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Interactive Intelligence Reports First-Quarter 2014 Financial Results - Total orders up 42 percent from 2013 first quarter [Nasdaq: ININ] - ININ.com
Interactive Intelligence Reports First-Quarter 2014 Financial Results

 

NewswireToday - /newswire/ - Dubai, UAE, United Arab Emirates, 2014/05/08 - Total orders up 42 percent from 2013 first quarter [Nasdaq: ININ] - ININ.com.

   
 
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Interactive Intelligence Group Inc., a global provider of software and services designed to improve the customer experience, has announced financial results for the first quarter ended March 31, 2014.

“We continue to execute on our strategy of aggressively capturing cloud communications market share,” said Interactive Intelligence founder and CEO Dr. Donald Brown. “This success is essential to our goal of becoming the leading vendor in the overall contact center market.

“As we increasingly shift to a higher proportion of cloud-based orders and have more revenue deferred to future quarters, our reported short-term profitability is affected,” continued Brown. “But we look beyond this and remain committed to making investments that drive the growth of our business, particularly with our cloud-based offerings targeting the highest growth segment of our market. As a result, we continue to expect cloud-based orders to outpace our overall 2014 order growth and comprise 55 to 60 percent of total orders for the year.”

First Quarter 2014 Financial Highlights:

Orders: Total orders increased by 42 percent from the first quarter of 2013, with cloud-based orders up 165 percent to 59 percent of total orders. The company signed 34 orders over $250,000, which included nine orders over $1 million, compared to 39 orders over $250,000, including eight orders over $1 million in the same quarter last year. Average cloud-based orders from new customers increased to $935,000, compared to $788,000 in the first quarter of 2013.

Revenues: Total revenues were $79.4 million, up 8 percent from the 2013 first quarter. Recurring revenues, including support fees from on-premises license agreements and fees from cloud-based customers, increased 28 percent to $43.4 million and accounted for 55 percent of total revenues. Cloud-based revenues increased 85 percent to $13.1 million. Product revenues were $22.8 million and services revenues $13.2 million, compared to $28.0 million and $11.4 million, respectively, in the first quarter of 2013.

Total Deferred Revenues: Deferred revenues increased to $115.5 million, up from $110.2 million as of March 31, 2013. In addition, the amount of unbilled future cloud-based revenues increased to $205.5 million from $95.8 million at the end of the 2013 first quarter. The combination of deferred and unbilled future cloud-based revenues grew to $321.0 million, up 56 percent from $206.0 million as of March 31, 2013.

Operating Income (Loss): GAAP operating loss was $(4.8) million, compared to GAAP operating income of $3.4 million in the same quarter last year. Non-GAAP• operating loss was $(1.0) million, compared to non-GAAP operating income of $6.2 million in the first quarter of 2013. The year-over-year decline was primarily due to the increase in cloud-based orders, which jumped from 31 percent of total orders in the first quarter of 2013, to 59 percent of total orders in the first quarter of 2014, and are recognized over the life of the contract.

Income Taxes: Income tax benefit for the first quarter was $2.2 million. The company’s estimated annual effective tax rate is 43.5 percent.

Net Income (Loss): GAAP net loss was $(2.6) million, or $(0.12) per diluted share based on 20.7 million weighted average shares outstanding, compared to GAAP net income for the same quarter in 2013 of $1.5 million, or $0.07 per diluted share based on 20.7 million weighted average diluted shares outstanding. Net income for the first quarter of 2013 included a $600,000 U.S. federal research and development tax credit related to 2012.

Non-GAAP net loss for the first quarter was $(0.4) million, or $(0.02) per diluted share, compared to non-GAAP net income of $3.6 million, or $0.17 per diluted share, in the same quarter in 2013.

Cash, Cash Equivalents and Investments: Cash, cash equivalents and investments totaled $104.9 million as of March 31, 2014, compared to $107.8 million at the end of 2013.

Cash Flows: The company generated $5.3 million in cash flow from operations in the quarter and used $8.1 million for capital expenditures, which included continued expansion of its cloud infrastructure.

• An explanation of GAAP to non-GAAP financial measures is included below under the heading “Non-GAAP Measures.”

Additional First-Quarter 2014 and Recent Highlights:

Interactive Intelligence announced that it has entered into a letter of intent to acquire OrgSpan Inc., a privately held company that offers cloud-based enterprise social communications solutions.

The company unveiled its Global Alliance Program, which was designed to expand the company’s ecosystem of solutions and relationships to increase partner opportunities and benefits.

Interactive Intelligence’s channel director was named a CRN 2014 Channel Chief based on channel experience, program innovations, and channel-driven revenue.

The company created three new C-level positions to further strengthen its operations for improved global software and service delivery.

 
 
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Interactive Intelligence Reports First-Quarter 2014 Financial Results

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