Actuate Management Discusses Q1 2013 Results - Earnings Call Transcript

Apr.29.13 | About: Actuate Corporation (BIRT)

Actuate (NASDAQ:BIRT)

Q1 2013 Earnings Call

April 29, 2013 5:00 pm ET

Executives

Thomas E. McKeever - Chief Compliance Officer, Senior Vice President of Corporate Development, General Counsel and Secretary

Peter I. Cittadini - Chief Executive Officer, President and Director

Daniel A. Gaudreau - Chief Financial Officer, Principal Accounting Officer and Senior Vice President of Operations

Analysts

Kevin Liu - B. Riley Caris, Research Division

Brian Murphy - Sidoti & Company, LLC

Nathan Schneiderman - Roth Capital Partners, LLC, Research Division

James N. Gilman - Drexel Hamilton, LLC, Research Division

Frank Sparacino - First Analysis Securities Corporation, Research Division

Operator

Greetings, and welcome to the Actuate Corporation First Quarter 2013 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tom McKeever, Senior Vice President and General Counsel of Actuate Corporation. Thank you. Mr. McKeever, you may begin.

Thomas E. McKeever

Thank you. Good afternoon, everyone, and welcome to Actuate Corporation's quarterly conference call. Joining me to discuss our Q1 2013 results is our President, CEO, Pete Cittadini; and our SVP, Operations and CFO, Dan Gaudreau. Earlier today, we posted a copy of our financial press release and earnings call financial slides for Q1 on the Investor Relations portion of actuate.com.

During the call, we will be making projections and other forward-looking statements regarding our expectations, beliefs, hopes, intentions or strategies regarding our respective future financial results and business opportunities. Our actual results may be very different from our current expectations. We encourage you to read the 10-Qs and 10-Ks that we file periodically with the SEC. These documents contain a discussion of the risks facing our business, including factors that could cause these forward-looking statements to not come through.

We do not currently intend to update these forward-looking statements except as required by law. In addition, we will describe certain non-GAAP financial measures. These should be considered in addition to, and not in lieu of, comparable GAAP financial measures. Please refer to our financial press release and the earnings call financial slides, which show our reconciliation from GAAP to non-GAAP financial measures.

Now I'd like to turn it over to Pete.

Peter I. Cittadini

Okay. Thank you, Tom, and welcome everyone to our Q1 FY '13 conference call. And again, I think we have a treat in store, though we are repeating a pattern from last year where we're going to give you additional color associated with Q1's performance as we did last year. And as you know, we always give full color as to how the year went, for those of you that tuned in last quarter to hear how Q4 and FY 2012 went. So today, you'll be getting a few additional nuggets from the Actuate management team in order to fulfill your knowledge of how we kicked off the year.

So I'm going to start on Slide 4, for those of you that are following along with the slides on the website. For the quarter, our revenue came in at $34.9 million. Now that's flattish year-over-year performance. However, most of you, if not all of you, should know that we're in transition from our older legacy business to a newer BIRT business and the flattishness was due primarily to a legacy business being down year-over-year, which was indeed completely expected.

On the license revenue line, we did $15.5 million. This was a 16% year-over-year increase. And again, you have to understand that, that is a blended rate of legacy license and new BIRT iHub license revenues. Even at the 16%, we believe that we are one of, if not the, fastest-growing license line company of any public BI company. Our non-GAAP fully diluted EPS was $0.08 for the quarter; and cash flow from operations, a very healthy, almost $10 million, $9.6 million to be accurate.

Moving on to Slide #5. You'll see that we continue to do business with blue-chip clients, both on the direct customer side and on the OEM side. And for those of you that follow the statistics, 44% of our business within the confines of the quarter came from the financial services sector, which has always been a strong sector for Actuate Corporation.

Moving on to Slide #6. A little bit about our new technology, the BIRT iHub and what it's meant to do in the marketplace. It is there to divide -- well, it fills the divide between Big Data and touch devices, and it does it in very unique ways, in that all of the data coming in from the world of Big Data comes into the iHub without preprocessing. Thus, there's absolutely no requirement for new data warehousing costs or technologies required as you're enabling information application and key visualizations for very large user communities and populations.

So really, the BIRT iHub is the infrastructure for information and visualizations to the masses. So as Big Data becomes more relevant in day-to-day operations, we really anticipate dramatic increases in our business as we build BIRT iHub infrastructures for the who's who of multinationals on a global basis. Of course, the iHub comes with Actuate's paramount technology characteristics of scale, performance, reliability and security, and it indeed is unrivaled in the marketplace associated with those characteristics.

Moving on to Slide #7. You'll see a graphic of the complete technology stack and thus, the ActuateOne solution. At the end of the day, what we do is we enable 3 genres of applications: Big Data business analytics for people that want to self-service themselves against large amounts of data, both OLTP, Hadoop and unstructured data sources; customer-facing applications, which are highly interactive, very impactful visualizations to retain customer satisfaction and loyalty ultimately for expanded revenue associated with that customer base; and customer communications management, which is leveraging all of those customer-facing content assets for future regulation purposes as well as data mining purposes for next best offers and things of that nature.

So again, the solution is not only the iHub but the BIRT interactive development environment and the BIRT application services and experiences stack that sits atop the iHub in creation of these information applications and visualizations that can go out to one, to literally millions of consumers all associated with one business process and/or one business application.

Moving on to the next slide, Slide #8 and my final slide. I think the most relevant, let's focus on Actuate's unique enterprise Open Source BIRT model, which is indeed working. If we look at the iHub business and again, we're going to give you specifics associated with our performance there in Q1. The overall business increased 33% from Q1 of last year. When you look at the iHub-based license business, which we believe is the barometer of the future for any software company, you'll see that it increased 44% from Q1 of last year.

And as you heard just 90 days ago when we gave you the whole purview of 2012 associated with BIRT iHub business, total business came in at 26% growth for 2012 and the license business came in at 34% growth for all of 2012, taking into consideration that we're kicking off a seasonally down Q1 and we've been able to give our business 33% increases in total BIRT iHub business and 44% increases year-over-year in BIRT iHub-based license business, which we believe is a great start to 2013.

As far as other metrics that are relevant -- certainly relevant to us and we believe should be relevant to shareholders, we hit over 2.5 million developers utilizing BIRT on a global basis. This is absolutely dramatic. We're creating a global market for ourselves with Eclipse BIRT that we're able to follow up on and monetize. We clearly have plans within the next 2 to 3 years to get to 4 million developers. But we're extremely pleased that today that we can announce that we're clearly above 2.5 million developers on a worldwide basis. Extremely, extremely important because as you know, the BIRT iHub uniquely services that very large global market.

Also when you look at the BIRT license business from Open Source BIRT users, it continues to grow strongly and to accelerate. We also are experiencing significantly higher average license order sizes from Open Source BIRT users. And again, Open Source BIRT users are those that got started with BIRT by downloading the freeware.

And then finally, a bullet that's relevant to us because we continue to make investments in everything BIRT on a global basis, our biggest investment from a web asset is birt-exchange.com. Today, we've exceeded 100,000 total registrants, and that's up from 85,000 a year ago. So we're constantly finding more and more of those 2.5 million developers.

But understand what you have in front of you with Actuate Corporation is with only understanding of 100,000 of those 2.5 million developers, we're growing the BIRT business at the current levels, at the 33% for the year and 44% -- I'm sorry, 33% for Q1 total business, 44% for license business in Q1 year-over-year with having found a small minority of those developers. So as we continue to invest in finding more and more of those developers as well as adding more developers, we just sit back, imagine the possibilities and continue to think through world-class execution and operational techniques to capitalize on that market opportunity.

And with that, over to Dan.

Daniel A. Gaudreau

Thanks, Pete. I'm on Slide #10. Total revenues aggregated $34.9 million for the quarter. That's essentially flat year-over-year. Although license revenues continued to grow double digit, this growth was offset by a decline in services revenues. License revenues totaled $15.5 million. That's an increase of 16% year-over-year. This was our 10th consecutive quarter of double-digit license revenue growth. This growth was driven by another solid quarter of BIRT iHub license revenues, which has continued to accelerate at a faster rate than in 2012.

Services revenues of $19.4 million declined $2 million or 9% from a year ago. The decrease was primarily due to the reinstatement of several significant maintenance contracts in Q1 2012 for which we received retroactive maintenance payments and revenue that did not recur to the same level in Q1 2013. On a positive note, the maintenance renewal rate improved from a year ago.

Non-GAAP operating expenses totaled $29.4 million in Q1 2013. That's an increase of $3.1 million or 12% year-over-year, primarily driven by our continued investment in sales, marketing and R&D, as well as the impact of the Quiterian acquisition, which was closed on October 16, 2012. We added 9 sales reps or 15% increase from a year ago and ended Q1 '13 at our planned level of 70 reps. Non-GAAP operating income totaled $5.5 million with a corresponding margin of 16% and non-GAAP earnings per share of $0.08.

Slide 11. This chart shows our quarterly license revenue performance over the past 3-plus years. As I said, we've seen double-digit license revenue growth for the past 10 quarters and 12 of the past 13 quarters. We believe that this is directly related to the ubiquitous usage of BIRT by the 2.5 million developers in the market.

Slide 12. As you may recall from our Q4 2012 call, our year-end call, we said that we will periodically provide more transparency into our multiyear transition away from our legacy e.Report business to the modern BIRT iHub, which incorporates BIRT and our acquired technologies. Similar to last year, we're going to show this segmentation now for Q1 to show investors how the year started off. The next time we present this information will be at the end of 2013 when we discuss annual performance.

As you can see from this chart, BIRT iHub revenues grew 33% year-over-year, while legacy revenues declined 20%. The decrease in legacy revenues has been and will continue to be driven by lower maintenance renewals as projects or applications come to their natural end of life. This is to be expected. However, as we said before, the lifespan of the remaining approximate $50 million in annual legacy services revenues is difficult to predict, but we believe it will be around for many years albeit at a declining rate.

Also important to note, as evidenced by the 2012 and Q1 '13 legacy license revenues, our customer base continues to add capacity to many of their existing apps. This will continue to add new maintenance contracts to the legacy pool and will add to the longevity of its life cycle.

Our primary focus has been and will continue to be on BIRT iHub revenue growth. We're pleased with the 44% license growth in Q1 '13 and continue to expect solid double-digit growth going forward as we gain new customers and existing customers start new projects using the BIRT iHub suite.

Slide 13. The North America-International split of revenue was 80%, 20%, respectively. We saw weakness in both EMEA and APAC regions compared with Q1 '12, but experienced a total year-over-year revenue growth of 15% in North America. The international regions had some tough comparables due to several large transactions that were recorded last Q1. We booked orders greater than $100,000 with 66 customers. This compares with 71 a year ago. And we booked 4 license deals greater than $1 million, and this compares with 3 a year ago.

Next slide, the balance sheet. Cash ended the quarter at $68.2 million. That was an increase of $2.6 million from 12/31/2012, slightly higher than March 31, 2012. The sequential increase was primarily the result of continued profitability and higher accounts receivable collections, partially offset by another $10 million stock repurchase.

Accounts receivable ended the quarter at $24.9 million. That was down $8.2 million from 12/31/12 and down $2.7 million from a year ago. As a result of strong collections and lower AR balances, days sales outstanding ended the quarter at 64, down 21 days from year-end '12 and down 8 days from a year ago.

Deferred revenue ended the quarter at $45.4 million. That's up $1 million or 2% from a year ago. Cash flow from operations in Q1 2013 totaled $9.6 million. That was the strongest Q1 we've seen in 3 years and almost $8 million higher than Q1 a year ago.

Slide 15, some comments regarding 2013, this is the rest of this year. We've added 71 employees over the past 12 months, 26 from the acquisition of Quiterian and the remainder from increased hiring of sales generating heads and developers. We started off the year with solid license revenue growth driven entirely by BIRT iHub. Assuming that macroeconomic conditions remain stable, we'll expect full year license revenue growth to exceed 10%. This growth will come despite the loss of the Oracle litigation revenue stream, which ended Q1 2013. Relative to 2012, we need to overcome a $4 million or 3% negative impact on total revenue, $3.6 million in license and $400,000 in maintenance as a result of this loss revenue stream.

Even though Q1's operating margin came in at 16%, it is still our objective to maintain annual operating margins at 20% plus. We will do this by focusing on productivity while growing the top line. And as I mentioned before, legacy revenues will continue to decline but should be more than offset by growth in the BIRT iHub revenues.

And finally, we'll be attending 2 conferences in May. We'll be in San Francisco on May 14 to attend the JMP Annual Research Conference, and we will also be in the beautiful SoCal, Southern California, for the B. Riley Conference at the end of May. We look forward to seeing you there.

Now we open it up to Q&A.

Question-and-Answer Session

Operator

[Operator Instructions] The first question comes from Mr. Kevin Liu of B. Riley & Co.

Kevin Liu - B. Riley Caris, Research Division

First question here, I think this is probably best for Dan. Just in terms of the drop off in legacy services revenues, I know you mentioned some unusual items in last year's number. Maybe help us understand what the magnitude of the growth would have -- or the decline would've been had you guys excluded that portion of it?

Daniel A. Gaudreau

Yes, the one timers a year ago added up to approximately, I believe it was almost $2 million.

Kevin Liu - B. Riley Caris, Research Division

Got it. And just looking at this year's quarter, four 7-figure deals that closed in what's usually a seasonally weak period. Talk a little bit about this increase in BIRT deals that you're seeing. What's driving those deals higher? Is the pipeline adequate to continue closing these types of deals at this rate? And then was there anything unusually large that you would call out amongst those 4 deals?

Peter I. Cittadini

Nothing unusually large in those 4 deals. I will tell you that they happened both in the direct side and the OEM side. And really, the activities are just growing, Kevin, because we believe of the developer count growing. The model has always been and the theory has always been a very simple one: more developers equals more projects, more sales activities on those projects will equate to more growth associated with the BIRT and BIRT iHub revenue lines, and that's exactly what we're experiencing.

Kevin Liu - B. Riley Caris, Research Division

And just lastly, you guys mentioned continued investments across the business. Just looking specifically at sales headcount, any update in terms of where we might expect you to reach by year end?

Peter I. Cittadini

Well, for the first half of the year, I think we're going to just maintain at 70 and really make the investments associated with productivity of the vast majority of the new heads. We've been on a campaign to do that during the course of Q4, but that will continue during the first half of the year. And then based on the productivity ramp or the on-boarding that we create for ourselves, we'll sort of take a look at the activity levels, the opportunity levels and make a decision on where the 70 goes in the second half of 2013.

Operator

The next question comes from Brian Murphy of Sidoti & Company.

Brian Murphy - Sidoti & Company, LLC

Pete, I know it's early days, but can you give us a little bit of color on the Big Data use cases? Do you have many of those at this point?

Peter I. Cittadini

We do. I would say that they're not the vast majority of what we're enabling for our customers. Most of our customers, we're doing visualizations associated with operational data stores and things of that nature. Certainly, all of the extranet customer-facing applications as far as the visualizations that are going out to the clients themselves are operational data stores. However, there's a big possibility associated with commingling Big Data, especially Big Data on the public cloud with back-end operational OLTP client-oriented data to create applications, such as next best offer or appropriate offer based on business cycles, things of that nature. Having said that, I am aware of numerous Big Data applications in Europe. We did one with a very large telecommunications company. That was an extremely large success with BIRT. So they are there, but they are the minority today. The cool thing is as Big Data really becomes more part and parcel of your day-to-day operational sort of business process and data flow, it just fortifies the requirement for iHub infrastructures because you'll be cranking out visualizations to a population that is much more substantial than what most companies are cranking out of Big Data today.

Brian Murphy - Sidoti & Company, LLC

Understood. And I think you said that you ended the quarter with around 70 quota-carrying reps. I think that's flat with where you ended 2012. Did you say that you added reps? And if so, what was the turnover in the quarter? Was it -- was the turnover higher than last year?

Daniel A. Gaudreau

No. We added reps from a year ago, I said, not during the quarter.

Brian Murphy - Sidoti & Company, LLC

Okay. Got it. All right. And did you guys make any changes to comp plans in the coverage model going into 2013?

Peter I. Cittadini

Well, most of our field organization is on a sales year, which starts July 1 and there will be changes to their comp plans come July 1.

Operator

Our next question is from Nathan Schneiderman with Roth Capital.

Nathan Schneiderman - Roth Capital Partners, LLC, Research Division

A couple questions -- few questions for you. Given the end of the Oracle litigation payment, you lose out on $1.3 million in Q2. And so that was in the Q1 number. So I was curious just -- do you expect to hit the Q2 revenue consensus of $36 million, which kind of implies more than $2 million of organic sequential growth? Or does that look aggressive, maybe people mis-modeled that? Or I'm just not sure how you think about that.

Peter I. Cittadini

Nathan, it seems like you're asking for a forecast, which you know we don't do. So we're very well aware of Oracle coming to an end, and we've concluded a 2013 business plan with the board, which everyone believes will be in the best interest of shareholders and we're good with that plan.

Nathan Schneiderman - Roth Capital Partners, LLC, Research Division

Okay. Dan, any comments you can share with us on linearity in the quarter?

Daniel A. Gaudreau

Linearity in the quarter.

Nathan Schneiderman - Roth Capital Partners, LLC, Research Division

It was [indiscernible].

Daniel A. Gaudreau

Yes, and so it was -- it was somewhat front end -- more front end loaded than normal in terms of revenue and collections for sure. The other thing, just to follow up on what Pete was saying. I know we don't -- we do not give specific guidance, but we did comment that license revenue, and we said that as we entered '13 and we said it again now, is that the license revenue would grow at a rate exceeding double -- somewhere in the double-digit percentage range. So if -- even though we don't subscribe to the analysts' models per se, and I'm hoping that you, gentlemen, all took out the Oracle stream in Q2 and Q3 and Q4, no, I think assuming we'd still hit double digit is a fine assumption, but we can't comment on any specific quarter.

Nathan Schneiderman - Roth Capital Partners, LLC, Research Division

Got it. Could you give us -- within that $19.4 million of services, what's the split between pro serve and maintenance?

Daniel A. Gaudreau

Maintenance was $17.6 million, and services was $1.9 million, it may be a rounding problem here.

Nathan Schneiderman - Roth Capital Partners, LLC, Research Division

Okay. Got it. And final question for you, as I understand, you have $4.4 million left in the stock authorization. But I guess the recent pattern has been to repurchase stock at the level of the prior quarter's cash flow, and there was no mention of stock repurchases in your comments this quarter, though you mentioned it last quarter in the slides. So any -- what's the expectation on stock buybacks? And that's it for me.

Peter I. Cittadini

Well, Nathan, as you know, when we got approval for the $30 million, that sort of broke the pattern of the previous quarter's cash flow from operations. We do have $4.4 million left on the plan, and we're currently in discussions as to what the scenario looks like as far as same level, more aggressive level with the board. So as soon as we conclude something, we'll let you know.

Operator

Our next question comes from James Gilman with Drexel Hamilton.

James N. Gilman - Drexel Hamilton, LLC, Research Division

Please forgive me if I have missed a few things. I'm coming late to this call. So just several questions here. You had, I think, 4 deals that were $1 million and that you're trending up on that number, the size on those deals in the past in 2 and 3. Can you tell us a little bit about those deals and how long they've been in the works and established customers, new customers?

Peter I. Cittadini

Let's see. I did give a little bit of color on that, some were direct clients, some were OEMs, some were BIRT, some were legacy and that's about all the color I could give you at this point. As far as verticals, well, OEM is a vertical, as you know. Dan, I don't know if they were...

Daniel A. Gaudreau

They're all existing customers. One, clearly, was one of the quarters of the Oracle settlement and the other 3 were existing customers, 1 of which was an OEM.

James N. Gilman - Drexel Hamilton, LLC, Research Division

Okay. Great. I've been attending some shows, and I noticed that you all have been a little bit more -- have greater presence in these shows. I noticed you're coming up on Predictive Analytics World and some other things. You're participating in Big Data Week. I know it might be too early to tell, but do you think you will be -- a little bit more face time at some of these conferences to drive the customer awareness of what you're doing?

Peter I. Cittadini

Yes, absolutely. When it comes to BIRT Analytics tying into the BIRT iHub to allow for visual data mining, predictive analytics and self-service BI for point users of business intelligence technology, absolutely. I think you'll continue to see the majority of our investment proactively pursuing people to sell to, will be us pursuing the greater than 2.5 million developers that already work with premium products from Eclipse called BIRT. We think that is the biggest market that we have the least amount of competition in. So that's naturally where we'll be spending the majority of our money. But you will see us in a lot of Big Data business analytics conferences and shows.

Operator

Our next question is from Frank Sparacino with First Analysis.

Frank Sparacino - First Analysis Securities Corporation, Research Division

The first question for you is obviously, the legacy bucket includes those things other than your reports. I don't know if you'd share a comment in terms of anything meaningful in the other products within that category?

Peter I. Cittadini

Well, there's the Actuate Query technology, there's the Actuate e.Spreadsheet technology. But the vast majority, Frank, is the e.Reporting output that came from the eRD Pro designer.

Frank Sparacino - First Analysis Securities Corporation, Research Division

And I'm curious, as those customers buy additional legacy licenses for e.Reports, what is the -- are you actually getting maintenance associated with that? Is the maintenance at sort of normal rates? Or what's happening on the maintenance side there?

Peter I. Cittadini

Absolutely. It's a 20% minimum for standard support and at times, greater than 20% if they require 24/7 support.

Frank Sparacino - First Analysis Securities Corporation, Research Division

But in terms of that product, Pete, in terms of what you guys deliver on the maintenance side of things, is there -- how much of the R&D work is actually dedicated toward maintaining that product or even updating that product?

Peter I. Cittadini

Well, from a customer calling standpoint, actually it's as rigorous as it would be on the BIRT side of things and one could make a case that it's even more rigorous because we probably have a lot more e.Report mission-critical applications across the world than we do BIRT mission-critical applications today. From an R&D perspective, a lot of our clients are on version 9, 10 and are paying to get to upgrade to 11 SP1 through SP4. So there is a lot of R&D that they're paying for as well.

Frank Sparacino - First Analysis Securities Corporation, Research Division

Okay. And then maybe lastly, Pete or Dan, just hoping you could comment on -- so if you look at the 70 sales reps you have today, just any comments around productivity. And you've hired a lot of new people over the last several quarters. I don't know how many of those are still with the company and actually starting to produce, but any thoughts there would be helpful.

Peter I. Cittadini

Yes, I mean, always tough when you grow sales force as dramatically within a short period of time as we did. As you know, the vast majority of them are new, and thus the productivity isn't where it should be, I'd say, in the world of enterprise software. And ideally, we'd like to do better because we're an enterprise software company that has an open source variant. We'd like the average to be at the 250K per quarter clip at a minimum. And I think that we've got some great techniques to get the majority of the reps there. As a matter of fact, Dan just informed me that about 1/3 of those 70 that are out there today have been here less than 6 months. And then the other reality that we deal with, Frank, is that if you don't start posting the appropriate set of numbers, which is getting close to that 250 per quarter in your sort of full third quarter with us, then management needs to make a decision as to whether we cut the investment short, go get another person on the line that's maybe a better investment on a going-forward basis. And of course, that sort of curtails the productivity clock, if you will, if that indeed is the case. But I will tell you, taking action after 3 full quarters on, with someone who can't quite get to 250K per quarter, is the absolute right thing to do versus taking it as a spreadsheet exercise and continuing your investment in someone that doesn't have the raw material to make it happen. So speaking sort of frankly and honestly on that, and that is the case, not in a majority of the cases, but in some of the cases, that it is the case, regardless of whether you're Actuate, IBM or anyone else in between.

Operator

Mr. Cittadini, there are no further questions at this time. I'd like to turn the conference back over to you.

Peter I. Cittadini

Okay. Well, I appreciate it, appreciate everyone's time and we will be in touch within approximately 90 days. Thanks again.

Operator

This concludes today's conference call. You may disconnect your lines at this time. Thank you for participating.

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Actuate (BIRT): Q1 EPS of $0.08 in-line. Revenue of $34.9M beats by $0.59M. (PR)