Reference Slides Earnings Call for Q1-17 Results
SAFE HARBOR PROVISION Certain statements made herein that use words such as “estimate,” “project,” “intend,” “expect,” “'believe”, "may", "might", "predict", "potential", "anticipate", "plan" or similar expressions are intended to identify forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, statements about the company’s 2017 financial guidance, cash available for new opportunities, strategy, market share growth and extension of its leadership position, proof of concepts, potential new projects pipeline, investments to support the Company’s growth, meeting market demand for the Company’ solutions, coordination with and executing on customer commitments, AT&T continuance as an important customer and key reference and its plans to virtualize approximately 75% of their network by 2020, projected sales cycles with top- tier carriers, whether the Company’s activities will materialize into new deals, expected gross margin, presence and activities all constitute forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in the demand for the Company’s products, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with the Company’s business, reference is made to the Company’s reports filed from time to time with the United States Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason. In this conference call, management will be referring to certain non-GAAP financial measures, which are provided to enhance the user's overall understanding of the Company’s financial performance. By excluding non-cash stock- based compensation, non-GAAP results provide information that is useful in assessing the Company's core operating performance, and in evaluating and comparing our results of operations on a consistent basis from period to period. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. Investors are encouraged to review the reconciliations of GAAP to non-GAAP financial measures which are included in the quarter’s earnings release, which are available on the Company’s website at http://www.radcom.com/investor-relations 2
OVERVIEW Q1 Revenues up 23% YoY to $8M Reiterating 2017 Revenue guidance range of $36-$39 million 3
FINANCIALS First Quarter 2017 Financial Results 4
INCOME STATEMENT FOR Q1-17 (GAAP, US$ 1000S) Three months ended March 31, 2017 2016 Revenues 8,040 6,547 Cost of reneues 2,022 1,693 Gross profit 6,018 4,854 Gross profit % 75% 74% Research and development, gross 2,488 1,836 Less - royalty-bearing participation - - Research and development, net 2,488 1,836 Sales and marketing, net 2,897 1,527 General and administrative 1,060 871 Total operating expenses 6,445 4,234 Operating (loss) income (427) 620 Financial income, net 109 289 Operating (loss) income before tax (318) 909 Taxes on Income (18) (6) Net (loss) income (336) 903 Basic net (loss) income per ordinary share ($0.03) $0.10 Diluted net (loss) income per ordinary share ($0.03) $0.10 5
INCOME STATEMENT FOR Q1-17 (NON-GAAP, US$ 1000S) Three months ended March 31, 2017 2016 NON-GAAP (1) Revenues 8,040 6,547 Cost of reneues 1,975 1,679 Gross profit 6,065 4,868 Gross profit % 75% 74% Research and development, gross 2,379 1,665 Less - royalty-bearing participation - - Research and development, net 2,379 1,665 Sales and marketing, net 2,769 1,507 General and administrative 724 639 Total operating expenses 5,872 3,811 Operating income 193 1,057 Financial income, net 109 289 Operating income before tax 302 1,346 Taxes on Income (18) (6) Net income 284 1,340 Basic net income per ordinary share $0.02 $0.15 Diluted net income per ordinary share $0.02 $0.14 (1) Amounts exclude non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718. 6
OPERATING EXPENSES (GAAP, US$ 1000S) Three months ended March 31, 2017 2016 Research and development, gross 2,488 1,836 Less - royalty-bearing participation - - Research and development, net 2,488 1,836 Sales and marketing, net 2,897 1,527 General and administrative 1,060 871 Total operating expenses 6,445 4,234 7
OPERATING EXPENSES (NON GAAP, US$ 1000S) Three months ended March 31, 2017 2016 NON-GAAP (1) Research and development, gross 2,379 1,665 Less - royalty-bearing participation - - Research and development, net 2,379 1,665 Sales and marketing, net 2,769 1,507 General and administrative 724 639 Total operating expenses 5,872 3,811 (1) Amounts exclude non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718. 8
BALANCE SHEET (US$ 1000S) As of As of March 31, December 31, 2017 2016 Cash and cash equivalents 40,749 42,886 Restricted bank deposits 34 32 Trade Receivables, net 3,958 4,388 Inventories 513 623 Other receivables 1,598 1,960 Total Current assets 46,852 49,889 Severance pay fund 2,973 2,788 Other long-term receivables 306 375 Property and equipment, net 1,642 1,516 Total Assets 51,773 54,568 Trade payables 1,291 2,820 Deferred revenue and advances from customers 1,017 2,593 Employee and payroll accruals 3,258 3,541 Other payables and accrued expenses 1,710 2,081 Total Current Liabilities 7,276 11,035 Deferred revenue 143 123 Accrued severance pay 3,526 3,267 Shareholders' Equity 40,828 40,143 Total Liabilities and Shareholders' Equity 51,773 54,568 9
CURRENT ASSETS VS. CURRENT LIABILITIES 50.0 46.9 45.0 40.0 31.7 35.0 542 % 30.0 25.0 61 % 16.2 20.0 15.0 19.7 200 % 10.0 7.3 5.0 5.4 - Q1-15 Q1-16 Q1-17 Current Assets Current liabilities 10
THANK YOU
Recommend
More recommend
