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Acme Packet, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2012 2011 2012 2011 ----------- ----------- ----------- -----------Revenue: Product $ 51,307 $ 64,276 $ 201,098 $ 241,783 Maintenance, support and service 19,395 18,720 73,339 65,534 ----------- ----------- ----------- ----------- Total revenue 70,702 82,996 274,437 307,317 ----------- ----------- ----------- -----------Cost of revenue: Product 10,145 12,155 39,492 42,245 Maintenance, support and service 3,464 3,118 15,358 11,691 ----------- ----------- ----------- ----------- Total cost of revenue 13,609 15,273 54,850 53,936 ----------- ----------- ----------- -----------Gross profit 57,093 67,723 219,587 253,381 ----------- ----------- ----------- -----------Operating expenses: Sales and marketing 38,406 29,940 136,636 105,580 Research and development 16,528 14,221 64,780 51,483 General and administrative 5,211 6,073 23,652 21,844 Merger related costs - - 643 300 ----------- ----------- ----------- ----------- Total operating expenses 60,145 50,234 225,711 179,207 ----------- ----------- ----------- -----------(Loss) income from operations (3,052) 17,489 (6,124) 74,174Other expense, net (159) (91) (32) (238) ----------- ----------- ----------- -----------(Loss) income before income taxes (3,211) 17,398 (6,156) 73,936(Benefit from) provision for income taxes (1,182) 8,681 (914) 29,576 ----------- ----------- ----------- -----------Net (loss) income $ (2,029) $ 8,717 $ (5,242) $ 44,360 =========== =========== =========== ===========Net (loss) income per share: Basic $ (0.03) $ 0.13 $ (0.08) $ 0.67 Diluted $ (0.03) $ 0.12 $ (0.08) $ 0.63Weighted average number of common shares used in the calculation of net (loss) income per share: Basic 67,627,896 67,314,606 68,084,305 66,346,008 Diluted 67,627,896 70,679,690 68,084,305 70,902,293 Acme Packet, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) December 31, December 31, 2012 2011 ------------- ------------- AssetsCurrent assets: Cash and cash equivalents $ 55,381 $ 160,403 Short-term investments 302,865 191,672 Accounts receivable, net 58,610 59,739 Inventory, net 10,539 10,246 Deferred product costs 1,006 1,515 Deferred tax asset, net 9,423 4,809 Income taxes receivable - 4,341 Other current assets 7,190 4,385 ------------- ------------- Total current assets 445,014 437,110Long-term investments 27,220 20,096Property and equipment, net 44,264 26,252Intangible assets, net 19,331 8,569Goodwill 15,263 3,778Deferred tax asset, net 27,758 18,371Other assets 362 230 ------------- ------------- Total assets $ 579,212 $ 514,406 ============= ============= Liabilities and Stockholders' EquityCurrent liabilities: Accounts payable $ 12,845 $ 10,318 Accrued expenses and other current liabilities 18,964 12,715 Deferred revenue 23,482 22,261 ------------- ------------- Total current liabilities 55,291 45,294 ------------- -------------Deferred revenue, net of current portion 3,663 2,049 ------------- -------------Deferred rent, net of current portion 9,620 4,533 ------------- -------------Deferred tax liability 2,914 - ------------- -------------Stockholders' equity: Common stock 76 74 Additional paid-in capital 442,990 363,769 Treasury stock, at cost (66,311) (37,522) Accumulated other comprehensive income 3 1 Retained earnings 130,966 136,208 ------------- ------------- Total stockholders' equity 507,724 462,530 ------------- ------------- Total liabilities and stockholders' equity $ 579,212 $ 514,406 ============= ============= Condensed Consolidated Statements of Cash Flow Data (in thousands) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2012 2011 2012 2011 ---------- ---------- ---------- ----------Cash provided by operating activities $ 3,856 $ 18,695 $ 63,357 $ 55,341Cash used in investing activities (19,738) (34,550) (166,039) (49,036)Cash provided by (used in) financing activities 15,096 19,296 (2,340) 62,429
