THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT TNGO Q Tangoe Inc Earnings Conference Call

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1 THOMSONREUTERSSTREETEVENTS EDITEDTRANSCRIPT TNGO Q12012TangoeIncEarningsConferenceCall EVENTDATE/TIME:MAY08,2012/09:00PMGMT 1 THOMSONREUTERSSTREETEVENTS ContactUs 2012ThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,is prohibitedwithoutthepriorwrittenconsentofthomsonreuters.'thomsonreuters'andthethomsonreuterslogoareregisteredtrademarksofthomson Reutersanditsaffiliatedcompanies.

2 MAY08,2012/09:00PMGMT,TNGO Q12012TangoeIncEarningsConferenceCall CORPORATE PARTICIPANTS Gary Martino Tangoe, Inc. - CFO Al Subbloie Tangoe, Inc. - CEO CONFERENCE CALL PARTICIPANTS Nandan Amladi Deutsche Bank - Analyst Terry Tillman Raymond James - Analyst Tom Roderick Stifel Nicolaus - Analyst Richard Baldry Wunderlich Securities - Analyst PRESENTATION Good afternoon. My name is Marisi and I will be your conference operator today. At this time, I would like to welcome everyone to the Tangoe First Quarter 2012 Earnings Conference Call. (OPERATOR INSTRUCTIONS.) Thank you. I would now like to turn the call over to Gary Martino, Chief Financial Officer. Please go ahead, sir. Thank you. Good afternoon and welcome to the Tangoe First Quarter 2012 Earnings Call. We will be discussing the results announced in our press release issued after the market close today. Again, I am Gary Martino, Chief Financial Officer of Tangoe. With me on the call is Al Subbloie, Tangoe's Chief Executive Officer. During the call, we will make statements related to our business that may be considered forward-looking statements under federal securities laws. These statements reflect our views only as of today and should not be reflected upon as representing our views as of any subsequent date. These statements reflect our current views regarding the future and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of material risks and other important factors that could affect our actual results, please refer to those contained in our 10-K which is on file with the SEC. Also, during the course of today's call, we will refer to certain non-gaap financial measures. There is a reconciliation schedule showing GAAP versus non-gaap results currently available in our press release issued after the close of the market today, which is located on our website at With that, I'll turn the call to Al and then I will be back a bit later to provide some further details regarding our financials and our forward-looking outlook. Al? Thanks, Gary. I'd like to thank everyone for joining us on the call today. We're very pleased with our strong execution during the first quarter, which contributed to results that exceeded our expectations across all of our key operating metrics. We also successfully completed our recent follow-on offering, which added over $37 million in net proceeds. Tangoe's strengthened balance sheet will enhance our ability to execute our growth strategy, focused on continuing to gain market share through a combination of new account wins, expansion with existing customers, traction with our strategic alliance partners, as well as through strategic acquisitions. THOMSONREUTERSSTREETEVENTS ContactUs 2012ThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,is prohibitedwithoutthepriorwrittenconsentofthomsonreuters.'thomsonreuters'andthethomsonreuterslogoareregisteredtrademarksofthomson Reutersanditsaffiliatedcompanies. 2

3 MAY08,2012/09:00PMGMT,TNGO Q12012TangoeIncEarningsConferenceCall Taking a look at our results for the first quarter, we continue to see strong demand for our communications life cycle management solutions, as total revenues increased 53% to $34.1 million with our recurring revenue growing 54% year over year. One of the underlying drivers of our strong recurring revenue continues to be our high renewal rates, which remained in the mid-90% range as a result of our ability to deliver a significant ROI to our customers and to offer innovative products that our customers and partners demand. From a profitability perspective, adjusted EBITDA increased 58% year over year to $4.1 million. In addition, we increased unlevered free cash flow 94% year over year to $3.1 million, which was driven by our ability to generate strong cash flows from operations. Across the board, it was a strong start to the year as we continue to implement our growth strategy and realize the synergies from our recent acquisitions. Now I'd like to provide and update on some of our key accomplishments during the first quarter. We increased total spend under management to $17.6 billion during the first quarter, which is up 28% year over year. The strong growth of our spend under management continues to be driven by a combination of moving deployments into production with both new and existing customers, high renewal rates, and the two small acquisitions completed in the first quarter. During the first quarter, we experienced strong new customer activity evidenced by the 35 new logos we added, which were driven by both our direct sales efforts in addition to traction from our strategic alliance partners. You will note that our customer adds during the first quarter were above our typical range of 20 to 30 per quarter and up significantly from 22 added during the fourth quarter of We are very pleased with our first-quarter performance. However, there is no change to our quarterly add target range at this time because it is a metric that varies quarter to quarter based on the mix of new and existing business as we execute and our land and expand strategy. During the quarter, we won or expanded business with a number of blue-chip customers, such as MGM, Honda, Barclays, PSE&G, National Australia Bank, Motorola, Lloyds TSB and Russell Investment, among others. In addition to a very strong organic growth performance during the first quarter, we also closed our acquisition of ttmobiles, one of the leading providers of mobile communications management solutions and services based in the United Kingdom. This acquisition serves to accelerate Tangoe's European expansion and enhance our ability to implement and service global programs through local expertise in this important geographic region. ttmobiles will enable us to immediately deliver additional solutions and coverage to our current multinational and European-based customers. In addition, their cloud-based mobile communications management solutions are highly complementary to Tangoe's offering, further enhancing our global integrated CLM platform and providing an attractive opportunity to drive cross-sell opportunities over the long term. As a reminder, we believe that over half of the $425 billion in global telecom spend in our total addressable market is internationally-based, and the addition of ttmobiles will further enhance the company's ability to grow our share outside the US. Currently, of Tangoe's $17.6 billion in spend under management, approximately $4.7 billion is non-us telecom spend, of which the majority is with US multinational companies. In addition to ttmobiles, we also closed the acquisition of Anomalous Networks early in the quarter. As we talked about on last quarter's call, Anomalous broadened our CML coverage to include real-time expense management -- or RTEM -- which is a critical cost-containment capability that enhances both our mobile telecom expense management and mobile device management solutions. Specifically, RTEM shifts the expense management focus from post-bill receipt to the actual point of consumption, reducing or proactively preventing the cost impacts of unnecessary overages. For MDM solutions, RTEM provides a rapidly deployed, easily configurable cost management capability that goes beyond traditional device security and control, enabling a more effective and complete solution. In addition, RTEM is an essential component in the elimination of bill shock, or the unexpected receipt of large mobile services bills by individuals or organizations of all sizes. During the first quarter, we officially launched Tangoe RTEM, and we are very pleased with the initial traction we are having with the product, evidenced by our ability to close 5 deals during the quarter. We have executed well and proven our ability to quickly integrate technology into our platform and cross-train our sales force, leading to additional cross and upsell opportunities. We also continue to make progress on integrating acquisitions we announced last year, and we expect to realize a growing level of synergies as we look ahead. We have stepped up the pace of customer migrations from HCL and Telwares to our SAS-based platform and expect the majority of these migrations to be completed by the end of the second quarter. 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4 MAY08,2012/09:00PMGMT,TNGO Q12012TangoeIncEarningsConferenceCall As we have shared in the past, the process for consolidating acquisitions often involves getting to know the customers, putting in place a migration plan, executing to that plan, and then after migrations to our platform occur, it puts us in a better position to cross-sell our suite of integrated solutions, which we are just now starting to see. In addition, our retention rates with HCL and Telwares customers continues to remain very high, which we believe is due to the fact that Tangoe is recognized as the market leader. We have the broadest and deepest suite of CLM solutions and we are highly focused on customer service and success. As we completed our HCL and Telwares customer migrations, we are also finalizing our migration plans for customers that were brought to us through our acquisition of ProfitLine. We plan to begin moving ProfitLine's customers onto our platform during the second quarter and expect the migration process to be completed in the second half of As a reminder, we acquired ProfitLine at the end of We believe they were largest independent CLM provider behind Tangoe at the time, and we are confident that we will be successful with ProfitLine as well, based on the fact that we have a successful track record of integrating acquisitions and cross-selling our suite of solutions, which we believe is a core competency and competitive differentiator. From a long-term perspective, our intent remains to selectively execute M&A to increase our market share and provide additional opportunities to drive organic recurring revenue growth of 20% or better over the long term. This was our growth objective when we set out to start this year, and our first quarter performance and increase in guidance is evidence that we are on track to achieve our plans. Finally, I'd like to take a moment to comment on Tangoe's continuing leadership position within the telecom expense management industry, evidenced by Gartner's recent 2012 Telecom Expense Management Magic Quadrant. We are very proud of this distinction, which we believe is a testament to Tangoe's ability to provide continuous innovation and expand value-added services for our customers navigating and management the rapidly-changing telecommunications market. So in summary, we are very pleased with the company's strong execution during the first quarter. Our ability to exceed our expectations across all key operating metrics was driven by the combination of new accounts win, expansion with existing customers and traction with our strategic alliance partners, as well as through realizing synergies from recent acquisitions. In addition, our strengthened balance sheet positions Tangoe to maintain our growth strategy and further build our leadership position within the global CLM market. With that, let me turn it over to Gary. Thanks, Al. Our strong start to the year reflects solid execution across our business. I'm very pleased that we were able to once again exceed our expectations across all of our key operating metrics during the first quarter. I will first provide you with additional details on our first-quarter performance and the we'll conclude with our outlook for the second quarter and full year Now turning to our first-quarter results, starting with the P&L. Total revenue was $34.1 million, up 53% year over year, exceeding the high end of our guidance range of $32.7 million to $33.2 million. Our revenue growth continues to be driven by our recurring revenues, which was up 54% year over year and accounted for 90% of total revenue, up from 89% during the first quarter of On an organic basis, we estimate that organic recurring revenue growth was in the low to mid-20% range, which was a strong performance that exceeded our expectations for the quarter. Drilling down into some of the drivers of revenue, we ended the quarter with $17.6 billion in spend under management, which is up approximately 28% compared to the end of the first quarter of As a reminder, this represents spend under management that has already been implemented. As Al mentioned, we had a strong new logo quarter where we added 35 new customers, as Tangoe typically adds 20 to 30 new customers on a quarterly basis. We continue to expect variability in this metric on a quarter-to-quarter basis going forward. Turning to expenses and profitability for the first quarter, our GAAP gross profit was $18.4 million versus $12 million from the same period during the previous year. Our GAAP operating income for the quarter was $564,000 million compared to operating income of $708,000 during the first quarter of After deducting dividends and accretion related to our preferred stock, our GAAP net income per share was break-even for the first quarter of 2012, based on 39.4 million fully-diluted shares, compared to a net loss of $0.33 per share on 4.7 million shares in the year-ago period. THOMSONREUTERSSTREETEVENTS ContactUs 2012ThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,is prohibitedwithoutthepriorwrittenconsentofthomsonreuters.'thomsonreuters'andthethomsonreuterslogoareregisteredtrademarksofthomson Reutersanditsaffiliatedcompanies. 4

5 MAY08,2012/09:00PMGMT,TNGO Q12012TangoeIncEarningsConferenceCall Taking a look at results on a non-gaap basis, our gross margin percentage was 54.5%, which compared to 54.4% in the same quarter last year and was up from 52.9% during the fourth quarter of As Al mentioned, we expect the majority of customer migrations from HCL and Telwares to be completed by the end of the second quarter, which will allow us to realize additional cost synergies during the second half of this year through the elimination of redundant data center expenses and thirdparty costs. Non-GAAP operating income, which excludes stock-based compensation expense and the amortization of intangibles associated with acquisitions, was $3.8 million for the quarter, an increase of over 52% on a year-over-year basis and representing 11% of revenue. Non-GAAP net income per share was $0.09 based on 39.4 million fully-diluted shares and exceeded our guidance of approximately $0.08 per share. This compares to $0.06 per share based on 28.3 million in the year-ago period First-quarter adjusted EBITDA was $4.1 million, an increase of 58% compared to the same quarter last year, which was above the high end of our guidance range of $3.5 million to $3.7 million and represented an adjusted EBITDA margin of 11.9%. Turning to the balance sheet, we ended the quarter with $37.9 million in cash, which is down from $43.4 million at the end of last quarter, due primarily to the acquisitions of Anomalous Networks and ttmobiles. On a pro forma basis, after the closing of our recent follow-on offering, Tangoe would have a cash balance of over $75 million. Cash flow was strong for the quarter as we generated $3.5 million in cash flow from operations and $3.1 million in unlevered free cash flow, up 218% and 94% on a year-over-year basis, respectively. As a reminder, our unlevered free cash flow metric adds back net interest payments and IPO expense payments while subtracting capital expenditures. I'd like to finish with some thoughts regarding our financial outlook for the second quarter. We are targeting total revenue of $35 million to $35.5 million, or growth of 34% to 36%. We are currently targeting adjusted EBITDA of $4.3 million to $4.5 million for the second quarter, representing an adjusted EBITDA margin of approximately 12.5% at the midpoint. We expect adjusted net income per share, which excludes stock-based compensation and amortization related to acquisitions, of approximately $0.09 based on approximately 41.7 million diluted shares and a tax provision of approximately $200,000. Turning to our view for the full year 2012, we are currently targeting revenue of $142.3 million to $144.3 million, or growth of 36% to 38%, up from our previous guidance range of $141.5 million to $143.5 million. We expect 2012 adjusted EBITDA of $20.2 million to $20.7 million, which represents an adjusted EBITDA margin of 14.3% at the midpoint, up from our previous guidance range of $20 million to $20.5 million. We continue to expect over 200 basis points of adjusted EBITDA margin expansion for the year. At the same time, we expect to increase investments in sales and marketing and research and development to drive our long-term growth initiatives. We continue to believe that there is material leverage in our model, which is reflected in our long-term target model of 24% to 26% adjusted EBITDA margins. Non-GAAP net income per share is expected to be in the range of $0.41 to $0.42, up 58% to 62% on a year-over-year basis and based on approximately 41.3 million weighted average diluted shares outstanding. Non-GAAP net income per share guidance was previously $0.42 to $0.43 based on approximately 39.5 million weighted average diluted shares. The penny decline in our full-year non-gaap net income per share guidance is due to the $0.02-per-share impact associated with the increased share count following the completion of the company's follow-on offering at the beginning of the second quarter, which was not anticipated at the time guidance was previously provided. Were it not for this event, our non-gaap net income per share guidance would have increased along with our other metrics. Finally, we continue to target unlevered free cash flow of $16 million to $16.7 million for the full year 2012, which represents growth of 50% to 57% on a year-overyear basis. So in summary, we started 2012 with strong performance across our business and our momentum is building. We are pleased with continued execution in our core business, evidenced by strong recurring revenue growth and healthy cash generation. In addition, we expect to see increasing leverage as we scale our business in the year ahead. Our recently announced acquisitions further strengthen our market leadership position globally by enhancing our technology, expanding our customer base, in addition to introducing new channel partnership, all of which also enhance our long-term organic growth opportunities. With that, we'd be happy to take any of your questions. QUESTION AND ANSWER THOMSONREUTERSSTREETEVENTS ContactUs 2012ThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,is prohibitedwithoutthepriorwrittenconsentofthomsonreuters.'thomsonreuters'andthethomsonreuterslogoareregisteredtrademarksofthomson Reutersanditsaffiliatedcompanies. 5

6 MAY08,2012/09:00PMGMT,TNGO Q12012TangoeIncEarningsConferenceCall Thank you. (OPERATOR INSTRUCTIONS.) Our first question comes from Tom Ernst with Deutsche Bank. Nandan Amladi - Deutsche Bank - Analyst Hi. Good afternoon. I'm Nandan Amladi on behalf of Tom. Thank you for taking my question. On the new bookings, on the last couple of calls you've characterized bookings from new versus existing customers, also bookings from the different channels -- your (inaudible) versus direct sales and also upsell. Could you characterize the bookings you saw this quarter? Yes, and I think -- Nandan, how are you doing, by the way? Appreciate the question. Nandan Amladi - Deutsche Bank - Analyst Thank you. Unidentified Company Representative I think we usually do it annually, and we can have variation quarter to quarter. All of our distribution channels performed pretty well across all of the different groups. But I still think we're feeling the year to be very similar where we'll get about -- annually about 25% of our business will come from our alliance partners, about 25% to 35% will come from our customers, and then the balance will come from the new direct. So we're feeling fairly consistent in that model. And Q1 was consistent with that. Right. Nandan Amladi - Deutsche Bank - Analyst Okay. And then on the international side, any impact on your new bookings from what's going on in Europe? No. We -- again, I'll remind everybody. We went through the difficulties the economy had and sailed right through very successfully. So no, we don't -- we haven't seen an impact. And keep in mind it's a relatively new market for us as well. We -- while we were there for the past year with the acquisition of ttmobiles, really recently a couple months ago, it's early days. But I'll remind everybody. We provide a very strong return on investment in our model and we look to help companies improve their bottom line, and in tough times that is a value proposition that's certainly worth having. It probably is worth commenting that it is safe to say that ttmobiles -- the strength of Tangoe and ttmobiles together in Q1 was a definite positive for new European bookings. I think that's safe to say. THOMSONREUTERSSTREETEVENTS ContactUs 2012ThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,is prohibitedwithoutthepriorwrittenconsentofthomsonreuters.'thomsonreuters'andthethomsonreuterslogoareregisteredtrademarksofthomson Reutersanditsaffiliatedcompanies. 6

7 MAY08,2012/09:00PMGMT,TNGO Q12012TangoeIncEarningsConferenceCall Yes. Yes. Nandan Amladi - Deutsche Bank - Analyst Okay. Thank you. We'll take our next question from Terry Tillman with Raymond James. Terry Tillman - Raymond James - Analyst Hi. Good afternoon, guys. Thanks for taking my questions and nice job on the quarter. Al, the first question relates to the RTEM -- real-time expense management. You talked about 5 deals in the quarter. Not sure what the bogey was, but how does that actually compare either on the number of units or just the bookings that came from that in the initial quarter? And then secondly, where do you see the near-term synergies when you're out selling real-time expense management? Is it more on the MDM side or the mobile TEM side? The first question -- I didn't quite understand it. We were pleased, having just brought the company in, I think, the end of January -- we very quickly -- we happened to have -- our large sales meeting was literally, I think, two weeks after that, so we were well-prepared to roll the product out through the sales force. So we were pleased to have 5 accounts, and I think it was pretty mixed across a couple of Tangoe customers, etc. So that was good and I think that would have been an uptick compared to, I'd say, Anomalous in prior quarters, which was positive. And to the other question, we're seeing it on both sides. I think the bundling aspect of RTEM, I think, will probably have equal weight on both MDM and mobile TEM. And obviously, it's mobile TEM more than fixed TEM, given that it's an enhancement to the mobile TEM piece. So we plan on continuing to bundle the product as we did before. And one other thing I'll mention -- I think I mentioned it in prior calls. It's a relatively new channel for us, but it gives us the access and opportunity for carrier channels as well. We presently have a relationship with Bell -- with Bell Canada, and hopefully we'll see more relationships in the future. Terry Tillman - Raymond James - Analyst Okay. And I guess last quarter you gave us some extra color on ASP trends. It was, I think, a lower number of new adds customers -- but the -- if I'm not mistaken, the ASP was up quite a bit -- over 20% sequentially. So could you maybe give us an update? What was the ASP trend like in the quarter? Anything you can offer there? And then what about maybe win rate percentage? Any change there competitively? Win rate's been solid all along. As you know, our market continues to go through change. There's less and less players, although some of them are being bought by some larger players. It tends to take them a little bit out of the mainline market. So our win rate continues to improve. In terms of the ASP, I know the last quarter I think we talked about it being sequentially up from the quarter before. I'll remind everybody -- I think Gary and I have shared that our average selling price is, I think, between around $150,000 to $200,000 annually. And we were in that range, although it was fairly -- it was a good ASP -- as solid ASP as well. Terry Tillman - Raymond James - Analyst Okay. THOMSONREUTERSSTREETEVENTS ContactUs 2012ThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,is prohibitedwithoutthepriorwrittenconsentofthomsonreuters.'thomsonreuters'andthethomsonreuterslogoareregisteredtrademarksofthomson Reutersanditsaffiliatedcompanies. 7

8 MAY08,2012/09:00PMGMT,TNGO Q12012TangoeIncEarningsConferenceCall I'll leave it at that. We were pleased with the ASP and pleased with the customer count. Terry Tillman - Raymond James - Analyst Yes. Okay. Thanks. And I guess, Gary, just final question relates to -- I may have missed it in the prepared remarks, but for the full year, the gross margin -- should we think about like a 55%? Any change to that? Thank you. Yes. I think we shared, when we [ticked] off the annual guidance, that we were targeting a 55% for the year on a non-gaap basis, and we had shared that it would be somewhat less than that for the first part of the year and then higher than that for the second part of the year, averaging out to 55% for the year. And I -- that's still our view. We'll take our next question from Tom Roderick with Stifel Nicolaus. Tom Roderick - Stifel Nicolaus - Analyst Hi, guys. Good afternoon. So I'm sure you love it when people take nits on the guidance, but let me give it a try here because the quarter was very good and, in listening to sort of the discussion about Q1, it sounds like it was a pretty strong new business close quarter with 35 wins. I'm kind of curious for what's behind effectively sort of keeping the full-year guidance as it was when you sort of factor in the beat on the first quarter itself on the top line. Any lingering uncertainties or emerging uncertainties out there in the market that you're trying to reflect to just be a little bit more cautious on? I'm just trying to think about the full-year guidance relative to what sounds like pretty bullish commentary for Q1 here. Thanks. Yes. No, good question, Tom. And no. No. No lingering concerns. I'll repeat. We've never had issues with economic downturns, etc. Again, we've done a lot as a business in the last year -- Gary and I -- we want to make sure we feel good about what we're telling people moving forward. So we obviously put a lot of thought into that. We've got a great recurring revenue base and a highly predictable model, as we shared with people. But there's no underlying concern under that -- we were trying to send a message about. We did (inaudible) the overall revenue guidance, as you know. So we feel good about that. Yes. No. We raised our guidance moving forward. And we just remind everybody. We're also investing in sales and marketing and R&D moving forward. We obviously are doing that for the benefit of future growth for future years and feel good about all the things we're working on. Tom Roderick - Stifel Nicolaus - Analyst Great. As you look at Anomalous and ProfitLine and ttmobiles, just in terms of what the expected contribution is on those, any change in the aggregate on those three inorganic components for this year? THOMSONREUTERSSTREETEVENTS ContactUs 2012ThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,is prohibitedwithoutthepriorwrittenconsentofthomsonreuters.'thomsonreuters'andthethomsonreuterslogoareregisteredtrademarksofthomson Reutersanditsaffiliatedcompanies. 8

9 MAY08,2012/09:00PMGMT,TNGO Q12012TangoeIncEarningsConferenceCall Unidentified Company Representative No. We're still in line with the guidance that we had provided related to those. Tom Roderick - Stifel Nicolaus - Analyst Okay. And in thinking about the competitive landscape here -- so you've had a few quarters to kind of get a little more information under your belt as it particularly relates to IBM acquiring Emptoris. Any sort of change in the marketplace behavior from Rivermine? You seeing more of them? Less of them? Any feel from IBM relative to the relative strength of your relationship as they've picked up a piece of this business that is competitive to you guys? No. I'd characterize it as status quo for the last couple of times that we've shared it with you and the public in general. Remember, IBM stated they bought Emptoris for Emptoris; Rivermine came with it. And as a result of that, it wasn't their primary reason for acquiring it. And I think we generally see that in the marketplace. It's still early days. Obviously they're still in the marketplace, but we don't see any change in the relationship. Still feel good about the channel partnership we had. And I'll remind everybody again. The alliance channels count for, in an annual basis, roughly 25% of our new business and we feel good about that moving forward, of which IBM is certainly one of the partners, along with the other partners, including HP, Dell and Xerox ACS. So we feel good about the relationships. Tom Roderick - Stifel Nicolaus - Analyst Got it. That's really helpful. Thank you. Nice job, guys. You bet. Thanks, Tom. Thanks, Tom. (OPERATOR INSTRUCTIONS.) We'll take our next question from Richard Baldry with Wunderlich Securities. Richard Baldry - Wunderlich Securities - Analyst Thanks, guys. Congrats on the quarter. Just as a reminder, could you walk a little bit through the deployment cycle for new customers (inaudible) a way to gage how that delta from 22 adds to 35 would look -- how much it could contribute to the quarter that they're one in versus more of an accelerating factor on a go-forward for the rest of the year. Thanks. Well, I'll start out. Maybe Gary will comment. First of all, we don't get a tremendous amount of revenue from in-quarter bookings. That's a starting point. Very -- relatively small contribution. That's number one. Number two, I think Gary and I have explained before -- we do two types of agreements. One type of agreement where we call it a bill-on execution -- we sign the deal and we actually begin billing it, but we don't charge for an implementation fee. We certainly bear the costs. And that will hit revenue a little quicker. The other type would be one where we actually charge them an implementation fee, but if it takes three months to implement, the first quarter of revenue will be in the fourth month out. And that timeframe can range anywhere from 2 months to 4 or 5 months on average, which -- and there's no exact science with what mix of our bookings will be one or the other, which is a reason why Gary and I take all that into account when we provide our guidance moving THOMSONREUTERSSTREETEVENTS ContactUs 2012ThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,is prohibitedwithoutthepriorwrittenconsentofthomsonreuters.'thomsonreuters'andthethomsonreuterslogoareregisteredtrademarksofthomson Reutersanditsaffiliatedcompanies. 9

10 MAY08,2012/09:00PMGMT,TNGO Q12012TangoeIncEarningsConferenceCall forward. One other point on the implementation revenue. We don't take in that revenue. That revenue ends up getting spread out over two times the life of the agreement. So essentially -- and again, we do bear all the costs up front. But Rich, to answer your question, a very small revenue contribution of in-quarter bookings. Right. And the other thing that is worth mentioning -- that it tends to be the larger deals that have a separate implementation and a little bit of a longer lead time. So the larger deals, instead of taking 2 or 3 months, could take 4 to 5 months to -- before they start hitting revenues. So as we get into the second quarter and we look at Q2, we obviously factor that into our guidance and we'll have a -- obviously even a better picture as we get to the end of Q2. Richard Baldry - Wunderlich Securities - Analyst Then when you look at the acquisitions, could you talk a little bit about the time you think it takes to sort of retrain or cross-train the new (inaudible) sales resources and when you'd expect them to become productive and be adding to sort of new local wins as you good forward. And then maybe since you just finished the follow-on, sort of a broad discussion of the M&A pipeline. Thanks a lot. Yes. To the first question about the -- we haven't actually -- of the scale acquisitions, we haven't acquired a lot of salespeople. I will tell you, the ones we did are very, very high quality -- a lot of experience in the TEM space. It's certainly one of the assets that we picked up. Cross-training is literally a matter of months -- a couple months. We're very good at that. We've actually even more formalized our internal training programs because we have increased the sales force, as I shared with people over the last several months we would. Feel very good about the expansion strategy and obviously the training of those folks so they can become effective fairly quickly. We also have an account management group that we fairly quickly begin applying to those customers. So Tangoe will come in and start meeting those customers and sharing with them the other product components that we do have. Keep in mind, most upsell/cross-sells, though, probably won't take place until we complete a migration. It's typically, what ends up happening in the cycle. And I think, Rich, the second question you had was around the M&A pipeline? Richard Baldry - Wunderlich Securities - Analyst Right. Just a broad discussion -- what you're seeing, where you might focus sort of near term? Yes, and I'll stick to the -- exactly what we told everybody when we went public and when we did the follow-on is three reasons why we acquire. One is scale. Scale would be acquiring a competitor with a primary objective of really customers, people, financials, etc. with an opportunity for upsell/cross-sell. The second reason would be technology. A good example of that would be Anomalous Networks and ttmobiles to some degree. And the third reason would be geographical expansion, which the ttmobiles deal gave us a really good footprint over in Europe. Same strategy moving forward. And I think I shared with people on the technology side, it would probably -- a little more focused on the mobile market, given the change going on there. I don't think we've really changed our view of that moving forward. And obviously, we don't comment on anything specifically. Richard Baldry - Wunderlich Securities - Analyst Thanks. Congrats on a great start to the year. Thanks, Rich. THOMSONREUTERSSTREETEVENTS ContactUs 2012ThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,is prohibitedwithoutthepriorwrittenconsentofthomsonreuters.'thomsonreuters'andthethomsonreuterslogoareregisteredtrademarksofthomson Reutersanditsaffiliatedcompanies. 10

11 MAY08,2012/09:00PMGMT,TNGO Q12012TangoeIncEarningsConferenceCall Thanks, Rich. It appears there are no further questions at this time. Mr. Subbloie, I'd like to turn to the conference back to you for any additional or closing remarks. Great. Well, listen. I'd really like to thank everyone for joining us on the call. We're excited about a great start to 2012 and we'll look forward obviously to talking with everyone following our second quarter. Appreciate the time on the call today. Thank you. Thank you, everyone. That concludes today's conference. Thank you for your participation. DISCLAIMER Thomson Reuters reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forwardlooking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THOMSON REUTERS OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS Thomson Reuters. All Rights Reserved. THOMSONREUTERSSTREETEVENTS ContactUs 2012ThomsonReuters.Allrightsreserved.RepublicationorredistributionofThomsonReuterscontent,includingbyframingorsimilarmeans,is prohibitedwithoutthepriorwrittenconsentofthomsonreuters.'thomsonreuters'andthethomsonreuterslogoareregisteredtrademarksofthomson Reutersanditsaffiliatedcompanies. 11

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