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Xactly Reports Third Quarter Fiscal 2017 Financial Results

SAN JOSE, Calif.--(BUSINESS WIRE)--Xactly (NYSE:XTLY), a leading provider of cloud-based incentive solutions, today announced its financial results for the third quarter of fiscal year 2017 ended October 31, 2016.

“The third quarter marked another quarter of solid revenue growth and significant improvement on the bottom line”

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“We are pleased to report another successful quarter,” said Christopher W. Cabrera, founder and CEO of Xactly Corporation. “Companies choose our solutions because we enable them to drive employee behavior. In particular, Xactly Insights™ gives customers the actionable data they need to drive higher business performance.”

“The third quarter marked another quarter of solid revenue growth and significant improvement on the bottom line,” said Joseph Consul, CFO of Xactly Corporation. “The operating leverage we are demonstrating gives us confidence to achieve our target of positive cash flow from operations in the fourth quarter of this fiscal year.”

Third Quarter Fiscal 2017 Financial Highlights

  • Total revenue was $23.9 million, an increase of 25% from the third quarter of fiscal year 2016 total revenue of $19.1 million. Subscription revenue was $18.5 million, an increase of 22% from the third quarter of fiscal year 2016 subscription revenue of $15.2 million.
  • GAAP net loss for the third quarter of fiscal 2017 was $(4.2) million compared to $(10.4) million in the third quarter of fiscal 2016.
  • Non-GAAP net loss for the third quarter of fiscal 2017 was $(2.0) million compared to a non-GAAP net loss of $(5.1) million for the third quarter of fiscal year 2016.
  • Adjusted EBITDA for the third quarter of fiscal 2017 was a loss of $(0.8) million, or 3% of revenue, compared to a loss of $(3.5) million, or 19% of revenue, for the third quarter of fiscal year 2016.

Recent Business Highlights

  • Added key enterprise wins in the Manufacturing, Telecom, Consumer Goods, Healthcare, Software, and Construction vertical markets.
  • Ended the quarter with 287,000 subscribers, a 22% increase over last year.
  • Partnered with Miller Heiman Group, one of the largest sales and service performance companies in the world, to deliver sales-altering insights to customers. With Xactly Insights™, the industry’s first and only empirical sales compensation big data set, Miller Heiman Group can empower their customers with the data needed to design and execute more effective, impactful sales compensation programs.
  • Unveiled the Xactly Connect™ Open Platform. By offering public APIs to some of its most popular data and features, Xactly is empowering independent software vendors (ISVs) to build richer enterprise applications, and deliver better experiences and value to their customers. Xactly also announced pre-built integrations with Salesforce, enabling a seamless flow of data and extending functionality between Salesforce and Xactly.
  • Recognized as one of the best workplaces in the U.S. by Great Place to Work® and Fortune Magazine for the third-straight year. The company was noted for its exceptional workforce satisfaction and commitment to fostering a culture that enables employees to feel inspired by the work they do for the company, its customers, and the community.

Business Outlook

For the fourth quarter of fiscal 2017, Xactly expects to report:

  • Revenue in the range of $23.6 to $24.4 million
  • GAAP net loss in the range of $(6.5) to $(5.7) million, or $(0.21) to $(0.18) per share
  • Non-GAAP net loss in the range of $(4.0) to $(3.2) million, or $(0.13) to $(0.10) per share

For the full year of fiscal 2017, Xactly expects to report:

  • Revenue in the range of $94.8 to $95.6 million
  • GAAP net loss in the range of $(19.4) to $(18.6) million, or $(0.63) to $(0.60) per share
  • Non-GAAP net loss in the range of $(11.1) to $(10.3) million, or $(0.36) to $(0.33) per share

Conference Call Details:

Xactly will discuss its quarterly results today via teleconference at 1:30 p.m. PT (4:30 p.m. ET). Investors may listen to the live conference call (ID 3775206) by dialing 888-203-7667 or 719-325-2480 at 1:30 p.m. Pacific Time on December 8, 2016. An audio replay of the call will be available at 4:30 p.m. Pacific Time on December 8, 2016 through 4:30 p.m. Pacific Time on December 22, 2016. The replay dial information will be provided when registered here.

A webcast of the presentation will be available on the company’s investor relations website at http://investors.xactlycorp.com/investors/overview/default.aspx.

Non-GAAP Financial Measures

To supplement its financial statements, Xactly also provides investors with certain non-GAAP financial measures. We believe that these non-GAAP measures are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance. The non-GAAP financial measures included in this press release should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP, and the non-GAAP financial measures that we use may differ from those of other companies in our industry. A reconciliation between each non-GAAP financial measure and its nearest GAAP equivalent and related explanations are included below. We believe that supplementing GAAP disclosure with non-GAAP disclosure that excludes items that are not directly related to performance in any particular period provides management and investors with a more complete view of Xactly’s operational performance. Various items are excluded from such non-GAAP financial measures in part because the decisions which gave rise to the excluded items were not made to increase revenue in a particular period, but were made for Xactly’s long-term benefit over multiple periods.

Non-GAAP net loss and non-GAAP net loss per share We believe non-GAAP net loss and non-GAAP net loss per share may prove useful to investors who wish to consider the impact of certain non-cash or non-recurring items, such as certain one-time charges, on Xactly’s operating performance. We compensate for the inherent limitations associated with using non-GAAP net loss and non-GAAP net loss per share through disclosure of these limitations, presentation of our financial statements in accordance with U.S. GAAP and reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures, net loss and net loss per share. We...


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