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Kenexa Announces Financial Results for Third Quarter 2012

Kenexa (NYSE: KNXA), a global provider of business solutions for human resources, today announced operating results for the third quarter, ended September 30, 2012.

For the third quarter of 2012, Kenexa reported total GAAP revenue of $90.7 million. Non-GAAP revenue, which eliminates the GAAP adjustment to deferred revenue resulting from certain acquisitions, was $92.1 million for the third quarter of 2012, an increase of 19% compared to $77.2 million for the third quarter of 2011. Within total non-GAAP revenue, subscription revenue was $65.5 million for the third quarter of 2012, an increase of 19% compared with $55.0 million in the third quarter of 2011. Professional services and other revenue was $26.6 million for the third quarter of 2012, an increase of 20% compared to $22.2 million for the third quarter of 2011.

Non-GAAP income from operations, which excludes share-based compensation expense, amortization of acquired intangibles, the purchase accounting impact of deferred revenue and acquisition related fees, was $12.1 million for the three months ended September 30, 2012. This represented a 13% non-GAAP operating margin and an increase of 46% compared to non-GAAP income from operations of $8.3 million for the three months ended September 30, 2011.

Non-GAAP net income available to common shareholders, which excludes the items listed above and includes a tax adjustment on the non-GAAP items, was $9.5 million for the three months ended September 30, 2012, compared to $6.3 million for the three months ended September 30, 2011. Non-GAAP net income available to common shareholders was $0.33 per diluted share for the third quarter of 2012, an increase of 43% compared to $0.23 per diluted share for the third quarter of 2011.

Kenexa’s loss from operations for the three months ended September 30, 2012, determined in accordance with GAAP, was $2.1 million, compared to an income from operations of $1.4 million for the same period of 2011. GAAP net loss allocable to common shareholders was approximately $4.2 million, or ($0.15) per basic and diluted shares for the three months ended September 30, 2012, compared to net loss of ($3.1) million, or ($0.12) per basic and diluted share, in the same period of 2011.

A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Kenexa had cash, cash equivalents and investments of $63.9 million at September 30, 2012, compared to $89.7 million at the end of the prior quarter. The Company generated $4.2 million in cash from operations for the third quarter and used $6.6 million associated with capital expenditures and capitalized investments and $27.5 million to repay debt. Deferred revenue was $96.9 million at September 30, 2012, an increase of 11% from September 30, 2011.

Forward-Looking Statements

This press release includes certain “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These statements may contain, among other things, guidance as to future revenue and earnings, operations, expected benefits from acquisitions, prospects of the business generally, intellectual property and the development of products. These statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including risks related to the pendency and consummation of our proposed acquisition by IBM, as well as those risks set forth under the caption "Risk Factors" in Kenexa’s most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by Kenexa’s quarterly reports on Form 10-Q. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors, Kenexa’s ability to implement business and acquisition strategies or to complete or integrate acquisitions. Kenexa does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures. Kenexa believes that non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Kenexa’s financial condition and results of operations. The Company’s management uses these non-GAAP results to compare the Company’s performance to that of prior periods for trend analyses, for purposes of determining executive incentive compensation, and for budget and planning purposes. These measures are used in monthly financial reports prepared for management and in quarterly financial reports presented to the Company’s Board of Directors. The Company believes that 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 measures with other companies in the Company’s industry, many of which present similar non-GAAP financial measures to investors.

Management of the Company does not consider such non-GAAP measures in isolation or as an alternative to such measures determined in accordance with GAAP. The principal limitation of such non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which charges are excluded from the non-GAAP financial measures.

In order to compensate for these limitations, management of the Company presents its non-GAAP financial measures in connection with its GAAP results. Kenexa urges investors and potential investors in the Company’s securities to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures which it includes in press releases announcing earnings information, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

We have not provided a reconciliation of forward-looking non-GAAP financial measures to the directly comparable GAAP measures because, due primarily to variability and difficulty in making accurate forecasts and projections, not all of the information necessary for a quantitative reconciliation is available to us without unreasonable efforts.

Kenexa presents the following non-GAAP financial measures in this press release: non-GAAP revenue; non-GAAP income from operations; non-GAAP net income allocable to common shareholders’; non-GAAP gross profit; and non-GAAP net income per diluted share as described below.

The Company’s non-GAAP financial measures reflect the following adjustments to GAAP financial measures:

Non-GAAP revenue. Non-GAAP revenue consists of GAAP revenue and the effect of the write down of the deferred revenue associated with purchase accounting for certain acquisitions. This effect is added back to GAAP revenue because the Company believes its inclusion provides a more accurate depiction of total revenue.

Share-based compensation expense. Share-based compensation expense consists of expenses for stock options and stock awards in accordance with ASC 718. Share-based compensation expenses are excluded in the Company’s non-GAAP financial measures because share-based compensation amounts are difficult to forecast. This is due in part to the magnitude of the charges which depends upon the volume and timing of stock option grants, which are unpredictable and can vary dramatically from period to period, and external factors such as interest rates and the trading price and volatility of the Company’s common stock. The Company believes that this exclusion provides meaningful supplemental information regarding the Company’s operating results because these non-GAAP financial measures facilitate the comparison of results for future periods with results from past periods. The dilutive effect of all outstanding options is included in the calculation of diluted earnings per share on both a GAAP and a non-GAAP basis.

Amortization of acquired intangible assets. In accordance with GAAP, operating expenses include amortization of acquired intangible assets which are amortized over the estimated useful lives of such assets. Amortization of acquired intangible assets is excluded from the Company’s non-GAAP financial measures because the Company believes that such exclusion facilitates comparisons to its historical operating results and to the results of other companies in the same industry, which have their own unique acquisition histories.

Acquisition-related fees. In accordance with ASC 805, Business Combinations, acquisition-related fees including advisory, legal, accounting and other professional fees are reported as expense in the periods in which the costs are incurred and the services are received. Acquisition-related fees include legal, travel, and other fees not expected to recur from our acquisitions. Acquisition-related fees are excluded in the non-GAAP financial measures because we believe that such exclusion facilitates comparisons to our historical operating results and to the results of other companies in the same industry, which have their own unique acquisition histories.

Accretion of variable interest entity. In accordance with ASC 810, Variable Interest Entities, the Chinese joint venture is subject to periodic adjustment in its value. The accretion of the variable interest entity is excluded in the non-GAAP financial measures because the Company believes that such exclusion facilitates comparisons to its historical operating results and to the results of other companies in the same industry, which have their own unique acquisition histories.

Non-GAAP tax. Non-GAAP estimated tax adjustment is applied to the non-GAAP net income for purposes of determining the non-GAAP income allocable to common shareholders. The Company believes including this adjustment is important to determine non-GAAP income allocable to common shareholders since it depicts a more meaningful measure of the Company’s non-GAAP results.

About Kenexa

Kenexa (NYSE:KNXA) helps drive HR and business outcomes through its unique combination of technology, content and services. Enabling organizations to optimize their workforces since 1987, Kenexa’s integrated talent acquisition and talent management solutions have touched the lives of more than 110 million people. Additional information about Kenexa and its global products and services can be accessed at www.kenexa.com. Follow Kenexa on Twitter: @kenexa.

Note to editors: Trademarks and registered trademarks referenced herein remain the property of their respective owners.

 
Kenexa Corporation and Subsidiaries
Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
   
September 30, December 31,
2012   2011  
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 57,041 $ 67,459
Short-term investments 6,847 51,807
Accounts receivable, net of allowance for doubtful accounts of $2,848 and $3,045 64,507 52,664
Unbilled receivables 6,577 3,385
Income tax receivable 80 196
Deferred income taxes 5,552 5,477
Prepaid expenses and other current assets 16,523   9,555  
Total current assets 157,127   190,543  
 
Long-term investments - 9,710
Property and equipment, net 23,768 18,632
Software, net 32,507 27,179
Goodwill 67,588 43,265
Intangible assets, net 78,096 73,074
Deferred income taxes, non-current 30,485 35,092
Deferred financing costs, net 130 354
Other long-term assets 9,557   7,795  
Total assets $ 399,258   $ 405,644  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 9,223 $ 7,909
Notes payable, current 11 11
Term loan, current - 5,000
Commissions payable 6,746 3,673
Accrued compensation and benefits 20,004 18,061
Other accrued liabilities 18,885 13,970
Deferred revenue 91,847 81,795
Capital lease obligations 1,195   282  
Total current liabilities 147,911   130,701  
 
Revolving credit line and term loan - 25,000
Capital lease obligations, less current portion 2,852 218
Deferred revenue, less current portion 5,009 7,042
Deferred income taxes 1,236 1,823
Other long-term liabilities 4,066   5,330  
Total liabilities 161,074   170,114  
 
Commitments and Contingencies
 
Temporary equity
Noncontrolling interest 4,855 4,990
 
Shareholders' equity
Preferred stock, $0.01 par value; authorized 10,000,000 shares; issued and outstanding: none - -
Common stock, par value $0.01; authorized 100,000,000 shares; shares issued and outstanding: 27,603,010 and 27,124,276, respectively 276 271
Additional paid-in-capital 397,007 385,511
Accumulated deficit (157,734 ) (149,376 )
Accumulated other comprehensive loss (6,220 ) (5,866 )
Total shareholders' equity 233,329   230,540  
   
Total liabilities and shareholders' equity $ 399,258   $ 405,644  
 
 
Kenexa Corporation and Subsidiaries
Consolidated Statements of Operations
(Unaudited; in thousands, except share and per share data)
     
Three Months Ended Nine Months Ended
September 30, September 30,
2012   2011   2012   2011  
Revenues:
Subscription $ 64,190 $ 53,462 $ 181,739 $ 149,532
Other 26,558   22,241   73,095   55,164  
Total revenues 90,748 75,703 254,834 204,696
Cost of revenues 32,580   29,693   97,970   79,905  
Gross profit 58,168   46,010   156,864   124,791  
 
Operating expenses:
Sales and marketing 20,474 16,390 58,214 46,353
General and administrative 20,361 15,114 48,961 41,081
Research and development 8,148 4,912 22,126 14,176
Depreciation and amortization 11,247   8,244   32,763   24,168  
Total operating expenses 60,230   44,660   162,064   125,778  
(Loss) income from operations (2,062 ) 1,350 (5,200 ) (987 )
Interest (income) expense, net (265 ) 59 (870 ) (725 )
(Loss) gain on change in fair market value of investments, net (19 ) (127 ) 22   (391 )
(Loss) gain before income taxes (2,346 ) 1,282 (6,048 ) (2,103 )
Income tax (expense) benefit (1,869 ) (1,602 ) (2,529 ) (2,172 )
Net loss $ (4,215 ) $ (320 ) $ (8,577 ) $ (4,275 )
Loss (income) allocated to noncontrolling interest 35 (288 ) 219 (437 )
Accretion associated with variable interest entity -   (2,507 ) -   (3,159 )
Net loss allocable to common shareholders' $ (4,180 ) $ (3,115 ) $ (8,358 ) $ (7,871 )
Basic and diluted net loss per share $ (0.15 ) $ (0.12 ) $ (0.31 ) $ (0.31 )
       
Weighted average common shares - basic & diluted 27,503,535   27,043,135   27,339,019   25,002,236  
 
 
Kenexa Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited; in thousands)
   
Nine months ended September 30,
2012   2011  
Cash flows from operating activities
Net loss from operations $ (8,577 ) $ (4,275 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 32,763 24,168
Loss on disposal of property and equipment 22 95
Amortization of bond premium 563 -
Realized loss on available-for-sale securities 32 62
Share-based compensation expense 6,710 4,593
Amortization of deferred financing costs 224 159
Bad debt (recoveries) expense, net (413 ) 843
Deferred income tax benefit (1,705 ) (546 )
Changes in assets and liabilities, net of business combinations
Accounts and unbilled receivables (10,778 ) (10,580 )
Prepaid expenses and other current assets (6,692 ) (3,122 )
Income taxes receivable 142 (893 )
Other long-term assets (2,004 ) 3,368
Accounts payable 439 585
Accrued compensation and other accrued liabilities 7,513 6,687
Commissions payable 2,938 339
Deferred revenue 3,475 11,037
Other liabilities (1,516 ) (1,078 )
Net cash provided by operating activities 23,136   31,442  
 
Cash flows from investing activities
Capitalized software and purchases of property and equipment (22,174 ) (17,999 )
Purchases of available-for-sale securities (1,469 ) (86,076 )
Sales of available-for-sale securities 55,545 18,330
Acquisitions, net of cash acquired (42,236 ) (11,520 )
Net cash used in investing activities (10,334 ) (97,265 )
 
Cash flows from financing activities
Borrowings under revolving credit line and term loan - 3,000
Repayments under revolving credit line and term loan (30,000 ) (31,250 )
Repayments of notes payable (74 ) (87 )
Repayments of capital lease obligations (335 ) (426 )
Purchase of additional interest in variable interest entity - (229 )
Proceeds from common stock issued through Employee Stock Purchase Plan 534 391
Shares authorized, but not issued, to settle employees withholding liability (76 ) -
Net proceeds from option exercises 6,630 8,255
Net proceeds from public offering -   91,432  
Net cash (used in) provided by financing activities (23,321 ) 71,086  
 
Effect of exchange rate changes on cash and cash equivalents 101 (136 )
 
Net (decrease) increase in cash and cash equivalents (10,418 ) 5,127
Cash and cash equivalents at beginning of period 67,459   52,455  
Cash and cash equivalents at end of period $ 57,041   $ 57,582  
 
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest expense $ 769 $ 1,168
Income taxes $ 2,464 $ 3,992
Income taxes refunded $ 290 $ -
 
Noncash investing and financing activities
Capital lease obligations incurred $ 3,882 $ 568
 
 
Kenexa Corporation and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except for per share amounts)
     
Three Months Ended
September 30,
2012   2011  

Revenue and Gross Profit:

(unaudited) (unaudited)
GAAP subscription revenue $ 64,190 $ 53,462
Deferred revenue associated with acquisitions 1,329   1,525  
Non-GAAP subscription revenue 65,519 54,987
Other revenue 26,558   22,241  
Non-GAAP revenue $ 92,077   $ 77,228  
 
GAAP cost of revenues $ 32,580 $ 29,693
Share-based compensation expense 62   69  
Cost of revenue adjustment 62   69  
Non-GAAP gross profit $ 59,559   $ 47,604  
 

Expenses:

GAAP operating expenses $ 60,230 $ 44,660
Share-based compensation expense (2,298 ) (1,738 )
Amortization of acquired intangibles (5,783 ) (3,571 )
Acquisition-related fees (4,686 ) -
BHI contingent consideration adjustment - -
Taleo settlement - -
Nonrecurring litigation charges -   -  
Total operating expense adjustment (12,767 ) (5,309 )
Non-GAAP operating expenses $ 47,463   $ 39,351  
 

Results:

GAAP (loss) income from operations $ (2,062 ) $ 1,350
Deferred revenue associated with acquisitions 1,329 1,525
Cost of revenue adjustment 62 69
Operating expense adjustment 12,767   5,309  
Non-GAAP income from operations $ 12,096   $ 8,253  
 
GAAP net loss allocable to common shareholders' $ (4,180 ) $ (3,115 )
Deferred revenue associated with acquisitions 1,329 1,525
Cost of revenue adjustment 62 69
Operating expense adjustment 12,767 5,309
Accretion associated with variable interest entity -   2,507  
Non-GAAP net income allocated to common shareholders' $ 9,978   $ 6,295  
Non-GAAP estimated income tax adjustment (500 ) 23  
Non-GAAP net income allocated to common shareholders' after tax adjustment $ 9,478   $ 6,318  
   
GAAP basic net loss per share $ (0.15 ) $ (0.12 )
Non-GAAP basic net income per share $ 0.34   $ 0.23  
   
GAAP diluted net loss per share $ (0.15 ) $ (0.12 )
Non-GAAP diluted net income per share $ 0.33   $ 0.23  
 
Weighted average shares - basic 27,503,535   27,043,135  
Dilutive effect of options and restricted stock 1,016,549   815,054  
Weighted average shares - diluted 28,520,084   27,858,189  
 
 
Three Months Ended
September 30,
2012       2011  
Classification of non-GAAP measures: (unaudited) (unaudited)
Gross profit $ 58,168 $ 46,010
Add: share-based compensation expense 62 69
Add: acquisition related fees - -
Add: deferred revenue associated with acquisitions 1,329   1,525  
Non-GAAP gross profit $ 59,559   $ 47,604  
 
Sales and marketing $ 20,474 $ 16,390
Less: share-based compensation expense (451 ) (273 )
Non-GAAP sales and marketing $ 20,023   $ 16,117  
 
General and administrative $ 20,361 $ 15,114
Less: share-based compensation expense (1,657 ) (1,329 )
Less: acquisition-related fees (4,686 ) -  
Non-GAAP general and administrative $ 14,018   $ 13,785  
 
Research and development $ 8,148 $ 4,912
Less: share-based compensation expense (190 ) (136 )
Less: acquisition-related fees -   -  
Non-GAAP research and development $ 7,958   $ 4,776  

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