Bazaarvoice, Inc.
Feb 28, 2017

Bazaarvoice, Inc. Announces its Financial Results for the Third Fiscal Quarter of 2017

Third fiscal quarter highlights include:

AUSTIN, Texas, Feb. 28, 2017 (GLOBE NEWSWIRE) -- Bazaarvoice, Inc. (Nasdaq:BV) reported its financial results for the third fiscal quarter ended January 31, 2017.

"I am pleased with the overall progress we are making to transform the business, highlighted by continued improvement in our SaaS client and dollar retention, as well as 37% year over year advertising revenue growth in the third quarter," said Gene Austin, chief executive officer and president. "We are in the early stages of leveraging our three strategic assets including our CGC expertise, our growing network and our unique shopper data, and are excited that our revenue growth rates should increase next fiscal year."

Third Fiscal Quarter of 2017 Financial Details

Revenue: Bazaarvoice reported revenue of $50.5 million for the third fiscal quarter of 2017, up 1% from the third fiscal quarter of 2016, which consisted of SaaS revenue of $47.3 million and net advertising revenue of $3.2 million.

GAAP net loss and net loss per share: GAAP net loss was $2.7 million, compared to a GAAP net loss of $3.1 million for the third fiscal quarter of 2016. GAAP net loss per share was $0.03 based upon weighted average shares outstanding of 83.3 million, compared to a GAAP net loss per share of $0.04 for the third fiscal quarter of 2016 based upon weighted average shares outstanding of 81.1 million.

Adjusted EBITDA: Adjusted EBITDA for the third fiscal quarter of 2017 was $5.3 million compared to $5.0 million for the third fiscal quarter of 2016. During the first quarter of fiscal 2017 we updated our definition of Adjusted EBITDA to enhance comparability between ourselves and our peers.  For a reconciliation of Adjusted EBITDA as previously defined to Adjusted EBITDA under our updated definition refer to Note 6 of the "Selected Quarterly Financial and Operational Metrics" table contained herein.

Non-GAAP net income and earnings per share: Non-GAAP net income was $1.8 million, compared to non-GAAP net income of $1.5 million for the third fiscal quarter of 2016. Non-GAAP earnings per share was $0.02 based upon weighted average shares outstanding of 83.3 million, compared to non-GAAP earnings per share of $0.02 for the third fiscal quarter of 2016 based upon weighted average shares outstanding of 81.1 million.

Quarterly Conference Call

Bazaarvoice will host a conference call today at 4:30 p.m. Eastern Time to review the Company's financial results for the third fiscal quarter of 2017. To access this call, dial (877) 407-3982 from the United States or (201) 493-6780 internationally. A live webcast of the conference call can be accessed from the investor relations page of Bazaarvoice's company website at investors.bazaarvoice.com. Following the completion of the call, a recorded replay will be available on the Company's website, and a telephone replay will be available through March 14, 2017 by dialing (844) 512-2921 from the United States or (412) 317-6671 internationally with recording access code 13654335.

About Bazaarvoice

Bazaarvoice helps brands and retailers find and reach consumers, and win them with the content they trust. Each month in the Bazaarvoice Network, more than one-half billion consumers view and share authentic consumer-generated content (CGC), including ratings and reviews as well as curated visual content, across 5,000 brand and retail websites. This visibility into shopper behavior allows Bazaarvoice to capture unique first-party data and insights that fuel our targeted advertising and personalization solutions.

Founded in 2005, Bazaarvoice is headquartered in Austin, Texas with offices across North America and Europe. For more information, visit www.bazaarvoice.com.

Non-GAAP Financial Measures

During the first quarter of fiscal 2017 we updated our definition of Adjusted EBITDA to enhance comparability between ourselves and our peers. We define Adjusted EBITDA as GAAP net loss adjusted for stock-based expense, contingent consideration related to acquisitions, depreciation and amortization (including amortization of capitalized internal-use software development costs), restructuring charges, integration and other costs related to acquisitions, other non-business costs and benefits, income tax expense and other (income) expense, net.  Our previous definition of Adjusted EBITDA excluded amortization of capitalized internal-use software development costs from adjusted depreciation and amortization and included capitalized stock-based compensation in stock-based expense. For a reconciliation of Adjusted EBITDA as previously defined to Adjusted EBITDA under our updated definition refer to Note 6 of the "Selected Quarterly Financial and Operational Metrics" table contained herein.

Adjusted EBITDA discussed in this press release is defined as our GAAP net loss adjusted for stock-based expense, contingent consideration related to acquisitions, depreciation and amortization (including amortization of capitalized internal-use software development costs), integration and other costs related to acquisitions, other non-business costs and benefits, income tax expense and other (income) expense, net. GAAP net loss is the most comparable GAAP measure to Adjusted EBITDA.

Non-GAAP net loss, which is used to calculate non-GAAP net loss per share, is defined as our GAAP net loss, adjusted to exclude stock-based expense, contingent consideration related to acquisitions, amortization of acquired intangible assets, integration and other costs related to acquisitions, and other non-business costs and benefits along with the associated income tax effect of these adjustments.

Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of core operating performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company's operating performance against prior periods and the effectiveness of our business strategies, the preparation of operating budgets and to determine appropriate levels of operating and capital investments, as well as in communications with our board of directors concerning our financial performance. Management also believes that the non-GAAP financial measures provide additional insight for securities analysts and investors in evaluating the Company's financial and operational performance without regard to items that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired. However, these non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our results of operations as reported under GAAP. Furthermore, these non-GAAP financial measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate these non-GAAP financial measures in the same manner. We intend to provide these non-GAAP financial measures as part of our future financial results discussions; therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP is provided in the accompanying tables.

Forward-looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, and objectives of management are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "would," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about driving future improvements in profitability, monetizing the Bazaarvoice network and driving revenue growth over the long term and other statements about management's beliefs, intentions or goals. We may not actually achieve the expectations disclosed in the forward-looking statements, and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to, our expectations regarding our revenue, expenses, sales and operations; changes in accounting standards; our ability to realize efficiencies and to execute on our strategic initiatives; our limited operating history; our ability to operate in a new and unproven market; our ability to effectively manage growth; our ability to develop and launch new products; risks associated with the uncertainty of market acceptance of our new products; our ability to retain our existing customers and satisfy their obligations and needs and upsell to existing clients; our ability to attract and retain employees; our ability to maintain pricing for our products and services; our ability to manage expansion into new vertical industries; our ability to reduce our cost structure and improve operating efficiencies;  and the effects of increased competition and commoditization of products we offer, including pricing pressure, reduced profitability or loss of market share; risks and challenges associated with international sales; our ability to successfully identify, manage and integrate potential acquisitions; the impact of the Department of Justice stipulation regarding PowerReviews on our business; and other risks and potential factors that could affect our business and financial results identified in our Form 10-K for the fiscal year ended April 30, 2016 as filed with the Securities and Exchange Commission on June 20, 2016. Additional information will also be set forth in our future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We do not intend and undertake no duty to release publicly any updates or revisions to any forward-looking statements contained herein.

 

 

Bazaarvoice, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
 
  January 31,
 2017
  April 30,
 2016
Assets      
Current assets:      
Cash and cash equivalents $ 38,287     $ 43,963  
Short-term investments 45,207     50,682  
Accounts receivable, net 51,624     39,597  
Prepaid expenses and other current assets 9,567     8,415  
Total current assets 144,685     142,657  
Property, equipment and capitalized internal-use software development costs, net 29,160     31,649  
Goodwill 139,155     139,155  
Acquired intangible assets, net 8,190     9,607  
Other non-current assets 4,003     5,214  
Total assets $ 325,193     $ 328,282  
Liabilities and stockholders' equity      
Current liabilities:      
Accounts payable $ 4,775     $ 6,110  
Accrued expenses and other current liabilities 18,314     23,167  
Revolving line of credit 37,000      
Deferred revenue 71,163     62,735  
Total current liabilities 131,252     92,012  
Long-term liabilities:      
Revolving line of credit     42,000  
Deferred revenue less current portion 2,500     2,481  
Other liabilities, long-term 6,726     7,255  
Total liabilities 140,478     143,748  
Commitments and contingencies      
Stockholders' equity:      
Common stock 8     8  
Additional paid-in capital 450,418     437,239  
Accumulated other comprehensive loss (1,909 )   (878 )
Accumulated deficit (263,802 )   (251,835 )
Total stockholders' equity 184,715     184,534  
Total liabilities and stockholders' equity $ 325,193     $ 328,282  

 

Bazaarvoice, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except net loss per share data)
(unaudited)
 
  Three Months Ended January 31,   Nine Months Ended January 31,
  2017   2016   2017   2016
Revenue $ 50,525     $ 50,255     $ 151,026     $ 149,057  
Cost of revenue 19,196     18,920     56,807     57,614  
Gross profit 31,329     31,335     94,219     91,443  
Operating expenses:              
Sales and marketing 16,322     16,113     47,445     51,781  
Research and development 9,588     10,199     30,620     31,086  
General and administrative 7,299     6,940     23,609     22,821  
Restructuring charges         1,094      
Acquisition-related and other 84     332     380     1,258  
Amortization of acquired intangible assets 309     309     928     928  
Total operating expenses 33,602     33,893     104,076     107,874  
Operating loss (2,273 )   (2,558 )   (9,857 )   (16,431 )
Other income (expense), net:              
Interest income 150     124     445     275  
Interest expense (450 )   (596 )   (1,398 )   (1,628 )
Other expense (32 )   (247 )   (807 )   (553 )
Total other expense, net (332 )   (719 )   (1,760 )   (1,906 )
Loss before income taxes (2,605 )   (3,277 )   (11,617 )   (18,337 )
Income tax expense (benefit) 123     (163 )   350     (127 )
Net loss $ (2,728 )   $ (3,114 )   $ (11,967 )   $ (18,210 )
Net loss per share, basic and diluted $ (0.03 )   $ (0.04 )   $ (0.14 )   $ (0.23 )
Basic and diluted weighted average number of shares outstanding 83,348     81,096     82,830     80,649  

 

Bazaarvoice, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
  Three Months Ended January 31,   Nine Months Ended January 31,
  2017   2016   2017   2016
Operating activities:              
Net loss $ (2,728 )   $ (3,114 )   $ (11,967 )   $ (18,210 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:              
Depreciation and amortization expense 3,513     3,509     10,623     10,487  
Stock-based expense 3,989     3,762     12,172     11,484  
Bad debt recovery     (326 )   (243 )   (265 )
Amortization of deferred financing costs 58     58     176     176  
Loss on sublease         501      
Other non-cash expense (45 )   37     (172 )   82  
Changes in operating assets and liabilities:              
Accounts receivable (14,129 )   (1,227 )   (11,784 )   10,715  
Prepaid expenses and other current assets (301 )   (1,456 )   (815 )   (479 )
Other non-current assets (96 )   (38 )   862     (968 )
Accounts payable 1,091     (352 )   (1,313 )   1,797  
Accrued expenses and other current liabilities (856 )   870     (5,425 )   (5,138 )
Deferred revenue 8,535     4,075     8,447     225  
Other liabilities, long-term (156 )   2,079     (468 )   5,039  
Net cash provided by (used in) operating activities (1,125 )   7,877     594     14,945  
Investing activities:              
Proceeds from sale of discontinued operations             4,501  
Purchases of property, equipment and capitalized internal-use software development costs (2,115 )   (9,203 )   (6,988 )   (19,422 )
Purchases of short-term investments (21,855 )   (13,612 )   (36,895 )   (53,467 )
Proceeds from maturities of short-term investments 18,260     14,500     42,140     55,017  
Net cash used in investing activities (5,710 )   (8,315 )   (1,743 )   (13,371 )
Financing activities:              
Proceeds from employee stock compensation plans 573     664     1,297     2,777  
Payments on revolving line of credit         (5,000 )    
Net cash provided by (used in) financing activities 573     664     (3,703 )   2,777  
Effect of exchange rate fluctuations on cash and cash equivalents 122     (354 )   (824 )   (448 )
Net change in cash and cash equivalents (6,140 )   (128 )   (5,676 )   3,903  
Cash and cash equivalents at beginning of period 44,427     58,072     43,963     54,041  
Cash and cash equivalents at end of period $ 38,287     $ 57,944     $ 38,287     $ 57,944  
Supplemental disclosure of non-cash investing and financing activities:              
Purchase of fixed assets recorded in accounts payable $     $ 318     $     $ 318  
Asset retirement obligation costs incurred $     $ 100     $     $ 100  
Capitalized stock-based compensation $ 119     $ 130     $ 365     $ 366  

 

Bazaarvoice, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except net loss per share data)
(unaudited)
 
  Three Months Ended January 31,   Nine Months Ended January 31,
  2017   2016   2017   2016
Non-GAAP net income (loss) per share:              
GAAP net loss $ (2,728 )   $ (3,114 )   $ (11,967 )   $ (18,210 )
Stock-based expense (1) 3,989     3,762     12,172     11,484  
Restructuring charges (3)         1,094      
Amortization of acquired intangible assets 473     473     1,418     1,418  
Acquisition-related and other expense 84     332     380     1,258  
Other stock-related benefit (4)         (25 )    
Non-GAAP net income (loss) $ 1,818     $ 1,453     $ 3,072     $ (4,050 )
GAAP basic and diluted shares 83,348     81,096     82,830     80,649  
Non-GAAP basic and diluted net income (loss) per share $ 0.02     $ 0.02     $ 0.04     $ (0.05 )
Adjusted EBITDA:              
GAAP net loss $ (2,728 )   $ (3,114 )   $ (11,967 )   $ (18,210 )
Stock-based expense (1) 3,989     3,762     12,172     11,484  
Depreciation and amortization (2) 3,513     3,512     10,623     10,490  
Restructuring charges (3)         1,094      
Acquisition-related and other expense 84     332     380     1,258  
Other stock-related benefit (4)         (25 )    
Income tax expense (benefit) 123     (163 )   350     (127 )
Total other expense, net 332     719     1,760     1,906  
Adjusted EBITDA $ 5,313     $ 5,048     $ 14,387     $ 6,801  
 
 (1)  During the first quarter of fiscal 2017 we updated our calculation of Adjusted EBITDA. As a result of this update prior period stock compensation amounts have been updated to conform to the current presentation. Under the new definition of Adjusted EBITDA the capitalized portion of stock-based compensation related to the capitalization of internal-use software is excluded from stock-based expense.
 
Stock-based expense includes the following:                              
Cost of revenue $ 475     $ 585     $ 1,305     $ 1,664  
Sales and marketing   850       686       2,273       2,413  
Research and development   867       786       2,827       2,227  
General and administrative   1,797       1,705       5,767       5,180  
Stock-based expense $ 3,989     $ 3,762     $ 12,172     $ 11,484  
 
(2) During the first quarter of fiscal 2017 we updated our calculation of Adjusted EBITDA. As a result of this update prior period depreciation and amortization amounts have been updated to conform to the current presentation. Our new definition of Adjusted EBITDA includes amortization of capitalized internal-use software development costs in depreciation and amortization.
 
Depreciation and amortization includes the following:                              
Cost of revenue $ 2,601     $ 2,559     $ 7,793     $ 7,597  
Sales and marketing   183       210       568       756  
Research and development   194       228       629       612  
General and administrative   226       206       705       597  
Amortization of acquired intangible assets   309       309       928       928  
Depreciation and amortization $ 3,513     $ 3,512     $ 10,623     $ 10,490  
                               
(3) In February 2016, the Company made the decision to suspend sales of its BV Local product, reduce its cost structure to improve operating efficiencies and align resources with its growth strategies. Costs associated with these restructuring activities include workforce reductions charges, and facilities charges related to the loss recorded on the sub-lease of excess office space at the Company's headquarters.
 
(4)   Other stock-related benefit represents estimated liabilities for taxes and related items in connection with the treatment of certain equity grants. Since the estimated liability directly relates to equity grants and as stock-based expenses are consistently excluded from the non-GAAP financial measures, the Company excluded these estimated liabilities. During the nine months ended January 31, 2017, the Company recorded a benefit of $0.5 million due to a reduction in previously recorded estimated tax liabilities that have exceeded the statute of limitations. This benefit was partially offset by a $0.5 million liability related to estimated employer contributions the Company expects to make on behalf of its employees related to 401(k) deferrals on employee stock-based compensation.

 

 

Bazaarvoice, Inc.
Selected Quarterly Financial and Operational Metrics
(in thousands, except active clients and full-time employees data)
(unaudited)
 
  Three Months Ended
  Apr 30,
2015
  Jul 31,
2015
  Oct 31,
2015
  Jan 31,
2016
  Apr 30,
2016
  Jul 31,
2016
  Oct 31,
2016
  Jan 31,
2017
Revenue (1) $ 48,317     $ 48,876     $ 49,926     $ 50,255     $ 50,709     $ 50,093     $ 50,408     $ 50,525  
Cost of revenue 18,148     19,548     19,146     18,920     19,253     18,756     18,855     19,196  
Gross profit 30,169     29,328     30,780     31,335     31,456     31,337     31,553     31,329  
Operating expenses:                              
Sales and marketing 20,427     19,166     16,502     16,113     18,027     15,304     15,819     16,322  
Research and development 9,880     10,533     10,354     10,199     10,391     11,073     9,959     9,588  
General and administrative 7,582     8,238     7,643     6,940     7,577     8,259     8,051     7,299  
Restructuring charges                 1,575     327     767      
Acquisition-related and other expense 815     702     224     332     157     176     120     84  
Amortization of acquired intangible assets 309     309     310     309     309     309     310     309  
Total operating expenses 39,013     38,948     35,033     33,893     38,036     35,448     35,026     33,602  
Operating loss (8,844 )   (9,620 )   (4,253 )   (2,558 )   (6,580 )   (4,111 )   (3,473 )   (2,273 )
Total other expense, net (521 )   (712 )   (475 )   (719 )   (384 )   (859 )   (569 )   (332 )
Loss before income taxes (9,365 )   (10,332 )   (4,728 )   (3,277 )   (6,964 )   (4,970 )   (4,042 )   (2,605 )
Income tax expense (benefit) (540 )   (88 )   124     (163 )   165     135     92     123  
Net loss $ (8,825 )   $ (10,244 )   $ (4,852 )   $ (3,114 )   $ (7,129 )   $ (5,105 )   $ (4,134 )   $ (2,728 )
Stock-based expense (2) $ 3,020     $ 3,935     $ 3,787     $ 3,762     $ 3,602     $ 3,944     $ 4,239     $ 3,989  
Depreciation and amortization (3) 3,284     3,644     3,334     3,512     3,549     3,578     3,532     3,513  
Restructuring charges (4)                 1,575     327     767      
Acquisition-related and other expense 815     702     224     332     157     176     120     84  
Other stock-related benefit (5)                         (25 )    
Income tax expense (benefit) (540 )   (88 )   124     (163 )   165     135     92     123  
Total other expense, net 521     712     475     719     384     859     569     332  
Adjusted EBITDA (6) $ (1,725 )   $ (1,339 )   $ 3,092     $ 5,048     $ 2,303     $ 3,914     $ 5,160     $ 5,313  
Number of active clients (at period end) (7) 1,331     1,337     1,360     1,383     1,399     1,397     1,412     1,456  
Full-time employees (at period end) 826     834     855     817     756     766     775     777  
                                               
(1)                                              
Revenue includes the following:                                              
SaaS $ 46,173     $ 46,830     $ 47,671     $ 47,884     $ 49,108     $ 47,799     $ 48,121     $ 47,266  
Advertising 2,144     2,046     2,255     2,371     1,601     2,294     2,287     3,259  
Revenue $ 48,317     $ 48,876     $ 49,926     $ 50,255     $ 50,709     $ 50,093     $ 50,408     $ 50,525  
 
(2) During the first quarter of fiscal 2017 we updated our calculation of Adjusted EBITDA. As a result of this update prior period stock compensation amounts have been updated to conform to the current presentation. Under the new definition of Adjusted EBITDA the capitalized portion of stock-based compensation related to the capitalization of internal-use software is excluded from stock-based expense.
 
  Three Months Ended
  Apr 30,
2015
  Jul 31,
2015
  Oct 31,
2015
  Jan 31,
2016
  Apr 30,
2016
  Jul 31,
2016
  Oct 31,
2016
  Jan 31,
2017
Stock-based expense includes the following                                                              
Cost of revenue $     294     $     472     $     607     $     585     $     503     $     344     $     486     $     475  
Sales and marketing       950           1,084           643           686           543           580           843           850  
Research and development       614           643           798           786           769           1,053           907           867  
General and administrative       1,162           1,736           1,739           1,705           1,787           1,967           2,003           1,797  
Stock-based expense $ 3,020     $ 3,935     $ 3,787     $ 3,762     $ 3,602     $ 3,944     $ 4,239     $ 3,989  
 
(3) During the first quarter of fiscal 2017 we updated our calculation of Adjusted EBITDA. As a result of this update prior period depreciation and amortization amounts have been updated to conform to the current presentation. Our new definition of Adjusted EBITDA includes amortization of capitalized internal-use software development costs in depreciation and amortization.
 
 Depreciation and amortization includes the following:                                                                                              
Cost of revenue $     2,340     $     2,558     $     2,480     $     2,559     $     2,593     $     2,592     $     2,600     $     2,601  
Sales and marketing       220           349           197           210           201           196           189           183  
Research and development       181           209           175           228           227           231           204           194  
General and administrative       234           220           171           206           219           250           229           226  
Amortization of acquired intangible assets       309           308           311           309           309           309           310           309  
Depreciation and amortization $     3,284     $     3,644     $     3,334     $     3,512     $     3,549     $     3,578     $     3,532     $     3,513  
 
(4) In February 2016, the Company made the decision to suspend sales of its BV Local product, reduce its cost structure to improve operating efficiencies and align resources with its growth strategies. Costs associated with these restructuring activities include workforce reductions charges, and facilities charges related to the loss recorded on the sub-lease of excess office space at the Company's headquarters.
 
(5) Other stock-related benefit represents estimated liabilities for taxes and related items in connection with the treatment of certain equity grants. Since the estimated liability directly relates to equity grants and as stock-based expenses are consistently excluded from the non-GAAP financial measures, the Company excluded these estimated liabilities. During the three months ended October 31, 2016, the Company recorded a benefit of $0.5 million due to a reduction in previously recorded estimated tax liabilities that have exceeded the statute of limitations. This benefit was partially offset by a $0.5 million liability related to estimated employer contributions the Company expects to make on behalf of its employees related to 401(k) deferrals on employee stock-based compensation.
 
(6) During the first quarter of fiscal 2017 we updated our calculation of Adjusted EBITDA. As a result of this update prior period depreciation and amortization amounts have been updated to conform to the current presentation. Our new definition of Adjusted EBITDA includes amortization of capitalized internal-use software development costs in depreciation and amortization and excludes capitalized stock-based compensation related to internal-use software from stock-based expense. The following table presents a reconciliation of Adjusted EBITDA as previously defined to Adjusted EBITDA under the updated definition:
 
  Three Months Ended
  Apr 30,
2015
  Jul 31,
2015
  Oct 31,
2015
  Jan 31,
2016
  Apr 30,
2016
  Jul 31,
2016
  Oct 31,
2016
  Jan 31,
2017
Adjusted EBITDA, previous definition $     (3,567 )   $     (3,269 )   $     1,135     $     3,075     $     277     $     1,874     $     3,114     $     3,259  
Add: Amortization of capitalized internal-use software development costs       1,935           2,044           2,079           2,103           2,148           2,162           2,170           2,173  
Less: Capitalized portion of stock-based compensation       (93 )         (114 )         (122 )         (130 )         (122 )         (122 )         (124 )         (119 )
Adjusted EBITDA, current definition $     (1,725 )   $     (1,339 )   $     3,092     $     5,048     $     2,303     $     3,914     $     5,160     $     5,313  
 
(7)  Beginning as of our first fiscal quarter of 2016, we define an active client as an organization for which we have a contract and the client is launched as of the last day of the quarter, and we count organizations that are closely related as one client, even if they have signed separate contractual agreements.
 
All periods prior to the first fiscal quarter of 2016 discussed in this press release or presented in the accompanying financial tables have been revised to conform to this definition of an active client.

 

Investor Relations Contact:

Linda Wells

Bazaarvoice, Inc.

415-872-3612

linda.wells@bazaarvoice.com



Media Contact:

Andy North

Bazaarvoice, Inc.

512-551-6502

andy.north@bazaarvoice.com

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Source: Bazaarvoice, Inc.

 

 

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