Interwoven Announces Record Fourth Quarter and Year-End Financial Results
Fourth Quarter Revenue Growth of 11%; Full Year Non-GAAP Net Income Growth of 23%
San Jose, Calif. - January 23, 2009 - Interwoven, Inc. (NASDAQ: IWOV), a global leader in content management solutions, today announced financial results for the three months and year ended December 31, 2008.
Interwoven reported total revenues of $69.8 million for the fourth quarter of 2008, an increase of 11% from total revenues of $62.9 million for the fourth quarter of 2007. Net income for the fourth quarter of 2008, calculated in accordance with generally accepted accounting principles, was $10.7 million, or $0.23 per share, compared to net income of $10.7 million, or $0.23 per share, for the same period in 2007. On a non-GAAP basis, Interwoven reported a net income of $10.8 million for the fourth quarter of 2008, or $0.23 per share, compared to non-GAAP net income of $8.2 million, or $0.18 per share, for the fourth quarter of 2007.
For the year ended December 31, 2008, Interwoven reported total revenues of $260.3 million, an increase of 15% from total revenues of $225.7 million for 2007. Net income for the year ended December 31, 2008, calculated in accordance with generally accepted accounting principles, was $32.0 million, or $0.69 per share, compared to a net income of $23.7 million, or $0.51 per share, for 2007. On a non-GAAP basis, Interwoven reported net income of $34.8 million for the year ended December 31, 2008, or $0.74 per share, compared to non-GAAP net income of $28.3 million, or $0.61 per share, for 2007.
Reconciliations of net income and net income per share calculated in accordance with generally accepted accounting principles and non-GAAP net income and non-GAAP net income per share are provided below in the tables immediately following the consolidated statements of operations. Additional information about the company's non-GAAP financial measures can be found under the caption "Non-GAAP Financial Information" below.
As of December 31, 2008, cash and cash equivalents and short-term investments totaled $185.2 million and deferred revenues totaled $74.7 million.
"The fourth quarter capped off another year of solid performance for Interwoven, a year in which we posted record revenues, earnings, and cash flows," said Joe Cowan, CEO at Interwoven. "What's most remarkable, however, is the continued customer momentum we experienced, with over 400 new customers added in 2008 alone. I'd like to thank our customers, partners, and stockholders for their continued support, and recognize the accomplishments of our team. I'm proud of their contributions to our business."
Customer Success Highlights
During the quarter, Interwoven added 129 customers, bringing the company's total to over 4,700 customers worldwide.
Notable customer orders included: adidas, Aetna Inc., Allstate Corporation, AON Services Corporation, Avon Corporation, Bank of America, ENI S.p.A., Citibank, DLA Piper, Epson Singapore, Fuji Electric Japan, Georgia-Pacific, Hilton Hotels, Loma Linda University Adventist Health, Meridian, Morgan Cole, National Instruments, Nikon Corporation, Ping An Insurance Company of China, Plesner Svane Gronborg, Reed Elsevier, Inc. (LexisNexis), Rogers Communications, SJ Berwin, Tesco, and The Carphone Warehouse Group.
During the quarter, Interwoven announced that Akin Gump Strauss Hauer & Feld LLP, a leading international law firm with more than 900 lawyers and advisors in the United States, Europe, Asia and the Middle East, selected the full Interwoven suite of legal industry solutions to create and deliver a unified and comprehensive information management system. Akin Gump - known for its innovation and forward-thinking - will leverage Interwoven's proven approach to drive firm productivity and growth.
Also during the quarter, executives with AvisBudget Group, Inc., parent of Avis Rent A Car, and Interwoven partner Roundarch presented information on the upcoming re-launch of AVIS.com. The new site is leveraging Interwoven technology to deliver a richer consumer experience and increase revenues. Presentations were delivered to Forrester's Consumer Forum as well as Interwoven's well attended annual Analyst Day program.
Product News and Industry Leadership Highlights
Interwoven DevNet Developer Community Crosses 25,000 Member Mark - In the fourth quarter, Interwoven announced that its DevNet developer community surpassed the 25,000 membership mark. DevNet was created in 2001 to provide the global community of Interwoven developers and customers with a knowledge-sharing forum to exchange ideas with community peers, showcase skills, and gather new techniques and best practices. In addition, Interwoven launched the TeamSite SitePublisher Component Contest, challenging DevNet members to build creative, flexible, and reusable Website components.
Interwoven Included in Gartner Marketscope for E-Discovery Software Product Vendors - For the first time, Interwoven was included in analyst firm Gartner's eDiscovery Marketscope. In the report, Gartner wrote: "(Interwoven's) purchase of Discovery Mining is consistent with the company's overall strategy of fielding best-of-breed offerings for particular vertical and horizontal content-based applications."
Interwoven Received Top Honors in Law Technology News Awards - In December, Law Technology News (LTN) announced that Interwoven had won Gold and Silver awards in LTN's sixth annual Technology Awards. This was the second straight year that Interwoven has won a top honor.
Interwoven Composite Application Provisioning Solution Enhanced - In the fourth quarter, Interwoven announced an enhanced version of the Composite Application Provisioning (CAP) solution. The Interwoven CAP solution is designed to allow businesses to automate and standardize the deployment of custom Web applications, resulting in improved efficiency and time-to-market. The new version delivers enhanced usability and additional automated code release capabilities.
Business Highlights
Interwoven Added to Standard & Poor's U.S. Index - In November, Standard and Poor's added Interwoven to its SmallCap 600 index. The Index includes companies meeting certain guidelines including requiring the company be based in the U.S., have a minimum market capitalization of $250 million, and have four consecutive quarters of positive earnings.
Interwoven Announces Definitive Agreement to be Acquired by Autonomy - On January 21st Interwoven entered into a definitive agreement to be acquired by Autonomy, the clear leader in enterprise search and the front runner in Meaning-Based Computing. We believe this acquisition will bring together two quality, high-performing software companies who share a vision to fundamentally change the way organizations discover, analyze and manage information. The combined company is expected to have more than 2,000 employees and 20,000 customers. For more information on the acquisition, please refer to the company's proxy statement, when it becomes available, and other relevant materials filed by Interwoven with the Securities and Exchange Commission.
Non-GAAP Financial Information
To supplement the company's consolidated financial statements presented in accordance with generally accepted accounting principles, Interwoven uses measures of operating results, net income, net income per share, and shares used in the net income per share calculation, which are adjusted to exclude restructuring charges, stock-based compensation, amortization of intangible assets and the related tax impact of these adjustments, and the costs associated with the company's voluntary review of historical stock option grant procedures and related accounting. These non-GAAP results are not in accordance with, or an alternative for, results prepared in accordance with accounting principles generally accepted in the United States of America, and the company's non-GAAP measures may be different from non-GAAP measures used by other companies. Interwoven believes that the presentation of non-GAAP results provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. Interwoven also believes that where the adjustments used in calculating non-GAAP net income and non-GAAP net income per share are based on specific, identified charges that impact different line items in the consolidated statements of operations (including cost of revenues-license, cost of revenues-support and service, sales and marketing, research and development, and general and administrative expenses), it is useful to investors to know how these specific line items in the consolidated statements of operations are affected by these adjustments. For its internal budgets, Interwoven's management uses consolidated financial statements that do not include restructuring and excess facilities charges, retirement benefit costs associated with retirement of the company's former chief executive officer, stock-based compensation, amortization of intangible assets, and the related tax impact of these adjustments, and the costs associated with the company's voluntary review of historical stock option grant procedures and related accounting. Interwoven uses these non-GAAP measures in assessing corporate performance and determining incentive compensation. Readers are advised to review and consider carefully the financial information prepared in accordance with accounting principles generally accepted in the United States of America contained in this press release and Interwoven's periodic filings with the Securities and Exchange Commission.
This press release contains "forward-looking" statements, including statements about historical results that may suggest trends in our business. These statements are based on estimates and information available to us at the time of this press release and are not guarantees of future performance. Our forward-looking statements include statements related to the proposed acquisition of Interwoven by Autonomy. Actual results could differ materially from our current expectations as a result of many factors including: the risk that the proposed acquisition of Interwoven by Autonomy is not consummated; 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 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 our business are described in our most recent Annual Report on Form 10-K, 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.
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: ...retention algorithm, the UNT Health Science Center can quickly determine the storage requirements of all relevant records. As Woodall explains, “Every file inventoried via the Autonomy solution automatically has the right retention criteria applied to it, eliminating the need for manual calculations.”...
Summary: ...Cardiff Case Study; General Motors Acceptance Corporation. There, a RightFax fax server receives the document and automatically forwards it to TeleForm, which identifies the fax as a credit application and interprets the handprinted information. The TeleForm verification process immediately flags any...
Summary: ...between client and accountant. By adding value to their businesses in a tangible and measurable way thus providing a service that clients truly appreciate. As a leading accounting frm serving businesses throughout Ayrshire and right across the central belt of Scotland, Robert J Hart is focussed on delivering...
Summary: ...often travel between the two offces and whichever one they are in, they can get immediate access to documents and e-mails. In particular, tax return preparation is now much faster. “The number of chargeable hours and our general productivity has increased thanks to Interwoven WorkSite,” adds Banks....
Summary: ...the Patent and Trademark Office, and others. Autonomy WorkSite enables Sunstein to implement working practices consistent with their policies and enables collaboration across distributed teams. Both paper and electronic documents, records, e-mail messages and other media are consolidated in a central...
Summary: ...design principles based on a solid foundation of data, rather than subjective intuition. “Small things made a big difference, such as adding multiple calls-to-action and shading the disclaimer on the email page differently,” reported Salmanowitz. “Even something as simple as hyperlinking the title...
Summary: ...subways, and taxis. Each coupon costs approximately five cents but can be used for $1 of transportation charges. To use the Cityride coupons, an individual calls a taxi or takes a bus as usual but then submits the coupons as payment. The driver attaches the coupons to a special trip form that contains...
Summary: ...huge amounts of short-term flow data— data samples of IP conversations taken at five-minute intervals. Because it is real-time data, short-term data is essential for network troubleshooting. It is also the primary detail data used to calculate all other data sets. The appliance database stores all the...
Summary: ...The County’s Agricultural Weights and Measures department has had similar success using Autonomy TeleForm, which can process thousands of paper forms per day with superior accuracy, speed and efficiency. County agricultural inspectors take advantage of the point-and-click capabilities of TeleForm Form...
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: ...and Improves Collaboration For a Competitive Advantage With Interwoven Established as the business process services operation of GE Capital, Genpact now operates as an independent company helping clients around the world improve their business performance through Six Sigma principles and cutting-edge...
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: ...Business Processes Workflow Manager enables firms to manage critical processes such as document review and approval, client acceptance and engagement closing. It provides an ideal platform for managing, tracking and controlling the end-to-end engagement processes in tax and other practice areas. iManage...
Summary: ...Intelligent Documents automatically checks for fraudulent activities and prevents these activities in real-time 1) Rounded amounts 2) Invoice totals just below approval amounts 3) Sequential invoice numbers 4) Above-average payments per vendor 5) Mail drop as an address “Non-purchase order related invoices...
Summary: ...Autonomy for the Legal Department - Solution Brief. Archiving – Autonomy Consolidated Archive enables organizations to meet and exceed compliance requirements and rapidly respond to litigation pressures or regulatory inquiries while simultaneously enforcing lifecycle on all electronic content. Autonomy's...
Summary: ...Notices Are Not Enough: Courts have made it clear that a legal hold notice is not enough. Why Custodian Self Collection is Risky: Self-Collection is rarely systemized, repeatable, or defensible and generally fails to meet Court requirements for legal holds. Automated Preservation and Collection Mitigates...
Summary: ...Meridio Professional Services. Customer, Meridio or 3rd party Partner - Defines timelines for completion of project or phase - Outline of personnel days and costs required to complete the SOW Customer Requirements Studies Customer requirements studies generally start with an onsite meeting involving Meridio...
Summary: ...the engagement lifecycle WorkSite manages content throughout its entire lifecycle: from client contact and acceptance; through engagements—with other work paper management and tax applications; during the process of reviewing, assembling and delivering work product to clients; and finally ensuring client...
Summary: ...expression. Most powerfully, an Agent can be trained or re-trained by example, simply by being shown a document, video, or verbal conversation that matches a user’s interests. The Agent will then learn the concepts within the example and define itself accordingly. Once an Agent has been created it will...
Summary: ...Federal Information Processing Standard (FIPS) 140-2 Level 1 validated cryptographic module for Windows XP and Windows 7 personal computers, and Windows 2003 servers, per the FIPS 140-2 Implementation Guidance section G.5 guidelines. • The Connected Classify & Collect end-user interfaces comply with...
Summary: ...key differentiators include conceptual search, security and scalability.” — The Forrester Wave™ Enterprise Search Platforms, Matthew Brown Using Autonomy’s Introspect, a multi-billion-dollar company consolidated many cases onto one platform to drive down costs and reduce time scales, greatly exceeding...
Summary: ...the operations that are important to their job. Robust physical records management and tracking Firms can manage physical files at the warehouse, shelf, box, folder, subfolder, or document level. A Circulation Dashboard helps file room managers stay productive during peak workloads by consolidating repetitive...
Summary: ...to significant compliance risk. Such technologies begin to calculate the relevance of each document at indexing time; however if at the beginning of the calculation a particular result appears to be irrelevant, the engine will stop without taking into consideration the rest of the document. Consequently,...
Summary: ...to significant compliance risk. Such technologies begin to calculate the relevance of each document at indexing time; however if at the beginning of the calculation a particular result appears to be irrelevant, the engine will stop without taking into consideration the rest of the document. Consequently,...
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: ...consecutive quarters with cash reserves in excess of $75 million, Autonomy’s organic growth is approximately 20% year-over-year. Autonomy is publicly listed on the London Stock Exchange (AU.). Our revenues are reported in accordance with the stringent standards laid out by US GAAP and International...
Summary: ...spend more than 30 minutes a day managing their mailboxes.5 Adding to lost end-user productivity, corporate users now spend more time searching for information than analyzing it.6 While it can be argued that not all time spent on managing email is unproductive, it is generally accepted that user time...
Summary: ...for records management best practices, ARMA International’s Generally Accepted Recordkeeping PrinciplesSM (GARP) have been published with two key goals in mind: to foster a general awareness of recordkeeping standards and principles, and to assist organizations in developing consistent records systems...
Summary: ...on the actions of its employees to carry-out its obligations, if any. More importantly, the Federal Rules of Civil Procedure do not grant authority for an organization to directly access such content without approval from the account holder or site owner. Getting the latter may prove quite difficult....
Summary: ...that companies provide a means of authorizing users to securely initiate the provisioning of content changes, while maintaining both a complete audit trail and an accurate version and record of all changes made. Specifically, per the COSO framework, Sarbanes-Oxley requires companies to evaluate the design,...
Summary: ...to back up server data to tape, it is important to include all licenses required. These may include the following: - Backup agent software (for each server protected) - Database server agents (one per database server protected, such as, Oracle® or SQL Server) - Open file managers (software specifically...
Summary: ...world. To address this, OGC put together a working relationship with various non-government groups and organizations to test and modify ITIL. From this, a nonprofit foundation and review board, IT Service Management Forum (itSMF), was created. ITIL has now been consolidated into seven books that provide...
Summary: ...and 4 expense codes, DuPont learned that they saved an average of $ 4300 per case. Extrapolating this savings across DuPont’s entire portfolio (and discounting for simpler matters that would not benefit as much from The Edge) would net DuPont an annual savings of approximately $4.5 million.
...
Summary: ...variables, it is often advisable to start by assuming that they are negligible. If the first set of tests indicates that some of these higher order interactions might indeed be useful, follow-up tests can be conducted to assess that. On the other hand, pre-planned designs typically assume that none of...
Summary: ...technologies retrieve a set number of results, they stop looking for documents. This approach sacrifices relevance at the expense of making the solution appear much faster than it actually is. In the consumer search space this is a generally accepted technique for generating fast query response times....
Summary: ...form) 20. Credit for unused federal credit for prior year minimum tax 21. Total credits. Add lines 16 through 20 22. Net tax liability. Subtract 21 from line 15. If less than zero, enter 0 23. North Dakota withholding (Attach supporting W-2s and 1099s) 24. Estimated tax paid plus overpayment applied from...
Summary: ...the client to ensure all information that might be relevant is located and placed under the litigation hold. Third, a lawyer needs to take affirmative steps to monitor compliance. Fourth, a lawyer should have a client’s employees turn over electronic versions of active files, and the lawyer should ensure...
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
