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JDA Software Announces Third Quarter 2010 Results - Record revenue drives strong EPS; solid results affirm value of i2 acquisition (NASDAQ: JDAS)
JDA Software Announces Third Quarter 2010 Results

 

NewswireToday - /newswire/ - London, United Kingdom, 2010/10/28 - Record revenue drives strong EPS; solid results affirm value of i2 acquisition (NASDAQ: JDAS).

   
 
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JDA® Software Group, Inc., The Supply Chain Company®, today announced financial results for the third quarter ended September 30, 2010. JDA reported record total revenues of $158.4 million, a 65 percent increase from $95.9 million of revenue reported in third quarter 2009. Software license and subscription revenues in the third quarter 2010 increased 28 percent to $22.0 million from $17.3 million in third quarter 2009.

Adjusted EBITDA increased 69 percent to $39.7 million in third quarter 2010 from $24.1 million in the third quarter of 2009. JDA (jda.com) also reported adjusted non-GAAP earnings per share for third quarter 2010 of $0.47, an increase from the $0.40 per share reported in third quarter 2009. Adjusted non-GAAP earnings exclude amortization of acquired software technology and intangibles, restructuring charges, stock-based compensation and costs related to the acquisition and transition of i2 Technologies, Inc. (i2). GAAP net income attributable to common shareholders for third quarter 2010 was $8.3 million or $0.20 per share, compared to a net loss of $2.3 million or ($0.07) per share in third quarter 2009. Results for 2010 include the completion of the acquisition of i2as of January 28, 2010.

“The integration of JDA with i2 is now well underway and there are numerous indicators of the strength of the new combined company, maintenance margins and retention rates are at an all time high, operating expenses as a percent of revenue have improved substantially, total revenue is running at record levels and finally, despite being handicapped by unprecedented one-time legal expenses, profits are at near-record levels,” said JDA President and Chief Executive Officer Hamish Brewer. “Additionally, although the software license revenue for the quarter was low, as predicted, the outlook is strong and we expect to achieve the higher end of our software revenue guidance range for the full year.”

Software and Subscription
Software and subscription revenue increased 28 percent to $22.0 million in the third quarter 2010 from $17.3 million in the third quarter 2009. This increase was driven by the acquisition of i2. The average sales price for the trailing 12 months ended September 30, 2010 was $573,000 compared to $608,000 for the trailing 12 months ended June 30, 2010.

Maintenance and Support Services
Maintenance revenue increased 43 percent to $64.2 million in the third quarter 2010 from $45.0 million in the third quarter 2009. This increase was due to the acquisition of i2 and the year-over-year improvement in retention rates. The year-to-date retention rate in the third quarter 2010 increased to 95.9 percent from 92.7 percent in the third quarter 2009. Maintenance gross margins increased to 80 percent in the current quarter from 76 percent in the third quarter 2009 primarily due to the previously suspended maintenance revenue of $4.0 million that was recognized in the third quarter 2010.

Consulting Services
Consulting services revenue increased 114 percent to $65.9 million in the third quarter 2010 from $30.9 million in the third quarter 2009. This increase was primarily due to the acquisition of i2 and increased implementation services work associated with larger JDA software product sales in 2009. During the third quarter 2010, the Company completed the contractual and administrative requirements necessary to recognize $7.6 million of consulting revenue and reimbursed expenses, along with the associated costs related to work performed earlier in the year. Consulting services gross margins were 23 percent in third quarter 2010 compared to 26 percent in the third quarter 2009. This decrease was driven primarily by an increase in contractor costs in the third quarter 2010 and a decrease in utilization rates.

Other Financial Data

• Operating expenses as a percent of revenue show the operating leverage effects of the i2 acquisition. Product development expenses as a percent of revenue improved to 11 percent in the third quarter 2010 compared to 13 percent in the third quarter 2009. Sales and marketing expenses as a percent of revenue improved to 13 percent in the third quarter 2010 compared to 17 percent in the third quarter 2009. General and administrative expenses as a percent of revenue improved to 11 percent in the third quarter 2010 compared to 13 percent in the third quarter 2009.

• Legal expenses incurred in third quarter 2010 from inherited i2 litigation were $3.3 million, primarily related to ongoing litigation related to the Dillard’s and Oracle matters.

• DSO improved to 56 days at the end of third quarter 2010 from 66 days at the end of second quarter 2010. Compared to the third quarter in the prior year, DSO decreased from 57 days primarily due to continued focused collection efforts.

• Net interest and other expense for the third quarter 2010 increased to $5.6 million from $0.7 million in the third quarter of 2009 due to interest on the senior notes issued in connection with the i2 acquisition and currency rate changes.

• Cash flow provided by operations was $29.4 million in third quarter 2010 compared to cash flow from operations of $20.0 million in third quarter 2009. The largest driver for the increase was a decrease in accounts receivable.

• Cash and cash equivalents, including restricted cash, were $182.7 million at September 30, 2010, compared to $363.8 million at December 31, 2009, which included net proceeds from the issuance of $275.0 million of senior notes that were used to complete the acquisition of i2 on January 28, 2010.

• Weighted average shares outstanding for the quarter ended September 30, 2010 were 42.2 million.

Third Quarter 2010 Highlights
The following presents a high-level summary of JDA’s regional sales performance:

• JDA reported $16.6 million in software license and subscription revenues in its Americas region during third quarter 2010, compared to $27.1 million in second quarter 2010 and $12.6 million in third quarter 2009. Customers that signed new software licenses in third quarter 2010 include A&E Television Networks, Caterpillar Logistics Services, Inc., ConAgra Foods, Inc., Francesca’s Collections and The Talbots, Inc.

• Software license and subscription revenues in the Europe, Middle East and Africa (EMEA) region were $3.4 million in third quarter 2010, compared to $4.8 million in second quarter 2010 and $4.1 million in third quarter 2009. Gruppo PAM S.p.A. is among the customers that signed new software licenses in third quarter 2010.

• JDA’s Asia-Pacific region posted software license and subscription revenues of $2.0 million in third quarter 2010, compared to $6.1 million in second quarter 2010 and $0.5 million in third quarter 2009. Wins in this region included MediaTek, Qisda Corporation, Shanghai Hua Li Microelectronics Co., Ltd. and Western Marketing Corporation.

Nine Months Ended September 30, 2010 Results

• Revenue for the nine months ended September 30, 2010 increased 61 percent to $448.4 million from $278.7 million for the nine months ended September 30, 2009. Adjusted EBITDA increased to $112.4 million for the first nine months ended September 30, 2010 from $69.5 million in the first nine months of 2009. The increases were primarily driven by the acquisition of i2.

• Legal expenses incurred for the nine months ended September 30, 2010 from inherited i2 litigation were $6.3 million.

• Adjusted non-GAAP earnings per share for the nine months ended September 30, 2010 was $1.34 compared to $1.13 per share for the nine months ended September 30, 2009. Adjusted non-GAAP earnings exclude amortization of acquired software technology and intangibles, restructuring charges, stock-based compensation and costs related to the acquisition and transition of i2.

• The GAAP net income applicable to common shareholders for the nine months ended September 30, 2010

 
 
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JDA Software Announces Third Quarter 2010 Results

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