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Quest Software Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 9, 2012 05:27PM

Quest Software Inc. (QSFT) filed Quarterly Report for the period ended 2012-06-30. Quest Software, Inc. has a market cap of $2.35 billion; its shares were traded at around $27.96 with a P/E ratio of 28.5 and P/S ratio of 2.8. Quest Software, Inc. had an annual average earning growth of 22.6% over the past 10 years. GuruFocus rated Quest Software, Inc. the business predictability rank of 4-star.



Highlight of Business Operations:

For the second quarter of 2012 total revenues increased by 6.3% compared to the same period in 2011. Our Americas sales region, which includes United States, Canada and Latin America, contributed 63.8% of total revenues, and the rest of the world, comprised of our Asia Pacific (“APAC”) sales region and our Europe, Middle East and Africa (“EMEA”) sales region, contributed 36.2% of total revenues, as compared to 61.9% and 38.1%, respectively, in the same period last year. All of our sales regions performed well during this quarter.

Our revenues for the three months ended June 30, 2012 are comprised of 33.3% of license revenues, 60.0% of maintenance services revenues and 6.7% of professional services revenues compared to 38.2% of license revenues, 54.3% of maintenance services revenues and 7.5% of professional services revenues in the second quarter of 2011. For the six months ended June 30, 2012, revenues are comprised of 33.1% of license revenues, 59.9% of maintenance services revenues and 7.0% of professional services revenues compared to 36.9% of license revenues, 55.8% of maintenance service revenues and 7.3% of professional service revenues in the same period in 2011.

Cost of Licenses — Cost of licenses primarily consists of third-party software royalties, product packaging, delivery, and personnel costs. Cost of licenses as a percentage of license revenues was 3.9% and 3.3% for the three months ended June 30, 2012 and 2011, respectively. For the six months ended June 30, 2012 and 2011, cost of licenses as a percentage of license revenues was 4.0% and 3.0%, respectively. The increase in cost of licenses for the three months and six months ended June 30, 2012 compared to the same periods in 2011 was due to product-related royalties.

Cost of Professional Services — Cost of professional services primarily consists of personnel, outside consultants, facilities and systems costs used in providing consulting and training services. Cost of professional services as a percentage of professional services revenues was 85.5% and 80.8% for the three months ended June 30, 2012 and 2011, respectively. For the six months ended June 30, 2012 and 2011, cost of professional services as a percentage of professional services revenues was 82.2% and 81.4%, respectively. Cost of professional services for the three months ended June 30, 2012 increased due to an increase of $0.6 million in personnel related costs. For the six months ended June 30, 2012, cost of professional services increased due to an increase of $2.1 million in personnel related costs. Average full-time employee headcount increased by 37 and 36 employees for the three months and six months ended June 30, 2012 compared to the same periods in 2011.

General and Administrative — General and administrative expenses consist primarily of compensation and benefit costs for our executive, finance, legal, human resources, administrative and information services personnel, and professional fees for audit, tax and legal services. General and administrative expenses as a percentage of total revenues were 11.2% and 13.8% for the three months ended June 30, 2012 and 2011, respectively. General and administrative expenses decreased during the three months ended June 30, 2012 primarily due to a decrease of $1.0 million in personnel related costs and $3.1 million in general expenses primarily related to less consulting and other professional fees associated with our Business and Advance Technology Center we are developing in Cork, Ireland and the second phase of our Oracle R12 implementation.

Read the The complete Report



Stocks Discussed: QSFT,
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