Bazaarvoice, Inc.
Mar 4, 2014

Bazaarvoice, Inc. Announces its Financial Results for the Third Fiscal Quarter of 2014

Highlights include:

AUSTIN, Texas, March 4, 2014 (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 third fiscal quarter of 2014 ended January 31, 2014.

"I am very pleased with our strong third quarter performance which was highlighted by our ability to exceed both revenue and earnings expectations as we continued to see operational improvements across the organization," said Gene Austin, chief executive officer and president. "I believe we have the right management team in place to execute our strategic objectives leading to increased revenue growth rates sometime during fiscal 2015."

Third Fiscal Quarter of 2014 Financial Details

Revenue: Bazaarvoice reported revenue of $48.0 million for the third quarter of 2014, up 12% from the third quarter of 2013, which consisted of SaaS revenue of $45.0 million and net media revenue of $3.0 million.

Adjusted EBITDA: Adjusted EBITDA for the third quarter of 2014 was a loss of $1.2 million, compared to a loss of $5.5 million for the third quarter of 2013.

GAAP net loss and net loss per share: GAAP net loss was $8.0 million, compared to a GAAP net loss of $10.8 million for the third quarter of 2013. GAAP net loss per share was $0.10 based upon weighted average shares outstanding of 76.1 million, compared to $0.15 for the third quarter of 2013 based upon weighted average shares outstanding of 71.9 million.

Non-GAAP net loss and net loss per share: Non-GAAP net loss was $2.8 million, compared to a non-GAAP net loss of $4.1 million for the third quarter of 2013. Non-GAAP net loss per share was $0.04 based upon weighted average shares outstanding of 76.1 million, compared to $0.06 for the third quarter of 2013 based upon weighted average shares outstanding of 71.9 million.

Clients: The number of active enterprise clients at the end of the third quarter was 1,308 and the number of active network clients at the end of the third quarter was over 2,000. Annualized SaaS revenue per average active enterprise client for the third quarter was approximately $139,000. Active enterprise client retention rate for the third quarter was approximately 96%.

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 2014 ended January 31, 2014. To access this call, dial (888) 318-7469 from the United States or (719) 325-2214 internationally with conference ID 8751175. 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 18, 2014 by dialing (877) 870-5176 from the United States or (858) 384-5517 internationally with recording access code 8751175.

About Bazaarvoice

Bazaarvoice is a network that connects brands and retailers to the authentic voices of people where they shop.  Each month, more than 400 million people view and share authentic opinions, questions, and experiences about tens of millions of products in the Bazaarvoice network.  The company's technology platform amplifies these voices into the places that influence purchase decisions. Network analytics help marketers and advertisers provide more engaging experiences that drive brand awareness, consideration, sales, and loyalty. Headquartered in Austin, Texas, Bazaarvoice has offices across North America, Europe, and Asia-Pacific. For more information, visit www.bazaarvoice.com, read the blog at www.bazaarvoice.com/blog, and follow on Twitter at www.twitter.com/bazaarvoice.

Number of Active Enterprise Clients

We define an active enterprise client as an organization that has implemented either the Bazaarvoice Conversations platform or the PowerReviews Enterprise platform and from which we are currently recognizing revenue. We count organizations that are closely related as one client, even if they have signed separate contractual agreements. We believe that our ability to increase our enterprise client base is a leading indicator of our ability to grow revenue.

Number of Active Network Clients

We define an active network client as an organization that has implemented one or more of our solutions but has not implemented either the Conversations or PowerReviews Enterprise platforms. Such solutions may include our Connections solutions, Media solutions, or Express platform. We count organizations that are closely related as one client, even if they have signed separate contractual agreements. We believe that our network client base in combination with our enterprise client base is an indicator of the reach of our network.

Non-GAAP Financial Measures

Adjusted EBITDA discussed in this press release is defined as net loss adjusted for stock-based expense, contingent consideration related to acquisition, adjusted depreciation and amortization (which excludes 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. 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 acquisition, 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 and; 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" and similar and "target" 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 management's estimates regarding future revenue and financial performance, the ability to continue developing network solutions to leverage our consumer audience reach, content and data to create incremental value for clients, 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; our limited operating history; our ability to operate in a new and unproven market; our ability to effectively manage growth, especially in light of our announced management changes; our ability to manage expansion into international markets and new vertical industries; our ability to successfully identify, manage and integrate potential acquisitions; and other risks and potential factors that could affect Bazaarvoice's business and financial results identified in our Form 10-K for the fiscal year ended April 30, 2013, our Form 10-Q for the fiscal quarter ended October 31, 2013, and Form S-1 as filed with the Securities and Exchange Commission on July 12, 2012. 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, April 30,
  2014 2013
Assets  
Current assets:    
Cash and cash equivalents  $ 28,692  $ 25,045
Restricted cash  604  604
Short-term investments  28,195  70,290
Accounts receivable, net  43,630  29,261
Prepaid expenses and other current assets  7,039  6,632
Total current assets  108,160  131,832
Property, equipment and capitalized internal-use software development costs, net  17,273  14,593
Goodwill  141,833  141,833
Acquired intangible assets, net  46,689  51,924
Other non-current assets  3,279  1,761
Total assets  $ 317,234  $ 341,943
Liabilities and stockholders' equity    
Current liabilities:    
Accounts payable  $ 7,131  $ 6,637
Accrued expenses and other current liabilities  27,366  32,390
Deferred revenue  53,614  54,854
Total current liabilities  88,111  93,881
Deferred revenue less current portion  2,104  2,049
Deferred tax liability, long-term  2,028  2,032
Other liabilities, long-term  1,678  2,632
Total liabilities  93,921  100,594
Stockholders' equity:    
Common stock  8  7
Additional paid-in capital  391,486  370,397
Accumulated other comprehensive income (loss)  213  (146)
Accumulated deficit  (168,394)  (128,909)
Total stockholders' equity  223,313  241,349
Total liabilities and stockholders' equity  $ 317,234  $ 341,943
 
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,
  2014 2013 2014 2013
Revenue  $ 47,997  $ 42,678  $ 138,106  $ 116,966
Cost of revenue  15,607  14,659  44,381  42,055
Gross profit  32,390  28,019  93,725  74,911
Operating expenses:        
Sales and marketing   21,035  20,193  63,066  53,057
Research and development  9,312  9,217  28,452  25,153
General and administrative  7,963  8,555  20,851  31,385
Acquisition-related and other  31  2,021  15,818  4,771
Amortization of acquired intangible assets  1,304  1,165  3,913  2,543
Total operating expenses  39,645  41,151  132,100  116,909
Operating loss  (7,255)  (13,132)  (38,375)  (41,998)
Other income (expense), net:        
Interest income  24  61  136  110
Other expense   (292)  (49)  (646)  (451)
Total other income (expense), net  (268)  12  (510)  (341)
Loss before income taxes  (7,523)  (13,120)  (38,885)  (42,339)
Income tax expense (benefit)  440  (2,293)  600  (1,731)
Net loss  $ (7,963)  $ (10,827)  $ (39,485)  $ (40,608)
Net loss per share:        
Basic and diluted   $ (0.10)  $ (0.15)  $ (0.53)  $ (0.60)
Basic and diluted weighted average number of shares outstanding  76,071  71,940  75,047  68,115
 
Bazaarvoice, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
         
  Three Months
Ended January 31,
Nine Months
Ended January 31,
  2014 2013 2014 2013
         
Operating activities:        
Net loss  $ (7,963)  $ (10,827)  $ (39,485)  $ (40,608)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization expense  3,848  3,138  11,167  7,473
Stock-based expense  3,340  3,139  10,996  19,072
Revaluation of contingent consideration  --   --   (3,270)  -- 
Bad debt expense  802  860  1,433  1,643
Excess tax benefit related to stock-based expense  (3)  (93)  (96)  (365)
Changes in operating assets and liabilities:        
Accounts receivable  (14,013)  (5,781)  (15,802)  (10,581)
Prepaid expenses and other current assets  (403)  485  (375)  257
Other non-current assets  (660)  1,277  (1,473)  1,161
Accounts payable  489  (2,655)  475  521
Accrued expenses and other current liabilities  (6,775)  4,493  (2,214)  7,027
Deferred revenue  2,740  3,313  (1,185)  4,647
Other liabilities, long-term  (390)  (4,090)  (927)  (2,952)
Net cash used in operating activities  (18,988)  (6,741)  (40,756)  (12,705)
Investing activities:        
Acquisitions, net of cash acquired, and purchase of intangible asset  (465)  (30,437)  (670)  (60,750)
Purchases of property, equipment and capitalized internal-use software development costs  (2,255)  (2,173)  (8,506)  (8,004)
Purchases of short-term investments  (400)  (7,861)  (34,517)  (74,578)
Proceeds from maturities of short-term investments  5,511  17,604  45,410  38,769
Proceeds from sales of short-term investments  14,042  5,014  31,292  5,014
Net cash provided by (used in) investing activities  16,433  (17,853)  33,009  (99,549)
Financing activities:        
Proceeds from follow-on stock offering, net of costs  --   --   --   51,943
Proceeds from employee stock compensation plans  3,649  3,274  11,039  9,470
Excess tax benefit related to stock-based expense  3  93  96  365
Net cash provided by financing activities  3,652  3,367  11,135  61,778
Effect of exchange rate fluctuations on cash and cash equivalents  118  (44)  259  (46)
Net change in cash and cash equivalents  1,215  (21,271)  3,647  (50,522)
Cash and cash equivalents at beginning of period  27,477  45,116  25,045  74,367
Cash and cash equivalents at end of period  $ 28,692  $ 23,845  $ 28,692  $ 23,845
         
Supplemental disclosure of other cash flow information:        
Cash paid for income taxes  $ 430  $ --   $ 730  $ 236
Supplemental disclosure of non-cash investing and financing activities:      
Issuance of stock for acquisition  $ --   $ 5,802  $ --   $ 125,497
 
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,
  2014 2013 2014 2013
Non-GAAP net loss and net loss per share:        
GAAP net loss  $ (7,963)  $ (10,827)  $ (39,485)  $ (40,608)
Stock-based expense (1)  3,340  3,139  10,996  19,072
Contingent consideration related to acquisition (2)  --   --   (3,860)  -- 
Amortization of acquired intangible assets  1,755  1,615  5,263  3,683
Acquisition-related and other expense  31  2,021  15,818  4,771
Income tax adjustment for non-GAAP items  (1)  (34)  (48)  25
Non-GAAP net loss  $ (2,838)  $ (4,086)  $ (11,316)  $ (13,057)
         
GAAP basic and diluted shares  76,071  71,940  75,047  68,115
Non-GAAP basic and diluted net loss per share  $ (0.04)  $ (0.06)  $ (0.15)  $ (0.19)
         
Adjusted EBITDA:        
GAAP net loss  $ (7,963)  $ (10,827)  $ (39,485)  $ (40,608)
Stock-based expense (1)  3,340  3,139  10,996  19,072
Contingent consideration related to acquisition (2)  --   --   (3,860)  -- 
Adjusted depreciation and amortization (3)  2,648  2,462  7,912  5,899
Acquisition-related and other expense  31  2,021  15,818  4,771
Income tax expense (benefit)  440  (2,293)  600  (1,731)
Total other (income) expense, net  268  (12)  510  341
Adjusted EBITDA  $ (1,236)  $ (5,510)  $ (7,509)  $ (12,256)
         
(1) Stock-based expense includes the following:        
Cost of revenue  $ 391  $ 454  $ 1,279  $ 1,349
Sales and marketing  874  718  3,431  3,426
Research and development  616  681  2,119  2,390
General and administrative  1,459  1,286  4,167  11,907
Stock-based expense  $ 3,340  $ 3,139  $ 10,996  $ 19,072
         
(2) Contingent consideration related to acquisition includes the following:        
(a) Revaluation of contingent consideration        
General and administrative  $ --   $ --   $ (3,270)  $ -- 
(b) Contingent consideration included in compensation expense        
General and administrative  --   --   (295)  -- 
Sales and marketing  --   --   (295)  -- 
Contingent consideration related to acquisition  $ --   $ --   $ (3,860)  $ -- 
         
Revaluation of contingent consideration is the decrease in fair value of the liability-classified contingent consideration related to the acquisition of Longboard Media, Inc. Contingent consideration included in compensation expense relates to certain Longboard Media, Inc. employees whose right to receive such compensation is forfeited if they terminate their employment. The contingent consideration was payable on Longboard Media's achievement of certain performance goals for the period from January 1, 2013 to December 31, 2013. On October 31, 2013, the Company determined that the probability of the attainment of the underlying performance goals was remote and the resultant payout was estimated to be zero. As a result, the fair value of the liability-classified contingent consideration and the liability accrued for contingent consideration included in compensation expense were reduced to zero. On January 31, 2014, the Company concluded that the underlying performance goals were not met and the payout was zero. We exclude these items from our non-GAAP financial measures in order to facilitate the comparison of post-acquisition operating results.
         
(3) Adjusted depreciation and amortization includes the following:        
Cost of revenue  $ 679  $ 682  $ 2,043  $ 1,800
Sales and marketing  298  173  837  481
Research and development  209  169  624  474
General and administrative  158  273  495  601
Amortization of acquired intangible assets  1,304  1,165  3,913  2,543
Adjusted depreciation and amortization  $ 2,648  $ 2,462  $ 7,912  $ 5,899
 
Bazaarvoice, Inc.
Selected Quarterly Financial and Operational Metrics
(in thousands, except active enterprise clients and full-time employees data)
(unaudited)
   Three Months Ended               
  Apr 30,
2012
Jul 31,
2012
Oct 31,
2012
Jan 31,
2013
Apr 30,
2013
Jul 31,
2013
Oct 31, 
2013
Jan 31, 
2014
Revenue (1)  $ 31,431  $ 35,662  $ 38,626  $ 42,678  $ 43,330  $ 44,571  $ 45,538  $ 47,997
Cost of revenue (2)  10,606  12,908  14,488  14,659  14,572  14,299  14,475  15,607
Gross profit  20,825  22,754  24,138  28,019  28,758  30,272  31,063  32,390
Operating expenses:                
Sales and marketing (2), (4)  14,284  15,361  17,503  20,193  22,140  21,017  21,014  21,035
Research and development (2)  6,995  7,699  8,237  9,217  8,983  9,116  10,024  9,312
General and administrative (2), (4)  5,555  15,677  7,153  8,555  10,900  8,929  3,959  7,963
Acquisition-related and other  --   1,384  1,366  2,021  7,441  7,504  8,283  31
Amortization of acquired intangible assets  --   480  898  1,165  1,381  1,304  1,305  1,304
Total operating expenses  26,834  40,601  35,157  41,151  50,845  47,870  44,585  39,645
Operating loss  (6,009)  (17,847)  (11,019)  (13,132)  (22,087)  (17,598)  (13,522)  (7,255)
Total other income (expense), net  (15)  (404)  51  12  (473)  7  (249)  (268)
Net loss before income taxes  (6,024)  (18,251)  (10,968)  (13,120)  (22,560)  (17,591)  (13,771)  (7,523)
Income tax expense (benefit)  343  288  274  (2,293)  584  (223)  383  440
Net loss  (6,367)  (18,539)  (11,242)  (10,827)  (23,144)  (17,368)  (14,154)  (7,963)
                 
Stock-based expense (3)  1,952  12,338  3,595  3,139  3,381  4,008  3,648  3,340
Contingent consideration related to acquisition (4)  --   --   --   --   (410)  370  (4,230)  -- 
Adjusted depreciation and amortization (5)  552  1,338  2,099  2,462  2,537  2,559  2,705  2,648
Acquisition-related and other expense  --   1,384  1,366  2,021  7,441  7,504  8,283  31
Other stock-related expense (6)  --   --   --   --   2,200  --   --   -- 
Income tax expense (benefit)  343  288  274  (2,293)  584  (223)  383  440
Total other (income) expense, net  15  404  (51)  (12)  473  (7)  249  268
Adjusted EBITDA  $ (3,505)  $ (2,787)  $ (3,959)  $ (5,510)  $ (6,938)  $ (3,157)  $ (3,116)  $ (1,236)
                 
Number of active enterprise clients (at period end) (7)  790  1,076  1,109  1,179  1,208  1,239  1,289  1,308
Full-time employees (at period end)  640  771  777  796  783  776  798  794
                 
(1) Revenue includes the following:                
SaaS  $ 31,431  $ 35,662  $ 38,626  $ 40,710  $ 42,373  $ 43,042  $ 44,231  $ 44,983
Media  --   --   --   1,968  957  1,529  1,307  3,014
Revenue  $ 31,431  $ 35,662  $ 38,626  $ 42,678  $ 43,330  $ 44,571  $ 45,538  $ 47,997
 
(2) To conform with the basis of presentation adopted in the three months ended July 31, 2013, the presentation of certain expense line items for prior periods has been adjusted to reflect the reclassification of bad debt expense from sales and marketing to general and administrative, and to allocate certain information technology costs from general and administrative to cost of revenue, sales and marketing, and research and development.
                 
(3) Stock-based expense includes the following:                
Cost of revenue  $ 240  $ 301  $ 594  $ 454  $ 385  $ 492  $ 396  $ 391
Sales and marketing  640  1,830  878  718  846  1,231  1,326  874
Research and development  410  647  1,062  681  757  824  679  616
General and administrative  662  9,560  1,061  1,286  1,393  1,461  1,247  1,459
Stock-based expense  $ 1,952  $ 12,338  $ 3,595  $ 3,139  $ 3,381  $ 4,008  $ 3,648  $ 3,340
               
(4) Contingent consideration related to acquisition includes the following:              
(a) Revaluation of contingent consideration                
General and administrative  $ --   $ --   $ --   $ --   $ (1,000)  $ --   $ (3,270)  $ -- 
(b) Contingent consideration included in compensation expense                
General and administrative  --   --   --   --   295  185  (480)  -- 
Sales and marketing  --   --   --   --   295  185  (480)  -- 
Contingent consideration related to acquisition  $ --   $ --   $ --   $ --   $ (410)  $ 370  $ (4,230)  $ -- 
                 
Revaluation of contingent consideration is the decrease in fair value of the liability-classified contingent consideration related to the acquisition of Longboard Media, Inc. Contingent consideration included in compensation expense relates to certain Longboard Media, Inc. employees whose right to receive such compensation is forfeited if they terminate their employment. The contingent consideration was payable to Longboard Media's achievement of certain performance goals for the period from January 1, 2013 to December 31, 2013. On October 31, 2013, the Company determined that the probability of the attainment of the underlying performance goals was remote and the resultant payout was estimated to be zero. As a result, the fair value of the liability-classified contingent consideration and the liability accrued for contingent consideration included in compensation expense were reduced to zero. On January 31, 2014, the Company concluded that the underlying performance goals were not met and the payout was zero. We exclude these items from our non-GAAP financial measures in order to facilitate the comparison of post-acquisition operating results.
                 
Bazaarvoice, Inc.
Selected Quarterly Financial and Operational Metrics
(in thousands, except active enterprise clients and full-time employees data)
(unaudited)
  Three Months Ended 
  Apr 30,
2012
Jul 31,
2012
Oct 31,
2012
Jan 31,
2013
Apr 30,
2013
Jul 31,
2013
Oct 31, 
2013
Jan 31,
2014
(5) Adjusted depreciation and amortization includes the following:                
Cost of revenue  $ 194  $ 437  $ 681  $ 682  $ 681  $ 676  $ 688  $ 679
Sales and marketing  117  133  175  173  120  221  318  298
Research and development  136  144  161  169  173  189  226  209
General and administrative  105  144  184  273  182  169  168  158
Amortization of acquired intangible assets  --   480  898  1,165  1,381  1,304  1,305  1,304
Adjusted depreciation and amortization  $ 552  $ 1,338  $ 2,099  $ 2,462  $ 2,537  $ 2,559  $ 2,705  $ 2,648
                 
(6) Other stock-related expense includes the following:                
General and administrative  $ --   $ --   $ --   $ --   $ 2,200  $ --   $ --   $ -- 
Other stock-related expense  $ --   $ --   $ --   $ --   $ 2,200  $ --   $ --   $ -- 
                 
Other stock-related expense represents an estimated liability for taxes and related items in connection with our treatment of certain stock option grants. Since the estimated liability directly relates to stock option grants and as stock-based expenses are consistently excluded from our non-GAAP financial measures, we have excluded this estimated liability.
 
(7) 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.
 
CONTACT: Investor Relations Contact:



         Linda Wells

         Bazaarvoice, Inc.

         415-489-6045

         linda.wells@bazaarvoice.com



         Media Contact:



         Matt Krebsbach

         Bazaarvoice, Inc.

         512-551-6612

         matt.krebsbach@bazaarvoice.com

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Source: Bazaarvoice

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