Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Computing
Conference & Expo
November 2-4, 2009 NYC
Register Today and SAVE !..

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
SYS-CON.TV
Phunware Announces Second Quarter 2019 Financial Results

Phunware, Inc. (NASDAQ: PHUN) (the “Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, today announced financial results for its second quarter ended June 30, 2019, and provided an update on recent business developments.

Second Quarter 2019 Financial Highlights

  • Net revenues totaled $5.5 million
  • Platform subscriptions and services revenue totaled $5.1 million, or 92% of net revenues
  • Multiple consecutive quarters of platform subscription and services revenue growth
  • Gross margin was 50.6%, compared to 78.4% for the same period in the prior year
  • Non-GAAP gross margin was 51.2%, compared to 47.2% a year ago
  • Net loss was ($3.1) million. Net loss per share was ($0.08), an improvement of 34% quarter-over-quarter sequentially
  • Non-GAAP adjusted EBITDA loss was ($2.4) million, a $1.2 million improvement year-over-year

“Our first half financial performance has provided a strong foundation for our growth strategies throughout the balance of the year and into 2020,” said Alan S. Knitowski, CEO and Co-Founder of Phunware. "Our SaaS, data and blockchain offerings for mobile uniquely position us to deliver true digital transformation for our customers, enabling 1:1 real-time interactions between consumers and brands in both the virtual and physical world alike.”

Recent Business Highlights and Announcements

Audiocast and Presentation Information

A pre-recorded audiocast announcement will be made available today at 1:30pm Pacific / 3:30pm Central / 4:30pm Eastern discussing the Company’s financial results, product announcements and business highlights. The audiocast and investor presentation will be accessible on the Phunware Investor Relations website at http://investors.phunware.com/.

Safe Harbor Clause and Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the Securities and Exchange Commission (SEC), including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

Disclosure Information

Phunware uses the investor relations section on its website, https://www.phunware.com, as a means of complying with its disclosure obligations under Regulation FD. Accordingly, we recommend that investors should monitor the investor relations section on Phunware’s website in addition to following Phunware’s press releases, SEC filings, and public conference calls and webcasts.

About Phunware, Inc.

Everything You Need to Succeed on Mobile — Transforming Digital Human Experience

Phunware, Inc. (NASDAQ: PHUN), is the pioneer of Multiscreen-as-a-Service (MaaS), an award-winning, fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Phunware’s Software Development Kits (SDKs) include location-based services, mobile engagement, content management, messaging, advertising, loyalty (PhunCoin & Phun) and analytics, as well as a mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application and vertical solutions. Phunware helps the world’s most respected brands create category-defining mobile experiences, with more than one billion active devices touching its platform each month. For more information about how Phunware is transforming the way consumers and brands interact with mobile in the virtual and physical worlds, visit https://www.phunware.com, https://www.phuncoin.com, https://www.phuntoken.com, and follow @phunware, @phuncoin and @phuntoken on all social media platforms.

Financial Results

Phunware, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share information)

 

June 30,
2019

 

December 31,
2018

 

(Unaudited)

 

 

Assets:

 

 

 

Current assets:

 

 

 

Cash

$

248

 

 

$

844

 

Accounts receivable, net

3,546

 

 

3,606

 

Prepaid expenses and other current assets

740

 

 

272

 

Total current assets

4,534

 

 

4,722

 

 

 

 

 

Property and equipment, net

36

 

 

66

 

Goodwill

25,817

 

 

25,821

 

Intangible assets, net

378

 

 

521

 

Deferred tax asset – long term

64

 

 

64

 

Restricted Cash

 

 

5,500

 

Other assets

187

 

 

187

 

Total assets

$

31,016

 

 

$

36,881

 

 

 

 

 

Liabilities, redeemable convertible preferred stock, and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

9,083

 

 

$

9,890

 

Accrued expenses

3,357

 

 

3,028

 

Deferred revenue

2,101

 

 

2,629

 

PhunCoin deposits

1,181

 

 

 

Factored receivables payable

1,775

 

 

2,434

 

Short term notes payable - related party

 

 

1,993

 

Total current liabilities

17,497

 

 

19,974

 

 

 

 

 

Convertible note payable

250

 

 

 

Deferred tax liability

64

 

 

64

 

Deferred revenue

5,048

 

 

5,622

 

Deferred rent

14

 

 

17

 

Total liabilities

22,873

 

 

25,677

 

 

 

 

 

Commitments and contingencies

 

 

 

Redeemable convertible preferred stock, $0.0001 par value

 

 

5,377

 

 

 

 

 

Stockholders’ equity

 

 

 

Common stock, $0.0001 par value

4

 

 

3

 

Additional paid in capital

125,854

 

 

118,062

 

Accumulated other comprehensive loss

(421

)

 

(418

)

Accumulated deficit

(117,294

)

 

(111,820

)

Total stockholders’ equity

8,143

 

 

5,827

 

Total liabilities, redeemable convertible preferred stock, and stockholders’ equity

$

31,016

 

 

$

36,881

 

Phunware, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except per share information)

(Unaudited)

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

Net revenues

$

5,510

 

 

$

14,185

 

 

$

10,825

 

 

$

19,165

 

Cost of revenues

2,722

 

 

3,069

 

 

5,339

 

 

5,936

 

Gross profit

2,788

 

 

11,116

 

 

5,486

 

 

13,229

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

665

 

 

1,414

 

 

1,389

 

 

3,332

 

General and administrative

3,970

 

 

3,318

 

 

7,945

 

 

7,807

 

Research and development

1,077

 

 

1,718

 

 

2,386

 

 

4,018

 

Total operating expenses

5,712

 

 

6,450

 

 

11,720

 

 

15,157

 

Operating (loss) income

(2,924

)

 

4,666

 

 

(6,234

)

 

(1,928

)

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

Interest expense

(151

)

 

(183

)

 

(339

)

 

(385

)

Fair value adjustment for warrant liabilities

 

 

 

 

 

 

(54

)

Impairment of digital currencies

 

 

(21

)

 

 

 

(334

)

Other income

13

 

 

10

 

 

17

 

 

9

 

Total other expense

(138

)

 

(194

)

 

(322

)

 

(764

)

(Loss) income before taxes

(3,062

)

 

4,472

 

 

(6,556

)

 

(2,692

)

Income tax expense

(5

)

 

 

 

(5

)

 

 

Net (loss) income

(3,067

)

 

4,472

 

 

(6,561

)

 

(2,692

)

Other comprehensive loss

 

 

 

 

 

 

 

Cumulative translation adjustment

(30

)

 

(81

)

 

(3

)

 

(27

)

Comprehensive (loss) income

$

(3,097

)

 

$

4,391

 

 

$

(6,564

)

 

$

(2,719

)

 

 

 

 

 

 

 

 

Net (loss) income per share, basic

$

(0.08

)

 

$

0.18

 

 

$

(0.19

)

 

$

(0.11

)

Net (loss) income per share, diluted

$

(0.08

)

 

$

0.17

 

 

$

(0.19

)

 

$

(0.11

)

 

 

 

 

 

 

 

 

Weighted-average shares used to compute net (loss) income per share, basic

38,810

 

 

25,396

 

 

34,537

 

 

25,174

 

Weighted-average shares used to compute net (loss) income per share, diluted

38,810

 

 

26,164

 

 

34,537

 

 

25,174

 

Non-GAAP Financial Measures and Reconciliation

Adjusted Net Revenues and Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). It is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net revenues or net income (loss), as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. Adjusted Net Revenues and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations include: (i) Non-cash compensation is and will remain a key element of our overall long-term incentive compensation package, although we exclude it as an expense when evaluating its ongoing operating performance for a particular period, (ii) Adjusted Net Revenues and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of ongoing operations, and (iii) other companies in our industry may calculate Adjusted Net Revenues or Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.

We compensate for these limitations to Adjusted Net Revenues and Adjusted EBITDA by relying primarily on its GAAP results and using Adjusted Net Revenues and Adjusted EBITDA only for supplemental purposes. Adjusted Net Revenues and Adjusted EBITDA include adjustments for items that may not occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results and operating results of other peer companies over time. Each of the normal recurring adjustments and other adjustments described in this paragraph help management with a measure of our operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses.

Phunware, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands)

(Unaudited)

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2019

 

2018

 

2019

 

2018

 

(in thousands)

 

(in thousands)

Net revenues

$

5,510

 

 

$

14,185

 

 

$

10,825

 

 

$

19,165

 

Less: One-time revenue adjustments

 

 

(8,428

)

 

 

 

(8,428

)

Adjusted net revenues

5,510

 

 

5,757

 

 

10,825

 

 

10,737

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2019

 

2018

 

2019

 

2018

 

(in thousands)

 

(in thousands)

Net (loss) income

$

(3,067

)

 

$

4,472

 

 

$

(6,561

)

 

$

(2,692

)

Add back: Depreciation and amortization

84

 

 

118

 

 

175

 

 

242

 

Add back: Interest expense

151

 

 

183

 

 

339

 

 

385

 

Less: Income tax benefit

5

 

 

 

 

5

 

 

 

EBITDA

(2,827

)

 

4,773

 

 

(6,042

)

 

(2,065

)

Less: One-time revenue adjustments

 

 

(8,428

)

 

 

 

(8,428

)

Add Back: Stock-based compensation

416

 

 

62

 

 

427

 

 

211

 

Adjusted EBITDA

$

(2,411

)

 

$

(3,593

)

 

$

(5,615

)

 

$

(10,282

)

Phunware, Inc.

Supplemental Information

(In thousands)

(Unaudited)

31-Mar-18

 

30-Jun-18

 

30-Sep-18

 

31-Dec-18

 

31-Mar-19

 

30-Jun-19

Platform subscriptions and services revenue

$

4,004

$

6,448

$

4,349

$

4,608

$

4,821

$

5,092

Less: One-time revenue adjustments

 

 

(2,106)

 

 

 

 

Adjusted platform subscriptions and services revenue

$

4,004

$

4,342

$

4,349

$

4,608

$

4,821

$

5,092

 

About Business Wire
Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

SOA World Latest Stories
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is founda...
"NetApp's vision is how we help organizations manage data - delivering the right data in the right place, in the right time, to the people who need it, and doing it agnostic to what the platform is," explained Josh Atwell, Developer Advocate for NetApp, in this SYS-CON.tv interview at ...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that the...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, dep...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. I...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021


SYS-CON Featured Whitepapers
ADS BY GOOGLE