Fleetmatics Reports Strong Fourth Quarter and FY 2015 Results

GreenTransitNews | February 25, 2016

Fleetmatics Group PLC (NYSE: FLTX), a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS), has announced financial results for its fourth quarter and full year ended December 31, 2015.

Highlights are as follows:

Q4 Revenue of $77.2 million, up 21% year-over-year
Q4 GAAP EPS of $0.32; Non-GAAP1 adjusted EPS of $0.50
Q4 Adjusted EBITDA1 of $29.0 million, or 37.5% of total revenue
Q4 Cash flow from operations of $22.5 million
Active vehicles under subscription increases to 709,000

“We are delighted to be reporting strong full year results – highlighted by record revenue, profitability and free cash flow,” said Jim Travers, Chairman and Chief Executive Officer of Fleetmatics. “Looking ahead, we remain very well positioned to leverage several major trends reshaping the technology landscape including the proliferation of the internet of things (IoT), the widespread adoption of mobility, the migration to SaaS-based solutions and the growth of Big Data. In 2016, we will remain relentlessly focused on extending our leadership in our key markets to take full advantage of these trends for the benefit of our customers and our shareholders.”

Results for the Fourth Quarter of 2015
Total revenue for the fourth quarter of 2015 was $77.2 million, an increase of 21% compared to $64.0 million for the fourth quarter of 2014. GAAP net income for the fourth quarter of 2015 was $12.8 million, or $0.32 per diluted share, compared to $12.4 million, or $0.32 per diluted share, for the fourth quarter of 2014.

Full Year 2015 Financial Highlights
Total revenue for the full year of 2015 was $284.8 million, an increase of 23% compared to $231.6 million for the full year of 2014. GAAP net income for the full year of 2015 was $38.8 million, or $0.99 per diluted share, compared to $27.5 million, or $0.71 per diluted share, for the full year of 2014.

Company Issues First Quarter Guidance and Raises Full Year 2016 Outlook
The Company issued guidance for the first quarter of 2016 and raised its full year 2016 outlook.

“We are pleased to be reporting a strong finish to the most successful year in the Company’s history,” said Steve Lifshatz, Chief Financial Officer of Fleetmatics. “We believe that we are well positioned to deliver top line growth of approximately 20% in 2016 while driving expanded full year adjusted EBITDA margin of approximately 34% to 35%. Longer term, we continue to believe that there is additional leverage in our business model and remain focused on strong top line growth, adjusted EBITDA margin expansion and accelerating free cash flow margins.”

About Fleetmatics Group PLC
Fleetmatics Group PLC is a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS). The company’s solutions enable businesses to meet the challenges associated with managing local fleets, and improve the productivity of their mobile workforces, by extracting actionable business intelligence from real-time and historical vehicle and driver behavioral data. Fleetmatics Group’s intuitive, cost-effective Web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce, enabling them to reduce operating and capital costs, as well as increase revenue. An integrated, full-featured mobile workforce management product provides additional efficiencies related to job management by empowering the field worker and speeding the job completion process – quote through payment. As of December 31, 2015, Fleetmatics served approximately 35,000 customers and approximately 709,000 subscribed vehicles worldwide. More at www.fleetmatics.com.

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