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Interactive Intelligence Reports Second-Quarter 2014 Financial Results

Interactive Intelligence Group Inc. (Nasdaq: ININ), a global provider of software and services designed to improve the customer experience, has announced financial results for the three and six months ended June 30, 2014.

“Our second-quarter revenues show the ongoing shift of our business to the cloud and were primarily impacted by lower than expected on-premises orders as well as the deferral of revenues from two sizable contracts we expected to recognize,” said Interactive Intelligence founder and CEO Dr. Donald Brown. “The shift to the cloud market is accelerating and will continue to result in more revenues being deferred to future quarters leading to greater overall growth of recurring revenue. Given the ongoing demand for our cloud-based offering and the strength of our pipeline globally, we remain committed to making investments that drive the growth of our business. With the release of our new multi-tenant Interactive Intelligence PureCloud offering expected in October, the company remains well positioned to gain market share and reduce cost of delivery.”

Second-Quarter 2014 Financial Highlights:

  • Orders: Excluding the largest cloud-based order in the company’s history that was received in the same quarter last year, total orders increased by 12 percent from the second quarter of 2013, with cloud-based orders up 69 percent and representing 52 percent of total orders. Including this large cloud-based order, total orders decreased by 38 percent year-over-year. During the quarter, the company signed 39 orders over $250,000, including 10 orders over $1 million.
  • Revenues: Total revenues were $79.8 million, up 5 percent from the 2013 second quarter. Recurring revenues, including support fees from on-premises license agreements and fees from cloud-based customers, increased 27 percent to $44.6 million and accounted for 56 percent of total revenues. Cloud-based revenues increased 77 percent to $13.9 million. Product revenues were $21.5 million and services revenues $13.7 million, compared to $27.9 million and $13.2 million, respectively, in the second quarter of 2013.
  • Total Deferred Revenues: Deferred revenues increased to $111.9 million, up from $108.3 million as of June 30, 2013. In addition, the amount of unbilled future cloud-based revenues increased to $224.8 million from $136.0 million at the end of the 2013 second quarter. The combination of deferred and unbilled future cloud-based revenues grew to $336.7 million, up 38 percent from $244.3 million as of June 30, 2013.
  • Operating Income (Loss): GAAP operating loss was $(11.5) million, compared to GAAP operating income of $849,000 in the same quarter last year. Non-GAAP* operating loss was $(6.6) million, compared to non-GAAP operating income of $3.8 million in the second quarter of 2013. The year-over-year decline was primarily due to lower than anticipated product revenues, combined with increased sales and marketing expenses to capture cloud market share, and increased research and development expenses to accelerate time-to-market of Interactive Intelligence PureCloud℠.
  • Income Taxes: Income tax benefit for the second quarter was $4.6 million. The company’s estimated annual effective tax rate is 41.0 percent.
  • Net Income (Loss): GAAP net loss was $(6.8) million, or $(0.33) per diluted share based on 20.9 million weighted average shares outstanding, compared to GAAP net income in the same quarter of 2013 of $2.9 million, or $0.14 per diluted share based on 20.9 million weighted average diluted shares outstanding. GAAP net income for the second quarter of 2013 included an income tax benefit primarily related to a change in transfer pricing implemented in the second quarter of 2013.

    Non-GAAP net loss for the second quarter was $(3.7) million, or $(0.18) per diluted share, compared to non-GAAP net income of $3.4 million, or $0.16 per diluted share in the same quarter of 2013.
  • Cash, Cash Equivalents and Investments: Cash, cash equivalents and investments totaled $86.0 million as of June 30, 2014, compared to $104.9 million as of March 31, 2014.
  • Cash Flows: The company used $1.4 million for operating activities in the quarter and used $4.9 million for capital expenditures, which included continued expansion of its cloud infrastructure and $9.3 million in connection with an acquisition.

* A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included with this press release. An explanation of these measures is also included below under the heading “Non-GAAP Measures.”

Six Months Ended 2014 Financial Highlights:

  • Orders: Excluding the largest cloud-based order in the company’s history received during the second quarter of 2013, total orders increased by 26 percent from the first six months of 2013, and cloud-based orders were up 112 percent over the first six months of 2013. Including this large cloud-based order, total orders decreased by 12 percent year-over-year. Cloud-based orders comprised 55 percent of total orders during the first six months of 2014. The company signed 73 orders over $250,000, including 19 orders over $1 million.
  • Revenues: Total revenues were $159.3 million, an increase of 7 percent over the first six months of 2013. Recurring revenues increased 28 percent to $88.0 million and accounted for 55 percent of total revenues. Cloud-based revenues increased 80 percent to $26.9 million. Product revenues were $44.4 million, down 21 percent, and services revenues were $26.9 million, up 9 percent compared to the first six months of 2013.
  • Operating Income (Loss): GAAP operating loss was $(16.3) million for the first six months of 2014, compared to GAAP operating income of $4.3 million over the same period last year. Non-GAAP operating loss was $(7.6) million for the first six months of 2014, compared to non-GAAP operating income of $10.0 million during the same period last year. The year-over-year decline was primarily due to lower than anticipated product revenues, combined with increased sales and marketing expenses to capture cloud market share, and increased research and development expenses to accelerate time-to-market of PureCloud℠.
  • Net Income (Loss): GAAP net loss for the first six months of 2014 was $(9.4) million, or $(0.45) per diluted share based on 20.8 million weighted average shares outstanding, compared to GAAP net income for the same period in 2013 of $4.4 million, or $0.21 per diluted share based on 20.8 million weighted average diluted shares outstanding. GAAP net income for the six months ended June 30, 2013 included an income tax benefit primarily driven by a change in transfer pricing implemented during the second quarter of 2013.

    Non-GAAP net loss for the first six months of 2014 was $(4.1) million, or $(0.20) per diluted share, compared to non-GAAP net income of $7.0 million, or $0.33 per diluted share during the same period in 2013.
  • Cash, Cash Equivalents and Investments: Cash, cash equivalents and investments totaled $86.0 million as of June 30, 2014, compared to $107.8 million as of Dec. 31, 2013.
  • Cash Flows: The company generated $3.8 million in cash flow from operations during the six months ended June 30, 2014, and used $13.1 million for capital expenditures, which included continued expansion of its cloud infrastructure and $9.3 million in connection with an acquisition.

Additional Second-Quarter 2014 and Recent Highlights:

  • The company signed West Interactive (a subsidiary of West Corp.) as an Elite Partner, which enables West to provide sales, service and support nationwide for the entire suite of Interactive Intelligence business communications solutions.
  • Interactive Intelligence announced the launch of Interactive Intelligence PureCloud, a highly scalable, multi-tenant suite of cloud-based services for communications, collaboration and customer engagement that leverages the latest open source technologies.
  • Interactive Intelligence was named Frost & Sullivan’s 2014 North American Contact Center Systems Company of the Year.
  • CRM magazine named Interactive Intelligence its Service Leader winner in the category of interactive voice response.

Interactive Intelligence will host a conference call today at 4:30 p.m. Eastern time (EDT) featuring Dr. Brown and the company's CFO, Stephen R. Head. A live Q&A session will follow opening remarks.

To access the teleconference, please dial 1 877.324.1969 at least five minutes prior to the start of the call. Ask for the teleconference by the following name: “Interactive Intelligence second-quarter earnings call.” The teleconference will also be broadcast live on the company's investor relations' page at http://investors.inin.com. An archive of the teleconference will be posted following the call.

About Interactive Intelligence

Interactive Intelligence Group Inc. (Nasdaq: ININ) is a global provider of software and services designed to improve the customer experience. The company’s 6,000-plus customers worldwide have benefitted from its cloud and on-premises solutions for contact center, unified communications, and business process automation. Interactive Intelligence is among Software Magazine’s 2013 Top 500 Global Software and Service Providers, and has received a Frost & Sullivan Company of the Year Award for the last five consecutive years. In addition, Glassdoor honored Interactive Intelligence with its 2014 Employees’ Choice Award as one of the Best Places to Work in the U.S., and Mashable ranked Interactive Intelligence second on its 2014 list of the Seven Best Tech Companies to Work For. The company was founded in 1994 and employs more than 2,000 people worldwide. Interactive Intelligence is headquartered in Indianapolis, Indiana and has offices throughout North America, Latin America, Europe, Middle East, Africa and Asia Pacific. It can be reached at +1 317.872.3000 or [email protected]. Visit Interactive Intelligence on the Web at www.inin.com; on Twitter at www.inin.com/twitter; on Facebook at www.inin.com/facebook; or on LinkedIn at www.inin.com/linkedin.

Non-GAAP Measures

The non-GAAP measures shown in this release include revenue which was not recognized on a GAAP basis due to purchase accounting adjustments, exclude non-cash stock-based compensation expense, certain acquisition-related expenses and the amortization of certain intangible assets related to acquisitions by the company, and adjust for non-GAAP income tax expense. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included with the financial information included in this press release. These measures are not in accordance with, or an alternative for, GAAP and may be different from non-GAAP measures used by other companies. Stock-based compensation expense and amortization of intangibles related to acquisitions are non-cash and non-GAAP income tax expense is pro forma based on non-GAAP earnings. Management believes that the presentation of non-GAAP results, when shown in conjunction with corresponding GAAP measures, provides useful information to management and investors regarding financial and business trends related to the company's results of operations. Further, our management believes that these non-GAAP measures improve management's and investors' ability to compare the company's financial performance with other companies in the technology industry. Because stock-based compensation expense, certain acquisition-related expenses and amortization of intangibles related to acquisitions amounts can vary significantly between companies, it is useful to compare results excluding these amounts. Our management also reviews financial statements that exclude stock-based compensation expense, certain acquisition-related expenses and amortization of intangibles amounts related to acquisitions for its internal budgets.

Forward Looking Statements

This release may contain certain forward-looking statements that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: rapid technological changes and competitive pressures in the industry; worldwide economic conditions and their impact on customer purchasing decisions; the company's ability to maintain profitability; to manage successfully its growth; to manage successfully its increasingly complex third-party relationships resulting from the software and hardware components being licensed or sold with its solutions; to maintain successful relationships with certain suppliers which may be impacted by the competition in the technology industry; to maintain successful relationships with its current and any new partners; to maintain and improve its current products; to develop new products; to protect its proprietary rights and sensitive customer information adequately; improve the company’s brand and name recognition; to successfully integrate acquired businesses; and other factors described in the company's SEC filings, including the company's latest annual report on Form 10-K.

Interactive Intelligence is the owner of the marks INTERACTIVE INTELLIGENCE, its associated LOGO and numerous other marks. All other trademarks mentioned in this document are the property of their respective owners.

           
Interactive Intelligence Group, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts)

(unaudited)

 
 
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014

2013

 
Revenues:
Product $ 21,548 $ 27,909 $ 44,394 $ 55,900
Recurring 44,617 35,106 88,026 68,933
Services   13,665     13,227     26,858     24,647  
Total revenues   79,830     76,242     159,278     149,480  
Costs of revenues:
Costs of product 6,553 7,214 13,337 15,092
Costs of recurring 15,924 10,024 30,639 19,957
Costs of services 11,298 9,846 21,815 17,707
Amortization of intangible assets   137     49     186     98  
Total costs of revenues   33,912     27,133     65,977     52,854  
Gross profit   45,918     49,109     93,301     96,626  
Operating expenses:
Sales and marketing 30,151 26,040 57,649 49,541
Research and development 15,906 13,168 29,705 25,692
General and administrative 10,898 8,584 21,325 16,198
Amortization of intangible assets   476     468     948     931  
Total operating expenses   57,431     48,260     109,627     92,362  
Operating income (loss) (11,513 ) 849 (16,326 ) 4,264
Other income (expense):
Interest income, net 275 250 557 449
Other income (expense)   (190 )   27     (386 )   (1,375 )
Total other income (expense)   85     277     171     (926 )
Income (loss) before income taxes (11,428 ) 1,126 (16,155 ) 3,338
Income tax benefit   (4,630 )   (1,775 )   (6,793 )   (1,020 )
Net income (loss) $ (6,798 ) $ 2,901   $ (9,362 ) $ 4,358  
Other comprehensive income (loss):
Foreign currency translation adjustment $ 97 $ 16 $ 656 $ 121
Unrealized investment loss - net of tax   (9 )   (196 )   (26 )   (228 )
Comprehensive income (loss) $ (6,710 ) $ 2,721   $ (8,732 ) $ 4,251  
 
Net income (loss) per share:
Basic
Diluted $ (0.33 ) $ 0.15 $ (0.45 ) $ 0.22
(0.33 ) 0.14 (0.45 ) 0.21
 
Shares used to compute net income (loss) per share:
Basic 20,851 19,946 20,771 19,826
Diluted 20,851 20,935 20,771 20,847
 
           
Interactive Intelligence Group, Inc.
Reconciliation of Supplemental Financial Information
(in thousands, except per share amounts)
Unaudited
 
Three Months Ended Six Months Ended
June 30, June 30,

2014

2013 2014

2013

 

Recurring revenue, as reported

$ 44,617 $ 35,106 $ 88,026 $ 68,933
Purchase accounting adjustments   5     63     10     148  
Non-GAAP recurring revenue $ 44,622   $ 35,169   $ 88,036   $ 69,081  
 
Recurring revenue gross profit as reported $ 28,693 $ 25,082 $ 57,387 $ 48,976
Purchase accounting adjustments 5 63 10 148
Non-cash stock-based compensation expense   367     208     674     375  
Non-GAAP recurring revenue gross profit $ 29,065   $ 25,353   $ 58,071   $ 49,499  
Non-GAAP recurring revenue gross margin 65.1 % 72.1 % 66.0 % 71.7 %
 
Services revenue gross profit as reported $ 2,367 $ 3,381 $ 5,043 $ 6,940
Non-cash stock-based compensation expense   115     67     221     116  
Non-GAAP services revenue gross profit $ 2,482   $ 3,448   $ 5,264   $ 7,056  
Non-GAAP services revenue gross margin 18.2 % 26.1 % 19.6 % 28.6 %
 
Total revenue, as reported $ 79,830 $ 76,242 $ 159,278 $ 149,480
Purchase accounting adjustments   5     63     10     148  
Non-GAAP total revenue $ 79,835   $ 76,305   $ 159,288   $ 149,628  
 
Gross Profit, as reported $ 45,918 $ 49,109 $ 93,301 $ 96,626
Revenue adjustments 5 63 10 148
Acquired technology 137 49 186 98
Non-cash stock-based compensation expense   482     275     895     491  
Non-GAAP gross profit $ 46,542   $ 49,496   $ 94,392   $ 97,363  
Non-GAAP gross margin 58.3 % 64.9 % 59.3 % 65.1 %
 
Operating income (loss), as reported $ (11,513 ) $ 849 $ (16,326 ) $ 4,264
Purchase accounting adjustments 1,218 607 1,744 1,218
Non-cash stock-based compensation expense   3,696     2,361     6,936     4,535  
Non-GAAP operating (loss) income $ (6,599 ) $ 3,817   $ (7,646 ) $ 10,017  
Non-GAAP operating margin   -8.3 %   5.0 %   -4.8 %   6.7 %
 
 
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013

Net income (loss), as reported

$ (6,798 ) $ 2,901   $ (9,362 ) $ 4,358  
Purchase accounting adjustments:
 
Increase to revenues 5 63 10 148
Reduction of operating expenses:
Customer Relationships 431 423 858 841
Technology 137 49 186 98
Non-compete agreements 45 45 90 90
Acquisition Costs   600     27     600     41  
Total   1,218     607     1,744     1,218  
Non-cash stock-based compensation expense:
Cost of recurring revenues 367 208 674 375
Cost of services revenues 115 67 221 116
Sales and marketing 1,037 817 2,133 1,625
Research and development 1,352 693 2,306 1,309
General and administrative   825     576     1,602     1,110  
Total   3,696     2,361     6,936     4,535  
Non-GAAP income tax expense adjustment   (1,815 )   (2,512 )   (3,410 )   (3,152 )
Non-GAAP net income (loss) $ (3,699 ) $ 3,357   $ (4,092 ) $ 6,959  
 
Diluted EPS, as reported $ (0.33 ) $ 0.14 $ (0.45 ) $ 0.21
Purchase accounting adjustments 0.06 0.03 0.08 0.06
Non-cash stock-based compensation expense 0.18 0.11 0.33 0.22
Non-GAAP income tax expense adjustment   (0.09 )   (0.12 )   (0.16 )   (0.16 )

Non-GAAP diluted EPS

$ (0.18 ) $ 0.16   $ (0.20 ) $ 0.33  
 
       
Interactive Intelligence Group, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
 
 
June 30, December 31,
2014 2013

Assets

(unaudited)

Current assets:
Cash and cash equivalents $ 34,534 $ 65,881
Short-term investments 38,664 32,162
Accounts receivable, net 64,957 80,414
Deferred tax assets, net 27,673 23,684
Prepaid expenses 26,317 21,989
Other current assets   19,372     13,566  
Total current assets 211,517 237,696
Long-term investments 12,784 9,787
Property and equipment, net 42,907 36,919
Goodwill 46,026 37,298
Intangible assets, net 25,357 20,613
Other assets, net   18,701     10,909  
Total assets $ 357,292   $ 353,222  
 
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 9,148 $ 8,727
Accrued liabilities 18,145 15,162
Accrued compensation and related expenses 13,842 17,494
Deferred product revenues 10,399 10,412
Deferred services revenues   79,886     81,630  
Total current liabilities 131,420 133,425
Long-term deferred revenues 21,590 23,914
Deferred tax liabilities, net 1,901 2,388
Other long-term liabilities   7,423     4,140  
Total liabilities   162,334     163,867  
 
Shareholders' equity:
Preferred stock - -
Common stock 210 205
Additional paid-in-capital 184,402 170,072
Accumulated other comprehensive loss (1,046 ) (1,676 )
Retained earnings   11,392     20,754  
Total shareholders' equity   194,958     189,355  
Total liabilities and shareholders' equity $ 357,292   $ 353,222  
 
       
Interactive Intelligence Group, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
 
 
Six Months Ended
June 30,
2014 2013
(unaudited)

Operating activities:

Net income (loss) $ (9,362 ) $ 4,358
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation 7,175 5,023
Amortization 1,134 1,029
Other non-cash items 363 1,255
Stock-based compensation expense 6,936 4,535
Excess tax benefit from stock-based payment arrangements - (525 )
Deferred income tax (4,658 ) 729
Accretion of investment discount (161 ) (385 )
Loss on disposal of fixed assets 23 -
Changes in operating assets and liabilities:
Accounts receivable 12,201 (1,903 )
Prepaid expenses (4,274 ) (3,592 )
Other current assets (2,718 ) (6,115 )
Accounts payable 421 278
Accrued liabilities 2,793 (6,807 )
Accrued compensation and related expenses (3,652 ) (1,962 )
Deferred product revenues (15 ) 6,025
Deferred services revenues (4,066 ) 10,271
Other assets and liabilities   1,702     585  
Net cash provided by operating activities   3,842     12,799  
 

Investing activities:

Sales of available-for-sale investments 22,785 13,576
Purchases of available-for-sale investments (32,167 ) (22,100 )
Purchases of property and equipment (13,078 ) (12,893 )
Capitalized internal use software cost (6,339 ) (208 )
Acquisitions, net of cash (9,297 ) (725 )
Unrealized (gain) loss on investment   18     (54 )
Net cash used in investing activities   (38,078 )   (22,404 )
 
Financing activities:
Proceeds from stock options exercised 4,971 7,569
Proceeds from issuance of common stock 543 404
Tax withholding on restricted stock awards (2,625 ) (899 )
Excess tax benefit from stock-based payment arrangements   -     525  
Net cash provided by financing activities   2,889     7,599  
Net decrease in cash and cash equivalents (31,347 ) (2,006 )
Cash and cash equivalents, beginning of period   65,881     45,057  
Cash and cash equivalents, end of period $ 34,534   $ 43,051  
 
Cash paid during the period for:
Interest $ - $ -
Income taxes 1,687 6,954
 
Other non-cash item:
Purchases of property and equipment payable at end of period $ 892 $ 355
 
               
Supplemental Data
(Dollars in thousands)
(unaudited)
 

2013

2014
Q1 Q2 Q3 Q4 Total Q1 Q2

Total

Margins (GAAP):
Product 71.9 % 74.2 % 75.5 % 78.4 % 75.2 % 70.3 % 69.6 % 70.0 %
Recurring 70.6 % 71.4 % 69.5 % 67.6 % 69.7 % 66.1 % 64.3 % 65.2 %
Services 31.2 % 25.6 % 28.9 % 20.6 % 26.3 % 20.3 % 17.3 % 18.8 %
Overall 64.9 % 64.4 % 64.5 % 64.2 % 64.5 % 59.6 % 57.5 % 58.6 %
 
Year-over-year Revenue Growth (GAAP):
Product 44.0 % 41.9 % 20.6 % 28.3 % 32.8 % -18.4 % -22.8 % -20.6 %
Recurring 22.4 % 23.6 % 28.6 % 25.2 % 25.0 % 28.3 % 27.1 % 27.7 %
Services 100.6 % 96.8 % 74.1 % 41.2 % 73.0 % 15.5 % 3.3 % 9.0 %
Overall 38.8 % 39.2 % 31.5 % 28.7 % 34.1 % 8.5 % 4.7 % 6.6 %
 
Orders:
Over $1 million 8 13 12 15 48 9 10 19
Between $250,000 and $1 million 31 30 35 48 144 25 29 54
 
Number of new customers 74 89 67 86 316 54 70 124
 
Average new customer order:
Overall $ 335 $ 272 $ 503 $ 485 $ 394 $ 516 $ 352 $ 423
Cloud-based 788 427 796 836 717 935 472 655
 

ININ-G

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