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Model N Announces Fourth Quarter and Fiscal Year 2019 Financial Results

November 5, 2019

SAN MATEO, Calif.--(BUSINESS WIRE)--Nov 5, 2019--

Model N, Inc. (NYSE: MODN), the leading provider of cloud revenue management solutions for life sciences and high tech companies, today announced financial results for the fourth quarter and fiscal year ended September 30, 2019.

“Once again our revenue and profitability exceeded our guidance and, even more importantly, our team closed out the year with very strong commercial execution,” said Jason Blessing, chief executive officer of Model N. “Four quarters ago, we announced a strategy to focus the company on our core vertical markets of life sciences and high tech where we have a significant market opportunity, a very favorable competitive position, deep domain expertise, and mission critical solutions. This focus led to excellent execution throughout the fiscal year, enabled us to attract several executives from leading software companies, and it set the foundation for long-term growth and profitability.”

Recent Highlights

Fourth Quarter 2019 Financial Highlights

Fiscal Year 2019 Financial Highlights

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial tables included in this press release.

Guidance

As of November 5, 2019, we are providing guidance for the first quarter of fiscal year 2020 and the full fiscal year ending September 30, 2020.

(in $ millions, except per share)

First Quarter Fiscal 2020

Full Year Fiscal 2020

Total GAAP Revenues

37.0 – 37.4

152.0 – 155.0

Subscription

27.6 – 28.0

113.0 – 115.0

Non-GAAP income from operations

2.9 – 3.3

11.0 – 14.0

Non-GAAP net income per share

0.05 – 0.07

0.22 – 0.31

Adjusted EBITDA

3.2 – 3.6

12.0 – 15.0

Quarterly Results Conference Call

Model N will host a conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time) to review the company’s financial results for the fourth quarter and fiscal year 2019 ended September 30, 2019. The conference call can be accessed by dialing 877-407-4018 from the United States or +1-201-689-8471 internationally with reference to the company name and conference title, and a live webcast and replay of the conference call can be accessed from the investor relations page of Model N’s website at investor.modeln.com. Following the completion of the call through 11:59 p.m. ET on November 19, 2019, a telephone replay will be available by dialing 844-512-2921 from the United States or +1-412-317-6671 internationally with recording access code 13694888.

About Model N

Model N is a leading provider of cloud revenue management solutions for life sciences and high tech companies. Our software helps companies drive mission-critical business processes such as pricing, quoting, contracting, regulatory compliance, rebates and incentives. With deep industry expertise, Model N supports the complex business needs of the world’s leading brands in pharmaceutical, medical technology, semiconductor, and high-tech manufacturing across more than 120 countries, including Johnson & Johnson, AstraZeneca, Novartis, Microchip Technology and ON Semiconductor. For more information, visit www.modeln.com.

Model N® is the registered trademark of Model N, Inc. Any other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding Model N’s first quarter and full year fiscal 2020 financial results and future prospects and results, including the ability to continue to execute on business strategy. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to: (i) delays in closing customer contracts; (ii) our ability to improve and sustain our sales execution; (iii) the timing of new orders and the associated revenue recognition; (iv) adverse changes in general economic or market conditions; (v) delays or reductions in information technology spending and resulting variability in customer orders from quarter to quarter; (vi) competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by our competitors; (vii) our ability to manage our growth effectively; and (viii) acceptance of our applications and services by customers; (ix) success of new products; (x) the risk that the strategic initiatives that we may pursue will not result in significant future revenues; (xi) changes in health care regulation and policy and tax in the United States and worldwide; and (xii) our ability to retain customers. Further information on risks that could affect Model N’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our most recent quarterly report on Form 10-Q and our annual report on Form 10-K for the fiscal year ended September 30, 2018, and any current reports on Form 8-K that we may file from time to time. Should any of these risks or uncertainties materialize, actual results could differ materially from expectations. Model N assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

Non-GAAP Financial Measures:

We have provided in this release financial information that has not been prepared in accordance with accounting standards generally accepted in the United States of America (“GAAP”). We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

Our reported results include certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margins, non-GAAP subscription gross margins, non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) per share, and adjusted EBITDA. Non-GAAP gross profit excludes stock-based compensation expenses, amortization of intangible assets, and the deferred revenue adjustments resulting from the Revitas acquisition as they are often excluded by other companies to help investors understand the operational performance of their business. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude stock-based compensation expense, amortization of intangible assets, and the deferred revenue adjustment. We have not provided a reconciliation of forecasted non-GAAP results with GAAP results due to the difficulties of estimating certain items such as charges related to stock-based compensation expense. In addition, stock-based compensation expense varies from period to period and from company to company due to such things as differing valuation methodologies and changes in stock price. Adjusted EBITDA is defined as net loss, adjusted for depreciation and amortization, stock-based compensation expense, acquisition & integration related expenses, deferred revenue adjustment, interest (income) expense, net, and other (income) expenses, net, and provision for (benefit from) income taxes. Reconciliation tables are provided in this press release.

We have not reconciled guidance for non-GAAP financial measures to their most directly comparable GAAP measures because certain items that impact these measures are uncertain, out of our control and/or cannot be reasonably predicted. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort.

Model N, Inc.
Condensed Consolidated Balance Sheets
(in thousands)

 

 

As of
September 30, 2019

 

As of
September 30, 2018

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

60,780

 

 

$

56,704

 

Accounts receivable, net

26,953

 

 

28,273

 

Prepaid expenses

2,776

 

 

3,631

 

Other current assets

4,039

 

 

455

 

Total current assets

94,548

 

 

89,063

 

Property and equipment, net

1,043

 

 

2,146

 

Goodwill

39,283

 

 

39,283

 

Intangible assets, net

29,131

 

 

34,597

 

Other assets

5,588

 

 

1,064

 

Total assets

$

169,593

 

 

$

166,153

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

2,302

 

 

$

1,664

 

Accrued employee compensation

19,906

 

 

14,211

 

Accrued liabilities

4,354

 

 

3,182

 

Deferred revenue, current portion

44,875

 

 

52,176

 

Long term debt, current portion

4,911

 

 

1,375

 

Total current liabilities

76,348

 

 

72,608

 

Long-term liabilities

 

 

 

Long term debt

39,371

 

 

52,329

 

Other long-term liabilities

1,152

 

 

1,182

 

Total long-term liabilities

40,523

 

 

53,511

 

Total liabilities

116,871

 

 

126,119

 

Stockholders’ equity

 

 

 

Common stock

5

 

 

5

 

Preferred stock

 

 

 

Additional paid-in capital

266,295

 

 

244,814

 

Accumulated other comprehensive loss

(1,169

)

 

(1,285

)

Accumulated deficit

(212,409

)

 

(203,500

)

Total stockholders’ equity

52,722

 

 

40,034

 

Total liabilities and stockholders’ equity

$

169,593

 

 

$

166,153

 

Model N, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)

 

 

Three Months Ended September 30,

 

Fiscal Year Ended September 30,

 

2019

 

2018

 

2019

 

2018

Revenues

 

 

 

 

 

 

 

Subscription

$

27,439

 

 

$

25,513

 

 

$

105,219

 

 

$

98,308

 

Professional services

9,164

 

 

11,201

 

 

36,016

 

 

56,324

 

Total revenues

36,603

 

 

36,714

 

 

141,235

 

 

154,632

 

Cost of revenues

 

 

 

 

 

 

 

Subscription

8,970

 

 

9,201

 

 

35,218

 

 

37,820

 

Professional services

7,983

 

 

5,626

 

 

30,912

 

 

27,514

 

Total cost of revenues

16,953

 

 

14,827

 

 

66,130

 

 

65,334

 

Gross profit

19,650

 

 

21,887

 

 

75,105

 

 

89,298

 

Operating expenses

 

 

 

 

 

 

 

Research and development

8,122

 

 

7,555

 

 

30,009

 

 

32,416

 

Sales and marketing

9,080

 

 

8,637

 

 

32,894

 

 

35,482

 

General and administrative

7,511

 

 

9,079

 

 

27,213

 

 

42,178

 

Total operating expenses

24,713

 

 

25,271

 

 

90,116

 

 

110,076

 

Loss from operations

(5,063

)

 

(3,384

)

 

(15,011

)

 

(20,778

)

Interest expense, net

620

 

 

828

 

 

2,933

 

 

8,178

 

Other expenses (income), net

(89

)

 

(416

)

 

319

 

 

(722

)

Loss before income taxes

(5,594

)

 

(3,796

)

 

(18,263

)

 

(28,234

)

Provision for (benefit from) income taxes

61

 

 

(177

)

 

1,030

 

 

(27

)

Net loss

$

(5,655

)

 

$

(3,619

)

 

$

(19,293

)

 

$

(28,207

)

Net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.17

)

 

$

(0.12

)

 

$

(0.60

)

 

$

(0.93

)

Weighted average number of shares used in computing net loss per share:

 

 

 

 

 

 

 

Basic and diluted

32,846

 

 

31,342

 

 

32,232

 

 

30,370

 

Model N, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)

 

 

Fiscal Year Ended September 30,

 

2019

 

2018

Cash Flows from Operating Activities

 

 

 

Net loss

$

(19,293

)

 

$

(28,207

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

6,790

 

 

8,299

 

Stock-based compensation

21,340

 

 

23,324

 

Amortization of debt discount and issuance cost

579

 

 

800

 

Deferred income taxes

176

 

 

(392

)

Amortization of capitalized contract acquisition costs

1,781

 

 

 

Other non-cash charges

(121

)

 

137

 

Loss on debt extinguishment

 

 

3,142

 

Changes in assets and liabilities

 

 

 

Accounts receivable

860

 

 

(3,555

)

Prepaid expenses and other assets

(5,158

)

 

(960

)

Deferred cost of implementation services

 

 

486

 

Accounts payable

692

 

 

(1,434

)

Accrued employee compensation

2,015

 

 

(687

)

Other accrued and long-term liabilities

240

 

 

(1,622

)

Deferred revenue

549

 

 

3,192

 

Net cash provided by operating activities

10,450

 

 

2,523

 

Cash Flows from Investing Activities

 

 

 

Purchases of property and equipment

(280

)

 

(252

)

Net cash used in investing activities

(280

)

 

(252

)

Cash Flows from Financing Activities

 

 

 

Proceeds from exercise of stock options and issuance of common stock relating to employee stock purchase plan

3,870

 

 

4,439

 

Proceeds from term loan

 

 

49,588

 

Debt issuance costs

 

 

(280

)

Principal payments on term loan

(10,000

)

 

(55,250

)

Early payment penalty

 

 

(1,500

)

Net cash used in financing activities

(6,130

)

 

(3,003

)

Effect of exchange rate changes on cash and cash equivalents

36

 

 

(122

)

Net increase (decrease) in cash and cash equivalents

4,076

 

 

(854

)

Cash and cash equivalents

 

 

 

Beginning of period

56,704

 

 

57,558

 

End of period

$

60,780

 

 

$

56,704

 

Model N, Inc.
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except per share amounts)

 

 

 

Three Months Ended
September 30,

 

Fiscal Year Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Reconciliation from GAAP net loss to adjusted EBITDA

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(5,655

)

 

$

(3,619

)

 

$

(19,293

)

 

$

(28,207

)

Reversal of non-GAAP items

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

8,518

 

 

4,012

 

 

21,340

 

 

23,324

 

Depreciation and amortization

 

1,599

 

 

1,889

 

 

6,790

 

 

8,299

 

Deferred revenue adjustment (c)

 

 

 

 

 

 

 

627

 

Interest expense, net

 

620

 

 

828

 

 

2,933

 

 

8,178

 

Other expenses (income), net

 

(89

)

 

(416

)

 

319

 

 

(722

)

Provision for (benefit from) income taxes

 

61

 

 

(177

)

 

1,030

 

 

(27

)

Adjusted EBITDA

 

$

5,054

 

 

$

2,517

 

 

$

13,119

 

 

$

11,472

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Fiscal Year Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Reconciliation from GAAP revenue to revenue before deferred revenue adjustment

 

 

 

 

 

 

 

 

GAAP revenue

 

$

36,603

 

 

$

36,714

 

 

$

141,235

 

 

$

154,632

 

Deferred revenue adjustment (c)

 

 

 

 

 

 

 

627

 

Revenue before deferred revenue adjustment

 

$

36,603

 

 

$

36,714

 

 

$

141,235

 

 

$

155,259

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Fiscal Year Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Reconciliation from GAAP gross profit to non-GAAP gross profit

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

19,650

 

 

$

21,887

 

 

$

75,105

 

 

$

89,298

 

Reversal of non-GAAP expenses

 

 

 

 

 

 

 

 

Stock-based compensation (a)

 

2,455

 

 

684

 

 

5,362

 

 

2,656

 

Amortization of intangible assets (b)

 

476

 

 

476

 

 

1,904

 

 

1,904

 

Deferred revenue adjustment (c)

 

 

 

 

 

 

 

627

 

Non-GAAP gross profit

 

$

22,581

 

 

$

23,047

 

 

$

82,371

 

 

$

94,485

 

Percentage of revenue before deferred revenue adjustment

 

61.7

%

 

62.8

%

 

58.3

%

 

60.9

%

 

 

Three Months Ended
September 30,

 

Fiscal Year Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Reconciliation from GAAP subscription gross profit to non-GAAP subscription gross profit

 

 

 

 

 

 

 

 

GAAP subscription gross profit

 

$

18,469

 

 

$

16,312

 

 

$

70,001

 

 

$

60,488

 

 

Reversal of non-GAAP expenses

 

 

 

 

 

 

 

 

Stock-based compensation (a)

 

1,104

 

 

428

 

 

2,468

 

 

1,400

 

Amortization of intangible assets (b)

 

476

 

 

476

 

 

1,904

 

 

1,904

 

Non-GAAP subscription gross profit

 

$

20,049

 

 

$

17,216

 

 

$

74,373

 

 

$

63,792

 

 

 

Three Months Ended
September 30,

 

Fiscal Year Ended
September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

Reconciliation from GAAP operating loss to non-GAAP operating income

 

 

 

 

 

 

 

 

GAAP operating loss

 

$

(5,063

)

 

$

(3,384

)

 

$

(15,011

)

 

$

(20,778

)

Reversal of non-GAAP expenses

 

 

 

 

 

 

 

 

Stock-based compensation (a)

 

8,518

 

 

4,012

 

 

21,340

 

 

 

23,324

 

Amortization of intangible assets (b)

 

1,366

 

 

1,381

 

 

5,467

 

 

5,562

 

 

Deferred revenue adjustment (c)

 

 

 

 

 

 

 

627

 

 

Non-GAAP operating income

 

$

4,821

 

 

$

2,009

 

 

$

11,796

 

 

$

8,735

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP net loss and non-GAAP net income

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(5,655

)

 

$

(3,619

)

 

$

(19,293

)

 

$

(28,207

)

 

Reversal of non-GAAP expenses

 

 

 

 

 

 

 

 

 

Stock-based compensation (a)

 

8,518

 

 

4,012

 

 

21,340

 

 

23,324

 

 

Amortization of intangible assets (b)

 

1,366

 

 

1,381

 

 

5,467

 

 

5,562

 

 

Deferred revenue adjustment (c)

 

 

 

 

 

 

 

627

 

 

Non-GAAP net income

 

$

4,229

 

 

$

1,774

 

 

$

7,514

 

 

$

1,306

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and non-GAAP net income (loss) per share

 

 

 

 

 

 

 

 

 

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

 

Basic

 

32,846

 

 

31,342

 

 

32,232

 

 

30,370

 

 

Diluted

 

32,846

 

 

31,342

 

 

32,232

 

 

30,370

 

 

Shares used in computing non-GAAP net income per share

 

 

 

 

 

 

 

 

 

Basic

 

32,846

 

 

31,342

 

 

32,232

 

 

30,370

 

 

Diluted

 

34,149

 

 

32,238

 

 

33,423

 

 

32,243

 

 

GAAP net loss per share

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.17

)

 

$

(0.12

)

 

$

(0.60

)

 

$

(0.93

)

 

Non-GAAP net income per share

 

 

 

 

 

 

 

 

 

Basic

 

$

0.13

 

 

$

0.06

 

 

$

0.23

 

 

$

0.04

 

 

Diluted

 

$

0.12

 

 

$

0.06

 

 

$

0.22

 

 

$

0.04

 

 

 

 

Three Months Ended
September 30,

 

Fiscal Year Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Amortization of intangibles assets recorded in the statements of operations

 

 

 

 

 

 

 

 

Cost of revenues

 

 

 

 

 

 

 

 

Subscription

 

$

476

 

 

$

476

 

 

$

1,904

 

 

$

1,904

 

Professional services

 

 

 

 

 

 

 

 

Total amortization of intangibles assets in cost of revenue (b)

 

476

 

 

476

 

 

1,904

 

 

1,904

 

Operating expenses

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

 

 

Sales and marketing

 

890

 

 

905

 

 

3,563

 

 

3,658

 

General and administrative

 

 

 

 

 

 

 

 

Total amortization of intangibles assets in operating expense (b)

 

890

 

 

905

 

 

3,563

 

 

3,658

 

Total amortization of intangibles assets (b)

 

$

1,366

 

 

$

1,381

 

 

$

5,467

 

 

$

5,562

 

 

 

Three Months Ended
September 30,

 

Fiscal Year Ended
September 30,

 

 

2019

 

2018

 

2019

 

2018

Stock-based compensation recorded in the statements of operations

 

 

 

 

 

 

 

 

Cost of revenues

 

 

 

 

 

 

 

 

Subscription

 

$

1,104

 

 

$

428

 

 

$

2,468

 

 

$

1,400

 

Professional services

 

1,351

 

 

256

 

 

2,894

 

 

1,256

 

Total stock-based compensation in cost of revenue (a)

 

2,455

 

 

684

 

 

5,362

 

 

2,656

 

Operating expenses

 

 

 

 

 

 

 

 

Research and development

 

1,749

 

 

839

 

 

4,145

 

 

2,983

 

Sales and marketing

 

1,817

 

 

1,007

 

 

4,641

 

 

3,524

 

General and administrative

 

2,497

 

 

1,482

 

 

7,192

 

 

14,161

 

Total stock-based compensation in operating expense (a)

 

6,063

 

 

3,328

 

 

15,978

 

 

20,668

 

Total stock-based compensation (a)

 

$

8,518

 

 

$

4,012

 

 

$

21,340

 

 

$

23,324

 

Use of Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements presented on a GAAP basis, Model N uses non-GAAP measures of adjusted EBITDA, gross profit, gross margin, income from operations, net income, weighted average shares outstanding and net income per share, which are adjusted to exclude Channel Insight and Revitas acquisition related costs, deferred revenue adjustment and valuation allowance resulting from Revitas acquisition, stock-based compensation expense, amortization of intangible assets and includes dilutive shares where applicable. We believe these adjustments are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of Model N’s underlying operating results and trends and our marketplace performance. The non-GAAP results are an indication of our baseline performance that are considered by management for the purpose of making operational decisions. In addition, these non-GAAP results are the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for operating loss, net loss or basic and diluted net loss per share prepared in accordance with generally accepted accounting principles in the United States. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.

While a large component of our expenses incurred in certain periods, we believe investors may want to exclude the effects of these items in order to compare our financial performance with that of other companies and between time periods:

(a) Stock-based compensation is a non-cash expense accounted for in accordance with FASB ASC Topic 718. Stock-based compensation is a non-cash item. We believe that the exclusion of stock-based compensation expense provides for a better comparison of our operating results to prior periods and to our peer companies.

(b) Amortization of intangible assets resulted principally from acquisitions. Intangible asset amortization is a non-cash item. As such, we believe exclusion of these expenses provides for a better comparison of our operating results to prior periods and to our peer companies.

(c) Represents deferred revenue adjustment resulting from purchase price accounting that is related to the Revitas acquisition and is a non-cash item. As such, we believe this adjustment provides for a better comparison of our operating results to prior periods and to our peer companies.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191105006127/en/

CONTACT: Investor Relations Contact:

ICR for Model N

Garo Toomajanian, 650-610-4998

investorrelations@modeln.com

Media Contact:

pr@modeln.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY SOFTWARE INTERNET ACCOUNTING

SOURCE: Model N, Inc.

Copyright Business Wire 2019.

PUB: 11/05/2019 04:15 PM/DISC: 11/05/2019 04:15 PM

http://www.businesswire.com/news/home/20191105006127/en