We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Guidance Software, Inc. | NASDAQ:GUID | 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% | 7.07 | 0.0001 | 7.00 | 0 | 01:00:00 |
Guidance Software, Inc. (NASDAQ: GUID) today reported financial results for the second quarter ended June 30, 2016.
Financial highlights, on a generally accepted accounting principles (GAAP) basis include:
Financial highlights, on a non-GAAP basis, which excludes share-based compensation, amortization of intangibles, litigation settlement, proxy contest and realignment expenses, include:
“We had a strong second quarter, once again delivering solid top line results while maintaining the pace to reach our revenue growth goals for the year,” said Patrick Dennis, Guidance Software’s Chief Executive Officer. “Total revenues of $27.6 million grew on both a year-over-year and sequential basis. The performance of the Forensic Security suite proves our pivot towards Cyber Security is working. In the second quarter our Forensic Security suite was 75% of our enterprise revenue, up from 39% a year ago. Furthermore, our Endpoint Detection and Response product revenue increased 40% year over year.”
“With strong growth in product revenue, especially around our Forensic Security suite, we can also focus on driving the Company towards profitability,” said Barry Plaga, Chief Operating and Financial Officer. “As we transform the business, we are also focusing on disciplined spending and continued overhead reduction, resulting in second half expense savings of approximately $2.5 to $3 million. We should expect positive EBITDA in the back half of 2016 and then each quarter in 2017.”
Second Quarter 2016 Highlights and Recent Noteworthy Events
2016 Financial Guidance
The Company's updated guidance for the year ending December 31, 2016 is as follows:
Conference Call Information and Supplemental Information Slide Presentation:
The Company will host a conference call today at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time, to discuss its second quarter 2016 results. Participants should call 877-407-0784 (North America) or 201-689-8560 (International) at least five minutes prior to the conference call.
A supplemental information slide presentation, webcast and replay of the call may also be found online through Guidance Software's Investor Relations website at http://investors.guidancesoftware.com/events.cfm. Registered users may access this content over the Internet, and there is no cost to register. If you have not already registered, please do so at least 15 minutes prior to the start of the conference call.
An audio-only replay of the call will be available by calling 877-870-5176, passcode 13641062, available from 8:00 p.m. Eastern Time, August 2, 2016, through midnight Eastern Time, August 9, 2016.
About Guidance Software:
Guidance (GUID) exists to turn chaos and the unknown into order and the known—so that companies and their customers can go about their daily lives as usual without worry or disruption, knowing their most valuable information is safe and secure. The makers of EnCase®, the gold standard in forensic security, Guidance provides a mission-critical foundation of market-leading applications that offer deep 360-degree visibility across all endpoints, devices and networks, allowing proactive identification and remediation of threats. From retail to financial institutions, our field-tested and court-proven solutions are deployed on an estimated 33 million endpoints at more than 70 of the Fortune 100 and hundreds of agencies worldwide. Guidance provides forensic security solutions, from beginning to endpoint.
For more information about Guidance Software, please visit guidancesoftware.com, "Like" our Facebook page, follow us on Twitter, or follow our LinkedIn page.
Guidance Software® and EnCase® are trademarks owned by Guidance Software and may not be used without prior written permission. All other trademarks and copyrights are the property of their respective owners.
GUID-F
Notes to Unaudited Condensed Consolidated Statements of Operations:
Guidance Software reports its financial results in accordance with generally accepted accounting principles, or GAAP. To supplement this information, we present from time to time non-GAAP gross profit, operating expenses, operating income (loss) and net income (loss), as well as non-GAAP net income (loss) per share. Non-GAAP gross profit consists of GAAP gross profit as reported and adds back realignment expenses and share-based compensation expense booked for GAAP purposes. Non-GAAP operating income (loss) consists of GAAP operating income (loss) as reported and excludes realignment expenses, amortization of intangibles, litigation settlement, proxy contest and share-based compensation expense. Non-GAAP net income (loss) consists of GAAP operating income (loss) as reported and excludes realignment expenses, amortization of intangibles, litigation settlement, proxy contest expense, share-based compensation expense and the income tax provision.
We use these non-GAAP financial measures for internal managerial purposes, when publicly providing our business outlook, and to facilitate period-to-period comparisons. We describe limitations specific to each non-GAAP financial measure below. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of the non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, net income (loss) and net income (loss) per share calculated in accordance with GAAP.
Accordingly, management and the Board of Directors do not consider these excluded items for purposes of evaluating the performance of the Company, its business units and its management teams and when making decisions to allocate resources among the Company's business units.
Realignment Expenses. Realignment expenses represent one-time severance and related employment costs associated with a reduction in headcount. Guidance Software excludes realignment expenses from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Guidance Software business operations and (ii) such expenses are not expected to recur in future periods.
Proxy Contest Expenses. Proxy contest expenses represent one-time legal and other consulting expenses related to the proxy contest between Guidance Software and its founder and former chairman, which was settled on April 22, 2016. Guidance Software excludes proxy contest expenses from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Guidance Software business operations and (ii) such expenses are uncommon and not expected to recur in future periods.
Litigation Settlement. Litigation settlement expense represents a one-time settlement expense of a patent infringement lawsuit with MyKey Technology, LLC. Guidance Software excludes litigation settlement expense from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expense may not directly correlate to the underlying performance of Guidance Software business operations and (ii) such expense is uncommon and not expected to recur in future periods.
Amortization of Intangibles. Amortization of intangibles is a non-cash expense arising from the acquisition of intangible assets in connection with acquisitions. Guidance Software excludes acquisition-related amortization expense from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Guidance Software business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired intangible assets. Investors should note that the use of these intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation and the related amortization expense will recur in future periods.
Share-based Compensation Expense. Share-based compensation expense is a non-cash expense arising from the grant of stock awards to employees. Guidance Software excludes share-based compensation expense from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Guidance Software business operations and (ii) such expenses can vary significantly between periods as a result of the timing of grants of new share-based awards. Investors should note that share-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods and such expense will recur in future periods.
Forward Looking Statements:
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements in this release involve risks and uncertainties that could cause actual results to differ materially from current expectations. There can be no assurance that demand for Guidance Software's products will continue at current or greater levels, or that the Company will continue to grow revenues, or be profitable. There are also risks that Guidance Software's pursuit of providing network security and e-discovery technology might not be successful, or that if successful, it will not materially enhance Guidance Software's financial performance; that the Company could fail to retain key employees; that changes in customer requirements and other general economic and political uncertainties could impact Guidance Software's relationship with its customers; and that delays in product development, competitive pressures or technical difficulties could impact timely delivery of next-generation products; and other risks and uncertainties that are described from time to time in Guidance Software's periodic reports and registration statements filed with the Securities and Exchange Commission. The Company specifically disclaims any responsibility for updating these forward-looking statements.
Guidance Software, Inc. Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Revenues: Product revenue $ 9,635 $ 8,280 $ 17,093 $ 15,334 Services revenue 8,177 9,264 16,686 17,446 Maintenance revenue 9,744 10,005 19,576 19,773 Total revenues $ 27,556 $ 27,549 $ 53,355 $ 52,553 Cost of revenues: Cost of product revenue $ 2,415 $ 2,293 $ 4,371 $ 4,036 Cost of services revenue 5,650 6,285 11,285 12,501 Cost of maintenance revenue 636 690 1,242 1,180 Total cost of revenues $ 8,701 $ 9,268 $ 16,898 $ 17,717 Gross profit $ 18,855 $ 18,281 $ 36,457 $ 34,836 Operating expenses: Selling and marketing $ 11,613 $ 10,257 $ 22,114 $ 19,201 Research and development6,500 5,244 12,742 10,409 General and administrative
9,133 4,629 15,323 9,184 Depreciation and amortization
1,307 1,596 2,722 3,237 Total operating expenses $ 28,553 $ 21,726 $ 52,901 $ 42,031 Operating loss $ (9,698 ) $ (3,445 ) $ (16,444 ) $ (7,195 ) Interest income and other, net 6 10 13 18 Loss before income taxes $ (9,692 ) $ (3,435 ) $ (16,431 ) $ (7,177 ) Income tax provision 38 96 91 167 Net loss $ (9,730 ) $ (3,531 ) $ (16,522 ) $ (7,344 ) Net loss per share - basic $ (0.33 ) $ (0.13 ) $ (0.58 ) $ (0.27 ) Net loss per share - diluted $ (0.33 ) $ (0.13 ) $ (0.58 ) $ (0.27 ) Shares used in per share calculation - basic 29,397 27,999 28,689 27,143 Shares used in per share calculation - diluted 29,397 27,999 28,689 27,143
Supplemental Financial Data
Non-GAAP loss before income taxes excluding amortization of intangibles, proxy contest expense, litigation settlement, realignment expense, and share-based compensation expense $ (2,356 ) $ (1,293 ) $ (4,530 ) $ (2,920 ) Non-GAAP loss per share before income taxes excluding amortization of intangibles, proxy contest expense, litigation settlement, realignment expense, and share-based compensation expense Basic $ (0.08 ) $ (0.05 ) $ (0.16 ) $ (0.11 ) Diluted $ (0.08 ) $ (0.05 ) $ (0.16 ) $ (0.11 ) Guidance Software, Inc. Calculation of Pre-Tax Non-GAAP Income (unaudited) (in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Calculation of pre-tax non-GAAP income (loss): GAAP net loss $ (9,730 ) $ (3,531 ) $ (16,522 ) $ (7,344 ) Add: Income tax provision 38 96 91 167 Amortization of intangibles 379 413 766 862 Proxy contest expense 1,512 - 2,176 - Litigation settlement 2,250 - 2,250 - Realignment expense 920 - 3,112 - Share-based compensation expense (including related payroll taxes paid by the Company) 2,275 1,729 3,597 3,395 Non-GAAP loss before income taxes excluding amortization of intangibles, proxy contest expense, litigation settlement, realignment expense, and share-based compensation expense $ (2,356 ) $ (1,293 ) $ (4,530 ) $ (2,920 ) Non-GAAP loss per share before income taxes excluding amortization of intangibles, proxy contest expense, litigation settlement, realignment expense, and share-based compensation expense Basic $ (0.08 ) $ (0.05 ) $ (0.16 ) $ (0.11 ) Diluted $ (0.08 ) $ (0.05 ) $ (0.16 ) $ (0.11 ) Shares used in per share calculations: Basic 29,397 27,999 28,689 27,143 Diluted 29,397 27,999 28,689 27,143Detail of Proxy Contest Expense:
General and administrative $ 1,512 $ - $ 2,176 $ - Total proxy contest expense $ 1,512 $ - $ 2,176 $ -Detail of Litigation Settlement:
General and administrative $ 2,250 $ - $ 2,250 $ - Total litigation settlement $ 2,250 $ - $ 2,250 $ -Detail of Realignment Expense:
Cost of services revenue $ 168 $ - $ 622 $ - Selling and marketing 87 - 1,404 - Research and development - - 351 - General and administrative 665 - 735 - Total realignment expense $ 920 $ - $ 3,112 $ -Detail of Share-based Compensation Expense:
Cost of product revenue $ 14 $ 29 $ 29 $ 61 Cost of services revenue205 281 376 568 Cost of maintenance revenue
37 40 75 82 Selling and marketing
714 406 824 761 Research and development
701 376 1,128 814 General and administrative
604 597 1,165 1,109 Total share-based compensation expense $ 2,275 $ 1,729 $ 3,597 $ 3,395 Guidance Software, Inc Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Gross profit, as reported $ 18,855 $ 18,281 $ 36,457 $ 34,836 Realignment expense 168 - 622 - Share-based compensation 256 350 480 711 Gross profit adjustment 424 350 1,102 711 Total non-GAAP gross profit $ 19,279 $ 18,631 $ 37,559 $ 35,547 Total operating expenses, as reported $ 28,553 $ 21,726 $ 52,901 $ 42,031 Amortization of intangibles (379 ) (413 ) (766 ) (862 ) Proxy contest expense (1,512 ) - (2,176 ) - Litigation settlement (2,250 ) - (2,250 ) - Realignment expense (752 ) - (2,490 ) - Share-based compensation (2,019 ) (1,379 ) (3,117 ) (2,684 ) Operating expense adjustment (6,912 ) (1,792 ) (10,799 ) (3,546 ) Total non-GAAP operating expenses $ 21,641 $ 19,934 $ 42,102 $ 38,485
Operating loss, as reported
$ (9,698 ) $ (3,445 ) $ (16,444 ) $ (7,195 ) Gross profit adjustment 424 350 1,102 711 Operating expense adjustment 6,912 1,792 10,799 3,546 Total non-GAAP operating loss $ (2,362 ) $ (1,303 ) $ (4,543 ) $ (2,938 )Net loss, as reported
$ (9,730 ) $ (3,531 ) $ (16,522 ) $ (7,344 ) Gross profit adjustment 424 350 1,102 711 Operating expense adjustment 6,912 1,792 10,799 3,546 Income tax provision 38 96 91 167 Total non-GAAP net loss $ (2,356 ) $ (1,293 ) $ (4,530 ) $ (2,920 ) Net loss per share-diluted, as reported $ (0.33 ) $ (0.13 ) $ (0.58 ) $ (0.27 ) Non-GAAP net loss per share-diluted $ (0.08 ) $ (0.05 ) $ (0.16 ) $ (0.11 ) Guidance Software, Inc. Unaudited Condensed Consolidated Balance Sheets (in thousands) June 30, December 31, 2016 2015 ASSETS Current assets: Cash and cash equivalents $ 13,040 $ 18,967 Trade receivables, net 15,401 21,434 Inventory 2,644 2,543 Prepaid expenses and other current assets 4,855 3,335 Total current assets $ 35,940 $ 46,279 Long-term assets: Property and equipment, net $ 13,124 $ 13,513 Intangible assets, net 5,390 6,157 Goodwill 14,632 14,632 Other assets 2,679 1,709 Total long-term assets 35,825 36,011 Total assets $ 71,765 $ 82,290 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,147 $ 3,335 Accrued liabilities 11,365 9,884 Deferred revenues 39,063 41,553 Total current liabilities $ 58,575 $ 54,772 Long-term liabilities: Deferred rent and other long-term liabilities $ 7,002 $ 7,527 Deferred revenues 7,320 8,242 Deferred tax liabilities 556 511 Total long-term liabilities $ 14,878 $ 16,280 Stockholders' equity: Common stock $ 26 $ 25 Additional paid-in capital 122,309 118,714 Treasury stock (11,479 ) (11,479 ) Accumulated deficit (112,544 ) (96,022 ) Total stockholders' equity $ (1,688 ) $ 11,238 Total liabilities and stockholders' equity $ 71,765 $ 82,290 Guidance Software, Inc Unaudited Cash Flow Summary (in thousands) Six Months Ended June 30, 2016 2015 Operating Activities: Net loss $ (16,522 ) $ (7,344 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation & amortization 2,722 3,237 Share-based compensation 3,597 3,395 Deferred taxes 45 46 Loss on disposal of assets 96 12 Changes in operating assets and liabilities: Restricted cash - 153 Trade receivables 6,033 2,941 Inventory (101 ) 183 Prepaid expenses and other assets (2,490 ) 88 Accounts payable 4,419 (2,341 ) Accrued liabilities 1,355 2,102 Deferred revenues (3,412 ) 1,582 Net cash (used in) provided by operating activities $ (4,258 ) $ 4,054 Investing Activities: Purchase of property and equipment $ (1,630 ) $ (3,015 ) Net cash used in investing activities $ (1,630 ) $ (3,015 ) Financing Activities: Proceeds from the exercise of stock options $ - $ 1,677 Principal payments on capital lease and other obligations (39 ) (42 ) Net cash (used in) provided by financing activities $ (39 ) $ 1,635 Net (decrease) increase in cash and cash equivalents $ (5,927 ) $ 2,674 Cash and cash equivalents, beginning of period $ 18,967 $ 18,355 Cash and cash equivalents, end of period $ 13,040 $ 21,029
View source version on businesswire.com: http://www.businesswire.com/news/home/20160802006744/en/
INVESTOR CONTACTGuidance Software, Inc.Rasmus van der Colff, 626-768-4607investorrelations@guidancesoftware.com
1 Year Guidance Software, Inc. Chart |
1 Month Guidance Software, Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions