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inContact Reports Record Second Quarter 2014 Financial Results

-- Record core contact software segment revenues up 31% year-over-year

SALT LAKE CITY, Aug. 6, 2014 /PRNewswire/ -- inContact, Inc. (NASDAQ: SAAS), the leading provider of cloud contact center software and contact center optimization tools, today reported record financial results for the second quarter ended June 30, 2014.

inContact Logo.

Said Paul Jarman, inContact CEO, "I'm pleased to announce that Q2 was a strong growth quarter for inContact, with both record bookings and software segment revenues. We closed 100 total contracts, 52 with new customers and 48 expansion deals, which represents 32% year-over-year increase in estimated annual contract value. We are attracting new customers of all sizes at a healthy pace across many industries from healthcare to finance to retail and e-commerce."

Revenue

Software segment revenue totaled $24.2 million for the quarter ended June 30, 2014, an increase of 50% from $16.2 million in Q2 2013. Combined software and software-related network connectivity revenue for the quarter ended June 30, 2014 was $38.5 million, an increase of 37% from $28.1 million for the quarter ended June 30, 2013. Approximately 85% of Network connectivity segment revenues were derived from contracts with customers utilizing our contact center software.

Consolidated revenue for the quarter ended June 30, 2014 was $41.1 million versus $31.1 million for the same period in 2013, an increase of 32%.

For the six months ended June 30, 2014, Software segment revenue totaled $44.2 million, an increase of 37% from $32.4 million for 2013.  For the six months ended June 30, 2014, Network connectivity segment revenue totaled $34.0 million, an increase of 12% from $30.4 million for 2013.

Gross Margin

Software segment gross margin for the quarter ended June 30, 2014 was 58% versus 61% for the same period in 2013, and excluding non-cash charges, non-GAAP Software segment gross margin was 72% for the second quarter of 2014, versus 73% in the second quarter of 2013.  Second quarter 2014 Network connectivity segment gross margin was 36% versus 35%, due to increased efficiencies in call routing related to previous investments in technology, which has resulted in lower variable network connectivity costs.

Consolidated gross margin percentage was 49% in the second quarter of 2014 compared to 49% for the same period in 2013. Excluding non-cash charges, consolidated gross margin was 58% for the second quarter 2014 compared to 56% for the same period in 2013.

Adjusted EBITDA

Earnings before interest, taxes, depreciation, amortization and stock-based compensation ("Adjusted EBITDA"), without acquisition-related adjustments, was $3.5 million for the quarter.  Adjusted EBITDA for the second quarter of 2014, with acquisition-related adjustments was $430,000 versus $1.9 million during the same period in 2013.  Adjusted EBITDA is a non-GAAP measure management believes provides important insight into our operating results (see reconciliation of non-GAAP measures below).

Net Income (Loss)

Net income for the quarter ended June 30, 2014 was $4.5 million, or $0.08 per basic share and $0.07 per diluted share, as compared to a net loss of $1.8 million or ($0.03) per share (basic and diluted) for the same period in 2013. Net income during the quarter was benefited by a one-time $10.2 million acquisition-related tax adjustment.

Jarman concluded, "This was an exceptional quarter and inContact's position in the market is stronger than ever. We have a proven and enterprise-ready cloud contact center platform, a steady cadence of bringing new solutions to market, and our strategic moves in WFO are taking us further ahead. The market is moving faster and we are accelerating our leadership position.

CONFERENCE CALL INFORMATION

We will host a conference call to discuss our second quarter 2014 financial results later today at 4:30 p.m. Eastern time (1:30 p.m. Pacific).

Dial-In Number: 1-866-952-1907
International: + 1-785-424-1826
Conference ID#: INCONTACT

An audio file of the call will be available after August 7, 2014 on the inContact Investor Relations website at http://investor.incontact.com, in the Webcasts and Presentations section.  A replay of the call will be available via telephone after 7:30 p.m. Eastern time today and until August 14, 2014.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay Pin Number: 1233200

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on inContact's current expectations, estimates and projections about inContact's industry, management's beliefs, and certain assumptions made by management, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations and management's future strategic plans. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to, risks associated with inContact's business model; our ability to develop or acquire, and gain market acceptance for new products, including our new sales and marketing and voice automation products, in a cost-effective and timely manner; the gain or loss of key customers; competitive pressures; its ability to expand operations; fluctuations in its earnings as a result of the impact of stock-based compensation expense; interruptions or delays in our hosting operations; breaches of our security measures; its ability to protect our intellectual property from infringement, and to avoid infringing on the intellectual property rights of third parties; and its ability to expand, retain and motivate our employees and manage its growth. Further information on potential factors that could affect our financial results is included in inContact's annual report on Form 10-K, quarterly reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date they are made. inContact undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

 

 

INCONTACT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS - (Unaudited)

(in thousands)






June 30,


December 31,


2014


2013

ASSETS




Current assets:




Cash and cash equivalents

$   32,097


$          49,148

Restricted cash

81


81

Accounts and other receivables, net of allowance for uncollectible accounts of $2,390 and $2,203, respectively

26,424


18,682

Other current assets

5,915


4,217

Total current assets

64,517


72,128





Property and equipment, net

30,324


23,716

Intangible assets, net

26,103


3,971

Goodwill

38,118


6,563

Other assets

1,746


1,540

Total assets

$ 160,808


$        107,918





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Trade accounts payable

$   13,953


$            9,696

Accrued liabilities

10,541


6,482

Accrued commissions

3,071


2,072

Current portion of deferred revenue

4,209


2,440

Current portion of debt and capital lease obligations

3,770


3,461

Total current liabilities

35,544


24,151





Long-term debt and capital lease obligations

4,784


4,580

Deferred rent

62


487

Deferred tax liability

883


-

Deferred revenue

5,158


3,981

Total liabilities

46,431


33,199





Total stockholders' equity

114,377


74,719

Total liabilities and stockholders' equity

$ 160,808


$        107,918

 

 

INCONTACT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

and COMPREHENSIVE LOSS (Unaudited)

(in thousands, except per share data)










Three months


Six months


ended June 30,


ended June 30,


2014


2013


2014


2013









Net revenue:








Software

$ 24,198


$ 16,185


$ 44,207


$ 32,357

Network connectivity

16,913


14,898


33,958


30,371

    Total net revenue

41,111


31,083


78,165


62,728

Costs of revenue:








Software

10,233


6,344


18,468


12,779

Network connectivity

10,855


9,610


21,693


19,643

    Total costs of revenue

21,088


15,954


40,161


32,422

Gross profit

20,023


15,129


38,004


30,306

Operating expenses:








Selling and marketing

13,005


9,008


23,061


17,430

Research and development

5,478


2,964


9,238


5,735

General and administrative

7,076


4,811


12,344


9,856

    Total operating expenses

25,559


16,783


44,643


33,021

  Loss from operations

(5,536)


(1,654)


(6,639)


(2,715)

Other income (expense):








Interest expense

(84)


(90)


(195)


(150)

Other expense

2


-


(149)


(25)

    Total other expense

(82)


(90)


(344)


(175)

  Loss before income taxes

(5,618)


(1,744)


(6,983)


(2,890)

Income tax benefit (expense)

10,080


(32)


10,053


(49)

Net income (loss) and comprehensive income (loss)

$   4,462


$ (1,776)


$   3,070


$ (2,939)









Net income (loss) per common share:








    Basic

$     0.08


$   (0.03)


$     0.05


$   (0.05)

    Diluted

$     0.07


$   (0.03)


$     0.05


$   (0.05)









Weighted average common shares outstanding:








    Basic

58,753


54,196


57,441


53,897

    Diluted

61,448


54,196


59,865


53,897

 

 

INCONTACT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Unaudited)

(in thousands)






Six months ended June 30,


2014


2013

Cash flows from operating activities:




Net income (loss)

$   3,070


$ (2,939)

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




  Depreciation of property and equipment

3,399


2,929

  Amortization of software development costs

2,823


2,312

  Amortization of intangible assets

1,044


105

  Amortization of note financing costs

14


9

  Interest accretion

2


3

  Stock-based compensation

2,953


1,511

  Loss on disposal of property and equipment

544


87

  Deferred income taxes

(10,053)


-

  Changes in operating assets and liabilities:




Accounts and other receivables, net

(3,609)


(2,816)

Other current assets

(31)


(148)

Other non-current assets

(73)


(339)

Trade accounts payable

2,110


741

Accrued liabilities

(604)


(366)

Accrued commissions

252


420

Deferred rent

(66)


28

Deferred revenue

1,078


2,379

Net cash provided by operating activities

2,853


3,916

Cash flows from investing activities:




Payments made for deposits

(31)


(11)

Acquisition of assets

-


(2,296)

Acquisition of a business, net of cash acquired

(10,164)


-

Capitalized software development costs

(5,004)


(2,880)

Purchases of property and equipment

(5,162)


(3,017)

Net cash used in investing activities

(20,361)


(8,204)

Cash flows from financing activities:




Proceeds from exercise of options

1,375


4,849

Proceeds from sale of stock under employee stock purchase plan

345


194

Borrowings under term loans

1,000


4,000

Payment of debt financing fees

-


(43)

Principal payments on debt and capital lease obligations

(2,227)


(1,479)

Purchase of treasury stock 

(36)


-

Payments under the revolving credit agreement

-


(1,000)

Net cash provided by financing activities

457


6,521

Net increase (decrease) in cash and cash equivalents

(17,051)


2,233

Cash and cash equivalents at the beginning of the period

49,148


48,836

Cash and cash equivalents at the end of the period

$ 32,097


$ 51,069

 

SEGMENT REPORTING

We operate under two business segments: Software and Network connectivity (formerly "Telecom"). The Software segment includes all monthly recurring revenue related to the delivery of our software applications, plus the associated professional services and setup fees and revenue related to quarterly minimum purchase commitments through July 2014, from a related party reseller. The Network connectivity segment includes all voice and data long distance services provided to customers.

For segment reporting, we classify operating expenses as either "direct" or "indirect." Direct expense refers to costs attributable solely to either selling and marketing efforts or research and development efforts. Indirect expense refers to costs that management considers to be overhead in running the business. Management evaluates expenditures for both selling and marketing and research and development efforts at the segment level without the allocation of overhead expenses, such as rent, utilities and depreciation on property and equipment.

Operating segment revenues and profitability for the quarters June 30, 2014 and 2013 were as follows (in thousands-unaudited):

 


Three months ended June 30, 2014


Three months ended June 30, 2013




Network 






Network 




Software


Connectivity


Consolidated


Software


Connectivity


Consolidated

Net revenue

$  24,198


$        16,913


$         41,111


$ 16,185


$        14,898


$         31,083

Costs of revenue

10,233


10,855


21,088


6,344


9,610


15,954

Gross profit

13,965


6,058


20,023


9,841


5,288


15,129

Gross margin

58%


36%


49%


61%


35%


49%













Operating expenses:












  Direct selling and marketing

11,501


933


12,434


7,560


947


8,507

  Direct research and development

5,149


-


5,149


2,714


-


2,714

  Indirect

7,094


882


7,976


4,708


854


5,562













  (Loss) income from operations

$   (9,779)


$          4,243


$         (5,536)


$  (5,141)


$          3,487


$         (1,654)


























Six months ended June 30, 2014


Six months ended June 30, 2013




Network 






Network 




Software


Connectivity


Consolidated


Software


Connectivity


Consolidated

Net revenue

$  44,207


$        33,958


$         78,165


$ 32,357


$        30,371


$         62,728

Costs of revenue

18,468


21,693


40,161


12,779


19,643


32,422

Gross profit

25,739


12,265


38,004


19,578


10,728


30,306

Gross margin

58%


36%


49%


61%


35%


48%













Operating expenses:












  Direct selling and marketing

20,315


1,689


22,004


14,523


1,938


16,461

  Direct research and development

8,623


-


8,623


5,253


-


5,253

  Indirect

12,360


1,656


14,016


9,454


1,853


11,307













  (Loss) income from operations

$ (15,559)


$          8,920


$         (6,639)


$  (9,652)


$          6,937


$         (2,715)

 

RECONCILIATION of NON-GAAP MEASURES:

"Adjusted EBITDA" is Earnings Before deductions for Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation. "Gross Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation" is Gross Margin before deductions for Depreciation and Amortization and Stock-Based Compensation. Neither are measures of financial performance under generally accepted accounting principles (GAAP). Adjusted EBITDA and Gross Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation are provided for the use of the reader in understanding our operating results and are not prepared in accordance with, nor does it serve as an alternative to GAAP measures and may be materially different from similar measures used by other companies. While not a substitute for information prepared in accordance with GAAP, management believes that this information is helpful for investors to more easily understand our operating financial performance. Management also believes these measures may better enable an investor to form views of our potential financial performance in the future. These measures have limitations as analytical tools, and investors should not consider these measures in isolation or as a substitute for analysis of our results prepared in accordance with GAAP.

 

Reconciliation of Adjusted EBITDA to Net income (loss) applicable to 

common stockholders as it is presented on the Condensed Consolidated 

Statements of Operations for inContact, Inc.

(in thousands - unaudited)










Three months ended June 30,


Six months ended June 30,


2014


2013


2014


2013

Net income (loss) and comprehensive income (loss)

$  4,462


$ (1,776)


$  3,070


$ (2,939)

Depreciation and amortization

4,059


2,822


7,266


5,346

Stock-based compensation

1,905


736


2,953


1,511

Interest income and expense, net

84


90


195


150

Income tax expense (benefit)

(10,080)


32


(10,053)


49

Adjusted EBITDA

$     430


$  1,904


$  3,431


$  4,117

 



Reconciliation of Consolidated Gross Profit and Margin to Consolidated Gross Profit and Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation, as presented in Segment Reporting for inContact, Inc.

(in thousands - unaudited)














Three months ended June 30, 2014


Three months ended June, 2013




Gross Profit


Gross Margin


Gross Profit


Gross Margin

Consolidated gross profit and margin



$       20,023


49%


$      15,129


49%

Depreciation and amortization



3,415


8%


2,160


7%

Stock-based compensation



243


1%


103


0%

Consolidated gross profit and margin, excluding non-cash charges


$       23,681


58%


$        17,392


56%





















Reconciliation of Software Segment Gross Profit and Margin to Software Segment Gross Profit and Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation, as presented in Segment Reporting for inContact, Inc.

(in thousands - unaudited)














Three months ended June 30, 2014


Three months ended June 30, 2013




Gross Profit


Gross Margin


Gross Profit


Gross Margin

Software segment gross profit and margin


$       13,965


58%


$          9,841


61%

Depreciation and amortization



3,236


13%


1,950


12%

Stock-based compensation



236


1%


100


1%

Software segment gross profit and margin, excluding non-cash charges


$       17,437


72%


$        11,891


73%

 

On May 6, 2014, we acquired CallCopy, Inc., a Delaware corporation doing business as Uptivity ("Uptivity").   The below table provides a detail of the inContact operating results for the three months ended June 30, 2014 and Uptivity operating results from acquisition date to June 30, 2014 without consideration of all adjustments that give effect to events that are directly attributable to the acquisition of Uptivity.  Also detailed in the table are the adjustments directly attributable to the acquisition of Uptivity.

This presentation is provided for the use of the reader in understanding our operating results and are not prepared in accordance with, nor does it serve as an alternative to GAAP measures. While not a substitute for information prepared in accordance with GAAP, management believes that this information is helpful for investors to more easily understand our operating financial performance. Management also believes these measures may better enable an investor to form views of our potential financial performance in the future. These measures have limitations as analytical tools, and investors should not consider these measures in isolation or as a substitute for analysis of our results prepared in accordance with GAAP.

 

Reconciliation of Non-GAAP Condensed Consolidated Statement of Operations

to GAAP Condensed Consolidated Statement of Operations

(in thousands - unaudited)



Three months ended June 30, 2014



Non - GAAP


GAAP



inContact


Uptivity


Combined


Adjustments


Consolidated

Net revenue:











  Software 


$    21,273


$  3,969


$      25,242


$          (1,044)

(A)

$           24,198

  Network connectivity 


16,913


-


16,913


-


16,913

    Total net revenue


38,186


3,969


42,155


(1,044)


41,111












Costs of revenue


19,612


740


20,352


736

(B)(C)

21,088

Gross profit


18,574


3,229


21,803


(1,780)


20,023












    Total operating expenses


21,394


2,896


24,290


1,269

(C)(D)

25,559

      Income (loss) from operations


(2,820)


333


(2,487)


(3,049)


(5,536)

Total other income (expense)


(160)


1


(159)


10,157

(E)

9,998

Net income (loss) 


$     (2,980)


$      334


$      (2,646)


$            7,108


$             4,462












Adjusted EBITDA


$       2,027


$   1,450


$        3,477


$          (3,047)

(F) 

$                430

 

Adjustments Directly Attributable to the Acquisition of Uptivity

(A)

To record the resulting decrease in revenue as part of the fair value adjustment to Uptivity's deferred revenue balances. 

(B)

To record the increase in amortization expense associated with acquired intangible assets, based on the fair value of approximately $23.2 million.  Customer relationships which have a useful life of 8 years are amortized using the double declining balance method.  Other intangibles have useful lives of 5 or 7 years and are amortized using the straight line method.

(C)

To record the increased stock based compensation expense related to the issuance of inContact restricted stock and restricted stock awards granted to management and employees of Uptivity in exchange for outstanding unvested stock options in Uptivity and to retain key employees. 

(D)

To record the direct transaction costs of approximately $934,000 which include estimated investment banking, legal and accounting fees, and other external costs directly related to the acquisition of Uptivity.

(E)

To record the tax benefit related to the partial reversal of the deferred tax asset valuation allowance.

(F)

Net effect of items A through D above.

About inContact

inContact (NASDAQ: SAAS) is the cloud contact center software leader, helping organizations around the globe create high quality customer experiences. inContact is 100% focused on the cloud and is the only provider to combine cloud software with enterprise-class Network connectivity for a complete customer interaction solution. Winner of 2014 CRM Magazine Rising Star Award, in Cloud Contact Center Solutions, inContact has deployed over 1,300 cloud contact center instances. To learn more, visit www.inContact.com.

inContact® is the registered trademark of inContact, Inc.

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Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...