SOURCE:
Omniture
2008-07-23 15:05:00
Omniture Reports Second Quarter 2008 Financial Results
Omniture Reports Second Quarter 2008 Financial Results
Revenues Increase 114% Year Over Year; Organic Growth Exceeds 50%; New Customer Average Contract Value Increases Nearly 74%
OREM, UT–(EMWNews – July 23, 2008) – Omniture, Inc. (
of online business optimization software, today announced results for its
second quarter ending June 30, 2008. In the second quarter of 2008,
Omniture achieved record revenue of $71.6 million, an increase of 114%
compared to revenue of $33.5 million reported for the same period a year
ago and an increase of 13% compared to $63.2 million in the prior period.
Non-GAAP revenue for the quarter was $74.9 million. The difference between
GAAP and non-GAAP revenue reflects the revenue excluded from the GAAP
results due to purchase accounting adjustments, which reduces deferred
revenue to its fair value.
“We are encouraged by our execution against our long-term goals, with
continued growth in our top line and a track record of consistent non-GAAP
profitability,” stated Josh James, CEO and co-founder of Omniture. “I am
proud of the team’s execution in the integration of our acquisitions, the
expansion of our customer base and the adoption of the additional products
and services we are bringing to market. We believe Omniture is the only
technology company focused on the needs of the CMO and we are committed to
providing a world-class suite of products to independently measure and
allocate advertising dollars as well as optimize the customer experience.”
Omniture’s GAAP net loss was $6.5 million or $0.09 per diluted share in the
second quarter of 2008, as compared to a net loss of $4.1 million or $0.08
per diluted share in the second quarter of 2007. Non-GAAP net income was
$7.3 million or $0.10 per diluted share for the second quarter 2008,
compared to non-GAAP net income of $1.9 million or $0.03 per diluted share
in the second quarter of 2007. Non-GAAP net income excludes the effect of
acquisition-related adjustments to deferred revenue, stock-based
compensation, amortization of certain intangible assets, imputed interest
related to a patent license agreement and certain acquisition-related
expenses and tax benefits.
Second quarter fiscal 2008 adjusted EBITDA was $13.7 million. Adjusted
EBITDA is defined as loss from operations on a GAAP basis less depreciation
and amortization, stock-based compensation and acquisition-related
adjustments to deferred revenue.
During the second quarter of 2008, Omniture captured data from over 886
billion transactions and organically added over 250 new customers.
Omniture now has nearly 4,700 customers worldwide. New customer
relationships secured and announced in the second quarter include: AirChina
, Circuit City, Classified Ventures, Commonwealth Bank of Australia,
Constellation Energy Group, Finish Line, Gamefly.com, Homeaway.com,
Malaysia Airlines, Owens Corning, Red Letter Days, Reliant Energy, Sega of
America, Shutterfly, Telecom New Zealand, TV Guide Online, United Overseas
Bank, Wal-Mart Brazil and Yahoo!Japan.
Guidance
Q3 FY 2008: GAAP revenue for the third quarter is expected to be in the
range of $76 million to $78 million. GAAP net loss is expected to be in the
range of $0.12 to $0.11 per share in the third quarter of 2008. Non-GAAP
revenue for the company’s third quarter is expected to be in the range of
$78.5 million to $80.5 million. Non-GAAP net income for the third quarter
is expected to be between $0.10 to $0.11 per diluted share. Omniture
expects to record positive adjusted EBITDA in the range of $14.5 million to
$15.5 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 $0.47 to $0.42 per share. Non-GAAP revenue for the
company’s full year 2008 is expected to be in the range of $308 million to
$313 million. Non-GAAP net income for the year is expected to be in the
range of $0.41 to $0.46 per diluted share. Omniture expects to record
positive adjusted EBITDA in the range of $59 million to $63 million for the
full year.
Information for Conference Call to Discuss Q2 FY 2008 Financial Results
Omniture, Inc. will host a conference call and simultaneous audio-only
webcast at 5:00 p.m. (Eastern Time). To access the conference call, dial
800-659-1942, or +1-617-614-2710 for international callers. The access
code is 46327050. Please call 10 minutes prior to the scheduled conference
call time. The webcast will be available on the “Investor Relations”
section of the company’s corporate web site at www.omtr.com. A replay of
the conference call will be accessible by telephone after 7:00 p.m.
(Eastern Time) by dialing 888-286-8010 or +1-617-801-6888 for international
callers. The access code is 52814764. The conference call will also be
archived on the company’s corporate web site. Both the replay and archived
web cast will be available until August 6, 2008.
About Non-GAAP Financial Measures
In this release and during our conference call as described above we use or
plan to discuss certain non-GAAP financial measures. Generally, a non-GAAP
financial measure is a numerical measure of a company’s performance,
financial position or cash flows that either excludes or includes amounts
that are not normally excluded or included in the most directly comparable
measure calculated and presented in accordance with generally accepted
accounting principles in the United States of America, or GAAP. A
reconciliation between non-GAAP and GAAP measures can be found in the
accompanying tables and on the “Investor Relations” section of our
corporate Web site at www.omtr.com. Non-GAAP financial measures should not
be considered as a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP. These non-GAAP financial
measures do not reflect a comprehensive system of accounting, differ from
GAAP measures with the same captions and may differ from non-GAAP financial
measures with the same or similar captions that are used by other
companies.
We believe that, while these non-GAAP measures are not a substitute for
GAAP results, they provide a basis for evaluating the company’s operating
results because they are helpful in understanding our past financial
performance and our future results and facilitate comparisons of results
between periods. We believe the calculation of non-GAAP revenue, which
reflects the revenue excluded from the GAAP results due to purchase
accounting adjustments to reduce deferred revenue to its fair value,
provides a meaningful comparison to our historic GAAP revenue. We also
believe the calculation of net income and loss, calculated without
acquisition-related accounting adjustments to deferred revenue, stock-based
compensation expense, the amortization of certain intangible assets,
imputed interest expense and certain acquisition-related expenses and tax
benefits, provides a meaningful comparison to our net loss figures. We also
believe that adjusted EBITDA, which we calculate as loss from operations on
a GAAP basis less depreciation and amortization, stock-based compensation
and acquisition-related adjustments to deferred revenue, is an indicator of
the company’s financial results and cash flows and is useful to investors
in evaluating operating performance. Our management regularly uses these
non-GAAP financial measures internally to understand, manage and evaluate
our business and make operating decisions. These non-GAAP measures have
been reconciled to the nearest GAAP measure as required under the rules and
regulations promulgated by the U.S. Securities and Exchange Commission.
About Omniture
Omniture, Inc. is a leading provider of online business optimization
software, enabling customers to manage and enhance online, offline and
multi-channel business initiatives. Omniture’s software, which it hosts and
delivers to its customers as an on-demand subscription service and
on-premise solution, enables customers to capture, store and analyze
information generated by their Web sites and other sources and to gain
critical business insights into the performance and efficiency of marketing
and sales initiatives and other business processes. In addition, Omniture
offers a range of professional services that complement its online
services, including implementation, best practices, consulting, customer
support and user training through Omniture University. Omniture’s nearly
4,700 customers include eBay, AOL, Wal-Mart, Gannett, Microsoft, Neiman
Marcus, Oracle, General Motors, Sony and HP. www.omniture.com
Note on Forward-looking Statements
Management believes that certain statements in this release may constitute
“forward-looking statements” within the meaning of Section 21E of the
Securities Exchange Act of 1934 and Section 27A of the Securities Act of
1933, including, but not limited to, statements regarding our leadership in
the market for online business optimization services, including web
analytics, and our current expectations regarding GAAP and non-GAAP
revenue, GAAP and non-GAAP net income and net loss, and adjusted EBITDA,
the integration of our acquisitions, the benefits of the acquisitions to
customers, partners and stockholders, the extent to which our installed
customer base will accept our new or acquired products and services and our
strategy will be successful, the impact of recent acquisitions and
partnerships on our business and our ability to effectively integrate our
recent acquisitions. These statements are based on current expectations and
assumptions regarding future events and business performance and involve
certain risks and uncertainties that could cause actual results to differ
materially, including, but not limited to, risks associated with changes in
the demand for our services, the potential that we or our customers or
partners may not realize the benefits we currently expect from our recent
acquisitions, risks that the expected financial effect of our recent
acquisitions may not be realized, risks associated with the operation of
our business or our industry in general, risks inherent in the integration
and combination of complex products and technologies from our acquisitions,
our ability to continue to attract new customers and sell additional
services to our existing customers, the continued adoption by customers of
our SiteCatalyst service and other product and service offerings, including
the new combined offerings from our acquisitions, the significant capital
requirements of our business model that make it more difficult to achieve
positive cash flow and profitability if we continue to grow rapidly, our
ability to develop or acquire new products and services, our ability to
raise capital in the future, risks associated with our acquisition strategy
and disruptions in our business and operations as a result of acquisitions,
the ability of our expanding sales organization to become productive,
possible fluctuations in our operating results and rate of growth, the
continued growth of the market for on-demand, online business optimization
services, changes in the competitive dynamics of our markets, the
inaccurate assessment of changes in our markets, errors, interruptions or
delays in our services or other performance problems with our services, our
ability to hire, retain and motivate our employees and manage our growth,
our ability to effectively expand our sales and marketing capabilities, our
ability to develop and maintain strategic relationships with third parties
with respect to either technology integration or channel development, our
ability to expand our international operations and to sell our services to
customers located outside the United States, our ability to implement and
maintain proper and effective internal controls, the adoption of laws or
regulations, or interpretations of existing law, that could limit our
ability to collect and use Internet user information, and the blocking or
erasing of “cookies”; and such other risks as identified in Omniture’s
quarterly report on Form 10-Q for the period ended March 31, 2008 and from
time to time in other reports filed by Omniture with the U.S. Securities
and Exchange Commission. These reports are available on our Web site at
www.omtr.com. Omniture undertakes no duty to update any forward-looking
statement to conform the statement to actual results or changes in the
Company’s expectations.
Copyright © 2008 Omniture, Inc. All rights reserved. Omniture and
SiteCatalyst are registered trademarks of Omniture, Inc. in the United
States, Japan, Canada and the European Community. Omniture, Inc. owns other
registered and unregistered trademarks throughout the world. Other names
used herein may be trademarks of their respective owners.
Omniture, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
%
Three Months Ended Three Months Ended Increase
June 30, June 30, (Decrease)
------------------ ------------------ --------
% of % of
2007 Revenues 2008 Revenues
-------- ------- -------- -------
Revenues:
Subscription, license
and maintenance $ 30,604 91 % $ 64,601 90 % 111%
Professional services
and other 2,875 9 7,019 10 144
-------- ------- -------- -------
Total revenues 33,479 100 71,620 100 114
Cost of revenues (1):
Subscription, license
and maintenance 11,032 33 27,071 38 145
Professional services
and other 1,717 5 3,627 5 111
-------- ------- -------- -------
Total cost of
revenues 12,749 38 30,698 43 141
-------- ------- -------- -------
Gross profit 20,730 62 40,922 57 97
Operating expenses (1):
Sales and marketing 15,343 46 32,170 45 110
Research and
development 3,969 12 8,849 12 123
General and
administrative 5,873 17 11,815 17 101
-------- ------- -------- -------
Total operating
expenses 25,185 75 52,834 74 110
-------- ------- -------- -------
Loss from operations (4,455) (13) (11,912) (17) 167
Interest income 835 2 343 1 (59)
Interest expense (244) (1) (230) - (6)
Other (expense) income,
net (114) - 47 - (141)
-------- ------- -------- -------
Loss before provision for
(benefit from) income
taxes (3,978) (12) (11,752) (16) 195
Provision for (benefit
from) income taxes 78 - (5,291) (7) (6,883)
-------- ------- -------- -------
Net loss $ (4,056) (12)% $ (6,461) (9)% 59%
======== ======= ======== =======
Net loss per share:
Net loss per share,
basic and diluted $ (0.08) $ (0.09) 13%
Weighted-average number
of shares, basic and
diluted 49,791 71,720 44%
Adjusted EBITDA (2) $ 5,071 15 % $ 13,701 19 % 170%
(1) Amounts include stock-
based compensation
expenses, as follows:
Cost of subscription,
license and
maintenance revenues $ 434 1 % $ 865 1 %
Cost of professional
services and other
revenues 106 0 232 0
Sales and marketing 1,540 5 3,119 4
Research and
development 687 2 1,512 2
General and
administrative 1,052 3 2,423 4
-------- ------- -------- -------
Total stock-based
compensation
expenses $ 3,819 11 % $ 8,151 11 %
======== ======= ======== =======
(2) Adjusted EBITDA is equal to the loss from operations less depreciation
and amortization, stock-based compensation and the acquisition-related
adjustment to deferred revenue
Omniture, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
%
Six Months Ended Six Months Ended Increase
June 30, June 30, (Decrease)
------------------ ------------------ --------
% of % of
2007 Revenues 2008 Revenues
-------- ------- -------- -------
Revenues:
Subscription, license
and maintenance $ 57,924 92 % $121,770 90 % 110%
Professional services
and other 4,708 8 13,063 10 177
-------- ------- -------- -------
Total revenues 62,632 100 134,833 100 115
Cost of revenues (1):
Subscription, license
and maintenance 20,492 32 50,864 38 148
Professional services
and other 2,995 5 6,761 5 126
-------- ------- -------- -------
Total cost of
revenues 23,487 37 57,625 43 145
-------- ------- -------- -------
Gross profit 39,145 63 77,208 57 97
Operating expenses (1):
Sales and marketing 28,667 46 63,386 47 121
Research and
development 7,112 11 18,650 14 162
General and
administrative 10,259 17 22,629 16 121
-------- ------- -------- -------
Total operating
expenses 46,038 74 104,665 77 127
-------- ------- -------- -------
Loss from operations (6,893) (11) (27,457) (20) 298
Interest income 1,471 3 1,291 1 (12)
Interest expense (501) (1) (457) - (9)
Other (expense) income,
net (467) (1) 44 - (109)
-------- ------- -------- -------
Loss before provision for
(benefit from) income
taxes (6,390) (10) (26,579) (19) 316
Provision for (benefit
from) income taxes 112 - (7,176) (5) (6,507)
-------- ------- -------- -------
Net loss $ (6,502) (10)% $(19,403) (14)% 198%
======== ======= ======== =======
Net loss per share:
Net loss per share,
basic and diluted $ (0.13) $ (0.28) 115%
Weighted-average number
of shares, basic and
diluted 48,772 70,450 44%
Adjusted EBITDA (2) $ 9,043 14 % $ 25,898 19 % 186%
(1) Amounts include stock-
based compensation
expenses, as follows:
Cost of subscription,
license and
maintenance revenues $ 727 1 % $ 2,492 2 %
Cost of professional
services and other
revenues 210 0 491 0
Sales and marketing 2,215 4 6,277 5
Research and
development 1,070 2 3,840 3
General and
administrative 1,482 2 4,202 3
-------- ------- -------- -------
Total stock-based
compensation
expenses $ 5,704 9 % $ 17,302 13 %
======== ======= ======== =======
(2) Adjusted EBITDA is equal to the loss from operations less depreciation
and amortization, stock-based compensation and the acquisition-related
adjustment to deferred revenue
Omniture, Inc.
Reconciliation of Non-GAAP Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2007 2008 2007 2008
-------- -------- -------- --------
Reconciliation of Total Revenues on
a GAAP Basis to Total Revenues on
a Non-GAAP Basis:
Total revenues on a GAAP basis $ 33,479 $ 71,620 $ 62,632 $134,833
Acquisition-related adjustment
to Instadia deferred revenue
(1) 104 - 269 -
Acquisition-related adjustment
to Touch Clarity deferred
revenue (1) 479 - 659 378
Acquisition-related adjustment
to Offermatica deferred revenue
(1) - 161 - 537
Acquisition-related adjustment
to Visual Sciences deferred
revenue (1) - 3,117 - 8,738
-------- -------- -------- --------
Total revenues on a non-GAAP basis $ 34,062 $ 74,898 $ 63,560 $144,486
======== ======== ======== ========
Reconciliation of Net Loss on a
GAAP Basis to Net Income on a
Non-GAAP Basis:
Net loss on a GAAP basis $ (4,056) $ (6,461) $ (6,502) $(19,403)
Acquisition-related adjustment
to deferred revenue (1) 583 3,278 928 9,653
Amortization of intangible
assets (2) 1,460 7,893 2,301 14,806
Stock-based compensation 3,819 8,151 5,704 17,302
Imputed interest on patent
license obligation (3) 51 62 120 125
Loss on foreign currency forward
contract related to Instadia
acquisition (4) - - 243 -
Non-cash tax benefit resulting
from the reduction in
acquisition-related
deferred tax liabilities (5) - (5,613) - (7,904)
-------- -------- -------- --------
Net income on a non-GAAP basis $ 1,857 $ 7,310 $ 2,794 $ 14,579
======== ======== ======== ========
Reconciliation of Diluted Net Loss
per Share on a GAAP Basis to
Diluted Net Income per Share on a
Non-GAAP Basis:
Diluted net loss per share on a
GAAP basis $ (0.08) $ (0.09) $ (0.13) $ (0.28)
Acquisition-related adjustment
to deferred revenue (1) 0.01 0.05 0.02 0.14
Amortization of intangible
assets (2) 0.03 0.11 0.04 0.21
Stock-based compensation 0.08 0.12 0.12 0.25
Loss on foreign currency forward
contract related to Instadia
acquisition (4) - - 0.01 -
Non-cash tax benefit resulting
from the reduction in
acquisition-related
deferred tax liabilities (5) - (0.08) - (0.11)
Impact of difference in number
of GAAP and non-GAAP diluted
shares (0.01) (0.01) (0.01) (0.02)
-------- -------- -------- --------
Diluted net income per share on a
non-GAAP basis $ 0.03 $ 0.10 $ 0.05 $ 0.19
======== ======== ======== ========
Reconciliation of Net Loss on a
GAAP Basis to Adjusted EBITDA:
Net loss on a GAAP basis $ (4,056) $ (6,461) $ (6,502) $(19,403)
Other (income) expense, net (477) (160) (503) (878)
Provision for (benefit from)
income taxes 78 (5,291) 112 (7,176)
-------- -------- -------- --------
Loss from operations on a GAAP basis (4,455) (11,912) (6,893) (27,457)
Depreciation and amortization 5,124 14,184 9,304 26,400
Stock-based compensation 3,819 8,151 5,704 17,302
Acquisition-related adjustment
to deferred revenue (1) 583 3,278 928 9,653
-------- -------- -------- --------
Adjusted EBITDA $ 5,071 $ 13,701 $ 9,043 $ 25,898
======== ======== ======== ========
(1) This item is recorded in subscription, license and maintenance revenue
in the Condensed Consolidated Statements of Operations
(2) Amortization of intangible assets is allocated as follows in the
Condensed Consolidated Statement of Operations:
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2007 2008 2007 2008
-------- -------- -------- --------
Cost of subscription, license
and maintenance revenues $ 1,023 $ 4,794 $ 1,586 $ 9,052
Sales and marketing 359 3,008 586 5,577
General and administrative 78 91 129 177
-------- -------- -------- --------
Total amortization of
intangible assets $ 1,460 $ 7,893 $ 2,301 $ 14,806
======== ======== ======== ========
(3) This item is recorded in interest expense in the Condensed Consolidated
Statements of Operations
(4) This item is recorded in other expense, net in the Condensed
Consolidated Statements of Operations
(5) This item is recorded in provision for (benefit from) income taxes in
the Condensed Consolidated Statements of Operations
Omniture, Inc.
Reconciliation of Forward Looking Measures
(in millions, except per share data)
(unaudited)
Reconciliation of Forward Looking Total Revenues on a GAAP Basis to Total
Revenues on a Non-GAAP Basis
Three Months Ended Year Ended
September 30, 2008 December 31, 2008
------------------- -------------------
Total revenues on a GAAP basis $ 76 to $ 78 $ 295 to $ 300
Acquisition-related adjustment
to deferred revenue 2.5 13
------------------- -------------------
Total revenues on a non-GAAP
basis $ 78.5 to $ 80.5 $ 308 to $ 313
=================== ===================
Reconciliation of Forward Looking GAAP Diluted Net Loss Per Share to
Non-GAAP Diluted Net Income Per Share
Three Months Ended Year Ended
September 30, 2008 December 31, 2008
------------------- -------------------
Diluted net loss per share on a
GAAP basis $ (0.12) to $ (0.11) $ (0.47) to $ (0.42)
Acquisition-related adjustment
to deferred revenue 0.03 0.18
Stock-based compensation 0.12 0.48
Amortization of intangible
assets 0.11 0.42
Non-cash tax benefit resulting
from the reduction in
acquisition-related
deferred tax liabilities (0.03) (0.17)
Impact of difference in number
of GAAP and non-GAAP diluted
shares (0.01) (0.03)
------------------- -------------------
$ 0.10 to $ 0.11 $ 0.41 to $ 0.46
=================== ===================
Reconciliation of Forward Looking Net Loss on a GAAP Basis to Adjusted
EBITDA
Three Months Ended Year Ended
September 30, 2008 December 31, 2008
------------------- -------------------
Net loss on a GAAP basis $ (8.8) to $ (7.8) $ (33.7) to $ (29.7)
Other income, net (0.1) (1.2)
Benefit from income taxes (2.0) (11.1)
------------------- -------------------
Loss from operations on a GAAP
basis (10.9) to (9.9) (46.0) to (42.0)
Depreciation and amortization 14.6 58.0
Stock-based compensation 8.3 34.0
Acquisition-related adjustment
to deferred revenue 2.5 13.0
------------------- -------------------
Adjusted EBITDA $ 14.5 to $ 15.5 $ 59.0 to $ 63.0
=================== ===================
Omniture, Inc.
Additional Metrics
(unaudited)
September December
March 31, June 30, 30, 31, March 31,
2006 2006 2006 2006 2007
---------- ---------- ---------- ---------- ----------
Full-time employee
headcount 312 324 323 353 465
Quarterly number of
transactions
captured (in
billions) 288.5 315.0 362.7 420.7 496.0
September December
June 30, 30, 31, March 31, June 30,
2007 2007 2007 2008 2008
---------- ---------- ---------- ---------- ----------
Full-time employee
headcount 531 578 713 985 1,045
Quarterly number of
transactions
captured (in
billions) 520.0 561.3 619.3 851.5 886.6
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2007 2008 2007 2008
--------- --------- --------- ---------
Revenues by geography (in
thousands):
Customers within the United
States $ 24,709 $ 52,024 $ 47,257 $ 98,108
Customers outside the United
States 8,770 19,596 15,375 36,725
--------- --------- --------- ---------
Total revenues $ 33,479 $ 71,620 $ 62,632 $ 134,833
========= ========= ========= =========
Revenues by geography as a
percentage of total revenues:
Customers within the United
States 74% 73% 75% 73%
Customers outside the United
States 26 27 25 27
--------- --------- --------- ---------
Total 100% 100% 100% 100%
========= ========= ========= =========
Omniture, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------------
2007 2008 2007 2008
-------- -------- -------- --------
Cash flows from operating activities:
Net loss $ (4,056) $ (6,461) $ (6,502) $(19,403)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation and amortization 5,124 14,184 9,304 26,400
Stock-based compensation 3,819 8,151 5,704 17,302
Non-cash tax benefit - (5,613) - (7,921)
Other non-cash transactions 10 (82) 253 (252)
Net changes in operating assets
and liabilities:
Accounts receivable, net (719) (16,821) (8,045) (27,703)
Prepaid expenses and other
assets 668 137 681 2,009
Accounts payable 727 (7,358) 4,214 6,224
Accrued and other liabilities 478 6,352 (1,019) (2,011)
Deferred revenues 4,131 23,764 8,517 36,966
-------- -------- -------- --------
Net cash provided by operating
activities 10,182 16,253 13,107 31,611
Cash flows from investing activities:
Purchases of investments (71,846) (9,945) (83,846) (19,831)
Proceeds from sales of investments 1,000 1,171 1,000 36,970
Maturities of investments - 5,000 - 5,000
Purchases of property and equipment (2,984) (17,891) (5,286) (28,002)
Purchases of intangible assets (946) (437) (2,574) (2,874)
Payment related to loss on foreign
currency forward contract - - (337) -
Business acquisitions, net of cash
acquired (11,867) (7,851) (38,131) (59,721)
-------- -------- -------- --------
Net cash used in investing
activities (86,643) (29,953) (129,174) (68,458)
Cash flows from financing activities:
Proceeds from exercise of stock
options 490 3,975 1,149 6,081
Proceeds from employee stock
purchase plan - - 99 125
Proceeds from issuance of common
stock, net of issuance costs 143,104 - 143,104 -
Repurchases of vested restricted
stock - (234) - (963)
Proceeds from issuance of notes
payable 397 5,000 397 8,006
Principal payments on notes payable
and capital lease obligations (1,745) (1,209) (3,368) (6,269)
-------- -------- -------- --------
Net cash used in financing
activities 142,246 7,532 141,381 6,980
Effect of exchange rate changes on
cash and cash equivalents 39 (49) 39 195
-------- -------- -------- --------
Net increase (decrease) in cash and
cash equivalents 65,824 (6,217) 25,353 (29,672)
Cash and cash equivalents at
beginning of period 27,816 54,310 68,287 77,765
-------- -------- -------- --------
Cash and cash equivalents at end of
period $ 93,640 $ 48,093 $ 93,640 $ 48,093
======== ======== ======== ========
Omniture, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, June 30,
----------- -----------
2007 2008
----------- -----------
Assets:
Current assets:
Cash and cash equivalents $ 77,765 $ 48,093
Short-term investments 56,924 14,951
Accounts receivable, net 51,971 98,244
Prepaid expenses and other current assets 3,663 3,675
----------- -----------
Total current assets 190,323 164,963
Property and equipment, net 31,214 58,280
Intangible assets, net 50,769 146,907
Goodwill 94,960 426,839
Long-term investments - 20,432
Other assets 3,457 2,427
----------- -----------
Total assets $ 370,723 $ 819,848
=========== ===========
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable $ 6,470 $ 14,065
Accrued liabilities 17,126 26,406
Current portion of deferred revenues 42,041 79,352
Current portion of notes payable 4,407 5,588
Current portion of capital lease obligations 246 237
----------- -----------
Total current liabilities 70,290 125,648
Deferred revenues, less current portion 1,815 10,808
Notes payable, less current portion 2,948 7,656
Capital lease obligations, less current portion 173 95
Other liabilities 4,422 12,901
Commitments and contingencies
Stockholders' equity:
Preferred stock - -
Common stock 61 72
Additional paid-in capital 340,424 731,845
Deferred stock-based compensation (1,182) (772)
Accumulated other comprehensive income (loss) 40 (734)
Accumulated deficit (48,268) (67,671)
----------- -----------
Total stockholders' equity 291,075 662,740
----------- -----------
Total liabilities and stockholders'
equity $ 370,723 $ 819,848
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