WOBURN, Mass.--(BUSINESS WIRE)--Monotype (Nasdaq: TYPE), a leader in helping to empower expression and engagement through type, technology and expertise, today announced financial results for the second quarter ended June 30, 2016. This announcement follows the company’s July 21 announcement that it intends to acquire Olapic. A 190-person company based in New York City, Olapic offers a leading visual marketing platform for the curation, activation, and analysis of Earned Content.
Second quarter 2016 highlights
- Revenue for the quarter was $48.7 million, an increase of 5 percent, year over year.
- Creative Professional revenue was $23.5 million, up 13 percent.
- Net income was $6.7 million and non-GAAP net adjusted EBITDA was $17.1 million, or 35 percent of revenue.
- Cash and cash equivalents stood at $109.5 million.
“Monotype’s business is solid, and in the second quarter, we saw another strong performance from Creative Professional,” said Scott Landers, president and chief executive officer of Monotype. “Brands are increasingly turning to us for help in addressing new design and marketing use cases. We believe that our ability to meet these new needs – through our current solutions and over time through those from Olapic – will continue to be a sustainable, long-term growth driver for the company.”
Joe Hill, executive vice president and chief financial officer of Monotype, said, “We remain encouraged by the continued traction within the Creative Professional business, which we believe is being positively impacted by the investments we’ve made over the past several years. These investments are allowing Monotype to add value for our customers to address multiple use cases within their organizations, which makes our offerings even more attractive to brands.”
Second quarter 2016 operating results
Revenue for the
quarter increased five percent to $48.7 million, compared to $46.4
million for the second quarter of 2015. Creative Professional revenue
was $23.5 million, a 13 percent increase from the second quarter of
2015. OEM revenue was $25.3 million, a decrease of 2 percent from the
same period in 2015.
GAAP net income was $6.7 million, compared to $5.9 million in the second quarter of 2015. Earnings per diluted share were $0.16, compared to $0.15 in the prior year quarter.
Non-GAAP net adjusted EBITDA was $17.1 million, or 35 percent of revenue, compared to $16.4 million in the second quarter of 2015.
Non-GAAP net income, which excludes the amortization of intangible assets, stock-based compensation expense and acquisition-related contingent consideration expense, net of taxes, was $10.7 million, compared to $9.3 million in the second quarter of 2015. Non-GAAP earnings per diluted share were $0.27 compared to $0.24 in the prior year period.
Cash and cash flow
Monotype had cash and cash equivalents of
$109.5 million as of June 30, 2016, compared to $95.4 million as of
March 31, 2016 and $74.6 million as of June 30, 2015. The company
generated $17.7 million of cash from operations in the second quarter of
2016.
Quarterly dividend
Monotype’s most recent dividend payment
of $0.11 per share was paid on July 21, 2016, to shareholders of record
as of July 1, 2016. The next dividend payment of $0.11 per share will be
paid on October 21, 2016, to shareholders of record as of the close of
business on October 3, 2016.
Financial outlook
For the third quarter of 2016, Monotype
expects revenue in the range of $49.0 million to $52.0 million. The
company anticipates third quarter 2016 net income in the range of $5.5
million to $7.2 million, non-GAAP net adjusted EBITDA in the range of
$16.5 million to $19.0 million, earnings per diluted share in the range
of $0.14 to $0.18 and non-GAAP earnings per diluted share in the range
of $0.24 to $0.28.
Monotype has analyzed the impact of FX changes following Brexit, and as a result, is lowering its previously issued, full year 2016 guidance to reflect the expected impact of exchange rates on revenue and earnings, which is expected to have a $2.5 million dollar full-year impact on revenue and $1.0 million dollar impact on non-GAAP net adjusted EBITDA. The company now expects revenue in the range of $199.5 million to $205.5 million. Monotype expects full year 2016 net income in the range of $25.4 million to $28.6 million, non-GAAP net adjusted EBITDA in the range of $71.0 million to $76.0 million, earnings per diluted share in the range of $0.64 to $0.72 and non-GAAP earnings per diluted share in the range of $1.05 to $1.13. The company’s guidance does not include the impact of its proposed acquisition of Olapic.
Conference call details
Monotype will host a conference call
on Wednesday, July 27, 2016, at 8:30 a.m. EDT to discuss the company’s
second quarter 2016 results. Individuals who are interested in listening
to the audio webcast should log on to the “Investors”
portion of the “Company” section of Monotype’s website at www.monotype.com.
The live call can also be accessed by dialing 877-201-0168 (domestic) or
647-788-4901 (international) using passcode 47955834. If individuals are
unable to listen to the live call, the audio webcast will be archived in
the Investors portion of the company’s website for one year.
Non-GAAP financial measures
This press release contains
non-GAAP financial measures under the rules of the U.S. Securities and
Exchange Commission. This non-GAAP information supplements and is not
intended to represent a measure of performance in accordance with
disclosures required by generally accepted accounting principles.
Non-GAAP financial measures are used internally to manage the business,
such as in establishing an annual operating budget and in reporting to
lenders. Non-GAAP financial measures are used by Monotype management in
its operating and financial decision-making because management believes
these measures reflect ongoing business in a manner that allows
meaningful period-to-period comparisons. Accordingly, Monotype believes
it is useful for investors and others to review both GAAP and non-GAAP
measures in order to (a) understand and evaluate current operating
performance and future prospects in the same manner as management does,
and (b) compare in a consistent manner the company’s current financial
results with past financial results. The primary limitations associated
with the use of non-GAAP financial measures are that these measures may
not be directly comparable to the amounts reported by other companies
and they do not include all items of income and expense that affect
operations. Monotype management compensates for these limitations by
considering the company’s financial results and outlook as determined in
accordance with GAAP and by providing a detailed reconciliation of the
non-GAAP financial measures to the most directly comparable GAAP
measures in the tables attached to this press release.
Forward-looking statements
This press release may contain
forward-looking statements including those related to the company’s
future revenues and operating results; the growth of the company’s
Creative Professional business and OEM business; the company’s expected
acquisition of Olapic and the financial impact of the acquisition; and
the execution of the company’s product, growth and expansion strategies
and anticipated business momentum that involve risks and uncertainties
that could cause the company’s actual results to differ materially.
Factors that might cause or contribute to such differences include, but
are not limited to: risks associated with changes in the economic
climate including decreased demand for the company’s products or
products that incorporate the company’s solutions; risks associated with
the company’s ability to adapt its products or services to new markets
and to anticipate and quickly respond to evolving technologies and
customer requirements; risks associated with the company’s development
of and the market acceptance of new products, product features or
services; risks associated with the company’s consummation of the Olapic
acquisition, including the ability to close the proposed transaction in
a timely manner or at all; risks associated with the company’s ability
to expand products and services offered through acquired companies;
risks associated with increased competition in markets the company
serves, including the risks that increased competition may result in the
company’s inability to gain new customers, retain existing customers or
may force the company to reduce prices; risks associated with the
ownership and enforcement of the company’s intellectual property; and
risks associated with geopolitical conditions and changes in the
financial markets. Additional disclosure regarding these and other risks
faced by the company is available in the company’s public filings with
the Securities and Exchange Commission, including the risk factors
included in the company’s Annual Report on Form 10-K for the year ended
December 31, 2015 and subsequent filings including filings on Form 10-Q
and Form 8-K. The forward-looking financial information set forth in
this press release reflects estimates based on information available at
this time. These amounts could differ from actual reported amounts to be
included in the company’s future earnings releases and public filings.
While the company may elect to update forward-looking statements at some
point in the future, the company specifically disclaims any obligation
to do so, even if an estimate changes.
About Monotype
Monotype is a leading global provider of typefaces, technology and expertise that enable the best user experience and ensure brand integrity. Headquartered in Woburn, Mass., Monotype provides customers worldwide with typeface solutions for a broad range of creative applications and consumer devices. The company’s libraries and e-commerce sites are home to many of the most widely used typefaces – including the Helvetica®, Frutiger® and Univers® families – as well as the next generation of type designs. Further information is available at www.monotype.com. Follow Monotype on Twitter, Instagram and LinkedIn.
Monotype, Helvetica and Frutiger are trademarks of Monotype Imaging Inc. registered in the U.S. Patent and Trademark Office and may be registered in certain jurisdictions. Univers is a trademark of Monotype GmbH registered in the U.S. Patent and Trademark Office and may be registered in certain jurisdictions. All other trademarks are the property of their respective owners. ©2016 Monotype Imaging Holdings Inc. All rights reserved.
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MONOTYPE IMAGING HOLDINGS INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Unaudited and in thousands) |
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June 30, |
December 31, |
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Assets |
||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 109,517 | $ | 87,520 | ||||
| Accounts receivable, net | 13,872 | 15,179 | ||||||
| Income tax refunds receivable | 1,396 | 2,558 | ||||||
| Prepaid expenses and other current assets | 4,430 | 3,846 | ||||||
| Total current assets | 129,215 | 109,103 | ||||||
| Property and equipment, net | 14,061 | 15,204 | ||||||
| Goodwill | 186,259 | 185,735 | ||||||
| Intangible assets, net | 65,687 | 69,264 | ||||||
| Restricted cash | 9,335 | 9,304 | ||||||
| Other assets | 2,834 | 3,177 | ||||||
| Total assets | $ | 407,391 | $ | 391,787 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,484 | $ | 1,385 | ||||
| Accrued expenses and other current liabilities | 20,682 | 21,422 | ||||||
| Accrued income taxes payable | 2,470 | 2,395 | ||||||
| Deferred revenue | 9,213 | 10,086 | ||||||
| Total current liabilities | 33,849 | 35,288 | ||||||
| Other long-term liabilities | 7,867 | 6,914 | ||||||
| Deferred income taxes | 38,660 | 35,159 | ||||||
| Reserve for income taxes | 2,429 | 2,316 | ||||||
| Accrued pension benefits | 5,117 | 4,928 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock | 43 | 42 | ||||||
| Additional paid-in capital | 264,886 | 256,215 | ||||||
| Treasury stock, at cost | (50,455 | ) | (50,455 | ) | ||||
| Retained earnings | 111,960 | 108,908 | ||||||
| Accumulated other comprehensive loss | (6,965 | ) | (7,528 | ) | ||||
| Total stockholders’ equity | 319,469 | 307,182 | ||||||
| Total liabilities and stockholders’ equity | $ | 407,391 | $ | 391,787 | ||||
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MONOTYPE IMAGING HOLDINGS INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited and in thousands, except share and per share data) |
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Three Months Ended |
Six Months Ended |
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| 2016 | 2015 | 2016 | 2015 | ||||||||||
| Revenue | $ | 48,733 | $ | 46,405 | $ | 98,575 | $ | 92,451 | |||||
| Cost of revenue | 7,588 | 7,553 | 15,907 | 14,963 | |||||||||
| Cost of revenue—amortization of acquired technology | 1,131 | 1,134 | 2,262 | 2,267 | |||||||||
| Total cost of revenue | 8,719 | 8,687 | 18,169 | 17,230 | |||||||||
| Gross profit | 40,014 | 37,718 | 80,406 | 75,221 | |||||||||
| Operating expenses: | |||||||||||||
| Marketing and selling | 14,648 | 14,532 | 28,735 | 27,508 | |||||||||
| Research and development | 5,991 | 5,290 | 13,327 | 11,089 | |||||||||
| General and administrative | 8,638 | 7,010 | 17,487 | 13,909 | |||||||||
| Amortization of other intangible assets | 742 | 790 | 1,477 | 1,492 | |||||||||
| Total operating expenses | 30,019 | 27,622 | 61,026 | 53,998 | |||||||||
| Income from operations | 9,995 | 10,096 | 19,380 | 21,223 | |||||||||
| Other (income) expense: | |||||||||||||
| Interest expense, net | 90 | 304 | 198 | 538 | |||||||||
| Other (income) expense, net | (605 | ) | 705 | 207 | 682 | ||||||||
| Total other (income) expense | (515 | ) | 1,009 | 405 | 1,220 | ||||||||
| Income before provision for income taxes | 10,510 | 9,087 | 18,975 | 20,003 | |||||||||
| Provision for income taxes | 3,857 | 3,183 | 6,964 | 6,742 | |||||||||
| Net income | $ | 6,653 | $ | 5,904 | $ | 12,011 | $ | 13,261 | |||||
| Net income available to common stockholders—basic | $ | 6,447 | $ | 5,754 | $ | 11,668 | $ | 12,960 | |||||
| Net income available to common stockholders—diluted | $ | 6,447 | $ | 5,755 | $ | 11,669 | $ | 12,962 | |||||
| Net income per common share: | |||||||||||||
| Basic | $ | 0.16 | $ | 0.15 | $ | 0.30 | $ | 0.33 | |||||
| Diluted | $ | 0.16 | $ | 0.15 | $ | 0.29 | $ | 0.33 | |||||
| Weighted-average number of shares outstanding: | |||||||||||||
| Basic | 39,377,945 | 38,826,185 | 39,250,297 | 38,827,668 | |||||||||
| Diluted | 39,748,905 | 39,395,395 | 39,635,262 | 39,458,758 | |||||||||
| Dividends declared per common share | $ | 0.11 | $ | 0.10 | $ | 0.22 | $ | 0.20 | |||||
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MONOTYPE IMAGING HOLDINGS INC. |
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OTHER INFORMATION |
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(Unaudited and in thousands) |
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RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET ADJUSTED EBITDA |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2016(3) |
2015(2) |
2016(3) |
2015(2) |
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| GAAP net income | $ | 6,653 | $ | 5,904 | $ | 12,011 | $ | 13,261 | ||||||||
| Interest expense, net | 90 | 304 | 198 | 538 | ||||||||||||
| Other (income) expense, net | (605 | ) | 705 | 207 | 682 | |||||||||||
| Provision for income taxes | 3,857 | 3,183 | 6,964 | 6,742 | ||||||||||||
| Income from operations | 9,995 | 10,096 | 19,380 | 21,223 | ||||||||||||
| Depreciation and amortization | 2,897 | 2,794 | 5,771 | 5,096 | ||||||||||||
| Share based compensation | 3,621 | 3,470 | 7,399 | 6,241 | ||||||||||||
| Contingent consideration adjustment | 578 | — | 1,156 | — | ||||||||||||
| Net adjusted EBITDA(1) | $ | 17,091 | $ | 16,360 | $ | 33,706 | $ | 32,560 | ||||||||
(1) In November 2015, we revised our definition of non-GAAP net adjusted
EBITDA to exclude the impact of acquisition-related contingent
consideration adjustments.
(2) Non-GAAP net adjusted EBITDA for the
three and six months ended June 30, 2015 have been restated to add back
the impact of acquisition-related contingent consideration adjustments
in accordance with our revised definition of non-GAAP net adjusted
EBITDA.
(3) For the three and six months ended June 30, 2016, the
amount includes $0.6 million and $1.2 million, respectively, of expense
associated with the deferred compensation arrangement resulting from an
amendment to the Swyft Merger Agreement.
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RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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| 2016(3) | 2015(2) | 2016(3) | 2015(2) | |||||||||
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GAAP net income available to common stockholders ─ |
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diluted |
$ | 6,653 | $ | 5,755 | $ | 12,011 | $ | 12,962 | ||||
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Amortization, net of tax of $687, $673, $1,372 and $1,267, |
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respectively |
1,186 | 1,251 | 2,367 | 2,492 | ||||||||
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Share based compensation, net of tax of $1,329, $1,215, |
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$2,716 and $2,103, respectively |
2,292 | 2,256 | 4,683 | 4,138 | ||||||||
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Contingent consideration adjustment, net of tax of $0, $0, |
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$0 and $0, respectively |
578 | — | 1,156 | — | ||||||||
| Non-GAAP net income(1) | $ | 10,709 | $ | 9,262 | $ | 20,217 | $ | 19,592 | ||||
(1) In November 2015, we revised our definition of non-GAAP earnings per
diluted share to exclude the impact of acquisition-related contingent
consideration adjustments.
(2) Non-GAAP net income for the three
and six months ended June 30, 2015, have been restated to add back the
impact of acquisition-related contingent consideration adjustments, net
of tax, in accordance with our revised definition of non-GAAP net income.
(3)
For the three and six months ended June 30, 2016, the amount includes
$0.6 million and $1.2 million, respectively, of expense associated with
the deferred compensation arrangement resulting from an amendment to the
Swyft Merger Agreement.
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MONOTYPE IMAGING HOLDINGS INC. |
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OTHER INFORMATION |
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(Unaudited and in thousands) |
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RECONCILIATION OF GAAP EARNINGS PER DILUTED SHARE TO NON-GAAP EARNINGS PER DILUTED SHARE |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2016(3) |
2015(2) | 2016(3) | 2015(2) | |||||||||
| GAAP earnings per diluted share | $ | 0.16 | $ | 0.15 | $ | 0.29 | $ | 0.33 | ||||
| Amortization, net of tax of $0.02, $0.02, $0.03 and $0.03, respectively | 0.03 | 0.03 | 0.06 | 0.07 | ||||||||
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Share based compensation, net of tax of $0.03, $0.03, $0.07 and $0.05, |
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respectively |
0.07 | 0.06 | 0.13 | 0.10 | ||||||||
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Contingent consideration adjustment, net of tax of $0.00, $0.00, $0.00 and |
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$0.00, respectively |
0.01 | — | 0.03 | — | ||||||||
| Non-GAAP earnings per diluted share(1) | $ | 0.27 | $ | 0.24 | $ | 0.51 | $ | 0.50 | ||||
(1) In November 2015, we revised our definition of non-GAAP earnings per
diluted share to exclude the impact of acquisition-related contingent
consideration adjustments.
(2) Non-GAAP earnings per diluted share
for the three and six months ended June 30, 2015, have been restated to
add back the impact of acquisition-related contingent consideration
adjustments, net of tax, in accordance with our revised definition of
non-GAAP earnings per diluted share.
(3) For the three and six
months ended June 30, 2016 the amount includes $0.6 million, or $0.01
per share, and $1.2 million, or $0.03 per share, respectively, of
expense associated with the deferred compensation arrangement resulting
from an amendment to the Swyft Merger Agreement.
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OTHER INFORMATION |
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Share based compensation is comprised of the following: |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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| 2016 | 2015 | 2016 |
2015 |
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| Marketing and selling | $ | 1,604 | $ | 1,609 | $ | 3,185 | $ | 2,875 | ||||
| Research and development | 876 | 644 | 1,689 | 1,186 | ||||||||
| General and administrative | 1,141 | 1,217 | 2,525 | 2,180 | ||||||||
| Total expensed | $ | 3,621 | $ | 3,470 | $ | 7,399 | $ | 6,241 | ||||
| Property and equipment | — | 40 | — | 82 | ||||||||
| Total share based compensation | $ | 3,621 | $ | 3,510 | $ | 7,399 | $ | 6,323 | ||||
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MONOTYPE IMAGING HOLDINGS INC. |
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OTHER INFORMATION |
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(Unaudited and in thousands) |
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MARKET INFORMATION |
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The following table presents revenue for our two major markets: |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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| 2016 | 2015 | 2016 | 2015 | |||||||||
| Creative Professional | $ | 23,457 | $ | 20,678 | $ | 47,372 | $ | 41,182 | ||||
| OEM | 25,276 | 25,727 | 51,203 | 51,269 | ||||||||
| Total | $ | 48,733 | $ | 46,405 | $ | 98,575 | $ | 92,451 | ||||
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MONOTYPE IMAGING HOLDINGS INC. |
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OTHER INFORMATION |
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(Unaudited and in thousands, except share and per share data) |
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RECONCILIATION OF FORECAST GAAP EARNINGS PER DILUTED SHARE TO FORECAST NON- |
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GAAP EARNINGS PER DILUTED SHARE |
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Low End of |
High End of |
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| Q3 2016 | Q3 2016 | |||||
| GAAP net income | $ | 5,500 | $ | 7,200 | ||
| Amortization, net of tax of $600 and $600, respectively | 1,000 | 1,000 | ||||
| Share based compensation, net of tax of $1,400 and $1,400, respectively | 2,400 | 2,400 | ||||
| Contingent consideration adjustment, net of tax of $0 and $0, respectively | 600 | 600 | ||||
| Non-GAAP net income | $ | 9,500 | $ | 11,200 | ||
| GAAP earnings per diluted share | $ | 0.14 | $ | 0.18 | ||
| Amortization, net of tax of $0.01 and $0.01, respectively, per diluted share | 0.03 | 0.03 | ||||
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Share based compensation, net of tax of $0.03 and $0.03, respectively, per |
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diluted share |
0.06 |
0.06 |
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Contingent consideration adjustment, net of tax of $0.00 and $0.00, |
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respectively, per diluted share |
0.01 |
0.01 |
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| Non-GAAP earnings per diluted share | $ | 0.24 | $ | 0.28 | ||
| Weighted average diluted shares used to compute earnings per share | 40,400,000 | 40,400,000 | ||||
Assumes 36% effective tax rate.
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Low End of |
High End of |
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| 2016 | 2016 | |||||
| GAAP net income | $ | 25,400 | $ | 28,600 | ||
| Amortization, net of tax of $2,500 and $2,500, respectively | 4,400 | 4,400 | ||||
| Share based compensation, net of tax of $5,400 and $5,400, respectively | 9,700 | 9,700 | ||||
| Contingent consideration adjustment, net of tax of $0 and $0, respectively | 2,300 | 2,300 | ||||
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Non-GAAP net income |
41,800 | 45,000 | ||||
| GAAP earnings per diluted share | $ | 0.64 | $ | 0.72 | ||
| Amortization, net of tax of $0.06 and $0.06, respectively, per diluted share | 0.11 | 0.11 | ||||
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Share based compensation, net of tax of $0.14 and $0.14, respectively, per |
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diluted share |
0.24 |
0.24 |
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Contingent consideration adjustment, net of tax of $0.00 and $0.00, respectively, |
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per diluted share |
0.06 |
0.06 |
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| Non-GAAP earnings per diluted share | $ | 1.05 | $ | 1.13 | ||
| Weighted average diluted shares used to compute earnings per share | 39,800,000 | 39,800,000 | ||||
Assumes 36% effective tax rate.
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MONOTYPE IMAGING HOLDINGS INC. |
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RECONCILIATION OF FORECAST GAAP NET INCOME |
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TO FORECAST NON-GAAP NET ADJUSTED EBITDA |
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(Unaudited and in thousands) |
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Low End of |
High End of |
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| Q3 2016 | Q3 2016 | |||||
| GAAP net income | $ |
5,500 |
$ | 7,200 | ||
| Interest, net | 300 | 300 | ||||
| Other (income) expense, net | 200 | 200 | ||||
| Provision for income taxes | 3,500 |
4,300 |
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| Income from operations |
9,500 |
12,000 | ||||
| Depreciation and amortization | 2,600 | 2,600 | ||||
| Share based compensation | 3,800 | 3,800 | ||||
| Contingent consideration adjustment | 600 | 600 | ||||
| Non-GAAP net adjusted EBITDA | $ | 16,500 | $ | 19,000 | ||
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Low End of Guidance |
High End of Guidance |
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| 2016 | 2016 | |||||
| GAAP net income | $ | 25,400 | $ | 28,600 | ||
| Interest, net | 600 | 600 | ||||
| Other (income) expense, net | 1,100 | 1,100 | ||||
| Provision for income taxes | 15,600 | 17,400 | ||||
| Income from operations | 42,700 | 47,700 | ||||
| Depreciation and amortization | 10,900 | 10,900 | ||||
| Share based compensation | 15,100 | 15,100 | ||||
| Contingent consideration adjustment | 2,300 | 2,300 | ||||
| Non-GAAP net adjusted EBITDA | $ | 71,000 | $ | 76,000 | ||
