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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Jda Software Grp., Inc. (MM) | NASDAQ:JDAS | 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% | 45.18 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
JDA® Software Group, Inc. (NASDAQ: JDAS), The Supply Chain Company®, today announced financial results for the third quarter ended September 30, 2010. JDA reported record total revenues of $158.4 million, a 65 percent increase from $95.9 million of revenue reported in third quarter 2009. Software license and subscription revenues in the third quarter 2010 increased 28 percent to $22.0 million from $17.3 million in third quarter 2009.
Adjusted EBITDA increased 69 percent to $39.7 million in third quarter 2010 from $24.1 million in the third quarter of 2009. JDA also reported adjusted non-GAAP earnings per share for third quarter 2010 of $0.47, an increase from the $0.40 per share reported in third quarter 2009. Adjusted non-GAAP earnings exclude amortization of acquired software technology and intangibles, restructuring charges, stock-based compensation and costs related to the acquisition and transition of i2 Technologies, Inc. (i2). GAAP net income attributable to common shareholders for third quarter 2010 was $8.3 million or $0.20 per share, compared to a net loss of $2.3 million or ($0.07) per share in third quarter 2009. Results for 2010 include the completion of the acquisition of i2 as of January 28, 2010.
“The integration of JDA with i2 is now well underway and there are numerous indicators of the strength of the new combined company, maintenance margins and retention rates are at an all time high, operating expenses as a percent of revenue have improved substantially, total revenue is running at record levels and finally, despite being handicapped by unprecedented one-time legal expenses, profits are at near-record levels,” said JDA President and Chief Executive Officer Hamish Brewer. “Additionally, although the software license revenue for the quarter was low, as predicted, the outlook is strong and we expect to achieve the higher end of our software revenue guidance range for the full year.”
Software and Subscription
Software and subscription revenue increased 28 percent to $22.0 million in the third quarter 2010 from $17.3 million in the third quarter 2009. This increase was driven by the acquisition of i2. The average sales price for the trailing 12 months ended September 30, 2010 was $573,000 compared to $608,000 for the trailing 12 months ended June 30, 2010.
Maintenance and Support Services
Maintenance revenue increased 43 percent to $64.2 million in the third quarter 2010 from $45.0 million in the third quarter 2009. This increase was due to the acquisition of i2 and the year-over-year improvement in retention rates. The year-to-date retention rate in the third quarter 2010 increased to 95.9 percent from 92.7 percent in the third quarter 2009. Maintenance gross margins increased to 80 percent in the current quarter from 76 percent in the third quarter 2009 primarily due to the previously suspended maintenance revenue of $4.0 million that was recognized in the third quarter 2010.
Consulting Services
Consulting services revenue increased 114 percent to $65.9 million in the third quarter 2010 from $30.9 million in the third quarter 2009. This increase was primarily due to the acquisition of i2 and increased implementation services work associated with larger JDA software product sales in 2009. During the third quarter 2010, the Company completed the contractual and administrative requirements necessary to recognize $7.6 million of consulting revenue and reimbursed expenses, along with the associated costs related to work performed earlier in the year. Consulting services gross margins were 23 percent in third quarter 2010 compared to 26 percent in the third quarter 2009. This decrease was driven primarily by an increase in contractor costs in the third quarter 2010 and a decrease in utilization rates.
Other Financial Data
Third Quarter 2010 Highlights
The following presents a high-level summary of JDA’s regional sales performance:
Nine Months Ended September 30, 2010 Results
Conference Call Information
JDA Software Group, Inc. will host a conference call at 4:45 p.m. Eastern time today to discuss earnings results for its third quarter ended September 30, 2010. To participate in the call, dial 1-877-941-4775 (United States) or 1-480-629-9761 (International) and ask the operator for the “JDA Software Group, Inc. Third Quarter 2010 Earnings Conference Call.” A live audio webcast of the conference call and detailed slide deck can be accessed by logging onto www.jda.com in the Investor Relations section.
A replay of the conference call will begin on October 26, 2010 at approximately 8 p.m. Eastern time and will end on November 26, 2010. To hear a replay of the call over the Internet, access JDA’s website at www.jda.com.
About JDA Software Group, Inc.
JDA® Software Group, Inc. (NASDAQ: JDAS), The Supply Chain Company®, is a leading global provider of innovative supply chain management, merchandising and pricing excellence solutions. JDA empowers more than 6,000 companies of all sizes to make optimal decisions that improve profitability and achieve real results in the discrete and process manufacturing, wholesale distribution, transportation, retail and services industries. With an integrated solutions offering that spans the entire supply chain from materials to the consumer, JDA leverages the powerful heritage and knowledge capital of acquired market leaders including i2 Technologies®, Manugistics®, E3®, Intactix® and Arthur®. JDA’s multiple service options provide customers with flexible configurations, rapid time-to-value, lower total cost of ownership and 24/7 functional and technical support and expertise. To learn more, visit www.jda.com or e-mail info@jda.com.
JDA SOFTWARE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts, unaudited)
September 30,2010
December 31,2009
ASSETS Current Assets:Cash and cash equivalents
$ 172,370 $ 75,974 Restricted cash 10,321 287,875Accounts receivable, net
98,287 68,883Deferred tax asset
57,836 19,142Prepaid expenses and other current assets
32,643 15,667Total current assets
371,457 467,541 Non-Current Assets:Property and equipment, net
48,881 40,842Goodwill
197,031 135,275Other intangibles, net
199,200 119,661Deferred tax asset
269,032 44,350Other non-current assets
17,810 13,997Total non-current assets
731,954 354,125Total Assets
$ 1,103,411 $ 821,666 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities:Accounts payable
$ 19,017 $ 7,192Accrued expenses and other liabilities
65,316 45,523 Income taxes payable 762 3,489Deferred revenue
105,053 65,665Total current liabilities
190,148 121,869 Non-Current Liabilities: Long-term debt 272,572 272,250 Accrued exit and disposal obligations 5,836 7,341 Liability for uncertain tax positions 10,818 8,770 Deferred revenue 11,469 --Total non-current liabilities
300,695 288,361Total Liabilities
490,843 410,230 Stockholders' Equity:Common stock
438 363Additional paid-in capital
545,984 356,065Retained earnings
85,885 74,014Accumulated other comprehensive income (loss)
7,000 3,267Treasury stock
(26,739) (22,273)Total stockholders' equity
612,568 411,436Total liabilities and stockholders' equity
$ 1,103,411 $ 821,666JDA SOFTWARE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except earnings per share data, unaudited)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2010 2009 2010 2009 REVENUES: Software licenses $ 16,276 $ 16,354 $ 72,865 $ 57,300 Subscriptions and other recurring revenues 5,758 896 15,851 2,860Maintenance services
64,186 45,010 181,840 132,378Product revenues
86,220 62,260 270,556 192,538Consulting services
65,947 30,852 164,204 78,965Reimbursed expenses
6,276 2,747 13,687 7,174Service revenues
72,223 33,599 177,891 86,139Total revenues
158,443 95,859 448,447 278,677 COST OF REVENUES: Cost of software licenses 1,103 580 3,020 2,417 Amortization of acquired software technology 1,833 966 5,212 2,954 Cost of maintenance services 12,932 10,883 39,192 32,416Cost of product revenues
15,868 12,429 47,424 37,787Cost of consulting services
48,976 22,219 124,987 61,732Reimbursed expenses
6,276 2,747 13,687 7,174Cost of service revenues
55,252 24,966 138,674 68,906Total cost of revenues
71,120 37,395 186,098 106,693 GROSS PROFIT 87,323 58,464 262,349 171,984 OPERATING EXPENSES: Product development 17,373 12,495 54,131 37,732Sales and marketing
20,258 15,888 65,830 46,310General and administrative
17,546 12,305 55,044 35,001Amortization of intangibles
9,966 5,753 28,447 17,880Restructuring charges
4,172 2,543 16,478 6,705 Acquisition-related costs 473 -- 8,081 --Total operating expenses
69,788 48,984 228,011 143,628OPERATING INCOME
17,535 9,480 34,338 28,356 Interest expense and amortization of loan fees (6,169) (346) (18,437) (971)Interest income and other, net
558 1,006 1,039 886 INCOME BEFORE INCOME TAXES 11,924 10,140 16,940 28,271Income tax provision
3,651 3,877 5,069 10,429NET INCOME
$ 8,273 $ 6,263 $ 11,871 $ 17,842Consideration paid in excess of carrying value on the repurchase of redeemable preferred stock
--
(8,593)
--
(8,593)
INCOME APPLICABLE TO COMMON SHAREHOLDERS
$
8,273
$
(2,330)
$
11,871
$
9,249
EARNINGS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS:
Basic earnings per share
$ .20 $ (.07) $ .29 $ .26Diluted earnings per share
$ .20 $ (.07) $ .29 $ .26 SHARES USED TO COMPUTEBasic earnings per share
41,774 33,505 40,939 35,076Diluted earnings per share
42,234 33,505 41,517 35,329JDA SOFTWARE GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2010 2009 2010 2009CASH FLOW INFORMATION
Net cash provided by (used in) operating activities: Net Income $ 8,273 $ 6,263 $ 11,871 $ 17,842 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 15,019 9,201 43,029 28,043 Provision for doubtful accounts 499 600 999 900 Amortization of loan fees 490 -- 1,412 -- Share-based compensation expense 2,265 2,845 8,834 6,412 Net loss (gain) on disposal of property and equipment 1 (1) (8) (55) Deferred income taxes 183 2,847 (121) 8,517 Changes in assets and liabilities, net of effects from business acquisitions: Accounts receivable 16,137 2,716 1,281 19,536 Income tax receivable 194 (404) 2,225 (1,838) Prepaid expenses and other current assets 963 2,906 (12,948) (3,976) Accounts payable 5,176 (1,454) 8,810 5,685 Accrued expenses and other liabilities (1,762) 2,032 (15,837) (11,478) Income tax payable (1,690) 15 (5,427) 380 Deferred revenue (16,323) (7,547) (5,127) 10,560 $ 29,425 $ 20,019 $ 38,993 $ 80,528 Net cash provided by (used in) investing activities: Change in restricted cash $ 1,459 $ -- $ 277,554 $ -- Purchase of i2 Technologies, Inc -- -- (213,427) -- Payment of direct costs related to acquisitions (1,110) (2,945) (2,749) (4,431) Purchase of other property and equipment (8,388) (4,134) (14,785) (5,541) Proceeds from disposal of property and equipment 282 8 631 62 $ (7,757) $ (7,071) $ 47,224 $ (9,910) Net cash provided by financing activities: Issuance of common stock under equity plans $ 2,226 $ 9,882 $ 13,836 $ 14,524 Purchase of treasury stock and other, net (887) (2,367) (4,645) (6,266) Redemption of redeemable preferred stock -- (28,068) -- (28,068) $ 1,339 $ (20,553) $ 9,191 $ (19,810) Effect of exchange rates on cash 3,184 407 988 1,973 Net increase (decrease) in cash and cash equivalents 26,191 (7,198) 96,396 52,781 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 146,179 92,675 75,974 32,696 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 172,370 $ 85,477 $ 172,370 $ 85,477JDA SOFTWARE GROUP, INC.
NON-GAAP MEASURES OF PERFORMANCE
(in thousands, except share data, unaudited)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2010 2009 2010 2009Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA
Net Income (GAAP BASIS) $ 8,273 $ 6,263 $ 11,871 $ 17,842 Income tax provision 3,651 3,877 5,069 10,429 Interest expense and amortization of loan fees 6,169 346 18,437 971 Amortization of acquired software technology 1,833 966 5,212 2,954 Amortization of intangibles 9,966 5,753 28,447 17,880 Depreciation 3,218 2,482 9,368 7,209 EBITDA (earnings before interest, tax, depreciation and amortization) 33,110 19,687 78,404 57,285 Restructuring charges 4,172 2,543 16,478 6,705 Stock-based compensation 2,265 2,845 8,834 6,412 Acquisition-related costs 473 -- 8,081 -- Non-recurring transition costs to integrate acquisition 198 -- 1,638 -- Interest income and other non-operating income, net (558) (1,006) (1,039) (886) Adjusted EBITDA $ 39,660 $ 24,069 $ 112,396 $ 69,516 EBITDA, as a percentage of revenue 21% 21% 17% 21% Adjusted EBITDA, as a percentage of revenue 25% 25% 25% 25%NON-GAAP EARNINGS PER SHARE
Income before income taxes (GAAP BASIS) $ 11,924 $ 10,140 $ 16,940 $ 28,271 Amortization of acquired software technology 1,833 966 5,212 2,954 Amortization of intangibles 9,966 5,753 28,447 17,880 Restructuring charges 4,172 2,543 16,478 6,705 Stock-based compensation 2,265 2,845 8,834 6,412 Acquisition-related costs 473 -- 8,081 -- Non-recurring transition costs to integrate acquisition 198 -- 1,638 -- Adjusted income before income taxes 30,831 22,247 85,630 62,222 Adjusted income tax expense 10,791 8,009 29,971 22,261 Adjusted net income $ 20,040 $ 14,238 $ 55,659 $ 39,961 Adjusted non-GAAP diluted earnings per share $ 0.47 $ 0.40 $ 1.34 $ 1.13 Shares used to compute non-GAAP diluted earnings per share 42,234 35,678 41,517 35,329 JDA SOFTWARE GROUP, INC. SUPPLEMENTAL DATA (dollars in thousands) Software & Subscription Revenues by Geographic Region Three Months Ended 9/30/2010 6/30/2010 3/31/2010 12/31/2009 9/30/2009 Americas $ 16,590 $ 27,080 $ 18,917 $ 19,084 $ 12,624 EMEA 3,405 4,773 5,403 6,417 4,084 Asia/Pacific 2,039 6,105 4,404 3,125 542 Total $ 22,034 $ 37,958 $ 28,724 $ 28,626 $ 17,250 Business Segment Data Three Months Ended 9/30/2010 6/30/2010 3/31/2010 12/31/2009 9/30/2009 Supply Chain Total Revenues $ 153,706 $ 152,931 $ 125,233 $ 99,410 $ 88,608 Operating Income 50,435 52,638 39,904 33,882 29,054 Operating Income Margin 33% 34% 32% 34% 33% Pricing and Revenue Management Total Revenues $ 4,737 $ 5,442 $ 6,398 $ 7,713 $ 7,251 Operating Income (Loss) (743) (453) 607 986 1,027 Operating Income Margin (16%) (8%) 9% 13% 14% New vs. Install-Base Software Sales and Subscription Revenues Three Months Ended 9/30/2010 6/30/2010 3/31/2010 12/31/2009 9/30/2009 New Sales $ 2,603 12% $ 8,080 21% $ 8,415 29% $ 4,515 16% $ 3,317 19% Install-Base Sales 19,431 88% 29,878 79% 20,309 71% 24,111 84% 13,933 81% Total $ 22,034 $ 37,958 $ 28,724 $ 28,626 $ 17,250 ASP, Multi-Product Deals & Large Deal Counts Last Twelve Months Ended 9/30/2010 6/30/2010 3/31/2010 12/31/2009 9/30/2010 Average Sales Price (ASP) $ 573 $ 608 $ 618 $ 630 $ 733 Multiple-Product Deals 17 18 21 20 19Large Deal Count (>= $1 million)
25 25 24 19 16Quota Carrying Sales Representatives
98 92 96 75 75 Summary of Revenue Contribution in Third Quarter 2010 JDA i2 Combined Software and Subscription Revenues $ 9,629 44% $ 12,405 56% $ 22,034 Maintenance Revenues 46,518 72% 17,668 28% 64,186 Product Revenues 56,147 65% 30,073 35% 86,220 Service Revenues 38,374 53% 33,849 47% 72,223 Total Revenues $ 94,521 60% $ 63,922 40% $ 158,433 Summary of Revenue Contribution in First Nine Months of 2010 JDA i2 Combined Software and Subscription Revenues $ 47,235 53% $ 41,481 47% $ 88,716 Maintenance Revenues 138,426 76% 43,414 24% 181,840 Product Revenues 185,661 69% 84,895 31% 270,556 Service Revenues 108,669 61% 69,222 39% 177,891 Total Revenues $ 294,330 66% $ 154,117 34% $ 448,447“Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as “will,” and “expect” and other words with forward-looking connotations. In this press release, such forward-looking statements include, without limitation, Mr. Brewer’s statement that the software license outlook is strong and we expect to achieve the higher end of our software revenue guidance range for the full year. We remind our investors and prospective investors that future events may involve risks and uncertainties. Risks and uncertainties that may affect our business are detailed from time to time in the “Risk Factors” section and other sections of our filings with the Securities and Exchange Commission. As a result of these and other risks, actual results may differ materially from those predicted. We undertake no obligation to update information in this release, except as required by law.
Use of Non-GAAP Financial Information
This press release and the related conference call contain non-GAAP financial measures. In evaluating the Company’s performance, management uses certain non-GAAP financial measures to supplement consolidated financial statements prepared under GAAP. Management’s presentation of non-GAAP financial measures is intended to be supplemental in nature and should not be considered in isolation or as a substitute for the most directly comparable GAAP measures.
Use and Economic Substance of Non-GAAP Financial Measures Used by JDA
The Company uses non-GAAP measures of performance, including adjusted net income, EBITDA (earnings before interest, taxes, depreciation and amortization) and earnings per share, in its public statements. Management uses, and chooses to disclose, these non-GAAP financial measures because (i) such measures provide an additional analytical tool to clarify the Company’s results from operations and help the Company to identify underlying trends in its results of operations; (ii) the Company uses non-GAAP earnings measures, including EBITDA, as a measure of profitability because such measures help the Company compare its performance on a consistent basis across time periods; and (iii) these non-GAAP measures are employed by the Company’s management in its own evaluation of performance and are utilized in financial and operational decision making processes, such as budget planning and forecasting. The Company also internally uses adjusted EBITDA measures for determining (a) compliance with certain financial covenants in its credit agreement and (b) executive and employee compensation. Set forth below are additional reasons why specific items are excluded from the Company’s non-GAAP financial measures:
Material Limitations (and Compensation thereof) Associated with the Use of Non-GAAP Financial Measures
Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company’s GAAP results. In the future, the Company expects to continue reporting non-GAAP financial measures excluding items described above and the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above. Accordingly, exclusion of these and other similar items in our non-GAAP presentation should not be construed as an inference that these costs are unusual, infrequent or non-recurring.
Some of the limitations in relying on non-GAAP financial measures are:
We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP financial measures only supplementally. We also provide reconciliations of each non-GAAP financial measure to our most directly comparable GAAP measure, and we encourage investors to review carefully those reconciliations.
Usefulness of Non-GAAP Financial Measures to Investors
The Company believes that the presentation of these non-GAAP financial measures is warranted for several reasons. First, such non-GAAP financial measures provide investors and management an additional analytical tool for understanding the Company’s financial performance by excluding the impact of items which may obscure trends in the core operating performance of the business. Second, since the Company has historically reported non-GAAP results to the investment community, the Company believes the inclusion of non-GAAP numbers provides consistency and enhances investors’ ability to compare the Company’s performance across financial reporting periods.
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