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16:50 Uhr
GESAMT-​ROUNDUP: Spanische Terror-​Ermittler uneins - Suche nach dem Täter

RPX Announces Fourth Quarter and Fiscal 2016 Financial Results

Dienstag, 14.02.2017 22:05 von

PR Newswire

SAN FRANCISCO, Feb. 14, 2017 /PRNewswire/ -- RPX Corporation (together with its subsidiaries, "RPX", "the Company") (NASDAQ: RPXC), the leading provider of patent risk management and discovery management solutions, today announced its financial results for the fourth quarter and year ended December 31, 2016.

Highlights

  • Revenue for 2016 totaled $333.1 million, up 14% compared to $291.9 million for 2015
  • Discovery services revenue for 2016 totaled $66.1 million
  • Revenue for the fourth quarter of 2016 totaled $81.8 million, up 12% compared to $72.8 million in the prior year period
  • There were 348 clients in RPX's patent risk management network as of December 31, 2016.

"RPX was founded to bring efficiency and transparency to the patent market, and our financial performance in 2016 reflects our continued progress in achieving that goal," said Martin Roberts, Interim CEO and General Counsel of RPX Corporation. "With our increased emphasis on improving execution, generating cash and returning value to shareholders, we enter 2017 as a stronger, more nimble organization and are optimistic about RPX's opportunity to further impact both the patent and eDiscovery markets."

Summary Results

Revenue for the fourth quarter of 2016 was $81.8 million, compared to $72.8 million in the prior year period. Revenue for 2016 was $333.1 million, compared to $291.9 million for 2015.

GAAP net income for the fourth quarter of 2016 was $1.7 million or $0.03 per diluted share, compared to $5.5 million or $0.10 per diluted share in the fourth quarter of 2015. GAAP net income for 2016 was $18.2 million or $0.36 per diluted share, compared to $39.4 million or $0.71 per diluted share for 2015.

Non-GAAP net income for the fourth quarter of 2016, which excludes stock-based compensation, the amortization of acquired intangibles, fair value adjustments on deferred payment obligations, gains on extinguishment of deferred payment obligations, other-than-temporary impairment on short-term investments, realized losses on exchange of short-term investments, and their related tax effects, was $6.2 million or $0.12 per diluted share, compared to $11.7 million or $0.21 per diluted share in the fourth quarter of 2015. Non-GAAP net income for 2016 was $35.7 million or $0.70 per diluted share, compared to $54.7 million or $0.99 per diluted share for 2015.

Non-GAAP adjusted EBITDA less net patent spend, the Company's preferred measure of adjusted pre-tax cash flow, was $9.1 million for the fourth quarter of 2016 and $108.2 million for 2016.

Net patent acquisition spend during the fourth quarter totaled $45.5 million, and included 12 new patent acquisitions. Net patent acquisition spend during the year totaled $117.4 million.

As of December 31, 2016, RPX had cash, cash equivalents, and short-term investments of $191.0 million

Business Outlook

This outlook reflects the Company's current and preliminary view and may be subject to change. Please see the paragraph regarding "Forward-Looking Statements" at the end of this news release.

The Company provided the following business outlook for the first quarter of fiscal 2017:

Subscription and Discovery revenue[1]

$79 - $81 million

Fee-related revenue

$1 million

Total revenue

$80 - $82 million

Operating income (non-GAAP)

$9 - $11 million

Net income (non-GAAP)

$5 - $7 million

Consolidated adjusted EBITDA (non-GAAP)

$51 - $52 million

Effective tax rate (non-GAAP)

37%

Weighted-average diluted shares outstanding

49 million

 

The Company provided the following business outlook for the full year 2017:

Subscription revenue[1]

$240 - $250 million

Discovery revenue

$70 - $79 million

Fee-related revenue

$5 - $15 million

Total revenue

$315 - $344 million

Cost of revenue (non-GAAP)

$193 - $198 million

SG&A (non-GAAP)

$73 - $78 million

Net income (non-GAAP)

$31 - $42 million



Patent risk management adjusted EBITDA (non-GAAP)

$183 - $199 million

Discovery services adjusted EBITDA (non-GAAP)

$19 - $23 million

Consolidated adjusted EBITDA (non-GAAP)

$202 - $222 million

Net patent spend

$110 - $115 million

Consolidated adjusted EBITDA less net patent spend (non-GAAP)

$87 - $112 million



Effective tax rate (non-GAAP)

37%

Weighted-average diluted shares outstanding

50 million

 

The Company provided the following supplemental information regarding amortization expense for the full year 2017:

Amortization of patent assets acquired through December 31, 2016

$127 million

Amortization of patent assets to be acquired during fiscal 2017

$26 - $29 million

Total amortization of patent assets

$153 - $156 million



Amortization of acquired intangible assets[2]

$8 - $9 million











[1]

Subscription revenue is comprised of revenue generated from membership subscription services, premiums earned, net of ceding commissions, from insurance policies, and management fees related to the Company's insurance business.

[2]

RPX excludes amortization expense related to intangible assets (other than patents) acquired in conjunction with the acquisition of businesses from its non-GAAP financial measures.

 

The above outlook is forward-looking. Actual results may differ materially. The Company is not able, at this time, to provide a forward-looking reconciliation to GAAP outlook for the non-GAAP financial metric outlook it has provided above for the first quarter and full year 2017 because of the difficulty of estimating certain items that are excluded from the non-GAAP financial metrics, including those items listed in "Use of Non-GAAP Financial Information" below, the effect of which may be significant. Please refer to the information under the caption "Use of Non-GAAP Financial Information" below.

RPX Corporation

Historical Quarterly Information

(in thousands)

(unaudited)


Three Months Ended


March 31,
2016


June 30,
2016


September 30,
2016


December 31,
2016

Subscription revenue[1]

$

67,112



$

63,219



$

62,414



$

62,688


Discovery revenue

10,578



19,258



17,987



18,289


Fee-related revenue

2,045



632



8,060



825


Total revenue

$

79,735



$

83,109



$

88,461



$

81,802










Operating Income

$

5,174



$

8,135



$

14,016



$

8,063










Weighted-average diluted shares outstanding

52,616



51,557



50,247



49,642












[1]

Subscription revenue is comprised of revenue generated from membership subscription services, premiums earned, net of ceding commissions, from insurance policies, and management fees related to the Company's insurance business.

 

RPX Corporation

Quarterly Reconciliation of Net Income to Non-GAAP Adjusted EBITDA Less Net Patent Spend

(in thousands)

(unaudited)


Three Months Ended


March 31,
2016


June 30,
2016


September 30,
2016


December 31,
2016

Net income

$

4,237



$

4,150



$

8,115



$

1,733


Provision for income taxes

2,742



2,436



4,651



4,245


Interest and other (income) expense, net

(1,805)



1,549



1,250



2,085


Depreciation and amortization

44,555



41,032



43,725



42,311


EBITDA

49,729



49,167



57,741



50,374


Stock-based compensation

5,022



4,976



4,341



4,229


Adjusted EBITDA (non-GAAP)[2]

54,751



54,143



62,082



54,603


Net patent spend

(16,249)



(20,885)



(34,800)



(45,495)


Adjusted EBITDA less net patent spend (non-GAAP)

$

38,502



$

33,258



$

27,282



$

9,108












[2]

RPX calculates non-GAAP adjusted EBITDA as GAAP earnings before other income or expenses, net, taxes, depreciation, amortization, and stock-based compensation expenses (inclusive of related employer payroll taxes).

 

Conference Call

RPX management will host a conference call and live webcast for analysts and investors at 2:00 p.m. PST/5:00 p.m. EST on February 14, 2017. Parties in the United States and Canada can access the call by dialing 1-877-723-9520, using conference code 2653817.  International parties can access the call by dialing 1-719-325-4893, using conference code 2653817.

The conference call will be webcast and investors will be able to access the webcast and slide presentation from the "Investor Relations" section of the company's website at www.rpxcorp.com. A replay of the webcast will be available online at the aforementioned website following the conclusion of the conference call.

About RPX

RPX Corporation (NASDAQ: RPXC) is the leading provider of patent risk management and discovery management solutions. Since its founding in 2008, RPX has introduced efficiency to the patent market by providing a rational alternative to litigation. The San Francisco-based company's pioneering approach combines principal capital, deep patent expertise, and client contributions to generate enhanced patent buying power. By acquiring patents and patent rights, RPX helps to mitigate and manage patent risk for its growing client network.

As of December 31, 2016, RPX had invested over $2 billion to acquire more than 16,600 US and international patent assets and rights on behalf of nearly 350 clients in eight key sectors: automotive, consumer electronics and PCs, E-commerce and software, financial services, media content and distribution, mobile communications and devices, networking, and semiconductors.

RPX subsidiary Inventus is a leading international discovery management provider focused on reducing the costs and risks associated with the discovery process through the effective use of technology solutions. Inventus has been providing litigation support services to corporate legal departments, law firms and government agencies since 1991.

Use of Non-GAAP Financial Information

This news release dated February 14, 2017 contains non-GAAP financial measures. Tables are provided in this news release that reconcile the historical non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP cost of revenue, non-GAAP selling, general and administrative expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP adjusted EBITDA, non-GAAP net income per share, and non-GAAP adjusted EBITDA less net patent spend.

To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, management believes that these non-GAAP measures provide useful information about the Company's core operating results and thus are appropriate to enhance the overall understanding of the Company's past financial performance and its prospects for the future. Management is excluding from some or all of its non-GAAP operating results (1) stock-based compensation expenses (inclusive of related employer payroll taxes), (2) the amortization of acquired intangible assets (other than patents), (3) fair value adjustments on deferred payment obligations, (4) gains on extinguishment of deferred payment obligations, (5) other-than-temporary impairment on short-term investments, (6) realized losses on exchange of short-term investments, and (7) their related tax effects.

Management uses these non-GAAP measures to evaluate the Company's financial results and trends, allocate internal resources, prepare and approve our annual budget, develop short- and long-term operating plans, assess the health of our business and determine company-wide incentive compensation. Management believes these non-GAAP measures may prove useful to investors who wish to consider the impact of certain items when comparing the Company's financial performance with that of other companies. The adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results, trends and performance.

There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact on our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which items are adjusted to calculate our non-GAAP financial measures. Management compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures.

The presentation of additional information should not be considered in isolation or as a substitute for or superior to financial results determined in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure and not to rely on any single financial measure to evaluate our business.

Forward-Looking Statements

This news release and its attachments contain forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements regarding RPX's future financial performance as well as any statements regarding the Company's strategic and operational plans. The Company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may contribute to such differences include, among others, the Company's ability to maintain an adequate rate of growth, the success of the Company's new initiatives, the Company's ability to integrate and manage the acquisition of Inventus Solutions, Inc., and the Company's ability to attract new clients and retain existing clients. Forward-looking statements are often identified by the use of words such as, but not limited to, "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "seek," "should," "target," "will," "would," and similar expressions or variations intended to identify forward-looking statements.  More information about potential factors that could affect the Company's business and financial results is contained in the Company's most recent annual report on Form 10-K, its quarterly reports on Form 10-Q, and the Company's other filings with the SEC. The Company does not intend, and undertakes no duty, to update any forward-looking statements to reflect future events or circumstances.

Contacts:



Investor Relations

Media Relations

JoAnn Horne

Jen Costa

Market Street Partners

RPX Corporation

+1 415-445-3233

+1 415-852-3180

ir@rpxcorp.com

media@rpxcorp.com

 

RPX Corporation

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)


Three Months Ended
December 31,


Year Ended December 31,


2016


2015


2016


2015

Revenue

$

81,802



$

72,831



$

333,107



$

291,881


Cost of revenue

49,696



39,475



197,262



148,858


Selling, general and administrative expenses

24,043



20,199



100,457



77,428


Gain on sale of patent assets, net







(592)


Operating income

8,063



13,157



35,388



66,187


Interest and other expense, net:








Interest income

158



225



506



740


Interest expense

(860)





(3,015)




Other expense, net

(1,383)



(2,844)



(570)



(1,428)


Total interest and other expense, net

(2,085)



(2,619)



(3,079)



(688)


Income before provision for income taxes

5,978



10,538



32,309



65,499


Provision for income taxes

4,245



5,011



14,074



26,077


Net income

$

1,733



$

5,527



$

18,235



$

39,422










Net income per share:








Basic

$

0.04



$

0.10



$

0.36



$

0.72


Diluted

$

0.03



$

0.10



$

0.36



$

0.71


Weighted-average shares used in computing net income per share:








Basic

49,061



54,260



50,462



54,432


Diluted

49,642



55,002



51,001



55,410


 


RPX Corporation

Consolidated Balance Sheets

(in thousands)

(unaudited)


December 31,


2016


2015

Assets




Current assets:




Cash and cash equivalents

$

100,111



$

94,983


Short-term investments

90,877



231,015


Restricted cash

500



701


Accounts receivable, net

64,395



13,905


Prepaid expenses and other current assets

4,524



12,643


Total current assets

260,407



353,247


Patent assets, net

212,999



254,560


Property and equipment, net

6,948



4,733


Intangible assets, net

56,050



1,801


Goodwill

151,322



19,978


Restricted cash, less current portion

965



727


Other assets

8,337



6,896


Deferred tax assets

38,261



16,619


Total assets

$

735,289



$

658,561


Liabilities and stockholders' equity




Current liabilities:




Accounts payable

$

3,197



$

959


Accrued liabilities

16,798



14,842


Deferred revenue

118,856



110,921


Deferred payment obligations



2,383


Current portion of long-term debt

6,474




Other current liabilities

1,484



467


Total current liabilities

146,809



129,572


Deferred revenue, less current portion

11,552



4,731


Deferred tax liabilities

4,023




Long-term debt, less current portion

88,110




Other liabilities

10,514



7,779


Total liabilities

261,008



142,082


Stockholders' equity:




Common stock

5



5


Additional paid-in capital

360,462



344,610


Retained earnings

130,249



172,115


Accumulated other comprehensive loss

(16,435)



(251)


Total stockholders' equity

474,281



516,479


Total liabilities and stockholders' equity

$

735,289



$

658,561


 



RPX Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


Year Ended December 31,


2016


2015

Operating activities




Net income

$

18,235



$

39,422


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

171,623



145,835


Stock-based compensation

18,275



17,594


Excess tax benefit from stock-based compensation

(103)



(1,593)


Gain on sale of patent assets



(592)


Amortization of premium on investments

2,247



6,666


Deferred taxes

(13,951)



(13,010)


Unrealized foreign currency loss

2,689




Fair value adjustments on deferred payment obligations

 

(1,920)



(3,887)


Gain on extinguishment of deferred payment obligation

(463)



(3,000)


Other-than-temporary impairment of short-term investments



5,096


Realized loss on exchange of short-term investments

290



3,444


Other

2,457



(60)


Changes in assets and liabilities, net of business acquired:




Accounts receivable

(39,737)



10,888


Prepaid expenses and other assets

10,344



(17,651)


Accounts payable

923



724


Accrued and other current liabilities

1,693



4,631


Deferred revenue

14,654



(21,284)


Net cash provided by operating activities

187,256



173,223


Investing activities




Purchases of investments

(70,980)



(273,853)


Maturities of investments

60,143



254,360


Sales of investments

145,925



21,650


Business acquisition, net of cash acquired

(228,452)



(425)


Decrease in restricted cash

298



247


Purchases of property and equipment

(3,667)



(2,163)


Acquisitions of patent assets

(116,742)



(132,834)


Proceeds from sale of patent assets



650


Acquisition of other assets



(2,500)


Net cash used in investing activities

(213,475)



(134,868)


Financing activities




Repayments of principal on deferred payment obligations



(2,935)


Proceeds from deferred payment obligations



6,270


Proceeds from issuance of term debt

100,000




Payment of debt issuance costs

(2,003)




Repayment of principal on term debt

(3,750)




Deferred acquisition payment

(1,320)




Proceeds from exercise of stock options

3,766



4,953


Taxes paid related to net share settlements of restricted stock units

(4,185)



(5,097)


Excess tax benefit from stock-based compensation

103



1,593


Payments of capital leases

(461)




Repurchase of common stock

(60,101)



(26,175)


Net cash provided by (used in) financing activities

32,049



(21,391)


Foreign-currency effect on cash and cash equivalents

(702)




Net increase in cash and cash equivalents

5,128



16,964


Cash and cash equivalents at beginning of period

94,983



78,019


Cash and cash equivalents at end of period

$

100,111



$

94,983


 

RPX Corporation

Reconciliation of GAAP to Non-GAAP Net Income Per Share

 

(in thousands, except per share data)

(unaudited)


Three Months Ended
December 31,


Year Ended
December 31,


2016


2015


2016


2015

Net income

$

1,733



$

5,527



$

18,235



$

39,422


Stock-based compensation[1]

4,229



4,533



18,568



18,015


Amortization of acquired intangible assets[2]

2,402



431



9,611



1,725


Fair value adjustment on deferred payment obligations[3]



(655)



(1,920)



(3,887)


Gain on extinguishment of deferred payment obligations[3]



(3,000)



(463)



(3,000)


Other-than-temporary impairment on short-term investments[3]



3,181





5,096


Realized loss on exchange of short-term investments[3]



3,336



188



3,336


Income tax adjustments[4]

(2,163)



(1,649)



(8,474)



(6,037)


Non-GAAP net income

$

6,201



$

11,704



$

35,745



$

54,670










Non-GAAP net income per share:








Basic

$

0.13



$

0.22



$

0.71



$

1.00


Diluted

$

0.12



$

0.21



$

0.70



$

0.99


Weighted-average shares used in computing net income per share:








Basic

49,061



54,260



50,462



54,432


Diluted

49,642



55,002



51,001



55,410


 



RPX Corporation

Reconciliation of GAAP to Non-GAAP Cost of Revenue

(in thousands)

(unaudited)


Three Months Ended
December 31,


Year Ended
December 31,


2016


2015


2016


2015

Cost of revenue

$

49,696



$

39,475



$

197,262



$

148,858


Amortization of acquired intangible assets[2]

(527)



(50)



(2,119)



(200)


Non-GAAP cost of revenue

$

49,169



$

39,425



$

195,143



$

148,658




RPX Corporation

Reconciliation of GAAP to Non-GAAP Selling, General and Administrative Expenses

(in thousands)

(unaudited)


Three Months Ended
December 31,


Year Ended
December 31,


2016


2015


2016


2015

Selling, general and administrative expenses

$

24,043



$

20,199



$

100,457



$

77,428


Stock-based compensation[1]

(4,229)



(4,533)



(18,568)



(18,015)


Amortization of acquired intangible assets[2]

(1,875)



(381)



(7,492)



(1,525)


Non-GAAP selling, general and administrative expenses

$

17,939



$

15,285



$

74,397



$

57,888



 


RPX Corporation

Reconciliation of GAAP to Non-GAAP Interest and Other Income (Expense), Net

(in thousands)

(unaudited)






Three Months Ended
December 31,


Year Ended
December 31,


2016


2015


2016


2015

Interest and other expense, net

$

(2,085)



$

(2,619)



$

(3,079)



$

(688)


Fair value adjustment on deferred payment obligations[3]



(655)



(1,920)



(3,887)


Gain on extinguishment of deferred payment obligations[3]



(3,000)



(463)



(3,000)


Other-than-temporary impairment on short-term investments[3]



3,181





5,096


Realized loss on exchange of short-term investments[3]



3,336



188



3,336


Non-GAAP interest and other income (expense), net

$

(2,085)



$

243



$

(5,274)



$

857




RPX Corporation

Reconciliation of Net Income to Non-GAAP Adjusted EBITDA Less Net Patent Spend

(in thousands)

(unaudited)


Three Months Ended
December 31,


Year Ended
December 31,


2016


2015


2016


2015

Net income

$

1,733



$

5,527



$

18,235



$

39,422


Provision for income taxes

4,245



5,011



14,074



26,077


Interest and other expense, net

2,085



2,619



3,079



688


Stock-based compensation[1]

4,229



4,533



18,568



18,015


Depreciation and amortization

42,311



38,809



171,623



145,835


Non-GAAP adjusted EBITDA[5]

54,603



56,499



225,579



230,037


Net patent spend

(45,495)



(50,353)



(117,429)



(160,665)


Non-GAAP adjusted EBITDA less net patent spend

$

9,108



$

6,146



$

108,150



$

69,372


 


RPX Corporation

Additional Metrics

(in thousands, except client and headcount data)

(unaudited)



As of and for the Three
Months Ended December 31,

Operating Metrics


2016


2015

Number of clients[7]


348



255


Net additions[7]


20



10


Gross patent spend


$

48,495



$

137,673


Net patent spend


$

45,495



$

50,353









As of and for the Three
Months Ended December 31,

Financial Metrics


2016


2015

Subscription revenue[6]


$

62,688



$

67,701


Discovery revenue


18,289




Fee-related revenue


825



5,130


Total revenue


$

81,802



$

72,831


Cash, cash equivalents and short-term investments


$

190,988



$

325,998


Deferred revenue, current and non-current


$

130,408



$

115,652




[1]

RPX excludes stock-based compensation and related employer payroll taxes from its non-GAAP financial measures.

[2]

RPX excludes amortization expense related to intangible assets (other than patents) acquired in conjunction with the acquisition of businesses from its non-GAAP financial measures.

[3]

RPX excludes fair value adjustments and gains on extinguishment related to its deferred payment obligations, other-than-temporary impairments to its short-term investments, and realized losses on exchanges of short-term investments from its non-GAAP financial measures.

[4]

Amount reflects income taxes associated with the above noted non-GAAP exclusions.

[5]

RPX calculates non-GAAP adjusted EBITDA as GAAP earnings before other income or expenses, net, provision for income taxes, depreciation, amortization, and stock-based compensation expenses (inclusive of related employer payroll taxes).

[6]

Subscription revenue is comprised of revenue generated from membership subscription services, premiums earned, net of ceding commissions, from insurance policies, and management fees related to the Company's insurance business.

[7]

Represents clients receiving RPX's patent risk management services only; does not include RPX's discovery services clients.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rpx-announces-fourth-quarter-and-fiscal-2016-financial-results-300407277.html

SOURCE RPX Corporation