罗盛软件 (Lawson Software) 公布 2008 财年第二财季财务报告
总收入同比增长18%
上海1月17日电 /新华美通/ -- 罗盛软件（纳斯达克代码：LWSN）今日公布了截止至2007年11月30日的2008财年第二财季财务报告。罗盛软件从2007年6月1日起进入2008财年，第二财季的 GAAP（公认会计原则）收入上升至2.186亿美元，与2007年同期收入1.845亿美元相比，增幅为18%。公司公布的各项收入均为两位数增长，其中软件许可证收入上升至3300万美元（增长50%）,服务维护收入上升至8470 万美元（增长19%），咨询收入上升至1.009亿美元（增长10%）。
第二财季的 GAAP 净收入为370万美元，每股摊薄为0.02美元。净收入的同比增长主要归功于软件许可证和维护收入的增加。这些收益与其他收益中记录的420万美元非运营永久性减损支出相抵，降低了公司所持有的拍卖利率证券的公允价值。详见如下所述：减损支出对净收益的影响每股摊薄为0.02美元。公司估计币值波动对每股净收益亦有负面影响，可达0.01美元。有关币值波动对罗盛软件历年绩效的影响，请参考本报告附表 1。
所公布的 GAAP 净收益和每股净收益中税前开支总计770万美元，其中包括无形资产摊销，已购入的维护合同摊销，采购账目对咨询成本和重组支出的影响，以及拍卖利率证券的420万美元永久性减损支出和220万美元的非现金股权激励。除去以上开支，并包括对前 Intentia International AB 收购产生的期初递延收入余额的采购账目调整后获得的40万美元的维护和服务收入，2008财年第二财季的非 GAAP 净收益为1560万美元，每股摊薄为0.09美元。
“我们第二财季的结果表明我们各地区各方面都有强大实力，”总裁兼 CEO Harry Debes 认为，“追求卓越是永无止境的，公司收益的同比增长印证了我们在业务方面取得的飞速进展。”
截至2007年11月30日的半年度
截至2007年11月30日为止的半年中 GAAP 收入为4.06亿美元，同比3.463亿美元增幅达17%。GAAP 净收入为930万美元，每股摊薄为 0.05美元。公司估计半年中币值波动对每股净收益产生负面影响，达0.02美元。
所公布的半年度 GAAP 结果中税前开支为1940万美元，其中包括已收购无形资产摊销，拍卖利率证券的永久性减损支出，已购入维护合同摊销，采购账目对咨询成本和重组支出的影响以及430万美元的非现金股权激励。除去以上开支，并包括对前 Intentia International AB 收购产生的期初递延收入余额的采购账目调整后获得的100万美元的维护和服务收入，截至2007年11月30日的半年度非 GAAP 净收益为2830万美元，每股摊薄为0.15美元。
财务展望
2008财年的第三季度止于2008年2月29日，预计公司总收入可达2.16亿美元至2.20亿美元，其中包括许可费用同比增长约20%。公司期望 GAAP 全面摊薄每股净收益为0.03 至 0.04 美元，其中不含拍卖利率证券的进一步减损。非 GAAP 全面摊薄每股收益预计为0.07至 0.08美元，其中不含预计为950万美元的税前开支，包括与收购相关的无形资产摊销，已购入的维护合同摊销以及股权激励费用。2008财年非 GAAP 的有效税率预计为37%至40%。
2008财年第二财季关键衡量标准
-- 季末公司拥有的现金、现金等价物、有价证券及长期投资总值为4.241亿美
元（其中不含750万美元限定用途现金），上季末2007年 8月31日结余为
4.831亿美元（其中不含700万美元限定用途现金）
-- 递延收入总额为1.765亿美元，包括3610万美元递延收入，截至2007年8月
31日的上季结余为2.363亿美元，包括3530万美元递延许可证收入。递延收入
下降归因于公司续订日期现已改至第三、四财季所引起的递延维护收入下降。
-- 软件许可证交易总数有所上升，已完成交易为331宗，上年同期为307宗。所有
已完成交易的平均售价与上年同期基本持平。
-- 新签署了三十八宗新客户交易，上年同期为27宗。对新客户的平均售价为37.3万
美元，上年同期为42万美元。此趋势预计还将持续，由于美国本土以外地区 M3
销售的平均交易规模较小。
-- 新签署的交易中，超过1百万美元为2宗，50万至1百万之间为8宗，去年同期分别
为3宗和13宗。
-- 关键客户：美国 - 俄亥俄州哥伦布市 Children's Hospital Central
California，堪萨斯州托皮卡市 Marsh Supermarkets，Mosaic Sales
Solutions，内不拉斯加医学中心 (Nebraska Medical Center)，明尼苏达州
Oldcastle 和 Scott County。欧洲、中东和非洲地区 -- Boissons Glacieres
Internationales，D2i Groupe Invicta，Fletchers Bakeries，Pork Farms
Limited。亚太地区 -- 新西兰 Kumfs，Sheppard Industries Limited，日本
THK。
-- 公司在第二财季回购了331,766股普通股，总值310万美元，平均每股9.29美元。
自2006年11月最初授权回购200万美元以来，公司已回购股份达1250万股，价值
1.116亿美元，每股平均8.93美元，占2006年11月已发行股份的6.7%。
拍卖利率证券的减损支出
截至2007年11月30日，公司拥有现金及现金等价物总值为4.316亿美元，其中包括2760万美元有价证券和5870万美元长期投资。在保守的公司政策影响下，公司长期以来仅将过剩现金投向评级高的投资级证券，将保有资本和流动性作为首要目标。2007年11月30日公司长期投资持有评级 AA 或 AAA 的拍卖利率证券，可随时用于偿还债务。但是，这些证券的流动和公允价值主要受到信贷市场不确定因素和债券保险公司的财务状况影响。因此，出于谨慎性原则并部分基于管理公司投资的经纪交易商所提供的市场信息，记录永久性减损支出为 420 万美元，临时性减损支出为 80 万美元，以将公司拍卖利率证券的价值降至本财季末的估计公允价值 5870 万美元。永久性减损支出记录为其他收入项的非运营亏损，影响 GAAP 全面摊薄收益每股 0.02 美元。80 万美元临时性减损支出记录为股东权益的未实现损失。减损支出是未来预计资本减值，且公司目前无法通过资本增值抵消。因此，此项减损中不含税收优惠。同时，公司于 2007 年 11 月 30 日将拍卖利率证券划为长期投资。
关于罗盛软件 (Lawson Software)
Lawson 软件为全球40个国家来自制造、分销、维修及服务行业的4,000 个用户提供软件及服务解决方案。其解决方案包括企业绩效管理、供货商关系管理、企业资源计划、客户关系管理、制造资源计划、物业管理及为个别行业度身订造的应用程序。Lawson 的解决方案透过简化流程、减少成本及加强企业运作效能，帮助用户简化企业架构及运作。Lawson 在全球均设有办事处，总部设于美国明尼苏达州的圣保罗市。欲了解更多信息，请访问 http://www.lawson.com 。
关于公司未来展望的注意事项说明：本新闻稿内含之公司未来展望说明包括风险与不确定性因素。此未来展望说明表示 Lawson 软件及其管理层的意向、信念及现在的期望，但并不代表对未来的结果有任何保证，其中所牵涉的风险与不确定性，皆可能引起实际结果与在此讨论的有所出入。本公司并没有责任对将来的每件事件及状况在未来展望说明中做出修订。风险与不确定性因素可能引起与在此讨论的有所出入但不限于：Lawson 软件预计由于合并后出现的发展及利润发展机会的不确定性；软件行业的不确定性；全球军事矛盾；美国出现的恐怖袭击及由于这些袭击出现的其它活动；公司对针对行业出现改变；行业竞争加剧。关于这些说明事项，以及可能使其与实际结果及状况产生出入的风险及不确定因素，公司皆已在证券交易委员会 (Securities and Exchange Commission) Form 10-Q 文件中的最新年报内列出。Lawson 没有责任更新此新闻稿中任何前瞻性的资料。
LAWSON SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months % Six Months Ended %
Ended Increase Increase
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
(Decrease) (Decrease)
Revenues:
License fees $32,990 $22,041 50% $58,450 $38,809 51%
Maintenance 84,705 70,969 19% 163,219 140,553 16%
Consulting 100,907 91,483 10% 184,341 166,968 10%
Total revenues 218,602 184,493 18% 406,010 346,330 17%
Cost of revenues:
Cost of license fees 6,616 5,850 13% 13,369 10,892 23%
Cost of maintenance 16,830 13,997 20% 32,490 28,685 13%
Cost of consulting 84,155 80,289 5% 155,381 150,023 4%
Total cost of revenues 107,601 100,136 7% 201,240 189,600 6%
Gross profit 111,001 84,357 32% 204,770 156,730 31%
Operating expenses:
Research and development 21,732 22,530 (4%) 39,018 42,855 (9%)
Sales and marketing 48,214 39,898 21% 90,505 76,790 18%
General and
administrative 25,839 22,215 16% 51,562 48,205 7%
Restructuring 80 (32) +++ (65) 3,360 ---
Amortization of acquired
intangibles 3,352 2,400 40% 6,568 4,789 37%
Total operating expenses 99,217 87,011 14% 187,588 175,999 7%
Operating income (loss) 11,784 (2,654) +++ 17,182 (19,269) +++
Other income:
Interest income 5,882 3,707 59% 12,745 7,300 75%
Interest expense (2,142) (378) +++ (4,746) (645) +++
Other income (expense) (4,376) 3 --- (4,054) 43 +++
Total other income
(expense) (636) 3,332 --- 3,945 6,698 22%
Income (loss) before
income taxes 11,148 678 +++ 21,127 (12,571) +++
Provision for income
taxes 7,425 4,187 77% 11,823 6,730 76%
Net income (loss) $3,723 ($3,509) +++ $9,304 ($19,301) +++
Net income (loss) per
share:
Basic $0.02 ($0.02) +++ $0.05 ($0.10) +++
Diluted $0.02 ($0.02) +++ $0.05 ($0.10) +++
Shares used in computing
net income (loss) per
share:
Basic 178,453 187,376 (5%) 179,974 186,610 (4%)
Diluted 181,941 187,376 (3%) 183,520 186,610 (2%)
LAWSON SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
Nov 30, 2007 May 31, 2007
ASSETS
Current assets:
Cash and cash equivalents $337,803 $473,963
Restricted cash - current 6,806 555
Marketable securities 25,829 74,995
Trade accounts receivable, net 158,535 162,947
Income taxes receivable 8,073 5,183
Deferred income taxes - current 18,090 17,431
Prepaid expenses and other current assets 37,698 28,196
Total current assets 592,834 763,270
Long-term marketable securities 1,809 4,878
Long-term investments 58,653 --
Restricted cash - non-current 697 6,889
Property and equipment, net 37,566 30,879
Goodwill 515,038 483,060
Other intangibles assets, net 122,983 133,456
Deferred income taxes - non-current 34,382 36,889
Other assets 19,137 19,786
Total assets $1,383,099 $1,479,107
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Long-term debt - current $3,553 $3,322
Accounts payable 17,379 21,475
Accrued compensation and benefits 84,616 85,144
Income taxes payable 7,977 3,535
Deferred income taxes - current 4,855 4,605
Deferred revenue 167,397 247,587
Other current liabilities 64,311 72,986
Total current liabilities 350,088 438,654
Long-term debt - non current 244,708 245,228
Uncertain tax position - non-current 4,464 --
Deferred income taxes - non-current 12,784 12,558
Long term deferred revenue 9,138 15,817
Other long-term liabilities 5,660 11,622
Total liabilities 626,842 723,879
Stockholders’ equity:
Common stock 2,003 1,994
Additional paid-in capital 834,746 822,740
Treasury stock, at cost (178,981) (123,207)
Retained earnings 27,059 17,755
Accumulated other comprehensive income 71,430 35,946
Total stockholders’ equity 756,257 755,228
Total liabilities and stockholders’
equity $1,383,099 $1,479,107
LAWSON SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended Six Months Ended
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
Cash flows from operating
activities:
Net income (loss) $3,723 $(3,509) $9,304 $(19,301)
Adjustments to
reconcile net income
(loss) to net cash
provided by operating
activities:
Depreciation and
amortization 10,966 9,567 21,166 19,285
Amortization of debt
issuance costs 329 -- 644 --
Deferred income taxes 429 284 1,429 336
Provision for
doubtful accounts (1,292) (247) (845) 1,708
Warranty provision 1,744 465 2,800 884
Impairment on long
term investments 4,229 -- 4,229 --
Excess tax benefits
from stock transactions (700) (704) (1,721) (1,033)
Stock base
compensation expense 2,227 1,589 4,255 3,673
Amortization of
discounts on marketable
securities (63) (84) (90) (235)
Net (gain) loss on
sale of assets (3) 2 (311) 2
Changes in operating
assets and liabilities,
net of effect from
acquisitions:
Trade accounts
receivable (12,900) (4,809) 15,472 1,173
Prepaid expenses and
other assets 2,948 4,506 (9,215) 1,679
Accounts payable 546 622 (5,495) (8,398)
Accrued compensation
and benefits and 3,202 (856) (21,979) (14,755)
other accrued
liabilities
Income taxes
payable/receivable 3,885 (2,549) 8,632 (1,672)
Deferred revenue and
customer deposits (69,142) (18,252) (98,750) (14,333)
Net cash used in
operating activities (49,872) (13,975) (70,475) (30,987)
Cash flows from
investing activities:
Cash received (paid)
in conjunction with
acquisitions -- -- -- (1,995)
Purchases of
marketable
securities and
investments (25,543) (44,718) (205,098) (73,749)
Proceeds from
maturities and sales
of marketable securities
and investments 112,765 39,827 194,120 88,273
Restricted cash
designated (510) (13,468) (59) (13,468)
Purchases of property
and equipment (7,921) (2,845) (10,822) (5,473)
Net cash provided by
(used in) investing
activities 78,791 (21,204) (21,859) (6,412)
Cash flows from
financing
activities:
Payments on long-term
debt (475) (742) (881) (973)
Cash proceeds from
issuance of
long-term debt -- 505 -- 1,768
Payments on capital
lease obligations (341) (468) (676) (961)
Exercise of stock
options 1,882 4,623 5,486 7,084
Excess tax benefit
from stock
transactions 700 704 1,721 1,033
Proceeds received
from employee stock
purchase plan 743 639 1,445 1,329
Repurchase of common
stock from related
parties -- -- (36,800) --
Repurchase of common
stock (3,082) -- (19,945) --
Net cash provided by
(used in) financing
activities (573) 5,261 (49,650) 9,280
Effect of exchange
rate changes on cash
and cash equivalents 4,820 1,312 5,824 1,166
Increase (decrease)
in cash and cash
equivalents 33,166 (28,606) (136,160) (26,953)
Cash and cash
equivalents at
beginning of
period 304,637 211,807 473,963 210,154
Cash and cash
equivalents at end
of period $337,803 $183,201 $337,803 $183,201
TABLE 1
LAWSON SOFTWARE, INC.
CURRENCY IMPACT SUMMARY
(in thousands)
(unaudited)
Three % Increase Six % Increase
Months % Increase (Decrease) Months % Increase (Decrease)
Ended (Decrease) at Ended (Decrease) at
Nov 30, as constant Nov 30, as constant
2007 reported currency 2007 reported currency
License fees $32,990 50% 42% $58,450 51% 45%
Maintenance 84,705 19% 15% 163,219 16% 13%
Consulting 100,907 10% 2% 184,341 10% 4%
Total
revenues 218,602 18% 12% 406,010 17% 12%
Total cost
of revenues 107,601 7% 0% 201,240 6% 0%
Total
operating
expenses $99,217 14% 8% $187,588 7% 2%
We provide the percent change in the results from one period to another using constant currency disclosure to adjust year-over-year measurements for impacts due to currency fluctuations. Constant currency changes should be considered in addition to, and not as a substitute for changes in revenues, expenses, income, or other measures of financial performance prepared in accordance with US GAAP. We calculate constant currency changes by converting entities reporting in currencies other than the United States dollar at the exchange rate in effect for the current period rather than the previous period.
Table 2
Reconciliation of Consolidated GAAP Net Income (Loss) to Consolidated Non-
GAAP Net Income
(in thousands)
Three Three Six
Months Months Months Six Months
Ended Ended Ended Ended
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
Net income (loss), as reported $3,723 ($3,509) $9,304 ($19,301)
Purchase accounting impact on
revenue (1) 422 3,890 1,042 8,470
Purchase accounting impact on
consulting cost 163 -- 256 --
Integration related (4) -- 3,160 -- 7,551
Amortization of purchased
maintenance contracts 1,000 891 1,822 1,848
Stock based compensation 2,226 1,591 4,254 3,676
Restructuring 80 (32) (65) 3,360
Amortization 6,472 6,355 13,143 12,751
Impairment on long term
investments 4,229 4,229
Tax (5) (2,696) (6,949) (5,723) (8,265)
Non-GAAP net income $15,619 $5,397 $28,262 $10,090
Table 3
Reconciliation of Consolidated GAAP to Consolidated Non-GAAP per Share
Effect
(in thousands)
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
Net income (loss) per share, as
reported (2) $0.02 ($0.02) $0.05 ($0.10)
Purchase accounting impact on
revenue (1) 0.00 0.02 0.01 0.04
Purchase accounting impact on
consulting cost 0.00 0.00 0.00 --
Integration related (4) 0.00 0.02 0.00 0.04
Amortization of purchased
maintenance contracts 0.01 0.00 0.01 0.01
Stock based compensation 0.01 0.01 0.02 0.02
Restructuring 0.00 0.00 0.00 0.02
Amortization 0.04 0.03 0.07 0.07
Impairment on long term
investments 0.02 0.00 0.02 0.00
Tax (5) (0.01) (0.04) (0.03) (0.04)
Non-GAAP net income per share (2)(3) $0.09 $0.03 $0.15 $0.05
Weighted average shares - basic 178,453 187,376 179,974 186,610
Weighted average shares - diluted 181,941 190,682 183,520 190,065
Table 4
Summary of Non-GAAP Items
(in thousands)
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
Purchase accounting impact on
revenue (1) $422 $3,890 $1,042 $8,470
Purchase accounting impact on
consulting cost (4) 163 -- 256 --
Integration related -- 3,160 -- 7,551
Amortization of purchased
maintenance contracts 1,000 891 1,822 1,848
Stock based compensation 2,226 1,591 4,254 3,676
Restructuring 80 (32) (65) 3,360
Amortization 6,472 6,355 13,143 12,751
Impairment on long term
investments 4,229 -- 4,229 --
subtotal pre-tax adjustments 14,592 15,855 24,681 37,656
Tax provision (5) (2,696) (6,949) -5,723) (8,265)
Impact on net income $11,896 $8,906 $18,958 $29,391
(1) For the purchase accounting impact on deferred revenues for
three months ending November 30, 2007 and November 30, 2006,
$350,000 and $2,811,000, respectively, relates to maintenance
revenue and $72,000 and $1,079,000, respectively, relates to
consulting revenue.
(2) For calculation of EPS, basic weighted average shares are used
with a net loss and diluted weighted average shares are used with
net income.
(3) Net income per share columns may not total due to rounding.
(4) Represents integration related expenses relating to the acquisition
of Intentia International AB.
(5) Non-GAAP tax provision is calculated by excluding the non-GAAP
adjustments on a jurisdictional basis.
TABLE 5
LAWSON SOFTWARE, INC.
SUPPLEMENTAL NON-GAAP MEASURES
INCREASE (DECREASE) IN GAAP AMOUNTS REPORTED
(in thousands)
(unaudited)
Three Months Ended Six Months Ended
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
Revenue items
Purchase accounting impact on
maintenance $350 $2,811 $852 $5,858
Purchase accounting impact on
consulting 72 1,079 190 2,612
Total revenue items 422 3,890 1,042 8,470
Cost of license items
Amortization of acquired software (3,120) (2,575) (6,575) (5,169)
Non-cash stock-based compensation (6) (14) (13) (14)
Total cost of license items (3,126) (2,589) (6,588) (5,183)
Cost of maintenance items
Amortization of purchased
maintenance contracts (1,000) (891) (1,822) (1,848)
Integration related (1) -- (18) -- (70)
Non-cash stock-based compensation (26) (77) (67) (77)
Total cost of maintenance items (1,026) (986) (1,889) (1,995)
Cost of consulting items
Purchase accounting impact on
consulting (163) -- (256) --
Amortization -- (1,380) -- (2,793)
Integration related (1) -- (410) -- (1,753)
Non-cash stock-based compensation (215) (121) (433) (357)
Total cost of consulting items (378) (1,911) (689) (4,903)
Research and development items
Integration related (1) -- 15 -- (18)
Non-cash stock-based compensation (127) (142) (291) (318)
Total research and development
items (127) (127) (291) (336)
Sales and marketing items
Integration related (1) -- (616) -- (1,542)
Non-cash stock-based compensation (370) (360) (736) (771)
Total sales and marketing items (370) (976) (736) (2,313)
General and administrative items
Integration related (1) -- (2,131) -- (4,168)
Non--cash stock--based compensation(1,482) (877) (2,714) (2,139)
Total general and administrative(1,482) (3,008) (2,714) (6,307)
Restructuring (80) 32 65 (3,360)
Amortization of acquired intangibles (3,352) (2,400) (6,568) (4,789)
Other income (expense) 4,229 -- 4,229 --
Tax provision (2) (2,696) (6,949) (5,723) (8,265)
Total Adjustments $11,896 $8,906 $18,958 $29,391
(1) Represents integration related expenses relating to the
acquisition of Intentia International AB.
(2) Based on a projected annual global effective tax rate analysis,
non-GAAP Q2 tax provision was calculated to be 39.3%. Based on a
projected annual global effective tax rate analysis, the non-GAAP tax
provision was calculated to be 38.3% for the six month period. The
non-GAAP tax provision is calculated excluding the non-GAAP
adjustments in a jurisdictional basis.
Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Lawson Software reports non-GAAP financial results. These non-GAAP results exclude amortization of all acquisition-related intangibles, Intentia integration costs, and other expenses. In addition, Lawson's non-GAAP financial results include pro forma revenue for maintenance and consulting contracts acquired in the Intentia acquisition for which the deferred revenue on Intentia's balance sheet has been eliminated from GAAP results as part of the purchase accounting for the acquisition. Lawson's management believes the non-GAAP measures used in this press release are useful to investors because they provide supplemental information that research analysts frequently use to analyze software companies that have recently made significant acquisitions. Management uses these non-GAAP measures to evaluate its financial results, develop budgets and manage expenditures. The method Lawson uses to produce non-GAAP results is not computed according to GAAP, may differ from the methods used by other companies, and should not be regarded as a replacement for corresponding GAAP measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which is attached to this release.
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