Deltek Reports Q4 License Revenue of $19.2 million, Up 51% From Prior Quarter

Total Revenue of $70.3 million up 9.7% from Q3

Q4 EPS of $0.11 and Non-GAAP EPS of $0.15

 

HERNDON, Va. — (BUSINESS WIRE) — February 10, 2010 — Deltek, Inc. (Nasdaq: PROJ), the leading provider of enterprise applications software and solutions for project-focused businesses, today announced financial results for its fourth quarter and full year ended December 31, 2009.

Total revenue for the fourth quarter of 2009 was $70.3 million, up 9.7% from the third quarter. License revenue for Q4 was $19.2 million, up 51% compared to the third quarter of 2009. Consulting services revenue for Q4 was $18.8 million, compared to $19.7 million in Q3. Maintenance and support revenue in the fourth quarter of 2009 was $32.3 million, up 2% from the third quarter.

Non-GAAP operating income for the fourth quarter of 2009 increased 17% to $18.2 million, from $15.6 million in the third quarter. Non-GAAP operating income margins were 25.9% for Q4 2009 and up from 24.3 % in Q3. GAAP operating income for the fourth quarter increased 38% to $14.1 million from $10.2 million in the third quarter. GAAP operating income margins were 20% for Q4 2009 up from 15.9% for Q3.

Non-GAAP net income for the fourth quarter of 2009 was $9.8 million, or $0.15 per diluted share, compared to $9.9 million, or $0.15 per diluted share, in the third quarter. GAAP net income for the fourth quarter of 2009 was $7.2 million, or $0.11 per diluted share, compared to $6.6 million, or $0.10 per diluted share, in the third quarter.

Non-GAAP operating income and margin excludes the pre-tax impact of stock-based compensation, expenses associated with the Company's 2005 recapitalization, amortization of acquired intangible assets, and restructuring charges. Non-GAAP net income excludes the same items on a net-of-tax basis.

“We are very pleased with our Q4 results as the increasing confidence among our customers drove significant growth in our license revenues,” said Kevin Parker, Deltek’s president and CEO. “This strong top line performance, combined with our continuing focus on our cost structure, produced best-in-class operating margins of 26%.

During the quarter, we expanded our portfolio of solutions by acquiring mySBX, an online collaboration and business networking platform. In January, we launched govWin, delivering exciting new capabilities to our customers, built on the mySBX acquisition. We are very excited about this new initiative and the ability to expand our presence among the thousands of mySBX participants.

In 2009, we expanded our international capabilities and customers, upgraded our overall product portfolio, delivered strong profitability and improved our balance sheet significantly. These accomplishments position us well for the coming year.”

When compared to the same quarter in the prior year, total revenue for the fourth quarter of 2009 was $70.3 million versus $71.7 million. License revenue for Q4 2009 was $19.2 million, compared to $19.8 million in the fourth quarter of 2008. Consulting services revenue for Q4 2009 was $18.8 million, compared to $21.9 million in the prior-year period. Maintenance and support revenue in the fourth quarter of 2009 was $32.3 million, compared to $30.0 million in Q4 2008.

Non-GAAP operating income for the fourth quarter of 2009 was $18.2 million compared to $16.8 million in the fourth quarter 2008. Non-GAAP operating income margins were 25.9% for Q4 2009 and 23.4 % for Q4 2008. GAAP operating income for the fourth quarter of 2009 was $14.1 million compared to $12.6 million in the fourth quarter of 2008. GAAP operating income margins were 20% for Q4 2009 and 17.6% for Q4 2008.

Non-GAAP net income for the fourth quarter of 2009 was $9.8 million, or $0.15 per diluted share, compared to $8.6 million, or $0.18 per diluted share, in the fourth quarter of 2008. GAAP net income for the fourth quarter of 2009 was $7.2 million, or $0.11 per diluted share, compared to $6.1 million, or $0.13 per diluted share, in the fourth quarter of 2008.

Full-Year 2009 Results

Total revenue for 2009 was $265.8 million, compared to $289.4 million in 2008. License revenue for 2009 was $58.9 million, compared to $77.4 million in 2008. Consulting services revenue for 2009 was $77.8 million, compared to $91.6 million in 2008. Maintenance and support revenue in 2009 was $125.5 million, compared to $115.7 million in 2008.

Non-GAAP operating income for 2009 was $58.4 million, compared with $61.9 million for 2008. Non-GAAP operating income margins were 22% for 2009 and 21.4 % for 2008. GAAP operating income for 2009 was $39.3 million, compared with $47 million for 2008. GAAP operating income margin was 14.8% in 2009 and 16.2% in 2008.

Non-GAAP net income for 2009 was $33.0 million, or $0.57 per diluted share, compared to $32.6 million, or $0.68 per diluted share, in 2008. Full-year 2009 GAAP net income was $21.4 million, or $0.37 per diluted share, compared to $23.5 million, or $0.49 per diluted share, in 2008.

A reconciliation of GAAP to non-GAAP financial measures is provided in the tables at the end of this press release.

Recent Highlights

  • Trow Global, a Canada-based global leader in engineering and consulting services, selected Deltek Vision in the largest Deltek Vision transaction outside the U.S. in our history. Trow Global was seeking a solution that could manage and streamline its rapidly growing business while providing the flexibility and ease-of-use needed to quickly integrate newly acquired companies into the Trow Global organization. The company will leverage Deltek Vision to streamline operations, manage its organization through real-time visibility into projects and resources, integrate new acquisitions, and win new business.
  • GENIVAR, a global Canadian engineering firm with more than 4,000 employees, recently purchased Deltek Vision and will be using the French Canadian version of the Vision solution. GENIVAR will be utilizing Deltek Vision to automate key business processes, implement best practices across its organization and improve efficiencies. The GENIVAR win, combined with the Trow Global success, further demonstrates Deltek’s growing momentum in the Canadian marketplace.
  • Deltek announced a successful implementation of Deltek Vision with WSP Africa, a leading South African engineering and management consulting firm. WSP Africa used Deltek Vision to streamline operations, improve efficiency, enforce compliance, and support improved decision making to deliver complete satisfaction to its customers. The Vision implementation was completed on time and on budget.
  • For the third year in a row, Deltek received the MarketTools® CustomerSat™ Achievement in Customer Excellence (ACE) ™ Award for “Customer Support Satisfaction.” This MarketTools CustomerSat ACE Award recognizes Deltek’s industry-leading success in building customer loyalty and delivering a premier customer support experience.
  • Building on the exciting capabilities acquired in its December acquisition of mySBX, Deltek launched its breakthrough govWin online network, which empowers government contractors to win more business and drive profitability. By combining networking capabilities to promote subcontracting teaming opportunities, cutting-edge SaaS applications such as govWin CRM, and unique industry content, govWin delivers the industry’s only online community dedicated to solving common business problems for government contractors.
  • Deltek launched Clarity, an annual industry summit where it presented the findings from one of the largest studies of the government contracting marketplace ever conducted. At Clarity '09, hundreds of professionals from leading government contractors attended the forum to gain unique insight into industry drivers and emerging trends. Deltek initiated the Clarity study and partnered with the government contracting community to identify opportunities, share best practices and develop strategies to achieve success in the rapidly changing government marketplace.
  • Deltek held its second annual EMEA customer conference. International customers joined Deltek executives to discuss industry trends and hear about the future product directions for Deltek’s industry-leading Vision and Enterprise Project Management solutions. The conference included presentations from Deltek executives, product workshops from Deltek consultants, and customer case study presentations from Schlumberger Water & Carbon and the Aircraft Carrier Alliance program.
  • Deltek added two executives to its management team. In January, Michael Corkery joined Deltek as its Executive Vice President and Chief Financial Officer. Mr. Corkery will leverage his extensive operational experience to drive improvements across all of Deltek’s key functional areas. In October, Deborah Fitzgerald joined Deltek as Senior Vice President and Chief Information Officer and will develop and implement the technology vision for Deltek worldwide.

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