Exhibit 99.1
RPX Announces Fourth Quarter and Fiscal Year 2011 Financial Results
SAN FRANCISCO – February 13, 2012 – RPX Corporation (NASDAQ: RPXC), a leading provider of patent risk solutions, offering defensive buying, acquisition syndications, patent intelligence and advisory services, today announced its financial results for the fourth quarter and year ended December 31, 2011.
Financial Highlights
| • | Revenue for the fourth quarter of fiscal 2011 totaled $42.4 million, up 43% from the prior year period |
| • | Revenue for fiscal 2011 totaled $154.0 million, up 62% from fiscal 2010 |
| • | GAAP net income for the fourth quarter of fiscal 2011 was $6.9 million or $0.13 per diluted share on a pro forma basis |
| • | GAAP net income for fiscal 2011 was $29.1 million or $0.60 per diluted share on a pro forma basis |
| • | Non-GAAP net income for the fourth quarter of fiscal 2011 was $11.3 million or $0.22 per diluted share on a pro forma basis |
| • | Non-GAAP net income for fiscal 2011 was $37.1 million or $0.77 per diluted share on a pro forma basis |
“We achieved strong results across all of our key metrics in fiscal 2011,” said John Amster, CEO of RPX Corporation. “Revenue grew more than 60% year-over-year and we added 40 net clients, bringing the total to 112 clients in our network at the end of the year. During 2011, we invested approximately $99 million to purchase patents and patent rights on behalf of our clients, and our two public offerings enhanced our balance sheet, so that we entered 2012 with over $233 million in cash and short-term investments.”
Summary Results
Revenue for the fourth quarter of 2011 increased 43% to $42.4 million, compared to $29.7 million in the fourth quarter of 2010. For fiscal year 2011, revenue was $154.0 million, compared to revenue of $94.9 million for fiscal year 2010.
Net acquisition spend during the quarter totaled $28.7 million, and included nine new acquisitions of patent assets, in addition to the exercise of previously negotiated options to acquire licenses for new members. The net book value of RPX’s portfolio of patent assets increased to $163.4 million as of December 31, 2011 from $153.0 million as of September 30, 2011.
GAAP net income for the quarter was $6.9 million or $0.13 per diluted share, compared to $3.9 million or $0.07 per diluted share in the fourth quarter of 2010. On a pro forma basis giving effect to the restricted stock outstanding and the conversion of all preferred shares into common shares at the beginning of the period, net income was $0.13 per pro forma diluted share in the fourth quarter of 2011, compared to $0.10 per pro forma diluted share in the prior year period. For fiscal 2011, GAAP net income was $29.1 million or $0.57 per diluted share, compared to $13.9 million or $0.23 per diluted share for fiscal 2010. On a pro forma basis, net income was $0.60 per pro forma diluted share for fiscal 2011, compared to $0.36 per pro forma diluted share in the prior year.
| RPX Announces Fourth Quarter and Year ended 2011 Financial Results | Page | 2 |
Non-GAAP net income, which excludes stock-based compensation, the amortization of acquired intangibles and a payment in lieu of a contingent obligation (in each case, net of tax), was $11.3 million or $0.22 per pro forma diluted share in the fourth quarter of 2011, compared to $4.4 million or $0.11 per pro forma diluted share in the prior year period. For fiscal 2011, Non-GAAP net income was $37.1 million or $0.77 per pro forma diluted share, compared to $15.0 million or $0.39 per pro forma diluted share for fiscal 2010.
As of December 31, 2011, RPX had cash, cash equivalents and short-term investments of $233.7 million.
Business Outlook
This outlook reflects the Company’s current and preliminary view and may be subject to change. Please see the paragraph regarding “Forward-Looking Statements” at the end of this news release. The Company provided the following business outlook for the first quarter and full year 2012:
| First Quarter 2012 | Full Year 2012 | |||
Revenue | $43.7 – $44.1 Million | $193 – $203 Million | ||
Non-GAAP Cost of Revenues as a Percentage of Revenue | — | 40% – 42% | ||
Non-GAAP SG&A | — | $45 – $49 million | ||
Non-GAAP Net Income | $8.6 – $8.9 Million | $42 – $48 Million | ||
Non-GAAP Effective Tax Rate | 36% | 36% | ||
Diluted Shares Outstanding (Pro Forma Weighted Average) | 53.0 Million | 53.5 Million | ||
Net Acquisition Spend | — | $110 – $120 Million |
The above outlook is forward-looking. Actual results may differ materially. Please refer to the information under the caption “Use of Non-GAAP Financial Information” below.
Conference Call
RPX management will host a conference call and live webcast for analysts and investors at 2:00 p.m. PST/5:00 p.m. EST on February 13, 2012. Parties in the United States and Canada can access the call by dialing 1-877-941-1427, using conference code 4507265. International parties can access the call by dialing 1-480-629-9664, using conference code 4507265.
RPX will offer a live webcast of the conference call which can be accessed from the “Investor Relations” section of the Company’s website at www.rpxcorp.com. The webcast will be archived there for a period of 30 days. An audio replay of the conference call will also be available two hours after the call and will be available for 30 days. To hear the replay, parties in the United States and Canada should call 1-800-406-7325 and enter conference code 4480549. International parties should call 1-303-590-3030 and enter conference code 4507265.
| RPX Announces Fourth Quarter and Year ended 2011 Financial Results | Page | 3 |
About RPX Corporation
RPX Corporation (NASDAQ: RPXC) is a leading provider of patent risk solutions, offering defensive buying, acquisition syndication, patent intelligence and advisory services. Since its founding in 2008, RPX has introduced efficiency to the patent market by providing a rational alternative to litigation. The San Francisco-based company’s pioneering approach combines principal capital, deep patent expertise, and client contributions to generate enhanced patent buying power. By acquiring patents, RPX helps to mitigate and manage patent risk for its growing client network.
Use of Non-GAAP Financial Information
The accompanying news release dated February 13, 2012 contains non-GAAP financial measures. Tables are provided in this news release that reconcile the non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP cost of revenues, non-GAAP selling, general, and administrative expense, non-GAAP net income, and non-GAAP earnings per share.
To supplement the Company’s consolidated financial statements presented on a GAAP basis, management believes that these non-GAAP measures provide useful information about the Company’s core operating results and thus are appropriate to enhance the overall understanding of the Company’s past financial performance and its prospects for the future. Management is excluding from its non-GAAP operating results stock-based compensation expenses (inclusive of related employer payroll taxes), the amortization of acquired intangible assets, and a payment in lieu of a contingent obligation related to the acquisition of a patent asset in 2008. Management uses these non-GAAP measures to evaluate the Company’s financial results, and believes investors wish to exclude the effects of such items in comparing our financial performance with that of other companies. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance. The presentation of additional information is not meant to be considered in isolation or as a substitute for or superior to financial results determined in accordance with GAAP.
Forward-Looking Statements
This news release and its attachments contain forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements regarding RPX’s future financial performance as well as any statements regarding the Company’s strategic and operational plans. The Company’s actual results may differ materially from those anticipated in these forward-looking statements. Factors that may contribute to such differences include, among others, the Company’s ability to maintain an adequate rate of growth, the impact of the current economic climate on the Company’s business, the Company’s ability to effectively manage its growth, and the Company’s ability to attract new clients and retain existing clients. Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,”
| RPX Announces Fourth Quarter and Year ended 2011 Financial Results | Page | 4 |
“can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions or variations intended to identify forward-looking statements. More information about potential factors that could affect the Company’s business and financial results is contained in its Prospectus related to its secondary offering filed with the Securities and Exchange Commission on September 16, 2011, quarterly reports on Form 10-Q, and the Company’s other filings with the SEC. The Company does not intend, and undertakes no duty, to update any forward-looking statements to reflect future events or circumstances.
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| Contacts: | ||||||
Investor Relations | Media Relations | |||||
| Cynthia Hiponia | Greg Spector | |||||
| The Blueshirt Group | RPX Corporation | |||||
| +1-415-418-2563 | +1-415-717-4666 | |||||
| ir@rpxcorp.com | greg.spector@rpxcorp.com | |||||
| RPX Announces Fourth Quarter and Year ended 2011 Financial Results | Page | 5 |
RPX Corporation
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue | $ | 42,410 | $ | 29,696 | $ | 154,044 | $ | 94,874 | ||||||||
Cost of revenue | 22,719 | 13,252 | 67,371 | 43,602 | ||||||||||||
Selling, general, and administrative expenses | 12,128 | 8,567 | 40,593 | 23,917 | ||||||||||||
Loss on sale of patent assets, net | — | 461 | — | 536 | ||||||||||||
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Operating income | 7,563 | 7,416 | 46,080 | 26,819 | ||||||||||||
Interest income | 61 | 24 | 197 | 275 | ||||||||||||
Interest expense | (144 | ) | (601 | ) | (925 | ) | (3,051 | ) | ||||||||
Other income | 5 | 12 | 5 | 12 | ||||||||||||
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Income before provision for income taxes | 7,485 | 6,851 | 45,357 | 24,055 | ||||||||||||
Provision for income taxes | 566 | 2,987 | 16,225 | 10,184 | ||||||||||||
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Net income | $ | 6,919 | $ | 3,864 | $ | 29,132 | $ | 13,871 | ||||||||
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Less: allocation of net income to participating stockholders | 304 | 3,407 | 9,435 | 12,479 | ||||||||||||
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Net income available to common stockholders - basic | $ | 6,615 | $ | 457 | $ | 19,697 | $ | 1,392 | ||||||||
Undistributed earnings re-allocated to common stockholders | 18 | 86 | 613 | 279 | ||||||||||||
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Net income available to common stockholders - diluted | $ | 6,633 | $ | 543 | $ | 20,310 | $ | 1,671 | ||||||||
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Net income per common share - basic | $ | 0.14 | $ | 0.07 | $ | 0.61 | $ | 0.24 | ||||||||
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Net income per common share - diluted | $ | 0.13 | $ | 0.07 | $ | 0.57 | $ | 0.23 | ||||||||
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Weighted-average shares used in computing net income per common share - basic | 46,920 | 6,525 | 32,032 | 5,747 | ||||||||||||
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Weighted-average shares used in computing net income per common share - diluted | 50,055 | 8,067 | 35,920 | 7,164 | ||||||||||||
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| RPX Announces Fourth Quarter and Year ended 2011 Financial Results | Page | 6 |
RPX Corporation
Consolidated Balance Sheets
(in thousands)
(unaudited)
| December 31, 2011 | December 31, 2010 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 106,749 | $ | 46,656 | ||||
Restricted cash | 500 | 500 | ||||||
Short-term investments | 126,976 | — | ||||||
Accounts receivable | 16,160 | 12,632 | ||||||
Prepaid expenses and other current assets | 12,124 | 5,987 | ||||||
Deferred tax assets | 5,192 | 2,567 | ||||||
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Total current assets | 267,701 | 68,342 | ||||||
Patent assets, net | 163,352 | 126,508 | ||||||
Property and equipment, net | 2,317 | 623 | ||||||
Goodwill and intangible assets, net | 3,512 | 583 | ||||||
Restricted cash | 147 | 220 | ||||||
Deferred tax assets | 300 | — | ||||||
Other assets | 665 | 746 | ||||||
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Total assets | $ | 437,994 | $ | 197,022 | ||||
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Liabilities, redeemable convertible preferred stock and stockholders’ equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 821 | $ | 634 | ||||
Accrued liabilities | 7,762 | 7,281 | ||||||
Deferred revenue, current | 96,513 | 73,235 | ||||||
Notes payable and other obligations, current | 5,056 | 18,527 | ||||||
Other current liabilities | 2,182 | 3,314 | ||||||
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Total current liabilities | 112,334 | 102,991 | ||||||
Deferred revenue, less current portion | 11,762 | 9,205 | ||||||
Deferred tax liabilities | 14,695 | 6,146 | ||||||
Notes payable and other obligations, less current portion | — | 5,056 | ||||||
Other liabilities | 119 | 124 | ||||||
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Total liabilities | 138,910 | 123,522 | ||||||
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Redeemable convertible preferred stock | — | 62,793 | ||||||
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Stockholders’ equity | ||||||||
Common stock | 5 | 1 | ||||||
Additional paid-in capital | 259,292 | 51 | ||||||
Retained earnings | 39,787 | 10,655 | ||||||
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Total stockholders’ equity | 299,084 | 10,707 | ||||||
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Total liabilities, redeemable convertible preferred stock and stockholders’ equity | $ | 437,994 | $ | 197,022 | ||||
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| RPX Announces Fourth Quarter and Year ended 2011 Financial Results | Page | 7 |
RPX Corporation
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Year Ended December 31, | ||||||||
| 2011 | 2010 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 29,132 | $ | 13,871 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 63,446 | 43,332 | ||||||
Stock-based compensation | 6,996 | 1,246 | ||||||
Loss on sale of patent assets | — | 536 | ||||||
Excess tax benefit from stock-based compensation | (2,302 | ) | — | |||||
Imputed interest on other obligations | 727 | 1,649 | ||||||
Amortization of premium on investments | 1,086 | — | ||||||
Deferred taxes | 5,624 | 7,057 | ||||||
Other | 8 | 13 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (3,528 | ) | (5,521 | ) | ||||
Prepaid expense and other assets | (12,085 | ) | (6,014 | ) | ||||
Accounts payable | 332 | (347 | ) | |||||
Accrued and other liabilities | 5,198 | 6,563 | ||||||
Deferred revenue | 25,714 | 57,749 | ||||||
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Net cash provided by operating activities | 120,348 | 120,134 | ||||||
Cash flows from investing activities | ||||||||
Purchases of investments classified as available-for-sale | (202,430 | ) | — | |||||
Maturities of investments classified as available-for-sale | 78,246 | — | ||||||
Decrease (increase) in restricted cash | 73 | (220 | ) | |||||
Business acquisitions | (3,345 | ) | — | |||||
Purchases of intangible assets | (112 | ) | — | |||||
Purchases of property and equipment | (1,971 | ) | (544 | ) | ||||
Acquisitions of patent assets | (101,170 | ) | (72,097 | ) | ||||
Proceeds from sale of patent assets | 80 | 500 | ||||||
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Net cash used in investing activities | (230,629 | ) | (72,361 | ) | ||||
Cash flows from financing activities | ||||||||
Repayments of principal on notes payable and other obligations | (19,254 | ) | (30,471 | ) | ||||
Payments for the purchase of common stock | — | (3,238 | ) | |||||
Proceeds from issuance of Series C redeemable convertible preferred stock, net of issuance costs | — | 3,781 | ||||||
Proceeds from issuance of common stock in initial public offering, net of issuance costs | 157,478 | (221 | ) | |||||
Proceeds from issuance of common stock in secondary public offering, net of issuance costs | 26,855 | — | ||||||
Proceeds from exercise of stock options and other common stock issuances | 2,993 | 104 | ||||||
Excess tax benefit from stock-based compensation | 2,302 | — | ||||||
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Net cash provided by (used in) financing activities | 170,374 | (30,045 | ) | |||||
Net increase in cash and cash equivalents | 60,093 | 17,728 | ||||||
Cash and cash equivalents at beginning of period | 46,656 | 28,928 | ||||||
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Cash and cash equivalents at end of period | $ | 106,749 | $ | 46,656 | ||||
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| RPX Announces Fourth Quarter and Year ended 2011 Financial Results | Page | 8 |
RPX Corporation
Reconciliation of Pro Forma Net Income Per Share
(in thousands, except per share data)
(unaudited)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Net income | $ | 6,919 | $ | 3,864 | $ | 29,132 | $ | 13,871 | ||||||||
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Pro forma net income per share[1] | ||||||||||||||||
Basic | $ | 0.14 | $ | 0.10 | $ | 0.66 | $ | 0.37 | ||||||||
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Diluted | $ | 0.13 | $ | 0.10 | $ | 0.60 | $ | 0.36 | ||||||||
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Shares used in computing pro forma net income per share | ||||||||||||||||
Basic: | ||||||||||||||||
Basic weighted-average common shares | 46,920 | 6,525 | 32,032 | 5,747 | ||||||||||||
Add: Assumed conversion of redeemable convertible preferred shares | — | 26,012 | 9,270 | 25,810 | ||||||||||||
Add: Restricted stock | 2,158 | 4,582 | 3,114 | 5,529 | ||||||||||||
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Shares used in computing pro forma basic net income per share | 49,078 | 37,119 | 44,416 | 37,086 | ||||||||||||
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Diluted: | ||||||||||||||||
Diluted weighted-average common shares | 50,055 | 8,067 | 35,920 | 7,164 | ||||||||||||
Add: Assumed conversion of redeemable convertible preferred shares | — | 26,012 | 9,270 | 25,810 | ||||||||||||
Add: Restricted stock | 2,158 | 4,582 | 3,114 | 5,529 | ||||||||||||
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Shares used in computing pro forma diluted net income per share | 52,213 | 38,661 | 48,304 | 38,503 | ||||||||||||
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| [1] | Pro forma basic and diluted net income per share were computed to give effect to the shares of restricted stock outstanding as of the original date of issuance and the conversion of the Company’s redeemable convertible preferred stock into common stock using the as-if converted method as though the conversion had occurred as of January 1, 2010 or the original date of issuance, if later. |
| RPX Announces Fourth Quarter and Year ended 2011 Financial Results | Page | 9 |
RPX Corporation
Reconciliation of GAAP to Pro Forma Non-GAAP Net Income Per Common Share
(in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| (unaudited) | ||||||||||||||||
Net income | $ | 6,919 | $ | 3,864 | $ | 29,132 | $ | 13,871 | ||||||||
Stock-based compensation [1] | 2,166 | 615 | 7,015 | 1,246 | ||||||||||||
Amortization of acquired intangibles[2] | 146 | — | 292 | — | ||||||||||||
Payment in lieu of contingent obligation [3] | 4,000 | — | 4,000 | — | ||||||||||||
Income tax adjustments[4] | (1,944 | ) | (51 | ) | (3,356 | ) | (109 | ) | ||||||||
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Non-GAAP net income | $ | 11,287 | $ | 4,428 | $ | 37,083 | $ | 15,008 | ||||||||
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Pro forma non-GAAP net income per common share - basic | $ | 0.23 | $ | 0.12 | $ | 0.83 | $ | 0.40 | ||||||||
Pro forma non-GAAP net income per common share - diluted | $ | 0.22 | $ | 0.11 | $ | 0.77 | $ | 0.39 | ||||||||
Pro forma weighted-average shares - basic | 49,078 | 37,119 | 44,416 | 37,086 | ||||||||||||
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Pro forma weighted-average shares - diluted | 52,213 | 38,661 | 48,304 | 38,503 | ||||||||||||
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| Reconciliation of GAAP to Non-GAAP Cost of Revenue | ||||||||||||||||
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| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
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Cost of revenue | $ | 22,719 | $ | 13,252 | $ | 67,371 | $ | 43,602 | ||||||||
Payment in lieu of contingent obligation [3] | (4,000 | ) | — | (4,000 | ) | — | ||||||||||
Amortization of acquired intangibles[2] | (51 | ) | — | (104 | ) | — | ||||||||||
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Non-GAAP cost of revenue | $ | 18,668 | $ | 13,252 | $ | 63,267 | $ | 43,602 | ||||||||
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| Reconciliation of GAAP to Non-GAAP Selling, General, and Administrative Expenses | ||||||||||||||||
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| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
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Selling, general and administrative expenses | $ | 12,128 | $ | 8,567 | $ | 40,593 | $ | 23,917 | ||||||||
Stock-based compensation [1] | (2,166 | ) | (615 | ) | (7,015 | ) | (1,246 | ) | ||||||||
Amortization of acquired intangibles[2] | (95 | ) | — | (188 | ) | — | ||||||||||
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Non-GAAP selling, general, and administrative expenses | $ | 9,867 | $ | 7,952 | $ | 33,390 | $ | 22,671 | ||||||||
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| [1] | RPX excludes stock-based compensation and related employer payroll taxes from its non-GAAP financial measures. |
| [2] | RPX excludes from its non-GAAP financial measures, amortization expense related to intangible assets (other than patents) acquired in conjunction with the acquisition of businesses. |
| [3] | In 2008, RPX entered into an agreement to purchase patent assets with an unaffiliated third party which stipulated that RPX make a one-time payment of $5.0 million in the event RPX earned $170.0 million of subscription revenue in any calendar year. In 2011, RPX agreed to pay $4.0 million in lieu of the $5.0 million contingent payment. |
| [4] | Amount reflects income taxes associated with the above noted non-GAAP exclusions. |
| RPX Announces Fourth Quarter and Year ended 2011 Financial Results | Page | 10 |
RPX Corporation
Additional Metrics
($ in thousands)
(unaudited)
| As of, or for the Three Months Ended December 31, | ||||||||
Operating Metrics | 2011 | 2010 | ||||||
Number of clients at quarter end | 112 | 72 | ||||||
Net additions in quarter | 9 | 7 | ||||||
Trailing four quarters | 40 | 49 | ||||||
Gross acquisition spend in quarter | $ | 28,730 | $ | 21,760 | ||||
Trailing four quarters | 103,796 | 146,405 | ||||||
Net acquisition spend in quarter | $ | 28,730 | $ | 10,382 | ||||
Trailing four quarters | 99,171 | 88,638 | ||||||
Full time equivalent headcount at quarter end | 110 | 66 | ||||||
| As of, or for the Year Ended December 31, | ||||||||
Financial Metrics | 2011 | 2010 | ||||||
Subscription revenue | $ | 150,721 | $ | 94,102 | ||||
Other revenue | 3,323 | 772 | ||||||
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Revenue | $ | 154,044 | $ | 94,874 | ||||
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Cash, cash equivalents and short-term investments | $ | 233,725 | $ | 46,656 | ||||
Deferred revenue, current and noncurrent | $ | 108,275 | $ | 82,440 | ||||