BroadSoft Reports Second Quarter 2012 Financial Results

BroadSoft, Inc. today announced financial results for the quarter ended June 30, 2012

The company’s total revenue rose to $40.5 million in the second quarter of 2012, an increase of 26% compared the second quarter of 2011, with total revenue $78.9 million for the first six months of 2012, compared to $61.8 million for the first six months of 2011, reflecting year-over-year growth of 28%.

BroadSoft’s net income for the second quarter of 2012 was $2.4 million, compared to net income of $15.8 million, in the second quarter of 2011. Second quarter 2011 results included an income tax benefit of $9.9 million, resulting from the release of a tax valuation allowance relating to net deferred tax assets.

For the third quarter of 2012, BroadSoft anticipates revenue of $40 to $42 million inclusive of approximately $0.5 million in revenue from a partial-quarter contribution from the recent Adaption Technologies acquisition. For the full year 2012, BroadSoft expects revenue of $162 to $167 million which includes approximately $1.3 million in contribution from the Adaption acquisition.

“BroadSoft had a strong second quarter and first half of 2012. We are executing well and demand for our software and services continues to grow,” said Michael Tessler, president and chief executive officer, BroadSoft. “To continue to deliver on our commitment to drive innovative solutions for our customers, today we announced our acquisition of the assets of Adaption Technologies, which we believe will help us enhance our BroadCloud Software-as-a-Service (SaaS) delivery platform. BroadCloud will now include BroadWorks’ award winning features and functionality, helping speed time-to-market of our service provider customers’ Unified Communications offerings.”

“We delivered a strong second quarter, marked by a 26% increase in revenue compared to the year ago period,” saidJim Tholen, chief financial officer, BroadSoft. “Both our non-GAAP operating income and net income improved relative to last year’s second quarter. We also generated a very healthy $11.7 million in cash flow from operations and ended the quarter with cash, cash equivalents and investments totaling $194 million.”

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