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ACI WORLDWIDE, INC.

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30

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Selected tables from the SEC filing

Table 0

Financial table in standard format

TABLE OF CONTENTS


	Page
PART I FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets as of June 30, 2010 and December 31, 2009		3

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2010 and 2009		4

Condensed Consolidated Statement of Stockholders Equity and Comprehensive Loss for the six months ended June 30, 2010		5

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2010 and 2009		6

Notes to Condensed Consolidated Financial Statements		7

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations		20

Item 3. Quantitative and Qualitative Disclosures About Market Risk		37

Item 4. Controls and Procedures		38

PART II OTHER INFORMATION

Item 1. Legal Proceedings		38

Item 1A. Risk Factors		38

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		38

Item 3. Defaults Upon Senior Securities		39

Item 5. Other Information		39

Item 6. Exhibits		39

Signature		40

Exhibit Index		41

Exhibit 31.01
Exhibit 31.02
Exhibit 32.01
Exhibit 32.02
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

ACI WORLDWIDE, INC. CIK:935036

Notes to Condensed Consolidated Financial Statements	7
Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3. Quantitative and Qualitative Disclosures About Market Risk	37
Item 4. Controls and Procedures	38
PART II OTHER INFORMATION
Item 1. Legal Proceedings	38
Item 1A. Risk Factors	38
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3. Defaults Upon Senior Securities	39
Item 5. Other Information	39
Item 6. Exhibits	39
Signature	40
Exhibit Index	41
Exhibit 31.01
Exhibit 31.02
Exhibit 32.01
Exhibit 32.02
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

Data column 1: Unable to interpret date in column header
Row "PART II OTHER INFORMATION": Multi-column field in a numeric row
Row "Exhibit 31.01": Multi-column field in a numeric row
Row "Exhibit 31.02": Multi-column field in a numeric row
Row "Exhibit 32.01": Multi-column field in a numeric row
Row "Exhibit 32.02": Multi-column field in a numeric row
Row "EX-101 INSTANCE DOCUMENT": Multi-column field in a numeric row
Row "EX-101 SCHEMA DOCUMENT": Multi-column field in a numeric row
Row "EX-101 CALCULATION LINKBASE DOCUMENT": Multi-column field in a numeric row
Row "EX-101 LABELS LINKBASE DOCUMENT": Multi-column field in a numeric row
Row "EX-101 PRESENTATION LINKBASE DOCUMENT": Multi-column field in a numeric row
Row "EX-101 DEFINITION LINKBASE DOCUMENT": Multi-column field in a numeric row

Table 1

Financial table in standard format

ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except share and per share amounts)


	June 30,			December 31,
	2010			2009

ASSETS
Current assets
Cash and cash equivalents	$	117,757		$	125,917
Billed receivables, net of allowances of $2,871and $2,732, respectively		76,536			98,915
Accrued receivables		8,104			9,468
Deferred income taxes, net		16,164			17,459
Recoverable income taxes		5,701
Prepaid expenses		12,757			12,079
Other current assets		12,028			10,224

Total current assets		249,047			274,062


Property and equipment, net		17,868			17,570
Software, net		25,099			30,037
Goodwill		199,737			204,850
Other intangible assets, net		23,123			26,906
Deferred income taxes, net		26,882			26,024
Other noncurrent assets		10,760			10,594

TOTAL ASSETS	$	552,516		$	590,043


LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities
Accounts payable	$	11,031		$	17,591
Accrued employee compensation		19,456			24,492
Deferred revenue		113,346			106,349
Income taxes payable		1,425			10,681
Alliance agreement liability		5,298			10,507
Accrued and other current liabilities		22,082			25,780

Total current liabilities		172,638			195,400


Deferred revenue		37,108			31,533
Note payable under credit facility		75,000			75,000
Alliance agreement noncurrent liability		21,824			21,980
Other noncurrent liabilities		28,679			30,067

Total liabilities		335,249			353,980


Commitments and contingencies (Note 13)

Stockholders equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued and outstanding at June 30, 2010 and December 31, 2009
Common stock, $0.005 par value; 70,000,000 shares authorized; 40,821,516 shares issued at June 30, 2010 and December 31, 2009		204			204
Common stock warrants		24,003			24,003
Treasury stock, at cost, 7,473,161 and 6,784,932 shares outstanding at June 30, 2010 and December 31, 2009, respectively		(170,624	)		(158,652	)
Additional paid-in capital		309,393			307,279
Retained earnings		75,855			78,094
Accumulated other comprehensive loss		(21,564	)		(14,865	)

Total stockholders equity		217,267			236,063

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$	552,516		$	590,043

ACI WORLDWIDE, INC. CIK:935036
	2010-06-30	2009-12-31
ASSETS
Current assets
Cash and cash equivalents	$117,757	$125,917
Billed receivables, net of allowances of $2,871and $2,732, respectively	76,536	98,915
Accrued receivables	8,104	9,468
Deferred income taxes, net	16,164	17,459
Recoverable income taxes	5,701
Prepaid expenses	12,757	12,079
Other current assets	12,028	10,224
Total current assets	249,047	274,062
Property and equipment, net	17,868	17,570
Software, net	25,099	30,037
Goodwill	199,737	204,850
Other intangible assets, net	23,123	26,906
Deferred income taxes, net	26,882	26,024
Other noncurrent assets	10,760	10,594
TOTAL ASSETS	$552,516	$590,043
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities
Accounts payable	$11,031	$17,591
Accrued employee compensation	19,456	24,492
Deferred revenue	113,346	106,349
Income taxes payable	1,425	10,681
Alliance agreement liability	5,298	10,507
Accrued and other current liabilities	22,082	25,780
Total current liabilities	172,638	195,400
Deferred revenue	37,108	31,533
Note payable under credit facility	75,000	75,000
Alliance agreement noncurrent liability	21,824	21,980
Other noncurrent liabilities	28,679	30,067
Total liabilities	335,249	353,980
Commitments and contingencies (Note 13)
Stockholders equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued and outstanding at June 30, 2010 and December 31, 2009
Common stock, $0.005 par value; 70,000,000 shares authorized; 40,821,516 shares issued at June 30, 2010 and December 31, 2009	204	204
Common stock warrants	24,003	24,003
Treasury stock, at cost, 7,473,161 and 6,784,932 shares outstanding at June 30, 2010 and December 31, 2009, respectively	(170,624)	(158,652)
Additional paid-in capital	309,393	307,279
Retained earnings	75,855	78,094
Accumulated other comprehensive loss	(21,564)	(14,865)
Total stockholders equity	217,267	236,063
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$552,516	$590,043

Table 2

Financial table in standard format

ACI WORLDWIDE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009

Revenues:
Software license fees	$	31,399		$	26,433		$	60,716		$	57,253
Maintenance fees		34,207			31,928			67,629			61,854
Services		17,187			17,691			31,805			35,609
Software hosting fees		9,630			11,118			20,016			20,667

Total revenues		92,423			87,170			180,166			175,383


Expenses:
Cost of software license fees (1)		3,107			3,833			6,181			7,000
Cost of maintenance, services, and hosting fees (1)		29,303			27,955			57,195			55,177
Research and development		18,798			19,932			37,194			38,905
Selling and marketing		15,989			15,511			32,834			30,619
General and administrative		15,735			18,865			33,197			40,369
Depreciation and amortization		5,125			4,310			10,104			8,656

Total expenses		88,057			90,406			176,705			180,726


Operating income (loss)		4,366			(3,236	)		3,461			(5,343	)

Other income (expense):
Interest income		126			446			250			747
Interest expense		(541	)		(526	)		(1,064	)		(1,295	)
Other, net		(1,682	)		(3,615	)		(1,896	)		(4,735	)

Total other income (expense)		(2,097	)		(3,695	)		(2,710	)		(5,283	)


Income (loss) before income taxes		2,269			(6,931	)		751			(10,626	)
Income tax expense (benefit)		2,419			(3,369	)		2,990			(2,932	)

Net loss	$	(150	)	$	(3,562	)	$	(2,239	)	$	(7,694	)


Loss per share information
Weighted average shares outstanding
Basic		33,500			34,129			33,612			34,324
Diluted		33,500			34,129			33,612			34,324

Loss per share
Basic	$	(0.00	)	$	(0.10	)	$	(0.07	)	$	(0.22	)
Diluted	$	(0.00	)	$	(0.10	)	$	(0.07	)	$	(0.22	)

ACI WORLDWIDE, INC. CIK:935036
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
Revenues:
Software license fees	$31,399	$26,433	$60,716	$57,253
Maintenance fees	34,207	31,928	67,629	61,854
Services	17,187	17,691	31,805	35,609
Software hosting fees	9,630	11,118	20,016	20,667
Total revenues	92,423	87,170	180,166	175,383
Expenses:
Cost of software license fees (1)	3,107	3,833	6,181	7,000
Cost of maintenance, services, and hosting fees (1)	29,303	27,955	57,195	55,177
Research and development	18,798	19,932	37,194	38,905
Selling and marketing	15,989	15,511	32,834	30,619
General and administrative	15,735	18,865	33,197	40,369
Depreciation and amortization	5,125	4,310	10,104	8,656
Total expenses	88,057	90,406	176,705	180,726
Operating income (loss)	4,366	(3,236)	3,461	(5,343)
Other income (expense):
Interest income	126	446	250	747
Interest expense	(541)	(526)	(1,064)	(1,295)
Other, net	(1,682)	(3,615)	(1,896)	(4,735)
Total other income (expense)	(2,097)	(3,695)	(2,710)	(5,283)
Income (loss) before income taxes	2,269	(6,931)	751	(10,626)
Income tax expense (benefit)	2,419	(3,369)	2,990	(2,932)
Net loss	$(150)	$(3,562)	$(2,239)	$(7,694)
Loss per share information
Weighted average shares outstanding
Basic	33,500	34,129	33,612	34,324
Diluted	33,500	34,129	33,612	34,324
Loss per share
Basic	$(0.00)	$(0.10)	$(0.07)	$(0.22)
Diluted	$(0.00)	$(0.10)	$(0.07)	$(0.22)

Table 3

Financial table in standard format

This allocation methodology has been applied to the following amounts included in revenues in the condensed consolidated statements of operations from arrangements for which VSOE of fair value does not exist for each undelivered element (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2010		2009		2010		2009
Software license fees	$	6,617	$	3,271	$	11,782	$	7,097
Maintenance fees		2,015		1,351		3,158		2,727
Services		1,428		1,763		2,808		3,633

Total	$	10,060	$	6,385	$	17,748	$	13,457

ACI WORLDWIDE, INC. CIK:935036
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
Software license fees	$6,617	$3,271	$11,782	$7,097
Maintenance fees	2,015	1,351	3,158	2,727
Services	1,428	1,763	2,808	3,633
Total	$10,060	$6,385	$17,748	$13,457

Table 4

Financial table in standard format

Quarterly amortization of software marketed for external sale is computed using the greater of the ratio of current revenues to total estimated revenues expected to be derived from the software or the straight-line method over an estimated useful life of three to six years. Software for resale amortization expense recorded in the three months ended June 30, 2010 and 2009 totaled $1.5 million and $1.4 million, respectively. Software for resale amortization expense recorded in the six months ended June 30, 2010 and 2009 totaled $3.0 million and $2.8 million, respectively. These software amortization expense amounts are reflected in cost of software license fees in the condensed consolidated statements of operations. Amortization of software for internal use of $1.8 million and $1.2 million for the three months ended June 30, 2010 and 2009, respectively, is included in depreciation and amortization in the condensed consolidated statements of operations. Amortization of software for internal use of $3.6 million and $2.5 million for the six months ended June 30, 2010 and 2009, respectively, is included in depreciation and amortization in the condensed consolidated statements of operations.
The carrying amount and accumulated amortization of the Companys other intangible assets that were subject to amortization at each balance sheet date are as follows (in thousands):


	June 30,							December 31,
	2010							2009
	Gross							Gross
	Carrying		Accumulated					Carrying		Accumulated
	Amount		Amortization			Net Balance		Amount		Amortization			Net Balance
Customer relationships	$	35,520	$	(16,267	)	$	19,253	$	41,636	$	(19,727	)	$	21,909
Purchased contracts		10,714		(7,542	)		3,172		11,179		(7,030	)		4,149
Trademarks and tradenames		1,000		(330	)		670		2,526		(1,711	)		815
Covenant not to compete		79		(51	)		28		74		(41	)		33

	$	47,313	$	(24,190	)	$	23,123	$	55,415	$	(28,509	)	$	26,906

ACI WORLDWIDE, INC. CIK:935036
	2010-06-30	2010-06-30	2010-06-30	2009-12-31	2009-12-31	2009-12-31
Gross
Carrying
Amount
Customer relationships	$35,520	$(16,267)	$19,253	$41,636	$(19,727)	$21,909
Purchased contracts	10,714	(7,542)	3,172	11,179	(7,030)	4,149
Trademarks and tradenames	1,000	(330)	670	2,526	(1,711)	815
Covenant not to compete	79	(51)	28	74	(41)	33
	$47,313	$(24,190)	$23,123	$55,415	$(28,509)	$26,906

Table 5

Financial table in standard format

During the six months ended June 30, 2009, the Company elected 1-month LIBOR as the variable-rate benchmark for its revolving facility. The Company also amended its interest rate swap on the $75 million notional amount from 3-month LIBOR to 1-month LIBOR. This basis swap did not impact the maturity date of or the accounting for the interest rate swap.
Although the Company believes that these interest rate swaps will mitigate the risk of variability in future cash flows associated with existing and forecasted variable rate borrowings during the term of the swaps, neither swap qualifies for hedge accounting. Accordingly, the gain (loss) resulting from the change in fair value of the interest rate swaps for the three months ended June 30, 2010 and 2009 of less than $0.1 million and $(0.3) million, respectively, is reflected as income (expense) in other, net in the accompanying condensed consolidated statements of operations. The loss resulting from the change in fair value of the interest rate swaps for the six months ended June 30, 2010 and 2009 of $0.1 million and $0.8 million, respectively, is reflected as expense in other income (expense), net in the accompanying condensed consolidated statements of operations.
Changes in the fair value of the interest rate swaps were as follows (in thousands):


	Asset
	(Liability)
Beginning fair value, December 31, 2009	$	(5,271	)
Net settlement payments		3,049
Loss recognized in earnings		(137	)

Ending fair value, June 30, 2010	$	(2,359	)

ACI WORLDWIDE, INC. CIK:935036

Data column 1: Unable to interpret date in column header

Table 6

Table column format standardization was unsuccessful.

Asset

(Liability)

Beginning fair value, December 31, 2009

$
(5,271
)
Net settlement payments

3,049

Loss recognized in earnings

(137
)

Ending fair value, June 30, 2010

$
(2,359
)

As of June 30, 2010, the $2.4 million fair value liability is recorded in other current liabilities on the accompanying condensed consolidated balance sheet.
Net settlements are measured monthly and paid monthly under the $75 million notional amount interest rate swap and paid quarterly under the $50 million notional amount interest rate swap. The net settlements are recorded in other, net in the accompanying condensed consolidated statements of operations. Included in the $2.4 million fair value at June 30, 2010 is approximately $0.8 million of net settlement obligations paid by the Company subsequent to June 30, 2010.
7. Fair Value of Financial and Non-financial Instruments
Effective January 1, 2008, the Company adopted the provisions of ASC 820,
Fair Value Measurements and Disclosures
, for financial assets and financial liabilities. Effective January 1, 2009, the Company adopted the provisions of ASC 820 for non-financial assets and non-financial liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. ASC 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

Level 1 Inputs Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Unable to find the column headers.

Table internal representation dump (debug use)

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Row 0
    [3..3)   [0..0] (stub): 'Level 1 Inputs Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.'
      Attributes: num=>1 [0..0]  



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Best data column prototype:
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Table attributes: assets,balancesheet,date,liabilities,incomestatement

Table 7

Financial table in standard format

14. International Business Machines Corporation Alliance
During the three months ended June 30, 2010 and 2009, the Company incurred $2.5 million and $3.1 million of costs, respectively, related to fulfillment of the technical enablement milestones under the International Business Machines Corporation (IBM) Master Alliance Agreement (the Alliance). During the six months ended June 30, 2010 and 2009, the Company incurred $5.4 million and $5.7 million of costs, respectively, related to fulfillment of the technical enablement milestones. The reimbursement of these costs was recorded as a reduction of the Alliance agreement liability and a reduction in capitalizable costs under ASC 985-20 in the accompanying condensed consolidated balance sheets and a reduction of operating expenses in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2010 and 2009.
Changes in the Alliance agreement liability were as follows (in thousands):


	Alliance
	Agreement
	Liability
Balance, December 31, 2009	$	32,487
Costs related to fulfillment of technical enablement milestones		(5,365	)

Balance, June 30, 2010	$	27,122

ACI WORLDWIDE, INC. CIK:935036

Data column 1: Unable to interpret date in column header

Table 8

Financial table in standard format

The following table presents the condensed consolidated statements of operations as well as the percentage relationship to total revenues of items included in our condensed consolidated statements of operations (amounts in thousands):


	Three Months Ended June 30,												Six Months Ended June 30,
	2010						2009						2010						2009
				% of						% of						% of						% of
				Total						Total						Total						Total
	Amount			Revenue			Amount			Revenue			Amount			Revenue			Amount			Revenue

Revenues:
Initial license fees (ILFs)	$	11,113			12.0	%	$	9,646			11.1	%	$	20,856			11.6	%	$	23,111			13.2	%
Monthly license fees (MLFs)		20,286			21.9	%		16,787			19.3	%		39,860			22.1	%		34,142			19.5	%

Software license fees		31,399			34.0	%		26,433			30.3	%		60,716			33.7	%		57,253			32.6	%
Maintenance fees		34,207			37.0	%		31,928			36.6	%		67,629			37.5	%		61,854			35.3	%
Services		17,187			18.6	%		17,691			20.3	%		31,805			17.7	%		35,609			20.3	%
Software hosting fees		9,630			10.4	%		11,118			12.8	%		20,016			11.1	%		20,667			11.8	%

Total revenues		92,423			100.0	%		87,170			100.0	%		180,166			100.0	%		175,383			100.0	%


Expenses:
Cost of software licenses fees		3,107			3.4	%		3,833			4.4	%		6,181			3.4	%		7,000			4.0	%
Cost of maintenance, services, and hosting fees		29,303			31.7	%		27,955			32.1	%		57,195			31.7	%		55,177			31.5	%
Research and development		18,798			20.3	%		19,932			22.9	%		37,194			20.6	%		38,905			22.2	%
Selling and marketing		15,989			17.3	%		15,511			17.8	%		32,834			18.2	%		30,619			17.5	%
General and administrative		15,735			17.0	%		18,865			21.6	%		33,197			18.4	%		40,369			23.0	%
Depreciation and amortization		5,125			5.5	%		4,310			4.9	%		10,104			5.6	%		8,656			4.9	%

Total expenses		88,057			95.3	%		90,406			103.7	%		176,705			98.1	%		180,726			103.0	%


Operating income (loss)		4,366			4.7	%		(3,236	)		-3.7	%		3,461			1.9	%		(5,343	)		-3.0	%

Other income (expense):
Interest income		126			0.1	%		446			0.5	%		250			0.1	%		747			0.4	%
Interest expense		(541	)		-0.6	%		(526	)		-0.6	%		(1,064	)		-0.6	%		(1,295	)		-0.7	%
Other, net		(1,682	)		-1.8	%		(3,615	)		-4.1	%		(1,896	)		-1.1	%		(4,735	)		-2.7	%

Total other income (expense)		(2,097	)		-2.3	%		(3,695	)		-4.2	%		(2,710	)		-1.5	%		(5,283	)		-3.0	%


Income (loss) before income taxes		2,269			2.5	%		(6,931	)		-8.0	%		751			0.4	%		(10,626	)		-6.1	%
Income tax expense (benefit)		2,419			2.6	%		(3,369	)		-3.9	%		2,990			1.7	%		(2,932	)		-1.7	%

Net income (loss)	$	(150	)		-0.2	%	$	(3,562	)		-4.1	%	$	(2,239	)		-1.2	%	$	(7,694	)		-4.4	%

ACI WORLDWIDE, INC. CIK:935036
	2009-03-30 to 2009-06-30 (3-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
% of
Total
Amount Revenue
Revenues:
Initial license fees (ILFs) $11,113 12.0 %	$9,646	11.1	$20,856	11.6	$23,111	13.2
Monthly license fees (MLFs) 20,286 21.9 %	16,787	19.3	39,860	22.1	34,142	19.5
Software license fees 31,399 34.0 %	26,433	30.3	60,716	33.7	57,253	32.6
Maintenance fees 34,207 37.0 %	31,928	36.6	67,629	37.5	61,854	35.3
Services 17,187 18.6 %	17,691	20.3	31,805	17.7	35,609	20.3
Software hosting fees 9,630 10.4 %	11,118	12.8	20,016	11.1	20,667	11.8
Total revenues 92,423 100.0 %	87,170	100.0	180,166	100.0	175,383	100.0
Expenses:
Cost of software licenses fees 3,107 3.4 %	3,833	4.4	6,181	3.4	7,000	4.0
Cost of maintenance, services, and hosting fees 29,303 31.7 %	27,955	32.1	57,195	31.7	55,177	31.5
Research and development 18,798 20.3 %	19,932	22.9	37,194	20.6	38,905	22.2
Selling and marketing 15,989 17.3 %	15,511	17.8	32,834	18.2	30,619	17.5
General and administrative 15,735 17.0 %	18,865	21.6	33,197	18.4	40,369	23.0
Depreciation and amortization 5,125 5.5 %	4,310	4.9	10,104	5.6	8,656	4.9
Total expenses 88,057 95.3 %	90,406	103.7	176,705	98.1	180,726	103.0
Operating income (loss) 4,366 4.7 %	(3,236)	3,461	1.9	(5,343)
Other income (expense):
Interest income 126 0.1 %	446	0.5	250	0.1	747	0.4
Interest expense (541) -0.6 %	(526)	(1,064)	(1,295)
Other, net (1,682) -1.8 %	(3,615)	(1,896)	(4,735)
Total other income (expense) (2,097) -2.3 %	(3,695)	(2,710)	(5,283)
Income (loss) before income taxes 2,269 2.5 %	(6,931)	751	0.4	(10,626)
Income tax expense (benefit) 2,419 2.6 %	(3,369)	2,990	1.7	(2,932)
Net income (loss) $(150) -0.2 %	$(3,562)	$(2,239)	$(7,694)

Row "Initial license fees (ILFs) $11,113 12.0 %": Multi-column field in a numeric row
Row "Initial license fees (ILFs) $11,113 12.0 %": Multi-column field in a numeric row
Row "Monthly license fees (MLFs) 20,286 21.9 %": Multi-column field in a numeric row
Row "Monthly license fees (MLFs) 20,286 21.9 %": Multi-column field in a numeric row
Row "Software license fees 31,399 34.0 %": Multi-column field in a numeric row
Row "Software license fees 31,399 34.0 %": Multi-column field in a numeric row
Row "Maintenance fees 34,207 37.0 %": Multi-column field in a numeric row
Row "Maintenance fees 34,207 37.0 %": Multi-column field in a numeric row
Row "Services 17,187 18.6 %": Multi-column field in a numeric row
Row "Services 17,187 18.6 %": Multi-column field in a numeric row
Row "Software hosting fees 9,630 10.4 %": Multi-column field in a numeric row
Row "Software hosting fees 9,630 10.4 %": Multi-column field in a numeric row
Row "Total revenues 92,423 100.0 %": Multi-column field in a numeric row
Row "Total revenues 92,423 100.0 %": Multi-column field in a numeric row
Row "Cost of software licenses fees 3,107 3.4 %": Multi-column field in a numeric row
Row "Cost of software licenses fees 3,107 3.4 %": Multi-column field in a numeric row
Row "Cost of maintenance, services, and hosting fees 29,303 31.7 %": Multi-column field in a numeric row
Row "Cost of maintenance, services, and hosting fees 29,303 31.7 %": Multi-column field in a numeric row
Row "Research and development 18,798 20.3 %": Multi-column field in a numeric row
Row "Research and development 18,798 20.3 %": Multi-column field in a numeric row
Row "Selling and marketing 15,989 17.3 %": Multi-column field in a numeric row
Row "Selling and marketing 15,989 17.3 %": Multi-column field in a numeric row
Row "General and administrative 15,735 17.0 %": Multi-column field in a numeric row
Row "General and administrative 15,735 17.0 %": Multi-column field in a numeric row
Row "Depreciation and amortization 5,125 5.5 %": Multi-column field in a numeric row
Row "Depreciation and amortization 5,125 5.5 %": Multi-column field in a numeric row
Row "Total expenses 88,057 95.3 %": Multi-column field in a numeric row
Row "Total expenses 88,057 95.3 %": Multi-column field in a numeric row
Row "Operating income (loss) 4,366 4.7 %": Multi-column field in a numeric row
Row "Operating income (loss) 4,366 4.7 %": Multi-column field in a numeric row
Row "Interest income 126 0.1 %": Multi-column field in a numeric row
Row "Interest income 126 0.1 %": Multi-column field in a numeric row
Row "Interest expense (541) -0.6 %": Multi-column field in a numeric row
Row "Interest expense (541) -0.6 %": Multi-column field in a numeric row
Row "Other, net (1,682) -1.8 %": Multi-column field in a numeric row
Row "Other, net (1,682) -1.8 %": Multi-column field in a numeric row
Row "Total other income (expense) (2,097) -2.3 %": Multi-column field in a numeric row
Row "Total other income (expense) (2,097) -2.3 %": Multi-column field in a numeric row
Row "Income (loss) before income taxes 2,269 2.5 %": Multi-column field in a numeric row
Row "Income (loss) before income taxes 2,269 2.5 %": Multi-column field in a numeric row
Row "Income tax expense (benefit) 2,419 2.6 %": Multi-column field in a numeric row
Row "Income tax expense (benefit) 2,419 2.6 %": Multi-column field in a numeric row
Row "Net income (loss) $(150) -0.2 %": Multi-column field in a numeric row
Row "Net income (loss) $(150) -0.2 %": Multi-column field in a numeric row

Original filing from SEC EDGAR system.