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Interactive Intelligence Reports Third-Quarter 2013 Financial Results - Total orders up 47 percent from 2012 third quarter [Nasdaq: ININ] - ININ.com
Interactive Intelligence Reports Third-Quarter 2013 Financial Results

 

PRZOOM - /newswire/ - Dubai, UAE, United Arab Emirates, 2013/11/27 - Total orders up 47 percent from 2012 third quarter [Nasdaq: ININ] - ININ.com.

   
 
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Interactive Intelligence Group Inc., a global provider of software and services designed to improve the customer experience, has announced financial results for the three and nine months ended Sept. 30, 2013.

“Our performance this quarter was once again driven by strong order growth, particularly in cloud-based orders, as we continued to gain share across all segments of the contact center market,” said Interactive Intelligence Founder and CEO Dr. Donald Brown. “We also strengthened our technology leadership by releasing a number of new products and further developing our cloud solutions. Based on our solid results and growing global pipeline, we’re increasing our 2013 total order growth forecast from 20 to 25 percent.”

Third-Quarter 2013 Financial Highlights:

Orders: Total orders increased by 47 percent from the third quarter of 2012, with cloud-based orders up 75 percent to comprise 48 percent of total orders. The company signed 47 contracts over $250,000, including 12 over $1 million, up from 37 and nine, respectively, in the same quarter last year.

Revenues: Total revenues were $78.0 million, an increase of 32 percent over the third quarter of 2012. Recurring revenues, which include support fees from on-premises license agreements and fees from cloud-based solutions, increased 29 percent to $37.5 million and accounted for 48 percent of total revenues. Cloud-based revenues increased 61 percent to $8.6 million, while product revenues were $26.9 million and services revenues were $13.5 million, up 21 percent and 74 percent, respectively, compared to the third quarter of 2012.

Total Deferred Revenues: Deferred revenues were $109 million as of Sept. 30, 2013, up from $83 million as of Sept. 30, 2012. In addition, the amount of unbilled future cloud-based revenues increased to $153 million from $60 million at the end of the 2012 third quarter. The combination of deferred revenues and unbilled future cloud-based revenues was $262 million, up 83 percent from $143 million as of Sept. 30, 2012.

Operating Income: GAAP operating income was $3.7 million for the third quarter of 2013, compared to a loss of $915,000 in same quarter last year. Non-GAAP operating income was $6.7 million, with a non-GAAP operating margin of 8.5 percent, compared to $1.5 million and 2.5 percent, respectively, in the third quarter of 2012. Both GAAP and non-GAAP operating income include a $1.7 million benefit related to the capitalization of development costs for internal use software as the company continues to expand its cloud offering.

Income Taxes: Income tax expense for the third quarter was $1.7 million, which reflects the impact of adjusting year-to-date tax expense to an expected 2013 effective tax rate of 20 percent, as well as $372,000 of additional expense based on the results of audits recently completed for prior year tax returns.

Net Income: GAAP net income for the third quarter of 2013 was $1.6 million, or $0.08 per diluted share based on 21.2 million weighted average diluted shares outstanding. These results compare to GAAP net loss of $445,000, or $0.02 per diluted share, based on 19.3 million weighted average diluted shares outstanding, for the same quarter in 2012.

Non-GAAP net income for the third quarter of 2013 was $4.1 million, or $0.20 per diluted share, compared to non-GAAP net income of $1.9 million, or $0.10 per diluted share, for the same quarter in 2012.

Cash, Cash Equivalents, and Investments: As of Sept. 30, 2013, cash, cash equivalents, and investments were $95.4 million.

Cash Flows: Cash generated from operations was $8.1 million and $2.9 million was received from the exercise of stock options during the quarter. The company used $5.8 million for capital expenditures, primarily for expansion of its cloud infrastructure to support growth.

Nine months Ended 2013 Financial Highlights:

Orders: Total orders increased by 67 percent from the first nine months of 2012, with cloud-based orders up 175 percent to comprise 52 percent of total orders. The company signed 129 contracts over $250,000, including 33 over $1 million, up from 90 and 23, respectively, in the first nine months of 2012.

Revenues: Total GAAP revenues were $227.4 million, an increase of 36 percent over the first nine months of 2012. Recurring revenues increased 25 percent to $106.5 million and accounted for 47 percent of total revenues. Cloud-based revenues increased 53 percent to $23.6 million, while product revenues were $82.8 million and services revenues were $38.2 million, up 35 percent and 89 percent, respectively, compared to the first nine months of 2012.

Operating Income: GAAP operating income was $7.9 million for the first nine months of 2013, compared to a loss of $2.4 million over the same period last year. Non-GAAP operating income was $16.7 million for the first nine months of 2013, with a non-GAAP operating margin of 7.3 percent, compared to $4.3 million and 2.6 percent, respectively, during the same period last year.

See comment under the third quarter financial highlights regarding the capitalization of development costs for internal-use software.

Income Taxes: Income tax expense for the first nine months of 2013 was $721,000, which reflects the impact of adjusting year-to-date tax expense to an expected 2013 effective tax rate of 20 percent, includes the 2012 U.S. Federal research tax credit of $600,000 recognized in the first quarter of 2013, and also includes certain discrete charges recognized in the third quarter of 2013.

Net Income: GAAP net income for the first nine months of 2013 was $6.0 million, or $0.29 per diluted share based on 21.0 million weighted average diluted shares outstanding. These results compare to a GAAP net loss of $1.4 million, or $(0.07) per diluted share based on 19.2 million weighted average diluted shares outstanding, for the same period in 2012.

Non-GAAP net income for the first nine months of 2013 was $11.1 million, or $0.53 per diluted share, compared to non-GAAP net income of $4.3 million, or $0.23 per diluted share for the same period in 2012.

Additional Third-Quarter 2013 and Recent Highlights:

The company scored the highest overall in technology assessment measures in Ovum’s Decision
Matrix: Selecting a Multichannel Cloud Contact Center Vendor report.

Frost & Sullivan named Interactive Intelligence its Cloud-based Contact Center Solutions Company of the Year, North America.

The company was ranked by Software Magazine among the world's 500 largest software and services providers for the 13th consecutive year.

The company released its mobile Interaction Supervisor®, iPad Edition application, giving contact center supervisors and managers greater mobility for improved quality assurance.

Interactive Intelligence (inin.com) released a Web-based version of its debt collection software suite, Liquid Latitude™. Featuring a Web-based collector desktop, Liquid Latitude™ is designed to reduce costs, optimize agent resources, and improve business continuity.

The company’s CIC 4.0 software achieved Oracle Validated Integration with Oracle Sales Cloud and Oracle Cloud Service.

 
 
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Interactive Intelligence Reports Third-Quarter 2013 Financial Results

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