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IntraLinks Holdings, Inc. (IL)

February 27, 2013 7:15 pm ET

Executives

Derek Irwin - Chief Financial Officer

Analysts

Melissa Gorham - Morgan Stanley, Research Division

Melissa Gorham - Morgan Stanley, Research Division

Okay, I guess we'll get started here. Thanks, everyone, for coming. I'm Melissa Gorham. I'm on the Software team, working with Adam Holt. I'm happy to introduce today the CFO of IntraLinks, Derek Irwin. He's going to start with a few minutes of a presentation, then I'm going to go through some Q&A, and I'll open it up to the group at the end. So with that, would you like to start?

Derek Irwin

Well, thank you. I'm also joined by David Roy, who's our Senior Vice President of Investor Relations for the company.

So our mission. The mission of IntraLinks is to enable enterprises to work confidently beyond boundaries. We help organizations share confidential information beyond-the-firewall, to get work done. We were founded 15 years or so ago with the goal of sharing content securely and compliantly. We've been the trusted SaaS partner to over $19 trillion -- $19 trillion of transactions, and we believe our client service is second to none.

Our SaaS platform currently offers secure sharing services for strategic transactions, debt capital markets, life sciences, alternative investments and other uses where control, compliance and confidentiality is a must.

Established enterprise markets are converging at this time. So during 2012, we conducted a strategy review to assess our opportunity in content collaboration. This market currently consists of 4 broad markets under it. The first is enterprise content management, the second is team collaboration and social, the third is governance, risk and compliance and the fourth is managed file transfer. Combined, this is a $9 billion market that's growing about 14% a year. But they're focused on inside the firewall, what's going on behind the company's firewall. And our strength is beyond the firewall.

So we focus on the unmet needs of the market instead of the total addressable market. We focus on those unmet needs. And what we did is we did 652 surveys of CIOs and IT leaders at various organizations. We then drilled down with 70 of them and spent hours doing in-depth interviews with them. And what we asked them is, "Hey, if we had a platform that addressed each of these unmet needs, would you buy our product?" And 30% of them said, yes, that they would buy the product within the next 18 months. And then 40% of that 30% said, not only would they buy that product, but they would roll it out broadly across the organization, broadly being defined as 50% or more of the employees within the organization.

The good news is -- then we looked at our platform to say how much of the functionality does our platform have to deliver these unmet needs. And 70% of the platform is already built, and we use it for other services that we currently provide. The next 30%, we're going to build out in 4 -- 3, excuse me 3 product releases over the next 12 months, and the first release will be ready in April. So we're very excited about that.

The other learning from these surveys is we always went into this process -- strategy process, assuming it would be more of a vertical play. We would get deeper into the financial services space. What we learned coming out of it is that these unmet needs are shared across a whole broad array of industries. So it's a big horizontal play for us as well. And so we're going after this market, and we're going after it hard and aggressively.

Our current growth horizon is our M&A business. We know how -- we know that market well. We're focused on it. We're dedicated on it. And it's starting to show in our financial results.

The future growth horizon, though, is this $2 billion opportunity for beyond-the-firewall content collaboration, and we're going after that hard. This 3 -- we look at it as 3 key milestones. And if we can deliver upon these 3 key milestones, we should be able to get long-term growth in the 15% to 20% range.

The first milestone is the product delivery. And we have 3 product releases that will be rolled out over the next 12 months, with the first release coming out in April. The second is brand awareness. We need to get some more brand awareness. And so we've committed to have 2 to 3 strategic partnerships within the next 2 years. And then the third is market validation. And to get market validation, we need to get 3 to 5 anchor customers who are committed to broad deployment over the next 12 months. That's what we're shooting for.

So delivering against these unmet needs, we believe that we would be the only company that has all these important features and the client service together in one offering. And we're excited about this.

Melissa Gorham - Morgan Stanley, Research Division

Okay, great. That's a very helpful overview.

Derek Irwin

Thank you.

Question-and-Answer Session

Melissa Gorham - Morgan Stanley, Research Division

So you're relatively new to the company. You started in September, I believe.

Derek Irwin

Yes.

Melissa Gorham - Morgan Stanley, Research Division

So I was wondering if you can give us your perspective on why you decided to trade IntraLinks and what you saw as the opportunity coming in, in the fall.

Derek Irwin

Sure. So my last 2 jobs before IntraLinks, I was an IntraLinks user. I was at Nielsen. We went -- we were VNU, LBO and then went public here at Nielsen. And we bought assets and sold assets and we always use IntraLinks, and I thought the client service is unbelievable, just fantastic. I then went to HIT Entertainment, which is private equity VAT company from Apax. And we sold the company to Mattel and again, I used IntraLinks. And so I was very familiar with the M&A product. When I met with Ron, the CEO, during the interview process, he walked me through a lot of the strategy work that was done. And it didn't -- I didn't -- it didn't quite click until about a week later, I was having dinner with a friend of mine, who was a senior banker at one of the banks, and he was not there. He was -- so I asked him, "What's the matter with you?" And he said that he was working on a presentation. He was working on an acquisition as a banker. And he hadn't seen his kids for a while. So he was working on his presentation, he sent it home to his Mac. And we didn't realize that his Mac then synced up with his wife's and his kids'. So now this confidential presentation was on a bunch of different devices. Put -- had dinner with the kids, put the kids to bed, went back and worked on his presentation, emailed it back to him at work. So next day, his kid says, "What's this?" He looks at the presentation. He went to school, told a schoolmate, "Look at this cool thing my dad is working on." The kid then told his father at dinner the next night, and now that guy is being investigated by the SEC. And that's when it clicked. So like this secure, compliant collaboration is really, really important, especially as we're seeing trends in the marketplace that the world's only going to get more regulated.

Melissa Gorham - Morgan Stanley, Research Division

Okay, great. And you touched on this a little bit, but you mentioned the strategy review that happened in 2012. IntraLinks is definitely in a period of transformation. There has been a number of management changes. There's been a change in go-to-market strategy. I think there' been changes within sales. Can you maybe highlight some of the changes that have been implemented across 2012? Maybe some have come before you onboarded, but to the extent that you can give us some more color on how IntraLinks has evolved throughout the year and where you are today.

Derek Irwin

Sure. So the big change was our go-to-market strategy. So prior, the company was focused on that $9 billion enterprise market, and they were off trying to compete against the likes of IBM, Microsoft, EMC, Archer, RSA and others. And they were almost building customized solutions for customers, which definitely wasn't scalable. The other thing that happened during that is they were taking M&A salespeople and having them focused not only on M&A now but on the Enterprise group. So the one thing we did is we addressed the go-to-market strategy. And first, we focused on M&A because we knew we do it, we do it well. We execute well on that. That's the business we know great. And we took our eye off the ball. And so what we did is we mapped out where we thought the M&A business by region, by country, by city and looked at the sales force. And what we realized is that in certain countries, we were overrepresented with sales folks, and in other cities, we didn't have our advantage. So for example in California, we have 1 salesperson, but in Turkey, we had 3. And so what we did is we restructured the sales force to more appropriately align with where we thought the business was going to come from. And we also had them focus on M&A. You're no longer in M&A, in Enterprise and other stuff. You're focused on M&A. And that's translated within our M&A revenue.

Melissa Gorham - Morgan Stanley, Research Division

Okay. So you also recently reported Q4 results last week, and results came in above your expectations. Just wondering if you can kind of go through what you saw in Q4, what came in above your expectations and then what your outlook is for the next quarter and for 2013.

Derek Irwin

Sure. So our DCM business came in just a little bit better than we thought, and it was primarily driven by client overages. The Enterprise business came in a little bit bigger, but the real overage was in the M&A business. And we went back and studied it, and we thought this might happen. And it did. And what happened was a number of deals were accelerated to get closed before the potential impact of the tax increase that went to effect in January. And so that was a big driver of M&A business, which was up 25% in the fourth quarter.

Melissa Gorham - Morgan Stanley, Research Division

Okay. I just -- kind of getting into that. And so the M&A business, obviously, saw benefit from maybe pull-forward of deals ahead of the end of the year. But does that naturally mean that the M&A business potentially could slow in Q1 in 2013? And then as part of that, I think IntraLinks has benefited from market share gains in M&A over the course of 2013. How much more do you think you can gain in that market? Or is it mostly just about the M&A business recovering from a cyclical perspective?

Derek Irwin

Yes, we -- definitely, deals were pulled forward from -- that would ordinarily close in Q1 into the fourth quarter. And so we do think that the first quarter will be lighter than the fourth quarter on a sequential basis. And that's what we baked into our guidance. With regards to market share gains, we were up 5% last year, even though the M&A market as a whole was down 3%. We -- and we think that we're fairly confident that we can continue to gain share there.

Melissa Gorham - Morgan Stanley, Research Division

Okay. I guess just taking a step back and looking at your guidance for the full year. I think the guidance for the full year revenue is pointing to anywhere between a 1% decline to a 3% growth. What factors do you think are -- will have the biggest impact on your revenue growth for 2013? And what's -- what are some of the assumptions underlying that growth, and if you can maybe detail it by some of your business segments like M&A, Enterprise and DCM?

Derek Irwin

Sure, sure. So the DCM business, debt capital markets, that's where the company got its start, and it's a very profitable business for us. But in 2012 we had some typically annual contracts, and in 2012, a couple of customers did not renew their contracts with us, and it's because there's a competitor in that space who added additional functionality that we did not have. And so we've taken steps to rectify that, and we have the loan syndication business that I view a pyramid sits in the middle of it. And they added book building business functionality at the top and loan accounting below. And so what we're doing this year is we're building the book building on top, which we readied in the third quarter. And then for the loan accounting piece, we've partnered with Misys, which is the largest loan accounter out there. They have 15 of the top 25 customers. And so we have a nice relationship with them for that piece. So we're building that piece. And we're also going to add amendment voting. So we have the full cycle of the loan syndication process covered. We are, though, in 2013 still going to feel the effects of the 2012 cancellations. The quarter-on-quarter year-on-year GAAP, though, will narrow as the year goes on. That business will start to stabilize, and it's our expectation that it'll start growing a little bit in 2014. It's about a $90 million market that's growing 1% or 2% a year, so that's what we're dealing with there. But we're going to stabilize that business and start growing that business. And second piece for the full year '13 guidance is our Enterprise group. We're investing in the new product to go after that $2 billion market. We expect maybe modest growth out of that business before the new product gets in place, and then we expect that business to really start growing nicely. And then the M&A business, we expect to get -- we grew 9% last year, and we think we're pretty confident we can continue to grow that business mid- to high single-digit growth. The opportunity there is -- we gained a lot of share last year from the mid -- a lot of the M&As -- so M&A was down last year about 3%, and it was the bulge bracket who took the brunt of that. And we actually gained share by getting a lot more of the mid-tier advisory firm business. So the hope is that -- and we're confident we'll grow that 5 to 9 percent-ish where the upside is if the bulge bracket starts getting active with the big-sized M&A deals, that could provide some positive tailwind for us. The other thing we learned in studying our revenue streams is that M&A correlates pretty closely to the growth in GDP. And we went back 14, 15 years. Now the average is about 4.5%, 4.4% of GDP. Last year's was about 3.6%. So if we can get back to those norms, that could help us also and provide some upside opportunity.

Melissa Gorham - Morgan Stanley, Research Division

Okay. I think previously, I mean, you said that the M&A business, in some cases, can be countercyclical. Can you just describe, if the macro environment gets materially weaker, what would you expect to see in the M&A business?

Derek Irwin

Yes, I hope that, that growth rate stays with -- stays consistent with what I just said. What we learned in really studying the new -- the revenue streams is that -- and I went through this at Nielsen, in fact, after the LBO there, where a lot of companies sell assets to raise money. One of our biggest clients now is Germany because they're going through their fiscal issues there, and they're selling off nationalized products and they hired us to set up the virtual data rooms to -- for the bidding process there. So we have sales reps now digging hard into Spain and Greece and Portugal as well.

Melissa Gorham - Morgan Stanley, Research Division

Okay. So I guess just turning gears to the Enterprise business. That's a business that has seen a little bit of a slowdown over the past few years. Previously, it was growing about 20%. Just maybe if you can just talk about what your strategy is with the Enterprise business and what are some of the initiatives that you all are taking to help reinvigorate the growth and maybe seeing a return to the 20% growth that you've hoped.

Derek Irwin

Sure. So this year, we're investing in a new functionality to meet the unmet needs of the marketplace. We're going after that hard. It's a big market. It's a $2 billion market. There's no one that has all the functionality that our platform is going to have when we're done with the new product releases. Our client service, we have 24/7, 365 client service, which, I would say, is second to none. And we're going to execute on that. And I would fully expect this year we're going to get those new products done, we're going to get those 2 to 3 big strategic partnerships done and we're to have 3 to 5 big clients who will roll out the new product really [ph] across their organization. And once we get that done, 2000 -- it sets us up real well for some nice growth in that space to get back to that 20%, 30% growth. And if we look at the 2 -- we provided long-term revenue guidance of 15% to 20%. And as part of that, we assumed DCM essentially flat, stabilized, flat; we assumed M&A mid to high single-digit growth. And if -- when I compute the numbers, that would imply a 25% to 30% growth in the Enterprise group. And we're capable of executing on that plan to go get that.

Melissa Gorham - Morgan Stanley, Research Division

Okay. Can you highlight some of the incremental functionality that you're adding into the new Enterprise products you're coming out with this year? And what are some of the things that customers are really asking for?

Derek Irwin

So the original M&A product, we feel that from an intuitive perspective, that the power users are the bankers. And they're smart people and they know how to use it pretty well and it's fairly intuitive to them. But as we looked at the horizontal applicability to this, we want to make the user interface even simpler, almost for an eighth grade education, as we get into the manufacturing and other fields like that. So that's a big one. Another feature that I think is really cool is we're going to be able to set parameters on who you can send stuff outside the firewall to. We can allow them or not allow them to then forward it. We can have any kind of parameter that you can even think of. So for example, one my favorites is we're going to give you 24 hours to look at the document. And then after 24 hours, it's just gets trashed, stuff like that. So...

Melissa Gorham - Morgan Stanley, Research Division

Okay. So historically in that business, life sciences and health care have been the more important verticals. Is that still the case? And are there other verticals that you see that you can potentially extend use cases into?

Derek Irwin

Yes. So life science is a huge opportunity for us. As we study the clinical trial cycle, there's 8 different touch points from 8 different companies around that clinical trial cycle. There's the manufacturer, there's the research guys, there's the FDA, all that kind of stuff. And so a huge opportunity there. It's information that is utmost security, regulated, compliant, auditable. We can see each step of the way and control the flow of that information. So that's a big opportunity for us. Manufacturing, same sort of thing. I mean, that's one of the big things that surprised us coming out of the research, was how horizontal we can go with it.

Melissa Gorham - Morgan Stanley, Research Division

Okay. And maybe could you just touch upon the competitive environment? You certainly compete with SharePoint in the Enterprise business, but I think previously, you've said that often you're complementary to SharePoint. So I'm wondering if you could just maybe provide more color on that. And then also, how do you compete with some of these newer maybe file sharing services like Chalkwalk [ph], for example?

Derek Irwin

Yes. So that's why we felt the strategy for the Enterprise price group was a little off-kilter prior, trying to go up against SharePoint and the big guys like that. And they're very good at inside the firewalls, but they haven't quite focused yet on beyond-the-firewall. And we're trying to surmise why, and one of the things that we came up with, IBM is a pretty big company in a $2 billion market, which is a pretty big market for us. It's not yet on their radar yet. So that's what we're real good at, beyond-the-firewall. So that's what we're focused on right now. Once we get this functionality built with the 3 new product releases, I would argue that no one's going to have the compliance we have, the audit trail that we have. With some of the competitors, what -- they're going consumer. We're not. They're going small to medium-size business. That'd be great, but we're going after the bigger companies. The other thing, my understanding is that -- with some of these companies is that -- to implement their products into the existing IT structure, they've got to rip out all the IT infrastructure that they have and put theirs in. And if I'm a head of IT who has spent the last 5 years building my IT structure, I'm not going to rip it out. Whereas, ours is basically a plug-in feature. It connects directly with the inside-the-firewall in big companies. So it's a direct connection. They don't have to rip out all their stuff. Plus we have 24/7, 365-day-a-year client service. And it's not just for our clients, but it's for whoever our clients are sending the data to. So for example, with our life science and our clinical trial example we gave earlier, not only are we going to provide the client service to the drug company, we're going to provide it to the FDA, the manufacturer, every step along the cycle.

Melissa Gorham - Morgan Stanley, Research Division

So when you were signing in to the Enterprise, is it -- do you see other vendors that you're competing against? Or is it mostly just greenfield opportunity and you're the only -- you're kind of selling the new use case and not competing against other vendors?

Derek Irwin

Yes, I feel very strongly at this point that there's no one doing everything that we're going to do.

Melissa Gorham - Morgan Stanley, Research Division

Okay.

Derek Irwin

It's a wide-open market, and we're going after it,

Aggressively and hard. The entire organization is aligned. We have the right people in the right spots to go capture it.

Melissa Gorham - Morgan Stanley, Research Division

Okay. I guess now maybe we can turn to the DCM business. That was down year-over-year in 2012. You've touched on it briefly, but just wondering what your expectation is for growth for 2013. And at what point is that business going to stabilize?

Derek Irwin

Yes. So unfortunately, we had some client defections in 2012. That's going to hurt us in 2013 because these are typically annual subscriptions. So we're going to get hurt in 2013. We are adding the enhanced functionality that our lead competitor has there. Our clients who have stuck with us, we ask them, like, "Why do you stick with us? We don't have that -- the full array of services, that it's not one-stop shopping like our competitor, but we're going to get there." And they said, "Because your loan syndication product is so much better." So they hung in with us, which we're thankful for. And we're going to deliver this increased functionality to them. By 2013, that business will be down. And fourth quarter or so, it ought to stabilize. And then starting in 2014, it just starts growing again.

Melissa Gorham - Morgan Stanley, Research Division

Okay. And you touched on the partnership with Misys. I wonder if you could just give us some more color on what opportunity is with that.

Derek Irwin

Yes, we're excited about that one because -- so we're well known in the industry for our loan syndication product, and they're very well known for their loan accounting. And so you have arguably the best loan syndication company and you have the best loan accounting company coming together. They have 15 of the top 25 syndicators, loan syndicators, right now. Some of them are clients, some of them aren't clients. So it's a nice opportunity for each other to cross-sell our products to the other's client base.

Melissa Gorham - Morgan Stanley, Research Division

And is that structured as a revenue share agreement? Or how is it structured from a financial perspective?

Derek Irwin

Yes. So the way it's structured is if we have -- it's like a cross-sell plan that's put in place. So if they refer guys to us, we give them a piece. And if they -- and vice versa. Yes.

Melissa Gorham - Morgan Stanley, Research Division

Okay. Okay. Just maybe open it up to the group to see if there's any questions. We have a few minutes left.

Unknown Analyst

Can you give us a sense of your market share on the M&A side of the business? And then over time, how gradual or rapidly market shares shift in that segment? Has it just consolidated to a couple of players?

Derek Irwin

Sure. So the M&A market -- this is how think about it. The M&A market is a $600 million market. We track the total number of deals -- $50 million or more transaction size, we track the total number of deals in the market, we track the number of deals that we pitch and then we track the number of deals that we win. And both our pitch rate went up and our win rate went up. So that $600 million market, $200 million is between us and one other company. Of that $200 million, we're about $120 million of it. So we're $120 million, the other guy is $80 million. Then there's $200 million that's made up of a lot of $5 million to $10 million revenue-type firms, primarily internationally. Not in the U.S., primarily internationally. And it's country specific. And one of the learnings, as we dove into the revenue streams, about that is prior, our M&A business globally took the U.S. model, which is that our pipeline comes from the bankers. So the banker will call me, hey, I'm work -- you guys, we're working on this transaction for you. You ought to hire IntraLinks. Great, I'll hire IntraLinks. And we took that model and deployed it globally. What we learned is that in certain countries, it's not the bankers who's referring the virtual data room, it's the lawyers. So in Australia, it's the lawyers. In other countries, it's the accountants. And so we've matched our sales process to match that. So we have former lawyers now going after the lawyers in Australia, et cetera. So we think we can convert some of those. The other big opportunity for us is that last $200 million of the $600 million market is greenfield, meaning M&A transactions are being done -- when I first started out, how they were done, we were seated in a conference room looking through a bunch of binders full of paper. And as these deals become more cross-border, more of these guys are going to convert over. Our hope is to use the virtual data rooms. So for example, with HIT Entertainment, one of the companies bidding on our company was a big Japanese toy company. And they were actually represented by Morgan Stanley. And they called me and said, "We're going to send a whole army of people over to New York to go through your data room." "What you're talking about?" And we said, "No, do it through the computer." And they -- it didn't quite resonate. And they have sent 5 people over, and we threw them in a conference room and just threw a computer up in front of them and they were able to access the data room that way. And so the Morgan Stanley folks said, "Geez, we didn't know about this because in Japan, they still do it the historic way, but that's an example of now the bank that's now converted over to use the virtual data room.

Melissa Gorham - Morgan Stanley, Research Division

Any other questions?

Unknown Analyst

I just had a quick question in regards to how you guys really think about barriers to entry in the industry. Again, so one other player, probably [indiscernible] essentially $200 million of the $600 million. Is there any potential like they're up-selling for some of the smaller guys? Like what's the -- how do you guys deal with their barriers to entry?

Derek Irwin

So we don't want to get cocky. And we're always -- we're paranoid, always looking over our shoulder on who might come in, who's the new guy that might come in. And so some steps that we've done to prevent that, for example, is now a lot of the big banks, when the kids come right out of the school and start with the banks, they go through a 2-week training program. And a whole half day of that training program is IntraLinks presenting our products. And then when their first deal happens, they'll say, "Oh, I know how to use the IntraLinks product. I'll use that." We also rolled out a new initiative where we have off-sites where we have 20 or 30 power users, the more junior folks at the banks, and we ask them, "So we know you're real busy, we know your time is valuable. What can we do to make our product even easier for you to use?" And we take their suggestions and, in many cases, we implement it. In fact, we had 1 a couple of months ago, and we're having 1 in 2 weeks. And we're rolling out, based on what this group suggested, all the new added functionality. And so we keep engaging with the junior bankers, we keep engaging with the lawyers in other countries who are responsible for it. We're continuing to refresh our functionality to make sure that we keep them in our good graces.

Melissa Gorham - Morgan Stanley, Research Division

So you have a few more minutes. I just want to hit on margins quickly before we run out of time.

Derek Irwin

Sure.

Melissa Gorham - Morgan Stanley, Research Division

So on the Q4 call, you noted that you're going to continue to invest in sales and marketing infrastructure. Can you just talk about specifically where you're investing for 2013 and where you see operating margins go?

Derek Irwin

Sure. So I would say the way I think about it is 4 key areas. So the first area is DCM, to get that added functionality that our competitor has so we can start stabilizing and then growing that business again. The second area as M&A, to keep that product fresh and exciting and enhance the functionality for the power users. The third area is within the Enterprise group, to get this new product launch going. And the fourth area is what I would call deferred maintenance. So unfortunately, the way we're built right now is to scale with the higher headcount because our systems haven't been updated for years. And obviously, that's not a good idea. And so we're spending some money to invest in the systems so that as we scale, we don't have to hire people. It's all automated. And those are our 4 key investment areas for this year. Our guidance for 2013 on the profit should be, well, it will be our low point going forward because then we're going to start any efficiencies off better systems, ramping up the revenue, scaling, automated as opposed to hiring a much of headcount to do so.

Melissa Gorham - Morgan Stanley, Research Division

Okay. And you've laid out your long-term goal of 15% to 20% revenue growth. Do you have something comparable for operating margins, where do you see that going over time?

Derek Irwin

Yes. So definitely, 2013 ought to be our low point in profitability. We're still iterating on the expenses because we have this new product for our new market with a reconfigured and realigned sales force. So we're still figuring out how that translates into profitability.

Melissa Gorham - Morgan Stanley, Research Division

Okay, great. So we're about out of time. So thank you so much.

Derek Irwin

Thank you.

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