PALO ALTO, Calif., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Jive Software, Inc. (Nasdaq:JIVE), a leader in social business, today announced financial results for its fourth quarter and fiscal year ended December 31, 2012.
"Growing market demand on a global basis contributed to a strong finish to a record year for Jive. During the fourth quarter, we experienced an acceleration in million dollar customer commitments, including the largest annual contract value deal in the history of Jive, and continued to add blue chip customers as part of our land and expand strategy," stated Tony Zingale, Chairman & CEO of Jive.
"After pioneering the social business market, Jive created a clear market leadership position based on delivering the industry's most robust and innovative platform," Zingale added. "We believe that 2013 will be the year that social business goes mainstream as customer focus continues to shift from features and functions to business value. Through the work just completed by a top three global business consultancy firm, companies using Jive reported a 15% increase in workforce productivity and a 4% increase in revenue. Our competitive advantage has become even stronger and we believe Jive is well positioned to gain significant market share as social business moves to mass adoption."
Fourth Quarter 2012 Financial Highlights
Full Year 2012 Financial Highlights
A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Fourth Quarter and Recent Business Highlights
Financial Outlook: As of February 5, 2013, Jive's guidance for its first quarter and full year 2013 is as follows:
With respect to the Company's expectations under "Financial Outlook" above, the Company has not reconciled non-GAAP loss from operations or non-GAAP loss per share to GAAP loss from operations and GAAP loss per share because the Company does not provide guidance for stock-based compensation, income taxes or amortization of intangible assets, which are reconciling items between those Non-GAAP and GAAP measures. As items that impact GAAP loss from operations and GAAP loss per share are out of the Company's control and/or cannot be reasonably predicted, the Company is unable to provide such guidance. Accordingly, a reconciliation to GAAP loss from operations and GAAP loss per share is not available without unreasonable effort.
Quarterly Conference Call
Jive will host a conference call today at 2:00 p.m. PT (5:00 p.m. ET) to review the Company's financial results for the fourth quarter and full year 2012, in addition to discussing the Company's outlook for the first quarter and full year 2013. To access this call, dial (888) 668-1639 (domestic) or (913) 981-5546 (international) with conference ID #1475728. A live webcast of the conference call will be accessible from the Investor Relations section of Jive's website at http://investors.jivesoftware.com/ and a replay will be archived and accessible at: http://investors.jivesoftware.com/events.cfm. A replay of this conference call can also be accessed through February 19, 2013, by dialing (877) 870-5176 (domestic) or (858) 384-5517 (international). The replay passcode is 1475728.
About Jive Software
Jive Software (JIVE) is a leader in social business. Our cloud-based platform connects employees, customers and partners and is a proven system, focused on value use cases, that, according to research performed by a top three global business consultancy firm, increases productivity within companies by up to 15%. By combining the power of cloud, mobile, big data and proprietary collaboration technologies, Jive is transforming the way work gets done and unleashing productivity, creativity and innovation for millions of people in many of the world's largest companies. For a free trial of Jive's next-generation social business platform, please visit Try Jive.
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles.
Non-GAAP gross profit, loss from operations, net loss and net loss per share exclude stock-based compensation expenses, non-recurring expenses related to acquisitions, amortization of acquisition related intangible assets, and changes in fair value of warrant liabilities. Total billings is defined by the Company as revenue plus the change in total deferred revenue. Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP is provided in the accompanying tables.
Safe Harbor Statement
"Safe Harbor" statement under Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, including statements concerning our financial guidance for the first fiscal quarter of 2013 and the full year of 2013, the future growth of the social business market, the shift in customer focus, our position to execute on our growth strategy, and our ability to capitalize on our leadership position in the social business market. The achievement of success in the matters covered by such forward-looking statements involves substantial risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results or events could differ materially from the results expressed or implied by the forward-looking statements we make.
The risk and uncertainties referred to above include, but are not limited to, risks associated with our limited operating history; expectations regarding the widespread adoption of social business platforms by enterprises; uncertainty regarding the market for social business platforms; changes in the competitive dynamics of our market; our ability to increase and predict new subscription; subscription renewal or upsell rates and the impact these rates may have on our future revenues; our reliance on our own controls and third-party service providers to host some of our products; the risk that our security measures could be breached and unauthorized access to customer data could be obtained; potential third party intellectual property infringement claims; and the price volatility of our common stock.
More information about potential factors that could affect our business and financial results is contained in our prospectus as filed with the Securities and Exchange Commission. Additional information will also be set forth in our quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We do not intend and undertake no duty to release publicly any updates or revisions to any forward-looking statements contained herein.
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