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06.08.2009 10:55:00
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i2 Reports Second Quarter 2009 Results
i2 Technologies, Inc. (NASDAQ: ITWO) today announced the following results for the second quarter of 2009:
- Total revenue was $57.1 million
- Total costs and expenses were $44.0 million
- Net income applicable to common stockholders was $9.8 million
- Diluted earnings per share (GAAP) were $0.36
- Non-GAAP diluted earnings per share were $0.40 (excluding stock option expense)
- Cash flow from operations was $14.6 million
- Total bookings of $61.6 million, including $14.4 million in software solutions bookings (total bookings includes $23.5 million in multi-year agreements with an average term of slightly less than 3 years)
"We are pleased with our operating and financial results in the second quarter,” stated i2 Chief Executive Officer Jackson L. Wilson, Jr. "During the quarter we announced the availability of Planning on Demand, a software-as-a-service offering initially targeted at growing fabless semiconductor companies. This solution is our second SaaS offering, after our successful transportation offering, FreightMatrix, and we have identified the next areas of investment within our solution portfolio for other products that are adaptable to the SaaS delivery model. Included in our bookings results is the extension of our relationship with a supply chain leader customer, as well as a few other multi-year agreements, which we believe are a testament to the confidence and commitment our customers place in us and a reflection of the value they receive from our market-leading solutions and delivery excellence.”
"Our financial results for the second quarter are highlighted by strong profitability and cash flow from operations that reflect the full benefit of the operational efficiencies and cost reduction actions taken in the beginning of the year,” stated i2 Executive Vice President and Chief Financial Officer Mike Berry. "With more than $20 million in cash flow from operations in the first half of the year, combined with our strong balance sheet, we are now identifying operational and strategic investment opportunities that we believe will position us for growth,” concluded Berry.
Second Quarter Results
Revenue Detail
Total revenue for the second quarter was $57.1 million as compared to $64.7 million in the second quarter of 2008, a decrease of $7.7 million or 12 percent.
i2 had total second quarter software solutions revenue, which includes core and recurring license revenue and revenue to develop the licensed functionality, of $15.3 million. This compares to $12.6 million of software solutions revenue in the second quarter of 2008, an increase of $2.7 million or 21 percent year-over-year.
Services revenue in the second quarter was $23.6 million, a decrease of $6.9 million or 23 percent compared to the $30.5 million of services revenue in the second quarter of 2008. Services revenue includes fees received from consulting and training services and arrangements to customize or enhance previously purchased licensed software as well as reimbursable expenses.
Second quarter maintenance revenue was $18.2 million, a decrease of 16 percent from $21.7 million in the comparable prior year quarter.
Costs and Expenses
Costs and expenses, subtotal, excludes amounts related to the company’s intellectual property patent infringement lawsuits (external litigation expenses in the 2009 period related to the Oracle litigation and external litigation expenses and settlement benefit in the 2008 period related to the SAP litigation). Costs and expenses, subtotal for the second quarter of 2009 were $43.8 million, a 28 percent decrease compared to $60.7 million in the second quarter of 2008. Costs and expenses in the second quarter of 2009 included $2.5 million in stock-based compensation expense, which includes $1.2 million in expense related to stock options and $1.3 million in expense related to restricted stock units.
Total costs and expenses for the second quarter of 2009 were $44.0 million as compared to a benefit of $20.6 million in the same period in 2008. Total costs and expenses in the second quarter of 2008 included a benefit of $81.3 million, net of external patent litigation expenses, related to the company’s intellectual property settlement with SAP.
Net Income
The company reported second quarter 2009 net income applicable to common stockholders of $9.8 million, or $0.36 per diluted share. This compares to $80.2 million, or $3.03 per diluted share, in net income applicable to common stockholders in the second quarter of 2008. The second quarter of 2008 net income applicable to common stockholders amount includes $79.9 million, net of external litigation expenses and applicable taxes, from the intellectual property settlement.
First Half 2009 Results
For the six months ended June 30, 2009, total revenues were $113.4 million, a decrease of 11 percent as compared to $127.3 million for the same period in 2008.
Software solutions revenue increased 5 percent to $25.5 million for the six months ended June 30, 2009 compared to $24.2 million in the first half of 2008. Services revenue was $50.4 million in the first half of 2009 compared to $59.4 million in the first half of 2008, a decrease of 15 percent. Maintenance revenue decreased 14 percent to $37.6 million in the first half of 2009 compared to $43.7 million in the comparable period in 2008.
Costs and expenses, subtotal for the six months ended June 30, 2009 decreased 20 percent to $94.5 million as compared to $117.8 million in the first half of 2008. Costs and expenses for the six months ended June 30, 2009 included $5.0 million in stock-based compensation expense, which includes $2.8 million in expense related to stock options and $2.2 million in expense related to restricted stock units.
Total costs and expenses for the six months ended June 30, 2009 were $94.7 million as compared to $37.9 million in the same period in 2008. The six months ended June 30, 2008 amount reflects a benefit of $79.9 million, net of external patent litigation expenses, related to the company’s intellectual property settlement with SAP.
The company reported net income applicable to common stockholders of $11.7 million or $0.43 per diluted share for the six months ended June 30, 2009. This compares to $82.3 million or $3.11 per diluted share in net income applicable to common stockholders in the comparable period in 2008. The six months ended June 30, 2008 amount includes $78.4 million, net of external litigation expenses and applicable taxes, from the intellectual property settlement.
Non-GAAP Diluted Earnings Per Share
The company provides non-GAAP financial measures to assist stockholders with the analysis of financial and business trends related to the company’s operations. These calculations are not in accordance with, or an alternative for, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies.
Non-GAAP diluted earnings per share applicable to common stockholders in the second quarter of 2009 were $0.40, compared to $0.03 per diluted share in the comparable period last year on a non-GAAP basis. Non-GAAP diluted earnings per share applicable to common stockholders for the six months ended June 30, 2009 were $0.58, compared to $0.20 per diluted share in the comparable period in 2008 on a non-GAAP basis. Non-GAAP diluted earnings per share excludes stock option expense; the impact of FSP APB 14-1 adoption; the net loss on the repurchase of the company’s 5% senior convertible notes due to the write-off of unamortized discount and debt issuance costs partially offset by the repurchase of the notes below par value; and the effect of the intellectual property settlement, net of the impact of taxes applicable to the settlement.
A full reconciliation of GAAP to non-GAAP financial measures can be found in Schedule A included with this release.
Other Financial Information
On June 30, 2009, i2’s total cash balance was $181.5 million (including restricted cash of $6.7 million), an increase of $15.0 million from March 31, 2009. The increase in the cash balance reflects the positive cash flow from operations generated in the quarter.
The company generated cash flow from operations of $14.6 million in the second quarter of 2009, bringing the first half of 2009 cash flow from operations to $22.3 million.
The financial results included in this press release are preliminary and pending final review by the company and its external auditors. Financial results will not be final until the company files its second quarter 2009 Form 10-Q.
Earnings Conference Call and Webcast Information
The i2 management team will host a live conference call with investors today, Aug. 6 at 10:00 a.m. ET to discuss the second quarter 2009 financial results. Investors and other interested parties may access the call via webcast through the company’s Web site at http://www.i2.com/investor.
An audio replay of the conference call will be available for approximately 24 hours following the call. To access the replay, dial (800) 475-6701 (USA) or (320) 365-3844 (International) and enter access code 106794. The webcast will also be archived via the company's Web site at http://www.i2.com/investor.
About i2
Throughout its more than 20-year history of innovation and value delivery, i2 has dedicated itself to building successful customer partnerships. As a full-service supply chain company, i2 is uniquely positioned to help its clients achieve world-class business results through a combination of consulting, technology, and managed services. i2 solutions are pervasive in a wide cross-section of industries. Learn more at www.i2.com.
i2 is a registered trademark of i2 Technologies US, Inc. and i2 Technologies, Inc.
i2 Cautionary Language
This press release contains forward-looking statements that involve risks and uncertainties, including forward-looking statements regarding i2’s ability to execute upon its internal plans and improve operational efficiencies. These forward-looking statements are based on current expectations for bookings, cash collections, revenue, expense and diluted shares outstanding, and involve risks and uncertainties that may cause actual results to differ from those projected, including, without limitation, the risk that (i) we will be unable to develop new products or develop and generate additional demand for our existing products, (ii) we will be unable to remain competitive, (iii) our strategy to sell new software solutions may not be successful, (iv) product quality, performance claims and other litigation may have a material adverse effect on our relationships with customers and our business, and (v) key personnel leave the company or the company is unable to attract, train and retain additional personnel. For a discussion of factors which could impact i2's financial results and cause actual results to differ materially from those in forward-looking statements, please refer to i2's recent filings with the SEC, particularly the Annual Report on Form 10-K for the year ended December 31, 2008. i2 expressly disclaims any current intention to update the forward-looking information contained in this news release.
| i2 TECHNOLOGIES, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands, except par value) | ||||||||
| (unaudited) | ||||||||
| June 30, | December 31, | |||||||
| 2009 | 2008 | |||||||
| (as Restated) * | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 174,878 | $ | 238,013 | ||||
| Restricted cash | 6,654 | 5,777 | ||||||
| Accounts receivable, net | 20,989 | 25,846 | ||||||
| Other current assets | 7,203 | 9,477 | ||||||
| Total current assets | 209,724 | 279,113 | ||||||
| Premises and equipment, net | 3,772 | 4,915 | ||||||
| Goodwill | 16,684 | 16,684 | ||||||
| Non-current deferred tax asset | 5,312 | 7,289 | ||||||
| Other non-current assets | 3,789 | 5,024 | ||||||
| Total assets | $ | 239,281 | $ | 313,025 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,587 | $ | 4,855 | ||||
| Accrued liabilities | 14,768 | 15,116 | ||||||
| Accrued compensation and related expenses | 14,239 | 18,679 | ||||||
| Deferred revenue | 52,202 | 53,028 | ||||||
| Total current liabilities | 84,796 | 91,678 | ||||||
| Total long-term debt, net | - | 64,520 | ||||||
| Taxes payable | 5,503 | 6,948 | ||||||
| Total liabilities | 90,299 | 163,146 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred Stock, $0.001 par value, 5,000 shares authorized, | ||||||||
| none issued and outstanding | - | - | ||||||
| Series A junior participating preferred stock, $0.001 par value, | ||||||||
| 2,000 shares authorized, none issued and outstanding | - | - | ||||||
| Series B 2.5% convertible preferred stock, $1,000 par value, 150 | ||||||||
| shares authorized 111 issued and outstanding at June 30, 2009 | ||||||||
| and 109 issued and outstanding at December 31, 2008 | 108,177 | 106,591 | ||||||
| Common stock, $0.00025 par value, 2,000,000 shares authorized, | ||||||||
| 22,063 and 21,895 shares issued and outstanding | ||||||||
| at June 30, 2009 and December 31, 2008, respectively | 6 | 5 | ||||||
| Additional paid-in capital | 10,483,619 | 10,498,453 | ||||||
| Accumulated other comprehensive income | 2,196 | 1,509 | ||||||
| Accumulated deficit | (10,445,016 | ) | (10,456,679 | ) | ||||
| Net stockholders' equity | 148,982 | 149,879 | ||||||
| Total liabilities and stockholders' equity | $ | 239,281 | $ | 313,025 | ||||
| * 2008 period restated to reflect the adoption of FSP APB 14-1 | ||||||||
| i2 TECHNOLOGIES, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (as Restated) * | (as Restated) * | |||||||||||||||
| Revenues: | ||||||||||||||||
| Software solutions | $ | 15,269 | $ | 12,569 | $ | 25,472 | $ | 24,241 | ||||||||
| Services | 23,598 | 30,508 | 50,351 | 59,350 | ||||||||||||
| Maintenance | 18,188 | 21,651 | 37,608 | 43,713 | ||||||||||||
| Total revenues | 57,055 | 64,728 | 113,431 | 127,304 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of revenues: | ||||||||||||||||
| Software solutions | 2,625 | 2,874 | 4,322 | 5,488 | ||||||||||||
| Services | 14,990 | 23,624 | 32,576 | 46,095 | ||||||||||||
| Maintenance | 2,137 | 2,655 | 4,623 | 5,498 | ||||||||||||
| Amortization of acquired technology | - | - | - | 4 | ||||||||||||
| Sales and marketing | 9,047 | 13,072 | 18,956 | 25,022 | ||||||||||||
| Research and development | 6,689 | 7,541 | 13,764 | 15,174 | ||||||||||||
| General and administrative | 8,294 | 10,919 | 17,263 | 20,428 | ||||||||||||
| Amortization of intangibles | - | 25 | 25 | 50 | ||||||||||||
| Restructuring charges and adjustments | (11 | ) | - | 2,995 | - | |||||||||||
| Costs and expenses, subtotal | 43,771 | 60,710 | 94,524 | 117,759 | ||||||||||||
| Intellectual property settlement, net | 192 | (81,315 | ) | 192 | (79,860 | ) | ||||||||||
| Total costs and expenses (benefit) | 43,963 | (20,605 | ) | 94,716 | 37,899 | |||||||||||
| Operating income | 13,092 | 85,333 | 18,715 | 89,405 | ||||||||||||
| Non-operating income (expense), net: | ||||||||||||||||
| Interest income | 66 | 932 | 196 | 2,127 | ||||||||||||
| Interest expense | - | (1,864 | ) | (899 | ) | (3,725 | ) | |||||||||
| Foreign currency hedge and transaction losses, net | (290 | ) | (464 | ) | (831 | ) | (605 | ) | ||||||||
| Loss on extinguishment of debt | - | - | (892 | ) | - | |||||||||||
| Other income (expense), net | 64 | (236 | ) | (79 | ) | 481 | ||||||||||
| Total non-operating (expense), net | (160 | ) | (1,632 | ) | (2,505 | ) | (1,722 | ) | ||||||||
| Income before income taxes | 12,932 | 83,701 | 16,210 | 87,683 | ||||||||||||
| Income tax expense | 2,344 | 2,714 | 2,961 | 3,842 | ||||||||||||
| Net income | $ | 10,588 | $ | 80,987 | $ | 13,249 | $ | 83,841 | ||||||||
| Preferred stock dividend and accretion of discount | 797 | 776 | 1,586 | 1,552 | ||||||||||||
| Net income applicable to common stockholders | $ | 9,791 | $ | 80,211 | $ | 11,663 | $ | 82,289 | ||||||||
| Net income per common share applicable to common stockholders: | ||||||||||||||||
| Basic | $ | 0.37 | $ | 3.07 | $ | 0.44 | $ | 3.16 | ||||||||
| Diluted | $ | 0.36 | $ | 3.03 | $ | 0.43 | $ | 3.11 | ||||||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic | 26,814 | 26,105 | 26,774 | 26,080 | ||||||||||||
| Diluted | 27,166 | 26,475 | 26,886 | 26,459 | ||||||||||||
| * 2008 periods restated to reflect the adoption of FSP APB 14-1 | ||||||||||||||||
| i2 TECHNOLOGIES, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (In thousands) | ||||||||
| (unaudited) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2009 | 2008 | |||||||
| (as Restated) * | ||||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 13,249 | $ | 83,841 | ||||
| Adjustments to reconcile net income to net cash provided | ||||||||
| by operating activities: | ||||||||
| Amortization of debt issuance expense | 84 | 344 | ||||||
| Debt discount accretion | 389 | 1,565 | ||||||
| Loss on extinguishment of debt | 892 | - | ||||||
| Depreciation and amortization | 1,494 | 1,850 | ||||||
| Stock based compensation | 5,045 | 5,872 | ||||||
| Loss on disposal of premises and equipment | 234 | 144 | ||||||
| (Benefit) provision for bad debts charged to costs and expenses | (24 | ) | 173 | |||||
| Deferred income taxes | 1,465 | 1,398 | ||||||
| Changes in operating assets and liabilities, excluding | ||||||||
| the effects of acquisitions: | ||||||||
| Accounts receivable | 4,795 | (4,033 | ) | |||||
| Other assets | 2,634 | (86,212 | ) | |||||
| Accounts payable | (1,414 | ) | 1,769 | |||||
| Taxes payable | (865 | ) | 2,055 | |||||
| Accrued liabilities | (405 | ) | 1,178 | |||||
| Accrued compensation and related expenses | (4,535 | ) | (119 | ) | ||||
| Deferred revenue | (702 | ) | 10,575 | |||||
| Net cash provided by operating activities | 22,336 | 20,400 | ||||||
| Cash flows (used in) provided by investing activities: | ||||||||
| Restrictions (placed) released on cash | (877 | ) | 1,788 | |||||
| Purchases of premises and equipment | (622 | ) | (562 | ) | ||||
| Proceeds from sale of premises and equipment | 68 | 17 | ||||||
| Net cash (used in) provided by investing activities | (1,431 | ) | 1,243 | |||||
| Cash flows (used in) provided by financing activities: | ||||||||
| Repurchase of debt and equity conversion feature | (84,814 | ) | - | |||||
| Net proceeds from common stock issuance from options and | ||||||||
| employee stock purchase plans | 375 | 112 | ||||||
| Net cash (used in) provided by financing activities | (84,439 | ) | 112 | |||||
| Effect of exchange rates on cash | 399 | 328 | ||||||
| Net change in cash and cash equivalents | (63,135 | ) | 22,083 | |||||
| Cash and cash equivalents at beginning of period | 238,013 | 120,978 | ||||||
| Cash and cash equivalents at end of period | $ | 174,878 | $ | 143,061 | ||||
|
Supplemental cash flow information |
||||||||
| Interest paid | $ | 1,053 | $ | 2,156 | ||||
| Income taxes paid (net of refunds received) | $ | 3,078 | $ | 882 | ||||
| Schedule of non-cash financing activities | ||||||||
| Preferred stock dividend and accretion of discount | $ | 1,586 | $ | 1,552 | ||||
| * 2008 period restated to reflect the adoption of FSP APB 14-1 | ||||||||
| SCHEDULE A TO PRESS RELEASE | ||||||||||||||||
| August 6, 2009 | ||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
| ($ in thousands, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Operating Income | Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| GAAP operating income | $ | 13,092 | $ | 85,333 | $ | 18,715 | $ | 89,405 | ||||||||
| GAAP operating margin | 22.9 | % | 131.8 | % | 16.5 | % | 70.2 | % | ||||||||
| Add: stock option expense | 1,143 | 1,956 | 2,820 | 3,975 | ||||||||||||
| Less: intellectual property settlement | - | 83,333 | - | 83,333 | ||||||||||||
| Non-GAAP operating income | $ | 14,235 | $ | 3,956 | $ | 21,535 | $ | 10,047 | ||||||||
| Non-GAAP operating margin | 24.9 | % | 6.1 | % | 19.0 | % | 7.9 | % | ||||||||
| Net income applicable to common stockholders | Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| GAAP net income applicable to common stockholders | $ | 9,791 | $ | 80,211 | $ | 11,663 | $ | 82,289 | ||||||||
| Add: stock option expense | 1,143 | 1,956 | 2,820 | 3,975 | ||||||||||||
| Less: intellectual property settlement | - | 83,333 | - | 83,333 | ||||||||||||
| Add: non-cash effect of incremental non-operating expense from APB 14-1 adoption | - | 529 | 265 | 1,053 | ||||||||||||
| Add: loss on extinguishment of debt * | - | - | 892 | - | ||||||||||||
| Add: tax effect of intellectual property settlement | - | 1,421 | - | 1,421 | ||||||||||||
| Non-GAAP net income applicable to common stockholders | $ | 10,934 | $ | 784 | $ | 15,640 | $ | 5,405 | ||||||||
| Diluted earnings per share applicable to common stockholders ** |
Three months ended June 30, |
Six months ended June 30, | ||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| GAAP diluted earnings per share applicable to common stockholders | $ | 0.36 | $ | 3.03 | $ | 0.43 | $ | 3.11 | ||||||||
| Add: stock option expense | $ | 0.04 | $ | 0.07 | $ | 0.10 | $ | 0.15 | ||||||||
| Less: intellectual property settlement | - | $ | 3.15 | - | $ | 3.15 | ||||||||||
| Add: non-cash effect of incremental non-operating expense from APB 14-1 adoption | - | $ | 0.02 | $ | 0.01 | $ | 0.04 | |||||||||
| Add: loss on extinguishment of debt * | - | - | $ | 0.03 | - | |||||||||||
| Add: tax effect of intellectual property settlement | - | $ | 0.05 | - | $ | 0.05 | ||||||||||
| Non-GAAP diluted earnings per share applicable to common stockholders | $ | 0.40 | $ | 0.03 | $ | 0.58 | $ | 0.20 | ||||||||
| Diluted share count | 27,166 | 26,475 | 26,886 | 26,459 | ||||||||||||
| * Loss on extinguishment of debt represents the write-off of unamortized discount | ||||||||||||||||
| and debt issuance costs, partially offset by the repurchase of the notes below par value. | ||||||||||||||||
|
** Non-GAAP EPS amounts may vary from GAAP EPS amounts and adjustments due to rounding |
||||||||||||||||
| SCHEDULE B TO PRESS RELEASE | ||||||||||||||||||||
| August 6, 2009 | ||||||||||||||||||||
| KEY PERFORMANCE INDICATORS | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| 2Q 08 | 3Q 08 | 4Q 08 | 1Q 09 | 2Q 09 | ||||||||||||||||
| Software solutions bookings ($ in millions) (1) | $ | 8.3 | $ | 5.1 | $ | 7.8 | $ | 24.1 | $ | 14.4 | ||||||||||
| Services and maintenance bookings ($ in millions) | $ | 55.7 | $ | 41.4 | $ | 41.7 | $ | 42.4 | $ | 47.2 | ||||||||||
| Total contract value of bookings ($ in millions) (2) | $ | 64.1 | $ | 46.5 | $ | 49.5 | $ | 66.5 | $ | 61.6 | ||||||||||
| Dollar value of multi-year agreements included in | ||||||||||||||||||||
| total contract value of bookings ($ in millions) (3) | $ | 4.2 | $ | 4.2 | $ | 1.8 | $ | 8.8 | $ | 23.5 | ||||||||||
| Number of software solutions transactions booked > $500K | 2 | 4 | 2 | 4 | 5 | |||||||||||||||
| Average amount booked ($ in thousands) (4) | $ | 243 | $ | 254 | $ | 244 | $ | 963 | $ | 552 | ||||||||||
| Software solutions revenue | ||||||||||||||||||||
| Revenue from current quarter bookings ($ in millions) | $ | 1.4 | $ | 0.9 | $ | 1.4 | $ | 2.6 | $ | 1.1 | ||||||||||
| Revenue from prior period bookings ($ in millions) | $ | 5.5 | $ | 3.7 | $ | 4.9 | $ | 2.3 | $ | 9.6 | ||||||||||
| Subscription/recurring revenue ($ in millions) | $ | 5.7 | $ | 6.0 | $ | 5.8 | $ | 5.3 | $ | 4.6 | ||||||||||
| Total software solutions revenue ($ in millions) | $ | 12.6 | $ | 10.6 | $ | 12.1 | $ | 10.2 | $ | 15.3 | ||||||||||
| Total revenue recognized by region | ||||||||||||||||||||
| Greater APAC | 19 | % | 17 | % | 20 | % | 25 | % | 27 | % | ||||||||||
| EMEA | 24 | % | 22 | % | 21 | % | 19 | % | 20 | % | ||||||||||
| Americas | 58 | % | 61 | % | 59 | % | 56 | % | 53 | % | ||||||||||
| Total revenue | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
| Days sales outstanding | 41 | 38 | 38 | 37 | 34 | |||||||||||||||
| Total headcount | 1,309 | 1,327 | 1,280 | 1,188 | 1,186 | |||||||||||||||
| Direct sales representatives (5) | 57 | 57 | 54 | 43 | 38 | |||||||||||||||
| 1. Software solutions bookings includes bookings for recurring transactions and essential services | ||||||||||||||||||||
| required to deliver the licensed functionality. | ||||||||||||||||||||
| 2. Total contract value of bookings represents potential future revenue from contracts executed in the period. | ||||||||||||||||||||
| However, there can be no assurance that bookings will result in future revenue. | ||||||||||||||||||||
| 3. Dollar value of multi-year agreements represent the total contract value of subscription/recurring and/or | ||||||||||||||||||||
| maintenance agreements with a contractual term of greater than one (1) year | ||||||||||||||||||||
| 4. Average amount excludes recurring bookings less than $10K | ||||||||||||||||||||
| 5. Direct sales representatives includes commission-based, quota carrying sales reps excluding sales management. | ||||||||||||||||||||
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