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Omniture Reports Third Quarter 2008 Financial Results Revenue Increases 108% Year Over Year; Organic Growth Exceeds 50%; Record $28.6 Million in Operating Cash Flow OREM, UT--(MARKET WIRE)--Oct 22, 2008 -- Omniture, Inc. (OMTR - News), a leading provider
of online business optimization software, today announced
results for its
third quarter ending September 30, 2008. In the third quarter
of 2008,
Omniture achieved record revenue of $77.8 million, an increase
of 108%
compared to revenue of $37.4 million reported for the same
period a year
ago and an increase of 9% compared to $71.6 million in the
prior period.
Non-GAAP revenue for the quarter was $79.7 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.
"Our business continues to execute well, delivering record revenue and operating cash flow during the third quarter. We are pleased with this performance," stated Josh James, CEO and co-founder of Omniture. "We remain focused on prudent investment for growth while continuing to ensure we are a stable, strong partner for our many customers in this unpredictable environment." Omniture's GAAP net loss was $17.3 million or $0.24 per diluted share in the third quarter of 2008, and includes a reversal of the $7.9 million in non-cash tax benefits recorded in the first and second quarters, related to purchase accounting adjustments associated with the Visual Sciences acquisition. Excluding this reversal of non-cash tax benefits, third quarter 2008 net loss would have been $9.4 million or $0.13 per diluted share. Non-GAAP net income was $8.2 million or $0.11 per diluted share for the third quarter 2008, compared to non-GAAP net income of $4.4 million or $0.07 per diluted share in the third 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 non-cash tax adjustments. Third quarter fiscal 2008 adjusted EBITDA was $16.2 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 third quarter of 2008, Omniture captured data from 939 billion transactions and organically added nearly 250 new customers. New customer relationships secured in the third quarter include: AAPT Limited, Airtran, Alticor (Amway Global), Burton Corporation, Coach, Equifax, E*TRADE FINANCIAL, Helly Hansen, The Hershey Company, IKEA, Kenko.com Inc., Lagardere Media China, Meilleurmobile.com, Netwide Solutions, Norwegian Cruise Lines, Saab Group, Ticket Network and Universo Online. Guidance
Information for Conference Call to Discuss Q3 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 866-831-6267, or +1-617-213-8857 for international callers. The access code is 87486310. 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 81909062. 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 November 5, 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. While these non-GAAP measures are not a substitute for GAAP results, we believe 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 non-cash tax adjustments, 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, expectations concerning the proposed acquisition of Mercado's Site Search and Merchandising business, 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 current uncertainty in global economic conditions, including conditions in the credit market that could affect consumer confidence and our customers' ability to purchase our products and services, which could negatively impact the demand for our services and other related matters and could result in changes in customers' subscription and renewal patterns, 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, particularly in light of the recent financial crisis affecting the banking system and financial and capital markets and the going concern threats to investment banks and other financial institutions that have resulted in a tightening in the credit markets, reduced liquidity in many financial markets and increased volatility in the equity markets, risks associated with our acquisition strategy and disruptions in our business, operations and financial results 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, including the potential for increased pressure on the pricing of our products and services in light of the recent economic crisis, 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 and respond to potential changes in the financial stability and solvency of our strategic partners that may result from the economic crisis, our ability to expand our international operations and to sell our services to customers located outside the United States and to manage the associated fluctuations in currency exchange rates, 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 June 30, 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 (c) 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
September 30, September 30, (Decrease)
----------------- ------------------ ---------
% of % of
2007 Revenues 2008 Revenues
-------- ------- --------- -------
Revenues:
Subscription, license
and maintenance $ 34,358 92% $ 69,554 89% 102%
Professional services
and other 3,024 8 8,227 11 172
-------- ------- --------- -------
Total revenues 37,382 100 77,781 100 108
Cost of revenues (1):
Subscription, license
and maintenance 12,081 32 28,860 37 139
Professional services
and other 1,752 5 4,056 5 132
-------- ------- --------- -------
Total cost of revenues 13,833 37 32,916 42 138
-------- ------- --------- -------
Gross profit 23,549 63 44,865 58 91
Operating expenses (1):
Sales and marketing 15,716 42 32,705 42 108
Research and
development 4,656 13 9,190 12 97
General and
administrative 6,383 17 11,364 15 78
-------- ------- --------- -------
Total operating
expenses 26,755 72 53,259 69 99
-------- ------- --------- -------
Loss from operations (3,206) (9) (8,394) (11) 162
Interest income 2,278 6 368 1 (84)
Interest expense (185) - (261) - 41
Other income (expense),
net 102 - (585) (1) (674)
-------- ------- --------- -------
Loss before income taxes (1,011) (3) (8,872) (11) 778
Provision for income
taxes 89 - 8,408 11 9,347
-------- ------- --------- -------
Net loss $ (1,100) (3)% $ (17,280) (22)% 1471%
======== ======= ========= =======
Net loss per share:
Net loss per share,
basic and diluted $ (0.02) $ (0.24) 1100%
Weighted-average number
of shares, basic and
diluted 57,874 72,202 25%
Adjusted EBITDA (2) $ 6,136 16% $ 16,247 21% 165%
(1) Amounts include
stock-based
compensation expenses,
as follows:
Cost of subscription,
license and
maintenance revenues $ 347 1% $ 865 1%
Cost of professional
services and other
revenues 103 0 243 0
Sales and marketing 1,263 4 2,909 4
Research and
development 692 2 1,512 2
General and
administrative 1,229 3 2,272 3
-------- ------- --------- -------
Total stock-based
compensation expenses $ 3,634 10% $ 7,801 10%
======== ======= ========= =======
(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)
%
Nine Months Ended Nine Months Ended Increase
September 30, September 30, (Decrease)
----------------- ------------------ --------
% of % of
2007 Revenues 2008 Revenues
-------- ------- --------- -------
Revenues:
Subscription, license
and maintenance $ 92,282 92% $ 191,324 90% 107%
Professional services
and other 7,732 8 21,290 10 175
-------- ------- --------- -------
Total revenues 100,014 100 212,614 100 113
Cost of revenues (1):
Subscription, license
and maintenance 32,573 32 79,724 38 145
Professional services
and other 4,747 5 10,817 5 128
-------- ------- --------- -------
Total cost of revenues 37,320 37 90,541 43 143
-------- ------- --------- -------
Gross profit 62,694 63 122,073 57 95
Operating expenses (1):
Sales and marketing 44,383 44 96,091 45 117
Research and
development 11,768 12 27,840 13 137
General and
administrative 16,642 17 33,993 16 104
-------- ------- --------- -------
Total operating
expenses 72,793 73 157,924 74 117
-------- ------- --------- -------
Loss from operations (10,099) (10) (35,851) (17) 255
Interest income 3,749 4 1,659 1 (56)
Interest expense (686) (1) (718) (1) 5
Other expense, net (365) (1) (541) - 48
-------- ------- --------- -------
Loss before income taxes (7,401) (8) (35,451) (17) 379
Provision for income
taxes 201 - 1,232 - 513
-------- ------- --------- -------
Net loss $ (7,602) (8)% $ (36,683) (17)% 383%
======== ======= ========= =======
Net loss per share:
Net loss per share,
basic and diluted $ (0.15) $ (0.52) 247%
Weighted-average number
of shares, basic and
diluted 51,806 71,034 37%
Adjusted EBITDA (2) $ 15,179 15% $ 42,145 20% 178%
(1) Amounts include
stock-based
compensation expenses,
as follows:
Cost of subscription,
license and
maintenance revenues $ 1,074 1% $ 3,357 2%
Cost of professional
services and other
revenues 313 0 734 0
Sales and marketing 3,478 3 9,186 4
Research and
development 1,762 2 5,352 3
General and
administrative 2,711 3 6,474 3
-------- ------- --------- -------
Total stock-based
compensation expenses $ 9,338 9% $ 25,103 12%
======== ======= ========= =======
(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 Nine Months Ended
September 30, September 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 $ 37,382 $ 77,781 $ 100,014 $ 212,614
Acquisition-related adjustment
to Instadia deferred revenue(1) 64 - 333 -
Acquisition-related adjustment
to Touch Clarity deferred
revenue (1) 304 - 963 378
Acquisition-related adjustment
to Offermatica deferred
revenue (1) - 80 - 617
Acquisition-related adjustment
to Visual Sciences deferred
revenue (1) - 1,820 - 10,558
-------- --------- --------- ---------
Total revenues on a non-GAAP
basis $ 37,750 $ 79,681 $ 101,310 $ 224,167
======== ========= ========= =========
Reconciliation of Net Loss on a GAAP Basis to Net Income on a
Non-GAAP Basis:
Net loss on a GAAP basis $ (1,100) $ (17,280) $ (7,602) $ (36,683)
Acquisition-related adjustment
to deferred revenue (1) 368 1,900 1,296 11,553
Amortization of intangible
assets (2) 1,465 7,851 3,766 22,657
Stock-based compensation 3,634 7,801 9,338 25,103
Imputed interest on patent
license obligation (3) 33 56 153 181
Loss on foreign currency
forward contract related to
Instadia acquisition (4) - - 243 -
Non-cash tax provision
resulting from the
acquisition-related deferred
tax liabilities (5) - 7,904 - -
-------- --------- --------- ---------
Net income on a non-GAAP basis $ 4,400 $ 8,232 $ 7,194 $ 22,811
======== ========= ========= =========
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 $ (0.02) $ (0.24) $ (0.15) $ (0.52)
Acquisition-related adjustment
to deferred revenue (1) 0.01 0.03 0.03 0.17
Amortization of intangible
assets (2) 0.03 0.11 0.07 0.32
Stock-based compensation 0.06 0.11 0.18 0.35
Non-cash tax provision
resulting from the
acquisition-related deferred
tax liabilities (5) - 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 $ 0.07 $ 0.11 $ 0.12 $ 0.30
======== ========= ========= =========
Reconciliation of Net Loss on a GAAP Basis to Adjusted EBITDA:
Net loss on a GAAP basis $ (1,100) $ (17,280) $ (7,602) $ (36,683)
Other (income) expense, net (2,195) 478 (2,698) (400)
Provision for income taxes 89 8,408 201 1,232
-------- --------- --------- ---------
Loss from operations on a GAAP
basis (3,206) (8,394) (10,099) (35,851)
Depreciation and amortization 5,340 14,940 14,644 41,340
Stock-based compensation 3,634 7,801 9,338 25,103
Acquisition-related adjustment
to deferred revenue (1) 368 1,900 1,296 11,553
-------- --------- --------- ---------
Adjusted EBITDA $ 6,136 $ 16,247 $ 15,179 $ 42,145
======== ========= ========= =========
(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 Nine Months Ended
September 30, September 30,
-------- --------- --------- ---------
2007 2008 2007 2008
-------- --------- --------- ---------
Cost of subscription, license
and maintenance revenues $ 1,035 $ 4,778 $ 2,621 $ 13,830
Sales and marketing 356 2,985 942 8,562
General and administrative 74 88 203 265
-------- --------- --------- ---------
Total amortization of
intangible assets $ 1,465 $ 7,851 $ 3,766 $ 22,657
======== ========= ========= =========
(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 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
December 31, 2008 December 31, 2008
----------------- -----------------
Total revenues on a GAAP basis $82.5 to $84.5 $295 to $297
Acquisition-related adjustment to
deferred revenue 1.5 13
----------------- -----------------
Total revenues on a non-GAAP basis $84 to $86 $308 to $310
================= =================
Reconciliation of Forward Looking GAAP Diluted Net Loss Per Share to
Non-GAAP Diluted Net Income Per Share
Three Months Ended Year Ended
December 31, 2008 December 31, 2008
----------------- -----------------
Diluted net loss per share on a GAAP
basis $(0.10) to $(0.09) $(0.62) to $(0.61)
Acquisition-related adjustment to
deferred revenue 0.02 0.18
Stock-based compensation 0.10 0.46
Amortization of intangible assets 0.11 0.43
Impact of difference in number of
GAAP and non-GAAP diluted shares (0.01) (0.03)
----------------- -----------------
Diluted net income per share on a
non-GAAP basis $0.12 to $0.13 $0.42 to $0.43
================= =================
Reconciliation of Forward Looking Net Loss on a GAAP Basis to Adjusted
EBITDA
Three Months Ended Year Ended
December 31, 2008 December 31, 2008
----------------- -----------------
Net loss on a GAAP basis $(7.6) to $(6.6) $(44.3) to $(43.3)
Other expense, net 0.0 (0.4)
Provision for income taxes 0.4 1.6
----------------- -----------------
Loss from operations on a GAAP basis (7.2) to (6.2) (43.1) to (42.1)
Depreciation and amortization 15.0 56.3
Stock-based compensation 7.7 32.8
Acquisition-related adjustment to
deferred revenue 1.5 13.0
----------------- -----------------
Adjusted EBITDA $17.0 to $18.0 $59.0 to $60.0
================= =================
Omniture, Inc.
Additional Metrics
(unaudited)
March June September December March June
31, 30, 30, 31, 31, 30,
2006 2006 2006 2006 2007 2007
-------- -------- -------- -------- -------- --------
Full-time employee
headcount 312 324 323 353 465 531
Quarterly number of
transactions
captured (in
billions) 288.5 315.0 362.7 420.7 496.0 520.0
September December March June September
30, 31, 31, 30, 30,
2007 2007 2008 2008 2008
-------- -------- -------- -------- --------
Full-time employee
headcount 578 713 985 1,045 1,087
Quarterly number of
transactions
captured (in
billions) 561.3 619.3 851.5 886.6 938.8
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2007 2008 2007 2008
--------- --------- --------- ---------
Revenues by geography (in
thousands):
Customers within the United
States $ 27,274 $ 55,567 $ 74,531 $ 153,675
Customers outside the United
States 10,108 22,214 25,483 58,939
--------- --------- --------- ---------
Total revenues $ 37,382 $ 77,781 $ 100,014 $ 212,614
========= ========= ========= =========
Revenues by geography as a
percentage of total revenues:
Customers within the United
States 73% 71% 75% 72%
Customers outside the United
States 27 29 25 28
--------- --------- --------- ---------
Total 100% 100% 100% 100%
========= ========= ========= =========
Omniture, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2007 2008 2007 2008
--------- --------- --------- ---------
Cash flows from operating
activities:
Net loss $ (1,100) $ (17,280) $ (7,602) $ (36,683)
Adjustments to reconcile net
loss to net cash provided by
operating activities:
Depreciation and
amortization 5,340 14,940 14,644 41,340
Stock-based compensation 3,634 7,801 9,338 25,103
Non-cash tax provision
(benefit) - 7,904 - (17)
Other non-cash transactions (641) (56) (631) (308)
Loss on foreign currency
forward contract - 329 243 329
Net changes in operating
assets and liabilities:
Accounts receivable, net (5,906) 2,549 (13,951) (25,154)
Prepaid expenses and other
assets (940) (1,897) (259) 112
Accounts payable 117 (2,018) 4,331 4,206
Accrued and other
liabilities 1,889 4,483 870 2,472
Deferred revenues 2,704 11,810 11,221 48,776
--------- --------- --------- ---------
Net cash provided by operating
activities 5,097 28,565 18,204 60,176
Cash flows from investing
activities:
Purchases of investments (54,150) (4,977) (137,996) (24,808)
Proceeds from sales of
investments 12,150 - 13,150 36,970
Maturities of investments 10,000 15,000 10,000 20,000
Purchases of property and
equipment (3,906) (13,869) (9,192) (41,871)
Purchases of intangible assets (989) (443) (3,563) (3,317)
Payment related to loss on
foreign currency forward
contract - (329) (337) (329)
Business acquisitions, net of
cash acquired (6,048) (761) (44,179) (60,482)
--------- --------- --------- ---------
Net cash used in investing
activities (42,943) (5,379) (172,117) (73,837)
Cash flows from financing
activities:
Proceeds from exercise of
stock options 1,459 2,476 2,608 8,557
Proceeds from employee stock
purchase plan 95 205 194 330
Proceeds from issuance of
common stock, net of issuance
costs (871) - 142,233 -
Repurchases of vested
restricted stock - (30) - (993)
Proceeds from issuance of
notes payable - - 397 8,006
Principal payments on notes
payable and capital lease
obligations (1,651) (1,483) (5,019) (7,752)
--------- --------- --------- ---------
Net cash (used in) provided by
financing activities (968) 1,168 140,413 8,148
Effect of exchange rate
changes on cash and cash
equivalents 75 (756) 114 (561)
--------- --------- --------- ---------
Net (decrease) increase in
cash and cash equivalents (38,739) 23,598 (13,386) (6,074)
Cash and cash equivalents at
beginning of period 93,640 48,093 68,287 77,765
--------- --------- --------- ---------
Cash and cash equivalents at
end of period $ 54,901 $ 71,691 $ 54,901 $ 71,691
========= ========= ========= =========
Omniture, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, September 30,
----------- -----------
2007 2008
----------- -----------
Assets:
Current assets:
Cash and cash equivalents $ 77,765 $ 71,691
Short-term investments 56,924 4,997
Accounts receivable, net 51,971 95,191
Prepaid expenses and other current assets 3,663 5,458
----------- -----------
Total current assets 190,323 177,337
Property and equipment, net 31,214 64,906
Intangible assets, net 50,769 139,018
Goodwill 94,960 419,477
Long-term investments - 19,768
Other assets 3,457 2,651
----------- -----------
Total assets $ 370,723 $ 823,157
=========== ===========
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable $ 6,470 $ 11,910
Accrued liabilities 17,126 32,509
Current portion of deferred revenues 42,041 91,968
Current portion of notes payable 4,407 4,765
Current portion of capital lease obligations 246 209
----------- -----------
Total current liabilities 70,290 141,361
Deferred revenues, less current portion 1,815 9,420
Notes payable, less current portion 2,948 7,010
Capital lease obligations, less current portion 173 65
Other liabilities 4,422 5,899
Commitments and contingencies
Stockholders' equity:
Preferred stock - -
Common stock 61 72
Additional paid-in capital 340,424 746,602
Deferred stock-based compensation (1,182) (568)
Accumulated other comprehensive income (loss) 40 (1,753)
Accumulated deficit (48,268) (84,951)
----------- -----------
Total stockholders' equity 291,075 659,402
----------- -----------
Total liabilities and stockholders' equity $ 370,723 $ 823,157
=========== ===========Contact: Media Relations:
Kristi Knight
801-722-7000
Email Contact
Investor Relations:
Mike Look
650-450-1008
Email Contact
Source: Omniture
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