Comverse, Inc. ("Comverse") (Nasdaq:CNSI) today announced its
preliminary results for the fourth quarter ("Q4") and fiscal year
ended January 31, 2013 ("fiscal 2012").
Preliminary Consolidated Highlights: Below is
selected consolidated and combined financial information for Q4 and
fiscal 2012 prepared in accordance with generally accepted
accounting principles ("GAAP") and, where indicated, not in
accordance with GAAP ("non-GAAP").
|
Three Months
Ended January 31, |
Fiscal Years
Ended January 31, |
(In thousands except per share data) |
2013 |
2012 |
2013 |
2012 |
Total revenue |
$183,587 |
$181,541 |
$677,763 |
$771,157 |
Costs and expenses: |
|
|
|
|
Cost of revenue |
$114,872 |
$103,382 |
$431,644 |
$468,867 |
Research and development, net |
17,218 |
20,248 |
76,461 |
94,238 |
Selling, general and administrative |
41,087 |
42,046 |
160,340 |
175,882 |
Other operating expenses |
4,821 |
5,840 |
11,510 |
20,728 |
Total costs and expenses |
$177,998 |
$171,516 |
$679,955 |
$759,715 |
Income (loss) from operations |
$5,589 |
$10,025 |
$(2,192) |
$11,442 |
Expense adjustments |
$11,313 |
$9,798 |
$37,607 |
$62,403 |
Comverse performance (1) |
$16,902 |
$19,823 |
$35,415 |
$73,845 |
|
|
|
|
|
Interest expense |
$(307) |
$(199) |
$(901) |
$(953) |
Depreciation and amortization |
$(7,034) |
$(8,251) |
$(30,827) |
$(34,165) |
|
|
|
|
|
Operating margin |
3.0% |
5.5% |
(0.3)% |
1.5% |
Comverse performance margin |
9.2% |
10.9% |
5.2% |
9.6% |
|
|
|
|
|
Net cash provided by (used in) operating
activities - continuing operations (2) |
$57,597 |
$21,510 |
$28,190 |
$(13,361) |
|
(1) "Comverse performance"
has not been prepared in accordance with GAAP. See "Presentation of
Non-GAAP Financial Measures" below. |
(2) Includes a foreign
tax refund of approximately $24.8 million in the fourth quarter of
fiscal year ended January 31, 2013. |
Philippe Tartavull, President & CEO of Comverse, Inc., said,
"We achieved positive operating cash flow for both the fourth
quarter and full fiscal year, and ended the year in a strong
financial position, with $305 million in total cash, including
restricted cash, and no debt. Comverse continues to focus on
improving operating efficiency and performance. Our BSS operations
have expanded its capabilities, with 18 go-live deployments in the
past 12 months; these customers have gained immediate business
results. Additionally, our Kenan customer base can now evolve and
upgrade through a number of programs and roadmaps we have put in
place. Our VAS offering continues to gain traction in tier-1
customers from Japan to the U.S., and we are focusing our roadmap
and go-live activities in IP messaging, SaaS and hosting. Finally,
as previously discussed, we are seeing good momentum in our managed
service offering, which we expect to grow significantly over the
next few years."
Preliminary Comverse BSS and VAS Segment
Highlights:
Comverse's reportable segments are Comverse Business Support
Systems ("Comverse BSS") and Comverse Value-Added Services
("Comverse VAS"). The results of all of the other operations of the
company, including the Comverse Mobile Internet operating segment,
Comverse's Netcentrex operations and Comverse's global corporate
functions are included in the column captioned "Comverse Other" in
the business segment information provided. As a result of the
completion of the sale of Starhome on October 19, 2012, Starhome's
results of operations, including the gain on the sale of Starhome,
are included in discontinued operations for the fiscal year ended
January 31, 2013.
Below is selected financial information for the three months and
the fiscal years ended January 31, 2013 and 2012 for the Comverse
BSS and Comverse VAS segments, as well as Comverse Other:
|
Three months
ended January 31, |
Fiscal year ended
January 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(Dollars in
thousands) |
SEGMENT RESULTS |
|
|
|
|
Comverse BSS |
|
|
|
|
Segment revenue |
$80,856 |
$86,605 |
$273,535 |
$365,008 |
Gross margin |
31.0% |
47.5% |
32.9% |
45.3% |
Income from operations |
10,815 |
20,834 |
36,704 |
77,095 |
Operating margin |
13.4% |
24.1% |
13.4% |
21.1% |
Segment performance |
12,891 |
25,208 |
51,508 |
96,776 |
Segment performance margin |
15.9% |
29.1% |
18.8% |
26.5% |
Comverse VAS |
|
|
|
|
Segment revenue |
$93,766 |
$80,179 |
$362,434 |
$356,413 |
Gross margin |
48.6% |
45.4% |
46.9% |
45.3% |
Income from operations |
37,780 |
24,919 |
128,679 |
123,936 |
Operating margin |
40.3% |
31.1% |
35.5% |
34.8% |
Segment performance |
37,780 |
25,410 |
129,595 |
125,963 |
Segment performance margin |
40.3% |
31.7% |
35.8% |
35.3% |
Comverse Other (a) |
|
|
|
|
Segment revenue |
$8,965 |
$14,757 |
$41,794 |
$49,736 |
Gross margin |
(21.2)% |
4.3% |
(33.2)% |
(48.7)% |
Loss from operations |
(43,006) |
(35,728) |
(167,575) |
(189,589) |
Operating margin |
(479.7)% |
(242.1)% |
(401.0)% |
(381.2)% |
Segment performance |
(33,769) |
(30,795) |
(145,688) |
(148,894) |
Segment performance margin |
(376.7)% |
(208.7)% |
(348.6)% |
(299.4)% |
|
a) Consists of all of our
operations other than the Comverse BSS and Comverse VAS
segments |
Preliminary Selected Balance Sheet Highlights:
Below is selected balance sheet data as of January 31, 2013 and
2012:
(In millions) |
As of January 31,
2013 |
As of January 31,
2012 |
Cash and cash equivalents |
$262.9 |
$160.7 |
Restricted cash (including long-term
restricted cash) and bank time deposits |
42.5 |
38.6 |
Total |
$305.4 |
$199.4 |
In connection with the completion of the Share Distribution (as
defined below), we received from our former parent company,
Comverse Technology, Inc. ("CTI"), a cash capital contribution of
$38.5 million and all indebtedness payable by us to CTI was settled
through a capital contribution to our equity by CTI. In addition,
we received $37.2 million of cash consideration from the sale of
Starhome, including $4.9 million held in escrow pursuant to the
terms of the Starhome Share Purchase Agreement to cover potential
post-closing indemnification claims. Any cash balance remaining
following the escrow period will be released to us. Furthermore,
during the fourth quarter we received a foreign tax refund of
approximately $24.8 million.
Subsequent to year end, CTI placed $25.0 million into Comverse's
escrow account, upon the closing of the Verint Systems Inc.
("Verint") merger with CTI (referred to as the Verint Merger), to
support indemnification claims to the extent made against Comverse
by Verint. Any cash balance remaining in such escrow fund 18 months
after the Verint Merger, which was completed on February
4, 2013, will be released to us.
Conference Call Details
Comverse will be conducting a conference call today, May 1, 2013
at 8 am EDT. To listen to the conference call live, dial
678-825-8369. Please dial-in at least five minutes before the
scheduled start time. A live webcast can be accessed at
www.comverse.com.
A replay of the call will be available, beginning at
approximately 11:00 am on May 1, 2013 for two days, at
404-537-3406, and archived via webcast at
www.comverse.com. The replay access code is 55741958.
Delay in Form 10-K Filing
As previously disclosed, Comverse had a material weakness in
internal control over financial reporting as a result of not having
adequate personnel with sufficient technical expertise to properly
account for and disclose income taxes in accordance with accounting
principles generally accepted in the United States of America (or
U.S. GAAP) and ineffective policies and procedures for our income
tax provision. As part of the ongoing remediation processes,
significant improvements have been achieved through simplification,
personnel changes and skill enhancements. However, the
process of improvement and remediation has not been completed, and
Comverse has not completed its tax provision for its fiscal year
ended January 31, 2013. Accordingly, Comverse will be unable
to file its Form 10-K for the fiscal year ended January 31, 2013 by
May 1, 2013, without unreasonable effort or expense. Comverse
continues its efforts to complete the income tax provision and
related disclosures, and expects to file the Form 10-K on or before
May 16, 2013, which is in the applicable grace period.
Comverse currently expects its income tax provision to range
from $11 million to $19 million for the fiscal year ended
January 31, 2013. Any change to Comverse's income tax provision as
of and for the fiscal year ended January 31, 2013 is not
expected to have a cash impact.
Segment Performance
Comverse evaluates its business by assessing the performance of
each of its operating segments. Comverse's Chief Executive Officer
is its chief operating decision maker ("CODM"). The CODM uses
segment performance, as defined below, as the primary basis for
assessing the financial results of the operating segments and for
the allocation of resources. Segment performance, as the company
defines it in accordance with the Financial Accounting Standard
Board's ("FASB") guidance relating to segment reporting, is not
necessarily comparable to other similarly titled captions of other
companies.
Segment performance is computed by management as income (loss)
from operations adjusted for the following: (i) stock-based
compensation expense; (ii) amortization of acquisition-related
intangibles; (iii) compliance-related professional fees; (iv)
compliance-related compensation and other expenses; (v) strategic
evaluation related costs; (vi) impairment of goodwill; (vii)
impairment of property and equipment; (viii) litigation settlements
and related costs; (ix) restructuring charges; and (x) certain
other gains and charges. Compliance-related professional fees and
compliance-related compensation and other expenses relate to fees
and expenses recorded in connection with CTI's efforts to (a)
complete certain financial statements and audits of such financial
statements, (b) become current in periodic reporting obligations
under the federal securities laws, and (c) remediate material
weaknesses in internal control over financial reporting.
In evaluating each segment's performance, management uses
segment revenue, which consists of revenue generated by the
segment. Certain segment performance adjustments relate to expenses
included in the calculation of income (loss) from operations,
while, from time to time, certain segment performance adjustments
may be presented as adjustments to revenue. We had no segment
performance adjustments to revenue for any periods presented.
Presentation of Non-GAAP Financial Measures
Comverse provides Comverse Performance as additional information
for its operating results. This measure is not in accordance with,
or an alternative for, GAAP financial measures and may be different
from, or not comparable to similarly titled or other non-GAAP
financial measures used by other companies. Comverse believes that
the presentation of this non-GAAP financial measure provides useful
information to investors regarding certain additional financial and
business trends relating to its results of operations as viewed by
management in monitoring the company's businesses. In
addition, management uses this non-GAAP financial measure for
reviewing financial results and for planning purposes. See
"Consolidated Reconciliation of GAAP to Non-GAAP Financial
Measures" below.
About Comverse, Inc.
Comverse® is the world's leading provider of telecom business
enablement solutions that support service innovation and smart
monetization through a rich portfolio of BSS, Data Management and
Monetization, Value Added Services, IP Communications and
Professional Services. Comverse's extensive customer base spans
more than 125 countries and covers over 450 communication service
providers serving more than two billion subscribers. The company's
innovative product portfolio enables communication service
providers to unleash the value of the network for their customers
by making their networks smarter. Comverse's solutions support
flexible delivery models, including on-site, cloud, hosted and
managed services. Comverse is ranked number 55 in PwC's Global 100
Software Leaders based on research by Pierre Audoin Consultants.
For more information, visit www.comverse.com.
Prior to October 31, 2012, the date of the Comverse Share
Distribution (as defined below), Comverse, Inc. was a wholly-owned
subsidiary of CTI organized as a Delaware corporation in November
1997. On October 31, 2012, CTI completed its previously
announced spin-off of Comverse as an independent, publicly-traded
company, accomplished by means of a pro rata distribution of 100%
of Comverse's outstanding common shares to CTI's stockholders (the
"Share Distribution"). Upon completion of the Share Distribution,
the Company's shares were listed, and began trading, on NASDAQ
under the symbol "CNSI."
Forward-Looking Statements
This press release includes "forward-looking statements."
Forward-looking statements include financial projections,
statements of plans and objectives for future operations,
statements of future economic performance, and statements of
assumptions relating thereto. In some cases, forward-looking
statements can be identified by the use of terminology such as
"may," "expects," "plans," "anticipates," "estimates," "believes,"
"potential," "projects," "forecasts," "intends," or the negative
thereof or other comparable terminology. By their very nature,
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results, performance and the timing of events to differ materially
from those anticipated, expressed or implied by the forward-looking
statements in this press release. Such risks or uncertainties may
give rise to future claims and increase exposure to contingent
liabilities. These risks and uncertainties arise from (among other
factors): the timing of the filing of the Form 10-K and the
contents thereof, including the results of operations for the
period ended January 31, 2013, the results of the preparation of
tax provisions, and the status of our efforts to remediate the
material weakness related to income taxes; the risk that if
customer solution order activity does not increase, our revenue and
profitability will likely be materially affected and we may be
required to implement certain measures to preserve or enhance our
operating results and cash position; our advanced offerings may not
be widely adopted by existing and potential customers and increases
in revenue from our advanced offerings, if any, may not exceed or
fully offset potential declines in revenue from traditional
solutions; our derivation of a significant portion of our revenue
from two major customers could materially adversely affect our
revenue, profitability and cash flows if we are unable to maintain
or develop relationships with these customers, or if these
customers reduce demand for our products; the risk that the
occurrence of implementation delays or performance issues in
projects accounted for using the percentage-of-completion (or POC)
method which are not provided for in our estimates for a given
fiscal period may result in significant decreases in our revenue in
subsequent fiscal periods; decline or weakness in the global
economy may result in reduced information technology spending and
reduced demand for our products and services; conditions in the
telecommunications industry have harmed and may continue to harm
our business, including our revenue, profitability and cash flows;
restructuring initiatives to align operating costs and expenses
with anticipated revenue could have an adverse impact on our
product development, project deployment and the timely execution of
our business strategy; the risk that increased competition could
force us to lower our prices or take other actions to differentiate
our products and changes in the competitive environment in the
telecommunications industry worldwide could seriously affect our
business; risks relating to our significant operations in Israel,
including economic, political and/or military conditions in Israel
and the Middle East, and uncertainties relating to research and
development grants, tax benefits and the ability of our Israeli
subsidiaries to pay dividends; the continuation of a material
weakness at our company related to our income taxes or the
discovery of additional material weaknesses in our internal control
over financial reporting and any delay in the implementation of
remedial measures; challenges we may face in producing accurate
financial statements and periodic reports as required on a timely
basis; our obligation to indemnify CTI and its affiliates
(including Verint following the Verint Merger) after the Verint
Merger against certain claims or losses that may arise in
connection with the Verint Merger and the Share Distribution; and
risks related to the ownership and price of our common stock. These
risks and uncertainties discussed above, as well as others, are
discussed in greater detail in in our filings with the SEC. The
documents and reports we file with the SEC are available through
us, or our website, www.comverse.com, or through the SEC's
Electronic Data Gathering, Analysis, and Retrieval system (EDGAR)
at www.sec.gov. We undertake no commitment to update or revise any
forward-looking statements except as required by law.
COMVERSE, INC. AND
SUBSIDIARIES |
CONSOLIDATED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
(Unaudited) |
|
|
Table of Reconciliation from
GAAP Income (Loss) from Operations to Non GAAP Comverse
Performance |
Three Months
Ended January 31, |
Fiscal Years
Ended January 31, |
(In thousands) |
2013 |
2012 |
2013 |
2012 |
Income (loss) from operations |
$5,589 |
$10,025 |
$(2,192) |
$11,442 |
Stock-based compensation expense |
2,005 |
989 |
7,517 |
3,660 |
Amortization of acquisition-related
intangibles |
2,076 |
4,067 |
14,124 |
17,308 |
Compliance-related professional fees |
56 |
(3,728) |
245 |
10,901 |
Compliance-related compensation and other
expenses |
257 |
1,237 |
2,098 |
6,719 |
Spin-off professional fees |
933 |
— |
933 |
— |
Impairment of goodwill |
— |
— |
5,605 |
— |
Impairment of property and equipment |
354 |
1,056 |
404 |
2,331 |
Litigation settlements and related
costs |
(830) |
330 |
(660) |
804 |
Restructuring charges |
4,821 |
5,840 |
5,905 |
20,728 |
Gain on sale of fixed assets |
(185) |
— |
(185) |
— |
Other |
1,826 |
7 |
1,621 |
(48) |
Total Non-GAAP adjustments |
11,313 |
9,798 |
37,607 |
62,403 |
Comverse performance |
$16,902 |
$19,823 |
$35,415 |
$73,845 |
|
|
COMVERSE, INC. AND
SUBSIDIARIES |
BUSINESS SEGMENT
INFORMATION |
|
|
Comverse
BSS |
Comverse
VAS |
Comverse Other |
Combined |
|
(In
thousands) |
For the Quarter Ended January 31,
2013 |
|
|
|
|
Total revenue |
$80,856 |
$93,766 |
$8,965 |
$183,587 |
Costs and expenses: |
|
|
|
|
Cost of revenue |
$55,797 |
$48,212 |
$10,863 |
$114,872 |
Research and development, net |
8,351 |
6,069 |
2,798 |
17,218 |
Selling, general and administrative |
5,893 |
1,705 |
33,489 |
41,087 |
Other operating expenses |
— |
— |
4,821 |
4,821 |
Total costs and expenses |
$70,041 |
$55,986 |
$51,971 |
$177,998 |
Income (loss) from operations |
$10,815 |
$37,780 |
$(43,006) |
$5,589 |
Computation of segment performance: |
|
|
|
|
Segment revenue |
$80,856 |
$93,766 |
$8,965 |
|
Total costs and expenses |
$70,041 |
$55,986 |
$51,971 |
|
Segment expense adjustments: |
|
|
|
|
Stock-based compensation expense |
— |
— |
2,005 |
|
Amortization of acquisition-related
intangibles |
2,076 |
— |
— |
|
Compliance-related professional fees |
— |
— |
56 |
|
Compliance-related compensation and other
expenses |
— |
— |
257 |
|
Spin-off professional fees |
— |
— |
933 |
|
Impairment of property and equipment |
— |
— |
352 |
|
Litigation settlements and related
costs |
— |
— |
(830) |
|
Restructuring charges |
— |
— |
4,821 |
|
Gain on sale of fixed assets |
— |
— |
(185) |
|
Other |
— |
— |
1,828 |
|
Segment expense adjustments |
2,076 |
— |
9,237 |
|
Segment expenses |
67,965 |
55,986 |
42,734 |
|
Segment performance |
$12,891 |
$37,780 |
$(33,769) |
|
Interest expense |
$— |
$— |
$(307) |
$(307) |
Depreciation and amortization |
$(2,929) |
$(1,205) |
$(2,900) |
$(7,034) |
|
|
COMVERSE, INC. AND
SUBSIDIARIES |
BUSINESS SEGMENT
INFORMATION |
|
|
Comverse
BSS |
Comverse
VAS |
Comverse Other |
Combined |
|
(In
thousands) |
For the Quarter Ended January 31,
2012 |
|
|
|
|
Total revenue |
$86,605 |
$80,179 |
$14,757 |
$181,541 |
Costs and expenses: |
|
|
|
|
Cost of revenue |
$45,491 |
$43,763 |
$14,128 |
$103,382 |
Research and development, net |
13,506 |
5,982 |
760 |
20,248 |
Selling, general and administrative |
6,855 |
5,519 |
29,672 |
42,046 |
Other operating expenses |
(81) |
(4) |
5,925 |
5,840 |
Total costs and expenses |
$65,771 |
$55,260 |
$50,485 |
$171,516 |
Income (loss) from operations |
$20,834 |
$24,919 |
$(35,728) |
$10,025 |
Computation of segment performance: |
|
|
|
|
Segment revenue |
$86,605 |
$80,179 |
$14,757 |
|
Total costs and expenses |
$65,771 |
$55,260 |
$50,485 |
|
Segment expense adjustments: |
|
|
|
|
Stock-based compensation expense |
— |
— |
989 |
|
Amortization of acquisition-related
intangibles |
4,067 |
— |
— |
|
Compliance-related professional fees |
— |
— |
(3,728) |
|
Compliance-related compensation and other
expenses |
137 |
258 |
842 |
|
Impairment of property and equipment |
170 |
233 |
653 |
|
Litigation settlements and related
costs |
— |
— |
330 |
|
Restructuring charges |
— |
— |
5,840 |
|
Other |
— |
— |
7 |
|
Segment expense adjustments |
4,374 |
491 |
4,933 |
|
Segment expenses |
61,397 |
54,769 |
45,552 |
|
Segment performance |
$25,208 |
$25,410 |
$(30,795) |
|
Interest expense |
$— |
$— |
$(199) |
$(199) |
Depreciation and amortization |
$(4,652) |
$(1,426) |
$(2,173) |
$(8,251) |
|
|
|
COMVERSE, INC. AND
SUBSIDIARIES |
BUSINESS SEGMENT
INFORMATION |
|
|
Comverse
BSS |
Comverse
VAS |
Comverse Other |
Combined |
|
(In
thousands) |
Fiscal Year Ended January 31,
2013 |
|
|
|
|
Total revenue |
$273,535 |
$362,434 |
$41,794 |
$677,763 |
Costs and expenses: |
|
|
|
|
Cost of revenue |
$183,590 |
$192,391 |
$55,663 |
$431,644 |
Research and development, net |
33,833 |
34,467 |
8,161 |
76,461 |
Selling, general and administrative |
19,408 |
6,897 |
134,035 |
160,340 |
Other operating expenses |
— |
— |
11,510 |
11,510 |
Total costs and expenses |
$236,831 |
$233,755 |
$209,369 |
$679,955 |
Income (loss) from operations |
$36,704 |
$128,679 |
$(167,575) |
$(2,192) |
Computation of segment performance: |
|
|
|
|
Segment revenue |
$273,535 |
$362,434 |
$41,794 |
|
Total costs and expenses |
$236,831 |
$233,755 |
$209,369 |
|
Segment expense adjustments: |
|
|
|
|
Stock-based compensation expense |
— |
— |
7,517 |
|
Amortization of acquisition-related
intangibles |
14,124 |
— |
— |
|
Compliance-related professional fees |
— |
— |
245 |
|
Compliance-related compensation and other
expenses |
678 |
916 |
504 |
|
Spin-off professional fees |
— |
— |
933 |
|
Impairment of goodwill |
— |
— |
5,605 |
|
Impairment of property and equipment |
2 |
— |
402 |
|
Litigation settlements and related
cost |
— |
— |
(660) |
|
Restructuring charges |
— |
— |
5,905 |
|
Gain on sale of fixed assets |
— |
— |
(185) |
|
Other |
— |
— |
1,621 |
|
Segment expense adjustments |
14,804 |
916 |
21,887 |
|
Segment expenses |
222,027 |
232,839 |
187,482 |
|
Segment performance |
$51,508 |
$129,595 |
$(145,688) |
|
Interest expense |
$— |
$— |
$(901) |
$(901) |
Depreciation and amortization |
$(17,372) |
$(4,893) |
$(8,562) |
$(30,827) |
|
|
COMVERSE, INC. AND
SUBSIDIARIES |
BUSINESS SEGMENT
INFORMATION |
|
|
Comverse
BSS |
Comverse
VAS |
Comverse Other |
Combined |
|
(In
thousands) |
Fiscal Year Ended January 31,
2012 |
|
|
|
|
Total revenue |
$365,008 |
$356,413 |
$49,736 |
$771,157 |
Costs and expenses: |
|
|
|
|
Cost of revenue |
$199,811 |
$195,088 |
$73,968 |
$468,867 |
Research and development, net |
60,473 |
25,416 |
8,349 |
94,238 |
Selling, general and administrative |
27,629 |
11,973 |
136,280 |
175,882 |
Other operating expenses |
— |
— |
20,728 |
20,728 |
Total costs and expenses |
$287,913 |
$232,477 |
$239,325 |
$759,715 |
Income (loss) from operations |
$77,095 |
$123,936 |
$(189,589) |
$11,442 |
Computation of segment performance: |
|
|
|
|
Segment revenue |
$365,008 |
$356,413 |
$49,736 |
|
Total costs and expenses |
$287,913 |
$232,477 |
$239,325 |
|
Segment expense adjustments: |
|
|
|
|
Stock-based compensation expense |
— |
— |
3,660 |
|
Amortization of acquisition-related
intangibles |
17,308 |
— |
— |
|
Compliance-related professional fees |
— |
— |
10,901 |
|
Compliance-related compensation and other
expenses |
2,203 |
1,789 |
2,727 |
|
Impairment of property and equipment |
170 |
238 |
1,923 |
|
Litigation settlements and related
costs |
— |
— |
804 |
|
Restructuring charges |
— |
— |
20,728 |
|
Other |
— |
— |
(48) |
|
Segment expense adjustments |
19,681 |
2,027 |
40,695 |
|
Segment expenses |
268,232 |
230,450 |
198,630 |
|
Segment performance |
$96,776 |
$125,963 |
$(148,894) |
|
Interest expense |
$— |
$— |
$(953) |
$(953) |
Depreciation and amortization |
$(20,609) |
$(4,707) |
$(8,849) |
$(34,165) |
CONTACT: Paul D. Baker
Comverse, Inc.
(212) 739-1060
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