Deltek Reports Record Product Revenue of $28.9 Million, Up 12% from Prior Year

Q4 Non-GAAP Operating Income increases 46% from prior year

Q4 Non-GAAP Margin increases to 21%

Full Year Revenue of $341 Million, Up 22% from prior year

HERNDON, Va. — (BUSINESS WIRE) — February 9, 2012 — Deltek, Inc. (Nasdaq: PROJ), the leading global provider of enterprise software and information solutions for professional services firms and government contractors, today announced financial results for the quarter and year ended December 31, 2011.

Q4 product revenue was $28.9 million, up 12% from Q4 2010. Total revenue for Q4 was $87.4 million, up 2% from the fourth quarter of 2010.

Q4 product bookings were $36.6 million, a 24% increase from the prior quarter and an 11% increase from the fourth quarter of 2010. Product bookings consist of the aggregate contract value of the Company’s products sold during the quarter through its various licensing models including perpetual, term and subscription.

Q4 subscription and term license revenue was $11.5 million, up 130% from the same quarter a year ago. Maintenance revenue was $40.7 million, up from $36.1 million in the fourth quarter of 2010, an increase of 13%. Consulting and other revenue was $17.8 million, compared to $24.2 million in Q4 2010.

Non-GAAP operating income for the fourth quarter of 2011 was $18.6 million, compared to $12.8 million in Q4 2010, an increase of 46%. Q4 Non-GAAP operating margin was 21%, compared to 14% in Q4 2010. Non-GAAP net income for the fourth quarter of 2011 was $9.7 million, or $0.15 per diluted share, compared to $5.3 million, or $0.08 per diluted share, in Q4 2010.

Q4 GAAP operating income was $7.7 million, compared to a GAAP operating loss of $5.3 million in the prior-year period. Q4 GAAP operating margin was 9%, compared to a GAAP operating margin deficit of 6% in Q4 2010. Q4 GAAP net income was $3 million, or $0.05 per diluted share, compared to a net loss of $7.9 million, or ($0.12) per diluted share, in Q4 2010.

“We had another excellent quarter with record bookings, record product revenue and strong profitability with margins over 20%. Overall, 2011 was a great year with total revenue increasing 22% to $341 million, clearly demonstrating the global market leadership position that Deltek has built over the last several years,” said Kevin Parker, president and CEO of Deltek. “Looking back at the year, we significantly expanded our presence within the broad professional services market, drove strong sales in our core government contracting and A&E markets, grew internationally, launched new solutions and increased our recurring revenue streams by adding additional software delivery models.

“We successfully completed our acquisition integration plan, delivering revenue synergies, improving our cost structure and significantly expanding our margins throughout the year. We enter 2012 with the best portfolio of solutions in the marketplace and flexible delivery mechanisms, positioning us very well for profitable growth in the coming years.”

Comparison of GAAP and Non-GAAP Measurements

Non-GAAP operating income and margin exclude the pre-tax impact of stock-based compensation, amortization of acquired intangible assets, purchase accounting impacts relating to acquisitions, acquisition-related costs, restructuring charges and impairment of certain intangible assets. Non-GAAP net income excludes the same items on a net-of-tax basis as well as loss on extinguishment of debt.

A reconciliation of GAAP to non-GAAP financial measures is provided in the tables at the end of this press release.

Recent Highlights

  • Deltek released Costpoint 7, a world-class ERP platform that helps government contractors improve efficiency, increase cash flow, and drive greater profitability. Costpoint 7 delivers new accounting, project management, materials management, content management, security, and payroll capabilities through a next generation service-oriented architecture. Costpoint 7’s web-services based architecture allows customers and partners to integrate with any Costpoint module in real-time from any location, enables the solution to scale for the needs of multi-billion dollar enterprises, and delivers the flexibility to be delivered through a public or private cloud environment.
  • Deltek released Deltek Maconomy Business Performance Management. Developed as a seamless extension of the Deltek Maconomy enterprise management system, the new business intelligence solution delivers key business insight through reports, dashboards, and analytics. The solution uniquely empowers individuals across all levels of the organization to view and utilize data to make better, faster decisions.
  • Deltek continues to penetrate the Accounting industry within the United States, a key market for its professional services solutions. Key new customers include Smart Devine, a fast-growing accounting and advisory firm, and Blue & Co., one of the Top 100 accounting firms in the nation.
  • Deerns, a leading consulting engineering company based in the Netherlands with significant operations in Germany, selected Deltek Vision. Deerns is implementing Deltek Vision across its offices around the globe to increase resource utilization, improve project planning processes and achieve maximum financial and operational insight. Deerns is another in a series of recent Deltek Vision wins in the European marketplace.
  • Deltek closed a number of significant deals in the government contracting sector. Key new customers include Guident, a fast growing company that is implementing Deltek’s cloud-based Deltek First solution; Aleut Management Services, an Alaskan native corporation that is using Deltek Costpoint to lower costs, accelerate cash flow, and drive profitability; and Three Saints Bay, a government contractor that purchased Deltek Costpoint to transform its collection of successful but discrete businesses into a single, unified, high-performing organization.
  • Cognosante, a healthcare information solutions provider, completed its implementation of GovWin CRM and Deltek Costpoint in less than a year. The fast-growing company is using Deltek to win new business, streamline operations and deliver more profitable projects.
  • Deltek has been selected as a winner of the 2012 Washington SmartCEO/Clifton Gunderson Future 50 award. This award recognizes Deltek as one of the Washington, DC area’s 50 fastest-growing companies based on employee and revenue growth over the past three years.

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