Gaithersburg, MD, May 2, 2016 -- BroadSoft, Inc. (NASDAQ: BSFT), the leading global provider of software and services that enable telecommunications service providers to deliver hosted, cloud-based Unified Communications, or UC, to their enterprise customers, today announced financial results for the quarter ended March 31, 2016.
Financial Highlights for the First Quarter of 2016
- Total revenue increased 31% year-over-year to $73.1 million
- GAAP gross profit equaled 72% of total revenue; non-GAAP gross profit equaled 76% of total revenue
- GAAP loss from operations totaled $(0.4) million; non-GAAP income from operations totaled $11.8 million or 16% of revenue
- GAAP basic and diluted net loss per share equaled $(0.05) per common share; non-GAAP diluted earnings per share equaled $0.37 per common share
Results for the Three Months Ended March 31, 2016
Total revenue rose to $73.1 million in the first quarter of 2016, an increase of 31% compared to $55.7 million in the first quarter of 2015.
Net loss for the first quarter of 2016 was $(1.5) million, or $(0.05) 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 first quarter of 2015.
On a non-GAAP basis, net income in the first quarter of 2016 was $11.1 million, or $0.37 per diluted common share, compared to non-GAAP net income of $7.0 million, or $0.24 per diluted common share, in the first quarter of 2015. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.
"We are very pleased with our financial performance to start 2016. In the first quarter we grew revenue by 31% year-over-year driven by double-digit growth across all geographies," said Michael Tessler, president and chief executive officer, BroadSoft. "In addition to our robust results, we made several exciting announcements during the quarter, one of which was Vodafone Germany selecting our UC-One solution to power its new One Net Business cloud-based UC service. Our participation in the launch of this service at CeBIT is a great example of our expanded marketing efforts with our service provider partners."
For the second quarter of 2016, BroadSoft anticipates revenue of $76 to $81 million. The Company also expects to achieve earnings on a non-GAAP basis of $0.25 to $0.40 per diluted common share. For the full year 2016, BroadSoft expects revenue of $332 to $340 million and earnings on a non-GAAP basis of $1.90 to $2.10 per diluted common share.
For a full report that includes financial statements, click here.
For further information contact:
Andy Crisp / Jon Bawden / Kate Anderson
Cohesive for BroadSoft UK
+44 (0) 1291 626200
+61 (0) 458-484-921