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Interactive Intelligence Reports First-Quarter 2012 Financial Results - Interactive Intelligence Group, Inc. (Nasdaq: ININ), a global provider of unified IP business communications solutions, has announced financial results for its first quarter ended March 31 (Nasdaq: ININ) - ININ.com
Interactive Intelligence Reports First-Quarter 2012 Financial Results

 

NewswireToday - /newswire/ - Dubai, UAE, United Arab Emirates, 2012/04/26 - Interactive Intelligence Group, Inc. (Nasdaq: ININ), a global provider of unified IP business communications solutions, has announced financial results for its first quarter ended March 31 (Nasdaq: ININ) - ININ.com.

   
 
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• Recurring revenues up 31 percent to 52 percent of total revenues;
• Cloud-based orders increase to 29 percent of total orders;
• Cloud-based revenues increase 81 percent.

“Our first quarter was highlighted by rapid growth in cloud-based revenue, which continues to have a positive impact on the growth and scale of our overall recurring revenues,” said Interactive Intelligence founder and CEO, Dr. Donald Brown. “For the first quarter, a higher mix of cloud-based orders and the structure of certain product orders resulted in more revenues being deferred to future quarters. These factors also contributed to the 48 percent year-over-year growth in our total billed and unbilled deferred revenues. We are optimistic about our outlook for the remainder of the year, and we are maintaining our revenue, order growth and profitability guidance for 2012.”

Brown added: “Our pipeline of opportunities is strong and growing, and we believe we are well positioned to leverage the sales and marketing, and research and development investments we are making in our business. We continue to gain share at the high end of the contact center market, and we believe our continued success in winning large cloud customers supports our view that we have a sustainable long-term advantage in the fastest growing segment of the overall contact center market.”

First Quarter 2012 Financial Highlights:

Orders: Cloud-based orders increased 19 percent and total orders increased 6 percent, both compared to the first quarter of 2011. The company signed 60 new customers during the first quarter of 2012, including 11 new customers for its cloud-based offering. The average new customer cloud-based order was $748,000, up from $488,000 during the same quarter last year.

Revenues: Total revenues were $52.8 million, an increase of 11 percent on a year-over-year basis. Recurring revenues, which include both maintenance and cloud revenues, increased 31 percent to $27.6 million and accounted for 52 percent of total revenues. Cloud-based revenues increased 81 percent year-over-year to $5.0 million. Product revenues were $19.4 million and services revenues were $5.7 million, compared to $20.4 million and $6.2 million, respectively, for the first quarter of last year.
Total Deferred Revenues: Deferred revenues increased to $77.8 million as of March 31, 2012 compared to $61.0 million as of March 31, 2011. The amount of unbilled future cloud-based revenues as of March 31, 2012 increased to $40.6 million from $18.6 million as of March 31, 2011. The combination of deferred revenues and unbilled future cloud revenues was $118.4 million as of March 31, 2012, up 49 percent compared to $79.6 million as of March 31, 2011.

Operating Income: GAAP operating income for the first quarter was $0.3 million, compared to $4.9 million for the first quarter of 2011. Non-GAAP operating income was $2.4 million, compared to $6.8 million for the first quarter of 2011. The year-over-year decline in operating income was primarily due to the shift toward cloud-based orders, which are recognized over the life of the contract. In addition, as previously discussed, the company increased investments in sales and marketing and research and development during the first quarter of 2012 to expand its product leadership and its share in the cloud-based market.

Net Income: GAAP net income for the first quarter was $0.2 million, or $0.01 per diluted share based on a 34 percent effective tax rate and 20.0 million weighted average shares outstanding. This compares to GAAP net income of $3.1 million, or $0.16 per diluted share based on a 35.5 percent effective tax rate and 19.8 million weighted average shares outstanding for the same period last year. Non-GAAP net income for the first quarter was $1.9 million, or $0.09 per diluted share based on a 24 percent annual effective non-GAAP tax rate. This compares to non-GAAP net income of $5.5 million, or $0.28 per diluted share for the same period last year.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables. An explanation of these measures is also included below under the heading “Non-GAAP Measures.”

Additional First Quarter 2012 and Recent Highlights:
The company acquired certain assets of its South African reseller, ATIO Corp. Pty Ltd. in January, and acquired its Netherlands reseller, Brightware B.V. in April, continuing its strategy of growing its operations in key international markets.
CRM magazine named Interactive Intelligence Contact Center Infrastructure Service Leader winner for 2012, beating out larger competitors based on company direction, customer satisfaction and cost.

About Interactive Intelligence
Interactive Intelligence Group, Inc. (inin.com) is a global provider of contact center automation, unified communications, and business process automation software and services. The company’s unified IP business communications solutions, which can be deployed on-premise or via the cloud, are ideal for industries such as financial services, insurance, outsourcers, collections, and utilities. Interactive Intelligence was founded in 1994 and has more than 4,500 customers worldwide. The company is among Forbes Magazine’s 2011 Best Small Companies in America and Software Magazine’s 2011 Top 500 Global Software and Service Providers. It employs more than 1,000 people and is headquartered in Indianapolis, Indiana. The company has offices throughout North America, Latin America, Europe, Middle East, Africa and Asia Pacific. Interactive Intelligence can be reached at +1 317.872.3000 or info[.]inin.com.

Non-GAAP Measures
The non-GAAP measures shown in this release include revenue which was not recognized on a GAAP basis due to purchase accounting adjustments and exclude non-cash stock-based compensation expense for stock options, the amortization of certain intangible assets related to acquisitions by the company and non-cash income tax expense. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included with the financial information included in this press release. These measures are not in accordance with, or an alternative for, GAAP and may be different from non-GAAP measures used by other companies. Stock-based compensation expense and amortization of intangibles related to acquisitions are non-cash and certain amounts of income tax expense are non-cash. Management believes that the presentation of non-GAAP results, when shown in conjunction with corresponding GAAP measures, provides useful information to management and investors regarding financial and business trends related to the company's results of operations. Further, management believes that these non-GAAP measures improve management's and investors' ability to compare the company's financial performance with other companies in the technology industry. Because stock-based compensation expense, non-cash income tax expense amounts and amortization of intangibles related to acquisitions can vary significantly between companies, it is useful to compare results excluding these amounts. Management also uses financial statements that exclude stock-based compensation expense related to stock options, non-cash income tax amounts and amortization of intangibles related to acquisitions for its internal budgets.

This release may contain certain forward-looking statements that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: rapid technological changes in the industry; the company's ability to maintain profitability; to manage successfully its growth; to manage successfully its increasingly complex third-party relationships resulting from the software and hardware components being licensed or sold with its solutions; to maintain successful relationships with cer

 
 
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Interactive Intelligence Reports First-Quarter 2012 Financial Results

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