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Textura Corp. (NYSE:TXTR)

Q2 2014 Earnings Conference Call

August 6, 2014 05:00 PM ET

Executives

Lacey Spang - Director, IR

Pat Allin - CEO

Jillian Sheehan - EVP and CFO

Analysts

Bhavan Suri - William Blair

Michael Nemeroff - Credit Suisse

Koji Ikeda – Oppenheimer

Peter Lowry - JMP Securities

Jeff Houston - Barrington Research

Jamie DeYoung - Goudy Park Capital

Operator

Good afternoon and welcome to Textura Corporation's Second Quarter 2014 Conference Call. Today's call is being recorded. We have allotted one hour for prepared remarks and Q&A. At this time I would like to turn the call over to Lacey Spang, Director of Investor Relations at Textura Corporation. Thank you, Lacey. You may now begin.

Lacey Spang

Thank you, operator, and good afternoon all and thank you for joining us. We have posted our earnings release, as well as supplemental slide deck to the Investor Relations portion of our Web site at investors.texturacorp.com. My name is Lacey Spang. I recently joined Textura as Director of Investor Relations. Today's speakers are Pat Allin, Chairman and Chief Executive Officer; and Jillian Sheehan, Executive Vice President and Chief Financial Officer.

Before we begin, I would like to remind you that some of the comments made on today's call including, but not limited to our financial guidance are forward-looking statements. These statements are subject to the risks and uncertainties described in our Risk Factor section of our 10-K filed on November 26, 2013, and other filings with the SEC. Actual results may differ materially from those described during the call.

All forward-looking statements are made as of today and we do not undertake any responsibility to update any forward-looking statements based on these circumstances or revised expectations. Non-GAAP financial measures discussed during this call are reconciled to the most directly comparable GAAP measures in the tables attached to our press release.

I will now turn the call over to Chairman and Chief Executive Officer, Pat Allin.

Pat Allin

Thank you, Lacey. Welcome to today's call. I am joined by Jillian Sheehan, Textura's Executive Vice President and Chief Financial Officer. Today, we are reporting on the three months ended June 30, 2014. I will begin today's call with highlights from the quarter and discuss some important recent events and developments. I will turn the call over to Jillian to walk through the financial results and our outlook in greater detail. Finally, we will open the call to take your questions.

We are very pleased to deliver another solid quarter of results. Some of the key highlights are; year-over-year revenue growth of 60% to $15 million. Organic revenue grew 52% in the quarter. Gross margins improved to 80% from 79% in the March quarter. Adjusted earnings per share loss was $0.12, an improvement from the loss of $0.16 last quarter. Cash from operations turned positive, providing $2.3 million in the quarter. Our balance sheet remains strong with a cash balance of $67.9 million. Our results demonstrate continued delivery on the strategic and operating plans that we have communicated since our IPO with strong revenue growth and improving growth in adjusted EBITDA margins.

At this point, I would like to highlight some recent developments. We are excited that Turner Construction Company, which has been using our CPM enterprise solution on a number of projects in several regions plans to extend its use of CPM. Turner plans to implement CPM across its North American operations over the next 12 months.

According to the ENR, Turner is the largest general builder in the North American commercial construction market with over 1200 annual projects and $9 billion in annual construction value. We are working with them to develop a detailed implementation plan to ensure a smooth rollout across their operations. We also added a number of new general contractor clients in the quarter, several of which are on the ENR top 400 list. In addition, we have taken significant steps with our international strategy by launching a dedicated operation to serve the UK and larger European construction markets.

We met with prospective clients in these markets over the past year and believe there is a need for our technology solutions. To unlock this opportunity we launched Textura Europe in the UK under the leadership of veteran construction technology leader Colin Smith, who has more than 30 years' experience in the construction technology space. We recently bought out our joint venture partner in our Australasian operation and believe this change will enable us to accelerate growth and development of that operation.

Our cross-selling efforts continue to show progress with our clients in the ENR top 100 list, now using 1.7 of our solutions on average, up from 1.5 last quarter. We continue to see positive revenue impact from our previously announced price increase for CPM sub-contractor usage fees. This became effective on all new projects brought on CPM after February 1st this year. As a reminder, it will take 18 to 24 months to realize the full revenue impact of the price increase. Ultimately, we expect the increase will add 2 to 3 incremental basis points of revenue on sub-contracted contract value.

The increase contributed approximately 900,000 of cash revenue in the quarter which is spread over the estimated life of the contract for GAAP revenue purposes. We continue to expect the main impact on revenue from the price increase to come in 2015. We continue making progress with certain leading financial experts to create a new solution for the construction industry using Textura’s platform.

Overall our results demonstrate our ability to execute on our model and consistently deliver value. Our revenue growth remains strong and we expect that to continue as we invest further in our product strategy and business. This growth should drive continued improvements in our margins due to the leveragability of our business model.

With that I’d like to turn the call over to Jillian, to provide more details on our results.

Jillian Sheehan

Thank you, Pat and good afternoon everyone. We are pleased to deliver second quarter results as the high end of our guidance range. For the second quarter our revenues increased 60% year-over-year to $60 million with organic revenue increasing 52%, largely attributable to growth in activity driven revenue.

Activity driven revenue accounted for 77% of our total revenue, and increased 65% year-over-year to $11.6 million driven by growth in active projects and construction value managed on our solutions as well as increased CPM subscription fee revenue. Total active construction projects increased 32% year over year to 7,529, representing approximately $135 billion in construction value.

This is an increase from the $120 billion reported in the March quarter bringing the penetration rate of construction value on system in our North American and Australian markets to 10% to 12%. Construction value added for the quarter was $17.7 billion representing a year-over-year increase of 30%. For the first six months of 2014, our year-over-year construction value growth rate was 54%. Quarter-to-quarter fluctuations of construction value added in the quarter are impacted by the timing of large GC implementation plans and larger scale projects.

Large scale projects do not have a significant impact on quarterly revenue because of the lower monetization rate and long revenue recognition period. LATISTA contributed $700,000 in activity driven revenue added 29 projects worth $1.3 billion in construction value and had 285 active projects during the quarter.

Organization driven revenue accounting for 23% of our total revenue increased 44% year-over-year to $3.4 million driven largely by an increase in the number of organizations using our plans solution. The total number of organizations increased by 94% year-over-year to 15,922. Adjusted EPS was a loss of $0.12 and GAAP loss per share was $0.24, improving from last quarter’s losses of $0.16 and $0.30 respectively.

Adjusted EBITDA loss was $2.2 million and GAAP net loss was $6.1 million, a quarter-over-quarter improvement from $3.3 million and $7.3 million respectively. We continue to see operating leverage in our business model, specifically in sales and marketing, technology and development and gross margin expansion. Excluding share based compensation expense and amortization of intangible assets in both periods, total operating expenses increased by 30% year-over-year versus our 60% revenue growth rate.

Total cash and cash equivalents was $67.9 million as of June 30. Our cash flow from operations turned positive for the quarter providing $2.3 million and bringing our year-to-date cash used in operations to $1 million. We continue to expect to be operating cash flow neutral to slightly positive for 2014. Quarter-to-quarter fluctuations will continue to be lumpy due to invoicing cycle and timing of cash collection.

Other usage of cash during the quarter included capitalized software development cost and other capital expenditures. The purchase of our joint venture partner's interest in our Australian subsidiary and the repurchase of common share for taxes holding obligations related to the vesting of certain restricted stock awards on the anniversary of our IPO. Deferred revenue was $31.1 million, up 65% from $18.8 million at June 30, 2013 and up 12% from $27.8 million at March 31, 2014.

We are reiterating our full year guidance. For the third quarter, we are guiding year-over-year revenue growth between 51% to 58%, resulting in a range of $16.4 million to $17.1 million with LATISTA contributing $700,000 to $900,000. We expect third quarter EPS loss in a range of $0.06 to $0.09. For the full year, we are reiterating our guidance of year-over-year revenue growth between 56% to 61%, resulting in a revenue range of $63.6 million to $65.6 million with LATISTA contributing $3 million to $3.7 million. We expect full year adjusted EBITDA loss in a range of $0.32 to $0.41.

With that I will turn it back to Pat for closing thoughts.

Pat Allin

Thank you, Jillian. Our results show that we continue to effectively execute on our model, grow the business and ultimately deliver value to our clients. Our improving cash flow, rapid sales growth and product development over the past several years have put us in a strong competitive position. This is allowing us to drive further penetration in our traditional markets, tap opportunities in new markets and serve our clients in increasingly innovative, integrated and comprehensive ways.

With that we will turn the call back to the operator and open up the lines for questions.

Question-and-Answer Session

Operator

Thank you. At this time, we will be conducting a question-and-answer session. (Operator Instructions). Our first question comes from Bhavan Suri from William Blair.

Bhavan Suri - William Blair

Nice job on the cash flow numbers there, Pat, Jillian and team. I actually wanted to focus a little bit on a trend you talked about in the past, about the large GCs doing better than sort of the mid-market GCs. Is that something you are continuing to see here in North America and then in Australia and you expand in Europe?

Pat Allin

What we're hearing broadly from our clients is that every passing month in 2014, business seems to be improving and we're hearing comments from our clients about a pretty full backlog for 2015. So, it sounds an awful lot like continuing improvement scenario for commercial construction in North America. We do see that the larger GCs tend to be gaining, I think some degree of market share from the mid-sized and smaller. I think some of that is -- lots of these projects become very big. The new hospital is $1 billion in almost any kind of scenario and there just are smaller and smaller subset of GCs who can really take on some of these big projects.

Australia is a little different. Australia, the market there is weaker than it was a couple of years ago and that’s fundamentally a reflection of an Asian economy that’s just not quite as strong and Australia being quite resource based. Canada though, which is a similar kind of economy to Australia, seems to be maintaining a good degree of strength. UK is a little bit strange. London market is absolutely blooming, other parts of the country not so much. Europe seems to be in recovery.

Bhavan Suri - William Blair

That’s helpful. And then as you look at the Australian market and sort of the weakness there and then obviously so you guys buying out the joint venture, have you felt that maybe pricing was a little high? Was that our concern at all? And so then coupled with that you've now had several months of the price increase that’s been out there and have you seen any pushback locally?

Pat Allin

Well, let me take the last piece first. So, in the North American marketplace, there has been very little push back on the price increase and that’s both what we hear out of our call center and what our general contractor clients are telling us. So, sub-contractors generally speaking, feel that there is still a very strong value proposition of the new pricing levels. In Australia, our joint venture partner has been a good partner. They helped us get the business up and off the ground. The reality is that partnerships, law firms have a challenge investing for the future. They always get into these multi-generational kinds of discussions about the people that invest now aren’t necessarily the ones who get the return and it just became clear to us that for us to capitalize on the opportunity and continue to invest in growth that we really should buy our partner out which is what we did.

Pricing in Australia, sub-contractor reactions have been very positive. Price levels are similar to that now in the North America. We don’t get a lot of pushback on the value proposition. So, I would say that at one point Australia was a little bit more pricy than North America. It’s not really anymore. And I would say the pricing levels are very, very similar.

Bhavan Suri - William Blair

And then as you look at the new business in the UK, just some color on sort of how you plan to price there? How I assume is similar but sort of the sort of the size of the quantification of pricing out there? And then two, is they’re going to be need to be development work done to the product, so investment in R&D and things like that to roll that out?

Pat Allin

So, on the later point, there is some development going on right now that is very useful for the Australian and the UK marketplace and it has to do with differences on how variations or change orders are handled in those two environments. That is development that will take place throughout the rest of the year. We don’t think its mission critical for getting clients up and running into UK. We see the value proposition as fundamentally being very similar and pricing will be similar, although any of you that have travelled to London would probably appreciate that there is probably going to be a little bit of premium around our UK pricing just to reflect different cost of living and different salary structures, et cetera.

Operator

Thank you. Our next question comes from Michael Nemeroff from Credit Suisse.

Michael Nemeroff - Credit Suisse

Yes, thanks for taking my questions and congratulations on nice quarter. Just following up on the comments on international. I was just wondering if you can maybe give us a little update on the regulatory framework. I know in the U.S. we’ve got the lean waivers and CPM which is a big driver to push GCs owners into using our system but what over there in Europe is kind of driving some of the growth. And then also I don’t know – I joined a little bit late, I don’t know if you discussed this in your prepared remarks. I think you signed Turner in the quarter. So give us a sense of how revenue from Turner, as they've put most if not all of their projects will roll on to be the income statement over time? Thanks.

Pat Allin

Yes, so Turner, they may have been a client on a number of projects to this point. That all incurs continue to benefit revenue as we go forward. Turner will start to scale up throughout the rest of 2014. It will have some modest impact on ’14 and the majority will be on’15. So, it will be a ramp up over a 6, 9, 12 months period of time with the majority of impact really in 2015.

Jillian Sheehan

Regulatory framework.

Pat Allin

Yes, regulatory framework. When you look at the value proposition in U.S. we think that people really over play that the lien waiver piece. It’s important but it’s 15% to 20% of the value proposition, even in the U.S. market. So, a lot of the value comes from using technologies to significantly improve the invoicing process, the payment process and compliance process. And so for general a contractor we’re eliminating above 60% to 70% of the steps that they carry out and the labor associated with that on a monthly basis. That really has nothing really to do with lien waivers.

So as we go into the marketing Canada for example, we have a very, very strong value proposition. The same in Australia and the UK. And in Australia and the UK in particular there is legislation around prompt payments that require a very sophisticated system around invoicing, approvals and payments and so our technology, CPM technology in particular really, it's been added value that we trade in those marketplaces. So it not like it all realized on lien waivers. It really doesn’t. The only country that uses lien waivers really is the U.S. and the rest of the world is just not part of their legal framework.

Michael Nemeroff - Credit Suisse

That’s very helpful. As you look out in the strength of the pipeline all the new GCs and owners you added this quarter, I think in our estimates we have forecasted some sort of an acceleration in organic revenue growth in ’15. You still feel we’ve very comfortable on confident in ’15?

Pat Allin

Yes, we’re feeling pretty good about ’15. We’re still sort of that little stages of our planning process for ’15 in our financial forecast but yes, we expect to have a good year in ’15 and you’ve seen in the last couple of quarters an acceleration in our organic growth and that’s really healthy sign. A good part of that is being driven by our CPM application, which is really going very well in the marketplace.

Operator

Thank you, our next question comes from Brian Schwartz from Oppenheimer.

Koji Ikeda – Oppenheimer

This is Koji Ikeda for Brian Schwartz. Nice quarter and I think you predict my questions. Pat, I was wondering if you can give us an assessment in where we are in terms of general contractors' appetites for your SAP platform, if it is possible to segment between larger GCs and smaller GCs? What percentage of the opportunity out there, do you feel [indiscernible] consider that position from a construction management and if you could compare that to what it looked like 18, 24 months ago.

Pat Allin

So, we have not done a survey. So my response will be based on sort of anecdotal evidence and what we see in the marketplace. But we are not seeing a lot of push back from either small, mid-size or large general contractors using a SAP application at all. So, it seems to be accepted. It seems to be something that they are comfortable with. We do get questions about security and things like that, what I would call very normal questions but we are not seeing people saying we would use a SAP solution. I think it’s actually a really good fit for the construction industry who have traditionally been slower to invest in technology. So, an ability to invest in it by the project is something that I really think fits their economic models and the way they think about their business.

Going back more than 18, 24 months ago, if you go back five or six years ago that was that huge barrier. People would almost laugh at it. So we would tell them that we're going to do their invoicing and their payments et cetera, et cetera over the Internet. They just almost looked at you like you were from Mars. From that point to now, I would say the financial recession has caused a lot of these contractors to look closely at their business, look a little bit more at their back-offices and be committed to investing and using more technology as they go forward. So, I don’t know that there has been a change in the trend over the last 18 months but certainly it’s there in the last 36. And we're encouraged. We don’t typically run into that objection anymore.

Koji Ikeda – Oppenheimer

Great, thank you for that. I got a quick question, I apologize if you said this during the prepared remarks but if you can give some commentary on the project mix for the projects added during the quarter?

Jillian Sheehan

Yes, absolutely we said on the call that we added $17.7 billion in construction value. We also gave the number of projects added. The timing, as we said on the call of jumbo projects and when that gets added, it can be lumpy quarter-to-quarter and that definitely affects average project size. So we did see some fewer jumbo projects getting added in this quarter. And again those are, given the size of some of those projects, can tend to be a little bit lumpy in terms of when those get added. So, that would be what I would say is the sort of main thing that we saw this past quarter.

Operator

Thank you. Our next question comes from Patrick Walraven from JMP Securities.

Peter Lowry - JMP Securities

Hi, it’s Peter Lowry in for Patrick. It looks like LATISTA had another nice quarter and I was just wondering if you could speak to the growth rates of the non-CPM products maybe compare it to the core-CPM product?

Jillian Sheehan

Yes, we typically don’t breakout the growth rate on individual solutions aside from grouping it with the activity driven and the organization driven. As Pat mentioned the acceleration in the organic growth is largely driven by our CPM solutions, the strength of the sales and implementation that we have seen there.

Operator

Thank you. Our next question comes from Jeff Houston from Barrington Research.

Jeff Houston - Barrington Research

Start-off with the cross-sell opportunity, could you speak to any notable cross-sell wins in the quarter? And then also as you look at your CPM clients, which of your other products are going to have in most momentum being cross-sell into those CPM clients?

Pat Allin

Sure, so we are making progress as the numbers show. We are particularly thrilled that it’s at the higher end for the larger general contractors or the group that have been the quickest to go from CPM to other solutions. And that’s important just because I think a lot of that is sort of market leadership. I don’t know that I can give you any specific client names other than to say that it amongst our very largest clients. And so what products are sort of we are seeing great success with after CPM is PQM and our bid management solution. And we are actually interestingly enough in a submittal exchange. Our project document management solution is getting some really good traction amongst the top general contractors. And we are having a bit of success with LATISTA as well.

So there is a lot of interest in our platform and our development plans, the integration that’s taking place. We have a couple of new solutions that we will launch over the next 12 months that fit into that platform. There is a things that we have developed and we are finding some of our largest clients are actually becoming our partners in the development process. So from my own perspective very encouraging and very supportive of the strategy that we started to execute several years ago.

Jeff Houston - Barrington Research

That’s good to hear and then switching gears a bit given the turmoil in Russia and Ukraine, I know LATISTA, recently signed a deal with the World Cup stadium in 2018 for Russia. Outside of that has there been any or do you anticipate any impact from that turmoil there on LATISTA’s business?

Pat Allin

Yes, so there is our operation in Russia has got two parts. One is a small office in Moscow that is essentially the sales office and historically the revenue out of Russia in the 5% to 6%, 7% of LATISTA's total revenue so it’s not likely that much will happen that really impact LATISTA revenue. The stadium is a big win assuming the world cup is held in Moscow I guess and $500 million project that was our participation was in all of the Moscow newspapers et cetera. So that’s helpful.

The other thing we have of course is our development curve which is a smaller community outside of Moscow, about a 130 kilometers away and that group continues to do well. They focus on development of the LATISTA solution increasingly will have them added mobilized technologies to some of our other solutions.

We're not seeing any impact of the various sanction on our operation there at this point it. Obviously didn’t get in the way of them adopting LATISTA for the stadium. It’s having no impact on the development activities. All the development is done on servers here in the U.S. and there is no real technology exposure. And what we’re doing there is sending money into the country to pay the salaries of our developers and just strikes us in any way as long as things remain more at a political levels that has not going to be disruptive although obviously it’s a situation that we monitoring closely and we didn’t plan to expand in Minsk and we may have slowed that down a little bit while we watch and see what happens there?

Jeff Houston - Barrington Research

Great, then last question for me is I was hoping you could provide an update on the competitive landscape domestically and then as you look to expand further in Europe and Australia, are there any noteworthy competitors in those geographies?

Pat Allin

Let me break it down into two parts. CPM, we’re not seeing any competitor in North America or around the world and have no knowledge of anyone really heading in that direction or investing heavily to build a solution. Some of our other solutions do have competition. It’s probably more keen in North America than it is in Australia or the UK. But having said that, number of our solutions are market leading and we are investing heavily and we believe our strategy of leveraging the information that we are generating across the platform is an unbeatable strategy. In large part because no one else can gather the kind of information we can around construction projects, financial metrics, operating metrics, performance metrics that will make running construction projects different than it is in the future different than it is today. What happens today is the construction project takes place. A lot of the learnings and value that could come from a project are not captured in any way that they can be used by an organization and that’s fundamentally what our solutions are doing. They are making processes more efficient with, they’re gathering phenomenal amounts of information that delivered in the right way to our clients, give them an opportunity to run their businesses in a more efficient and more profitable way. We don’t see anyone else with that capability.

Operator

Thank you. (Operator Instructions) Our next question comes from Jamie DeYoung from Goudy Park Capital.

Jamie DeYoung - Goudy Park Capital

Sales and marketing leverage was quite impressive. On an absolute basis sales and marketing decline year-over-year with a 60% top line growth getting into the free cash flow positive two quarters ahead of your guidance. Just curious do you still have a lot of confidence and I think last quarter you had a slide that you had revenues -- at $150 million to $180 million in revenue you were targeting 40% EBITDA margins which I guess would employ kind of an exit '16 sometime '17 timeframe, are you still sticking with that?

Jillian Sheehan

Yes, Jamie we at this time don’t have update to this target model. Both the revenue run rate sort of roughly at the time frame that we talked about in the past.

Jamie DeYoung - Goudy Park Capital

Okay, great. And then now that you’ve brought Turner online, has this led to an acceleration in the pipeline for other top 25 GCs?

Pat Allin

There is no question that when a contractor of the size of Turner decides to implement on an enterprise-wide basis a piece of technology like CPM, it really has caused all our competitors to at least understand the technology. And so, the answer is yes, it has had an impact. We are in discussions with a number of very large contractors and they are progressing as normal sales prospect would. Given their size and their complexity, it’s always difficult to predict when we are going to get them across the goal line but we are encouraged. Turner is a market leader and getting them on-board, we are benefiting from having the market leader using our technologies. And it isn’t just CPM. They are using our bid management solution in some of their offices and they are using submittal exchange on a few of their projects. So, it’s very interesting. It’s more broadly based although at this point it’s predominantly CPM.

Jamie DeYoung - Goudy Park Capital

And then I just wanted to ask, the last time we spoke last quarter insiders were locked up, has there been any change there or are insiders now able to buy stock once the window reopens?

Pat Allin

That’s a good point. Jamie, our trading window is still closed and we expect it to remain closed throughout the release of our third quarter. So, the end of September results into late October or early November. So the window is not open for insiders.

Operator

Thank you. I will now turn the call over to Patrick Allin for closing comments.

Pat Allin

Thank you very much. In summary, we are pleased with our results for the quarter and remained very excited about our prospects going forward. As I was saying in talking about our platform, we really believe we've got the right strategy and I am supported by this phenomenal team and we are going to take full advantage of the opportunity in both our North American markets and as we expand globally. As our model matures and it’s getting more mature every quarter, we expect our cash flow and margins to continue to improve and we think our future is increasingly bright. Thank you taking the time to participate in our call this afternoon and we look forward to speaking to you in about 90 days. Thank you.

Operator

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

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