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.
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,
2016
|
|
December
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