Bazaarvoice, Inc. Announces Its Financial Results for the Fourth Fiscal Quarter and Fiscal Year Ended April 30, 2012

Fourth fiscal quarter 2012 and recent strategic highlights include:

  • Revenue for the fourth quarter increased by 63% year-over-year to $31.4 million
  • Active clients at the end of the period increased by 38% year-over-year to 790
  • Bazaarvoice signed a definitive agreement to acquire PowerReviews on May 24, 2012

 

AUSTIN, Texas, June 6, 2012 (GLOBE NEWSWIRE) -- Bazaarvoice, Inc. (Nasdaq:BV), a leading social software company, reported its financial results for the fourth fiscal quarter and fiscal year ended April 30, 2012:

  • Revenue for the fourth quarter was $31.4 million, an increase of 63%, as compared to $19.3 million for the fourth quarter of 2011.
  • Adjusted EBITDA for the fourth quarter was a loss of $3.5 million, compared to a loss of $3.0 million for the fourth quarter of 2011.
  • GAAP net loss for the fourth quarter was $6.4 million, compared to a net loss of $4.7 million for the fourth quarter of 2011. Non-GAAP net loss for the fourth quarter was $4.3 million, compared to a net loss of $3.4 million for the fourth quarter of 2011.
  • GAAP net loss per share for the fourth quarter 2012 was $0.13, compared to a GAAP net loss per share for the fourth quarter 2011 of $0.25. Non-GAAP net loss per share for the fourth quarter 2012 was $0.08, as compared to a non- GAAP net loss per share for the fourth quarter 2011 of $0.07.
  • For the year 2012, as compared to 2011, revenue increased 65% to $106.1 million from $64.5 million. GAAP net loss per share decreased to $0.92 from $1.13, and non-GAAP net loss per share was unchanged at $0.34. Adjusted EBITDA for the fiscal year 2012 was a loss of $12.9 million, as compared to a loss of $13.3 million for the fiscal year 2011.

"The fourth quarter marked a strong finish to fiscal 2012," stated Brett Hurt, founder and CEO of Bazaarvoice. "Our momentum is being driven by the expanding reach and capabilities of our platform, the combination of which delivers significant value to our retail and brand customers. Online word of mouth content already plays a critical role in consumers' purchasing decisions, and we believe that we are still in the early stages of transforming the $12 trillion retail industry."

Hurt added, "We believe that the recent announcement of our intention to acquire PowerReviews will establish Bazaarvoice in the small to medium sized market and expands the Bazaarvoice network to over 1,800 clients globally, including nearly half of the Internet Retailer 500 companies. Looking forward, we expect the expanded client base will create new opportunities to syndicate authentic online word of mouth content across an expanded global network and enhance the ability of both brands and retailers to connect directly with their customers to generate new insights into consumer sentiment."

Fourth Fiscal Quarter of 2012 Financial Details

Revenue: Bazaarvoice reported revenue of $31.4 million for the fourth fiscal quarter ended April 30, 2012, an increase of 63% compared to revenue of $19.3 million for the fourth fiscal quarter ended April 30, 2011.

Net loss: GAAP net loss for the fourth quarter was $6.4 million, compared to a GAAP net loss of $4.7 million for the fourth quarter of 2011. Non-GAAP net loss for the fourth quarter was $4.3 million, as compared to a non-GAAP net loss of $3.4 million for the fourth quarter of 2011.

Net loss per share: GAAP net loss per share for the fourth quarter was $0.13 based upon weighted average shares outstanding of 48.2 million, as compared to a GAAP net loss per share of $0.25 for the fourth quarter of 2011 based upon weighted average shares outstanding of 18.3 million.

Non-GAAP net loss per share for the fourth quarter was $0.08 based upon weighted average shares outstanding of 55.7 million, as compared to a non-GAAP net loss per share of $0.07 for the fourth quarter of 2011 based upon weighted average shares outstanding of 46.2 million.

Adjusted EBITDA: Adjusted EBITDA for the fourth quarter was a loss of $3.5 million, as compared to a loss of $3.0 million for the fourth quarter of 2011.

Clients: The number of active clients at the end of fourth quarter was 790, as compared to 737 at the end of the third quarter and 571 as of the end of the fourth quarter of 2011. Annualized revenue per average active client for the fourth quarter was approximately $164,700, as compared to approximately $153,600 for the third quarter and approximately $141,600 for the fourth quarter of 2011. Active client retention rate for the fourth quarter was approximately 97%, as compared to approximately 97% for the third quarter and approximately 96% for the fourth quarter of 2011.

Fiscal Year 2012 Financial Details

Revenue: Bazaarvoice reported revenue of $106.1 million for the fiscal year ended April 30, 2012, an increase of 65% compared to revenue of $64.5 million for the fiscal year ended April 30, 2011.

Net loss: GAAP net loss for the fiscal year 2012 was $24.3 million, compared to a GAAP net loss of $20.1 million for the fiscal year 2011. Non-GAAP net loss for the fiscal year 2012 was $16.5 million, as compared to a non-GAAP net loss of $15.4 million for the fiscal year 2011.

Net loss per share: GAAP net loss per share for the fiscal year 2012 was $0.92 based upon fully-diluted weighted average shares outstanding of 26.4 million, as compared to a GAAP net loss per share of $1.13 for the fiscal year 2011 based upon fully-diluted weighted average shares outstanding of 17.8 million. Non-GAAP net loss per share for the fiscal year 2012 was $0.34 based upon fully-diluted weighted average shares outstanding of 48.3 million, as compared to a non-GAAP net loss per share of $0.34 for the fiscal year 2011 based upon fully-diluted weighted average shares outstanding of 45.7 million.

Adjusted EBITDA: Adjusted EBITDA for the fiscal year 2012 was a loss of $12.9 million, as compared to a loss of $13.3 million for the fiscal year 2011.

Clients: The number of active clients at the end the fiscal year 2012 was 790, as compared to 571 as of the end of the fiscal year 2011. Annualized revenue per average active client for the fiscal year 2012 was approximately $153,900, as compared to approximately $136,700 for the fiscal year 2011. Active client retention rate for the fiscal year 2012 was approximately 89%, as compared to approximately 90% for the fiscal year 2011.

Quarterly Conference Call

Bazaarvoice will host a conference call today at 4:30 p.m. Eastern Time to review the company's financial results for the fourth fiscal quarter and fiscal year ended April 30, 2012. To access this call, dial (888) 254-2798 from the United States or (913) 312-0376 internationally with conference ID 6277435. A live webcast of the conference call can be accessed from the investor relations page of Bazaarvoice'scompany website at investors.bazaarvoice.com. Following the completion of the call, a recorded replay will be available on the company's website, and a telephone replay will be available throughJune 20, 2012 by dialing (877) 870-5176 from the United States or (858) 384-5517 internationally with recording access code 6277435.

About Bazaarvoice

Bazaarvoice, a leading social software company, brings the voice of customers to the center of business strategy for more than 750 clients globally. Bazaarvoice helps clients create social communities on their brand websites and Facebook pages where customers can engage in conversations. These conversations can be syndicated across Bazaarvoice'sglobal network of client websites and mobile devices, which allows manufactures to connect directly with customers. The social data derived from online word of mouth translates into actionable insights that improve marketing, sales, customer service, and product development. Headquartered in Austin, Texas, Bazaarvoice has offices in London, Munich, New York City, Paris, Stockholm and Sydney. For more information, visit www.bazaarvoice.com, read the blog at www.bazaarvoice.com/blog, and follow on Twitter at www.twitter.com/bazaarvoice.

Non-GAAP Financial Measures

Adjusted EBITDA discussed in this press release is defined as net loss adjusted for stock-based expense, adjusted depreciation and amortization (which excludes amortization of capitalized internal-use software development costs), income tax expense and other (income) expense, net. Non-GAAP net income excludes stock-based expense along with the associated income tax effect. Non-GAAP basic and diluted loss per share has been calculated assuming the conversion of all outstanding shares of our preferred stock into 27,897,031 shares of our common stock as of the first day of the beginning of the period.

Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of core operating performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for securities analysts and investors in evaluating the company's financial and operational performance. However, thes non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. Furthermore, these non-GAAP financial measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate these non-GAAP financial measures in the same manner. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP is provided in the accompanying tables.

Forward-looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "would", similar and "target" expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about, management's estimates regarding future revenue and financial performance and other statements about management's beliefs, intentions or goals. Bazaarvoice may not actually achieve the expectations disclosed in the forward-looking statements, and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to, our expectations regarding our revenue, expenses, sales and operations; our limited operating history; our ability to operate in a new and unproven market; our ability to effectively manage growth; our ability to manage expansion into international markets and new vertical industries; our ability to successfully identify, manage and integrate potential acquisitions, including our proposed acquisition of PowerReviews, Inc. as announced in our release on Form 8-K on May 24, 2012; and other risks and potential factors that could affect Bazaarvoice'sbusiness and financial results identified in Bazaarvoice'sS-1 as filed with the Securities and Exchange Commission on February 24, 2012. Additional information will also be set forth in Bazaarvoice's future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that Bazaarvoice makes with the Securities and Exchange Commission. Bazaarvoice does not intend and undertakes no duty to release publicly any updates or revisions to any forward-looking statements contained herein.

Bazaarvoice, Inc.

Condensed Consolidated Balance Sheets


(unaudited)

(in thousands)

 

 

 

As of April 30,

 

 

2012

 

2011

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$74,367

 

$15,050

Restricted cash

500

 

250

Short-term investments

50,834

 

--

Accounts receivable, net

17,977

 

12,954

Prepaid expenses and other current assets

3,873

 

2,841

Total current assets

147,551

 

31,095

Property, equipment, and capitalized software development costs, net

8,868

 

6,865

Other non-current assets

448

 

12

Total assets

156,867

 

37,972

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

Current liabilities:

 

 

 

Accounts payable

2,523

 

1,558

Accrued expenses and other current liabilities

12,725

 

6,834

Deferred revenue

42,152

 

27,509

Total current liabilities

57,400

 

35,901

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deferred revenue less current portion

 

 

3,434

4,651

 

Deferred tax liability, long-term

 

 

31

399

 

Other liabilities, long-term

 

 

 

2,404

 

2,638

 

Total long-term liabilities

 

 

5,869

7,688

 

Total liabilities

 

 

63,269

43,589

 

Total stockholders' equity (deficit)

 

 

 

93,598

 

(5,617)

 

Total liabilities and stockholders' equity (deficit)

 

 

156,867

37,972

 

Bazaarvoice, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statement of Operations

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except net loss per share data)

 

 

 

 

 

 

 

12 Months

Three Months

 

 

Ended April 30,

Ended April 30,

 

 

2012

 

2011

 

 

2012

 

2011

Revenue

$106,136

 

$64,482 $31,431

 

$19,281

Cost of revenue

 

36,441

 

25,615

 

 

10,325

 

7,293

Gross profit

69,695

 

38,867

 

 

21,106

 

11,988

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

49,726

 

34,568

 

 

14,257

 

10,116

Research and development

20,789

 

10,847

 

 

6,811

 

2,999

General and administrative

 

21,895

 

13,156

 

 

6,047

 

3,598

Total operating expenses

 

92,410

 

58,571

 

 

27,115

 

16,713

Operating loss

 

(22,715)

 

(19,704)

 

 

(6,009)

 

(4,725)

Total other income (expense), net

 

(803)

 

208

 

 

(15)

 

205

Net loss before income taxes

 

(23,518)

 

(19,496)

 

 

(6,024)

 

(4,520)

Income tax expense

 

811

 

561

 

 

343

 

139

Net loss

(24,329)

 

(20,057)

 

 

(6,367)

 

(4,659)

Accretion of redeemable convertible preferred stock

 

(38)

 

(46)

 

 

(3)

 

(11)

Net loss applicable to common stockholders

(24,367)

 

(20,103)

 

 

(6,370)

 

(4,670)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share applicable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

($0.92)

 

($1.13)

 

 

($0.13) ($0.25)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average number of shares

 

26,403

 

17,790

 

 

48,236

 

18,346

Bazaarvoice, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

12 Months

 

Three Months

Ended April 30,

 

Ended April 30,

 

 

 

 

 

 

 

2012

 

 

2011

 

2012

 

2011

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

($24,329)

 

($20,057)

 

($6,367)

 

($4,659)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

 

 

 

 

3,108

 

2,311

 

861

 

626

Stock-based expense

 

 

 

 

 

 

7,710

 

4,681

 

1,952

 

1,279

Bad debt expense

 

 

 

 

 

 

1,083

 

482

 

158

 

128

Excess tax benefit related to stock-based expense

 

 

 

 

 

 

(78)

 

--

 

(78)

 

--

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

 

 

 

(5,566)

 

(4,974)

 

2,828

 

(145)

Prepaid expenses and other current assets

 

 

 

 

 

 

(1,132)

 

(1,983)

 

(1,661)

 

(1,095)

Other non-current assets

 

 

 

 

 

 

(298)

 

94

 

63

 

47

Accounts payable

 

 

 

 

 

 

808

 

419

 

(1,197)

 

39

Accrued expenses and other current liabilities

 

 

 

 

 

 

5,176

 

3,284

 

51

 

1,327

Deferred revenue

 

 

 

 

 

 

13,432

 

15,049

 

3,461

 

4,196

Other liabilities, long-term

 

 

 

 

 

 

(234)

 

47

 

(235)

 

(270)

Net cash provided by (used in) operating activities

 

 

 

 

 

 

(320)

 

(647)

 

(164)

 

1,473

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property, equipment, and capitalized internal-use software development costs, net

(5,119)

 

(2,282)

 

(1,313)

 

(444)

Increase of restricted cash

 

 

 

 

 

 

(250)

 

--

 

--

 

--

Purchase of short-term investments

 

 

 

 

 

 

(50,884)

 

--

 

(50,884)

 

--

Net cash provided by (used in) investing activities

 

 

 

 

 

 

(56,253)

 

(2,282)

 

(52,197)

 

(444)

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from initial public offering, net of offering costs

 

 

 

 

 

 

112,778

 

--

 

113,716

 

--

Proceeds from exercise of stock options

 

 

 

 

 

 

3,049

 

2,068

 

571

 

1,135

Excess tax benefit related to share-based payments

 

 

 

 

 

 

78

 

--

 

78

 

--

Net cash provided by financing activities

 

 

 

 

 

 

115,905

 

2,068

 

114,365

 

1,135

Effect of exchange rate fluctuations on cash and cash equivalents

 

 

 

 

 

 

(15)

 

(125)

 

58

 

(151)

Net change in cash and cash equivalents

 

 

 

 

 

 

59,317

 

(986)

 

62,062

 

2,013

Cash and cash equivalents at beginning of period

 

 

 

 

 

 

15,050

 

16,036

 

12,305

 

13,037

Cash and cash equivalents at end of period

 

 

 

 

 

 

74,367

 

15,050

 

74,367

 

15,050

Bazaarvoice, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except net loss per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12 Months

Three Months

 

 

 

nbsp;

 

 

Ended April 30,

Ended April 30,

 

 

 

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

Non-GAAP net loss and net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

($24,329)

($20,057)

($6,367) ($4,659)

 

 

 

 

 

 

Stock-based expense (1)

7,710

4,681

1,952

1,279

 

 

 

 

 

 

Income tax adjustment for non-GAAP items

119

 

--

119

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income

 

 

(16,500)

(15,376)

(4,296)

(3,380)

 

 

 

 

 

GAAP basic and diluted shares

 

 

26,403

17,790

48,236

18,346

 

 

 

 

 

Assumed preferred stock conversion

 

 

21,934

 

27,897

 

7,439

 

27,897

 

 

 

 

 

Non-GAAP basic and diluted shares

 

 

48,337

45,687

55,675

46,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP basic and diluted net loss per share

 

 

($0.34)

($0.34)

($0.08)

($0.07)

 

 

 

 

 

Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

 

($24,329)

($20,057) ($6,367) ($4,659)

 

 

 

 

 

Stock-based expense (1)

 

 

7,710

4,681

1,952

1,279

 

 

 

 

 

Adjusted depreciation and amortization (2)

 

 

2,104

1,706

552

449

 

 

 

 

 

Income tax expense

 

 

811

561

343

139

 

 

 

 

 

Total other (income) expense, net

 

 

803

 

(208)

 

 

 

15

 

(205)

 

 

 

 

 

Adjusted EBITDA

 

 

($12,901)

($13,317)

($3,505)

($2,997)

 

 

 

 

 

(1) Stock based expense includes the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

$1,220

$978

$234

$235

 

 

 

 

 

Sales and marketing

 

 

1,869

1,122

636

307

 

 

 

 

 

Research and development

 

 

1,326

731

406

176

 

 

 

 

 

General and administrative

 

 

3,295

 

1,850

 

676

 

561

 

 

 

 

 

Stock-based expense

 

 

$7,710

$4,681

$1,952

$1,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Adjusted depreciation and amortization includes the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

$825

$665

$194

$194

 

 

 

 

 

Sales and marketing

 

 

490

424

117

113

 

 

 

 

 

Research and development

 

 

431

200

136

 

 

 

50

 

 

 

 

 

General and administrative

 

 

358

 

417

 

105

 

 

 

92

 

 

 

 

 

Adjusted depreciation and amortization

 

 

$2,104

$1,706

$552

$449

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bazaarvoice, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Quarterly Financial and Operational Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except active clients and full-time employees data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended,

 

 

 

 

Apr 30,

Jan 31,

Oct 31,

Jul 31,

 

Apr 30,

 

Jan 31,

Oct 31,

Jul 31,

 

2012

 

2012

 

2011

 

 

2011

 

 

2011

 

2011

 

2010

 

2010

Revenue

$31,431

 

$27,602

$25,015

$22,088

$19,281

$17,306

$14,943

$12,952

Cost of revenue

10,325

 

9,514

8,805

 

7,797

 

 

7,293

6,676

6,414

5,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

21,106

 

18,088

16,210

 

14,291

 

 

11,988

10,630

8,529

7,720

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

14,257

 

12,152

12,125

 

11,192

 

 

10,116

8,592

8,063

7,797

Research and development

6,811

 

6,059

4,576

 

3,343

 

 

2,999

2,801

2,641

2,406

General and administrative

6,047

 

5,934

4,815

 

5,099

 

 

3,598

3,281

3,333

2,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

27,115

 

24,145

21,516

 

19,634

 

 

16,713

14,674

14,037

13,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

(6,009)

 

(6,057)

(5,306)

 

(5,343)

 

 

(4,725)

(4,044)

(5,508)

(5,427)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other income (expense), net

(15)

 

(337)

 

(367)

 

(84)

 

 

205

 

 

(50)

 

 

108

 

 

(55)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss before income taxes

(6,024)

 

(6,394)

 

(5,673)

 

(5,427)

 

 

(4,520)

 

 

(4,094)

 

 

(5,400)

 

 

(5,482)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

343

 

181

 

178

 

109

 

 

139

 

 

149

 

 

137

 

 

136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

($6,367)

 

($6,575)

 

($5,851)

 

($5,536) ($4,659) ($4,243) ($5,537) ($5,618)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based expense (1)

1,952

 

2,503

 

1,697

 

1,558

 

 

1,279

 

 

1,253

 

 

1,084

 

 

1,065

Adjusted depreciation and amortization (2)

552

 

569

 

512

 

471

 

 

449

 

 

446

 

 

424

 

 

387

Income tax expense

343

 

181

 

178

 

109

 

 

139

 

 

149

 

 

137

 

 

136

Total other (income) expense, net

15

 

337

 

367

 

84

 

 

(205)

 

 

50

 

 

(108)

 

 

55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

($3,505)

 

($2,985)

 

($3,097)

 

($3,314) ($2,997) ($2,345) ($4,000) ($3,975)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of active clients (at period end)

790

 

737

 

701

 

640

 

 

571

 

 

518

 

 

480

 

 

419

Full-time employees (at period end)

640

 

608

 

566

 

520

 

 

494

 

 

467

 

 

441

 

 

381

(1) Stock-based expense includes the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

234

 

319

 

344

 

323

 

 

235

 

 

247

 

 

244

 

 

252

Sales and marketing

636

 

419

 

412

 

402

 

 

307

 

 

325

 

 

236

 

 

254

Research and development

406

 

356

 

360

 

204

 

 

176

 

 

188

 

 

184

 

 

183

General and administrative

676

 

1,409

 

581

 

629

 

 

561

 

 

493

 

 

420

 

 

376

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based expense

$1,952

 

$2,503

 

$1,697

 

$1,558

 

 

$1,279

 

 

$1,253

 

 

$1,084

 

 

$1,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Adjusted depreciation and amortization includes the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

194

 

210

 

214

 

207

 

 

194

 

 

176

 

 

157

 

 

138

Sales and marketing

117

 

120

 

124

 

129

 

 

113

 

 

110

 

 

105

 

 

96

Research and development

136

 

134

 

93

 

68

 

 

50

 

 

51

 

 

50

 

 

49

General and administrative

105

 

105

 

81

 

67

 

 

92

 

 

109

 

 

112

 

 

104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted depreciation and amortization

$552

 

$569

 

$512

 

$471

 

 

$449

 

 

$446

 

 

$424

 

 

$387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONTACT: Bazaarvoice Investor Relations Contact:

Bazaarvoice Investor Relations

Seth Potter

ICR, Inc. on behalf of Bazaarvoice, Inc.

646-277-1230

seth.potter@icrinc.com

 

Media Contact:

Emily Brady

Brady PR on behalf of Bazaarvoice, Inc.

650-692-6107

emily@bradypr.com

 

Source: Bazaarvoice