ACTIVE Network (NYSE: ACTV), the leader in cloud-based activity and participant management™ solutions, today announced its financial results for the second quarter ended June 30, 2013. The Company also announced today that it has formed a Strategic Transactions Committee to consider and evaluate strategic alternatives.
Q2 2013 Financial Highlights:
(All comparisons are made to the second quarter of 2012)
- Total net revenue up 9% to $132.4 million.
- Technology revenue increased 10% and constituted 90%, or $119.5 million, of total net revenue.
- Net registration revenue increased 10% to $92.3 million; registrations grew 6% and revenue per registration up 4%.
- Marketing services revenue constituted 10%, or $12.9 million, of total net revenue.
- Net loss was $4.5 million, compared to net loss of $2.3 million.
- Adjusted EBITDA, a non-GAAP financial measure, was $22.2 million. Excluding charges related to management changes, Adjusted EBITDA was $23.7 million, up 18%.
“I am pleased with our strong second quarter results - with revenues at the top end of our outlook range and Adjusted EBITDA exceeding the high end of our guidance,” said Jon Belmonte, Interim CEO of ACTIVE Network. “During the quarter, we commenced on a number of prioritization efforts designed to strengthen our financial performance and extend our market leadership position.”“We believe our focus on operational efficiency will result in significant progress towards our future Adjusted EBITDA margin target of 23-27%,” said Scott Mendel, CFO of ACTIVE Network. “Our prioritization efforts drove strong margin accretion in the second quarter which we believe will continue, while helping position us for sustainable long-term growth.” Q2 2013 Key Business Highlights
- Marquee customer highlights included wins from Symantec™, SAS™ Institute, City of Mesa, AZ, YMCA™ of East Bay, CA, District of Cook County, IL, YMCA™ of Greater Kansas City, City of Carlsbad, CA Parks & Recreation, World Wrestling Camps™, Ann Arbor, MI Art Center and Rock–N-Glow™ 5Ks.
- ACTIVE’s Conference™ solution powered a record number of large, complex technology events during the quarter including Cisco Live 2013, Adobe Max 2013, and Symantec Vision 2013, among others.
- ACTIVE Network powered 200,000 games over 81-days during the United States Bowling Congress (USBC) 2013 Women's Championships held April 12 through June 30 in Reno, Nevada.
- ACTIVE Network announced a strategic partnership with RaceHQ™ to support software solutions that help race directors build and deliver great events.