DELTEK, INC. (PROJ, Financial) filed Annual Report for the period ended 2011-12-31.
Deltek Inc has a market cap of $767.4 million; its shares were traded at around $10.76 with a P/E ratio of 45.4 and P/S ratio of 2.3.
Perpetual license revenues increased $5.9 million, or 10%, to $64.8 million for the year ended December 31, 2010 compared to 2009. Our 2010 revenue included $4.8 million in revenue attributable to our acquisition of Maconomy in July 2010. In addition, for the year ended December 31, 2010, license fee revenues from our government software contracting solutions increased $2.6 million compared to the prior year.
Cost of perpetual licenses increased by $0.4 million, or 6%, to $6.6 million for the year ended December 31, 2011 as compared to 2010. This was primarily attributable to the full-year effect of the amortization of $1.4 million for purchased intangible assets, and was partially offset by a $1.0 million decrease in third-party software royalties from lower sales of the associated products for which a royalty payment applied.
Sales and marketing expenses increased $24.2 million, or 39%, to $86.6 million for the year ended December 31, 2011, as compared to 2010. The increase resulted mainly from $13.5 million in increased labor and related benefits from increased headcount, higher sales commissions of $4.7 million from sales growth attributable to our Information Solution products, as well as a full year of costs from the sales and marketing efforts from our acquisition of Maconomy and INPUT. In addition, there was an increase in the amortization of purchased intangibles from these recent acquisitions of $5.4 million.
Cash provided by operating activities was $56.7 million, $63.0 million and $59.8 million, for years ended December 31, 2011, 2010, and 2009, respectively. Cash provided by operating activities is primarily derived from net income, as adjusted for non-cash items such as depreciation and amortization expense, stock-based compensation expense, and changes in operating assets and liabilities. The decrease in cash provided by operating activities in 2011 was primarily from a decrease in cash provided from deferred revenue of $27.7 million due to the prior year increase in deferred revenue from the acquisition of Maconomy and INPUT and the transition to annual maintenance billing in 2010. This was partially offset by an increase of $10.1 million in depreciation and amortization of property and equipment from the new headquarters facility, a full year of amortization of purchased intangibles, and increased other long-term liabilities of $11.9 million from deferred rent for the new headquarters facility. The increase in cash provided by operating activities in 2010 from 2009 was attributed to an increase in deferred revenue of $22.8 million primarily from the transition to annual maintenance billing offset by a decrease in net income of $26.5 million.
Read the The complete Report
Deltek Inc has a market cap of $767.4 million; its shares were traded at around $10.76 with a P/E ratio of 45.4 and P/S ratio of 2.3.
Highlight of Business Operations:
Perpetual license revenues decreased $2.0 million, or 3%, to $62.8 million for the year ended December 31, 2011 as compared to 2010. The decrease was primarily due to a $9.9 million decline in the sale of our government contracting software solutions on a perpetual basis, as a number of products previously offered as perpetual licenses were offered on a subscription or term basis during 2011. The decrease was largely offset by an increase of $7.9 million in perpetual license revenue relating to strong sales of our Maconomy and Vision solutions for professional services customers. We believe the increase in our subscription-based offerings will continue in the future.Perpetual license revenues increased $5.9 million, or 10%, to $64.8 million for the year ended December 31, 2010 compared to 2009. Our 2010 revenue included $4.8 million in revenue attributable to our acquisition of Maconomy in July 2010. In addition, for the year ended December 31, 2010, license fee revenues from our government software contracting solutions increased $2.6 million compared to the prior year.
Cost of perpetual licenses increased by $0.4 million, or 6%, to $6.6 million for the year ended December 31, 2011 as compared to 2010. This was primarily attributable to the full-year effect of the amortization of $1.4 million for purchased intangible assets, and was partially offset by a $1.0 million decrease in third-party software royalties from lower sales of the associated products for which a royalty payment applied.
Sales and marketing expenses increased $24.2 million, or 39%, to $86.6 million for the year ended December 31, 2011, as compared to 2010. The increase resulted mainly from $13.5 million in increased labor and related benefits from increased headcount, higher sales commissions of $4.7 million from sales growth attributable to our Information Solution products, as well as a full year of costs from the sales and marketing efforts from our acquisition of Maconomy and INPUT. In addition, there was an increase in the amortization of purchased intangibles from these recent acquisitions of $5.4 million.
Cash provided by operating activities was $56.7 million, $63.0 million and $59.8 million, for years ended December 31, 2011, 2010, and 2009, respectively. Cash provided by operating activities is primarily derived from net income, as adjusted for non-cash items such as depreciation and amortization expense, stock-based compensation expense, and changes in operating assets and liabilities. The decrease in cash provided by operating activities in 2011 was primarily from a decrease in cash provided from deferred revenue of $27.7 million due to the prior year increase in deferred revenue from the acquisition of Maconomy and INPUT and the transition to annual maintenance billing in 2010. This was partially offset by an increase of $10.1 million in depreciation and amortization of property and equipment from the new headquarters facility, a full year of amortization of purchased intangibles, and increased other long-term liabilities of $11.9 million from deferred rent for the new headquarters facility. The increase in cash provided by operating activities in 2010 from 2009 was attributed to an increase in deferred revenue of $22.8 million primarily from the transition to annual maintenance billing offset by a decrease in net income of $26.5 million.
Read the The complete Report
