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Attunity, Ltd. (ATTU)
Q4 2013 Results Earnings Call
January 30, 2014 10:00 AM ET
Todd Fromer - KCSA Strategic Communications, IR
Shimon Alon - Chairman and CEO
Dror Elkayam - Chief Financial Officer
Richard Baldry - ROTH Capital Partners
Chad Bennett - Craig-Hallum
Ed Schneider - Quan
Michael Needleman – Fusion
Previous Statements by ATTU
» Attunity Ltd (ATTU) CEO Discusses Q2 2013 Results - Earnings Call Transcript
» Attunity' CEO Discusses Q1 2013 Results - Earnings Call Transcript
» Attunity Ltd. Q1 2006 Earnings Conference Call Transcript (ATTU)
Thank you. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. All statements in this conference call other than historical facts are forward-looking statements.
The words anticipate, believe, estimate, expect, intent, guidance, confidence, target, project and other similar expressions typically are used to identify forward-looking statements.
These forward-looking statements are not guarantees of future performances and may involve and are subject to risks and uncertainties and other factors that may affect Attunity’s business, financial condition and other operating results, which include but are not limited to the risk factors and other qualifications contained in Attunity’s annual report on Form 20-F, quarterly reports that are filed in a 6-K and other reports filed by Attunity with the SEC to which your attention is directed.
Therefore, actual outcomes and results may different materially from what is expressed or implied by these forward-looking statements. Attunity’s expressly disclaims any intent or obligation to update these forward-looking statements.
During this call, we may also present certain non-GAAP financial measures such as non-GAAP net income and certain ratios that are used with these measures. In our press release and the financial tables issued earlier today which is located on our website at www.attunity.com, you’ll find our definitions of these non-GAAP financial measures, a reconciliation of these non-GAAP financial measures with the closest GAAP financial measure, as well as the discussion about why we think these non-GAAP financial measures are relevant to our results. These financial measures are included for the benefit of investors and should not be considered instead of the GAAP measures.
At this time, it is now my pleasure to turn the call over to Shimon Alon, Chairman and Chief Executive Officer of Attunity. Shimon, the floor is yours.
Thank you, Todd. Thank you very much. And thank you everyone for joining our call today. With me today is Dror Elkayam, our Chief Financial Officer. We will be providing an overview of our financial results and adding some detail regarding our performance during the quarter and a full year of 2013. After our prepared remark, Dror and I will be happy to answer any questions you may have.
With this said, let get started. The fourth quarter of 2013 marks the high point in Attunity history, with the record results across several metrics. We achieved record quarterly revenue of $8.1 million, record license revenue of $4.9 million and record non-GAAP operating income of $1.4 million. And in addition, I am very excited to announce that we close record number of Attunity Replicate deals during the quarter.
The demand for Big Data analytic is growing rapidly, while according to McKinsey only 17% of organizations are satisfied with the performance of the data warehouse loading process.
With the launch of the new Attunity Replicate 3.0 during the third quarter of 2013 we have continued to the tremendous job of overcoming this thing and addressing this market. In fact, during the fourth quarter, Attunity Replicate grew at 140% quarter-over-quarter, drastically outpacing the market and make up the lion share of our revenue.
We are getting many new customers leaving against our competitors and even better replacing their solution in some cases. Also we have experienced the opening of additional software licenses from existing Replicate users. By employing this strategy we are ultimately gaining market share in the Big Data market.
For example, one U.S bank with global presence selected Attunity for the Big Data project due to Attunity empowering performance and (inaudible) support, low overhead and a quick time to value. This bank replaced the current replication product with Attunity Replicate in order to simplify and improve its data sourcing strategy.
The existing solution was so overly complex in managing multiple software installation and it place unnecessary burden across the company at (inaudible) environment. It proved in educate to meet the essential Big Data need.
In another instance, the Fortune 50 global corporation choose Attunity Replicate as their solution for loading data into [third] data launching Big Data warehouse for the Big Data analytics.
Just they were about to make the final selection in favor of the competitor, they selected Attunity instead as a result of our unmatched automation and overall performance. This particular customer requires high volume of data and high-speed at very low latency and Attunity was the solution of chose to deliver such optimized requirement.
Many customers experienced the efficiency of Attunity Replicate after their initial purchase, preferred to expand the use of product to accommodate additional Big Data operations within the company. The success of our length and expense strategy demonstrates how the adoption of Attunity Replicate drives upward mobility to support additional areas of the customer businesses.
For example, one of the most dynamic providers in European mobile telecom market implemented our Replicate product during 2013 to address the specific need in the business. After using the product for several months, they saw how effective it could be for additional applications for the Big Data processes and choose to extend the solutions with Attunity.