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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:CKSW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.595 | 0 | 01:00:00 |
CLICKSOFTWARE TECHNOLOGIES LTD.
|
|||
(Registrant)
|
|||
By:
|
/s/ Shmuel Arvatz
|
||
Name:
|
Shmuel Arvatz
|
||
Title:
|
Executive Vice President and
|
||
Chief Financial Officer
|
ClickSoftware Contact:
|
Investor Relations Contact:
|
Noa Schuman
|
Rob Fink
|
Investor Relations
|
KCSA Strategic Communications
|
+972-3-7659-467
|
212-896-1206
|
Noa.Schuman@clicksoftware.com
|
rfink@kcsa.com
|
Three Months Ended
|
||||||||||||||||
September 30, 2011
|
September 30, 2010
|
|||||||||||||||
$ |
% of
Revenues
|
$ |
% of
Revenues
|
|||||||||||||
Revenues:
|
||||||||||||||||
Software license
|
$ | 8,861 | 38 | % | $ | 5,969 | 34 | % | ||||||||
Services
|
14,300 | 62 | % | 11,509 | 66 | % | ||||||||||
Total revenues
|
23,161 | 100 | % | 17,478 | 100 | % | ||||||||||
Cost of revenues:
|
||||||||||||||||
Software license
|
733 | 3 | % | 617 | 4 | % | ||||||||||
Services
|
7,255 | 31 | % | 5,986 | 34 | % | ||||||||||
Total cost of revenues
|
7,988 | 34 | % | 6,603 | 38 | % | ||||||||||
Gross profit
|
15,173 | 66 | % | 10,875 | 62 | % | ||||||||||
Operating expenses:
|
||||||||||||||||
Research and development costs, net
|
2,266 | 10 | % | 2,128 | 12 | % | ||||||||||
Selling and marketing expenses
|
5,682 | 25 | % | 4,727 | 27 | % | ||||||||||
General and administrative expenses
|
1,925 | 8 | % | 1,579 | 9 | % | ||||||||||
Total operating expenses
|
9,873 | 43 | % | 8,434 | 48 | % | ||||||||||
Operating income
|
5,300 | 23 | % | 2,441 | 14 | % | ||||||||||
Interest (expense) income, net
|
(150 | ) | (1 | )% | 69 | 0 | % | |||||||||
Net income before taxes
|
$ | 5,150 | 22 | % | $ | 2,510 | 14 | % | ||||||||
Tax expense, net
|
658 | 3 | % | 183 | 1 | % | ||||||||||
Net income
|
$ | 4,492 | 19 | % | $ | 2,327 | 13 | % | ||||||||
Net earnings per ordinary share:
|
||||||||||||||||
Basic
|
$ | 0.14 | $ | 0.08 | ||||||||||||
Diluted
|
$ | 0.14 | $ | 0.07 | ||||||||||||
Shares used in computing basic net income per share
|
31,220,275 | 30,451,473 | ||||||||||||||
Shares used in computing diluted net income per share
|
32,645,964 | 31,951,042 |
Nine Months Ended
|
||||||||||||||||
September 30, 2011
|
September 30, 2010
|
|||||||||||||||
$ |
% of
Revenues
|
$ |
% of
Revenues
|
|||||||||||||
Revenues:
|
||||||||||||||||
Software license
|
$ | 22,379 | 35 | % | $ | 19,056 | 36 | % | ||||||||
Services
|
40,749 | 65 | % | 33,487 | 64 | % | ||||||||||
Total revenues
|
63,128 | 100 | % | 52,543 | 100 | % | ||||||||||
Cost of revenues:
|
||||||||||||||||
Software license
|
1,764 | 3 | % | 1,648 | 3 | % | ||||||||||
Services
|
20,957 | 33 | % | 18,210 | 35 | % | ||||||||||
Total cost of revenues
|
22,721 | 36 | % | 19,858 | 38 | % | ||||||||||
Gross profit
|
40,407 | 64 | % | 32,685 | 62 | % | ||||||||||
Operating expenses:
|
||||||||||||||||
Research and development costs, net
|
6,418 | 10 | % | 5,867 | 11 | % | ||||||||||
Selling and marketing expenses
|
17,277 | 27 | % | 13,900 | 26 | % | ||||||||||
General and administrative expenses
|
5,291 | 8 | % | 4,559 | 9 | % | ||||||||||
Total operating expenses
|
28,986 | 46 | % | 24,326 | 46 | % | ||||||||||
Operating income
|
11,421 | 18 | % | 8,359 | 16 | % | ||||||||||
Interest (expense) income, net
|
(172 | ) | 0 | % | 120 | 0 | % | |||||||||
Net income before taxes
|
$ | 11,249 | 18 | % | $ | 8,479 | 16 | % | ||||||||
Tax expense, net
|
1,910 | 3 | % | 1,027 | 2 | % | ||||||||||
Net income
|
$ | 9,339 | 15 | % | $ | 7,452 | 14 | % | ||||||||
Net earnings per ordinary share:
|
||||||||||||||||
Basic
|
$ | 0.30 | $ | 0.25 | ||||||||||||
Diluted
|
$ | 0.29 | $ | 0.23 | ||||||||||||
Shares used in computing basic net income per share
|
30,921,921 | 30,361,887 | ||||||||||||||
Shares used in computing diluted net income per share
|
32,270,766 | 31,981,518 |
September 30, 2011
|
December 31, 2010
|
|||||||
(Unaudited)
|
(
Audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 14,468 | $ | 25,749 | ||||
Short term deposits
|
31,214 | 16,747 | ||||||
Marketable securities
|
10,439 | 7,839 | ||||||
Trade receivables, net
|
18,472 | 14,255 | ||||||
Deferred taxes
|
1,210 | 2,220 | ||||||
Other receivables and prepaid expenses
|
1,817 | 2,431 | ||||||
Total current assets
|
77,620 | 69,241 | ||||||
LONG TERM ASSETS
|
||||||||
Property and equipment, net
|
3,562 | 3,384 | ||||||
Long term deposits
|
611 | 620 | ||||||
Other receivables and prepaid expenses
|
258 | 364 | ||||||
Intangible assets, net
|
1,398 | 2,004 | ||||||
Goodwill
|
2,511 | 2,511 | ||||||
Severance pay funds
|
1,757 | 1,703 | ||||||
Total long term assets
|
10,097 | 10,586 | ||||||
Total Assets
|
$ | 87,717 | $ | 79,827 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable and accrued expenses
|
$ | 11,583 | $ | 12,574 | ||||
Dividend payable
|
5,041 | - | ||||||
Deferred revenues
|
9,839 | 7,957 | ||||||
Total current liabilities
|
26,433 | 20,531 | ||||||
LONG TERM LIABILITIES
|
||||||||
Accrued severance pay
|
3,629 | 3,431 | ||||||
Deferred revenues
|
2,170 | 1,777 | ||||||
Total long term liabilities
|
5,799 | 5,208 | ||||||
Total liabilities
|
32,262 | 25,739 | ||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Ordinary shares of NIS 0.02 par value
|
130 | 126 | ||||||
Additional paid-in capital
|
83,666 | 81,170 | ||||||
Accumulated deficit
|
(28,071 | ) | (27,393 | ) | ||||
Accumulated other comprehensive income
|
(227 | ) | 228 | |||||
Treasury stock, at cost: 39,000 shares
|
(43 | ) | (43 | ) | ||||
Total shareholders' equity
|
55,455 | 54,088 | ||||||
Total Liabilities and shareholders' equity
|
$ | 87,717 | $ | 79,827 |
Nine Months Ended
|
||||||||
September 30, 2011
|
September 30, 2010
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 9,339 | $ | 7,452 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Income and expense items not involving cash flows:
|
||||||||
Depreciation
|
1,084 | 936 | ||||||
Amortization of deferred compensation
|
1,221 | 841 | ||||||
Amortization of acquired intangible assets
|
606 | 597 | ||||||
Severance pay, net
|
144 | 173 | ||||||
Gain on marketable securities
|
(71 | ) | (59 | ) | ||||
Other
|
10 | 3 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Trade receivables
|
(4,217 | ) | 558 | |||||
Deferred taxes
|
1,010 | 820 | ||||||
Other receivables
|
265 | 20 | ||||||
Accounts payable and accrued expenses
|
(991 | ) | (1,186 | ) | ||||
Deferred revenues
|
2,275 | 3,440 | ||||||
Net cash provided by operating activities
|
$ | 10,675 | $ | 13,595 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchase of equipment
|
(1,272 | ) | (1,205 | ) | ||||
Increase in deposits
|
(14,458 | ) | (4,064 | ) | ||||
Investments in marketable securities
|
(7,360 | ) | (8,255 | ) | ||||
Proceeds from sale of marketable securities
|
4,831 | 1,419 | ||||||
Net cash used in investment activities
|
$ | (18,259 | ) | $ | (12,105 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Dividend paid
|
(4,976 | ) | - | |||||
Employee options exercised
|
1,279 | 857 | ||||||
Net cash (used in) provided by financing activities
|
$ | (3,697 | ) | $ | 857 | |||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(11,281 | ) | 2,347 | |||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
25,749 | 15,594 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 14,468 | $ | 17,941 |
Three Months Ended
|
||||||||||||||||
September 30, 2011
|
September 30, 2010
|
|||||||||||||||
$ |
% of
Revenues
|
$ |
% of
Revenues
|
|||||||||||||
GAAP Net income
|
$ | 4,492 | 19 | % | $ | 2,327 | 13 | % | ||||||||
Share-based compensation (1)
|
509 | 179 | ||||||||||||||
Amortization of intangible assets (2)
|
202 | 199 | ||||||||||||||
Deferred taxes
|
260 | 100 | ||||||||||||||
Non-GAAP Net income
|
$ | 5,463 | 24 | % | $ | 2,805 | 16 | % | ||||||||
GAAP Earnings per share (diluted)
|
$ | 0.14 | $ | 0.07 | ||||||||||||
Share-based compensation
|
0.02 | 0.01 | ||||||||||||||
Amortization of intangible assets
|
0.00 | 0.01 | ||||||||||||||
Deferred taxes
|
0.01 | 0.00 | ||||||||||||||
Non-GAAP Earnings per share (diluted)
|
$ | 0.17 | $ | 0.09 | ||||||||||||
(1) Share-based compensation:
|
||||||||||||||||
Cost of services
|
53 | 41 | ||||||||||||||
Research and development costs, net
|
43 | 36 | ||||||||||||||
Selling and marketing expenses
|
101 | 80 | ||||||||||||||
General and administrative expenses
|
312 | 22 | ||||||||||||||
$ | 509 | $ | 179 | |||||||||||||
(2) Amortization of intangible assets:
|
||||||||||||||||
Cost of revenues
|
172 | 170 | ||||||||||||||
Research and development costs, net
|
30 | 29 | ||||||||||||||
$ | 202 | $ | 199 |
Nine Months Ended
|
||||||||||||||||
September 30, 2011
|
September 30, 2010
|
|||||||||||||||
$ |
% of
Revenues
|
$ |
% of
Revenues
|
|||||||||||||
GAAP Net income
|
$ | 9,339 | 15 | % | $ | 7,452 | 14 | % | ||||||||
Share-based compensation (1)
|
1,221 | 841 | ||||||||||||||
Amortization of intangible assets (2)
|
606 | 597 | ||||||||||||||
Deferred taxes
|
1,010 | 820 | ||||||||||||||
Non-GAAP Net income
|
$ | 12,176 | 19 | % | $ | 9,710 | 18 | % | ||||||||
GAAP Earnings per share (diluted)
|
$ | 0.29 | $ | 0.23 | ||||||||||||
Share-based compensation
|
0.04 | 0.03 | ||||||||||||||
Amortization of intangible assets
|
0.02 | 0.02 | ||||||||||||||
Deferred taxes
|
0.03 | 0.02 | ||||||||||||||
Non-GAAP Earnings per share (diluted)
|
$ | 0.38 | $ | 0.30 | ||||||||||||
(1) Share-based compensation:
|
||||||||||||||||
Cost of services
|
150 | 128 | ||||||||||||||
Research and development costs, net
|
126 | 109 | ||||||||||||||
Selling and marketing expenses
|
288 | 253 | ||||||||||||||
General and administrative expenses
|
657 | 351 | ||||||||||||||
$ | 1,221 | $ | 841 | |||||||||||||
(2) Amortization of intangible assets:
|
||||||||||||||||
Cost of revenues
|
517 | 508 | ||||||||||||||
Research and development costs, net
|
89 | 89 | ||||||||||||||
$ | 606 | $ | 597 |
1 Year Clicksoftware Chart |
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