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Opsware Inc. Beats High End of Q1 Revenue Guidance by $1.3 Million
- 72 new license deals; 3 deals greater than $1 million
- Cash flow from operations totals $3.3 million
- Full year bookings on track to grow at least 60%
- Reaffirms full year revenue guidance of $142 to $147 million and non-GAAP EPS of $0.09 - $0.13
Opsware Inc. (NASDAQ:OPSW), the leading provider of Data Center Automation software, today reported results for its first quarter ended April 30, 2007.
Opsware Inc.’s net revenue for its first quarter ended April 30, 2007 totaled $28.3 million, up 29% from the same quarter last year and exceeding the company’s previously guided range.
Non-EDS revenue totaled $23.1 million in the first quarter, a 38% increase over the same quarter last year.
Non-EDS derived bookings (which equals net revenue, plus the sequential change in deferred revenue and advances from customers, all excluding the impact of EDS) totaled $20.5 million in the first quarter, up 38% from the same quarter last year.
Non-GAAP net loss in the first quarter was $(1.4) million or $(0.01) per share, meeting the company’s guidance.
GAAP net loss in the first quarter was $(10.6) million or $(0.10) per share. Non-GAAP net loss in the first quarter excludes non-cash charges of approximately $3.7 million relating to previous acquisitions and $5.5 million of non-cash stock-based compensation. A reconciliation between net loss on GAAP and non-GAAP bases is provided in a table immediately following the Condensed Consolidated Statements of Operations attached to this release.
Cash flow from operations in the first quarter was $3.3 million.
“We are starting the year strong and I am pleased with our performance in Q1,” said Ben Horowitz, president and CEO of Opsware Inc. “Opsware continues to benefit from the predominant trends in enterprise software: virtualization, Linux, and services oriented architectures. The complexity of adopting these technologies creates strong demand for our data center automation suite. Our pipeline is up 50% from this time last quarter and we are on track to grow bookings by 60% this year.”
Management provides the following guidance for its second quarter ending July 31, 2007:
- Net revenue is expected to total approximately $31 – 32 million.
- Non-GAAP loss per share is expected to be $(0.01), reflecting an incremental $2 million of operating expenses from its previously announced and completed acquisition of iConclude Co.
Management reaffirms the following guidance for its fiscal year ending January 31, 2008:
- Non-EDS derived bookings growth is expected to be at least 60% compared to fiscal year 2007.
- Net revenue is expected to total $142 – $147 million.
- Non-GAAP operating margin is expected to be 5 – 8%.
- Non-GAAP EPS is expected to be $0.09 – 0.13.
About Non-GAAP Financial Information
When used in connection with historical results or forward-looking guidance, non-GAAP net loss, non-GAAP operating margin and non-GAAP EPS each exclude non-cash stock-based compensation expense and non-cash charges relating to past acquisitions. With respect to historical results, a reconciliation between both net loss and net loss per share on GAAP and non-GAAP bases is provided in a table immediately following the Condensed Consolidated Statement of Operations attached to this release. With respect to forward-looking guidance, a reconciliation between both operating margin and EPS on GAAP and non-GAAP bases has not been provided because each of operating margin and EPS on a GAAP basis depends in part upon the amount of stock based compensation expense, which expense is dependent upon our future stock price and other factors that cannot be determined at this time.
To supplement our consolidated financial statements presented on a GAAP basis, we believe that these non-GAAP measures better reflect our core operating results and thus are appropriate to enhance the overall understanding of our past financial performance and our prospects for the future. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of our underlying operational results and trends and our performance. Management uses these non-GAAP measures to evaluate its financial results, develop budgets and manage expenditures. The presentation of additional information is not meant to be considered in isolation or as a substitute for net loss or net loss per share prepared in accordance with GAAP.
This press release contains forward-looking statements within the meaning of the federal securities laws, including forecasts of our expected revenue, non-EDS derived bookings, non-GAAP operating margin and earnings per share, the financial impact of our acquisition of iConclude, the statement by our president and chief executive officer and the “Financial Outlook” section. These forward-looking statements are based on current information and expectations, and are subject to risks and uncertainties that could cause actual events or results to differ materially from these statements, including without limitation: that the IT automation software market may not develop as we expect, that our market is highly competitive and subject to rapid and significant change, that enterprise software spending and budgets may fluctuate depending on economic conditions and that our revenue and operating results may vary significantly from period to period, including due to the timing of signing contracts with customers, the timing of our satisfaction of revenue recognition criteria, delays in product releases, and our dependence on closing a small number of relatively large transactions each quarter. In addition, please see the section entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended January 31, 2007 that we filed with the Securities and Exchange Commission, and subsequent filings with the SEC. We assume no obligation to update the information in this press release or to revise any forward-looking statements.
The graphics displaying non-EDS revenue and non-EDS derived bookings in this press release solely present historical data, and are not necessarily indicative of results in future periods. The term “non-EDS” excludes the impact of the license and maintenance agreement that we signed with EDS in August 2002 and extended in August 2004. Continued growth is subject to several risks and uncertainties, including those described in our SEC filings as referenced in the preceding paragraph.
Opsware is a service mark and trademark of Opsware Inc.
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