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Bazaarvoice, Inc. Announces Its Financial Results For The Fourth Fiscal Quarter And Fiscal Year Ended April 30, 2013

Stocks in this article: BV

Fourth fiscal quarter of 2013 and recent strategic highlights include:

  • SaaS revenue for the fourth quarter increased by 35% year-over-year to $42.3 million
  • Net media revenue for the fourth quarter was $1.0 million
  • Number of active enterprise clients totaled 1,208 at the end of the period
  • Gene Austin was appointed president and Marc Cannon was appointed executive vice president of client services

AUSTIN, Texas, June 4, 2013 (GLOBE NEWSWIRE) -- Bazaarvoice, Inc. (Nasdaq:BV), the network connecting brands and retailers to the authentic voices of consumers wherever they shop, reported its financial results for the fourth fiscal quarter and fiscal year ended April 30, 2013.

"I am pleased with how we concluded fiscal 2013, both financially and operationally," said Stephen Collins, chief executive officer of Bazaarvoice. "We have now substantially completed the build out of our leadership team, and we look forward to embarking upon the next phase of growth as we continue to expand our network of brand and retail clients globally."

Fourth Fiscal Quarter of 2013 Financial Details

Revenue: Bazaarvoice reported revenue of $43.3 million for the fourth quarter of 2013, up 38% from the fourth quarter of 2012, which consisted of SaaS revenue of $42.3 million and net media revenue of $1.0 million.

Adjusted EBITDA: Adjusted EBITDA for the fourth quarter of 2013 was a loss of $6.9 million, compared to a loss of $3.5 million for the fourth quarter of 2012.

GAAP net loss and net loss per share: GAAP net loss was $23.1 million, compared to a GAAP net loss of $6.4 million for the fourth quarter of 2012. GAAP net loss per share was $0.32 based upon weighted average shares outstanding of 73.1 million, compared to $0.13 for the fourth quarter of 2012 based upon weighted average shares outstanding of 48.2 million.

Non-GAAP net loss and net loss per share: Non-GAAP net loss was $8.7 million, compared to a non-GAAP net loss of $4.3 million for the fourth quarter of 2012. Non-GAAP net loss per share was $0.12 based upon weighted average shares outstanding of 73.1 million, compared to $0.08 for the fourth quarter of 2012 based upon weighted average shares outstanding of 55.7 million.

Clients: The number of active enterprise clients at the end of the fourth quarter was 1,208, and the number of active network clients at the end of the fourth quarter was approximately 1,400. Annualized SaaS revenue per average active enterprise client for the fourth quarter was approximately $142,000. Active enterprise client retention rate for the fourth quarter was approximately 98%.

Fiscal Year 2013 Financial Details

Revenue: Bazaarvoice reported revenue of $160.3 million for the fiscal year ended April 30, 2013, up 51% from the fiscal year ended April 30, 2012, which consisted of SaaS revenue of $157.3 million and net media revenue of $3.0 million.

Adjusted EBITDA: Adjusted EBITDA for the fiscal year 2013 was a loss of $19.2 million, compared to a loss of $12.9 million for the fiscal year 2012.

GAAP net loss and net loss per share: GAAP net loss was $63.8 million, compared to a GAAP net loss of $24.3 million for the fiscal year 2012. GAAP net loss per share was $0.92 based upon weighted average shares outstanding of 69.3 million, compared to $0.92 for the fiscal year 2012 based upon weighted average shares outstanding of 26.4 million.

Non-GAAP net loss and net loss per share: Non-GAAP net loss was $21.7 million, compared to a non-GAAP net loss of $16.5 million for the fiscal year 2012. Non-GAAP net loss per share was $0.31 based upon weighted average shares outstanding of 69.3 million, compared to $0.34 for the fiscal year 2012 based upon weighted average shares outstanding of 48.3 million.

Clients: The number of active enterprise clients at the end of the fiscal year 2013 was 1,208, and the number of active network clients at the end of the fourth quarter was approximately 1,400. SaaS revenue per average active enterprise client for the fiscal year 2013 was approximately $144,000. Active enterprise client retention rate for the fiscal year 2013 was approximately 90%.

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 resulting from our acquisition of PowerReviews, 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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