Eloqua Announces Fourth Quarter And Full Year 2012 Financial Results

About Eloqua

Eloqua (NASDAQ: ELOQ) is the marketing system of record for modern marketers. The company's cloud software, professional services and education programs provide marketers with the technology and expertise needed to help marketing drive revenue. More than 100,000 global users from companies both large and small, rely on the  marketing automation power of Eloqua to improve  demand generation and  lead management while driving more  qualified leads. Eloqua's customers include AON, Dow Jones, ADP, Fidelity, Polycom, and National Instruments. The company is headquartered in Vienna, Virginia. For more information, visit  www.eloqua.com, subscribe to the  It's All About Revenue blog, call 866-327-8764, or email  [e-mail].

ELOQUA, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
			December 31, 2012				December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents		$	92,914			$	7,240
Accounts receivable, net of reserve of $615 and $725, respectively			30,802				18,228
Deferred commissions and other deferred costs			1,846				2,680
Deferred tax asset			572				781
Prepaid expense and other assets			3,100				4,153
Total current assets			129,234				33,082
Property and equipment, net of accumulated depreciation and amortization of $9,505 and 7,242, respectively			6,193				3,721
Deferred commissions and other deferred costs			526				902
Deferred tax asset			3,965				3,800
Total assets		$	139,918			$	41,505
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable		$	3,846			$	3,263
Accrued employee compensation and related costs			13,356				3,479
Accrued and other current liabilities			7,531				7,858
Deferred revenue, current portion			38,148				28,863
Current portion of long-term debt			-				834
Total current liabilities			62,881				44,297
Long-term debt, net of current portion			-				1,458
Non current deferred revenue and other liabilities			2,545				1,943
Total liabilities			65,426				47,698
Redeemable convertible preferred stock:
Series A preferred stock, $0.0001 par value, 12,124,650 shares authorized,			-				39,406
issued and outstanding at December 31, 2011 and no shares outstanding at December 31, 2012;
liquidation preference of $39,406 at December 31, 2011
Series B preferred stock, $0.0001 par value, 17,678,926 shares authorized,			-				57,456
issued and outstanding at December 31, 2011 and no shares outstanding at December 31, 2012;
liquidation preference of $57,456 at December 31, 2011
Series C preferred stock, $0.0001 par value, 21,483,563 shares authorized,			-				64,242
and 19,766,821 shares issued and outstanding at December 31, 2011 and no shares outstanding at December 31, 2012;
liquidation preference of $64,242 at December 31, 2011
Total redeemable convertible preferred stock			-				161,104
Stockholders' equity (deficit)
Eloqua, Inc. stockholders' equity (deficit):
Common stock, $0.0001 par value; 100,000,000 and 90,000,000 shares authorized, 35,525,498 and 1,063,368
shares issued and outstanding at December 31, 2012 and December 31, 2011			3				-
Additional paid-in capital			319,070				-
Accumulated deficit			(244,581	)			(169,259	)
Total Eloqua, Inc. stockholders' equity (deficit)			74,492				(169,259	)
Noncontrolling interest			-				1,962
Total stockholders' equity (deficit)			74,492				(167,297	)
Total liabilities, redeemable preferred stock and stockholders' equity		$	139,918			$	41,505

ELOQUA, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
			Three months ended December 31,								Twelve months ended December 31,
			2012				2011				2012				2011
Revenue:
Subscription and support		$	22,879			$	17,925			$	83,906			$	63,222
Professional services			4,084				3,382				11,856				8,126
Total revenue			26,963				21,307				95,762				71,348
Cost of revenue:
Subscription and support			4,806				3,191				15,758				12,330
Professional services			3,714				3,415				11,537				10,718
Total cost of revenue			8,520				6,606				27,295				23,048
Gross profit			18,443				14,701				68,467				48,300
Operating expenses:
Research and development			3,821				3,207				13,664				11,679
Marketing and sales			11,288				8,071				40,708				29,481
General and administrative			7,109				4,485				21,419				12,208
Litigation settlement			-				-				3,500				-
Total operating expenses			22,218				15,763				79,291				53,368
Loss from operations			(3,775	)			(1,062	)			(10,824	)			(5,068	)
Other income (expense), net			34				(237	)			(288	)			(707	)
Loss before benefit (provision) for income taxes			(3,741	)			(1,299	)			(11,112	)			(5,775	)
Benefit (provision) for income taxes			46				(102	)			(152	)			(378	)
Net loss			(3,695	)			(1,401	)			(11,264	)			(6,153	)
Accretion of dividends on redeemable preferred stock			-				(17,351	)			(66,920	)			(89,659	)
Net loss attributable to common stockholders		$	(3,695	)		$	(18,752	)		$	(78,184	)		$	(95,812	)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.11	)		$	(19.09	)		$	(5.40	)		$	(116.74	)
Weighted average common shares outstanding, basic and diluted			34,375,057				982,471				14,490,578				820,734

ELOQUA, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
			Three months ended December 31,								Twelve months ended December 31,
			2012				2011				2012				2011
Cash flows from operating activities:
Net loss		$	(3,695	)		$	(1,401	)		$	(11,264	)		$	(6,153	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization			739				506				2,263				1,872
Stock-based compensation expense			1,196				682				3,547				1,812
Foreign currency transaction gain (loss)			3				44				(41	)			65
Deferred income taxes			(87	)			52				40				264
Loss on disposal of fixed assets			-				173				-				173
Change in fair value of Series C warrants			-				51				189				264
Change in operating assets and liabilities:
Accounts receivable, net			(10,876	)			(6,997	)			(12,574	)			(2,362	)
Prepaid expenses and other assets			494				(1,185	)			(464	)			(2,102	)
Deferred commissions and other deferred costs			176				1,005				1,210				(59	)
Accounts payable and accrued and other current liabilities			3,976				4,746				808				5,200
Deferred revenue			5,672				570				9,285				3,492
Noncurrent deferred revenue and other liabilities			(254	)			788				606				271
Net cash (used in) provided by operating activities			(2,656	)			(966	)			(6,395	)			2,737
Cash flows from investing activities:
Purchases of property and equipment			(1,869	)			(669	)			(4,735	)			(2,898	)
Net cash used in investing activities			(1,869	)			(669	)			(4,735	)			(2,898	)
Cash flows from financing activities:
Repayment of long-term debt			-				(208	)			(2,292	)			(208	)
Net IPO Proceeds			-				-				85,760				-
Tax withholdings on stock options exercised			9,708								9,708
Principal payments under capital lease obligations			-				(152	)			-				(321	)
Common stock issued			2,261				84				3,587				446
Net cash provided by (used in) financing activities			11,969				(276	)			96,763				(83	)
Effect of exchange rate changes of cash and cash equivalents			(3	)			(44	)			41				(65	)
Net increase (decrease) in cash and cash equivalents			7,441				(1,955	)			85,674				(309	)
Cash and cash equivalents at beginning of the period			85,473				9,195				7,240				7,549
Cash and cash equivalents at end of the period		$	92,914			$	7,240			$	92,914			$	7,240

ELOQUA, INC.
UNAUDITED SUMMARY OF STOCK-BASED COMPENSATION INCLUDED IN THE CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS)
			Three months ended December 31,						Twelve months ended December 31,
			2012			2011			2012			2011
Cost of revenue		$	203		$	89		$	573		$	284
Sales and marketing			454			177			1,160			514
Research and development			134			91			439			313
General and administrative			405			325			1,375			701
Total Stock-Based Compensation Expense		$	1,196		$	682		$	3,547		$	1,812

ELOQUA, INC.
UNAUDITED NON-GAAP OPERATING LOSS, NON-GAAP NET LOSS, NON-GAAP NET LOSS PER SHARE AND FREE CASH FLOW RECONCILIATIONS TO GAAP
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
			Three months ended December 31,								Twelve months ended December 31,
			2012				2011				2012				2011
Reconciliation of Loss From Operations to Non-GAAP Operating Loss
Loss From Operations		$	(3,775	)		$	(1,062	)		$	(10,824	)		$	(5,068	)
Adjustments to loss from operations:
Stock-based compensation expense			1,196				682				3,547				1,812
Non-GAAP Operating Loss		$	(2,579	)		$	(380	)		$	(7,277	)		$	(3,256	)
Reconciliation of Net Loss to Non-GAAP Net Loss Per Share
Net Loss		$	(3,695	)		$	(1,401	)		$	(11,264	)		$	(6,153	)
Accretion of dividends on redeemable preferred stock			-				(17,351	)			(66,920	)			(89,659	)
Net loss attributable to common stockholders			(3,695	)			(18,752	)			(78,184	)			(95,812	)
Adjustments to net loss attributable to common stockholders:
Accretion of dividends on redeemable preferred stock			-				17,351				66,920				89,659
Stock-based compensation expense			1,196				682				3,547				1,812
Change in fair value of Series C warrants			-				51				189				264
Income tax (benefit) expense			(46	)			102				152				378
Total adjustments to net loss from common stockholders			1,150				18,186				70,808				92,113
Non-GAAP Net Loss		$	(2,545	)		$	(566	)		$	(7,376	)		$	(3,699	)
Pro forma weighted average common shares outstanding, basic and diluted**			34,375,057				32,588,175				33,478,768				32,426,411
Non-GAAP Net Loss Per Share		$	(0.07	)		$	(0.02	)		$	(0.22	)		$	(0.11	)
** The pro forma weighted average common shares outstanding reflects 1) the conversion of preferred stock into common stock 2) the conversion of exchangeable shares into common stock and 3) the 8.2 million shares of common stock issued upon the initial public offering completed on August 7, 2012 as if these shares were outstanding for all periods included in the calculation.
Reconciliation of Net Cash (Used In) Provided By Operating Activities to Free Cash Flow
Net Cash (Used In) Provided By Operating Activities		$	(2,656	)		$	(966	)		$	(6,395	)		$	2,737
Less:
Purchases of property and equipment			(1,869	)			(669	)			(4,735	)			(2,898	)
Free Cash Flow		$	(4,525	)		$	(1,635	)		$	(11,130	)		$	(161	)

« First ‹ Previous 1 2 3 4 5 Next › Last »