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Responsys Announces First Quarter 2012 ResultsSan Bruno, Calif., )
- Total revenue grows 26% to $38.1 million compared to a year ago
- Subscription revenue of $27.2 million rises 30% compared to a year ago
- Raises 2012 revenue guidance to $163-$165 million
- Announces second quarter 2012 revenue guidance of $38.8-$39.5 million
Responsys, Inc. (Nasdaq:MKTG), a leading provider of email and cross-channel marketing solutions, today announced financial results for the quarter ended March 31, 2012.
"Our financial results in the first quarter marked a strong start to the year. We are pleased with the progress of our business and product development activities. Our expansion to Latin America through our investment in Pmweb, a provider of digital marketing solutions in Brazil, increases Responsys' footprint in this important growth region," said CEO Dan Springer.
Springer continued, "Our customers continued to develop multi-channel relationships with their customers at robust levels in the first quarter, underscoring the importance of interactive marketing in our customers' business models." Last week, Responsys unveiled its newest offering, Interact Social Data Cloud, a solution enabling marketing organizations to access social profiles and valuable behavioral data to orchestrate and optimize their cross-channel marketing programs, at its annual user conference in San Francisco. "Marketers are increasingly aware of the importance of orchestrating and optimizing campaigns across email, mobile, social, display and the web, and our new solution represents continued expansion of our cross-channel growth strategy," Springer added.
For the first quarter of 2012, total revenue increased 26.2% to $38.1 million, up from $30.1 million in the first quarter of 2011.
Subscription revenue for the first quarter of 2012 was $27.2 million, up 29.6% as compared to $21.0 million in the first quarter of 2011. Professional services revenue was $10.8 million, up 18.5% as compared to $9.2 million in the first quarter of 2011.
GAAP net income for the first quarter of 2012 was $2.1 million. This compares to GAAP net income of $2.1 million and diluted GAAP net income attributable to common stockholders of $0.3 million in the first quarter of 2011. Net income per share attributable to common stockholders in the first quarter of 2012 was $0.04 per share on a diluted basis, as compared to $0.02 in the first quarter of 2011. GAAP net income in the first quarter of 2011 includes a $2.2 million pretax gain on the acquisition of Eservices ($1.3 million after tax).
In addition to using GAAP results in evaluating Responsys' business, management believes it is useful to also measure results using non-GAAP net income, which is net income excluding stock-based compensation expense, amortization of acquired intangible assets, the gain on the acquisition of Eservices, and related income tax effects, as applicable. Non-GAAP net income for the first quarter of 2012 was $3.5 million, or $0.07 per diluted share, as compared to $1.7 million, or $0.04 per share on a non-GAAP diluted basis1, for the first quarter of 2011. A reconciliation of the comparable GAAP to non-GAAP financial measures used in this release is included in the attached tables.
Based on information available as of May 9, 2012, Responsys is issuing guidance for 2012 as follows:
Fiscal 2012 revenue is expected to be in the range of $163-165 million, as compared to prior guidance of $161-$163 million. Non-GAAP net income is expected to be $11-$12 million and $0.21-$0.23 per diluted share, up from previous guidance of $10-$11 million and $0.19-$0.21 per diluted share.
Non-GAAP net income for the full year excludes an estimated $2.3 million in amortization of acquired intangibles and $6.4 million in stock-based compensation expense. Non-GAAP net income per diluted share is based on weighted average diluted shares outstanding of 53.6 million.
For the second quarter of 2012, the Company expects revenue to be in the range of $38.8-$39.5 million. Non-GAAP net income is expected to be approximately $0.03 per diluted share. Non-GAAP net income for the quarter excludes an estimated $0.6 million in amortization of acquired intangibles and $1.4 million in stock-based compensation expense. Non-GAAP net income per diluted share is based on estimated weighted average diluted shares outstanding of 53.5 million.
Non-GAAP net income for the second quarter and fiscal year 2012 assumes an effective non-GAAP tax rate of 40%.
Conference Call Information for Today, Wednesday, May 9, 2012
To access the call from the U.S., please dial (877) 548-9590 or (914) 495-8541 outside the U.S. A live webcast of the call will also be available at http://investors.responsys.com/... under the Events and Presentations menu. An audio replay will be available until May 16, 2012 by calling (855) 859-2056 or (404) 537-3406 outside the U.S., using conference ID 75076960. The replay will also be available on our website at http://investors.responsys.com/....
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures including non-GAAP operating income, non-GAAP net income, and non-GAAP net income per share on a diluted basis1. Non-GAAP net income, and non-GAAP net income per share on a diluted basis1, exclude the amortization of acquired intangible assets, stock-based compensation expense, the gain on the acquisition of Eservices, and related tax effects. Non-GAAP net income per share on a diluted basis is not adjusted for the impact of unamortized stock-based compensation on the computation of diluted shares under GAAP. The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management uses these non-GAAP measures to compare the Company's performance to that of prior periods and uses these measures in financial reports prepared for management and the Company's board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other software-as-a-service companies, many of which present similar non-GAAP financial measures to investors.
The Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant elements that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management in determining these non-GAAP financial measures. In order to compensate for these limitations, management of the Company presents its non-GAAP financial measures in connection with its GAAP results. The Company urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which is included in this press release, and not to rely on any single financial measure to evaluate the Company's business.
Forward Looking Statements
The financial projections under Business Outlook, and other forward-looking statements included in this presentation, reflect management's best judgment based on factors currently known and involve risks and uncertainties; our actual results may differ materially from those discussed here. These risks and uncertainties include: our ability to acquire and retain customers; whether customers purchase additional functionality and increase their usage; pricing pressures and competitive factors; the uncertain impact of overall global economic conditions, including on customers, prospective customers and partners, renewal rates and length of sales cycles; the fact that the market for cross-channel marketing solutions is at an early stage of development and may not develop as rapidly as we anticipate; outages or security breaches; our ability to develop, and market acceptance of, new products and services; the impact of any discovered product defects; our ability to manage our growth, both domestically and internationally; our ability to successfully expand our sales force and its effectiveness; our ability to maintain profitability; and other risks detailed from time to time in our SEC reports including, but not limited to, our most recent annual report on Form 10-K. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements including any guidance, whether as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
1 Non-GAAP net income per share attributable to common stockholders in 2011 was derived by dividing by the corresponding non-GAAP basic and non-GAAP diluted weighted-average shares outstanding. Non-GAAP weighted-average shares outstanding was computed to give effect to the conversion of the Series A, Series B, Series C, Series D, and Series E convertible preferred stock using the as-if converted method into common shares as though the conversion had occurred as of the beginning of the period.
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