GAITHERSBURG, MD -- (Marketwire) -- 02/27/13 -- BroadSoft, Inc. (NASDAQ: BSFT), the leading global provider of Internet protocol-based, or IP-based, communications services to the telecommunications industry, today announced financial results for the fourth quarter and twelve-month period ended December 31, 2012.
Financial Highlights for the Fourth Quarter of 2012
•Total revenue increased 13% year-over-year to $45.8 million •GAAP gross profit equaled 82% of total revenue; non-GAAP gross profit equaled 85% of total revenue •GAAP income from operations totaled $8.4 million or 18% of revenue; non-GAAP income from operations totaled $14.0 million or 31% of revenue •GAAP diluted EPS equaled $0.17 per common share; non-GAAP diluted EPS equaled $0.47 per common share
Results for the three months ended December 31, 2012
Total revenue rose to $45.8 million in the fourth quarter of 2012, an increase of 13% compared to $40.6 million in the fourth quarter of 2011.
Net income for the fourth quarter of 2012 was $4.9 million, or $0.17 per diluted common share, compared to net income of $5.5 million, or $0.19 per diluted common share in the fourth quarter of 2011.
On a non-GAAP basis, net income in the fourth quarter of 2012 was $13.4 million, or $0.47 per diluted common share, compared to non-GAAP net income of $10.8 million, or $0.38 per diluted common share, in the fourth quarter of 2011. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.
Results for the twelve months ended December 31, 2012
For the full year, total revenue was $164.8 million, an increase of 19% compared to $138.1 million in 2011.
Net income for the full year of 2012 was $12.1 million, or $0.43 per diluted common share, compared to net income of $32.3 million, or $1.15 per diluted common share, in 2011. GAAP results for 2011 included an income tax benefit of $8.9 million, or $0.32 per diluted common share, resulting from the release of a tax valuation allowance relating to net deferred tax assets.
On a non-GAAP basis, net income for the full year of 2012 was $40.9 million or $1.44 per diluted common share, compared to non-GAAP net income of $34.5 million, or $1.23 per diluted common share, in 2011.
"We executed well against our 2012 strategic plan, including our introduction of UC-One, the only Unified Communications platform designed for telecommunications service providers," said Michael Tessler, president and chief executive officer, BroadSoft. "In 2013, we will continue to focus on developing innovative mobile services to address the growing multi-device communication trend and provide users the freedom to communicate from anywhere. We will also closely collaborate with our customers to design successful go-to-market strategies to drive the rapid adoption of their hosted Unified Communications solutions beyond voice services."
"For 2012, we grew revenues by 19% and billings by an even stronger 24%," said Jim Tholen, chief financial officer, BroadSoft. "We were pleased that we delivered non-GAAP operating margins of 26% for the year and cash flow from operations of over $30 million. As we head into 2013, we remain excited by the opportunities to further drive adoption of BroadSoft-enabled solutions."
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