CARMEL, IN--(Marketwired - Jun 16, 2016) - Determine, Inc. (
FY2016 GAAP Financial Highlights:
- GAAP revenue was $26.8 million in FY2016, compared to $20.9 million in FY2015, representing a 28% increase in year-over-year growth.
- GAAP gross profit percentage increased to 52% in FY2016, compared to 41% in FY2015, an increase of 11 percentage points.
- Deferred revenues increased 23% to $10.4 million in FY2016 from $8.4 million in FY2015.
(in thousands, except per share amounts)
| GAAP Financial Measures | Q4 | Q3 | Q4 | Change | Change | Twelve Months | ||||||||||||||||||
| FY 2016 | FY 2016 | FY 2015 | Q/Q | Y/Y | FY 2016 | FY 2015 | Change Y/Y | |||||||||||||||||
| Revenue - total | $ | 6,680 | $ | 7,100 | $ | 5,929 | (5.9%) | 13% | $ | 26,760 | $ | 20,877 | 28.2% | |||||||||||
| Revenue - recurring | $ | 4,981 | $ | 5,354 | $ | 4,812 | (7.0%) | 4% | $ | 20,843 | $ | 16,207 | 28.6% | |||||||||||
| Revenue - non-recurring | $ | 1,699 | $ | 1,746 | $ | 1,117 | (2.7%) | 52% | $ | 5,917 | $ | 4,670 | 26.7% | |||||||||||
| Gross profit - total | $ | 3,296 | $ | 3,682 | $ | 2,959 | (10.5%) | 11% | $ | 13,791 | $ | 8,574 | 60.8% | |||||||||||
| Gross profit - recurring | $ | 3,137 | $ | 3,538 | $ | 3,520 | (11.3%) | (0.11) | $ | 13,997 | $ | 11,178 | 25.2% | |||||||||||
| Gross profit/ (loss) - non-recurring | $ | 159 | $ | 144 | $ | (561) | 10.7% | nm | $ | (206) | $ | (2,604) | (92.1%) | |||||||||||
| Gross margin - total | 49.3% | 51.9% | 49.9% | (2.6 pts) | (0.6 pts) | 51.5% | 41.1% | 10.4 pts | ||||||||||||||||
| Gross margin - recurring | 63.0% | 66.1% | 73.2% | (3.1 pts) | (10.2 pts) | 67.2% | 69.0% | (1.8 pts) | ||||||||||||||||
| Gross margin - non recurring | 9.4% | 8.2% | (50.2%) | 1.2 pts | 59.6 pts | (3.5%) | (55.8%) | 52.3 pts | ||||||||||||||||
| Net loss | $ | (4,810) | $ | (2,845) | $ | (4,266) | 69.1% | 12.8% | $ | (14,028) | $ | (13,746) | 2.1% | |||||||||||
| EPS | $ | (0.42) | $ | (0.25) | $ | (0.53) | $ | (0.17) | $ | 0.11 | $ | (1.34) | $ | (1.89) | $ | 0.55 | ||||||||
FY2016 Non-GAAP Financial Highlights:
- Total annual new ARR bookings were $4.9 million in FY2016, compared to $3.1 million in FY2015, representing a 55% year-over-year increase.
- Non-GAAP revenue increased 21% to $27.0 million in FY2016 from $22.3 million in FY2015. The difference between GAAP and Non-GAAP revenue is due to the Iasta and b-pack purchase accounting deferred revenue adjustment.
- Non-GAAP gross profit percentage increased to 57% in FY2016 from 49% in FY2015, an increase of 8 percentage points. The difference between GAAP and Non-GAAP gross profit is due to the Iasta and b-pack purchase accounting deferred revenue adjustment and the amortization of intangibles.
- Billings increased 22% to $28.7 million in FY2016 from $23.6 million in FY2015. Billings, a non-GAAP measure, are defined as revenues plus the change in deferred revenues.
(in thousands, except per share amounts)
| Non-GAAP Financial Measures | Q4 | Q3 | Q4 | Change | Change | Twelve Months | |||||||||||||||||
| FY 2016 | FY 2016 | FY 2015 | Q/Q | Y/Y | FY 2016 | FY 2015 | Change Y/Y | ||||||||||||||||
| Revenue - total | $ | 6,696 | $ | 7,187 | $ | 6,085 | (6.8%) | 10.0% | $ | 27,005 | $ | 22,328 | 20.9% | ||||||||||
| Revenue - recurring | $ | 4,997 | $ | 5,400 | $ | 4,960 | (7.5%) | 0.7% | $ | 21,018 | $ | 17,397 | 20.8% | ||||||||||
| Revenue - non-recurring | $ | 1,699 | $ | 1,787 | $ | 1,125 | (4.9%) | 51.1% | $ | 5,987 | $ | 4,932 | 21.4% | ||||||||||
| Gross profit - total | $ | 3,660 | $ | 4,135 | $ | 3,367 | (11.5%) | 8.7% | $ | 15,337 | $ | 10,996 | 39.5% | ||||||||||
| Gross profit - recurring | $ | 3,419 | $ | 3,859 | $ | 3,848 | (11.4%) | (11.1%) | $ | 15,156 | $ | 12,929 | 17.2% | ||||||||||
| Gross profit/(loss) - non-recurring | $ | 241 | $ | 276 | $ | (481) | (12.9%) | nm | $ | 181 | $ | (1,933) | nm | ||||||||||
| Gross margin - total | 54.7% | 57.5% | 55.3% | (2.8 pts) | (0.7 pts) | 56.8% | 49.2% | 7.6 pts | |||||||||||||||
| Gross margin - recurring | 68.4% | 71.5% | 77.6% | (3.1 pts) | (9.2 pts) | 72.1% | 74.3% | (2.2 pts) | |||||||||||||||
| Gross margin - non recurring | 14.1% | 15.5% | (42.7%) | (1.4 pts) | 56.9 pts | 3.0% | (39.2%) | 42.2 pts | |||||||||||||||
| Net loss | $ | (2,245) | $ | (1,503) | $ | (1,775) | 49.4% | 26.5% | $ | (6,828) | $ | (9,513) | (28.2%) | ||||||||||
| EPS | $ | (0.20) | $ | (0.13) | $ | (0.22) | (0.07) | $ | 0.02 | $ | (0.65) | $ | (1.31) | $ | 0.66 | ||||||||
| Billings | $ | 8,027 | $ | 7,800 | $ | 6,227 | 2.9% | 28.9% | $ | 28,694 | $ | 23,560 | 21.8% | ||||||||||
"I am very pleased with our performance on multiple levels both for the quarter and for the fiscal year overall," said Patrick Stakenas, President and CEO of Determine. "We had another strong new bookings quarter in the fourth quarter of fiscal 2016 with the team delivering $1.2M in new ARR, which nicely rounded out our fiscal year's performance. Delivery of our unified Source to Pay, and Enterprise Contract Lifecycle Management solution, called the Determine Cloud Platform, is progressing very well and on schedule with our product roadmap. The Determine Cloud Platform has received positive reviews from customers, prospects and industry analysts. On the financial side, in the fourth quarter, we took the necessary actions to materially reduce expenses, which will solidly position the business for financial success in the coming quarters. I'm very excited as our team transforms the company with the launch of our new disruptive suite of technology, in combination with embracing the necessary financial discipline, we are well poised for great things to come in fiscal 2017."
FY2016 Business Highlights:
- Q1: Moving the Organization Forward: The company promoted Patrick Stakenas to President, CEO and a Director. Mr. Stakenas joined the Company as Chief Strategy Officer at the beginning of 2014, from Gartner, after driving ForceLogix Technologies through its IPO and sale to CallidusCloud.
- Q1: Industry Recognition and Awards of Company Executives: Patrick Stakenas, President and CEO, and Constantine Limberakis, Director Product Marketing, were among the 2015 recipients of the Pros to Know Awards presented by Supply & Demand Executive magazine. In addition, Supply & Demand Executive magazine named the following clients "Practitioner Pros to Know" as exceptional corporate executives: Joanna Martinez from Cushman & Wakefield, Lou Galczynski from Endo, James Gavin McCarthy from Equifax, Jason East from YP.
- Q2: Announced completion of the b-pack acquisition: On July 31, 2015, the company completed the acquisition of b-pack, a pioneer and global leader in the delivery of enterprise procure-to-pay solutions, whose focus was on providing rich, end-to-end procurement capabilities, including: eProcurement, Purchase-to-Pay, Asset Management, Budget Management, Invoice Management and Expense Management. b-pack is a recognized Gartner 'visionary' in the 2015 Magic Quadrant for Procure-to-Pay Suites for Indirect Procurement and serves global customers across many business sectors including such leading companies as Sony Music, Yves Saint Laurent/Gucci, Aon, Telehouse, BNP Paribas, Buccaneer Energy and United Drug. For the past 15 years, b-pack has empowered finance and procurement enterprise professionals with flexible, innovative and critical risk mitigation solutions.
- Q3: Rebranded the business as Determine, Inc.: On October 19, 2015, the company launched a global rebranding effort in the marketplace from the floor of NASDAQ to formally combine the three legacy industry leaders and brands: Selectica, Iasta and b-pack under one new company - Determine,Inc. (www.determine.com) -- and one brand. Over the last three years as the company has executed its strategic plan, it has evolved significantly from a predominantly contract lifecycle management solutions provider to a leading Source to Pay with an Enterprise Contract Lifecycle management suite. A new brand was essential to encapsulate the new business vision. Determine integrated its acclaimed "visionary" Gartner Magic Quadrant contract management, procurement and Source to Pay solutions and four collective decades of business acumen onto one platform, one brand and one customer promise: Vision. Insight. Control.
- Q4: Determine, Inc. selected as a CIOReview 20 most promising Enterprise Contract Management Solution providers: Our Determine Contract Management solution was recognized by CIOReview 20 Most Promising Enterprise Contract Management Providers 2015 in their latest rankings. Enterprise Contract Management systems have emerged as a scalable alternative for enterprises to leverage cloud solutions to streamline and monitor their contract lifecycle management processes. A panel comprising of CEOs, CIOs, VCs, analysts and CIOReview editorial board compiled top contract management solution providers. CIOReview looked at the vendor's capability to provide cost-effective and flexible solutions that add value to the contract management services landscape.
- New Customer Expansions: In Q4 FY2016, the company engaged numerous new customer accounts in the US and Europe across its suite of Source to Pay and Enterprise Contract Lifecycle Management solutions. The company added new customers in key verticals including: airline, agricultural production, consumer goods, pharmaceutical, scientific research, manufacturing, retail and financial.
Conference Call and Webcast; Thursday, June 16, 2016 at 5:00 PM Eastern
Participant Conference Call Numbers:
Toll-Free: 1-877-407-0789
Toll/International: 1-201-689-8562
Participant Webcast Link: http://public.viavid.com/index.php?id=119780
Replay Dial-in Information:
Toll-Free: 1-877-870-5176
Toll/International: 1-858-384-5517
From: 06/16/16 @ 8:00 pm Eastern Time
To: 06/23/16 @ 11:59 pm Eastern Time
Replay Pin Number: 13638155
Related: http://investor.determine.com
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Non-GAAP Financial Measures
To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including non-GAAP revenue, non-GAAP gross profit, non-GAAP net income and non-GAAP earnings per share, which we believe are helpful in understanding our past financial performance and future results. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "GAAP to Non-GAAP Reconciliations". Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.
The difference between GAAP and non-GAAP revenue is due to the impact of revaluing the deferred revenue balances acquired from primarily b-pack as required by GAAP purchase accounting.
The difference between GAAP and non-GAAP gross profit is the difference in GAAP versus non-GAAP revenues as well as the elimination of the amortization of acquisition related intangibles, stock based compensation and severance expense from the costs of revenue. Non-GAAP net loss excludes the non-GAAP gross profit items as well as acquisition related costs.
Our management regularly uses our supplemental non-GAAP financial measures internally to understand and manage our business and forecast future periods; as such, we believe it is useful for investors to understand the effects of these items on our total operations. Further, please note that our non-GAAP revenue is intended to reflect the full amount of revenues that would have been otherwise recorded by the acquired entities of Iasta and b-pack, while our non-GAAP gross profit also excludes the amortization of intangibles that occurred due to the acquisition of the entities of Iasta and b-pack.
Bookings are an operating measure not derived from the company's revenues or any other amounts presented in accordance with GAAP in the company's statement of income, balance sheet or statement of cash flows or other equivalent statements.
Forward-looking Statements
Certain statements in this release and elsewhere by Determine are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding business outlook, assessment of market conditions, anticipated financial and operating results, strategies, product and channel development, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to fluctuations in demand for Determine's products and services, risks of losing key personnel or customers, protection of the company's intellectual property and government policies and regulations, including, but not limited to those affecting the company's industry. Determine undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the company can be found in the company's most recent Form 10-K as filed by the company with the Securities and Exchange Commission.
About Determine, Inc.
Determine, Inc. (
The Determine Cloud Platform gives procurement, finance and legal professionals the ability to deliver profound insights through analysis of their supplier relationships and contractual requirements. Our customers leverage the Determine Cloud Platform to discover previously unseen supplier and spend data; make more informed and smarter business decisions; drive new revenue; control costs; improve workflow efficiencies; and mitigate risk.
Our customers benefit from the Determine Cloud Platform's robust suite of integrated applications. Whether they start with a full-suite implementation or choose to implement just one application and build over time, each additional application allows for the automatic sharing of data already in place on the Determine Cloud Platform.
For more information, please visit: www.determine.com.
| Determine, Inc. | ||||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| March 31, | March 31, | |||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||||
| Revenues: | ||||||||||||||||||
| Recurring revenues | $ | 4,981 | $ | 4,812 | $ | 20,843 | $ | 16,207 | ||||||||||
| Non-recurring revenues | 1,699 | 1,117 | 5,917 | 4,670 | ||||||||||||||
| Total revenues | 6,680 | 5,929 | 26,760 | 20,877 | ||||||||||||||
| Cost of revenues: | ||||||||||||||||||
| Cost of recurring revenues | 1,844 | 1,292 | 6,846 | 5,029 | ||||||||||||||
| Cost of non-recurring revenues | 1,540 | 1,678 | 6,123 | 7,274 | ||||||||||||||
| Total cost of revenues | 3,384 | 2,970 | 12,969 | 12,303 | ||||||||||||||
| Gross profit: | ||||||||||||||||||
| Recurring gross profit | 3,137 | 3,520 | 13,997 | 11,178 | ||||||||||||||
| Non-recurring profit/(loss) | 159 | (561 | ) | (206 | ) | (2,604 | ) | |||||||||||
| Total gross profit | 3,296 | 2,959 | 13,791 | 8,574 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Research and development | 892 | 801 | 3,525 | 3,366 | ||||||||||||||
| Sales and marketing | 2,971 | 3,489 | 13,095 | 12,647 | ||||||||||||||
| General and administrative | 2,544 | 1,432 | 7,835 | 7,073 | ||||||||||||||
| Acquisition related costs | - | 1,033 | 912 | 1,715 | ||||||||||||||
| Restructuring costs | 451 | - | 451 | - | ||||||||||||||
| Severance costs | 56 | 19 | 477 | 57 | ||||||||||||||
| Impairment of software development costs | 1,368 | 340 | 1,368 | 340 | ||||||||||||||
| Total operating expenses | 8,283 | 7,115 | 27,664 | 25,198 | ||||||||||||||
| Loss from operations | (4,987 | ) | (4,155 | ) | (13,873 | ) | (16,624 | ) | ||||||||||
| Interest and other income (expense), net | (156 | ) | (111 | ) | (700 | ) | (72 | ) | ||||||||||
| Net loss before income tax | (5,143 | ) | (4,266 | ) | (14,573 | ) | (16,696 | ) | ||||||||||
| Benefit from income taxes | 333 | - | 545 | 2,950 | ||||||||||||||
| Net loss | (4,810 | ) | (4,266 | ) | $ | (14,028 | ) | $ | (13,746 | ) | ||||||||
| Net income attributed to non-controlling interest | 2 | - | 7 | - | ||||||||||||||
| Net loss attributable to Determine, Inc. | (4,808 | ) | (4,266 | ) | (14,021 | ) | (13,746 | ) | ||||||||||
| Redeemable preferred stock accretion | - | 1,046 | 1,000 | 3,691 | ||||||||||||||
| Net loss attributable to common stockholders | (4,808 | ) | (5,312 | ) | $ | (15,021 | ) | $ | (17,437 | ) | ||||||||
| Basic and diluted net loss per share | (0.42 | ) | (0.53 | ) | $ | (1.34 | ) | $ | (1.89 | ) | ||||||||
| GAAP to Non-GAAP Reconciliations: | ||||||||||||||||||
| Reconciliation of Total revenue: | ||||||||||||||||||
| U.S. GAAP as reported | $ | 6,680 | $ | 5,929 | $ | 26,760 | $ | 20,877 | ||||||||||
| Adjustments: | ||||||||||||||||||
| Deferred revenue adjustment | 16 | 156 | 245 | 1,451 | ||||||||||||||
| Non-GAAP Revenue | $ | 6,696 | $ | 6,085 | $ | 27,005 | $ | 22,328 | ||||||||||
| Reconciliation to non-GAAP net loss: | ||||||||||||||||||
| Net loss | $ | (4,808 | ) | $ | (4,266 | ) | $ | (14,021 | ) | $ | (13,746 | ) | ||||||
| Stock-based compensation expense | 518 | 585 | 2,389 | 2,538 | ||||||||||||||
| Deferred revenue adjustment | 16 | 156 | 245 | 1,451 | ||||||||||||||
| Acquisition related costs | - | 1,033 | 912 | 1,715 | ||||||||||||||
| Amortization on intangibles | 561 | 349 | 1,935 | 1,047 | ||||||||||||||
| Benefit from income taxes | (424 | ) | - | (636 | ) | (2,950 | ) | |||||||||||
| Restructuring costs | 468 | - | 468 | - | ||||||||||||||
| Severance costs | 56 | 28 | 512 | 92 | ||||||||||||||
| Impairment of software development costs | 1,368 | 340 | 1,368 | 340 | ||||||||||||||
| Non-GAAP net loss | $ | (2,245 | ) | $ | (1,775 | ) | $ | (6,828 | ) | $ | (9,513 | ) | ||||||
| Non-GAAP basic and diluted net loss per share | $ | (0.20 | ) | $ | (0.22 | ) | $ | (0.65 | ) | $ | (1.31 | ) | ||||||
| Weighted average shares outstanding for basic and diluted net loss per share | 11,321 | 7,983 | 10,482 | 7,277 | ||||||||||||||
| Determine, Inc. | |||||||||||||||||
| Condensed Consolidated Statements of Comprehensive Loss | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| March 31, | March 31, | ||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||||
| Net loss | $ | (4,808 | ) | $ | (4,266 | ) | $ | (14,021 | ) | $ | (13,746 | ) | |||||
| Other comprehensive income (loss): | |||||||||||||||||
| Foreign currency translation adjustments | (72 | ) | - | (140 | ) | - | |||||||||||
| Other comprehensive income (loss) | (72 | ) | - | (140 | ) | - | |||||||||||
| Comprehensive income (loss) | $ | (4,880 | ) | $ | (4,266 | ) | $ | (14,161 | ) | $ | (13,746 | ) | |||||
| Determine, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| March 31, | March 31, | |||||||
| 2016 | 2015 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 9,418 | $ | 13,178 | ||||
| Accounts receivable | 7,031 | 5,203 | ||||||
| Restricted cash | 34 | 34 | ||||||
| Prepaid expenses and other current assets | 1,551 | 1,647 | ||||||
| Total current assets | 18,034 | 20,062 | ||||||
| Property and equipment, net | 136 | 290 | ||||||
| Capitalized software | 1,699 | 2,258 | ||||||
| Goodwill | 14,490 | 7,702 | ||||||
| Other intangibles, net | 8,011 | 6,453 | ||||||
| Other assets | 1,843 | 521 | ||||||
| Total assets | $ | 44,213 | $ | 37,286 | ||||
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Credit facility | $ | 7,100 | $ | 7,447 | ||||
| Accounts payable | 1,973 | 1,535 | ||||||
| Accrued payroll and related liabilities | 1,655 | 910 | ||||||
| Other accrued liabilities | 2,396 | 1,877 | ||||||
| Deferred revenue | 10,299 | 8,410 | ||||||
| COFACE loan | 407 | - | ||||||
| Deferred tax liability | 14 | - | ||||||
| Accrued restructuring | 403 | - | ||||||
| Total current liabilities | 24,247 | 20,179 | ||||||
| Long-term deferred revenue | 67 | 22 | ||||||
| Convertible note, net of debt discount | 5,420 | 2,900 | ||||||
| Other long-term liabilities | 3,282 | 167 | ||||||
| Deferred tax liability non current | 290 | - | ||||||
| Total liabilities | 33,306 | 23,268 | ||||||
| Redeemable convertible preferred stock | - | 4,895 | ||||||
| Total Determine, Inc. stockholders' equity controlling interest | 10,794 | 9,123 | ||||||
| Non-controlling interest | 113 | - | ||||||
| Total stockholders' equity | 10,907 | 14,018 | ||||||
| Total liabilities, redeemable convertible preferred stock and stockholders' equity | $ | 44,213 | $ | 37,286 | ||||
| Determine, Inc. | |||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||
| (In thousands) | |||||||||
| (Unudited) | |||||||||
| Twelve Months Ended | |||||||||
| March 31, | March 31, | ||||||||
| 2016 | 2015 | ||||||||
| Operating activities | |||||||||
| Net loss | $ | (14,028 | ) | $ | (13,746 | ) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||
| Depreciation and amortization | 2,680 | 1,530 | |||||||
| Loss on disposition of property and equipment | (12 | ) | - | ||||||
| Impairment of capitalized software | 1,368 | 340 | |||||||
| Stock-based compensation expense | 2,389 | 2,538 | |||||||
| Non-controlling interest | 7 | - | |||||||
| Changes in assets and liabilities: | |||||||||
| Accounts receivable (net) | (154 | ) | 421 | ||||||
| Restricted cash | - | (34 | ) | ||||||
| Prepaid expenses and other current assets | 200 | (505 | ) | ||||||
| Other assets | (1,061 | ) | (2 | ) | |||||
| Accounts payable | 149 | (195 | ) | ||||||
| Accrued restructuring | 403 | - | |||||||
| Accrued payroll and related liabilities | (202 | ) | (421 | ) | |||||
| Other accrued liabilities and long term liabilities | 1,265 | 158 | |||||||
| Deferred tax liability | (46 | ) | (2,989 | ) | |||||
| Deferred revenue | 1,066 | 1,270 | |||||||
| Net cash used in operating activities | (5,977 | ) | (11,635 | ) | |||||
| Investing activities | |||||||||
| Purchase of property and equipment | (6 | ) | (51 | ) | |||||
| Capitalized software | (1,383 | ) | (1,962 | ) | |||||
| Purchase of business, net of cash | (826 | ) | (4,451 | ) | |||||
| Net cash used in investing activities | (2,215 | ) | (6,464 | ) | |||||
| Financing activities | |||||||||
| Proceeds from sale of common stock, preferred stock and warrants, net of issuance costs | 310 | 12,319 | |||||||
| Employee taxes paid in exchange for restricted stock awards forefeited | (175 | ) | (578 | ) | |||||
| Issuance of common stock under employee stock plan | 171 | 213 | |||||||
| Credit facility borrowing, net | (347 | ) | 498 | ||||||
| Credit facility payment | - | (655 | ) | ||||||
| Repayment of a loan | (47 | ) | (277 | ) | |||||
| Conversion of preferred stock to common stock | (17 | ) | - | ||||||
| Repayment of minority shareholder | (133 | ) | - | ||||||
| Issuance of convertible note, net | 4,784 | 3,000 | |||||||
| Issuance of cost associated with promissory note | - | (150 | ) | ||||||
| Net cash provided by financing activities | 4,546 | 14,370 | |||||||
| Effect of exchange rate changes on cash | (115 | ) | - | ||||||
| Net decrease in cash and cash equivalents | (3,760 | ) | (3,729 | ) | |||||
| Cash and cash equivalents at beginning of the period | 13,178 | 16,907 | |||||||
| Cash and cash equivalents at end of the period | $ | 9,418 | $ | 13,178 | |||||
| Determine, Inc. | ||||||||||||
| Billings Reconciliation | ||||||||||||
| (In thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| March 31, | March 31, | March 31, | March 31, | |||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||
| Total revenues | $ | 6,680 | $ | 5,929 | $ | 26,760 | $ | 20,877 | ||||
| Deferred revenue: | ||||||||||||
| End of period | 10,366 | 8,432 | 10,366 | 8,432 | ||||||||
| Beginning of period | 9,019 | 8,134 | 8,432 | 5,749 | ||||||||
| Change in deferred revenue | 1,347 | 298 | 1,934 | 2,683 | ||||||||
| Total billings (total revenues plus the change in deferred revenue) | $ | 8,027 | $ | 6,227 | $ | 28,694 | $ | 23,560 | ||||
Contact Information:
Contact
Media Relations
Rose Lee
Determine, Inc.
+1.877.806.1932
+1.650.532.1590
pr@determine.com