Ariba Reports Results For Third Quarter Of Fiscal Year 2012

Ariba, Inc. (Nasdaq: ARBA), the world’s business commerce network, today announced results for the third quarter of fiscal year 2012 ended June 30, 2012.

Quarterly Financial and Operational Highlights from Continuing Operations:

• Subscription revenue of $95.3 million, up 25% year-over-year or 28% in constant currency.
• Network revenue of $47.3 million, up 27% year-over-year or 34% in constant currency.
• Total revenue of $137.0 million, up 12% year-over-year or 15% in constant currency.
• Loss of $0.01 per share from continuing operations; non-GAAP EPS of $0.25 from continuing operations, up 25% year-over-year.

Since providing third quarter guidance on April 26, 2012, currency rate fluctuations negatively impacted third quarter total revenue by approximately $1 million, primarily in Network revenue.

Results for the Third Quarter of Fiscal Year 2012

Revenue from Continuing Operations:

Total revenues from continuing operations were $137.0 million for the third quarter of fiscal year 2012, an increase of 12% or 15% in constant currency compared to $121.9 million for the third quarter of fiscal year 2011. Subscription and maintenance revenues for the third quarter of fiscal year 2012 were $108.0 million, an increase of 19% or 22% in constant currency compared to $91.0 million for the third quarter of fiscal year 2011. Within subscription and maintenance revenues, subscription software revenue was $95.3 million for the third quarter of fiscal year 2012, an increase of 25% or 28% in constant currency compared to $76.4 million for the third quarter of fiscal year 2011. Services and other revenues for the third quarter of fiscal year 2012 were $29.0 million compared to $30.9 million for the third quarter of fiscal year 2011.

Operating Income from Continuing Operations:

Operating income from continuing operations for the third quarter of fiscal year 2012 was $2.7 million, an increase of $13.6 million compared to an operating loss from continuing operations of $10.9 million for the third quarter of fiscal year 2011. Operating income from continuing operations for the third quarter of fiscal year 2012 included expenses of $4.7 million for amortization of intangible assets, $18.8 million for stock-based compensation, and M&A transaction expenses of $2.7 million. Excluding these items, non-GAAP operating income for the third quarter of fiscal year 2012 was $28.8 million, representing a 21% non-GAAP operating margin and an increase of 39% compared to $20.7 million of non-GAAP operating income for the third quarter of fiscal year 2011. Non-GAAP operating income for the third quarter of fiscal year 2011 excluded expenses of $4.3 million for amortization of intangible assets, $14.0 million for stock-based compensation, and restructuring costs of $13.4 million.

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