Ariba, Inc. (Nasdaq:ARBA), the leading spend management
solutions provider, today announced results for the fourth quarter
and fiscal year ended September 30, 2009.
Quarterly Financial and Operational Highlights:
- Total revenues of $84.3
million
- GAAP diluted EPS of $0.06 and
non-GAAP diluted EPS of $0.18
- Subscription software revenue of
$41.1 million, up 26% year-over-year
- 12-month subscription software
backlog of $132 million, up 13% year-over-year
- Cash flow from operations of
$18.8 million, ending cash, investments and restricted cash of
$195.4 million
- Number of on-demand deals up 25%
year-over-year
“While there are certainly slight signs that the global economy
is on the mend, companies are proceeding with caution,” said Bob
Calderoni, Chairman and CEO, Ariba. “Many of these companies are
leveraging Ariba’s spend management solutions to fuel the cost
savings and agility required to compete in this new state of
normal. As a result, we delivered another solid quarter and are
well-positioned for continued growth in fiscal 2010.”
Results for the Fourth Quarter of Fiscal Year 2009
Revenue:
Total revenues for the fourth quarter of fiscal year 2009 were
$84.3 million, as compared to $85.5 million for the fourth quarter
of fiscal year 2008. Subscription and maintenance revenues for the
quarter were $57.9 million, as compared to $51.0 million for the
fourth quarter of fiscal year 2008. Within subscription and
maintenance revenues, subscription software revenue was $41.1
million for the quarter, as compared to $32.6 million for the
fourth quarter of fiscal year 2008. Services and other revenues for
the quarter were $26.5 million, as compared to $34.5 million for
the fourth quarter of fiscal year 2008.
Earnings Per Share:
Net income for the fourth quarter of fiscal year 2009 was $5.6
million, or $0.06 per diluted share, as compared to a net loss for
the fourth quarter of fiscal year 2008 of $6.1 million, or $0.08
per share. Net income for the fourth quarter of fiscal year 2009
included charges of $1.5 million for amortization of intangible
assets and $8.7 million for stock-based compensation. Excluding
these items, non-GAAP net income was $15.8 million, or $0.18 per
diluted share.
Balance Sheet and Cash:
Total cash, investments and restricted cash were $195.4 million
at September 30, 2009, up $18.2 million from June 30, 2009. Net
cash flow from operations for the three months ended September 30,
2009 was $18.8 million, as compared to $10.2 million for the three
months ended September 30, 2008. Accounts receivable, on an average
days-sales-outstanding basis, were 23 days for the fourth quarter
of fiscal year 2009, as compared to 30 days for the fourth quarter
of fiscal year 2008, and down two days from the previous quarter.
Total deferred revenues were $110.5 million at September 30, 2009,
down $5.8 million from June 30, 2009, and up $8.5 million from
September 30, 2008.
Customer Acquisition and Transactions for the
Quarter:
During the quarter, 250 companies of all sizes purchased Ariba
solutions to drive their spend management strategies, including:
AGCO Corporation, Amgen, Inc., Atlas Air Worldwide Holdings, Inc.,
Diebold Incorporated, Duke Energy Corporation, The Hartford
Financial Services Group, Inc., Quest Diagnostics Limited, Rio
Tinto Limited, T Mobile USA, Inc., Tyco International Inc. and Vail
Resorts, Inc. Ariba added 40 new customers in the fourth quarter
and closed 15 transactions over $1 million, including six software
deals over $1 million. On-demand product deals totalled 231.
Results for the Fiscal Year 2009
Revenue:
Total GAAP revenues for fiscal year 2009 were $339.0 million, as
compared to $328.1 million for fiscal year 2008. Subscription and
maintenance revenues for the year were $222.2 million, as compared
to $187.2 million for fiscal year 2008. Within subscription and
maintenance revenues, subscription software revenue was $151.2
million for the year, as compared to $112.3 million for fiscal year
2008. Services and other revenues for the year were $116.8 million,
as compared to $140.9 million for the prior year. On a non-GAAP
basis, total revenues for fiscal year 2009 were $339.3 million with
subscription software revenue at $151.6 million. The difference
between GAAP and non-GAAP is approximately $0.4 million of revenue
that was not recognized due to the impact of purchase accounting on
contracts acquired through the acquisition of Procuri, Inc.
Earnings Per Share:
Net income for fiscal year 2009 was $8.2 million, or $0.10 per
diluted share, as compared to a net loss in fiscal year 2008 of
$41.1 million, or $0.53 per share. In addition to the revenue that
was not recognized due to the impact of purchase accounting on
contracts acquired through the acquisition of Procuri, the net
income for fiscal year 2009 included charges of $6.3 million for
amortization of intangible assets, $33.9 million for stock-based
compensation, $6.8 million for a real-estate lease restructuring
charge related to the company’s Sunnyvale campus, a $4.0 million
charge for severance and termination benefit costs and $1.4 million
for an investment write down. Excluding these items, non-GAAP net
income was $61.0 million, or $0.71 per diluted share.
Conference Call Information
Ariba will hold a conference call today at 5:00 a.m. PT / 8:00
a.m. ET to discuss its results for the fourth quarter and fiscal
year 2009. To join the call, please dial (877) 407-8031 in the
United States and Canada, or (201) 689-8031 if calling
internationally. The conference call also will be webcast live, and
can be accessed on the investor relations section of the company’s
website at www.ariba.com.
A replay of the conference call will be available for two weeks
by calling (877) 660-6853 in the United States and Canada or (201)
612-7415 internationally and entering account number: 286 and
conference ID number: 334700.
About Ariba, Inc.
Ariba, Inc. is the leading provider of on-demand spend
management solutions. Our mission is to transform the way companies
of all sizes, across all industries, and geographies operate by
delivering technology, service, and network solutions that enable
them to holistically source, contract, procure, pay, manage, and
analyze their spend and supplier relationships. Delivered on
demand, our enterprise-class offerings empower companies to achieve
greater control of their spend and drive continuous improvements in
financial and supply chain performance. More than 1,000 companies,
including more than half of the companies on the Fortune 100, use
Ariba solutions to manage their spend from sourcing and orders
through invoicing and payment. For more information, visit
www.ariba.com
Copyright © 1996 – 2009 Ariba, Inc.
Ariba, the Ariba logo, AribaLIVE, SupplyWatch, Ariba.com,
Ariba.com Network and Ariba Spend Management. Find it. Get it. Keep
it. are registered trademarks of Ariba, Inc. Ariba Spend
Management, Ariba. This is Spend Management, Ariba Solutions
Delivery, Ariba Analysis, Ariba Buyer, Ariba Category Management,
Ariba Category Procurement, Ariba Contract Compliance, Ariba
Contracts, Ariba Contract Management, Ariba Contract Workbench,
Ariba Data Enrichment, Ariba eForms, Ariba Invoice, Ariba Payment,
Ariba Sourcing, Ariba Spend Visibility, Ariba Travel and Expense,
Ariba Procure-to-Pay, Ariba Workforce, Ariba Supplier Network,
Ariba Supplier Connectivity, Ariba Supplier Performance Management,
Ariba Content Procurement, Ariba PunchOut, Ariba QuickSource,
PO-Flip, Ariba Spend Management Knowledge Base, Ariba Ready, Ariba
Supply Lines, Ariba Supply Manager, Ariba LIVE, It’s Time for Spend
Management and Supplier Lifecycle Management are trademarks or
service marks of Ariba, Inc. All other brand or product names may
be trademarks or registered trademarks of their respective
companies or organizations in the United States and/or other
countries.
Ariba Safe Harbor
Safe Harbor Statement under the Private Securities Litigation
Reform Act 1995: Information and announcements in this release
involve Ariba's expectations, beliefs, hopes, plans, intentions or
strategies regarding the future and are forward-looking statements
that involve risks and uncertainties. All forward-looking
statements included in this release are based upon information
available to Ariba as of the date of the release, and we assume no
obligation to update any such forward-looking statements. These
statements are not guarantees of future performance and actual
results could differ materially from our current expectations.
Factors that could cause or contribute to Ariba's operating and
financial results to differ materially from current expectations
include, but are not limited to: the impact of the credit crises on
Ariba’s results of operations and financial condition; delays in
development or shipment of new versions of Ariba's products and
services; lack of market acceptance of Ariba's existing or future
products or services; inability to continue to develop competitive
new products and services on a timely basis; introduction of new
products or services by major competitors; the ability to attract
and retain qualified employees; difficulties in assimilating
acquired companies, long and unpredictable sales cycles and the
deferrals of anticipated orders; declining economic conditions,
including the impact of a recession; inability to control costs;
changes in the company's pricing or compensation policies;
significant fluctuations in our stock price; the outcome of and
costs associated with pending or potential future regulatory or
legal proceedings; the impact of our acquisitions, including the
disruption or loss of customer, business partner, supplier or
employee relationships; and the level of costs and expenses
incurred by Ariba as a result of such transactions. Factors and
risks associated with its business, including a number of the
factors and risks described above, are discussed in Ariba's Form
10-Q filed with the SEC on August 7, 2009.
Ariba, Inc. and Subsidiaries Condensed Consolidated Balance Sheets
(Unaudited; in thousands) September 30, September 30,
2009 2008 ASSETS Current assets: Cash and cash equivalents $
130,881 $ 86,804 Short-term investments 12,169 - Accounts
receivable, net 19,660 28,968 Prepaid expenses and other current
assets 11,235 7,859 Total current
assets 173,945 123,631 Property and equipment, net 14,418
19,773 Long-term investments 23,155 20,525 Restricted cash, less
current portion 29,241 29,641 Goodwill 406,507 406,507 Other
intangible assets, net 17,660 23,965 Other assets 3,245
3,419 Total assets $ 668,171 $ 627,461
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $ 7,758 $ 12,202 Accrued compensation
and related liabilities 29,010 21,480 Accrued liabilities 17,010
15,677 Restructuring obligations 17,964 19,925 Deferred revenue
101,172 95,519 Total current
liabilities 172,914 164,803 Deferred rent obligations 14,539
18,174 Restructuring obligations, less current portion 31,098
41,121 Deferred revenue, less current portion 9,288 6,396 Other
long-term liabilities 6,281 5,949 Total
liabilities 234,120 236,443
Stockholders' equity: Common stock 179 174 Additional paid-in
capital 5,189,566 5,154,137 Accumulated other comprehensive loss
(3,688 ) (3,094 ) Accumulated deficit (4,752,006 )
(4,760,199 ) Total stockholders' equity 434,051
391,018 Total liabilities and stockholders' equity $
668,171 $ 627,461 Ariba, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited; in
thousands, except per share data) Three
Months Ended Year Ended September 30, September 30, 2009 2008 2009
2008 Revenues: Subscription and maintenance $ 57,858 $ 51,048 $
222,206 $ 187,150 Services and other 26,460
34,484 116,766 140,910 Total
revenues 84,318 85,532 338,972
328,060 Cost of revenues: Subscription
and maintenance 12,269 10,665 47,907 40,088 Services and other
18,592 21,865 75,465 94,189 Amortization of acquired technology and
customer intangible assets 1,387 1,388
5,550 14,257 Total cost of revenues
32,248 33,918 128,922
148,534 Gross profit 52,070
51,614 210,050 179,526
Operating expenses: Sales and marketing 24,720 27,608 103,739
110,834 Research and development 11,341 11,392 43,483 52,270
General and administrative 10,173 11,909 43,289 48,919 Other income
- Softbank - - - (566 ) Insurance reimbursement - - (7,527 ) -
Amortization of other intangible assets 125 210 755 739
Restructuring and integration costs - 6,274 10,837 10,108
Litigation provision - - -
5,900 Total operating expenses 46,359
57,393 194,576 228,204
Income (loss) from operations 5,711 (5,779 ) 15,474
(48,678 ) Interest and other (expense) income, net (35 )
(201 ) (6,055 ) 8,359 Income (loss)
before income taxes 5,676 (5,980 ) 9,419 (40,319 ) Provision for
income taxes 68 77 1,226
743 Net income (loss) $ 5,608 $ (6,057
) $ 8,193 $ (41,062 ) Net income (loss) per share -
basic $ 0.07 $ (0.08 ) $ 0.10 $ (0.53 ) Net income (loss) per share
- diluted $ 0.06 $ (0.08 ) $ 0.10 $ (0.53 ) Weighted average shares
- basic 84,124 79,835 82,733 77,318 Weighted average shares -
diluted 87,561 79,835 85,424 77,318 Ariba, Inc. and
Subsidiaries Cash Flows (Unaudited; in thousands)
Three Months Ended Year Ended September 30, September
30, 2009 2008 2009 2008 Operating activities: Net income (loss) $
5,608 $ (6,058 ) $ 8,193 $ (41,062 ) Adjustments to reconcile net
income (loss) to net cash provided by operating activities:
(Benefit) provision for doubtful accounts (5 ) 396 1,378 506
Depreciation 1,884 2,013 7,661 7,903 Amortization of intangible
assets 1,512 1,598 6,305 14,996 Stock-based compensation 8,679
9,989 33,941 40,859 Restructuring costs - 6,274 10,837 10,108
Other-than-temporary impairment of long-term investments - - 1,414
- Impairment of property and equipment - - 4,277 - Changes in
operating assets and liabilities: Accounts receivable 2,941 (691 )
7,930 3,609 Prepaid expense and other assets 631 584 (3,094 ) 5,948
Accounts payable 199 914 (4,485 ) 1,225 Accrued compensation and
related liabilities 8,359 184 7,486 (3,687 ) Accrued liabilities
(257 ) (714 ) (1,910 ) (7,914 ) Deferred income - Softbank - - -
(566 ) Deferred revenue (5,712 ) 1,633 8,857 13,258 Restructuring
obligations (5,030 ) (5,946 ) (22,821 ) (23,592 )
Net cash provided by operating activities
18,809 10,176 65,969
21,591 Investing activities: Cash paid for
acquisitions, net of cash acquired - - - (55,638 ) Purchases of
property and equipment (1,828 ) (2,463 ) (6,583 ) (7,657 )
Purchases of investments, net of sales 458 778 (16,822 ) 68,185
Allocation from restricted cash, net - 287 400 1,022
Net cash (used in) provided by investing activities
(1,370 ) (1,398 ) (23,005 ) 5,912
Financing activities: Proceeds from issuance of
common stock, net 1,759 2,658 4,113 6,394 Repurchase of common
stock (231 ) (2,689 ) (2,620 ) (7,203 )
Net cash provided by (used in) financing activities 1,528
(31 ) 1,493 (809 ) Effect
of exchange rates on cash and cash equivalents (272 ) (488 ) (380 )
(1,201 ) Net change in cash and cash equivalents 18,695
8,259 44,077 25,493 Cash and cash equivalents at beginning
of period 112,186 78,545 86,804 61,311
Cash and cash equivalents at end of period $ 130,881 $
86,804 $ 130,881 $ 86,804
Non-GAAP Financial Measures
The accompanying press release dated October 28, 2009 contains
non-GAAP financial measures. The following table reconciles the
non-GAAP financial measures in the press release to the most
directly comparable financial measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP). These non-GAAP
financial measures include non-GAAP revenues, non-GAAP cost of
revenues, gross profit, operating expenses, income (loss) from
operations, net income (loss) and net income (loss) per share
amounts.
Non-GAAP financial measures should not be considered as a
substitute for, or superior to, GAAP financial measures, which
should be considered as the primary financial metrics for
evaluating our financial performance. Significantly, non-GAAP
financial measures are not based on a comprehensive set of
accounting rules or principles. Instead, they are based on
subjective determinations by management designed to supplement our
GAAP financial measures. They are subject to a number of important
limitations and should be considered only in conjunction with our
consolidated financial statements prepared in accordance with GAAP.
For example, our non-GAAP financial measures have the effect of
excluding a purchase accounting adjustment, costs and expenses from
our operating results that should be properly considered under a
system of accrual accounting. In addition, our non-GAAP financial
measures differ from GAAP measures with the same names, may vary
over time and may differ from non-GAAP financial measures with the
same or similar names used by other companies. Accordingly,
investors should exercise caution when evaluating our non-GAAP
financial measures.
Despite these limitations, we believe our non-GAAP financial
measures provide meaningful supplemental information about our
operating results, primarily because they exclude a purchase
accounting adjustment and costs and expenses that we do not believe
are indicative of the ongoing operating performance of our business
and our senior management. Although these items should properly be
considered in our GAAP financial measures, we believe they should
be excluded when evaluating our current operating performance. The
non-GAAP financial measures disclosed in the accompanying press
release are used by our Board of Directors and senior management to
evaluate our current operating performance, are used in evaluating
the performance of our senior management, and are used in our
budget and planning processes. We believe that our non-GAAP
financial measures are helpful to investors by facilitating
comparisons of our current and prior operating results and by
facilitating comparisons of our operating results with those of
other software companies.
Ariba, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP
Operating Results (Unaudited; in thousands, except per share data)
The following tables reconcile the specific items
excluded from GAAP in the calculation of non-GAAP operating results
for the period indicated below: Three Months Ended Three
Months Ended September 30, 2009 September 30, 2008
Revenue reconciliation:
GAAP revenue $ 84,318 $ 85,532 Purchase accounting adjustment
- 904 Total non-GAAP revenues $ 84,318
$ 86,436 Three Months Ended Three
Months Ended September 30, 2009 September 30, 2008
Expense reconciliation:
GAAP revenue $ 84,318 $ 85,532 Less: GAAP net income (loss)
5,608 (6,057 ) Total GAAP expenses 78,710 91,589
Amortization of intangible assets (1,512 ) (1,598 )
Stock-based compensation (8,679 ) (9,989 ) Restructuring and
integration - (6,274 ) Total non-GAAP
operating expenses $ 68,519 $ 73,728
Three Months Ended Three Months Ended September 30, 2009 September
30, 2008
Net
income (loss) reconciliation:
GAAP net income (loss) $ 5,608 $ (6,057 ) Purchase accounting
adjustment - 904 Amortization of intangible assets 1,512 1,598
Stock-based compensation 8,679 9,989 Restructuring and integration
- 6,274 Non-GAAP net income $ 15,799
$ 12,708 Three Months Ended Three
Months Ended September 30, 2009 September 30, 2008
Net
income (loss) per share reconciliation:
GAAP net income (loss) per share - basic $ 0.07 $ (0.08 ) Purchase
accounting adjustment - 0.01 Amortization of intangible assets 0.02
0.02 Stock-based compensation 0.10 0.13 Restructuring and
integration - 0.08 Non-GAAP net income
per share - basic $ 0.19 $ 0.16 Non-GAAP net
income per share - diluted $ 0.18 $ 0.15 Weighted average
shares - basic 84,124 79,835 Weighted average shares - diluted
87,561 85,033 Ariba, Inc. and Subsidiaries Reconciliation of
GAAP to Non-GAAP Operating Results (Unaudited; in thousands, except
per share data) The following tables reconcile the
specific items excluded from GAAP in the calculation of non-GAAP
operating results for the period indicated below: Year Ended
Year Ended September 30, 2009 September 30, 2008
Revenue reconciliation:
GAAP revenue $ 338,972 $ 328,060 Purchase accounting adjustment
355 5,007 Total non-GAAP revenues $
339,327 $ 333,067 Year Ended Year Ended
September 30, 2009 September 30, 2008
Expense reconciliation:
GAAP revenue $ 338,972 $ 328,060 Less: GAAP net income (loss)
8,193 (41,062 ) Total GAAP expenses 330,779
369,122 Amortization of intangible assets (6,305 ) (14,996 )
Stock-based compensation (33,941 ) (40,859 ) Restructuring and
integration (10,837 ) (10,108 ) Litigation provision - (5,900 )
Other-than-temporary impairment of long-term investment
(1,414 ) - Total non-GAAP operating expenses $
278,282 $ 297,259 Year Ended Year Ended
September 30, 2009 September 30, 2008
Net
income (loss) reconciliation:
GAAP net income (loss) $ 8,193 $ (41,062 ) Purchase accounting
adjustment 355 5,007 Amortization of intangible assets 6,305 14,996
Stock-based compensation 33,941 40,859 Restructuring and
integration 10,837 10,108 Litigation provision - 5,900
Other-than-temporary impairment of long-term investment
1,414 - Non-GAAP net income $ 61,045 $
35,808 Year Ended Year Ended September 30,
2009 September 30, 2008
Net
(loss) income per share reconciliation:
GAAP net income (loss) per share - basic $ 0.10 $ (0.53 ) Purchase
accounting adjustment 0.00 0.06 Amortization of intangible assets
0.08 0.19 Stock-based compensation 0.41 0.53 Restructuring and
integration 0.13 0.13 Litigation provision - 0.08
Other-than-temporary impairment of long-term investment 0.02
- Non-GAAP net income per share - basic $ 0.74
$ 0.46 Non-GAAP net income per share - diluted
$ 0.71 $ 0.44 Weighted average shares - basic 82,733 77,318
Weighted average shares - diluted 85,424 82,250
Discussion of Specific Items Excluded From Non-GAAP Financial
Measures
Our non-GAAP financial measures include a purchase accounting
adjustment related to deferred revenues and generally exclude costs
and expenses for (i) amortization of intangible assets related to
acquisitions, (ii) stock-based compensation, (iii) restructuring
and integration, (iv) litigation provision and (v)
other-than-temporary impairment of long-term investments. We
exclude these items because we believe they are not closely related
to the ongoing operating performance of our business and the
performance of our senior management and are generally excluded
from our budget and planning process. In addition to these reasons,
we believe our non-GAAP financial measures are also helpful to
investors by facilitating comparisons of our operating results over
different time periods and by facilitating comparisons of our
financial performance with that of other companies. In addition,
except for costs and expenses related to restructuring and
integration, these items are non-cash items that do not affect cash
flows.
(1) Purchase accounting adjustment –
deferred revenue. As announced on December 17, 2007, Ariba acquired
Procuri, Inc. In accordance with the fair value provisions of EITF
01-3, Accounting in a Business Combination for Deferred Revenue of
an Acquiree, acquired deferred revenue of approximately $4.5
million was recorded on the opening balance sheet, which was
approximately $5.9 million lower than the historical carrying
value. Although this purchase accounting requirement has no impact
on the Company's business or cash flow, it adversely impacts the
Company's reported GAAP revenue primarily for the first twelve
months post-acquisition. In order to provide investors with
financial information that facilitates comparison of both
historical and future results, the Company has provided non-GAAP
financial measures which exclude the impact of the purchase
accounting adjustment. The Company believes that this non-GAAP
financial adjustment is useful to investors because it allows
investors to (a) evaluate the effectiveness of the methodology and
information used by management in its financial and operational
decision-making and (b) compare past and future reports of
financial results of the Company as the revenue reduction related
to acquired deferred revenue will not recur when related
subscription terms are renewed in future periods.
(2) Amortization of Acquired Intangible
Assets. In accordance with GAAP, we amortize intangible assets
acquired in connection with acquisitions over the estimated useful
lives of the assets. We exclude these amortization costs in our
non-GAAP financial measures because they (i) result from prior
acquisitions, rather than the ongoing operating performance of our
business, and (ii) absent additional acquisitions, are expected to
decline over time as the remaining carrying amounts of these assets
are amortized. We believe excluding these costs helps investors
compare our financial performance with that of other companies with
different acquisition histories. However, as with impairment
charges, we recognize that amortization costs provide a helpful
measure of the financial impact and performance of prior
acquisitions and consider our non-GAAP financial measures in
conjunction with our GAAP financial results that include
amortization costs.
(3) Stock-Based Compensation Expenses. We
exclude stock-based compensation expense associated with stock
options and stock granted to employees and non-executive directors
in our non-GAAP financial measures. While stock-based compensation
is a significant component of our expenses, we believe that
investors wish to be able to exclude the effects of stock-based
compensation expense in comparing our financial performance with
that of other companies.
(4) Restructuring and integration. We
recorded restructuring related to lease abandonment accruals
and/(or) severance and related benefits in the year ended September
30, 2009 and the three months and year ended September 30, 2008. We
exclude this from our non-GAAP financial measures because it is
unrelated to our ongoing operations and is significantly impacted
by factors outside our control. We believe excluding restructuring
and integration helps investors compare our operating performance
with that of other companies. We recognize, however, that
restructuring and integration will impact cash flows and that we
and investors should carefully consider the impact of these costs
on future cash flows.
(5) Litigation provision. We recorded a
litigation provision related to a patent infringement matter in the
year ended September 30, 2008. We exclude this from our non-GAAP
financial measures because it is unrelated to our ongoing
operations. We believe excluding the litigation provision helps
investors compare our operating performance with that of other
companies. We recognize, however, that the litigation provision
will impact cash flows and that we and investors should carefully
consider the impact of these costs on future cash flows.
(6) Other-than-temporary impairment of
long-term investments. We recorded an other-than temporary
impairment of a long-term investment in the year ended September
30, 2009. We exclude this from our non-GAAP financial measures
because it is unrelated to our ongoing operations. We believe
excluding the other-than-temporary impairment helps investors
compare our operating performance with that of other companies. We
recognize, however, that the other-than-temporary impairment may
impact cash flows and that we and investors should carefully
consider the impact of these costs on future cash flows.
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