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Textura Corporation (NYSE:TXTR)

F3Q 2013 Earnings Conference Call

August 7, 2013 17:00 pm ET

Executives

Kevin Doherty - Vice President, Solebury Communications

Patrick Allin - Chairman, Chief Executive Officer

Jillian Sheehan - Chief Financial Officer, Executive Vice President

Analysts

Michael Nemeroff - Credit Suisse

Bhavan Suri - William Blair

Pat Walravens - JMP Securities

Jeff Houston - Barrington Research

Brian Schwartz - Oppenheimer

Operator

Good afternoon and welcome to Textura’s Corporation’s 2013 Fiscal Third Quarter Earnings Conference Call. Today’s call is being recorded and we have allocated an hour for the prepared remarks and Q&A. (Operator Instructions)

At this time, I would like to turn the conference call over to Kevin Doherty, Vice President, Investor Relations of Solebury Communications. Thank you, sir. Please begin.

Kevin Doherty

Thank you, operator and good afternoon everyone. We have posted a earnings release as well as a supplemental slide deck to the Investor Relations portion of our website at www.texturacorp.com. Today’s speakers are Pat Allin, Chairman and Chief Executive Officer and Jillian Sheehan, Chief Financial Officer.

Before we begin, I would like to remind you that some of the comments made on today’s including but not limited to our financial guidance are forward-looking statements. These statements are subject to the risks and uncertainties described in the risks factor section of the company’s prospectus filed on June 7, 2013 another fillings with the SEC.

Actual results may differ materially from those described during the call. In addition, all forward-looking statements are made as of today and the company does not undertake any responsibility to update any forward-looking statements based on these circumstances or revised expectations.

Also non-GAAP financial measurers discussed during this call are reconciled to the most directly comparable GAAP measurers in the tables attached to our press release.

I would now like to turn the call over to Pat Allin. Pat?

Pat Allin

Thank you. I would like to welcome everyone to our first quarterly conference call as a public company. I’m joined on today’s call by Jillian Sheehan, Textura’s Chief Financial Officer.

Our fiscal year ended September 30, so today we are reporting on our quarter ended June 30, which is our third fiscal quarter. We have very good quarter that’s year-on-year growth – revenue growth of 65% and revenue of $9.4 million. However, before we dive into our financial results, I would like to say that we are very pleased with the capital market reception in Textura as a public company and wish to extend our appreciation to our many new investors, to spend some time to understand our unique company and recognize this huge opportunity ahead for Textura.

I will begin today’s call by providing some background on Textura, highlight some recent events and then I will turn the call over to Jillian to walk through the third quarter’s financial results in more detail. Finally, we will open the call to take your questions.

For those of you that maybe new to our company Textura is the leading provider of on-demand business collaboration solutions to the commercial construction industry. We are a software as a service company with the unique solutions based offering. We serve a large market with solutions that enhance productivity and reduce costs for our customers. We believe that our solutions provide value for the commercial construction industry globally creating a total addressable market greater than $20 billion in annual revenue potential.

Our collaboration solutions were used on commercial construction project valued at $82 billion during the past quarter and we serve more than 3,000 general contractors and owners and more than half a million subcontractors.

We started Textura and developed our first solution which we call construction payment management or CPM to address the chronic inefficiency resulting from the manual processing of invoices and payments in the commercial construction industry. In essence, we built a solution that transforms a very complex, low manual and paper centric process as invoices and legal documents are routed between property owners and developers, general contractors and their network of subcontractors.

CPM is an intuitive feature rich and highly configurable software based solution. It creates a standardized process which reduces the delays associated with faxing and mailing paper documents, eliminates duplicate data entry and manual processing errors. Reduces risk and provides all participants with visibility into the same set of data on a construction project.

As a result of strategic acquisitions over the past two years, we now have a robust suite of solutions which provide a value proposition that is compelling for a broad base of users from owners and architects to general contractors and subcontractors.

We have built a culture at Textura that is focused on transforming an industry and with that in mind, we are actively identifying and pursuing growth opportunities. Four of our key growth strategies include; new solutions, we are investing in our existing solutions to enhance functionality and continued creating value for our clients. We are also investing in new solutions to broaden the scope of our services across all processes on a commercial construction project from initial design through close out. On this front, we intend to grow our suite of solutions both organically and through acquisition.

A good example is PlanSwift, which we acquired earlier in the year. Our second strategy is existing -- going after existing geography market penetration, we are focused on developing strategic relationships with large general contractors owners and developers in North America and Australia. Our current clients that represent approximately 8% penetration in the markets we are in today. We have a very large opportunity for growth by continuing to add clients.

The third is, cross-selling solutions, we aimed to further penetrate our existing customer base by driving full implementation of all projects on our CPM solutions for recently sold client and in addition to cross-selling our suite of solutions. The cross-sell opportunity alone more than doubles our existing market opportunity and fourth, geographic global expansion.

Today, we generate the majority of our revenue in North America, yet the U.S. and Canada represent just 13% of the global construction market. We believe that our suite of solutions is well suited to address the needs of the construction industry in developing countries in Asia Pacific and Western Europe, which combined represent about 60% of the global construction market.

Long-term we see the opportunity to move into adjacent industry that uses contracting methods similar to the construction industry such as oil and gas and mining.

I would like to highlight some recent accomplishments, our IPO June 7, was an important milestone for Textura and has provided us with the capital necessary to continue to execute and accelerate our growth strategies. We recently launched CPM business which is a solution that’s specifically addresses the needs of the mid-market unlocking a new customer base for us on our CPM solutions.

Strong third quarter revenue growth of 65% year-over-year and solid underlying operating metrics. During the quarter, we added projects representing $13.6 billion in customer reported construction value up 60% over a year ago. Total active projects during the period increased by 38% year-over-year to 5700.

With that I would like to turn the call over Jillian to provide more details.

Jillian Sheehan

Thank you, Pat, and good afternoon everyone.

During the quarter, we delivered year-over-year growth of 65% and revenue of $9.4 million driven by strong growth in both activity driven and organization driven revenue.

We report our revenue in two categories, activity driven revenue which consisted revenues generated from our CPM, Submittal Exchange and Greengrade Solutions; and organization driven revenue which consist of our GradeBeam, PlanSwift and Prequalification Management solutions.

Activity driven revenue increased by 41% year-over-year to $7 million and accounted for three quarters of our total revenue. The drivers here were a 38% year-over-year increase in the number of active construction projects during the period with 1,467 new projects added during the quarter.

Organization driven revenue increased by 235% year-over-year to $2.3 million and represented the remaining 25% of our total revenue. The drivers here were 79% year-over-year growth and the number of organization to more than 8200, the PlanSwift solution accounting for 3081 of these organizations and $1.5 million in revenue.

Total operating expenses excluding $12.3 million of one-item IPO related expenses increased by 54% year-over-year to $15.3 million, which was below our revenue growth rate.

Sales and marketing grew by 85% year-over-year resulting from the PlanSwift acquisition as well as increased head counts for our solutions sold by direct sales force.

General and administrative expenses increased by 87% to support the strategic initiatives of our organization and the initial public offering. The increases in sales and marketing and general and administrative were offset by smaller increases in cost of services, technology and development and depreciation and amortization, which increased 29%, 30%, and 23% respectively.

Adjusted EBITDA loss increased from $2.4 million to $3.8 million due to primarily a higher level of operating expenses to support our growth and strategic initiatives. We defined adjusted EBITDA as our loss before interest, taxes, deprecation and amortization share based compensation expense and acquisition related and other expense. We have provided a reconciliation table at the end of the press release.

Turning to the balance sheet, cash and cash equivalents were $68.6 million as of June 30, which provides us with the liquidity to continue to invest in our business both through organic initiatives and acquisitions.

Our deferred revenue increased by 33% year-over-year to $18.8 million. Deferred revenue consist of amounts that have been invoiced but that have not yet been recognized as revenue as of the end of a reporting period, and is generally recognized ratably over the estimated duration of our project or a contractual service period.

I will now turn to our financial outlook for the rest of fiscal 2013 and provide initial expectations for fiscal 2014.

Our pipeline remains robust and we are focusing on a continuation of our recent revenue growth trajectory during the remainder of fiscal year 2013 and 2014.

For the fiscal year ended September 30, 2013, we anticipate revenue growth in the range of 63% to 64% resulting in revenue of $35.3 million to $35.5 million. Our full year guidance implies a fiscal fourth quarter revenue growth range of 68% to 71% resulting in revenue of $10.6 to $10.8 million.

For fiscal 2014, we anticipate revenue growth in the range of 56% to 64% resulting in revenue of $55 million to $58 million.

With that I would like to turn it back to Pat.

Pat Allin

Thanks Jillian. While Textura is off to a terrific start as the public company, we are excited about our current growth prospects and the opportunities for our organization in the coming years as we continue to expand our industry leading portfolio of value added solutions.

With that I would like to turn the call back to the operator and open up the lines to take questions.

Question-and-Answer Session

Operator

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

Thank you. Our first question comes from the line of Michael Nemeroff with Credit Suisse. Please proceed with your question.

Michael Nemeroff - Credit Suisse

-- questions and congratulations on your first successful quarter as a public company.

Pat Allin

Thanks Michael.

Michael Nemeroff - Credit Suisse

Pat, first one is for you; if you can maybe just describe the health of the commercial construction industry and kind of give us a sense of how things are trending and how we should expect that trend to continue over the next year or two.

Pat Allin

We, what we are seeing from our client base is some gradual improvements in commercial construction in North America. We are seeing a return of what we would call the mid-size construction projects. So, during the construction recession we saw – still saw a lot of large projects and lot of small projects that are kind of mid-size projects dried up for a number of years. We are seeing that that segment grow and back to more normal levels. Our clients generally are – have more projects that they are working on, more construction value. We just finished up our month of July with a record number of new projects.

And we think the commercial construction market is healthy will continue to improve throughout the rest of the calendar year and probably 2014 as well.

Michael Nemeroff - Credit Suisse

Great, thanks. And then, also if I can touch on the new CPM-Business product, what size contractor or what size projects do you expect to run through that system? And what kind of pricing should we look for in the CPM-Business product?

Pat Allin

Yes. We are targeting -- there are about 6000 general contractors that are roughly $50 million in construction value or less and so that’s really the target segment we are going after.

Pricing for subcontractors is exactly the same as it is under CPM enterprise and for the mid-market and smaller segment CPM business, it varies an awful a lot depending on the number of projects and mix of projects, size of projects et cetera. But, generally speaking, it will be reasonably comparable to what we are getting from CPM enterprise as a percentage of construction value.

Michael Nemeroff - Credit Suisse

And what does -- is this additive to the $3.6 billion TAM that you were discussing on the road show? Or is this part of the $3.6 billion TAM?

Pat Allin

Part of the $3.6 billion TAM. We of course knew of the road show that we were about to launch this product. We have been working on it for about a year and so its included in the numbers we provided in the road show.

Michael Nemeroff - Credit Suisse

That’s helpful. And Jillian, just a couple questions, first, if you could just maybe tell us about the pricing environment with the CPM product, is there any changes to the sizes of projects you’re seeing or in the pricing that you’re getting on average in CPM?

Jillian Sheehan

No. On the average, Michael its staying relatively consistent. We are seeing – you will see that our average project size of projects added did increase this quarter from previous quarter. We did have one very large project that skewed the average. So if you remove that overall its been relatively consistent with previous quarter.

Michael Nemeroff - Credit Suisse

And then lastly from me before I jump back in the queue, just trying to reconcile the share count that you reported today with what we were expecting. Is the share count significantly lower than ours because of the anti-dilutive nature of -- and negative net income?

Jillian Sheehan

Yes. So the weighted average shares that we reported are $12.6 million, again, that have to deal with the timing of the IPO in the quarter and the total shares outstanding as of Q3 are $22.8 million.

Michael Nemeroff - Credit Suisse

$22.8 million. Okay, great. Thank you very much. Congratulation guys. I will get back in the queue.

Jillian Sheehan

Thanks Michael.

Pat Allin

Thanks Michael.

Operator

Thank you. Our next question comes from the line of Bhavan Suri with William Blair. Please proceed with your question.

Bhavan Suri - William Blair

Hey guys, thanks for taking my call and congrats on a nice job there.

Pat Allin

Thanks Bhavan.

Bhavan Suri - William Blair

I just wanted to follow up on a couple of questions. One, Pat, maybe you could give us an update a little bit on the penetration rate in the top 100 contractors, just an update maybe from the road show of how that is progressing and how penetrated is that large contractor base?

Pat Allin

Well, we continue to make good progress. So, the contractors that were on-system but in the earlier stages of implementation while we run the road show, a number of them have moved forward very significantly with their implementation. So generally speaking, we are satisfied with the progress we are making there. And we continue to do well from a sales point of view. Let me put it that way. So, we are happy. We are with the penetration we have. We are happy with the implementation that we are seeing. We have some clients who are a little bit slower, we have had others that have been fairly aggressive and unbalanced. It kind of played out the way we expected for the quarter.

Bhavan Suri - William Blair

Great, great. And then as you look at the cross-sell activities, I know you pointed to PlanSwift. But, if you were to look at the portfolio of offerings you have around CPM, just a little more color on sort of where you saw the strongest cross sell and sort of what remains as the most opportune offering in that space to sell into the core CPM customer base?

Pat Allin

Well, the sort of the first major initiative around cross selling is actually the launching of CPM business. It’s going to be so sold our business in Des Moines -- West Des Moines. And there initial target list is their clients for their civil exchange offering. So, civil exchange has been more focused on project by project selling to the mid and smaller owner architect and contractor market. So this will be a fairly major initiative to bring CMP to their existing customer base. The next sort of the first thing that we are doing, we have got a number of other initiatives that we will be announcing over the four months. But that won’t be sort of similar where we are going to leverage our acquired or built expertise to launch other product offerings.

Bhavan Suri - William Blair

Got it, got it. Then you brought up international expansion, so a quick update maybe on the Australian JV. And then as you look at maybe the European markets or broadly, do you think you'll approach at the JV method and similar to what you did there or is this a case where you might actually just go develop a Textura presence independently?

Pat Allin

So, Australia, Australia has about 60 opportunities that they are working on right now. They have 4 or 5 clients in early stages of bringing up their initial projects. So, there is revenue, its very modest at this point because it’s just a small number of projects. They are tracking their financial plan that they committed to us at this point. We remain cautiously optimistic, it’s early days, it’s only the first 6 or 7 months in that marketplace. But, we like what we are seeing. We’re liking how contractors and owners are responding to the value proposition.

And we will see how it plays out over the next 12 to 18 months, but so far so good. One of the advantage is, one of strategic reasons we are in Australia is that their contractors they are on average or larger than the contractors in North America. And they are much more global, so, we are hopeful that with success in Australia, they will actually bring us the other parts of Asia and in Europe. And we are seeing some reasonable signs that that is, it could possibly play out. We have, we are doing a pretty sort of look at Europe and the UK at this moment. Haven’t decided whether we will do a joint venture or we will proceed on our own or exactly what that timeframe will be, but it is something that we are looking at pretty closely. We have some projects that are in Europe, but they tend to be one-off supporting our clients here in North America.

Bhavan Suri - William Blair

That’s very helpful. Thanks, Pat. And then just a quick one for Jillian here, you know the activity revenue was just maybe a tad lighter than I think I had expected. The organization revenue was probably a little higher than I’d expected. Is that something that will just move around quarter-over-quarter or how should we think of that going forward, say for the Q4 and into next year?

Jillian Sheehan

Sure. So did have more revenue from the plans what the acquisition, obviously the last quarter, the March quarter they were only in 2 out of the 3 month. So, this quarter we did have them, the first 3 months which contributed March the organization driven revenue. And in terms of the organic growth rate, it was around 38% for this quarter. We do expect that to increase going forward over the next quarter. So again, just given all of the project activity that was added and strong metrics for activity driven revenues that we had in quarter 3 and that we are continuing to see this quarter. And we do anticipate that that growth rate will increase going forward in the upcoming quarter.

Bhavan Suri - William Blair

Great, that’s very helpful. Thanks so much for taking my question, guys and nice job, again. Thanks.

Pat Allin

Thanks Bhavan.

Operator

Thank you. Our next question comes from the line of Pat Walravens with JMP Securities. Please proceed with your question.

Pat Walravens - JMP Securities

Great, thank you and congratulations, you guys. Jillian, can you elaborate a little bit on the organic growth rate? So what does you guidance imply in terms of organic growth?

Jillian Sheehan

Yes. So, on the guidance that we gave to this upcoming quarter, we do see it increasing from the 38%, we are looking at more in the 45% range that would be my estimate inherent in the guidance that we are getting from this next quarter.

Pat Walravens - JMP Securities

Okay. And how about for next year?

Jillian Sheehan

For next year, we do see the organic growth rate increasing, we are plus 50%, it’s typically what we said and what we believe that we can continue to provide in terms of organic growth long-term.

Pat Walravens - JMP Securities

Great, great. And then Patrick can you just -- because it seems like a good time to do it -- can you touch a little bit on how your go-to-market on the CPM side of the business is different than traditional software companies?

Pat Allin

Sure. Traditional software or the other entities in the SaaS space tend to have direct sales organization and for our CPM offering, our enterprise offering, I guess I have to say now, we have an integrated work client services organization that is very responsible for selling, implementing servicing and supporting our owner and general contractor clients and then we support all of our subcontractors through a call center.

What we found with the industry is that -- the CPM is such a complex application and the impact that we have on our clients in terms of their cash flow, these are really critical processes to them. They really weren’t that interested in talking with sales person. They wanted to talk to the people that they would be working with to implement our technology in their environment. And it was really important for us to recognize that and start selling on that basis so that our sales team could start building relationships right from the first sales call. So, we have got, we have been very successful in hiring out of college and within three or four years, we have been great successful getting these team members to actually go out and sell. They do a lot of I through referrals from their existing clients; clients providing references or in fact even doing cold calling if that’s the only way we can think of to get into a new opportunity. But, we made this change about 2 years ago and quite frankly it’s then a major part of our success over the last couple of years.

Pat Walravens - JMP Securities

Great. Thank you.

Pat Allin

I will just add a couple of other things that we do not pay the sales commission. So, these – the people in our client services group are salaried. They do receive some very high bonuses based on sales and implementation success. So, as you look at our business model going forward, however, sales and marketing costs are going to be significantly less than what you would traditionally see in a software or a SaaS model.

Pat Walravens - JMP Securities

Great, thanks.

Operator

Thank you. Our next question comes from the line of Jeff Houston with Barrington Research. Please proceed with your question.

Jeff Houston - Barrington Research

Hi, thanks for taking my question. Digging a bit deeper into the newer non-CPM products, were there any in the quarter that significantly exceeded expectations? And then along the same lines, were there any that meaningfully underperformed?

Pat Allin

No, actually all of them, PlanSwift, Submittal Exchange GradeBeam, PQM, all hit their forecasted numbers which inherent in there was a fair bit of growth. So, no, we are actually very pleased with the performance of all of the solutions that we are offering to the marketplace.

Jeff Houston - Barrington Research

Great. Then moving back to CPM, could you talk a bit about how long the typical sales cycle is and how that’s been trending compared with last quarter and maybe a year ago? I'm just trying to get a sense if it's improving or flattening out.

Pat Allin

Well, I think, some of our biggest clients today in the sale cycle is 3 or 4 years. So anything would be an improvement and I would say that some of our bigger clients in the last 18 months have gone through as short as 6 months but maybe more normally about 12 months before they start bringing up significant numbers of projects. So, it is -- the cycle is shrinking. I think we have got a much more effective sales process and some of that does come from that another change in terms of not having a direct sales organization.

But it is shorter, we are better known in the marketplace, we have referenceable clients that are very helpful and in terms of working with their prospective clients on their experience using our solutions. So we see it shortening. For the largest of owners in GCs, its hard for me to see its being any less than 6 to 1 months and that sort of range that we are in right now.

Jeff Houston - Barrington Research

Okay, great. Then last question for me is -- you mentioned before that more acquisitions could be on the horizon. Just hoping to get a little more color on that, how does your deal pipeline look now? What types of properties are you looking at? And are they mostly going to be a geographic expansion, customer consolidation or maybe more on the new product side?

Pat Allin

We do have an active acquisition pipeline and it is active today most of what we are looking at are enhancement to our product strategy. So it really isn’t anything at the moment that would represent geographic expansion or so the clients’ are solution consolidation it’s all kind of adding to the pieces of the puzzle which we are trying to build out our platform to cover the entire construction process.

Jeff Houston - Barrington Research

Got it. All right, thank you.

Operator

Thank you. Our next question comes from the line of Brian Schwartz of Oppenheimer. Please proceed with your question.

Brian Schwartz - Oppenheimer

Yes, hi. Thanks for taking my questions today and congratulations on becoming a public company and nice job as well in your 3Q results. My first question actually relates to the seasonality on new activity-related projects. It looks to me like a (inaudible) were added here in 3Q and historically the second half of the year has had more activity-related projects added than the first half. Should we think the seasonality on new activity-related project continues and thus 4Q levels stay near or at these record levels?

Jillian Sheehan

Yes. We in the past Brian, we do work all over the country, so we do see some seasonality in terms of project adds for clients who might be affected by the weather in the winter. But across the whole portfolio, the seasonality client by client, we don’t see as much of that just given the nature of the portfolio. We definitely had a strong quarter this past quarter that do impart to our existing business and the new clients that we are adding but we do expect to see the strong metrics continue across the next quarter.

Brian Schwartz - Oppenheimer

That’s helpful. And then Pat, I was wondering if you could talk maybe just qualitatively about the pipeline and how it looks in regards to the scale and scope of opportunities compared to say six or 12 months ago.

Pat Allin

Sure. I was going to add to what Jillian said that if you really believe in global warming, the seasonality won’t be an issue. So, the pipeline is versus a year ago is stronger, there is certainly more opportunities, they are larger opportunities, we have had good success over the last 12 months. And I am enthusiastic with what I am seeing in the pipeline in Canada, U.S. and in Australia, New Zealand. So, obviously being on a pipeline is no guarantee of success but we are certainly working on a large number of what I would call significant opportunities.

Brian Schwartz - Oppenheimer

Great. And then last question from me and I’ll pass the line. Jillian, I'm just wondering if you can help remind me and investors again, what type of revenue visibility you have on the activity-driven revenue quarter-to-quarter? Thanks.

Jillian Sheehan

Sure, most of our revenues still on average is 93% to 95% on activity driven revenue, 93% to 95% of revenue in a quarter comes from projects that are added in prior quarter. So the strong growth of metrics that we saw again projects added and the increase in active projects on our activity driven revenue will be a large contributor to the growth in this next quarter. And we do have strong visibility into that next quarter based on these metrics.

Brian Schwartz - Oppenheimer

Thanks again for taking my questions today.

Pat Allin

Thank you.

Operator

Thank you. (Operator Instructions) Thank you. Our next question is a follow up from Michael Nemeroff with Credit Suisse. Please proceed with your question.

Michael Nemeroff - Credit Suisse

Great, thanks. I guess we’re going to go around. Currently, what percent of projects on average are your customers putting on the system, currently?

Jillian Sheehan

So far, what we call our fully implemented clients, they put I’d say 95% of all projects, 95% to 100% of all their projects on CPM. We do have clients in various stages of implementation so that answer would be different depending on what states of implementation they are in, it could be anywhere across the board, if they are recently sold and just beginning to implement.

So we look at them individually in the variety of stages and we are making progress across all of the stages. But it really depends on where they are at in their implementation.

Michael Nemeroff - Credit Suisse

Great. And then finally for me Jillian, just remind us again or just tell us, how you plan to guide. I know that this is a Q3 and you’ve given us some guidance for the next fiscal year. Should we expect to get the next fiscal year following Q3 going forward and get one quarter out? Just give us a sense of what you plan on providing in terms of guidance going forward. Thanks.

Jillian Sheehan

Sure. So in our Q4, we will likely guide the upcoming quarter plus the remainder of that fiscal year. And we felt it was important the first quarter to give guidance for fiscal 2014, so went one year out in this release. But typically, we will do the remainder of the year plus the upcoming quarter.

Michael Nemeroff - Credit Suisse

Okay, great. Thanks very much, guys.

Operator

Thank you. We have no further questions at this time. I’d like to turn the floor back over to management for closing remarks.

Pat Allin

Well, Jillian and I would like to thank everyone for participating in today’s call and for your interest in Textura. We are very proud of the hard work and dedication of our employees and really excited about the growth prospects for our company. We look forward to speaking with you next quarter. Thank you.

Operator

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

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