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Executives

Dan Incropera - Controller

Jim Eliason - VP, Finance & CFO

Michael Morrison - President & CEO

Ben Plummer - Chief Marketing Officer & SVP, Business Development

Analysts

Noel Atkinson - LOM

Anya Shelekhin - Sidoti

Noah Steinberg - G2 Investment Partners

Datawatch Corporation (DWCH) F3Q2013 Earnings Call July 25, 2013 4:30 PM ET

Operator

Greetings, and welcome to the Datawatch Third Quarter 2013 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and answer-session will follow the formal presentation. (Operator Instructions). As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Dan Incropera, Controller. Thank you. You may begin.

Dan Incropera

Thank you and good afternoon, everyone. Thank you for joining us today for the Datawatch Corporation third quarter fiscal year 2013 earnings conference call. I’m Dan Incropera, Vice President and Corporate Controller at Datawatch. Joining me today are Michael Morrison, our President and CEO, Jim Eliason, our Chief Financial Officer and Vice President of Finance, and Ben Plummer, our Chief Marketing Officer and Senior VP of Business Development.

You can obtain a copy of our earnings release which was distributed at 4 o’clock P.M. Eastern Time today by emailing us at investor@datawatch.com. This release is also available on our website at www.datawatch.com.

Let me first outline to you in this afternoon’s agenda. I will present our Safe Harbor statement followed by Jim who will provide a summary of our third quarter financial results and then update on the timing of when we anticipate closing on our recently announced acquisition of Panopticon Software AB. Michael will then provide an update on our business initiatives and our current view of the market along with a general update on the Panopticon combination and market feedback to-date. Finally, Ben will provide a general update on our marketing and partner activities and will also share with you some insights on the opportunities we see as a result of the combination of Datawatch and Panopticon. We will then open up the call for a question-and-answer session.

Before we begin, I’d like to review our Safe Harbor statement. While we do not share projections of our future performance, we do need to remind you that any statements we make that do not describe historical facts may constitute forward-looking statements and are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such statements are based on our current expectations that are subject to a number of risks and uncertainties that could cause actual results to differ materially from current expectations.

For more information, I refer you to the descriptions of these risk factors found in our earnings release, as well as the company’s Annual Report on Form 10-K for the year ended September 30, 2012, it’s quarterly reports on Form 10-Q for the quarters ended December 31, 2012 and March 31, 2013 and other publicly available documents filed with the SEC. Any forward-looking statements should be considered in light of those factors.

I would like to also remind you that to supplement our financial results, in accordance with Generally Accepted Accounting Principles, we will from time-to-time discuss certain non-GAAP financial measures that we believe are helpful in understanding our past financial performance and future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be considered in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Our non-GAAP financial measures include adjustments based on the following two items, number one, amortization of purchased software. We have excluded the effect of amortization of the Monarch software and related intellectual property that we acquired from Math Strategies in March of 2012 from our non-GAAP operating expenses and net income measures. Amortization of this purchased software resulted from a single material transaction although investors should note the use of the purchased software will contribute to future period revenues. Amortization of the purchased software will recur in future periods.

Number two, share-based compensation expenses. We have excluded the effect of share-based compensation expenses from our non-GAAP operating expenses and net income measures. Although share-based compensation is a key incentive offer to our employees, we continue to evaluate our business performance excluding share-based compensation expenses. Share-based comp expenses will recur in a future period.

With that, I would turn the call over to Jim.

Jim Eliason

Thanks, Dan, and good afternoon everyone. Let me begin with an update on the financial performance for the most recent quarter which included some record achievements for the company. Datawatch’s total revenue for Q3 was $7.83 million as compared to $7.17 million for Q3 of the prior year. Revenues from the sale of software licenses in the third quarter of fiscal 2013 were $5.01 million as compared to $4.70 million in the third quarter of 2012. As a percentage of revenue, software licenses in Q3 accounted for 64% of the total revenue as compared to 66% of the total revenue in Q3, 2012.

Revenues from maintenance and services in the third quarter of 2013 were $2.82 million as compared to $2.47 million in the third quarter of 2012. As a percentage of revenue maintenance and services accounted for 36% of total revenues in Q3 as compared to 34% for Q3 of the prior year.

Gross margins for software licenses were 89% in the third quarter of 2013 which was consistent with the third quarter of 2012. Gross margins for maintenance and services were 79% in Q3 versus 73% in Q3 of 2012. Overall gross margins remained strong at 85% for Q3, 2013 as compared to 84% in Q3 of the previous year.

Net loss for the third quarter for fiscal year 2013 was $666,000 or $0.10 per diluted share as compared to net income of $548,000 or $0.08 per diluted share in Q3 of the previous year. Excluding the effects of the aforementioned non-GAAP financial measures, the company’s non-GAAP net income for Q3, 2013 was $525,000 or $0.08 per diluted share as compared to $1,376,000 or $0.20 per diluted share for Q3 of the previous year. Included in the Q3, 2013 expenses were one-time costs associated with the Panopticon transaction of approximately $600,000.

Moving to the balance sheet, we continue to see improvement in our overall working capital position. Despite a net loss in Q3 Datawatch generated a positive cash flow during the quarter and our cash position at June 30, 2013 is at an all-time record high for the company at $10.42 million, an increase of approximately $1.7 million or 20% from September 30, 2012. The quality of our accounts receivable remains consistent with prior periods with DSOs holding firm in the 60 day range and 80% of our receivables balance is current as of June 30, 2013.

Lastly, we are in the final stages of refinancing $4 million of our debt on our balance sheet which would result in a reduction of the blended interest rate from approximately 9% to 6.5% and also allow for an acceleration of the principal payment by shortening the term on roughly $2 million with the debt. This refinancing is expected to result in more than $500,000 of savings over the term of the loan at existing rates. We anticipate the completion of the refinancing by mid August.

Turning to the key operating metrics that we began sharing with you last year. In Q3, 2013 our average deal size was $60,000 which was unchanged from the same period in the prior year. We had three six-figure deals in Q3 this year compared to five six-figure deals in Q3 of 2012. In Q3, we signed four new enterprise customers compared to six in Q3 of 2012. New enterprise customers this past quarter include Deutsche Bank, Icicle Seafoods, TX Parks & Wildlife and Commerce Bank. And lastly, in Q3, we signed 15 new partners compared to four new partners in Q3 of fiscal 2012. New partners include Carahsoft, LeadPoint and NEWave in the United States, InfoConnect in Malaysia, Megalegend in Hong Kong, Softline in South Korea and RDGS in Poland.

Finally, as Michael and Ben will discuss in more detail in a moment, we are in the process of closing on our recently announced acquisition of Panopticon. As we indicated in our call back in June, due to the size of the deal we are required to obtain shareholder approval and have been working diligently on that process. We expect the deal to close sometime in late August following receipt of customary approvals and a special shareholders’ meeting.

At this time, I’d like to turn the call over to Michael.

Michael Morrison

Thanks, Jim, and welcome everybody. I’ll talk briefly about our Q3 results and then provide some official detail on the Panopticon acquisition now that we are more than a month in for the integration planning process.

With respect to our just completed quarter and as noted in our press release, Q3 represents the highest quarterly revenue performance in the history of Datawatch. The fact that we were able to remain focused and deliver these strong results while devoting significant time and resources to the Panopticon due diligence, acquisition negotiations, announcement and integration planning, speaks volumes to the quality of the organization we have in place today.

Q3 saw a continued improvement, our partner activity and contribution, all of our partner categories deliver revenue for Datawatch, retailers, VARs, OEMs and geographic distributors. Our investments in the partner ecosystem are clearly paying off and they will continue. The scope and trajectory of our partner pipeline is at a point where we can now reliably count on our partnered channel for measurable level of contribution each quarter.

Q3 also saw a continued success in the Enterprise Content Management area where our solutions are increasingly being used to access large amounts of data tracked and stored documents and transform the data into valuable analytic assets.

In the quarter, we closed an OEM deal with the major in healthcare information technology company to provide analytics on their content management solution. We also closed two important end-user deals with major financial institutions that plan to use our solutions that in conjunction with enterprise content management system from IBM and Saperion. We expect our successes in the area of enterprise content management analytics to accelerate in the coming quarters.

Turning now to Panopticon, let me begin by discussing the strategic rationale behind our decision to acquire Panopticon and how this acquisition enhances two of our strategic growth initiatives those around solutions and partnerships. I’ll then turn the call over to Ben Plummer, our Chief Marketing Officer, to describe how the combination of Datawatch and Panopticon furthers our strategic technology and marketing initiatives and places Datawatch in a truly unique market position.

I want to first say what a pleasure to spend this past month to get to know many of the Panopticon employees, their partners and key customers. Panopticon is clearly a very driven company with employees who are passionate about visual discovery as well as partner and customer success.

The partners I met see the concrete value in Panopticon’s real-time visual discovery solution and relative to Panopticon’s size they made big debts to incorporate Panopticon’s technology into significant business initiatives. The customers I’d met that made sizable investments in Panopticon’s technology and deployed Panopticon’s real-time visual data discovery solutions in some very strategic high profile of business application.

We will not let these partners or customers down, rather we would plan to ramp up the investments in products and channels, we plan to continue to delight them by demonstrating additional value that they can gain by adopting Datawatch’s information optimization solution integrated with the Panopticon’s technology.

As for the strategic rationale behind the acquisition, we all know that for more than 20 years Datawatch has been doing some of the most difficult and frankly underappreciated work in all of the information technology, harvesting data from the most challenging sources and formats, transforming this data into valuable information assets for business analytics.

We believe we’re the best in the world at it and our 40,000 plus customers are a testament to our capability. Through the years, we have been content with allowing our customers to figure out how to get the data we are paying for them into an analytic framework. As we executed on our transformation of Datawatch these past two years, our customers increasingly came to view us as a much more critical component of their IT infrastructure, and increasingly look to us to provide the complete solution which requires robust end-user analytic capabilities.

While it would have been easy for us to adopt some of the traditional visualization technologies that simply let you see pictures of what you already know, we felt that to truly be a leader in the space, we needed to look beyond today's requirements, to determine what new requirements would come for the – from the convergence of the Big Data and visualization markets. To that end, we saw a significant difference in the Panopticon solution from other visualization technologies such as Tableau.

Not only does Panopticon bring the Datawatch a leading visual discovery analytic solution but also brings the solution that operates in real-time, which is unique in this space. And it brings Datawatch the capability to access an even wider variety of data sources and format extending Datawatch's already sizable lead in this critical area.

Panopticon also significantly boosts two of our existing strategic growth initiatives, solutions and partnerships. With respect to solutions, I’d previously noted the importance of our developing a robust solution portfolio as a mean to accelerating our web in growth. The past two quarters Datawatch has designed and develops a number of solutions that we call it accelerators of blueprint each of which puts a lens on what Datawatch technology can bring to market.

We’ve delivered several of these solutions into the market but with the addition of Panopticon as part of the technology stack, we’ll be able to deliver richer and more visually appealing versions of these solutions. We plan to focus our solution development and delivery initially on several key areas including capital markets where Panopticon is already the clear leader in visual data discovery solution, in healthcare where Datawatch has more than 3,000 customers who continues to gain momentum.

And lastly, in the area of Machine Data Analytics where Datawatch has began to compete more seriously with Splunk where we will be in a much stronger position with the addition of Panopticon’s high velocity real-time visual discovery environment.

With respect to partnerships, the acquisition of Panopticon significantly improves our standing with existing partners, it makes us a much more rounded partner for prospects and it brings us several new strategic partners. Panopticon's go-to-market approach these past two years is focused on developing and cultivating partnerships and we’ve done an outstanding job of partnering with several dozen key players.

Important Panopticon partnerships with marquee names such as Thomson Reuters, Deloitte, and SAP serve as a solid foundation for a strong channel that’s poised to explode with the additional resources and investments that Datawatch can offer these partners.

We’re anxious to introduce the core Datawatch solution with these partners to further differentiate ourselves from the market and I can tell you that this approach has already been validated over the last several weeks as we met with many of these partners and outlined the heritage Datawatch capability. Every one of these Panopticon’s partners can easily grasp the value proposition that Datawatch delivers. They’ve already identified several opportunities to present the existing partnerships. We’re obviously extremely pleased by this reception and represents tremendous opportunities for us moving forward and we intend to exploit these opportunities to the fullest.

With that, I’ll turn it over to Ben. Ben?

Ben Plummer

Michael, thank you, and once again thanks everyone for joining this call. I’d like to take a few minutes now and outline how the combination of Datawatch and Panopticon has actually accelerated our product roadmap as well as expanded our go-to-market strategy. So, let me start with a vision for our products in the market and how the addition of Panopticon has enabled us to accelerate many of our strategic technology initiatives. The first initiative accelerated through this acquisition is the expansion of our data variety capabilities.

Through the inclusion of sources that are unique to Panopticon our platform will offer our customers the ability to analyze real-time sources of data such as message buses and ticker feeds. This supports and expands our core information optimization and Big Data methods supporting data variety and expands our ability to deliver solutions that incorporate static in real-time sources of information. This capability is truly unique and sets Datawatch apart from traditional visualization vendors in this market.

The second initiative I want to highlight is our ability now to deliver high impact visual data discovery capabilities that not only allow you to see information but to actually interact with it and interact with it at a very granular level. This capability goes beyond the simple drilling down into high end data that’s highly summarized and it lets you visually consume and interact with vast amounts of data moving at real-time speeds.

A really great way to visualize this concept is to think about a weather map where there is hundreds and thousands of datapoints that are being collected and rendered visually in a real-time manner so you can understand the value of that information with the addition of Panopticon, we at Datawatch can become the weather map for almost to any business, which combine product offering real-time access to virtually any source of data delivered through a high impact visual data discovery environment Datawatch’s Information Optimization platform can now be, can now best be described and defined as any data, at any space, at any time.

Now, let me review how our go-to-market strategy will be changed by this acquisition. As Michael pointed out earlier, Panopticon has successfully focused its attention on capital markets for the past several years. This approach which has largely been dictated by Panopticon size and resources has resulted in Panopticon being recognized as the industry leader in real-time applications in capital markets especially in the areas of risk and trading. We believe within the space Panopticon’s solution is unique and we plan to double down on this strategy but the need for real-time is in no way limited to capital markets.

There are many organizations that are seeking real-time solutions to meet the compressed decision-making processes in their industry through the use of real-time analytics. Areas like telecommunication, energy, oil and gas, manufacturing, airlines and many other industries real-time is becoming a reality and Datawatch plans to become a thought leader and a leading solution provider in the use of real-time visual discovery outside of the capital markets.

The second area we plan to focus on is in the areas of Big Data. For the past several months Datawatch has captured an increasing portion of the mindshare from industry analysts around Big Data with our approach to delivering value from a broad variety of data sources and types.

With the addition of Panopticon, Datawatch has captured a second Big Data be that of velocity. Panopticon’s ability to process data in real-time in extremely large volumes means that the companies that need high velocity Big Data solutions now have one-stop shopping for both their data variety and data velocity answers.

The third go-to-market opportunity for Datawatch is directly in the broad data visualization market. While this market is sometimes harder to find because there are very different classes of visualization solutions, we believe that with the addition of Panopticon we will be able to compete with visualization tools like those offered by Tableau which now honestly is closest to what Panopticon offers but lacks the real-time and data variety aspects brought by Datawatch.

This market, that some analysts who were describing as white hot, is also evolving in the requirements of supporting Big Data and real-time have become an increasingly important. With Panopticon’s unique architecture it has a distinct advantage over products like Tableau and now with the additional capabilities incorporated from Datawatch in terms of unprecedented Data Variety, Datawatch will be in an enviable position to gain substantial business as the market continues to evolve and grow.

So, as you’ve heard, there is a tremendous synergy between our two companies and this has been validated time and again as we’ve spoken to customers and may be more importantly at this juncture with analysts like Gartner, Ventana, Forrester, 451 Group, BARC and a host of others. Every analyst that we spoken to has described the combination is brilliant, game-changing and complimentary. We’re already making great headway in the information optimization market and with the addition of Panopticon we’ve just transformed this market once again. Information optimization now offers the organization’s ability to optimize their operations to the visual analysis of any data at the speed of the business.

And with that, I’ll turn it back to Michael.

Michael Morrison

Thanks, Ben. Stacy, we’re ready for questions.

Question-and-Answer Session

Operator

Thank you. We will now be conducting a question-and-answer session (Operator Instructions). Our first question comes from Noel Atkinson with LOM. Please proceed.

Noel Atkinson - LOM

Hi guys. Congratulations on a very strong quarter.

Unidentified Company Speaker

Thanks, Noel.

Noel Atkinson - LOM

I have one little housekeeping item first, what was the total depreciation and amortization for the quarter?

Jim Eliason

Well…

Dan Incropera

$1.9 million.

Noel Atkinson - LOM

1.9 million D&A?

Michael Morrison

Well you’re including the stock-based comp and the IT amortization is that right?

Jim Eliason

Total D&A was $1.6 million, sorry.

Noel Atkinson - LOM

Okay. And that includes stock-based comps and okay, okay good. Now, can you give us any color on Panopticon’s performance in the first half of 2013?

Michael Morrison

Short answer, Noel, is no, I mean that it’s a, we’re not going to comment on their historical performance. We will give you an update obviously at the end of our next quarter we’ll have about a month worth of their performance in our numbers in fiscal Q4 but we’re not commenting on any of their historical numbers. It’s a little bit difficult as well because everything they’ve done is under Swedish GAAP and try to make the translations a little bit challenging.

Noel Atkinson - LOM

Okay. Is there anyway that you can provide any color on just it’s stable, it’s growing anything like that?

Michael Morrison

The Panopticon business and I believe I mentioned this when we had our announcement conference call, had grown over 100% I think 112% year-on-year from FY ‘11 to FY ‘12. They hit a good strike and Panopticon has some great customers and some great partners. There is still lot of work to do with them but there is the qualitatively there has been nothing in the marketplace either with their customers or their partners or the – this announcement with Datawatch has made much of a difference in their well, in their performance so. They’ve got a good sound footing. As I mentioned in the prepared comments, I think with the additional resources and investment that we can bring to them that there was a tremendous amount of potential moving forward.

Noel Atkinson - LOM

Okay. And then, if you folks can talk about all about the ASG settlements, I know that you guys were winning some replacement wins for their legacy product and they have been selling and I guess an old OEM version of Monarch in the past before the deal was terminated. So, could you talk about whether ASG paid Datawatch and sort of how that relationship between the two companies is going to move forward?

Michael Morrison

There was a payment from ASG to Datawatch as part of the settlement we’re not at liberty to share the amount and it wasn’t all that material. And going forward, we’re still moving forward to upgrade the old DocuAnalyzer customers to our Datawatch Technology. In fact, we closed a six figure deal in the past quarter we got a nice and healthy pipeline going into this quarter.

Noel Atkinson - LOM

Okay. And then just lastly, you guys had a very solid quarter in the June quarter. Was there any specific industry vertical that you guys are selling into that we’re seeing particular strength?

Michael Morrison

Nothing materially different from the past. I mean, we’ve talked in the past that our top verticals are financial services, healthcare, manufacturing, retail, government and it probably aligning well with the historical trends.

Noel Atkinson - LOM

Okay. Great, thanks very much.

Operator

Thank you. Our next question comes from Anya Shelekhin with Sidoti. Please proceed with your question.

Anya Shelekhin - Sidoti

My first question is could you provide some guidance on sales and marketing expenses for this quarter?

Michael Morrison

So, let me give you a rough look at that without Panopticon so from the Datawatch perspective we’ve been, it’s true our fiscal Q3 we’ve been essentially fully staffed into the plan expenses, so the baseline will not change all that much and what we’ll also -- what we’ll have is we’ll have some element of Panopticon expenses likely for a month in our Q4 and – you saw in our press release that we called out some one-time expenses associated with the closing there will certainly be more of those in this fiscal quarter as well.

Anya Shelekhin - Sidoti

Okay. And those would still go into general and administrative?

Jim Eliason

Yeah.

Anya Shelekhin - Sidoti

Okay.

Jim Eliason

(inaudible).

Anya Shelekhin - Sidoti

And would you expect it to be about the same more or less?

Jim Eliason

It will be less in terms of the one-time comps on related?

Anya Shelekhin - Sidoti

Yeah that one..

Jim Eliason

It will be less than what we saw in Q2.

Anya Shelekhin - Sidoti

Okay. And one more question, could you breakdown accounts payable and accrued expenses?

Dan Incropera

Accounts payable is our trade vendors, it represents probably a third of what you see on the balance sheet. The accrued accounts are primarily accrued benefits and also accrued

Jim Eliason

Mission.

Dan Incropera

Yeah, mission and outside lender work which we have not invoiced. But in terms of the ratio I would say accounts payable is 130.

Operator

(Operator Instructions).

Michael Morrison

Yeah, Noah.

Operator

Our next question comes from Noah Steinberg with G2 Investment Partners.

Noah Steinberg - G2 Investment Partners

Hi guys. Could you give an overview where you see average deal size is trending over the next few quarters with the change in the number of partners that you have, are they bringing you bigger deals, are they bringing or do you see the average deal size is trending as they are, that’s the first question?

Jim Eliason

You got a fan there, Noah.

Michael Morrison

So, in terms of average deal size I would expect as we look forward especially with that you posted that Panopticon acquisition the deal size to trend upwards even accounting for the fact that as the partner contribution to our revenue increases you need to keep in mind is that the partner is keeping somewhere in the vicinity 40% or 50% of the value of the total deal. So, the absolute deal size for the end user customers increasing will increase quite significantly, I think you will see our average deal size pick up in line with that even accounting for the partner piece of the deal.

Panopticon, as I mentioned earlier, has developed some very strategic and intriguing partnerships with some major players. We intend to do our best to leverage those and invest in those in bring them forward. And to the extent that we were successful doing that and that contribute to a large extent to our quarterly revenue numbers you will see average deal sizes pick up despite the fact that we are carving up a significant chunk for our partners.

Noah Steinberg - G2 Investment Partners

Okay. And how many new enterprises that you had in the quarter, I’m not sure if you gave it in the past?

Jim Eliason

It’s four, yeah, it was four.

Noah Steinberg - G2 Investment Partners

Okay. And were there any 10% customers?

Jim Eliason

No.

Noah Steinberg - G2 Investment Partners

Great. Thanks a lot.

Michael Morrison

Thank you.

Operator

Gentlemen, there are no further questions at this time.

Michael Morrison

Thanks, Stacy, and thanks again for joining us this afternoon. As always, please contact us if you got additional questions. We’ll be making several investor presentations and conferences over the next couple of months including the Canaccord Genuity Conference in Boston on August 14th and Craig-Hallum Alpha Select Conference in New York City on September 26. So, we will be issuing press releases with more details on those events as we get closer to them and welcome the opportunity to meet with any of you if you plan on attending. So, thanks for taking the time and good evening.

Operator

This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.

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