DELTEK, INC.
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
(in thousands)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------
Net Income (GAAP Basis) $ 7,125 $ 6,367 $ 22,519 $ 15,298
NMC Advisory and
Transaction Fees - 125 250 2,500
Stock-based Compensation 2,258 579 6,134 1,686
Recapitalization Retention
Expense 122 158 724 807
Depreciation 855 708 3,271 2,484
Amortization 1,427 1,481 5,970 5,613
Interest Expense, net 4,425 4,593 18,198 19,701
Income Tax Expense 5,120 4,134 15,477 9,969
---------- ---------- ---------- ----------
Adjusted EBITDA $ 21,332 $ 18,145 $ 72,543 $ 58,058
========== ========== ========== ==========
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------
Net Income (GAAP Basis) $ 7,125 $ 6,367 $ 22,519 $ 15,298
Income Tax Expense 5,120 4,134 15,477 9,969
---------- ---------- ---------- ----------
Pre-Tax Income (GAAP
Basis) $ 12,245 $ 10,501 $ 37,996 $ 25,267
Adjustments:
NMC Advisory and
Transaction Fees - 125 250 2,500
Stock-based
Compensation 2,258 579 6,134 1,686
Recapitalization
Retention Expense 122 158 724 807
Amortization of
Acquired Intangibles 1,108 1,096 4,477 3,793
---------- ---------- ---------- ----------
Adjusted Pre-Tax Income 15,733 12,459 49,581 34,053
Less: Adjusted Income Tax
Expense 6,494 4,905 20,041 13,431
---------- ---------- ---------- ----------
Non-GAAP Net Income $ 9,239 $ 7,554 $ 29,540 $ 20,622
========== ========== ========== ==========
Non-GAAP Earnings Per
Share (diluted) $ 0.21 $ 0.19 $ 0.71 $ 0.51
========== ========== ========== ==========
Weighted Average Shares 43,281 40,382 41,617 40,262
========== ========== ========== ==========
STOCK-BASED COMPENSATION AND RECAPITALIZATION RETENTION EXPENSES
(in thousands)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------
Cost of Software License
Fees $ 1 $ - $ 3 $ 2
Cost of Consulting
Services 406 131 1,239 395
Cost of Maintenance and
Support Services 268 28 396 114
Research and Development 447 190 1,543 697
Sales and Marketing 416 148 1,269 474
General and Administrative 842 240 2,408 811
---------- ---------- ---------- ----------
Total $ 2,380 $ 737 $ 6,858 $ 2,493
========== ========== ========== ==========
AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS
(in thousands)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------
Cost of Software License
Fees $ 430 $ 426 $ 1,712 $ 1,144
Cost of Consulting
Services 19 - 59 -
Research and Development - - 160 300
Sales and Marketing 640 652 2,473 2,317
General and Administrative 19 18 73 32
---------- ---------- ---------- ----------
Total $ 1,108 $ 1,096 $ 4,477 $ 3,793
========== ========== ========== ==========
AMORTIZATION AND DEPRECIATION EXPENSES
(in thousands)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------
Cost of Software License
Fees $ 751 $ 811 $ 3,214 $ 2,964
Cost of Consulting
Services 301 240 1,108 844
Cost of Maintenance and
Support Services 105 78 368 273
Research and Development 217 206 1,039 1,020
Sales and Marketing 799 773 3,059 2,741
General and Administrative 109 81 453 255
---------- ---------- ---------- ----------
Total $ 2,282 $ 2,189 $ 9,241 $ 8,097
========== ========== ========== ==========
Deltek Reports Q4 License Revenue of $27 Million and Total Revenue of $77 Million
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