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ClickSoftware Reports Record Revenues for the Fourth Quarter and Year Ended December 31, 2013

Quarterly Revenues Up 8% Year-Over-Year, Reaching Record $30.7 Million;

BURLINGTON, Mass., Feb. 5, 2014 /PRNewswire/ -- ClickSoftware Technologies Ltd. (NasdaqGS: CKSW), the leading provider of automated mobile workforce management and optimization solutions for the service industry, today announced results for the fourth quarter and year ended December 31, 2013.

Highlights

  • Strong win rate, added 19 new customers during the fourth quarter, 10 of which are cloud;
  • Fourth quarter 2013 revenues reached $30.7 million (8% growth year-over-year);
  • 2013 annual revenues reached $103.2 million (3% growth year-over-year);
  • Total cash and investments increased to $58.0 million;
  • Annual cash from operations was $6.4 million;
  • Short-term backlog and deferred revenues increased substantially to $42.7 million (28% growth year-over-year);
  • Promotion of Mr. Zvi Piritz to President of EMEA & APAC, and Mr. Stephen Timms to President of Americas.

Fourth Quarter Results

For the fourth quarter ended December 31, 2013, total revenues were $30.7 million, up 8% from $28.4 million in the fourth quarter of 2012. Net income for the fourth quarter of 2013 was $2.3 million, or $0.07 per fully diluted share, compared to net income of $3.9 million, or $0.12 per fully diluted share, for the same period last year. Non-GAAP net income for the quarter was $2.3 million, or $0.07 per fully diluted share, compared to Non-GAAP net income of $4.2 million, or $0.13 per fully diluted share, for the same period last year. 

Software license revenues for the fourth quarter of 2013 were $10.9 million, up 1% compared with software license revenues of $10.8 million for the same period last year. Services revenues were $19.8 million, up 13% compared with services revenues of $17.6 million in the same period last year.

Gross profit in the fourth quarter of 2013 was $19.0 million, or 62% of revenues, compared to $18.5 million, or 65% of revenues, in the same period last year.

Cash, cash equivalents and short and long-term investments at the end of the fourth quarter of 2013 were $58.0 million, an increase of $2.3 million compared to the end of the third quarter of 2013. Net cash provided by operating activities was $1.9 million during the fourth quarter of 2013.

Full Year 2013 Results

Total revenues for 2013 grew 3% over 2012 to $103.2 million, yielding net loss of $4.2 million, or $(0.13) per fully diluted share.  This compares with revenues of $100.0 million and net income of $7.5 million, or $0.23 per fully diluted share, for 2012.  Non-GAAP net loss for 2013 was $2.5 million, or $(0.08) per fully diluted share. This compares with Non-GAAP net income of $10.2 million, or $0.31 per fully diluted share, for 2012.

Executive Changes

The Company also announced today the appointment of Mr. Zvi Piritz as President of EMEA & APAC and Mr. Stephen Timms as President of Americas, reporting to the CEO - Dr. Moshe BenBassat.

Mr. Piritz has been with ClickSoftware for 15 years, managing our worldwide sales organization since 2005 as Senior VP World Wide Sales, and serving in various executive management roles since 1999. Mr. Piritz holds a B.A. degree in Economics from Tel Aviv University, Israel and an M.B.A. degree in Marketing & International Accounting from Fordham University, New York, USA.

Mr. Timms has been with ClickSoftware for 9 years, serving as Senior VP of Sales in Americas since 2010. Prior to moving to the United States, Mr. Timms held various positions in our sales organization, serving as our VP of Sales in EMEA and as the Director of Sales in West Region, EMEA. Mr. Timms graduated Harvard Business School Executive Education – General Manager Program, in 2013.

Management Commentary

"The results of the fourth quarter show that ClickSoftware has turned the corner. Strong execution was driven by a record number of new customers, growing traction for our cloud-based SaaS offering and increased market demand for mobility products," said Dr. Moshe BenBassat, ClickSoftware's Founder and CEO. "The win-rate against the competition was quite convincing, specifically for large clients. We added 19 new customers during the fourth quarter, 10 of which selected our cloud-based solution. For the full year of 2013, we had 54 new customer wins, which is 50% above the 34 new customers we had in 2012. The trend of large enterprise organizations considering a SaaS offering is on the rise and our ability to offer a best-of-breed solution, both on premise and in the cloud, is a key competitive advantage for ClickSoftware."

"While the shift to the cloud impacted up-front license revenues in 2013, we saw a significant increase in our base of recurring cloud revenues and expect greater visibility in 2014 as the stream continues to grow.  We have a strong pipeline of new business opportunities for the year ahead and a healthy mix of perpetual and SaaS-based opportunities going forward. We continue to introduce new innovations in the cloud, mobile and the artificial intelligence (ClickButler) technologies that serve to ensure our competitive," added Dr. Moshe BenBassat.

Dr. BenBassat concluded, "Aiming at continuous agility, alignment and efficiency, we have made an organizational change that will empower our territories operations to be more autonomous in their processes and decision making, achieving our Company goals effectively, efficiently and with high velocity. I am pleased to announce the promotion of two ClickSoftware's veterans: Mr. Zvi Piritz to President of EMEA & APAC, and Mr. Stephen Timms to President of Americas."

Financial Outlook

For 2014, the Company currently expects top line growth of 8% to 11%, and to achieve revenues in the $111 to $115 million range. This outlook is based on approximately $42.7 million in backlog and deferred revenues, current visibility into a growing sales pipeline and expected expansion into new territories and industry verticals. Non-GAAP fully diluted earnings per share for 2014 is expected to be in the range of $0.06 to $0.12, which excludes share-based compensation costs of approximately $0.09, and deferred taxes expense of approximately $0.01 per fully diluted share. GAAP fully diluted earnings per share is expected to be in the range of ($0.04) to $0.02.

Investors Conference Call

ClickSoftware will host a conference call today at 9:00 a.m. EST to discuss its financial results and other matters discussed in this press release, as well as answer questions from the investment community.  To participate, please call (888) 407-2553 and ask for the ClickSoftware conference call. International participants, please call +972-3-918-0610. The call will be broadcasted by live webcast on the internet (in listen mode only) at http://ir.clicksoftware.com.  A replay of this webcast will be available on the ClickSoftware website and on the Investor Relations App. Alternatively, a telephone replay of the call will be available for a week by calling (888) 326-9310 (international callers can dial +972-3-925-5904).

About ClickSoftware

ClickSoftware (NasdaqGS: CKSW) is the leading provider of automated mobile workforce management and service optimization solutions for the enterprise, both for mobile and in-house resources. As pioneers of the "Service chain optimization" concept, our solutions provide organizations with end-to-end visibility and control of the entire service management chain by optimizing forecasting, planning, shift and task scheduling, mobility and real-time management of resource and customer communication. 

Available via the cloud or on-premise, our products incorporate best business practices and advanced decision-making algorithms to manage service operations more efficiently, in a scalable, integrated manner. Our solutions have become the backbone for many leading organizations worldwide by addressing the fundamental question of job fulfillment: Who does What, for Whom, With what, Where and When. 

ClickSoftware is the premier choice for delivering superb business performance to service sector organizations of all sizes. The company is headquartered in the United States and Israel, with offices across Europe, and Asia Pacific. For more information, please visit http://www.clicksoftware.com. Follow us on Twitter, the content of which is not incorporated herein by reference.

To download ClickSoftware's investor relations app, which offers access to SEC documents, press releases, videos, audiocasts and more, the content of which is not incorporated herein by reference, please visit Apple's App Store to download on your iPhone and iPad, or Google Play for your Android mobile device.

Use of Non-GAAP Financial Results

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains Non-GAAP financial measures of net income and net income per share that exclude the effects of share-based compensation, tax benefit related to the update of deferred tax asset, impairment of intangible assets and the amortization of acquired intangible assets. The Company's management believes the Non-GAAP financial information provided in this release is useful to investors' understanding and assessment of the Company's on-going core operations and prospects for the future.  Management also uses both GAAP and Non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors.  The Non-GAAP financial measures disclosed by the Company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated.  Reconciliations between GAAP measures and Non-GAAP measures are provided later in this press release. 

Safe Harbor for Forward Looking Statements

This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S Federal securities laws. These forward-looking statements include, but are not limited to, those statements regarding future results of operations, including expected growth, expansion into new territories and industry verticals, prospects, trends and opportunities in SaaS offerings and cloud-based sales, pipeline, demand for our solutions and our outlook for 2014 revenues and GAAP and Non-GAAP earnings per share. Such "forward-looking statements" involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. Achievement of these results by ClickSoftware may be affected by many factors, including, but not limited to, risks and uncertainties regarding the general economic outlook, the length of or changes in ClickSoftware's sales cycle, ClickSoftware's ability to close sales to potential customers in a timely manner and maintain or strengthen relationships with strategic partners, the timing of revenue recognition, foreign currency exchange rate fluctuations, the impact of the Cloud model on initial transaction size and gross margins and ClickSoftware's ability to maintain or increase its sales pipeline. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in ClickSoftware's annual report on Form 20-F for the year ended December 31, 2012 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, ClickSoftware is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Note:  Financial Schedules Attached

 

 

ClickSoftware Technologies Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited. In thousands, except share and per share amounts)












Three Months Ended




December 31, 2013


December 31, 2012




$

% of
Revenues


$

% of
Revenues

Revenues:







Software license

$      10,914

36%


$      10,847

38%


Services

19,779

64%


17,552

62%



Total revenues

30,693

100%


28,399

100%









Cost of revenues:







Software license

1,381

4%


1,154

4%


Services

10,342

34%


8,728

31%



Total cost of revenues

11,723

38%


9,882

35%









Gross Profit

18,970

62%


18,517

65%









Operating expenses:







Research and development costs, net

4,398

14%


3,871

14%


Selling and marketing expenses

10,893

35%


8,725

31%


General and administrative expenses

2,478

8%


2,335

8%



Total operating expenses

17,769

58%


14,931

53%









Operating income

1,201

4%


3,586

13%

Other income

-

-


110

0%

Interest income, net

221

1%


64

0%

Net income before taxes

$   1,422

5%


$       3,760

13%

Tax income, net

834

2%


146

1%

Net income

$   2,256

7%


$       3,906

14%









Net earnings per ordinary share:







Basic

$       0.07



$        0.12



Diluted

$       0.07



$        0.12










Shares used in computing basic

net income per share

32,334,458



31,622,991


Shares used in computing diluted

net income per share

33,062,701



32,747,616










 

 

ClickSoftware Technologies Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)












Year Ended




December 31, 2013

(Unaudited)


December 31, 2012

(Audited)




$

% of
Revenues


$

% of
Revenues

Revenues:







Software license

$      28,679

28%


$     34,541

35%


Services

74,502

72%


65,505

65%



Total revenues

103,181

100%


100,046

100%









Cost of revenues:







Software license

4,413

4%


3,686

4%


Services

39,894

39%


35,185

35%



Total cost of revenues

44,307

43%


38,871

39%









Gross Profit

58,874

57%


61,175

61%









Operating expenses:







Research and development costs, net

15,970

15%


13,146

13%


Selling and marketing expenses

39,706

38%


31,977

32%


General and administrative expenses

9,121

9%


8,779

9%



Total operating expenses

64,797

63%


53,902

54%









Operating (loss) income

(5,923)

(6%)


7,273

7%

Other income

-

-


110

0%

Interest income, net

839

1%


274

0%

Net (loss) income before taxes

$   (5,084)

(5%)


$       7,657

8%

Tax income (expense), net

924

1%


(169)

(0%)

Net (loss) income

$   (4,160)

(4%)


$       7,488

7%









Net (loss) earnings per ordinary share:







Basic

$       (0.13)



$        0.24



Diluted

$       (0.13)



$        0.23










Shares used in computing basic

net (loss) income per share

32,048,030



31,545,435


Shares used in computing diluted

net (loss) income per share

32,048,030



32,837,789










 

 

ClickSoftware Technologies Ltd.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)










December 31, 2013


December 31, 2012




(Unaudited)


(Audited)




ASSETS




CURRENT ASSETS





Cash and cash equivalents

$         25,346


$          12,793


Deposits

9,001


30,310


Marketable securities

22,586


15,635


Trade receivables, net

22,490


21,792


Deferred taxes

1,740


220


Other receivables and prepaid expenses

4,408


3,398



Total current assets

85,571


84,148








LONG TERM ASSETS





Property and equipment, net

5,023


4,206


Deposits

1,072


621


Other receivables and prepaid expenses

218


275


Deferred taxes

2,060


1,230


Intangible assets, net

-


452


Goodwill

1,572


1,572


Severance pay funds

2,052


1,965



Total long term assets

11,997


10,321




Total Assets

$          97,568


$          94,469











LIABILITIES AND SHAREHOLDERS' EQUITY




CURRENT LIABILITIES





Accounts payable and accrued expenses

$          17,707


$          16,536


Deferred revenues

13,420


9,047



Total current liabilities

31,127


25,583








LONG TERM LIABILITIES





Accrued severance pay

4,840


4,465


Deferred taxes

40


-


Deferred revenues

4,642


1,503



Total long term liabilities

9,522


5,968



Total liabilities

40,649


31,551








SHAREHOLDERS' EQUITY 





Ordinary shares of NIS 0.02 par value

137


132


Additional paid-in capital

92,301


87,566


Accumulated deficit

(36,179)


(25,296)


Accumulated other comprehensive income

703


559


Treasury stock, at cost: 39,000 shares

(43)


(43)



Total shareholders' equity

56,919


62,918




Total Liabilities and shareholders' equity

$       97,568


$        94,469

 

 

 

ClickSoftware Technologies Ltd.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)










Year Ended




December 31, 2013

(Unaudited)


December 31, 2012

(Audited)

CASH FLOWS FROM OPERATING ACTIVITIES





Net (loss) income

$            (4,160)


$              7,488


Adjustments to reconcile net (loss) income to net cash provided by operating activities:






Income and expense items not involving cash flows:







Depreciation

2,593


2,144




Amortization of deferred compensation

2,744


2,534




Amortization of acquired intangible assets

278


714




Impairment of acquired intangible assets

174


-




Severance pay, net

288


399




Gain on marketable securities

(429)


(146)




Other

92


13



Changes in operating assets and liabilities:







Trade receivables

(698)


1,586




Deferred taxes

(2,310)


(540)




Other receivables

(809)


(104)




Accounts payable and accrued expenses

1,171


2,928




Deferred revenues

7,512


(807)


Net cash provided by operating activities

$            6,446


$             16,209






CASH FLOWS FROM INVESTING ACTIVITIES






Purchase of equipment

(3,502)


(2,490)



Increase in deposits

20,858


(1,595)



Investments in marketable securities

(15,686)


(7,459)



Proceeds from sale of marketable securities

9,164


2,915


Net cash provided by (used in) investment activities

$          10,834


$            (8,629)






CASH FLOWS FROM FINANCING ACTIVITIES






Dividend paid

(6,723)


(10,120)



Employee options exercised

1,996


650


Net cash used in financing activities

$          (4,727)


$           (9,470)






INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

12,553


(1,890)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

12,793


14,683

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$          25,346


$            12,793


















 

 

ClickSoftware Technologies Ltd.

SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS

(Unaudited. In thousands, except per share amounts)












Three Months Ended




December 31, 2013


December 31, 2012




$

% of
Revenues


$

% of
Revenues









GAAP Net income


$           2,256

7%


$           3,906

14%

Share-based compensation (1)


819



652


Amortization of intangible assets (2)


49



150


Impairment of other intangible assets


174



-


Deferred taxes


(1,010)



(470)


Non-GAAP Net income


$           2,288

7%


$          4,238

15%








GAAP Earnings per share (diluted)


$             0.07



$            0.12


Share-based compensation


0.02



0.02


Amortization of intangible assets


0.00



0.00


Impairment of other intangible assets


0.01



0.00


Deferred taxes


(0.03)



(0.01)


Non-GAAP Earnings per share (diluted)


$             0.07



$            0.13










(1) Share-based compensation:








Cost of services


$                 95



$               85



Research and development costs, net


80



69



Selling and marketing expenses


245



173



General and administrative expenses


399



325




$              819



$             652









(2) Amortization of intangible assets:








Cost of revenues


$                49



$             121



Research and development costs, net


-



29





$                49



$             150


























 

 

ClickSoftware Technologies Ltd.

SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS

(Unaudited. In thousands, except per share amounts)












Year Ended




December 31, 2013


December 31, 2012




$

% of
Revenues


$

% of
Revenues









GAAP Net (loss) income


$         (4,160)

(4%)


$          7,488

7%

Share-based compensation (1)


2,744



2,534


Amortization of intangible assets (2)


278



715


Impairment of other intangible assets


174



-


Tax payment for previous years retained earnings*


744



-


Deferred taxes


(2,310)



(540)


Non-GAAP Net (loss) income


$         (2,530)

(2%)


$        10,197

10%









GAAP (Loss) earnings per share (diluted)


$           (0.13)



$            0.23


Share-based compensation


0.09



0.08


Amortization of intangible assets


0.00



0.02


Impairment of other intangible assets


0.01





Tax payment for previous years retained earnings*


0.02



0.00


Deferred taxes


(0.07)



(0.02)


Non-GAAP (Loss) earnings per share (diluted)


$           (0.08)



$            0.31










(1) Share-based compensation:








Cost of services


$               357



$             312



Research and development costs, net


292



254



Selling and marketing expenses


750



611



General and administrative expenses


1,345



1,357





$            2,744



$          2,534










(2) Amortization of intangible assets:








Cost of revenues


$              249



$             597



Research and development costs, net


29



118





$              278



$             715










* See Note 14.A to our consolidated financial statements for the year ended December 31, 2012 included in our Annual Report on Form 20-F, regarding November 2012 law









 

ClickSoftware Contact:

Investor Relations Contact:

Noa Schuman

Rob Fink

Investor Relations

KCSA Strategic Communications

+972-3-7659-467

212-896-1206

[email protected]

[email protected]

 

SOURCE ClickSoftware

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