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Determine Announces 4th Quarter and Fiscal Year 2016 Financial Results

CARMEL, IN — (Marketwired) — 06/16/16 — , Inc. (NASDAQ: DTRM), a leading global provider of SaaS enterprise Source to Pay and Enterprise Contract Lifecycle Management, including cloud-based strategic sourcing, supplier management, contract management and procure-to-pay solutions, announced financial results for its fourth quarter and fiscal year ended March 31, 2016.

GAAP revenue was $26.8 million in FY2016, compared to $20.9 million in FY2015, representing a 28% increase in year-over-year growth.

GAAP gross profit percentage increased to 52% in FY2016, compared to 41% in FY2015, an increase of 11 percentage points.

Deferred revenues increased 23% to $10.4 million in FY2016 from $8.4 million in FY2015.

(in thousands, except per share amounts)

Total annual new ARR bookings were $4.9 million in FY2016, compared to $3.1 million in FY2015, representing a 55% year-over-year increase.

Non-GAAP revenue increased 21% to $27.0 million in FY2016 from $22.3 million in FY2015. The difference between GAAP and Non-GAAP revenue is due to the Iasta and b-pack purchase accounting deferred revenue adjustment.

Non-GAAP gross profit percentage increased to 57% in FY2016 from 49% in FY2015, an increase of 8 percentage points. The difference between GAAP and Non-GAAP gross profit is due to the Iasta and b-pack purchase accounting deferred revenue adjustment and the amortization of intangibles.

Billings increased 22% to $28.7 million in FY2016 from $23.6 million in FY2015. Billings, a non-GAAP measure, are defined as revenues plus the change in deferred revenues.

(in thousands, except per share amounts)

“I am very pleased with our performance on multiple levels both for the quarter and for the fiscal year overall,” said Patrick Stakenas, President and CEO of Determine. “We had another strong new bookings quarter in the fourth quarter of fiscal 2016 with the team delivering $1.2M in new ARR, which nicely rounded out our fiscal year–s performance. Delivery of our unified Source to Pay, and Enterprise Contract Lifecycle Management solution, called the Determine Cloud Platform, is progressing very well and on schedule with our product roadmap. The Determine Cloud Platform has received positive reviews from customers, prospects and . On the financial side, in the fourth quarter, we took the necessary actions to materially reduce expenses, which will solidly position the business for financial success in the coming quarters. I–m very excited as our team transforms the company with the launch of our new disruptive suite of technology, in combination with embracing the necessary financial discipline, we are well poised for great things to come in fiscal 2017.”

The company Patrick Stakenas to President, CEO and a Director. Mr. Stakenas joined the Company as Chief Strategy Officer at the beginning of 2014, from Gartner, after driving ForceLogix Technologies through its IPO and sale to CallidusCloud.

, President and CEO, and , Director Product Marketing, were among the 2015 recipients of the presented by Supply & Demand Executive magazine. In addition, Supply & Demand Executive magazine named the following clients “Practitioner Pros to Know” as exceptional corporate executives: Joanna Martinez from Cushman & Wakefield, Lou Galczynski from Endo, James Gavin McCarthy from Equifax, Jason East from YP.

On July 31, 2015, the company completed the acquisition of b-pack, a pioneer and global leader in the delivery of enterprise procure-to-pay solutions, whose focus was on providing rich, end-to-end procurement capabilities, including: eProcurement, Purchase-to-Pay, Asset Management, Budget Management, Invoice Management and Expense Management. b-pack is a recognized Gartner –visionary– in the 2015 Magic Quadrant for Procure-to-Pay Suites for Indirect Procurement and serves global customers across many business sectors including such leading companies as , Yves Saint Laurent/Gucci, Aon, Telehouse, BNP Paribas, Buccaneer Energy and United Drug. For the past 15 years, b-pack has empowered finance and procurement enterprise professionals with flexible, innovative and critical risk mitigation solutions.

On October 19, 2015, the company launched a global rebranding effort in the marketplace from the floor of NASDAQ to formally combine the three legacy industry leaders and brands: Selectica, Iasta and b-pack under one new company – () — and one brand. Over the last three years as the company has executed its strategic plan, it has evolved significantly from a predominantly contract lifecycle management solutions provider to a leading Source to Pay with an Enterprise Contract Lifecycle management suite. A new brand was essential to encapsulate the new business vision. Determine integrated its acclaimed “visionary” Gartner Magic Quadrant contract management, procurement and Source to Pay solutions and four collective decades of business acumen onto one platform, one brand and one customer promise: Vision. Insight. Control.

Our Determine Contract Management solution was recognized by in their latest rankings. Enterprise Contract Management systems have emerged as a scalable alternative for enterprises to leverage cloud solutions to streamline and monitor their contract lifecycle management processes. A panel comprising of CEOs, CIOs, VCs, analysts and CIOReview editorial board compiled top contract management solution providers. CIOReview looked at the vendor–s capability to provide cost-effective and flexible solutions that add value to the contract management services landscape.

In Q4 FY2016, the company engaged numerous new customer accounts in the US and Europe across its suite of Source to Pay and Enterprise Contract Lifecycle Management solutions. The company added new customers in key verticals including: airline, agricultural production, consumer goods, pharmaceutical, scientific research, manufacturing, retail and financial.

Participant Conference Call Numbers:

Toll-Free: 1-877-407-0789

Toll/International: 1-201-689-8562

Participant Webcast Link:

Replay Dial-in Information:

Toll-Free: 1-877-870-5176

Toll/International: 1-858-384-5517

From: 06/16/16 @ 8:00 pm Eastern Time

To: 06/23/16 @ 11:59 pm Eastern Time

Replay Pin Number: 13638155

Related:

To supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including non-GAAP revenue, non-GAAP gross profit, non-GAAP net income and non-GAAP earnings per share, which we believe are helpful in understanding our past financial performance and future results. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “GAAP to Non-GAAP Reconciliations”. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.

The difference between GAAP and non-GAAP revenue is due to the impact of revaluing the deferred revenue balances acquired from primarily b-pack as required by GAAP purchase accounting.

The difference between GAAP and non-GAAP gross profit is the difference in GAAP versus non-GAAP revenues as well as the elimination of the amortization of acquisition related intangibles, stock based compensation and severance expense from the costs of revenue. Non-GAAP net loss excludes the non-GAAP gross profit items as well as acquisition related costs.

Our management regularly uses our supplemental non-GAAP financial measures internally to understand and manage our business and forecast future periods; as such, we believe it is useful for investors to understand the effects of these items on our total operations. Further, please note that our non-GAAP revenue is intended to reflect the full amount of revenues that would have been otherwise recorded by the acquired entities of Iasta and b-pack, while our non-GAAP gross profit also excludes the amortization of intangibles that occurred due to the acquisition of the entities of Iasta and b-pack.

Bookings are an operating measure not derived from the company–s revenues or any other amounts presented in accordance with GAAP in the company–s statement of income, balance sheet or statement of cash flows or other equivalent statements.

Certain statements in this release and elsewhere by Determine are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding business outlook, assessment of market conditions, anticipated financial and operating results, strategies, product and channel development, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of the company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to fluctuations in demand for Determine–s products and services, risks of losing key personnel or customers, protection of the company–s intellectual property and government policies and regulations, including, but not limited to those affecting the company–s industry. Determine undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the company can be found in the company–s most recent Form 10-K as filed by the company with the Securities and Exchange Commission.

(NASDAQ: DTRM) is a leading global provider of SaaS Source to Pay and Enterprise Contract Lifecycle Management (ECLM) solutions. Our visionary technologies allow our customers to effectively manage the full scope of Source to Pay and ECLM using our Determine Cloud Platform. Our Source to Pay software suite includes strategic sourcing, supplier management, contract management and procure-to-pay applications.

The Determine Cloud Platform gives procurement, finance and legal professionals the ability to deliver profound insights through analysis of their supplier relationships and contractual requirements. Our customers leverage the Determine Cloud Platform to discover previously unseen supplier and spend data; make more informed and smarter business decisions; drive new revenue; control costs; improve workflow efficiencies; and mitigate risk.

Our customers benefit from the Determine Cloud Platform–s robust suite of integrated applications. Whether they start with a full-suite implementation or choose to implement just one application and build over time, each additional application allows for the automatic sharing of data already in place on the Determine Cloud Platform.

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