Phase Forward Inc (PFWD) [Rocket]

In millions, except per share items	Dec-31-09	Dec-31-08	Dec-31-07	Dec-31-06	Dec-31-05	Dec-31-04	Dec-31-03	Dec-31-02
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Service	153.4	117.5	85.5	65.7	52.1	45.6	40.6	44.8
License	59.8	52.7	48.8	40.9	35.0	28.2	21.4	15.7
Total revenues [+]	213.3	170.2	134.3	106.6	87.1	73.7	62.0	60.6
Services	153.4	117.5	85.5	65.7	52.1	45.6	40.6
Revenue growth [+]	25.3%	26.7%	26.0%	22.4%	18.1%	18.9%	2.4%
Service	30.6%	37.4%	30.1%	26.2%	14.3%	12.1%	-9.3%
License	13.5%	8.0%	19.3%	16.8%	24.2%	31.8%	35.8%
Cost of goods sold [+]	92.4	72.9	55.5	41.4	33.7	29.7	30.8	33.0
Cost of services					31.2	27.8	28.5
Cost of licenses/maintenance agreements	2.5	2.7	2.4	2.7	2.5	1.9	2.3
Gross profit	120.8	97.2	78.8	65.3	53.3	44.1	31.3	27.5
Gross margin	56.7%	57.1%	58.7%	61.2%	61.3%	59.8%	50.4%	45.5%
Selling, general and administrative [+]	33.8	28.0	25.2	21.2	30.9	27.6	22.8	24.0
Sales and marketing	33.8	28.0	25.2	21.2	16.0	14.4	12.7	13.6
General and administrative					14.8	13.2	10.1	10.4
Research and development	37.5	25.5	20.1	18.2	14.3	12.4	10.6	10.7
Other operating expenses	36.1	26.8	20.2	16.6
EBITDA [+]	30.5	27.1	20.2	14.5	11.9	7.1	2.7
EBITDA growth	12.7%	34.1%	39.6%	22.2%	68.1%	161.2%
EBITDA margin	14.3%	15.9%	15.1%	13.6%	13.6%	9.6%	4.4%
Depreciation and amortization	17.1	10.2	6.9	5.2	3.7	3.1	4.9
EBIT [+]	13.5	16.9	13.3	9.3	8.1	4.0	-2.2	-7.1
EBIT growth	-20.3%	27.2%	42.9%	14.2%	103.6%	-285.5%	-69.8%
EBIT margin	6.3%	9.9%	9.9%	8.7%	9.4%	5.4%	-3.5%	-11.8%
Non-recurring items [+]	2.3	0.5	0.3		8.4	-0.2	4.5
Asset impairment	2.3
Unusual expense		0.5
Legal settlement					8.5
In-process research & development			0.3
Interest income, net [+]	1.7	5.9	7.1	2.8	1.6	0.1	-0.3	-0.1
Interest expense					0.1	0.4	0.4	0.4
Interest income	1.7	5.9	7.1	2.8	1.7	0.5	0.1	0.3
Other income (expense), net	0.5	-1.0	0.0	0.0	-0.2	0.0	0.7	0.7
Pre-tax income	13.4	21.2	20.0	12.1	1.2	4.3	-6.2	-6.5
Income taxes	5.4	7.4	-9.2	-0.2	-2.2	2.4	0.4	0.4
Tax rate	40.1%	34.7%				56.1%
Net income	8.0	13.8	29.2	12.3	0.0	0.0	0.0	-15.0
Net margin	3.8%	8.1%	21.7%	11.6%	0.0%	0.0%	0.0%	-24.8%

Basic EPS [+]	$0.19	$0.33	$0.76	$0.36	$0.10	($0.43)	($4.23)	($5.05)
Growth	-42.7%	-56.5%	108.7%	257.9%	-123.5%	-89.8%	-16.3%
Diluted EPS [+]	$0.18	$0.32	$0.72	$0.35	$0.10	($0.43)	($4.23)	($5.05)
Growth	-42.5%	-56.0%	107.4%	262.9%	-122.1%	-89.8%	-16.3%

Shares outstanding (basic) [+]	42.7	42.1	38.6	34.1	0.0	0.0	0.0	3.0
Growth	1.4%	8.9%	13.3%	103164.1%	100.8%	386.2%	-99.9%
Shares outstanding (diluted) [+]	44.4	43.9	40.7	35.7	0.0	0.0	0.0	3.0
Growth	1.1%	7.9%	14.0%	101738.0%	113.4%	386.2%	-99.9%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.