UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of: July 2009
Commission File Number: 000-30827
CLICKSOFTWARE TECHNOLOGIES LTD.
(Translation of registrant's name into English)
94 Em Hamoshavot Road
Petach Tikva 49527, Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F |_|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulations S-T Rule 101(b)(1):_____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulations S-T Rule 101(b)(7):_____
Indicate by check mark, whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No |X|
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ___
Attached hereto and incorporated by reference herein is the registrant's
press release announcing its second quarter 2009 earnings results, issued on
July 22, 2009.
The GAAP financial statements in this Form 6-K of CLICKSOFTWARE TECHNOLOGIES
LTD. are incorporated by reference into the Form S-8 of the Company,
registration numbers 333-42000, 333-115003, 333-135435, 333-141307, 333-149825
and 333-158839, filed with the Securities and Exchange Commission, to be a part
thereof from the date on which this report is submitted, to the extent not
superseded by documents or reports subsequently filed or furnished.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CLICKSOFTWARE TECHNOLOGIES LTD.
(Registrant)
By: /s/ Shmuel Arvatz
------------------------------------
Name: Shmuel Arvatz
Title: Executive Vice President and
Chief Financial Officer
Date: July 22, 2009
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Contacts:
Shmuel Arvatz Noa Schuman
Chief Financial Officer Investor Relations
+972-3-765-9400 +972-3-7659-467
Shmuel.Arvatz@clicksoftware.com Noa.Schuman@clicksoftware.com
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CLICKSOFTWARE REPORTS 31% REVENUE GROWTH AND 17% OPERATING MARGIN
FOR THE SECOND QUARTER ENDED JUNE 30, 2009
$29M Record Backlog and Deferred Revenues Increase Visibility into 2009
BURLINGTON, MA, July 22nd, 2009 - ClickSoftware Technologies Ltd. (NasdaqGS:
CKSW), the leading provider of mobile workforce management and service
optimization solutions, today announced results for the second quarter ended
June 30, 2009.
For the second quarter ended June 30, 2009, total revenues were $14.4 million,
with net income of $2.9 million, or $0.10 per fully diluted share. This compares
with revenues of $11.0 million and net income of $0.1 million, or $0.00 per
fully diluted share, for the same period last year, and revenues of $13.0
million and net income of $2.6 million, or $0.09 per fully diluted share, for
the first quarter of 2009.
Non-GAAP net income was $2.8 million, or $0.09 per fully diluted share, for the
second quarter of 2009. This compares to Non-GAAP net income of $0.3 million, or
$0.01 per fully diluted share, for the same period last year, and Non-GAAP net
income of $2.8 million or $0.09 per fully diluted share, for the first quarter
of 2009.
Software license revenues for the second quarter of 2009 were $4.1 million,
while service and maintenance revenues were $10.3 million. This compares to
software license revenues of $3.1 million and service and maintenance revenues
of $7.9 million for the same period last year, and $4.3 million and $8.7
million, respectively, in the first quarter of 2009.
Gross profit in the second quarter of 2009 was $9.6 million, or 67% of revenues,
compared to $6.7 million, or 61% of revenues, in the same period last year, and
$8.7 million, or 67% of revenues, in the first quarter of 2009.
During the second quarter of 2009 the Company concluded the acquisition of the
workforce management assets of Manchitra for a total consideration of about $2.5
million. After paying this amount, cash, cash equivalents and short and
long-term investments in the second quarter decreased to $33.1 million from
$34.6 million at the end of the first quarter of 2009. Net cash provided by
operating activities was $0.3 million during the second quarter of 2009.
Management Commentary
"We are very pleased with the financial results of the second quarter of 2009,
as well as with the number of new customers that we have won. Our operational
efficiencies also keep improving. As a result, the rate of growth in revenues is
higher than the rate of growth in the expenses platform required to generate
them, leading to better profitability margins. Additionally, our backlog and
deferred revenues as of the end of the second quarter were about $29 million
which increases our visibility into the upcoming quarters", said Dr. Moshe
BenBassat, ClickSoftware's Chairman and CEO. "During the quarter we concluded
the acquisition of the workforce management assets of Manchitra in India, and at
the beginning of July we signed a definitive agreement to acquire the assets of
AST Inc. The AST acquisition will enable us to offer Software as a Service
(SaaS) solutions to the low-end market, and strengthens our strategy to offer
end-to-end solutions to customers of all sizes in the service sector", he added.
Outlook
Based on the level of backlog, deferred revenues and current pipeline, the
Company believes that revenues will continue to grow in the second half of 2009
compared to the second half of 2008.
Investors Conference Call
ClickSoftware will host a conference call today at 9:30 a.m. EDT to discuss its
financial results and other matters discussed in this press release, as well as
answer questions from the investment community. To participate, please call
(800) 762-8779 and ask for the ClickSoftware conference call. International
participants, please call (480) 248-5081. The call will be available live on the
internet (in listen mode only) at http://www.clicksoftware.com. A replay of this
call will be available on the ClickSoftware website, or by calling (800)
406-7325 (international callers can dial (303) 590-3030), ID Code: 4114017.
About ClickSoftware
ClickSoftware is the leading provider of mobile workforce management and service
optimization solutions that create business value for service operations through
higher levels of productivity, customer satisfaction and cost effectiveness.
Combining educational, implementation and support services with best practices
and its industry leading solutions, ClickSoftware drives service decision making
across all levels of the organization. From proactive customer demand
forecasting and capacity planning to real-time decision-making, incorporating
scheduling, mobility and location based services, ClickSoftware helps service
organizations get the most out of their resources. With over 130 customers
across a variety of industries and geographies, and strong partnerships with
leading platform and system integration partners - ClickSoftware is uniquely
positioned to deliver superb business performance to any organization. The
Company is headquartered in Burlington, MA and Israel, with offices in Europe
and Asia Pacific.
For more information about ClickSoftware, please call (781) 272-5903 or (888)
438-3308, or visit www.clicksoftware.com.
Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in accordance with U.S.
generally accepted accounting principles (GAAP), the Company's earnings release
contains Non-GAAP financial measures of net income and net income per share that
exclude the effects of share-based compensation in accordance with the
requirements of SFAS No. 123R, "Share-based Payment" ("123R"), tax benefit
related to the update of deferred tax asset and the amortization of acquired
intangible assets. The Company's management believes the Non-GAAP financial
information provided in this release is useful to investors' understanding and
assessment of the Company's on-going core operations and prospects for the
future. Management also uses both GAAP and Non-GAAP information in evaluating
and operating business internally and as such deemed it important to provide all
this information to investors. The Non-GAAP financial measures disclosed by the
Company should not be considered in isolation or as a substitute for, or
superior to, financial measures calculated in accordance with GAAP, and the
financial results calculated in accordance with GAAP and reconciliations to
those financial statements should be carefully evaluated. Reconciliations
between GAAP measures and Non-GAAP measures are provided later in this press
release.
Safe Harbor for Forward Looking Statements
This press release contains express or implied forward-looking statements within
the Private Securities Litigation Reform Act of 1995 and other U.S Federal
securities laws. These forward-looking statements include, but are not limited
to, those statements regarding future results of operations, visibility into
future periods, growth and rates of growth, and expectations regarding future
closing of contracts, receipt of orders, recognition of revenues and deferred
revenues. For example, when we discuss our "Outlook" for the second half of
2009, our visibility into upcoming quarters and anticipated benefits from
acquisitions, we are using forward-looking statements. Such "forward-looking
statements" involve known and unknown risks, uncertainties and other factors
that may cause actual results or performance to differ materially from those
projected. Achievement of these results by ClickSoftware may be affected by many
factors, including, but not limited to, risks and uncertainties regarding the
general economic outlook, the length of or changes in ClickSoftware's sales
cycle, ClickSoftware's ability to close sales to potential customers in a timely
manner and maintain or strengthen relationships with strategic partners, the
timing of revenue recognition, foreign currency exchange rate fluctuations, and
ClickSoftware's ability to maintain or increase its sales pipeline. The
forward-looking statements contained in this press release are subject to other
risks and uncertainties, including those discussed in the "Risk Factors" section
and elsewhere in ClickSoftware's annual report on Form 20-F for the year ended
December 31, 2008 and in subsequent filings with the Securities and Exchange
Commission. Except as otherwise requested by law, ClickSoftware is under no
obligation to (and expressly disclaims any such obligation to) update or alter
its forward-looking statements whether as a result of new information, future
events or otherwise.
Note: Financial Schedules Attached
ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited. In thousands, except share and per share amounts)
Three Months Ended
June 30, 2009 June 30, 2008
----------------------------- ------------------------------
% of % of
$ Revenues $ Revenues
------------- ------------- ------------- -------------
Revenues:
Software license $ 4,066 28% $ 3,064 28%
Services 10,300 72% 7,924 72%
------------- ------------- ------------- -------------
Total revenues 14,366 100% 10,988 100%
------------- ------------- ------------- -------------
Cost of revenues:
Software license 334 2% 299 3%
Services 4,416 31% 3,994 36%
------------- ------------- ------------- -------------
Total cost of revenues 4,750 33% 4,293 39%
------------- ------------- ------------- -------------
Gross profit 9,616 67% 6,695 61%
------------- ------------- ------------- -------------
Operating expenses:
Research and development costs, net 1,606 11% 1,635 15%
Selling and marketing expenses 3,906 27% 3,831 35%
General and administrative expenses 1,623 11% 1,215 11%
------------- ------------- ------------- -------------
Total operating expenses 7,135 50% 6,681 61%
Net Income from operations 2,481 17% 14 0%
Interest, net 76 0% 174 2%
------------- ------------- ------------- -------------
Net income before taxes $ 2,557 17% $ 188 2%
Tax benefit (Taxes on income) 387 3% (64) (1)%
------------- ------------- ------------- -------------
Net income $ 2,944 20% $ 124 1%
------------- ------------- ------------- -------------
Net income per ordinary share:
Basic $ 0.10 $ 0.00
------------- ------------- ------------- -------------
Diluted $ 0.10 $ 0.00
------------- ------------- ------------- -------------
Shares used in computing basic Net income per share 28,796,957 28,541,098
------------- ------------- ------------- -------------
Shares used in computing diluted Net income per share 30,911,937 29,700,676
------------- ------------- ------------- -------------
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ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited In thousands, except share and per share amounts)
Six Months Ended
June 30, 2009 June 30, 2008
----------------------------- ------------------------------
% of % of
$ Revenues $ Revenues
------------- ------------- ------------- -------------
Revenues:
Software license $ 8,360 31% $ 7,062 31%
Services 18,983 69% 15,409 69%
------------- ------------- ------------- -------------
Total revenues 27,343 100% 22,471 100%
------------- ------------- ------------- -------------
Cost of revenues:
Software license 990 4% 847 4%
Services 8,005 29% 7,999 36%
------------- ------------- ------------- -------------
Total cost of revenues 8,995 33% 8,846 39%
------------- ------------- ------------- -------------
Gross profit 18,348 67% 13,625 61%
------------- ------------- ------------- -------------
Operating expenses:
Research and development costs, net 3,000 11% 3,211 14%
Selling and marketing expenses 7,507 27% 7,697 34%
General and administrative expenses 2,985 11% 2,406 11%
------------- ------------- ------------- -------------
Total operating expenses 13,492 49% 13,314 59%
Net Income from operations 4,856 18% 311 1%
Interest, net 323 1% 341 2%
------------- ------------- ------------- -------------
Net income before taxes $ 5,179 19% $ 652 3%
Tax benefit (Taxes on income) 367 1% (188) (1)%
------------- ------------- ------------- -------------
Net income $ 5,546 20% $ 464 2%
------------- ------------- ------------- -------------
Net income per ordinary share:
Basic $ 0.19 $ 0.02
------------- ------------- ------------- -------------
Diluted $ 0.18 $ 0.02
------------- ------------- ------------- -------------
Shares used in computing basic Net income per share 28,731,653 28,526,346
------------- ------------- ------------- -------------
Shares used in computing diluted Net income per share 30,390,432 29,707,424
------------- ------------- ------------- -------------
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ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(In thousands, except share and per share amounts)
Three Months Ended
June 30, 2009 June 30, 2008
----------------------------- ------------------------------
% of % of
$ Revenues $ Revenues
------------- ------------- ------------- -------------
GAAP Net income: $ 2,944 20% $ 124 1%
Adjustment of share-based compensation within:
Cost of Services 31 30
Research and development costs, net 29 28
Selling and marketing expenses 63 58
General and administrative expenses 76 79
Amortization of intangible assets 95 -
Deferred taxes (430) -
------------- ------------ ------------- -------------
Non-GAAP Net income $ 2,808 20% $ 319 3%
------------- ------------ ------------- -------------
GAAP Net income per ordinary share:
Basic $ 0.10 $ 0.00
------------- ------------ ------------- -------------
Diluted $ 0.10 $ 0.00
------------- ------------ ------------- -------------
Non-GAAP Net income per ordinary share:
Basic $ 0.10 $ 0.01
------------- ------------ ------------- -------------
Diluted $ 0.09 $ 0.01
------------- ------------ ------------- -------------
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ClickSoftware Technologies Ltd.
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(In thousands, except share and per share amounts)
Six Months Ended
June 30, 2009 June 30, 2008
------------------------------ -----------------------------
% of % of
$ Revenues $ Revenues
------------- ------------- ------------- -------------
GAAP Net income: $ 5,546 20% $ 464 2%
Adjustment of share-based compensation within:
Cost of Services 60 54
Research and development costs, net 56 50
Selling and marketing expenses 122 105
General and administrative expenses 150 150
Amortization of intangible assets 95 -
Deferred taxes (430) -
------------- ------------- ------------- -------------
Non-GAAP Net income $ 5,599 20% $ 823 4%
------------- ------------- ------------- -------------
GAAP Net income per ordinary share:
Basic $ 0.19 $ 0.02
------------- ------------- ------------- -------------
Diluted $ 0.18 $ 0.02
------------- ------------- ------------- -------------
Non-GAAP Net income per ordinary share:
Basic $ 0.19 $ 0.03
------------- ------------- ------------- -------------
Diluted $ 0.18 $ 0.03
------------- ------------- ------------- -------------
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ClickSoftware Technologies Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30 December 31
2009 2008
----------- -----------
ASSETS (unaudited) (audited)
CURRENT ASSETS
Cash and cash equivalents $ 13,395 $ 17,427
Short-term investments 19,205 13,857
Trade receivables, net 11,709 7,825
Deferred taxes 2,370 1,940
Other receivables and prepaid expenses 1,980 1,071
----------- -----------
Total current assets 48,659 42,120
----------- -----------
FIXED ASSETS
Cost 4,918 4,142
Less - accumulated depreciation 2,395 2,017
----------- -----------
Total fixed assets 2,523 2,125
----------- -----------
Long-term investments 495 699
Intangible assets, net 1,274 -
Goodwill 1,245 -
Severance pay deposits 1,338 1,218
----------- -----------
Total Assets $ 55,534 $ 46,162
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 10,048 $ 8,780
Deferred revenues 6,447 5,442
----------- -----------
Total current liabilities 16,495 14,222
----------- -----------
LONG TERM LIABILITIES
Accrued severance pay 2,713 2,653
Deferred revenues - Long term 3,037 3,201
----------- -----------
Total long-term liabilities 5,750 5,854
----------- -----------
Total liabilities 22,245 20,076
----------- -----------
SHAREHOLDERS' EQUITY
Ordinary shares of NIS 0.02 par value 120 116
Additional paid-in capital 76,471 74,771
Accumulated deficit (43,406) (48,952)
Accumulated other comprehensive income 147 194
Treasury stock, at cost: 39,000 shares (43) (43)
----------- -----------
Total shareholders' equity 33,289 26,086
----------- -----------
Total Liabilities and shareholders' equity $ 55,534 $ 46,162
=========== ===========
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ClickSoftware Technologies Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited. In thousands of U.S dollars)
Six months Ended
June 30, 2009 June 30, 2008
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 5,546 $ 464
Adjustments to reconcile net income to net cash provided by operating activities:
Expenses not affecting operating cash flows:
Depreciation 463 358
Amortization of deferred compensation 387 359
Amortization of acquired intangible assets 95 -
Severance pay, net (60) 224
Other 17 6
Changes in operating assets and liabilities:
Increase in trade receivables (3,884) (2,482)
Increase in other receivables (956) (248)
Increase in Deferred taxes (430) -
Increase (Decrease) in accounts payable and accrued expenses 1,268 (12)
Increase in deferred revenues 841 1,853
------------- -------------
Net cash provided by operating activities $ 3,287 $ 522
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment (878) (415)
Acquisition of intangible assets and goodwill in a business combination (2,519) -
Short-term investment (5,239) 3,214
------------- -------------
Net cash provided by (used in) investment activities $ (8,636) $ 2,799
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Employee options and ESPP exercised 1,317 99
------------- -------------
Net cash provided by financing activities $ 1,317 $ 99
------------- -------------
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (4,032) 3,420
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 17,427 9,054
------------- -------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 13,395 $ 12,474
------------- -------------
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