TEXTURA CORP CHICAGO, April 28, 2016 /PRNewswire/ -- Textura Corporation (NYSE: TXTR), a leading provider of collaboration solutions for the construction industry, today announced financial results for the quarter ended March 31, 2016.
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Q1 2016 Results
Total revenue for the quarter was $24.7 million, a year-over-year increase of 28%. Year-over year, activity-driven revenue grew 32% to $19.8 million and organization-driven revenue increased 15% to $4.8 million. Deferred revenue at March 31, 2016 was $46.3 million, an increase of 6% from $43.8 million at December 31, 2015 and 22% from $37.9 million at March 31, 2015.
Adjusted gross margin grew to 83.2% from $82.3% while GAAP gross margin was 81.7% compared to 81.4% in the prior-year period. Adjusted EBITDA improved to $4.4 million from $0.9 million year over year. GAAP net loss was ($1.5) million compared to a net loss of ($3.1) million in the prior-year period. Adjusted Basic and Diluted EPS was $0.09, compared to break-even in the quarter ended March 31, 2015. GAAP basic and diluted net loss per share was ($0.06) compared to a loss per share of ($0.12) in the prior-year period.
Conference Call and Webcast Information
As a result of the earlier announcement that Oracle plans to purchase Textura, the conference call previously scheduled for today to discuss Textura's financial results has been canceled.
About Textura
Textura is a leading provider of collaboration and productivity tools for the construction industry. Our solutions serve construction industry professionals across the project lifecycle - from takeoff, estimating, design, pre-qualification and bid management to submittals, field management, performance management, LEED® management and payment. With award winning technology, world-class customer support and consistent growth, Textura is leading the construction industry's technology transformation.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to Textura's financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled "Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Operating Expenses and Adjusted Gross Margin Definitions."
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Operating Expenses and Adjusted Gross Margin Definitions
Adjusted EBITDA represents loss before interest, taxes, depreciation and amortization, share-based compensation expense and other expenses. Adjusted EBITDA is not determined in accordance with accounting principles generally accepted in the United States (''GAAP''), and is a performance measure used by management in conjunction with traditional GAAP operating performance measures as part of the overall assessment of our performance including:
-- for planning purposes, including the preparation of the annual budget;
and
-- to evaluate the effectiveness of business strategies.
We believe the use of Adjusted EBITDA as an additional operating performance metric provides greater consistency for period-to-period comparisons of our operations. For our internal analysis, Adjusted EBITDA removes fluctuations caused by changes in our capital structure (interest expense), non-cash items such as depreciation, amortization and share-based compensation, and infrequent charges.
These excluded amounts in any given period may not directly correlate to the underlying performance of the business or may fluctuate significantly from period to period due to acquisitions, fully amortized tangible or intangible assets, or the timing and pricing of new share-based awards. We also believe Adjusted EBITDA is useful to investors and securities analysts in evaluating our operating performance as it provides them an additional tool to compare business performance across companies and periods.
Adjusted EBITDA is not a measurement under GAAP and should not be considered an alternative to net loss or as an alternative to cash flow from operating activities. The Adjusted EBITDA measurement has limitations as an analytical tool and the method of calculation may vary from company to company.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue. We believe the use of Adjusted EBITDA Margin as an additional operating performance metric provides greater consistency for period-to-period comparisons of our operations and greater comparability to our peer group.
Adjusted EBITDA Margin is not a measurement under GAAP and should not be considered an alternative to operating margin. The Adjusted EBITDA Margin measurement has limitations as an analytical tool and the method of calculation may vary from company to company.
Adjusted Basic EPS is calculated as Adjusted Net Loss divided by the number of basic weighted-average common shares outstanding during the period. Adjusted Diluted EPS is calculated as Adjusted Net Loss divided by the number of diluted weighted-average common shares outstanding during the period. Adjusted Net Loss is comprised of Textura's net loss adjusted for share-based compensation expense, amortization expense and other expenses recognized during the period. We believe the use of Adjusted Basic and Diluted EPS as additional operating performance metrics provide greater consistency for period-to-period comparisons of our operations and greater comparability to our peer group.
Adjusted Basic and Diluted EPS are not measurements under GAAP and should not be considered alternatives to net loss per share. The Adjusted Basic and Diluted EPS measurements have limitations as analytical tools and the methods of calculation may vary from company to company.
Adjusted Operating Expenses is calculated as total operating expenses, adjusted for share-based compensation expense, amortization expense and other expenses recognized during the period. We believe the use of Adjusted Operating Expenses as an additional operating performance metric provides greater consistency for period-to-period comparisons of our operations and greater comparability to our peer group.
Adjusted Operating Expenses is not a measurement under GAAP and should not be considered an alternative to operating expenses. The Adjusted Operating Expenses measurement has limitations as an analytical tool and the method of calculation may vary from company to company.
Adjusted Gross Margin is calculated as gross margin, adjusted for share-based compensation expense recognized during the period. We believe the use of Adjusted Gross Margin as an additional operating performance metric provides greater consistency for period-to-period comparisons of our operations and greater comparability to our peer group.
Adjusted Gross Margin is not a measurement under GAAP and should not be considered an alternative to gross margin. The Adjusted Gross Margin measurement has limitations as an analytical tool and the method of calculation may vary from company to company.
Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding Textura's future financial performance, market growth, total addressable market, demand for Textura's solutions, and general business conditions and outlook. Any forward-looking statements contained in this press release are based upon Textura's historical performance and its current expectations and projections about future events and financial trends affecting the financial condition of its business. These forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. These forward-looking statements are based on information available to Textura as of the date of this press release, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, trends in the global and domestic economy and the commercial construction industry; our ability to effectively manage our growth; our ability to develop the market for our solutions; competition with our business; abnormal severe winter weather conditions; our dependence on a limited number of client relationships for a significant portion of our revenues; our dependence on a single software solution for a substantial portion of our revenues; the length of the selling cycle to secure new enterprise relationships for our CPM solution, which requires significant investment of resources; our ability to cross-sell our solutions; the continued growth of the market for on-demand software solutions; our ability to develop and bring to market new solutions in a timely manner; our success in expanding our international business and entering new industries; and the availability of suitable acquisitions or partners and our ability to achieve expected benefits from such acquisitions or partnerships. Forward-looking statements speak only as of the date of this press release and we assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Further information on potential factors that could affect actual results is included under the heading "Risk Factors" in our Annual Report on Form 10-K filed on March 4, 2016, and our other reports filed with the SEC.
Investor Contact: Media Contact:
Annie Leschin Matt Scroggins
Textura Corporation, Investor Relations matt.scroggins@texturacorp.com
annie@streetsmartir.com 224-254-6652
415-775-1788
or
ir@texturacorp.com
847-457-6553
Textura Corporation
Consolidated Balance Sheets (unaudited)
(in thousands, except per share amounts)
March 31, December
2016 31,
2015
----
Assets
Current assets:
Cash and cash
equivalents $82,278 $78,669
Accounts
receivable, net
of allowance of
$243 and $193
at March 31,
2016 and
December 31,
2015,
respectively 5,842 6,425
Prepaid expenses
and other
current assets 1,276 1,225
----- -----
Total current
assets 89,396 86,319
Property and
equipment, net 33,970 34,214
Restricted cash 2,839 2,839
Goodwill 52,848 52,848
Intangible
assets, net 7,182 7,965
Other assets 163 157
Total assets $186,398 $184,342
======== ========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $1,956 $2,701
Accrued expenses 9,887 11,378
Deferred
revenue, short-
term 42,828 40,089
Total current
liabilities 54,671 54,168
Deferred
revenue, long-
term 3,426 3,724
Other long-term
liabilities 2,194 2,040
Total
liabilities 60,291 59,932
------ ------
Stockholders' equity:
Common stock, $.001 par value; 90,000 shares
authorized; 26,875 and 26,861 shares issued
and 26,205 and 26,190
shares
outstanding at
March 31, 2016
and December
31, 2015,
respectively 26 26
Additional paid
in capital 364,578 361,370
Treasury stock,
at cost; 670
and 671 shares
at March 31,
2016 and
December 31,
2015,
respectively (10,284) (10,309)
Accumulated
other
comprehensive
loss (663) (662)
Accumulated
deficit (227,550) (226,015)
-------- --------
Total Textura
Corporation
stockholders'
equity 126,107 124,410
Total
liabilities and
stockholders'
equity $186,398 $184,342
======== ========
Textura Corporation
Consolidated Statements of Operations (unaudited)
(in thousands, except per share amounts)
Three Months Ended
March 31,
---------
2016 2015
---- ----
Revenues $24,662 $19,201
Operating expenses:
Cost of services (exclusive of
depreciation and amortization
shown separately below) 4,522 3,578
General and administrative 8,152 6,832
Sales and marketing 5,326 5,193
Technology and development 5,515 4,709
Depreciation and amortization 2,566 1,876
Total operating expenses 26,081 22,188
------ ------
Loss from operations (1,419) (2,987)
Other income, net
Interest income and other expense,
net 23 15
Interest expense (4) (11)
Total other income, net 19 4
--- ---
Loss before income taxes (1,400) (2,983)
Income tax provision 135 84
--- ---
Net loss $(1,535) $(3,067)
Net loss attributable to Textura
Corporation common stockholders $(1,535) $(3,067)
======= =======
Net loss per share attributable to
Textura Corporation common
stockholders, basic and diluted $(0.06) $(0.12)
====== ======
Weighted-average number of common
shares outstanding, basic and
diluted 26,195 25,640
====== ======
Textura Corporation
Consolidated Statements of Cash Flows (unaudited)
(in thousands)
Three Months Ended
March 31,
---------
2016 2015
---- ----
Cash flows from operating activities
Net loss $(1,535) $(3,067)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation
and
amortization 2,566 1,876
Deferred
income taxes 135 80
Share-based
compensation 3,072 1,971
Changes in operating assets and
liabilities:
Accounts
receivable,
net 592 659
Prepaid
expenses and
other assets (49) (40)
Deferred
revenue,
including
long-term
portion 2,438 2,334
Accounts
payable (704) (62)
Accrued
expenses and
other (1,506) (559)
------ ----
Net cash
provided by
operating
activities 5,009 3,192
Cash flows from investing activities
Increase in
restricted
cash - (400)
Purchases of
property and
equipment,
including
software
development
costs (1,567) (2,889)
Net cash used
in investing
activities (1,567) (3,289)
Cash flows from financing activities
Payments on
capital
leases - (226)
Proceeds from
exercise of
options 136 1,120
Net issuance
of common
stock 25 56
---
Net cash
provided by
financing
activities 161 950
Effect of
changes in
foreign
exchange
rates on
cash and
cash
equivalents 6 (121)
--- ----
Net increase
in cash and
cash
equivalents 3,609 732
Cash and cash equivalents
Beginning of
period 78,669 66,758
End of period $82,278 $67,490
======= =======
Textura Corporation
Operating Metrics (unaudited)
(dollars in thousands and where otherwise indicated)
Three Months Ended
March 31,
---------
2016 2015
---- ----
Activity-driven revenue $19,831 $14,993
Organization-driven revenue 4,831 4,208
Total revenue $24,662 $19,201
======= =======
Activity-driven revenue:
Number of projects added 2,247 1,794
Client-reported construction
value added (billions) $29.6 $24.1
Active projects during period 10,514 8,469
Organization-driven revenue:
Number of organizations 22,779 18,662
Three Months Ended
March 31,
---------
2016 2015
---- ----
(in thousands)
Net loss $(1,535) $(3,067)
Total other income, net (19) (4)
Income tax provision 135 84
Depreciation and amortization 2,566 1,876
----- -----
EBITDA 1,147 (1,111)
Share-based compensation 3,072 1,971
Other expenses* 135 -
--- ---
Adjusted EBITDA $4,354 $860
====== ====
* In 2016, other expenses
represented certain costs
related to the previously
disclosed CEO transition as
well as other legal expenses.
Three Months Ended
March 31,
---------
2016 2015
---- ----
(dollars in thousands)
---------------------
Revenue $24,662 $19,201
Operating expenses 26,081 22,188
------ ------
Operating loss $(1,419) $(2,987)
Operating margin (6)% (16)%
Adjustments, as a % of revenue:
Depreciation and amortization 10% 10%
Share-based compensation 13% 10%
Other expenses* 1% -%
--- ---
Adjusted EBITDA Margin 18% 4%
* In 2016, other expenses
represented certain costs
related to the previously
disclosed CEO transition as
well as other legal expenses.
Three Months Ended
March 31,
---------
2016 2015
---- ----
(in thousands, except per
share amounts)
-------------------------
Net loss attributable to Textura
Corporation common shareholders $(1,535) $(3,067)
Net loss $(1,535) $(3,067)
Share-based compensation 3,072 1,971
Amortization of intangible assets 783 1,053
Other expenses (1) 135 -
--- ---
Adjusted net income (loss) $2,455 $(43)
====== ====
Weighted-average number of common
shares outstanding - basic and
diluted 26,195 25,640
Dilutive equity awards (2) 673 -
--- ---
Adjusted weighted-average number
of common shares outstanding -
diluted 26,868 25,640
====== ======
Adjusted Basic EPS (3) $0.09 $ -
===== ==========
Adjusted Diluted EPS (3) $0.09 $ -
===== ==========
(1) In 2016, other expenses
represented certain costs
related to the previously
disclosed CEO transition as
well as other legal expenses.
(2) For the three months ended
March 31, 2016, dilutive
equity awards totaled 0.7
million. Dilutive equity
awards represent potential
common stock instruments such
as stock options, unvested
restricted stock units and
warrants. Potential common
stock instruments are excluded
for the three months ended
March 31, 2015 as their effect
would be anti-dilutive.
(3) Adjusted Basic EPS is
calculated using adjusted net
income (loss) divided by the
weighted-average number of
common shares outstanding -
basic and diluted. For the
three months ended March 31,
2016, Adjusted Diluted EPS is
calculated using adjusted net
income (loss) divided by the
adjusted weighted-average
number of common shares
outstanding - diluted. For
the three months ended March
31, 2015, given the loss
position, Adjusted Diluted EPS
equals Adjusted Basic EPS.
Three Months Ended March 31, 2016
---------------------------------
Share-Based
Compensation
and
GAAP Amortization Adjusted
Operating of Intangible Other Operating
Expenses Assets Expenses* Expenses
-------- ------ -------- --------
(in thousands)
-------------
Cost of services $4,522 $378 $ - $4,144
General and
administrative 8,152 2,069 135 5,948
Sales and marketing 5,326 402 - 4,924
Technology and
development 5,515 223 - 5,292
Depreciation and
amortization 2,566 783 - 1,783
----- --- --- -----
Total $26,081 $3,855 $135 $22,091
======= ====== ==== =======
* In 2016, other expenses
represented certain costs
related to the previously
disclosed CEO transition as
well as other legal expenses.
Three Months Ended March 31, 2015
---------------------------------
Share-Based
Compensation
and
GAAP Amortization Adjusted
Operating of Intangible Operating
Expenses Assets Expenses
-------- ------ --------
(in thousands)
-------------
Cost
of
services $3,578 $187 $3,391
General
and
administrative 6,832 1,316 5,516
Sales
and
marketing 5,193 266 4,927
Technology
and
development 4,709 202 4,507
Depreciation
and
amortization 1,876 1,053 823
----- ----- ---
Total $22,188 $3,024 $19,164
======= ====== =======
Three Months Ended
March 31,
---------
2016 2015
---- ----
(dollars in thousands)
---------------------
Revenue $24,662 $19,201
Cost of services 4,522 3,578
----- -----
Gross profit $20,140 $15,623
Gross margin 81.7% 81.4%
Adjustments:
Share-based compensation as a % of
revenue 1.5% 0.9%
--- ---
Adjusted Gross Margin 83.2% 82.3%
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SOURCE Textura Corporation
