
|
|
|
|
|
(3,823
|
)
|
|
|
|
-
|
|
|
|
|
(3,399
|
)
|
|
|
|
-
|
|
Total
|
|
|
|
487
|
|
|
|
|
(4,531
|
)
|
|
|
|
-
|
|
|
|
|
(4,044
|
)
|
|
|
|
-
|
|
Non-GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
11,278
|
|
|
|
|
10,423
|
|
|
|
|
9,315
|
|
|
|
|
31,515
|
|
|
|
|
26,563
|
|
Professional services and other
|
|
|
|
8,172
|
|
|
|
|
7,937
|
|
|
|
|
5,494
|
|
|
|
|
21,768
|
|
|
|
|
16,099
|
|
Total
|
|
|
$
|
19,450
|
|
|
|
$
|
18,360
|
|
|
|
$
|
14,809
|
|
|
|
$
|
53,283
|
|
|
|
$
|
42,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
$
|
9,040
|
|
|
|
$
|
9,133
|
|
|
|
$
|
7,387
|
|
|
|
$
|
25,948
|
|
|
|
$
|
20,964
|
|
Professional services and other
|
|
|
|
4,057
|
|
|
|
|
8,096
|
|
|
|
|
1,965
|
|
|
|
|
14,159
|
|
|
|
|
5,875
|
|
Total
|
|
|
|
13,097
|
|
|
|
|
17,229
|
|
|
|
|
9,352
|
|
|
|
|
40,107
|
|
|
|
|
26,839
|
|
Add (Less): accelerated revenue from contract amendment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
63
|
|
|
|
|
(708
|
)
|
|
|
|
-
|
|
|
|
|
(645
|
)
|
|
|
|
-
|
|
Professional services and other
|
|
|
|
424
|
|
|
|
|
(3,823
|
)
|
|
|
|
-
|
|
|
|
|
(3,399
|
)
|
|
|
|
-
|
|
Total
|
|
|
|
487
|
|
|
|
|
(4,531
|
)
|
|
|
|
-
|
|
|
|
|
(4,044
|
)
|
|
|
|
-
|
|
Add: stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
53
|
|
|
|
|
40
|
|
|
|
|
13
|
|
|
|
|
127
|
|
|
|
|
33
|
|
Professional services and other
|
|
|
|
128
|
|
|
|
|
102
|
|
|
|
|
33
|
|
|
|
|
317
|
|
|
|
|
89
|
|
Total
|
|
|
|
181
|
|
|
|
|
142
|
|
|
|
|
46
|
|
|
|
|
444
|
|
|
|
|
122
|
|
Non-GAAP Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
9,156
|
|
|
|
|
8,465
|
|
|
|
|
7,400
|
|
|
|
|
25,430
|
|
|
|
|
20,997
|
|
Professional services and other
|
|
|
|
4,609
|
|
|
|
|
4,375
|
|
|
|
|
1,998
|
|
|
|
|
11,077
|
|
|
|
|
5,964
|
|
Total
|
|
|
$
|
13,765
|
|
|
|
$
|
12,840
|
|
|
|
$
|
9,398
|
|
|
|
$
|
36,507
|
|
|
|
$
|
26,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions and support
|
|
|
|
81
|
%
|
|
|
|
81
|
%
|
|
|
|
79
|
%
|
|
|
|
81
|
%
|
|
|
|
79
|
%
|
Professional services and other
|
|
|
|
56
|
%
|
|
|
|
55
|
%
|
|
|
|
36
|
%
|
|
|
|
51
|
%
|
|
|
|
37
|
%
|
Total
|
|
|
|
71
|
%
|
|
|
|
70
|
%
|
|
|
|
63
|
%
|
|
|
|
69
|
%
|
|
|
|
63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income (Loss) from Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income (loss) from operations
|
|
|
$
|
33
|
|
|
|
$
|
4,767
|
|
|
|
$
|
(823
|
)
|
|
|
$
|
2,560
|
|
|
|
$
|
(507
|
)
|
Add (Less): accelerated revenue from contract amendment
|
|
|
|
487
|
|
|
|
|
(4,531
|
)
|
|
|
|
-
|
|
|
|
|
(4,044
|
)
|
|
|
|
-
|
|
Add: stock-based compensation expense
|
|
|
|
610
|
|
|
|
|
482
|
|
|
|
|
165
|
|
|
|
|
1,571
|
|
|
|
|
410
|
|
Non-GAAP income (loss) from operations
|
|
|
$
|
1,130
|
|
|
|
$
|
718
|
|
|
|
$
|
(658
|
)
|
|
|
$
|
87
|
|
|
|
$
|
(97
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E2open, Inc. GAAP to Non-GAAP Reconciliation Tables (in
thousands, except per share amounts) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
November 30,
2012
|
|
|
August 31,
2012
|
|
|
November 30,
2011
|
|
|
November 30,
2012
|
|
|
November 30,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income (Loss) Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
|
|
|
$
|
(82
|
)
|
|
|
$
|
4,566
|
|
|
|
$
|
(1,113
|
)
|
|
|
$
|
2,106
|
|
|
|
$
|
(1,086
|
)
|
Add (Less): accelerated revenue from contract amendment
|
|
|
|
487
|
|
|
|
|
(4,531
|
)
|
|
|
|
-
|
|
|
|
|
(4,044
|
)
|
|
|
|
-
|
|
Add: stock-based compensation
|
|
|
|
610
|
|
|
|
|
482
|
|
|
|
|
165
|
|
|
|
|
1,571
|
|
|
|
|
410
|
|
Add: income tax provision
|
|
|
|
62
|
|
|
|
|
32
|
|
|
|
|
48
|
|
|
|
|
137
|
|
|
|
|
122
|
|
Non-GAAP income (loss) before income taxes
|
|
|
|
1,077
|
|
|
|
|
549
|
|
|
|
|
(900
|
)
|
|
|
|
(230
|
)
|
|
|
|
(554
|
)
|
Cash paid for income taxes
|
|
|
|
(57
|
)
|
|
|
|
(5
|
)
|
|
|
|
(37
|
)
|
|
|
|
(119
|
)
|
|
|
|
(87
|
)
|
Non-GAAP net income (loss)
|
|
|
$
|
1,020
|
|
|
|
$
|
544
|
|
|
|
$
|
(937
|
)
|
|
|
$
|
(349
|
)
|
|
|
$
|
(641
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation between GAAP and non-GAAP weighted average
shares used in computing diluted net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing GAAP net
income (loss) per share (diluted)
|
|
|
|
25,021
|
|
|
|
|
24,421
|
|
|
|
|
5,985
|
|
|
|
|
25,882
|
|
|
|
|
5,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of potentially dilutive common stock equivalents (1)
|
|
|
|
1,855
|
|
|
|
|
-
|
|
|
|
|
14,808
|
|
|
|
|
-
|
|
|
|
|
14,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted average shares used in computing non- GAAP
net income (loss) per share
|
|
|
|
26,876
|
|
|
|
|
24,421
|
|
|
|
|
20,793
|
|
|
|
|
25,882
|
|
|
|
|
20,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) per share (diluted)
|
|
|
$
|
(0.00
|
)
|
|
|
$
|
0.19
|
|
|
|
$
|
(0.19
|
)
|
|
|
$
|
0.08
|
|
|
|
$
|
(0.18
|
)
|
Non-GAAP net income (loss) per share
|
|
|
$
|
0.04
|
|
|
|
$
|
0.02
|
|
|
|
$
|
(0.05
|
)
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
|
|
|
$
|
(82
|
)
|
|
|
$
|
4,566
|
|
|
|
$
|
(1,113
|
)
|
|
|
$
|
2,106
|
|
|
|
$
|
(1,086
|
)
|
Add (Less): accelerated revenue from contract amendment
|
|
|
|
487
|
|
|
|
|
(4,531
|
)
|
|
|
|
-
|
|
|
|
|
(4,044
|
)
|
|
|
|
-
|
|
Add: depreciation and amortization
|
|
|
|
401
|
|
|
|
|
386
|
|
|
|
|
371
|
|
|
|
|
1,196
|
|
|
|
|
1,150
|
|
Add: interest and other expense, net
|
|
|
|
53
|
|
|
|
|
169
|
|
|
|
|
242
|
|
|
|
|
317
|
|
|
|
|
457
|
|
Add: income tax provision
|
|
|
|
62
|
|
|
|
|
32
|
|
|
|
|
48
|
|
|
|
|
137
|
|
|
|
|
122
|
|
EBITDA
|
|
|
|
921
|
|
|
|
|
622
|
|
|
|
|
(452
|
)
|
|
|
|
(288
|
)
|
|
|
|
643
|
|
Add: stock-based compensation expense
|
|
|
|
610
|
|
|
|
|
482
|
|
|
|
|
165
|
|
|
|
|
1,571
|
|
|
|
|
410
|
|
Adjusted EBITDA
|
|
|
$
|
1,531
|
|
|
|
$
|
1,104
|
|
|
|
$
|
(287
|
)
|
|
|
$
|
1,283
|
|
|
|
$
|
1,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used) in operating activities
|
|
|
$
|
1,312
|
|
|
|
$
|
(5,584
|
)
|
|
|
$
|
835
|
|
|
|
$
|
(5,095
|
)
|
|
|
$
|
(1,996
|
)
|
Capital expenditures
|
|
|
|
(70
|
)
|
|
|
|
(393
|
)
|
|
|
|
(138
|
)
|
|
|
|
(1,117
|
)
|
|
|
|
(495
|
)
|
Free cash flow
|
|
|
$
|
1,242
|
|
|
|
$
|
(5,977
|
)
|
|
|
$
|
697
|
|
|
|
$
|
(6,212
|
)
|
|
|
$
|
(2,491
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) These securities are anti-dilutive on a GAAP basis as a result
of our net loss, but are included for non-GAAP net income (loss) per
share.
|
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|