Augme Technologies' CEO Discusses F4Q 2013 Results - Earnings Call Transcript

May.13.13 | About: Hipcricket, Inc. (HIPPQ)

Augme Technologies, Inc. (AUGT.OB) F4Q 2013 Earnings Conference Call May 13, 2013 4:30 PM ET

Executives

James Carbonara - Hayden Investor Relations

Ivan Braiker - Chief Executive Officer

Tom Virgin - Chief Financial Officer

Analysts

Darren Aftahi - Northland Securities

Gerard Hallaren - Janco

Jeb Terry - Aberdeen Investment Management

Operator

Good day, ladies and gentlemen, and welcome to the Augme Technologies’ Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Following today’s presentation, the conference will be opened for questions. (Operator Instructions)

I would now like to turn the conference over to James Carbonara of Hayden IR. Please go ahead sir.

James Carbonara - Hayden Investor Relations

Thank you. Good afternoon, and thank you all for joining us in today’s conference call to discuss Augme’s financial results for the fourth quarter and fiscal year ended February 28, 2013. By now, all of you should have had the opportunity to review the press release discussing the results, but if you have not, please call my office, Hayden IR at 646-419-4300 and we will immediately send it to you.

On the call with me today is Ivan Braiker, Chief Executive Officer of Augme Technologies and Hipcricket; and Mr. Tom Virgin, Chief Financial Officer. Before I ask our host, Ivan Braiker, CEO of Augme and Hipcricket to discuss the particulars of this afternoon’s news, let me take a moment to read the forward-looking statement.

Please note that the information presented and discussed today includes forward-looking statements which were made under the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties and contingencies, many of which are beyond our control, and may cause actual results, performance, or achievements. Risks and uncertainties that could cause our actual results to differ from those expressed or implied by forward-looking statements including those set forth in the risk factors section of the Annual Report on Form 10-K that will be filed on or about May 17, 2013.

With that out of the way, let me turn the discussion over to Ivan Braiker, Chief Executive Officer of Augme Technologies and Hipcricket. Ivan, please proceed.

Ivan Braiker - Chief Executive Officer

Thank you, James, and good afternoon everyone. Thank you for joining Augme’s quarterly conference call to discuss the financial results for the fourth quarter and fiscal year ended February 28, 2013. I am going to open my remarks by painting a brief picture of the tremendous growth the industry saw during fiscal 2013 followed by a summary of our key performance metrics in fiscal 2013 that have been sometime reminding the listeners of our strategic objectives and provide an update on our progress against these key objectives. Following the overview, I will be turning it over to Tom Virgin, our CFO, to talk about the progress we are making toward achieving cash flow profitability, our liquidity position, and the review of the financials. We will conclude by opening it up for Q&A.

Starting with the industry opening remarks, fiscal 2013 was a big year for mobile. There are now 10 billion mobile connected devices in the market far exceeding the number of people on the planet. Feature phones accounted for 88% of the mobile landscape and their mobile data usage increased more than 200%. In other words, even basic phones are getting smarter and capable of consuming more data. Tablets are growing good too with our own data demands, the number of tablets of mobile connected trip tablets tripled last year to $34 million. We entered the year as a company that was at the center of these trends and throughout the year we worked hard to further grow our customer base.

In fiscal 2013, the company grew sales of 119% to $26.2 million. On a pro forma basis for the full year of Hipcricket and Augme revenue in fiscal 2012, we grew sales organically at a rate of 55% in fiscal 2013. We have laid a solid foundation to continue to rapidly grow into current fiscal year and beyond. This solid foundation along with continuous execution against our key objectives that I am about to discuss will ensure our rapid growth.

Now, focusing on our key objectives, our goals are to drive revenue, to drive adoption of our industry leading mobile engagement platforms, and to achieve operating cash flow profitability. We are growing revenue by focusing on the following priorities. One, acquiring new blue chip customers; two, increasing revenue per customer; three, maintaining high retention rates; fourth, launching mobile advertising as a new vertical to our mobile platform; five, bringing new products to market; and six, hiring more sales people.

Let’s walk through these six priorities in more detail. Starting with our priority of acquiring new blue chip customers in fiscal 2013, I can say that this initiative was very successful in a number of ways. First, we signed one of the largest auto companies in the world, Nissan. Nissan Automotive and its advertising agency, Team Ignition, parted with us to power a Spanish language national mobile advertising campaign that utilizes mobile banner ads, mobile video ads, rich media plus tablet specific ads to reach this key audience, driving them to a Nissan mobile website custom build by Hipcricket. Second, we closed two of the largest consumer packaged goods companies. For one of them Hipcricket was able to increase page views to their mobile site 9X in just 30 days through a highly targeted and effective ad campaign. Third, we won the largest provider of both mobile and fixed telephony in the U.S. Verizon. One campaign included 3D maps projection events in three locations throughout Southern California leveraged mobile websites, tablet equipped kiosks, QR codes and instant wins that increased awareness and the interest in the products and services that Verizon by us offers. And fourth, I am glad to mention that we are now working with 23 of the Fortune 100 brands.

Moving to our next priorities from the list, increasing revenue per customer, I would like to highlight that average revenue per customer increased 43% to approximately $93,000 during fiscal 2013, up from $65,000 in the same period last year. This was achieved by increasing product offerings, growing the number of products adopted by existing customers, expanding the number of campaigns run throughout the year by existing customers and increasing the number of brands we are working with for our customers. Continuing with priority number three from the West the client retention, it’s key to mention that we are very invested in maintaining a spectacular relationship with our brands including weekly calls with our accounts, sharing the feedback forms and implementation of a number of vehicles that ensure collaboration, we are able to methodically create opportunities to offer additional products as the need arises and enhance the quality of experience with our platform.

Our managers are industry veterans with deep knowledge of the market and technology. In fact, our relationships with clients are so well established, that’s for the agency Team Detroit invited us to South by Southwest to discuss how new media is changing the face of advertising and how marketers are keeping up. As a result of our collaborative relationships and proactive account servicing we have a 95% retention rate for mobile marketing clients. Even to a non-contract based work we are proud to have 73% repeat business for mobile advertising clients in Q4 over Q3 fiscal 2013.

Our priority number four, launching mobile advertising has made a meaningful contribution in the last year and we expect it to continue going forward and industry data supports this expectation. A recent market research report from IDC mentioned that mobile advertising spend grew 88% in the U.S. last year to $4.5 billion. Hipcricket grew its mobile advertising revenue by 213% year-over-year meaning we have been growing more than two times faster than the industry. We also processed more than twice as many mobile advertising campaigns in Q4 ’13 than we did in Q4 ’12 and this trend will continue.

Focusing on our priority number five launching new products across our platform, we introduced many new products and updates for our brands. An example of this is the Hipcricket creative scratch and win product that combines Hipcricket’s AD LIFE platform with this Ad serve and site builder product capabilities and sweepstakes engine turning a mobile device into a scratch and win card. Some of our CPG clients are using it right now. Another example is that the beginning of fiscal 2013 Hipcricket announced the newest version of ad server, Hipcricket’s patent and mobile ad server. Furthermore, we’ve launched multiple new mobile advertising units that will give brands additional ways to drive sales, engagement and loyalty through the AD LIFE platform. And most recently we started delivering exclusive sponsorship packages to brands and agencies through contextually relevant popular mobile games.

Lastly our sixth key priority in an effort to drive revenue is our goal to hire ten new sales professionals to capitalize on the surging interest in mobile engagement and truly important build their knowledge of mobile sales executives who can help their clients engage with their customers and grow sale.

Let’s now turn to a discussion to a specific objective number two, to drive adoption of our industry leading mobile engagement platform. At Hipcricket, we believe that providing one single platform that offers mobile marketing, advertising and analytics together is the key for future success in mobile brands and agencies. Only with the single platform can brands and agencies manage, meter and optimize all forms of mobile engagement in real time in unified view. We achieved this by cross selling our products and services to deepen our relationships with long-standing clients. One recent example of this cross selling includes a media company that utilizes our platform for SMS and later added mobile web and MMS to their service plan.

The goal is to provide a holistic view into all the parts of the mobile ecosystem, no longer acquiring brands and agencies to partner with multiple mobile partners, and consistently interpret a variety of datasets, instead by providing them all in one place from a single global dashboard in real-time. It enables clients to be flexible in the dynamic data-driven decision that assure their campaign success. These capabilities are a key differentiator in the marketplace for us, because Hipcricket is the only company to deliver the full mobile marketing and mobile advertising lifecycle solution within a single platform. This advantage gives us momentum. Nobody has done the number of the campaigns that Hipcricket has done and the adoption trend is clear. It took us six years to hit 100,000 campaign. And in year 7, calendar year 2012, we generated that many campaigns, 100,000 during that 12-month period alone. This drastic increase in the number of campaigns comes as a result of the public engaging with their mobile devices at a dramatically rising rate.

Today of all time spent per day with major media, mobile accounts were 23%, compare this to the 1% figure that represents the share of budget that brands allocate to mobile. If you look back years ago, at the web, a similar divergence existed on those mediums as well. Yet today, those ratios have time spent to dollar spent are a near parity. The delta of a single percentage move in narrowing that gap between the 23% time spent and the 1% dollar spent represents about $1 billion for each percentage point. So, there was no doubt that this will become a very lucrative market.

In closing, we had a strong fiscal 2013 in a very promising market. We have seen robust growth and adoption in our platform innovative product development and a solid financial results, which Tom is about to discuss in more detail. We have set a strong groundwork in the last fiscal year and are excited to what lies ahead. At this point, I would like to turn the call over to our CFO, Tom Virgin. He will comment on progress toward our financial objectives on the bottom line as well as results for the quarter and year end. Tom?

Tom Virgin - Chief Financial Officer

Thanks, Ivan. Good afternoon everyone. In pursuit of reaching operational cash flow breakeven, we are growing sales as Ivan highlighted and also rigorously managing expenses. We continue to focus on operating efficiencies, including headcounts. Since Ivan became CEO on March 1, we have reduced non-core headcount by 17, primarily in G&A including the previously announced divestiture of our patent factory. The annual savings from these cuts is over $2 million. Additionally, we are pursuing further cost cuts such as sub-leasing unused available space.

With that said, we will be making strategic hires over the next 12 months, particularly to build out our sales team while we run a lean operation. One state of direction has been to minimize our ongoing spending on IP while protecting the value of our IP assets. In addition to divesting our patent factory, we are minimizing our spending on legal fees while protecting the core value of our IP assets. Our efforts will bring operating burn down to approximately 500,000 per month as these statements are realized. This means our quarterly operating cash flow breakeven numbers in the range of $9.5 million to $10 million. This leads me to liquidity.

Over the last six months, we completed two equity raises totaling $13 million. We stated in the last equity raise that we would have enough capital to give to cash flow breakeven we will want to reiterate that. We think that combined with the non-dilutive Silicon Valley $5 million line announced Friday of last week, there is sufficient liquidity to get to cash flow breakeven without additional funding.

At this time, I would like to walk through our quarterly financial results in greater detail. For the fourth quarter ended February 28, 2013, Augme reported revenue of $7.5 million, an increase of 49% when compared with revenue of $5 million for the fourth quarter last year. The revenue mix for the fourth quarter was 64% from mobile marketing and 36% from mobile advertising. The revenue mix for the prior year fourth quarter was 76% from mobile marketing and 24% from mobile advertising, mobile marketing revenues or platform revenues including messaging, mobile web, and apps. For Q4 of fiscal ‘13, global web revenues were 20% of total revenues, but were consistent with the prior year’s mobile web revenues.

Bookings, or the dollar value of contracts signed, which includes new orders and renewals totaled $9.7 million for the fourth quarter. For the quarter, 9% of our bookings with new customers, 45% new sales to existing customers and 46% license renewals. As we said in the past, bookings fluctuate from quarter-to-quarter and renewals were primarily due to the time of contract renewal dates. We ended the quarter with a backlog of signed contracts totaling $18.4 million. This is up 17% over last year. With the mix of sales shifting towards mobile advertising, mobile revenues on shorter term contracts, and as a result, the backlog will not be increasing at the same pace of its revenues. We are experiencing, as Ivan mentioned, a very high level repeat business in mobile advertising.

For fourth quarter, we generated a gross profit of $4.6 million, up 51% over fourth quarter last year. The gross margin for the quarter was 61% of revenue the same as last year fourth quarter, which was also 61%. The percentage of revenues from mobile advertising accounted for 36% in fourth quarter compared to 24% of revenues last year. As a reminder in the cost of revenues, we include short code related costs, hosting of our cloud based platform, and other third-party costs, primarily mobile ad deliveries.

Turning to operating expenses for fourth quarter, we were $12.5 million compared to $12.5 million for the prior year fourth quarter. Excluding non-cash charges for stock options and warrants, depreciation and amortization, restructuring cost, and a non-cash impairment charge, non-GAAP operating expenses were down 24% to $6.7 million from $8.2 million last year fourth quarter. The non-cash impairment charge results from efforts undertaken in the fourth quarter to monetize our patents and minimize ongoing legal fees. We estimated the fair value of the patents by calculating the expected proceeds from the sale, exclusive license agreement and royalties that would have been paid to a fourth party had the company not on the path.

As a result of this analysis, we took a write-down of $3.5 million. The estimate we made of future value to our sale did not include an estimate of contingent fees to be received by the company related to participating in future licensing fees received by a purchaser. Such fees are considered contingent gains that are recognized when earned. We recorded a net loss of $7.9 million, or $0.07 per share for the fourth quarter fiscal 2013. This compares to a net loss of $11.2 million, or $0.12 per share for the fourth quarter of fiscal 2012. Included in the net loss for fourth quarter of fiscal 2013 is the non-cash impairment charge of $3.5 million, non-cash stock option and warrant expenses of $800,000, and depreciation and amortization expense of $1.4 million.

The net loss in the fourth quarter of the fiscal 2012 included non-cash stock option warrant expense $1.8 million, depreciation and amortization expense of $2.5 million, and the non-cash expense adjustment of the acquisition-related contingent expense of $1.7 million. After adjusting each period for the non-cash items, the non-GAAP net losses were $2.2 million for the fourth quarter of fiscal 2013 to $5.2 million for the fourth quarter of last year.

Days sales outstanding, or DSOs were 69 days at year end. This is the same as the prior period year end. The third quarter of fiscal 2013 were at 75 days and for second quarter we were at 71 days. We think this number will stay around this range and that reflects our tight monthly billing practices and the quality of our customers. During the quarter, we raised $6 million in the common stock offering. Net cash used in operations was $2.8 million, including approximately $200,000 related to our IP. We ended the quarter with $4.4 million in cash.

On May 2, two weeks ago, we announced the restatement of our previously issued financial information. We outsource our tax accounting. And as part of our efforts to improve internal controls, we engage new tax accounts to prepare tax footnotes for this year end. In their process of looking at prior transactions, we determined that we have done our tax accounting incorrectly. Without diving into all the details, the net result is that we increased the goodwill in fiscal 2012. As a result of this additional goodwill, we re-looked at the intangible impairment that we have performed this year in third quarter.

Under the accounting rules, there is a two-part analysis for looking at intangible impairment, and under the second part, we re-looked at the current value of intangible assets. The result was that we have signed higher values to identified intangibles, the biggest keys of which was the signing higher value to our customer relation. This results in lowering the value of goodwill and therefore related write-down. We do not write up the value of the customer relations. Through all this, there was no impact on cash for operations and we have less goodwill on the balance sheet.

In summary, we are growing sales as Ivan highlighted, we are driving adoption of our industry leading mobile engagement platform. We are rigorously managing to expand service. Last week we announced we secured an accounts receivable of credit facilities from Silicon Valley Bank, the revolving loan facility has a two-year term and allows us to borrow up to $5 million. Given the performance of the company, we don’t believe we will need to raise additional equity capital, and last, we are diving towards 30% to 35% increase in mobile revenues for fiscal 2014 compared with fiscal 2013 with growth increasing as we add sales back during the year.

Ivan I will turn it back to you.

Ivan Braiker - Chief Executive Officer

Thank you very much Tom. We would like to open the call at this time any questions that might arise. We can go right now to Q&A. Operator, Chris will take questions.

Question-and-Answer Session

Operator

Thank you, sir. Ladies and gentlemen at we will begin the question-and-answers session. (Operator Instructions) And our first question comes from the line of Darren Aftahi from Northland Securities. Please go ahead.

Ivan Braiker

Hello Darren.

Darren Aftahi - Northland Securities

Hi Ivan, how are you?

Ivan Braiker

Good. Thank you, sir.

Darren Aftahi - Northland Securities

Just a couple, so just that last point Tom made, so full year fiscal ’14 you are guiding the 30% to 35% top line growth ex any new sales hires, is that correct?

Ivan Braiker

Yeah, that’s we – actually there are some new sales hires that are already baked into the mix. We have opened positions right now that we are recruiting for. We will start hitting more towards the top side of our guidance and hopefully even being able to exceed that as we bring on some more sales people and as our financial condition lets us do that.

Darren Aftahi - Northland Securities

Got you. And then two more if I may, so you had talked about breakeven revenue being about $9.5 million to $10 million a quarter and I think in your last pre-announcement you said your anticipated non-GAAP operating profitability in Q2 fiscal ‘14, is that still the case. And then subsequent to that what sort of operating expense level really does that contemplate, it includes the both Tucson facility spin-off and anything else that you have kind of contemplated recently?

Tom Virgin

Darren hi, it’s Tom Virgin. So, we are still guiding towards August in terms of (indiscernible) to operating cash flow breakeven. And I think first somewhere at 9.5 to 10 gets us somewhere around 3.3, down a little bit to get to the 9.5 in terms of revenues. We are looking at 61% gross margin. We think that that will hold up and so the revenue experienced this variance probably $6 million or so approximately per quarter.

Darren Aftahi - Northland Securities

Great and then maybe just on the last question on the booking and the backlogs, maybe you can talk about the mix of ad network versus mobile marketing? Thanks.

Ivan Braiker

Well, we have been this past year we will get about 60% or it’s the marketing side of the company about 40% was our ad network. We see the ad network side continuing with our strong growth. I think as most people understand that the dollars attributed for both to advertising are greater than attributable to marketing. The pool is just growing and getting bigger and bigger and with that we think that we are probably going to be more at parity with what we are going to do between the marketing and advertising this coming year or the year that we are in currently. So, we think that the marketing side is going to grow. The ad network will continue to grow and we will see that kind of balancing the two sides out as we pursue throughout the year.

Darren Aftahi - Northland Securities

Great. Thanks.

Tom Virgin

Sure. Thank you.

Ivan Braiker

It looks like we have no more questions.

Operator

(Operator Instructions) And our next question comes from the line of Gerard Hallaren from Janco. Please go ahead.

Gerard Hallaren - Janco

Yes, good afternoon guys.

Ivan Braiker

Good afternoon

Gerard Hallaren - Janco

This is twice in a row now that numbers have been pretty close to the estimates, congratulations and keep up the good work.

Ivan Braiker

Thank you.

Gerard Hallaren - Janco

I guess, my question comes from expense levels if you are talking about hiring some more salesmen, does that not change your equation on breakevens?

Ivan Braiker

Gerard hi, thanks for the question. I think part of what we are working on here is we are continuing to look at cost-cutting as we move forward and rigorously controlling the major expenses. So, we think we have got some other we are not quite through with what we are trying to do here on that.

Gerard Hallaren - Janco

Okay. So, there will be some offsets going forward.

Ivan Braiker

Yeah, and some of them are at the non-personnel side of things as was mentioned in Tom’s presentation. We are more efficiently looking at office space. We have just recently sublet part of our New York space, which will be considerable savings to the company and said some things where we can cut and really not have an effect what our operations are at all. And we think we still have some clean up that we can do and become more efficient in some of those sides of things and not really affect the person outside.

Gerard Hallaren - Janco

Okay. And just as an administrative thing, I have the release from Hayden, which I pulled down from your website, is there going to be a more complete set of financial schedules from leasings very near-term?

Tom Virgin

There is. Yeah, we are working through some of that. And in part this, it’s been sometimes discussing the restatement that we are going through, we just want to make sure we have got all that flowing through the financial statements ticked and tied. Well, supposed to be that here, we are expecting some time here in relative near future to get that filed and provide more information.

Gerard Hallaren - Janco

Great, I look forward to that. Thanks guys.

Ivan Braiker

Thank you, sir. Next question Chris?

Operator

And our next question comes from Jeb Terry with Aberdeen Investment Management. Please go ahead.

Ivan Braiker

Good afternoon, Jeb.

Jeb Terry - Aberdeen Investment Management

Hi, Ivan. Ivan, if you could, it’s somewhat related to Darren’s question or not have been despite that as we are adding sales people, could you just kind of give us some more color on the revenue growth. I am just trying to square the $9.5 million and the $9 plus million breakeven revenue, and then – and also looking at your growth in your bookings, if you give your sales percentage down a little bit about how you are seeing your pipeline builds and what might be upside, but what should we be looking for in terms of upside than that revenue guidance?

Ivan Braiker

Well, I think that as Tom mentioned that the targets were being conservative wit, but as was mentioned earlier, we want to be consistent with being able to hit the numbers that we give. We do believe the pipeline we know is growing quite rapidly and the strong pipeline we have had traditionally a good track record of closing business in the pipeline. Doug Stovall heads up our sales operation and is getting stronger. Our sales people are stronger. We continue to deliver more everyday. We feel that we are going to be able to meet that August number. We have really looked at it every way we possibly can and everybody seed around the fire to deliver that. So, lot of effort going into that Jeb.

Jeb Terry - Aberdeen Investment Management

Okay. And then one other item just the lights of revenue as a mix seems somewhat large, and I was just kind of curious, is that kind of an outlier, or is there some calendar issues associated with that, how should we look at that going forward with the percentage mix of customers?

Ivan Braiker

So, I think Jeb if you clarify here on the renewal rate that we have for our mobile marketing during Q4, I think that’s what you are asking about, is that?

Jeb Terry - Aberdeen Investment Management

Yeah. Well, I think you said there was 46% of the bookings for renewals, license renewals?

Tom Virgin

Yes, in the Q4 yes our total of the 9.7 of that piece was renewals on contracts during that period, that’s correct.

Jeb Terry - Aberdeen Investment Management

Okay, so as we are seeing this terrific increase in bookings 76% by numbers maybe I will say looks like very strong sequential growth and then of course a strong 26% year-over-year growth and a big number relative to booked revenue I was just kind of curious. I guess I am hopeful that your revenue kind of approximates more in light to your bookings and we can wind up with a higher number. But anyway alright gentlemen thanks.

Ivan Braiker

Thank you so much Jeb. You know that we are highly focused on that higher number in beating, so we are going to do our best for you.

Jeb Terry - Aberdeen Investment Management

Alright, thank you.

Tom Virgin

Thank you.

Operator

(Operator Instructions)

Ivan Braiker - Chief Executive Officer

Well, I think at this point in time we are going to wrap up our conversation and we thank everybody for their participation. And we look forward to our next call that we can update everybody on our next quarter. Thank you again.

Operator

And ladies and gentlemen this concludes the conference for today. We thank you for your participation. You may now disconnect.

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