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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Textura Corp. (delisted) | NYSE:TXTR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.99 | 0 | 01:00:00 |
(Mark One)
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2016
|
|
or
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from to
|
Delaware
(State or other jurisdiction of incorporation or organization) |
|
26-1212370
(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
|
|
|
Page
|
|
|
|
Part 1 - Financial Information
|
||
Item 1.
|
Financial Statements (unaudited):
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
Condensed Consolidated Statements of Operations
|
|
|
Condensed Consolidated Statements of Comprehensive Loss
|
|
|
Condensed Consolidated Statement of Stockholders' Equity
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
|
Notes to Condensed Consolidated Financial Statements
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3.
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Quantitative and Qualitative Disclosures about Market Risk
|
|
Item 4.
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Controls and Procedures
|
|
Part II - Other Information
|
||
Item 1.
|
Legal Proceedings
|
|
Item 6.
|
Exhibits
|
|
|
Signatures
|
|
|
Exhibit Index
|
|
|
|
|
|
March 31,
2016 |
|
December 31,
2015 |
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
82,278
|
|
|
$
|
78,669
|
|
Accounts receivable, net of allowance of $243 and $193 at March 31, 2016 and December 31, 2015, respectively
|
5,842
|
|
|
6,425
|
|
||
Prepaid expenses and other current assets
|
1,276
|
|
|
1,225
|
|
||
Total current assets
|
89,396
|
|
|
86,319
|
|
||
Property and equipment, net
|
33,970
|
|
|
34,214
|
|
||
Restricted cash
|
2,839
|
|
|
2,839
|
|
||
Goodwill
|
52,848
|
|
|
52,848
|
|
||
Intangible assets, net
|
7,182
|
|
|
7,965
|
|
||
Other assets
|
163
|
|
|
157
|
|
||
Total assets
|
$
|
186,398
|
|
|
$
|
184,342
|
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
1,956
|
|
|
$
|
2,701
|
|
Accrued expenses
|
9,887
|
|
|
11,378
|
|
||
Deferred revenue, short-term
|
42,828
|
|
|
40,089
|
|
||
Total current liabilities
|
54,671
|
|
|
54,168
|
|
||
Deferred revenue, long-term
|
3,426
|
|
|
3,724
|
|
||
Other long-term liabilities
|
2,194
|
|
|
2,040
|
|
||
Total liabilities
|
60,291
|
|
|
59,932
|
|
||
Commitments and contingencies (Note 4)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $.001 par value; 90,000 shares authorized; 26,876 and 26,861 shares issued and 26,206 and 26,190 shares outstanding at March 31, 2016 and December 31, 2015, respectively
|
26
|
|
|
26
|
|
||
Additional paid in capital
|
364,578
|
|
|
361,370
|
|
||
Treasury stock, at cost; 670 and 671 shares at March 31, 2016 and December 31, 2015, respectively
|
(10,284
|
)
|
|
(10,309
|
)
|
||
Accumulated other comprehensive loss
|
(663
|
)
|
|
(662
|
)
|
||
Accumulated deficit
|
(227,550
|
)
|
|
(226,015
|
)
|
||
Total stockholders’ equity
|
126,107
|
|
|
124,410
|
|
||
Total liabilities and stockholders’ equity
|
$
|
186,398
|
|
|
$
|
184,342
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenues
|
$
|
24,662
|
|
|
$
|
19,201
|
|
Operating expenses:
|
|
|
|
||||
Cost of services (exclusive of depreciation and amortization shown separately below)
|
4,522
|
|
|
3,578
|
|
||
General and administrative
|
8,152
|
|
|
6,832
|
|
||
Sales and marketing
|
5,326
|
|
|
5,193
|
|
||
Technology and development
|
5,515
|
|
|
4,709
|
|
||
Depreciation and amortization
|
2,566
|
|
|
1,876
|
|
||
Total operating expenses
|
26,081
|
|
|
22,188
|
|
||
Loss from operations
|
(1,419
|
)
|
|
(2,987
|
)
|
||
Other income, net:
|
|
|
|
||||
Interest income and other expense, net
|
23
|
|
|
15
|
|
||
Interest expense
|
(4
|
)
|
|
(11
|
)
|
||
Total other income, net
|
19
|
|
|
4
|
|
||
Loss before income taxes
|
(1,400
|
)
|
|
(2,983
|
)
|
||
Income tax provision
|
135
|
|
|
84
|
|
||
Net loss
|
(1,535
|
)
|
|
(3,067
|
)
|
||
Net loss per share
|
$
|
(0.06
|
)
|
|
$
|
(0.12
|
)
|
Weighted-average number of common shares outstanding, basic and diluted
|
26,195
|
|
|
25,640
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Net loss
|
$
|
(1,535
|
)
|
|
$
|
(3,067
|
)
|
Other comprehensive loss:
|
|
|
|
||||
Net change in foreign currency translation adjustment
|
(1
|
)
|
|
(42
|
)
|
||
Total Comprehensive loss
|
(1,536
|
)
|
|
(3,109
|
)
|
|
Common Stock
|
Additional
Paid-In Capital |
Treasury Stock
|
Accumulated Other Comprehensive Loss
|
Accumulated Deficit
|
Total
Textura Corporation Stockholders’ Equity (Deficit) |
||||||||||||||
|
Shares
|
Amount
|
||||||||||||||||||
Balances at January 1, 2016
|
26,190
|
|
$
|
26
|
|
$
|
361,370
|
|
$
|
(10,309
|
)
|
$
|
(662
|
)
|
$
|
(226,015
|
)
|
$
|
124,410
|
|
Share-based compensation
|
—
|
|
—
|
|
3,072
|
|
—
|
|
—
|
|
—
|
|
3,072
|
|
||||||
Issuance of common stock upon exercise of stock options
|
10
|
|
—
|
|
136
|
|
—
|
|
—
|
|
—
|
|
136
|
|
||||||
Issuance of common stock in connection with vesting of restricted stock units
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||
Issuance of common stock in connection with Employee Stock Purchase Plan
|
3
|
|
—
|
|
—
|
|
48
|
|
—
|
|
—
|
|
48
|
|
||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,535
|
)
|
(1,535
|
)
|
||||||
Foreign currency translation
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
(1
|
)
|
||||||
Repurchase of common stock at cost
|
—
|
|
—
|
|
—
|
|
(23
|
)
|
—
|
|
—
|
|
(23
|
)
|
||||||
Balances at March 31, 2016
|
26,206
|
|
$
|
26
|
|
$
|
364,578
|
|
$
|
(10,284
|
)
|
$
|
(663
|
)
|
$
|
(227,550
|
)
|
$
|
126,107
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net loss
|
$
|
(1,535
|
)
|
|
$
|
(3,067
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
2,566
|
|
|
1,876
|
|
||
Deferred income taxes
|
135
|
|
|
80
|
|
||
Share‑based compensation
|
3,072
|
|
|
1,971
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
592
|
|
|
659
|
|
||
Prepaid expenses and other assets
|
(49
|
)
|
|
(40
|
)
|
||
Deferred revenue, including long-term portion
|
2,438
|
|
|
2,334
|
|
||
Accounts payable
|
(704
|
)
|
|
(62
|
)
|
||
Accrued expenses and other
|
(1,506
|
)
|
|
(559
|
)
|
||
Net cash provided by operating activities
|
5,009
|
|
|
3,192
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Increase in restricted cash
|
—
|
|
|
(400
|
)
|
||
Purchases of property and equipment, including software development costs
|
(1,567
|
)
|
|
(2,889
|
)
|
||
Net cash used in investing activities
|
(1,567
|
)
|
|
(3,289
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Payments on capital leases
|
—
|
|
|
(226
|
)
|
||
Proceeds from exercise of options
|
136
|
|
|
1,120
|
|
||
Net issuance of common stock
|
25
|
|
|
56
|
|
||
Net cash provided by financing activities
|
161
|
|
|
950
|
|
||
Effect of changes in foreign exchange rates on cash and cash equivalents
|
6
|
|
|
(121
|
)
|
||
Net increase in cash and cash equivalents
|
3,609
|
|
|
732
|
|
||
Cash and cash equivalents at the beginning of period
|
78,669
|
|
|
66,758
|
|
||
Cash and cash equivalents at the end of period
|
$
|
82,278
|
|
|
$
|
67,490
|
|
Supplemental cash flow data:
|
|
|
|
||||
Cash paid for interest
|
$
|
4
|
|
|
$
|
11
|
|
Purchases of property and equipment, accrued but not paid as of period end
|
$
|
216
|
|
|
$
|
523
|
|
|
As of March 31,
|
||||
|
2016
|
|
2015
|
||
|
(in thousands)
|
||||
Outstanding restricted stock units
|
969
|
|
|
214
|
|
Outstanding stock options
|
3,017
|
|
|
3,492
|
|
Outstanding common stock warrants
|
1,214
|
|
|
1,248
|
|
Outstanding employee stock purchase plan units
|
—
|
|
|
—
|
|
Total excluded securities
|
5,200
|
|
|
4,954
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
(in thousands)
|
||||||
Land
|
$
|
4,276
|
|
|
$
|
4,276
|
|
Computer equipment
|
6,971
|
|
|
6,621
|
|
||
Furniture and fixtures
|
3,449
|
|
|
3,443
|
|
||
Leasehold improvements
|
2,215
|
|
|
2,214
|
|
||
Building
|
16,158
|
|
|
16,137
|
|
||
Capitalized software
|
16,865
|
|
|
15,706
|
|
||
Property and equipment, gross
|
49,934
|
|
|
48,397
|
|
||
Less: Accumulated depreciation and amortization
|
(15,964
|
)
|
|
(14,183
|
)
|
||
Property and equipment, net
|
$
|
33,970
|
|
|
$
|
34,214
|
|
|
Amount
|
||
|
(in thousands)
|
||
2016
|
718
|
|
|
2017
|
847
|
|
|
2018
|
750
|
|
|
2019
|
609
|
|
|
2020
|
624
|
|
|
Thereafter
|
5,516
|
|
|
|
$
|
9,064
|
|
|
Three Months Ended
|
|
|
March 31, 2016
|
|
Expected dividend yield
|
—
|
|
Expected volatility
|
36.0
|
%
|
Risk-free interest rate
|
1.32
|
%
|
Expected term (years)
|
6.00
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Cost of services
|
$
|
378
|
|
|
$
|
187
|
|
General and administrative
|
2,069
|
|
|
1,316
|
|
||
Sales and marketing
|
402
|
|
|
266
|
|
||
Technology and development
|
223
|
|
|
202
|
|
||
Total
|
$
|
3,072
|
|
|
$
|
1,971
|
|
|
|
Warrants Outstanding
|
|
Weighted- Average Exercise Price
|
|||
Convertible debenture
|
|
276
|
|
|
$
|
16.26
|
|
Convertible debenture
|
|
384
|
|
|
$
|
13.25
|
|
Convertible debenture
|
|
48
|
|
|
$
|
16.26
|
|
Mortgage renewal
|
|
20
|
|
|
$
|
15.00
|
|
Convertible debenture
|
|
32
|
|
|
$
|
13.25
|
|
Convertible debenture
|
|
49
|
|
|
$
|
15.00
|
|
Convertible debenture
|
|
319
|
|
|
$
|
15.00
|
|
Notes payable
|
|
86
|
|
|
$
|
13.92
|
|
|
|
1,214
|
|
|
|
•
|
Construction Payment Management (‘‘CPM’’) enables the generation, collection, review and routing of invoices and the necessary supporting documentation and legal documents, and initiation of payment of the invoices.
|
•
|
Early Payment Program (‘‘EPP’’) facilitates third-party funding that enables general contractors to provide accelerated payments to subcontractors.
|
•
|
Submittal Exchange enables the collection, review and routing of project documents.
|
•
|
Latista provides mobile-enabled, cloud-based field management solutions.
|
•
|
GradeBeam supports the process of obtaining construction bids, including identifying potential bidders, issuing invitations-to-bid and tracking bidding intent.
|
•
|
Pre-Qualification Management (‘‘PQM’’) supports contractor risk assessment and qualification.
|
•
|
Owners/developers and general contractors using our CPM solution pay us subscription fees that are dependent on the number and value of project activity managed on our system and are typically invoiced and collected in advance on a six-month basis. Subcontractors using our CPM solution pay us fees dependent on the value of their subcontract, which is typically a one-time fee collected upfront at the start of the subcontract. Owners/developers and general contractors using our Submittal Exchange and Latista solutions pay us project or subscription fees dependent on the value of project activity managed on our system. For EPP, we receive a technology fee to support the third-party funding activity on our CPM solution once the financing of each transaction is complete. We refer to these fees collectively as activity-driven revenue as they depend on the construction activity of our clients.
|
•
|
Participants using our GradeBeam and PQM solutions pay us subscription fees. These fees are dependent on a number of characteristics of the participants’ organizations, which may include size, complexity, or type or number of users. We invoice and collect these fees in advance and recognize these fees ratably over the subscription period, which generally ranges from 6 to 12 months. We also receive a combination of license fees, maintenance fees and subscription fees for our PlanSwift solution. We refer to these fees collectively as organization-driven revenue as they do not depend on the construction activity of our clients but rather the number and characteristics of the organizations using the solutions.
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(dollars in thousands, except where otherwise indicated)
|
||||||
Activity‑driven revenue
|
$
|
19,831
|
|
|
$
|
14,993
|
|
Organization‑driven revenue
|
4,831
|
|
|
4,208
|
|
||
Total revenue
|
$
|
24,662
|
|
|
$
|
19,201
|
|
Activity‑driven revenue:
|
|
|
|
||||
Number of projects added
|
2,247
|
|
|
1,794
|
|
||
Client‑reported construction value added (billions)
|
$
|
29.6
|
|
|
$
|
24.1
|
|
Active projects during period
|
10,514
|
|
|
8,469
|
|
||
Organization‑driven revenue:
|
|
|
|
||||
Number of organizations
|
22,779
|
|
|
18,662
|
|
||
Adjusted EBITDA
|
$
|
4,354
|
|
|
$
|
860
|
|
Deferred revenue balance as of the end of period
|
$
|
46,254
|
|
|
$
|
37,913
|
|
•
|
for planning purposes, including the preparation of the annual budget;
|
•
|
to evaluate the effectiveness of business strategies; and
|
•
|
as a factor when determining management's total compensation.
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Net loss
|
$
|
(1,535
|
)
|
|
$
|
(3,067
|
)
|
Total other income, net
|
(19
|
)
|
|
(4
|
)
|
||
Income tax provision
|
135
|
|
|
84
|
|
||
Depreciation and amortization
|
2,566
|
|
|
1,876
|
|
||
EBITDA
|
1,147
|
|
|
(1,111
|
)
|
||
Share‑based compensation
|
3,072
|
|
|
1,971
|
|
||
Other expenses*
|
135
|
|
|
—
|
|
||
Adjusted EBITDA
|
4,354
|
|
|
860
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Revenues
|
$
|
24,662
|
|
|
$
|
19,201
|
|
Operating expenses:
|
|
|
|
||||
Cost of services (exclusive of depreciation and amortization shown separately below)
|
4,522
|
|
|
3,578
|
|
||
General and administrative
|
8,152
|
|
|
6,832
|
|
||
Sales and marketing
|
5,326
|
|
|
5,193
|
|
||
Technology and development
|
5,515
|
|
|
4,709
|
|
||
Depreciation and amortization
|
2,566
|
|
|
1,876
|
|
||
Total operating expenses
|
26,081
|
|
|
22,188
|
|
||
Loss from operations
|
(1,419
|
)
|
|
(2,987
|
)
|
||
Total other income, net
|
19
|
|
|
4
|
|
||
Loss before income tax provision
|
(1,400
|
)
|
|
(2,983
|
)
|
||
Income tax provision
|
135
|
|
|
84
|
|
||
Net loss
|
(1,535
|
)
|
|
(3,067
|
)
|
|
Three Months Ended March 31,
|
||||
|
2016
|
|
2015
|
||
Revenues
|
100
|
%
|
|
100
|
%
|
Operating expenses:
|
|
|
|
||
Cost of services
|
18
|
%
|
|
19
|
%
|
General and administrative
|
33
|
%
|
|
36
|
%
|
Sales and marketing
|
22
|
%
|
|
27
|
%
|
Technology and development
|
22
|
%
|
|
25
|
%
|
Depreciation and amortization
|
11
|
%
|
|
10
|
%
|
|
Three Months Ended March 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
|
(dollars in thousands, except where otherwise indicated)
|
|
|
|
|
|||||||||
Activity‑driven revenue
|
$
|
19,831
|
|
|
$
|
14,993
|
|
|
$
|
4,838
|
|
|
32
|
%
|
Organization‑driven revenue
|
4,831
|
|
|
4,208
|
|
|
623
|
|
|
15
|
%
|
|||
Total revenue
|
$
|
24,662
|
|
|
$
|
19,201
|
|
|
$
|
5,461
|
|
|
28
|
%
|
Activity‑driven revenue:
|
|
|
|
|
|
|
|
|
||||||
Number of projects added
|
2,247
|
|
|
1,794
|
|
|
453
|
|
|
25
|
%
|
|||
Client‑reported construction value added (billions)
|
$
|
29.6
|
|
|
$
|
24.1
|
|
|
$
|
5.5
|
|
|
23
|
%
|
Active projects during period
|
10,514
|
|
|
8,469
|
|
|
2,045
|
|
|
24
|
%
|
|||
Organization‑driven revenue:
|
|
|
|
|
|
|
|
|||||||
Number of organizations
|
22,779
|
|
|
18,662
|
|
|
4,117
|
|
|
22
|
%
|
|||
Adjusted EBITDA
|
$
|
4,354
|
|
|
$
|
860
|
|
|
$
|
3,494
|
|
|
406
|
%
|
Deferred revenue balance as of the end of period
|
$
|
46,254
|
|
|
$
|
37,913
|
|
|
$
|
8,341
|
|
|
22
|
%
|
Category
|
|
Impact (in thousands)
|
|
Key Drivers
|
||||
Personnel-related costs
|
|
|
|
$
|
974
|
|
|
$0.6 million increase in salary and benefit costs driven by an increase in headcount associated with our client services groups to support our expanding customer base. $0.2 million increase in share-based compensation and $0.2 million increase in bonus expense incurred to support the increase in headcount and growth of the business.
|
General cost of services
|
|
|
|
282
|
|
|
$0.2 million increase in third-party hosting costs to support growth of the business. $0.1 million increase in bank service fees for the costs to process credit card payments from customers.
|
|
Sales tax
|
|
|
|
(264
|
)
|
|
Decrease in sales tax expense due to the pass-through of sales taxes to our customers beginning in April 2015.
|
|
Various other items
|
|
|
|
(48
|
)
|
|
Decrease primarily driven by a $0.1 million foreign exchange re-measurement gain, partially offset by various other insignificant items.
|
|
Three Months Ended March 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
% Change
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
General and administrative
|
$
|
8,152
|
|
|
$
|
6,832
|
|
|
$
|
1,320
|
|
|
19
|
%
|
Percent of revenue
|
33
|
%
|
|
36
|
%
|
|
|
|
|
Headcount
|
75
|
|
|
69
|
|
|
6
|
|
|
9
|
%
|
Category
|
|
Impact (in thousands)
|
|
Key Drivers
|
||||
Personnel-related costs
|
|
|
|
$
|
930
|
|
|
$0.7 million increase in share-based compensation, primarily driven by CEO transition costs. $0.1 million increase in salary and benefit costs and $0.1 million increase in bonus expense to support additional headcount and growth of the business.
|
Rent expense & facilities-related costs
|
|
|
|
200
|
|
|
Increase in rent expense primarily related to the new Chicago office lease.
|
|
Recruiting expense
|
|
|
|
104
|
|
|
Primarily due to executive search costs related to the CEO transition.
|
|
Professional services
|
|
|
|
92
|
|
|
$0.2 increase in consulting services and a $0.1 million increase in director's fees, partially offset by $0.1 million decreases in both audit and legal services.
|
|
Various other items
|
|
|
|
(6
|
)
|
|
Decrease due to various other insignificant items.
|
Category
|
|
Impact (in thousands)
|
|
Key Drivers
|
||||
Personnel-related costs
|
|
|
|
$
|
259
|
|
|
Salary and benefit costs, bonus expense and share-based compensation each increased by $0.1 million to support growth of the business.
|
Various other items
|
|
|
|
(126
|
)
|
|
Decrease primarily driven by a $0.2 million decrease in travel expenses and a $0.1 million decrease in professional services expense, partially offset by a $0.2 million increase in corporate marketing initiatives.
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2016
|
|
2015
|
|
Change
|
|
% Change
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Technology and development
|
$
|
5,515
|
|
|
$
|
4,709
|
|
|
$
|
806
|
|
|
17
|
%
|
Percent of revenue
|
22
|
%
|
|
25
|
%
|
|
|
|
|
|||||
Headcount
|
215
|
|
|
209
|
|
|
6
|
|
|
3
|
%
|
Category
|
|
Impact (in thousands)
|
|
Key Drivers
|
||||
Personnel-related
|
|
|
|
$
|
843
|
|
|
$0.8 million increase in salary and benefit costs and $0.1 million increase in bonus expense to support growth of the business and additional headcount. Capitalized software development costs decreased by $0.8 million as we prioritized certain resources to key maintenance projects during the quarter. The decrease in capitalized software development costs contributed to the increase in total personnel costs.
|
Various other items
|
|
|
|
(37
|
)
|
|
Decrease due to various insignificant items, partially offset by a $0.1 million increase in hardware and software purchases to support growth of the business.
|
|
Three Months Ended March 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
% Change
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Depreciation and amortization
|
$
|
2,566
|
|
|
$
|
1,876
|
|
|
$
|
690
|
|
|
37
|
%
|
Percent of revenue
|
11
|
%
|
|
10
|
%
|
|
|
|
|
Category
|
|
Impact (in thousands)
|
|
Key Drivers
|
||||
Depreciation & amortization of fixed assets
|
|
|
|
$
|
960
|
|
|
Increased capital expenditures to furnish the new Chicago office and support general growth of the business. Increase also driven by capitalized costs to develop and enhance internal software and solutions.
|
Amortization of intangible assets
|
|
|
|
(270
|
)
|
|
Certain acquired intangible assets for GradeBeam and Submittal Exchange became fully amortized during the quarter ended December 31, 2015, as we acquired these solutions during the quarter ended December 31, 2011. Consequently, intangible asset amortization expense totals during the quarter ended March 31, 2016 declined compared to the quarter ended March 31, 2015.
|
|
Three Months Ended March 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|
% Change
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Adjusted EBITDA
|
$
|
4,354
|
|
|
$
|
860
|
|
|
$
|
3,494
|
|
|
406
|
%
|
|
March 31, 2016
|
|
December 31, 2015
|
|
Change
|
|
% Change
|
|||||||
|
($ in thousands)
|
|
|
|
|
|||||||||
Deferred revenue
|
$
|
46,254
|
|
|
$
|
43,813
|
|
|
$
|
2,441
|
|
|
6
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Net cash provided by operating activities
|
$
|
5,009
|
|
|
$
|
3,192
|
|
Net cash used in investing activities
|
(1,567
|
)
|
|
(3,289
|
)
|
||
Net cash provided by financing activities
|
161
|
|
|
950
|
|
||
Effect of changes in foreign exchange rates on cash and cash equivalents
|
6
|
|
|
(121
|
)
|
||
Net increase in cash and cash equivalents
|
$
|
3,609
|
|
|
$
|
732
|
|
Factor
|
|
Impact
(in thousands)
|
|
Key Drivers
|
||||
Net loss
|
|
|
|
$
|
(1,535
|
)
|
|
Cash provided by operating activities was partially offset by our net loss.
|
Share-based compensation
|
|
|
|
3,072
|
|
|
Add-back of non-cash share-based compensation expense.
|
|
Depreciation and amortization
|
|
|
|
2,566
|
|
|
Add-back of non-cash depreciation and amortization expense.
|
|
Deferred revenue
|
|
|
|
2,438
|
|
|
Increase in deferred revenue driven by growth in customers invoiced during the period.
|
|
Accrued expenses and other
|
|
|
|
(1,506
|
)
|
|
Decrease in accrued expenses primarily related to bonus expense previously accrued for the fiscal year ended December 31, 2015.
|
|
Accounts receivable
|
|
|
|
592
|
|
|
Decrease in accounts receivable primarily due to an improvement in days sales outstanding from 24 days during the quarter ended December 31, 2015 to 21 days during the quarter ended March 31, 2016.
|
Factor
|
|
Impact
(in thousands)
|
|
Key Drivers
|
||||
Net loss
|
|
|
|
$
|
(3,067
|
)
|
|
Cash provided by operating activities was partially offset by our net loss.
|
Deferred revenue
|
|
|
|
2,334
|
|
|
Increase in deferred revenue driven by growth in customers invoiced during the period.
|
|
Share-based compensation
|
|
|
|
1,971
|
|
|
Add-back of non-cash share-based compensation expense.
|
Depreciation and amortization
|
|
|
|
1,876
|
|
|
Add-back of non-cash depreciation and amortization expense.
|
|
Accounts receivable
|
|
|
|
659
|
|
|
Decrease in accounts receivable primarily due to an improvement in days sales outstanding from 42 days during the quarter ended December 31, 2014 to 36 days during the quarter ended March 31, 2015.
|
|
Accrued expenses and other
|
|
|
|
(559
|
)
|
|
Decrease in accrued expenses primarily related to bonus expense previously accrued for the fiscal year ended December 31, 2014.
|
Factor
|
|
Impact
(in thousands)
|
|
Key Drivers
|
||||
Purchases of property and equipment, including software development
|
|
|
|
$
|
(1,567
|
)
|
|
Cash outflows for purchases of property and equipment to support growth of the business, including the capitalization of costs to develop and improve our software applications and general equipment purchases.
|
Factor
|
|
Impact
(in thousands)
|
|
Key Drivers
|
||||
Purchases of property and equipment, including software development
|
|
|
|
$
|
(2,889
|
)
|
|
Cash outflows for purchases of property and equipment to support growth of the business, including the capitalization of costs to develop and improve our software applications and general equipment purchases.
|
Increase in restricted cash
|
|
|
|
(400
|
)
|
|
Cash outflows related to the collateral reserves that secure our Chicago office lease.
|
Factor
|
|
Impact
(in thousands)
|
|
Key Drivers
|
||||
Proceeds from exercise of options
|
|
|
|
$
|
136
|
|
|
Cash proceeds received from the issuance of common stock upon the exercise of stock options.
|
Net issuance of common stock
|
|
|
|
25
|
|
|
Cash proceeds received from the issuance of common stock in connection with the Textura Corporation Employee Stock Purchase Plan (‘‘ESPP’’), partially offset by cash outflows to satisfy tax withholding obligations related to the payment of RSUs.
|
Factor
|
|
Impact
(in thousands)
|
|
Key Drivers
|
||||
Proceeds from exercise of options
|
|
|
|
$
|
1,120
|
|
|
Cash proceeds received from the issuance of common stock upon the exercise of stock options.
|
Payments on capital leases
|
|
|
|
(226
|
)
|
|
Cash outflows related to the required payments under our capital lease obligations. We purchased the assets under our capital lease arrangements in June 2015.
|
|
Net issuance of common stock
|
|
|
|
56
|
|
|
Cash proceeds received from the issuance of common stock in connection with our ESPP.
|
|
Total
|
|
Less Than
1 Year |
|
1 - 3 years
|
|
3 - 5 years
|
|
More than
5 years |
|||||
Lease obligations
|
9,064
|
|
|
943
|
|
|
1,532
|
|
|
1,234
|
|
|
5,355
|
|
Exhibit No.
|
|
Description
|
31.1
|
|
Certification of Chief Executive Officer of Textura Corporation, pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
|
31.2
|
|
Certification of Chief Financial Officer of Textura Corporation pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
|
32.1
|
|
Certification of Chief Executive Officer of Textura Corporation, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.
|
32.2
|
|
Certification of Chief Financial Officer of Textura Corporation pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year TEXTURA CORP Chart |
1 Month TEXTURA CORP Chart |
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