CIMdata PLM Industry Summary Online Archive

3 May 2012

Financial News

Actuate Reports First Quarter 2012 Financial Results

Actuate Corporation today announced financial results for the first quarter 2012.

First Quarter 2012 Financial and Operational Highlights:

  • License revenue for Q1 up 15% year-over-year to $13.4 million;
  • Q1 revenue included 3 transactions with a license component in excess of $1 million;
  • Q1 non-GAAP revenue of $34.8 million, an increase of 8% from the same period a year ago;
  • Non-GAAP operating income of $8.5 million up 51% year-over-year;
  • Non-GAAP operating margin of 24.4% up over 690 basis points from the year ago quarter;
  • Non-GAAP fully diluted EPS of $0.11 up 38% year-over-year;
  • Total cash and short-term investments, net of debt, of $67.7 million, an increase of $24.8 million from a year ago;
  • The Company repurchased $5 million worth of Actuate stock in Q1. Additional repurchase of up to $5 million of Actuate stock approved for Q2.

"Actuate has proven to be the visualization layer in the cloud, via mobile and in the enterprise for more information - including Big Data - than all other BI players combined. We are seeing solid adoption of ActuateOne and BIRT-based information visualization applications across a number of industries - including financial services, healthcare and telecommunications," said Pete Cittadini, President and CEO of Actuate. "Customers including well known investment banks and key public sector entities such as the UK's National Health Service, are deploying BIRT-based applications on a large scale in areas such as treasury management and patient care to social media and performance analytics. The lion's share of our R&D is focused on helping our customers to access, manage and visualize Big Data and data in all of its forms."

Revenues as reported in accordance with U.S. generally accepted accounting principles (GAAP) for the first quarter of 2012 were $34.8 million, up 9% when compared with $32.1 million in the first quarter of 2011. License revenues for the first quarter of 2012 were $13.4 million, up 15% when compared with $11.7 million in the year-ago quarter. Service revenues for the quarter were $21.4 million, compared with $20.4 million reported in the same quarter last year.

GAAP operating income was $6.3 million for the first quarter of 2012, up 134% when compared with $2.7 million in the first quarter of 2011. GAAP net income for the first quarter of 2012 was $3.9 million, an increase of 131% when compared with net income of $1.7 million in the first quarter of 2011. GAAP net income per diluted share for the first quarter of 2012 was $0.07 per diluted share, an increase of 133% when compared with net income per diluted share of $0.03 in the first quarter of 2011. Non-GAAP net income for the first quarter of 2012 was $5.9 million, or $0.11 per diluted share, compared with non-GAAP net income of $4.2 million, or $0.08 per diluted share in the first quarter of 2011. Non-GAAP operating margin and non-GAAP net income margin for the first quarter of 2012 was 24.4% and 17.0%, respectively.

Cash and short term investments, net of debt, totaled $67.7 million on March 31, 2012, an increase of $24.8 million from a year ago. In the first quarter of 2012 the Company repurchased $5 million worth of Actuate stock. An additional $5 million of Actuate stock is approved for repurchase in the second quarter 2012.

First Quarter 2012 Business Highlights:

Positive momentum in BIRT business on a trailing twelve months (ttm) basis: -- 214 BIRT license transactions, up 23 compared with the prior ttm;

  • BIRT license business from open source BIRT users continues to increase, up 44% on a ttm basis;
  • Number of new customer additions from BIRT up 30% on a ttm basis.
  • Over 85,000 total registrations on BIRT Exchange, up from 60,000 a year ago;
  • Assisting customers with their cloud strategy, ActuateOne is now VMware Ready(TM) and is listed on the VMware Solution Exchange (VSX). Passing the extensive VMware-specified testing helps ensure that ActuateOne makes best use of VMware technology in private cloud customer environments;
  • Leveraging BIRT Big Data connectors for Hadoop and HIVE, Actuate has expanded its alliance network to include Cloudera and Hortonworks;
  • Actuate's OEM business gaining momentum as SaaS providers & ISVs choose ActuateOne(R)as their preferred business intelligence platform. Among Actuate's 200+ OEM, SaaS and BIRT partners are some of the biggest names in software, including Computer Associates, Cisco, BMC Software, Infor, GE Healthcare and Siemens with recent additions including Integrated Data Services, Inc., Access Data and eMeter;
  • Announced a strategic alliance with Megazone, a leading provider of IT and business transformation services. Under the alliance, Megazone will promote the use of Actuate's value-added products for BIRT, including ActuateOne, among organizations in Korea;
  • A division of the UK National Health Service (NHS), South of Tyne and Wear, deployed CCG+, a powerful business application that will support Clinical Commissioning Group information requirements while driving substantial internal performance and efficiency improvements built with BIRT and ActuateOne;
  • Received the MarketTools ACE Award for customer satisfaction for the fifth year in a row. The MarketTools ACE Awards program certifies, acknowledges, and celebrates outstanding achievement in customer satisfaction, employee satisfaction, and partner satisfaction;
  • Actuate received a GOVTek award and named "Top Solution Provider to Watch for in 2012" by the Government Technology Research Alliance (GTRA);
  • Announced the results of a benchmark proving that ActuateOne can scale to efficiently process, prepare and deliver over 40 million monthly statements;
  • Independent advisory firm Dresner Advisory Services (DAS) report showed that 94% of Actuate users would recommend the Company's technology.

During the first quarter, Actuate received significant new and repeat business from, among others: Allianz General Insurance Malaysia Berhad, Avient Solutions Ltd, Bank of China Limited, Bankdata, CA, Inc., Capital Group Companies, Cisco Systems (ACS), CSC - Computer Sciences Corporation, Experian Marketing Solutions, Inc., Faceo, First Data Corporation, GENEX Services, Inc., Infor Global Solutions (Farnborough) Ltd, Morgan Stanley Smith Barney LLC, Northern Trust Corporation, S1 Corporation, T-Systems ITC Iberia SA, Venture Encoding, Verizon Communications Inc. and Xchanging Transaction Bank GmbH.

Conference Call Information

Actuate's management will be holding a conference call at 2:00 p.m. PT (5:00 p.m. ET) today, May 3rd, 2012 to further discuss these results. The dial-in number for the call is 877-407-8035 (201-689-8035 for international participants) and the conference ID is #391771. The conference call will be broadcast live on the Investor Relations section of Actuate's web site at http://www.actuate.com/investor  and will be available as an archived replay for a limited time thereafter.

 

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