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Textura q4 14 earnings release final
1. 1ยฉ2015 Textura Corporation
Textura Corporation โ Quarter Ended December 31, 2014
Image: Hudson Yards Redevelopment, New York, NY โ
a project managed using Textura Construction Collaboration Solutions
2. 2ยฉ2015 Textura Corporation
Safe Harbor
๏ง This presentation includes forward-looking statements, including statements regarding our future financial performance, market
growth, total addressable market, demand for our solutions, and general business conditions and outlook. Any forward looking
statements contained in this presentation are based upon our historical performance and our current expectations and
projections about future events and financial trends affecting the financial condition of our business. These forward-looking
statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of
the times at, or by, which such performance or results will be achieved. These forward-looking statements are based on
information available to us as of February 24, 2015, and are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important
factors that could cause such differences include, but are not limited to, trends in the global and domestic economy and the
commercial construction industry; our ability to effectively manage our growth; our ability to develop the market for our
solutions; competition with our business; abnormal severe winter weather conditions; our dependence on a limited number of
client relationships for a significant portion of our revenues; our dependence on a single software solution for a substantial
portion of our revenues; the length of the selling cycle to secure new enterprise relationships for our CPM solution, which
requires significant investment of resources; our ability to cross-sell our solutions; the continued growth of the market for on-
demand software solutions; our ability to develop and bring to market new solutions in a timely manner; our success in
expanding our international business and entering new industries; and the availability of suitable acquisitions or partners and
our ability to achieve expected benefits from such acquisitions or partnerships. Forward-looking statements speak only as of
February 24, 2015, and we assume no obligation to update forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws.
If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with
respect to those or other forward-looking statements. Further information on potential factors that could affect actual results is
included under the heading โRisk Factorsโ in our Annual Report on Form 10-K filed on November 26, 2013, our Annual Report on
Form10-K for the fiscal year ended December 31, 2014, which we expect to file on or about March 6, 2015, and our other reports
filed with the SEC.
๏ง This presentation should be read in conjunction with our December 2014 Earnings Release on our Investor Relations website at
investors.texturacorp.com.
๏ง In addition to U.S. GAAP financial information, this presentation includes certain non-GAAP financial measures. These historical
and forward-looking non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial
performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP measures is included in our
December 2014 Earnings Release on our Investor Relations website at investors.texturacorp.com, and at the end of this
presentation.
3. 3ยฉ2015 Textura Corporation
Introduction and Review of Key Highlights
Image: Hudson Yards Redevelopment, New York, NY โ
a project managed using Textura Construction Collaboration Solutions
Patrick Allin
Chairman, CEO, Co-founder
4. 4ยฉ2015 Textura Corporation
Current Business Processes โ Complex, Error Prone, Inefficient
Banks / Insurers
Title Company
Owner / Developer
Sub-contractors
Engineers
Architects
General
Contractors
Suppliers
Architects
Financing
Companies
Insurance
Companies
Owner/
Developer
GC
Prime Sub Prime Sub
Sub
Material
Supplier
Sub Sub Sub
Sub-tier Sub-tier
Sub-tier
Etc.
. . .
Material
Supplier
Material
Supplier
. . .
Sub . . .
Prime Sub . . .
Title
Companies
Engineers . . .
Design
Pre-
qualification
Bid Contracting Construction Close-out
6. 6ยฉ2015 Textura Corporation
Approx. $28 billion of Total Addressable Market *
Market
Expansion
Monetization
Total
Addressable Market
Target
Global
Markets
~$4.8t
Markets
Currently
Served
~$1.3t
Current
Solutions
~30 bps
Total
Future
Addressable
Market
~$28.0bCurrent
Markets
and
Solutions
~$4.4b
Expanded
Platform
~50 bps
Key Strategies:
โข North America market
penetration
โข Global expansion to Asia
and Western Europe
Key Strategies:
โข Cross-sell solutions
โข Solution expansion
โข Integrated suite of
solutions
โข Pricing
โข Strategic acquisitions
Result:
โข Potential for high
long-term revenue
growth rates
Expanded
Platform
~55-60 bps
Current
Solutions
~34 bps
Mobile
+~5โ10 bps
Mobile
+~4 bps
~$3.9b
Mobile
+~$0.5b
~$24.0b
~$4.0b
* Information as of November 5, 2014.
7. 7ยฉ2015 Textura Corporation
Quarter Highlights โ Continuing to Execute our Strategy
โข Year-over-year revenue growth of 49%
โข Revenue of $17.9MM, organic revenue growth of 44%
โข Approximately $165B in construction value active on our solutions
โข Billings of $19.8MM, year-over-year growth of 44%
Strong Quarterly
Results
Operating
Leverage
Growth Strategy
โข Improving Adjusted EBITDA, EPS and cash flow trajectory
โข Generated positive Adjusted EBITDA for Q4 2014 of $0.4MM
โข Adjusted EPS improved from ($0.19) in prior-year period to ($0.02)
โข Positive operating cash flow for third consecutive quarter and for the year
โข Increased functionality and expanding market penetration
โข Launched EPP in December 2014
โข Addition of industry-leading customers such as Turner Construction, the
largest general builder in North America
โข Continued focus on international growth strategy
8. 8ยฉ2015 Textura Corporation
Quarter Ended December 31,
2014 Financial Overview
Image: Denver International Airport South Terminal Redevelopment, Denver, CO
โ a project managed using Textura Construction Collaboration Solutions
Jillian Sheehan
EVP and CFO
9. 9ยฉ2015 Textura Corporation
Quarter Ended December 31, 2014 Highlights
โข 49% year-over-year revenue growth
โข Organic revenue growth of 44%
Balance Sheet
Strong Revenue
Growth
Expense Trends
Adjusted EBITDA
and EPS
โข 10% Adjusted Operating Expense year-over-year increase
โข Continuing to see leverage in business model
โข Continuing to invest in the development of our solution suite
โข $0.4MM Adjusted EBITDA vs. ($4.0MM) in prior-year period
โข Focus on supporting growth and strategic initiatives
โข Adjusted EPS of ($0.02) vs. ($0.19) in prior-year period
โข Weighted-average share count increased to 25.5MM
โข $66.8MM cash position at December 31, 2014
โข Ample liquidity to fund our growth initiatives
11. 11ยฉ2015 Textura Corporation
Revenue Model โ Broad Base of Paying Customers
โข Revenue from multiple
participants
โข Fees are invoiced and
collected in advance
โข CPM - sticky, recurring,
and visible
CPM
PlanSwift
Submittal
Exchange
GradeBeam
PQM
Activity-driven
โข Owners/GCs
โข Subscription fees based on
project activity โ
total number of
projects/construction value
โข Subcontractors
โข Contract usage fee โ varies by
value of contract and subject to
minimum and maximum fees
Organization-driven
โข Primarily license and subscription
fees
โข Fees based on:
โข Construction volume,
number of
offices/subcontractors
BidOrganizer
Latista
12. 12ยฉ2015 Textura Corporation
2015 Guidance
โข 36 โ 41% year-over-year revenue growth
โข $18.8 โ $19.4MM
โข Adjusted EPS of ($0.01) โ $0.01
โข Excludes stock based comp of $1.9MM & amortization of acquired
intangible assets of $1.1MM
โข Assumes ~25.7MM shares
Quarter Ended
March 31, 2015
Year Ended
December 31,
2015
โข 40 - 46% year-over-year revenue growth
โข $88.0 โ $92.0MM
โข Adjusted EPS of $0.15 โ $0.20
โข Excludes stock based comp of $6.8MM & amortization of acquired
intangible assets of $4.2MM
โข Assumes ~25.9MM shares
13. 13ยฉ2015 Textura Corporation
Long-term Operating Model Yields Attractive Margins
March
2014
June
2014
Sept
2014
Dec
2014 2013 2014
Guidance
2015
Target
Model
Revenue ($MMs) 13.8$ 15.0$ 16.4$ 17.9$ 40.8$ 63.0$ $88 - 92 $150 - 180
Adjusted Operating Expenses as a % of revenue: *
Cost of services 20% 19% 18% 18% 22% 19% 10 - 13%
General and administrative 34% 36% 31% 29% 44% 32% 13 - 15%
Sales and marketing 33% 29% 29% 27% 30% 29% 17 - 20%
Technology and development 37% 31% 28% 24% 41% 30% 15 - 17%
Total Adjusted Operating Expenses, excluding
depreciation and amortization 124% 115% 106% 98% 137% 110% 55 - 65%
Adjusted Gross Margin 80% 81% 82% 82% 78% 82% 87 - 90%
Adjusted EBITDA margin ** (24%) (15%) (6%) 2% (37%) (10%) 10 - 11% 35 - 45%
Quarter Fiscal Year
** Adjusted EBITDA represents revenueless Adjusted OperatingExpenses, excludingdepreciation and amortization.
* Adjusted OperatingExpenses is calculated as total operatingexpenses, adjusted for share-based compensation expense, amortization expense, severanceexpense,
and acquisition-related and other expenses recognized duringtheperiod.
14. 14ยฉ2015 Textura Corporation
Image: World Trade Center Transportation Hub, New York, NY โ
a project managed using Textura Construction Collaboration Solutions
Questions
16. 16ยฉ2015 Textura Corporation
Quarter Ended March 31, 2014
GAAP
Share-Based
Compensation
and
Amortization of
Intangible
Assets
Other Non-
Recurring
Expenses * As Adjusted
% of
Revenue
Revenues 13,787$ -$ -$ 13,787$ 100%
Operating expenses
Cost of services 2,882 152 - 2,730 20%
General and administrative 6,055 1,191 74 4,790 34%
Sales and marketing 4,843 312 - 4,531 33%
Technology and development 5,356 281 - 5,075 37%
Depreciation and amortization 1,886 1,282 - 604 4%
Total operating expenses 21,022 3,218 74 17,730 129%
Total operating expenses, excluding
depreciation and amortization
19,136 1,936 74 17,126 124%
Loss from operations (7,235) (3,218) (74) (3,943)
Total other expense, net (25) - - (25)
Loss before income taxes (7,260) (3,218) (74) (3,968)
Income tax provision 80 - - 80
Net loss (7,340)$ (3,218)$ (74)$ (4,048)$
Gross profit 10,905$ 11,057$
Gross margin 79% 80%
Adjusted EBITDA ** (3,339)$
Adjusted EBITDA Margin (24%)
* Other non-recurring expenses represent acquisition-related costs.
** Adjusted EBITDA represents revenue less Adjusted Operating Expenses, excluding depreciation and amortization.
(dollars in thousands)
17. 17ยฉ2015 Textura Corporation
Quarter Ended June 30, 2014
GAAP
Share-Based
Compensation
and
Amortization of
Intangible
Assets As Adjusted
% of
Revenue
Revenues 14,965$ -$ 14,965$ 100%
Operating expenses
Cost of services 3,028 156 2,872 19%
General and administrative 6,473 1,049 5,424 36%
Sales and marketing 4,663 324 4,339 29%
Technology and development 4,819 301 4,518 31%
Depreciation and amortization 1,962 1,282 680 5%
Total operating expenses 20,945 3,112 17,833 119%
Total operating expenses, excluding
depreciation and amortization
18,983 1,830 17,153 115%
Loss from operations (5,980) (3,112) (2,868)
Total other expense, net (8) - (8)
Loss before income taxes (5,988) (3,112) (2,876)
Income tax provision 80 - 80
Net loss (6,068)$ (3,112)$ (2,956)$
Gross profit 11,937$ 12,093$
Gross margin 80% 81%
Adjusted EBITDA * (2,188)$
Adjusted EBITDA Margin (15%)
* Adjusted EBITDA represents revenue less Adjusted Operating Expenses, excluding depreciation and amortization.
(dollars in thousands)
18. 18ยฉ2015 Textura Corporation
Quarter Ended September 30, 2014
GAAP
Share-Based
Compensation
and
Amortization of
Intangible
Assets
Other Non-
Recurring
Expenses * As Adjusted
% of
Revenue
Revenues 16,354$ -$ -$ 16,354$ 100%
Operating expenses
Cost of services 3,335 90 344 2,901 18%
General and administrative 6,232 1,049 120 5,063 31%
Sales and marketing 5,869 586 592 4,691 29%
Technology and development 6,366 913 802 4,651 28%
Depreciation and amortization 1,990 1,282 - 708 4%
Total operating expenses 23,792 3,920 1,858 18,014 110%
Total operating expenses, excluding
depreciation and amortization
21,802 2,638 1,858 17,306 106%
Loss from operations (7,438) (3,920) (1,858) (1,660)
Total other expense, net (22) - - (22)
Loss before income taxes (7,460) (3,920) (1,858) (1,682)
Income tax provision 80 - - 80
Net loss (7,540)$ (3,920)$ (1,858)$ (1,762)$
Gross profit 13,019$ 13,453$
Gross margin 80% 82%
Adjusted EBITDA ** (952)$
Adjusted EBITDA Margin (6%)
* Other non-recurring expenses include severance expense and acquisition-related and other expenses. Acquisition-related
and other expenses represent acquisition, strategic transaction and certain tax-related costs.
** Adjusted EBITDA represents revenue less Adjusted Operating Expenses, excluding depreciation and amortization.
(dollars in thousands)
19. 19ยฉ2015 Textura Corporation
Quarter Ended December 31, 2014
GAAP
Share-Based
Compensation
and
Amortization of
Intangible
Assets
Other Non-
Recurring
Expenses * As Adjusted
% of
Revenue
Revenues 17,862$ -$ -$ 17,862$ 100%
Operating expenses
Cost of services 3,606 196 275 3,135 18%
General and administrative 6,489 1,328 45 5,116 29%
Sales and marketing 5,143 279 - 4,864 27%
Technology and development 4,490 168 - 4,322 24%
Depreciation and amortization 1,903 1,131 - 772 4%
Total operating expenses 21,631 3,102 320 18,209 102%
Total operating expenses, excluding
depreciation and amortization
19,728 1,971 320 17,437 98%
Loss from operations (3,769) (3,102) (320) (347)
Total other expense, net (8) - - (8)
Loss before income taxes (3,777) (3,102) (320) (355)
Income tax provision 130 - - 130
Net loss (3,907)$ (3,102)$ (320)$ (485)$
Gross profit 14,256$ 14,727$
Gross margin 80% 82%
Adjusted EBITDA ** 425$
Adjusted EBITDA Margin 2%
* Other non-recurring expenses include severance expense and acquisition-related and other expenses. Acquisition-related
and other expenses represent acquisition, strategic transaction and certain tax-related costs.
** Adjusted EBITDA represents revenue less Adjusted Operating Expenses, excluding depreciation and amortization.
(dollars in thousands)
20. 20ยฉ2015 Textura Corporation
Year Ended December 31, 2014
GAAP
Share-Based
Compensation
and
Amortization
of Intangible
Assets
Other Non-
Recurring
Expenses * As Adjusted
% of
Revenue
Revenues 62,968$ -$ -$ 62,968$ 100%
Operating expenses
Cost of services 12,851 594 619 11,638 19%
General and administrative 25,249 4,617 239 20,393 32%
Sales and marketing 20,518 1,501 592 18,425 29%
Technology and development 21,031 1,663 802 18,566 30%
Depreciation and amortization 7,741 4,977 - 2,764 4%
Total operating expenses 87,390 13,352 2,252 71,786 114%
Total operating expenses, excluding
depreciation and amortization
79,649 8,375 2,252 69,022 110%
Loss from operations (24,422) (13,352) (2,252) (8,818)
Total other expense, net (63) - - (63)
Loss before income taxes (24,485) (13,352) (2,252) (8,881)
Income tax provision 370 370
Net loss (24,855)$ (13,352)$ (2,252)$ (9,251)$
Gross profit 50,117$ 51,330$
Gross margin 80% 82%
Adjusted EBITDA ** (6,054)$
Adjusted EBITDA Margin (10%)
* Other non-recurring expenses include severance expense, offering-related expense and acquisition-related and other expenses.
Acquisition-related and other expenses represent acquisition, strategic transaction and certain tax-related costs.
** Adjusted EBITDA represents revenue less Adjusted Operating Expenses, excluding depreciation and amortization.
(dollars in thousands)
21. 21ยฉ2015 Textura Corporation
Quarter Ended December 31, 2013
GAAP
Share-Based
Compensation
and
Amortization of
Intangible
Assets
Other Non-
Recurring
Expenses * As Adjusted
% of
Revenue
Revenues 12,003$ -$ -$ 12,003$ 100%
Operating expenses
Cost of services 2,742 95 - 2,647 22%
General and administrative 5,378 857 423 4,098 34%
Sales and marketing 4,264 401 - 3,863 32%
Technology and development 5,667 230 - 5,437 46%
Depreciation and amortization 1,560 992 - 568 5%
Total operating expenses 19,611 2,575 423 16,613 138%
Total operating expenses, excluding
depreciation and amortization
18,051 1,583 423 16,045 134%
Loss from operations (7,608) (2,575) (423) (4,610)
Total other expense, net (94) - - (94)
Loss before income taxes (7,702) (2,575) (423) (4,704)
Income tax provision (1,026) - - (1,026)
Net loss (6,676)$ (2,575)$ (423)$ (3,678)$
Gross profit 9,261$ 9,356$
Gross margin 77% 78%
Adjusted EBITDA ** (4,042)$
Adjusted EBITDA Margin (34%)
* Other non-recurring expenses include offering-related expense and acquisition-related and other expenses. Acquisition-related
and other expenses represent acquisition, strategic transaction and certain tax-related costs.
** Adjusted EBITDA represents revenue less Adjusted Operating Expenses, excluding depreciation and amortization.
(dollars in thousands)
22. 22ยฉ2015 Textura Corporation
Year Ended December 31, 2013
GAAP
Share-Based
Compensation
and
Amortization
of Intangible
Assets
Other Non-
Recurring
Expenses * As Adjusted
% of
Revenue
Revenues 40,766$ -$ -$ 40,766$ 100%
Operating expenses
Cost of services 12,808 2,198 1,446 9,164 22%
General and administrative 25,152 5,700 1,501 17,951 44%
Sales and marketing 15,153 2,789 308 12,056 30%
Technology and development 20,820 2,863 1,288 16,669 41%
Depreciation and amortization 5,325 3,397 - 1,928 5%
Total operating expenses 79,258 16,947 4,543 57,768 142%
Total operating expenses, excluding
depreciation and amortization
73,933 13,550 4,543 55,840 137%
Loss from operations (38,492) (16,947) (4,543) (17,002)
Total other expense, net (2,530) - - (2,530)
Loss before income taxes (41,022) (16,947) (4,543) (19,532)
Income tax provision (767) (1,086) 319
Net loss (40,255)$ (16,947)$ (3,457)$ (19,851)$
Gross profit 27,958$ 31,602$
Gross margin 69% 78%
Adjusted EBITDA ** (14,923)$
Adjusted EBITDA Margin (37%)
* Other non-recurring expenses include offering-related expense and acquisition-related and other expenses. Acquisition-related
and other expenses represent acquisition, strategic transaction and certain tax-related costs.
** Adjusted EBITDA represents revenue less Adjusted Operating Expenses, excluding depreciation and amortization.
(dollars in thousands)
23. 23ยฉ2015 Textura Corporation
Adjusted EPS โ Year over Year
December 31, 2014 December 31, 2013
Net loss per share (0.15)$ (0.27)$
Share-based compensation expense 0.08 0.06
Amortization of intangible assets 0.04 0.04
Acquisition-related and other expenses * 0.01 0.02
Acquisition-related tax benefit - (0.04)
Adjusted EPS (0.02)$ (0.19)$
* Acquisition-related and other expenses represent acquisition, strategic transaction and certain tax-related costs.
Three Months Ended
24. 24ยฉ2015 Textura Corporation
Guidance
High End Low End High End Low End
Net loss per share (0.10)$ (0.12)$ (0.22)$ (0.27)$
Share-based compensation expense 0.07 0.07 0.26 0.26
Amortization of intangible assets 0.04 0.04 0.16 0.16
Adjusted EPS 0.01$ (0.01)$ 0.20$ 0.15$
Three Months Ended
March 31, 2015
Twelve Months Ended
December 31, 2015