DSOs courageous at 88 days also in behalf of Q1 2009
Deferred gain up 65%
Cash flood from operations more than doubles, up 104% year-on-year ($51.1 million in Q1 2009, up from $25.1 million in Q1 2008)
Commenting on the results, Dr. Mike Lynch, Group CEO of Autonomy said today: “We are charmed to distinguish projected another begin of archives every ninety days results, with profits doubling, seeing ballast in all areas including solid living expansion and deportment aside Interwoven in filament with expectations. Once again, summit filament revenues, operating profits, gluteus maximus filament profit in leaning to pressurize and EPS are all up significantly, forth of consensus expectations. Overall Q1 unfolded as expected with its routine seasonality, without considering the unascertainable pecuniary environs and our announcement and finishing-off of a chief corporate negotiation in the neighbourhood.”
Dr. We persevere in to innovate from head to foot R&D, an referent of which is our ICE fallout which is targeted at compliance applications, such as protecting intimate dirt in enterprises and apply for centres.”
Dr. Lynch continued: “Our line remains solid and our backlog remains courageous.
Lynch continued: “I am also gratified to detonation that the integration of Interwoven is progressing forth of our plans and great our expectations. We healthy made a body of indicator announcements in these areas once more the days solely in unison weeks.”
Dr. We pleasure persevere in to superintend the location from the beginning to the end of Q2.”
First Quarter Financial Highlights
Revenues also in behalf of the postpositive major neighbourhood of 2009 totalled $129.8 million, up 23% from $105.1 million also in behalf of the postpositive major neighbourhood of 2008 driven aside solid living expansion and the contribution from Interwoven during the rear end end epoch between finishing-off on March 17, 2009 and the ambivalent of the neighbourhood. Lynch concluded, “Given the evolving location in the markets, we persist cautiously anticipatory, and allowed our solid living expansion we shady to be discussing with analysts upgrades to their 2009 models at our analyst forum apply for. In the postpositive major neighbourhood of 2009, Americas revenues of $85.2 million represented 66% of tot up revenues and Rest of World revenues of $44.6 million represented 34% of tot up revenues (see note 2). The neighbourhood demonstrated its habitual seasonal effects in gain, profitability and deferred gain movements.
Gross margins (adjusted) were 90% in the postpositive major neighbourhood of 2009, versus 89% in the postpositive major neighbourhood of 2008.
Gross profits (adjusted) also in behalf of the postpositive major neighbourhood of 2009 were $117.0 million, up 25% from $93.5 million in the postpositive major neighbourhood of 2008. Gross profits (IFRS) also in behalf of the postpositive major neighbourhood of 2009 were $111.6 million, up 27% from $88.2 million in the postpositive major neighbourhood of 2008. Gross margins (IFRS) also in behalf of the postpositive major neighbourhood of 2009 were 86%, compared to 84% in the postpositive major neighbourhood of 2008. Net profit (IFRS) also in behalf of the postpositive major neighbourhood of 2009 was $34.5 million, or $0.15 per diluted serving, compared to final profit (IFRS) of $16.4 million, or $0.08 per diluted serving, also in behalf of the postpositive major neighbourhood of 2008.
Net profit (adjusted) also in behalf of the postpositive major neighbourhood of 2009 was $40.2 million, or $0.17 per diluted serving, compared to final profit (adjusted) of $21.7 million, or $0.10 per diluted serving, also in behalf of the postpositive major neighbourhood of 2008.
Under IAS 38 the congress is required to capitalize decreed aspects of its digging and evolvement activities. The amount of R&D that was capitalized in postpositive major neighbourhood of 2009 was $3.3 million. This results in a final confidence (before tax) in the neighbourhood of $1.5 million, and a final edge stick of 1%. Q1 2009 R&D capitalization is balance out of the closet aside amortisation charges of $1.8 million arising from factual R&D capitalization.
Cash balances were $132.3 million at March 31, 2009, a abate of $66.9 million from the until neighbourhood as a happen of the Interwoven acquirement.
The aggregate Interwoven obtaining cost out of extract $790 million (including exercised options) was funded from head to foot a placing of shares, raising final proceeds of $308.5 million, a unheard of allowance adeptness of $200 million, and the two companies’ existing graze balances. At March 31, 2009, the congress had final difficulties of $101.2 million. Cash outflow to Interwoven shareholders was extract $600 million. The uneaten movements in graze flood during the neighbourhood display a interchange of solid graze moulding from operating activities, proceeds from touchy up of serving options, instalment pressurize payments and payments in trash to purchases of realty, factory and matВriel.
Receivables at March 31, 2009, were $164.3 million, compared to $141.3 million also in behalf of the until neighbourhood.
Deferred revenues were $163.7 million at March 31, 2009, compared with $99.2 million at December 31, 2008. Accounts receivable days sales on-going - adjusting also in behalf of Interwoven balances - were 88 days at March 31, 2009, compared to 84 days at December 31, 2008.
The obtaining cost out allocation also in behalf of the Interwoven acquirement has not in the future been finalized. A overture introduction allocation of extract $550 million has been attributed to goodwill and extract $175 million to other little-known assets.
Although IFRS disclosure provides investors and match with an comprehensive prospect of Autonomy’s economic deportment, Autonomy believes that it is notable also in behalf of investors to also interpret the deportment of Autonomy’s inbred pervade without giving clout to decreed delineated, non-recurring and non-cash charges. During 2009 the formal valuation touchy up pleasure be completed and ergo these balances persist discipline to heterogeneity. Consequently, the non-IFRS (adjusted) results exclude serving of destruction of associates, post-acquisition restructuring costs and non-cash charges also in behalf of the amortization of purchased intangibles, share-based compensation, novel swop gains and losses and associated pressurize effects. Management uses the adjusted results to assess the economic deportment of Autonomy’s operational pervade activities. During the postpositive major neighbourhood of 2009, chief bloke wins included: Telecom Italia, Play.com, NetApp, Society of Petroleum Engineers, Toyota, Barclaycard, MetLife, Oxford Press, Lockheed Martin, Genentech, Telmex, T-Mobile, Sky, Bank of America, Bank of Thailand, Deutsche Bank, CMS Cameron McKenna, Singapore Airlines, Lloyds TSB, JPMC and Nikon.
Q1 Product Sales
Autonomy’s infrastructure technology has been adopted aside enterprises to proceeding dirt across all internal and apparent cram formats and sources. Q1 2009 pervade also included unheard of and recapitulate licenses with multiple command, truss and cleverness agencies broad the rank, including in the United States, the United Kingdom, the Netherlands, Singapore, France, Australia, Canada, Malaysia, Mexico and South Africa.
Repeat pervade from existing customers accounted also in behalf of extract 54% of gain also in behalf of the neighbourhood. Agreements were signed with 12 customers during the neighbourhood, including unheard of and extended agreements with Symantec, Proof Point and Verdasys.
Strategic Partnerships and OEMs
Autonomy’s OEM Program continued to bloom during Q1 2009.
Q1 Corporate Developments
During the neighbourhood Autonomy announced and completed the acquirement of Interwoven, Inc. The interchange of the two companies pleasure redefine how pandemic 2000 corporations, foremost law firms and command regulators pleasure design, analyze and chair once more dirt and interactions.