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Interactive Intelligence Reports Third-Quarter 2012 Financial Results - Growth of cloud business continues to be strong with cloud-based orders increasing 53 percent to 41 percent of total orders (Nasdaq: ININ) - ININ.com
Interactive Intelligence Reports Third-Quarter 2012 Financial Results

 

NewswireToday - /newswire/ - Dubai, UAE, United Arab Emirates, 2012/11/07 - Growth of cloud business continues to be strong with cloud-based orders increasing 53 percent to 41 percent of total orders (Nasdaq: ININ) - ININ.com.

   
 
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Interactive Intelligence, Group Inc., a global provider of unified IP business communications solutions, has announced operating results for its three and nine months ended Sept. 30, 2012.

“We continue to execute well against our operating plan,” said Interactive Intelligence founder and CEO, Dr. Donald Brown. “We are successfully moving up-market, winning business with some of the world’s largest global companies, and continuing to take advantage of the market shift toward cloud-based contact center deployments. The number of new cloud-based customers in the third quarter of 2012 was the highest in our company’s history and it’s growing at a rate that’s significantly outpacing the market.

“The shift to our cloud model is accelerating and will continue to result in more revenues being deferred to future quarters leading to greater overall growth of recurring revenues,” continued Brown. “We remain committed to investing in our sales, marketing and development infrastructure to accelerate the momentum in the business, which we expect to lead to further market share gains and increased shareholder value. Given our strong and growing pipeline of opportunities worldwide in the fourth quarter, we now expect cloud-based orders to represent more than 35 percent of total orders in 2012, up from our previous expectation of 30 to 32 percent. We are maintaining our full-year total order growth target of 20 percent.”

Third-Quarter 2012 Financial Highlights:
Orders: Total orders grew by 18 percent from the third quarter of 2011, while cloud-based orders were up 53 percent over the same quarter last year and comprised 41 percent of total orders. The company signed 37 contracts over $250,000 including nine over $1.0 million, up from 17 and three, respectively, in the third quarter of 2011.

Revenues: Total revenues were $59.3 million, an increase of 14 percent over the third quarter of 2011. Recurring revenues, which include both maintenance and support from perpetual license agreements and cloud-based revenues, increased 18 percent to $29.2 million and accounted for 49 percent of total revenues. Cloud-based revenues increased 46 percent to $5.4 million. Product revenues were $22.3 million and services revenues were $7.8 million, compared to $21.6 million and $5.8 million, respectively, for the same quarter last year.

Total Deferred Revenues: Deferred revenues increased to $83.2 million as of Sept. 30, 2012, from $65.7 million as of Sept. 30, 2011. In addition, the amount of future unbilled cloud-based revenues as of Sept. 30, 2012 increased to $60.4 million from $29.5 million as of Sept. 30, 2011. The combination of deferred revenues and future unbilled cloud-based revenues was $143.6 million, up 51 percent from $95.2 million as of Sept. 30, 2011.

Operating Income: GAAP operating loss was $915,000 for the third quarter of 2012, compared to $4.7 million of GAAP operating income in the same quarter last year. Non-GAAP• operating income was $1.5 million for the third quarter of 2012, compared to $6.6 million in the third quarter of 2011.

Net Income: GAAP net loss for the third quarter of 2012 was $445,000, or $0.02 per diluted share based on 19.3 million weighted average diluted shares outstanding. This compares to GAAP net income for the same quarter last year of $3.3 million, or $0.16 per diluted share based on 19.9 million weighted average diluted shares outstanding.

Non-GAAP net income for the third quarter was $1.9 million, or $0.10 per diluted share. This compares to non-GAAP net income of $5.8 million, or $0.29 per diluted share for the same quarter last year.

Cash, Cash Equivalents and Investments: As of Sept. 30 2012, Interactive Intelligence had cash, cash equivalents and investments of $75.8 million.

Cash Flows: During the third quarter of 2012, the company generated $7.9 million in cash flow from operations and used $11.3 million for an acquisition and $5.8 million for capital expenditures.

First Nine Months 2012 Financial Highlights:
Orders: Total orders increased 17 percent compared to the first nine months of 2011, while cloud-based orders were up 50 percent over the same period last year. The company signed 90 contracts over $250,000 including 23 over $1.0 million, up from 76 and 11, respectively, in the same period last year.

Revenues: Total revenues were $166.8 million, an increase of 10 percent over the first nine months of 2011. Recurring revenues increased 25 percent to $85.2 million. Cloud-based revenues increased 58 percent year-over-year to $15.4 million. Product revenues were $61.4 million and services revenues were $20.2 million, compared to $66.2 million and $17.4 million, respectively, in the same quarter last year.

Operating Income: GAAP operating loss was $2.4 million for the first nine months of 2012, compared to $15.1 million of operating income in the same period last year. Non-GAAP operating income was $4.3 million for the first nine months of 2012, compared to $20.6 million in the first nine months of 2011. The year-over-year decline in operating income resulted from revenues being deferred to future quarters and the increased investment in sales, marketing, and research and development to expand the company’s product leadership and share in the cloud-based market.

Net Income: GAAP net loss was $1.4 million, or $0.07 per diluted share, based on 19.2 million weighted average diluted shares outstanding. This compares to GAAP net income for the first nine months of 2011 of $10.2 million, or $0.51 per diluted share based on 19.9 million weighted average diluted shares outstanding. The expected annual effective tax rate is 31 percent, including one-time current period benefits recorded in the third quarter of 2012 related to completing 2011 tax returns.

Non-GAAP net income was $4.3 million, or $0.23 per diluted share compared to non-GAAP net income for the first nine months of 2011 of $17.6 million, or $0.88 per diluted share.

Additional Third-Quarter 2012 and Recent Highlights:
Interactive Intelligence received Frost & Sullivan’s Company of the Year, Contact Center Systems North America, 2012 Award and the 2012 Nemertes Research IP Contact Center PilotHouse Award.

Interactive Intelligence released an upgraded version of Interaction Process Automation™ (IPA), which was designed for faster business process development, reduced costs and improved ease of use.

Software Magazine named Interactive Intelligence among the World's Top 500 Software and Service Providers.

Interactive Intelligence received Joint Interoperability Test Command (JITC) certification for the latest versions of its Customer Interaction Center™ (CIC) software suite. This certifications ensures compliance with certain Department of Defense standards, while helping speed government sales cycles and reduce deployment time.

Effective Aug. 1, 2012, Interactive Intelligence (inin.com) acquired Bay Bridge Decision Technologies, a leading U.S. supplier of contact center forecasting, capacity planning and strategic analysis technology. The acquisition enables Interactive Intelligence to bridge the gap between its basic workforce management features and the advanced forecasting and planning capabilities in the Bay Bridge products to offer a strategic solution for mid-size and large contact centers.

 
 
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Interactive Intelligence Reports Third-Quarter 2012 Financial Results

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