Datawatch Corporation today announced that total revenue for its fourth quarter of fiscal 2018 ended September 30, 2018 was $11.59 million on a GAAP basis, an increase of 14% from total revenue of $10.20 million in the fourth quarter of fiscal 2017. License revenue for the fourth quarter of fiscal 2018 was $7.15 million on a GAAP basis, a 21% increase from the $5.89 million recorded in the same quarter a year ago.
Total revenue on a non-GAAP basis was $13.14 million for the fourth quarter of fiscal 2018, an increase of 29% from the year ago period. License revenue on a non-GAAP basis was $8.64 million for the fourth quarter of fiscal 2018, an increase of 47% from the year ago period.
A full reconciliation of GAAP reported results to non-GAAP is included in Appendix A of this press release. Non-GAAP results exclude the effects of the purchase accounting treatment of the deferred revenue fair value adjustment associated with the acquisition of Angoss in January 2018, amortization associated with the purchase of certain intellectual property and other intangible assets, share-based compensation, transaction costs associated with the acquisition of Angoss, and the payment received in respect of a stockholder’s short-swing stock trading profits.
Net loss for the fourth quarter of fiscal 2018 was ($2.27) million, or ($0.18) per diluted share, compared to a net loss of ($0.81) million, or ($0.07) per diluted share, for the year ago period. The Company’s non–GAAP net income for its fourth quarter of fiscal 2018 was $0.74 million, or $0.06 per diluted share, compared to a non-GAAP net loss of $0.07 million, or a loss of ($0.01) per diluted share, for the fourth quarter of fiscal 2017.
On November 5, 2018, Datawatch announced that it had signed a definitive agreement to be acquired by Altair Engineering, Inc., for $13.10 per share in cash. The transaction is expected to close before the end of 2018.
Fourth Quarter Fiscal 2018 Financial Highlights
-- Cash and short-term investments were $13.7 million at September 30, 2018, down from $30.5 million at September 30, 2017, primarily reflecting the use of cash for the Angoss acquisition. -- Gross margin (excluding IP amortization expense) for the fourth quarter of fiscal 2018 was 90%, as compared to 92% for the fourth quarter of fiscal 2017. -- Days sales outstanding were 71 days at September 30, 2018, compared to 60 days at September 30, 2017. -- There were fourteen six-figure license deals in the fourth quarter this fiscal year, compared to seven in the fourth quarter of fiscal 2017. -- The average deal size in the fourth quarter of fiscal 2018 was approximately $48,000, an increase from approximately $47,000 in the fourth quarter of fiscal 2017. -- Deferred revenue was a record $20.3 million at September 30, 2018, a 75% increase from $11.6 million at September 30, 2017.
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