SAN MATEO, CA — (Marketwired) — 05/02/13 — Selectica, Inc. (NASDAQ: SLTC), provider of software that and , today announced financial results for its fiscal fourth quarter and year ended March 31, 2013.
“The Selectica story has shifted from one of a turnaround to one of growth,” said Jason Stern, Selectica President and CEO. “All of our customers over the past two years have opted for our SaaS offering, which further motivates us to invest in our current vision, already resonating with our customers and the market as a whole: combining our industry-leading CPQ and CLM solutions into a single, integrated CPQC offering.”
“Our strong year-over-year revenue growth is a result of significant new customer acquisitions combined with high renewal rates from existing customers,” said Todd Spartz, Chief Financial Officer. “As far as our move to SaaS, the numbers tell the story: this quarter 100% of our liscense transactions were subscription, and we-ve seen 60-70% growth in our SaaS product offerings overall.”
Selectica delivered the following financial results for the fourth quarter of fiscal 2013:
Selectica grew recurring revenue from $2.3 million in Q4 FY 2012 to $3.1 million in Q4 FY2013, a year-over-year increase of 35%.
Billings for Q4 FY2013 were $6.7 million, compared to $5.4 million in Q4 FY2012, a 24% increase year-over-year. Billings were $4.2 million in Q3 FY2013. The company defines billings, a non-GAAP financial measure, as revenue recognized during the period plus the change in deferred revenue from the beginning to the end of the period. Please refer to the financial tables below for a reconciliation of this non-GAAP measure to GAAP.
In Q4 FY2013, the company had deferred revenue of $7.9 million, an 18% year-over-year increase from Q4 FY2012, when deferred revenue was $6.7 million. In Q3 FY2013, deferred revenue was $5.5 million.
Business highlights from FY2013 include:
In July 2012, Selectica announced the availability of its CPQ offering on the salesforce.com AppExchange. The application brings patented Selectica configuration technology to the Salesforce interface so that sales reps and channel partners can assemble and price deals faster and more efficiently.
Also in July, Selectica announced the inclusion of Contract Blueprints in its flagship contract management solution. Contract Blueprints is comprised of a set of pre-configured, best-practice contract types that enable users to get started with contract management quickly.
In September, Selectica received a seventh patent for its sales configuration technology that powers its CPQ solution. This declarative constraint engine enables customers to use dynamic components to configure product and service offerings from a large number of options.
Selectica attended salesforce.com-s Dreamforce -12 event held in September 2012 as a gold sponsor. Participation in the event resulted in increased interest in Selectica CPQ for Salesforce, including new customers using the integrated product.
Selectica ended the year with 130 customers in industries such as healthcare, government contracting, financial services, high tech, and media and entertainment. New customers included global businesses headquartered in APAC and Europe.
Among several key executive team hires, Selectica appointed Michael Mothersbaugh as Executive Vice President, Worldwide Sales, and David Humphrey as Vice President of Professional Services. In their respective roles, Mothersbaugh and Humphrey are critical to growing and maintaining the Selectica customer base.
Total revenues for Q4 FY2013 were $4.2 million, compared to $3.2 million for Q4 FY2012, a year-over-year increase of 31. Total revenues were $4.5 million in Q3 FY2013.
Net loss for Q4 FY2013 was $2.1 million, or $(0.73) per share, compared to a net loss of $2.2 million, or $(0.78) per share in Q4 FY2012, and a net loss of $1.1 million, or $(0.37) per share, in Q3 FY2013.
Complete financial results for Q4 FY2013 can be found in the attached financial tables.
Selectica, Inc. (NASDAQ: SLTC) develops innovative software that the world-s most successful companies rely on to improve the effectiveness of their sales and contracting processes. Our guided selling, sales configuration, and contract lifecycle management solutions support the Global 2000 and growing mid-size firms in closing billions of dollars- worth of business each year. Our patented technology, delivered through the cloud, makes it easy for customers in industries like high-tech, telecommunications, manufacturing, healthcare, financial services, and government contracting to overcome product and channel complexity, increase deal value, and accelerate time to revenue.
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Selectica provides quarterly and annual financial statements that are prepared in accordance with generally accepted accounting principles (GAAP). To help understand the company-s past financial performance and future results, the company is providing non-GAAP financial measures to supplement the financial results that it provides in accordance with GAAP. The method the company uses to produce non-GAAP financial results is not computed according to GAAP and may differ from the methods used by other companies.
Certain statements in this release and elsewhere by Selectica are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to the on-going global recession; fluctuations in demand for Selectica-s products and services; government policies and regulations, including, but not limited to those affecting the company-s industry; and risks related to the company-s past stock granting policies and related restatement of financial statements. Selectica undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the company can be found in the company-s most recent Form 10-K, filed by the company with the Securities and Exchange Commission.
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