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inContact Reports Fourth Quarter and Full Year 2012 Financial Results

Quarterly Highlights Include Record Software Revenue, Up 42% Year-over-Year

SALT LAKE CITY, Feb. 14, 2013 /PRNewswire/ -- inContact, Inc. (NASDAQ: SAAS), the leading provider of cloud contact center software and contact center agent optimization tools, today reported financial results for the fourth quarter and year ended December 31, 2012.

(Logo: http://photos.prnewswire.com/prnh/20120216/LA54560LOGO)

Said Paul Jarman, inContact CEO, "It was another record quarter for inContact and we closed 51 new customers and 11 expansions for a total of 62 contracts.  In addition, during the quarter, we added 2 new Fortune 500 customers and booked the largest deal in the company's history."

Continued Jarman, "2012 was a great year for inContact driven by growth in the following key areas: new bookings, as we continue our focus on sales and marketing, revenue from existing accounts, as our "land and expand strategy" delivered strong results, and customer retention, as the recurring revenue model continues to demonstrate its true power.  These three growth pillars combined to create a powerful result in 2012, giving us a software growth rate for the full year 2012 of 37%."

Revenue

Consolidated revenue for the quarter ended December 31, 2012 was $30.7 million versus $23.8 million for the same period in 2011.  This record consolidated revenue reflects an increase of $4.6 million in Software segment revenue and an increase of $2.4 million in Telecom segment revenue over the same period in 2011.  Software segment revenue totaled $15.6 million for the quarter ended December 31, 2012, an increase of 42% from Q4 2011 and the largest organic quarterly sequential increase ever.  Telecom segment revenue totaled $15.1 million for the quarter ended December 31, 2012, an increase of 19% from Q4 2011, driven by increases in software-related telecom revenue. This increase marks the ninth consecutive quarter that software and software related telecom revenue has increased.

For the year ended December 31, 2012, Software segment revenue totaled $54.7 million, an increase of 37% from $39.9 million for 2011.  For the year ended December 31, 2012, Telecom segment revenue totaled $55.8 million, an increase of 14% from $49.1 million for 2011

Gross Margin

The Q4 Software segment gross margin was 60% versus 56% in Q4 2011, and excluding non-cash charges, non-GAAP Software segment gross margin was 72% for the quarter, versus 68% in Q4 2011.  This increase in gross margin is principally attributable to revenue increases in 2012 as well as operational efficiencies and leverage in international infrastructure investments made in Q4 of 2011. Fourth quarter 2012 Telecom segment gross margin was 34% versus 30% in Q4 2011.

Consolidated gross margin percentage was 47% in the fourth quarter compared to 42% for the same period in 2011.  Excluding non-cash charges, consolidated gross margin was 54% for the fourth quarter compared to 48% for the same period in 2011. 

Net Results

GAAP net loss for the quarter ended December 31, 2012 was $793,000, or ($0.01) per share, as compared to a net loss of $3.1 million, or ($0.07) per share for the same period in 2011.  This decrease in net loss is primarily due to the combination of increased revenues and improved margins.

For the full year ended December 31, 2012, the Company reported a GAAP net loss of $5.2 million versus a net loss of $9.4 million for 2011.

Adjusted EBITDA

Earnings before interest, taxes, depreciation, amortization and stock-based compensation ("Adjusted EBITDA") for the fourth quarter was $2.4 million versus ($761,000) during the same period in 2011.  Our increase in Adjusted EBITDA is primarily due to the increase in margins discussed above. Adjusted EBITDA is a non-GAAP measure management believes provides important insight into our operating results (see reconciliation of non-GAAP measures below).

Jarman concluded, "We are pleased to have achieved the high end of our market guidance in 2012 and believe these results have established the foundation for a strong growth trajectory for 2013. We've made significant progress over the past year in supporting our resellers, expanding sales and marketing initiatives, developing cutting-edge innovation and delivering unmatched customer satisfaction. This progress, combined with our cloud market leadership, positions us extremely well throughout 2013 and beyond, as the cloud contact center market continues to accelerate."

CONFERENCE CALL INFORMATION

We will host a conference call to discuss our fourth quarter and year ended 2012 financial results later today, February 14th, 2013, at 4:30 p.m. Eastern time (1:30 p.m. Pacific).

Dial-in Number: 1-866-952-7532
International Dial-in Number: + 1-785-424-1834
Conference ID#: INCONTACT

An audio file of the call will be available after February 16, 2013 on the inContact Investor Relations website at http://investor.incontact.com, in the Webcasts and Presentations section.  A replay of the call will be available via telephone after 7:30 p.m. Eastern time today and until February 21, 2013:

Toll-free replay number: 1-877-870-5176
International replay number: + 1-858-384-5517
Replay Pin Number: 12329 

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

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on inContact's current expectations, estimates and projections about inContact's industry, management's beliefs, and certain assumptions made by management, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations and management's future strategic plans. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to, risks associated with inContact's business model; our ability to develop or acquire, and gain market acceptance for new products, including our new sales and marketing and voice automation products, in a cost-effective and timely manner; the gain or loss of key customers; competitive pressures; its ability to expand operations; fluctuations in its earnings as a result of the impact of stock-based compensation expense; interruptions or delays in our hosting operations; breaches of our security measures; its ability to protect our intellectual property from infringement, and to avoid infringing on the intellectual property rights of third parties; and its ability to expand, retain and motivate our employees and manage its growth. Further information on potential factors that could affect our financial results is included in inContact's annual report on Form 10-K, quarterly reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date they are made. inContact undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

INCONTACT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)






December 31,


December 31,


2012


2011

ASSETS

(Unaudited)



Current assets:




Cash and cash equivalents

$          48,836


$          17,724

Restricted cash

81


246

Accounts and other receivables, net of allowance for uncollectible




accounts of $831 and $491 respectively

18,043


12,916

Other current assets

3,278


2,526

Total current assets

70,238


33,412





Property and equipment, net

19,862


18,685

Intangible assets, net

1,156


1,394

Goodwill

4,086


4,086

Other assets

1,005


837

Total assets

$          96,347


$          58,414





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Trade accounts payable

$            7,247


$            7,180

Accrued liabilities

3,820


2,769

Accrued commissions

1,610


1,291

Current portion of deferred revenue

1,973


1,056

Current portion of long-term debt and capital lease obligations

2,691


2,831

Total current liabilities

17,341


15,127





Long-term debt and capital lease obligations

2,859


5,964

Deferred rent

383


161

Deferred revenue

1,958


946

Total liabilities

22,541


22,198

            Total stockholders' equity

73,806


36,216

            Total liabilities and stockholders' equity

$          96,347


$          58,414

 

INCONTACT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)










Quarter ended December 31,


Year ended December 31,


2012


2011


2012


2011


(Unaudited)


(Unaudited)


(Unaudited)



Net revenue:








Software

$          15,599


$              11,018


$          54,705


$              39,870

Telecom

15,133


12,737


55,779


49,115

Total net revenue

30,732


23,755


110,484


88,985

Costs of revenue:








Software

6,162


4,869


22,134


16,940

Telecom

10,024


8,957


37,642


35,637

Total costs of revenue

16,186


13,826


59,776


52,577

Gross profit

14,546


9,929


50,708


36,408









Operating expenses:








Selling and marketing

7,717


6,825


28,591


24,563

Research and development

2,790


2,007


9,401


6,354

General and administrative

4,656


3,987


17,140


14,090

Total operating expenses

15,163


12,819


55,132


45,007

Loss from operations

(617)


(2,890)


(4,424)


(8,599)

Other income (expense):








Interest income

-


1


3


1

Interest expense

(33)


(170)


(364)


(507)

Change in fair value of warrants

-


-


-


(158)

Other expense

(74)


(33)


(275)


(91)

Total other expense

(107)


(202)


(636)


(755)









Loss before income taxes

(724)


(3,092)


(5,060)


(9,354)









Income tax expense

(69)


(26)


(120)


(74)

Net loss

$              (793)


$              (3,118)


$           (5,180)


$              (9,428)









Net loss per common share:








Basic and diluted

$             (0.01)


$                (0.07)


$             (0.11)


$                (0.23)









Weighted average common shares outstanding:







Basic and diluted

53,410


43,980


47,108


40,434









Diluted

53,410


43,980


47,108


40,434

 

INCONTACT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


Year ended December 31,


2012


2011


(Unaudited)



Cash flows from operating activities:




Net loss

$      (5,180)


$ (9,428)

Adjustments to reconcile net loss to net cash from (used in) operating activities:




Depreciation of property and equipment

5,047


3,504

Amortization of software development costs

4,133


2,994

Amortization of intangible assets

238


544

Amortization of note financing costs

29


61

Interest accretion

9


16

Stock-based compensation

1,967


1,431

Warrants and stock issued for services

-


67

Change in fair value of warrants

-


158

Loss on disposal of property and equipment

274


95

Intangible assets written off

133


-

Changes in operating assets and liabilities:




Accounts and other receivables, net

(5,178)


(3,522)

Other current assets

(758)


(405)

Other non-current assets

(144)


(375)

Trade accounts payable

92


2

Accrued liabilities

1,245


411

Accrued commissions

319


233

Deferred rent

78


(88)

Deferred revenue

1,929


1,070





Net cash from (used in) operating activities

4,233


(3,232)





Cash flows from investing activities:




Gross decrease in restricted cash

165


-

Contingent purchase price payments

-


(135)

Purchase of intangible assets

(133)


-

Payments made for deposits

(23)


(98)

Proceeds from deposits

-


181

Capitalized software development costs

(5,504)


(4,753)

Purchases of property and equipment

(3,737)


(5,217)





Net cash used in investing activities

(9,232)


(10,022)





Cash flows from financing activities:




Proceeds from issuance of common stock

37,475


23,865

Offering costs payments

(214)


(32)

Proceeds from exercise of options and warrants

3,262


1,182

Proceeds from sale of stock under employee stock purchase plan

280


225

Principal payments on long-term debt and capital leases

(3,163)


(2,234)

Borrowings under promissory note

-


2,500

Payment of debt financing fees

(29)


(79)

Borrowings under the revolving credit notes

7,000


12,730

Payments under the revolving credit notes

(8,500)


(17,500)





Net cash from financing activities

36,111


20,657





Net increase (decrease) in cash and cash equivalents

31,112


7,403

Cash and cash equivalents at the beginning of the year

17,724


10,321





Cash and cash equivalents at the end of the year

$      48,836


$ 17,724

SEGMENT REPORTING

We operate under two business segments: Software and Telecom. The Software segment includes all monthly recurring revenue related to the delivery of our software applications, plus the associated professional services and setup fees and revenue related to quarterly minimum purchase commitments through July 2014, from a related party reseller. The Telecom segment includes all voice and data long distance services provided to customers.

For segment reporting, we classify operating expenses as either "direct" or "indirect." Direct expense refers to costs attributable solely to either selling and marketing efforts or research and development efforts. Indirect expense refers to costs that management considers to be overhead in running the business. Management evaluates expenditures for both selling and marketing and research and development efforts at the segment level without the allocation of overhead expenses, such as rent, utilities and depreciation on property and equipment.

Operating segment revenues and profitability for the quarters and years ended December 31, 2012 and 2011 were as follows (in thousands):



Quarter Ended December 31, 2012


Year Ended December 31, 2012



Software


Telecom


Consolidated


Software


Telecom


Consolidated



(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)

Net revenue


$          15,599


$          15,133


$             30,732


$          54,705


$          55,779


$           110,484

Costs of revenue


6,162


10,024


16,186


22,134


37,642


59,776

Gross profit


9,437


5,109


14,546


32,571


18,137


50,708

Gross margin


60%


34%


47%


60%


33%


46%














Operating expenses:













Direct selling and marketing


6,428


853


7,281


23,758


3,207


26,965

Direct research and development

2,548


-


2,548


8,502


-


8,502

Indirect


4,559


775


5,334


16,688


2,977


19,665














Income (loss) from operations


$          (4,098)


$            3,481


$                (617)


$        (16,377)


$          11,953


$             (4,424)





























Quarter Ended December 31, 2011


Year Ended December 31, 2011



Software


Telecom


Consolidated


Software


Telecom


Consolidated



(Unaudited)


(Unaudited)


(Unaudited)







Net revenue


$          11,018


$          12,737


$             23,755


$          39,870


$          49,115


$             88,985

Costs of revenue


4,869


8,957


13,826


16,940


35,637


52,577

Gross profit


6,149


3,780


9,929


22,930


13,478


36,408

Gross margin


56%


30%


42%


58%


27%


41%














Operating expenses:













Direct selling and marketing


5,561


901


6,462


19,810


3,421


23,231

Direct research and development

1,820


-


1,820


5,706


-


5,706

Indirect


3,565


972


4,537


12,734


3,336


16,070














Income (loss) from operations


$          (4,797)


$            1,907


$             (2,890)


$        (15,320)


$            6,721


$             (8,599)

RECONCILIATION of NON-GAAP MEASURES:

"Adjusted EBITDA" is Earnings Before deductions for Interest, Taxes, Depreciation and Amortization and Stock-Based Compensation. "Gross Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation" is Gross Margin before deductions for Depreciation and Amortization and Stock-Based Compensation. Neither are measures of financial performance under generally accepted accounting principles (GAAP). Adjusted EBITDA and Gross Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation are provided for the use of the reader in understanding our operating results and are not prepared in accordance with, nor does it serve as an alternative to GAAP measures and may be materially different from similar measures used by other companies. While not a substitute for information prepared in accordance with GAAP, management believes that this information is helpful for investors to more easily understand our operating financial performance. Management also believes these measures may better enable an investor to form views of our potential financial performance in the future. These measures have limitations as analytical tools, and investors should not consider these measures in isolation or as a substitute for analysis of our results prepared in accordance with GAAP.

Reconciliation of Adjusted EBITDA to Net loss applicable to 

common stockholders as it is presented on the Consolidated 

Statements of Operations for inContact, Inc.

(in thousands - unaudited)






Quarter ended December 31,


2012


2011

Net loss

$              (793)


$            (3,118)





Depreciation and amortization

2,507


1,831

Stock-based compensation

587


331

Interest income and expense, net

33


169

Income tax expense

69


26





Adjusted EBITDA

$             2,403


$               (761)






Year ended December 31,


2012


2011

Net loss

$           (5,180)


$            (9,428)





Depreciation and amortization

9,418


7,042

Stock-based compensation

1,967


1,498

Interest income and expense, net

361


506

Income tax expense

120


74





Adjusted EBITDA

$             6,686


$               (308)

 

Reconciliation of Consolidated Gross Profit and Margin to Consolidated Gross Profit and Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation, as presented in Segment Reporting for
inContact, Inc.


(in thousands - unaudited)










Quarter ended December 31, 2012


Quarter ended December 31, 2011


Gross Profit


Gross Margin


Gross Profit


Gross Margin

Consolidated gross profit and margin

$        14,546


47%


$          9,929


42%









 Depreciation and amortization 

1,904


6%


1,387


6%

 Stock-based compensation 

99


0%


85


0%

 Consolidated gross profit and margin,
    excluding non-cash charges 

$        16,549


54%


$        11,401


48%

















Reconciliation of Software Segment Gross Profit and Margin to Software Segment Gross Profit and Margin Before deductions for Depreciation and Amortization and Stock-Based Compensation, as presented in Segment Reporting for inContact, Inc.


(in thousands - unaudited)










Quarter ended December 31, 2012


Quarter ended December 31, 2011


Gross Profit


Gross Margin


Gross Profit


Gross Margin

Software segment gross profit and margin

$          9,437


60%


$          6,149


56%









Depreciation and amortization

1,687


11%


1,271


12%

Stock-based compensation

96


1%


81


1%

Software segment gross profit and margin,
    excluding non-cash charges

$        11,220


72%


$          7,501


68%

About inContact

inContact (NASDAQ:SAAS) helps contact centers around the globe create profitable customer experiences through its powerful portfolio of cloud contact center software solutions. The company's services and solutions enable contact centers to operate more efficiently, optimize the cost and quality of every customer interaction, create new pathways to profit and ensure ongoing customer-centric business improvement and growth. To learn more, visit www.inContact.com.

inContact® is the registered trademark of inContact, Inc.

 

SOURCE inContact, Inc.

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There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...