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Bazaarvoice, Inc. Announces Its Financial Results For The Third Fiscal Quarter Of 2013

Stocks in this article: BV

Third fiscal quarter of 2013 and recent strategic highlights include:

  • SaaS revenue for the third quarter increased by 47% year-over-year to $40.7 million
  • Net media revenue for the third quarter was $2.0 million reflecting $4.7 million earned from advertisers less the amount due to publishers
  • Number of active enterprise clients totaled 1,179 at the end of the period
  • Jim Offerdahl was appointed Chief Financial Officer
  • Integrated Longboard Media into Bazaarvoice Media

AUSTIN, Texas, Feb. 21, 2013 (GLOBE NEWSWIRE) -- Bazaarvoice, Inc. (Nasdaq:BV), a leading social and e-commerce software company, reported its financial results for the third fiscal quarter of 2013 ended January 31, 2013.

"I am pleased with the operational performance during the third quarter as we continue to invest in our opportunity as a company, said Stephen Collins, Chief Executive Officer and President. "Our clients, both retailers and brands, are requesting more online word of mouth content, site monetization and tools to increase traffic and conversion. The addressable market on a global scale is substantial, as our comprehensive suite of solutions provides our clients with the ability to address all of their key strategic priorities."

Third Fiscal Quarter of 2013 Financial Details

Revenue: Bazaarvoice reported revenue of $42.7 million, up 55% from the third quarter of 2012, which consisted of SaaS revenue of $40.7 million and net media revenue of $2.0 million. Net media revenue reflects $4.7 million earned from advertisers less the amount due to publishers.

Adjusted EBITDA: Adjusted EBITDA was a loss of $5.5 million, compared to a loss of $3.0 million for the third quarter of 2012.

GAAP net loss and net loss per share: GAAP net loss was $10.8 million, compared to a GAAP net loss of $6.6 million for the third quarter of 2012. GAAP net loss per share was $0.15 based upon weighted average shares outstanding of 71.9 million, compared to $0.34 for the third quarter of 2012 based upon weighted average shares outstanding of 19.6 million.

Non-GAAP net loss and net loss per share: Non-GAAP net loss was $4.1 million, compared to a non-GAAP net loss of $4.1 million for the third quarter of 2012. Non-GAAP net loss per share was $0.06 based upon weighted average shares outstanding of 71.9 million, compared to $0.09 for the third quarter of 2012 based upon weighted average shares outstanding of 47.5 million.

Clients: The number of active enterprise clients at the end of the third quarter was 1,179, and the number of active network clients at the end of the third quarter was approximately 1,250. Annualized SaaS revenue per average active enterprise client for the third quarter was approximately $142,000. Active enterprise client retention rate for the third quarter was approximately 97%.

In connection with our acquisition of PowerReviews, which closed in June 2012, we expanded the types of clients that we serve. To reflect differences among our clients and the services that we offer, we now define our clients as "active enterprise clients" and "active network clients," the definitions of which are set forth herein. Historical references to active clients for periods prior to the closing of the acquisition include both active enterprise clients and active network clients on an aggregate basis. As a result of this prospective nomenclature change, active clients and active client retention rates for periods prior to June 2012 and after June 2012 may not be directly comparable as we have not made this distinction retrospectively. This change also has a corresponding impact on metrics that are driven by the number of clients, such as revenue per active client.

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