Interwoven to Announce Financial Results for Fourth Quarter Ended December 31, 2008 on Thursday, January 29, 2009
Interwoven Also Announces Expected Total Revenues in Line with Previous Guidance and Expected Per Share Results Above Guidance
San Jose, Calif. - January 6, 2009 - Interwoven, Inc. (NASDAQ: IWOV), a global leader in content management solutions, today announced plans to release fourth quarter financial results for the period ended December 31, 2008 after the market close on Thursday, January 29, 2009. The company will hold a conference call to discuss its results at 2:00 p.m. Pacific Time that day.
On that conference call, Interwoven expects to report total revenues in line with its previous guidance and net income per share above its previous guidance. Interwoven expects to report total revenues of $69.5 million to $70.0 million, with license revenues of approximately $26.5 million. Interwoven also expects to report net income per share of $0.21 to $0.23 on a GAAP basis and $0.22 to $0.24 on a non-GAAP basis. The non-GAAP results exclude the expected amortization of stock-based compensation expense of approximately $3.0 million, amortization of purchased technology of approximately $700,000, amortization of intangible assets of approximately $700,000 and the related tax impact of approximately $4.0 million. These expected results are based on preliminary information.
Additional information about the company's non-GAAP financial measures can be found under the caption "Non-GAAP Financial Information" below.
Conference Call Details:
Date: Thursday, January 29, 2009
Time: 2:00 p.m. PT (5:00 p.m. ET)
Live Dial-in #: (877) 879-6174 or (719) 325-4768
Replay Dial-in #: (888) 203-1112 or (719) 457-0820
Replay Passcode: 4243053
A live and archived webcast of the conference call will be available on Interwoven's website at www.interwoven.com/investorsA telephonic replay of the call will be available for one week starting on January 29, 2009 at approximately 5:00 p.m. PT.
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include Interwoven, Inc.'s preliminary estimates of revenue, net loss per share in accordance with generally accepted accounting principles and non-GAAP net income per share for the quarter ended December 31, 2008, which are subject to further audit and based on current information. The final results for the fourth quarter of 2008 of Interwoven, Inc. may differ from the preliminary estimate discussed above due to factors that include, but are not limited to, risks associated with final audit of the results and preparation of quarterly and year end financial statements, the potential release of deferred tax assets valuation reserves and business and economic risks that could cause actual future results to differ materially from the estimates set forth above. Other factors that could cause Interwoven's actual results to differ materially from its expectations include the following: our ability to develop new products, services, features and functionality successfully and on a timely basis; customer acceptance of our solutions; changes in customer spending on enterprise content management initiatives; our ability to cross-sell and up-sell additional products into our installed base of customers; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; the timing and impact of acquisition-related costs or amortization costs for acquired intangible assets; the success of our strategic business alliances; intense competition in our markets; changes in key personnel; the introduction of new products or services by competitors; and the ongoing consolidation in our markets. These and other risks and uncertainties associated with Interwoven's business are described in its most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Forms 8-K, which are on file with the Securities and Exchange Commission and available through www.sec.gov.
Non-GAAP Financial Information
The financial measures indentified as "non-GAAP" in this press release are financial measures that are not prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and consist of non-GAAP net income per share adjusted for the items discussed below. Because these non-GAAP financial measures do not reflect all of the amounts associated with the Interwoven's results of operations as determined in accordance with GAAP and are not based on a comprehensive set of accounting rules or principles, these measures are incomplete and should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP financial measures. Accordingly, readers are advised to review and consider carefully the financial information estimated or prepared in accordance with GAAP contained in this press release and Interwoven's periodic filings with the Securities and Exchange Commission.
Interwoven believes the presentation of these non-GAAP financial measures, when taken together with the corresponding financial measures presented in accordance with GAAP, provides useful supplemental information regarding the Company's operating performance for the reasons discussed below. The Company's management uses these non-GAAP financial measures in assessing the Company's operating results, as well as when planning, forecasting and analyzing future periods or determining incentive compensation. Interwoven believes that these non-GAAP financial measures also facilitate comparisons of the Company's performance to prior periods and that investors benefit from an understanding of these non-GAAP financial measures and how specific, identified amounts impact different line items in its consolidated statements of income.
As described above, Interwoven excludes the following items from one or more of its non-GAAP measures when applicable:
Stock-based compensation expense
Stock-based compensation expense consists of expenses for equity compensation awards determined in accordance with Statement of Financial Accounting Standards No. 123R ("SFAS 123R"), Share-Based Payment. Interwoven excludes stock-based compensation expense from its non-GAAP financial measures primarily because this expense is non-cash in nature and not reflective of the Company's ongoing operating results. When evaluating the performance of its business and developing short- and long-term plans, Interwoven does not consider stock-based compensation expense. Interwoven's management team is held accountable for cash-based compensation, but Interwoven believes that management is limited in its ability to project the impact of stock-based compensation and, accordingly, is not held accountable for its impact on the Company's consolidated operating results. Although stock-based compensation is necessary to attract and retain quality employees, Interwoven's consideration of stock-based compensation places its primary emphasis on overall shareholder dilution rather than the accounting charges associated with such awards. In addition, Interwoven believes it is useful to provide a non-GAAP financial measure that excludes stock-based compensation expense in order to better understand the long-term performance of the Company's core business from period to period and may facilitate comparability of the Company's operating results with those of other companies. Further, unlike cash compensation, the value of stock-based compensation is determined using a complex formula that incorporates factors, such as market volatility, that are beyond Interwoven's control. In addition, the Company believes it is useful to investors to understand the impact of SFAS 123R on its results of operations.
Amortization of purchased technology
In connection with business combinations, Interwoven is required to allocate a portion of the purchase price to the accounting value assigned to the technology acquired and amortize this amount over the estimated useful lives associated therewith. Typically, the acquired business has itself previously expensed the costs incurred to develop the purchased technology, and the purchase price allocated to these intangible assets is not necessarily reflective of the cost Interwoven would incur in developing them. The Company eliminates these recurring amortization charges from its non-GAAP operating results to provide better comparability of pre- and post-business combination operating results and because doing so may facilitate comparability of Interwoven's operating results with those of other companies using internally developed intangible assets.
Amortization of intangible assets
In connection with business combinations, Interwoven is required to allocate a portion of the purchase price to the accounting value assigned to the identified intangible assets acquired and amortize these amounts over the estimated useful lives of the acquired intangible assets. The purchase price allocated to these intangible assets and the amortization expense associated therewith have no direct correlation to the operation of Interwoven's business. The Company eliminates these recurring amortization charges from its non-GAAP operating results to provide better comparability of pre- and post-business combination operating results and because they have no direct correlation to the operation of Interwoven's business.
Income tax effect on above items. Interwoven excludes the income tax effect of the non-GAAP adjustments from net income per share to assist investors in understanding the income tax provision associated with these adjustments.
About Interwoven
Interwoven, Inc. (NASDAQ: IWOV) is a global leader in content management solutions. Interwoven's software and services enable organizations to maximize online business performance and organize, find, and govern business content. Interwoven solutions unlock the value of content by delivering the right content to the right person in the right context at the right time. Over 4,700 of the world's leading companies, professional services firms, and governments have chosen Interwoven, including Airbus, Amnesty International USA, Avaya, BT, Cisco, Citi, Delta Air Lines, DLA Piper, FedEx, Grant Thornton, Hilton Hotels, HKMP LLP, Hong Kong Trade and Development Council, HSBC, LexisNexis, MasterCard, Microsoft, Samsung, Shell, Sky Italia, Qantas Airways, Tesco, Virgin Mobile, and White & Case. A community of over 25,000 developers and over 300 partners enrich and extend Interwoven's offerings. To learn more about Interwoven, please visit www.interwoven.com.
Summary: ...with a Trust Department that is responsible for processing a number of new accounts per month, in addition to keeping over 7,000 existing accounts current. Previously, transactional information associated with these accounts used paperbased processes that were labor intensive and prone to error. With...
Summary: ...for the LexisNexis Client Development Group. Starting Quickly for an Immediate Impact Autonomy Optimost is a hosted solution and provides a full-service approach for the company’s website optimization initiative. “The ability to leverage Autonomy Optimost’s account managers and analysts greatly...
Summary: ...reusing and repurposing previous work • Increases profitability by reducing non-billable hours spent searching for information • Facilitates serving as an expert witness in immigration-related litigation and responding to requests for information from clients and third parties Paparelli & Partners...
Summary: ...sending and receiving documents, and generating new versions by roughly 50 – 60 percent, and people are reaching their productivity targets faster,” Khalil estimates. “That alone paid for WorkSite within a year.” The time and cost required to post tax refunds have both been reduced, enhancing...
Summary: ...ability to rapidly locate relevant content leads to satisfied, repeat visitors to the IDG. net portal—and, more importantly, to the pages of IDG’s many online publications. “Many people come to www.idg.net in search of comparative product information. They are essentially doing research for purchasing...
Summary: ...programming. They just point their Tableau desktop at a dataset in the Vertica Analytic Database and go. hMetrix clients can now quickly test different analyses and instantaneously view the results, often discovering meaningful and useful information that in the past might have remained hidden.
...
Summary: ...in forms processed within a 24-hour period. Disaster Welfare Inquiry (DWI) is one of the five American Red Cross functions (in addition to Mass Care, Family Service, Disaster Health Services, and Disaster Mental). “…the system has the capacity to process about 30,000 forms within a 24-hour period,...
Summary: ...implementation, and ongoing support and maintenance. Based on these factors, as well as the ability to meet KeySpan’s flexibility, ease of use, and scalability requirements, Autonomy was selected. Threefold Increase in Website Usage Since the Autonomy implementation, site consolidation, and site redesign...
Summary: ...The new solution had to: Be a good communications tool in order to facilitate easier communication between the Osborne Clarke offces n across the various countries Integrate useful working tools such as online expense fling n Be the frm’s primary knowledge management tool, as employers are increasingly...
Summary: ...main website. After the redevelopment, this figure rose to 79 per cent. Another indicator of the websites’ success is that the number of telephone enquiries from prospective students halved within two years, from 5,886 to 3,014, during a period of growth. The marketing department attributes this rapid...
Summary: ...the new version revealed the dramatic impact of the learnings: “The results were incredible, exceeding by a wide margin even our most optimistic goals. We saw a significant increase in every one of our core measures, sometimes of more than 100 percent.” Multivariable testing with Autonomy Optimost...
Summary: ...was too much subjectivity in the process, and no way to nail down which changes would achieve the greatest impact.” To improve both the speed and impact of its website optimization cycle, Trusted ID turned to Autonomy’s Website Optimization Solution, powered by Autonomy. This solution helps companies...
This is a small selection of the Autonomy case studies available, please visit our publications site at http://publications.autonomy.com/ for more information.
Summary: ...Accounts Payable Overview. and European standards) • Single and multi-page data extraction, including line item details • Customizable rule set development for unique organizational requirements • Automatically reads machine print (OCR), handprint (ICR), barcodes, and more • Multi-voting engines...
Summary: ...to determine whether or not the information has been communicated in accordance with the corporate policies. This focus dramatically increases the quality of review, reducing unnecessary review time and cost. Intelligent Sampling Aungate Real-Time Policy Supervisor facilitates compliance with the latest...
Summary: ...Autonomy’s Introspect, a multi-billion-dollar company consolidated many cases onto one platform to drive down costs and reduce time scales, greatly exceeding ROI estimates. Long-standing clients have as many as 150 million pages currently hosted in the Autonomy online environment for active review....
Summary: ...in the data which may be indicative of fraud. It recognizes patterns of kickbacks in exchange for referrals, charges posted outside of an appropriate treatment period, procedure "upcoding", excessive physician billing, medically unnecessary tests, and other areas of waste or fraud. Autonomy’s fraud...
Summary: ...applications and information access points across the enterprise, both internal and external, can access any information held within the Meridio integrated document/record store. Yet at the same time, security is never compromised. Meridio functionality is exposed as a Web Service, ideal for .NET applications...
Summary: ...DAH) enables the distribution of ACI™ (Autonomy Content Infrastructure) action commands to multiple Autonomy IDOL™ servers, providing failover and load balancing. This facilitates linear scaling of systems through faster action command execution and reduction of processing time. The setup of the IDOL...
Summary: ...Autonomy LiveSite - Product Overview. Improving Usability for All Web Applications With Autonomy LiveSite, runtime delivery applications – such as enterprise portals, eCommerce solutions, custom applications (J2EE, .NET, RIAs), and mobile devices – are able to leverage the simple and intuitive authoring...
Summary: ...during discovery when the reviewer searches for one term and IDOL automatically returns a list of additional potentially relevant topics that can be examined. This is also useful when conducting basic keyword searches, as IDOL can provide suggested searches to ensure that other key terms are not missed...
Summary: ...Autonomy Global Capital Markets Solution Brief. POWER PROMOTE PROTECT Highlights 70% of the top global dealers and investment managers, with billions of dollars in derivatives every day, rely on Autonomy GCM solutions to: • Automate post-trade document and message operations • Expose and make discoverable...
Summary: ...the “auto-publish” threshold of 95%, so the document is assigned, or published, to the category. But when Collaborative Classifier compares the how-to document to the category’s rules, it only scores 90%. This is below the auto-publish threshold, but above the “propose” threshold of 85%, so...
Summary: ...license. [20111020 _ CI _ PO _ TeamSite] • Connectors to all social networking sites, including Facebook, Twitter, LinkedIn, and C|Net, and understanding of all forms of information, including 140 character tweets, videos, and slang • Insight into emerging trends, themes, and opportunities discussed...
This is a small selection of the Autonomy Product Briefs available, please visit our publications site at http://publications.autonomy.com/ for more information.
Summary: ...Outlay– limited upfront costs allows budget allocation to other items Yes No Expense Stream– consistent, predictable costs to eliminate billing surprises Yes No Setup Deployment– time-to-production generally measured in (time period) Days Weeks Infrastructure– uses customer’s infrastructure...
Summary: ...Millions $0 $1 $2 $3 $4 $5 $6 Year 2 Year 3 Before EAS Costs After EAS Costs 20 White Paper The impact on ROI is much more significant over a longer period of time – given the long-term impact of reduced storage requirements, fewer mail servers, lower administration, and enhanced end-user productivity...
Summary: ...over a longer period. 4. Develop the business case If the feasibility study demonstrates that the objectives can be achieved at acceptable costs a business case should be prepared to justify and secure the budget. Some broad guidance is given above but each organisation and indeed different executives...
Summary: ...that simply incorporating information available publicly may well have identified serious risk.17, 18 11 Impact to net income in FY 2007 was $124 (CAD), which represented 22% of total net income before taxes reported for the same period 12 Scannel, Sara. SEC Had Chances for Years to Expose Madoff’s...
Summary: ...However, if some of these variables have an appreciable impact, and they can be measured accurately, it is preferable to include them in the model as extra variables (called covariates in statistical terminology). For example, the date and time of a Website visit are easily measured and probably do have...
Summary: ...in place in order to be as streamlined and competitive as possible, and above all responsive to change. The opportunity to optimise business processes to improve performance measures such as the support staff to fee-earner ratio, and intangibles such as client satisfaction, should be grasped. Taking the...
Summary: ...accordingly. The Fundamentals of the FRCP Changes White Paper 4 The first step to prepare is to develop a solid understanding of each new rule and what it means to you. For your reference, the table below lists the Federal Rules of Civil Procedure amendments with a corresponding brief description of their...
Summary: ...consistent data protection for every desktop or laptop in an enterprise, online data protection services can virtually eliminate the cost of this loss. The potentially significant repercussions, penalties, and other costs for loss of private or other sensitive data are discussed below. Online data protection...
Summary: ...Basel II), ??Title 21 Code of Federal Regulations (21 CFR) Part 11, and ??The Health Insurance Portability and Accountability Act (HIPAA) These regulations and a number of others will increasingly expose IT operations to a variety of interested stakeholders. This white paper will discuss the impact of...
Summary: ...Autonomy Whitepaper - How To Measure The ROI of Cloud Data Protection. This may increase the types of deployed configurations to support (older as well as newer platforms) and the volume and types of qualification testing required. Server platforms in new locations added through acquisitions or mergers...
Summary: ...applied manual techniques such as hard drive imaging or custodian self collection. As discussed above, there have been several court cases where custodian self-collection has exposed litigants to sanctions and evidentiary rulings; furthermore, custodian self-collection is generally ineffective as it relies...
Summary: ...vs non-clustered configuration) has a relatively small impact (4% slowdown) on performance, so the cache’s addition to the clustered Scrittura Platform deployments is not expected to have a significant impact in this scenario’s performance. 2. WordML Document Edit Scenario One of the day to day operations...
This is a small selection of the Autonomy White Papers available, please visit our publications site at http://publications.autonomy.com/ for more information.
Related Case Studies
