KIT digital Reports Record Fourth Quarter and Fiscal 2010 Results
KIT digital, Inc. (NASDAQ: KITD), a premium provider of video asset management software and related services (VAMS) for multi-screen and socially-enabled Internet Protocol (IP) video delivery, reported financial results for the fourth quarter and year ended December 31, 2010. All figures below are reported in U.S. dollars.
Revenue in the fourth quarter of 2010 increased 39% to a record $38.4 million from $27.7 million in the previous quarter, and increased 138% from $16.1 million in the same quarter a year ago. For the full year 2010, revenue increased 125% to a record $106.6 million from $47.3 million in 2009. The company's revenues were comprised of software-as-a-service (SaaS) license and usage fees, software maintenance fees, software set-up fees, and professional services charges.
KIT digital added a record 58 net new client contracts during the fourth quarter, with estimated average monthly revenue per client (ARPU) in excess of $30,000, reflecting the company's ongoing focus on higher-end opportunities in the market and large, multi-year contracts in emerging sectors and geographies. The company's client base totals more than 2,000 customers across more than 40 countries.
For the fourth quarter of 2010, GAAP net loss was $8.5 million or $(0.31) per basic and diluted share, compared to a net loss in the previous quarter of $8.0 million or $(0.34) per basic and diluted share, and a net loss in the fourth quarter of 2009 of $15.6 million or $(1.50) per basic and diluted share.
GAAP net loss for the fourth quarter 2010 included $6.4 million in non-cash charges comprised of $1.8 million in stock-based compensation; $2.2 million of depreciation and amortization, and a non-cash derivative loss of $2.4 million. Q4 GAAP net loss also included $5.7 million in integration expenses related to the reorganization and integration of recently acquired companies, and $2.0 million in merger and acquisitions expenses, including investment banking advisory and legal fees.
For the full year 2010, GAAP net loss was $35.3 million or $(1.63) per basic and diluted share, compared to a net loss of $19.9 million or $(3.03) per basic and diluted share in 2009.
GAAP net loss for the full year 2010 included $26.0 million in non-cash charges, including $4.7 million in stock-based compensation; $8.4 million of depreciation and amortization; and a non-cash derivative loss of $12.9 million. GAAP net loss for the year also included $19.9 million in restructuring and integration expenses related to the reorganization and integration of acquired companies -- including employee termination, facilities closures, contract terminations and transition agreements -- and $5.4 million in merger and acquisitions expenses, including investment banking advisory and legal fees.
For the fourth quarter 2010, operating EBITDA, a non-GAAP metric which management uses as a proxy for operating cash-flow, increased 53% to a record $6.7 million or $0.25 per basic and diluted share from $4.4 million or $0.19 per basic share in the previous quarter, and increased 114% from $3.2 million or $0.30 per basic and diluted share in the same year-ago quarter.
The company defines operating EBITDA as earnings before derivative income/loss; non-cash stock based compensation; acquisition-related restructuring costs and integration expenses; impairment of property and equipment; direct merger and acquisition expenses; and depreciation and amortization (see important discussion of operating EBITDA in "About the Presentation of Operating EBITDA," below).
For the full year 2010, operating EBITDA was a record $18.3 million or $0.85 per basic and diluted share, an increase of 270% from $4.9 million or $0.75 per basic and diluted share in 2009.
Cash and cash equivalents at December 31, 2010 totaled $141.2 million, as compared to $50.1 million at September 30, 2010. As of March 15, 2011, the company has approximately $115 million of cash and cash equivalents and approximately 37.9 million shares outstanding.
Day sales outstanding ("DSOs") at December 31, 2010 were 79 days, which is consistent with the company's historical and projected DSO levels of between 75-90 days, and which the company believes is consistent with other SaaS companies with large enterprise customers.
Revenue from the company's Europe, Middle East & Africa (EMEA) region constituted approximately 45% of the total during the fourth quarter, with approximately 35% from Asia-Pacific and 20% from the Americas. For the full year 2010, approximately 54% of revenues came from Europe, Middle East & Africa (EMEA), with approximately 25% from Asia-Pacific and 21% from the Americas.
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Fourth Quarter and Fiscal 2010 Results
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