Revenue Increased 15% and Adjusted EBITDA
Improved 62% in the Third Quarter of 2011 Compared to the Third
Quarter of 2010
Company Reaffirms Full Year 2011 Financial
Guidance
NORCROSS, Ga., Nov. 7, 2011 (GLOBE NEWSWIRE) -- S1
Corporation (Nasdaq:SONE), a leading global provider of
payments and financial services software solutions, today announced
financial results for the third quarter and nine months ended
September 30, 2011:
Financial Results and Operating Highlights
- Total revenue in the third quarter of 2011 increased 15% to
$61.5 million from $53.7 million in the third quarter of 2010.
Total revenue in the nine months ended September 30, 2011 increased
17% to $182.7 million from $156.6 million in the nine months ended
September 30, 2010. This increase was due primarily to growth in
Software licenses, Professional services, and Support and
maintenance revenue in our Payments and Banking: Large FI segments
and higher Hosting revenue in our Banking: Community FI
segment.
- U.S. GAAP net income was $8.0 million, or $0.14 per share
(diluted), in the third quarter of 2011 compared with U.S. GAAP net
income of $0.9 million, or $0.02 per share (diluted), in the third
quarter of 2010. GAAP earnings were $10.2 million, or $0.18 per
share (diluted), in the nine months ended September 30, 2011
compared with U.S. GAAP net loss of $1.9 million, or ($0.04) per
share (diluted), in the nine months ended September 30,
2010. These figures include the receipt of an $11.9
million fee associated with the termination of the merger agreement
with Fundtech Ltd. ("Fundtech") in September 2011, expenses related
to the ACI Worldwide, Inc. ("ACI") and Fundtech transactions of
$3.0 million in the third quarter of 2011 and $4.8 million in the
nine months ended September 30, 2011, and stock based compensation
expense of $2.4 million and $0.2 million in the third quarter of
2011 and 2010, respectively, and $4.9 million and $1.4 million in
the nine months ended September 30, 2011 and 2010,
respectively.
- Adjusted EBITDA was $5.9 million in the third quarter of 2011
compared with $3.6 million in the third quarter of
2010. Adjusted EBITDA in the nine months ended September 30,
2011 was $20.2 million compared with $9.6 million in the nine
months ended September 30, 2010. Adjusted EBITDA does not
include stock-based compensation expense or expenses related to the
ACI and Fundtech transactions and is described below and reconciled
to the most directly comparable financial measure calculated and
presented in accordance with U.S. GAAP in Tables 4, 5, 6 and 7,
provided below.
- Net cash provided by operating activities was $29.8 million in
the nine months ended September 30, 2011 compared with $26.1
million in the nine months ended September 30, 2010. The
Company had cash and cash equivalents of $88.1 million at September
30, 2011.
- Revenue backlog, which is discussed in further detail below, in
the Company's Payments and Banking: Large FI segments increased 15%
to $65.2 million as of September 30, 2011 compared with $56.7
million as of September 30, 2010.
- Sales bookings in the Company's Payments and Banking: Large FI
segments were $54.6 million during the six months ended September
30, 2011, a 6% decrease from $58.0 million during the six months
ended September 30, 2010.
- On October 3, 2011, the Company entered into a Transaction
Agreement with ACI and its wholly owned subsidiary, Antelope
Investment Co. LLC, pursuant to which ACI will acquire the Company,
subject to customary closing conditions.
- The Company reaffirmed its full year 2011 financial guidance of
$240 to $250 million in revenue and $27 to $31 million in Adjusted
EBITDA.
"I am pleased with our performance in the third quarter," said
Johann Dreyer, Chief Executive Officer, S1 Corporation.
"Despite significant distractions during the quarter, we posted
solid results and are reaffirming our full year 2011 financial
guidance. Our employees have done an outstanding job of
focusing on our customers during this time and I am very proud of
them. We believe the proposed combination with ACI will
create a leader in the global enterprise payments industry and we
are working diligently to close the transaction with ACI as quickly
as possible."
Conference Call, Webcast and Slide
Information
Management will host a conference call to discuss its third
quarter 2011 results on Tuesday, November 8, 2011, at 8:30 a.m.
ET. Participants may access the call by dialing (877) 899-9075
(United States) or (706) 758-0819 (International) and entering
passcode 24384467. Investors may also access a live audio webcast
of this conference call by visiting www.s1.com and entering the
Investor Relations section under "About S1".
A replay of the webcast will be available approximately two
hours after the conclusion of the call. A telephone replay
will also be available approximately two hours after the conclusion
of the call through November 22, 2011. To access the replay,
please dial (855) 859-2056 or (404) 537-3406 and enter passcode
24384467.
About S1 Corporation
Leading banks, credit unions, retailers, and processors need
technology that adapts to the complex and challenging needs of
their businesses. These organizations want solutions that can
respond quickly to changes in the marketplace and help grow their
businesses. For more than 20 years, S1 Corporation
(Nasdaq:SONE) has been a leader in developing software products
that offer flexibility and reliability. Over 3,000 organizations
worldwide depend on S1 for payments, online banking, mobile
banking, voice banking, branch banking and lending solutions that
deliver a competitive advantage. More information is available at
www.s1.com.
Forward Looking Statements
This press release contains forward-looking statements within
the safe harbor provisions of the Private Securities Litigation
Reform Act. These statements include statements with respect to our
financial condition, results of operations, business and any
transaction with ACI. The words "believes," "expects," "may,"
"will," "should," "projects," "contemplates," "anticipates,"
"estimates," "forecasts," "intends" or similar terminology identify
forward-looking statements. Forward-looking statements may include
projections of our revenue, expenses, Adjusted EBITDA, revenue
backlog, capital expenditures, earnings per share, product
development projects, future economic performance or management
objectives or any transaction with ACI. These statements are
based on our beliefs as well as assumptions made using information
currently available to us. Because these statements reflect our
current views concerning future events, they involve risks,
uncertainties and assumptions. Therefore, actual results may differ
significantly from the results discussed in the forward-looking
statements. The risk factors included in our reports filed with the
Securities and Exchange Commission (and available on our web site
at www.s1.com or the SEC's web site at www.sec.gov) provide
examples of risks, uncertainties and events that may cause our
actual results to differ materially from the expectations we
describe in our forward-looking statements. Except as provided
by law, we undertake no obligation to update any forward-looking
statement for any reason, even if new information becomes
available.
Additional Information and Where to Find It
In connection with the previously announced pending transaction
with ACI, S1 has filed a Solicitation/Recommendation Statement on
Schedule 14D-9, as amended, with the Securities and Exchange
Commission ("SEC"). INVESTORS AND STOCKHOLDERS ARE URGED TO
READ THAT STATEMENT AND OTHER MATERIALS FILED WITH THE SEC BY S1
AND ACI BECAUSE THEY CONTAIN IMPORTANT INFORMATION. S1
stockholders and other interested parties may obtain, free of
charge, copies of S1's Schedule 14D-9, as amended, and other
documents filed by S1 and ACI with the SEC at the SEC's website at
http://www.sec.gov. In addition, free copies of the documents
filed by S1 with the SEC with respect to the exchange offer may be
obtained by contacting S1's Investor Relations at
(404) 923-3500 or by accessing S1's investor relations website
at www.s1.com.
Non-GAAP Measures and Reconciliation to
U.S. GAAP
Our results of operations are based upon our consolidated
financial statements, which have been prepared in accordance with
accounting principles generally accepted in the United States of
America ("U.S. GAAP"). In addition to U.S. GAAP financial
measures, we use non-GAAP measures to evaluate our financial
performance, assist management decisions, and in communications
with our Board of Directors, stockholders, analysts and investors
concerning our financial performance. Although we believe that our
presentation of non-GAAP financial measures provides useful
supplemental information to investors regarding our results of
operations, our non-GAAP financial measures should only be
considered in addition to, and not as a substitute for or superior
to, our financial measures prepared in accordance with U.S. GAAP.
The use of non-GAAP financial measures is subject to inherent
limitations because they do not include all the expenses that must
be included under U.S. GAAP and because they involve the exercise
of management's judgment of which charges should properly be
excluded from the non-GAAP financial measure. Management
accounts for these limitations by not relying exclusively on
non-GAAP financial measures, but only using such information to
supplement U.S. GAAP financial results. Our non-GAAP financial
measures may be different from such measures used by other
companies.
We are presenting Adjusted EBITDA, a non-GAAP financial measure,
below and reconciling to the most directly comparable U.S. GAAP
equivalent of which is Net income for our consolidated results and
Operating income for our segment results. We define Adjusted
EBITDA as, in the case of our consolidated results, Net income plus
interest and other expense (income), plus income taxes or, in the
case of our segment results, Operating income, in each case
adjusted for depreciation, amortization of intangibles, stock-based
compensation expense and expenses related to the ACI and Fundtech
transactions. We believe that excluding depreciation,
amortization, stock-based compensation expense and expenses related
to the ACI and Fundtech transactions, interest and other expense
(income) and income taxes provides supplemental information and an
alternative presentation useful to investors understanding our core
operating results and trends. Not only are depreciation and
amortization expenses based on historical costs of assets that may
have little bearing on present or future replacement costs, but
they are also based on management's estimates of remaining useful
lives. Additionally, while stock-based compensation is an
important part of overall compensation expense, a portion of our
stock-based compensation expense is the result of cash-settled
stock appreciation rights that are revalued each quarter for U.S.
GAAP earnings based in part on the closing price of our stock on
the last day of the quarter. Consequently, fluctuations in our
stock price can have a significant impact on our reported U.S. GAAP
earnings. We believe that the exclusion of expenses related to
the ACI and Fundtech transactions, which are one-time costs,
permits a more effective evaluation and comparison of our results
and performance in relation to our ongoing operations. See
Tables 4, 5, 6 and 7 for reconciliations of non-GAAP Adjusted
EBITDA.
We are presenting Cash earnings per share, a non-GAAP financial
measure, below and reconciling to the most directly comparable U.S.
GAAP equivalent of which is Net income and earnings per share. We
define Cash earnings as Net income plus amortization of
intangibles, stock-based compensation and deferred income
taxes. We calculate Cash earnings per share by adding back the
per share impact of adjustments from diluted earnings per
share. We believe Cash earnings per share is a useful
financial measure which provides supplemental information and an
alternative presentation useful to investors understanding trends
of our income. Amortization of intangibles is generally expensed
over several periods and may not be indicative of current cash
expenditures. We believe the exclusion of stock-based compensation
provides useful supplemental information to help understand the
changes in our earnings per share due to the fluctuations of our
cash-settled stock appreciation rights included in stock
compensation. We exclude the impact of deferred income taxes
on earnings as the temporary differences and the changes in
valuation allowances may be misleading for trend analysis. See
Table 1 for reconciliation of non-GAAP Cash earnings per share to
U.S. GAAP Diluted earnings per share.
We are presenting an estimate of revenue backlog for our
Payments and Banking: Large Financial Institution segments which is
defined as an estimate of revenue for software licenses, including
term licenses, professional services, and hosting services, in each
case as specified in executed contracts that we believe will be
recognized in revenue over the next 12 months. The portion of
the estimate from our Banking: Large Financial Institution segment
does not include revenue associated with the State Farm business or
the custom development for an international branch customer
("Custom Projects"). We believe that presenting this estimate
provides supplemental information and an alternative presentation
useful to investors understanding trends in our business including
the shift we have experienced towards recognizing more software
license revenue using the percentage of completion method.
Our estimate of revenue backlog requires substantial judgment of
our management, is based on a number of assumptions, which may turn
out to be inaccurate or wrong, and is subject to a number of
factors and uncertainties, many of which are outside of our
control. Such assumptions, factors and uncertainties include,
but are not limited to, the following:
- Revenue for term licenses and hosting services are the
annualized amount expected over the next 12 months as of the date
presented;
- Foreign currency exchange rates are assumed to remain constant
over the 12 month period for contracts stated in currencies other
than the U.S. Dollar;
- Perpetual licenses and professional services are based on
current estimates of project completion over the next 12
months;
- Our customers may attempt to renegotiate or terminate their
contracts for a number of reasons, including mergers, changes in
their financial condition or general changes in economic conditions
within their industries or geographic locations;
- We may experience delays in the development or delivery of
products or services specified in customer contracts; and
- Our estimate is based on constant hosting transaction volumes,
and changes in hosting transaction volumes may impact the amount of
revenue actually recognized in future periods.
Estimates of future financial results are inherently
unreliable. Accordingly, there can be no assurance that the
amounts included in our estimate of revenue backlog will be
recognized over the next 12 months, or at all. Additionally,
because our estimate of revenue backlog is an operating metric, it
is not subject to the same level of internal review or control as a
U.S. GAAP financial measure.
|
S1
Corporation |
Consolidated
Statements of Operations |
(In thousands,
except share and per share data) |
(Unaudited) |
TABLE
1 |
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
9/30/2011 |
9/30/2010 |
9/30/2011 |
9/30/2010 |
|
|
|
|
|
Revenue: |
|
|
|
|
Software licenses |
$ 9,711 |
$ 6,764 |
$ 27,670 |
$ 17,335 |
Support and maintenance |
17,468 |
15,648 |
50,576 |
46,436 |
Professional services |
20,224 |
17,382 |
62,050 |
52,682 |
Hosting |
14,136 |
13,886 |
42,408 |
40,160 |
Total revenue |
61,539 |
53,680 |
182,704 |
156,613 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Cost of software licenses (1) |
1,049 |
803 |
2,173 |
1,754 |
Cost of professional services, support
and maintenance (1) |
26,086 |
21,311 |
74,142 |
61,386 |
Cost of hosting (1) |
6,805 |
7,181 |
21,181 |
20,742 |
Selling and marketing |
7,741 |
6,452 |
22,230 |
20,007 |
Product development |
8,779 |
9,099 |
26,099 |
26,572 |
General and administrative |
10,870 |
5,746 |
27,182 |
18,721 |
Depreciation and amortization |
2,587 |
2,589 |
7,695 |
7,610 |
Total operating expenses |
63,917 |
53,181 |
180,702 |
156,792 |
|
|
|
|
|
Operating (loss) income |
(2,378) |
499 |
2,002 |
(179) |
|
|
|
|
|
Interest income |
58 |
53 |
171 |
164 |
Interest expense |
(7) |
(112) |
(213) |
(350) |
Other non-operating income
(expense) |
11,270 |
(395) |
10,342 |
(867) |
Interest and other income (expense),
net |
11,321 |
(454) |
10,300 |
(1,053) |
|
|
|
|
|
Income (loss) before income tax (expense)
benefit |
8,943 |
45 |
12,302 |
(1,232) |
Income tax (expense) benefit |
(903) |
847 |
(2,073) |
(706) |
Net income (loss) |
$ 8,040 |
$ 892 |
$ 10,229 |
$ (1,938) |
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
Basic |
$ 0.15 |
$ 0.02 |
$ 0.19 |
$ (0.04) |
Diluted |
$ 0.14 |
$ 0.02 |
$ 0.18 |
$ (0.04) |
|
|
|
|
|
Weighted average common shares outstanding -
basic |
54,528,880 |
53,087,495 |
53,829,977 |
52,228,006 |
Weighted average common shares outstanding -
diluted |
55,722,570 |
53,455,282 |
54,744,806 |
52,228,006 |
|
|
|
|
|
|
|
|
|
|
Reconciliation to Cash income per share: |
|
|
|
|
Diluted income (loss) per share |
$ 0.14 |
$ 0.02 |
$ 0.18 |
$ (0.04) |
Amortization of intangibles |
0.01 |
0.01 |
0.04 |
0.04 |
Stock-based compensation expense |
0.04 |
-- |
0.09 |
0.03 |
Deferred income taxes |
(0.01) |
-- |
(0.01) |
(0.02) |
Non-GAAP Cash income per share |
$ 0.18 |
$ 0.03 |
$ 0.30 |
$ 0.01 |
|
|
|
|
|
(1) Excludes charges for
depreciation. Cost of software licenses includes amortization of
acquired technology. |
|
|
S1
Corporation |
Consolidated
Balance Sheets |
(In thousands,
except share data) |
(Unaudited) |
TABLE 2 |
|
|
|
|
September
30, |
December
31, |
|
2011 |
2010 |
|
|
|
Assets |
|
|
Current assets: |
|
|
Cash and cash
equivalents |
$ 88,090 |
$ 61,917 |
Accounts receivable, net |
51,749 |
44,370 |
Prepaid expenses |
5,046 |
4,827 |
Other current assets |
9,967 |
6,612 |
Total current assets |
154,852 |
117,726 |
Property and equipment, net |
21,723 |
22,330 |
Intangible assets, net |
9,662 |
11,846 |
Goodwill, net |
147,095 |
147,544 |
Other assets |
6,133 |
10,207 |
Total assets |
$ 339,465 |
$ 309,653 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current liabilities: |
|
|
Accounts payable and accrued
expenses |
$ 13,941 |
$ 9,779 |
Accrued compensation and
benefits |
13,584 |
9,705 |
Current portion of debt
obligation |
20 |
5,046 |
Accrued restructuring |
-- |
1,528 |
Income taxes payable |
1,647 |
1,950 |
Deferred revenue |
45,721 |
38,022 |
Other current
liabilities |
3,694 |
2,853 |
Total current
liabilities |
78,607 |
68,883 |
Other liabilities |
3,985 |
3,157 |
Total liabilities |
$ 82,592 |
$ 72,040 |
|
|
|
Stockholders' equity: |
|
|
Common stock |
550 |
533 |
Additional
paid-in-capital |
1,812,757 |
1,802,795 |
Accumulated deficit |
(1,553,588) |
(1,563,817) |
Accumulated other comprehensive
loss |
(2,846) |
(1,898) |
Total stockholders'
equity |
256,873 |
237,613 |
Total liabilities and stockholders'
equity |
$ 339,465 |
$ 309,653 |
|
|
|
|
|
|
Common shares issued and outstanding |
55,019,593 |
53,317,063 |
|
S1
Corporation |
Consolidated
Statements of Cash Flows |
(In
thousands) |
(Unaudited) |
TABLE
3 |
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
9/30/2011 |
9/30/2010 |
9/30/2011 |
9/30/2010 |
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
Net income (loss) |
$ 8,040 |
$ 892 |
$ 10,229 |
$ (1,938) |
Adjustments to reconcile net income
(loss) to net cash from operating activities: |
|
|
|
|
Depreciation and
amortization |
2,879 |
2,881 |
8,571 |
8,373 |
Provision for doubtful accounts
receivable and billing adjustments |
(44) |
612 |
(76) |
1,540 |
Deferred income taxes |
(878) |
(101) |
(635) |
(657) |
Stock-based compensation
expense |
2,395 |
249 |
4,880 |
1,431 |
Changes in assets and
liabilities: |
|
|
|
|
Decrease (increase) in accounts
receivable |
1,360 |
(351) |
(8,235) |
10,347 |
(Increase) decrease in prepaid
expenses and other assets |
(89) |
(1,925) |
332 |
(2,305) |
Increase (decrease) in accounts
payable and other liabilities |
2,200 |
(230) |
3,755 |
158 |
(Decrease) increase in accrued
compensation and benefits |
(1,932) |
397 |
2,107 |
(1,899) |
Increase (decrease) in income taxes
payable |
1,466 |
428 |
(202) |
1,360 |
(Decrease) increase in deferred
revenue |
(2,492) |
(93) |
9,117 |
9,660 |
Net cash provided by operating
activities |
12,905 |
2,759 |
29,843 |
26,070 |
Cash flows from investing
activities: |
|
|
|
|
Purchases of investment
securities |
-- |
-- |
-- |
(1,117) |
Maturities of investment
securities |
-- |
313 |
-- |
1,384 |
Acquisitions, net of acquired
cash |
-- |
(1,949) |
-- |
(31,198) |
Proceeds from the sale of property,
equipment and technology |
139 |
-- |
139 |
-- |
Purchases of property, equipment
and technology |
(3,129) |
(1,064) |
(6,168) |
(4,140) |
Net cash used in investing
activities |
(2,990) |
(2,700) |
(6,029) |
(35,071) |
Cash flows from financing
activities: |
|
|
|
|
Proceeds (payments) from the
exercise of stock awards |
6,301 |
122 |
7,148 |
(26) |
Payments on capital leases and debt
obligations |
(19) |
(341) |
(5,042) |
(1,008) |
Net cash provided by (used in)
financing activities |
6,282 |
(219) |
2,106 |
(1,034) |
Effect of exchange rate changes on cash
and cash equivalents |
173 |
535 |
253 |
333 |
Net increase (decrease) in cash and
cash equivalents |
16,370 |
375 |
26,173 |
(9,702) |
Cash and cash equivalents at beginning
of period |
71,720 |
51,707 |
61,917 |
61,784 |
Cash and cash equivalents at end of
period |
$ 88,090 |
$ 52,082 |
$ 88,090 |
$ 52,082 |
|
S1
Corporation |
Consolidated
Statements of Operations |
(In
thousands) |
(Unaudited) |
TABLE
4 |
|
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
9/30/2011 |
9/30/2010 |
9/30/2011 |
9/30/2010 |
|
|
|
|
|
Revenue: |
|
|
|
|
Software licenses |
$ 9,711 |
$ 6,764 |
$ 27,670 |
$ 17,335 |
Support and maintenance |
17,468 |
15,648 |
50,576 |
46,436 |
Professional services |
20,224 |
17,382 |
62,050 |
52,682 |
Hosting |
14,136 |
13,886 |
42,408 |
40,160 |
Total revenue |
61,539 |
53,680 |
182,704 |
156,613 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Cost of software licenses |
1,049 |
803 |
2,173 |
1,754 |
Cost of professional services, support
and maintenance |
26,086 |
21,311 |
74,142 |
61,386 |
Cost of hosting |
6,805 |
7,181 |
21,181 |
20,742 |
Selling and marketing |
7,741 |
6,452 |
22,230 |
20,007 |
Product development |
8,779 |
9,099 |
26,099 |
26,572 |
General and administrative |
10,870 |
5,746 |
27,182 |
18,721 |
Depreciation and amortization |
2,587 |
2,589 |
7,695 |
7,610 |
Total operating expenses (1) |
63,917 |
53,181 |
180,702 |
156,792 |
|
|
|
|
|
Operating (loss) income |
(2,378) |
499 |
2,002 |
(179) |
|
|
|
|
|
Interest income |
58 |
53 |
171 |
164 |
Interest expense |
(7) |
(112) |
(213) |
(350) |
Other non-operating income
(expense) |
11,270 |
(395) |
10,342 |
(867) |
Interest and other income (expense),
net |
11,321 |
(454) |
10,300 |
(1,053) |
|
|
|
|
|
Income (loss) before income tax (expense)
benefit |
8,943 |
45 |
12,302 |
(1,232) |
Income tax (expense) benefit |
(903) |
847 |
(2,073) |
(706) |
Net income (loss) |
$ 8,040 |
$ 892 |
$ 10,229 |
$ (1,938) |
|
|
|
|
|
Reconciliation to Adjusted EBITDA: |
|
|
|
|
Net income (loss) |
$ 8,040 |
$ 892 |
$ 10,229 |
$ (1,938) |
Interest and other (income) expense,
net |
(11,321) |
454 |
(10,300) |
1,053 |
Income tax expense (benefit) |
903 |
(847) |
2,073 |
706 |
Depreciation |
2,155 |
2,135 |
6,380 |
6,371 |
Amortization |
724 |
746 |
2,191 |
2,002 |
Expenses related to the ACI and Fundtech
transactions |
2,991 |
-- |
4,792 |
-- |
Stock-based compensation expense |
2,395 |
249 |
4,880 |
1,431 |
Non-GAAP Adjusted EBITDA |
$ 5,887 |
$ 3,629 |
$ 20,245 |
$ 9,625 |
|
|
|
|
|
(1) Includes stock-based compensation expense
of: |
|
|
|
|
Cost of professional services,
support and maintenance |
$ 51 |
$ 88 |
$ 123 |
$ 229 |
Cost of hosting |
23 |
33 |
83 |
97 |
Selling and marketing |
748 |
(124) |
1,257 |
(111) |
Product development |
263 |
35 |
544 |
26 |
General and administrative |
1,310 |
217 |
2,873 |
1,190 |
Stock-based compensation
expense |
$ 2,395 |
$ 249 |
$ 4,880 |
$ 1,431 |
|
S1
Corporation |
Payments
Segment |
Statements of
Operations |
(In
thousands) |
(Unaudited) |
TABLE 5 |
|
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
9/30/2011 |
9/30/2010 |
9/30/2011 |
9/30/2010 |
|
|
|
|
|
Revenue: |
|
|
|
|
Software licenses |
$ 5,169 |
$ 3,437 |
$ 15,409 |
$ 9,121 |
Support and maintenance |
6,855 |
5,531 |
19,439 |
15,993 |
Professional services |
5,557 |
4,157 |
16,295 |
12,675 |
Hosting |
419 |
314 |
1,024 |
883 |
Total revenue |
18,000 |
13,439 |
52,167 |
38,672 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Cost of software licenses |
23 |
-- |
54 |
121 |
Cost of professional services, support
and maintenance |
6,935 |
5,096 |
19,338 |
14,059 |
Cost of hosting |
283 |
221 |
866 |
612 |
Selling and marketing |
3,453 |
2,592 |
10,119 |
8,353 |
Product development |
2,043 |
1,700 |
5,226 |
4,574 |
General and administrative |
3,504 |
1,754 |
8,954 |
5,411 |
Depreciation and amortization |
573 |
500 |
1,654 |
1,462 |
Total operating expenses (1) |
16,814 |
11,863 |
46,211 |
34,592 |
|
|
|
|
|
Operating income |
$ 1,186 |
$ 1,576 |
$ 5,956 |
$ 4,080 |
|
|
|
|
|
|
|
|
|
|
Reconciliation to Adjusted EBITDA: |
|
|
|
|
Operating income |
$ 1,186 |
$ 1,576 |
$ 5,956 |
$ 4,080 |
Depreciation |
441 |
375 |
1,258 |
1,093 |
Amortization |
132 |
124 |
396 |
369 |
Expenses related to the ACI and Fundtech
transactions |
939 |
-- |
1,505 |
-- |
Stock-based compensation
expense |
754 |
89 |
1,593 |
522 |
Non-GAAP Adjusted EBITDA |
$ 3,452 |
$ 2,164 |
$ 10,708 |
$ 6,064 |
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation expense
of: |
|
|
|
|
Cost of professional services,
support and maintenance |
$ 19 |
$ 19 |
$ 61 |
$ 51 |
Cost of hosting |
1 |
4 |
2 |
12 |
Selling and marketing |
252 |
-- |
488 |
86 |
Product development |
25 |
24 |
77 |
65 |
General and administrative |
457 |
42 |
965 |
308 |
Stock-based compensation
expense |
$ 754 |
$ 89 |
$ 1,593 |
$ 522 |
|
|
S1
Corporation |
Banking: Large
Financial Institution Segment |
Statements of
Operations |
(In
thousands) |
(Unaudited) |
TABLE 6 |
|
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
9/30/2011 |
9/30/2010 |
9/30/2011 |
9/30/2010 |
|
|
|
|
|
Revenue: |
|
|
|
|
Software licenses |
$ 2,847 |
$ 1,806 |
$ 6,815 |
$ 3,712 |
Support and maintenance |
6,043 |
5,155 |
17,150 |
15,335 |
Professional services |
13,138 |
12,047 |
41,640 |
36,559 |
Hosting |
5,939 |
6,379 |
17,597 |
18,969 |
Total revenue |
27,967 |
25,387 |
83,202 |
74,575 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Cost of software licenses |
445 |
482 |
833 |
918 |
Cost of professional services, support
and maintenance |
14,071 |
10,628 |
39,471 |
30,885 |
Cost of hosting |
3,286 |
3,727 |
10,309 |
11,127 |
Selling and marketing |
2,608 |
2,344 |
7,117 |
7,153 |
Product development |
3,765 |
3,834 |
12,149 |
12,027 |
General and administrative |
4,360 |
2,531 |
10,622 |
8,439 |
Depreciation and amortization |
1,186 |
1,103 |
3,423 |
3,320 |
Total operating expenses (1) |
29,721 |
24,649 |
83,924 |
73,869 |
|
|
|
|
|
Operating (loss) income |
$ (1,754) |
$ 738 |
$ (722) |
$ 706 |
|
|
|
|
|
|
|
|
|
|
Reconciliation to Adjusted EBITDA: |
|
|
|
|
Operating (loss) income |
$ (1,754) |
$ 738 |
$ (722) |
$ 706 |
Depreciation |
1,186 |
1,103 |
3,423 |
3,320 |
Amortization |
62 |
62 |
184 |
184 |
Expenses related to the ACI and Fundtech
transactions |
1,262 |
-- |
2,022 |
-- |
Stock-based compensation
expense |
1,072 |
93 |
2,079 |
557 |
Non-GAAP Adjusted EBITDA |
$ 1,828 |
$ 1,996 |
$ 6,986 |
$ 4,767 |
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation expense
of: |
|
|
|
|
Cost of professional services,
support and maintenance |
$ 22 |
$ 48 |
$ 28 |
$ 136 |
Cost of hosting |
8 |
12 |
25 |
36 |
Selling and marketing |
485 |
(143) |
727 |
(252) |
Product development |
35 |
50 |
130 |
14 |
General and administrative |
522 |
126 |
1,169 |
623 |
Stock-based compensation
expense |
$ 1,072 |
$ 93 |
$ 2,079 |
$ 557 |
|
|
S1
Corporation |
Banking:
Community Financial Institution Segment |
Statements of
Operations |
(In
thousands) |
(Unaudited) |
TABLE 7 |
|
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
9/30/2011 |
9/30/2010 |
9/30/2011 |
9/30/2010 |
|
|
|
|
|
Revenue: |
|
|
|
|
Software licenses |
$ 1,695 |
$ 1,521 |
$ 5,446 |
$ 4,502 |
Support and maintenance |
4,570 |
4,962 |
13,987 |
15,108 |
Professional services |
1,529 |
1,178 |
4,115 |
3,448 |
Hosting |
7,778 |
7,193 |
23,787 |
20,308 |
Total revenue |
15,572 |
14,854 |
47,335 |
43,366 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Cost of software licenses |
581 |
321 |
1,286 |
715 |
Cost of professional services, support
and maintenance |
5,080 |
5,587 |
15,333 |
16,442 |
Cost of hosting |
3,236 |
3,233 |
10,006 |
9,003 |
Selling and marketing |
1,680 |
1,516 |
4,994 |
4,501 |
Product development |
2,971 |
3,565 |
8,724 |
9,971 |
General and administrative |
3,006 |
1,461 |
7,606 |
4,871 |
Depreciation and amortization |
828 |
986 |
2,618 |
2,828 |
Total operating expenses (1) |
17,382 |
16,669 |
50,567 |
48,331 |
|
|
|
|
|
Operating loss |
$ (1,810) |
$ (1,815) |
$ (3,232) |
$ (4,965) |
|
|
|
|
|
|
|
|
|
|
Reconciliation to Adjusted EBITDA: |
|
|
|
|
Operating loss |
$ (1,810) |
$ (1,815) |
$ (3,232) |
$ (4,965) |
Depreciation |
528 |
657 |
1,699 |
1,958 |
Amortization |
530 |
560 |
1,611 |
1,449 |
Expenses related to the ACI and Fundtech
transactions |
790 |
-- |
1,265 |
-- |
Stock-based compensation
expense |
569 |
67 |
1,208 |
352 |
Non-GAAP Adjusted EBITDA |
$ 607 |
$ (531) |
$ 2,551 |
$ (1,206) |
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation expense
of: |
|
|
|
|
Cost of professional services,
support and maintenance |
$ 10 |
$ 21 |
$ 34 |
$ 42 |
Cost of hosting |
14 |
17 |
56 |
49 |
Selling and marketing |
11 |
19 |
42 |
55 |
Product development |
203 |
(39) |
337 |
(53) |
General and administrative |
331 |
49 |
739 |
259 |
Stock-based compensation
expense |
$ 569 |
$ 67 |
$ 1,208 |
$ 352 |
CONTACT: S1 Corporation
Paul M. Parrish
Chief Financial Officer
404.923.3500
paul.parrish@s1.com
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