Friday, February 03, 2012

Digital River Reports Fourth Quarter and Full Year 2011 Financial Results

MINNEAPOLIS, Feb 02, 2012 (BUSINESS WIRE) -- Digital River, Inc. DRIV +9.08% , the revenue growth experts in global cloud commerce, reports its fourth quarter and full year 2011 financial results.
Fourth Quarter and Full Year Ended Dec. 31, 2011, Financial Results GAAP Results Fourth quarter 2011 revenue totaled $112.0 million, exceeding management's guidance of $103 to $105 million. In the fourth quarter of 2010, revenue was $97.7 million.
For the full year 2011, revenue was $398.1 million, exceeding management's guidance of $389 to $391 million. In 2010, revenue was $363.2 million.
Fourth quarter GAAP net income was $4.3 million, or $0.12 per diluted share, which compared to GAAP net income of $5.4 million, or $0.14 per diluted share, in the fourth quarter of 2010. These results were below management's fourth quarter guidance for net income of $0.18 to $0.21 per diluted share driven by $9.4 million of one-time non-cash impairments recorded in the quarter. These impairments primarily related to the reduction in the book carrying values of intangibles, including certain customer relationship, trade name and non-compete agreements.
For the full year 2011, GAAP net income was $17.2 million, or $0.46 per diluted share, and compared to GAAP net income of $15.7 million, or $0.41 per diluted share, during the same period in 2010. These results were below management's full year 2011 guidance of $0.52 to $0.55 per diluted share, due to the aforementioned impairment charge.
Non-GAAP Results Fourth quarter 2011 non-GAAP net income was $17.7 million, or $0.45 per diluted share. This compared to non-GAAP net income of $12.7 million, or $0.32 per diluted share, in the fourth quarter of 2010. These results exceeded management's fourth quarter earnings guidance of $0.32 to $0.35 per diluted share.
For the full year 2011, non-GAAP net income was $45.6 million, or $1.15 per diluted share, and compared to non-GAAP net income of $36.7 million, or $0.95 per diluted share, during the same period in 2010. These results exceeded management's full year 2011 guidance of $1.03 to $1.06 per diluted share.
"I am pleased to report that we ended 2011 on a high note, delivering the highest quarterly revenue in the history of the company and beating our fourth quarter non-GAAP earnings guidance," said Joel Ronning, Digital River's CEO. "This year, innovation and product development will be major themes inside Digital River. We have several solutions we intend to deliver in 2012, including an expanded cloud-based subscriptions offering. Our company and clients' goals are clearly aligned -- we are both focused on growing online revenue."
On Sept. 7, 2011, management announced a $100 million share repurchase program. During the fourth quarter, the company repurchased $29.7 million of common stock, or 1.9 million shares at an average price of $15.41 per share. For the year, the company repurchased $79.8 million of common stock, or 4.3 million shares at an average price of $18.70 per share.
First Quarter 2012 Guidance
-- Revenue in the range of $99 to $101 million;
-- GAAP diluted earnings per share in the range of $0.09 to $0.13;
-- Non-GAAP diluted earnings per share in the range of $0.27 to $0.30; and
-- A tax rate of 21 percent for both GAAP and non-GAAP earnings.
Full Year 2012 Guidance
-- Revenue in the range of $402 to $409 million;
-- GAAP diluted earnings per share in the range of $0.54 to $0.64;
-- Non-GAAP diluted earnings per share in the range of $1.20 to $1.28; and
-- A tax rate of 21 percent for both GAAP and non-GAAP earnings.
A detailed table providing a reconciliation of the company's GAAP and non-GAAP earnings guidance estimates can be found accompanying this press release.
Digital River will hold a conference call today at 4:45 p.m. EST to discuss fourth quarter and full year financial results. A live webcast of Digital River's earnings conference call can be accessed on the Investor Relations section of its corporate website. Alternatively, a live broadcast of the call may be heard by using conference ID #38649790 and dialing (877) 303-3145 inside the United States or Canada, or by calling +1 (408) 427-3861 from international locations. A webcast replay of the call will be archived on Digital River's corporate website.
About Digital River, Inc. Digital River, Inc., the revenue growth experts in global cloud commerce, builds and manages online businesses for software and game publishers, consumer electronics manufacturers, distributors, online retailers and affiliates. Its multi-channel commerce solution, which supports both direct and indirect sales, is designed to help companies of all sizes maximize online revenues as well as reduce the costs and risks of running a global commerce operation. The company's comprehensive platform offers site development and hosting, order management, fraud management, export controls, tax management, physical and digital product fulfillment, multi-lingual customer service, advanced reporting and strategic marketing services.
Founded in 1994, Digital River is headquartered in Minneapolis with offices across the U.S., Asia, Europe and South America. For more details about Digital River, visit the corporate website, call +1 952-253-1234, or follow the company on Twitter.
Non-GAAP Net Income Calculation Digital River's non-GAAP net income is computed by adjusting GAAP pre-tax income as reported on the company's statement of operations by adding back amortization of acquisition-related intangibles, stock-based compensation expense, intangible impairments, unrealized investment gain or loss and restructuring costs, net of a 21 percent tax rate. Non-GAAP diluted earnings per share is calculated using the "if-converted" method with respect to the issuance of the company's 2004 and 2010 convertible notes, which includes shares reserved upon conversion of 199,828 and 7,022,027, respectively. In computing non-GAAP diluted earnings per share, adjust non-GAAP net income to add back debt interest and issuance cost amortization expenses, net of the tax benefit, and then divide this amount by fully diluted shares outstanding. This amount, representing the fully diluted earnings computation, is selected to represent non-GAAP diluted earnings per share for each period presented. To provide further clarity, a detailed reconciliation on the comparability of the GAAP and non-GAAP data has been provided in table form following the financial statements accompanying this release.
Forward-Looking Statements This press release contains forward-looking statements, including statements regarding the company's anticipated future growth, including future financial performance, as well as statements containing the words "anticipates," "believes," "plans," "will," "expects," or "guidance" and similar words. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others: the company's operating history and variability of operating results; competition in the commerce market; challenges associated with international expansion; the variability of foreign exchange rates; any breach or compromise of the company's security systems; our ability to successfully manage our business while undertaking significant internal investments; our ability to execute upon our payments strategy and expand our business in this sector; our ability to achieve favorable tax rates in our international operations; and other risk factors referenced in the company's public filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended Dec. 31, 2010. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Digital River's most recent reports on Form 10-K and Form 10-Q, each as it may be amended from time-to-time.
The forward-looking statements for the remainder of fiscal 2012 reflect management's expectations as of Feb. 2, 2012. Results may be materially affected by many factors, such as changes in global conditions in the financial services markets and consumer spending, fluctuations in foreign currency rates, the rate of growth of online commerce and the Internet, progress with key partners and other factors. The guidance assumes, among other things, that there are no changes to stock-based compensation expense and anticipated tax rates. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that may arise after the date hereof.
Digital River is a registered trademark of Digital River, Inc. All other trademarks and registered trademarks are trademarks of their respective owners.
Digital River, Inc.
        Fourth Quarter Results
        (Unaudited, in thousands)
        Subject to reclassification
        Consolidated Balance Sheets
                                                                                   December 31,          December 31,
                                                                               --------------------  --------------------
                                                                                       2011                  2010
                                                                               --------------------  --------------------
        Assets
        --------------------------------------------------------------------
          Current assets
            Cash and cash equivalents                                            $    497,193          $    565,086
            Short-term investments                                                    223,349               163,029
            Accounts receivable, net of allowance of $4,613 and $4,902                 64,811                50,922
            Deferred tax assets                                                         8,532                10,628
            Prepaid expenses and other                                                 35,719                30,375
                                                                                    ---------             ---------
               Total current assets                                                   829,604               820,040
          Property and equipment, net                                                  51,537                49,599
          Goodwill                                                                    281,858               283,940
          Intangible assets, net of accumulated amortization of $85,542 and            18,324                37,911
          $80,106
          Long-term investments                                                        99,047               110,736
          Deferred income taxes                                                        21,433                17,721
          Other assets                                                                  8,973                13,820
                                                                                    ---------             ---------
          Total assets                                                           $  1,310,776          $  1,333,767
                                                                               ==== =========        ==== =========
        Liabilities and stockholders' equity
        --------------------------------------------------------------------
          Current liabilities
            Accounts payable                                                     $    243,410          $    188,915
            Accrued payroll                                                            17,523                21,117
            Deferred revenue                                                            8,633                10,446
            Accrued acquisition liabilities                                                 -                 1,615
            Other accrued liabilities                                                  42,577                58,083
                                                                                    ---------             ---------
               Total current liabilities                                              312,143               280,176
          Non-current liabilities
            Convertible senior notes                                                  353,805               353,805
            Other liabilities                                                          12,556                16,038
                                                                                    ---------             ---------
               Total non-current liabilities                                          366,361               369,843
                                                                                    ---------             ---------
          Total liabilities                                                           678,504               650,019
                                                                                    ---------             ---------
          Stockholders' equity
            Preferred Stock, $.01 par value; 5,000,000 shares authorized; no                -                     -
            shares issued or outstanding
            Common Stock, $.01 par value; 120,000,000 shares authorized;                  472                   463
            47,248,165 and 46,323,799 shares issued
            Treasury stock at cost; 11,741,310 and 7,297,174 shares                  (340,946)            (255,196)
            Additional paid-in capital                                                708,941               683,307
            Retained earnings                                                         271,769               254,602
            Accumulated other comprehensive income (loss)                              (7,964)                 572
                                                                                    --------- ----        ---------
            Stockholders' equity                                                      632,272               683,748
                                                                                    ---------             ---------
          Total liabilities and stockholders' equity                             $  1,310,776          $  1,333,767
                                                                               ==== =========        ==== =========
        


Digital River, Inc.
        Fourth Quarter Results
        (Unaudited, in thousands, except per share amounts)
        Subject to reclassification
        Consolidated Statements of Operations
                                                                  Three months ended              Twelve months ended
                                                                     December 31,                    December 31,
                                                             -----------------------------  ------------------------------
                                                                  2011           2010            2011            2010
                                                             --------------  -------------  --------------  --------------
        Revenue                                               $ 112,024       $ 97,681       $ 398,140       $ 363,226
        Costs and expenses (exclusive of depreciation and
         amortization expense shown separately below):
           Direct cost of services                                3,809          4,248          15,491          17,789
           Network and infrastructure                            12,327         12,213          49,433          46,909
           Sales and marketing                                   44,831         39,274         162,564         150,041
           Product research and development                      16,355         14,916          66,862          60,844
           General and administrative                            11,729         10,832          43,093          43,392
           Depreciation and amortization                          5,550          5,751          22,207          23,413
           Amortization of acquisition-related intangibles       11,529          2,564          18,040           7,845
                                                                -------         ------         -------         -------
        Total costs and expenses                                106,130         89,798         377,690         350,233
                                                                -------         ------         -------         -------
             Income from operations                               5,894          7,883          20,450          12,993
                                                                -------         ------         -------         -------
        Interest income                                           1,307          1,003           6,100           3,035
        Interest expense                                         (2,254)       (1,535)        (9,018)        (1,688)
        Other income (expense), net                              (1,948)           40          (1,921)        (1,067)
                                                                ------- --      ------         ------- --      ------- --
             Income before income taxes                           2,999          7,391          15,611          13,273
        Income tax expense (benefit)                             (1,340)        2,004          (1,556)        (2,462)
                                                                ------- --      ------         ------- --      ------- --
             Net income                                       $   4,339       $  5,387       $  17,167       $  15,735
                                                             == =======      == ======      == =======      == =======
        Net income per share - basic                          $    0.12       $   0.14       $    0.47       $    0.42
                                                             == =======      == ======      == =======      == =======
        Net income per share - diluted                        $    0.12       $   0.14       $    0.46       $    0.41
                                                             == =======      == ======      == =======      == =======
        Shares used in per share calculation - basic             34,757         37,194          36,778          37,518
        Shares used in per share calculation - diluted           35,185         38,430          37,510          38,339
        Calculation of GAAP Diluted Net Income Per Share
                                                                  Three months ended              Twelve months ended
                                                                     December 31,                    December 31,
                                                             -----------------------------  ------------------------------
                                                                  2011           2010            2011            2010
                                                             --------------  -------------  --------------  --------------
        GAAP net income                                       $   4,339       $  5,387       $  17,167       $  15,735
           Add back debt interest expense and issuance
            cost amortization, net of tax benefit                    19             15              78              79
                                                                -------         ------         -------         -------
           Adjusted net income for GAAP EPS calculation       $   4,358       $  5,402       $  17,245       $  15,814
                                                             == =======      == ======      == =======      == =======
        Net income per share - diluted                        $    0.12       $   0.14       $    0.46       $    0.41
                                                             == =======      == ======      == =======      == =======
        Shares used in per share calculation - diluted           35,185         38,430          37,510          38,339
        


Digital River, Inc.
        Fourth Quarter Results
        (Unaudited, in thousands)
        Subject to reclassification
        Consolidated Statements of Cash Flows
                                                                                        Twelve months ended December 31,
                                                                                    ----------------------------------------
                                                                                           2011                 2010
                                                                                    -------------------  -------------------
        Operating Activities:
        -------------------------------------------------------------------------
         Net income                                                                   $    17,167          $    15,735
            Adjustments to reconcile net income to net cash provided by (used
            in) operating activities:
               Amortization of acquisition-related intangibles                              8,689                7,845
               Provision for doubtful accounts                                              1,317                2,666
               Depreciation and amortization                                               22,207               23,413
               Impairment of intangibles                                                    9,351                    -
               Debt issuance cost amortization                                              1,986                  318
               Stock-based compensation expense                                            22,114               20,773
               Excess tax benefits from stock-based compensation                           (1,985)             (2,474)
               Deferred and other income taxes                                             (2,649)             (2,841)
               Impairment of equity investment                                              2,198                2,188
               Change in operating assets and liabilities (net of acquisitions):
                   Accounts receivable                                                    (15,292)                180
                   Prepaid and other assets                                                 2,635               (6,540)
                   Accounts payable                                                        57,162              (11,554)
                   Deferred revenue                                                        (1,782)             (2,749)
                   Income tax payable                                                      (4,061)             (1,491)
                   Other accrued liabilities                                              (24,289)             12,331
                                                                                         -------- ----        --------
                      Net cash provided by operating activities                            94,768               57,800
                                                                                         --------             --------
        Investing Activities:
        -------------------------------------------------------------------------
             Purchases of investments                                                    (254,536)           (198,673)
             Sales of investments                                                         213,302               53,299
             Cash paid for cost method investments                                         (9,490)                  -
             Funding of restricted cash                                                         -               (2,156)
             Cash paid for acquisitions, net of cash received                                   -              (14,585)
             Purchases of equipment and capitalized software                              (23,860)            (18,579)
                                                                                         -------- ----        -------- ----
                      Net cash used in investing activities                               (74,584)           (180,694)
                                                                                         -------- ----        -------- ----
        Financing Activities:
        -------------------------------------------------------------------------
             Cash received (paid) for convertible senior notes                                  -              345,000
             Debt issuance costs                                                             (342)             (9,529)
             Exercise of stock options                                                        364                5,004
             Sales of common stock under employee stock purchase plan                       2,466                2,374
             Repurchase of common stock                                                   (79,758)            (34,999)
             Repurchase of restricted stock to satisfy tax withholding obligation          (5,992)             (3,317)
             Excess tax benefits from stock-based compensation                              1,985                2,474
                                                                                         --------             --------
                     Net cash provided by (used in) financing activities                  (81,277)            307,007
                                                                                         -------- ----        --------
        Effect of exchange rate changes on cash                                            (6,800)            (11,731)
                                                                                         -------- ----        -------- ----
        Net increase (decrease) in cash and cash equivalents                              (67,893)            172,382
        Cash and cash equivalents, beginning of period                                    565,086              392,704
        Cash and cash equivalents, end of period                                      $   497,193          $   565,086
                                                                                    ==== ========        ==== ========
        Cash paid for interest on convertible senior notes                            $     7,010          $       110
                                                                                    ==== ========        ==== ========
        Cash paid for income taxes                                                    $     5,085          $     5,883
                                                                                    ==== ========        ==== ========
        


Digital River, Inc.
        GAAP to non-GAAP Reconciliations
        (Unaudited, in thousands, except per share amounts)
        UTILIZING 21% EFFECTIVE INCOME TAX RATE
        -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                 Twelve months
                                                                                                      Three months ended                             ended
                                                                                --------------------------------------------------------------  --------------
                                                                                  March 31,     June 30,       September 30,     December 31,    December 31,
                                                                                    2010          2010             2010              2010            2010
                                                                                ------------  -------------  -----------------  --------------  --------------
        GAAP pre-tax income (loss)                                                 $  9,676    $ (4,887)       $  1,093             $  7,391        $ 13,273
           Add back amortization of acquisition-related intangibles                   1,481       1,612            2,188                2,564           7,845
           Add back stock-based compensation expense                                  4,476       5,522            5,280                5,495          20,773
           Add back unrealized investment gain/loss                                       -           -            1,562                  626           2,188
           Add back restructuring related costs                                           -       1,870              443                    -           2,313
                                                                                     ------      ------           ------               ------          ------
        Non-GAAP pre-tax income                                                      15,633       4,117           10,566               16,076          46,392
        Income tax expense @ 21%                                                      3,283         865            2,218                3,376           9,742
                                                                                     ------      ------           ------               ------          ------
        Non-GAAP net income                                                          12,350       3,252            8,348               12,700          36,650
                                                                                     ======      ======           ======               ======          ======
           Add back debt interest expense and issuance cost amortization, net            21          21               21                  937           1,000
           of tax benefit
                                                                                     ------      ------           ------               ------          ------
        Adjusted net income for non-GAAP EPS calculation                           $ 12,371    $  3,273         $  8,369             $ 13,637        $ 37,650
                                                                                ==== ======   == ======      ==== ======        ====== ======   ====== ======
        Non-GAAP net income per share - diluted                                    $   0.32    $   0.09         $   0.22             $   0.32        $   0.95
                                                                                ==== ======   == ======      ==== ======        ====== ======   ====== ======
        Shares used in per share calculation - diluted                               38,220      38,351           38,504               43,085          39,512
                                                                                                                                                 Twelve months
                                                                                                      Three months ended                             ended
                                                                                --------------------------------------------------------------  --------------
                                                                                  March 31,     June 30,       September 30,     December 31,    December 31,
                                                                                    2011          2011             2011              2011            2011
                                                                                ------------  -------------  -----------------  --------------  --------------
        GAAP pre-tax income                                                        $  8,885    $    140         $  3,587             $  2,999        $ 15,611
           Add back amortization of acquisition-related intangibles                   2,122       2,205            2,184               11,529          18,040
           Add back stock-based compensation expense                                  4,955       5,731            5,549                5,879          22,114
           Add back unrealized investment gain/loss                                       -           -                -                1,995           1,995
                                                                                     ------      ------           ------               ------          ------
                 Subtotal                                                            15,962       8,076           11,320               22,402          57,760
        Income tax expense @ 21%                                                      3,352       1,696            2,377                4,705          12,130
                                                                                     ------      ------           ------               ------          ------
        Non-GAAP net income                                                          12,610       6,380            8,943               17,697          45,630
                                                                                     ======      ======           ======               ======          ======
           Add back debt interest expense and issuance cost amortization, net         1,420          20            1,413                1,413           5,659
           of tax benefit
                                                                                     ------      ------           ------               ------          ------
        Adjusted net income for non-GAAP EPS calculation                           $ 14,030    $  6,400         $ 10,356             $ 19,110        $ 51,289
                                                                                ==== ======   == ======      ==== ======        ====== ======   ====== ======
        Non-GAAP net income per share - diluted                                    $   0.31    $   0.17         $   0.23             $   0.45        $   1.15
                                                                                ==== ======   == ======      ==== ======        ====== ======   ====== ======
        Shares used in per share calculation - diluted                               45,276      38,181           44,821               42,207          44,532
        Breakdown of stock-based compensation expense
                                                                                                                                                 Twelve months
                                                                                                      Three months ended                             ended
                                                                                --------------------------------------------------------------  --------------
                                                                                  March 31,     June 30,       September 30,     December 31,    December 31,
                                                                                    2011          2011             2011              2011            2011
                                                                                ------------  -------------  -----------------  --------------  --------------
          Direct cost of services                                                  $    115    $    118         $    (16)           $     52        $    269
          Network and infrastructure                                                    247         345              345                  373           1,310
          Sales and marketing                                                         1,760       2,116            2,265                1,974           8,115
          Product research and development                                              710         781              698                  910           3,099
          General and administrative                                                  2,123       2,371            2,257                2,570           9,321
                                                                                     ------      ------           ------               ------          ------
        Total                                                                      $  4,955    $  5,731         $  5,549             $  5,879        $ 22,114
                                                                                ==== ======   == ======      ==== ======        ====== ======   ====== ======
        


Digital River, Inc.
        Guidance
        (Unaudited, in millions except per share amounts)
        Revenue Guidance Table
                                                                                                                  2011 Actual
                                                                            --------------------------------------------------------------------------------------
                                                                                                                                                     Twelve Months
                                                                                                      Three months ended                                 Ended
                                                                            ----------------------------------------------------------------------  --------------
                                                                                March 31,         June 30,        September 30,     December 31,     December 31,
                                                                                  2011              2011              2011              2011             2011
                                                                            ----------------  ----------------  ----------------  ----------------  --------------
        Commerce                                                              $   74.6          $   70.1          $   72.5          $   89.6           $    306.8
        Support Business                                                          23.6              22.4              22.9              22.4                 91.3
                                                                                 -----             -----             -----             -----               ------
        Total Revenue                                                         $   98.2          $   92.5          $   95.4          $  112.0           $    398.1
                                                                            ==== =====        ==== =====        ==== =====        ==== =====        ====== ======
                                                                                                         2012 Guidance
                                                                            ----------------------------------------------------------------------
                                                                                          Q1 2012                         Full Year 2012
                                                                            ----------------------------------  ----------------------------------
                                                                              Low Guidance      High Guidance     Low Guidance      High Guidance
                                                                            ----------------  ----------------  ----------------  ----------------
        Commerce                                                              $   79.5          $   80.3          $  325.5          $  329.1
        Support Business                                                          19.5              20.7              76.5              79.9
                                                                                 -----             -----             -----             -----
        Total Expected Revenue                                                $   99.0          $  101.0          $  402.0          $  409.0
                                                                            ==== =====        ==== =====        ==== =====        ==== =====
        Non-GAAP Guidance Reconciliation
                                                                                          Q1 2012                         Full Year 2012
                                                                            ----------------------------------  ----------------------------------
                                                                              Low Guidance      High Guidance     Low Guidance      High Guidance
                                                                            ----------------  ----------------  ----------------  ----------------
        Expected GAAP net income per share - diluted                          $   0.09          $   0.13          $   0.54          $   0.64
           Add back amortization of acquisition-related costs, net of tax         0.04              0.04              0.16              0.16
           Add back stock-based compensation expense, net of tax                  0.14              0.14              0.58              0.58
           Convertible debt dilution impact, net of tax                          (0.01)           (0.02)           (0.09)           (0.11)
           Other                                                                  0.01              0.01              0.01              0.01
                                                                                 -----             -----             -----             -----
        Expected non-GAAP diluted net income per share                        $   0.27          $   0.30          $   1.20          $   1.28
                                                                            ==== =====        ==== =====        ==== =====        ==== =====
        Projected Shares Used in Per Share Calculation
                                                                                          Q1 2012                         Full Year 2012
                                                                            ----------------------------------  ----------------------------------
                                                                              Low Guidance      High Guidance     Low Guidance      High Guidance
                                                                            ----------------  ----------------  ----------------  ----------------
        Shares used in per share calculation - GAAP diluted                       33.8              34.0              34.2              34.2
        Shares used in per share calculation - non-GAAP diluted                   41.1              41.1              41.2              41.2
        


SOURCE: Digital River, Inc.

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