BURLINGTON, Massachusetts,
July 27, 2017 /PRNewswire/ --
Attunity Ltd. (NasdaqCM: ATTU), a leading provider of data
integration and Big Data management software solutions, today
reported its unaudited financial results for the three-month period
ended June 30, 2017.
"During the second quarter of 2017, we continued to see strong
growth in our pipeline and customer activity. We closed three large
data lake, cloud and SAP deals, while some of the other large deals
we targeted for the second quarter required longer timeframes to
finalize," stated Shimon Alon,
Chairman and CEO of Attunity.
"While we are disappointed with the second quarter financial
results, this single quarter doesn't capture the full growth
trajectory of the business or progress we have made in grabbing
market share. As we scale the business, it is expected that
we would have some uneven revenue growth across certain quarters,
as just one or two large customer deals that come in a little
before or a little after a quarter can impact the appearance of
that quarter. This is one of the reasons we provide guidance on a
yearly basis.
"Today, we also announced a strategic OEM license agreement with
one of the top information technology companies in the world, who
will use Attunity technology to facilitate and drive data
migrations to its platforms. We believe this is the most valuable
OEM agreement we ever signed, as it provides us with several
million dollars in recurring annual revenue as well as significant
upside revenue opportunities. While we are still evaluating the
revenue recognition aspect of this agreement, we expect to
recognize a portion of the revenue in the second half of 2017."
"As we have achieved approximately 43% of our annual revenue
target thus far in 2017, looking ahead at the second half of the
year, we are on track and reaffirm our guidance for Full Year 2017.
This is based on several factors including the continued growth of
our pipeline in the data lake and Cloud markets, which is larger
than ever; the large deals for which Attunity has already been
selected but did not close in the second quarter and are expected
to close in the second half of the year; and the new OEM
agreement," concluded Alon.
Recent Operational Highlights
- Signed three-year $9 million
strategic OEM licensing agreement with top information technology
company
- Closed agreements with new and existing Replicate customers for
Attunity Replicate and Replicate for SAP, including:
-
- Closed a $1.1 million deal with
large American financial services company
- Closed a $1.0 million deal with
large European insurance company
- Introduced Attunity Compose for Hive, a new Big Data solution
to automate data readiness for analytics on Hadoop Data Lakes,
which was recognized as one of the 10 Coolest Big Data products of
2017 by CRN Magazine.
- Received several industry awards:
-
- '2017 Top 100 Data Management Company' by Database Trends and
Applications (DBTA)
- Bronze in the 12th Annual 2017 IT World Awards® in
New Products and Services Category
- CRN's 2017 Big Data 100 List for the Fifth Consecutive
Year
Financial Highlights for Q2 2017, compared with Q2
2016
- Total revenue was $13.5 million,
compared with $14.2 million
- Operating loss was $2.5 million,
compared with $4.3 million
- Non-GAAP operating loss was $1.4
million, compared with $0.2
million*
- Net loss of $3.2 million,
compared with $2.9 million
- Non-GAAP net loss of $2.0
million, compared with non-GAAP net income of $0.1 million*
Big Data Management and Cloud Solutions
The demand for Hadoop and data lake technologies continues to
grow, driven by business needs for real-time analytics and IoT.
Combined with more customers moving to production with Big Data,
Attunity sees growth in the demand for its solutions. The
customers' strategic data lake initiatives are typically larger in
scale, generating sales opportunities that range from several
hundred thousand dollars to over a million dollars, and continue to
play an important role in driving our topline results.
Attunity's competitive strength is primarily in its ability to
deliver a universal, hybrid and real-time data integration
platform. Customers prefer Attunity Replicate's universal platform
as it meets their need for broad support of data sources and
targets, including hybrid environments across cloud and on premises
data centers. Attunity ramped up its activity in the SAP market,
the largest in the ERP industry, with its Replicate for SAP
solution. This solution offers a unique value to the SAP market and
strengthens Attunity's differentiation with an application-level
replication that its traditional competition does not offer.
Looking ahead, there is great interest for Attunity Replicate for
SAP among Fortune 500 companies, which are key in driving future
deal size.
In addition, Attunity recently introduced Compose for Hive, a
new Big Data solution to automate data readiness for analytics on
Hadoop Data Lakes. Together with Attunity Replicate, Attunity
Compose for Hive significantly reduces the hard work of manual and
time-consuming ETL development, enabling faster and easier creation
of analytics-ready data lakes. The new offering expands Attunity's
solution set for data lakes, empowering enterprises to realize the
value of Big Data and Hadoop more quickly and cost effectively.
The cloud continues to present a growth opportunity for Attunity
as enterprises look to migrate their databases to cloud platforms,
and leverage the cloud as a platform for data lakes and big data
analytics. These needs drive the demand for efficient and reliable
solutions for moving data from customers' data centers. Attunity is
well positioned to accommodate this growing need with its hybrid
data ingestion and replication platform, engaging customers
directly as well as through referrals from leading global
partners.
Financial Results for Q2 2017
Total revenue for the second quarter of 2017 was $13.5 million, compared with $14.2 million for the same period in 2016. This
includes license revenue of $6.2
million, which decreased 22% compared with $8.0 million for the same period in 2016, and
maintenance and service revenue, which grew 17% to $7.3 million, compared with $6.3 million for the same period in 2016.
Operating expenses for the second quarter of 2017 decreased 13%
to $16.0 million, compared with
$18.5 million for the same period in
2016.
Non-GAAP operating expenses for the second quarter of 2017
increased 3% to $14.9 million,
compared with $14.4 million for the
second quarter of 2016. Non-GAAP operating expenses in the second
quarter of 2017 exclude approximately $1.2
million in expenses and amortization associated with
acquisitions and equity-based compensation expenses, compared with
a $2.1 million charge for partial
impairment of acquired technology associated with the Appfluent
acquisition and a $2.0 million in
expenses and amortization associated with acquisitions and
equity-based compensation expenses for the same period in
2016.*
Operating loss for the second quarter of 2017 was $2.5 million, compared with $4.3 million for the same period in 2016.
Non-GAAP operating loss was $1.4
million for the second quarter of 2017, compared with
$0.2 million for the second quarter
of 2016. Non-GAAP operating loss for the second quarter of 2017
excludes a total of $1.2 million in
expenses and amortization associated with acquisitions and
equity-based compensation expenses, compared with a $2.1 million charge for partial impairment of
acquired technology associated with the Appfluent acquisition and
$2.0 million in expenses and
amortization associated with acquisitions and equity-based
compensation expenses for the same period in 2016.*
Net loss for the second quarter of 2017 was $3.2 million, or ($0.19) per diluted share, compared with a net
loss of $2.9 million, or ($0.17) per diluted share, in the second quarter
of 2016.
Non-GAAP net loss for the second quarter of 2017 was
$2.0 million, or ($0.12) per diluted share, compared with non-GAAP
net income of $0.1 million, or
$0.01 per diluted share, for the same
period in 2016. Non-GAAP net loss for the second quarter of 2017
excludes approximately $1.2 million
primarily in expenses and amortization associated with acquisitions
and equity-based compensation expenses, compared with approximately
$3.0 million in expenses,
amortization and impairment charges associated with acquisitions,
equity-based compensation expenses and tax benefits related to
non-GAAP adjustments of $1.1 million
for the same period in 2016.*
Cash and cash equivalents were $10.0
million as of June 30, 2017,
compared with $12.0 million as of
March 31, 2017. Cash and cash
equivalents at the end of the second quarter of 2017 were mainly
impacted by $1.7 million used in
operating activities.
Shareholders' equity as of June 30,
2017 decreased to $29.8
million, compared with $32.2
million as of March 31,
2017.
Outlook for Full Year 2017 – Reaffirmed
The Company reaffirms its fiscal 2017 full year guidance
originally provided on February 2,
2017. The Company continues to expect revenue to increase to
between approximately $62 and $65
million for 2017. Additionally, the Company expects
non-GAAP operating margin to range between 5% and 8%.
Financial Reconciliation to non-GAAP figures for 2017
Outlook:
|
|
From
|
|
|
To
|
|
GAAP Operating Loss
Margin
|
|
|
(3)%
|
|
|
|
0%
|
|
Equity-based
compensation
|
|
|
(6)%
|
|
|
|
(6)%
|
|
Amortization and
other adjustments – related acquisitions
|
|
|
(2)%
|
|
|
|
(2)%
|
|
Non-GAAP Operating
Profit margin (1)
|
|
|
5%
|
|
|
|
8%
|
|
(1) Non-GAAP
Operating Profit Margin is calculated by dividing the non-GAAP
Operating Profit by the total non-GAAP revenues for the
period.
|
These estimates for 2017 reflect the Company's current and
preliminary views, which are subject to change (see below
under "Safe Harbor Statement"). The Company clarified that it does
not expect to provide or update guidance more often than on an
annual basis.
* See "Use of Non-GAAP Financial Information" below for
more information regarding Attunity's use of Non-GAAP financial
measures.
Conference Call and Webcast Information
The Company will host a conference call with the investment
community on Thursday, July
27th at 8:30 a.m. Eastern
Time featuring remarks by Shimon
Alon, Chairman and CEO, Dror
Harel-Elkayam, CFO, and Itamar Ankorion, CMO of Attunity.
The dial-in numbers for the conference call are +1-888-280-4443
(U.S. Toll Free), +1 80 924 6042 (Israel), or +1-719-457-2640 (International).
All dial-in participants must use the following code to access the
call: 2781188.
Please call at least five minutes before the scheduled start
time. The conference call will also be available via webcast,
which can be accessed through the Investor Relations section of
Attunity's website, ir.attunity.com. Please allow extra
time prior to the call to visit the site and download any necessary
software to listen to the live broadcast.
For interested individuals unable to join the conference call, a
replay of the call will be available through August 10,
2017, at +1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671
(International). Participants must use the following code to access
the replay of the call: 2781188. The online archive of the webcast
will be available on ir.attunity.com/events for 30 days
following the call.
About Attunity
Attunity is a leading provider of data integration and Big
Data management software solutions that enable availability,
delivery, and management of data across heterogeneous
enterprise platforms, organizations, and the cloud. Our
software solutions include data replication and
distribution, test data management, change data
capture (CDC), data connectivity, enterprise file
replication (EFR), managed file
transfer (MFT), data warehouse automation, data
usage analytics, and cloud data delivery.
Attunity has supplied innovative software solutions to its
enterprise-class customers for over 20 years and has successful
deployments at thousands of organizations
worldwide. Attunity provides software directly and
indirectly through a number of partners such as Microsoft, Oracle,
IBM and Hewlett Packard Enterprise. Headquartered
in Boston, Attunity serves its customers via offices
in North America, Europe, and Asia Pacific and
through a network of local partners. For more information,
visit http://www.attunity.com or
our blog and join our communities
on Twitter, Facebook, LinkedIn and YouTube.
(*) Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with U.S.
generally accepted accounting principles, or GAAP, Attunity uses
Non-GAAP measures of net income (loss), operating expenses,
operating income (loss), and diluted net income (loss) per share,
which are adjusted from results based on GAAP to exclude
amortization and impairment charges associated with the
acquisitions, stock-based compensation expenses, non-cash financial
expenses, such as the effect of a revaluation of liabilities
presented at fair value and accretion of payment obligations, and
tax benefits related to non-GAAP adjustments. Attunity's management
believes the non-GAAP financial information provided in this
release is useful to investors' understanding and assessment of
Attunity's on-going core operations and prospects for the future.
Management uses both GAAP and non-GAAP information in evaluating
and operating its business internally and as such has determined
that it is important to provide this information to investors. The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for results
prepared in accordance with GAAP. For further details, see
the Reconciliation of Supplemental Non-GAAP Financial Information
table later in this press release.
Important Note: Attunity is not
responsible for the awards mentioned in this press release or the
entities that award them.
Safe Harbor Statement
This press release contains forward-looking statements,
including statements regarding the anticipated features and
benefits of Replicate Solutions, within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995 and other Federal Securities laws. Statements preceded by,
followed by, or that otherwise include the words "believes",
"expects", "anticipates", "intends", "estimates", "plans", and
similar expressions or future or conditional verbs such as "will",
"should", "would", "may" and "could" are generally forward-looking
in nature and not historical facts. For example, when we say we
reaffirm our guidance for Full Year 2017 or when we discuss the
demand for our products and expectations regarding future interest
in our products, growth and deal size, we are using forward-looking
statements. In addition, announced results for the second quarter
of 2017 are preliminary, unaudited and subject to year-end
audit adjustment. Because such statements deal with future events,
they are subject to various risks and uncertainties and actual
results, expressed or implied by such forward-looking statements,
could differ materially from Attunity's current expectations.
Factors that could cause or contribute to such differences include,
but are not limited to, risks and uncertainties relating to: our
history of operating losses and ability to achieve
profitability; our reliance on strategic relationships with
our distributors, OEM, VAR and "go-to-market" and other business
partners, and on our other significant customers; our ability to
manage our growth effectively; acquisitions, including costs
and difficulties related to integration of acquired businesses and
possible impairment charges; our ability to continue to expand our
business into the SAP market and the success of our Gold Client
offering; timely availability and customer acceptance of Attunity's
new and existing products, including Attunity Replicate, Attunity
Compose and Attunity Visibility; fluctuations in our quarterly
operating results, which may not necessarily be indicative of
future periods; changes in the competitive landscape, including new
competitors or the impact of competitive pricing and products; a
shift in demand for products such as Attunity's products; the
impact on revenues of economic and political uncertainties and
weaknesses in various regions of the world, including the
commencement or escalation of hostilities or acts of terrorism as
well as cyber-attacks; and other factors and risks on which
Attunity may have little or no control. This list is intended to
identify only certain of the principal factors that could cause
actual results to differ. For a more detailed description of the
risks and uncertainties affecting Attunity, reference is made to
Attunity's latest Annual Report on Form 20-F (as amended) which is
on file with the Securities and Exchange Commission (SEC) and the
other risk factors discussed from time to time by Attunity in
reports filed with, or furnished to, the SEC. Except as otherwise
required by law, Attunity undertakes no obligation to publicly
release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
The contents of any website or hyperlinks mentioned in this
press release are for informational purposes and the contents
thereof are not part of this press release.
© 2017 Attunity Ltd. All rights reserved. Attunity is a
trademark of Attunity Inc.
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
9,994
|
|
9,166
|
|
Trade receivables
(net of allowance for doubtful accounts of $15
at June 30, 2017 and December 31, 2016)
|
|
5,844
|
|
7,031
|
|
Other accounts
receivable and prepaid expenses
|
|
1,289
|
|
663
|
|
Total current
assets
|
$
|
17,127
|
$
|
16,860
|
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Other
assets
|
|
159
|
|
155
|
|
Deferred
taxes
|
|
1,950
|
|
2,340
|
|
Severance pay
fund
|
|
4,226
|
|
3,770
|
|
Property and
equipment, net
|
|
1,300
|
|
1,214
|
|
Intangible assets,
net
|
|
2,105
|
|
2,778
|
|
Goodwill
|
|
30,929
|
|
30,929
|
|
Total long-term
assets
|
$
|
40,669
|
$
|
41,186
|
|
|
|
|
|
|
|
Total
assets
|
$
|
57,796
|
$
|
58,046
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
U.S. dollars in
thousands, except share and per share data
|
|
|
June 30,
2017
|
|
December 31,
2016
|
|
|
Unaudited
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
$
|
824
|
$
|
375
|
Payment obligation
related to acquisitions
|
|
-
|
|
271
|
Deferred
revenues
|
|
12,571
|
|
10,676
|
Employees and payroll
accruals
|
|
4,429
|
|
4,741
|
Accrued expenses and
other current liabilities
|
|
1,812
|
|
2,021
|
Liability presented
at fair value
|
|
300
|
|
-
|
Total current
liabilities
|
|
19,936
|
|
18,084
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Other
liabilities
|
|
295
|
|
277
|
Deferred
revenues
|
|
1,923
|
|
1,438
|
Liability presented
at fair value
|
|
-
|
|
512
|
Accrued severance
pay
|
|
5,801
|
|
5,027
|
Total long-term
liabilities
|
|
8,019
|
|
7,254
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
Share capital -
Ordinary shares of NIS 0.4 par value -
|
|
1,946
|
|
1,921
|
Authorized:
32,500,000 shares at June 30, 2017 and
December 31, 2016; Issued and outstanding:
17,062,445 shares at June 30, 2017 and 16,841,238
shares at December 31, 2016
|
|
|
|
Additional paid-in
capital
|
|
151,554
|
|
149,716
|
Accumulated other
comprehensive loss
|
|
(1,077)
|
|
(1,013)
|
Accumulated
deficit
|
|
(122,582)
|
|
(117,916)
|
|
|
|
|
|
Total shareholders'
equity
|
|
29,841
|
|
32,708
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
57,796
|
$
|
58,046
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
U.S. dollars and
shares in thousands, except per share data
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
Unaudited
|
|
Unaudited
|
Revenues:
|
|
|
|
|
|
|
|
|
Software
licenses
|
|
6,194
|
|
7,964
|
|
13,164
|
|
13,539
|
Maintenance and
services
|
|
7,314
|
|
6,268
|
|
14,180
|
|
12,433
|
Total
revenues
|
|
13,508
|
|
14,232
|
|
27,344
|
|
25,972
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
2,446
|
|
2,321
|
|
4,525
|
|
4,379
|
Research and
development
|
|
3,507
|
|
3,492
|
|
6,799
|
|
6,792
|
Selling and
marketing
|
|
8,754
|
|
9,390
|
|
16,655
|
|
17,847
|
General and
administrative
|
|
1,317
|
|
1,178
|
|
2,501
|
|
2,308
|
Impairment of
acquisition-related intangible assets
|
|
-
|
|
2,132
|
|
-
|
|
2,132
|
Total operating
expenses
|
|
16,024
|
|
18,513
|
|
30,480
|
|
33,458
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(2,516)
|
|
(4,281)
|
|
(3,136)
|
|
(7,486)
|
|
|
|
|
|
|
|
|
|
Financial (expenses)
income, net
|
|
62
|
|
137
|
|
(58)
|
|
80
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
(2,454)
|
|
(4,144)
|
|
(3,194)
|
|
(7,406)
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(taxes on income)
|
|
(739)
|
|
1,283
|
|
(1,472)
|
|
957
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(3,193)
|
$
|
(2,861)
|
$
|
(4,666)
|
$
|
(6,449)
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$
|
(0.19)
|
$
|
(0.17)
|
$
|
(0.28)
|
$
|
(0.39)
|
Weighted average
number of shares
used in computing basic net and
diluted loss per share
|
|
17,023
|
|
16,737
|
|
16,951
|
|
16,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
U.S. dollars in
thousands
|
|
|
|
Six months ended
June 30,
|
|
|
|
2017
|
|
2016
|
|
|
|
Unaudited
|
|
Cash flows
activities:
|
|
|
|
|
|
Net loss
|
$
|
(4,666)
|
$
|
(6,449)
|
|
Adjustments required
to reconcile net loss to net cash
provided by (used in) operating activities:
|
|
|
|
|
|
Depreciation
|
|
239
|
|
237
|
|
Stock based
compensation
|
|
1,650
|
|
1,922
|
|
Amortization of
intangible assets
|
|
673
|
|
1,393
|
|
Impairment of
acquisition-related intangible assets
|
|
-
|
|
2,132
|
|
Accretion of payment
obligation
|
|
-
|
|
(12)
|
|
|
|
|
|
|
|
Change in:
|
|
|
|
|
|
Accrued
severance pay, net
|
|
318
|
|
111
|
|
Trade
receivables
|
|
1,207
|
|
(2,714)
|
|
Other
accounts receivable and prepaid expenses
|
|
(527)
|
|
(491)
|
|
Other
long term assets
|
|
(1)
|
|
179
|
|
Trade
payables
|
|
434
|
|
397
|
|
Deferred
revenues
|
|
2,166
|
|
1,262
|
|
Employees and payroll accruals
|
|
(315)
|
|
1,138
|
|
Accrued
expenses and other current liabilities
|
|
(181)
|
|
49
|
|
Liabilities presented
at fair value
|
|
(219)
|
|
(86)
|
|
Tax benefit related
to exercise of stock options
|
|
-
|
|
44
|
|
Change in deferred
taxes, net
|
|
406
|
|
(1,196)
|
|
Net cash provided by
(used in) operating activities
|
$
|
1,184
|
$
|
(2,084)
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(320)
|
|
(340)
|
|
Net cash used in
investing activities
|
$
|
(320)
|
$
|
(340)
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Proceeds from
exercise of options
|
|
213
|
|
155
|
|
Payment of contingent
consideration
|
|
(271)
|
|
(1,239)
|
|
Tax benefit related
to exercise of stock options
|
|
-
|
|
(44)
|
|
Net cash used in
financing activities
|
$
|
(58)
|
$
|
(1,128)
|
|
Foreign currency
translation adjustments on cash and cash equivalents
|
|
22
|
|
(51)
|
|
|
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents
|
|
828
|
|
(3,603)
|
|
Cash and cash
equivalents at the beginning of the year
|
|
9,166
|
|
12,522
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the year
|
$
|
9,994
|
$
|
8,919
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow activities:
|
|
|
|
|
|
Cash paid during the
year for taxes
|
|
1,204
|
|
563
|
|
Supplemental
disclosure of non- cash investing activities:
|
|
|
|
|
|
Issuance of shares
related to acquisition
|
|
-
|
|
224
|
|
RECONCILIATION OF
SUPPLEMENTAL, NON-GAAP FINANCIAL INFORMATION
|
U.S. dollars and
shares in thousands, except per share data
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
|
|
GAAP
revenues
|
13,508
|
|
14,232
|
|
27,344
|
|
25,972
|
Valuation adjustment
on acquired deferred
service revenue
|
-
|
|
9
|
|
-
|
|
26
|
Non-GAAP
revenues
|
13,508
|
|
14,241
|
|
27,344
|
|
25,998
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
16,024
|
|
18,513
|
|
30,480
|
|
33,458
|
Cost of revenues
(1)
|
(41)
|
|
(40)
|
|
(64)
|
|
(80)
|
Research and
development (1) (2)
|
(164)
|
|
(317)
|
|
(365)
|
|
(679)
|
Sales and marketing
(1) (2)
|
(403)
|
|
(691)
|
|
(782)
|
|
(1,458)
|
General and
administrative (1)
|
(214)
|
|
(233)
|
|
(439)
|
|
(484)
|
Amortization of
acquired intangible assets
|
(336)
|
|
(696)
|
|
(673)
|
|
(1,393)
|
Impairment of
acquisition-related intangible assets
|
-
|
|
(2,132)
|
|
-
|
|
(2,132)
|
Non-GAAP operating
expenses
|
14,866
|
|
14,404
|
|
28,157
|
|
27,232
|
|
|
|
|
|
|
|
|
GAAP operating
loss
|
(2,516)
|
|
(4,281)
|
|
(3,136)
|
|
(7,486)
|
Operating loss
adjustments
|
(1,158)
|
|
(4,118)
|
|
(2,323)
|
|
(6,252)
|
Non-GAAP operating
loss
|
(1,358)
|
|
(163)
|
|
(813)
|
|
(1,234)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP financial
(expenses) income, net
|
62
|
|
137
|
|
(58)
|
|
80
|
Revaluation of
liabilities presented at fair value
|
(155)
|
|
61
|
|
(212)
|
|
(86)
|
Accretion of payment
obligations
|
-
|
|
(36)
|
|
-
|
|
(12)
|
Non -GAAP Financial
(expense) income, net
|
(93)
|
|
162
|
|
(270)
|
|
(18)
|
|
|
|
|
|
|
|
|
GAAP income tax
benefit (taxes on income)
|
(739)
|
|
1,283
|
|
(1,472)
|
|
957
|
Tax benefits (taxes
on income) related to
non-GAAP adjustments
|
215
|
|
(1,148)
|
|
183
|
|
(1,314)
|
Non-GAAP income tax
benefit (taxes on income)
|
(524)
|
|
135
|
|
(1,289)
|
|
(357)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
(3,193)
|
|
(2,861)
|
|
(4,666)
|
|
(6,449)
|
Valuation adjustment
on acquired deferred revenue
|
-
|
|
9
|
|
-
|
|
26
|
Amortization of
acquired intangible assets
|
336
|
|
696
|
|
673
|
|
1,393
|
Impairment of
acquisition-related intangible assets
|
-
|
|
2,132
|
|
-
|
|
2,132
|
Acquisition related
expenses
|
-
|
|
344
|
|
-
|
|
779
|
Stock-based
compensation
|
822
|
|
937
|
|
1,650
|
|
1,922
|
Revaluation of
liabilities presented at fair value
|
(155)
|
|
61
|
|
(212)
|
|
(86)
|
Accretion of payment
obligations
|
-
|
|
(36)
|
|
-
|
|
(12)
|
Tax benefits (taxes
on income) related to
non-GAAP adjustments
|
215
|
|
(1,148)
|
|
183
|
|
(1,314)
|
Non-GAAP net income
(loss)
|
(1,974)
|
|
134
|
|
(2,372)
|
|
(1,609)
|
|
|
|
|
|
|
|
|
GAAP basic and
diluted net loss per share
|
(0.19)
|
|
(0.17)
|
|
(0.28)
|
|
(0.39)
|
Non-GAAP diluted net
income (loss) per share
|
(0.12)
|
|
0.01
|
|
(0.14)
|
|
(0.10)
|
|
|
|
|
|
|
|
|
Shares used in
computing GAAP basic and
diluted net loss per share
|
17,023
|
|
16,737
|
|
16,951
|
|
16,671
|
|
|
|
|
|
|
|
|
Shares used in
computing Non-GAAP diluted
net income (loss) per share
|
17,023
|
|
17,016
|
|
16,951
|
|
16,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based
compensation expenses (*):
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cost of
revenues
|
41
|
|
40
|
|
64
|
|
80
|
Research and
development
|
164
|
|
231
|
|
365
|
|
493
|
Sales and
marketing
|
403
|
|
433
|
|
782
|
|
865
|
General and
administrative
|
214
|
|
233
|
|
439
|
|
484
|
|
822
|
|
937
|
|
1,650
|
|
1,922
|
(*) Retention bonus
paid in Attunity shares constitute part of (2) below
|
|
|
|
|
|
|
|
|
(2) Acquisition
related expenses
|
|
|
|
|
|
|
|
Research and
development
|
-
|
|
86
|
|
-
|
|
186
|
Sales and
marketing
|
-
|
|
258
|
|
-
|
|
593
|
|
-
|
|
344
|
|
-
|
|
779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information, please contact:
Garth Russell / Allison Soss
KCSA Strategic Communications
P: + 1 212-682-6300
grussell@kcsa.com / asoss@kcsa.com
Dror Harel-Elkayam, CFO
Attunity Ltd.
P: +972 9-899-3000
dror.elkayam@attunity.com
View original
content:http://www.prnewswire.com/news-releases/attunity-reports-second-quarter-2017-results-300495174.html
SOURCE Attunity LTD