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Jul 25, 00 Onyx Software Reports Record Quarter
Revenues Grow 108 Percent Year Over Year
Bellevue, Wash. - Onyx Software Corporation (NASDAQ: ONXS) today announced record revenues for the second quarter ending June 30, 2000. Revenues for the second quarter were $27.6 million, up 108 percent from $13.3 million reported in the second quarter of 1999. Software license revenues for the second quarter of 2000 grew 102 percent over the comparable period of 1999, while service revenues grew 119 percent.
Net income for the quarter was $414,000 or income of $0.01 per share, excluding acquisition-related amortization and minority equity investment losses after tax. Including acquisition-related amortization and minority equity investment losses after tax, net loss for the quarter was $738,000, or a loss of $0.02 per share.
For the six months ending June 30, 2000, revenues were $50.8 million, up 107 percent from $24.5 million reported in the first half of 1999. Net income for the six months was $911,000 or income of $0.02 per share, excluding acquisition-related amortization and minority equity investment losses after tax. Including acquisition-related amortization and minority equity investment losses after tax, net loss for the first six months of 2000 was $1,225,000, or a loss of $0.04 per share.
Onyx added a record 71 new customers in the second quarter, reflecting strength in both direct and indirect sales channels.
Second quarter orders came from Equity Office Properties Trust (NYSE: EOP), ENMAX, HSBC Bank (USA), Canadian Diabetes Association, Bissell, Sony Music Australia, Coldwell Banker Burnet, Evoke, StorageNetworks (NASD: STOR), Witness Systems (NASD: WITS), RoweCom (NASD: ROWE), Optiva Corporation, ByeByeNow.com, Resonate, Calico Commerce (NASD: CLIC) and Primus (NASD: PKSI) among others.
"Onyx Software's second quarter clients illustrate the convergence between e-business and traditional business," said Brent Frei, President and CEO of Onyx Software. "Dot-coms are rushing to add traditional infrastructure to their online presence, while brick and mortar businesses are rushing to add online capabilities. As the customer-centric platform, Onyx is a necessity for both -- and allows these companies to build a business that operates equally well in both worlds."
"You can't get more bricks and mortar than Equity Office - the nation's largest owner and manager of office properties who selected Onyx as their platform for managing relationships with tenants and prospects. Another traditional bricks and mortar company with a significant add-on order in Q2 was ENMAX, a Calgary, Alberta-based company providing electricity and value-added services to its customers that is preparing for deregulation of its markets. Second quarter add-on sales to StorageNetworks, the first SSP or storage service provider, illustrate another successful new business model supported by Onyx," Frei said.
"We believe that Onyx has emerged as the platform of choice for companies wanting to build a customer-centric e-business," Frei highlighted several areas of accomplishment as evidence of Onyx's strong position:
Onyx is not just marketed and sold as a customer-centric e-business platform, but it is installed and used as such by Onyx customers. Eighty-eight percent of Onyx customers use Onyx across three or more departments, and 60 percent use Onyx in five or more departments. Fully three-quarters of Onyx customers use the Company's technology for Web interaction.
Onyx is perfectly suited to be the customer-centric e-business platform for Application Service Providers (ASPs), as it offers thin client web architecture, a robust, scalable and customizable multi-tenant platform, and rich functionality across all customer -facing departments. Today, more than 11 distinct companies are actively hosting Onyx customers.
Onyx is also becoming the platform of choice for vertical ASPs who want to bundle on-line and traditional relationship management capabilities with their own vertical market application services. Some of these ASPs include NetUPDATE - provider of a groundbreaking online service for the mortgage industry, and ByeByeNOW.com, a leading internet provider of vacation travel.
International Expansion
In Europe, Onyx expanded its channel distribution on the Continent in the second quarter, and continued the integration of its German operations.
Overall, international sales contributed 23 percent of revenues, consistent with levels in recent quarters.
Platform Leadership
More recently on July 11, Onyx Software and Onyx ASPiN partner Interliant Inc. (Nasdaq:INIT - news) announced that they were selected to help Microsoft Corp. define real-world scenario performance through testing in the Microsoft ASP test lab in order to optimize the upcoming release of SQL Server in a hosted environment.
Onyx signed ASP partnerships in the second quarter with marchFIRST (NASD: MRCH) - a global Internet professional services firm and Intelligroup (NASD: ITIG) - a global Application Service Provider.
Onyx further extended its Web-based, customer-centric e-business product suite, Onyx 2000 2000 with the launch of Customer Portal and Partner Portal in the second quarter, and through software alliances with Apropos Technology, Inc. (NASDAQ: APRS), Banter Inc., CosmoCom Inc., eShare Technologies, Inc. (NASDAQ: ESHR), Genesys Telecommunications Laboratories, Inc., RightNow Technologies, Inc., and Servicesoft, Inc. In collaboration with these new members of the Onyx Portal Partner Network, Onyx customers are now offered a choice among best-of-breed applications to extend the capabilities inherent in the Onyx platform.
Vitria Technology, Inc. (Nasdaq: VITR) and Onyx announced an agreement to integrate and market their world-class e-business applications in the second quarter. This alliance, together will similar alliances previously announced with Software Technology Corporation (Nasdaq: STCS) and Mercator Software (Nasdaq: MCTR), extend the ability to integrate Onyx with information stored in back-office applications.
Employee Relations
"Onyx has demonstrated the ability to recruit, integrate and retain talented individuals that is vital to the Company's organic and acquisitive growth," Frei said.
For the fourth consecutive year in rankings compiled by Watson Wyatt Worldwide and sponsored by Washington CEO magazine, Onyx was named one of Washington state's "Best Companies to Work For" during the second quarter.
About Onyx Software
Onyx Software's award-winning products are known for flexibility, reliability and quick deployment, resulting in high return on investment, low total cost of ownership and industry-leading customer satisfaction. Onyx Software operates worldwide, supporting large, medium and small companies such as Agile Software, American Express, Broadwing, Commerce One, Credit Suisse, Dreyfus, Ericsson, FirstWorld Communications, Hummingbird, NTL Group, Portland Trail Blazers, Prudential Securities, Sierra Health Services and Singapore Cable Vision. For more information, call 888-275-6699, or email info@onyx.com. Please visit http://www.onyx.com/annualreport to download the Onyx Software 1999 annual report and 10K.
Onyx is the customer platform that many eCRM companies choose to run their own businesses. Beyond internal use by Onyx, eight additional companies within the 46 that comprise the RealMarket Stock Index are Onyx customers. This index, found at http://www.realmarket.com/stockindex.html, includes Onyx, its major competitors and other publicly traded companies in eCRM software and related sectors. "The eCRM market consists of many vendors, each with their own unique value proposition," Frei noted. "Onyx's value proposition is providing the core customer-centric platform on which our applications and other complementary applications can be layered."
"While delivering strong revenue growth, Onyx continued to develop attractive markets worldwide, invest to maintain platform leadership, and attract and retain top quality personnel - that are essential to maintain high levels of customer satisfaction," Frei noted.
In the second quarter, Onyx and Singapore Technologies Telemedia (STT) launched Asia's first hosted CRM and e-business offering targeting companies of all sizes across major Asian markets.
Onyx Software unveiled its Brazil market strategy and announced alliances with Sonda, Softtek and TBA Group in the second quarter. Separately, Promon selected Onyx Software for internal use.
"Onyx blew away the prior scalability record for a relationship management application -- beating it by more than 50 percent and doing it with less than 20 percent of the hardware," said Frei, referencing the over-30,000 concurrent user record-setting benchmark results for Onyx 2000 2000, Microsoft Windows 2000 and SQL Server 7.0 Enterprise Edition announced in the second quarter.
At quarter-end Onyx Software employee headcount was 576, or 14 percent higher than at the end of the prior quarter. Onyx continued to enjoy strong recruitment and retention results. Year-to-date, over 90 percent of Onyx's recruitment offers were accepted and employee turnover of 8 percent was a fraction of the high-tech industry norm.
Onyx Software Corporation (NASDAQ: ONXS) is a leading supplier of enterprise-wide, customer-centric e-business applications. Onyx Software's enterprise-class software connects and powers a company's entire e-business world, including customers, partners and sales, marketing, service and call center functions.
| Contact: | Heather Knox PR Director Onyx Software Telephone: 425.519.9225 Fax: 425.732.2414 |
Rosemary Moothart Investor Relations Director Onyx Software (425) 519-4068 |
(1)The loss per share for the six months ended June 30, 1999 was calculated on a pro-forma basis, which assumes the conversion of preferred stock into common stock at the time of issuance.
Onyx Software Corporation
Condensed Consolidated Statements of Earnings
(In Thousands, Except Per Share Data)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
(unaudited)(unaudited) (unaudited)(unaudited)
Revenues
License $ 16,615 $ 8,243 $ 30,956 $ 15,316
Service 11,020 5,037 19,863 9,195
--------- --------- --------- ---------
Total revenues 27,635 13,280 50,819 24,511
Costs of Revenues
Cost of license 831 531 1,491 995
Cost of service 5,667 2,517 10,214 4,612
--------- --------- --------- ---------
Total cost of revenues 6,498 3,048 11,705 5,607
--------- --------- --------- ---------
Gross margin 21,137 10,232 39,114 18,904
Operating Expenses
Sales and marketing 13,474 6,676 24,966 12,837
Research and
development 4,802 2,589 8,579 5,117
General and
administrative 2,500 1,423 4,661 2,617
Acquisition-related
amortization 1,086 109 1,967 218
--------- --------- --------- ---------
Total operating expenses 21,862 10,797 40,173 20,789
Operating loss (725) (565) (1,059) (1,885)
Interest income, net 291 421 483 535
Equity investment loss (200) - (437) -
--------- --------- --------- ---------
Loss before income
taxes (634) (144) (1,013) (1,350)
Income tax provision 104 110 212 187
--------- --------- --------- ---------
Net loss $ (738) $ (254) $ (1,225) $ (1,537)
========== ========= ========= =========
Basic and diluted
earnings per share:
Net income (loss) $ (0.02) $ (0.01) $ (0.04) $ (0.05)
========== ========= ========= =========
Weighted average
common shares (1) 34,720 31,836 34,487 30,022
(1) The loss per share for the six months ended June 30, 1999 was
calculated on a pro-forma basis, which assumes the conversion of
preferred stock into common stock at the time of issuance.
Onyx Software Corporation
Condensed Consolidated Balance Sheet
(In Thousands)
June 30, December 31,
2000 1999
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 14,128 $ 3,691
Short-term marketable securities 11,489 19,804
Accounts receivable, net 23,823 22,987
Prepaid expenses and other current
assets 4,060 2,570
--------- ---------
Total current assets 53,500 49,052
Property and equipment, net 12,905 8,628
Purchased technology, net 2,830 3,071
Other intangibles, net 14,030 10,683
Long-term marketable securities - 991
Other assets 3,391 755
--------- ---------
TOTAL ASSETS $ 86,656 $ 73,180
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,962 $ 1,906
Salary and benefits payable 4,704 2,557
Accrued liabilities 3,557 2,673
Current portion long-term liabilities 409 306
Income taxes payable 656 435
Deferred revenues 14,976 11,028
Notes payable to shareholders 1,131 -
--------- ---------
Total current liabilities 29,395 18,905
Long-term liabilities 67 133
Deferred tax liability 2,037 2,304
Redeemable convertible preferred stock
SHAREHOLDERS' EQUITY
Common stock 65,296 61,166
Notes receivable from officers (157) (212)
Deferred stock-based compensation (608) (903)
Accumulated deficit (9,290) (8,065)
Accumulated other comprehensive loss (84) (148)
--------- --------
Total shareholders' equity 55,157 51,838
--------- --------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 86,656 $ 73,180
========= ========
Onyx Software Corporation
Pro Forma Condensed Consolidated Statements of Earnings (1)
(In Thousands, Except Per Share Data)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
(unaudited)(unaudited) (unaudited)(unaudited)
Revenues
License $ 16,615 $ 8,243 $ 30,956 $ 15,316
Service 11,020 5,037 19,863 9,195
--------- --------- --------- ---------
Total revenues 27,635 13,280 50,819 24,511
Costs of Revenues
Cost of license 831 531 1,491 995
Cost of service 5,667 2,517 10,214 4,612
--------- --------- --------- ---------
Total cost of revenues 6,498 3,048 11,705 5,607
--------- --------- --------- ---------
Gross margin 21,137 10,232 39,114 18,904
Operating Expenses
Sales and marketing 13,474 6,676 24,966 12,837
Research and
development 4,802 2,589 8,579 5,117
General and
administrative 2,500 1,423 4,661 2,617
--------- --------- --------- ---------
Total operating expenses 20,776 10,688 38,206 20,571
Operating income (loss) 361 (456) 908 (1,667)
Interest income, net 291 421 483 535
--------- --------- --------- ---------
Income (loss) before
income taxes 652 (35) 1,391 (1,132)
Income tax provision 238 110 480 187
--------- --------- --------- ---------
Net income (loss) 414 (145) 911 (1,319)
========= ========= ========= =========
Basic earnings per share:
Net income (loss) 0.01 0.00 0.03 (0.04)
========= ========= ========= =========
Weighted average common
shares (2) 34,720 31,836 34,487 30,022
Diluted earnings per share:
Net income (loss) 0.01 0.00 0.02 (0.04)
========= ========= ========= =========
Weighted average common
shares and equivalents (2) 40,879 31,836 41,164 30,022
(1) Amounts and per share data for the periods presented exclude
acquisition-related amortization, minority equity investment losses
and related income taxes.
(2) The pro forma earnings per share for the six months ended June 30,
1999 was calculated assuming the conversion of preferred stock into
common stock at the time of issuance.
(1) Amounts and per share data for the periods presented exclude acquisition-related amortization, minority equity investment losses and related income taxes.
(2) The pro forma earnings per share for the six months ended June 30, 1999 was calculated assuming the conversion of preferred stock into common stock at the time of issuance.
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