Omniture, Inc. (NASDAQ: OMTR), a leading provider of online
business optimization software, today announced results for its
third quarter ending September 30, 2009. In the third quarter of
2009, Omniture achieved revenue of $87.9 million, an increase of
13% compared to revenue of $77.8 million reported for the same
period a year ago. Non-GAAP revenue for the quarter was $88.0
million. The difference between GAAP and non-GAAP revenue reflects
the revenue excluded from the GAAP results due to purchase
accounting adjustments, which reduces deferred revenue to its fair
value.
Omniture's GAAP net loss was $8.5 million or $0.11 per diluted
share in the third quarter of 2009, as compared to a net loss of
$17.3 million or $0.24 per diluted share in the third quarter of
2008. GAAP net loss for the third quarter of 2009 includes
approximately $5.3 million in acquisition-related expenses
associated with Omniture's agreement to be acquired by Adobe
Systems Incorporated. Non-GAAP net income was $12.3 million or
$0.15 per diluted share for the third quarter 2009, compared to
non-GAAP net income of $8.2 million or $0.11 per diluted share in
the third quarter of 2008. Non-GAAP net income excludes the effect
of acquisition-related adjustments to deferred revenue, stock-based
compensation, amortization of certain intangible assets, imputed
interest related to patent license agreements and certain
acquisition-related expenses and non-cash tax adjustments.
Third quarter fiscal 2009 adjusted EBITDA was $20.4 million.
Adjusted EBITDA is defined as loss from operations on a GAAP basis
less depreciation and amortization, stock-based compensation,
acquisition-related costs related to the agreement by Omniture to
be acquired by Adobe Systems Incorporated and acquisition-related
adjustments to deferred revenue. Omniture ended the quarter with
total cash and investments of $145.3 million and generated cash
flow from operations for the third quarter of fiscal 2009 of $19.1
million.
During the third quarter of 2009, Omniture captured data from
nearly 1.1 trillion transactions and added more than 150 new
customers. New customer relationships secured and announced in the
third quarter include: Ashley Homestores LTD., AO Ventures dba
Bigleads.com, Beyond.com, British Heart Foundation, ING Life
Insurance Korea, Ltd., Mail.com Media Corporation, MSG Varsity
Network LLC, Tesco Stores Limited, USO and Zagg, Inc.
Omniture will not be hosting a conference call in conjunction
with these results. For more information or to access the financial
results, please visit www.OMTR.com.
About Non-GAAP Financial Measures
In this release we use certain non-GAAP financial measures.
Generally, a non-GAAP financial measure is a numerical measure of a
company's performance, financial position or cash flows that either
excludes or includes amounts that are not normally excluded or
included in the most directly comparable measure calculated and
presented in accordance with generally accepted accounting
principles in the United States of America, or GAAP. A
reconciliation between non-GAAP and GAAP measures can be found in
the accompanying tables and on the "Investor Relations" section of
our corporate Web site at www.omtr.com. Non-GAAP financial measures
should not be considered as a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.
These non-GAAP financial measures do not reflect a comprehensive
system of accounting, differ from GAAP measures with the same
captions and may differ from non-GAAP financial measures with the
same or similar captions that are used by other companies.
We believe that, while these non-GAAP measures are not a
substitute for GAAP results, they provide a basis for evaluating
the company's operating results because they are helpful in
understanding our past financial performance and our future results
and facilitate comparisons of results between periods. We believe
the calculation of non-GAAP revenue, which reflects the revenue
excluded from the GAAP results due to purchase accounting
adjustments to reduce deferred revenue to its fair value, provides
a meaningful comparison to our historic GAAP revenue. We also
believe the calculation of net income and loss, calculated without
acquisition-related accounting adjustments to deferred revenue,
stock-based compensation expense, the amortization of certain
intangible assets, imputed interest expense and certain
acquisition-related expenses and tax benefits, provides a
meaningful comparison to our net loss figures. We also believe that
adjusted EBITDA, which we calculate as loss from operations on a
GAAP basis less depreciation and amortization, stock-based
compensation, acquisition-related costs related to the agreement by
Omniture to be acquired by Adobe Systems Incorporated and
acquisition-related adjustments to deferred revenue, is an
indicator of the company's financial results and cash flows and is
useful to investors in evaluating operating performance. Our
management regularly uses these non-GAAP financial measures
internally to understand, manage and evaluate our business and make
operating decisions. These non-GAAP measures have been reconciled
to the nearest GAAP measure as required under the rules and
regulations promulgated by the U.S. Securities and Exchange
Commission.
About Omniture
Omniture, Inc. is a leading provider of online business
optimization software, enabling customers to manage and enhance
online, offline and multi-channel business initiatives. Omniture's
software, which it hosts and delivers to its customers as an
on-demand subscription service and on-premise solution, enables
customers to capture, store and analyze information generated by
their Web sites and other sources and to gain critical business
insights into the performance and efficiency of marketing and sales
initiatives and other business processes. In addition, Omniture
offers a range of professional services that complement its online
services, including implementation, best practices, consulting,
customer support and user training through Omniture Education.
www.omniture.com
Copyright (c) 2009 Omniture, Inc. All rights reserved. Omniture
is a registered trademark of Omniture, Inc. in the United States,
Japan, Canada and the European Community. Omniture, Inc. owns other
registered and unregistered trademarks throughout the world. Other
names used herein may be trademarks of their respective owners.
Omniture, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Three Months Ended % Increase
September 30, September 30, (Decrease)
------------------- ------------------- ----------
% of % of
2008 Revenues 2009 Revenues
--------- -------- --------- --------
Revenues:
Subscription,
license and
maintenance $ 69,554 89% $ 77,558 88% 12%
Professional
services and
other 8,227 11 10,294 12 25
--------- -------- --------- --------
Total revenues 77,781 100 87,852 100 13
Cost of revenues
(1):
Subscription,
license and
maintenance 28,860 37 33,074 38 15
Professional
services and
other 4,056 5 4,159 5 3
--------- -------- --------- --------
Total cost of
revenues 32,916 42 37,233 43 13
--------- -------- --------- --------
Gross profit 44,865 58 50,619 57 13
Operating
expenses:
Sales and
marketing (1) 32,705 42 31,953 36 (2)
Research and
development (1) 9,190 12 8,884 10 (3)
General and
administrative
(1) 11,364 15 12,057 14 6
Acquisition
related (2) - - 5,273 6 N/A
--------- -------- --------- --------
Total operating
expenses 53,259 69 58,167 66 9
--------- -------- --------- --------
Loss from
operations (8,394) (11) (7,548) (9) (10)
Interest income 368 1 127 - (65)
Interest expense (261) - (299) - 15
Other (expense),
net (585) (1) (425) (1) (27)
--------- -------- --------- --------
Loss before income
taxes (8,872) (11) (8,145) (10) (8)
Provision for
income taxes 8,408 11 374 - (96)
--------- -------- --------- --------
Net loss $ (17,280) (22)% $ (8,519) (10)% (51)%
========= ======== ========= ========
Net loss per
share:
Net loss per
share, basic
and diluted $ (0.24) $ (0.11) (54)%
Weighted-average
number of
shares, basic
and diluted 72,202 77,012 7%
Adjusted EBITDA
(3) $ 16,247 21% $ 20,448 23% 26%
(1) Amounts
include
stock-based
compensation
expenses, as
follows:
Cost of
subscription,
license and
maintenance
revenues $ 865 1% $ 761 1%
Cost of
professional
services and
other revenues 243 0 216 0
Sales and
marketing 2,909 4 3,312 4
Research and
development 1,512 2 1,277 1
General and
administrative 2,272 3 1,725 2
--------- -------- --------- --------
Total
stock-based
compensation
expenses $ 7,801 10% $ 7,291 8%
========= ======== ========= ========
(2) Acquisition-related costs consist of direct transaction costs related
to the agreement by Omniture, Inc., to be acquired by Adobe Systems
Incorporated
(3) Adjusted EBITDA is equal to the loss from operations less depreciation
and amortization, stock-based compensation, acquisition-related costs
and the acquisition-related adjustment to deferred revenue
Omniture, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Nine Months Ended Nine Months Ended % Increase
September 30, September 30, (Decrease)
------------------- ------------------- ----------
% of % of
2008 Revenues 2009 Revenues
--------- -------- --------- --------
Revenues:
Subscription,
license and
maintenance $ 191,324 90% $ 231,898 88% 21%
Professional
services and
other 21,290 10 30,683 12 44
--------- -------- --------- --------
Total revenues 212,614 100 262,581 100 24
Cost of revenues
(1):
Subscription,
license and
maintenance 79,724 38 96,990 37 22
Professional
services and
other 10,817 5 12,723 5 18
--------- -------- --------- --------
Total cost of
revenues 90,541 43 109,713 42 21
--------- -------- --------- --------
Gross profit 122,073 57 152,868 58 25
Operating
expenses:
Sales and
marketing (1) 96,091 45 102,868 39 7
Research and
development (1) 27,840 13 27,010 10 (3)
General and
administrative
(1) 33,993 16 35,464 14 4
Acquisition
related (2) - - 5,273 2 N/A
--------- -------- --------- --------
Total
operating
expenses 157,924 74 170,615 65 8
--------- -------- --------- --------
Loss from
operations (35,851) (17) (17,747) (7) (50)
Interest income 1,659 1 319 - (81)
Interest expense (718) (1) (979) - 36
Other (expense),
net (541) - (1,678) (1) 210
--------- -------- --------- --------
Loss before income
taxes (35,451) (17) (20,085) (8) (43)
Provision for
income taxes 1,232 - 1,495 - 21
--------- -------- --------- --------
Net loss $ (36,683) (17)% $ (21,580) (8)% (41)%
========= ======== ========= ========
Net loss per
share:
Net loss per
share, basic
and diluted $ (0.52) $ (0.28) (46)%
Weighted-average
number of
shares, basic
and diluted 71,034 76,116 7%
Adjusted EBITDA
(3) $ 42,145 20% $ 55,733 21% 32%
(1) Amounts
include
stock-based
compensation
expenses, as
follows:
Cost of
subscription,
license and
maintenance
revenues $ 3,357 2% $ 2,290 1%
Cost of
professional
services and
other revenues 734 0 628 0
Sales and
marketing 9,186 4 9,365 4
Research and
development 5,352 3 3,762 1
General and
administrative 6,474 3 5,705 2
--------- -------- --------- --------
Total
stock-based
compensation
expenses $ 25,103 12% $ 21,750 8%
========= ======== ========= ========
(2) Acquisition-related costs consist of direct transaction costs related
to the agreement by Omniture, Inc., to be acquired by Adobe Systems
Incorporated
(3) Adjusted EBITDA is equal to the loss from operations less depreciation
and amortization, stock-based compensation, acquisition-related costs
and the acquisition-related adjustment to deferred revenue
Omniture, Inc.
Reconciliation of Non-GAAP Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2008 2009 2008 2009
--------- --------- --------- ---------
Reconciliation of Total
Revenues on a GAAP Basis to
Total Revenues on a Non-GAAP
Basis:
Total revenues on a GAAP basis $ 77,781 $ 87,852 $ 212,614 $ 262,581
Acquisition-related
adjustment to Touch
Clarity deferred
revenue (1) - - 378 -
Acquisition-related
adjustment to Offermatica
deferred revenue (1) 80 - 617 2
Acquisition-related
adjustment to Visual
Sciences deferred
revenue (1) 1,820 - 10,558 -
Acquisition-related
adjustment to Mercado
deferred revenue (1) - 171 - 1,130
--------- --------- --------- ---------
Total revenues on a non-GAAP
basis $ 79,681 $ 88,023 $ 224,167 $ 263,713
========= ========= ========= =========
Reconciliation of Net Loss on a
GAAP Basis to Net Income on a
Non-GAAP Basis:
Net loss on a GAAP basis $ (17,280) $ (8,519) $ (36,683) $ (21,580)
Acquisition-related
adjustment to deferred
revenue (1) 1,900 171 11,553 1,132
Amortization of intangible
assets (2) 7,851 8,043 22,657 23,931
Stock-based compensation 7,801 7,291 25,103 21,750
Imputed interest on patent
license obligation (3) 56 33 181 122
Acquisition related (4) - 5,273 - 5,273
Non-cash tax benefit resulting
from the reduction in
acquisition-related
deferred tax liabilities
(5) 7,904 - - -
--------- --------- --------- ---------
Net income on a non-GAAP basis $ 8,232 $ 12,292 $ 22,811 $ 30,628
========= ========= ========= =========
Reconciliation of Diluted Net
Loss per Share on a GAAP Basis
to Diluted Net Income per
Share on a Non-GAAP Basis:
Diluted net loss per share on
a GAAP basis $ (0.24) $ (0.11) $ (0.52) $ (0.28)
Acquisition-related
adjustment to deferred
revenue (1) 0.03 - 0.17 0.01
Amortization of intangible
assets (2) 0.11 0.10 0.32 0.31
Stock-based compensation 0.11 0.10 0.35 0.29
Imputed interest on patent
license obligation (3) - - - -
Acquisition related (4) - 0.07 - 0.07
Non-cash tax benefit resulting
from the reduction in
acquisition-related
deferred tax liabilities
(5) 0.11 - - -
Impact of difference in number
of GAAP and non-GAAP diluted
shares (0.01) (0.01) (0.02) (0.01)
--------- --------- --------- ---------
Diluted net income per share
on a non-GAAP basis $ 0.11 $ 0.15 $ 0.30 $ 0.39
========= ========= ========= =========
Reconciliation of Net Loss on a
GAAP Basis to Adjusted EBITDA:
Net loss on a GAAP basis $ (17,280) $ (8,519) $ (36,683) $ (21,580)
Other (income) expense, net 478 597 (400) 2,338
Provision for income taxes 8,408 374 1,232 1,495
--------- --------- --------- ---------
Loss from operations on a GAAP
basis (8,394) (7,548) (35,851) (17,747)
Depreciation and amortization 14,940 15,261 41,340 45,325
Stock-based compensation 7,801 7,291 25,103 21,750
Acquisition related (4) - 5,273 - 5,273
Acquisition-related adjustment
to deferred revenue (1) 1,900 171 11,553 1,132
--------- --------- --------- ---------
Adjusted EBITDA $ 16,247 $ 20,448 $ 42,145 $ 55,733
========= ========= ========= =========
(1) This item is recorded in subscription, license and maintenance revenue
in the Condensed Consolidated Statements of Operations
(2) Amortization of intangible assets is allocated as follows in the
Condensed Consolidated Statement of Operations:
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2008 2009 2008 2009
--------- --------- --------- ---------
Cost of subscription, license
and maintenance revenues $ 4,778 $ 5,022 $ 13,830 $ 14,970
Sales and marketing 2,985 3,021 8,562 8,934
General and administrative 88 - 265 27
--------- --------- --------- ---------
Total amortization of
intangible assets $ 7,851 $ 8,043 $ 22,657 $ 23,931
========= ========= ========= =========
(3) This item is recorded in interest expense in the Condensed Consolidated
Statements of Operations
(4) Acquisition-related costs consist of direct transaction costs related
to the agreement by Omniture, Inc., to be acquired by Adobe Systems
Incorporated
(5) This item is recorded in (benefit from) provision for income taxes in
the Condensed Consolidated Statements of Operations
Omniture, Inc.
Additional Metrics
(unaudited)
March June September December March June
31, 30, 30, 31, 31, 30,
2007 2007 2007 2007 2008 2008
------- ------- ---------- ---------- ------- -----
Full-time employee
headcount 465 531 578 713 985 1,045
Quarterly number of
transactions captured
(in billions) 496.0 520.0 561.3 619.3 851.5 886.6
September December March June September
30, 31, 31, 30, 30,
2008 2008 2009 2009 2009
---------- ---------- ------- ------- ----------
Full-time employee
headcount 1,087 1,189 1,204 1,208 1,194
Quarterly number of
transactions captured
(in billions) 938.8 993.5 1,045.1 1,052.9 1,083.0
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2008 2009 2008 2009
--------- --------- --------- ---------
Revenues by geography (in
thousands):
Customers within the United
States $ 55,567 $ 62,927 $ 153,675 $ 188,724
Customers outside the United
States 22,214 24,925 58,939 73,857
--------- --------- --------- ---------
Total revenues $ 77,781 $ 87,852 $ 212,614 $ 262,581
========= ========= ========= =========
Revenues by geography as a
percentage of total revenues:
Customers within the United
States 71% 72% 72% 72%
Customers outside the United
States 29 28 28 28
--------- --------- --------- ---------
Total 100% 100% 100% 100%
========= ========= ========= =========
Omniture, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2008 2009 2008 2009
--------- --------- --------- ---------
Cash flows from operating
activities:
Net loss $ (17,280) $ (8,519) $ (36,683) $ (21,580)
Adjustments to reconcile net
loss to net cash provided by
operating activities:
Depreciation and
amortization 14,940 15,261 41,340 45,325
Stock-based compensation 7,801 7,291 25,103 21,750
Non-cash tax provision
(benefit) 7,904 - (17) -
Other non-cash transactions (56) (27) (308) (59)
Loss on foreign currency
forward contracts, net 329 885 329 2,672
Net changes in operating
assets and liabilities:
Accounts receivable, net 2,549 (4,296) (25,154) (16,005)
Prepaid expenses and other
assets (1,897) (1,039) 112 (146)
Accounts payable (2,018) 5,007 4,206 3,753
Accrued and other
liabilities 4,823 4,671 2,812 3,661
Deferred revenues 11,810 (101) 48,776 7,790
--------- --------- --------- ---------
Net cash provided by operating
activities 28,905 19,133 60,516 47,161
Cash flows from investing
activities:
Purchases of investments (4,977) (14,989) (24,808) (54,927)
Proceeds from sales of
investments - 100 36,970 5,100
Maturities of investments 15,000 10,000 20,000 30,000
Purchases of property and
equipment (13,869) (4,575) (41,871) (16,165)
Purchases of intangible assets (443) (464) (3,317) (922)
Foreign currency forward
contracts (329) (799) (329) (2,967)
Business acquisitions, net of
cash acquired (1,101) (234) (60,822) (3,823)
--------- --------- --------- ---------
Net cash used in investing
activities (5,719) (10,961) (74,177) (43,704)
Cash flows from financing
activities:
Proceeds from exercise of
stock options 2,476 1,976 8,557 2,891
Proceeds from employee stock
purchase plan 205 209 330 405
Proceeds from issuance of
common stock, net of issuance
costs - - - 25,000
Repurchases of vested
restricted stock (30) (268) (993) (1,371)
Proceeds from issuance of
notes payable, net of
issuance costs - - 8,006 (51)
Principal payments on notes
payable and capital lease
obligations (1,483) (462) (7,752) (1,001)
--------- --------- --------- ---------
Net cash provided by financing
activities 1,168 1,455 8,148 25,873
Effect of exchange rate
changes on cash and cash
equivalents (756) (177) (561) 12
--------- --------- --------- ---------
Net increase (decrease) in
cash and cash equivalents 23,598 9,450 (6,074) 29,342
Cash and cash equivalents at
beginning of period 48,093 86,912 77,765 67,020
--------- --------- --------- ---------
Cash and cash equivalents at
end of period $ 71,691 $ 96,362 $ 71,691 $ 96,362
========= ========= ========= =========
Omniture, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, September 30,
------------ ------------
2008 2009
------------ ------------
Assets:
Current assets:
Cash and cash equivalents $ 67,020 $ 96,362
Short-term investments 9,997 34,990
Accounts receivable, net 106,810 123,465
Prepaid expenses and other current assets 10,369 11,795
------------ ------------
Total current assets 194,196 266,612
Property and equipment, net 61,482 56,669
Intangible assets, net 137,505 112,671
Goodwill 427,565 426,867
Long-term investments 18,136 13,908
Other assets 3,316 2,233
------------ ------------
Total assets $ 842,200 $ 878,960
============ ============
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable $ 7,662 $ 11,501
Accrued liabilities 41,179 40,411
Current portion of deferred revenues 101,728 115,216
Current portion of notes payable 1,617 1,945
Current portion of capital lease obligations 150 21
------------ ------------
Total current liabilities 152,336 169,094
Deferred revenues, less current portion 10,222 5,241
Notes payable, less current portion 13,528 12,375
Capital lease obligations, less current portion 79 44
Other liabilities 8,467 7,546
Commitments and contingencies
Stockholders' equity:
Preferred stock - -
Common stock 73 77
Additional paid-in capital 754,151 802,466
Deferred stock-based compensation (366) (10)
Accumulated other comprehensive loss (3,256) (3,259)
Accumulated deficit (93,034) (114,614)
------------ ------------
Total stockholders' equity 657,568 684,660
------------ ------------
Total liabilities and stockholders'
equity $ 842,200 $ 878,960
============ ============
Media Relations: Kristi Knight 801-722-7000 Email Contact
Investor Relations: Mike Look 650-450-1008 Email Contact
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