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IntraLinks Announces Fourth Quarter and Full Year 2010 Results

NEW YORK Feb. 17, 2011

Financial highlights for the fourth quarter include:

  • $52.1 million
  • $23.0 million
  • $20.0 million
  • $1.0 million $0.02 ($4.6) million ($2.53)
  • $7.4 million $0.14 $0.4 million $0.01
  • $19.9 million $10.3 million
  • $19.4 million $8.4 million
  • $32.7 million

Andrew Damico

Anthony Plesner

Fourth Quarter 2010

$52.1 million $39.2 million

  • $23.0 million $16.5 million
  • $20.0 million $13.7 million

GAAP gross margin was 75.9%, an increase of 460 basis points ("bps") compared to 71.3% for the same period last year.

Non-GAAP gross margin was 82.4%, an increase of 260 bps compared to 79.8% for the same period last year.

$6.3 million ($0.6) million $0.2 million

$15.0 million $7.3 million $0.2 million

$1.0 million ($4.6) million $1.6 million $0.02 ($2.53)

$7.4 million $0.4 million $1.6 million $0.14 $0.01

$19.9 million $10.3 million

$19.4 million $8.4 million

Full Year 2010

$184.3 million $140.7 million

  • $82.8 million $55.4 million
  • $68.6 million $50.7 million

GAAP gross margin was 74.2%, an increase of 880 bps compared to 65.4% in the prior year.

Non-GAAP gross margin was 81.5%, an increase of 240 bps compared to 79.1% in the prior year.

$11.2 million ($3.4) million $1.4 million

$45.6 million $33.5 million $1.4 million

($12.4) million ($24.8) million ($0.58) ($15.38) $8.4 million

$13.7 million ($3.8) million $8.4 million $0.26 ($0.08)

$62.6 million $45.1 million

$ 35.4 million $ 10.3 million $ 25.1 million

December 31, 2010 $ 38.0 million

September 30, 2010 $1.5 million December 31, 2010 September 30, 2011

2010 Business Highlights:

  • 104% dollar renewal rate on subscription contracts compared to 93% for the prior year
  • Subscription business represented 59% of total revenues in 2010
  • Signed 461 new Enterprise customers in 2010
  • Signed 2,467 new M&A contracts in 2010
  • Credit rating upgrade by Standard and Poor’s (B to B+) and Moody’s (B2 to B1)

Business Outlook:

February 17, 2011

First Quarter 2011

Revenue: $52 million to $54 million

GAAP operating income: $0.5 million to $2.5 million  

Non-GAAP operating income: $10 million to $11.5 million

Non-GAAP adjusted EBITDA: $15 million to $16.5 million

GAAP net (loss) income per share: ($0.01) to $0.01

Non-GAAP net income per share: $0.09 to $0.11

Full Year 2011

Revenue: $215 million to $225 million

GAAP operating income: $21 million to $23 million  

Non-GAAP operating income: $52 million to $58 million

Non-GAAP adjusted EBITDA: $73 million to $78 million

GAAP net income per share: $0.12 to $0.14

Non-GAAP net income per share: $0.50 to $0.57

Quarterly Conference Call

9:00 a.m. Eastern Time www.intralinks.com/ir

February 24, 2011 www.intralinks.com/ir

About IntraLinks

www.intralinks.com http://blog.intralinks.com http://twitter.com/intralinks www.facebook.com/IntraLinks

Non-GAAP Financial Measures

the United States

Management defines its non-GAAP financial measures as follows:

  • Non-GAAP gross profit represents the corresponding GAAP measure adjusted to exclude (1) stock-based compensation expense and (2) amortization of intangible assets.  
  • Non-GAAP adjusted operating income represents the corresponding GAAP measure adjusted to exclude (1) stock-based compensation expense, (2) amortization of intangible assets and (3) one-time costs related to initial public and follow-on offerings.
  • Non-GAAP adjusted net income and non-GAAP adjusted net income per share represent the corresponding GAAP measures adjusted to exclude (1) stock-based compensation expense, (2) amortization of intangible assets, (3) one-time costs related to our initial public and follow on offerings and (4) one-time costs related to debt repayments.  Non-GAAP adjusted net income and non-GAAP adjusted net income per share are calculated using an estimated long-term effective tax rate.
  • Non-GAAP per share measures are shown on a pro-forma basis, assuming the conversion of preferred shares and public offerings occurred at the beginning of the respective periods.
  • Non-GAAP adjusted EBITDA represents net income (loss) adjusted to exclude (1) interest expense, net of interest income, (2) income tax provision (benefit), (3) depreciation and amortization, (4) amortization of intangible assets, (5) stock-based compensation expense, (6) amortization of debt issuance costs, (7) loss on extinguishment of debt, (8) other (income) expense and (9) one-time costs related initial public and follow on offerings.
  • The various non-GAAP margins represent the respective non-GAAP measures as a percentage of revenue.

Management believes that these non-GAAP financial measures, when viewed with our results under U.S. GAAP and the accompanying reconciliations, provide useful information about our period-over-period growth and provide additional information that is useful for evaluating our operating performance. Additionally, management believes that these non-GAAP financial measures provide a more meaningful comparison of our operating results against those of other companies in our industry, as well as on a period-to-period basis, because these measures exclude items that are not representative of our operating performance, such as amortization of intangible assets, interest expense and fair value adjustments to the interest rate swap. Management believes that including these costs in our results of operations results in a lack of comparability between our operating results and those of our peers in the industry, the majority of which are not highly leveraged and do not have comparable amortization costs related to intangible assets. However, non-GAAP gross profit and margin, non-GAAP adjusted operating income and margin, non-GAAP adjusted net income, non-GAAP adjusted net income per share and non-GAAP adjusted EBITDA and margin are not measures of financial performance under U.S. GAAP and, accordingly, should not be considered as alternatives to gross profit and margin, operating income (loss) and margin, net income (loss) or net income (loss) per share as indicators of operating performance.

A reconciliation of GAAP to Non-GAAP financial measures has been provided in the financial statement tables included in the Press Release.

Forward Looking Statements

August 5, 2010 December 6, 2010

IntraLinks undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

IntraLinks and the IntraLinks logo are registered trademarks of IntraLinks Holdings, Inc. All rights reserved.

INTRALINKS HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and per Share Data)

(unaudited)

December 31,

2010 

2009 

ASSETS

Current assets:

Cash and cash equivalents

$

50,467

$

30,481

Restricted cash

87

Accounts receivable, net of allowances of  $2,418 and $2,470, respectively

37,137

25,898

Investments

3,414

Deferred taxes

18,264

6,979

Prepaid expenses and other current assets

9,118

6,355

Total current assets

114,986

73,214

Fixed assets, net

8,075

7,064

Capitalized software, net

25,676

20,734

Goodwill

215,478

215,478

Other intangibles, net

160,863

189,604

Other assets

2,022

3,247

Total assets

$

527,100

$

509,341

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND

STOCKHOLDERS’ EQUITY  (DEFICIT)

Accounts payable

$

4,191

$

8,870

Accrued expenses and other current liabilities

23,189

21,958

Deferred revenue

38,043

26,795

Total current liabilities

65,423

57,623

Long term debt

125,886

290,513

Deferred taxes

46,103

42,719

Other long term liabilities

2,244

4,040

Total liabilities

239,656

394,895

Commitments and contingencies

Redeemable convertible preferred stock:

Series A $0.001 par value, 10,000,000 shares authorized;  0 and 35,864,887 shares

issued and outstanding (liquidation preference of $0 and $176,604) as of December 31,

2010 and December 31, 2009, respectively

176,478

Stockholders’ equity (deficit)

Common stock, $0.001 par value; 300,000,000 shares authorized; 52,387,374 and 3,152,669

shares issued and outstanding as of December 31, 2010 and December 31, 2009, respectively

52

3

Additional paid-in capital

365,962

4,302

Accumulated deficit

(78,813)

(66,377)

Accumulated other comprehensive income

243

40

Total stockholders’ equity (deficit)

287,444

(62,032)

Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)

$

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