UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 14, 2013
THE ACTIVE NETWORK, INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-35187 | 33-0884962 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
10182 Telesis Court San Diego, California |
92121 | |||
(Address of principal executive offices) | (Zip Code) |
(858) 964-3800
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
The information in this Item 2.02 is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission.
On February 14, 2013, The Active Network, Inc. (the Company) issued a press release announcing its financial results for the fourth fiscal quarter and year ended December 31, 2012 and providing guidance for financial results for the 2013 first quarter and the 2013 fiscal year. A copy of the press release is attached as Exhibit 99.1.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
99.1 | Press Release, dated February 14, 2013.* |
* | Exhibit 99.1 is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
THE ACTIVE NETWORK, INC. | ||||
Date: February 14, 2013 | /s/ Matthew Landa | |||
Matthew Landa | ||||
Chief Executive Officer (principal executive officer) |
EXHIBIT INDEX
Exhibit Number |
Description | |
99.1 | Press Release, dated February 14, 2013. |
Exhibit 99.1
ACTIVE Network Reports Fourth Quarter and Fiscal Year 2012 Financial Results
| Fourth Quarter Revenue Increases 23% to $93.7 Million |
| 2012 Revenue Increases 24% to $418.9 Million |
| 2012 Registrations Up 12% and Revenue Per Registration Up 8% |
| Reaffirming Full Year 2013 Guidance |
SAN DIEGO, CALIF. February 14, 2013 ACTIVE Network (NYSE: ACTV), the leader in cloud-based Activity and Participant Management (APM) solutions, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2012.
Q4 2012 Financial Highlights:
(All comparisons are made to the fourth quarter of 2011)
| Total net revenue up 23% to $93.7 million. |
| Technology revenue increased 25% and constituted 88%, or $82.0 million, of total net revenue. |
| Net registration revenue increased 20% to $55.8 million with the number of registrations up 7% and the revenue per registration up 13%. |
| Marketing services revenue constituted 12%, or $11.6 million, of total net revenue. |
| Net loss was $14.3 million compared to a net loss of $8.5 million. |
| Adjusted EBITDA, a non-GAAP financial measure, was $5.9 million up from $0.4 million in 2011 (Adjusted EBITDA in 2011 included $1.9 million of severance costs associated with the acquisition of StarCite). |
Fiscal Year 2012 Financial Highlights:
(All comparisons are made to fiscal year 2011)
| Total net revenue up 24% to $418.9 million. |
| Technology revenue increased 28% and constituted 88%, or $370.5 million, of total net revenue. |
| Net registration revenue increased 21% to $275.8 million with the number of registrations up 12% and the revenue per registration up 8%. |
| Approximately 55,000 organizations utilized the Companys technology solutions, up 7%. |
| Marketing services revenue constituted 12%, or $48.4 million, of total net revenue. |
| Net loss was $43.0 million compared to a net loss of $27.1 million. |
| Adjusted EBITDA, a non-GAAP financial measure, was $38.4 million. Excluding the impact of business combination accounting rules related to deferred revenue, Adjusted EBITDA was $50.8 million. |
In 2012, we achieved the key technology milestones we established at the beginning of the year. Our first Hunting and Fishing customer went live on our ActiveWorks® platform, we made strong progress in transitioning our Endurance customers onto ActiveWorks, and we delivered on our data center consolidation targets. We continue to drive innovation and adoption of our horizontal ActiveWorks® platform, commented Executive Chairman of ACTIVE Network, Dave Alberga.
We delivered 23% revenue growth in the fourth quarter and 24% for the full year 2012, added Matt Landa, CEO of ACTIVE Network. In the fourth quarter, our cross-selling efforts gained momentum as we brought in a number of Fortune 500 customers that now use our combined Strategic Meetings Management and Conference solution. We generated positive operating cash flow of $27.6 million and ended the year with a strong balance sheet. As we enter 2013, I am excited about our leading market position and our ability to capitalize on new opportunities. During the year, we will continue to make targeted investments in our sales capabilities to drive increased adoption of our APM technology.
Q4 2012 Key Business Highlights
| Marquee customer highlights included wins from City of Santa Monica, San Antonio YMCA, and Sun Valley Resort and strong technology successes with Loews Hotels and Nestlé. |
| ACTIVE launched Registration Protector in partnership with Allianz Global to protect registration fees for both event organizers and participants when participants cant show up on race day. |
| ACTIVE Access, a new enhanced developer center, brought together all aspects of ACTIVE Networks distribution offerings in a single, user-friendly site, developer.active.com. |
| Internationally, ACTIVE expanded its footprint announcing that it has become the exclusive technology partner for RUN Ireland, the largest source for running events in that region. |
| We extended our ActiveWorks Endurance platform to Australia in October and are experiencing strong initial adoption. |
Financial Outlook
First Quarter 2013 - For the first quarter of 2013, ACTIVE Network expects total revenue to be in the range of $102 million to $107 million. Registrations are expected to grow approximately 2% to 7% and revenue per registration is expected to grow approximately 7% to 9% compared to the same period in the prior year. The Company expects Adjusted EBITDA in the range of $2 million to $5 million. The Company expects a net loss of $21 million to $17 million.
Full Year 2013 - Active Network reiterated financial guidance for full year 2013. Total revenue is expected to be in the range of $470 million to $480 million and Adjusted EBITDA is expected to be in the range of $50 million to $54 million. The Company expects a net loss of $38 million to $31 million.
Our fourth quarter results were in-line with our guidance - as registrations, one of our main drivers, accelerated 7% and revenue per registration grew 13% from the prior year period, said Scott Mendel, CFO of ACTIVE Network. During 2012, approximately 55,000 organizations used our technology solutions to manage their events and activities, up 7% over 2011.
Conference Call Information
ACTIVE Network will host a conference call to discuss fourth quarter and fiscal year 2012 results today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call dial-in number is (800) 573-4840 for domestic participants and (617) 224-4326 for international participants. A live webcast of the conference call will also be available and can be accessed within the investor relations section of the ACTIVE Network corporate website at: http://investors.ACTIVEnetwork.com.
A replay of the call will be available starting at 6:30 p.m. Eastern Time (3:30 p.m. Pacific Time) on February 14, 2013 through 11:59 p.m. Eastern Time (8:59 p.m. Pacific Time) on February 21, 2013. To listen to the replay, dial (888) 286-8010 or (617) 801-6888 outside of the United States and use the passcode 38594946. The replay will also be available via webcast at:
http://investors.activenetwork.com/.
About ACTIVE Network
ACTIVE Network (NYSE: ACTV) is on a mission to make the world a more active place. With deep expertise in Activity and Participant Management (APM), our ACTIVE Works® cloud technology helps organizations transform and grow their businesses. We do this through technology solutions that power the worlds activities, as well as online destinations such as ACTIVE.com® that connect people with the things they love to do. Serving over 50,000 global business customers and driving over 80 million transactions annually, we help organizations get participants, manage their events and build communities. ACTIVE Network is headquartered in San Diego, California and has over 30 offices worldwide. Learn more at ACTIVEnetwork.com or ACTIVE.com and engage with us on Twitter @ACTIVEnetwork, @ACTIVE and on Facebook.
Note With Respect to Non-GAAP Financial Measures
In addition to using GAAP financial results, the Companys management measures and reports non-GAAP financial measures, including Adjusted EBITDA, Non-GAAP net income (loss) and Non-GAAP net
income (loss) per share. The most directly comparable GAAP financial results for these non-GAAP financial measures are Net income (loss), Net income (loss) and Net income (loss) per share, respectively. Management uses these non-GAAP financial measures to evaluate the Companys performance and operations. Management also uses these non-GAAP financial measures for business planning, to evaluate acquisition opportunities and as a measurement to create incentives and to compensate the Companys management team. In addition, management believes the exclusion or inclusion of certain amounts in calculating these non-GAAP financial measures can provide a useful measure to investors for period-to-period comparisons. These non-GAAP financial measures, however, should be used in addition to, and in conjunction with, the Companys financial results presented in accordance with GAAP. The Company strongly encourages investors to review its financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare the Companys results with other companies non-GAAP financial measures having the same or similar names. Please see Reconciliation of GAAP to Non-GAAP Results below for a reconciliation of our GAAP to non-GAAP financial measures.
Forward-Looking Statements
The Active Network, Inc. cautions you that the statements included in this press release that are not a description of historical facts are forward-looking statements within the meaning of the federal securities laws. Any such statements are subject to substantial risks and uncertainties, including the Companys ability to generate revenue and control expenses in order to achieve and maintain profitability, the Companys ability to maintain an adequate rate of growth, including growing its registrations and revenue from registrations, and the Companys ability to successfully manage its acquisitions and investments in businesses, applications and technologies, as well as the other risks detailed from time to time in the reports it files with the Securities and Exchange Commission. As a result of these risks and uncertainties, the Companys actual results may differ materially from those expressed in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
THE ACTIVE NETWORK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net Revenue: |
||||||||||||||||
Technology revenue |
$ | 82,027 | $ | 65,478 | $ | 370,472 | $ | 290,480 | ||||||||
Marketing services revenue |
11,645 | 10,567 | 48,421 | 46,910 | ||||||||||||
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|
|
|
|
|||||||||
Total net revenue |
93,672 | 76,045 | 418,893 | 337,390 | ||||||||||||
Cost of net revenue: |
||||||||||||||||
Cost of technology revenue |
42,916 | 34,976 | 184,954 | 144,962 | ||||||||||||
Cost of marketing services revenue |
1,608 | 1,711 | 6,865 | 5,952 | ||||||||||||
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|||||||||
Total cost of net revenue |
44,524 | 36,687 | 191,819 | 150,914 | ||||||||||||
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|
|||||||||
Gross profit |
49,148 | 39,358 | 227,074 | 186,476 | ||||||||||||
Operating expenses: |
||||||||||||||||
Sales and marketing |
23,629 | 17,281 | 97,091 | 70,251 | ||||||||||||
Research and development |
18,454 | 16,572 | 81,408 | 66,753 | ||||||||||||
General and administrative |
16,615 | 16,493 | 65,924 | 51,126 | ||||||||||||
Amortization of intangibles |
5,497 | 3,872 | 22,277 | 14,962 | ||||||||||||
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Total operating expenses |
64,195 | 54,218 | 266,700 | 203,092 | ||||||||||||
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|||||||||
Loss from operations |
(15,047 | ) | (14,860 | ) | (39,626 | ) | (16,616 | ) | ||||||||
Interest income |
14 | 28 | 87 | 119 | ||||||||||||
Interest expense |
(184 | ) | (91 | ) | (664 | ) | (2,890 | ) | ||||||||
Other income (expense), net |
(206 | ) | (123 | ) | 1,157 | (14 | ) | |||||||||
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|
|
|
|
|||||||||
Loss before provision (benefit) for income taxes |
(15,423 | ) | (15,046 | ) | (39,046 | ) | (19,401 | ) | ||||||||
Provision (benefit) for income taxes |
(1,082 | ) | (6,564 | ) | 3,980 | (4,074 | ) | |||||||||
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|
|
|
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|
|||||||||
Net loss |
(14,341 | ) | (8,482 | ) | (43,026 | ) | (15,327 | ) | ||||||||
Accretion of redeemable convertible preferred stock |
| | | (11,810 | ) | |||||||||||
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Net loss attributable to common stockholders |
$ | (14,341 | ) | $ | (8,482 | ) | $ | (43,026 | ) | $ | (27,137 | ) | ||||
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Net loss per share attributable to common stockholders: |
||||||||||||||||
Basic and diluted |
$ | (0.24 | ) | $ | (0.16 | ) | $ | (0.73 | ) | $ | (0.75 | ) | ||||
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Weighted-average shares used to compute net loss per share attributable to common stockholders: |
||||||||||||||||
Basic and diluted |
60,423 | 54,109 | 58,804 | 36,072 | ||||||||||||
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THE ACTIVE NETWORK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, 2012 |
December 31, 2011(1) |
|||||||
(Unaudited) | ||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 58,493 | $ | 108,699 | ||||
Restricted cash |
1,145 | 1,502 | ||||||
Registration receivable |
16,260 | 14,006 | ||||||
Accounts receivable, net |
51,363 | 52,463 | ||||||
Inventories |
4,809 | 1,662 | ||||||
Prepaid expenses and other current assets |
8,922 | 7,509 | ||||||
|
|
|
|
|||||
Total current assets |
140,992 | 185,841 | ||||||
Property and equipment, net |
41,236 | 33,830 | ||||||
Software development costs, net |
51,151 | 45,093 | ||||||
Goodwill |
243,716 | 243,320 | ||||||
Intangible assets, net |
62,806 | 90,340 | ||||||
Other long-term assets |
2,569 | 2,133 | ||||||
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|
|||||
Total assets |
$ | 542,470 | $ | 600,557 | ||||
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Liabilities and stockholders equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 8,174 | $ | 8,516 | ||||
Registration fees payable |
61,272 | 72,405 | ||||||
Accrued expenses |
38,865 | 41,106 | ||||||
Deferred revenue |
66,846 | 54,919 | ||||||
Current portion of long-term debt |
| 5,000 | ||||||
Capital lease obligations, current portion |
2,774 | 3,317 | ||||||
Other current liabilities |
4,373 | 42,613 | ||||||
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|
|||||
Total current liabilities |
182,304 | 227,876 | ||||||
Capital lease obligations, net of current portion |
2,462 | 1,652 | ||||||
Other long-term liabilities |
6,192 | 6,147 | ||||||
Deferred tax liability |
19,065 | 18,243 | ||||||
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|
|||||
Total liabilities |
210,023 | 253,918 | ||||||
Stockholders equity: |
||||||||
Common stock |
62 | 58 | ||||||
Treasury stock |
(11,959 | ) | (11,959 | ) | ||||
Additional paid-in capital |
653,694 | 625,875 | ||||||
Accumulated other comprehensive income |
8,934 | 7,923 | ||||||
Accumulated deficit |
(318,284 | ) | (275,258 | ) | ||||
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Total stockholders equity |
332,447 | 346,639 | ||||||
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Total liabilities and stockholders equity |
$ | 542,470 | $ | 600,557 | ||||
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(1) | Includes adjustment to the 12/31/11 balance sheet for comparability. The Company has concluded that certain deferred tax assets should have been recorded as current assets in the financial statements for the period ended December 31, 2011 which results in an increase in other current assets and a corresponding increase in Deferred tax liability of $1,330. |
THE ACTIVE NETWORK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Twelve Months Ended December 31, |
||||||||
2012 | 2011 | |||||||
Operating activities |
||||||||
Net loss |
$ | (43,026 | ) | $ | (15,327 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
Depreciation and amortization of property and equipment |
33,343 | 24,386 | ||||||
Amortization of intangible assets |
27,972 | 20,471 | ||||||
Stock-based compensation expense |
16,728 | 7,795 | ||||||
Deferred income taxes |
1,370 | (5,016 | ) | |||||
Other non-cash items |
(2,669 | ) | 174 | |||||
Change in operating assets and liabilities, net of effect of acquisitions: |
||||||||
Restricted cash |
357 | 4,190 | ||||||
Registration receivable |
(2,254 | ) | (5,378 | ) | ||||
Accounts receivable |
1,849 | (6,961 | ) | |||||
Inventories |
(3,147 | ) | (1,662 | ) | ||||
Prepaid expenses and other assets |
(2,512 | ) | 1,071 | |||||
Accounts payable and accrued expenses |
(3,141 | ) | 887 | |||||
Registration fees payable |
(11,133 | ) | 31,738 | |||||
Deferred revenue |
11,894 | 6,400 | ||||||
Other liabilities |
1,921 | 2,935 | ||||||
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|
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Net cash provided by operating activities |
27,552 | 65,703 | ||||||
Investing activities |
||||||||
Purchases of property and equipment |
(17,765 | ) | (12,514 | ) | ||||
Capitalized software development |
(23,026 | ) | (18,651 | ) | ||||
Cash paid for acquisitions, net of cash acquired |
(38,175 | ) | (35,144 | ) | ||||
Payment of contingent consideration |
| (625 | ) | |||||
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|||||
Net cash used in investing activities |
(78,966 | ) | (66,934 | ) | ||||
Financing activities |
||||||||
Proceeds from issuance of common stock and repurchase of unvested common stock |
10,955 | 5,187 | ||||||
Payments on capital lease obligations |
(4,730 | ) | (2,595 | ) | ||||
Proceeds (repayment) of long-term debt |
(5,000 | ) | (36,628 | ) | ||||
Net proceeds from initial public offering |
| 112,566 | ||||||
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Net cash provided by financing activities |
1,225 | 78,530 | ||||||
Effect of exchange rates on cash |
(17 | ) | (41 | ) | ||||
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|||||
Net increase (decrease) in cash and cash equivalents |
(50,206 | ) | 77,258 | |||||
Cash and cash equivalents at beginning of period |
108,699 | 31,441 | ||||||
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Cash and cash equivalents at end of period |
$ | 58,493 | $ | 108,699 | ||||
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THE ACTIVE NETWORK, INC.
SUPPLEMENTARY DATA
(In thousands, except revenue per registration)
(Unaudited)
Three Months Ended December 31, |
% change |
Twelve Months Ended December 31, |
% change | |||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
Operational Data: |
||||||||||||||||||||
Organizations |
n/a | n/a | n/a | 54.9 | 51.3 | 7% | ||||||||||||||
Net registration revenue |
55,750 | 46,386 | 20% | 275,826 | 228,453 | 21% | ||||||||||||||
Registrations |
18,434 | 17,305 | 7% | 89,900 | 80,274 | 12% | ||||||||||||||
Net registration revenue per registration |
$ | 3.02 | $ | 2.68 | 13% | $ | 3.07 | $ | 2.85 | 8% | ||||||||||
Three Months Ended December 31, |
% or bps change |
Twelve Months Ended December 31, |
% or bps change | |||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
GAAP and Non-GAAP Gross Profit Margin: |
||||||||||||||||||||
Total net revenue |
$ | 93,672 | $ | 76,045 | 23% | $ | 418,893 | $ | 337,390 | 24% | ||||||||||
Add: impact of business combination accounting rules |
1,512 | 703 | 12,373 | 1,471 | ||||||||||||||||
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Non-GAAP total net revenue |
$ | 95,184 | $ | 76,748 | 24% | $ | 431,266 | $ | 338,861 | 27% | ||||||||||
GAAP gross profit |
$ | 49,148 | $ | 39,358 | 25% | $ | 227,074 | $ | 186,476 | 22% | ||||||||||
Add back: stock-based compensation |
183 | 61 | 657 | 168 | ||||||||||||||||
Add back: depreciation & amortization |
8,980 | 6,722 | 32,708 | 23,518 | ||||||||||||||||
Add: impact of business combination accounting rules |
1,512 | 703 | 12,373 | 1,471 | ||||||||||||||||
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Non-GAAP gross profit |
$ | 59,823 | $ | 46,844 | 28% | $ | 272,812 | $ | 211,633 | 29% | ||||||||||
Gross profit margin: |
||||||||||||||||||||
GAAP gross profit margin |
52.5 | % | 51.8 | % | 70 bps | 54.2 | % | 55.3 | % | (110) bps | ||||||||||
Non-GAAP gross profit margin |
62.8 | % | 61.0 | % | 180 bps | 63.3 | % | 62.5 | % | 80 bps | ||||||||||
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
Stock-Based Compensation Expense: |
||||||||||||||||||||
Cost of net revenue |
$ | 183 | $ | 61 | $ | 657 | $ | 168 | ||||||||||||
Sales and marketing |
1,054 | 373 | 3,763 | 1,413 | ||||||||||||||||
Research and development |
622 | 279 | 2,404 | 915 | ||||||||||||||||
General and administrative |
2,877 | 2,300 | 9,904 | 5,299 | ||||||||||||||||
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Total stock-based compensation |
$ | 4,736 | $ | 3,013 | $ | 16,728 | $ | 7,795 | ||||||||||||
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THE ACTIVE NETWORK, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(In thousands, except per share data)
(Unaudited)
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Non-GAAP Earnings: |
||||||||||||||||
Non-GAAP net (loss) income: |
||||||||||||||||
GAAP net loss |
$ | (14,341 | ) | $ | (8,482 | ) | $ | (43,026 | ) | $ | (15,327 | ) | ||||
Add back: stock-based compensation |
4,736 | 3,013 | 16,728 | 7,795 | ||||||||||||
Add back: amortization of intangibles |
6,840 | 5,161 | 27,972 | 20,471 | ||||||||||||
Add: impact of business combination accounting rules |
1,512 | 703 | 12,373 | 1,471 | ||||||||||||
Income tax effect |
(4,581 | ) | (3,107 | ) | (19,976 | ) | (10,408 | ) | ||||||||
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Non-GAAP net (loss) income |
$ | (5,834 | ) | $ | (2,712 | ) | $ | (5,929 | ) | $ | 4,002 | |||||
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Non-GAAP shares: |
||||||||||||||||
GAAP sharesbasic |
60,423 | 54,109 | 58,804 | 36,072 | ||||||||||||
Add: preferred stock conversion |
| 13,663 | ||||||||||||||
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Non-GAAP sharesbasic |
60,423 | 54,109 | 58,804 | 49,735 | ||||||||||||
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GAAP sharesdiluted |
60,423 | 54,109 | 58,804 | 36,072 | ||||||||||||
Add: preferred stock and other securities conversion |
| 22,598 | ||||||||||||||
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Non-GAAP sharesdiluted |
60,423 | 54,109 | 58,804 | 58,670 | ||||||||||||
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Non-GAAP net (loss) income per share: |
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Basic |
$ | (0.10 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | 0.08 | |||||
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Diluted |
$ | (0.10 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | 0.07 | |||||
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Three Months Ended December 31, |
Twelve Months Ended December 31, |
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2012 | 2011 | 2012 | 2011 | |||||||||||||
Adjusted EBITDA: |
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Net loss |
$ | (14,341 | ) | $ | (8,482 | ) | $ | (43,026 | ) | $ | (15,327 | ) | ||||
Add back: interest expense, net |
170 | 63 | 577 | 2,771 | ||||||||||||
Add back: provision (benefit) for income taxes |
(1,082 | ) | (6,564 | ) | 3,980 | (4,074 | ) | |||||||||
Add back: depreciation and amortization |
16,188 | 12,203 | 61,315 | 44,857 | ||||||||||||
Add back: stock-based compensation |
4,736 | 3,013 | 16,728 | 7,795 | ||||||||||||
Add back: other (income) expense, net |
206 | 123 | (1,157 | ) | 14 | |||||||||||
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Adjusted EBITDA |
$ | 5,877 | $ | 356 | $ | 38,417 | $ | 36,036 | ||||||||
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Add: acquisition-related severance costs |
| 1,977 | | 1,977 | ||||||||||||
Add: impact of business combination accounting rules |
1,512 | 703 | 12,373 | 1,471 | ||||||||||||
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Adjusted EBITDA excluding the impact of acquisition-related severance costs and business combination accounting rules |
$ | 7,389 | $ | 3,036 | $ | 50,790 | $ | 39,484 | ||||||||
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THE ACTIVE NETWORK, INC.
FUTURE PERFORMANCE1ST QUARTER AND FULL YEAR 2013 OUTLOOK
(In thousands, except per share data)
Estimated 1st Quarter 2013 |
Estimated Full Year 2013 |
|||||||||||||||
Low End | High End | Low End | High End | |||||||||||||
Reconciliation of GAAP to Non-GAAP Results: |
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Net loss |
$ | (21,000 | ) | $ | (17,000 | ) | $ | (38,000 | ) | $ | (31,000 | ) | ||||
Interest, taxes and other |
1,000 | 2,000 | 6,000 | 5,000 | ||||||||||||
Depreciation and amortization |
16,000 | 15,000 | 60,000 | 59,000 | ||||||||||||
Stock-based compensation |
6,000 | 5,000 | 22,000 | 21,000 | ||||||||||||
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Adjusted EBITDA |
$ | 2,000 | $ | 5,000 | $ | 50,000 | $ | 54,000 | ||||||||
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Net loss per share: |
||||||||||||||||
Net loss |
$ | (21,000 | ) | $ | (17,000 | ) | $ | (38,000 | ) | $ | (31,000 | ) | ||||
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Weighted average sharesbasic and diluted |
61,000 | 62,000 | 63,000 | 64,000 | ||||||||||||
Net loss per sharebasic and diluted |
$ | (0.34 | ) | $ | (0.27 | ) | $ | (0.60 | ) | $ | (0.48 | ) | ||||
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Non-GAAP net loss: |
||||||||||||||||
GAAP net loss |
$ | (21,000 | ) | $ | (17,000 | ) | $ | (38,000 | ) | $ | (31,000 | ) | ||||
Add back: stock-based compensation |
6,000 | 5,000 | 22,000 | 21,000 | ||||||||||||
Add back: amortization of intangibles |
6,000 | 5,500 | 21,000 | 20,000 | ||||||||||||
Income tax effect |
(4,200 | ) | (3,675 | ) | (15,050 | ) | (14,350 | ) | ||||||||
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Non-GAAP net loss |
$ | (13,200 | ) | $ | (10,175 | ) | $ | (10,050 | ) | $ | (4,350 | ) | ||||
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Weighted average sharesbasic and diluted |
61,000 | 62,000 | 63,000 | 64,000 | ||||||||||||
Non-GAAP net loss per sharebasic and diluted |
$ | (0.22 | ) | $ | (0.16 | ) | $ | (0.16 | ) | $ | (0.07 | ) | ||||
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###
© 2013 The Active Network, Inc. All rights reserved. ACTIVE.com, ACTIVE Works and StarCite are registered trademarks of The Active Network, Inc. ACTIVE Network is a trademark of The Active Network, Inc. All other trademarks are the property of their respective owners.
Media Contact: | Investor Contact: | |
Megan Lavine, ACTIVE Network | Brinlea Johnson, The Blueshirt Group | |
PR@ACTIVEnetwork.com | Brinlea@BlueshirtGroup.com | |
1-858-652-6133 | 1-212-331-8424 | |
Allise Furlani, The Blueshirt Group | ||
Allise@BlueshirtGroup.com | ||
1-212-331-8433 |
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