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Bazaarvoice, Inc. Announces Its Financial Results For The First Fiscal Quarter Of 2014

First fiscal quarter of 2014 highlights include:

  • SaaS revenue for the first quarter increased by 21% year-over-year to $43.1 million
  • Net media revenue for the first quarter was $1.5 million
  • Number of active enterprise clients totaled 1,239 at the end of the period

AUSTIN, Texas, Sept. 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 first fiscal quarter of 2014 ended July 31, 2013.

"The first quarter was highlighted by ongoing active enterprise client growth and the momentum of connecting our network of brands to consumers," said Stephen Collins, Chief Executive Officer. "We continue to position the company for growth and remain confident in our ability to leverage our current shopper network as it provides significant efficiencies to the marketplace and our clients globally."

First Fiscal Quarter of 2014 Financial Details

Revenue: Bazaarvoice reported revenue of $44.6 million for the first quarter of 2014, up 25.0% from the first quarter of 2013, which consisted of SaaS revenue of $43.1 million and net media revenue of $1.5 million.

Adjusted EBITDA: Adjusted EBITDA for the first quarter of 2014 was a loss of $3.2 million, compared to a loss of $2.8 million for the first quarter of 2013.

GAAP net loss and net loss per share: GAAP net loss was $17.4 million, compared to a GAAP net loss of $18.5 million for the first quarter of 2013. GAAP net loss per share was $0.23 based upon weighted average shares outstanding of 74.0 million, compared to $0.30 for the first quarter of 2013 based upon weighted average shares outstanding of 62.5 million.

Non-GAAP net loss and net loss per share: Non-GAAP net loss was $3.7 million, compared to a non-GAAP net loss of $4.1 million for the first quarter of 2013. Non-GAAP net loss per share was $0.05 based upon weighted average shares outstanding of 74.0 million, compared to $0.07 for the first quarter of 2013 based upon weighted average shares outstanding of 62.5 million.

Clients: The number of active enterprise clients at the end of the first quarter was 1,239, and the number of active network clients at the end of the first quarter was approximately 1,600. Annualized SaaS revenue per average active enterprise client for the first quarter was approximately $140,700. Active enterprise client retention rate for the first 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 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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