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Ixia Announces Record Revenue for Fourth Quarter and Fiscal Year 2012

Ixia (Nasdaq: XXIA) today reported its financial results for the fourth quarter and year ended December 31, 2012.

Total revenue for the 2012 fourth quarter was a record $124.1 million, compared with $83.7 million reported for the 2011 fourth quarter and $109.6 million reported for the 2012 third quarter. The 2012 fourth quarter includes $30.3 million in revenue from the recent acquisitions of Anue Systems, Inc. (“Anue”) and BreakingPoint Systems, Inc. (“BreakingPoint”), which closed in June and August 2012, respectively. Excluding Anue and BreakingPoint, fourth quarter revenue grew 12 percent to $93.8 million in 2012 from $83.7 million a year ago.

Total revenue for the fiscal year 2012 was a record $411.7 million, an increase of 34 percent compared with $308.4 million reported for fiscal year 2011. Fiscal year 2012 includes $54.9 million in revenue attributable to Anue and BreakingPoint. For the full year, excluding Anue and BreakingPoint revenue in calendar 2012, revenue grew 16 percent to $356.8 million.

“Our strong fourth quarter capped off a transformational year that included completing two significant acquisitions and achieving record revenue and profit,” commented Vic Alston, Ixia's president and chief executive officer. “In the quarter, demand was strong across our entire solution offering with revenue from our Anue and BreakingPoint solutions exceeding our expectations. We made solid progress expanding our customer base with service provider and enterprise accounts hitting 50 percent of revenue in the quarter.”

Alston continued, “Looking forward into 2013, we intend to continue building on our momentum and growing our presence among service providers and enterprises as we help them optimize their networks and datacenters worldwide to accelerate, secure and scale application delivery.”

On a GAAP basis, the company recorded net income for the 2012 fourth quarter of $4.6 million, or $0.06 per diluted share, compared with net income of $9.8 million, or $0.14 per diluted share, for the 2011 fourth quarter. The company recorded GAAP net income for fiscal year 2012 of $47.2 million, or $0.61 per diluted share, compared with $23.8 million or $0.33 per diluted share, for fiscal year 2011. GAAP results for the fiscal year 2012 include a tax benefit of approximately $37.4 million, or $0.44 per diluted share, for the reversal of valuation allowances related to deferred tax assets.

Non-GAAP net income for the 2012 fourth quarter was a record $19.5 million, or $0.24 per diluted share, compared with non-GAAP net income of $13.7 million, or $0.18 per diluted share, for the 2011 fourth quarter. The company recorded non-GAAP net income for fiscal year 2012 of $60.7 million, or $0.77 per diluted share, compared with $43.8 million, or $0.59 per diluted share, for fiscal year 2011.

Additional non-GAAP information and a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures for the 2012 and 2011 fourth quarters and fiscal years may be found in the attached financial tables.

Ixia ended the fourth quarter with approximately $177 million in cash, cash equivalents and investments, compared with $154 million at September 30, 2012.

Conference Call and Webcast Information

Ixia will host a conference call today, at 5:00 p.m., Eastern time, for analysts and investors to discuss its 2012 fourth quarter results and its business outlook for the 2013 first quarter. Open to the public, investors may access the call by dialing 678-825-8347. A live webcast of the conference call, along with supplemental financial information, will be accessible from the "Investors" section of Ixia's web site (www.ixiacom.com). Following the live webcast, an archived version will be available in the "Investors" section on the Ixia web site for 90 days.

Non-GAAP Information

To supplement our consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), we have included certain non-GAAP financial measures in this press release and in the attachments hereto. Specifically, we have provided non-GAAP financial measures (i.e., non-GAAP income from operations, non-GAAP net income, and non-GAAP diluted earnings per share) that exclude certain non-cash and/or non-recurring income and expense items such as proceeds and expenses from certain legal and contractual settlements, stock-based compensation expenses, acquisition and other related costs, restructuring expenses, the amortization of acquisition-related intangible assets, and the related income tax effects of these items, as well as certain other non-cash income tax impacts such as changes in the valuation allowance recorded against certain deferred tax assets. The aforementioned items represent income and expense items that may be difficult to estimate from period to period and/or that we believe are not directly attributable to the underlying performance of our business operations. These non-GAAP financial measures are provided to enhance the user's overall understanding of our financial performance. We believe that by excluding these items, our non-GAAP measures provide supplemental information to both management and investors that is useful in assessing our core operating performance, in evaluating our ongoing business operations and in comparing our results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to plan and forecast future periods and to assist in making operating and strategic decisions. The presentation of this additional information is not prepared in accordance with GAAP. The information therefore may not necessarily be comparable to that of other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Investors are encouraged to review the reconciliations of GAAP to non-GAAP financial measures which are included below in the attached financial tables.

About Ixia

Ixia solutions deliver actionable insight through real-time monitoring, real-world testing, and rapid assessment. This end-to-end visibility provides organizations with a complete understanding into user behavior, security vulnerabilities, network capacity, application performance, and IT resiliency. From the lab to the network to the cloud, Ixia solutions enable its customers to optimize networks and data centers to accelerate, secure, and scale application delivery. For more information, visit www.ixiacom.com.

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

Certain statements made in this press release are forward-looking statements, including, without limitation, statements regarding growth, profitability, financial performance and future business. In some cases, such forward-looking statements can be identified by terms such as may, will, should, expect, plan, believe, estimate, predict or the like. Such statements reflect our current intent, belief and expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in the forward-looking statements. Factors that may cause future results to differ materially from our current expectations include the risk that the anticipated benefits and synergies of our recent acquisitions of Anue and BreakingPoint will not be realized, changes in the global economy, competition, consistency of orders from significant customers, our success in developing and producing new products, market acceptance of our products, war, terrorism, political unrest, natural disasters and other circumstances that could, among other consequences, reduce the demand for our products, disrupt our supply chain and/or impact the delivery of our products. Such factors also include those identified in our Annual Report on Form 10-K for the year ended December 31, 2011, and in our other filings with the U.S. Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

   
December 31, December 31,
2012 2011
 
Assets
Current assets:
Cash and cash equivalents $ 47,508 $ 42,729
Short-term investments in marketable securities 126,851 156,684
Accounts receivable, net 103,587 65,357
Inventories 37,612 27,239
Prepaid expenses and other current assets   40,278   12,700
Total current assets 355,836 304,709
 
Investments in marketable securities 3,119 185,608
Property and equipment, net 28,763 25,060
Intangible assets, net 157,050 46,028
Goodwill 260,457 66,429
Other assets   9,723   6,633
Total assets $ 814,948 $ 634,467
 
 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 12,264 $ 5,005
Accrued expenses and other 51,524 28,196
Deferred revenues   70,628   40,963
Total current liabilities 134,416 74,164
 
Deferred revenues 14,091 10,092
Other liabilities 25,049 5,849
Convertible senior notes   200,000   200,000
Total liabilities   373,556   290,105
 
 
Shareholders’ equity:
Common stock, without par value; 200,000 shares authorized at December 31, 2012 and 2011; 74,126 and 70,240 shares issued and outstanding as of December 31, 2012 and 2011, respectively 158,933 132,330
Additional paid-in capital 168,980 145,840
Retained earnings 111,190 63,962
Accumulated other comprehensive income   2,289   2,230
Total shareholders’ equity   441,392   344,362
 
Total liabilities and shareholders’ equity $ 814,948 $ 634,467
 

IXIA

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

   
Three months ended Year ended
December 31, December 31,
  2012       2011     2012       2011  
 
Revenues:
Products $ 97,481 $ 67,689 $ 331,118 $ 249,670
Services   26,638     15,962     80,539     58,686  
Total revenues   124,119     83,651     411,657     308,356  
 
Costs and operating expenses:(1)
Cost of revenues – products 21,765 15,602 71,276 56,801
Cost of revenues – services 2,898 1,838 10,493 6,520
Research and development 29,220 19,105 98,380 75,101
Sales and marketing 37,506 22,486 117,302 87,011
General and administrative 11,779 7,756 45,443 33,648
Amortization of intangible assets 10,758 4,262 30,121 15,980
Acquisition and other related 3,389 249 11,861 1,100
Restructuring   1,979         4,077      
Total costs and operating expenses   119,294     71,298     388,953     276,161  
 
Income from operations 4,825 12,353 22,704 32,195
Interest income and other, net 615 246 2,255 2,059
Interest expense   (1,815 )   (1,800 )   (7,215 )   (7,200 )
Income before income taxes 3,625 10,799 17,744 27,054
Income tax (benefit) expense   (970 )   1,035     (29,484 )   3,279  
Net income $ 4,595   $ 9,764   $ 47,228   $ 23,775  
 
Earnings per share:
Basic $ 0.06 $ 0.14 $ 0.65 $ 0.34
Diluted $ 0.06 $ 0.14 $ 0.61 $ 0.33
 
Weighted average number of common and common equivalent shares outstanding:
Basic 73,746 70,012 72,183 69,231
Diluted 75,521 71,821 84,505 71,664
 
 
 
(1) Stock-based compensation included in:
Cost of revenues - products $ 167 $ 73 $ 423 $ 402
Cost of revenues - services 63 28 162 153
Research and development 2,686 912 6,242 4,286
Sales and marketing 2,375 750 5,352 3,296
General and administrative 2,316 840 7,462 4,454
 

IXIA

Non-GAAP Information and Reconciliation to Most Directly Comparable GAAP Financial Measures

(in thousands, except per share data)

(unaudited)

   
Three months ended

December 31,

Year ended

December 31,

  2012       2011     2012       2011  
 
GAAP income from operations $ 4,825 $ 12,353 $ 22,704 $ 32,195
Adjustments:
Stock-based compensation(a) 7,607 2,603 19,641 12,591
Amortization of intangible assets(b) 10,758 4,262 30,121 15,980
Acquisition and other related(c) 3,389 249 11,861 1,100
Restructuring(d) 1,979 4,077
Legal, contract settlements and other(e) (900 ) 2,083
Inventory adjustments(f)   664         996      
Non-GAAP income from operations $ 29,222   $ 18,567   $ 91,483   $ 61,866  
 
GAAP net income $ 4,595 $ 9,764 $ 47,228 $ 23,775
Adjustments:
Stock-based compensation(a) 7,607 2,603 19,641 12,591
Amortization of intangible assets(b) 10,758 4,262 30,121 15,980
Acquisition and other related(c) 3,389 249 11,861 1,100
Restructuring(d) 1,979 4,077
Legal, contract settlements and other(e) (900 ) 2,083
Inventory adjustments(f) 664 996
Income tax effect related to non-GAAP adjustments(g)   (9,529 )   (2,237 )   (55,324 )   (9,667 )
Non-GAAP net income $ 19,463   $ 13,741   $ 60,683   $ 43,779  
 
GAAP diluted earnings per share $ 0.06 $ 0.14 $ 0.61 $ 0.33
Adjustments:
Stock-based compensation(a) 0.10 0.04 0.23 0.18
Amortization of intangible assets(b) 0.14 0.06 0.36 0.22
Acquisition and other related(c) 0.04 0.14 0.02
Restructuring(d) 0.03 0.05
Legal, contract settlements and other(e) (0.02 ) 0.02
Inventory adjustments(f) 0.01 0.01
Income tax effect related to non-GAAP adjustments(g) (0.13 ) (0.03 ) (0.65 ) (0.14 )
Convertible senior notes(h)   (0.01 )   (0.01 )       (0.02 )
Non-GAAP diluted earnings per share $ 0.24   $ 0.18   $ 0.77   $ 0.59  
 
 
Shares used in computing GAAP diluted earnings per common share

75,521

71,821

84,505

71,664

Effect of reconciling item(h)(i)   10,224     10,059     (223 )   10,052  

Shares used in computing non-GAAP diluted earnings per common share

 

85,745

   

81,880

   

84,282

   

81,716

 
 
(a) This reconciling item represents stock-based compensation expenses. As stock-based compensation represents a non-cash charge that is not directly attributable to the underlying performance of our business operations, we believe that by excluding stock-based compensation, investors are provided with supplemental information that is useful in comparing our operating results from period to period and in evaluating our core operations and performance. While we expect to continue to recognize stock-based compensation expense in the future, management also excludes this expense when evaluating current performance, forecasting future results, measuring core operating results, and making operating and strategic decisions.
 
(b) This reconciling item represents the amortization of intangible assets related to the acquisitions of various businesses and technologies such as the acquisitions of Catapult Communications Corporation, Agilent Technologies’ N2X Data Network Testing Product line, VeriWave, Inc., Anue Systems, Inc. and BreakingPoint Systems, Inc. As the amortization expense represents a non-cash charge that is not directly attributable to the underlying performance of our business operations, we believe that by excluding the amortization of acquisition-related intangible assets, we provide investors with supplemental information that is useful in evaluating our ongoing operations and performance. While the amortization of acquisition-related intangible assets is expected to continue in the future, management also excludes this expense when evaluating current performance, forecasting future results, measuring core operating results, and making operating and strategic decisions.
 
(c) This reconciling item represents costs associated with acquisition-related activities. Acquisition and other related costs consist primarily of transaction and integration related costs such as success-based banking fees, professional fees for legal, accounting and tax services, integration related consulting fees, amortization of deferred consideration payable to certain pre-acquisition employees of BreakingPoint Systems, Inc., certain employee, facility and infrastructure costs, and other related expenses. We believe that by excluding acquisition and other related costs, we provide investors with supplemental information that is useful in comparing our ongoing operating results from period to period and in evaluating our core operations and performance.
 
(d) This reconciling item represents costs associated with our restructuring/reorganization plans in light of our acquisition of BreakingPoint Systems, Inc. These costs primarily relate to one-time employee termination benefits consisting of severance and other related costs, and costs related to the closure of our office in Melbourne, Australia. We believe that by excluding restructuring costs, we provide investors with supplemental information that is useful in comparing our operating results from period to period and in evaluating our core operations and performance.
 
(e) This reconciling item represents a one-time charge of $900,000 incurred in the first quarter of 2011 to terminate and settle a development contract, a one-time reversal of $900,000 incurred in the fourth quarter of 2011 related to certain legal and contractual matters, a one-time transition charge of $1.7 million incurred in the first quarter of 2012 in connection with the departure of our former CEO and a one-time charge of $401,000 incurred in the second quarter of 2012 to settle a legal matter. We believe that by excluding these charges, we provide our investors with supplemental information that is useful in comparing our operating results from period to period and in evaluating our core operations and performance.
 
(f) This reconciling item relates to the purchase price accounting adjustment associated with the fair value of inventory as a result of the acquisition of BreakingPoint Systems, Inc. recorded in the third and fourth quarters of 2012. While we may have similar charges in the future resulting from purchase price accounting adjustments, management excludes these expenses when evaluating current performance, forecasting future results, measuring core operating results, and making operating and strategic decisions. We believe that by excluding these charges, we provide investors with supplemental information that is useful in comparing our operating results from period to period and in evaluating our core operations and performance.
 
(g) This adjustment represents the income tax effects of the reconciling items noted in footnotes (a), (b), (c), (d), (e) and (f) as well as certain other non-cash income tax impacts such as changes in the valuation allowance relating to the company’s deferred tax assets. We recorded partial release of our valuation allowance of $22.6 million, $12.7 million and $2.1 million, in the second, third and fourth quarters of 2012, respectively.
 
(h) This reconciling item for the non-GAAP diluted earnings per share calculation for the three and twelve months ended December 31, 2011 and for the three months ended December 31, 2012 includes the impact of the convertible senior notes as these were anti-dilutive for the equivalent GAAP earnings per share calculations.
 
(i) This adjustment represents the effects of stock-based compensation on diluted common equivalent shares outstanding as well as any adjustments required due to a change from a net loss to a net income position.

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