Omniture Reports First Quarter 2007 Financial Results
biz.yahoo.com
Tuesday May 1, 4:10 pm ET
Company Delivers Year-Over-Year GAAP Revenue Growth of 77%
Non-GAAP Revenue Growth of 79%
Raises Outlook for 2007
OREM, UT--(MARKET WIRE)--May 1, 2007 -- Omniture, Inc. (NasdaqGM:OMTR), a leading provider of online business optimization software, today announced results for its first quarter ended March 31, 2007. Omniture reported another record revenue quarter, with first quarter GAAP revenue of $29.2 million, an increase of 77 percent over the first quarter of 2006 and 24 percent over the fourth quarter of 2006. Non-GAAP revenue for the quarter was $29.5 million. The difference between GAAP and non-GAAP revenue reflects the revenue excluded from our GAAP results due to purchase accounting adjustments, which reduce deferred revenue to its fair value.
GAAP net loss in the first quarter of 2007 was $2.4 million or $0.05 per diluted share, compared to a net loss of $3.4 million, or $0.24 per diluted share, in the first quarter of 2006. Non-GAAP net income was $0.9 million or $0.02 per diluted share for the first quarter. Non-GAAP net income and net loss excludes the effect of acquisition-related accounting adjustments to deferred revenue, stock-based compensation, amortization of certain intangible assets, imputed interest related to a patent license agreement and non-recurring acquisition related expenses.
First quarter adjusted EBITDA was $4.0 million. Adjusted EBITDA is defined as net cash provided by operations less the acquisition-related adjustment to deferred revenues, non-operating gains and losses, the net change in operating assets and liabilities, other income (expense), net and the provision for income taxes.
Operating cash flow for the first quarter was $2.9 million. Free cash flow, defined by the company as operating cash flow reduced by capital expenditures of $2.3 million, was $0.6 million for the quarter.
"In the first quarter, we hit another milestone delivering the fastest sequential revenue growth quarter for Omniture in the last three years," said Josh James, CEO and co-founder of Omniture. "Our industry is experiencing explosive growth and our leadership position is enabling us to capture the majority of this opportunity."
During the first quarter of 2007, Omniture added over 250 new customers organically and approximately 200 through acquisitions, bringing the total to over 2,200. The company captured data from nearly 500 billion transactions. New customer relationships include: American Family Insurance, Amp'd Mobile, H&R Block, Kor Hotel Group, Monster Worldwide, Inc., Move, Inc., PGATOUR.com, Rent.com, Spiegel Brands and TheStreet.com; and internationally, allesklar.com AG, Arcadia Group Limited, European Directories, Nissan Europe, OPEN Business Club AG and Scout 24.
Guidance
Q2 FY 2007: GAAP revenue for the company's second quarter is expected to be in the range of $31 million to $32 million. GAAP net loss is expected to be in the range of $0.11 to $0.10 per diluted share. Non-GAAP revenue for the company's second quarter is expected to be in the range of $32 million to $33 million. Non-GAAP net income is expected to be between $0.00 to $0.01 per diluted share. Omniture expects to record positive adjusted EBITDA in the range of $3.0 million to $3.5 million.
Full Year FY 2007: GAAP revenue for the company's full year 2007 is expected to be in the range of $136 million to $138 million. GAAP net loss is expected to be in the range of $0.36 to $0.32 per diluted share. Non-GAAP revenue for the company's full year 2007 is expected to be in the range of $138 million and $140 million. Non-GAAP net income for the year is expected to be in the range of $0.06 to $0.08 per diluted share. Omniture expects to record positive adjusted EBITDA in the range of $17 million to $19 million. |
