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BroadSoft Reports Q2

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8/8/2017

GAITHERSBURG, Md. -- BroadSoft, Inc. (NASDAQ:BSFT), a global market leader in cloud business software for unified communication as a service (UCaaS), and provider of team collaboration and contact center as a service (CCaaS), today announced financial results for the quarter ended June 30, 2017.

Financial Highlights for the Second Quarter of 2017

Total revenue increased 9% year-over-year to $88.8 million

GAAP gross profit equaled 71% of total revenue; non-GAAP gross profit equaled 76% of total revenue

GAAP loss from operations totaled $(1.5) million; non-GAAP income from operations totaled $13.1 million or 15% of revenue

GAAP basic and diluted net loss per share equaled $(0.10) per common share; non-GAAP diluted earnings per share equaled $0.40 per common share Results for the three months ended June 30, 2017

Total revenue rose to $88.8 million in the second quarter of 2017, an increase of 9% compared to $81.7 million in the second quarter of 2016.

Net loss for the second quarter of 2017 was $(3.0) million, or $(0.10) per basic and diluted common share, compared to net loss of $(2.9) million, or $(0.10) per basic and diluted common share in the second quarter of 2016.

On a non-GAAP basis, net income in the second quarter of 2017 was $12.5 million, or $0.40 per diluted common share, compared to non-GAAP net income of $15.0 million, or $0.49 per diluted common share, in the second quarter of 2016. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.

Results for the six months ended June 30, 2017

Total revenue rose to $168.4 million for the first six months of 2017, an increase of 9% compared to $154.9 million for the first six months of 2016.

Net loss for the first six months of 2017 was $(13.5) million, or $(0.44) per basic and diluted common share, compared to a net loss of $(4.4) million, or $(0.15) per basic and diluted common share for the first six months of 2016.

On a non-GAAP basis, net income for the first six months of 2017 was $18.7 million, or $0.59 per diluted common share, compared to non-GAAP net income of $26.0 million, or $0.87 per diluted common share, for the first six months of 2016. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.

Management Commentary

“We are pleased with our second quarter and first half 2017 results. We believe we enter the second half of 2017 with continued positive business momentum as we build on our achievements from the first half," said Michael Tessler, president and chief executive officer, BroadSoft. “We had several important BroadCloud launches in the first half of the year. We introduced BroadCloud services in Australia with our launch partner, Optus, the second largest telecommunications provider in the country. We are excited by the growth in our BroadCloud footprint and our business opportunities overall."

Guidance

For the third quarter of 2017, BroadSoft anticipates revenue of $84 to $90 million. BroadSoft also expects to achieve earnings on a non-GAAP basis of $0.23 to $0.40 per diluted common share. For the full year 2017, BroadSoft expects revenue in the range of $380 million to $390 million and non-GAAP earnings per diluted common share in the range of $2.20 to $2.50.

BroadSoft Inc.

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