BURLINGTON, Massachusetts,
Jan. 31, 2019 /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, 2018.
"The fourth quarter was a very strong end to a
record year for Attunity. In the quarter, we achieved license
revenue growth of 67% year-over-year and total revenue growth of
42% year-over-year," stated Shimon
Alon, Chairman and CEO of Attunity. "We won a record number
of strategic deals, demonstrating the value of our solution to
companies building modern analytics and cloud solutions. In
addition, we are seeing a higher attach rate of Attunity Compose,
our solution for automating the delivery of analytics-ready data
sets for data lakes and data warehouses, a trend we expect to see
continue in 2019."
"We are excited about the market opportunity and
the momentum that we are seeing in our business as we continue to
focus on building the company to reach over $200 million in revenue over the next several
years. We are increasing investments in sales, marketing and
product innovation, which we believe will enable us to capture a
growing share of the large market opportunity, continue to win
large, strategic accounts, and strengthen our leading brand in the
data integration market," concluded Mr. Alon.
Recent Operational Highlights
- Closed several large deals, including:
-
- Over $2.0 million with an
existing customer, a global bank, to support a broader deployment
for their growing data lake, enabling modern, real-time
analytics.
- $1.0 million deal with a new
customer, a large European bank, to integrate data from many
enterprise data sources into its corporate data lake.
- $1.4 million term-based deal with
a new customer, a Global 2000 energy company, to facilitate their
"cloud-first" strategy.
- Launched Attunity for Data Lakes on Amazon Web Services (AWS)
to automate streaming data pipelines.
Financial Highlights for the Fourth Quarter of 2018 compared
with the Fourth Quarter of 2017
- Total revenue was $26.0 million,
compared with $18.3 million*
- Operating profit was $2.4
million, compared with $0.2
million*
- Non-GAAP operating profit was $4.0
million, compared with $1.6
million**
- Net income was $2.5 million,
compared with a net loss of $1.6
million*
- Non-GAAP net income was $4.0
million, compared with non-GAAP net loss of $0.04 million**
- Cash flow from operations was $3.1
million, compared with cash from operations of $0.7 million
- Cash and cash equivalents and short-term deposits were
$44.2 million as of December 31, 2018, compared with $38.1 million as of September 30, 2018
Financial Highlights for the Full Year 2018
compared with the Full Year 2017
- Total revenue was $86.2 million,
compared with $62.1 million*
- Operating profit was $7.6
million, compared with an operating loss of $2.9 million*
- Non-GAAP operating profit was $13.0
million, compared with Non-GAAP operating profit of
$2.2 million**
- Net income was $6.0 million,
compared with a net loss of $6.7
million*
- Non-GAAP net income was $11.7
million, compared with non-GAAP net loss of $1.7 million**
- Cash flow from operations was $9.5
million, compared with cash used in operations of
$0.9 million
- Cash and cash equivalents and short-term deposits were
$44.2 million as of December 31, 2018, compared with $29.1 million as of December 31, 2017
Financial Results for Fourth Quarter of
2018
Total revenue for the fourth quarter of 2018
increased 42% to $26.0 million,
compared with $18.3 million for the
same period in 2017. This includes license revenue of $17.1 million, which grew 67% compared with
$10.3 million for the same period in
2017, and maintenance and service revenue, which grew 10% to
$8.8 million, compared with
$8.0 million for the same period in
2017.
Operating expenses for the fourth quarter of 2018
increased 30% to $23.6 million,
compared with $18.1 million for the
same period in 2017.*
Non-GAAP operating expenses for the fourth
quarter of 2018 increased 31% to $22.0
million, compared with $16.7
million for the same period in 2017. Non-GAAP operating
expenses exclude approximately $1.6
million in equity-based compensation expenses and
amortization associated with acquisitions, compared with
$1.4 million of similar expenses for
the same period in 2017.**
Operating profit for the fourth quarter of 2018
was $2.4 million, compared with
$0.2 million for the same period in
2017.*
Non-GAAP operating profit was $4.0 million for the fourth quarter of 2018,
compared with $1.6 million for the
same period in 2017. Non-GAAP operating profit excludes
approximately $1.6 million in
equity-based compensation expenses and amortization associated with
acquisitions, compared with $1.4
million of similar expenses for the same period in
2017.**
Net income for the fourth quarter of 2018 was
$2.5 million, or $0.11 per diluted share, compared with a net loss
of $1.6 million, or ($0.09) per diluted share, in the same period in
2017.*
Non-GAAP net income for the fourth quarter of
2018 was $4.0 million, or
$0.17 per diluted share, compared
with a non-GAAP net loss of $0.04
million, or ($0.00) per
diluted share, for the same period in 2017. Non-GAAP net income
excludes approximately $1.5 million
in equity-based compensation expenses, amortization associated with
acquisitions and tax expense related to Non- GAAP adjustments,
compared with approximately $1.6
million of the similar expenses for the same period in
2017.**
Cash flow from operations in the fourth quarter
of 2018 was $3.1 million, compared
with cash from operations of $0.7
million in the same period in 2017.
Financial Results for Full Year 2018
Total revenue for the full year 2018 increased
39% to $86.2 million, compared with
$62.1 million for full year 2017.
This includes license revenue of $52.5
million, which grew 61% compared with $32.6 million for full year 2017, and maintenance
and service revenue, which grew 14% to $33.7
million, compared with $29.5
million for full year 2017.
Operating expenses for the full year 2018
increased 21% to $78.7 million,
compared with $65.0 million for full
year 2017.*
Non-GAAP operating expenses for the full year
2018 increased 22% to $73.3 million,
compared with $59.9 million for full
year 2017. Non-GAAP operating expenses exclude approximately
$5.4 million in equity-based
compensation expenses and amortization associated with
acquisitions, compared with $5.1
million of similar expenses for full year 2017.**
Operating profit for the full year 2018 was
$7.6 million, compared with an
operating loss of $2.9 million for
full year 2017.*
Non-GAAP operating profit was $13.0 million for the full year 2018, compared
with $2.2 million for full year 2017.
Non-GAAP operating profit excludes approximately $5.4 million in equity-based compensation
expenses and amortization associated with acquisitions, compared
with $5.1 million of similar expenses
for full year 2017.**
Net income for the full year 2018 was
$6.0 million, or $0.27 per diluted share, compared with a net loss
of $6.7 million, or ($0.39) per diluted share, in the full year
2017.*
Non-GAAP net income for the full year 2018 was
$11.7 million, or $0.52 per diluted share, compared with a non-GAAP
net loss of $1.7 million, or
($0.10) per diluted share, for the
full year 2017. Non-GAAP net income excludes approximately
$5.7 million in equity-based
compensation expenses, amortization associated with acquisitions
and tax expense related to Non- GAAP adjustments, compared with
approximately $5.1 million of similar
expenses for the same period in 2017.**
Cash flow from operations in the full year 2018
was $9.5 million, compared with cash
used in operations of $0.9 million in
the full year 2017.
Cash and cash equivalents and short-term deposits
were $44.2 million as of December 31, 2018, compared with $29.1 million as of December 31, 2017.
Outlook for Full Year 2019
The Company is introducing its outlook for the
full year 2019 as follows:
- Total revenue is estimated to grow to between $104 and $108
million.
- Non-GAAP operating margin is estimated to be between 14% and
16%.
Financial Reconciliation to non-GAAP figures for
the 2019 outlook:
|
From
|
To
|
GAAP Operating Profit
Margin
|
3%
|
6%
|
Equity-based
compensation
|
(11%)
|
(10%)
|
Amortization
associated with acquisitions
|
(0.0%)
|
(0.0%)
|
Non-GAAP Operating
Profit Margin (1)
|
14%
|
16%
|
(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 2019 reflect the Company's
current and preliminary views, which are subject to change (see
below under "Safe Harbor Statement") and are based on various
assumptions, including the continued expanded adoption of the Cloud
as a leading data platform, the continued adoption of modern
analytics, the improved execution capabilities of our expanded
sales team and our ability to effectively manage our growth.
** 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, January 31st
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), +1-809-406-247 (Israel), or +1-201-689-8470
(International).
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 14, 2019, 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: 13685767. 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
www.attunity.com or our blog and join our community on
Twitter, Facebook, LinkedIn and YouTube.
(*) New Revenue Accounting Standard
Effective January 1,
2018, Attunity adopted the FASB-issued ASU, No. 2014-09,
"Revenue from Contracts with Customers (Topic 606)", or ASC 606, a
new accounting standard related to revenue recognition. Attunity
adopted ASC 606 using the modified retrospective method, which
means that the comparative financial information for the
three-month period and full year ended December 31, 2017 has not been restated in the
current financial statements under the new accounting standard.
Accordingly, the percentage changes from the 2017 to 2018 periods
differ from what they would have been had the same accounting
standards been in effect for both periods. In the interest of
comparability during the transition year to ASC 606, the company
has provided revenue, operating expenses, operating income (loss),
financial income, taxes on income, net income (loss) and earnings
per share information in accordance with both ASC 606 and revenue
recognition rules in effect prior to the adoption of ASC 606 (ASC
No. 985-605, or ASC 605). For further details, see the
Impact of the Adoption of ASC 606 table later in this press release
and the note thereto.
(**) 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 equity-based compensation
expenses, amortization associated with acquisitions, non-cash
financial expenses, such as the effect of a revaluation of
liabilities presented at fair value, 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 market opportunity and the momentum in our business and
building the company to enable it to generate over $200 million in revenue and our outlook for 2019,
we are using forward-looking statements. In addition, announced
results for the fourth quarter and full year 2018 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 sustain profitability; 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;
timely availability and customer acceptance of Attunity's new and
existing products; risks relating to proprietary rights and risks
of infringement; the potential loss of one or more of our
significant customers or a decline in demand from one or more of
these customers; our ability to retain and attract qualified
personnel; 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 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 2019. 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.
For more information, please contact:
Investor Contact:
Allison Soss
KCSA Strategic Communications
Tel. +1-212-896-1267
Attunity@kcsa.com
Company Contact:
Dror Harel-Elkayam, CFO
Attunity Ltd.
Tel. +972-9-899-3000
Dror.elkayam@attunity.com
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
|
|
Unaudited
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
11,764
|
$
|
29,087
|
|
Short term
deposits
|
|
32,477
|
|
-
|
|
Trade receivables
(net of allowance for doubtful accounts of $20
at December 31, 2018 and $15 December 31, 2017,
respectively)
|
|
19,742
|
|
10,609
|
|
Deferred commissions
costs
|
|
1,891
|
|
-
|
|
Other accounts
receivable and prepaid expenses
|
|
2,488
|
|
1,074
|
|
Total current
assets
|
|
68,362
|
|
40,770
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Deferred commissions
costs
|
|
6,494
|
|
-
|
|
Severance pay
fund
|
|
4,460
|
|
4,378
|
|
Property and
equipment, net
|
|
1,428
|
|
1,287
|
|
Goodwill and other
intangible assets, net
|
|
31,417
|
|
32,360
|
|
Deferred
taxes
|
|
-
|
|
1,209
|
|
Other
assets
|
|
184
|
|
152
|
|
Total long-term
assets
|
|
43,983
|
|
39,386
|
|
|
|
|
|
|
|
Total
assets
|
$
|
112,345
|
$
|
80,156
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
U.S. dollars in
thousands, except share and per share data
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
|
|
Unaudited
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
$
|
1,574
|
$
|
666
|
|
Deferred
revenues
|
|
13,102
|
|
11,066
|
|
Employees and payroll
accruals
|
|
9,838
|
|
5,730
|
|
Accrued expenses and
other current liabilities
|
|
2,925
|
|
3,066
|
|
Total current
liabilities
|
|
27,439
|
|
20,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Other
liabilities
|
|
463
|
|
321
|
|
Deferred
revenues
|
|
4,081
|
|
2,163
|
|
Deferred taxes
liability
|
|
359
|
|
-
|
|
Accrued severance
pay
|
|
6,062
|
|
5,941
|
|
Total long-term
liabilities
|
|
10,965
|
|
8,425
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Share capital –
Ordinary shares of NIS 0.4 par value - Authorized:
32,500,000 shares at December 31, 2018 and 2017; Issued and
outstanding: 21,672,401 shares at December 31, 2018 and
20,718,468 shares at December 31, 2017
|
|
2,466
|
|
2,361
|
|
Additional paid-in
capital
|
|
185,054
|
|
174,693
|
|
Accumulated other
comprehensive loss
|
|
(1,572)
|
|
(1,222)
|
|
Accumulated
deficit
|
|
(112,007)
|
|
(124,629)
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
73,941
|
|
51,203
|
|
Total liabilities and
shareholders' equity
|
$
|
112,345
|
$
|
80,156
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
U.S. dollars and
shares in thousands, except per share data
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
Unaudited
|
|
Unaudited
|
Revenues:
|
|
|
|
|
|
|
|
|
Software
licenses
|
$
|
17,146
|
$
|
10,251
|
$
|
52,542
|
$
|
32,604
|
Maintenance and
services
|
|
8,835
|
|
8,024
|
|
33,707
|
|
29,494
|
Total
revenues
|
|
25,981
|
|
18,275
|
|
86,249
|
|
62,098
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
2,809
|
|
2,627
|
|
10,742
|
|
9,855
|
Research and
development
|
|
4,879
|
|
3,537
|
|
16,901
|
|
14,010
|
Selling and
marketing
|
|
13,868
|
|
10,711
|
|
44,382
|
|
35,893
|
General and
administrative
|
|
2,028
|
|
1,231
|
|
6,629
|
|
5,196
|
Total operating
expenses
|
|
23,584
|
|
18,106
|
|
78,654
|
|
64,954
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
2,397
|
|
169
|
|
7,595
|
|
(2,856)
|
|
|
|
|
|
|
|
|
|
Financial income
(expenses),
net
|
|
127
|
|
(64)
|
|
335
|
|
(101)
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes on
income
|
|
2,524
|
|
105
|
|
7,930
|
|
(2,957)
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
|
(72)
|
|
(1,725)
|
|
(1,935)
|
|
(3,756)
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
2,452
|
$
|
(1,620)
|
$
|
5,995
|
$
|
(6,713)
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per
share
|
$
|
0.11
|
$
|
(0.09)
|
$
|
0.28
|
$
|
(0.39)
|
Weighted average
number of
shares used in computing
basic net income (loss) per
share
|
|
21,524
|
|
18,052
|
|
21,113
|
|
17,264
|
Diluted net income
(loss) per
share
|
$
|
0.11
|
$
|
(0.09)
|
$
|
0.27
|
$
|
(0.39)
|
Weighted average
number of
shares used in computing
diluted net income (loss) per
share
|
|
22,802
|
|
18,052
|
|
21,967
|
|
17,264
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
Year ended
December 31,
|
|
|
|
2018
|
|
2017
|
|
|
|
Unaudited
|
|
Operating
activities:
|
|
|
|
|
|
Net income
(loss)
|
$
|
5,995
|
$
|
(6,713)
|
|
Adjustments required
to reconcile net income (loss)
to net cash provided by (used in) operating activities:
|
|
|
|
|
Depreciation
|
|
544
|
|
491
|
|
Stock based
compensation
|
|
4,422
|
|
3,711
|
|
Amortization of
intangible assets
|
|
943
|
|
1,347
|
|
Accrued interest on
short term deposits
|
|
(477)
|
|
-
|
|
Change in:
|
|
|
|
|
|
Accrued
severance pay, net
|
|
39
|
|
306
|
|
Trade
receivables
|
|
(6,937)
|
|
(3,514)
|
|
Other
accounts receivable and prepaid expenses
|
|
(1,460)
|
|
(392)
|
|
Other
long-term assets
|
|
39
|
|
8
|
|
Trade
payables
|
|
922
|
|
107
|
|
Deferred
revenues
|
|
4,706
|
|
823
|
|
Employees and payroll accruals
|
|
4,094
|
|
973
|
|
Accrued
expenses and other liabilities
|
|
(215)
|
|
1,025
|
|
Deferred
commissions costs
|
|
(3,927)
|
|
-
|
|
Change in deferred
taxes, net
|
|
803
|
|
1,131
|
|
Liabilities presented
at fair value
|
|
-
|
|
(212)
|
|
Net cash provided by
(used in) operating activities
|
|
9,491
|
|
(909)
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Short term
deposits
|
|
(32,000)
|
|
-
|
|
Purchase of property
and equipment
|
|
(688)
|
|
(556)
|
|
Net cash used in
investing activities
|
|
(32,688)
|
|
(556)
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Proceeds from
exercise of options
|
|
6,044
|
|
881
|
|
Payment of contingent
consideration
|
|
-
|
|
(271)
|
|
Issuance of shares,
net of issuance expenses
|
|
-
|
|
21,048
|
|
Payment of contingent
payment right
|
|
-
|
|
(300)
|
|
Net cash provided by
financing activities
|
|
6,044
|
|
21,358
|
|
Foreign currency
translation adjustments on cash
and cash equivalents
|
|
(170)
|
|
28
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
(17,323)
|
|
19,921
|
|
Cash and cash
equivalents at the beginning of the
year
|
|
29,087
|
|
9,166
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
$
|
11,764
|
$
|
29,087
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow activities:
|
|
|
|
|
|
Cash paid during the
year for taxes
|
$
|
3,403
|
$
|
1,740
|
|
Supplemental
disclosure of non-cash financing
activities:
|
|
|
|
|
|
Issuance expenses not
yet paid
|
$
|
-
|
$
|
218
|
|
RECONCILIATION OF
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
|
|
|
|
U.S. dollars
in thousands, except per share data
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
GAAP and Non-GAAP
revenues
|
$
25,981
|
|
$ 18,275
|
|
$86,249
|
|
$62,098
|
GAAP operating
expenses
|
23,584
|
|
18,106
|
|
78,654
|
|
64,954
|
Cost of revenues
(1)
|
(47)
|
|
(47)
|
|
(198)
|
|
(162)
|
Research and
development (1)
|
(206)
|
|
(227)
|
|
(679)
|
|
(805)
|
Sales and marketing
(1)
|
(787)
|
|
(538)
|
|
(2,521)
|
|
(1,817)
|
General and
administrative (1)
|
(343)
|
|
(245)
|
|
(1,024)
|
|
(927)
|
Amortization of
acquired intangible assets
|
(237)
|
|
(337)
|
|
(943)
|
|
(1,347)
|
Non-GAAP operating
expenses
|
21,964
|
|
16,712
|
|
73,289
|
|
59,896
|
|
|
|
|
|
|
|
|
GAAP operating income
(loss)
|
2,397
|
|
169
|
|
7,595
|
|
(2,856)
|
Operating
adjustments
|
(1,620)
|
|
(1,394)
|
|
(5,365)
|
|
(5,058)
|
Non-GAAP operating
income
|
4,017
|
|
1,563
|
|
12,960
|
|
2,202
|
|
|
|
|
|
|
|
|
GAAP financial income
(expenses), net
|
127
|
|
(64)
|
|
335
|
|
(101)
|
Revaluation of
liabilities presented at fair value
|
-
|
|
-
|
|
-
|
|
(212)
|
Non -GAAP financial
income (expenses), net
|
127
|
|
(64)
|
|
335
|
|
(313)
|
|
-
|
|
-
|
|
-
|
|
-
|
Taxes on
income
|
(72)
|
|
(1,725)
|
|
(1,935)
|
|
(3,756)
|
Income taxes (tax
benefits) related to non-GAAP
adjustments
|
(110)
|
|
184
|
|
292
|
|
206
|
Non-GAAP taxes on
income
|
(182)
|
|
(1,541)
|
|
(1,643)
|
|
(3,550)
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
2,452
|
|
(1,620)
|
|
5,995
|
|
(6,713)
|
Amortization of
acquired intangible assets
|
237
|
|
337
|
|
943
|
|
1,347
|
Stock-based
compensation (1)
|
1,383
|
|
1,057
|
|
4,422
|
|
3,711
|
Revaluation of
liabilities presented at fair value
|
-
|
|
-
|
|
-
|
|
(212)
|
Income taxes (tax
benefits) related to non-GAAP
adjustments
|
(110)
|
|
184
|
|
292
|
|
206
|
Non-GAAP net income
(loss)
|
$
3,962
|
|
$ (42)
|
|
$ 11,652
|
|
$(1,661)
|
|
-
|
|
-
|
|
-
|
|
-
|
Non-GAAP basic net
income (loss) per share
|
$
0.18
|
|
$ (0.00)
|
|
$0.55
|
|
$(0.39)
|
Non-GAAP diluted net
income (loss) per share
|
$
0.17
|
|
$ (0.00)
|
|
$0.52
|
|
$(0.10)
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation expenses:
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cost of
revenues
|
$
47
|
|
$
47
|
|
$
198
|
|
$
162
|
Research and
development
|
206
|
|
227
|
|
679
|
|
805
|
Sales and
marketing
|
787
|
|
538
|
|
2,521
|
|
1,817
|
General and
administrative
|
343
|
|
245
|
|
1024
|
|
927
|
|
$
1,383
|
|
$
1,057
|
|
$
4,422
|
|
$ 3,711
|
IMPACT OF THE
ADOPTION OF ASC 606
|
U.S. dollars in
thousands, except per share data
|
|
|
|
|
|
Three months ended
December 31, 2018
|
|
Year ended
December 31, 2018
|
|
(Unaudited)
|
|
(Unaudited)
|
|
As reported
(ASC 606)
|
Adjustments
|
ASC 605
(excluding
impact
of
ASC 606)
*
|
|
As reported
(ASC 606)
|
Adjustments
|
ASC 605
(excluding
impact
of
ASC 606)
*
|
Revenues
|
$ 25,981
|
$
(8,909)
|
$
17,072
|
|
$
86,249
|
$
(18,675)
|
$
67,574
|
Operating
expenses
|
23,584
|
1,975
|
25,559
|
|
78,654
|
3,935
|
82,589
|
Operating income
(loss)
|
2,397
|
(10,884)
|
(8,487)
|
|
7,595
|
(22,610)
|
(15,015)
|
Financial income,
net
|
127
|
-
|
127
|
|
335
|
-
|
335
|
Income tax benefit
(taxes on income)
|
(72)
|
307
|
235
|
|
(1,935)
|
603
|
(1,332)
|
Net income
(loss)
|
$
2,452
|
$
(10,577)
|
$
(8,125)
|
|
$
5,995
|
$
(22,007)
|
$
(16,012)
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share
|
$
0.11
|
$
(0.49)
|
$
(0.38)
|
|
$
0.28
|
$
(1.04)
|
$
(0.76)
|
Diluted net
income
(loss) per share
|
$
0.11
|
$
(0.47)
|
$
(0.36)
|
|
$
0.27
|
$
(1.00)
|
$
(0.73)
|
(*) Effective January 1, 2018, the
Company adopted the Financial Accounting Standard Board-issued
Accounting Standards Update No. 2014-09, "Revenue from Contracts
with Customers (Topic 606)", or ASC 606, a new accounting standard
related to revenue recognition, using the modified retrospective
method. In order to provide comparable figures during 2018,
the transition year to ASC 606, the Company has provided the above
summary of adjustments in financial information for the three
months and the year ended December 31,
2018 in accordance with both ASC 606 and previous accounting
literature, ASC No. 985-605, or ASC 605. The table above also shows
the adjustments made to reconcile the ASC 606 presentation to ASC
605. The ASC 605 information should be considered in addition to,
not as a substitute for, nor superior to or in isolation from, the
financial information prepared and reported in accordance with ASC
606.
View original
content:http://www.prnewswire.com/news-releases/attunity-reports-fourth-quarter-and-full-year-2018-results-300787366.html
SOURCE Attunity Ltd.