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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Phase Forward (MM) | NASDAQ:PFWD | 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% | 16.99 | 0 | 01:00:00 |
From Jun 2019 to Jun 2024
Phase Forward Incorporated (NASDAQ: PFWD) today announced its financial results for the first quarter of 2010.
For the first quarter of 2010, GAAP revenues were $57.2 million, a 17% increase from $48.8 million in the first quarter of 2009. GAAP income from operations was $3.1 million for the first quarter of 2010, compared to $5.2 million in the first quarter of 2009. GAAP net income for the period was $1.9 million, or $0.05 per diluted share, compared to GAAP net income of $4.1 million, or $0.09 per diluted share in the first quarter of 2009.
Non-GAAP revenues were $57.5 million for the first quarter of 2010, which excludes a $296,000 purchase accounting adjustment to record deferred revenues and backlog assumed in acquisitions at fair value. Non-GAAP income from operations was $8.3 million, compared to $9.1 million in the prior year period and representing a non-GAAP operating margin of 14%. Non-GAAP net income for the period was $5.2 million, or $0.12 per diluted share, compared to $6.7 million, or $0.15 per diluted share, in the first quarter of 2009.
The attached table presents a reconciliation of GAAP to non-GAAP revenues, income from operations and net income and net income per share applicable to common stockholders for the three months ended March 31, 2009 and 2010. Non-GAAP results exclude the impact of stock-based compensation expense, amortization of intangible assets, the effects of purchase accounting adjustments to record deferred revenues and backlog assumed in acquisitions at fair value.
Total cash, cash equivalents and investments were $129.7 million at the end of the first quarter, a decrease of $5.8 million from $135.5 million at the end of the prior quarter. The decrease in cash was driven by $26.0 million in cash used to repurchase shares of the company’s stock and $3.0 million in capital spending which was partially offset by $23.4 million in cash flow from operations. Total deferred revenues were $110.4 million at the end of the quarter, up from $98.4 million at the end of the prior quarter and $95.8 million at the end of the first quarter of 2009.
As previously announced, Phase Forward will not be hosting a conference call in conjunction with these results.
About Phase Forward
Phase Forward is a provider of integrated data management solutions for clinical trials and drug safety. Additional information about Phase Forward is available at www.phaseforward.com.
Cautionary Statement
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, Phase Forward's expectations and assumptions concerning management's forecast of financial performance, the performance of Phase Forward's products and services, future business and operations plans of Phase Forward's customers, the ability of Phase Forward's customers to realize benefits from the use of Phase Forward's products and services, possible acquisitions, integration of acquired businesses, and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond Phase Forward's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things, changes in our customers' industries; our ability to convince prospective customers to adopt our solutions; competition and changes in competition during future periods; changing customer requirements; governmental regulation; our ability to maintain or increase profitability; fluctuations in our operating results; long sales and implementation cycles; our dependence on a limited number of customers or suppliers; product performance; third party service interruptions or delays; technology failures; our ability to maintain customer relationships and contracts; our ability to retain and hire skilled personnel; our ability to protect our intellectual property rights; product liability or intellectual property infringement claims brought against us; acquisitions; our ability to manage our rapid growth; our ability to obtain capital when desired on favorable terms; and the volatility of the market price of our common stock. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Phase Forward undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by Phase Forward, see the disclosure contained in Phase Forward's public filings with the Securities and Exchange Commission including, without limitation, its most recent Annual Report on Form 10-K.
Non-GAAP Financial Information
Phase Forward provides non-GAAP revenues, income from operations, net income, and net income per share applicable to common stockholders data as additional information for its operating results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. Phase Forward's management believes these non-GAAP measures are useful to investors because this supplemental information facilitates comparisons to prior periods. Management uses these non-GAAP measures to evaluate its financial results, develop budgets and manage expenditures. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are attached to this press release.
Phase Forward Incorporated Condensed Consolidated Statements of Income (unaudited) (in thousands, except per share amounts) Three Months Ended March 31, 2009 2010 Revenues: License $ 14,116 $ 15,141 Service 34,700 42,059 Total revenues 48,816 57,200 Costs of revenues: License(2) 566 566 Service(1), (2) 19,899 25,716 Total cost of revenues 20,465 26,282 Gross margin: License 13,550 14,575 Service 14,801 16,343 Total gross margin 28,351 30,918 Operating expenses: Sales and marketing(1), (2) 7,206 8,986 Research and development(1) 8,180 9,698 General and administrative(1), (2) 7,804 9,184 Total operating expenses 23,190 27,868 Income from operations 5,161 3,050 Other income: Interest income 640 316 Other, net 409 (184 ) Total other income 1,049 132 Income before provision for income taxes 6,210 3,182 Provision for income taxes 2,132 1,249 Net income $ 4,078 $ 1,933 Net income per share applicable to common stockholders: Basic $ 0.10 $ 0.05 Diluted $ 0.09 $ 0.05 Weighted average number of common shares used in net income per share calculations: Basic 42,430 41,085 Diluted 43,998 42,764 (1) Amounts include stock-based compensation expense, as follows: Costs of service revenues $ 476 $ 636 Sales and marketing 415 468 Research and development 621 1,036 General and administrative 1,057 1,361 Total stock-based compensation expense $ 2,569 $ 3,501 (2) Amounts include amortization of intangible assets, as follows: Costs of license revenues $ 155 $ 237 Costs of service revenues 261 447 Sales and marketing 320 740 General and administrative 25 26 Total amortization of intangible assets $ 761 $ 1,450 Phase Forward Incorporated Reconciliation of GAAP Revenues, GAAP Income From Operations and GAAP Net Income to Non-GAAP Revenues, Non-GAAP Income From Operations and Non-GAAP Net Income (unaudited) (in thousands, except per share amounts) Three Months Ended March 31, 2009 2010 TOTAL REVENUES: GAAP total revenues $ 48,816 $ 57,200 Deferred revenues and backlog adjustments related to acquisitions (1) 628 296 Non-GAAP total revenues $ 49,444 $ 57,496 INCOME FROM OPERATIONS: GAAP income from operations $ 5,161 $ 3,050 Stock-based compensation expense 2,569 3,501 Amortization of intangible assets 761 1,450 Deferred revenues and backlog adjustments related to acquisitions (1) 628 296 Non-GAAP income from operations $ 9,119 $ 8,297 NET INCOME: GAAP net income $ 4,078 $ 1,933 Stock-based compensation expense, net of tax 1,687 2,197 Amortization of intangible assets, net of tax 500 910 Deferred revenues and backlog adjustments related acquisitions, net of tax (1) 412 187 Non-GAAP net income $ 6,677 $ 5,227 GAAP net income per share applicable to common stockholders: Diluted $ 0.09 $ 0.05 Non-GAAP net income per share applicable to common stockholders: Diluted $ 0.15 $ 0.12(1) Fair value adjustments to deferred revenues and backlog. Purchase accounting requires that deferred revenue assumed in an acquisition be recorded and subsequently recognized at its fair value as of the time of the acquisition. Consequently, we do not recognize the full amount of these deferred revenues and backlog. We add back non-GAAP revenues associated with deferred revenues and backlog that were excluded as a result of purchase accounting adjustments, as we believe that this provides information about the operating impact of the acquired business in a manner consistent with the revenue recognition for our pre-existing products and services.
Phase Forward Incorporated Condensed Consolidated Balance Sheets (unaudited) (in thousands, except per share amounts) December 31, March 31, 2009 2010 Assets Current assets: Cash and cash equivalents $ 41,862 $ 53,290 Short-term investments 67,241 64,597 Securities settlement agreement 4,345 3,280 Accounts receivable, net of allowance of $781 and $769, respectively 56,034 44,660 Deferred income taxes 9,521 9,521 Other current assets 14,694 15,564 Total current assets 193,697 190,912 Property and equipment, net 52,840 52,015 Intangible assets, net of accumulated amortization of $7,332 and $8,782, respectively 41,661 40,211 Goodwill 59,027 59,027 Deferred income taxes 5,465 5,465 Restricted cash 962 982 Long-term investments 26,439 11,852 Other long-term assets 9,865 9,213 Total assets $ 389,956 $ 369,677 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 5,909 $ 3,649 Accrued expenses and other current liabilities 28,006 19,136 Deferred revenues 85,896 95,394 Total current liabilities 119,811 118,179 Deferred rent, net of current portion 2,115 2,489 Deferred revenues, net of current portion 12,478 15,055 Other long-term liabilities 10,224 10,177 Total liabilities 144,628 145,900 Stockholders' equity: Preferred stock, $0.01 par value: Authorized-----5,000 shares Issued-----0 shares - - Common stock, $0.01 par value: Authorized-----100,000 shares Issued----- 43,577 and 43,732 shares, respectively 436 438 Additional paid-in capital 296,572 299,478 Treasury stock, 980 and 2,915 shares at cost, respectively (14,147 ) (40,111 ) Accumulated other comprehensive income (loss) 71 (357 ) Accumulated deficit (37,604 ) (35,671 ) Total stockholders' equity 245,328 223,777 Total liabilities and stockholders' equity $ 389,956 $ 369,677 Phase Forward Incorporated Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) Three Months Ended March 31, 2009 2010 Operating activities Net income $ 4,078 $ 1,933 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,713 5,806 Stock-based compensation expense 2,569 3,501 Amortization of leasehold incentive obligation (198 ) (247 ) Provision for allowance for doubtful accounts 13 12 Deferred income taxes 2,444 - Amortization of discounts or premiums on investments (3 ) 254 Change in fair value of investments (437 ) (1,112 ) Change in fair value of securities settlement agreement 185 1,065 Changes in assets and liabilities: Accounts receivable (2,210 ) 11,406 Other assets (1,881 ) (670 ) Accounts payable (4,125 ) (2,254 ) Accrued expenses (6,715 ) (8,756 ) Deferred revenue 7,465 12,137 Deferred rent 1,135 374 Net cash provided by operating activities 6,033 23,449 Investing activities Increase in restricted cash - (20 ) Proceeds from maturities of short-term and long-term investments 12,000 29,125 Purchase of short-term and long-term investments (9,536 ) (10,750 ) Purchase of property and equipment (5,174 ) (3,049 ) Net cash (used in) provided by investing activities (2,710 ) 15,306 Financing activities Proceeds from issuance of common stock 342 134 Withholding taxes in connection with vesting of restricted stock awards (459 ) (727 ) Purchase of treasury stock - (25,964 ) Net cash used in financing activities (117 ) (26,557 ) Effect of exchange rate changes on cash and cash equivalents (547 ) (770 ) Net increase in cash and cash equivalents 2,659 11,428 Cash and cash equivalents at beginning of period 131,550 41,862 Cash and cash equivalents at end of period 134,209 53,290 Short-term and long-term investments at end of period 43,891 76,449 Total cash, cash equivalents and short-term and long-term investments at end of period $ 178,100 $ 129,739
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