ACTIVE Network (NYSE: ACTV), the leader in cloud-based activity and participant management™ solutions, today announced its financial results for the second quarter of 2012.
Q2 2012 Financial Highlights:
(All comparisons are made to the second quarter of 2011)
- Total net revenue was $121.6 million, up 23% from $99.0 million.
- Technology revenue constituted 89%, or $108.2 million of total net revenue, up 26% from $85.6 million.
- Net registration revenue was $83.9, up 20% - including registration growth of 14% and revenue per registration growth of 5%.
- Marketing services revenue constituted 11%, or $13.4 million of total net revenue.
- Net loss was $2.3 million compared to a net income of $5.5 million.
- Adjusted EBITDA, a non-GAAP financial measure, was $20.2 million. Excluding the impact of business combination accounting rules related to deferred revenue, Adjusted EBITDA was $23.8 million.
“We delivered a strong second quarter with record revenue of $121.6 million, up 23% over the prior year period,” said Dave Alberga, CEO of ACTIVE Network. “During the quarter, we achieved an important technology milestone by launching the first Hunting and Fishing permitting application built on the ACTIVE Works® platform. Our customer base continues to expand, adding key customers such as Aetna, MacWorld, and Edinburgh University Sports Union. We remain focused on strengthening our position as the leading cloud-based provider of activity and participant management solutions and continue to increase penetration in the underdeveloped activities market.”“We are excited to see positive trends in our key metrics this quarter as registrations, one of our main drivers, accelerated 14% and revenue per registration grew 5% from the prior year period," explained Scott Mendel, CFO of ACTIVE Network. “We experienced growth across all verticals and continued to benefit from a high degree of predictability in our model and strong renewal rates of over 95%.”