[August 21, 2014] |
|
Kofax Voluntarily Changes from IFRS to U.S. GAAP Financial Reporting as of July 1, 2014
IRVINE, Calif. --(Business Wire)--
Kofax Limited (NASDAQ: KFX)(LSE: KFX), a leading provider of smart
process applications for the business critical First Mile™ of customer
interactions, today announced that the Company has voluntarily changed
the basis of preparation of the Company's financial statements from
International Financial Reporting Standards ("IFRS") to United States
Generally Accepted Accounting Principles ("GAAP") effective as of July
1, 2014, the beginning of its fiscal year 2015.
Jamie Arnold, Chief Financial Officer, said: "The majority of our shares
are now owned by U.S. investors and most of the trading volume in our
shares is now on NASDAQ. As a result, the Company has chosen to change
from IFRS to GAAP financial reporting as of July 1, 2014, and all of
fiscal year 2015 and subsequent fiscal year financial statements
published, filed or furnished to the SEC and UKLA will be prepared on a
GAAP basis. We have attached unaudited quarterly financial statements
prepared in accordance with GAAP for the seven quarter period from July
1, 2012 through March 31, 2014 for reference purposes."
Arnold continued: "After converting the basis of preparation of the
Company's financial statements to GAAP, we have concluded and are able
to report that the differences in reporting income statement financial
measures on GAAP rather than IFRS and Non-GAAP rather than Non-IFRS are
not material to the periods presented below. The differences in balance
sheet financial measures are largely reclassifications and related to
the amortization of goodwill arising from acquisitions made in prior
periods. The tables below show the nominal and percentage difference
between the IFRS and GAAP and Non-IFRS and Non-GAAP financial measures
for Software License Revenue, Total Revenues and Adjusted EBITDA:"
|
|
|
|
|
|
|
|
|
Non- IFRS vs. Non-GAAP
|
|
|
For the Fiscal Year Ended June 30, 2013
|
|
|
|
|
For the Nine Months Ended March 31, 2014
|
|
|
|
Non-
|
|
|
Non-
|
|
|
$
|
|
|
%
|
|
|
|
|
Non-
|
|
|
Non-
|
|
|
$
|
|
|
%
|
($ In millions, except for %)
|
|
|
IFRS
|
|
|
GAAP
|
|
|
Change
|
|
|
Change
|
|
|
|
|
IFRS
|
|
|
GAAP
|
|
|
Change
|
|
|
Change
|
Software License Revenue
|
|
|
$
|
112.4
|
|
|
$
|
112.0
|
|
|
$
|
(0.4
|
)
|
|
|
(0.4
|
)%
|
|
|
|
|
$
|
88.1
|
|
|
$
|
88.2
|
|
|
$
|
0.1
|
|
|
0.1
|
%
|
Total Revenues
|
|
|
$
|
266.7
|
|
|
$
|
266.5
|
|
|
$
|
(0.2
|
)
|
|
|
(0.1
|
)%
|
|
|
|
|
$
|
216.8
|
|
|
$
|
217.1
|
|
|
$
|
0.3
|
|
|
0.1
|
%
|
Adjusted EBITDA
|
|
|
$
|
46.3
|
|
|
$
|
46.6
|
|
|
$
|
0.3
|
|
|
|
0.6
|
%
|
|
|
|
|
$
|
28.7
|
|
|
$
|
28.9
|
|
|
$
|
0.1
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
IFRS vs. GAAP
|
|
|
For the Fiscal Year Ended June 30, 2013
|
|
|
|
|
For the Nine Months Ended March 31, 2014
|
|
|
|
|
|
|
|
|
|
$
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
$
|
|
%
|
($ In millions, except for %)
|
|
|
IFRS
|
|
|
GAAP
|
|
|
Change
|
|
|
Change
|
|
|
|
|
IFRS
|
|
|
GAAP
|
|
|
Change
|
|
Change
|
Software License Revenue
|
|
|
$
|
112.2
|
|
|
$
|
111.8
|
|
|
$
|
(0.4
|
)
|
|
|
(0.4
|
)%
|
|
|
|
|
$
|
83.0
|
|
|
$
|
83.1
|
|
|
$
|
0.1
|
|
|
0.1
|
%
|
Total Revenues
|
|
|
$
|
266.3
|
|
|
$
|
266.1
|
|
|
$
|
(0.2
|
)
|
|
|
(0.1
|
)%
|
|
|
|
|
$
|
210.2
|
|
|
$
|
210.5
|
|
|
$
|
0.3
|
|
|
0.1
|
%
|
Income from Operations
|
|
|
$
|
25.0
|
|
|
$
|
25.1
|
|
|
$
|
0.1
|
|
|
|
0.4
|
%
|
|
|
|
|
$
|
4.1
|
|
|
$
|
4.2
|
|
|
$
|
0.1
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On September 2, 2014, when the Company publishes its last IFRS audited
financial statements for the fiscal year ended June 30, 2014, it will
also provide GAAP financial statements and Non-GAAP financial measures
and supplemental reconciliations for the quarter ended June 30, 2014.
About Kofax
Kofax Limited is a leading provider of smart process applications for
the business critical First Mile of customer interactions. These begin
with an organization's systems of engagement, which generate real time,
information intensive communications from customers, and provide an
essential connection to their systems of record, which are typically
large scale, rigid enterprise applications and repositories not easily
adapted to more contemporary technology. Success in the First Mile can
dramatically improve an organization's customer experience and greatly
reduce operating costs, thus driving increased competitiveness, growth
and profitability. Kofax software and solutions provide a rapid return
on investment to more than 20,000 customers in financial services,
insurance, government, healthcare, business process outsourcing and
other markets. Kofax delivers these through its own sales and service
organization, and a global network of more than 800 authorized partners
in more than 75 countries throughout the Americas, EMEA and Asia
Pacific. For more information, visit kofax.com.
Non-IFRS and Non-GAAP Financial Measures
Management uses financial measures, both IFRS and Non-IFRS and GAAP and
Non-GAAP, in analyzing and assessing the overall performance of the
business and making operational decisions. We have provided and believe
that the Non-IFRS and Non-GAAP financial measures and supplemental
reconciliation to IFRS and GAAP financial measures are useful to
investors and other users of our financial statements because the
Non-IFRS and Non-GAAP financial measures may be used as additional tools
to compare our performance across peer companies, periods and financial
markets. Please refer to the Discussion of Non-GAAP Measures in this
press release for a discussion of the Non-GAAP financial measures and
their reconciliation to GAAP financial measures for the seven quarter
period from July 1, 2012 through March 31, 2014 and for more
supplemental information regarding the non-IFRS measures.
© 2014 Kofax Limited. Kofax is a registered trademark and First Mile
is a trademark of Kofax Limited. All other registered trademarks are the
property of their respective owners
Source: RNSKofax
|
Kofax Limited
|
Unaudited Condensed Consolidated Balance Sheets
|
($ in thousands)
|
|
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
|
|
Q2-2014
|
|
|
Q3-2014
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
90,282
|
|
|
|
87,031
|
|
|
|
86,806
|
|
|
|
93,413
|
|
|
|
71,999
|
|
|
|
81,233
|
|
|
|
93,051
|
|
Accounts receivable, net
|
|
|
47,549
|
|
|
|
48,438
|
|
|
|
51,116
|
|
|
|
60,929
|
|
|
|
43,994
|
|
|
|
60,486
|
|
|
|
51,398
|
|
Other current assets
|
|
|
13,352
|
|
|
|
13,993
|
|
|
|
11,601
|
|
|
|
10,457
|
|
|
|
12,802
|
|
|
|
10,762
|
|
|
|
9,103
|
|
Income tax receivable
|
|
|
3,721
|
|
|
|
3,525
|
|
|
|
2,614
|
|
|
|
2,024
|
|
|
|
1,474
|
|
|
|
1,179
|
|
|
|
2,706
|
|
Deferred tax assets
|
|
|
1,313
|
|
|
|
1,238
|
|
|
|
1,442
|
|
|
|
3,670
|
|
|
|
4,425
|
|
|
|
6,650
|
|
|
|
5,955
|
|
Total current assets
|
|
|
156,217
|
|
|
|
154,225
|
|
|
|
153,579
|
|
|
|
170,493
|
|
|
|
134,694
|
|
|
|
160,310
|
|
|
|
162,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
9,078
|
|
|
|
9,254
|
|
|
|
8,281
|
|
|
|
7,774
|
|
|
|
7,572
|
|
|
|
7,222
|
|
|
|
6,483
|
|
Goodwill
|
|
|
145,770
|
|
|
|
145,846
|
|
|
|
160,362
|
|
|
|
155,203
|
|
|
|
194,036
|
|
|
|
188,829
|
|
|
|
189,598
|
|
Acquired intangible assets, net
|
|
|
25,704
|
|
|
|
24,081
|
|
|
|
21,641
|
|
|
|
26,839
|
|
|
|
42,271
|
|
|
|
40,153
|
|
|
|
38,038
|
|
Deferred tax assets, net of current portion
|
|
|
667
|
|
|
|
629
|
|
|
|
733
|
|
|
|
1,607
|
|
|
|
3,088
|
|
|
|
2,413
|
|
|
|
1,872
|
|
Other non-current assets
|
|
|
5,227
|
|
|
|
4,821
|
|
|
|
3,998
|
|
|
|
3,672
|
|
|
|
3,511
|
|
|
|
3,469
|
|
|
|
4,287
|
|
Total Assets
|
|
|
342,663
|
|
|
|
338,856
|
|
|
|
348,594
|
|
|
|
365,588
|
|
|
|
385,172
|
|
|
|
402,396
|
|
|
|
402,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
33,964
|
|
|
|
30,587
|
|
|
|
39,626
|
|
|
|
36,845
|
|
|
|
37,812
|
|
|
|
36,792
|
|
|
|
36,623
|
|
Deferred revenue
|
|
|
56,709
|
|
|
|
57,282
|
|
|
|
62,164
|
|
|
|
63,302
|
|
|
|
64,297
|
|
|
|
72,718
|
|
|
|
77,545
|
|
Income taxes payable
|
|
|
1,927
|
|
|
|
1,485
|
|
|
|
539
|
|
|
|
1,592
|
|
|
|
1,845
|
|
|
|
1,363
|
|
|
|
122
|
|
Deferred tax liabilities
|
|
|
168
|
|
|
|
162
|
|
|
|
124
|
|
|
|
261
|
|
|
|
1,675
|
|
|
|
1,797
|
|
|
|
1,463
|
|
Contingent consideration
|
|
|
5,594
|
|
|
|
6,283
|
|
|
|
7,275
|
|
|
|
6,334
|
|
|
|
9,552
|
|
|
|
7,977
|
|
|
|
4,680
|
|
Total current liabilities
|
|
|
98,362
|
|
|
|
95,799
|
|
|
|
109,728
|
|
|
|
108,334
|
|
|
|
115,181
|
|
|
|
120,647
|
|
|
|
120,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum pension liability
|
|
|
2,236
|
|
|
|
2,185
|
|
|
|
2,051
|
|
|
|
3,018
|
|
|
|
3,298
|
|
|
|
3,211
|
|
|
|
3,233
|
|
Deferred revenue, net of current portion
|
|
|
4,834
|
|
|
|
4,586
|
|
|
|
4,480
|
|
|
|
5,095
|
|
|
|
7,468
|
|
|
|
7,657
|
|
|
|
7,854
|
|
Deferred tax liabilities, net of current portion
|
|
|
5,131
|
|
|
|
4,940
|
|
|
|
3,794
|
|
|
|
7,993
|
|
|
|
7,848
|
|
|
|
6,938
|
|
|
|
6,258
|
|
Contingent consideration, net of current portion
|
|
|
5,423
|
|
|
|
2,997
|
|
|
|
2,676
|
|
|
|
2,334
|
|
|
|
7,090
|
|
|
|
6,101
|
|
|
|
4,184
|
|
Other non-current liabilities
|
|
|
9,984
|
|
|
|
9,158
|
|
|
|
8,010
|
|
|
|
8,622
|
|
|
|
9,353
|
|
|
|
9,796
|
|
|
|
9,857
|
|
Total liabilities
|
|
|
125,970
|
|
|
|
119,665
|
|
|
|
130,739
|
|
|
|
135,396
|
|
|
|
150,238
|
|
|
|
154,350
|
|
|
|
151,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
95
|
|
|
|
95
|
|
|
|
95
|
|
|
|
95
|
|
|
|
95
|
|
|
|
97
|
|
|
|
97
|
|
Additional paid in capital
|
|
|
42,974
|
|
|
|
44,105
|
|
|
|
44,177
|
|
|
|
42,045
|
|
|
|
42,840
|
|
|
|
56,744
|
|
|
|
58,376
|
|
Employee benefit shares
|
|
|
(17,371
|
)
|
|
|
(18,340
|
)
|
|
|
(18,340
|
)
|
|
|
(15,295
|
)
|
|
|
(14,929
|
)
|
|
|
(15,713
|
)
|
|
|
(15,417
|
)
|
Treasury shares
|
|
|
(15,980
|
)
|
|
|
(15,980
|
)
|
|
|
(15,980
|
)
|
|
|
(15,980
|
)
|
|
|
(15,980
|
)
|
|
|
(15,980
|
)
|
|
|
(15,980
|
)
|
Retained earnings
|
|
|
184,893
|
|
|
|
185,142
|
|
|
|
184,791
|
|
|
|
195,664
|
|
|
|
198,386
|
|
|
|
199,861
|
|
|
|
200,488
|
|
Accumulated other comprehensive income
|
|
|
22,082
|
|
|
|
24,169
|
|
|
|
23,112
|
|
|
|
23,663
|
|
|
|
24,522
|
|
|
|
23,037
|
|
|
|
23,108
|
|
Total shareholders' equity
|
|
|
216,693
|
|
|
|
219,191
|
|
|
|
217,855
|
|
|
|
230,192
|
|
|
|
234,934
|
|
|
|
248,046
|
|
|
|
250,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
342,663
|
|
|
|
338,856
|
|
|
|
348,594
|
|
|
|
365,588
|
|
|
|
385,172
|
|
|
|
402,396
|
|
|
|
402,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kofax Limited
|
Unaudited Condensed Consolidated Statements of Income
|
($ in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
|
|
Q2-2014
|
|
|
Q3-2014
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software license
|
|
|
22,132
|
|
|
|
25,017
|
|
|
|
26,254
|
|
|
|
38,411
|
|
|
|
24,560
|
|
|
|
30,385
|
|
|
|
28,137
|
|
Maintenance services
|
|
|
29,908
|
|
|
|
30,835
|
|
|
|
30,011
|
|
|
|
31,190
|
|
|
|
32,150
|
|
|
|
33,556
|
|
|
|
32,584
|
|
Professional services
|
|
|
8,127
|
|
|
|
7,883
|
|
|
|
7,933
|
|
|
|
8,396
|
|
|
|
8,871
|
|
|
|
10,173
|
|
|
|
10,052
|
|
Total revenue
|
|
|
60,167
|
|
|
|
63,735
|
|
|
|
64,198
|
|
|
|
77,997
|
|
|
|
65,581
|
|
|
|
74,114
|
|
|
|
70,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software licenses
|
|
|
2,431
|
|
|
|
2,295
|
|
|
|
2,576
|
|
|
|
3,386
|
|
|
|
2,656
|
|
|
|
3,029
|
|
|
|
1,955
|
|
Cost of maintenance services
|
|
|
4,226
|
|
|
|
4,537
|
|
|
|
4,753
|
|
|
|
4,678
|
|
|
|
4,807
|
|
|
|
5,079
|
|
|
|
5,218
|
|
Cost of professional services
|
|
|
6,925
|
|
|
|
7,205
|
|
|
|
7,182
|
|
|
|
7,031
|
|
|
|
7,629
|
|
|
|
8,218
|
|
|
|
8,129
|
|
Amortization of intangible assets
|
|
|
1,155
|
|
|
|
1,155
|
|
|
|
1,128
|
|
|
|
1,295
|
|
|
|
1,464
|
|
|
|
1,447
|
|
|
|
1,275
|
|
Total cost of revenue
|
|
|
14,737
|
|
|
|
15,192
|
|
|
|
15,639
|
|
|
|
16,390
|
|
|
|
16,556
|
|
|
|
17,773
|
|
|
|
16,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
45,430
|
|
|
|
48,543
|
|
|
|
48,559
|
|
|
|
61,607
|
|
|
|
49,025
|
|
|
|
56,341
|
|
|
|
54,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
8,471
|
|
|
|
8,433
|
|
|
|
9,010
|
|
|
|
8,772
|
|
|
|
9,077
|
|
|
|
9,951
|
|
|
|
10,318
|
|
Sales and marketing
|
|
|
24,485
|
|
|
|
23,720
|
|
|
|
24,565
|
|
|
|
25,545
|
|
|
|
27,933
|
|
|
|
30,502
|
|
|
|
31,418
|
|
General and administrative
|
|
|
9,328
|
|
|
|
9,907
|
|
|
|
9,082
|
|
|
|
8,719
|
|
|
|
9,439
|
|
|
|
9,695
|
|
|
|
10,428
|
|
Amortization of intangible assets
|
|
|
452
|
|
|
|
464
|
|
|
|
459
|
|
|
|
600
|
|
|
|
760
|
|
|
|
893
|
|
|
|
889
|
|
Acquisition-related costs
|
|
|
1,438
|
|
|
|
1,505
|
|
|
|
1,600
|
|
|
|
139
|
|
|
|
2,104
|
|
|
|
(2,208
|
)
|
|
|
504
|
|
Other operating expenses, net
|
|
|
1,179
|
|
|
|
678
|
|
|
|
417
|
|
|
|
121
|
|
|
|
311
|
|
|
|
2,923
|
|
|
|
404
|
|
Total operating expenses
|
|
|
45,353
|
|
|
|
44,707
|
|
|
|
45,133
|
|
|
|
43,896
|
|
|
|
49,624
|
|
|
|
51,756
|
|
|
|
53,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from operations
|
|
|
77
|
|
|
|
3,836
|
|
|
|
3,426
|
|
|
|
17,711
|
|
|
|
(599
|
)
|
|
|
4,585
|
|
|
|
235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income, net
|
|
|
(102
|
)
|
|
|
(96
|
)
|
|
|
(99
|
)
|
|
|
(625
|
)
|
|
|
(110
|
)
|
|
|
(244
|
)
|
|
|
(153
|
)
|
Other (expense) income, net
|
|
|
(42
|
)
|
|
|
(1,561
|
)
|
|
|
(2,718
|
)
|
|
|
(1,602
|
)
|
|
|
4,161
|
|
|
|
(211
|
)
|
|
|
1,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss), before tax
|
|
|
(67
|
)
|
|
|
2,179
|
|
|
|
609
|
|
|
|
15,484
|
|
|
|
3,452
|
|
|
|
4,130
|
|
|
|
1,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
411
|
|
|
|
1,929
|
|
|
|
960
|
|
|
|
4,612
|
|
|
|
730
|
|
|
|
2,655
|
|
|
|
951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
|
|
|
(478
|
)
|
|
|
250
|
|
|
|
(351
|
)
|
|
|
10,872
|
|
|
|
2,722
|
|
|
|
1,475
|
|
|
|
626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.01
|
)
|
|
|
0.00
|
|
|
|
(0.00
|
)
|
|
|
0.13
|
|
|
|
0.03
|
|
|
|
0.02
|
|
|
|
0.01
|
|
Diluted
|
|
|
(0.01
|
)
|
|
|
0.00
|
|
|
|
(0.00
|
)
|
|
|
0.12
|
|
|
|
0.03
|
|
|
|
0.02
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kofax Limited
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
($ in thousands)
|
|
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
|
|
Q2-2014
|
|
|
Q3-2014
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
|
|
|
(478
|
)
|
|
|
250
|
|
|
|
(351
|
)
|
|
|
10,872
|
|
|
|
2,722
|
|
|
|
1,475
|
|
|
|
626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile profit before tax to net cash flow from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
3,233
|
|
|
|
3,126
|
|
|
|
3,127
|
|
|
|
3,386
|
|
|
|
3,635
|
|
|
|
3,652
|
|
|
|
3,530
|
|
Share-based compensation expense
|
|
|
362
|
|
|
|
829
|
|
|
|
(294
|
)
|
|
|
496
|
|
|
|
749
|
|
|
|
1,117
|
|
|
|
1,387
|
|
Other (expense) income
|
|
|
42
|
|
|
|
1,561
|
|
|
|
2,718
|
|
|
|
1,602
|
|
|
|
(4,161
|
)
|
|
|
211
|
|
|
|
(1,495
|
)
|
Restructuring payments
|
|
|
(840
|
)
|
|
|
(27
|
)
|
|
|
6
|
|
|
|
(2
|
)
|
|
|
(100
|
)
|
|
|
(488
|
)
|
|
|
-
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
12,648
|
|
|
|
(1,098
|
)
|
|
|
(3,354
|
)
|
|
|
(9,577
|
)
|
|
|
20,173
|
|
|
|
(16,666
|
)
|
|
|
9,678
|
|
Other assets
|
|
|
(976
|
)
|
|
|
(621
|
)
|
|
|
3,191
|
|
|
|
(854
|
)
|
|
|
(1,184
|
)
|
|
|
2,108
|
|
|
|
1,011
|
|
Accounts and other payables
|
|
|
(1,934
|
)
|
|
|
(3,809
|
)
|
|
|
8,746
|
|
|
|
(2,950
|
)
|
|
|
(8,101
|
)
|
|
|
2,592
|
|
|
|
163
|
|
Deferred revenue
|
|
|
(2,899
|
)
|
|
|
83
|
|
|
|
4,942
|
|
|
|
1,880
|
|
|
|
1,345
|
|
|
|
8,456
|
|
|
|
4,647
|
|
Other liabilities
|
|
|
922
|
|
|
|
1,015
|
|
|
|
(3,506
|
)
|
|
|
(617
|
)
|
|
|
1,263
|
|
|
|
(2,026
|
)
|
|
|
(961
|
)
|
Deferred income taxes
|
|
|
(1,513
|
)
|
|
|
(13
|
)
|
|
|
(1,492
|
)
|
|
|
1,235
|
|
|
|
326
|
|
|
|
(1,277
|
)
|
|
|
222
|
|
Income taxes payable
|
|
|
(382
|
)
|
|
|
(928
|
)
|
|
|
(189
|
)
|
|
|
1,717
|
|
|
|
1,515
|
|
|
|
282
|
|
|
|
(2,710
|
)
|
Net cash inflow from operating activities
|
|
|
8,185
|
|
|
|
368
|
|
|
|
13,544
|
|
|
|
7,188
|
|
|
|
18,182
|
|
|
|
(564
|
)
|
|
|
16,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(588
|
)
|
|
|
(645
|
)
|
|
|
(552
|
)
|
|
|
(1,265
|
)
|
|
|
(1,070
|
)
|
|
|
(1,107
|
)
|
|
|
(599
|
)
|
Acquisition of subsidiaries, net of cash acquired
|
|
|
(1,402
|
)
|
|
|
(3,097
|
)
|
|
|
(12,105
|
)
|
|
|
(155
|
)
|
|
|
(40,141
|
)
|
|
|
(944
|
)
|
|
|
(4,302
|
)
|
Proceeds from sale of discontinued operations
|
|
|
-
|
|
|
|
600
|
|
|
|
3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Interest received
|
|
|
46
|
|
|
|
61
|
|
|
|
23
|
|
|
|
1
|
|
|
|
29
|
|
|
|
40
|
|
|
|
8
|
|
Net cash outflow from investing activities
|
|
|
(1,944
|
)
|
|
|
(3,081
|
)
|
|
|
(12,631
|
)
|
|
|
(1,419
|
)
|
|
|
(41,182
|
)
|
|
|
(2,011
|
)
|
|
|
(4,893
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of common stock
|
|
|
1,542
|
|
|
|
242
|
|
|
|
195
|
|
|
|
(65
|
)
|
|
|
94
|
|
|
|
231
|
|
|
|
196
|
|
Proceeds from US initial public offering
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12,366
|
|
|
|
-
|
|
Excess tax benefits from share based compensation
|
|
|
327
|
|
|
|
59
|
|
|
|
219
|
|
|
|
35
|
|
|
|
88
|
|
|
|
120
|
|
|
|
-
|
|
Purchases of and proceeds from EBT shares
|
|
|
16
|
|
|
|
(969
|
)
|
|
|
-
|
|
|
|
756
|
|
|
|
230
|
|
|
|
(711
|
)
|
|
|
346
|
|
Net cash inflow from financing activities
|
|
|
1,885
|
|
|
|
(668
|
)
|
|
|
414
|
|
|
|
726
|
|
|
|
412
|
|
|
|
12,006
|
|
|
|
542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
1,034
|
|
|
|
130
|
|
|
|
(1,552
|
)
|
|
|
112
|
|
|
|
1,174
|
|
|
|
(197
|
)
|
|
|
71
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
|
9,160
|
|
|
|
(3,251
|
)
|
|
|
(225
|
)
|
|
|
6,607
|
|
|
|
(21,414
|
)
|
|
|
9,234
|
|
|
|
11,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year
|
|
|
81,122
|
|
|
|
90,282
|
|
|
|
87,031
|
|
|
|
86,806
|
|
|
|
93,413
|
|
|
|
71,999
|
|
|
|
81,233
|
|
Cash and cash equivalents at the end of the year
|
|
|
90,282
|
|
|
|
87,031
|
|
|
|
86,806
|
|
|
|
93,413
|
|
|
|
71,999
|
|
|
|
81,233
|
|
|
|
93,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for income taxes
|
|
|
(1,851
|
)
|
|
|
(2,927
|
)
|
|
|
(2,385
|
)
|
|
|
(3,586
|
)
|
|
|
(1,302
|
)
|
|
|
(3,568
|
)
|
|
|
(3,577
|
)
|
Cash paid for interest
|
|
|
(51
|
)
|
|
|
(170
|
)
|
|
|
(162
|
)
|
|
|
38
|
|
|
|
(137
|
)
|
|
|
(138
|
)
|
|
|
(162
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discussion of Non-GAAP Measures
Management uses financial measures, both GAAP and non-GAAP, in analyzing
and assessing the overall performance of the business and for making
operational decisions. We have provided and believe that the non-GAAP
financial measures and supplemental reconciliation to GAAP financial
measures are useful to investors and other users of our financial
statements because the non-GAAP financial measures may be used as
additional tools to compare business performance across peer companies,
periods and financial markets.
While we use non-GAAP measures as a tool to enhance our understanding of
certain aspects of our financial performance, we do not believe that
these non-GAAP measures are a substitute for, or are superior to, the
information provided by GAAP results. As such, the presentation of
non-GAAP measures is not intended to be considered in isolation or as a
substitute for any measure prepared in accordance with GAAP. The primary
limitations associated with the use of non-GAAP measures as compared to
GAAP results are that non-GAAP measures may not be comparable to
similarly titled measures used by other companies in our industry and
that non-GAAP measures may exclude financial information that some
investors may consider important in evaluating our performance. We
compensate for these limitations by providing disclosure of the
differences between non-GAAP measures and GAAP results, including
providing a reconciliation of each non-GAAP measure to GAAP results, to
enable investors to perform their own analysis of our operating results.
Adjusted Revenue - We defined adjusted revenue as revenue, as
reported under GAAP, increased to include revenue that is associated
with our historic acquisitions that has been excluded from reported
results for a limited period due to the effects of purchase accounting.
In accordance with GAAP purchase accounting, an acquired company's
deferred revenue at the date of acquisition is subject to a fair value
adjustment which generally reduces the deferred amount and revenues
recognized subsequent to an acquisition. We include non-GAAP revenue to
allow for more complete comparisons to the financial results of our
historical operations, forward-looking guidance and the financial
results of peer companies. We believe these adjustments are useful to
management and investors as a measure of the ongoing performance of the
business. Additionally, although acquisition-related revenue adjustments
are non-recurring, we may incur similar adjustments in connection with
future acquisitions.
Adjusted Income from Operations - We define non-GAAP income from
operations as income/(loss) from operations, as reported under GAAP,
excluding the effect of Acquisition fair value adjustment to revenue,
Share-based compensation expense, Depreciation expense, Amortization of
acquired intangible assets, Acquisition-related costs, Other operating
expense, net. Share-based compensation expense; depreciation expense and
amortization of acquired intangible assets in our non-GAAP income from
operations reconciliation represent non-cash charges which are not
considered by management in evaluating our operating performance.
Acquisition-related costs consist of: (i) costs directly attributable to
our acquisition strategy and the evaluation, consummation and
integration of our acquisitions (composed substantially of professional
services fees including legal, accounting and other consultants and to a
lesser degree to our personnel whose responsibilities are devoted to
acquisition activities), and (ii) transition compensation costs
(composed substantially of contingent payments for shares that are
treated as compensation expense and retention payments that are
anticipated to become payable to employees, as well as severance
payments to employees whose positions were made redundant). These
acquisition-related costs are not considered to be related to the
continuing operations of the acquired businesses and are generally not
relevant to assessing or estimating the long-term performance of the
acquired assets. Other operating expense, net represents items that are
not necessarily related to our recurring operations and which therefore
are not, under GAAP, included in other expense lines. Accordingly, we
exclude those amounts when assessing non-GAAP income from operations. At
times when we are communicating with our shareholders, analysts and
other parties we refer to non-GAAP income from operations as adjusted
EBITDA.
We assess non-GAAP income from operations as a percentage of total
non-GAAP revenue and by doing so; we are able to evaluate our relative
performance of our revenue growth compared to the expense growth for
those items included in non-GAAP income from operations. This measure
allows management and our Board of Directors to compare our performance
against that of other companies in our industry that may be of different
sizes.
Adjusted Cash Flows from Operations - We define adjusted cash
flows from operations as net cash inflows from operating activities, as
reported under GAAP, adjusted for income taxes paid and payments under
restructurings. Income tax payments paid is included in this
reconciliation as the timing of cash payments and receipts can vary
significantly from year-to-year based on a number of factors, including
the influence of acquisitions on our consolidated tax attributes.
Payments for restructurings relate to a specific activity that is not
part of ongoing operations.
Adjusted diluted earnings per share - Adjusted diluted earnings
per share is calculated using GAAP net income/(loss) excluding the
effect of Acquisition fair value adjustment to revenue, Share-based
compensation expense, Amortization of intangible assets,
Acquisition-related costs, Net interest, Other income and expense, and
the related tax effect, divided by fully diluted shares outstanding.
Therefore, we include this non-GAAP measure in order to provide a more
complete comparison of our earnings per share from one period to another.
|
Kofax Limited
|
Non-GAAP Measures
|
($ in thousands)
|
|
Acquisition Fair Value Adjustments to Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
|
|
Q2-2014
|
|
|
Q3-2014
|
Adjusted software licenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses
|
|
|
22,132
|
|
|
25,017
|
|
|
26,254
|
|
|
|
38,411
|
|
|
24,560
|
|
|
|
30,385
|
|
|
|
28,137
|
|
Acquisition fair value adjustment
|
|
|
43
|
|
|
42
|
|
|
39
|
|
|
|
32
|
|
|
1,515
|
|
|
|
2,187
|
|
|
|
1,400
|
|
Total adjusted software licenses
|
|
|
22,175
|
|
|
25,059
|
|
|
26,293
|
|
|
|
38,443
|
|
|
26,075
|
|
|
|
32,572
|
|
|
|
29,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted maintenance services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance services
|
|
|
29,908
|
|
|
30,835
|
|
|
30,011
|
|
|
|
31,190
|
|
|
32,150
|
|
|
|
33,556
|
|
|
|
32,584
|
|
Acquisition fair value adjustment
|
|
|
-
|
|
|
112
|
|
|
21
|
|
|
|
72
|
|
|
307
|
|
|
|
297
|
|
|
|
197
|
|
Total adjusted maintenance services
|
|
|
29,908
|
|
|
30,947
|
|
|
30,032
|
|
|
|
31,262
|
|
|
32,457
|
|
|
|
33,853
|
|
|
|
32,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted professional services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional services
|
|
|
8,127
|
|
|
7,883
|
|
|
7,933
|
|
|
|
8,396
|
|
|
8,871
|
|
|
|
10,173
|
|
|
|
10,052
|
|
Acquisition fair value adjustment
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
314
|
|
|
|
516
|
|
|
|
(136
|
)
|
Total adjusted professional services
|
|
|
8,127
|
|
|
7,883
|
|
|
7,933
|
|
|
|
8,396
|
|
|
9,185
|
|
|
|
10,689
|
|
|
|
9,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
60,167
|
|
|
63,735
|
|
|
64,198
|
|
|
|
77,997
|
|
|
65,581
|
|
|
|
74,114
|
|
|
|
70,773
|
|
Acquisition fair value adjustment
|
|
|
43
|
|
|
154
|
|
|
60
|
|
|
|
104
|
|
|
2,136
|
|
|
|
3,000
|
|
|
|
1,461
|
|
Total adjusted revenue
|
|
|
60,210
|
|
|
63,889
|
|
|
64,258
|
|
|
|
78,101
|
|
|
67,717
|
|
|
|
77,114
|
|
|
|
72,234
|
|
|
|
Adjusted Income from Operations
|
|
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
|
|
Q2-2014
|
|
|
Q3-2014
|
Income from operations
|
|
|
77
|
|
|
3,836
|
|
|
3,426
|
|
|
|
17,711
|
|
|
(599
|
)
|
|
|
4,585
|
|
|
|
235
|
|
Acquisition fair value adjustment to revenue
|
|
|
43
|
|
|
154
|
|
|
60
|
|
|
|
104
|
|
|
2,136
|
|
|
|
3,000
|
|
|
|
1,461
|
|
Share-based compensation expense
|
|
|
362
|
|
|
829
|
|
|
(294
|
)
|
|
|
496
|
|
|
749
|
|
|
|
1,117
|
|
|
|
1,387
|
|
Depreciation expense
|
|
|
1,583
|
|
|
1,465
|
|
|
1,501
|
|
|
|
1,460
|
|
|
1,383
|
|
|
|
1,288
|
|
|
|
1,349
|
|
Amortization of intangible assets
|
|
|
1,607
|
|
|
1,619
|
|
|
1,587
|
|
|
|
1,895
|
|
|
2,224
|
|
|
|
2,340
|
|
|
|
2,164
|
|
Acquisition-related costs
|
|
|
1,438
|
|
|
1,505
|
|
|
1,600
|
|
|
|
139
|
|
|
2,104
|
|
|
|
(2,208
|
)
|
|
|
504
|
|
Other operating expenses, net
|
|
|
1,179
|
|
|
678
|
|
|
417
|
|
|
|
121
|
|
|
311
|
|
|
|
2,923
|
|
|
|
404
|
|
Adjusted income from operations
|
|
|
6,289
|
|
|
10,086
|
|
|
8,297
|
|
|
|
21,926
|
|
|
8,308
|
|
|
|
13,045
|
|
|
|
7,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kofax Limited
|
Non-GAAP Measures
|
($ in thousands, except per share amounts)
|
|
Adjusted Diluted Earnings per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
|
|
Q2-2014
|
|
|
Q3-2014
|
Net income (loss)
|
|
|
(478
|
)
|
|
|
250
|
|
|
|
(351
|
)
|
|
|
10,872
|
|
|
|
2,722
|
|
|
|
1,475
|
|
|
|
626
|
|
Acquisition fair value adjustment to revenue
|
|
|
43
|
|
|
|
154
|
|
|
|
60
|
|
|
|
104
|
|
|
|
2,136
|
|
|
|
3,000
|
|
|
|
1,461
|
|
Share-based compensation expense
|
|
|
362
|
|
|
|
829
|
|
|
|
(294
|
)
|
|
|
496
|
|
|
|
749
|
|
|
|
1,117
|
|
|
|
1,387
|
|
Amortization of intangible assets
|
|
|
1,607
|
|
|
|
1,619
|
|
|
|
1,587
|
|
|
|
1,895
|
|
|
|
2,224
|
|
|
|
2,340
|
|
|
|
2,164
|
|
Acquisition-related costs
|
|
|
1,438
|
|
|
|
1,505
|
|
|
|
1,600
|
|
|
|
139
|
|
|
|
2,104
|
|
|
|
(2,208
|
)
|
|
|
504
|
|
Net interest, other income and expense, net
|
|
|
1,323
|
|
|
|
2,335
|
|
|
|
3,234
|
|
|
|
2,348
|
|
|
|
(3,740
|
)
|
|
|
3,378
|
|
|
|
(938
|
)
|
Tax effect of above adjustments
|
|
|
(753
|
)
|
|
|
(1,126
|
)
|
|
|
(990
|
)
|
|
|
(1,431
|
)
|
|
|
(2,116
|
)
|
|
|
(1,721
|
)
|
|
|
(391
|
)
|
Adjusted net income
|
|
|
3,542
|
|
|
|
5,566
|
|
|
|
4,846
|
|
|
|
14,423
|
|
|
|
4,079
|
|
|
|
7,381
|
|
|
|
4,813
|
|
Adjusted diluted earnings per share
|
|
|
0.04
|
|
|
|
0.06
|
|
|
|
0.05
|
|
|
|
0.16
|
|
|
|
0.04
|
|
|
|
0.08
|
|
|
|
0.05
|
|
|
|
Reconciliation of Adjusted Cash Flows from Operations
|
|
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
|
|
Q2-2014
|
|
|
Q3-2014
|
Cash inflows/(outflows) from operations
|
|
|
8,185
|
|
|
|
368
|
|
|
|
13,544
|
|
|
|
7,188
|
|
|
|
18,182
|
|
|
|
(564
|
)
|
|
|
16,098
|
|
Cash paid for income taxes, net
|
|
|
1,851
|
|
|
|
2,927
|
|
|
|
2,385
|
|
|
|
3,586
|
|
|
|
1,302
|
|
|
|
3,568
|
|
|
|
3,577
|
|
Payments under restructuring
|
|
|
840
|
|
|
|
27
|
|
|
|
(6
|
)
|
|
|
2
|
|
|
|
100
|
|
|
|
488
|
|
|
|
-
|
|
Adjusted cash inflows/ (outflows) from operations
|
|
|
10,876
|
|
|
|
3,322
|
|
|
|
15,923
|
|
|
|
10,776
|
|
|
|
19,584
|
|
|
|
3,492
|
|
|
|
19,675
|
|
|
|
Income Statements - Non-GAAP
|
|
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
|
|
Q2-2014
|
|
|
Q3-2014
|
Adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software licenses
|
|
|
22,175
|
|
|
|
25,059
|
|
|
|
26,293
|
|
|
|
38,443
|
|
|
|
26,075
|
|
|
|
32,572
|
|
|
|
29,537
|
|
Maintenance services
|
|
|
29,908
|
|
|
|
30,947
|
|
|
|
30,032
|
|
|
|
31,262
|
|
|
|
32,457
|
|
|
|
33,853
|
|
|
|
32,781
|
|
Professional services
|
|
|
8,127
|
|
|
|
7,883
|
|
|
|
7,933
|
|
|
|
8,396
|
|
|
|
9,185
|
|
|
|
10,689
|
|
|
|
9,916
|
|
Total revenue
|
|
|
60,210
|
|
|
|
63,889
|
|
|
|
64,258
|
|
|
|
78,101
|
|
|
|
67,717
|
|
|
|
77,114
|
|
|
|
72,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software licenses*
|
|
|
2,413
|
|
|
|
2,279
|
|
|
|
2,560
|
|
|
|
3,371
|
|
|
|
2,642
|
|
|
|
3,021
|
|
|
|
1,950
|
|
Cost of maintenance services*
|
|
|
4,072
|
|
|
|
4,397
|
|
|
|
4,611
|
|
|
|
4,524
|
|
|
|
4,663
|
|
|
|
4,945
|
|
|
|
5,080
|
|
Cost of professional services*
|
|
|
6,631
|
|
|
|
6,945
|
|
|
|
6,928
|
|
|
|
6,763
|
|
|
|
7,384
|
|
|
|
8,009
|
|
|
|
7,920
|
|
Research and development*
|
|
|
7,976
|
|
|
|
7,902
|
|
|
|
8,487
|
|
|
|
8,371
|
|
|
|
8,527
|
|
|
|
9,342
|
|
|
|
9,617
|
|
Sales and marketing*
|
|
|
23,936
|
|
|
|
22,974
|
|
|
|
24,374
|
|
|
|
24,707
|
|
|
|
27,153
|
|
|
|
29,543
|
|
|
|
30,282
|
|
General and administrative*
|
|
|
8,893
|
|
|
|
9,306
|
|
|
|
9,001
|
|
|
|
8,439
|
|
|
|
9,040
|
|
|
|
9,209
|
|
|
|
9,881
|
|
Total operating expenses*
|
|
|
53,921
|
|
|
|
53,803
|
|
|
|
55,961
|
|
|
|
56,175
|
|
|
|
59,409
|
|
|
|
64,069
|
|
|
|
64,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from operations
|
|
|
6,289
|
|
|
|
10,086
|
|
|
|
8,297
|
|
|
|
21,926
|
|
|
|
8,308
|
|
|
|
13,045
|
|
|
|
7,504
|
|
|
* Excludes depreciation, amortization, and share-based
compensation expense
|
|
Kofax Limited
|
Supplemental Schedules
|
($ in thousands)
|
|
Depreciation Expense
|
|
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
|
|
Q2-2014
|
|
|
Q3-2014
|
Cost of software licenses
|
|
|
18
|
|
|
16
|
|
|
16
|
|
|
|
15
|
|
|
|
14
|
|
|
8
|
|
|
5
|
Cost of maintenance services
|
|
|
154
|
|
|
140
|
|
|
142
|
|
|
|
140
|
|
|
|
130
|
|
|
117
|
|
|
121
|
Cost of professional services
|
|
|
293
|
|
|
260
|
|
|
253
|
|
|
|
242
|
|
|
|
220
|
|
|
193
|
|
|
193
|
Research and development
|
|
|
419
|
|
|
402
|
|
|
425
|
|
|
|
430
|
|
|
|
410
|
|
|
399
|
|
|
423
|
Sales and marketing
|
|
|
462
|
|
|
423
|
|
|
440
|
|
|
|
420
|
|
|
|
410
|
|
|
392
|
|
|
425
|
General and administrative
|
|
|
237
|
|
|
224
|
|
|
225
|
|
|
|
213
|
|
|
|
199
|
|
|
179
|
|
|
182
|
Total depreciation expense
|
|
|
1,583
|
|
|
1,465
|
|
|
1,501
|
|
|
|
1,460
|
|
|
|
1,383
|
|
|
1,288
|
|
|
1,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1-2013
|
|
|
Q2-2013
|
|
|
Q3-2013
|
|
|
Q4-2013
|
|
|
Q1-2014
|
|
|
Q2-2014
|
|
|
Q3-2014
|
Cost of software licenses
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
Cost of maintenance services
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
14
|
|
|
|
14
|
|
|
17
|
|
|
17
|
Cost of professional services
|
|
|
1
|
|
|
-
|
|
|
1
|
|
|
|
26
|
|
|
|
25
|
|
|
16
|
|
|
16
|
Research and development
|
|
|
76
|
|
|
129
|
|
|
98
|
|
|
|
(29
|
)
|
|
|
140
|
|
|
210
|
|
|
278
|
Sales and marketing
|
|
|
87
|
|
|
323
|
|
|
(249
|
)
|
|
|
418
|
|
|
|
370
|
|
|
567
|
|
|
711
|
General and administrative
|
|
|
198
|
|
|
377
|
|
|
(144
|
)
|
|
|
67
|
|
|
|
200
|
|
|
307
|
|
|
365
|
Total share-based compensation expense
|
|
|
362
|
|
|
829
|
|
|
(294
|
)
|
|
|
496
|
|
|
|
749
|
|
|
1,117
|
|
|
1,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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