UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of: October 2014 (Report No.2)
Commission File Number: 000-30827
CLICKSOFTWARE TECHNOLOGIES LTD.
(Translation of registrant's
name into English)
94 Em Hamoshavot Road
Petach Tikva 49527, Israel
(Address of principal
executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulations S-T Rule 101(b)(1):_____
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulations S-T Rule 101(b)(7):_____
Indicate by check mark, whether the registrant by furnishing
the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
Yes ¨ No x
If "Yes" is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b): ___
Attached hereto and incorporated by reference
herein is the registrant's press release issued on October 29, 2014 announcing earnings results for the third quarter ended September
30, 2014.
The GAAP financial statements in this
Form 6-K of CLICKSOFTWARE TECHNOLOGIES LTD. are incorporated by reference into the Registration Statements on Form S-8 (registration
numbers 333-42000, 333-115003, 333-135435, 333-141307, 333-149825, 333-158839, 333-166028,333-173200, 333-180433, and 333-187488)
of the Company, filed with the Securities and Exchange Commission, to be a part thereof from the date on which this report is submitted,
to the extent not superseded by documents or reports subsequently filed or furnished.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
CLICKSOFTWARE TECHNOLOGIES LTD. |
|
(Registrant) |
|
|
|
|
|
|
|
|
|
|
By: |
/s/ Shmuel Arvatz |
|
|
Name: |
Shmuel Arvatz |
|
|
Title: |
Executive Vice President and |
|
|
|
Chief Financial Officer |
|
|
|
|
|
|
|
|
|
|
|
|
Date: October 29, 2014 |
|
|
|
Exhibit 99.1
ClickSoftware Contact: |
Investor Relations Contact: |
Noa Schuman |
Rob Fink |
Investor Relations |
KCSA Strategic Communications |
+972-3-7659-467 |
212-896-1206 |
Noa.Schuman@ClickSoftware.com |
rfink@kcsa.com |
ClickSoftware Reports Financial Results
for the Third Quarter Ended September 30, 2014
Quarterly Revenues Increase 34% Year-Over-Year;
Company Reiterates Annual Guidance
Burlington,
MA, October 29, 2014 – ClickSoftware Technologies Ltd. (NasdaqGS: CKSW), the leading provider of automated mobile workforce
management and optimization solutions for the service industry, today announced results for the third quarter ended September 30,
2014.
Highlights
| · | Quarterly revenues were $31.2 million
(34% year-over-year growth); |
| · | P&L improved to Non-GAAP EPS $0.00,
Non-GAAP net loss $0.1 million; |
| · | Annualized recurring Revenues (ARR) from
cloud subscriptions expected to be at $26 - $30 million by end of 2014; |
| · | Quarterly recurring revenues from
Cloud subscriptions and Support reached 45% of total revenues; |
| · | Total cash and liquid investments as of
September 30, 2014 were $43.7 million; |
| · | Reiterating full-year 2014 revenue guidance
of $128 million to $133 million, representing annual revenue growth of 24%
to 29%. |
For the third quarter ended September 30,
2014, total revenues were $31.2 million, up 34% from $23.3 million in the third quarter of 2013. Net loss for the third quarter
of 2014 was $1.5 million, or $0.04 per fully diluted share, compared to net loss of $3.6 million, or $0.11 per fully diluted share,
for the same period last year. Operating expenses on a GAAP basis included $440,000 connected with organizational restructuring
of the Company’s acquired Xora operations. Non-GAAP net loss for the quarter was $0.1 million, or $0.00 per fully diluted
share, a substantial improvement compared to Non-GAAP net loss of $3.3 million, or $0.10 per fully diluted share, for the same
period last year.
Software license revenues for the third quarter
of 2014 were $5.0 million, up 20% compared with $4.2 million in the same period last year. Cloud subscription revenues
increased significantly to $5.3 million from $0.5 million for the same period last year. Support revenues were $8.7
million, up 8% compared with support revenues of $8.0 million for the same period last year. Consulting revenues
were $12.2 million, up 15% compared with consulting revenues of $10.6 million for the same period last year.
Gross profit in the third quarter of 2014
was $16.9 million, or 54% of revenues, compared to $12.2 million, or 52% of revenues, for the same period last year.
Cash and liquid
investments at the end of the third quarter of 2014 were $43.7 million. This is a decrease of $1.1 million compared to the end
of the second quarter of 2014. Net cash used in operating activities was $1.7 million during the third quarter of 2014.
Management Commentary
"As we continue to advance initiatives to grow cloud recurring
revenues and position the Company for profitable growth, we achieved 34% year-over-year revenue growth and also considerably narrowed
net loss as we practically reached Non-GAAP breakeven point. Quarterly recurring revenues from cloud subscriptions and on-going
support contracts reached 45% of our total revenues, providing us greater visibility heading into the fourth quarter and fiscal
2015," said Dr. Moshe BenBassat, ClickSoftware's Founder and CEO. "The timing of several specific contracts expected
to close in the third quarter were delayed and are now expected to close in the fourth quarter."
“The market trend of shifting from
On-Premise to Cloud in large businesses is also very evident in our pipeline’s make-up and is consistent in all territories.
Specifically for the fourth quarter of 2014, one customer already closed and three large customers are in a contract signing process.
We still expect to exit 2014 with ARR in the range of $26 million to $30 million,” Dr. BenBassat added.
“Our
channel partnerships remain strong. Most notably, we have expanded our offerings for the Salesforce community and are acquiring
new customers. We recently participated at DreamForce, Salesforce’s user conference, where our new S1-native ShiftExpert
product attracted lots of attention with its Smartwatch option. It was part of the on-going presentation at Samsung’s booth
and was mentioned in several presentations as one of the early business applications leveraging wearables. We already signed two
relatively small ShiftExpert customers.”
“Xora’s
integration into ClickSoftware is in its final stages as we reorganize operations, establish joint product development, marketing
and sales teams, and integrate Xora’s Smart line of products with our classic products to create unique offerings for communities
of service providers of all sizes.”
“As
we look forward to the fourth quarter and beyond, we remain optimistic about our prospects and our ability to win business and
achieve growth in 2014; as such we are maintaining annual revenue guidance,” concluded Dr. BenBassat.
Financial Outlook
The Company reiterates its previously provided
full year 2014 guidance of revenues at the range of $128 to $133 million.
The Company is also reiterating
its full year 2014 Non-GAAP earnings per share of $0.01 - $0.08. Non-GAAP earnings exclude share-based compensation costs
of approximately $0.10 and amortization of intangible assets of approximately $0.03 per fully diluted share. GAAP fully diluted
earnings per share is expected to be in the range of ($0.13) - ($0.05).
Investors Conference Call
ClickSoftware will host a conference call
today at 9:00 a.m. ET to discuss its financial results and other matters discussed in this press release, as well as answer questions
from the investment community. To participate, please call (888) 407-2553 and ask for the ClickSoftware conference call. International
participants, please call +972-3-918-0610. The call will be broadcasted by live webcast on the internet (in listen mode only) at
http://ir.clicksoftware.com. A replay of this webcast will be available on the ClickSoftware website and on the Investor Relations
App. Alternatively, a telephone replay of the call will be available for a week by calling (888) 782-4291 (international callers
can dial +972-3-925-5904).
About ClickSoftware
ClickSoftware (NasdaqGS: CKSW) is the leading
provider of automated mobile workforce management and service optimization solutions for the enterprise, both for mobile and in-house
resources. As pioneers of the “Service chain optimization” concept, our solutions provide organizations with end-to-end
visibility and control of the entire service management chain by optimizing forecasting, planning, shift and task scheduling, mobility
and real-time management of resource and customer communication.
Available via the cloud or on-premise, our products incorporate best business practices and advanced decision-making algorithms
to manage service operations more efficiently, in a scalable, integrated manner. Our solutions have become the backbone for many
leading organizations worldwide by addressing the fundamental question of job fulfillment: Who does What, for Whom, With what,
Where and When.
ClickSoftware is the premier choice for delivering superb business performance to service sector organizations of all sizes. The
company is headquartered in the United States and Israel, with offices across Europe, and Asia Pacific. For more information, please
visit http://www.clicksoftware.com. Follow us on Twitter, the content of which is not incorporated herein by reference.
To download ClickSoftware’s investor
relations app, which offers access to SEC documents, press releases, videos, audiocasts and more, the content of which is not
incorporated herein by reference, please visit Apple’s App Store to download on your iPhone and iPad, or Google
Play for your Android mobile device.
Use of Non-GAAP Financial Results
In addition to disclosing financial
results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains
Non-GAAP financial measures of net income and net income per share that exclude the effects of share-based compensation, tax benefit
related to the update of deferred tax asset, tax payment for previous years retained earnings, impairment of intangible assets,
the amortization of acquired intangible assets and restructuring of related expenses. The Company’s management believes the
Non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of the Company's
on-going core operations and prospects for the future. Management also uses both GAAP and Non-GAAP information in evaluating and
operating business internally and as such deemed it important to provide all this information to investors. The Non-GAAP financial
measures disclosed by the Company should not be considered in isolation or as a substitute for, or superior to, financial measures
calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial
statements should be carefully evaluated. Reconciliations between GAAP measures and Non-GAAP measures are provided later in this
press release.
Safe Harbor for Forward Looking Statements
This press release contains express
or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities
laws. These forward-looking statements include, but are not limited to, those statements regarding future results of operations,
including expected growth, profitability, prospects, trends and opportunities in cloud subscriptions, pipeline, demand for our
solutions, expected contract closings, integration of Xora, our outlook for 2014 revenues and GAAP and Non-GAAP earnings per share,
and our future expected ARR. Such “forward-looking statements” involve known and unknown risks, uncertainties and other
factors that may cause actual results or performance to differ materially from those projected. Achievement of these results by
ClickSoftware may be affected by many factors, including, but not limited to, risks and uncertainties regarding the general economic
outlook, the length of or changes in ClickSoftware’s sales cycle, ClickSoftware’s ability to close sales to potential
customers in a timely manner and maintain or strengthen relationships with strategic partners, the timing of revenue recognition,
foreign currency exchange rate fluctuations and ClickSoftware’s ability to maintain or increase its sales pipeline. The forward-looking
statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk
Factors" section and elsewhere in ClickSoftware's annual report on Form 20-F for the year ended December 31, 2013 and in subsequent
filings with the Securities and Exchange Commission. Except as otherwise required by law, ClickSoftware is under no obligation
to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information,
future events or otherwise.
Note: Financial Schedules Attached
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited. In thousands, except share
and per share amounts)
|
|
Three Months Ended |
|
|
|
September 30, 2014 |
|
|
September 30, 2013 |
|
|
|
$ |
|
|
% of
Revenues |
|
|
$ |
|
|
% of
Revenues |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Software license |
|
$ |
5,024 |
|
|
|
16 |
% |
|
$ |
4,199 |
|
|
|
18 |
% |
Cloud Subscriptions |
|
|
5,346 |
|
|
|
17 |
% |
|
|
451 |
|
|
|
1 |
% |
Support |
|
|
8,708 |
|
|
|
28 |
% |
|
|
8,039 |
|
|
|
35 |
% |
Cloud subscriptions and Support |
|
|
14,054 |
|
|
|
45 |
% |
|
|
8,490 |
|
|
|
36 |
% |
Consulting |
|
|
12,155 |
|
|
|
39 |
% |
|
|
10,599 |
|
|
|
46 |
% |
Total revenues |
|
|
31,233 |
|
|
|
100 |
% |
|
|
23,288 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software license |
|
|
599 |
|
|
|
2 |
% |
|
|
488 |
|
|
|
2 |
% |
Cloud subscriptions and Support |
|
|
4,218 |
|
|
|
14 |
% |
|
|
1,570 |
|
|
|
7 |
% |
Consulting |
|
|
9,523 |
|
|
|
30 |
% |
|
|
9,014 |
|
|
|
39 |
% |
Total cost of revenues |
|
|
14,340 |
|
|
|
46 |
% |
|
|
11,072 |
|
|
|
48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
16,893 |
|
|
|
54 |
% |
|
|
12,216 |
|
|
|
52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development costs, net |
|
|
4,738 |
|
|
|
15 |
% |
|
|
3,848 |
|
|
|
17 |
% |
Selling and marketing expenses |
|
|
10,784 |
|
|
|
35 |
% |
|
|
10,088 |
|
|
|
43 |
% |
General and administrative expenses |
|
|
2,739 |
|
|
|
9 |
% |
|
|
2,298 |
|
|
|
10 |
% |
Restructuring and related expenses |
|
|
440 |
|
|
|
1 |
% |
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
18,701 |
|
|
|
60 |
% |
|
|
16,234 |
|
|
|
70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(1,808 |
) |
|
|
(6 |
)% |
|
|
(4,018 |
) |
|
|
(17 |
)% |
Interest income, net |
|
|
170 |
|
|
|
1 |
% |
|
|
55 |
|
|
|
0 |
% |
Net loss before taxes |
|
$ |
(1,638 |
) |
|
|
(5 |
)% |
|
$ |
(3,963 |
) |
|
|
(17 |
)% |
Tax benefit, net
|
|
|
172 |
|
|
|
0 |
% |
|
|
377 |
|
|
|
2 |
% |
Net loss |
|
$ |
(1,466 |
) |
|
|
(5 |
)% |
|
$ |
(3,586 |
) |
|
|
(15 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.04 |
) |
|
|
|
|
|
$ |
(0.11 |
) |
|
|
|
|
Diluted |
|
$ |
(0.04 |
) |
|
|
|
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing basic net loss per share |
|
|
33,025,616 |
|
|
|
|
|
|
|
32,238,308 |
|
|
|
|
|
Shares used in computing diluted net loss per share |
|
|
33,025,616 |
|
|
|
|
|
|
|
32,238,308 |
|
|
|
|
|
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited. In thousands, except share
and per share amounts)
|
|
Nine Months Ended |
|
|
|
September 30, 2014 |
|
|
September 30, 2013 |
|
|
|
$ |
|
|
% of
Revenues |
|
|
$ |
|
|
% of
Revenues |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Software license |
|
$ |
18,022 |
|
|
|
20 |
% |
|
$ |
16,675 |
|
|
|
23 |
% |
Cloud Subscriptions |
|
|
13,049 |
|
|
|
14 |
% |
|
|
1,090 |
|
|
|
2 |
% |
Support |
|
|
25,826 |
|
|
|
28 |
% |
|
|
22,922 |
|
|
|
32 |
% |
Cloud subscriptions and Support |
|
|
38,875 |
|
|
|
42 |
% |
|
|
24,012 |
|
|
|
34 |
% |
Consulting |
|
|
34,825 |
|
|
|
38 |
% |
|
|
31,801 |
|
|
|
44 |
% |
Total revenues |
|
|
91,722 |
|
|
|
100 |
% |
|
|
72,488 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software license |
|
|
1,931 |
|
|
|
2 |
% |
|
|
1,704 |
|
|
|
2 |
% |
Cloud subscriptions and Support |
|
|
10,292 |
|
|
|
11 |
% |
|
|
4,425 |
|
|
|
6 |
% |
Consulting |
|
|
27,481 |
|
|
|
30 |
% |
|
|
26,455 |
|
|
|
36 |
% |
Total cost of revenues |
|
|
39,704 |
|
|
|
43 |
% |
|
|
32,584 |
|
|
|
45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
52,018 |
|
|
|
57 |
% |
|
|
39,904 |
|
|
|
55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development costs, net |
|
|
14,620 |
|
|
|
16 |
% |
|
|
11,572 |
|
|
|
16 |
% |
Selling and marketing expenses |
|
|
34,463 |
|
|
|
38 |
% |
|
|
28,813 |
|
|
|
40 |
% |
General and administrative expenses |
|
|
8,171 |
|
|
|
9 |
% |
|
|
6,643 |
|
|
|
9 |
% |
Restructuring and related expenses |
|
|
440 |
|
|
|
0 |
% |
|
|
- |
|
|
|
- |
|
Total operating expenses |
|
|
57,694 |
|
|
|
63 |
% |
|
|
47,028 |
|
|
|
65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(5,676 |
) |
|
|
(6 |
)% |
|
|
(7,124 |
) |
|
|
(10 |
)% |
Interest income, net |
|
|
485 |
|
|
|
1 |
% |
|
|
618 |
|
|
|
1 |
% |
Net loss before taxes |
|
$ |
(5,191 |
) |
|
|
(5 |
)% |
|
$ |
(6,506 |
) |
|
|
(9 |
)% |
Tax (expense) benefit, net
|
|
|
(450 |
) |
|
|
(1 |
%) |
|
|
90 |
|
|
|
0 |
% |
Net loss |
|
$ |
(5,641 |
) |
|
|
(6 |
)% |
|
$ |
(6,416 |
) |
|
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.17 |
) |
|
|
|
|
|
$ |
(0.20 |
) |
|
|
|
|
Diluted |
|
$ |
(0.17 |
) |
|
|
|
|
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing basic net loss per
share |
|
|
32,848,170 |
|
|
|
|
|
|
|
31,954,737 |
|
|
|
|
|
Shares used in computing diluted net loss per
share |
|
|
32,848,170 |
|
|
|
|
|
|
|
31,954,737 |
|
|
|
|
|
ClickSoftware Technologies Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
| |
September 30, 2014 | | |
December 31, 2013 | |
| |
(Unaudited) | | |
(Audited) | |
ASSETS | |
| | |
| |
CURRENT ASSETS | |
| | |
| |
Cash and cash equivalents | |
$ | 22,686 | | |
$ | 25,346 | |
Deposits | |
| 3,168 | | |
| 9,001 | |
Marketable securities | |
| 16,484 | | |
| 22,586 | |
Trade receivables, net | |
| 23,042 | | |
| 22,490 | |
Deferred taxes | |
| 1,360 | | |
| 1,740 | |
Other receivables and prepaid expenses | |
| 4,513 | | |
| 4,408 | |
Total current assets | |
| 71,253 | | |
| 85,571 | |
| |
| | | |
| | |
LONG TERM ASSETS | |
| | | |
| | |
Property and equipment, net | |
| 5,258 | | |
| 5,023 | |
Deposits | |
| 1,352 | | |
| 1,072 | |
Other receivables and prepaid expenses | |
| 378 | | |
| 218 | |
Deferred taxes | |
| 2,650 | | |
| 2,060 | |
Intangible assets and Goodwill, net | |
| 12,550 | | |
| 1,572 | |
Severance pay funds | |
| 1,937 | | |
| 2,052 | |
Total long term assets | |
| 24,125 | | |
| 11,997 | |
Total Assets | |
$ | 95,378 | | |
$ | 97,568 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Current maturities of debt | |
$ | 173 | | |
$ | - | |
Accounts payable and accrued expenses | |
| 16,934 | | |
| 17,707 | |
Deferred revenues | |
| 14,494 | | |
| 13,420 | |
Total current liabilities | |
| 31,601 | | |
| 31,127 | |
| |
| | | |
| | |
LONG TERM LIABILITIES | |
| | | |
| | |
Debt, less current maturities | |
| 153 | | |
| - | |
Accrued severance pay | |
| 4,732 | | |
| 4,840 | |
Deferred taxes | |
| 20 | | |
| 40 | |
Deferred revenues | |
| 3,864 | | |
| 4,642 | |
Total long term liabilities | |
| 8,769 | | |
| 9,522 | |
Total liabilities | |
| 40,370 | | |
| 40,649 | |
| |
| | | |
| | |
SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Ordinary shares of NIS 0.02 par value | |
| 140 | | |
| 137 | |
Additional paid-in capital | |
| 96,484 | | |
| 92,301 | |
Accumulated deficit | |
| (41,820 | ) | |
| (36,179 | ) |
Accumulated other comprehensive income | |
| 247 | | |
| 703 | |
Treasury stock, at cost: 39,000 shares | |
| (43 | ) | |
| (43 | ) |
Total shareholders' equity | |
| 55,008 | | |
| 56,919 | |
Total Liabilities and shareholders' equity | |
$ | 95,378 | | |
$ | 97,568 | |
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| |
Nine Months Ended | |
| |
September 30, 2014 (Unaudited) | | |
September 30, 2013 (Unaudited) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | |
| |
Net loss | |
$ | (5,641 | ) | |
$ | (6,416 | ) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |
| | | |
| | |
Income and expense items not involving cash flows: | |
| | | |
| | |
Depreciation | |
| 2,116 | | |
| 1,881 | |
Amortization of deferred compensation | |
| 2,480 | | |
| 1,925 | |
Amortization of acquired intangible assets | |
| 763 | | |
| 229 | |
Severance pay, net | |
| 7 | | |
| 321 | |
Gain on marketable securities | |
| (619 | ) | |
| (336 | ) |
Other | |
| 189 | | |
| 75 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Trade receivables | |
| 1,951 | | |
| 1,416 | |
Deferred taxes | |
| (230 | ) | |
| (1,300 | ) |
Other receivables | |
| 934 | | |
| (417 | ) |
Accounts payable and accrued expenses | |
| (3,365 | ) | |
| (1,541 | ) |
Deferred revenues | |
| (157 | ) | |
| 8,660 | |
Net cash (used in) provided by operating activities | |
$ | (1,572 | ) | |
$ | 4,497 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Purchase of equipment | |
| (2,090 | ) | |
| (2,906 | ) |
Acquisition of subsidiary (*) | |
| (12,464 | ) | |
| - | |
Decrease in deposits | |
| 5,553 | | |
| 20,015 | |
Investments in marketable securities | |
| (6,188 | ) | |
| (12,278 | ) |
Proceeds from sale of marketable securities | |
| 12,909 | | |
| 7,217 | |
Net cash (used in) provided by investment activities | |
$ | (2,280 | ) | |
$ | 12,048 | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Prepayments of long-term debts | |
| (514 | ) | |
| - | |
Dividend paid | |
| - | | |
| (6,723 | ) |
Employee options exercised | |
| 1,706 | | |
| 1,167 | |
Net cash provided by (used in) financing activities | |
$ | 1,192 | | |
$ | (5,556 | ) |
| |
| | | |
| | |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | |
| (2,660 | ) | |
| 10,989 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | |
| 25,346 | | |
| 12,793 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | |
$ | 22,686 | | |
$ | 23,782 | |
| |
| | | |
| | |
(*) Acquisition of subsidiary | |
| | | |
| | |
Working capital (excluding cash and cash equivalents) | |
| 233 | | |
| | |
Property and Equipment | |
| 445 | | |
| | |
Intangible assets | |
| 12,626 | | |
| | |
Long-term liabilities | |
| (840 | ) | |
| | |
Cash paid for the acquisition of a subsidiary, net | |
$ | 12,464 | | |
| | |
ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP
TO NON-GAAP RESULTS
(Unaudited. In thousands, except per
share amounts)
|
|
Three Months Ended |
|
|
|
September 30, 2014 |
|
|
September 30, 2013 |
|
|
|
$ |
|
|
% of
Revenues |
|
|
$ |
|
|
% of
Revenues |
|
GAAP Operating loss |
|
$ |
(1,808 |
) |
|
|
(6 |
)% |
|
$ |
(4,018 |
) |
|
|
(17 |
)% |
Share-based compensation (1) |
|
|
953 |
|
|
|
|
|
|
|
736 |
|
|
|
|
|
Amortization of intangible assets (2) |
|
|
329 |
|
|
|
|
|
|
|
48 |
|
|
|
|
|
Restructuring and related expenses |
|
|
440 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating loss |
|
$ |
(86 |
) |
|
|
(0 |
)% |
|
$ |
(3,234 |
) |
|
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net loss |
|
$ |
(1,466 |
) |
|
|
(5 |
)% |
|
$ |
(3,586 |
) |
|
|
(15 |
)% |
Share-based compensation (1) |
|
|
953 |
|
|
|
|
|
|
|
736 |
|
|
|
|
|
Amortization of intangible assets (2) |
|
|
329 |
|
|
|
|
|
|
|
48 |
|
|
|
|
|
Restructuring and related expenses |
|
|
440 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
Deferred taxes |
|
|
(370 |
) |
|
|
|
|
|
|
(510 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net loss |
|
$ |
(114 |
) |
|
|
(0 |
)% |
|
$ |
(3,312 |
) |
|
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss per share (diluted) |
|
$ |
(0.04 |
) |
|
|
|
|
|
$ |
(0.11 |
) |
|
|
|
|
Share-based compensation |
|
|
0.03 |
|
|
|
|
|
|
|
0.02 |
|
|
|
|
|
Amortization of intangible assets |
|
|
0.01 |
|
|
|
|
|
|
|
0.00 |
|
|
|
|
|
Restructuring and related expenses |
|
|
0.01 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
Deferred taxes |
|
|
(0.01 |
) |
|
|
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net loss per share (diluted) |
|
$ |
(0.00 |
) |
|
|
|
|
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
$ |
103 |
|
|
|
|
|
|
$ |
92 |
|
|
|
|
|
Research and development costs, net |
|
|
137 |
|
|
|
|
|
|
|
76 |
|
|
|
|
|
Selling and marketing expenses |
|
|
226 |
|
|
|
|
|
|
|
176 |
|
|
|
|
|
General and administrative expenses |
|
|
487 |
|
|
|
|
|
|
|
392 |
|
|
|
|
|
|
|
$ |
953 |
|
|
|
|
|
|
$ |
736 |
|
|
|
|
|
(2) Amortization of intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
$ |
329 |
|
|
|
|
|
|
$ |
48 |
|
|
|
|
|
Research and development costs, net |
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
$ |
329 |
|
|
|
|
|
|
$ |
48 |
|
|
|
|
|
ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP
TO NON-GAAP RESULTS
(Unaudited. In thousands, except per
share amounts)
|
|
Nine Months Ended |
|
|
|
September 30, 2014 |
|
|
September 30, 2013 |
|
|
|
$ |
|
|
% of
Revenues |
|
|
$ |
|
|
% of
Revenues |
|
GAAP Operating loss |
|
$ |
(5,676 |
) |
|
|
(6 |
)% |
|
$ |
(7,124 |
) |
|
|
(10 |
)% |
Share-based compensation (1) |
|
|
2,480 |
|
|
|
|
|
|
|
1,925 |
|
|
|
|
|
Amortization of intangible assets (2) |
|
|
763 |
|
|
|
|
|
|
|
229 |
|
|
|
|
|
Restructuring and related expenses |
|
|
440 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating loss |
|
$ |
(1,993 |
) |
|
|
(2 |
)% |
|
$ |
(4,970 |
) |
|
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net loss |
|
$ |
(5,641 |
) |
|
|
(6 |
)% |
|
$ |
(6,416 |
) |
|
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation (1) |
|
|
2,480 |
|
|
|
|
|
|
|
1,925 |
|
|
|
|
|
Amortization of intangible assets (2) |
|
|
763 |
|
|
|
|
|
|
|
229 |
|
|
|
|
|
Restructuring and related expenses |
|
|
440 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
Tax payment for previous years retained earnings* |
|
|
- |
|
|
|
|
|
|
|
744 |
|
|
|
|
|
Deferred taxes |
|
|
(230 |
) |
|
|
|
|
|
|
(1,300 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net loss |
|
$ |
(2,188 |
) |
|
|
(2 |
)% |
|
$ |
(4,818 |
) |
|
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss per share (diluted) |
|
$ |
(0.17 |
) |
|
|
|
|
|
$ |
(0.20 |
) |
|
|
|
|
Share-based compensation |
|
|
0.08 |
|
|
|
|
|
|
|
0.06 |
|
|
|
|
|
Amortization of intangible assets |
|
|
0.02 |
|
|
|
|
|
|
|
0.01 |
|
|
|
|
|
Restructuring and related expenses |
|
|
0.01 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
Tax payment for previous years retained earnings* |
|
|
- |
|
|
|
|
|
|
|
0.02 |
|
|
|
|
|
Deferred taxes |
|
|
(0.01 |
) |
|
|
|
|
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net loss per share (diluted) |
|
$ |
(0.07 |
) |
|
|
|
|
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
$ |
311 |
|
|
|
|
|
|
$ |
262 |
|
|
|
|
|
Research and development costs, net |
|
|
342 |
|
|
|
|
|
|
|
212 |
|
|
|
|
|
Selling and marketing expenses |
|
|
693 |
|
|
|
|
|
|
|
505 |
|
|
|
|
|
General and administrative expenses |
|
|
1,134 |
|
|
|
|
|
|
|
946 |
|
|
|
|
|
|
|
$ |
2,480 |
|
|
|
|
|
|
$ |
1,925 |
|
|
|
|
|
(2) Amortization of intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
$ |
763 |
|
|
|
|
|
|
$ |
200 |
|
|
|
|
|
Research and development costs, net |
|
|
- |
|
|
|
|
|
|
|
29 |
|
|
|
|
|
|
|
$ |
763 |
|
|
|
|
|
|
$ |
229 |
|
|
|
|
|
* See Note 14.A to our consolidated financial statements
for the year ended December 31, 2012 included in our Annual Report on Form 20-F, regarding November 2012 law
Clicksoftware (NASDAQ:CKSW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Clicksoftware (NASDAQ:CKSW)
Historical Stock Chart
From Jul 2023 to Jul 2024