Q4 2015 Results

(PRNewswire) —  Textura Corporation (NYSE: TXTR), a leading provider of collaboration solutions for the construction industry, today announced financial results for the quarter and year ended December 31, 2015.

"The fourth quarter capped a solid year for Textura as we made progress towards our strategic goals. With growing demand for our solutions, evidenced by the addition of several large general contractors in the U.S., we are extending our leading position and market share," said Dave Habiger, interim CEO. "Our proven model of strong revenue growth, Adjusted EBITDA and cash generation further strengthened our ability to continue to invest in our solution roadmap and return value to our shareholders."

Q4 2015 Results

• Revenue: Revenue was $23.7 million, a year-over-year increase of 33%. Activity-driven revenue increased 37% to $19.5 million and organization-driven revenue increased 17% to $4.3 million. Billings and contractual backlog, otherwise known as bookings, totaled $26.5 million in the fourth quarter, an increase of 34% year over year.
• Gross Margin: Adjusted gross margin improved to 84.3% and GAAP gross margin was 82.8% for the quarter, compared with 82.4% and 79.8%, respectively, in the quarter ended December 31, 2014.
• Adjusted EBITDA and Net Loss: Adjusted EBITDA improved to $3.9 million from $0.4 million in the quarter ended December 31, 2014. GAAP net loss was ($8.2) million, compared with a loss of ($3.9) million in the prior-year period. Adjusted Basic and Diluted EPS was $0.09, compared with an Adjusted Basic and Diluted net loss per share of ($0.02) in the quarter ended December 31, 2014. GAAP basic and diluted net loss per share was ($0.31) compared with a net loss per share of ($0.15) in the prior-year period.
• Operating Metrics: Total active construction projects during the quarter increased 23% year over year to 10,358, representing approximately $202 billion in construction value. New projects added totaled 2,175, representing $24.5 billion in construction value, a 46% increase from the prior-year period. The increase was driven largely by CPM general contractor implementations as well as overall growth in the construction industry. Total number of organizations utilizing Textura's organization-driven solutions increased 20% to 20,884.
• Liquidity: Cash generated from operations during the quarter was $6.1 million, and free cash flow was $3.9 million for the quarter.

Fiscal Year 2015 Results

• Revenue: Revenue was $86.7 million, a year-over-year increase of 38%. Activity-driven revenue increased 42% to $70.0 million and organization-driven revenue increased 23% to $16.7 million. Billings and contractual backlog, otherwise known as bookings, totaled $99.0 million for the year, an increase of 36%.
• Gross Margin: Adjusted gross margin improved to 83.7% and GAAP gross margin was 82.4% for the year, compared with 81.5% and 79.6%, respectively, in the year ended December 31, 2014.
• Adjusted EBITDA and Net Loss: Adjusted EBITDA improved to $10.2 million from a loss of ($6.1) million in the year ended December 31, 2014. GAAP net loss was ($16.6) million, compared to a loss of ($24.9) million in the prior year. Adjusted Basic EPS was $0.21, compared with an Adjusted Basic net loss per share of ($0.37) in the year ended December 31, 2014. Adjusted Diluted EPS was $0.20 for the year ended December 31, 2015. GAAP basic and diluted net loss per share was ($0.64) compared with a net loss per share of ($0.99) in the prior year.
• Operating Metrics: Total active construction projects during the year increased 21% year over year to 15,152, representing approximately $256 billion in construction value. New projects added totaled 8,451, representing $100 billion in construction value, which increased 39% from the prior year. Total number of organizations utilizing Textura's organization-driven solutions increased 27% to 24,669.
• Liquidity: As of December 31, 2015, total cash and cash equivalents was $78.7 million. Cash generated from operations during the year was $20.3 million, and free cash flow was $7.0 million for the year.
• Deferred Revenue: As of December 31, 2015, deferred revenue was $43.8 million, up 23% from $35.6 million as of December 31, 2014.

Outlook

For the quarter ending March 31, 2016

• Revenue in the range of $23.7 to $24.7 million
• Year-over-year revenue growth in the range of 23 - 29%
• Adjusted Basic and Diluted EPS in the range of $0.07 - $0.11, excluding stock-based compensation expenses of $3.2 million and amortization of acquired intangible assets of $0.8 million, and assuming approximately 26.2 million and 27.2 million weighted-average common shares outstanding, respectively, for the Adjusted Basic and Diluted EPS calculations
• GAAP basic and diluted net loss per share in the range of ($0.08) - ($0.04), assuming approximately 26.2 million weighted-average common shares outstanding

For the full year ending December 31, 2016

• Revenue in the range of $106.0 to $111.0 million
• Year-over-year revenue growth in the range of 22 - 28%
• Adjusted Basic EPS in the range of $0.35 - $0.50, excluding stock-based compensation expenses of $10.6 million and amortization of acquired intangible assets of $2.7 million, and assuming approximately 26.6 million weighted-average common shares outstanding
• Adjusted Diluted EPS in the range of $0.33 - $0.48, excluding stock-based compensation expenses of $10.6 million and amortization of acquired intangible assets of $2.7 million, and assuming approximately 27.8 million weighted-average shares outstanding
• GAAP basic and diluted net loss per share in the range of ($0.15) - $0.00, assuming approximately 26.6 million weighted-average common shares outstanding
• Cash flow from operations in the range of $25 - $30 million

Conference Call and Webcast Information

Textura plans to host a conference call today at 4:00 p.m. Central Time / 5:00 p.m. Eastern Time to review its financial results for the quarter and year ended December 31, 2015, and to discuss its financial outlook. Interested parties are invited to listen to the conference call by dialing 1-877-407-9039, or for international callers, 1-201-689-8470. Replays of the entire call will be available through March 3, 2016, at 1-877-870-5176, or for international callers, 1-858-384-5517, conference ID #13629008. A webcast of the conference call will also be available on the Investor Relations page of Textura's website at investors.texturacorp.com.

2016 Annual Meeting and Record Dates

Textura will hold its 2016 Annual Meeting of Stockholders on Monday, May 2, 2016 at 8:30 a.m. Central Time at its executive offices located at 1405 Lake Cook Road, Deerfield, IL 60015. The record date for voting eligibility at the Annual Meeting is March 10, 2016 .