Omniture Reports Fourth Quarter and Fiscal Year 2007 Financial Results
biz.yahoo.com
Thursday February 7, 4:10 pm ET
Company Reports Record Revenues for Fourth Quarter and Fiscal Year 2007; Adds More Than 350 New Customers in Fourth Quarter and More Than Doubles Size of Sales Organization
OREM, UT--(MARKET WIRE)--Feb 7, 2008 -- Omniture, Inc. (NasdaqGM:OMTR), a leading provider of online business optimization software, today announced results for its fourth quarter and fiscal year ended December 31, 2007. The Company's results reflect the acquisition of Offermatica Corporation, which was completed on December 13, 2007.
In the fourth quarter of 2007, Omniture achieved record revenues of $43.1 million, compared to $23.5 million reported for the fourth quarter of 2006 and $37.4 million reported for the third quarter of 2007. This represents 84 percent year-over-year revenue growth and includes $0.5 million in revenue from the company's Offermatica acquisition. Excluding Offermatica's revenue contribution, Omniture's fourth quarter revenue would have been $42.6 million and above the company's guidance range of $40.6 to 41.6 million.
"Omniture delivered another outstanding year highlighted by strong revenue growth, record customer additions, improved profitability and the successful completion of several key acquisitions. Having exceeded our profitability targets for the year, we were able to invest more aggressively in sales and engineering," stated Josh James, CEO and co-founder of Omniture. "We believe these investments will enable us to more quickly capture a greater portion of this multi-billion dollar market."
Omniture's GAAP net loss was $1.8 million or $0.03 per diluted share in the fourth quarter of 2007 as compared to a net loss of $0.8 million or $0.02 per diluted share in the fourth quarter of 2006. Non-GAAP net income was $4.6 million or $0.07 per diluted share for the fourth quarter, compared to net income of $0.9 million or $0.02 per diluted share in the fourth quarter of 2006. Non-GAAP net income excludes the effect of the acquisition-related reduction to deferred revenue, stock-based compensation, amortization of certain intangible assets, imputed interest related to a patent license agreement and certain acquisition-related expenses.
As stated during the conference call held on October 30, 2007 to discuss third quarter 2007 financial results, Omniture's fourth quarter and fiscal year 2007 guidance at that time did not include the impact of the Offermatica acquisition. The inclusion of Offermatica in Omniture's reported results for the fourth quarter added a net loss of $0.58 million on a GAAP basis and $0.26 million on a non-GAAP basis. Offermatica's non-GAAP net loss excludes the $0.14 million effect of the acquisition-related reduction to deferred revenue and $0.18 million of amortization of intangible assets related to the acquisition. Excluding the effect of the Offermatica acquisition in the fourth quarter, Omniture would have reported GAAP net loss per share of $0.02, which was within our guidance of $0.02 to $0.01.
In 2007, Omniture achieved record revenue of $143.1 million, compared to $79.7 million in 2006. On a year-over-year basis, annual revenue grew by 79%. Omniture's annual GAAP net loss for 2007 was $9.4 million or $0.18 per diluted share, compared to a net loss of $7.7 million, or $0.25 per diluted share, for 2006. Omniture's non-GAAP net income for 2007 was $11.8 million, or $0.20 per diluted share, in 2007, compared to a net loss of $2.4 million, or $0.08 per diluted share, for 2006.
Fourth quarter and fiscal 2007 adjusted EBITDA was $7.2 million and $22.4 million respectively. Adjusted EBITDA is defined as loss from operations on a GAAP basis less depreciation and amortization, stock-based compensation and the acquisition-related adjustment to deferred revenue.
During the fourth quarter of 2007, Omniture added over 350 new customers, bringing its total to more than 3,000 and captured data from nearly 620 billion transactions. With its recent acquisition of Visual Sciences, the company now has over 4,300 customers. New customer relationships secured in the fourth quarter include: Alaska Air Group, Borders Group, Digg.com, eToys Direct, Hammacher Schlemmer, InfoSpace, LastMinuteTravel.com, Nikon, Roger's Media, Spark Networks, The Weather Channel; and internationally, Adversitement, Casio Electronics Co, Ltd., Danske Bank, EF-Education First, Recruit Co., Ltd., Samsung Europe and Vodafone.
"In just a short period of time, we believe our acquisition strategy is paying off," continued Mr. James. "Moreover, we believe the level of traction and interest in our installed customer base is significant and that as we add more customers and products, the opportunity for growth becomes even greater."
Guidance
-- Q1 FY 2008: GAAP revenue for the first quarter is expected to be in
the range of $66 million to $68 million. GAAP net loss is expected to be in
the range of $0.14 to $0.13 per share based upon an estimated weighted
average share count of 69.5 million in the first quarter of 2008. Non-GAAP
revenue for the company's first quarter is expected to be in the range of
$68 million to $70 million. Non-GAAP net income for the first quarter is
expected to be between $0.08 to $0.09 per diluted share based upon an
estimated weighted average fully diluted share count of 76.2 million in the
first quarter of 2008. Omniture expects to record positive adjusted EBITDA
in the range of $11.8 million to $12.2 million.
-- Full Year FY 2008: GAAP revenue for the full year 2008 is expected to
be in the range of $295 million to $300 million. GAAP net loss is expected
to be in the range of $0.49 to $0.45 per share. Non-GAAP revenue for the
company's full year 2008 is expected to be in the range of $305 million to
$310 million. Non-GAAP net income for the year is expected to be in the
range of $0.40 to $0.44 per diluted share. Omniture expects to record
positive adjusted EBITDA in the range of $59 million to $62 million for the
full year. |
