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Interactive Intelligence Inc. (NASDAQ:ININ)

Q1 2009 Earnings Call

April 27, 2009 4:30 pm ET

Executives

Don Brown – Chairman, President and Chief Executive Officer

Steve Head – Chief Financial Officer, Vice President of Finance and Administration, Secretary and Treasurer

Paul Weber – Vice President of Sales for North America

Analysts

Shyam Patil – Raymond James

Tavis McCourt – Morgan Keegan & Co.

Michael Latimore – Northland Securities

[Graham Rand – Faris Capital]

Craig Nankervis – First Analysis Corp.

Operator

Welcome to the Interactive Intelligence first quarter 2009 earnings conference call. (Operator Instructions) At this time, I would like to turn the call over to Dr. Don Brown, President and CEO of Interactive Intelligence.

Don Brown

Presenting with me on the call today is Steve Head our CFO and we're also joined by Paul Weber our Vice President of Sales for North America. After our discussion and concluding remarks, we'll have a Q&A session, at which time we'll be available to answer questions. And for any of you not able to ask questions today, please follow up with Steve after the call. I hope you've all received our Q1 earnings release by now. If not, it's up on our website. Before we get any further into the call, Steve will present the standard legal disclaimer.

Steve Head

Over the course of this conference call we will make predictive statements about our results, performance, plans, and objectives. In an effort to assist you in understanding our company, the enterprise software industry combined with the rapidly evolving uncertainties in the economic environment makes predictions challenging and problematic. These predictive statements are forward-looking statements under Federal Securities Laws.

Our actual results could differ materially as a result of a variety of potential risks and uncertainties. For more information you should look to our 2008 Form 10-K, which we filed with the SEC and which describes factors, risks and uncertainties that could cause our actual results to differ materially. The company disclaims any obligation or undertaking to update or revise any forward-looking statement.

Also, during this call we may refer to non-GAAP financial measures. These non-GAAP results eliminate the impact of non-cash stock option expense and non-cash income tax expense. Management uses these non-GAAP financial measures in analyzing the business.

And now Don will provide some overview comments on the quarter.

Don Brown

As usual, I'll start off with some general comments and then Steve will go into some detail on the numbers and then I'll come back with a little bit more of a company update and outlook and then we'll do the Q&A.

For the first quarter of 2009, we recognized revenues of $29.5 million about even with the first quarter last year. Overall, orders were down from the first quarter last year and as a result our recognized product revenues declined to $13.1 million from $14.8 million the first quarter last year. This decline was a result of a lower dollar amount of orders from both new and current customers, and was experienced in most of the major geographies in which we operate. We received orders from 59 new customers during the quarter.

We did not have any orders over $1 million and had nine orders over $250 million. We achieved record services revenues of $16.4 million, an increase of 12% over last year. Part of the disparity between the product and services revenues is explained by the fact that our communications as a service business is growing and those revenues are lumped in with services. We don't yet breakout such subscription revenues, but may decide to do so in the future if they continue to grow at the current rate. I will disclose, however, that we signed three significant communications as services deals in the quarter.

We are reporting non-GAAP income and EPS in the earnings release on a non-GAAP basis. Earnings for the first quarter were $2.9 million or $0.16 per diluted share compared to $2.9 million or $0.15 per diluted share for the first quarter of 2008. Even though earnings were the same amount, the diluted share count decreased principally because of the share repurchases in 2008. And actually, Steve, I think those numbers are wrong, aren’t they? Weren't those the GAAP numbers?

Steve Head

No, those are the non-GAAP numbers.

Don Brown

Oh, I'm sorry, okay. That's right, sorry. I guess I had better turn the call over to Steve now for some more detail on those numbers.

Steve Head

As usual, I'll comment on the operating performance then the balance sheet and cash flows. First, the two items that will impact the information we disclosed I've already mentioned them, but on a GAAP basis we recorded income tax expense of $878,000 in the first quarter of 2009.

Now, as we discussed in prior calls, most of the expenses used to reduce the recorded deferred tax asset and does not require cash payments. On a non-GAAP basis, our tax expense was only $79,000. Second, we recorded non-cash stock option expense of $847,000 for the first quarter of 2009, which compares to $932,000 in the first quarter of 2008.

Our partners continue to generate the majority of orders with about 80% of orders coming from the channel during the first quarter of 2009. As Don noted, we signed 59 new customers for the contact center enterprise messaging and IP PBX solutions. The overall average new customer order in the quarter was $90,000 with an average new customer order of $105,000 for the contact center and large enterprise IP PBX licenses.

For the first quarter, North America provided 69% of the orders while EMEA was 23%. The timing of revenue recognition for orders is dependent on a number of considerations and only a portion of orders were recognized in the quarter and some of the recognized amounts are reflected in the balance sheet.

For the first quarter of 2009 service revenues increased as the number of users and related support fees increased, services revenues includes professional services and education. Support revenues were 76% of services revenues for the quarter. Product margin was 73% in the first quarter down from 79% in the first quarter a year ago.

The product margin varied some quarter-to-quarter based on the number of media server and gateway appliances licensed, and cross related to third party software and IP PBX and handset sales. In the first quarter of 2009 we recorded more revenues related to hardware.

Our non-GAAP services margin in the first quarter of 2009 was 67%, which is up from 60% in the first quarter of 2008. We have continued to manage expenses and recorded lower expenses in 2009 compared to 2008 while increasing revenue. Our non-GAAP gross margin was $20.5 million in the first quarter of 2009 and the margin was 70% of total revenues, both of which were the same as in the first quarter of last year.

Total operating expenses on a non-GAAP basis for the first quarter of 2009 were $17.4 million, a decrease from $18.1 million in the first quarter of 2008. These operating expenses were 59% of total revenues for the first quarter of 2009 compared to 61% last year. Non-GAAP operating income, which excludes stock option expense, was $3.1 million or 10.6% of revenues in the first quarter of 2009 compared to $2.4 million or 8.2% of revenues in the first quarter of 2008.

Interest income was $108,000 in the first quarter of 2009. Even though the balance of cash and investments increased, interest income decreased $351,000 as a result of lower interest rates. Other expense was $298,000 compared to other income of $97,000 in the first quarter of 2008, a change of almost $400,000. The increase in expense was a reflection of the dramatic change in exchange rate trends in the quarters, especially with the dramatic strengthening of the dollar near the end of the first quarter of 2009.

For GAAP purposes, our effective income tax rate was 42% for the quarter, and the GAAP tax rate for 2009 will depend on the level of earnings achieved. At December 31, 2008, we had $3.2 million of tax operating loss carry forwards, which will offset about $1.3 million of taxes otherwise payable plus various tax credit carry forward stocks add an additional $4.7 million of taxes. The tax affect of these amounts are included deferred tax assets on the balance sheet.

Also, because of stock option exercises, there are additional compensation deductions for tax purposes of $24 million, which will result in reduction of taxes otherwise payable of approximately $9.6 million. The value of these compensation deductions are not recorded as an asset and would only be recognized in the financial statements when they are realized.

Our global staffing at March 31, 2009 totaled 590 people. Our outstanding shares for basic earnings per share calculations decreased because of stock repurchases. During the third and fourth quarters of 2008 we repurchased a total of 1.2 million shares.

Turning to the balance sheet, at March 31, 2009 we had $49.8 million of cash in short-term investments. This compares to $45.5 million at December 31. This increase in cash in the first quarter is primarily a result of earnings and accounts receivable collections and we continue to be debt free. Accounts receivable day sales outstanding at March 31 were 71 days, lower than at most recent quarter ends.

Total deferred revenues at March 31 were $42 million. That was a decrease of $1.1 million since December 31, 2008. Deferred services revenue had a sequential decrease of $641,000, which reflects the lower support amounts related to new orders in the quarter. However, deferred service revenues have increased $2.5 million compared to the balances at March 31, 2008.

Deferred product revenues decreased $413,000 compared to December 31. These deferred revenues are primarily related to term-based licenses with long-term customers and the balance varies depending on orders received from those customers in any quarter.

We have included a statement of cash flows in the earnings release. I'll make a few comments on those numbers. Two thousand and nine first quarter cash flow from operations was $4.4 million. In the first quarter of 2009, we purchased property and equipment totaling $266,000. In the fourth quarter of 2008, we completed a major expansion of our headquarter space and purchase of [department] equipment will be significantly less in 2009 compared to what we incurred in 2008.

Don, that wraps up my comments on our financials.

Don Brown

Before we do the Q&A, I'll address some business items from the quarter. In the first quarter, we launched an aggressive competitive replacement program aimed at the install bases of competitors that we feel have created significant unrest among their customers. We've put together some strong incentives for these customers to make a switch from their outdated hardware-based systems and move to our products.

We've started to see some early results. As an example, during the quarter, we replaced a significant Nortel installation that resulted in more than $400,000 in revenue to us. We held two webinars aimed at specific competitive install bases. Combined, those webinars had nearly 800 registrants and we qualified 69 active projects as a result.

During the quarter, we held our EMEA and APAC partner conferences in Berlin and Bangkok respectively. Between them, we had 116 partner attendees from 76 companies and 24 different countries. We also introduced a set of new fixed price service packages. The problem customers have with most service offerings is that they're impossible to budget for and the goal of the vendor is generally to keep the meter running as long as possible.

Our fixed price packages are especially appropriate in difficult economic times when customers require cost certainty. Initial reaction has been very favorable and we believe this approach will become a key differentiator for us moving forward.

During the quarter, we introduced a new product called Interaction Monitor that allows our customers and partners to monitor every aspect of a large scale voice over IP deployment including gateways, proxy servers, media servers, application servers and so on, even components from third parties like AudioCodes and Cisco.

Initial interest and deployment has been very strong. We are making good progress on our groundbreaking process automation product, IPA. We believe this product will strengthen our position in the contact center and, over the long haul allow us to generate significant revenue in the broader enterprise. We expect to begin initial customer deliveries in the third quarter with general availability in Q4.

In conclusion, while there are signs of economic stabilization, there remain significant uncertainty and lower levels of activity compared to a year ago. As a result, we're not making any specific financial predictions. We had a good first quarter under difficult circumstances and, as I've stated before, a lot of our revenue comes from relatively stable sources like maintenance contracts, add-on orders from existing customers, and various other services.

We've managed our expenses and will continue to make modest investments, especially in our R&D, as profits allow. Our focus is on taking advantage of the many opportunities we believe we have to accelerate long-term growth while maintaining profitability.

With that, I'll turn the call back to the operator to open it up for questions.

Question-and-Answer Session

Operator

(Operator instructions) Your first question comes from Shyam Patil – Raymond James.

[Maroon Shalah] for Shyam Patil – Raymond James

This is [Maroon Shalah] filling in for Shyam. How should we think about product and services gross margins for the next couple of quarters?

Steve Head

Well, the services margin has improved nicely from where we were a year ago and our expectation right now is that services margins should stay in the 65% to 67% range. Product margin is going to obviously depend a bit on the products that we sell and that's going to bounce around some, so it's a bit little harder to predict. I guess my expectation is it will be around 70% to 73%, just really depending on the mix of the business.

[Maroon Shalah] for Shyam Patil – Raymond James

And how should we think about sales in marketing in G&A spends going forward? Is 1Q a good run rate?

Steve Head

No, I think that 1Q was really good for us in that it was low. We're not expecting that it will be at that same low level going forward. There's a few things going on. One is we do expect to be hiring some folks, especially in R&D, as Don just mentioned. But our employees have done a great job with cost controls, especially in the areas of travel and expense management.

But depending on the level of business activity, if we are traveling more we would expect more expenses there. So for a variety of reasons we are expecting that expenses will be somewhat higher in Q2 than they were in Q1.

[Maroon Shalah] for Shyam Patil – Raymond James

And could you just talk a little bit about large deals in your pipeline?

Don Brown

Well, we've got Paul on the phone. Do you want to just talk on, obviously we're not going to comment in a predictive way about large deals, but Paul can give you just an overall feel about the level of activity.

Paul Weber

Yes, over the last really 12 to 24 months, we've been successful in penetrating larger accounts or spreading our product within accounts to get a bigger footprint. We are continuing to see that activity. We are competing more effectively than we ever had in the very large deals.

So we are absolutely working on a lot of big business. Of course with today's economic situation, the sales cycles seem to have become a little bit longer and getting actually through to signature is tougher than it used to be, but we are definitely competing in a lot larger deals than we used to.

Operator

Your next question comes from Tavis McCourt – Morgan Keegan & Co.

Tavis McCourt – Morgan Keegan & Co.

I guess, first, Steve, could you give us a little more detail on the OpEx increase you expect for Q2? Will you still expect it to be down year-over-year kind of a marginal increase from Q1 or will it be big enough where you'll be growing at year-over-year as well?

Steve Head

Well, rather than focus on what we did last year, if we take the first quarter here, I would expect it's going to be up $750 to $1 million overall. It's just with some of the hiring we might get fortunate enough to have our expenses come in as reasonable as they were this quarter, but I'm not going to bank on it. So, we would expect something in the order of $750,000 or so increase.

Tavis McCourt- Morgan Keegan & Co.

I don't know if this is a better question for Don or for Paul, but in terms of the normal seasonality for the business, obviously Q1 was a tough quarter for new orders for anybody selling anything into the enterprise or call center environment, but what is your guys comfort level that we'll see a kind of normal seasonality off of the Q1 levels we just had versus potentially things getting worse as the year progresses?

Don Brown

I think that's a tough one. We're in such an unusual time that I'm not sure any of us is prepared to speculate much about the patterns we'll see from here or whether normal seasonality applies. At least at this point, we're not seeing deterioration by any means in our business. I think we're still fairly guarded in our outlook, but I'll let Paul chime in with any view from the field.

Paul Weber

I mean from an activity level and the opportunities out there, we are in a very high level of activity as far as finding new opportunities and moving other opportunities along. I think I concur with Don's opinion that how much of this business we'll really close and when is a little tougher to guess than it was a year ago for obvious reasons.

But there are a lot of things that are happening in our market that from a long-term perspective make me very optimistic about the long-term with our company. I think when we come out of this time we're going to be a real force to be reckoned with in this business. So long-term I feel great, near-term it is like Don said it's pretty tough to guess just looking at the news that hits today that impacts the economy. Who knows what we're going to see in the next few months?

Tavis McCourt – Morgan Keegan & Co.

Any comments on what you're seeing in your support services, whether companies are holding back on the number of seats they're licensing or for support or ports or however you price it?

Steve Head

We haven't seen anything dramatic, Tavis. We do continually monitor renewal rates and we just haven't seen any major changes. This is a type of solution, it's very sticky, and once we're installed we're there. And unless a company is in really dire financial straits they're going to continue support payments.

What we have seen, as we've talked about, is the add-on orders from current customers decreased the last several quarters and we saw that again this quarter, but the support payments at this point continue to be pretty strong. And our support revenues were up nicely versus a year ago.

Tavis McCourt – Morgan Keegan & Co.

And I guess this is probably a better one for Paul, but it looks like just from the stats you gave on the call, the large deal wins were as low as they've been in a couple of years, and the amount of business coming from indirect was kind of at a high point. Is it fair to say the market for smaller installations is a little more robust right now than it is for larger ones?

Paul Weber

Yes, I would say that the larger the opportunity, the higher the risk of it being put off at the late stages of the sales cycle. I would definitely say that. The smaller deals are easier to predict. A lot of times we go into accounts and we're not necessarily replacing the complete system we're just going in really with a single application and hoping to spread our footprint later on.

So those deals are more prevalent and they're easier to get the purchase point, although we're playing in a lot more large opportunities, we are seeing again that the actual buying process is pretty long and gets shakier the closer you get to signing it.

Steve Head

I just maybe want to clarify a little bit. About 80% came from the partner channel this first quarter and we typically do about 65% of the year that comes from the partners. The first quarter last year was 75% from the partner channel. So, if I go back and look at the last few years, the first quarter tends to be more partner centric than some of the later quarters. So while it's higher it's not dramatically out of line with what we've seen in the last couple of years.

Operator

Your next question comes from Michael Latimore – Northland Securities.

Michael Latimore – Northland Securities

So I guess is it fair to say that, it sounds like activity level is okay. Are you seeing your pipeline I guess growing here? Is that a fair assessment?

Don Brown

Paul, I'll let you field that.

Paul Weber

Yes, I mean any time you come off a light quarter, we're not losing business if that what you're asking. We're not seeing any competitive company that's beating us hands down and we're losing deals. So the pipeline is getting bigger, and a lot of the deals have just been put off due to a lot of reasons that were obvious in today's market.

Michael Latimore – Northland Securities

In terms of the revenue split between new and existing, Steve, do you have that?

Steve Head

Yes, it was pretty much in line with the normal. What we saw in the quarter as far as the split, we were down on orders, but just about every way we cut it, the numbers were similarly down whether it was by region or by partners versus direct, it was add-on. So I'll get the number here for you here in a second, but it was about 65% add-on business, which is where we normally are.

Michael Latimore – Northland Securities

Did you just say the order decline was a similar rate for new versus existing?

Steve Head

Yes.

Michael Latimore – Northland Securities

In terms of your communications-as-a-service, it sounds like you had three deals in the quarter, I guess. Did you see sort of a full quarter of revenue from those deals and what does the pipeline look for those deals at the end of the second quarter, third quarter?

Steve Head

Well, in the first quarter we saw no revenue from those particular deals. We did have, because of some new customers we added in the course of last year we did have revenues up this year versus a year ago. But those new customers that Don referenced will all impact us in the second, third quarters and after that as they ramp up.

Michael Latimore – Northland Securities

And is your pipeline in that category growing as the visibility into deal closure in that category relatively good compared to your license category?

Paul Weber

This is Paul. I would say compared to a year ago it's definitely the CAAS business is doing well. We're in a lot more accounts than we had then. The visibility I guess it would be on the smaller deals. It's probably similar I guess to the premise-based now that you say it. We're not just seeing them just come in extremely quick, the larger the opportunity, the longer the sales cycle probably similar to premise-based.

Michael Latimore – Northland Securities

I guess just last on the PBX category there. Any difference in that category versus the call center fees here or is the order pattern similar in PBX as well?

Paul Weber

The order pattern was similar.

Operator

(Operator Instructions) Your next call comes from [Graham Rand – Faris Capital].

[Graham Rand – Faris Capital]

Don, could you talk about the reseller channel? Have you seen any, have you been able to expand that in recent months with kind of some of the Nortel resellers falling off? Has that been a significant opportunity for you or has that not happened yet?

Don Brown

Well, no dramatic changes. We have gotten some interest from the Nortel channel. Paul, I don't know if you have anything specifics you can share?

Paul Weber

We have signed a couple of good strong Nortel partners and we're in conversations with quite a few partners. For the most part what we're seeing in their channel is that all those companies, I think most of these companies are out looking for an alternative product to add to their portfolio and whereby a year ago they would not have been doing that.

So we are in a lot of cycles with the different Nortel partners trying to find out which ones are a good fit, who can make the commitment and really hit the market. But, yes, it's been an opportunity, but again that's a long process as well to kind follow along the trend of the call. But we are involved in some good opportunities with new resellers.

[Graham Rand – Faris Capital]

Then, Paul, what about the government space? Has that been stronger or weaker than some of the other verticals you're selling into?

Paul Weber

I think it's probably been in line with the rest of the business. We have, yes, I think, Steve, aren't our numbers I think on that, we don't necessarily break those out but they were about on target of what we were shooting for for Q1. No big significant change there.

[Graham Rand – Faris Capital]

And then, Steve, on the capital spending side you said significantly less. I mean is that $1 or $2 million for the year or is that $4 or $5?

Steve Head

I doubt that we get to $2 million and I'm not sure we'll get to $1 million. As I mentioned, it's $266,000 in the first quarter. Last year was a pretty big spend but we have had some reductions in staffing over the last several months. So, we've got plenty of facility space and everything else available as far as infrastructure in place. So, we always have normal replacements of infrastructure, networking equipment things we have to deal with, but it will be fairly modest on the year.

Operator

(Operator Instructions) Your next call comes from Craig Nankervis – First Analysis Corp.

Craig Nankervis – First Analysis Corp.

I wonder on the services strength that you saw, how repeatable that it is say in the current quarter. Is there any reasonable visibility for that line?

Steve Head

Yes, when we talked about it, Craig, there are a number of pieces in there. On the maintenance services we expect that that will be steady or hopefully up a little bit. We do have some of our CAAS business that is related to some companies that provide services related to interim PACS filings and so that historically had a stronger Q1 than some later quarters.

So just because of the seasonality of that particular part of the business it could be down. We expect education professional services to be pretty steady, so overall we would expect services revenues to be roughly comparable to what we had in the first quarter.

Craig Nankervis – First Analysis Corp.

Okay, and did I have it right. Did I hear you say that the percent of revenue from existing customers and the follow-on business was back to its typical almost 2/3 proportion? Did I hear that correctly?

Steve Head

It was 62% was follow-on business in the quarter.

Craig Nankervis – First Analysis Corp.

Which I think represents some improvement from previous recent quarters, if I have that right.

Steve Head

Well, for the year last year it was about 56%, so the converse of that is we just didn't sign as many new customers as was reflected in the comments about new customers in the quarter with only 59. So we'd like to have that add-on business be stronger, but we'd like new business to be even stronger also.

Craig Nankervis – First Analysis Corp.

I guess that's what I was trying to get at. Is there some notable spring back for you with your existing base follow-on business or not really. If we’re just focusing on that, how would you describe the tone there?

Steve Head

My impression is that it's just going to be based on the economy. Until the economy improves, the growth of the add-on business is going to be somewhat muted like it has been for the last several quarters.

Don Brown

I think if you just look at the numbers if orders are down 25% year-over-year and there's some fractional movement one way or the other, it shows that it's not due to some massive up-swelling in orders from existing customers. As Steve says, what we'd love is for those orders to be strong, but as a percentage to be very small because it'd be getting overwhelmed by orders from new customers.

Craig Nankervis – First Analysis Corp.

Okay, and there was a question on the government, but I was wondering if there's any reason to think the outlook for government opportunity might get better for you as you move through the year here. A variety of things are going on in the government in terms of expenditure plans and do you think that there's possibility that the picture could turn up for you or just hard to say at this point?

Paul Weber

There are a couple of initiatives that we're working on internally that will expand our ability to sell into the Fed that should be completed this year. It has to do with certifications within the federal space and I think over the next 12 to 24 months I would say that our federal business should be increasing at a pretty good pace.

Craig Nankervis – First Analysis Corp.

Okay, and, Paul, when did you guys put that displaced competitive displacement program in effect? Was that mid-quarter, late quarter, are you just starting to ramp that or where are you with that, just a little more color on that, please.

Paul Weber

It kicked off in Q1. I believe it was toward the beginning of Q1, so we did the webinars. We are involving quite a few opportunities that are as a result of that replacement program, both on the Nortel and the Aspect side. So it was a nice good injection of opportunities for us in the contact center space, which is our sweet spot.

And, obviously, on the Nortel side, companies are not real comfortable about Greenfield opportunities or any significant expansion of their Nortel base. So that's where we're seeing the opportunities to go in and sometimes but sit beside a Nortel upfront with the hope of down the road replacing them. So I would say that the revenue results of that have not really been seen, other than that significant deal in Q1 but it has helped our pipeline quite a bit.

Operator

It appears we have no additional questions. I'd like to turn the call back over to Dr. Brown for any additional or closing remarks.

Don Brown

Well, thanks everybody. We're pleased to have gotten through the quarter in relatively good shape, especially given the circumstances, and look forward to continuing to make our way through this treacherous period. But so far so good and we'll update you again next time. Thanks for listening.

Operator

That does conclude today's call. We appreciate everyone's participation.

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