Fleet News

Fleetmatics sees strong 2013 results

Fleetmatics Group has announced financial results for its fourth quarter and full year ended December 31, 2013.

“The fourth quarter marked a strong finish to the year, driven by continued market demand and the strong value proposition of our comprehensive software-as-a-service fleet management solution to SMBs,” said Jim Travers, chairman and chief executive officer of Fleetmatics.

“During 2013, we successfully executed our strategy and extended our leadership position, as evidenced by the strong growth of new customers, increased sales to existing customers, geographic expansion, and the introduction of new features. Looking forward, we believe Fleetmatics remains well positioned to further grow market share driven by our continued commitment to innovation and expanding our global reach.”

  • Revenue: Total revenue for the fourth quarter was $50.1 million, an increase of 39.8% compared to $35.8 million for the fourth quarter of 2012.
  • Gross Profit: GAAP gross profit for the fourth quarter was $38.6 million, compared to $26.6 million for the fourth quarter of 2012. GAAP gross margin was 77.0% compared to 74.2% for the same period in 2012. Non-GAAP gross profit, which excludes share-based compensation and amortization of intangible assets was $39.0 million for the quarter compared to $26.7 million in the year ago period. Non-GAAP gross margin was 77.8% for the fourth quarter of 2013, compared to 74.6% during the same period last year.
  • Operating Income: GAAP operating income for the fourth quarter was $8.2 million, compared to $6.6 million for the fourth quarter of 2012. Non-GAAP operating income, which excludes share-based compensation, amortization of intangible assets and other items as defined in “Non-GAAP Financial Measures”, was $12.3 million, compared to $9.0 million for the fourth quarter of 2012.

Net Income: GAAP net income for the fourth quarter was $16.2 million, compared to $4.6 million for the same period last year. GAAP net income per share attributable to ordinary shareholders for the fourth quarter was $0.42 based on 38.3 million weighted-average diluted shares outstanding, compared to $0.14 for the same period last year, based on 32.2 million weighted-average diluted shares outstanding, for the same period last year. GAAP net income during the fourth quarter of 2013 included approximately $11.1 million of a tax benefit related to a release of a reserve of an uncertain tax position.


 



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