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Envivio Reports Second Quarter Fiscal 2013 Financial Results

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements about Envivio's expected financial performance for the third quarter of fiscal 2013, Envivio's strategy, market trends, the benefits and features of Envivio's customer offerings and products, and the ability of those product offerings to strengthen Envivio's solution portfolio. Actual results may vary materially due to a number of factors including, but not limited to, the risk that, upon completion of further closing procedures, that the financial results for the third quarter of fiscal 2013 are different than the results set forth in this press release, unexpected changes in Envivio's business, changes in capital spending in the markets Envivio serves, disruption with existing or the failure to develop new relationships with channel partners, unpredictable sales cycles, fluctuations in our operating results, failure to develop new and enhanced products in a timely manner, the loss of a key customer, the loss of our sole source manufacturer, the loss of a key supplier, claims of technology infringement, general economic conditions and other risks detailed from time to time in Envivio's SEC reports. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Envivio undertakes no obligation to publicly release or otherwise disclose the result of any revision to these forward-looking statements that may be made as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Envivio

Envivio (Nasdaq:ENVI) is a leader in solutions for multi-screen video processing and delivery. Envivio solutions remove the boundaries of traditional television and make the world's video content universally enjoyable by all viewers, on any device, across any network, at any time. Now in its second decade of developing market-leading video convergence solutions, Envivio powers services for more than 300 content and service provider customers around the world, including eight of the top 10 mobile operators, nine of the top 10 broadband providers and three of the top four US cable operators. Envivio is headquartered in South San Francisco, California and has offices worldwide including France, England, China, Singapore and Japan. Visit www.envivio.com for more information.

The Envivio logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12583

     
ENVIVIO, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(UNAUDITED)
     
  January 31, July 31,
  2012 2012
  (in thousands)
     
Assets
Current assets:    
Cash and cash equivalents  27,405  46,367
Short-term investments  --   16,823
Accounts receivable, net of allowance for doubtful accounts  8,499  13,573
Inventory  108  123
Prepaid expenses and other assets  2,456  3,211
Deferred inventory costs, current  1,547  475
Total current assets  40,015  80,572
Property and equipment, net  3,016  3,482
Deferred inventory costs, net of current portion  100  33
Other assets  1,447  499
Total assets  44,578  84,586
     
Liabilities, convertible preferred stock and stockholders' equity (deficit)
Current liabilities:    
Accounts payable  7,035  7,317
Accrued compensation  4,615  3,519
Accrued liabilities  929  957
Deferred revenue, current  7,257  4,316
Line of credit  1,000  1,000
Total current liabilities  20,836  17,109
Deferred revenue, net of current portion  1,400  1,447
Warrant liability  103  -- 
Other non-current liabilities  1,163  1,446
Total liabilities  23,502  20,002
     
Convertible preferred stock  47,764  -- 
Stockholders' equity (deficit):    
Common stock  13  27
Additional paid-in capital  52,954  150,774
Accumulated other comprehensive loss  ( 825 )  ( 872 )
Accumulated deficit  ( 78,830 )  ( 85,345 )
Total stockholders' equity (deficit)  ( 26,688 )  64,584
Total liabilities and stockholders' equity (deficit)  44,578  84,586
     
         
ENVIVIO, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(UNAUDITED)
         
  Three Months Ended July 31, Six Months Ended July 31,
  (in thousands, except for per share amounts)
  2011 2012 2011 2012
         
Revenues  11,505  10,764  21,407  24,179
Cost of revenue  4,191  4,123  8,198  9,259
Gross profit  7,314  6,641  13,209  14,920
Expenses:        
Research and development  1,518  2,034  3,019  4,028
Sales and marketing  3,544  5,628  6,972  11,370
General and administrative  2,035  3,050  4,160  5,730
Total operating expenses  7,097  10,712  14,151  21,128
Income (loss) from operations  217  ( 4,071 )  ( 942 )  ( 6,208 )
Interest income (expense), net  ( 31 )  24  ( 68 )  15
Other income, net  101  ( 162 )  183  ( 147 )
Income (loss) before provision for income taxes  287  ( 4,209 )  ( 827 )  ( 6,340 )
Provision for income taxes  232  69  274  175
Net income (loss)  55  ( 4,278 )  ( 1,101 )  ( 6,515 )
Noncumulative dividends to convertible preferred stockholders  ( 55 )  --   --   -- 
Net income (loss) attributable to common stockholders  --  ( 4,278 )  (1,101)  ( 6,515 )
         
Net loss per share of common stock, basic and diluted  $ --  $ ( 0.16 )  $ ( 0.08 )  $ ( 0.32 )
Shares used in computing net loss per share of common stock, basic and diluted  13,156,231  26,913,125 13,079,499 20,192,392
         
         
ENVIVIO, INC. AND SUBSIDIARIES Reconciliation of Net Income to Non-GAAP Net Income (UNAUDITED)
         
  Three Months Ended July 31, 2012 Six Months Ended July 31, 2012
  (in thousands) (in thousands)
  2011 2012 2011 2012
         
Net income (loss)  $ 55  $(4,278)  $(1,101)  $(6,515)
Adjustments:        
Stock-based compensation  $ 370  $ 753  $ 720  $ 1,443
Non-GAAP net income (loss)  $ 425  $(3,525)  $ (381)  $(5,072)
         
Add back income tax expense  $ 232  $ 69  $ 274  $ 175
Non-GAAP net income (loss) before income taxes  $ 657  $(3,456)  $ (107)  $(4,897)
         
Non-GAAP net income (loss) per share of common stock, basic and diluted  $ 0.03  $ (0.13)  $ (0.03)  $ (0.25)
Shares used in computing net income (loss) per share of common stock, basic and diluted  13,156  26,913  13,079  20,192
         
CONTACT: Envivio
         Sarah Lum
         pr@envivio.com
         +1.650.243.2710
         
         The Blueshirt Group
         Investor Relations for Envivio
         Cynthia Hiponia
         ir@envivio.com
         +1.650.243.2702

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