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Tangoe (NASDAQ:TNGO)

Q1 2014 Earnings Call

May 08, 2014 5:00 pm ET

Executives

Gary R. Martino - Chief Financial Officer and Principal Accounting Officer

Albert R. Subbloie - Founder, Chairman of the Board, Chief Executive Officer and President

Analysts

Matthew Van Vliet - Stifel, Nicolaus & Company, Incorporated, Research Division

Chris Hogan - Barclays Capital, Research Division

Eric Lemus

Richard K. Baldry - Roth Capital Partners, LLC, Research Division

Operator

Good afternoon. My name is Robert, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tangoe First Quarter 2014 Financial Results Conference Call. [Operator Instructions] Thank you. I would now like to turn the call over to Gary Martino, President and Chief Financial Officer. Please go ahead.

Gary R. Martino

Thank you. Good afternoon, and welcome to the Tangoe first quarter 2014 earnings call. We'll be discussing the results announced in our press release issued after the market closed today. Again, I'm Gary Martino, Chief Financial Officer of Tangoe. With me on the call is Al Subbloie, Tangoe's Chief Executive Officer.

During the call, we will make statements related to our business that may be considered forward-looking statements under federal securities laws. These statements reflect our views only as of today and should not be reflected upon as representing our views as of any subsequent date. These statements reflect our current views regarding the future and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

For a discussion of the materials, risks and other important factors that could affect our actual results, please refer to those contained in our most recent annual report on Form 10-K, which is on file with the SEC.

Also, during the course of today's call, we will refer to certain non-GAAP financial measures. There's a reconciliation schedule showing GAAP versus non-GAAP results currently available on our press release issued after the close of the market today, which is located on our website at www.tangoe.com.

With that, I'll turn the call over to Al, and then I'll come back a bit later to provide some further details regarding our financials and our forward-looking outlook. Al?

Albert R. Subbloie

Thanks, Gary. I'd like to thank everyone for joining us on the call today. During the first quarter, we continued to enjoy a high level of customer demand for our connection life cycle management solutions. We had another strong quarter for customer additions, in addition to expanding our relationships with large global customers and partners.

Taking a look at our results for the first quarter, total revenues were $50.4 million, which was slightly below our expectations due to lower-than-expected nonrecurring revenue. What is most important regarding our revenue from our perspective is the strength of our recurring revenue, which was consistent with our expectations for the quarter and up 15% on a year-over-year basis.

From a profitability perspective, we reported adjusted EBITDA of $7.1 million, representing an adjusted EBITDA margin of 14.1%, and non-GAAP EPS of $0.15 per share compared to our guidance of $0.17 per share.

The underlying momentum of our business is reflected by the continued expansion within our large and growing customer base, expanding relationships with key strategic alliance partners and the strength of our new customer adds, all of which drives our long-term recurring revenue growth. These are the primary reasons that we are reiterating our guidance for 2014, and we remain optimistic about our outlook for the longer-term. We continue to believe Tangoe is well-positioned to gain market share given the continued growth of our global pipeline of opportunities, expansion of our strategic alliance relationships, as well as the early momentum with our new and enhanced Matrix Connection Lifecycle Management suite. I'll provide more color on this in a moment. Let me first review some of the highlights of our first quarter performance.

For starters, we increased total spend under management to $28.1 billion, which was up 14% compared to $24.7 billion in the first quarter of last year, and $27.5 billion last quarter. As a reminder, the relationship of revenue to spend under management growth can vary based on the mix of new products sold at existing customer expansion.

The growth of our spend under management continues to be driven by a combination of moving deployments into production with both new and existing customers, along with our continued high renewal rates, which remained above 90%.

We also experienced strong new customer activity during Q1, adding 48 new logos from the combination of our direct sales efforts, as well as contribution from our strategic alliance partners. During the quarter, we once again closed transactions with new and existing blue chip customers, such as Advanced Micro Devices, Disney, Time Inc., JPMorgan Chase, McDermott International, 3M, Ingersoll Rand, Whole Foods, SPX and Alcatel-Lucent, among others.

Overall, our strong sales performance continues to demonstrate the success of our go-to-market strategy and our ability to deliver ROI, significant ROI to our customers. As a reminder, our new logo performance doesn't include a number of smaller new logo customers that were added through our newer carrier channel in order to be consistent with prior-quarter reporting of new logos. The increase in our customer adds is positive for the long term, as Tangoe has a proven history of expanding customer relationships through additional products and expansion across additional business units and geographies. We expect our commitment to product innovation to further extend our leadership in the industry and drive additional market share gains.

Specifically, during the quarter, we enhanced MatrixMobile with new MDM capabilities, including access control, device certificate management and device anti-virus, enabling enterprises the ability to turn on, manage, secure and support global mobile estates. We also recently added 3 new modules to the Matrix solution suite, which provide insight into data across many applications while providing accurate, intelligent reporting and analytics, complete with flexible configurations to support the business processes of the enterprise.

In Q4, we officially launched Matrix, Tangoe's next-generation CLM solution suite comprised of software and services to address the entire Connection Lifecycle of an enterprise's mobile, fixed, machine, cloud, IT and social communications. For all of these products, we manage the assets, expenses, usage and analytics.

The Matrix suite is comprised of an advanced cloud-based architecture capitalized on many of the latest mobility trends, and is expected to result in approximately 30 software components in a number of bundled service components.

We continue to be very excited about Matrix since it enables organizations to turn on, manage, secure and support various connections and their associated assets across the entire enterprise, and throughout the ecosystem, including carriers, suppliers, partners and customers.

In addition to the new MDM capabilities I just mentioned, we expect to continue to release several additional Matrix components quarterly from now until the end of 2015. We continue to believe the launch of Matrix and our overall commitment to expansion and technology innovation will further extend Tangoe's product leadership position and fuel additional market share gains.

We also continue to expand our business with our strategic alliance channel partners during the first quarter, as we closed a number of bundled deals across our entire suite of solutions. During the quarter, we were very excited to have expanded our relationship with AT&T, where they are implementing Tangoe solution for additional AT&T customers above the original deal in 2012. We believe this expansion highlights the value of our solution and further strengthens our relationship with AT&T. It is important to note that this deal is separate from the AT&T-CSC deal we mentioned on the last few earnings calls.

In addition, we announced that the company has signed a strategic partnership agreement with Samsung to provide the Samsung KNOX mobile security solution to Tangoe's global enterprise customers for supporting Samsung mobile devices. As a result, Tangoe is able to offer its clients Samsung's comprehensive mobile security solution, which provides industry-leading security for Samsung users protecting enterprise data from leakage, malware and malicious attacks. We are excited about the initial agreement since it initiates a strategy of closer alignment between Tangoe and Samsung in addressing the global importance of mobility management for enterprises globally.

Longer term, we are also exploring integrating KNOX with Tangoe's comprehensive MatrixMobile solution and view Samsung as an important mobility management partner, enabling global organizations the ability to refine operations, control costs and increase efficiencies.

Finally, during the quarter, we continue to expand our strategic alliance channel evidenced by our new relationship with China-based Nation Sky Network, a leading mobile enterprise service provider, which we expect to enhance our presence in this important region. During the first quarter, international spend was $6.8 billion or approximately 24% of Tangoe's total $28.1 billion of spend under management consistent with prior quarters. In addition, we signed international-based deals with Walmart, who we partner in LATAM, Philips in LATAM, Home Retail Group in EMEA, Sodexo in EMEA, Danaher in EMEA, PGx in EMEA, and Tyson APAC, among others.

As a reminder, the majority of our international spend under management and revenue continues to come from international locations of U.S.-domiciled companies. However, we are pleased with the momentum we are seeing on selling international-based logos globally, which over time will add to international revenue.

So in summary, we are pleased with the company's execution during the first quarter, particularly our recurring revenue momentum with existing customers, ongoing new logo growth, continued release of components of our new Matrix platform and expanding relationships with key strategic alliance partners. We are optimistic about Tangoe's growth outlook and are confident in our ability to continue growing market share due to our scale, integrated offering, global capabilities and commitment to innovation.

With that, let me turn it over to Gary to provide further financial details.

Gary R. Martino

Thanks, Al. Let me provide additional details on our first quarter performance, and then I will conclude with our outlook for the second quarter and the full year 2014.

Now turning to our first quarter results. Let me start with P&L. Total revenue was $50.4 million, up 12% year-over-year. As Al pointed out, it is important to look at the mix of our revenue for the first quarter. We delivered strong recurring revenue, which was $46 million, up 4% from last quarter and 15% on a year-over-year basis.

The reason for total revenue -- fell slightly below our guidance was the timing of nonrecurring revenue, which at $4.4 million was down from $4.8 million last year and below our expectations. As we have said in the past, our nonrecurring revenue can fluctuate on a quarter-to-quarter basis depending on timing variables. We now expect our second quarter nonrecurring revenue to be higher than previously expected as a result of these timing factors.

When we look at the full year 2014, we continue to expect solid growth in both our recurring and nonrecurring revenue. Drilling down further into some of the drivers of revenue, we ended the quarter with $28.1 billion in spend under management, which is up approximately 14% compared to the end of the first quarter of 2013. As Al mentioned, we once again had a strong logo quarter, with 48 new customers added during the first quarter.

In addition to winning new customers, we continue to see momentum in retaining and expanding existing customers, as our overall revenue retention rates remained above the 90% level during the first quarter.

Now turning to expenses and profitability for the first quarter. Our GAAP gross profit was $26.7 million versus $24 million for the same period during the previous year. Our GAAP operating income for the quarter was $200,000 compared to $900,000 during the first quarter of 2013. Our GAAP net loss per share was $0.01 for the first quarter of 2014 based on $38.4 million weighted average shares, compared to net income of $0.03 per share on 40.5 million fully diluted shares in the year-ago period.

Taking a look at our results on a non-GAAP basis, our first quarter gross margin percentage, which excludes stock-based compensation, was 55.9%, which is up from 54.8% in the same quarter last year. We were pleased with the expansion of our non-GAAP recurring gross margins during Q1, which increased to 56.2% from 54.4% in Q1 of last year, and continues to reflect the efficiencies we are achieving in our operations.

Non-GAAP operating income, which excludes stock-based compensation expense and the amortization of intangibles associated with acquisitions, among other things, was $6.4 million for the quarter, or 12.8% of revenue. Non-GAAP net income per share was $0.15. Non-GAAP sales and marketing, which excludes stock-based compensation, represented 17.2% of revenue for the first quarter, which was up from 16.2% in the fourth quarter of 2013, and 14.7% in the first quarter of last year. This further reflects our focus on investing in sales and marketing to drive future growth.

As a result, first quarter adjusted EBITDA was $7.1 million, up from $6.7 million during the same quarter last year, and slightly below our guidance range, primarily due to the lower-than-expected nonrecurring revenue I noted earlier.

And turning to the balance sheet. We ended the quarter with $46.1 million in cash, up from $43.2 million at the end of the fourth quarter. During the first quarter, we generated $3.1 million in cash flow from operations and $1.9 million in unlevered free cash flow compared to $5.8 million and $5.6 million, respectively, in the first quarter of 2013.

As we have mentioned in the past, quarterly cash flow can have variability due to a number of moving parts. Our trend of strong and growing cash flow remains the same.

I'd like to now finish with some thoughts regarding our financial outlook. Starting with the second quarter of 2014, total revenue for the second quarter is expected to be in the range of $52.4 million to $53.1 million, a growth of 14% at the midpoint year-over-year. While we are not guiding to specific line items, we directionally expect nonrecurring revenues to increase sequentially.

Adjusted EBITDA is expected to be in the range of $8.4 million to $8.7 million, representing an adjusted EBITDA margin of approximately 16.2% at the midpoint. Non-GAAP net income per share, which excludes stock-based compensation and amortization related to acquisitions, among other things, is expected to be approximately $0.18, based on approximately 41.5 million weighted average diluted shares outstanding and a tax provision of approximately $450,000.

And turning to the full year of 2014. We are maintaining our full-year guidance based on a combination of expansion from existing customers and partners, as well as the addition of new customers. As a result, our revenue guidance continues to be in the range of $220 million to $224 million for the full year 2014, which represents growth of 16% to 19% year-over-year.

From a profitability perspective, we are also maintaining our 2014 adjusted EBITDA range of $37 million to $39 million, up 25% to 31% on a year-over-year basis, and representing an annual adjusted EBITDA margin of 17% at the midpoint and 140 basis points of margin expansion on a year-over-year basis compared to 2013.

We expect full year 2014 non-GAAP net income per share, which excludes stock-based compensation and amortization related to acquisitions, among other things, to be in the range of $0.77 to $0.82, up 18% to 26% on a year-over-year basis based on approximately 41.7 million weighted average diluted shares outstanding and approximately [indiscernible] tax provision of $1.8 million.

Finally, we expect free cash flow to be in the range of $25 million to $27 million for the full year 2014, which represents growth of 33% to 43% on a year-over-year basis.

So in summary, we were pleased with our recurring revenue momentum with existing customers, new logo growth and expanding strategic alliance relationships during the first quarter. We expect to see increasing leverage as we scale our business in the year ahead, and remain optimistic about Tangoe's ability to grow market share, especially given the recent successful launch of our Matrix platform.

With that, we'd be happy to take any of your questions.

Operator

[Operator Instructions] We will take our first question from Tom Roderick of Stifel.

Matthew Van Vliet - Stifel, Nicolaus & Company, Incorporated, Research Division

Yes, Matt Van Vliet on for Tom this afternoon. I guess, starting off on the rise in sales and marketing, could you talk about maybe the mix there between adding new sales heads, and whether it'd be marketing programs or just kind of customer acquisition costs, and where those are both trending?

Gary R. Martino

Yes, we don't break that out specifically, but we -- our investments or increases in sales and marketing have been in all areas. So we both invested in new sales heads on a year-over-year basis, as well as we've increased our marketing folks in our marketing program. So it really is pretty much across-the-board increase. And as we've talked in the past, very often the increases that we were making in a particular quarter will actually benefit future quarters as people are ramping and marketing programs are ramping.

Matthew Van Vliet - Stifel, Nicolaus & Company, Incorporated, Research Division

Okay. And then on the international side, are you seeing any additional strengths in trying to sell into non-U.S.-based customers? I know the majority has traditionally been those international departments, if you will. But are you looking to push more in there? Is there enough runway on U.S.-based companies right now to continue to expand?

Albert R. Subbloie

Yes, there's enough runway to expand. That said, and I've sent this message inconsistently, there is a trend of consolidating this spend within large enterprises. And that consolidating trend causes them to also buy globally. So we felt it important several years ago to expand locally into all these regions so that we can go after that global enterprise, who's obviously consolidating their approach. And we are seeing traction internationally. As I've said before, we started in EMEA earlier; a couple of years ago, APAC; a year and a half ago, in Latin America over the last year. And we've obviously expanded our presence in all those regions. We're seeing some traction, and we'll expect to continue, but we see growth across all the regions in the marketplace. Of course, still the majority of our revenue is a U.S.-based domiciled company, given the size of the business, but it -- we're ramping across the board.

Operator

[Operator Instructions] We will go next to Raimo Lenschow of Barclays.

Chris Hogan - Barclays Capital, Research Division

This is actually Chris Hogan on for Raimo. I just wanted to ask quick on the new modules that you've introduced. I realize that it's still early days, but even some just qualitative commentary, have you -- what customer interest has been like? Have you signed any deals for some of the new modules? Any qualitative commentary will be helpful there.

Albert R. Subbloie

No, that's a good question. We recently announced 3 components, and we are getting very good feedback. It really is early days, so I can't comment a lot on it. I've said before, we think we'll certainly have some sales of the products, really the second half of the year, with minor revenue impact, second half, just given the ramp of our bookings to revenue expect a bigger impact in 2015. But so far, the feedback has been positive. I'll categorize, there's a couple of different components. One type of component would be an add-on to our existing spend of fixed and mobile. And we did announce 2 of those, a third that is not an upcharge. So that comes along the -- analytics product will come along with the existing technology. So we have a number of customers that are now using it. But there are 2 add-ons for additional monies. And then I think we've made it clear, we've got new spend components coming in the areas of cloud, IT, social and machine-to-machine. And again, those will be more second half of the year deliverables for us.

Chris Hogan - Barclays Capital, Research Division

Got you, that's helpful. And then, obviously, over the past 3 quarters, and then again this quarter, we saw pretty strong new logo additions. Have those -- what -- have all those started to contribute? Or is there -- are some of those still being held up by some implementation delays? Or in what, I guess -- and I guess where do we stand there? And then as part of the -- getting those implemented, what gives you confidence in the second half? And what are you doing to kind of speed up those implementations more?

Albert R. Subbloie

Well, I mean, it's hard to answer the question when we're doing that many logos in a quarter. Of course, some are contributing to revenue, not all, especially the more recent ones will tend to contribute in the future. And we obviously try to use that, the kind of visibility into providing our guidance to the market. To your other question, we are -- we continue to improve on the implementation front. I've said all along that, that will be a constant state of improvement through 2014. I'm pleased with the progress, and that's both on the large customer side, as well as the general, what I call, meat-and-potatoes logos that we sell every day. We still have more improvement in front of us, but we've made good progress. It's certainly meeting my expectations on where we are, and obviously feel good about that ramp.

Gary R. Martino

And just to reiterate some of the things we said, that expansion with existing customers and expansion with existing partners like Al touched on, some good expansion with AT&T, along with the new logos, really all of what kind of feed our guidance view for 2014.

Operator

And we will take our next question from Eric Lemus with Raymond James.

Eric Lemus

I wanted to build on one of the earlier questions about new product modules and functionality, and specifically on the new products that you guys released and to come in the adjacent markets. At a high level, how do you guys think about expanding your TEM coming from these adjacent markets? And then secondly, on these new products, are these more so sold into the current customer base as some sort of cross-sell opportunity? Or this -- almost a foot-in-the-door kind of deal?

Albert R. Subbloie

Well, and Eric, thanks for the question. It's actually both. Adding 4 new spend components, there's quite a few new that will come down. I do want to remind everybody, you'll sort of see a rhythmic cadence of announcements from us, roughly quarterly between now and the end of 2015. We're clearly beginning to have quite a few dialogues with our customers. That's a starting point, especially sort of prelaunch and pre beta for a couple of these products. A good example is the cloud product, it's one of the earlier ones here on the horizon. We're getting great feedback from customers. There was also a report issued by Gartner, which I think it might have come out today or yesterday, where they made a very positive comment about the sort of that cloud arena that we're entering right now. I'd say we're probably early on. We have a little more traction with customers, but it's, yes, clearly another foot in the door. For someone who might think they have that problem first, then add the Telecom Expense Management later, that gives us a lot more doors to open up within the enterprise. It's one of the reasons why we've done it. We've perfected bundling, as you guys know, by bringing fixed and mobile together, and we're just doing the same thing with 4 new components. To your question on the TEM, we will be providing more color on that as we formally announce some of the new spend categories. So we'll be giving you guys a view of TEM. And yes, the answer is it will increase our total addressable market for each of the categories.

Eric Lemus

Excellent, excellent. And then my next question, can you guys remind us, as far as some sort of same-store sales metrics with your current customers, as you save them money on telecom spend, do contracts -- what leverage do you have that contracts continue to grow considering that the cost will come down in totality using your software? What can you make -- the actual kind of same-store sales grow, fall in that sort of dynamic?

Albert R. Subbloie

We don't typically call it same-store sales. We look at it in terms of -- we have 2 components. One is revenue retention, which is how much revenue we're growing or retaining from current set of products within a customer. And then we also have upsell and cross-sell, which we actually track as its own unique product revenue source. So that we're always really doing a true retention and not, co-mingling those. But that said, what we typically see in our customer is that, our typical customer does save money on an annual basis within kind of their core spend, if you will. But our typical customer is always kind of changing and growing. So very often, they're adding new business units or they're growing. And that their spend, while we're saving them money, it may kind of stay consistent or even go up slightly because they're adding a lot more infrastructure, but they're more efficient because they're saving money on the old stuff.

Gary R. Martino

Keep in mind that there's a wide and deep opportunity here. Fixed spend products are priced more around size of spend. So that dynamic exists, although that dynamic has really not been, I would call, a reducing issue for us because people add divisions, et cetera. In the mobile side, we price by device. So it's more around devices. And we all know there's a general uptrend in devices being populated within the enterprise as opposed to a downtrend, but soon to be adding new spend categories across the board. So overall, we think that the market is large. I'll remind everybody, our entire market is only maybe 25% penetrated. There's a 75% greenfield opportunity, of which we have a little over 6% market share and certainly plenty of runway in front of us to grow the business for many years to come.

Operator

[Operator Instructions] We will go next to Richard Baldry of Roth Capital Partners.

Richard K. Baldry - Roth Capital Partners, LLC, Research Division

Can you talk about ASPs in the quarter or how they're trending for new customers, then how that would vary versus the carrier channel where you talked about the smaller deals?

Albert R. Subbloie

With regard to ASPs, we don't typically focus on a quarterly basis. We kind of look at it on an annual basis. So while they can vary somewhat on a quarterly basis, on an annual basis, we haven't really seen a big change. If we look at it, at least based on what we see now, we look at somewhat of a consistency for this year. But again, we don't necessarily get into it on a quarterly basis.

Gary R. Martino

In terms of the new logos, and we did have that dialogue, we haven't provided a lot of color. The new logos we don't report from the carriers. There's definitely an upswing in that. They tend to be smaller transactions, and you can probably guess they're around this, some incremental mobility products that we sell. We're having a dialogue and maybe we'll give more color on that. In the future, we'll talk more about it. They're not big enough from a revenue perspective, and we didn't want to create a comparison issue, Rich. So that's why we've sort of left them out of the account. But we're excited about the carrier channels. They continue to gain traction for us. As I've said before, we do anticipate adding more carriers’ channels in the future. That's definitely a successful channel model for us. And I'll remind everybody, 2 years ago, it didn't exist as a channel for us. So we're seeing that throughout the world as a good opportunity, again, for the normal product, the ASP model that we have, as well as the sort of smaller higher volume of model. And as that gets larger, Rich, maybe we'll provide more color on it.

Richard K. Baldry - Roth Capital Partners, LLC, Research Division

And it's been a few quarters since you talked about the sales headcount. I'm not sure if you'll be willing to give an update on that or at least talk about the direction that it's headed in, how much you see that capacity changing over the course of the year?

Albert R. Subbloie

Yes, we don't -- we're not giving quarterly guidance, but we obviously plan on growing that this year. As we said before, we don't -- we won't grow at the same percentages we have historically because we really did some heavy-duty growth percentage-wise last year and probably the second half of the year prior. But we will -- we are planning, and we continue to grow that sales force. We'll do that throughout the year.

Richard K. Baldry - Roth Capital Partners, LLC, Research Division

And last one bit, if we look up to that COGS line, the cost of the recurring side stepped up sequentially close to 10%. Are there any onetime sort of investments you made there that account for that? Was there any onetime impacts there? Or is this sort of a new baseline level on that line?

Gary R. Martino

If you're -- are you looking at the -- you're looking at the non-GAAP recurring that I commented on, which on a year-over-year basis, is up 1.8% on gross margin. It might be down slightly from Q4, but that's if you look back on a typical cycle. What you'll you see is Q4 to Q1, you might see a slightly -- decrease because we typically will add a little extra cost at the beginning of the year, and then we'll grow that consistently through the year. So we're pleased with the kind of 1.8% increase year-over-year, Q1 to Q1. It's a very slight down crease from, again, on non-GAAP from Q4 to Q1, which I think puts us in a good position to kind of expand that during the year.

Operator

And this does conclude our Q&A session. I will now turn the call back for our moderator for any closing remarks.

Albert R. Subbloie

Good. Well, I'd like to take a minute to thank everyone for joining our call today. And we'll look forward, obviously, to talking to everybody after our Q2. So thank you for joining.

Gary R. Martino

Thank you, everyone.

Operator

And this does conclude today's conference call. Thank you, again, for your participation, and have a wonderful day.

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