GAAP Net Income Increases 35% and Non-GAAP Net Income Increases 29% from Prior Quarter
Non-GAAP Operating Margin Improves to 24%
HERNDON, Va. — (BUSINESS WIRE) — October 29, 2009 — Deltek, Inc. (Nasdaq: PROJ), the leading provider of enterprise applications software for project-focused businesses, today announced financial results for its third quarter ended September 30, 2009.
Total revenue for Q3 was $64.1 million, compared to $69.4 million in Q2 2009. Q2 total revenue included $3.4 million of other revenue associated with fees generated from the Company’s annual customer conference held in May. License revenue for Q3 was $12.7 million, compared to $15.8 million in Q2. Maintenance and support revenue in Q3 was $31.6 million, an increase from $31.0 million in Q2. Consulting services revenue for Q3 was $19.7 million, an increase from $19.2 million in the prior quarter.
Q3 GAAP net income increased 35% to $6.6 million, from $4.9 million in the prior quarter, and non-GAAP net income increased 29% to $9.9 million, from $7.6 million in Q2. Q3 GAAP EPS was $0.10, compared with $0.09 in Q2 and non-GAAP EPS was $0.15, compared with $0.14 in Q2. Q3 cash flow from operations increased 22% from Q2 to $18.6 million, resulting in a cash balance of $130.4 million at September 30, 2009.
“Our continuing focus on margin expansion and cost control drove our double-digit profit growth and strong cash flow,” said Kevin Parker, president and CEO of Deltek. “While near-term predictability for license revenue remains challenging across the software industry, we remain very engaged with our customers and our pipelines continue to be strong in all segments of our business. During the quarter, we saw a significant increase in new customer activity in our A&E and professional services vertical market.”
“Throughout 2009, we have successfully maintained our strong profitability, significantly strengthened our balance sheet, increased cash flow and delivered innovative products to market. As a result of these accomplishments, we are well positioned for Q4 and 2010.”
When compared to prior year results, total revenue for Q3 was $64.1 million, compared to $71.0 million in 2008. License revenue for Q3 was $12.7 million, compared to $18.5 million in 2008. Maintenance and support revenue in Q3 was $31.6 million, an increase from $29.3 million in 2008. Consulting services revenue for Q3 was $19.7 million, compared to $23.1 million in the prior year. Other revenues were insignificant in both Q3 2009 and Q3 2008.
GAAP net income for the third quarter was $6.6 million, or $0.10 per share, compared to $8.0 million, or $0.17 per share, last year. Non-GAAP net income for Q3 was $9.9 million, or $0.15 per share, compared to $10.3 million, or $0.22 per share, in Q3 2008.
Non-GAAP net income excludes the net-of-tax impact of stock-based compensation, expenses associated with the Company's 2005 recapitalization, amortization of acquired intangible assets and restructuring charges.
The per share amounts in this press release refer to diluted per share figures.
Q3 Highlights
- During the quarter, Deltek amended and extended the Credit Agreement governing its term loans and revolving credit facility. Under the amended Credit Agreement, $129.4 million of the Company’s existing term loans were extended by two years to April 2013. The remaining $50.2 million of the Company’s existing term loans will mature in April 2011, with four equal quarterly installments beginning September 30, 2010.
Under the amended Credit Agreement, the Company also extended by three years $22.5 million of the Company’s $30 million revolving credit facility. That portion will now expire in April 2013. The remaining $7.5 million of the Company’s revolving credit facility will expire in April 2010. The Company extended the term loans and revolving credit facility to maximize financial flexibility and to improve upon an already strong balance sheet.
- Deltek appointed Jim Dellamore as its new Executive Vice President, Global Services. In this position, Mr. Dellamore is responsible for the strategic and operational direction of Deltek’s Global Services organization. Mr. Dellamore brings over 30 years of experience to Deltek, and prior to his arrival at the Company, he held senior management positions with GXS and Oracle Corporation.
- Deltek announced that Goba (Pty) Limited, one of South Africa’s leading engineering firms, selected Deltek Vision to win more business, streamline their back-office and successfully manage large, complex projects. Goba joins an expanding group of customers in this region, demonstrating the momentum that Deltek Vision is experiencing in the growing South African marketplace.
- Deltek announced that numerous customers, including ATK, Camber Corporation, and Comprehensive Health Services, have purchased AppGRC for Deltek Costpoint since the solution was released. Government contractors leverage the powerful solution to automate the monitoring of key Costpoint data, making it easier to provide persuasive audit evidence for DCAA, SOX and other regulatory compliance. With the Federal Government’s growing emphasis on contractor transparency, AppGRC enables Deltek customers to protect their information and respond to auditor requests quickly, significantly reducing the overall cost of compliance.
Impact of Common Stock Rights Offering on Historical Shares Outstanding
In accordance with ASC 260-Earnings Per Share, for purposes of computing the basic and diluted weighted average shares, results for both 2009 and 2008 have been adjusted prior to June 1, 2009 to reflect the bonus element associated with the Company’s June 2009 common stock rights offering. A summary of these retroactive changes is available on the Investor Relations section of Deltek’s website.
Conference Call Information
Deltek will host a conference call at 5:00 p.m. Eastern Time today to discuss the Company’s third quarter results. To access this call, dial 1-877-381-6419 in North America and 1-706-643-9496 outside North America. No password is required to join the call. The conference call also can be accessed through the Investor Relations section of Deltek’s website ( http://investor.deltek.com). Those unable to participate in the live call may hear a replay through November 5, 2009 by dialing 1-800-642-1687 in North America and 1-706-645-9291 outside North America (pass code: 35743831). The replay also will be available through November 5, 2009 on Deltek’s website.
About Deltek
Deltek (Nasdaq: PROJ) is the leading provider of enterprise applications software designed specifically for project-focused businesses. For more than two decades, our software applications have enabled organizations to automate mission-critical business processes around the engagement, execution and delivery of projects. More than 12,000 customers worldwide rely on Deltek to measure business results, optimize performance, streamline operations and win new business. For more information, visit www.deltek.com.
Use of Non-GAAP Financial Measures
This press release and the related conference call described above contain certain non-GAAP financial measures, including non-GAAP net income, non-GAAP operating income and margin and adjusted EBITDA.
The Company defines non-GAAP net income as GAAP net income before the net-of-tax impact of stock-based compensation, expenses associated with the Company's 2005 recapitalization, amortization of acquired intangible assets and restructuring charges. Non-GAAP operating income and margin is defined as GAAP operating income before the pre-tax impact of stock-based compensation, expenses associated with the Company's 2005 recapitalization, amortization of acquired intangible assets and restructuring charges. Adjusted EBITDA is defined as GAAP net income before interest expenses (net of interest income), provision for income taxes, depreciation, amortization, stock-based compensation, expenses associated with the Company's 2005 recapitalization and restructuring charges.
The Company believes that the presentation of these non-GAAP financial measures provides useful information to its investors and lenders because these measures allow for more accurate comparisons of operating results from period-to-period, enhance the overall understanding of the Company's financial performance and provide greater insight into the prospects for the Company's ongoing business operations. Moreover, the Company also believes it is appropriate to exclude costs associated with restructuring charges because these charges are excluded from management’s assessment of the Company’s operating performance and are not related to the Company’s ongoing business operations. In addition, the Company excludes the items from EBITDA described above in its calculations to determine compliance with its debt covenants and to assess its ability to borrow additional funds to finance or expand its operations.
The Company believes that by reporting these measures, it provides insight and consistency in its financial reporting and presents a basis for comparison of its business operations between current, past and future periods. In addition, the measures provide a basis for the Company to compare its financial results to those of other comparable publicly traded companies and are used by management to plan and forecast its business.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance which are prepared in accordance with U.S. GAAP and may be different from non-GAAP financial measures used by other companies. Investors are encouraged to review the reconciliations of our GAAP to non-GAAP net income and adjusted EBITDA, which are set forth below.
Forward-Looking Statements
This press release and related conference call contain forward-looking statements that involve substantial risks and uncertainties. You can identify forward-looking statements by words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "should," "will," "would" or similar words. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors.
There may be events in the future, however, that we are not able to predict accurately or control. Our actual results may differ materially from the expectations we describe in our forward-looking statements. Factors or events that could cause our actual results to materially differ may emerge from time to time, and it is not possible for us to accurately predict all of them. Before you invest in our common stock, you should be aware that the occurrence of any such event or of any of the additional events described as risk factors in the Company's filings with the Securities and Exchange Commission could have a material adverse effect on our business, results of operation and financial position. Any forward-looking statement made by us in this press release or related conference call speaks only as of the date on which we make it. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| DELTEK, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| REVENUES: | ||||||||||||||||
| Software license fees | $ | 12,711 | $ | 18,508 | $ | 39,695 | $ | 57,647 | ||||||||
| Consulting services | 19,737 | 23,060 | 59,019 | 69,650 | ||||||||||||
| Maintenance and support services | 31,648 | 29,324 | 93,232 | 85,675 | ||||||||||||
| Other revenues | 18 | 58 | 3,530 | 4,697 | ||||||||||||
| Total revenues | 64,114 | 70,950 | 195,476 | 217,669 | ||||||||||||
| COST OF REVENUES: | ||||||||||||||||
| Cost of software license fees | 1,198 | 1,672 | 4,421 | 4,939 | ||||||||||||
| Cost of consulting services | 16,716 | 18,277 | 50,173 | 57,632 | ||||||||||||
| Cost of maintenance and support services | 5,493 | 5,438 | 16,762 | 15,864 | ||||||||||||
| Cost of other revenues | 26 | 39 | 4,674 | 5,146 | ||||||||||||
| Total cost of revenues | 23,433 | 25,426 | 76,030 | 83,581 | ||||||||||||
| GROSS PROFIT | 40,681 | 45,524 | 119,446 | 134,088 | ||||||||||||
| Research and development | 10,854 | 11,761 | 32,498 | 34,710 | ||||||||||||
| Sales and marketing | 10,396 | 13,637 | 32,568 | 39,353 | ||||||||||||
| General and administrative | 8,712 | 8,753 | 26,029 | 24,693 | ||||||||||||
| Restructuring charge (benefit) | 552 | (61 | ) | 3,100 | 991 | |||||||||||
| Total operating expenses | 30,514 | 34,090 | 94,195 | 99,747 | ||||||||||||
| INCOME FROM OPERATIONS | 10,167 | 11,434 | 25,251 | 34,341 | ||||||||||||
| Interest income | 13 | 168 | 35 | 618 | ||||||||||||
| Interest expense | (1,917 | ) | (2,454 | ) | (4,899 | ) | (8,408 | ) | ||||||||
| Other expense, net | (29 | ) | (60 | ) | (8 | ) | (261 | ) | ||||||||
| INCOME BEFORE INCOME TAXES | 8,234 | 9,088 | 20,379 | 26,290 | ||||||||||||
| Income tax expense | 1,627 | 1,063 | 6,217 | 8,821 | ||||||||||||
| NET INCOME | $ | 6,607 | $ | 8,025 | $ | 14,162 | $ | 17,469 | ||||||||
| EARNINGS PER SHARE | ||||||||||||||||
| Basic | $ | 0.10 | $ | 0.17 | $ | 0.26 | $ | 0.38 | ||||||||
| Diluted | $ | 0.10 | $ | 0.17 | $ | 0.26 | $ | 0.37 | ||||||||
| COMMON SHARES AND EQUIVALENTS OUTSTANDING | ||||||||||||||||
| Basic weighted average shares | 63,611 | 46,586 | 54,320 | 46,547 | ||||||||||||
| Diluted weighted average shares | 64,808 | 47,605 | 54,967 | 47,795 | ||||||||||||
| DELTEK, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands, except share data) | ||||||||
| September 30, | December 31, | |||||||
| 2009 | 2008 | |||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 130,388 | $ | 35,788 | ||||
|
Accounts receivable, net of allowance of $3,033 and $2,195 at September 30, 2009 and December 31, 2008, respectively |
38,262 | 47,747 | ||||||
| Deferred income taxes | 4,253 | 4,635 | ||||||
| Prepaid expenses and other current assets | 6,338 | 6,874 | ||||||
| Income taxes receivable | 651 | 846 | ||||||
| TOTAL CURRENT ASSETS | 179,892 | 95,890 | ||||||
| PROPERTY AND EQUIPMENT, NET | 12,171 | 14,639 | ||||||
| CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET | 826 | 1,438 | ||||||
| LONG-TERM DEFERRED INCOME TAXES | 6,860 | 4,125 | ||||||
| INTANGIBLE ASSETS, NET | 13,942 | 17,396 | ||||||
| GOODWILL | 57,829 | 57,654 | ||||||
| OTHER ASSETS | 3,218 | 2,130 | ||||||
| TOTAL ASSETS | $ | 274,738 | $ | 193,272 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Current portion of long-term debt | $ | 13,952 | $ | 10,154 | ||||
| Accounts payable and accrued expenses | 25,362 | 28,734 | ||||||
| Accrued liability for redemption of stock in recapitalization | 317 | 317 | ||||||
| Deferred revenues | 35,667 | 21,296 | ||||||
| TOTAL CURRENT LIABILITIES | 75,298 | 60,501 | ||||||
| LONG-TERM DEBT | 165,329 | 182,661 | ||||||
| OTHER TAX LIABILITIES | 1,591 | 1,003 | ||||||
| OTHER LONG-TERM LIABILITIES | 3,088 | 2,917 | ||||||
| TOTAL LIABILITIES | 245,306 | 247,082 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS’ EQUITY (DEFICIT): | ||||||||
|
Preferred stock, $0.001 par value—authorized, 5,000,000 shares; none issued or outstanding at September 30, 2009 or December 31, 2008 |
– | – | ||||||
|
Common stock, $0.001 par value—authorized, 200,000,000 shares; issued and outstanding, 65,944,975 and 43,474,220 shares at September 30, 2009 and December 31, 2008, respectively |
66 | 43 | ||||||
|
Class A common stock, $0.001 par value—authorized, 100 shares; issued and outstanding, 100 shares at September 30, 2009 and December 31, 2008 |
– | – | ||||||
| Additional paid-in capital | 245,773 | 177,249 | ||||||
| Accumulated deficit | (215,743 | ) | (229,905 | ) | ||||
| Accumulated other comprehensive deficit | (664 | ) | (1,197 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 29,432 | (53,810 | ) | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 274,738 | $ | 193,272 | ||||
| DELTEK, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (in thousands) | ||||||||
| Nine Months Ended September 30, | ||||||||
| 2009 | 2008 | |||||||
| (unaudited) | (unaudited) | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income | $ | 14,162 | $ | 17,469 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Provision for doubtful accounts | 2,274 | 1,000 | ||||||
| Depreciation and amortization | 8,045 | 7,143 | ||||||
| Amortization of debt issuance costs | 701 | 595 | ||||||
| Write down of acquired in process research and development | - | 290 | ||||||
| Stock-based compensation expense | 6,230 | 5,925 | ||||||
| Employee stock purchase plan expense | 1,821 | 234 | ||||||
| Restructuring charge, net | 818 | 63 | ||||||
| Loss on disposal of fixed assets | 23 | 346 | ||||||
| Deferred income taxes | (2,818 | ) | (2,455 | ) | ||||
| Change in assets and liabilities, net of effects from acquisition: | ||||||||
| Accounts receivable, net | 7,416 | 6,907 | ||||||
| Prepaid expenses and other assets | 935 | 1,555 | ||||||
| Accounts payable and accrued expenses |
(3,469 |
) | (2,638 | ) | ||||
| Income taxes receivable |
175 |
(3,092 | ) | |||||
|
Excess tax benefit from stock awards |
(61 |
) |
(71 | ) | ||||
| Other tax liabilities | 588 | 374 | ||||||
| Other long-term liabilities | (631 | ) | (456 | ) | ||||
| Deferred revenues | 15,012 | (166 | ) | |||||
| Net Cash Provided by Operating Activities |
51,221 |
33,023 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Acquisitions, net of cash acquired | - | (17,424 | ) | |||||
| Purchase of property and equipment | (1,863 | ) | (5,000 | ) | ||||
| Capitalized software development costs | (150 | ) | (261 | ) | ||||
| Net Cash Used in Investing Activities | (2,013 | ) | (22,685 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Issuance of common stock in connection with rights offering, net of issuance costs | 58,228 | – | ||||||
| Proceeds from exercise of stock options | 759 | 230 | ||||||
|
Excess tax benefit from stock awards |
61 |
|
71 | |||||
| Proceeds from issuance of stock under employee stock purchase plan | 2,015 | 712 | ||||||
| Offering costs paid for 2007 sale of common stock in initial public offering | – | (275 | ) | |||||
| Payments for deferred financing costs | (2,336 | ) | – | |||||
| Repayment of debt | (13,534 | ) | – | |||||
| Net Cash Provided by Financing Activities |
45,193 |
738 | ||||||
| IMPACT OF FOREIGN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | 199 | (7 | ) | |||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 94,600 | 11,069 | ||||||
| CASH AND CASH EQUIVALENTS––Beginning of period | 35,788 | 17,091 | ||||||
| CASH AND CASH EQUIVALENTS––End of period | $ | 130,388 | $ | 28,160 | ||||
| DELTEK, INC. | |||||||||||||||||||||||||||||
| RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME | |||||||||||||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||||||||||||||||
| Net Income (GAAP Basis) | $ | 6,607 | $ | 8,025 | $ | 14,162 | $ | 17,469 | |||||||||||||||||||||
| Income Tax Expense | 1,627 | 1,063 | 6,217 | 8,821 | |||||||||||||||||||||||||
| Pre-Tax Income (GAAP Basis) | $ | 8,234 | $ | 9,088 | $ | 20,379 | $ | 26,290 | |||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Stock-based Compensation | 3,799 | 2,337 | 8,140 | 6,160 | |||||||||||||||||||||||||
| Recapitalization Retention Expense | - | 157 | 152 | 451 | |||||||||||||||||||||||||
| Amortization of Acquired Intangibles | 1,054 | 1,327 | 3,491 | 3,162 | |||||||||||||||||||||||||
| Restructuring Charge | 552 | (61 | ) | 3,100 | 991 | ||||||||||||||||||||||||
| Adjusted Pre-Tax Income | 13,639 | 12,848 | 35,262 | 37,054 | |||||||||||||||||||||||||
| Less: Adjusted Income Tax Expense | 3,757 | 2,544 | 12,081 | 13,062 | |||||||||||||||||||||||||
| Non-GAAP Net Income | $ | 9,882 | $ | 10,304 | $ | 23,181 | $ | 23,992 | |||||||||||||||||||||
| Non-GAAP Earnings Per Share (diluted) | $ | 0.15 | $ | 0.22 | $ | 0.42 | $ | 0.50 | |||||||||||||||||||||
| Weighted Average Shares | 64,808 | 47,605 | 54,967 | 47,795 | |||||||||||||||||||||||||
| RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO NON-GAAP OPERATING INCOME AND OPERATING MARGIN | |||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||||||||||||||||
| Operating Income and Margin - GAAP | $ | 10,167 | 16 | % | $ | 11,434 | 16 | % | $ | 25,251 | 13 | % | $ | 34,341 | 16 | % | |||||||||||||
| Plus: Stock-based Compensation and Recapitalization Retention Expense | 3,799 | 2,494 | 8,292 | 6,611 | |||||||||||||||||||||||||
| Plus: Amortization of Acquired Intangibles | 1,054 | 1,327 | 3,491 | 3,162 | |||||||||||||||||||||||||
| Plus: Restructuring Charge | 552 | (61 | ) | 3,100 | 991 | ||||||||||||||||||||||||
| Operating Income and Margin - Non-GAAP | $ | 15,572 | 24 | % | $ | 15,194 | 21 | % | $ | 40,134 | 21 | % | $ | 45,105 | 21 | % | |||||||||||||
| Total Revenues | $ | 64,114 | $ | 70,950 | $ | 195,476 | $ | 217,669 | |||||||||||||||||||||
| RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA | |||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||||||||||||||||
| Net Income (GAAP Basis) | $ | 6,607 | $ | 8,025 | $ | 14,162 | $ | 17,469 | |||||||||||||||||||||
| Stock-based Compensation | 3,799 | 2,337 | 8,140 | 6,160 | |||||||||||||||||||||||||
| Recapitalization Retention Expense | - | 157 | 152 | 451 | |||||||||||||||||||||||||
| Depreciation | 1,255 | 1,191 | 3,796 | 3,315 | |||||||||||||||||||||||||
| Amortization | 1,262 | 1,662 | 4,254 | 4,135 | |||||||||||||||||||||||||
| Interest Expense, net | 1,904 | 2,286 | 4,864 | 7,790 | |||||||||||||||||||||||||
| Income Tax Provision | 1,627 | 1,063 | 6,217 | 8,821 | |||||||||||||||||||||||||
| Restructuring Charge | 552 | (61 | ) | 3,100 | 991 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 17,006 | $ | 16,660 | $ | 44,685 | $ | 49,132 | |||||||||||||||||||||
| STOCK-BASED COMPENSATION AND RECAPITALIZATION RETENTION EXPENSES | |||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||||||||||||||||
| Cost of Software License Fees | $ | - | $ | 1 | $ | - | $ | 3 | |||||||||||||||||||||
| Cost of Consulting Services | 932 | 425 | 1,778 | 1,214 | |||||||||||||||||||||||||
| Cost of Maintenance and Support Services | 308 | 73 | 513 | (18 | ) | ||||||||||||||||||||||||
| Research and Development | 884 | 545 | 1,880 | 1,496 | |||||||||||||||||||||||||
| Sales and Marketing | 705 | 512 | 1,506 | 1,404 | |||||||||||||||||||||||||
| General and Administrative | 970 | 938 | 2,615 | 2,512 | |||||||||||||||||||||||||
| Total | $ | 3,799 | $ | 2,494 | $ | 8,292 | $ | 6,611 | |||||||||||||||||||||
| AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS | |||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||||||||||||||||
| Cost of Software License Fees | $ | 155 | $ | 307 | $ | 773 | $ | 992 | |||||||||||||||||||||
| Cost of Consulting Services | 20 | 20 | 59 | 59 | |||||||||||||||||||||||||
| Research and Development | - | 290 | - | 290 | |||||||||||||||||||||||||
| Sales and Marketing | 874 | 692 | 2,617 | 1,766 | |||||||||||||||||||||||||
| General and Administrative | 5 | 18 | 42 | 55 | |||||||||||||||||||||||||
| Total | $ | 1,054 | $ | 1,327 | $ | 3,491 | $ | 3,162 | |||||||||||||||||||||
| AMORTIZATION AND DEPRECIATION EXPENSES | |||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||||||||||||||||
| Cost of Software License Fees | $ | 365 | $ | 646 | $ | 1,546 | $ | 1,973 | |||||||||||||||||||||
| Cost of Consulting Services | 362 | 593 | 1,213 | 1,346 | |||||||||||||||||||||||||
| Cost of Maintenance and Support Services | 205 | 274 | 630 | 528 | |||||||||||||||||||||||||
| Research and Development | 401 | 460 | 976 | 980 | |||||||||||||||||||||||||
| Sales and Marketing | 1,058 | 752 | 3,246 | 2,246 | |||||||||||||||||||||||||
| General and Administrative | 126 | 128 | 439 | 377 | |||||||||||||||||||||||||
| Total | $ | 2,517 | $ | 2,853 | $ | 8,050 | $ | 7,450 | |||||||||||||||||||||
Contact:
Deltek, Inc.
Investor Relations Contact:
Dave Spille, 703-885-9423
Email Contact
or
Media Relations Contact:
Patrick Smith, 703-885-9062
Email Contact