GAITHERSBURG, Md., May 01, 2017 (GLOBE NEWSWIRE) -- BroadSoft, Inc. (NASDAQ:BSFT), the leading global provider of software and services that enable telecommunications service providers to deliver hosted, cloud-based Unified Communications, or UC, to their enterprise customers, today announced financial results for the quarter ended March 31, 2017.

Financial Highlights for the First Quarter of 2017

• Total revenue increased 9% year-over-year to $79.7 million
• GAAP gross profit equaled 69% of total revenue; non-GAAP gross profit equaled 73% of total revenue
• GAAP loss from operations totaled $(7.6) million; non-GAAP income from operations totaled $6.5 million or 8% of revenue
• GAAP basic and diluted net loss per share equaled $(0.35) per common share; non-GAAP diluted earnings per share equaled $0.19 per common share

Results for the three months ended March 31, 2017

Total revenue rose to $79.7 million in the first quarter of 2017, an increase of 9% compared to $73.1 million in the first quarter of 2016.

Net loss for the first quarter of 2017 was $(10.5) million, or $(0.35) per basic and diluted common share, compared to net loss of $(1.5) million, or $(0.05) per basic and diluted common share in the first quarter of 2016.

On a non-GAAP basis, net income in the first quarter of 2017 was $6.2 million, or $0.19 per diluted common share, compared to non-GAAP net income of $11.1 million, or $0.37 per diluted common share, in the first quarter of 2016. A reconciliation of non-GAAP and GAAP results is included in the financial tables below.

Management Commentary
“We were pleased with our solid first quarter results. We made meaningful progress against our 2017 strategic objectives during the quarter. Our goals for this year are focused on making our service provider customers increasingly successful in addressing the cloud communications opportunity through a combination of product, sales and marketing-based initiatives,” said Michael Tessler, president and chief executive officer, BroadSoft. “With continued execution against our objectives, we believe that we will remain very well-positioned to take advantage of the secular trend of Unified Communications moving to the cloud.”

"We have modestly revised our revenue guidance for 2017; however, from an overall business perspective we remain very positive on our long-term market opportunity," said Jim Tholen, chief financial officer, BroadSoft. "Our guidance change is due to a reduction in our professional services and subscription and support revenue expectations. We continue to expect software growth in the 7 to 10 percent range and are maintaining our non-GAAP earnings per share guidance in the range of $2.20 to $2.50.”

Guidance

For the second quarter of 2017, BroadSoft anticipates revenue of $84 to $88 million. The Company also expects to achieve earnings on a non-GAAP basis of $0.20 to $0.32 per diluted common share. For the full year 2017, BroadSoft expects revenue of $380 to $390 million and earnings on a non-GAAP basis of $2.20 to $2.50 per diluted common share.

About BroadSoft

BroadSoft is a technology innovator in cloud communications, collaboration, and contact center solutions for businesses and service providers across 80 countries. We are the market share leader for cloud unified communications with an open, mobile and secure platform trusted by 25 of the world's top 30 service providers by revenue. Our BroadSoft Business application suite empowers users and teams to share ideas and work simply to achieve breakthrough performance.

For additional information, visit www.BroadSoft.com.