Exhibit 99.01
Keynote Reports Fourth Fiscal Quarter and Year-End 2012 Results
- Keynote Posts $30.4 Million in Quarterly Revenue
- Meets Revenue, GAAP EPS and Non-GAAP EPS Guidance
- Fiscal Year 2012 Revenue Reaches $124.3 Million
- Quarterly Cash Dividend of $0.06 per Share Approved
SAN MATEO, Calif.--(BUSINESS WIRE)--October 30, 2012--Keynote Systems (NASDAQ:KEYN), the global leader in mobile and web cloud testing & monitoring, reported financial results for its fourth fiscal quarter and year-ended September 30, 2012.
Umang Gupta, Chairman and CEO of Keynote, said: "Our solid fourth quarter results top off our fiscal 2012 year where we saw progress across all of our businesses. Our Internet products posted record quarterly revenue, our telecom business successfully weathered accounting related and European headwinds and we completed the integration of DeviceAnywhere into our enterprise organization. We exit fiscal 2012 better positioned to take advantage of the cloud and mobile market opportunities we see in the coming year.”
Quarter Ended September 30, 2012 Compared to Quarter Ended September 30, 2011
Revenue was $30.4 million for the fourth fiscal quarter of 2012, compared to $27.5 million in the fourth fiscal quarter of 2011. Total Internet revenue was a record $16.1 million, up from $14.2 million a year ago. Total mobile revenue was $14.3 million, increasing from $13.3 million a year ago. The revenue accounting headwind in the quarter was $2.2 million, which equals the decrease in mobile ratable licenses revenue from $2.6 million a year ago to $445,000 in the fourth fiscal quarter of 2012. In addition, the average Euro exchange rate was 13% lower this quarter compared to the year ago quarter. Keynote DeviceAnywhere contributed $3.7 million in revenue in the quarter and has more than doubled its deferred revenue balance since the acquisition.
Total costs and expenses for the quarter were $29.8 million, compared to $24.0 million in the same quarter a year ago. Of this increase, $5.7 million was due to expenses associated with Keynote DeviceAnywhere, which included $1.4 million of amortization of purchased intangibles, depreciation and stock-based compensation.
Net income for the fourth fiscal quarter of 2012 was $226,000, or $0.01 per diluted share, compared to net income of $39.8 million, or $2.16 per diluted share, for the same period last fiscal year, which included a one-time benefit from the release of the valuation allowance on deferred tax assets of $37.3 million. Non-GAAP net income for the fourth fiscal quarter of 2012 was $2.9 million, or $0.16 per diluted share, compared to $4.9 million, or $0.27 per diluted share, for the same period last fiscal year. Much of the decrease was related to the revenue accounting headwind and also to operating losses associated with Keynote DeviceAnywhere. The company defines non-GAAP net income as GAAP net income (loss) adjusted for the provision (benefit) for income taxes, cash taxes from on-going operations, stock-based compensation expense, amortization of purchased intangibles, and any unusual items. Non-GAAP net income per diluted share equals non-GAAP net income divided by the diluted weighted average shares outstanding for the period.
Adjusted EBITDA was $4.6 million for the fourth fiscal quarter of 2012, or 15% of revenue, compared to $6.2 million, or 23% of revenue, for the same period last fiscal year. The company defines Adjusted EBITDA as earnings before interest income, taxes, depreciation, amortization of purchased intangibles, stock-based compensation, other income (expense), net, and any unusual items. Much of the decrease was related to the revenue accounting headwind and also to operating losses associated with Keynote DeviceAnywhere.
Cash provided by operating activities was $5.4 million for the fourth fiscal quarter of 2012, compared to $5.7 million for the same period last fiscal year. Keynote defines free cash flow as cash flow from operations less cash used to purchase property, equipment and software. The company generated free cash flow of $4.4 million for the fourth fiscal quarter of 2012, compared to generating $4.3 million in the fourth fiscal quarter of 2011.
Fiscal 2012 Compared to Fiscal 2011
Revenue for the twelve months ended September 30, 2012 was $124.3 million, compared to $103.0 million in the same period a year ago. Net income for the year ended September 30, 2012 was $4.7 million, or $0.26 per diluted share, compared to $50.9 million, or $2.91 per diluted share, in the same period a year ago, which included a one-time benefit from the release of the valuation allowance on deferred tax assets of $37.3 million.
Non-GAAP net income was $16.0 million, or $0.87 per diluted share, compared to $20.6 million, or $1.18 per diluted share, for the last fiscal year. Adjusted EBITDA was $21.7 million, or 17% of revenue, compared to $25.0 million, or 24% of revenue, in the prior year. Much of these decreases were related to the revenue accounting headwind and also to operating losses associated with Keynote DeviceAnywhere.
Cash provided by operating activities during fiscal year 2012 was $16.6 million, compared to $19.3 million in the prior year.
Balance Sheet
At September 30, 2012, Keynote had $49.9 million in cash, cash equivalents, and short-term investments, compared to $101.4 million at September 30, 2011. Net deferred revenue was $16.7 million at September 30, 2012, compared to $18.5 million at September 30, 2011. This decrease was related to the recognition of ratable license revenue that was reflected as deferred revenue on the balance sheet prior to the adoption of new revenue recognition standards in October 2011, partially offset by the increase in DeviceAnywhere deferred revenue during the year. The total shares outstanding at September 30, 2012 were 17.9 million, compared to 17.3 million at September 30, 2011.
Quarterly Cash Dividend
The board of directors approved a quarterly cash dividend of $0.06 per common share, payable December 15, 2012 to common stockholders of record at the close of business on December 1, 2012.
Expectations for the First Fiscal Quarter of 2013
The statements in this section of this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Keynote currently expects the following for the first fiscal quarter of 2013:
- Total revenue is expected to be between $31.5 million and $33.5 million.
- GAAP net income per diluted share is expected to be between $0.05 and $0.13.
- Non-GAAP net income per diluted share is expected to be between $0.20 and $0.28.
The above guidance is based on the following assumptions:
- Foreign exchange rates are expected to be lower than a year ago.
- Expected seasonal increase in revenue.
- Total stock-based compensation expense and amortization of purchased intangibles is expected to be approximately $2.2 million.
- Depreciation is expected to be approximately $1.5 million.
- Interest income and other, net is expected to be $50,000 assuming no material changes in interest rates, foreign exchange rates and currently planned uses of cash.
- Cash taxes paid from on-going operations is expected to be approximately $300,000.
- Diluted weighted average shares outstanding are expected to be approximately 18.3 million shares, assuming some additional issuances of equity or equity-related securities and no significant changes in the company’s stock price.
Conference Call
Keynote will host a conference call and simultaneous Webcast at 2:00 pm (PDT) today, October 30, 2012. To access the call in the U.S., please dial (800) 588-4973, and for international callers dial (847) 230-5643. Callers may provide the following confirmation number 33496417 to access the call more quickly, and are encouraged to dial into the call 10 to 15 minutes prior to the start to prevent any delay in joining. The webcast can be accessed at www.keynote.com and is available for replay for 90 days. In addition, a replay of the call will be available via telephone for two business days, beginning two hours after the call. To listen to the telephone replay in the U.S., please dial (888) 843-7419, and for international callers dial (630) 652-3042 and enter access code 33496417 #.
Forward-Looking Statements
This press release contains forward-looking statements that are not purely historical regarding the Company or management’s intentions, hopes, beliefs, expectations and strategies for the future. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results could differ materially from the Company’s current expectations.
Forward-looking statements in this release include, but are not limited to, future prospects, forecasts concerning Keynote’s expected revenue, GAAP and Non-GAAP earnings per share and other results, and the related underlying assumptions in calculating those amounts including foreign exchange rates, the seasonal nature of revenues, the impact of the DeviceAnywhere acquisition and other future financial results. It is important to note that actual outcomes and Keynote’s actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as risks related to the integration of the acquisition, including retaining customers and employees, the uncertain impact global economic conditions, particularly in Europe, will have on Keynote’s business or the businesses of current or potential customers, Keynote’s ability to successfully market and sell its services to new or existing customers, Keynote’s ability to develop and introduce new services in a timely manner and customer acceptance of new services, the extent to which demand for Keynote’s various services fluctuates, the extent to which existing customers renew their subscriptions and purchase additional services, particularly enterprise customers, Keynote’s ability to attract and retain new customers, Keynote’s ability to operate its international operations and manage related costs successfully, Keynote’s ability to retain key employees, pricing pressure with respect to Keynote’s services, unforeseen expenses, competition in Keynote’s markets, costs associated with any future acquisitions, unforeseen expenses or liabilities associated with Keynote’s recent acquisition, the effect of acquisitions by competitors in Keynote’s target markets, Keynote’s ability to keep pace with changes in the mobile and Internet infrastructure as well as other technological changes, the impact of changes in foreign exchange rates, which can be significant, and the success of Keynote’s international operations. Readers should also refer to the risks outlined in Keynote’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for its fiscal year ended September 30, 2011, and its quarterly reports on Form 10-Q and any current reports on Form 8-K filed during the fiscal year.
All forward-looking statements and reasons why results might differ included in this release are made as of the date of this press release, based on information available to Keynote as of the date of this press release, and Keynote assumes no obligation to update any such forward-looking statements or reasons why results might differ.
Non-GAAP Measures
This press release includes information on Non-GAAP net income, Non-GAAP net income per share, Adjusted EBITDA and free cash flow. These measures are not based on any standardized methodology prescribed by United States generally accepted accounting principles (“GAAP”) and are not necessarily comparable to similar measures presented by other companies. Non-GAAP net income is calculated by adjusting GAAP net income (loss) for the provision (benefit) for income taxes, cash taxes from on-going operations, stock-based compensation expense, amortization of purchased intangibles, and any unusual items. In the first fiscal quarter of 2012, the change in fair value of acquisition-related contingent consideration was considered an unusual item. Non-GAAP net income per share is calculated by dividing Non-GAAP net income by the weighted average number of diluted shares outstanding for the period. Free cash flow is defined as cash flow from operations less cash used to purchase property, equipment and software. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation, amortization of purchased intangibles, stock-based compensation, other income (expense), net, and any unusual items. In the first fiscal quarter of 2012, the change in fair value of acquisition-related contingent consideration was considered an unusual item. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP, and because these amounts are not determined in accordance with GAAP, they should not be used exclusively in evaluating the Company’s business and operations. Accordingly, the Company believes that this non-GAAP information is useful as an additional means for investors to evaluate the Company’s operating performance, when reviewed in conjunction with the Company’s GAAP financial statements. Management also uses this information as an additional means for measuring the performance of the Company. The Company compensates for these limitations by realizing that these amounts are not determined in accordance with GAAP and, therefore, should not be used exclusively in evaluating its business and operations.
About Keynote Systems
Keynote® Systems, Inc., (NASDAQ:KEYN) is the global leader in mobile and web cloud testing & monitoring. Keynote maintains the world’s largest on-demand performance monitoring and testing infrastructure for Web and mobile sites comprised of over 7,000 measurement computers and mobile devices in over 275 locations around the world that enable companies to continuously improve the online and mobile experience. Known as ‘The Mobile and Internet Performance Authority™,’ Keynote offers three market-leading product platforms:
Keynote Perspective® provides on-demand performance monitoring for enterprise web and mobile sites including online portals, e-commerce sites and B2B sites. Over 2,000 customers rely on Keynote Perspective services to know precisely how their websites, content, and applications perform on actual browsers, networks, and mobile devices.
Keynote DeviceAnywhere® provides the industry's only true cloud-based platform for testing and monitoring the functionality, usability, performance and availability of mobile applications and websites. It's suite of mobile testing solutions is used by over 1,000 mobile developers and enterprises to deliver quality mobile applications and services to the mobile channel.
Keynote SIGOS offers active end-to-end Quality of Service (QoS) testing and monitoring solutions for mobile, fixed and VoIP communications. Its SITE and Global Roamer products are used by over 200 network operators, content providers, carriers and regulators in over 100 countries worldwide.
Keynote's 4,000 customers represent top Internet and mobile companies and include American Express, AT&T, Disney, eBay, E*TRADE, Expedia, Google, Microsoft, SonyEricsson, T-Mobile and Vodafone. Keynote Systems is headquartered in San Mateo, California and can be reached at http://www.keynote.com/ or by phone in the U.S. at 1-800-KEYNOTE.
Keynote®, DataPulse®, CustomerScope®, Keynote CE Rankings®, Keynote Customer Experience Rankings®, Perspective®, Keynote Red Alert®, Keynote Traffic Perspective®, Keynote WebEffective®, The Internet Performance Authority®, MyKeynote®, SIGOS®, SITE®, DeviceAnywhere®, The Mobile & Internet Performance Authority™ and Keynote FlexUse™ are trademarks or registered trademarks of Keynote Systems, Inc. in the United States and/or other countries. All other trademarks are the property of their respective owners. © 2012 Keynote Systems, Inc.
Keynote Systems, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| Sept 30, | June 30, | Sept 30, | Sept 30, | Sept 30, | |||||||||||||||
| 2012 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||
| Net revenue: | $ | 30,392 | $ | 30,276 | $ | 27,504 | $ | 124,339 | $ | 103,030 | |||||||||
| Costs and expenses: | |||||||||||||||||||
| Costs of revenue: | |||||||||||||||||||
| Direct costs of revenue | 8,819 | 8,826 | 7,159 | 34,930 | 25,500 | ||||||||||||||
| Development | 4,801 | 4,754 | 3,558 | 18,622 | 13,189 | ||||||||||||||
| Operations | 2,739 | 2,587 | 2,195 | 10,489 | 8,131 | ||||||||||||||
| Amortization of intangible assets- software | 525 | 525 | 419 | 2,040 | 1,676 | ||||||||||||||
| Total costs of revenue | 16,884 | 16,692 | 13,331 | 66,081 | 48,496 | ||||||||||||||
| Sales and marketing | 9,156 | 9,506 | 7,335 | 36,674 | 28,278 | ||||||||||||||
| General and administrative | 3,298 | 3,525 | 3,464 | 14,732 | 11,702 | ||||||||||||||
| Change in fair value of acquisition-related contingent consideration | - | - | - | (2,000 | ) | - | |||||||||||||
| Excess occupancy income, net | (505 | ) | (407 | ) | (285 | ) | (1,650 | ) | (1,077 | ) | |||||||||
| Amortization of intangible assets - other | 963 | 968 | 138 | 3,710 | 589 | ||||||||||||||
| Total costs and expenses | 29,796 | 30,284 | 23,983 | 117,547 | 87,988 | ||||||||||||||
| Income (loss) from operations | 596 | (8 | ) | 3,521 | 6,792 | 15,042 | |||||||||||||
| Interest income and other, net | (7 | ) | 122 | (328 | ) | 163 | 213 | ||||||||||||
| Income before provision for income taxes | 589 | 114 | 3,193 | 6,955 | 15,255 | ||||||||||||||
| Provision for income taxes | (363 | ) | (87 | ) | (724 | ) | (2,247 | ) | (1,675 | ) | |||||||||
| Benefit from release of deferred tax assets valuation allowance | - | - | 37,282 | - | 37,282 | ||||||||||||||
| Net income | $ | 226 | $ | 27 | $ | 39,751 | $ | 4,708 | $ | 50,862 | |||||||||
| Net income per share: | |||||||||||||||||||
| Basic | $ | 0.01 | $ | 0.00 | $ | 2.33 | $ | 0.27 | $ | 3.16 | |||||||||
| Diluted | $ | 0.01 | $ | 0.00 | $ | 2.16 | $ | 0.26 | $ | 2.91 | |||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||
| Basic | 17,843 | 17,502 | 17,077 | 17,504 | 16,096 | ||||||||||||||
| Diluted | 18,172 | 18,335 | 18,444 | 18,423 | 17,500 | ||||||||||||||
Keynote Systems, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) | |||||||||
| Sept 30, 2012 | Sept 30, 2011 | ||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash, cash equivalents and short-term investments | $ | 49,939 | $ | 101,380 | |||||
| Accounts receivable, net | 17,395 | 14,738 | |||||||
| Other current assets | 2,776 | 3,002 | |||||||
| Inventories | 1,980 | 1,502 | |||||||
| Deferred tax assets | 6,076 | 7,582 | |||||||
| Total current assets | 78,166 | 128,204 | |||||||
| Property and equipment, net | 35,165 | 34,424 | |||||||
| Goodwill | 110,253 | 62,459 | |||||||
| Identifiable intangible assets, net | 9,060 | 1,653 | |||||||
| Deferred tax assets | 33,392 | 32,851 | |||||||
| Other long-term assets | 929 | 810 | |||||||
| Total assets | $ | 266,965 | $ | 260,401 | |||||
| Liabilities and Stockholders’ Equity | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 2,393 | $ | 2,410 | |||||
| Accrued expenses | 11,301 | 9,450 | |||||||
| Deferred revenue | 15,626 | 16,151 | |||||||
| Total current liabilities | 29,320 | 28,011 | |||||||
| Other long term liabilities | 3,824 | 3,811 | |||||||
| Long-term deferred revenue | 1,093 | 2,388 | |||||||
| Total liabilities | 34,237 | 34,210 | |||||||
| Stockholders’ equity: | |||||||||
| Common stock | 18 | 17 | |||||||
| Additional paid-in capital | 316,125 | 312,057 | |||||||
| Accumulated deficit | (82,358 | ) | (87,066 | ) | |||||
| Accumulated other comprehensive income (loss) | (1,057 | ) | 1,183 | ||||||
| Total stockholders’ equity | 232,728 | 226,191 | |||||||
| Total liabilities and stockholders’ equity | $ | 266,965 | $ | 260,401 | |||||
| Keynote Systems, Inc. and Subsidiaries
GAAP TO NON-GAAP RECONCILIATION (in thousands, except per share data) (unaudited) | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| Sept 30, | June 30, | Sept 30, | Sept 30, | Sept 30, | ||||||||||||||||
| 2012 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Non-GAAP Net Income | ||||||||||||||||||||
| GAAP net income | $ | 226 | $ | 27 | $ | 39,751 | $ | 4,708 | $ | 50,862 | ||||||||||
| Provision for income taxes | 363 | 87 | 724 | 2,247 | 1,675 | |||||||||||||||
| Benefit from release of deferred tax assets valuation allowance | - | - | (37,282 | ) | - | (37,282 | ) | |||||||||||||
| Stock-based compensation ** | 977 | 1,709 | 1,020 | 5,558 | 3,360 | |||||||||||||||
| Amortization of intangible assets - other | 963 | 968 | 138 | 3,710 | 589 | |||||||||||||||
| Amortization of intangible assets - software | 525 | 525 | 419 | 2,040 | 1,676 | |||||||||||||||
| Change in fair value of acquisition-related contingent consideration | - | - | - | (2,000 | ) | - | ||||||||||||||
| Non-GAAP income before income tax | 3,054 | 3,316 | 4,770 | 16,263 | 20,880 | |||||||||||||||
| Cash taxes from on-going operations | (179 | ) | (61 | ) | 152 | (260 | ) | (290 | ) | |||||||||||
| Non-GAAP net income | $ | 2,875 | $ | 3,255 | $ | 4,922 | $ | 16,003 | $ | 20,590 | ||||||||||
| Weighted average diluted common shares outstanding | 18,172 | 18,335 | 18,444 | 18,423 | 17,500 | |||||||||||||||
| Non-GAAP net income per share | $ | 0.16 | $ | 0.18 | $ | 0.27 | $ | 0.87 | $ | 1.18 | ||||||||||
Adjusted EBITDA | ||||||||||||||||||||
| GAAP net income | $ | 226 | $ | 27 | $ | 39,751 | $ | 4,708 | $ | 50,862 | ||||||||||
| Provision for income taxes | 363 | 87 | 724 | 2,247 | 1,675 | |||||||||||||||
| Benefit from release of deferred tax assets valuation allowance | - | - | (37,282 | ) | - | (37,282 | ) | |||||||||||||
| Interest income and other, net | 7 | (122 | ) | 328 | (163 | ) | (213 | ) | ||||||||||||
| Stock-based compensation ** | 977 | 1,709 | 1,020 | 5,558 | 3,360 | |||||||||||||||
| Amortization of intangible assets - other | 963 | 968 | 138 | 3,710 | 589 | |||||||||||||||
| Amortization of intangible assets - software | 525 | 525 | 419 | 2,040 | 1,676 | |||||||||||||||
| Depreciation | 1,504 | 1,414 | 1,133 | 5,622 | 4,308 | |||||||||||||||
| Change in fair value of acquisition-related contingent consideration | - | - | - | (2,000 | ) | - | ||||||||||||||
| Adjusted EBITDA | $ | 4,565 | $ | 4,608 | $ | 6,231 | $ | 21,722 | $ | 24,975 | ||||||||||
| ** Stock-based compensation by category | ||||||||||||||||||||
| Direct costs of revenue | $ | 162 | $ | 204 | $ | 127 | $ | 735 | $ | 436 | ||||||||||
| Development | 322 | 387 | 230 | 1,389 | 759 | |||||||||||||||
| Operations | 154 | 151 | 124 | 608 | 375 | |||||||||||||||
| Sales and marketing | 260 | 588 | 386 | 1,798 | 1,263 | |||||||||||||||
| General and administrative | 79 | 379 | 153 | 1,028 | 527 | |||||||||||||||
| $ | 977 | $ | 1,709 | $ | 1,020 | $ | 5,558 | $ | 3,360 | |||||||||||
| Keynote Systems, Inc. and Subsidiaries
REVENUE DETAIL (in thousands) (unaudited) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| Dec 31 | March 31 | June 30 | Sept 30 | Sept 30 | |||||||||||
FY 2012 | |||||||||||||||
| Internet: | |||||||||||||||
| Web measurement subscriptions | $ | 8,119 | $ | 8,267 | $ | 8,803 | $ | 9,036 | $ | 34,225 | |||||
| Other subscriptions | 4,295 | 3,269 | 3,032 | 3,970 | 14,566 | ||||||||||
| Engagements | 3,090 | 2,821 | 2,779 | 3,085 | 11,775 | ||||||||||
| Internet net revenue | 15,504 | 14,357 | 14,614 | 16,091 | 60,566 | ||||||||||
| Mobile: | |||||||||||||||
| Subscriptions | 5,593 | 6,206 | 6,529 | 6,241 | 24,569 | ||||||||||
| Ratable licenses | 1,583 | 980 | 499 | 445 | 3,507 | ||||||||||
| System licenses | 5,755 | 4,023 | 4,382 | 2,883 | 17,043 | ||||||||||
| Maintenance and support | 4,644 | 5,026 | 4,252 | 4,732 | 18,654 | ||||||||||
| Mobile net revenue | 17,575 | 16,235 | 15,662 | 14,301 | 63,773 | ||||||||||
| Net revenue | $ | 33,079 | $ | 30,592 | $ | 30,276 | $ | 30,392 | $ | 124,339 | |||||
| Mobile net revenue by customer type | |||||||||||||||
| Enterprise | $ | 5,943 | $ | 5,884 | $ | 6,600 | $ | 5,256 | $ | 23,683 | |||||
| Telecommunications | 11,632 | 10,351 | 9,062 | 9,045 | 40,090 | ||||||||||
| Mobile net revenue | $ | 17,575 | $ | 16,235 | $ | 15,662 | $ | 14,301 | $ | 63,773 | |||||
FY 2011 | |||||||||||||||
| Internet: | |||||||||||||||
| Web measurement subscriptions | $ | 7,275 | $ | 7,373 | $ | 7,865 | $ | 7,981 | $ | 30,494 | |||||
| Other subscriptions | 3,448 | 2,784 | 2,846 | 3,316 | 12,394 | ||||||||||
| Engagements | 2,185 | 2,600 | 2,735 | 2,919 | 10,439 | ||||||||||
| Internet net revenue | 12,908 | 12,757 | 13,446 | 14,216 | 53,327 | ||||||||||
| Mobile: | |||||||||||||||
| Subscriptions | 3,195 | 3,234 | 4,149 | 4,180 | 14,758 | ||||||||||
| Ratable licenses | 4,571 | 3,687 | 3,426 | 2,594 | 14,278 | ||||||||||
| System licenses | 1,992 | 1,262 | 3,112 | 3,858 | 10,224 | ||||||||||
| Maintenance and support | 2,167 | 3,167 | 2,453 | 2,656 | 10,443 | ||||||||||
| Mobile net revenue | 11,925 | 11,350 | 13,140 | 13,288 | 49,703 | ||||||||||
| Net revenue | $ | 24,833 | $ | 24,107 | $ | 26,586 | $ | 27,504 | $ | 103,030 | |||||
| Mobile net revenue by customer type | |||||||||||||||
| Enterprise | $ | 1,109 | $ | 1,249 | $ | 2,035 | $ | 1,635 | $ | 6,028 | |||||
| Telecommunications | 10,816 | 10,101 | 11,105 | 11,653 | 43,675 | ||||||||||
| Mobile net revenue | $ | 11,925 | $ | 11,350 | $ | 13,140 | $ | 13,288 | $ | 49,703 | |||||
FY 2010 | |||||||||||||||
| Internet: | |||||||||||||||
| Web measurement subscriptions | $ | 6,170 | $ | 6,593 | $ | 6,584 | $ | 7,105 | $ | 26,452 | |||||
| Other subscriptions | 3,665 | 2,569 | 2,648 | 3,154 | 12,036 | ||||||||||
| Engagements | 2,544 | 1,893 | 2,164 | 2,187 | 8,788 | ||||||||||
| Internet net revenue | 12,379 | 11,055 | 11,396 | 12,446 | 47,276 | ||||||||||
| Mobile: | |||||||||||||||
| Subscriptions | 2,374 | 2,510 | 2,718 | 2,770 | 10,372 | ||||||||||
| Ratable licenses | 5,956 | 5,791 | 5,159 | 5,297 | 22,203 | ||||||||||
| Mobile net revenue | 8,330 | 8,301 | 7,877 | 8,067 | 32,575 | ||||||||||
| Net revenue | $ | 20,709 | $ | 19,356 | $ | 19,273 | $ | 20,513 | $ | 79,851 | |||||
| Mobile net revenue by customer type | |||||||||||||||
| Enterprise | $ | 1,036 | $ | 932 | $ | 1,028 | $ | 1,063 | $ | 4,059 | |||||
| Telecommunications | 7,294 | 7,369 | 6,849 | 7,004 | 28,516 | ||||||||||
| Mobile net revenue | $ | 8,330 | $ | 8,301 | $ | 7,877 | $ | 8,067 | $ | 32,575 | |||||
Keynote Systems, Inc. and Subsidiaries
CASH FLOW FROM OPERATING ACTIVITIES AND FREE CASH FLOW (in thousands) (unaudited) | ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||
| Dec 31 | March 31 | June 30 | Sept 30 | Sept 30 | ||||||||||
FY 2012 | ||||||||||||||
| Total Revenue | $ 33,079 | $ 30,592 | $ 30,276 | $ 30,392 | $ 124,339 | |||||||||
| Cash Flow from Operations | $ 1,510 | $ 4,606 | $ 5,046 | $ 5,442 | $ 16,604 | |||||||||
| % of Revenue | 5% | 15% | 17% | 18% | 13% | |||||||||
| Purchase of PP&E | $ 1,608 | $ 1,639 | $ 1,410 | $ 1,068 | $ 5,725 | |||||||||
| Free Cash Flow | $ (98) | $ 2,967 | $ 3,636 | $ 4,374 | $ 10,879 | |||||||||
| % of Revenue | (0%) | 10% | 12% | 14% | 9% | |||||||||
FY 2011 | ||||||||||||||
| Total Revenue | $ 24,833 | $ 24,107 | $ 26,586 | $ 27,504 | $ 103,030 | |||||||||
| Cash Flow from Operations | $ 2,324 | $ 6,693 | $ 4,560 | $ 5,686 | $ 19,263 | |||||||||
| % of Revenue | 9% | 28% | 17% | 21% | 19% | |||||||||
| Purchase of PP&E | $ 470 | $ 1,693 | $ 795 | $ 1,379 | $ 4,337 | |||||||||
| Free Cash Flow | $ 1,854 | $ 5,000 | $ 3,765 | $ 4,307 | $ 14,926 | |||||||||
| % of Revenue | 7% | 21% | 14% | 16% | 14% | |||||||||
FY 2010 | ||||||||||||||
| Total Revenue | $ 20,709 | $ 19,356 | $ 19,273 | $ 20,513 | $ 79,851 | |||||||||
| Cash Flow from Operations | $ (95) | $ 1,749 | $ 6,272 | $ 4,805 | $ 12,731 | |||||||||
| % of Revenue | (0%) | 9% | 33% | 23% | 16% | |||||||||
| Purchase of PP&E | $ 775 | $ 653 | $ 961 | $ 840 | $ 3,229 | |||||||||
| Free Cash Flow | $ (870) | $ 1,096 | $ 5,311 | $ 3,965 | $ 9,502 | |||||||||
| % of Revenue | (4%) | 6% | 28% | 19% | 12% | |||||||||
CONTACT:
Investor Relations
Becky Herrick / Jana Cuiper, 415-433-3777
LHA
KEYNLHA@lhai.com
or
Media
Dan Berkowitz, 650-403-3305
Keynote Systems, Inc.
dberkowitz@keynote.com