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ACTIVE Network Reports Fourth Quarter and Fiscal Year 2012 Financial Results

ACTIVE Network (NYSE: ACTV), the leader in cloud-based Activity and Participant Management™ (APM) solutions, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2012.

Q4 2012 Financial Highlights:

(All comparisons are made to the fourth quarter of 2011)

  • Total net revenue up 23% to $93.7 million.
  • Technology revenue increased 25% and constituted 88%, or $82.0 million, of total net revenue.
  • Net registration revenue increased 20% to $55.8 million with the number of registrations up 7% and the revenue per registration up 13%.
  • Marketing services revenue constituted 12%, or $11.6 million, of total net revenue.
  • Net loss was $14.3 million compared to a net loss of $8.5 million.
  • Adjusted EBITDA, a non-GAAP financial measure, was $5.9 million up from $0.4 million in 2011 (Adjusted EBITDA in 2011 included $1.9 million of severance costs associated with the acquisition of StarCite).

Fiscal Year 2012 Financial Highlights:

(All comparisons are made to fiscal year 2011)

  • Total net revenue up 24% to $418.9 million.
  • Technology revenue increased 28% and constituted 88%, or $370.5 million, of total net revenue.
  • Net registration revenue increased 21% to $275.8 million with the number of registrations up 12% and the revenue per registration up 8%.
  • Approximately 55,000 organizations utilized the Company’s technology solutions, up 7%.
  • Marketing services revenue constituted 12%, or $48.4 million, of total net revenue.
  • Net loss was $43.0 million compared to a net loss of $27.1 million.
  • Adjusted EBITDA, a non-GAAP financial measure, was $38.4 million. Excluding the impact of business combination accounting rules related to deferred revenue, Adjusted EBITDA was $50.8 million.

“In 2012, we achieved the key technology milestones we established at the beginning of the year. Our first Hunting and Fishing customer went live on our ActiveWorks® platform, we made strong progress in transitioning our Endurance customers onto ActiveWorks®, and we delivered on our data center consolidation targets. We continue to drive innovation and adoption of our horizontal ActiveWorks® platform,” commented Executive Chairman of ACTIVE Network, Dave Alberga.

“We delivered 23% revenue growth in the fourth quarter and 24% for the full year 2012,” added Matt Landa, CEO of ACTIVE Network. “In the fourth quarter, our cross-selling efforts gained momentum as we brought in a number of Fortune 500 customers that now use our combined Strategic Meetings Management and Conference solution. We generated positive operating cash flow of $27 million and ended the year with a strong balance sheet. As we enter 2013, I am excited about our leading market position and our ability to capitalize on new opportunities. During the year, we will continue to make targeted investments in our sales capabilities to drive increased adoption of our APM technology.”

Q4 2012 Key Business Highlights

  • Marquee customer highlights included wins from City of Santa Monica, San Antonio YMCA, and Sun Valley Resort and strong technology successes with Loews Hotels and Nestlè.
  • ACTIVE launched Registration Protector in partnership with Allianz Global to protect registration fees for both event organizers and participants when participants can’t show up on race day.
  • ACTIVE Access, a new enhanced developer center, brought together all aspects of ACTIVE Network's distribution offerings in a single, user-friendly site, developer.active.com.
  • Internationally, ACTIVE expanded its footprint announcing that it has become the exclusive technology partner for RUN Ireland, the largest source for running events in that region.
  • We extended our ActiveWorks Endurance platform to Australia in October and are experiencing strong initial adoption.

Financial Outlook

First Quarter 2013 - For the first quarter of 2013, ACTIVE Network expects total revenue to be in the range of $102 million to $107 million. Registrations are expected to grow approximately 2% to 7% and revenue per registration is expected to grow approximately 7% to 9% compared to the same period in the prior year. The Company expects Adjusted EBITDA in the range of $2 million to $5 million. The Company expects a net loss of $21 million to $17 million.

Full Year 2013 - Active Network reiterated financial guidance for full year 2013. Total revenue is expected to be in the range of $470 million to $480 million and Adjusted EBITDA is expected to be in the range of $50 million to $54 million. The Company expects a net loss of $38 million to $31 million.

“Our fourth quarter results were in-line with our guidance - as registrations, one of our main drivers, accelerated 7% and revenue per registration grew 13% from the prior year period,” said Scott Mendel, CFO of ACTIVE Network. “During 2012, approximately 55,000 organizations used our technology solutions to manage their events and activities, up 7% over 2011.”

Conference Call Information

ACTIVE Network will host a conference call to discuss fourth quarter and fiscal year 2012 results today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call dial-in number is (800) 573-4840 for domestic participants and (617) 224-4326 for international participants. A live webcast of the conference call will also be available and can be accessed within the investor relations section of the ACTIVE Network corporate website at: http://investors.ACTIVEnetwork.com.

A replay of the call will be available starting at 6:30 p.m. Eastern Time (3:30 p.m. Pacific Time) on February 14, 2013 through 11:59 p.m. Eastern Time (8:59 p.m. Pacific Time) on February 21, 2013. To listen to the replay, dial (888) 286-8010 or (617) 801-6888 outside of the United States and use the passcode 38594946. The replay will also be available via webcast at: http://investors.activenetwork.com/.

About ACTIVE Network

ACTIVE Network (NYSE: ACTV) is on a mission to make the world a more active place. With deep expertise in Activity and Participant Management™ (APM), our ACTIVE Works® cloud technology helps organizations transform and grow their businesses. We do this through technology solutions that power the world’s activities, as well as online destinations such as ACTIVE.com® that connect people with the things they love to do. Serving over 50,000 global business customers and driving over 80 million transactions annually, we help organizations get participants, manage their events and build communities. ACTIVE Network is headquartered in San Diego, California and has over 30 offices worldwide. Learn more at ACTIVEnetwork.com or ACTIVE.com and engage with us on Twitter @ACTIVEnetwork, @ACTIVE and on Facebook.

Note With Respect to Non-GAAP Financial Measures

In addition to using GAAP financial results, the Company's management measures and reports non-GAAP financial measures, including Adjusted EBITDA, Non-GAAP net income (loss) and Non-GAAP net income (loss) per share. The most directly comparable GAAP financial results for these non-GAAP financial measures are Net income (loss), Net income (loss) and Net income (loss) per share, respectively. Management uses these non-GAAP financial measures to evaluate the Company's performance and operations. Management also uses these non-GAAP financial measures for business planning, to evaluate acquisition opportunities and as a measurement to create incentives and to compensate the Company's management team. In addition, management believes the exclusion or inclusion of certain amounts in calculating these non-GAAP financial measures can provide a useful measure to investors for period-to-period comparisons. These non-GAAP financial measures, however, should be used in addition to, and in conjunction with, the Company's financial results presented in accordance with GAAP. The Company strongly encourages investors to review its financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare the Company's results with other companies' non-GAAP financial measures having the same or similar names. Please see Reconciliation of GAAP to Non-GAAP Results below for a reconciliation of our GAAP to non-GAAP financial measures.

Forward-Looking Statements

The Active Network, Inc. cautions you that the statements included in this press release that are not a description of historical facts are forward-looking statements within the meaning of the federal securities laws. Any such statements are subject to substantial risks and uncertainties, including the Company's ability to generate revenue and control expenses in order to achieve and maintain profitability, the Company's ability to maintain an adequate rate of growth, including growing its registrations and revenue from registrations, and the Company's ability to successfully manage its acquisitions and investments in businesses, applications and technologies, as well as the other risks detailed from time to time in the reports it files with the Securities and Exchange Commission. As a result of these risks and uncertainties, the Company's actual results may differ materially from those expressed in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

© 2013 The Active Network, Inc. All rights reserved. ACTIVE.com, ACTIVE Works and StarCite are registered trademarks of The Active Network, Inc. ACTIVE Network is a trademark of The Active Network, Inc. All other trademarks are the property of their respective owners.

 
THE ACTIVE NETWORK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
               
Three Months Ended Twelve Months Ended
December 31, December 31,
  2012     2011     2012     2011  
Net Revenue:
Technology revenue $ 82,027 $ 65,478 $ 370,472 $ 290,480
Marketing services revenue   11,645     10,567     48,421     46,910  
Total net revenue 93,672 76,045 418,893 337,390
 
Cost of net revenue:
Cost of technology revenue 42,916 34,976 184,954 144,962
Cost of marketing services revenue   1,608     1,711     6,865     5,952  
Total cost of net revenue   44,524     36,687     191,819     150,914  
 
Gross profit 49,148 39,358 227,074 186,476
 
Operating expenses:
Sales and marketing 23,629 17,281 97,091 70,251
Research and development 18,454 16,572 81,408 66,753
General and administrative 16,615 16,493 65,924 51,126
Amortization of intangibles   5,497     3,872     22,277     14,962  
Total operating expenses   64,195     54,218     266,700     203,092  
 
Loss from operations (15,047 ) (14,860 ) (39,626 ) (16,616 )
 
Interest income 14 28 87 119
Interest expense (184 ) (91 ) (664 ) (2,890 )
Other income (expense), net   (206 )   (123 )   1,157     (14 )
Loss before provision (benefit) for income taxes (15,423 ) (15,046 ) (39,046 ) (19,401 )
Provision (benefit) for income taxes   (1,082 )   (6,564 )   3,980     (4,074 )
Net loss (14,341 ) (8,482 ) (43,026 ) (15,327 )
Accretion of redeemable convertible preferred stock   -     -     -     (11,810 )
Net loss attributable to common stockholders $ (14,341 ) $ (8,482 ) $ (43,026 ) $ (27,137 )
 
Net loss per share attributable to common stockholders:
Basic and diluted $ (0.24 ) $ (0.16 ) $ (0.73 ) $ (0.75 )
 
Weighted-average shares used to compute net loss
per share attributable to common stockholders:
Basic and diluted   60,423     54,109     58,804     36,072  
 
THE ACTIVE NETWORK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
       
December 31, December 31,
2012 2011 (1)
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 58,493 $ 108,699
Restricted cash 1,145 1,502
Registration receivable 16,260 14,006
Accounts receivable, net 51,363 52,463
Inventories 4,809 1,662
Prepaid expenses and other current assets   8,922     7,509  
Total current assets 140,992 185,841
 
Property and equipment, net 41,236 33,830
Software development costs, net 51,151 45,093
Goodwill 243,716 243,320
Intangible assets, net 62,806 90,340
Other long-term assets   2,569     2,133  
Total assets $ 542,470   $ 600,557  
 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 8,174 $ 8,516
Registration fees payable 61,272 72,405
Accrued expenses 38,865 41,106
Deferred revenue 66,846 54,919
Current portion of long-term debt 5,000
Capital lease obligations, current portion 2,774 3,317
Other current liabilities   4,373     42,613  
Total current liabilities 182,304 227,876
 
Capital lease obligations, net of current portion 2,462 1,652
Other long-term liabilities 6,192 6,147
Deferred tax liability   19,065     18,243  
Total liabilities 210,023 253,918
 
Stockholders’ equity:
Common stock 62 58
Treasury stock (11,959 ) (11,959 )
Additional paid-in capital 653,694 625,875
Accumulated other comprehensive income 8,934 7,923
Accumulated deficit   (318,284 )   (275,258 )
Total stockholders’ equity   332,447     346,639  
Total liabilities and stockholders’ equity $ 542,470   $ 600,557  
 
 

(1) Includes adjustment to the 12/31/11 balance sheet for comparability. The Company has concluded that certain deferred tax assets should have been recorded as current assets in the financial statements for the period ended December 31, 2011 which results in an increase in other current assets and a corresponding increase in Deferred tax liability of $1,330.

 
THE ACTIVE NETWORK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
       
Twelve Months Ended
December 31,
  2012     2011  
Operating activities
Net loss $ (43,026 ) $ (15,327 )
Adjustments to reconcile net loss to net cash provided
by operating activities:
Depreciation and amortization of property and equipment 33,343 24,386
Amortization of intangible assets 27,972 20,471
Stock-based compensation expense 16,728 7,795
Deferred income taxes 1,370 (5,016 )
Other non-cash items (2,669 ) 174
Change in operating assets and liabilities, net of effect of acquisitions:
Restricted cash 357 4,190
Registration receivable (2,254 ) (5,378 )
Accounts receivable 1,849 (6,961 )
Inventories (3,147 ) (1,662 )
Prepaid expenses and other assets (2,512 ) 1,071
Accounts payable and accrued expenses (3,141 ) 887
Registration fees payable (11,133 ) 31,738
Deferred revenue 11,894 6,400
Other liabilities   1,921     2,935  
Net cash provided by operating activities 27,552 65,703
Investing activities
Purchases of property and equipment (17,765 ) (12,514 )
Capitalized software development (23,026 ) (18,651 )
Cash paid for acquisitions, net of cash acquired (38,175 ) (35,144 )
Payment of contingent consideration   -     (625 )
Net cash used in investing activities (78,966 ) (66,934 )
Financing activities
Proceeds from issuance of common stock and
repurchase of unvested common stock 10,955 5,187
Payments on capital lease obligations (4,730 ) (2,595 )
Proceeds (repayment) of long-term debt (5,000 ) (36,628 )
Net proceeds from initial public offering   -     112,566  
Net cash provided by financing activities 1,225 78,530
Effect of exchange rates on cash   (17 )   (41 )
Net increase (decrease) in cash and cash equivalents (50,206 ) 77,258
Cash and cash equivalents at beginning of period   108,699     31,441  
Cash and cash equivalents at end of period $ 58,493   $ 108,699  
 
 
THE ACTIVE NETWORK, INC.
SUPPLEMENTARY DATA
(In thousands, except revenue per registration)
(Unaudited)
                       
 
Operational Data: Three Months Ended Twelve Months Ended
December 31, % December 31, %
  2012     2011   change   2012     2011   change
Organizations n/a n/a n/a 54.9 51.3 7 %
Net registration revenue 55,750 46,386 20 % 275,826 228,453 21 %
Registrations 18,434 17,305 7 % 89,900 80,274 12 %
Net registration revenue per registration $ 3.02 $ 2.68 13 % $ 3.07 $ 2.85 8 %
 
 
GAAP and Non-GAAP Gross Profit Margin: Three Months Ended % or Twelve Months Ended % or
December 31, bps December 31, bps
  2012     2011   change   2012     2011   change
Total net revenue $ 93,672 $ 76,045 23 % $ 418,893 $ 337,390 24 %
Add: impact of business combination
accounting rules   1,512     703     12,373     1,471  
Non-GAAP total net revenue $ 95,184 $ 76,748 24 % $ 431,266 $ 338,861 27 %
 
GAAP gross profit $ 49,148 $ 39,358 25 % $ 227,074 $ 186,476 22 %
Add back: stock-based compensation 183 61 657 168
Add back: depreciation & amortization 8,980 6,722 32,708 23,518
Add: impact of business combination
accounting rules   1,512     703     12,373     1,471  
Non-GAAP gross profit $ 59,823 $ 46,844 28 % $ 272,812 $ 211,633 29 %
 
Gross profit margin:
GAAP gross profit margin 52.5 % 51.8 % 70 bps 54.2 % 55.3 % (110) bps
Non-GAAP gross profit margin 62.8 % 61.0 % 180 bps 63.3 % 62.5 % 80 bps
 
 
Stock-Based Compensation Expense: Three Months Ended Twelve Months Ended
December 31, December 31,
  2012     2011     2012     2011  
Cost of net revenue $ 183 $ 61 $ 657 $ 168
Sales and marketing 1,054 373 3,763 1,413
Research and development 622 279 2,404 915
General and administrative   2,877     2,300     9,904     5,299  
Total stock-based compensation $ 4,736   $ 3,013   $ 16,728   $ 7,795  
 
 
THE ACTIVE NETWORK, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(In thousands, except per share data)
(Unaudited)
               
 
Non-GAAP Earnings: Three Months Ended Twelve Months Ended
December 31, December 31,
  2012     2011     2012     2011  
Non-GAAP net (loss) income:
GAAP net loss $ (14,341 ) $ (8,482 ) $ (43,026 ) $ (15,327 )
Add back: stock-based compensation 4,736 3,013 16,728 7,795
Add back: amortization of intangibles 6,840 5,161 27,972 20,471
Add: impact of business combination accounting rules 1,512 703 12,373 1,471
Income tax effect   (4,581 )   (3,107 )   (19,976 )   (10,408 )
Non-GAAP net (loss) income $ (5,834 ) $ (2,712 ) $ (5,929 ) $ 4,002  
 
Non-GAAP shares:
GAAP shares - basic 60,423 54,109 58,804 36,072
Add: preferred stock conversion     -       13,663  
Non-GAAP shares - basic   60,423     54,109     58,804     49,735  
 
GAAP shares - diluted 60,423 54,109 58,804 36,072
Add: preferred stock and other securities conversion     -       22,598  
Non-GAAP shares - diluted   60,423     54,109     58,804     58,670  
 
Non-GAAP net (loss) income per share:
Basic $ (0.10 ) $ (0.05 ) $ (0.10 ) $ 0.08  
Diluted $ (0.10 ) $ (0.05 ) $ (0.10 ) $ 0.07  
 
 
Adjusted EBITDA: Three Months Ended Twelve Months Ended
December 31, December 31,
  2012     2011     2012     2011  
Net loss $ (14,341 ) $ (8,482 ) $ (43,026 ) $ (15,327 )
Add back: interest expense, net 170 63 577 2,771
Add back: provision (benefit) for income taxes (1,082 ) (6,564 ) 3,980 (4,074 )
Add back: depreciation and amortization 16,188 12,203 61,315 44,857
Add back: stock-based compensation 4,736 3,013 16,728 7,795
Add back: other (income) expense, net   206     123     (1,157 )   14  
Adjusted EBITDA $ 5,877   $ 356   $ 38,417   $ 36,036  
Add: acquisition-related severance costs - 1,977 - 1,977
Add: impact of business combination accounting rules   1,512     703     12,373     1,471  
Adjusted EBITDA excluding the impact of
acquisition-related severance costs and
business combination accounting rules $ 7,389   $ 3,036   $ 50,790   $ 39,484  
 
 
THE ACTIVE NETWORK, INC.
FUTURE PERFORMANCE - 1ST QUARTER AND FULL YEAR 2013 OUTLOOK
(In thousands, except per share data)
               
 
Estimated Estimated
1st Quarter 2013 Full Year 2013
Low End High End Low End High End
 
Reconciliation of GAAP to Non-GAAP Results:
Net loss $ (21,000 ) $ (17,000 ) $ (38,000 ) $ (31,000 )
Interest, taxes and other 1,000 2,000 6,000 5,000
Depreciation and amortization 16,000 15,000 60,000 59,000
Stock-based compensation   6,000     5,000     22,000     21,000  
Adjusted EBITDA $ 2,000   $ 5,000   $ 50,000   $ 54,000  
 
Net loss per share:
Net loss $ (21,000 ) $ (17,000 ) $ (38,000 ) $ (31,000 )
Weighted average shares - basic and diluted 61,000 62,000 63,000 64,000
Net loss per share - basic and diluted $ (0.34 ) $ (0.27 ) $ (0.60 ) $ (0.48 )
 
Non-GAAP net loss:
GAAP net loss $ (21,000 ) $ (17,000 ) $ (38,000 ) $ (31,000 )
Add back: stock-based compensation 6,000 5,000 22,000 21,000
Add back: amortization of intangibles 6,000 5,500 21,000 20,000
Income tax effect   (4,200 )   (3,675 )   (15,050 )   (14,350 )
Non-GAAP net loss $ (13,200 ) $ (10,175 ) $ (10,050 ) $ (4,350 )
Weighted average shares - basic and diluted 61,000 62,000 63,000 64,000
Non-GAAP net loss per share - basic and diluted $ (0.22 ) $ (0.16 ) $ (0.16 ) $ (0.07 )

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