BURLINGTON, MA, Feb. 1, 2018 /PRNewswire/ -- Attunity
Ltd. (NasdaqCM: ATTU), a leading provider of data integration
and Big Data management software solutions, today reported its
unaudited financial results for the three-month period and year
ended December 31, 2017.
"We had a strong close to the year. In the fourth quarter, we
achieved record total revenue, record license revenue, positive
cash flow from operations and significantly enhanced our balance
sheet through a successful public offering. We reported total
quarterly revenue of $18.3 million,
an increase of 17% year-over-year, and $62.1
million for the full year 2017, in line with our annual
guidance. Revenue in the quarter was driven by a combination of an
increase in new customer engagements as well as existing customers'
expansion," stated Shimon Alon,
Chairman and CEO of Attunity. "Customers successfully using the
Attunity platform are now looking to expand their current
environments to accommodate additional data sources, driving return
business. For example, during the fourth quarter, we closed two
large expansion deals with existing customers, each for
approximately $1.0 million."
"The strong momentum we experienced in the second half of 2017
is carrying into 2018. In 2017, we continued to close large
customer engagements, partnered with key players in the IT
industry, enhanced our technology platform, increased term-license
bookings (which is growing in demand among customers) and expanded
our senior management team with the new hire of a COO. With these
achievements, we believe we are well positioned to accelerate our
revenue growth, penetrate additional Fortune 1000 companies, and
continue to replace traditional vendors. We plan to further expand
and ramp up our sales and marketing investments and anticipate our
pipeline will further grow in 2018 and for years to come,"
concluded Mr. Alon.
Recent Operational Highlights
- Raised approximately $21.0
million in total net proceeds from public offering in
December 2017.
- Closed multiple agreements for Attunity Replicate, including
one with a leading global manufacturing company.
- Closed an aggregate of more than $2.0
million of additional business with two existing Fortune 100
clients, a healthcare company and a pharmacy benefit management
company.
- Launched new service offering on Amazon Web Services (AWS)
Marketplace, enabling universal migration and hybrid data
replication for on-premises data sources to AWS.
Financial Highlights for the Fourth Quarter of 2017 compared
with the Fourth Quarter of 2016
- Total revenue was $18.3 million,
compared with $15.6 million
- Operating profit was $0.2
million, similar to the same period in 2016
- Non-GAAP operating profit was $1.6
million, similar to the same period in 2016*
- Net loss of $1.6 million,
compared with a net loss of $0.2
million
- Non-GAAP net loss of $0.04
million, compared with non-GAAP net income of $1.1 million*
Financial Highlights for the Full Year 2017, compared with
the Full Year 2016
- Total revenue was $62.1 million,
compared with $54.5 million
- Operating loss was $2.9 million,
compared with an operating loss of $11.4
million
- Non-GAAP operating profit was $2.2
million, compared with an operating loss of $0.1 million*
- Net loss of $6.7 million,
compared with a net loss of $10.7
million
- Non-GAAP net loss of $1.7
million, compared with a non-GAAP net loss of $2.2 million*
Financial Results for Fourth Quarter of 2017
Total revenue for the fourth quarter of 2017 was $18.3 million, compared with $15.6 million for the same period in 2016. This
includes license revenue of $10.3
million, which grew 17% compared with $8.8 million for the same period in 2016, and
maintenance and service revenue, which grew 18% to $8.0 million, compared with $6.8 million for the same period in 2016.
Operating expenses for the fourth quarter of 2017 increased 18%
to $18.1 million, compared with
$15.4 million for the same period in
2016.
Non-GAAP operating expenses for the fourth quarter of 2017
increased 20% to $16.7 million,
compared with $14.0 million for the
same period in 2016. Non-GAAP operating expenses exclude
approximately $1.4 million in
equity-based compensation expenses and amortization associated with
acquisitions, similar to the same period in 2016.*
Operating profit for the fourth quarter of 2017 was $0.2 million, similar to the same period in
2016.
Non-GAAP operating profit was $1.6
million for the fourth quarter of 2017, similar to the same
period in 2016. Non-GAAP operating profit excludes approximately
$1.4 million in equity-based
compensation expenses and amortization associated with
acquisitions, similar to the same period in 2016.*
Net loss for the fourth quarter of 2017 was $1.6 million, or ($0.09) per diluted share, compared with a net
loss of $0.2 million, or ($0.01) per diluted share, in the fourth quarter
of 2016.
Non-GAAP net loss for the fourth quarter of 2017 was
$0.04 million, or ($0.00) per diluted share, compared with a
non-GAAP net income of $1.1 million,
or $0.07 per diluted share, for the
same period in 2016. Non-GAAP net loss excludes approximately
$1.6 million in equity-based
compensation expenses, amortization associated with acquisitions
and the effect of changes in deferred taxes related to non-GAAP
adjustments, compared with approximately $1.3 million of similar expenses for the same
period in 2016.*
Cash and cash equivalents were $29.1
million as of December 31,
2017, compared with $7.3
million as of September 30,
2017. Cash and cash equivalents at the end of the fourth
quarter of 2017 were mainly impacted by approximately $21.0 million in net proceeds raised from a
public offering closed in December
2017.
Shareholders' equity as of December 31,
2017 increased to $51.2
million, compared with $30.5
million as of September 30,
2017.
Financial Results for Full Year 2017
Total revenue for the full year 2017 was $62.1 million, compared with $54.5 million for the same period in 2016. This
includes license revenue of $32.6
million, which grew 14% compared with $28.7 million for the same period in 2016, and
maintenance and service revenue, which grew 14% to $29.5 million, compared with $25.8 million for the same period in 2016.
Operating expenses for the full year 2017 slightly decreased to
$65.0 million, compared with
$65.9 million for the same period in
2016.
Non-GAAP operating expenses for the full year 2017 increased 10%
to $59.9 million, compared with
$54.6 million for the same period in
2016. Non-GAAP operating expenses exclude approximately
$5.1 million in equity-based
compensation expenses and amortization associated with
acquisitions, compared with (1) an approximately $4.1 million charge for partial impairment of
acquired intangible assets associated with the acquisition of
Appfluent in 2015 and (2) $7.1
million in equity-based compensation expenses and costs
associated with acquisitions for the same period in
2016.*
Operating loss for the full year 2017 was $2.9 million, compared with $11.4 million for the same period in 2016.
Non-GAAP operating profit was $2.2
million for the full year 2017, compared with a non-GAAP
operating loss of $0.1 million for
the same period in 2016. Non-GAAP operating profit excludes
approximately $5.1 million in
equity-based compensation expenses and amortization associated with
acquisitions, compared with (1) an approximately $4.1 million charge for partial impairment of
acquired intangible assets associated with the Appfluent
acquisition and (2) $7.1 million in
equity-based compensation expenses and costs associated with
acquisitions for the same period in 2016.*
Net loss for the full year 2017 was $6.7
million, or ($0.39) per
diluted share, compared with a net loss of $10.7 million, or ($0.64) per diluted share, for the same period in
2016.
Non-GAAP net loss for the full year 2017 was $1.7 million, or ($0.10) per diluted share, compared with
$2.2 million, or ($0.13) per diluted share, for the same period in
2016. Non-GAAP net loss excludes approximately $5.1 million in equity-based compensation
expenses, amortization associated with acquisitions and the effect
of changes in deferred taxes related to non-GAAP adjustments,
compared with (1) an approximately $4.1
million charge for partial impairment of acquired intangible
assets associated with the Appfluent acquisition, and (2)
$4.3 million in equity-based
compensation expenses and costs associated with acquisitions,
including the effect of changes in deferred taxes related to
non-GAAP adjustments, for the same period in 2016.*
Cash and cash equivalents were $29.1
million as of December 31,
2017, compared with $9.2
million as of December 31,
2016.
Shareholders' equity as of December 31,
2017 increased to $51.2
million, compared with $32.7
million as of December 31,
2016.
Outlook for Full Year 2018
The Company is introducing its outlook for the full year 2018 as
follows:
- Total revenue is estimated to grow to between $73 and $75
million.
- Non-GAAP operating margin is estimated to be between 6% and
9%.
Financial Reconciliation to non-GAAP figures for 2018
Outlook:
|
From
|
To
|
GAAP Operating Profit
(Loss) Margin
|
(1%)
|
2%
|
Equity-based
compensation
|
(6%)
|
(6%)
|
Amortization
associated with acquisitions
|
(1%)
|
(1%)
|
Non-GAAP Operating
Profit margin (1)
|
6%
|
9%
|
(1) Non-GAAP Operating Profit Margin is calculated by dividing
the non-GAAP Operating Profit by the total non-GAAP revenues for
the period.
These estimates for 2018 reflect the Company's current and
preliminary views, which are subject to change (see below under
"Safe Harbor Statement"). The Company clarified that it does not
expect to provide or update guidance more often than on an annual
basis.
* See "Use of Non-GAAP Financial Information" below for more
information regarding Attunity's use of Non-GAAP financial
measures.
Conference Call and Webcast Information
The Company will host a conference call with the investment
community on Thursday, February 1st at 8:30
a.m. Eastern Time featuring remarks by Shimon Alon, Chairman
and CEO, Dror Harel-Elkayam, CFO,
and Itamar Ankorion, CMO of Attunity. The dial-in numbers for the
conference call are +1-877-407-9039 (U.S. Toll Free),
+1-80-940-6247 (Israel), or
+1-201-689-8470 (International). All dial-in participants must use
the following code to access the call: 13675269.
Please call at least five minutes before the scheduled start
time. The conference call will also be available via webcast, which
can be accessed through the Investor Relations section of
Attunity's website, ir.attunity.com. Please allow extra time prior
to the call to visit the site and download any necessary software
to listen to the live broadcast.
For interested individuals unable to join the conference call, a
replay of the call will be available through February 15,
2018, at +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671
(International). Participants must use the following code to access
the replay of the call: 13675269. The online archive of the webcast
will be available on ir.attunity.com/events for 30 days
following the call.
About Attunity
Attunity is a leading provider of data integration and Big
Data management software solutions that enable availability,
delivery, and management of data across heterogeneous
enterprise platforms, organizations, and the Cloud. Our
software solutions include data replication and
distribution, test data management, change data
capture (CDC), data connectivity, enterprise file
replication(EFR), managed file transfer (MFT), data
warehouse automation, data usage analytics, and cloud
data delivery.
Attunity has supplied innovative software solutions to its
enterprise-class customers for over 20 years and has successful
deployments at thousands of organizations
worldwide. Attunity provides software directly and
indirectly through a number of partners such
as Microsoft, Oracle, IBM and Hewlett
Packard Enterprise. Headquartered
in Boston, Attunity serves its customers via offices
in North America, Europe, and Asia Pacific and
through a network of local partners. For more information,
visit http://www.attunity.com or our blog and
join our communities
on Twitter, Facebook, LinkedIn and YouTube.
(*) Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with
U.S. generally accepted accounting principles, or GAAP, Attunity
uses Non-GAAP measures of net income (loss), operating
expenses, operating profit (loss), and diluted net income (loss)
per share, which are adjusted from results based on GAAP to exclude
amortization and impairment charges associated with acquisitions,
equity-based compensation expenses, acquisition-related
compensation expenses, non-cash financial expenses, such as the
effect of a revaluation of liabilities presented at fair value and
accretion of payment obligations, and the effect of changes in
deferred taxes related to non-GAAP adjustments. Attunity's
management believes the non-GAAP financial information provided in
this release is useful to investors' understanding and assessment
of Attunity's on-going core operations and prospects for the
future. Management uses both GAAP and non-GAAP information in
evaluating and operating its business internally and as such has
determined that it is important to provide this information to
investors. The presentation of this non-GAAP financial information
is not intended to be considered in isolation or as a substitute
for results prepared in accordance with GAAP. For further
details, see the Reconciliation of Supplemental Non-GAAP Financial
Information table later in this press release.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other applicable
securities laws. Statements preceded by, followed by, or that
otherwise include the words "believes", "expects", "anticipates",
"intends", "estimates", "plans", and similar expressions or future
or conditional verbs such as "will", "should", "would", "may" and
"could" are generally forward-looking in nature and not historical
facts. For example, when we discuss the demand for our products,
expectations regarding our pipeline and our outlook for 2018, we
are using forward-looking statements. In addition, announced
results for the fourth quarter and full year of 2017 are
preliminary, unaudited and subject to year-end audit adjustment.
Because such statements deal with future events, they are subject
to various risks and uncertainties and actual results, expressed or
implied by such forward-looking statements, could differ materially
from Attunity's current expectations. Factors that could cause or
contribute to such differences include, but are not limited to,
risks and uncertainties relating to: our history of operating
losses and ability to achieve or sustain profitability; our ability
to manage our growth effectively; our business and operating
results dependency on the successful and timely implementation of
our third party partner solutions; the lengthy sales cycle of our
products; competition; acquisitions, including costs and
difficulties related to integration of acquired businesses and
impairment charges; global economic conditions; the potential loss
of one or more of our significant customers or a decline in demand
from one or more of these customers; timely availability and
customer acceptance of Attunity's new and existing products;
international operations; our need and ability to raise capital;
and other factors and risks on which Attunity may have little or no
control. This list is intended to identify only certain of the
principal factors that could cause actual results to differ. For a
more detailed description of the risks and uncertainties affecting
Attunity, reference is made to Attunity's latest Annual Report on
Form 20-F (as amended) which is on file with the Securities and
Exchange Commission (SEC) and the other risk factors discussed from
time to time by Attunity in reports filed with, or furnished to,
the SEC. Except as otherwise required by law, Attunity undertakes
no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events.
The contents of any website or hyperlinks mentioned in this
press release are for informational purposes and the contents
thereof are not part of this press
release.© Attunity 2018. All Rights
Reserved. Attunity is a registered trademark
of Attunity Inc. All other product and company names
herein may be trademarks of their respective owners.
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
Audited
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
29,087
|
$
|
9,166
|
|
Trade receivables
(net of allowance for doubtful accounts of $15 at December 31,
2017, 2016)
|
|
10,609
|
|
7,031
|
|
Other accounts
receivable and prepaid expenses
|
|
1,074
|
|
663
|
|
Total current
assets
|
$
|
40,770
|
$
|
16,860
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Other
assets
|
|
152
|
|
155
|
|
Deferred
taxes
|
|
1,209
|
|
2,340
|
|
Severance pay
fund
|
|
4,378
|
|
3,770
|
|
Property and
equipment, net
|
|
1,287
|
|
1,214
|
|
Intangible assets,
net
|
|
1,431
|
|
2,778
|
|
Goodwill
|
|
30,929
|
|
30,929
|
|
Total long-term
assets
|
$
|
39,386
|
$
|
41,186
|
|
|
|
|
|
|
|
Total
assets
|
$
|
80,156
|
$
|
58,046
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
Audited
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
$
|
666
|
$
|
375
|
|
Payment obligation
related to acquisitions
|
|
-
|
|
271
|
|
Deferred
revenues
|
|
11,066
|
|
10,676
|
|
Employees and payroll
accruals
|
|
5,730
|
|
4,741
|
|
Accrued expenses and
other current liabilities
|
|
3,066
|
|
2,021
|
|
Total current
liabilities
|
|
20,528
|
|
18,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Other
liabilities
|
|
321
|
|
277
|
|
Deferred
revenues
|
|
2,163
|
|
1,438
|
|
Liability presented
at fair value
|
|
-
|
|
512
|
|
Accrued severance
pay
|
|
5,941
|
|
5,027
|
|
Total long-term
liabilities
|
|
8,425
|
|
7,254
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Share capital -
Ordinary shares of NIS 0.4 par value -
|
|
2,361
|
|
1,921
|
|
Authorized:
32,500,000 shares at December 31, 2017 and 2016; Issued and
outstanding 20,718,468 shares at December 31, 2017 and 16,841,238
shares at December 31, 2016
|
|
|
|
|
Additional paid-in
capital
|
|
174,693
|
|
149,716
|
|
Accumulated other
comprehensive loss
|
|
(1,222)
|
|
(1,013)
|
|
Accumulated
deficit
|
|
(124,629)
|
|
(117,916)
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
51,203
|
|
32,708
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
80,156
|
$
|
58,046
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
U.S. dollars and shares in thousands, except per share
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Software
licenses
|
$
|
10,251
|
$
|
8,791
|
$
|
32,604
|
$
|
28,653
|
|
Maintenance and
services
|
|
8,024
|
|
6,779
|
|
29,494
|
|
25,841
|
|
Total
revenues
|
|
18,275
|
|
15,570
|
|
62,098
|
|
54,494
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
2,627
|
|
2,109
|
|
9,855
|
|
8,780
|
|
Research and
development
|
|
3,537
|
|
3,207
|
|
14,010
|
|
13,283
|
|
Selling and
marketing
|
|
10,711
|
|
9,065
|
|
35,893
|
|
35,089
|
|
General and
administrative
|
|
1,231
|
|
993
|
|
5,196
|
|
4,594
|
|
Impairment of
acquisition-related intangible assets
|
|
-
|
|
-
|
|
-
|
|
4,122
|
|
Total operating
expenses
|
|
18,106
|
|
15,374
|
|
64,954
|
|
65,868
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(loss)
|
|
169
|
|
196
|
|
(2,856)
|
|
(11,374)
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
(64)
|
|
(59)
|
|
(101)
|
|
(54)
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) before
income taxes
|
|
105
|
|
137
|
|
(2,957)
|
|
(11,428)
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(taxes on income)
|
|
(1,725)
|
|
(382)
|
|
(3,756)
|
|
735
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(1,620)
|
$
|
(245)
|
$
|
(6,713)
|
$
|
(10,693)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$
|
(0.09)
|
$
|
(0.01)
|
$
|
(0.39)
|
$
|
(0.64)
|
|
Weighted average
number of shares used in computing basic net and diluted loss per
share
|
|
18,052
|
|
16,818
|
|
17,264
|
|
16,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
Year ended
December 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Cash flows
activities:
|
|
|
|
|
|
Net loss
|
$
|
(6,713)
|
$
|
(10,693)
|
|
Adjustments required
to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation
|
|
491
|
|
493
|
|
Stock based
compensation
|
|
3,711
|
|
3,880
|
|
Retention plan
associated with acquisition and other compensation in
shares
|
|
-
|
|
370
|
|
Amortization of
intangible assets
|
|
1,347
|
|
2,372
|
|
Impairment of
acquisition-related intangible assets
|
|
-
|
|
4,122
|
|
Accretion of payment
obligation
|
|
-
|
|
(8)
|
|
Changes in fair value
of payment obligation
|
|
-
|
|
35
|
|
|
|
|
|
|
|
Change in:
|
|
|
|
|
|
Accrued
severance pay, net
|
|
306
|
|
24
|
|
Trade
receivables
|
|
(3,514)
|
|
(2,544)
|
|
Other
accounts receivable and prepaid expenses
|
|
(392)
|
|
(29)
|
|
Other
long term assets
|
|
8
|
|
14
|
|
Trade
payables
|
|
107
|
|
(279)
|
|
Deferred
revenues
|
|
823
|
|
1,570
|
|
Employees and payroll accruals
|
|
973
|
|
1,101
|
|
Accrued
expenses and other liabilities
|
|
1,025
|
|
594
|
|
Liabilities presented
at fair value
|
|
(212)
|
|
(185)
|
|
Tax deficiencies
related to exercise of stock options
|
|
-
|
|
171
|
|
Change in deferred
taxes, net
|
|
1,131
|
|
(1,833)
|
|
Net cash used in
operating activities
|
|
(909)
|
|
(825)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(556)
|
|
(456)
|
|
Net cash used in
investing activities
|
|
(556)
|
|
(456)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Proceeds from
exercise of options
|
|
881
|
|
289
|
|
Issuance of shares,
net
|
|
21,048
|
|
-
|
|
Payment of contingent
consideration
|
|
(271)
|
|
(1,990)
|
|
Repayment of
contingent payment right
|
|
(300)
|
|
-
|
|
Tax deficiencies
related to exercise of stock options
|
|
-
|
|
(171)
|
|
Net cash provided by
(used in) financing activities
|
|
21,358
|
|
(1,872)
|
|
Foreign currency
translation adjustments on cash and cash equivalents
|
|
28
|
|
(203)
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
19,921
|
|
(3,356)
|
|
Cash and cash
equivalents at the beginning of the year
|
|
9,166
|
|
12,522
|
|
Cash and cash
equivalents at the end of the period
|
$
|
29,087
|
$
|
9,166
|
|
|
|
|
|
|
|
Cash paid during the
year for taxes
|
$
|
1,740
|
$
|
653
|
|
Supplemental
disclosure of non-cash investing activities:
|
|
|
|
Issuance of shares
related to acquisition
|
$
|
-
|
$
|
224
|
|
RECONCILIATION OF
SUPPLEMENTAL, NON-GAAP FINANCIAL INFORMATION
|
U.S. dollars and
shares in thousands, except per share data
|
|
Three months
ended
|
|
Year
ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Unaudited
|
GAAP
revenues
|
$18,275
|
|
$15,570
|
|
$62,098
|
|
$54,494
|
Valuation adjustment
on acquired deferred service revenue
|
-
|
|
8
|
|
-
|
|
43
|
Non-GAAP
revenues
|
18,275
|
|
15,578
|
|
62,098
|
|
54,537
|
|
-
|
|
|
|
|
|
|
GAAP operating
expenses
|
18,106
|
|
15,374
|
|
64,954
|
|
65,868
|
Cost of revenues
(1)
|
(47)
|
|
(26)
|
|
(162)
|
|
(148)
|
Research and
development (1) (2)
|
(227)
|
|
(266)
|
|
(805)
|
|
(1,210)
|
Sales and marketing
(1) (2)
|
(538)
|
|
(448)
|
|
(1,817)
|
|
(2,379)
|
General and
administrative (1)
|
(245)
|
|
(254)
|
|
(927)
|
|
(993)
|
Amortization of
acquired intangible assets
|
(337)
|
|
(424)
|
|
(1,347)
|
|
(2,372)
|
Impairment of
acquisition-related intangible assets
|
-
|
|
-
|
|
-
|
|
(4,122)
|
Non-GAAP operating
expenses
|
16,712
|
|
13,956
|
|
59,896
|
|
54,644
|
|
|
|
|
|
|
|
|
GAAP operating income
(loss)
|
169
|
|
196
|
|
(2,856)
|
|
(11,374)
|
Operating loss
adjustments
|
(1,394)
|
|
(1,426)
|
|
(5,058)
|
|
(11,267)
|
Non-GAAP operating
income (loss)
|
1,563
|
|
1,622
|
|
2,202
|
|
(107)
|
|
|
|
|
|
|
|
|
GAAP financial
expenses, net
|
(64)
|
|
(59)
|
|
(101)
|
|
(54)
|
Revaluation of
liabilities presented at fair value
|
-
|
|
6
|
|
(212)
|
|
(207)
|
Accretion of payment
obligations
|
-
|
|
(6)
|
|
-
|
|
(8)
|
Non -GAAP financial
expense, net
|
(64)
|
|
(59)
|
|
(313)
|
|
(269)
|
|
|
|
|
|
|
|
|
GAAP income tax
benefit (taxes on income)
|
(1,725)
|
|
(382)
|
|
(3,756)
|
|
735
|
Taxes on income (tax
benefits) related to non-GAAP adjustments
|
184
|
|
(84)
|
|
206
|
|
(2,587)
|
Non-GAAP taxes on
income
|
(1,541)
|
|
(466)
|
|
(3,550)
|
|
(1,852)
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
(1,620)
|
|
(245)
|
|
(6,713)
|
|
(10,693)
|
Valuation adjustment
on acquired deferred revenue
|
-
|
|
8
|
|
-
|
|
43
|
Amortization of
acquired intangible assets
|
337
|
|
424
|
|
1,347
|
|
2,372
|
Impairment of
acquisition-related intangible assets
|
-
|
|
-
|
|
-
|
|
4,122
|
Acquisition related
expenses
|
-
|
|
-
|
|
-
|
|
779
|
Stock-based
compensation
|
1,057
|
|
994
|
|
3,711
|
|
3,951
|
Revaluation of
liabilities presented at fair value
|
-
|
|
6
|
|
(212)
|
|
(207)
|
Accretion of payment
obligations
|
-
|
|
(6)
|
|
-
|
|
(8)
|
Taxes on income (tax
benefits) related to non-GAAP adjustments
|
184
|
|
(84)
|
|
206
|
|
(2,587)
|
Non-GAAP net income
(loss)
|
$(42)
|
|
$1,097
|
|
$(1,661)
|
|
$(2,228)
|
|
|
|
|
|
|
|
|
GAAP basic and
diluted net loss per share
|
$(0.09)
|
|
$(0.01)
|
|
$(0.39)
|
|
$(0.64)
|
Non-GAAP diluted net
income (loss) per share
|
$0.00
|
|
$0.07
|
|
$(0.10)
|
|
$(0.13)
|
|
|
|
|
|
|
|
|
Shares used in
computing GAAP basic and diluted net loss per share
|
18,052
|
|
16,818
|
|
17,264
|
|
16,739
|
|
|
|
|
|
|
|
|
Shares used in
computing Non-GAAP diluted net income (loss) per share
|
18,052
|
|
16,790
|
|
17,264
|
|
16,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation expenses (*):
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cost of
revenues
|
$
47
|
|
$
26
|
|
$
162
|
|
$
148
|
Research and
development
|
227
|
|
266
|
|
805
|
|
1,024
|
Sales and
marketing
|
538
|
|
448
|
|
1,817
|
|
1,715
|
General and
administrative
|
245
|
|
254
|
|
927
|
|
993
|
|
$ 1,057
|
|
$ 994
|
|
$ 3,711
|
|
$
3,880
|
(*) Retention bonus
paid in Attunity shares constitute part of (2) below
|
|
|
|
|
|
|
|
|
(2) Acquisition
related expenses:
|
|
|
|
|
|
|
|
Research and
development
|
-
|
|
-
|
|
-
|
|
$
186
|
Sales and
marketing
|
-
|
|
-
|
|
-
|
|
664
|
|
-
|
|
-
|
|
-
|
|
$
850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information, please contact:
Todd Fromer / Allison Soss
KCSA Strategic Communications
P: +1-212-682-6300
tfromer@kcsa.com / asoss@kcsa.com
Dror Harel-Elkayam, CFO
Attunity Ltd.
Tel. +972-9-899-3000
dror.elkayam@attunity.com
View original
content:http://www.prnewswire.com/news-releases/attunity-reports-fourth-quarter-and-full-year-2017-results-300591819.html
SOURCE Attunity Ltd.