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Pervasive Software, Inc. (NASDAQ:PVSW)

F2Q08 Earnings Call

January 22, 2008 5:00 pm ET

Executives

Randall G. Jonkers – Chief Financial Officer

John E. Farr – President, Chief Executive Officer & Director

Analysts

Martin Murphy

Patrick Walker

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 fiscal year 2008 second quarter financial results conference call. All lines have been placed on mute to prevent any back ground noise. After the speakers remarks there will be a question and answer session. (Operator Instructions) Mr. Randy Jonkers you may begin your conference call.

Randall G. Jonkers

Good afternoon and thank you for joining us. I’m Randy Jonkers, Chief Financial Officer at Pervasive Software. While we wait for others to join I will go over the standard disclaimer regarding remarks on this call. This conference call may contain forward-looking statements within the meaning of the Federal Securities laws including statements regarding the company’s or managements intentions, hopes, believes, expectations and strategies for the future. Forward-looking statements may include without limitation, statements regarding the following: future investment, sales, market growth and direction, competition, revenue growth, operating margin and profitability. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Pervasive’s most recent filings with the Securities & Exchange Commission. Pervasive does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of this conference call.

Also, and as a reminder our non-GAAP results for the quarters ending December 31, 2007 and 2006 exclude the amortization of purchased intangibles and stock based compensation expense and presents income taxes at a statutory rate of 34%. We believe that the non-GAAP results described in today’s press release and in this conference call are useful for an understanding of our ongoing operation and to assist the investor community in comparing Pervasive’s non-GAAP results from period-to-period as well as comparing our results with that of similar companies. We use these non-GAAP results to compare our performance to that of prior periods, for analysis of trends, to evaluate the company’s financial strength, develop budget, manage expenditures and develop a financial outlook. Non-GAAP results are supplemental and are not intended as a substitute for GAAP results. Note that our call today is being broadcast simultaneously via the Pervasive website. Welcome to those listeners.

In this call we’ll cover two primary agenda items. First I will recap Pervasive’s financial results during our second fiscal quarter and then John will update you regarding our plans and priorities for the remainder of the fiscal year. Now for the financial results. Today we released financial results for the second quarter of our fiscal year 2008. Our earnings on a GAAP and Non-GAAP basis are at the high end of guidance that we provided on October 23rd. Pervasive’s basic revenues total $10.3 million in Q2 which is an increase of $270,000 as compared to Q2 of last fiscal year. Our GAAP basis net income was $685,000 in Q2 and diluted earnings per share were $0.03 with a Q2 effective tax rate of 24% as compared to an effective tax rate of 47% in Q2 of last fiscal year. Our current quarter rate decrease was primarily due to an increase in position portion of our investment being in tax exempt financial instruments. Our non-GAAP net income in Q2 before amortization of purchased intangibles and stock based compensation expense and fully taxed at 34% was $1.1 million consistent with Q1 and down from $1.3 million in Q2 of last fiscal year. Our non-GAAP earnings per share was $0.05 down slightly from $0.06 in Q2 of last fiscal year. We ended the quarter with approximately $47 million in cash and marketable securities representing $2.28 per issued and outstanding share of Pervasive. During the second quarter we repurchased approximately 570,000 Pervasive shares on the open market at a total cost of approximately $2.5 million or approximately $4.39 per share. We generated approximately $1.3 million of positive cash flow from operation down from recent quarters as we are required to make estimated tax payments for US federal tax purposes. Our payment totaled $730,000 during the second quarter. Our DSO or days sales outstanding were an excellent 47 days down three days from Q1.

Now let’s turn to the quarterly revenue details. By geography our Q2 revenue was as follows: domestic revenue totaled $6.5 million in Q2 consistent with Q1 and up 2% from Q2 of last fiscal year. Our international revenue, principally Europe and Japan totaled $3.9 million in Q2 up 4% from Q1 and up 4% from Q2 of last fiscal year. From a mixed standpoint our international Q2 revenue was 37% of total revenue consistent with Q2 of last fiscal year. At our product level our data products and our integrations products represented approximately two thirds and one thirds of our business respectively in Q2.

Turning to operating expenses our operating costs and expenses totaled $9.9 million in Q2 and includes amortization of acquired intangibles and stock based compensation expenses of approximately $800,000 combined or non-GAAP expenses of $9.1 million consistent with Q1 and up 4% from Q2 of last fiscal year. We had 201 employees at the end of Q2 which represents an increase of 9 employees from the end of the first quarter.

Now looking forward, we expect revenues in our third quarter of fiscal year 2008 to be in the range of $9.5 to $10.5 million and GAAP basis diluted earnings of $0.01 to $0.03 per share as stated in our press release earlier today. Our anticipated effective tax rate for GAAP purposes for the remainder of fiscal year 2008 will be approximately 30%. Non-GAAP profitability expected to include amortization of purchased intangibles and stock based compensation expense together representing approximately $800,000 in the third quarter of fiscal year 2008. With that we expect non-GAAP and fully taxed diluted earnings per share in our third quarter fiscal year 2008 to be $0.03 to $0.06 compared to non-GAAP diluted employee tax EVPS of $0.06 in Q3 of fiscal year 2007. Our non-GAAP effective tax rate for comparative purposes reflect a statutory rate of 34% on pre-tax non-GAAP income. We anticipate cash flow from operations to be between $1 and $2 million for the third quarter fiscal year 2008. Also, as in prior quarters we’re not providing significant guidance beyond Q3. For EPS calculations purposes we expect our GAAP basis and Non-GAAP fully diluted share counts for the third quarter fiscal year 2008 to be approximately $20 million and $20.6 million shares respectably. Note that this share count estimate excludes the impact of any future share repurchases. Now let me turn the call over to John Farr CEO of Pervasive Software.

John E. Farr

In this call I will give you an update on the significant elements of our business namely our embedded database business, our integration business, our investments in innovations, our share repurchase program and earnings. First the database business. In the December quarter we began to market the latest Version of our embedded database Pervasive PSQL Summit V10 which was released in September of 2007 and as a reminder Version 10 is designed to help ISV’s [inaudible] and OEMs successfully embrace new technologies including a new Vista operating system from Microsoft as well as taking advantage of the latest in 64 bit technology for accelerated database performance. Version 10 Pervasive PSQL continues its proven 25 year track record delivering low TCO reliability, scalability, performance, ease of use and embeddability in a secure environment. During the March quarter we expect to release PSQL Version 10J localized for the Japanese market through our Tokyo based long term partner AG Tech Corporation. Also, during the March quarter our Austin based engineering QA and support teams will focused on continued development work for PSQL Version 10.1 which will support the upcoming release of Microsoft Windows sever 2008.

Next let me update you regarding our integration business. In October we hosted over 100 of our customers here in Austin for our annual integration user’s conference. The conference featured a highly interactive setting in which attendees participated in break-out sessions led by both Pervasive technologist and Pervasive customers. 12 of our customers and partners gave their available time to make presentations during the conference including speakers from Astadia, CGI, Server and Intuit. Attendees gave insight in Pervasive’s integration road map including a sneak preview of Pervasive’s data integrator Version 9 which was then formally released in November. With more than 150 adapters already Version 9 enhancement provide organizations with an open architect solution that enables customers, partners, and developers to more easily build custom adaptors as past vendors and ISVs to quickly extend applications with more rapid integration capabilities. Our investments in our integration business have enabled us to continue winning new ISVs [inaudible] and systems integrator relationships. Two examples, [Intact] is the market and technology leader in on demand financial management applications. The company’s award winning suite of solutions is used by thousands of small and mid-size businesses from start ups to public companies to manage and share financial supply chain and professional services information. [Intact] we’ll be using Pervasive’s software to make their competitive migrations easier. Xsell was founded in 2004 with a sole focus of enabling a new more effective sales channel customer service marketing. The Xsell customer service marketing network applicable to a wide variety of industries and organizations was designed to leverage customer initiated interactions and transform these into sales opportunities. Xsell will be using Pervasive to integrate their on-demand platform with a variety of leading CRM applications.

And lastly, we continue to focus on expanding our integration business geographically. Representatives of our northwest integrations market development partners from Japan, Korea, Singapore and China were all in Austin this October for our integration user’s conference and Pervasive executives and technical and training personnel have made numerous trips to these regions to help our new partners kick start their businesses. Our expansion into these international markets represents an important market development initiative for us in fiscal year 2008.

Now for an update on Pervasive’s innovation initiatives. You may recall my discussion last quarter regarding our Pervasive data solutions initiative. Pervasive data solutions is significant in that it represents the first time we have focused on selling our integration offering as a solution as opposed to a tool. The initial solution delivered by a Pervasive data solutions team is called Pervasive DataSynch. Pervasive DataSynch delivers a unique on demand solution that gives user same day access to reliable synchronization of date between www.SalesForece.com and QuickBooks. Out team released Version 2 of Pervasive DataSynch during the December quarter and added another 30 subscribers, more than twice the number of new subscribers booked in the September quarter. While the total subscribers and the related revenue are still relatively quite small, trends are defiantly moving in the right direction and we are pleased with our engineering results and our bookings this far for this initiative. In the coming weeks we anticipate providing multi-tenant postage Pervasive DataSynch solutions giving customers additional delivery model flexibility. Pervasive DataSynch is really just the first of many anticipated subscription based offerings from Pervasive designed to give customers a reliable almost immediate access to specific integration solutions that meet the needs of even non-technical users.

In the coming weeks we anticipate the release of our second data solutions offering Pervasive DataWrap providing users with an affordable on demand replication of and access to reliable master data from customer sales force CRM application replicated to the database behind the firewall on the customer’s premises and Pervasive DataSynch and Pervasive DataWrap offer a compelling combination of low price point, light footprint and full service integration on demand backed by more than 20 years experience in the integration industry. For more information on Pervasive’s data solutions please visit www.PervasivesDataSolutions.com.

Pervasive DataRush is our 100% Java framework that allows developers to quickly build highly parallel data intensive applications but take full advantage of multi-core S&P platforms. We developed and posted our Beta 2 Version of DataRush in October and for the duration of the December quarter the focus of the team has shifted a bit more towards identifying and supporting light house customers and prospects. Our DataRush initiative and our DataRush team members are being noticed from technical presentations at Java 1 last May to numerous industry articles on parallel programming which draw upon the knowledge of our in house experts, to our CTO Mike Hoskins’ recognition as technologist of the year by the Austin Chapter of the Associative of Information and Technology Professionals producably due to his involvement with our DataRush initiative. Please see ww.PervasiveDataRush.com for more information on this initiative.

We have a name for the combination of all of our internal innovations efforts, Pervasive Innovation Alliance. Innovation labs effectively functions as our own internal venture capital style incubator. Various ideas compete for finite funding and once funded represent net investments for Pervasive until sustainable, profitable businesses are ready to emerge. Our funded teams are even physically separated to the extent possible in our Austin facilities in order to instill the appropriate level of focus and I am quite pleased with what our innovation labs team have accomplished in the last 18 months since the program began.

Lastly, our continued focus on profitability, growth in cash and reduction of shares outstanding. As Randy has already mentioned, we generate a profitable result in Q2 representing our 28th conservative quarter of profitability and we generated positive cash flow from operations of $1.3 million ending the quarter with $46.6 million in cash and marketable securities and no debt representing $2.28 in cash per issued and outstanding share. In addition, we acquired approximately 570,000 of Pervasive common stock on the open market at a total cost of about $2.25 million or approximately $4.39 weighted average price per share. Our issued and outstanding shares have now been reduced to a total of 20.4 million shares as of December 31, 2007 and we have approximately $5.5 million of authorized repurchasing funds under our $10 million stock repurchase program approved last summer.

In closing, Pervasive continues to enjoy many competitive advantages including solid and proven product lines, a well developed channel and operating leverage, a strong balance sheet, a reinvigorated focus on innovation and consistent profitability and positive cash flow. We remain committed to the strategic balance of investment in both our flagship and emerging progress while also maintaining an intense on profitability. One quick investor relations notes, we are presently scheduled to present at the securities and research associates fourth annual winter technology conference in San Francisco on February 11th and at the B. Riley investor conference to be held in Los Vegas from April 2 through the 4th. We hope to see many of you at these events. Thank you for your time today and your interest in Pervasive. I will now open the floor for questions.

Question-and-Answer Session

Operator

(Operator instructions) We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Martin Murphy.

Martin Murphy

John, it looks like the quarter was affectively completely in line with my expectations for revenue and also for earnings if we make the adjustment just for the interest income and expense. Was there something in there did you have an FX translation loss? Or, some other type of item that was dragging down that one line item?

John E. Farr

We don’t have a lot of that FX exposure. Are you talking about interest income?

Martin Murphy

Yes I am.

John E. Farr

Interest income is down a little bit from prior quarters mainly because we have purposely shifted some of our investments to more tax advantaged securities and so I would expect that interest income will be less, certainly was less in Q2 than in Q1 for that reason and now with the FED funds rate down three quarters of a point I think we can expect it to go down a little bit more in future quarters.

Martin Murphy

Okay. Thank you John that’s very helpful. My second question was going to be on the operating margins. If we look forward into Q3 and Q4, you’ve been investing so far this year to a point of slight degradation of the operating margins. How do we think that’s going to look in the second half of the year versus the first half?

John E. Farr

Instead of trying to answer that from a margin perspective let me answer it more from an expense or an investment perspective. I would say that right now I would expect that our expense stack would be similar in Q3 and Q4 as it has been in Q2 and Q1. We, like all companies, in the states have a little bit of expense stack pressure in the March quarter just simply because the payroll taxes start up all over again for all employees who haven’t reached the limit so that puts a little bit of burden. But we are – the main message here Mark is that we have room in our P&L to make investments for the future and we’ve been doing so and investing, net investing in initiatives that described today in the call both on DataSynch and DataWrap and DataRush and more to come. We’ve proven our ability to manage our investments certainly over the last 28 quarters and we expect that we would continue build that into the future.

Martin Murphy

Okay understood. Then also John, could you repeat, I didn’t catch if you indicated this in detail but, as far as the timing PSQL, the key release that will have the Windows Server 2008 support, is it possible to indicate which month you think that will reach general availability?

John E. Farr

I purposely didn’t mention a month and mainly because it triggers off whatever Microsoft does and when they do it. What my team is telling me is that we will be weeks, call it four to eight weeks in releasing our Version 10.1 supporting Window Server 2008. We will be four to eight weeks following the release of Server 2008 by Microsoft.

Martin Murphy

Okay good and thank you John. The last question I guess, the obvious one is there are all kinds of signs out there that the economy is in trouble. I think the global markets are telling us that. We see Apple here in after hours giving disappointing guidance. So the question is John in past economic cycles, when the economy has been entering a recession or in a recession from your perspective, what kinds of leading indicators have you seen if any? Is it applicable to your business to talk about pipeline changes or close rates or something? Have you seen something just as difference in terms of customer behavior, the way your ISVs are talking to you? Or is it really literally just a case that you really would not know until after the close in quarter?

John E. Farr

Great question and you know, I have been here for quite a few years and have seen the business go through a number of cycles in a number of different environments so obviously, the economy has been on everyone’s mind especially for the last couple of months. I think I would start answering that question by saying no one is immune to massive swings in the economy, not Pervasive and not anyone else. So, we will have our impact but, I would also say that because Pervasive has such a well diversified customer base and business model. We’re well diversified by market; we’re well diversified by customer. We don’t have any significant customer concentration. We’re well diversified by GEO international. Almost half of our database business comes from international markets and so we tend to be, while not immune our swings are not as volatile to the negative or to the positive for that matter based on the economy. It’s because of our diversified customer base; it’s because of the value orientation to our pricing. As many of you know we are not the kind of software company that sells million dollar software transactions; we are about high volume and low price point solutions. So I don’t like being in tough economy but, if I am in a tough economy I would sleep a lot better at night being the CEO of a company that has a value oriented product delivery.

So we compete on lowest total cost of ownership and that becomes more and more important in a tough economy. Further, we are a bit cushioned because of channels I mean, this really is kind of another way to articulate the diversification point but our customers which are primarily the many, many ISVs out there who are selling their own applications. You know you have a lot of different business that are focused on revenue every single month and we benefit from that. So you know large, large segments would have really to fall apart for us to fall out of bed because of the economy. Lastly, I would say that I rest a lot easier knowing that I have over $46 million in the bank. So, I think our cash per share and as people do there analysis in the coming days and weeks and months will become more and more important. So sorry a little bit long winded there but, we’re not immune but, we are a bit cushioned and certainly have the characteristics of a business that will hold up quite well in a tough economy.

Martin Murphy

John I think that’s very helpful and that helps kind of characterize your exposure and the diversification of the business model. I guess in addition to that, would you expect to see - is there something from where you stand in looking at the business, you know whatever gauges and dials and metrics that you have, is there something that would be at some point be apparent to you as a leading indicator of what is happening out there in the world?

John E. Farr

Again, I don’t want to sound overly positive in a tough economy but on database business being in a tough economy, you and I and others we’ve talked a lot about the large, high switching cost for one of our customers to adopt another database and we don’t want them to adopt another database. We serve them well in an effort to make that to be the last thing in their minds but in a tough economy the mere notion of that in one of our customer’s eyes or minds is probably [inaudible] down a notch or two. I’d tell you that what has a greater impact mark of affecting us positively or negatively would be all the consolidation that’s going on around us, probably more so than the swings in the economy itself. As I’ve set here and watched Cognos pick up Applet for five times revenue plus cash and then watched IBM pick up Cognos for five times revenue plus cash and the many others that have occurred during the quarter. Watching MySQL getting picked up for probably what is 10 to 15 times revenue plus cash supposed if they had any.

You know, it’s a crazy market and one thing that has held somewhat true over time is that as these parties, as the market, this market has been consolidated, those that are acquired tend to point their product lines north, up market, large enterprise. So, that has the benefit of kind of clearing the decks at the small to mid-size business levels and help company’s such as Pervasive compete at the small SMB level without as much noise from some of the bigger players.

Operator

(Operator instructions) Your next question comes from the line of Patrick Walker.

Patrick Walker

If I’m reading this right you’re up a little bit almost 3% top line, it sounds like more that was international. Is that how the revenue split comes out if I heard Randy right at the beginning?

Randall G. Jonkers

Yes. It’s you know it was a little better than expected at quarter in Japan, now this is relative to last year December. We had not had a good quarter in Japan a year ago December. So they did better than we thought they would. They being our partner at AG Tech. Offset partially by a little bit of softness, I wouldn’t call it trend but a little bit of the decrease in Europe but certainly a manageable number. We’ve got a fairly decent start here in January in all geographies, quite frankly. So yes, it is a little bit international.

Patrick Walker

Obviously, ya’ll are investing a little bit more in the business. It’s a little bit hard to tease out what the non-cash stock comp number is but, I think we are looking at a good year-to-year comparison there and you had mentioned the investment side of it. And, how do you measure the return on that? And, what’s a steady state there in turn of [inaudible] investment?

John E. Farr

Well like I was telling Mark in total I don’t expect our expense stack in Q3 or Q4 to be that different quite frankly than Q1 and Q2 other than a bit of payroll tax pressure that every company has in the March quarter. And the best way to size some of that investment Patrick is you know, we talked about having nine more full time employees in the December quarter. Some of that was in the integration division, some of that was in our innovation labs; it’s not a big big number. Certainly, we are and have proven our ability to make investments in new areas and adjust things accordingly in other areas to try to keep a fairly smooth level on investment.

How do I measure returns on these? Certainly, that becomes a return based on revenue and as I described our innovations labs investment where it is VC style investing and you don’t always have revenue to point to in the early going for justification. We certainly sit down at the start of a project and give ourselves milestones along the way to know that things are tracking and I can say that the things that we’ve been investing in innovation labs are defiantly tracking to those milestones. We have non-revenue measures that I’ve referred to in my script in Pervasive DataSynch area where when I was talking to you last quarter I think I had made mention to 13 to 15 subscribers signed up Pervasive DataSynch in the September quarter and we added more than 30 to that in the December quarter. Now, that represents the sum total of some $50 to $70,000 in annual bookings. So, it’s not a big number but as we tell each other every day, we have to start somewhere and we like the way the trend is going in those Pervasive initiatives.

Patrick Walker

And you’ve just released more importantly on the two thirds of the revenue you just released V10, you guidance says for $9.5 to $10.5 million in revenue. I know we talked about this in the past and you have mentioned in the past on these calls that there is a bit of a period when the ISVs have to get a design in and then you were also coordinating that with the new OS from Microsoft. How is a tracking relative to - or maybe if it tracks like it did the last few times, what would it look like? And, what are your expectations this time around?

John E. Farr

So on the shrink wrap side of our database business the December quarter represented Version 10, you know remember that while were selling Version 10 and sold Version 10 throughout the December quarter we are also selling Version 9. We don’t hold a gun to our customers head and say, “Though shall upgrade to Version 10 now.” We give them almost a year in time before we’ll discontinue older versions. But the shrink wrap part of that business which is a little bit over half of that business, we were showing V10 as being 40% to 50% of the shrink wrap units and shrink wrap dollars of revenue during the December quarter. That’s actually better and quicker adoption than I’ve seen in past measured version releases for which I’ve had several here at Pervasive. I would also say that on the support lines I’ve been touching base with our head of support here in Austin and you know, it’s kind of no news is good news when you talk to support. We are getting the kind of calls about, “How do I install?” And, the answer is, “This is easy. Let me help you through that.” We are not getting the defcon five kind of calls. So very good signs from our support side.

Now, on the OEM side which is the large ISVs that deeply imbedded technology in their applications. I would say that as of December 31st, there were probably five to 10 of our OEM partners who had reported already deployments and therefore royalties on Version 10. That’s pretty good. I say that’s pretty good because our largest OEM partners and IEV customers will generally wait until their next natural release of there half before they will put our newest database in with their application because they want to go through with there own testing and quality control procedures. So we’ll keep track on that.

Patrick Walker

That’s five but 10 out of you know hundreds, presumably?

John E. Farr

Hundreds, certainly. There’s probably worldwide probably at least 400 that we track very closely.

Patrick Walker

And what’s the pricing like on the V10 versus the previous Version?

John E. Farr

We are following our normal pattern and again we compete on price. Version 10 pricing as a new unit is the same pricing as was Version 9 as a new unit. When we rev our database we will increase the price on Version 9 and prior versions. So we do increase the price of older versions just simply because there is a larger support burden that goes along with it. We want everyone on our newest version. We think it’s absolutely worthy of everyone’s attention.

Patrick Walker

Thank you. Well I think Mark did a great job of covering all of the other interesting questions and I will let you go at that.

John E. Farr

I’ll say to you both quickly, I appreciate you being on the call and I appreciate you being interested in Pervasive’s story on a day such as today and with the FED doing what it’s done and with the market doing what it’s done and been doing for the last month. I was wondering. I’m glad everyone’s hear. Thank you. Any other questions operator?

Operator

At this time there are no further questions.

John E. Farr

Alright. Again, thank you all and there are many more on the calls looking at the list here beyond Mark and Patrick and thanks to all of you as well for listening to Pervasive’s story and hopefully we will see many of your at the upcoming two IR events in February and April. Have a nice evening.

Operator

This concludes today’s fiscal year 2008 second quarter financial results conference call. You may now disconnect.

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