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WebEx Announces Third Quarter 2006 Financial Results
SANTA CLARA, Calif., October 26, 2006 - WebEx Communications, Inc. (Nasdaq: WEBX), the leading provider of software-as-a-service (SaaS) applications for collaborative business on the web, today announced financial results for the third quarter of 2006.
For the third quarter of 2006, revenue was 96.8 million USD, an increase of 23% compared to 78.6 million USD in the third quarter of 2005.
For the third quarter of 2006, net income on a non-GAAP basis was 17.7 USD million, a 36% increase over the 13.1 million USD net income from the third quarter of 2005. Non-GAAP diluted earnings per share were 0.35 USD in the third quarter of 2006, a 30% increase from 0.27 USD per share in the third quarter of 2005. Non-GAAP EPS excludes the expense and tax impact of the new SFAS 123R equity compensation rule, and certain expenses associated with the acquisition of Intranets.com, such as the non-cash amortization of intangible assets and certain employee compensation expenses.
For the third quarter of 2006, net income on a GAAP basis was 12.1 million USD or 0.24 USD per share on a fully diluted basis and includes the expense and tax impact of the new SFAS 123R equity compensation rule, and certain expenses associated with the acquisition of Intranets.com, as described above. By comparison, WebEx had GAAP net income of 12.7 million USD and diluted EPS of 0.26 USD in the third quarter of 2005, which did not include items related to SFAS 123R.
Cash flow from operations was 27.3 million USD, partially offset by 6.4 million USD of capital expenditures, yielding free cash flow of 20.9 million USD for the quarter ended September 30, 2006.
"I am very pleased with our strong third quarter performance driven by strong bookings and reduced churn which brought us a record number of new customers. These results reflect our successful transition to a SaaS pricing model and our continued leadership in web collaboration," said Subrah Iyar chairman and chief executive officer, WebEx. "We recently announced WebEx Connect, our next generation on-demand collaboration platform, as a natural extension of our leading web meetings applications business. We believe this is the first true SaaS platform for business-to-business applications, integrating collaboration, business workflow and data access in real time."
The following contains forward-looking guidance regarding WebEx's financial outlook. The following statements are based on current expectations. For the fourth quarter of 2006, WebEx anticipates revenues in the range of 99 USD to 102.5 million USD, GAAP EPS in the range of 0.27 USD to 0.29 USD and Non-GAAP EPS in the range of 0.37 USD to 0.39 USD. Non-GAAP EPS excludes the expense and tax impact of the new SFAS 123R equity compensation rule, and certain expenses associated with the acquisition of Intranets.com, such as the non-cash amortization of intangible assets.
On a full year basis for 2007, revenues are anticipated to be in the range of 445 USD to 465 million USD. WebEx anticipates GAAP EPS in the range of 1.19 USD to 1.29 USD and Non-GAAP EPS in the range of 1.55 USD to 1.65 USD, after excluding the expense and tax impact of the new SFAS 123R equity compensation rule and certain expenses associated with the acquisition of Intranets.com, as described above.
Non-GAAP Financial Measures
This press release includes financial measures for earnings per share and net income for our results for the third quarter of 2006, and guidance for the fourth quarter of 2006 and the year ending December 31, 2007 that have not been calculated in accordance with generally accepted accounting principles (GAAP) and may not necessarily be comparable to similarly-titled measures employed by other companies. These differ from GAAP in that they exclude the expense and tax impact of the new SFAS 123R equity compensation rule, and certain expenses from the acquisition of Intranets.com, including the effects of non-cash amortization of intangible assets, an in-process research and development charge and certain employee retention expenses. WebEx uses these non-GAAP financial measures to enhance understanding of its operational financial performance. WebEx believes that providing each of these non-GAAP financial measurements is useful to management and investors because they provide a consistent basis for comparison of WebEx's financial condition and results of operations between quarters, which comparison is not influenced by changes in accounting rules for stock-based compensation, changes in tax rates resulting solely from changes in accounting rules, and acquisition-related expenses associated with the purchase of Intranets.com. The presentation of this additional information is not meant to be considered in isolation or as a substitute for earnings per share or net income calculatedin accordance with GAAP, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP.
Our non-GAAP financial measures reflect adjustments based on the following items:
* Stock-based compensation: Our GAAP income statement includes stock compensation expense and the tax impact related to the adoption of Statement of Financial Accounting Standard 123R, Share-Based Payment (SFAS No. 123R), which we have been subject to since the first quarter of 2006. SFAS No. 123R requires us to recognize a non-cash expense related to the fair value of all our employee stock-based compensation awards. In periods prior to the adoption of SFAS No. 123R, when employee stock-based compensation awards had an exercise price equal to or above the market value of the underlying common stock on the date of grant, no stock compensation expense was required to be recognized in our statement of operations. We believe it is useful to provide financial statements with both the GAAP and the non-GAAP measures of our compensation expense and the related tax impact, as this helps to provide a more meaningful comparison of our current operating results to operating results in prior periods when SFAS No. 123R was not in effect. Stock-based compensation is a key incentive offered to our employees, and we believe it contributed to the revenue earned during the period and will contribute to our future revenue generation. Stock-based compensation expenses will recur in future periods.
* Amortization of intangibles, Intranets.com Acquisition: We continue to incur charges relating to the amortization of intangible assets which were purchased in connection with our acquisition of Intranets.com in September 2005. These charges are included in our GAAP presentation of earnings from operations, operating margin, net earnings and net earnings per share. We exclude these charges for purposes of calculating these non-GAAP measures to facilitate a more meaningful evaluation of our current operating performance and comparisons to our past operating performance.
* Employee Retention-Related Charges, Intranets.com Acquisition: We incur certain employee-retention costs in connection with the acquisition of Intranets.com that we would not have otherwise incurred. These GAAP costs are incurred to motivate individuals employed by Intranets.com prior to the acquisition to remain employed by us following the acquisition. We believe that eliminating these acquisition-related expenses for purposes of calculating the comparable non-GAAP financial measure facilitates a more meaningful evaluation of our current operating performance and comparisons to our past operating performance. These charges have now been completed and will not recur in future quarters.
* In-process research and development charge, Intranets.com Acquisition: We incurred, in the third quarter of 2005, a one-time GAAP accounting charge in connection with the acquisition of Intranets.com. The GAAP charge related to amounts assigned to tangible and intangible assets to be used in research and development projects that had no alternative future use and therefore were charged to expense at the acquisition date. The charge for in-process research and development in connection with the acquisition of Intranets.com is reflected in our GAAP presentation of earnings from operations, operating margin, net earnings andnet earnings per share solely in the third quarter of 2005. In-process research and development expenses are not indicative of our ongoing operating costs. Accordingly, we believe that eliminating this accounting charge for purposes of calculating these non-GAAP measures contributes to a meaningful evaluation of our current operating performance and comparisons to past operating performance.
About WebEx Communications, Inc.
WebEx Communications, Inc. is the global leader in software-as-a-service (SaaS) applications for collaborative business on the web. These software-as-a-service applications enhance high-touch business processes, such as sales and training, with efficient web-touch interactions. WebEx delivers its range of applications over the MediaTone On-Demand Platform, a composite collaboration and application platform specifically designed for on-demand applications and enterprise mashups. WebEx is based in Santa Clara, California and has regional headquarters in Europe, Asia and Australia. Please call toll free 877-509-3239 or visit http://www.webex.com for more information.
This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by use of the terms anticipates, believes, continue, could, estimates, expects, intends, may, plans, potential, predicts, should or will, or the negative of those terms or similar expressions. These forward-looking statements are subject to significant risks and uncertainties. Actual results may differ materially from those described in such statements as a result of these risks and uncertainties. In particular, these forward looking statements include, but are not limited to, statements regarding guidance for the fourth quarter of 2006 and the year ending December 31, 2007 on anticipated revenues and earnings per share, our recently-announced WebEx Connect product offering which is not yet commercially available, the benefits to management and investors in providing non-GAAP financial measures, the contribution to revenue of stock-based compensation and the recurrence of stock-based compensation expenses. Factors which could contribute to risks and uncertainties include, but are not limited to, the failure of WebEx to meet financial expectations, decrease in demand for WebEx collaboration applications and services, the failure of WebEx to meet projections in domestic and international direct sales activity, channel sales, customer retention and expense control, failures and interruptions in the software and systems underlying WebEx's services, the effects of competitive offerings, additional expenses associated with the further integration of Intranets.com, and the degree of and rate of commercial success achieved by our recently-announced WebEx Connect product offering. A fuller discussion of risks and uncertainties that could affect WebEx Communications, Inc. is more fully set forth in WebEx Communications, Inc.'s filings with the Securities and Exchange Commission, including WebEx's Form 10-Q filed on August 8, 2006. WebEx Communications, Inc. assumes no obligation to update forward-looking information contained in this press release.
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