Accelrys, Inc. (NASDAQ: ACCL) today reported financial results
for the fiscal quarter ended December 31, 2013. Non-GAAP
revenue for the quarter ended December 31, 2013 increased to
$47.6 million from $47.5 million for the same quarter of the
previous year. Non-GAAP revenue for the year ended December 31,
2013 increased $3.4 million to $177.7 million from $174.3 million
for the year ended December 31, 2012 or an increase of 1.9
percent.
Non-GAAP net income was $5.3 million, or $0.09 per diluted
share, for the quarter ended December 31, 2013, compared to
non-GAAP net income of $4.5 million, or $0.08 per diluted share,
for the same quarter of the previous year. Non-GAAP net income was
$20.5 million, or $0.36 per diluted share, for the year ended
December 31, 2013, compared to non-GAAP net income of $19.6
million, or $0.35 per diluted share, for the year ended December
31, 2012.
GAAP revenue for the quarter ended December 31, 2013
increased $2.3 million to $46.5 million from $44.2 million for the
same quarter of the previous year, or an increase of 5 percent.
GAAP revenue for the year ended December 31, 2013 increased $6.0
million to $168.5 million from $162.5 million for the year ended
December 31, 2012, or an increase of 3.7 percent.
GAAP net loss was $(0.1) million, or $(0.001) per diluted share,
for the quarter ended December 31, 2013 compared to GAAP net
loss of $(8.2) million, or $(0.15) per diluted share, for the same
quarter of the previous year. GAAP net income was $5.7 million, or
$0.10 per diluted share, for the year ended December 31, 2013
compared to GAAP net loss of $(10.4) million, or $(0.19) per
diluted share, for the year ended December 31, 2012. GAAP net
income for year ended December 31, 2013 included a one-time gain of
$25.9 million, or $0.45 per diluted share, recognized upon the
payoff of the promissory note receivable from Intermolecular, Inc.
(“Intermolecular”) in May 2013.
Recent Business Highlights:
- Launch of Accelrys Materials Studio®
7.0 modeling and simulation environment for chemists, polymer
scientists and other materials scientists, with enhancements in
quantum mechanics, classical simulation, usability, visualization
and collaboration to enable scientists to engineer better
performing and more cost-effective materials across a wide range of
applications.
- Acquisition of Ireland-based QUMAS, a
leading global provider of Cloud-based and on-premises enterprise
compliance software for regulatory and quality operations in highly
regulated industries, for $50 million in cash, extending Accelrys'
informatics portfolio with mission-critical, end-to-end document
and process management compliance solutions.
- Received highest rating in Gartner
Inc.’s latest laboratory informatics system report, and was the
only vendor to receive a "very high" rating in all five phases of
new product development concept, research, development, tech
transfer and manufacturing. Accelrys was among four of 23 ELN
vendors to offer a Laboratory Information Management System (LIMS)
solution.
- Introduction of Accelrys Insight
offering life scientists an entirely new way to access, visualize
and share disparate scientific information in real time.
- Launch of Accelrys Predictive Sciences
accelerating drug discovery research with software for
investigating and testing hypotheses in silico prior to costly
experimentation.
Non-GAAP Financial Measures:
This press release describes financial measures for non-GAAP
revenue, operating income, net income, net income per diluted share
and free cash flow that exclude deferred revenue fair value
adjustments, acquisition-related cost of revenue, business
consolidation, restructuring and headquarter-relocation costs,
stock-based compensation expense, note receivable impairment,
purchased intangible asset amortization, royalty income fair value
adjustments, amortization of note receivable discount, gain on sale
of real estate, gain on sale of intellectual property, write-off of
lease related assets and other non-operating expense. Additionally,
our non-GAAP net income reflects an effective pro-forma tax rate of
40 percent. These financial measures are not calculated in
accordance with generally accepted accounting principles (GAAP) and
are not based on any comprehensive set of accounting rules or
principles.
Management believes these non-GAAP financial measures provide a
useful measure of the Company's operating results, a meaningful
comparison with historical results and with the results of other
companies, and insight into the Company's ongoing operating
performance. Further, management and the Board of Directors utilize
these measures, in addition to GAAP measures, when evaluating and
comparing the Company's operating performance against internal
financial forecasts and budgets. These non-GAAP financial measures
should not be considered as a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.
In addition, these non-GAAP financial measures may be different
from non-GAAP financial measures used by other companies.
For additional information on the items excluded by the Company
from its non-GAAP financial measures please refer to the
Form 8-K regarding this release that was furnished today to
the Securities and Exchange Commission.
The following table contains a reconciliation of the non-GAAP
financial measures to the most directly comparable GAAP financial
measures (unaudited, amounts in thousands, except per share
amounts, including footnotes):
Three Months Ended Year Ended
December 31, December 31, 2013
2012 2013 2012 GAAP revenue $ 46,475 $
44,194 $ 168,526 $ 162,526 Deferred revenue fair value adjustment1
1,100 3,332 9,127 11,758 Non-GAAP
revenue $ 47,575 $ 47,526 $ 177,653 $ 174,284
GAAP operating loss $ (5,257 ) $ (11,203 ) $ (28,057
) $ (19,054 ) Deferred revenue fair value adjustment1 1,100 3,332
9,127 11,758 Acquisition-related cost of revenue2 (762 ) (124 )
(1,921 ) Business consolidation, restructuring and
headquarter-relocation costs3 1,447 6,583 15,415 7,845 Stock-based
compensation expense4 2,198 2,505 9,019 8,115 Note receivable
impairment 5 1,663 — 1,663 — Purchased intangible asset
amortization6 5,899 5,199 19,886 17,782
Non-GAAP operating income $ 7,050 $ 5,654 $ 26,929 $ 24,525
Depreciation expense 1,198 872 4,183 3,325 Cash received for
interest and royalty income 2,004 2,002 8,643 9,265 Cash paid for
income taxes, net of refunds received 74 (198 ) (2,251 ) (2,690 )
Capital expenditures (656 ) (3,043 ) (11,486 ) (6,332 ) Non-GAAP
free cash flow $ 9,670 $ 5,287 $ 26,018 $
28,093 GAAP net income (loss) $ (76 ) $ (8,229 ) $
5,690 $ (10,402 ) Deferred revenue fair value adjustment1 1,100
3,332 9,127 11,758 Acquisition-related cost of revenue2 (762 ) (124
) (1,921 ) Business consolidation, restructuring and
headquarter-relocation costs3 1,447 6,583 15,415 7,845 Stock-based
compensation expense4 2,198 2,505 9,019 8,115 Note receivable
impairment 5 1,663 — 1,663 — Purchased intangible asset
amortization6 6,304 5,623 21,506 19,477 Royalty income fair value
adjustment7 — — — 600 Amortization of note receivable discount8 —
(270 ) (685 ) (932 ) Gain on sale of real estate9 — — — (2,744 )
Gain on sale of intellectual property10 — — (25,895 ) — Write-off
of lease related assets11 — — — 670 Other non-operating expense12
(150 ) — (117 ) — Income tax13 (7,201 ) (4,239 ) (15,138 ) (12,855
) Non-GAAP net income $ 5,285 $ 4,543 $ 20,461
$ 19,611 GAAP diluted net income (loss) per share $
(0.001 ) $ (0.15 ) $ 0.10 $ (0.19 ) Deferred revenue fair value
adjustment1 0.02 0.06 0.16 0.21 Acquisition-related cost of
revenue2 — (0.01 ) — (0.03 ) Business consolidation, restructuring
and headquarter-relocation costs3 0.03 0.12 0.27 0.14 Stock-based
compensation expense4 0.04 0.04 0.16 0.14 Note receivable
impairment 5 0.03 — 0.03 — Purchased intangible asset amortization6
0.11 0.10 0.38 0.34 Royalty income fair value adjustment7 — — —
0.01 Amortization of note receivable discount8 — — (0.01 ) (0.02 )
Gain on sale of real estate9 — — — (0.05 ) Gain on sale of
intellectual property10 — — (0.45 ) — Write-off of lease related
assets11 — — — 0.01 Other non-operating expense12 — — — — Income
tax13 (0.13 ) (0.07 ) (0.27 ) (0.23 ) Non-GAAP diluted net income
per share14 $ 0.09 $ 0.08 $ 0.36 $ 0.35
Weighted average shares used to compute net income per
share: Basic 55,697 55,713 55,686 55,696 Diluted 57,027 56,848
57,061 56,563
1Deferred revenue fair value adjustment
relates to our acquisitions of Qumas, ChemSW, Vialis, Aegis,
VelQuest and Contur and our merger with Symyx, and adds back the
impact of writing down the acquired historical deferred revenue to
fair value as required by purchase accounting
guidance.2Acquisition-related cost of revenue relates to our
acquisition of VelQuest, and adds back the impact of writing down
the acquired deferred cost of revenue as required by purchase
accounting guidance.3Business consolidation, restructuring and
headquarter-relocation costs consist of professional services,
legal, litigation, employee-related and other costs incurred in
connection with our acquisition and related integration activities,
as well as lease obligation exit costs, severance and other costs
incurred in connection with the various restructuring activities
commenced by the Company. Also included are contingent compensation
costs relating to the ChemSW, the Vialis and the Contur
acquisitions as well as costs associated with our headquarter
relocation in July 2013, including professional services and
additional rent expense during the transition to the new
facility.4Stock-based compensation expense is included in our
consolidated statements of operations as follows:
Three Months Ended Year Ended
December 31, December 31, 2013
2012 2013 2012 (in thousands)
Cost of revenue $ 238 $ 263 $ 838 $ 755 Product development 373 517
1,813 1,763 Sales and marketing 794 854 3,086 2,545 General and
administrative 761 866 3,220 3,093 Business consolidation,
restructuring and headquarter-relocation costs 32 5
62 (41 ) Total stock-based compensation expense $ 2,198
$ 2,505 $ 9,019 $ 8,115
5Note receivable impairment relates to an
impairment charge incurred in the three months ended December 31,
2013 restated to an unsecured note receivable.6Purchased intangible
asset amortization is included in our consolidated statements of
operations as follows:
Three Months Ended Year Ended
December 31, December 31, 2013
2012 2013 2012 (in
thousands) Amortization of completed technology $ 2,848
$ 2,580 $ 9,576 $ 8,843 Purchased intangible asset
amortization 3,051 2,619 10,310 8,939 Royalty and other income, net
405 424 1,620 1,695 Total purchased intangible
amortization expense $ 6,304 $ 5,623 $ 21,506
$ 19,477
7Royalty income fair value adjustment relates
to our merger with Symyx, and adds back the impact of writing down
deferred royalty income to fair value as required by purchase
accounting guidance.8Amortization of note receivable discount
adjusts the amortization of the discount on our promissory note
receivable from Intermolecular in connection with the sale of
intellectual property in November 2011.9Gain on sale of real estate
relates to the sale of real property, comprised of land and an
office building located in Santa Clara, California, which we sold
in June 2012. This property was acquired as a result of our merger
with Symyx and was not utilized in our ongoing operations.10Gain on
sale of intellectual property to Intermolecular reflects the gain
recognized upon the payoff of the promissory note receivable from
Intermolecular in May 2013.11Write-off of lease related assets
relates to the write off in June 2012 of certain assets in
connection with exiting the lease of a restructured
facility.12Other non-operating income for the three months ended
December 31, 2013 relates to income as a result of a working
capital adjustment received in connection with the Aegis
acquisition. Other non-operating income for the year ended December
31, 2013 relates to $0.2 million income as a result of a working
capital adjustment received in connection with the Aegis
acquisition, offset by a loss on disposal of certain fixed assets
as a result of the relocation of our corporate
headquarters.13Income tax adjustments relate to adjusting our
non-GAAP operating results to reflect an effective tax rate of 40
percent that would be applied if the Company was in a taxable
income position and was not able to utilize its net operating loss
carryforwards. The income tax adjustment also excludes any impact
of a release of our valuation allowance against deferred tax
assets.14Earnings per share amounts for the three months and the
years ended December 31, 2013 and December 31, 2012 do not add due
to rounding.
About Accelrys:
Accelrys (NASDAQ: ACCL), a leading provider of scientific
innovation lifecycle management software, supports industries and
organizations that rely on scientific innovation to differentiate
themselves. The industry-leading Accelrys Enterprise Platform
provides a broad, flexible scientific foundation optimized to
integrate the diversity of science, experimental processes and
information requirements across the research, development, QA/QC
and manufacturing phases of product development. Accelrys offers
capabilities in scientific data management, modeling and
simulation, research informatics, laboratory informatics,
enterprise quality management, environmental health & safety
and operations intelligence for customers in science-driven
industries. Using Accelrys technology, scientific innovators can
access, organize, analyze and share data in unprecedented ways
across the research, laboratory and manufacturing continuum,
ultimately enhancing innovation, improving productivity and
compliance, reducing costs and accelerating product development
from research to manufacturing.
Accelrys solutions are used by more than 2,000 customers in the
pharmaceutical, biotechnology, energy, chemicals, aerospace,
consumer packaged goods and industrial products industries.
Headquartered in San Diego, Calif., Accelrys employs approximately
225 full-time PhD scientists. For more information about Accelrys,
visit www.accelrys.com.
Forward-Looking Statements:
Statements contained in this press release relating to the
Company's or management's intentions, hopes, beliefs, expectations
or predictions of the future, including, but not limited to,
statements relating to the Company's execution of its strategic
business initiatives, are forward-looking statements. Such
forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to, risks that the
Company will not successfully execute its strategic business
initiatives, in each case due to, among other possibilities, an
inability to withstand negative conditions in the global economy or
a lack of demand for or market acceptance of the Company's
products. Additional risks and uncertainties faced by the Company
are contained from time to time in the Company's filings with the
U.S. Securities and Exchange Commission, including, but not limited
to, the Company's Annual Report on Form 10-K for the year ended
December 31, 2012, quarterly reports on Form 10-Q and current
reports on Form 8-K. Collectively, these risks and uncertainties
could cause the Company's actual results to differ materially from
those projected in its forward-looking statements, and the Company
disclaims any intention or obligation to revise any forward-looking
statements whether as a result of new information, future events or
otherwise.
ACCELRYS, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share amounts)
(unaudited) Three Months Ended December
31, Year Ended December 31, 2013
2012 2013 2012 Revenue: License and
subscription revenue $ 22,918 $ 23,149 $ 86,393 $ 89,440
Maintenance on perpetual licenses 10,709 10,035 40,196 38,254
Content 2,505 2,991 9,864 12,485 Professional services and other
10,343 8,019 32,073 22,347 Total
revenue 46,475 44,194 168,526 162,526
Cost of revenue: Cost of revenue 12,642 11,961 44,791 41,695
Amortization of completed technology 2,848 2,580
9,576 8,843 Total cost of revenue 15,490
14,541 54,367 50,538 Gross profit 30,985
29,653 114,159 111,988 Operating expenses: Product development
8,758 9,892 37,477 38,849 Sales and marketing 16,925 17,528 60,786
57,971 General and administrative 4,366 4,229 16,503 17,480
Business consolidation, restructuring and headquarter-relocation
costs 1,479 6,588 15,477 7,803 Note receivable impairment 1,663 —
1,663 — Purchased intangible asset amortization 3,051 2,619
10,310 8,939 Total operating expenses 36,242
40,856 142,216 131,042 Operating loss
(5,257 ) (11,203 ) (28,057 ) (19,054 ) Gain on sale of intellectual
property — — 25,895 — Royalty and other income, net 1,504
1,763 6,356 8,870 Income (loss) before income
taxes (3,753 ) (9,440 ) 4,194 (10,184 ) Income tax expense
(benefit) (3,677 ) (1,211 ) (1,496 ) 218 Net income (loss) $
(76 ) $ (8,229 ) $ 5,690 $ (10,402 ) Net income
(loss) per share amounts: Basic $ (0.001 ) $ (0.15 ) $ 0.10 $ (0.19
) Diluted $ (0.001 ) $ (0.15 ) $ 0.10 $ (0.19 ) Weighted
average shares used to compute net income (loss) per share Basic
55,697 55,713 55,686 55,696 Diluted 55,697 55,713 57,061 55,696
ACCELRYS, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (In thousands) December 31,
2013 December 31, 2012 (unaudited)
(audited) Assets Cash, cash equivalents, and
marketable securities1 $ 66,903 $ 115,646 Trade receivables, net
45,510 47,196 Notes receivable 7,393 34,796 Other assets, net2
272,760 208,204 Total assets $ 392,566 $ 405,842
Liabilities and stockholders’ equity Current liabilities,
excluding deferred revenue 32,139 37,877 Deferred revenue,
including current portion3 85,617 89,151 Deferred gain on sale of
intellectual property — 25,895 Non-current liabilities, excluding
deferred revenue4 26,351 10,098 Total stockholders’ equity 248,459
242,821 Total liabilities and stockholders’ equity $ 392,566
$ 405,842
1Cash, cash equivalents, and marketable
securities consist of the following line items in our consolidated
balance sheet: Cash and cash equivalents; Restricted cash;
Marketable securities; Marketable securities, net of current
portion; and Restricted cash, net of current portion.2Other assets,
net, consists of the following line items in our consolidated
balance sheet: Prepaid expenses, deferred tax assets and other
current assets; Property and equipment, net; Goodwill; Purchased
intangible assets, net; and Other assets.3Total deferred revenue
consists of the following line items in our consolidated balance
sheet: Current portion of deferred revenue; and Deferred revenue,
net of current portion.4Noncurrent liabilities, excluding deferred
revenue consists of the following line items in our consolidated
balance sheet: Accrued income tax; Accrued restructuring charges,
net of current portion and Lease-related liabilities, net of
current portion.
Accelrys, Inc.Michael A. PirainoExecutive Vice President
&Chief Financial Officer858-799-5200orInvestor RelationsMKR
GroupTodd Kehrli323-468-2300accl@mkr-group.com
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