AUSTIN, TX -- (Marketwired) -- 04/30/13 -- SolarWinds® (NYSE: SWI), a leading provider of powerful and affordable IT management software, today reported results for its first quarter ended March 31, 2013.
•Record GAAP diluted earnings per share of $0.30 and record non-GAAP diluted earnings per share of $0.41 for the first quarter. •Record first quarter non-GAAP operating income of $40.7 million, or a non-GAAP operating margin of 56% for the first quarter, representing the second highest non-GAAP operating margin as a public company. •Total revenue for the first quarter of $72.9 million, representing 22% year-over-year growth. •License revenue for the first quarter of $30.7 million, representing 12% year-over-year growth. •Record core product transaction volume growth of 53% year-over-year for the first quarter.
SolarWinds reported total revenue for the first quarter of 2013 of $72.9 million, a 22% increase over total revenue for the first quarter of 2012. License revenue was $30.7 million for the first quarter of 2013, representing a 12% increase over license revenue for the first quarter of 2012. Maintenance revenue was $42.2 million for the first quarter of 2013, representing a 31% increase over maintenance revenue for the first quarter of 2012. Core product transaction volume for the first quarter of 2013 grew by 53% compared to the first quarter of 2012.
On a GAAP basis, diluted earnings per share were $0.30 for the first quarter of 2013 compared to $0.23 for the first quarter of 2012. Non-GAAP diluted earnings per share were $0.41 for the first quarter of 2013 compared to $0.30 for the first quarter of 2012.
Net cash provided by operating activities was $30.9 million for the first quarter of 2013 compared to $28.2 million for the first quarter of 2012, representing a year-over-year increase of 10%. Free cash flow was $34.8 million for the first quarter of 2013 compared to $30.7 million for the first quarter of 2012, representing a year-over-year increase of 13%. Cash, cash equivalents, and investments at the end of the first quarter of 2013 were $274.0 million, an increase of $32.2 million from the end of the fourth quarter of 2012.
The financial results included in this press release are preliminary and pending final review by the company and its external auditors. Financial results will not be final until SolarWinds files its quarterly report on Form 10-Q for the period. Information about SolarWinds' use of these non-GAAP financial measures is provided below under "Non-GAAP Financial Measures."
Recent Business Highlights
"The first quarter of 2013 provides a good example of the overall strength of the business model we have built at SolarWinds. Despite a good start to the first quarter, solid interest in many of our core products did not translate into the level of new license sales we anticipated and we did not deliver the level of new license sales and total revenue growth we expected for the first quarter of 2013. However, given 31% year-over-year maintenance revenue growth along with the operating leverage inherent in our unique business model, we were once again able to deliver strong profitability that exceeded expectations," said Kevin Thompson, SolarWinds' Chief Executive Officer.
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