• | Revenue increased 61% year over year to $13.8 million |
• | Organic revenue growth of 46% year over year |
• | Construction value added of $19.5 billion, up 84% year over year |
• | Gross margin of 79%, up from 77% in prior quarter |
• | Adjusted EPS loss of $0.16, improving from $0.19 in the prior quarter |
• | Net loss per share of $0.30, compared to $0.27 in the prior quarter |
• | Change in fiscal year end from September 30th to December 31st |
• | Revenue: Revenue was $13.8 million, an increase of 61% over the prior-year period, and organic revenue increased by 46% year over year. Revenue for the quarter was negatively impacted by delays due to weather and delays in large general contractor sales and implementations, partially offset by the positive impact of the ongoing conversion of certain of our existing CPM general contractor clients to a new approach to calculating subscription fees based on combining project and monthly fees. |
• | Operating Metrics: Total active construction projects increased 34% year over year to 7,052. New projects added totaled 1,712, representing $19.5 billion in construction value, up 84% year over year. Organic active projects increased 30% year over year to 6,838, with 1,618 projects added during the quarter representing $16.2 billion in construction value, up 53% year over year. Latista added 94 projects for $3.3 billion in construction value and had 214 active projects during the quarter. Total number of organizations increased by 103% year over year to 14,173. |
• | Deferred Revenue: Deferred revenue at March 31, 2014 was $27.8 million, up 64% from $17.0 million at March 31, 2013, and up 8% from $25.8 million at December 31, 2013. |
• | Net Loss: Adjusted EBITDA loss was $3.3 million and GAAP net loss was $7.3 million, increases from $2.6 million and $4.9 million, respectively, in the quarter ended March 31, 2013. Adjusted EPS loss was $0.16 and GAAP net loss per share was $0.30, decreases from $0.35 and $0.56, respectively, in the quarter ended March 31, 2013, driven by a higher share count. |
• | Total Cash and Cash Equivalents: As of March 31, 2014, total cash and cash equivalents was $72.7 million. Cash used in operations during the quarter was $3.3 million, which increased from $2.1 million in the prior-year period, driven by higher personnel-related expenses due to growth and the Latista acquisition, partially offset by higher revenue and changes in working capital balances year over year. The change in the accounts receivable balance was impacted by the high level of sales late in the quarter, which affected the timing of cash collection. Other uses of cash during the quarter included capital expenditures to maintain existing infrastructure and to finance the purchase of new assets. |
• | LATISTA: The Latista acquisition closed on December 2, 2013 and resulted in revenue of $0.7 million in the quarter. The impact of Latista included in the consolidated results was Adjusted EBITDA loss and GAAP net loss of $1.1 million and $1.7 million, respectively, and Adjusted EPS loss and GAAP net loss per share of $0.04 and $0.07, respectively. |
Three Months Ended March 31, 2014 | |||||||||||
Pre-LATISTA | LATISTA | Total | |||||||||
Revenue | $ | 13.1 | $ | 0.7 | $ | 13.8 | |||||
Year-over-year revenue growth | 54 | % | - | 61 | % | ||||||
Adjusted EPS loss per share | $ | 0.12 | $ | 0.04 | $ | 0.16 | |||||
GAAP net loss per share | $ | 0.23 | $ | 0.07 | $ | 0.30 |
• | Revenue in the range of $14.7 to $15.0 million |
• | Year-over-year revenue growth in the range of 57 - 60% |
• | Adjusted EPS in the range of $(0.12) - $(0.14)* |
• | GAAP net loss per share in the range of $(0.24) - $(0.26) |
• | Impact of LATISTA on consolidated results: |
Three Months Ended June 30, 2014 | |||||
Pre-LATISTA Guidance | LATISTA Guidance | Total Guidance | |||
Revenue range | $14.1 - $14.2 | $0.6 - $0.8 | $14.7 - $15.0 | ||
Year-over-year revenue growth range | 51 - 52% | - | 57 - 60% | ||
Adjusted EPS range | $(0.08) - $(0.09) | $(0.04) - $(0.05) | $(0.12) - $(0.14) | ||
GAAP net loss per share range | $(0.17) - $(0.18) | $(0.07) - $(0.08) | $(0.24) - $(0.26) |
• | Revenue in the range of $16.4 to $17.1 million |
• | Year-over-year revenue growth in the range of 51 - 58% |
• | Adjusted EPS in the range of $(0.06) - $(0.09)* |
• | GAAP net loss per share in the range of $(0.17) - $(0.20) |
• | Impact of LATISTA on consolidated results: |
Three Months Ended September 30, 2014 | |||||
Pre-LATISTA Guidance | LATISTA Guidance | Total Guidance | |||
Revenue range | $15.7 - $16.2 | $0.7 - $0.9 | $16.4 - $17.1 | ||
Year-over-year revenue growth range | 45 - 49% | - | 51 - 58% | ||
Adjusted EPS range | $(0.02) - $(0.04) | $(0.04) - $(0.05) | $(0.06) - $(0.09) | ||
GAAP net loss per share range | $(0.11) - $(0.13) | $(0.06) - $(0.07) | $(0.17) - $(0.20) |
• | Revenue in the range of $18.7 to $19.7 million |
• | Year-over-year revenue growth in the range of 56 - 64% |
• | Adjusted EPS in the range of $(0.02) - $0.02* |
• | GAAP net loss per share in the range of $(0.08) - $(0.12) |
• | Impact of LATISTA on consolidated results: |
Three Months Ended December 31, 2014 | ||||||
Pre-LATISTA Guidance | LATISTA Guidance | Total Guidance | ||||
Revenue range | $17.7 - $18.4 | $1.0 - $1.3 | $18.7 - $19.7 | |||
Year-over-year revenue growth range | 50 - 56% | — | 56 - 64% | |||
Adjusted EPS range | $0.02 - $0.05 | $(0.03) - $(0.04) | $(0.02) - $0.02 | |||
GAAP net loss per share range | $(0.03) - $(0.06) | $(0.05) - $(0.06) | $(0.08) - $(0.12) |
• | Revenue in the range of $63.6 to $65.6 million |
• | Year-over-year revenue growth in the range of 56 - 61% |
• | Adjusted EPS in the range of $(0.32) - $(0.41)* |
• | GAAP net loss per share in the range of $(0.79) - $(0.88) |
• | Impact of LATISTA on consolidated results: |
Twelve Months Ended December 31, 2014 | ||||||
Pre-LATISTA Guidance | LATISTA Guidance | Total Guidance | ||||
Revenue range | $60.6 - $61.9 | $3.0 - $3.7 | $63.6 - $65.6 | |||
Year-over-year revenue growth range | 49 - 53% | — | 56 - 61% | |||
Adjusted EPS range | $(0.17) - $(0.23) | $(0.15) - $(0.18) | $(0.32) - $(0.41) | |||
GAAP net loss per share range | $(0.53) - $(0.59) | $(0.26) - $(0.29) | $(0.79) - $(0.88) |
• | for planning purposes, including the preparation of the annual budget; and |
• | to evaluate the effectiveness of business strategies. |
March 31, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 72,654 | $ | 77,130 | |||
Accounts receivable, net of allowance for doubtful accounts of $148 | 7,236 | 5,516 | |||||
Prepaid expenses and other current assets | 2,289 | 2,631 | |||||
Total current assets | 82,179 | 85,277 | |||||
Property and equipment, net | 21,852 | 21,070 | |||||
Restricted cash | 530 | 530 | |||||
Goodwill | 52,848 | 52,848 | |||||
Intangible assets, net | 15,826 | 17,108 | |||||
Other assets | 1,140 | 1,217 | |||||
Total assets | $ | 174,375 | $ | 178,050 | |||
Liabilities, Redeemable Securities and Stockholders’ Equity (Deficit) | |||||||
Current liabilities | |||||||
Accounts payable | $ | 1,294 | $ | 1,522 | |||
Accrued expenses | 7,530 | 8,053 | |||||
Deferred revenue, short-term | 24,900 | 22,482 | |||||
Notes and leases payable, short-term | 873 | 842 | |||||
Total current liabilities | 34,597 | 32,899 | |||||
Deferred revenue, long-term | 2,934 | 3,349 | |||||
Notes and leases payable, long-term | 412 | 638 | |||||
Other long-term liabilities | 2,398 | 2,324 | |||||
Total liabilities | 40,341 | 39,210 | |||||
Contingencies (Note 6) | |||||||
Redeemable non‑controlling interest | 370 | 355 | |||||
Stockholders’ equity (deficit) | |||||||
Preferred stock, $.001 par value; 10,000 authorized; 0 shares issued and outstanding | — | — | |||||
Common stock, $.001 par value; 90,000 shares authorized; 25,297 and 25,247 shares issued and 24,835 and 24,785 shares outstanding at March 31, 2014 and December 31, 2013, respectively | 25 | 25 | |||||
Additional paid in capital | 331,510 | 329,073 | |||||
Treasury stock, at cost; 462 shares | (5,831 | ) | (5,831 | ) | |||
Accumulated other comprehensive loss | (42 | ) | (49 | ) | |||
Accumulated deficit | (191,998 | ) | (184,733 | ) | |||
Total stockholders’ equity (deficit) | 133,664 | 138,485 | |||||
Total liabilities, redeemable securities and stockholders’ equity (deficit) | $ | 174,375 | $ | 178,050 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Revenues | $ | 13,787 | $ | 8,548 | |||
Operating expenses | |||||||
Cost of services (exclusive of depreciation and amortization shown separately below) | 2,882 | 1,780 | |||||
General and administrative | 6,055 | 4,561 | |||||
Sales and marketing | 4,843 | 2,284 | |||||
Technology and development | 5,356 | 3,350 | |||||
Depreciation and amortization | 1,886 | 1,113 | |||||
Total operating expenses | 21,022 | 13,088 | |||||
Loss from operations | (7,235 | ) | (4,540 | ) | |||
Other expense, net | |||||||
Interest income | 18 | 2 | |||||
Interest expense | (43 | ) | (377 | ) | |||
Change in fair value of conversion option liability | — | 69 | |||||
Total other expense, net | (25 | ) | (306 | ) | |||
Loss before income taxes | (7,260 | ) | (4,846 | ) | |||
Income tax provision | 80 | 49 | |||||
Net loss | (7,340 | ) | (4,895 | ) | |||
Less: Net loss attributable to non-controlling interests | (75 | ) | (711 | ) | |||
Net loss attributable to Textura Corporation | (7,265 | ) | (4,184 | ) | |||
Accretion of redeemable Series A-1 preferred stock | — | 1,074 | |||||
Accretion of redeemable non‑controlling interest | 94 | 71 | |||||
Dividends on Series A-2 preferred stock | — | 120 | |||||
Net loss available to Textura Corporation common stockholders | $ | (7,359 | ) | $ | (5,449 | ) | |
Net loss per share available to Textura Corporation common stockholders, basic and diluted | $ | (0.30 | ) | $ | (0.56 | ) | |
Weighted average number of common shares outstanding, basic and diluted | 24,812 | 9,755 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (7,340 | ) | $ | (4,895 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 1,886 | 1,113 | |||||
Deferred income taxes | 80 | 49 | |||||
Non-cash interest expense | (1 | ) | 192 | ||||
Change in fair value of conversion option liability | — | (70 | ) | ||||
Share‑based compensation | 1,936 | 478 | |||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (1,720 | ) | (733 | ) | |||
Prepaid expenses and other assets | 419 | (175 | ) | ||||
Deferred revenue, including long-term portion | 2,003 | 2,332 | |||||
Accounts payable | (130 | ) | 951 | ||||
Accrued expenses and other | (463 | ) | (1,347 | ) | |||
Net cash used in operating activities | (3,330 | ) | (2,105 | ) | |||
Cash flows from investing activities | |||||||
Purchases of property and equipment | (1,552 | ) | (80 | ) | |||
Acquisitions of businesses, net of cash acquired | — | (989 | ) | ||||
Net cash used in investing activities | (1,552 | ) | (1,069 | ) | |||
Cash flows from financing activities | |||||||
Principal payments on loan payable | (4 | ) | (250 | ) | |||
Payments on capital leases | (195 | ) | — | ||||
Proceeds from debt issuances | — | 6,930 | |||||
Proceeds from exercise of options and warrants | 595 | — | |||||
Deferred finance and offering costs | — | (375 | ) | ||||
Net cash used in financing activities | 396 | 6,305 | |||||
Effect of changes in foreign exchange rates on cash and cash equivalents | 10 | — | |||||
Net decrease in cash and cash equivalents | (4,476 | ) | 3,131 | ||||
Cash and cash equivalents | |||||||
Beginning of period | $ | 77,130 | $ | 1,890 | |||
End of period | $ | 72,654 | $ | 5,021 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Activity‑driven revenue | $ | 10,657 | $ | 6,772 | |||
Organization‑driven revenue | 3,130 | 1,776 | |||||
Total revenue | $ | 13,787 | $ | 8,548 | |||
Activity‑driven revenue: | |||||||
Number of projects added | 1,712 | 1,245 | |||||
Client-reported construction value added (billions) | $ | 19.5 | $ | 10.6 | |||
Active projects during period | 7,052 | 5,263 | |||||
Organization‑driven revenue: | |||||||
Number of organizations | 14,173 | 6,997 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Net loss | $ | (7,340 | ) | $ | (4,895 | ) | |
Net interest expense | 25 | 375 | |||||
Income tax provision | 80 | 49 | |||||
Depreciation and amortization | 1,886 | 1,113 | |||||
EBITDA | (5,349 | ) | (3,358 | ) | |||
Share‑based compensation expense | 1,936 | 478 | |||||
Acquisition‑related expenses* | 74 | 258 | |||||
Adjusted EBITDA | $ | (3,339 | ) | $ | (2,622 | ) |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Cost of services | $ | 175 | $ | 43 | |||
General and administrative | 1,168 | 271 | |||||
Sales and marketing | 312 | 82 | |||||
Technology and development | 281 | 82 | |||||
Total | $ | 1,936 | $ | 478 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
Net loss available to Textura Corporation common shareholders | $ | (7,359 | ) | $ | (5,449 | ) | |
Accretion of redeemable Series A-1 preferred stock | — | 1,074 | |||||
Accretion of redeemable non-controlling interest | 94 | 71 | |||||
Dividends on Series A-2 preferred stock | — | 120 | |||||
Net loss attributable to non-controlling interest | (75 | ) | (711 | ) | |||
Net loss | $ | (7,340 | ) | $ | (4,895 | ) | |
Share-based compensation expense | 1,936 | 478 | |||||
Amortization of intangible assets | 1,282 | 739 | |||||
Acquisition-related expenses | 74 | 258 | |||||
Adjusted net loss | $ | (4,048 | ) | $ | (3,420 | ) | |
Weighted-average common shares used in basic and diluted EPS | 24,812 | 9,755 | |||||
Adjusted EPS | $ | (0.16 | ) | $ | (0.35 | ) | |
Net loss per share | $ | (0.30 | ) | $ | (0.56 | ) | |
Accretion of redeemable Series A-1 preferred stock | $ | — | $ | 0.11 | |||
Accretion of redeemable non-controlling interest | $ | 0.01 | $ | 0.01 | |||
Dividends on Series A-2 preferred stock | $ | — | $ | 0.01 | |||
Net loss attributable to non-controlling interest | $ | — | $ | (0.08 | ) | ||
Share-based compensation expense | $ | 0.08 | $ | 0.05 | |||
Amortization of intangible assets | $ | 0.05 | $ | 0.08 | |||
Acquisition-related expenses | $ | — | $ | 0.03 | |||
Adjusted EPS | $ | (0.16 | ) | $ | (0.35 | ) |
Three months ended June 30, 2014 | |||||||
High End | Low End | ||||||
Net loss per share | $ | (0.24 | ) | $ | (0.26 | ) | |
Share-based compensation expense | 0.07 | 0.07 | |||||
Amortization of intangible assets | 0.05 | 0.05 | |||||
Adjusted EPS | $ | (0.12 | ) | $ | (0.14 | ) |
Three months ended September 30, 2014 | |||||||
High End | Low End | ||||||
Net loss per share | $ | (0.17 | ) | $ | (0.20 | ) | |
Share-based compensation expense | 0.06 | 0.06 | |||||
Amortization of intangible assets | 0.05 | 0.05 | |||||
Adjusted EPS | $ | (0.06 | ) | $ | (0.09 | ) |
Three months ended December 31, 2014 | |||||||
High End | Low End | ||||||
Net loss per share | $ | (0.08 | ) | $ | (0.12 | ) | |
Share-based compensation expense | 0.06 | 0.06 | |||||
Amortization of intangible assets | 0.04 | 0.04 | |||||
Adjusted EPS | $ | 0.02 | $ | (0.02 | ) |
Twelve months ended December 31, 2014 | |||||||
High End | Low End | ||||||
Net loss per share | $ | (0.79 | ) | $ | (0.88 | ) | |
Accretion of redeemable non-controlling interest | 0.01 | 0.01 | |||||
Share-based compensation expense | 0.27 | 0.27 | |||||
Amortization of intangible assets | 0.19 | 0.19 | |||||
Adjusted EPS | $ | (0.32 | ) | $ | (0.41 | ) |