Opsware Inc. (NASDAQ:OPSW), the leading provider of Data Center
Automation software, today reported results for its first quarter
ended April 30, 2007. Opsware Inc.�s net revenue for its first
quarter ended April 30, 2007 totaled $28.3 million, up 29% from the
same quarter last year and exceeding the company�s previously
guided range. Non-EDS revenue totaled $23.1 million in the first
quarter, a 38% increase over the same quarter last year. Non-EDS
derived bookings (which equals net revenue, plus the sequential
change in deferred revenue and advances from customers, all
excluding the impact of EDS) totaled $20.5 million in the first
quarter, up 38% from the same quarter last year. Non-GAAP net loss
in the first quarter was $(1.4) million or $(0.01) per share,
meeting the company�s guidance. GAAP net loss in the first quarter
was $(10.6) million or $(0.10) per share. Non-GAAP net loss in the
first quarter excludes non-cash charges of approximately $3.7
million relating to previous acquisitions and $5.5 million of
non-cash stock-based compensation. A reconciliation between net
loss on GAAP and non-GAAP bases is provided in a table immediately
following the Condensed Consolidated Statements of Operations
attached to this release. Cash flow from operations in the first
quarter was $3.3 million. �We are starting the year strong and I am
pleased with our performance in Q1,� said Ben Horowitz, president
and CEO of Opsware Inc. �Opsware continues to benefit from the
predominant trends in enterprise software: virtualization, Linux,
and services oriented architectures. The complexity of adopting
these technologies creates strong demand for our data center
automation suite. Our pipeline is up 50% from this time last
quarter and we are on track to grow bookings by 60% this year.�
Financial Outlook Management provides the following guidance for
its second quarter ending July 31, 2007: Net revenue is expected to
total approximately $31 � 32 million. Non-GAAP loss per share is
expected to be $(0.01), reflecting an incremental $2 million of
operating expenses from its previously announced and completed
acquisition of iConclude Co. Management reaffirms the following
guidance for its fiscal year ending January 31, 2008: Non-EDS
derived bookings growth is expected to be at least 60% compared to
fiscal year 2007. Net revenue is expected to total $142 � $147
million. Non-GAAP operating margin is expected to be 5 � 8%.
Non-GAAP EPS is expected to be $0.09 � 0.13. The company will
provide additional details on its financial results and outlook on
the conference call referenced below. About the Conference Call and
Webcast Opsware management will host a conference call today, May
30, 2007, beginning at 5:30 a.m. PT (8:30 a.m. ET) to discuss
today's announcement. Interested parties may access the conference
call by dialing (866) 293-8971. A live audio version and replay of
the conference call will be available on the Investor Relations
section of Opsware�s web site at http://investor.opsware.com. About
Non-GAAP Financial Information When used in connection with
historical results or forward-looking guidance, non-GAAP net loss,
non-GAAP operating margin and non-GAAP EPS each exclude non-cash
stock-based compensation expense and non-cash charges relating to
past acquisitions. With respect to historical results, a
reconciliation between both net loss and net loss per share on GAAP
and non-GAAP bases is provided in a table immediately following the
Condensed Consolidated Statement of Operations attached to this
release. With respect to forward-looking guidance, a reconciliation
between both operating margin and EPS on GAAP and non-GAAP bases
has not been provided because each of operating margin and EPS on a
GAAP basis depends in part upon the amount of stock based
compensation expense, which expense is dependent upon our future
stock price and other factors that cannot be determined at this
time. To supplement our consolidated financial statements presented
on a GAAP basis, we believe that these non-GAAP measures better
reflect our core operating results and thus are appropriate to
enhance the overall understanding of our past financial performance
and our prospects for the future. These adjustments to our GAAP
results are made with the intent of providing both management and
investors a more complete understanding of our underlying
operational results and trends and our performance. Management uses
these non-GAAP measures to evaluate its financial results, develop
budgets and manage expenditures. The presentation of additional
information is not meant to be considered in isolation or as a
substitute for net loss or net loss per share prepared in
accordance with GAAP. About Opsware Inc. (NASDAQ:OPSW) Opsware, the
world�s leading IT automation company, unlocks the promise of
technology by accelerating IT to zero latency. The company�s
software, the Opsware System, automates the entire data center,
from provisioning to patching, configuration to compliance and
discovery to deployment, turning data center operations into a
competitive advantage for business. Opsware�s technology is used by
hundreds of companies worldwide including banks, service providers,
retailers, manufacturers and Internet companies with IT
environments ranging from hundreds to tens of thousands of servers,
network devices, storage devices and IT processes. For more
information on Opsware Inc., please visit our Web site at
www.opsware.com. This press release contains forward-looking
statements within the meaning of the federal securities laws,
including forecasts of our expected revenue, non-EDS derived
bookings, non-GAAP operating margin and earnings per share, the
financial impact of our acquisition of iConclude, the statement by
our president and chief executive officer and the �Financial
Outlook� section. These forward-looking statements are based on
current information and expectations, and are subject to risks and
uncertainties that could cause actual events or results to differ
materially from these statements, including without limitation:
that the IT automation software market may not develop as we
expect, that our market is highly competitive and subject to rapid
and significant change, that enterprise software spending and
budgets may fluctuate depending on economic conditions and that our
revenue and operating results may vary significantly from period to
period, including due to the timing of signing contracts with
customers, the timing of our satisfaction of revenue recognition
criteria, delays in product releases, and our dependence on closing
a small number of relatively large transactions each quarter. In
addition, please see the section entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations� in our Form 10-K for the year ended January
31, 2007 that we filed with the Securities and Exchange Commission,
and subsequent filings with the SEC. We assume no obligation to
update the information in this press release or to revise any
forward-looking statements. The graphics displaying non-EDS revenue
and non-EDS derived bookings in this press release solely present
historical data, and are not necessarily indicative of results in
future periods. The term �non-EDS� excludes the impact of the
license and maintenance agreement that we signed with EDS in August
2002 and extended in August 2004. Continued growth is subject to
several risks and uncertainties, including those described in our
SEC filings as referenced in the preceding paragraph. Opsware is a
service mark and trademark of Opsware Inc. OPSWARE INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) � April 30,
2007 January 31, 2007 ASSETS Current assets: Cash and cash
equivalents $ 73,546� $ 90,940� Accounts receivable, net 23,234�
31,748� Prepaid expenses and other current assets � 5,986� � 6,431�
� Total current assets 102,766� 129,119� Property and equipment,
net 7,052� 5,898� Restricted cash 2,279� 2,279� Prepaid rent 838�
1,001� Other assets 929� 797� Intangibles, net 19,055� 9,705�
Goodwill � 70,392� � 33,246� � Total assets $ 203,311� $ 182,045� �
LIABILITIES AND STOCKHOLDERS� EQUITY Current liabilities: Accounts
payable $ 3,781� $ 2,612� Accrued compensation and other accrued
liabilities 22,510� 17,174� Deferred revenue, current portion
25,559� 28,924� Accrued restructuring costs, current portion 373�
345� Capital lease obligations, current portion � 50� � 19� � Total
current liabilities 52,273� 49,074� Capital lease obligations, net
of current portion 50� 55� Deferred revenue, net of current portion
1,590� 1,323� Accrued restructuring costs, net of current portion �
717� � 817� � Total liabilities � 54,630� � 51,269� � Stockholders�
equity: Common stock 105� 102� Additional paid-in capital 658,838�
630,282� Accumulated deficit (509,983) (499,339) Accumulated other
comprehensive loss � (279) � (269) � Total stockholders� equity �
148,681� � 130,776� � Total liabilities and stockholders� equity $
203,311� $ 182,045� OPSWARE INC. CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (in thousands, except per share amounts, unaudited) �
Three Months EndedApril 30, � 2007� � 2006� � Revenue: License
revenue $ 19,383� $ 15,361� Services revenue � 8,945� � 6,635� Net
revenue � 28,328� � 21,996� � Cost and expenses: Cost of license
revenue 733� 506� Cost of services revenue(a) 6,115� 4,983� Cost of
developed technology 761� 412� Research and development(a) 10,098�
7,342� Sales and marketing(a) 14,839� 10,906� General and
administrative(a) 4,482� 4,246� Amortization of other
acquisition-related intangibles 338� 327� In-process research and
development charges � 2,650� � -� Total cost and expenses � 40,016�
� 28,722� Loss from operations (11,688) (6,726) � Interest and
other income, net � 1,140� � 982� Loss before income taxes (10,548)
(5,744) � Provision for income taxes � 96� � 54� Net loss $
(10,644) $ (5,798) � Basic and diluted net loss per share $ (0.10)
$ (0.06) � Shares used in computing basic and diluted net loss per
share � 101,929� � 99,352� � (a) Includes stock-based compensation
expense of the following: Cost of services revenue $ 555� $ 336�
Research and development 1,881� 1,207� Sales and marketing 1,804�
1,181� General and administrative � 1,277� � 922� Total stock-based
compensation expense $ 5,517� $ 3,646� A reconciliation between
GAAP net loss and non-GAAP net loss is as follows: (in thousands,
except per share amounts, unaudited) Three Months EndedApril 30,
2007 � GAAP net loss $ (10,644) Non-cash charge related to equity
transactions 5,517� Cost of developed technology 761� Amortization
of other acquisition-related intangibles 338� In-process research
and development charges � 2,650� Non-GAAP net loss $ (1,378) � GAAP
basic and diluted net loss per share $ (0.10) Non-GAAP basic and
diluted net loss per share $ (0.01) � Shares used in computing
non-GAAP basic and diluted net loss per share 101,929�
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