Omniture Reports Third Quarter 2006 Financial Results
biz.yahoo.com
Thursday October 26, 4:05 pm ET
Company Achieves Year-Over-Year Revenue Growth of 83%; Raises FY 2006 Guidance
OREM, UT--(MARKET WIRE)--Oct 26, 2006 -- Omniture, Inc. (NASDAQ:OMTR), a leading provider of online business optimization software, today announced results for its third quarter ended September 30, 2006. Omniture reported another record revenue quarter, with third quarter revenue of $21 million, an increase of 83 percent over the third quarter of 2005 and 12 percent over the second quarter of 2006.
GAAP net loss in the third quarter of 2006 was $1.3 million or $0.03 per diluted share, compared to a net loss of $3.8 million, or $0.28 per diluted share, in the third quarter of 2005. Third quarter 2006 adjusted EBITDA was $2.7 million and non-GAAP net income was $0.2 million. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and stock compensation. Non-GAAP net income excludes the effect of expensing stock-based compensation under SFAS 123R beginning in 2006, amortization of deferred compensation related to stock options, amortization of intangible assets related to a warrant and a patent license agreement and imputed interest related to this patent license agreement.
Operating cash flow for the third quarter was $0.9 million and includes certain one-time payments totaling approximately $1.9 million related to the IPO and the Company’s NetRatings settlement. Excluding these one-time payments, adjusted operating cash flow was $2.8 million. Free cash flow, defined by the Company as adjusted operating cash flow reduced by capital expenditures of $2.5 million, was $0.3 million for the quarter.
"The third quarter was one of significant milestones for Omniture. We generated positive free cash flow and returned to non-GAAP profitability," stated Josh James, CEO and co-founder of Omniture. "The demand for our products and services remains strong and we believe Omniture is uniquely positioned to capitalize on opportunities that exist in the market."
Total cash and cash equivalents on September 30, 2006 were $67.8 million, which includes proceeds from the IPO completed in July 2006. Net proceeds from the IPO, including the full exercise by the underwriters of the over-allotment option, were approximately $62.3 million before offering costs and are reflected in the Q3 2006 financial results. Omniture used $4.0 million of the IPO proceeds to make a license payment due on the closing.
During the third quarter of 2006, Omniture added over 200 customers, bringing the total to over 1,500, and captured data from over 350 billion transactions. New customer relationships secured included Bertelsmann, Fannie Mae, Fox Broadcasting Co., Hawaiian Airlines, Intermountain Healthcare, KPN, MasterCraft, Mrs. Fields Gifts, Inc., Neiman Marcus Direct, Qantas Airways, Teletext, Waitrose and USA Today.
Guidance
-- Q4 FY 2006: Revenue for the company's fourth quarter is expected to
be in the range of $22.5 million to $23.5 million. GAAP net loss is
expected to be in the range of $1.0 million to $0.6 million. Excluding the
effect of stock-based compensation expense, the amortization of certain
intangible assets and imputed interest expense, non-GAAP net income is
expected to be in the range of $0.4 million to $0.8 million. Omniture
expects to record positive adjusted EBITDA in the range of $2.9 million to
$3.3 million.
-- Full Year FY 2006: Based on third quarter results and the fourth
quarter outlook, the company is raising its guidance for the year. Revenue
for the company's full year 2006 is now expected to be in the range of
$78.8 million to $79.8 million, and GAAP net loss is expected to be in the
range of $7.9 million to $7.5 million. Excluding the effect of stock-based
compensation expense, the amortization of certain intangible assets and
imputed interest expense, non-GAAP net loss for the year is expected to be
in the range of $2.8 million to $2.4 million. Omniture expects to record
positive adjusted EBITDA in the range of $7.4 million to $7.8 million. |
