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SciQuest Announces Fourth Quarter And Full Year 2013 Financial Results

Stocks in this article: SQI

Posted Strong Quarterly and Annual Results

Attained 2013 Priorities

Generated Significant Growth in Commercial Market

CARY, N.C., Feb. 6, 2014 (GLOBE NEWSWIRE) -- SciQuest, Inc. (Nasdaq:SQI), a leading provider of cloud-based business automation solutions for spend management, today announced its financial results for the fourth quarter and full year ended December 31, 2013.

"2013 was an important year of execution that accelerated our transformation from a niche eProcurement solutions company to the leading provider of cloud-based spend management solutions. In the fourth quarter, we extended our track record of rapid growth. We increased non-GAAP revenues by 26% from a year ago, excluding a settlement fee we received. On this same basis, full-year revenue increased 37%. Strong non-GAAP revenue helped to generate non-GAAP net income per share that exceeded our guidance ranges. In addition, adjusted free cash flow beat expectations," said Stephen Wiehe, President and Chief Executive Officer of SciQuest. "Success was fueled by a combination of robust customer additions, solid cross-selling and the transformation of our sales organization that enhanced the team's people, processes and structure. We are particularly encouraged by the strong contribution from the commercial market, which complemented continued growth in other market segments. On the financial front, we are beginning to drive leverage from the operations we acquired in the second half of 2012. We also substantially completed operational integration of CombineNet.

"Looking ahead, we plan to leverage our successes and continue executing on the strategy that drove our performance in 2013: attract new customers, increase cross-selling, enhance and expand the solution suite and improve operational and financial efficiency, particularly at acquired entities. Our 2013 accomplishments and ongoing improvement efforts are expected to enable us to achieve our long-term targets of 20% non-GAAP revenue growth and 20% non-GAAP operating margins."

Fourth Quarter 2013 Results

SciQuest reported GAAP revenues of $25.8 million for the quarter ended December 31, 2013 compared to $19.7 million in the fourth quarter of 2012.

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