ACTIVE Network (NYSE:ACTV)
, the leader in cloud-based activity and participant management™ solutions, today announced its financial results for the third quarter ended September 30, 2013.
Q3 2013 Financial Highlights:
(All comparisons are made to the third quarter of 2012)
- Total net revenue up 8% to $117.5 million.
- Technology revenue increased 9% and constituted 89%, or $104.4 million, of total net revenue.
- Net registration revenue increased 9% to $79.0 million; registrations grew 6% and revenue per registration was up 2%.
- Marketing services revenue constituted 11%, or $13.1 million, of total net revenue.
- Net loss was $5.3 million, compared to net loss of $6.0 million.
- Adjusted EBITDA, a non-GAAP financial measure, was $16.4 million.
- Excluding charges related to transaction costs associated with ACTIVE Network entering into a definitive agreement to be acquired by Vista Equity Partners and management changes, Adjusted EBITDA was $19.5 million, up 27%.
“I am very pleased with our third quarter results,” said Jon Belmonte, Interim CEO of ACTIVE Network. “During the quarter, we entered into a definitive agreement to be acquired by Vista Equity Partners, which we believe will be a very positive event for stockholders and will help position us to further capitalize on the market opportunity.”
Q3 2013 Key Business Highlights
Merger Agreement with Vista Equity Partners
- Marquee customer highlights included wins from Run or Dye, Kentucky Derby Festival Marathon, Monterey County Parks (CA), Arkansas State Parks, and Informatica World 2014 and 2015.
- ACTIVE Network launched a new version of ACTIVE RegOnline™, the Company's entry-level online event-management solution. The new ACTIVE RegOnline makes it easier for event planners from Small and Mid-sized Businesses (SMBs) and associations, to plan, promote, and manage events of all sizes.
- ACTIVE Network saw a 5% increase in summer camping across U.S. Federal parks, 30+ states, and regional and private partners. Through ReserveAmerica.com, ACTIVE Network provides consumers with the ability to search and reserve from more than 210,000 campsites.
On September 28, 2013, ACTIVE Network entered into a definitive agreement to be acquired by affiliates of Vista Equity Partners (“Vista”), a leading private equity firm focused on investments in software, data and technology-enabled businesses, in a transaction valued at approximately $1.05 billion. Pursuant to the agreement, Vista has commenced a tender offer to acquire all of the outstanding shares of ACTIVE Network’s common stock for $14.50 per share, in cash, payable without interest and less any applicable withholding taxes. Any shares not tendered in the offer will be acquired in a second-step merger at the same cash price as paid in the tender offer. The transaction is expected to close before the end of the fourth quarter of 2013. Upon the completion of the transaction, ACTIVE Network will become a privately held company.