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Guidance Software (NASDAQ:GUID)

Q2 2014 Earnings Call

August 07, 2014 5:00 pm ET

Executives

Rasmus van der colff - Chief Accounting Officer and Vice President of Finance

Victor T. Limongelli - Chief Executive Officer, President and Director

Barry J. Plaga - Chief Financial Officer

Analysts

Mark W. Schappel - The Benchmark Company, LLC, Research Division

Kevin Liu - B. Riley Caris, Research Division

Michael W. Kim - Imperial Capital, LLC, Research Division

Matthew J. Kempler - Sidoti & Company, LLC

Operator

Good afternoon, everyone, and welcome to Guidance Software's Q2 2014 Earnings Results Conference Call. [Operator Instructions] As a reminder, this call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Rasmus van der colff, Vice President of Finance and Chief Accounting Officer. Please go ahead.

Rasmus van der colff

Thank you. Good afternoon, everyone, and thank you for joining us today to discuss Guidance Software's Second Quarter 2014 results. With me today are our President and CEO, Victor Limongelli, and Chief Financial Officer Barry Plaga.

We would like to remind everyone that during today's conference call, we will make certain forward-looking statements regarding the future operations, opportunities and financial performance of Guidance Software within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. These statements involve a high degree of known and unknown risks and uncertainties that could cause actual results to differ materially from those to be discussed. Please also refer to the risk factors and other disclosures contained in the company's most recent reports on Forms 10-K, 10-Q and 8-K filed with the SEC for a more detailed discussion of these factors.

Forward-looking statements made in today's conference call are based on information available as of today, August 7, 2014, and Guidance assumes no obligation to update such statements to reflect events or circumstances after today's date. Additionally, unless otherwise noted, we will discuss non-GAAP results during today's call. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP results, which can be found in today's press release and on our website. Lastly, I would like to remind everyone that today's call is also available via webcast on our Investor Relations website and a replay will also be available on our site.

With that, I would now like to turn the call over to Victor Limongelli, our President and CEO. Victor?

Victor T. Limongelli

Thanks, Rasmus. Good afternoon, everyone. At the beginning of the year, in early January, we told you that we were making major changes in our go-to-market approach, including simpler and more transparent pricing, an expansion of inside sales, and continuing improvements in the ease of use of our technology.

We said then that we would achieve the following 4 things. First, we indicated that we were going to turn around our enterprise software business. After a difficult 2013, we told you to expect higher pipeline close rates in 2014 leading to growth in that critical part of our business. Second, as part of that growth in enterprise software, we told you that we would add 1,000 new customers this year. Third, we stated that we would make a remarkable turnaround from 2013 in terms of EPS moving to breakeven or better in 2014. Finally, we stated that the company would return to top line growth in 2014, not just in terms of enterprise software but for the company overall, despite some headwinds in a few of our smaller markets.

Six months in, I am pleased to report that we are delivering on all 4 of these. We achieved record pipeline close rates in Q2, matching the high close rates of the first quarter, and we grew enterprise software revenues sharply, up 65% year-over-year in the second quarter.

I was also pleased with the number of new customers in Q2. It also was up sharply over the year-ago quarter, and through 6 months, we are on track to achieve that 1,000 new customer number, given our typical seasonality.

All of these new customers, of course, result in additional endpoints with the EnCase agent. And bear in mind that each of our Enterprise products leverage the same endpoint agent. So far this year, we estimate that nearly 2 million additional endpoints have been added, putting the estimated total near 22 million.

And we have controlled expenses very well, as reflected in the strong improvement in our EPS numbers in the second quarter. Indeed, the improvement in the enterprise software business has been achieved in the context of reasonable selling and marketing expenses.

And overall, we continue to prudently manage expenses. On an absolute dollar basis, expenses in the second quarter were down 10% year-over-year. In short, the strategic changes we've made are beginning to pay dividends. As we said both last quarter and in the first quarter, we remain focused on continuing to improve our execution in 2014, gaining new customers, increasing revenues and returning to profitability. We have more work to do but I am encouraged by the first 6 months of the year.

Last quarter, many of you attended our CEIC conference, the biggest and best conference of its kind, with 11 different tracks, including a track in Spanish for the first time, and over 120 sessions focused on Forensics, Cybersecurity and eDiscovery. It had record-setting attendance and served as a great venue to showcase our technology.

As part of that showcase, we previewed EnCase 8 for the first time. EnCase 8 will provide our users with an even more powerful endpoint capability, enabling parallel execution across the entire enterprise, vastly improving scalability. This will enable continuous monitoring and unprecedented control of the endpoint, both through native capability in EnCase and through third-party apps available on our website and EnCase App Central.

In addition, EnCase 8 will include ground-breaking technology for the analysis and review of collected information. This new technology, called Linked Review, will leapfrog the competition. Our development team is hard at work on EnCase 8, and we are looking forward to its release next year.

As we have said before, we believe that our software solves important problems and that the world is moving to a recognition of the critical importance of the endpoint when it comes to security. That creates opportunity and we are moving to seize that opportunity now by adding customers and adding endpoints covered by EnCase. But we are also focused on the longer term, so we are continuing to develop technology to seize the opportunity in the future.

As we head into the seasonally stronger back half of the year, we are looking forward to building on the progress that we have made in the first 6 months.

Now let me turn the call over to Barry to discuss our specific financial results.

Barry J. Plaga

Thank you, Victor. Total revenues in the second quarter of 2014 were relatively flat year-over-year at $27.2 million and were in line with our expectations. At the beginning of Q1, we initiated many changes: new pricing, field sales reorganization in North America, and the expansion of our inside sales organization. As a result, in Q2, we saw a more robust enterprise product pipeline, and as Victor mentioned, our close rates in Q2 were much improved over the prior year's.

As you know, our product revenue line item includes revenue from enterprise products but also from our forensic software and hardware products.

In Q2, total product revenue increased by 16% year-over-year, with enterprise revenues up 65% year-over-year and forensic product revenues down 9% year-over-year.

Subscription or SaaS revenue from EnCase eDiscovery Review for the second quarter was $1.8 million, down from $2.9 million in the last year. As mentioned on previous calls, we experienced a drop-off of our law firm single-case type of use of our hosting platform, which is normal, as cases do eventually settle.

We have been expecting this revenue decline and we expect SaaS revenue to settle at approximately $1.8 million per quarter for the remainder of the year.

Total services and maintenance revenues were down 2% to $16.4 million in the second quarter versus $16.7 million in the prior year. For Q2, we saw 4% year-over-year increase in maintenance revenue but a 17% year-over-year decrease in professional services revenue. The decline in professional services revenue was due to a large services engagement in Q2 of last year.

Geographically in Q2, North America revenues comprised 78%, while EMEA represented 12% and the rest of world, 10%. We are beginning to see better traction across the broader EMEA region and there remains a significant opportunity to expand our revenue base outside North America, especially with our focus on IT security.

As I mentioned earlier, enterprise product revenue was up 65% year-over-year in Q2, and up 31% in the first half of 2014. Of the various business areas of the company, the key driver of future value is the enterprise software portion. It is high margin, the potentially addressable market is large, and the renewal rates tend to be very high.

Our other product lines are still important as they round out our overall offerings to customers and, in many instances, provide excellent gross margin and contribution margin. But the enterprise software segment offers the highest growth potential and is the most important driver of value.

Gross margin improved across the board year-to-date. Gross margin for the second quarter was 69% versus 66% in the prior year. Gross margin on product revenue was 79%, up from 78%. Total services margin was 67%, an increase from 60% in the prior year, and that was due to continued strong maintenance renewal rates, along with more efficient operations in both our professional services and training organizations.

Total operating expenses decreased year-over-year to $19.3 million in Q2 from $21.9 million in the prior year. The decrease was primarily due to lower R&D costs and lower G&A costs due to cost reductions we initiated earlier in the year.

We dramatically increased EPS year-over-year in Q2. We are reporting a second quarter 2014 net loss of $650,000 or $0.02 per share, as compared to a net loss of $3.9 million or $0.15 per share in the second quarter of 2013.

We ended the quarter with a solid balance sheet, with cash and cash equivalents at June 30 of $18.8 million and no debt. Cash flow used by operations in Q2 was $2.3 million compared to cash provided by operations of $700,000 in Q2 of the prior year. We expect our cash and cash equivalents to be in the range of $14 million to $16 million at the end of Q3 and to remain around that range until the end of Q4, where we expect to end 2014 with $19 million to $21 million in cash.

Now let's turn to forward-looking guidance. We are adjusting guidance on the revenue side and we are maintaining previous guidance on EPS. We now expect revenue for 2014 to be in a range of $113 million to $116 million. While we are pleased with our enterprise product revenue growth year-over-year of 31%, 2 of our business units are behind our expectations, namely: our forensic hardware unit and our professional services group. And then to reiterate, we expect non-GAAP pretax earnings for the year ended December 31, to be approximately $0.00 to $0.03 positive per share. With that, let me turn the call back over to Victor.

Victor T. Limongelli

Thanks, Barry. As I mentioned earlier, the moves we made earlier this year to improve our enterprise software business are paying off. That critical part of the business has made a sharp turnaround, and we are looking forward to continuing that progress in the second half. We remain focused on increasing customer adoption and returning to growth and profitability in 2014. We have the products, the team and the end markets to do so and we're looking forward to delivering on all 3 of those items this year.

With that, let me give the call back to Rasmus.

Rasmus van der colff

Thank you, Victor. Operator, let's go ahead and open the call for questions, please.

Question-and-Answer Session

Operator

[Operator Instructions] And our first question comes from Mark Schappel from Benchmark.

Mark W. Schappel - The Benchmark Company, LLC, Research Division

Victor, starting with you, I believe in Q1, you were running some pretty aggressive promotions around your Analytics product, mainly just to get it seeded into some accounts. And I was just curious if you're still running those promotions or is the product just kind of out selling it -- selling it on its own now?

Victor T. Limongelli

Yes, Mark. Good question. Those promotions ended at the end of March, so we did not run those in Q2. And we were able to see good results. Now just to be clear, there are sometimes industry-specific promotions we run or specific deals. But across the board promotion, that ended at the end of March.

Mark W. Schappel - The Benchmark Company, LLC, Research Division

Okay, great. And I assume that the -- is it fair -- or maybe I should say is it fair to assume that the Analytics product is doing well on its own without the promotions now?

Victor T. Limongelli

Yes, it did well. I don't know if we -- have we put out the customer numbers?

Barry J. Plaga

Not the detailed ones. But we had 30 new Cyber customers and 18 new Analytics customers in Q2.

Mark W. Schappel - The Benchmark Company, LLC, Research Division

Okay, great. And then, Victor, I was also wondering if you could give us an idea of what is changing in your hardware and professional services businesses over the last quarter or 2 that's giving you some concern to take down -- take down numbers a little bit?

Victor T. Limongelli

Yes, sure, Mark. The forensic hardware business has a couple of new products, 1 due out this quarter and 1 next quarter, that we think are actually going to start bringing that business back, but we've had a little bit of a gap here on some product releases and it's been beneath our expectations in the first half of the year. We are working to turn that around and are looking forward to that picking back up. But just sitting here 7 months into the year, it just made sense for us to be more realistic about where they're going to end up for the year. And then on the professional services side, a year ago, they had some larger engagements in the first half of the year and we haven't had as many of those in the back half of the year. We do think that, that business also can, and will, sequentially improve here in the back half of the year. But again, they were below expectations in the first half of the year. It's harder to make that up, right, if you miss services revenue in the first 6 or 7 months. There's only so many hours. So it made sense for us to take that into account. And the third area, federal actually had a pretty good second quarter, better than a year ago. But we're still a bit uncertain about how the third quarter is going to end up in federal, so we've taken that into account as well.

Mark W. Schappel - The Benchmark Company, LLC, Research Division

Okay. And then, Barry, moving over to you, did I hear you correctly in your prepared remarks, cash flow from operations was a positive $2.3 million?

Barry J. Plaga

No, sorry, it was for Q -- provided by operations for Q2, it was -- $2.3 million used.

Mark W. Schappel - The Benchmark Company, LLC, Research Division

So it's a negative -- okay.

Barry J. Plaga

Versus a positive $700,000 in last year. And kind of going on Victor's comment about professional services revenue, we expect them to benefit greatly over the coming years -- maybe this year is a little softer, but there's a lag in attachment rates to services to product sales. But over the long term, our existing customers come back and buy more services, more and more over time. And at the rate we're adding customers over the last 2 to 3 quarters, we expect them to be able to rebound here and have probably a pretty good 2015.

Victor T. Limongelli

Right. But again, if you're halfway through the year and you're behind in professional services, it's harder to make that up in this back half. So we took that into account in our adjustment.

Mark W. Schappel - The Benchmark Company, LLC, Research Division

Okay. And then one last final question and I'll let somebody else get on here. But forensics revenue in the quarter, what exactly was that, Barry?

Barry J. Plaga

$4.7 million, 8 or 9[ph].

Operator

Our next question comes from Kevin Liu of B. Riley & Co.

Kevin Liu - B. Riley Caris, Research Division

A couple of questions on guidance for me as well. I guess, first off, could you actually quantify how the $3 million reduction splits out between services versus the forensic piece?

Barry J. Plaga

Yes. So it's about $1 million out of the forensic hardware group and then about $1 million in professional services and the third $1 million is kind of our softer expectation on what the federal business is going to do in the back half of the year.

Kevin Liu - B. Riley Caris, Research Division

Got it. And If you can remind us, in terms of your federal business, is that -- I guess I would assume it's all kind enterprise-oriented, given that you do have a specific takedown of that forensic piece?

Barry J. Plaga

Absolutely.

Kevin Liu - B. Riley Caris, Research Division

Okay. And then more generally, I mean, so far you've been tracking towards kind of your revenue expectations for the year, in spite of some of the softness in those other areas. So I'm just wondering as you look at the enterprise pipeline today, whether you feel like some of those deals just happened to close earlier than you would have thought or if you're just being a little bit more conservative here in terms of assuming continued outperformance in the back half?

Victor T. Limongelli

Wait, can you rephrase that, Kevin? I'm not sure -- are you asking whether deals closed earlier federally-specific or across the board in enterprise?

Kevin Liu - B. Riley Caris, Research Division

Just across the board in enterprise. You guys have hit your first half revenue expectations so far, even with some of the softness in the other areas. So it seems like your enterprise business is outperforming at present. So I'm just wondering if that's kind of pulling some deals in earlier than you would've originally thought or if there is room for continued outperformance in the back half.

Victor T. Limongelli

Yes, I think that we're happy with the progress in the enterprise business. We made, as we said earlier, a lot of changes in January. And it took a little while for those to take effect. It was up in Q1 but it was up much more sharply in Q2. And to the earlier question, without -- in Q2, without big incentives, promotions. So we're pretty happy with that. The pipeline is typically seasonally stronger in the back half of the year for us. Typically, we have even higher close rates. We have higher close rates in the back half of the year than we do in the front half of the year. So we are pretty optimistic about the enterprise business and what's going on there.

Barry J. Plaga

I don't think there was a lot of pulling of deals from Q3 and Q4 into Q2 at all. So the Q3, Q4 pipeline grew to where we expected and needed it to be based on that guidance, so...

Kevin Liu - B. Riley Caris, Research Division

Great. And just in terms of the add-on sales you're getting right now on the enterprise side of things, I'm just curious if it's with customers that are actually signing on for enterprise this year or whether it's all coming from customers you signed up in past years?

Barry J. Plaga

About -- our mix of revenue in the past couple of quarters has been about 50-50, so -- on the enterprise side. 50% coming from new customers and about 50% from existing. And we don't scope it out exactly on the calendar what the lag is, but it's typically 6 to 9 months when they make a second purchase. So 50% of that revenue is coming from customers that were sold to in 2013 and maybe before, 2012, 2011. So sometimes they come back in many bites over time.

Kevin Liu - B. Riley Caris, Research Division

Got it. And one last one. Just -- where is your recorded carrying headcount today on the sell side? And where would you like it to be by year end?

Barry J. Plaga

It's in the mid-50s and it's probably going to remain there until the end of the year.

Victor T. Limongelli

Yes, we are pretty -- we did a -- filled up the inside sales team, did a good job getting them on board and now everybody there has at least 3 months under their belts. There are some new heads -- not new heads in terms of expansion, but replacements in some of the field sales locations. And as Barry said, we'll be pretty much in line with where we are now.

Operator

Our next question comes from Michael Kim of Imperial Capital.

Michael W. Kim - Imperial Capital, LLC, Research Division

Just want to expand a little bit more on the second half federal business. Now that we have a budget deal in place and historically, Guidance has done a lot more business in federal until last year. I'm curious if there's some fundamental changes in the federal customer or your product set. And any detail you can provide on kind of the second half expectations for federal.

Victor T. Limongelli

Sure. I mean it historically had been a big part of our business, particularly in 2012, where it was an enormous part of our enterprise software business. And on the positive side is, you can look at it this way for me, from an analyst perspective, we have a lot less risk in the federal business because we are doing much better on the commercial side of things. We do have a lot of opportunities still in federal and we are looking forward to closing many of them but we are a little bit, I guess, once bitten, twice shy, might be the best way to explain it. So we are not 100% confident yet on the federal side of the business.

Barry J. Plaga

Plus, we're going through somewhat of a new product cycle with them and we've had a lot of success with eDiscovery. In the federal agencies, Cybersecurity is getting some traction there, and Analytics is brand new, and it takes 1 to 2 years to get some of these -- the deals tend to be bigger. So it takes 1 to 2 years to get these kind of things through the purchasing process. So although it's soft this year, I don't think it's going to be like that forever. I think there's some cyclicality to it year-to-year.

Michael W. Kim - Imperial Capital, LLC, Research Division

Got it. And then earlier this year, Victor, you talked a little about a point-of-sale deployment with a major retailer. Have you added additional retailers for this particular capability? And any insights on -- if you've seen maybe wider opportunities following the Target breach?

Victor T. Limongelli

Yes, thank you for that question. We actually did a demo of that capability at the Black Hat conference just a couple of days ago. And we do have some current opportunities in the pipeline right now with major retailers. And there's definitely interest from the retailing sector in better protecting their POS terminals. So it's been good timing, I guess I would say, in terms of the announcement of that capability and it is leading to opportunities.

Michael W. Kim - Imperial Capital, LLC, Research Division

Got it. And then just lastly, on the SaaS business, I know you indicated it should stay kind of in this range for the balance of the year. But curious if you see that as an opportunity for growth next year or how do you expect to sort of drive that business forward? Do you need to make changes into the capabilities or invest in that business or just run it for I guess the existing base?

Victor T. Limongelli

Sure. I mean, we have been running the business pretty efficiently and we've done some things to take some cost out of the business. So it has been providing operating margin. Most of the new customers have been small subscriptions. We're definitely focused on trying to increase them. But longer term, we -- I mentioned this briefly in my prepared remarks, we have some exciting new technology coming out for their review and analysis of information, which will be applicable in that business. So we think we're going to have a pretty interesting capability for that market as we get towards the back half of next year and into 2016.

Operator

[Operator Instructions] And our next question comes from Matthew Kempler of Sidoti & Company.

Matthew J. Kempler - Sidoti & Company, LLC

So you mentioned some turnover in the field sales force earlier in the year and you're ramping up the inside sales force. So can you talk to thoughts around the maturity of the team at this point and how much more productivity do you think you can get from the team as we progress through the year?

Victor T. Limongelli

Sure. So I mentioned we filled the inside sales positions and everybody has, I think, virtually everybody has at least 3 months under their belt. It does take some time for people to ramp. So that team, I think, its productivity will improve. Here on out, it's been a pretty stable -- the reason we had openings is because we were expanding that team. Field sales, we made a lot of changes. We changed territories around. We changed the compensation model. We focused them on larger accounts. And so there was some turnover in the field sales force. And so there is -- there are some geographic regions where we are filling open positions there or have been in the process of filling open positions over the past couple of months. So I actually think the field sales team will -- has quite a bit of room to improve productivity, especially as we head into 2015 because there will be people who were hired in June or July that, by that point, will have 6 months under their belt. And they're definitely much more productive after 6 or 9 months than they are in the first 6 months, let's say.

Matthew J. Kempler - Sidoti & Company, LLC

Okay, great. And then, on the product side, so you listed the number of new accounts for each product. I'm wondering, are all the clients coming on as point sales at this point or are you seeing clients adopt suite approaches and implementing multiple solutions?

Victor T. Limongelli

Yes, it's a mix. Some of the customers will come in and they'll add Cybersecurity, EnCase Cybersecurity, EnCase Analytics and EnCase Enterprise all at the same time. Others, they bought the Enterprise platform, and as Barry mentioned, 1 year ago or 2 years ago, and they're coming on and adding 1 product. It really is a mix.

Matthew J. Kempler - Sidoti & Company, LLC

Okay. And then, so along those lines, the promotion you've had in the first quarter where there was some 2-for-1 opportunities on the security side, are you seeing the clients that opted for the 2 products, are they utilizing them both yet or is that going to take some time to ramp them up?

Victor T. Limongelli

Yes, it definitely -- as Barry mentioned earlier, the Analytics capability is a new capability to detect problems across your environment by proactively gathering endpoint data, putting it into a data warehouse and identifying anomalies that you wouldn't otherwise be aware of. That's a new paradigm or a new approach. So I would say that it takes a little bit of time for people to make full use of it. Cybersecurity has been out a little bit longer and I think it probably gets a little bit faster adoption once purchased. Deployment, I guess, is a better word than adoption. Faster deployment.

Matthew J. Kempler - Sidoti & Company, LLC

Okay. And then, last thing, just going back to the updated guidance, has anything specifically changed within the federal landscape or in specific sales cycles that has prompted you to be more cautious or is this just the company trying to take a more, generally, a more conservative tone?

Victor T. Limongelli

Yes, just to be clear, most of it is not related to federal. We mentioned our forensic hardware business was down, hadn't met our expectations in the first half of the year. We do have some new products coming out in the September through the rest of the year timeframe for that business so we think it can improve. But that's about 1/3 of it. And then, professional services has been a little bit behind expectations as well. That's about 1/3 of it. And then the last piece is a little bit of uncertainty around the federal sector. Overall, the federal piece, the federal adjustment is not a huge amount. Does that answer your question?

Matthew J. Kempler - Sidoti & Company, LLC

Well, sort of. I recognize that federal is not a big amount but that's also an area where there could be potential upside from. So I was just curious if you've actually seen any changes in the federal landscape or in specific federal sales cycles or if it was just general conservatism?

Barry J. Plaga

No real changes. It just seems to continue to be a little slow to get deals through procurement. And they need longer runways than they ever have, it seems. And I wish we could gather more data points amongst our peers to see what they're seeing. But there isn't the robust spending across the board that we used to see a couple of years ago.

Operator

There are no further questions. I will now turn it back to Rasmus van der colff for closing remarks.

Rasmus van der colff

Great. Thank you, operator. We'd like to conclude our call with that, and we'd like to thank everybody for joining us today. Thank you.

Operator

Ladies and gentlemen, that does conclude today's conference. Thank you for your attendance. You may now disconnect. Everyone, have a great day.

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