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BroadSoft: Financial Highlights For The Third Quarter

The following excerpt is from the company's SEC filing.

Total revenue increased

year-over-year to

$69.1 million

GAAP gross profit equaled

of total revenue; non-GAAP gross profit equaled

GAAP loss from operations totaled

$(1.1) million

of revenue; non-GAAP income from operations totaled

$11.6 million

GAAP basic and diluted net loss per share equaled

$(0.16)

per common share; non-GAAP diluted earnings per share equaled

Results for the three months ended

September 30, 2015

Total revenue rose to

in the

quarter of

, an increase of

compared to

$54.6 million

Net loss for the

$(4.8) million

per basic and diluted common share, compared to net loss of

$(2.3) million

$(0.08)

per basic and diluted common share in the

On a non-GAAP basis, net income in the

$10.9 million

per diluted common share, compared to non-GAAP net income of

$10.1 million

per diluted common share, in the

. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.

$189.3 million

for the first

months of

$151.0 million

Net loss for the first

$(14.9) million

$(0.51)

per basic and diluted common share, compared to a net loss of

$(8.1) million

$(0.28)

per basic and diluted common share for the first

On a non-GAAP basis, net income for the first

$27.9 million

$21.1 million

per diluted common share, for the first

Management Commentary

“Last week, we held our 13th annual BroadSoft Connections users conference. This year’s event was both our biggest and best yet,” said Michael Tessler, president and chief executive officer, BroadSoft. “Our theme this year was ‘Define the Future.’ We saw genuine excitement amongst our customer base and industry analysts in response to our vision of our Unified Communications product future.”

“We are very pleased with our third quarter results. We delivered over 25% year-over-year revenue and billings growth,” said Jim Tholen, chief financial officer, BroadSoft. “From a customer adoption perspective, we had our best ever hosted UC sell-through in the quarter and surpassed a milestone of 12 million active end-users. We look forward to continuing this momentum as we close out the year.”

Guidance

For the fourth quarter of

, BroadSoft anticipates revenue of $78 to $84 million. The Company also expects to achieve earnings on a non-GAAP basis of $0.58 to $0.74 per diluted common share. For the full year 2015, BroadSoft now expects revenue in the range of $267 million to $273 million and non-GAAP EPS in the range of $1.50 to $1.66.

Conference Call

BroadSoft will discuss its

results and its business outlook today via teleconference at 8:30 a.m. Eastern Time. To participate in the teleconference, callers can dial the toll free number 1-877-312-5517 (U.S. callers only) or 1-760-666-3772 (from outside the U.S.). The conference call can also be heard live via audio webcast at

http://investors.broadsoft.com/events.cfm

. To help ensure the conference begins on time, please dial in or connect via the web five minutes prior to the scheduled start time.

For those unable to participate in the live call, a recording will be available shortly after the conclusion of the call at

and will remain available until immediately prior to our next earnings call.

BroadSoft has provided in this release, and will provide on this morning’s teleconference, financial information that has not been prepared in accordance with generally accepted accounting principles, or GAAP. BroadSoft uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating BroadSoft’s ongoing operational performance. BroadSoft’s management regularly uses these non-GAAP financial measures to understand and manage its business and believes these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain non-cash expenses, and may include additional adjustments for items that are infrequent in nature. BroadSoft believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in BroadSoft’s industry, many of which present similar non-GAAP financial measures to investors. A reconciliation of the non-GAAP financial measures included in this release and to be discussed on this morning’s teleconference to the most directly comparable GAAP financial measures is set forth below.

Non-GAAP financial measures:

Non-GAAP cost of revenue, license software cost of revenue, subscription and maintenance cost of revenue and professional services and other cost of revenue.

We define non-GAAP cost of revenue as a cost of revenue less stock-based compensation expense and amortization expense for acquired intangible assets. We consider non-GAAP cost of revenue to be a useful metric for management and our investors because it excludes the effect of certain non-cash expenses so management and investors can compare our cost of revenue over multiple periods.

Non-GAAP gross profit, license software gross profit, subscription and maintenance support gross profit and professional services and other gross profit

. We define non-GAAP gross profit as gross profit plus stock-based compensation expense and amortization expense for acquired intangible assets. We consider non-GAAP gross profit to be a useful metric for management and our investors because it excludes the effect of certain non-cash expenses so management and investors can compare our sales margins over multiple periods.

Non-GAAP income from operations

. We define non-GAAP operating income as income from operations plus stock-based compensation expense and amortization expense for acquired intangible assets. We consider non-GAAP operating income to be a useful metric for management and investors because it excludes the effect of certain non-cash expenses so management and investors can compare our core business operating results over multiple periods.

Non-GAAP operating expenses, sales and marketing expense, research and development expense and general and administrative expense

. We define non-GAAP operating expenses as operating expense plus stock-based compensation expense allocated to sales and marketing, research and development...


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