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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Covisint Corp. | NASDAQ:COVS | 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% | 2.45 | 2.40 | 2.45 | 0 | 01:00:00 |
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
MICHIGAN
(State or other jurisdiction of
incorporation or organization)
|
|
|
|
26-2318591
(I.R.S. Employer
Identification Number)
|
|
Large accelerated filer
o
|
|
|
|
Accelerated filer
x
|
Non-accelerated filer
o
|
|
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
o
|
|
December 31, 2016
|
|
March 31, 2016
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
|
$30,438
|
|
|
|
$39,681
|
|
Accounts receivable, net of allowance for doubtful accounts of $93 and $39 as of December 31, 2016 and March 31, 2016, respectively
|
8,266
|
|
|
12,836
|
|
||
Prepaid expenses
|
2,281
|
|
|
2,167
|
|
||
Other current assets
|
629
|
|
|
1,603
|
|
||
Total current assets
|
41,614
|
|
|
56,287
|
|
||
PROPERTY AND EQUIPMENT, NET
|
5,731
|
|
|
7,847
|
|
||
CAPITALIZED SOFTWARE AND OTHER INTANGIBLE ASSETS, NET
|
10,514
|
|
|
11,486
|
|
||
OTHER:
|
|
|
|
||||
Goodwill
|
25,385
|
|
|
25,385
|
|
||
Deferred costs
|
291
|
|
|
580
|
|
||
Deferred tax asset, net
|
170
|
|
|
171
|
|
||
Other assets
|
173
|
|
|
289
|
|
||
Total other assets
|
26,019
|
|
|
26,425
|
|
||
TOTAL ASSETS
|
|
$83,878
|
|
|
|
$102,045
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
|
$6,267
|
|
|
|
$5,061
|
|
Accrued commissions
|
1,993
|
|
|
1,071
|
|
||
Deferred revenue
|
12,589
|
|
|
15,952
|
|
||
Accrued expenses
|
1,525
|
|
|
2,377
|
|
||
Total current liabilities
|
22,374
|
|
|
24,461
|
|
||
DEFERRED REVENUE
|
423
|
|
|
3,595
|
|
||
ACCRUED LIABILITIES
|
2,310
|
|
|
2,327
|
|
||
DEFERRED TAX LIABILITY, NET
|
382
|
|
|
353
|
|
||
Total liabilities
|
25,489
|
|
|
30,736
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
SHAREHOLDERS' EQUITY:
|
|
|
|
||||
Preferred stock, no par value - authorized 5,000,000 shares; none issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, no par value - authorized 50,000,000 shares; issued and outstanding 40,865,897 (40,490,928 issued and outstanding as of March 31, 2016)
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
163,644
|
|
|
161,997
|
|
||
Accumulated deficit
|
(104,842
|
)
|
|
(90,527
|
)
|
||
Accumulated other comprehensive loss
|
(413
|
)
|
|
(161
|
)
|
||
Total shareholders' equity
|
58,389
|
|
|
71,309
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$83,878
|
|
|
|
$102,045
|
|
|
Three Months Ended
December 31, |
|
Nine Months Ended
December 31, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
REVENUE
|
|
$16,646
|
|
|
|
$19,162
|
|
|
|
$51,261
|
|
|
|
$56,037
|
|
COST OF REVENUE
|
8,500
|
|
|
8,822
|
|
|
25,594
|
|
|
27,068
|
|
||||
GROSS PROFIT
|
8,146
|
|
|
10,340
|
|
|
25,667
|
|
|
28,969
|
|
||||
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
2,578
|
|
|
3,100
|
|
|
9,315
|
|
|
9,890
|
|
||||
Sales and marketing
|
7,128
|
|
|
8,564
|
|
|
21,392
|
|
|
23,223
|
|
||||
General and administrative
|
2,813
|
|
|
2,699
|
|
|
9,207
|
|
|
10,516
|
|
||||
Total operating expenses
|
12,519
|
|
|
14,363
|
|
|
39,914
|
|
|
43,629
|
|
||||
OPERATING LOSS
|
(4,373
|
)
|
|
(4,023
|
)
|
|
(14,247
|
)
|
|
(14,660
|
)
|
||||
Other income (expense)
|
13
|
|
|
3
|
|
|
46
|
|
|
(28
|
)
|
||||
LOSS BEFORE INCOME TAX PROVISION
|
(4,360
|
)
|
|
(4,020
|
)
|
|
(14,201
|
)
|
|
(14,688
|
)
|
||||
INCOME TAX PROVISION
|
40
|
|
|
52
|
|
|
114
|
|
|
96
|
|
||||
NET LOSS
|
|
($4,400
|
)
|
|
|
($4,072
|
)
|
|
|
($14,315
|
)
|
|
|
($14,784
|
)
|
Basic and diluted loss per share
|
($0.11)
|
|
($0.10)
|
|
($0.35)
|
|
($0.38)
|
||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(144
|
)
|
|
(72
|
)
|
|
(252
|
)
|
|
(154
|
)
|
||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
(144
|
)
|
|
(72
|
)
|
|
(252
|
)
|
|
(154
|
)
|
||||
COMPREHENSIVE LOSS
|
|
($4,544
|
)
|
|
|
($4,144
|
)
|
|
|
($14,567
|
)
|
|
|
($14,938
|
)
|
|
Common Stock
|
|
Additional
Paid-In Capital
|
|
Accumulated Deficit
|
|
Accumulated
Other
Comprehensive Loss
|
|
Total
Shareholder’s Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
||||||||||||||||
BALANCE AT MARCH 31, 2016
|
40,490,928
|
|
|
|
$—
|
|
|
|
$161,997
|
|
|
|
($90,527
|
)
|
|
|
($161
|
)
|
|
|
$71,309
|
|
Net loss
|
|
|
|
|
|
|
(14,315
|
)
|
|
|
|
(14,315
|
)
|
|||||||||
Covisint stock based compensation expense (Note 5)
|
|
|
|
|
1,419
|
|
|
|
|
|
|
1,419
|
|
|||||||||
Covisint stock option exercise / RSU vesting
|
374,969
|
|
|
|
|
239
|
|
|
|
|
|
|
239
|
|
||||||||
Income tax items
|
|
|
|
|
(11
|
)
|
|
|
|
|
|
(11
|
)
|
|||||||||
Foreign currency translation
|
|
|
|
|
|
|
|
|
(252
|
)
|
|
(252
|
)
|
|||||||||
BALANCE AT DECEMBER 31, 2016
|
40,865,897
|
|
|
|
$—
|
|
|
|
$163,644
|
|
|
|
($104,842
|
)
|
|
|
($413
|
)
|
|
|
$58,389
|
|
|
Nine Months Ended
December 31, |
||||||
|
2016
|
|
2015
|
||||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
|
($14,315
|
)
|
|
|
($14,784
|
)
|
Adjustments to reconcile net loss to cash provided by (used in) operations:
|
|
|
|
||||
Depreciation and amortization
|
5,410
|
|
|
5,144
|
|
||
Deferred income taxes
|
50
|
|
|
64
|
|
||
Stock award compensation
|
1,419
|
|
|
2,339
|
|
||
Other
|
3
|
|
|
—
|
|
||
Net change in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
4,497
|
|
|
5,684
|
|
||
Other assets
|
1,236
|
|
|
4,611
|
|
||
Accounts payable and accrued expenses
|
1,809
|
|
|
(2,600
|
)
|
||
Deferred revenue
|
(6,475
|
)
|
|
(8,101
|
)
|
||
Net cash used in operating activities
|
(6,366
|
)
|
|
(7,643
|
)
|
||
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:
|
|
|
|
||||
Purchase of:
|
|
|
|
||||
Property and equipment
|
(189
|
)
|
|
(3,772
|
)
|
||
Capitalized software
|
(2,175
|
)
|
|
(2,565
|
)
|
||
Proceeds from asset disposals
|
—
|
|
|
33
|
|
||
Net cash used in investing activities
|
(2,364
|
)
|
|
(6,304
|
)
|
||
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
|
|
|
|
||||
Vendor financing payments
|
(614
|
)
|
|
(548
|
)
|
||
Net proceeds from exercise of stock awards
|
239
|
|
|
2,074
|
|
||
Net cash provided by (used in) financing activities
|
(375
|
)
|
|
1,526
|
|
||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(138
|
)
|
|
(41
|
)
|
||
NET CHANGE IN CASH
|
(9,243
|
)
|
|
(12,462
|
)
|
||
CASH AT BEGINNING OF PERIOD
|
39,681
|
|
|
50,077
|
|
||
CASH AT END OF PERIOD
|
|
$30,438
|
|
|
|
$37,615
|
|
|
December 31, 2016
|
||||||||||
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
Indefinite-lived intangible assets:
|
|
|
|
|
|
||||||
Trademarks (1)
|
|
$358
|
|
|
|
|
|
$358
|
|
||
Amortizing intangible assets:
|
|
|
|
|
|
||||||
Capitalized software (2)
|
|
$40,753
|
|
|
|
($30,597
|
)
|
|
|
$10,156
|
|
Customer relationship agreements
|
2,585
|
|
|
(2,585
|
)
|
|
—
|
|
|||
Trademarks
|
80
|
|
|
(80
|
)
|
|
—
|
|
|||
Total amortizing intangible assets
|
|
$43,418
|
|
|
|
($33,262
|
)
|
|
|
$10,156
|
|
|
March 31, 2016
|
||||||||||
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
Indefinite-lived intangible assets:
|
|
|
|
|
|
||||||
Trademarks (1)
|
|
$358
|
|
|
|
|
|
$358
|
|
||
Amortizing intangible assets:
|
|
|
|
|
|
||||||
Capitalized software (2)
|
|
$38,578
|
|
|
|
($27,450
|
)
|
|
|
$11,128
|
|
Customer relationship agreements
|
2,585
|
|
|
(2,585
|
)
|
|
—
|
|
|||
Trademarks
|
80
|
|
|
(80
|
)
|
|
—
|
|
|||
Total amortizing intangible assets
|
|
$41,243
|
|
|
|
($30,115
|
)
|
|
|
$11,128
|
|
(1)
|
The Covisint trademarks were acquired by Compuware in an acquisition in March 2004 and contributed to Covisint by Compuware effective January 1, 2013. These trademarks are deemed to have an indefinite life and therefore are not being amortized.
|
(2)
|
Amortization of capitalized software is included in “cost of revenue” in the consolidated statements of comprehensive loss. Historically, capitalized software has been amortized over
five years
. Beginning in fiscal year 2017, capitalized software is being amortized over
three
years.
|
|
At December 31, 2016 for the Year Ending March 31,
|
||||||||||||||
|
2017
|
|
2018
|
|
2019
|
|
2020
|
||||||||
Capitalized software
|
|
$1,170
|
|
|
|
$4,634
|
|
|
|
$3,279
|
|
|
|
$1,073
|
|
|
Three Months Ended December 31,
|
|
Nine Months Ended
December 31, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Basic loss per share:
|
|
|
|
|
|
|
|
||||||||
Numerator: Net loss
|
|
($4,400
|
)
|
|
|
($4,072
|
)
|
|
|
($14,315
|
)
|
|
|
($14,784
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding
|
40,846
|
|
|
39,791
|
|
|
40,670
|
|
|
39,400
|
|
||||
Basic loss per share
|
|
($0.11
|
)
|
|
|
($0.10
|
)
|
|
|
($0.35
|
)
|
|
|
($0.38
|
)
|
Diluted loss per share:
|
|
|
|
|
|
|
|
||||||||
Numerator: Net loss
|
|
($4,400
|
)
|
|
|
($4,072
|
)
|
|
|
($14,315
|
)
|
|
|
($14,784
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding
|
40,846
|
|
|
39,791
|
|
|
40,670
|
|
|
39,400
|
|
||||
Dilutive effect of stock awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total shares
|
40,846
|
|
|
39,791
|
|
|
40,670
|
|
|
39,400
|
|
||||
Diluted loss per share
|
|
($0.11
|
)
|
|
|
($0.10
|
)
|
|
|
($0.35
|
)
|
|
|
($0.38
|
)
|
|
Nine Months Ended December 31, 2016
|
|||||||||||
|
Number of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term in Years
|
|
Aggregate
Intrinsic
Value
|
|||||
Options outstanding as of April 1, 2016
|
2,943
|
|
|
|
$4.52
|
|
|
|
|
|
||
Granted
|
355
|
|
|
1.91
|
|
|
|
|
|
|||
Exercised
|
(138
|
)
|
|
1.73
|
|
|
|
|
|
|||
Forfeited/Canceled
|
(602
|
)
|
|
4.97
|
|
|
|
|
|
|||
Options outstanding as of December 31, 2016
|
2,558
|
|
|
|
$4.20
|
|
|
7.70
|
|
|
$26
|
|
Options vested and expected to vest, net of estimated forfeitures, as of December 31, 2016
|
2,437
|
|
|
|
$4.29
|
|
|
7.64
|
|
|
$22
|
|
Options exercisable as of December 31, 2016
|
1,413
|
|
|
|
$5.13
|
|
|
7.15
|
|
|
$—
|
|
|
Nine Months Ended December 31, 2016
|
|||||||||
|
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|
Aggregate
Intrinsic
Value
|
|||||
RSUs outstanding as of April 1, 2016
|
298
|
|
|
|
$3.50
|
|
|
|
||
Granted
|
893
|
|
|
2.29
|
|
|
|
|||
Released
|
(237
|
)
|
|
3.16
|
|
|
|
|||
Forfeited
|
—
|
|
|
—
|
|
|
|
|||
RSUs outstanding as of December 31, 2016
|
954
|
|
|
|
$2.45
|
|
|
|
$1,813
|
|
|
Three Months Ended December 31,
|
|
Nine Months Ended December 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Stock awards compensation classified as:
|
|
|
|
|
|
|
|
||||||||
Cost of revenue
|
|
$16
|
|
|
|
$16
|
|
|
|
$38
|
|
|
|
$68
|
|
Research and development
|
11
|
|
|
22
|
|
|
26
|
|
|
76
|
|
||||
Sales and marketing
|
93
|
|
|
69
|
|
|
211
|
|
|
410
|
|
||||
General and administrative
|
371
|
|
|
410
|
|
|
1,144
|
|
|
1,785
|
|
||||
Total stock awards compensation expense before income taxes
|
|
$491
|
|
|
|
$517
|
|
|
|
$1,419
|
|
|
|
$2,339
|
|
|
Year Ending March 31,
|
||||||||||||||||||||||
Covisint Stock-Based Compensation Plan:
|
Total
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
||||||||||||
Stock Compensation Expense
|
|
$3,135
|
|
|
|
$519
|
|
|
|
$1,264
|
|
|
|
$669
|
|
|
|
$496
|
|
|
|
$187
|
|
|
|
Three Months Ended December 31,
|
|
Nine Months Ended December 31,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Consolidated Statements of Comprehensive Loss Data:
|
|
|
|
|
|
|
|
|
||||||||
Subscription and support
|
|
|
$14,735
|
|
|
|
$15,255
|
|
|
|
$43,939
|
|
|
|
$46,169
|
|
Services
|
|
1,911
|
|
|
3,907
|
|
|
7,322
|
|
|
9,868
|
|
||||
Total revenue
|
|
16,646
|
|
|
19,162
|
|
|
51,261
|
|
|
56,037
|
|
||||
Cost of revenue (1)
|
|
8,500
|
|
|
8,822
|
|
|
25,594
|
|
|
27,068
|
|
||||
Gross profit
|
|
8,146
|
|
|
10,340
|
|
|
25,667
|
|
|
28,969
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Research and development (1)
|
|
2,578
|
|
|
3,100
|
|
|
9,315
|
|
|
9,890
|
|
||||
Sales and marketing (1)
|
|
7,128
|
|
|
8,564
|
|
|
21,392
|
|
|
23,223
|
|
||||
General and administrative (1)
|
|
2,813
|
|
|
2,699
|
|
|
9,207
|
|
|
10,516
|
|
||||
Total operating expenses
|
|
12,519
|
|
|
14,363
|
|
|
39,914
|
|
|
43,629
|
|
||||
Operating loss
|
|
(4,373
|
)
|
|
(4,023
|
)
|
|
(14,247
|
)
|
|
(14,660
|
)
|
||||
Other income (expense)
|
|
13
|
|
|
3
|
|
|
46
|
|
|
(28
|
)
|
||||
Loss from operations before income tax provision
|
|
(4,360
|
)
|
|
(4,020
|
)
|
|
(14,201
|
)
|
|
(14,688
|
)
|
||||
Income tax provision (benefit)
|
|
40
|
|
|
52
|
|
|
114
|
|
|
96
|
|
||||
Net loss
|
|
|
($4,400
|
)
|
|
|
($4,072
|
)
|
|
|
($14,315
|
)
|
|
|
($14,784
|
)
|
Basic and diluted loss per share (2)
|
|
|
($0.11
|
)
|
|
|
($0.10
|
)
|
|
|
($0.35
|
)
|
|
|
($0.38
|
)
|
Weighted-average shares outstanding, Basic and diluted (2)
|
|
40,846
|
|
|
39,791
|
|
|
40,670
|
|
|
39,400
|
|
(1)
|
The statements and line items above include stock compensation as detailed in the table below.
|
(2)
|
Please see note 3 of our consolidated financial statements and related disclosures for an explanation of the method used to calculate the net income (loss) per share attributable to common shareholders and the number of shares used in computation of the per share amounts.
|
|
|
Three Months Ended December 31,
|
|
Nine Months Ended December 31,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Stock awards compensation classified as:
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue
|
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
38
|
|
|
$
|
68
|
|
Research and development
|
|
11
|
|
|
22
|
|
|
26
|
|
|
76
|
|
||||
Sales and marketing
|
|
93
|
|
|
69
|
|
|
211
|
|
|
410
|
|
||||
General and administrative
|
|
371
|
|
|
410
|
|
|
1,144
|
|
|
1,785
|
|
||||
Total stock awards compensation expense before income taxes
|
|
$
|
491
|
|
|
$
|
517
|
|
|
$
|
1,419
|
|
|
$
|
2,339
|
|
(1)
|
Refer to the table above for the breakdown of stock compensation included in these line item percentages.
|
|
Three Months Ended December 31,
|
|
Nine Months Ended December 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Gross profit
|
|
$8,146
|
|
|
|
$10,340
|
|
|
|
$25,667
|
|
|
|
$28,969
|
|
Gross margin
|
49
|
%
|
|
54
|
%
|
|
50
|
%
|
|
52
|
%
|
||||
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Stock compensation expense
|
16
|
|
|
16
|
|
|
38
|
|
|
68
|
|
||||
Amortization of capitalized software
|
1,152
|
|
|
803
|
|
|
3,147
|
|
|
2,611
|
|
||||
Non-U.S. GAAP gross profit
|
|
$9,314
|
|
|
|
$11,159
|
|
|
|
$28,852
|
|
|
|
$31,648
|
|
Non-U.S. GAAP gross margin
|
56
|
%
|
|
58
|
%
|
|
56
|
%
|
|
56
|
%
|
|
Three Months Ended December 31,
|
|
Period-to-Period
Change |
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
Subscription and support
|
|
$14,735
|
|
|
|
$15,255
|
|
|
|
($520
|
)
|
|
(3
|
)%
|
Services
|
1,911
|
|
|
3,907
|
|
|
(1,996
|
)
|
|
(51
|
)%
|
|||
Total revenue
|
|
$16,646
|
|
|
|
$19,162
|
|
|
|
($2,516
|
)
|
|
(13
|
)%
|
|
Three Months Ended December 31,
|
|
Period-to-Period
Change |
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
Cost of revenue
|
|
$8,500
|
|
|
|
$8,822
|
|
|
|
($322
|
)
|
|
(4
|
)%
|
Gross margin
|
49
|
%
|
|
54
|
%
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Period-to-Period
Change |
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
|
(In thousands)
|
|
|
|
|||||||||||
Research and development costs incurred
|
|
$3,324
|
|
|
|
$4,139
|
|
|
|
($815
|
)
|
|
(20
|
)%
|
|
Capitalized internal software costs
|
(746
|
)
|
|
(1,039
|
)
|
|
293
|
|
|
(28
|
)%
|
|
|||
Research and development costs expensed
|
|
$2,578
|
|
|
|
$3,100
|
|
|
|
($522
|
)
|
|
(17
|
)%
|
|
Percentage of total revenue:
|
|
|
|
|
|
|
|
|
|||||||
Research and development costs incurred
|
20
|
%
|
|
22
|
%
|
|
|
|
|
|
|||||
Research and development costs expensed
|
15
|
%
|
|
16
|
%
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Period-to-Period
Change |
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
Sales and marketing
|
|
$7,128
|
|
|
|
$8,564
|
|
|
|
($1,436
|
)
|
|
(17
|
)%
|
Percentage of total revenue
|
43
|
%
|
|
45
|
%
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Period-to-Period
Change |
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
General and administrative
|
|
$2,813
|
|
|
|
$2,699
|
|
|
|
$114
|
|
|
4
|
%
|
Percentage of total revenue
|
17
|
%
|
|
14
|
%
|
|
|
|
|
|
Nine Months Ended December 31,
|
|
Period-to-Period
Change |
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
Subscription and support
|
|
$43,939
|
|
|
|
$46,169
|
|
|
|
($2,230
|
)
|
|
(5
|
)%
|
Services
|
7,322
|
|
|
9,868
|
|
|
(2,546
|
)
|
|
(26
|
)%
|
|||
Total revenue
|
|
$51,261
|
|
|
|
$56,037
|
|
|
|
($4,776
|
)
|
|
(9
|
)%
|
|
Nine Months Ended December 31,
|
|
Period-to-Period
Change |
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
Cost of revenue
|
|
$25,594
|
|
|
|
$27,068
|
|
|
|
($1,474
|
)
|
|
(5
|
)%
|
Gross margin
|
50
|
%
|
|
52
|
%
|
|
|
|
|
|
Nine Months Ended December 31,
|
|
Period-to-Period
Change |
|
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
|
(In thousands)
|
|
|
|
|||||||||||
Research and development costs incurred
|
|
$11,490
|
|
|
|
$12,455
|
|
|
|
($965
|
)
|
|
(8
|
)%
|
|
Capitalized internal software costs
|
(2,175
|
)
|
|
(2,565
|
)
|
|
390
|
|
|
(15
|
)%
|
|
|||
Research and development costs expensed
|
|
$9,315
|
|
|
|
$9,890
|
|
|
|
($575
|
)
|
|
(6
|
)%
|
|
Percentage of total revenue:
|
|
|
|
|
|
|
|
|
|||||||
Research and development costs incurred
|
22
|
%
|
|
22
|
%
|
|
|
|
|
|
|||||
Research and development costs expensed
|
18
|
%
|
|
18
|
%
|
|
|
|
|
|
|
Nine Months Ended December 31,
|
|
Period-to-Period
Change |
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
Sales and marketing
|
|
$21,392
|
|
|
|
$23,223
|
|
|
|
($1,831
|
)
|
|
(8
|
)%
|
Percentage of total revenue
|
42
|
%
|
|
41
|
%
|
|
|
|
|
|
Nine Months Ended December 31,
|
|
Period-to-Period
Change |
|||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
General and administrative
|
|
$9,207
|
|
|
|
$10,516
|
|
|
|
($1,309
|
)
|
|
(12
|
)%
|
Percentage of total revenue
|
18
|
%
|
|
19
|
%
|
|
|
|
|
|
Nine Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Consolidated Statement of Cash Flows Data:
|
(In thousands)
|
||||||
Net cash (used in) operating activities
|
|
($6,366
|
)
|
|
|
($7,643
|
)
|
Net cash (used in) investing activities
|
(2,364
|
)
|
|
(6,304
|
)
|
||
Net cash (used in) provided by financing activities
|
(375
|
)
|
|
1,526
|
|
||
Effect of exchange rate
|
(138
|
)
|
|
(41
|
)
|
||
Net change in cash
|
|
($9,243
|
)
|
|
|
($12,462
|
)
|
|
|
COVISINT CORPORATION
|
|
|
|
Date:
|
February 9, 2017
|
By:
/s/ Samuel M. Inman, III
|
|
|
Samuel M. Inman, III
|
|
|
Chief Executive Officer
|
|
|
Principal Executive Officer
|
|
|
|
Date:
|
February 9, 2017
|
By:
/s/ Enrico Digirolamo
|
|
|
Enrico Digirolamo
|
|
|
Chief Financial Officer
|
|
|
Principal Accounting Officer
|
|
|
|
1 Year COVISINT CORP Chart |
1 Month COVISINT CORP Chart |
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