GAITHERSBURG, Md. -- 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 quarter ended March 31, 2013.
Financial Highlights for the First Quarter of 2013
Total revenue increased 3% year-over-year to $39.6 million
GAAP gross profit was 75% of total revenue; non-GAAP gross profit was 80% of total revenue
GAAP loss from operations totaled $3.8 million; non-GAAP income from operations totaled $5.6 million or 14% of revenue
GAAP basic and diluted EPS was $(0.08) per common share; non-GAAP diluted EPS was $0.18 per common share
Results for the three months ended March 31, 2013
Total revenue rose to $39.6 million in the first quarter of 2013, an increase of 3% compared to $38.3 million in the first quarter of 2012.
Net loss for the first quarter of 2013 was $2.3 million, or $0.08 per basic and diluted common share, compared to net income of $1.7 million, or $0.06 per diluted common share, in the first quarter of 2012.
On a non-GAAP basis, net income in the first quarter of 2013 was $5.1 million, or $0.18 per diluted common share, compared to non-GAAP net income of $8.2 million, or $0.29 per diluted common share, in the first quarter of 2012. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.
"I am pleased with both our financial performance and the progress we made against our strategic objectives in the first quarter," said Michael Tessler, president and chief executive officer, BroadSoft. "The undeniable shift by enterprises from premise-based PBX solutions to cloud-based, mobile-centric unified communications is a significant opportunity for our service provider customers. In the first quarter, we had an increasing number of customers further leverage their investment in our UC-One platform in order to meet this demand. We also had significant interest in our BroadCloud PBX capabilities, as many existing and prospective customers are investigating the accelerated time-to-market benefits of this service delivery platform in order to rapidly capitalize on this growing market trend."
"We had a solid start to 2013 with billings growth in the first quarter of 16% year-over-year. We were particularly pleased with the growth in our core hosted UC business and continued revenue strength in Europe," said Jim Tholen, chief financial officer, BroadSoft. "It was also a strong cash-generating quarter for us; total cash, cash equivalents and investments increased by $11 million from year-end 2012 to over $204 million. We look forward to building upon these successes throughout the rest of the year."
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