First quarter results.
Financial Highlights
Record first quarter revenues of $194.2 million (versus analysts' consensus of $193 million), up 50% from Q1 2009 including strong organic growth of 17%1
Gross profits (adj.) at $172.6 million, up 48% from Q1 2009; gross margins (adj.) at 89%
Q1 operating margins (adj.) at 44%
Record Q1 profit before tax (adj.) at $85.3 million, up 47% from Q1 2009
Record Q1 fully diluted EPS (adj.) of $0.25 (versus analysts' consensus of $0.25), up 44% from Q1 2009. Fully diluted EPS (IFRS) of $0.21 compared to $0.15 in Q1 2009
First quarter 2010 Highlights
Blue chip first quarter wins include: AT&T, Genentech, Lloyds Bank, American Automobile Association, Carnival Cruises, Citi, Kraft, O2, Samsung, Tesco, Visa, Bank of America and Bayer, as well as new and repeat licenses with multiple government, defence and intelligence agencies around the globe, including in the United States, the United Kingdom, the European Commission, Canada, Spain and Abu Dhabi
11 OEM deals signed including new deals and extensions with Adobe, McAfee and Siemens
Repeat business accounted for 51% of revenue in Q1
Strong organic growth of 17% from Q1 2009
Record Q1 revenue of $194.2 million, up 50% from Q1 2009
Gross margins (adj.) in targeted range at 89%
Record Q1 profit before tax (adj.) of $85.3 million, up 47% from Q1 2009 (IFRS: $68.8 million, up 38%)
Operating margins (adj.) stable at 44% (Q1 2009: 45%)
Fully diluted EPS (adj.) of $0.25, up 44% from Q1 2009 (IFRS: $0.21, up 41%)
Positive cash flow generated by operations of $85.5 million (Q1 2009: $51.1 million), up 67%
Average selling price for meaning-based technologies continues to increase.
Deferred revenue increased to $172.2 million (Q1 2009: $163.7 million)
DSOs increased slightly to 93 days (Q1 and Q4 2009: 88 days) due to an outstanding government related debtor and the timing of significant commercial customer payments received just after quarter end. This is expected to return to the normal range of 85-90 days during Q2 2010.