Eloqua Announces Fourth Quarter and Full Year 2012 Financial Results

Before you go, we thought you'd like these...
Before you go close icon

Eloqua Announces Fourth Quarter and Full Year 2012 Financial Results

VIENNA, Va.--(BUSINESS WIRE)-- Eloqua, the marketing system of record for modern marketers, today announced financial results for the three and twelve month period ended December 31, 2012.

Financial Highlights for the Full Year Ended December 31, 2012


Total revenue for the full year was $95.8 million, an increase of 34% from $71.3 million in 2011. Subscription and Support revenue was $83.9 million, an increase of 33% from $63.2 million in 2011. Professional Services revenue was $11.9 million, an increase of 46% from $8.1 million in 2011.

GAAP operating loss for the full year of 2012 was $(10.8) million, compared to GAAP operating loss of $(5.1) million in 2011. GAAP net loss attributable to common stockholders was $(78.2) million or $(5.40) per basic and diluted share, based on 14.5 million weighted average shares outstanding. GAAP net loss attributable to common stockholders for 2012 includes $66.9 million of accretion of redeemable preferred stock expense. This compares to a GAAP net loss attributable to common stockholders of $(95.8) million or $(116.74) per basic and diluted share, based on 0.8 million weighted average shares outstanding for 2011. GAAP net loss attributable to common stockholders for 2011 includes $89.7 million of accretion of redeemable preferred stock expense.

Non-GAAP operating loss for the full year 2012 was $(7.3) million, compared to a non-GAAP operating loss of $(3.3) million for the full year 2011. Non-GAAP net loss for the full year 2012 was $(7.4) million or $(0.22) per basic and diluted share, based on 33.5 million pro forma weighted average shares outstanding, compared to a non-GAAP net loss of $(3.7) million for the full year 2011, or $(0.11), per basic and diluted share, based on 32.4 million pro forma weighted average shares outstanding.

A reconciliation of GAAP operating and net income to Non-GAAP operating and net income has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

Cash and cash equivalents were $92.9 million as of December 31, 2012, compared to $85.5 million as of September 30, 2012. For the full year 2012, net cash used in operating activities was ($6.4) million, compared to net cash provided by operating activities of $2.7 million for the full year 2011. Free cash flow was $(11.1) million for the full year 2012, compared to free cash flow of $(0.2) million for the full year 2011.

Financial Highlights for the Fourth Quarter Ended December 31, 2012

Total revenue for the fourth quarter of 2012 was $27.0 million, an increase of 27% from $21.3 million in the fourth quarter of 2011. Subscription and Support revenue was $22.9 million, an increase of 28% from $17.9 million in the fourth quarter of 2011. Professional Services revenue was $4.1 million, an increase of 21% from $3.4 million in the fourth quarter of 2011.

GAAP operating loss for the fourth quarter of 2012 was $(3.8) million, compared to GAAP operating loss of $(1.1) million for the fourth quarter of 2011. GAAP net loss attributable to common stockholders was $(3.7) million or $(0.11) per basic and diluted share, based on 34.4 million weighted average shares outstanding. This compares to a GAAP net loss attributable to common stockholders of $(18.8) million or $(19.09) per basic and diluted share, based on 1.0 million weighted average shares outstanding, for the fourth quarter of 2011. GAAP net loss attributable to common stockholders for the fourth quarter of 2011 includes $17.4 million of accretion of redeemable preferred stock expense.

Non-GAAP operating loss for the fourth quarter of 2012 was $(2.6) million, compared to a non-GAAP operating loss of $(0.4) million for the fourth quarter of 2011. Non-GAAP net loss was $(2.6) million or $(0.07) per basic share and diluted, based on 34.4 million pro forma weighted average shares outstanding compared to non-GAAP net loss of $(0.6) million for the fourth quarter of 2011, or $(0.02) per basic and diluted share, based on 32.6 million pro forma weighted average shares outstanding.

Net cash used in operating activities was ($2.7) million for the fourth quarter of 2012, compared to net cash used in operating activities of ($1.0) million for the fourth quarter of 2011. Free cash flow was ($4.5) million for the fourth quarter of 2012, compared to free cash flow of ($1.6) million for the fourth quarter of 2011.

On December 20, 2012, Eloqua announced an agreement to be acquired by Oracle for $23.50 per share. A special meeting of the shareholders of Eloqua will be held on Friday, February 8, 2013, at 10:00 a.m., local time, at the offices of Goodwin Procter LLP, 901 New York Avenue, NW, Washington, DC 20001 to consider and vote on the proposed transaction.

Non-GAAP Financial Measures

Eloqua has provided in this release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. This information includes non-GAAP operating loss, non-GAAP net loss, non-GAAP net loss per share, pro forma weighted average shares outstanding and free cash flow. Non-GAAP operating loss is based on GAAP operating loss and excludes stock-based compensation expense; non-GAAP net loss is based on GAAP net loss and excludes accretion of dividends on redeemable preferred stock, stock-based compensation expense, change in fair value of warrants and income tax (benefit) expense; free cash flow is based on net cash (used in) provided by operating activities less purchases of property and equipment. Eloqua uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures in evaluating Eloqua's ongoing operational performance.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables included as part of this press release.

About Eloqua

Eloqua (NAS: ELOQ) is the marketing system of record for modern marketers. The company's cloud software, professional services and education programs provide marketers with the technology and expertise needed to help marketing drive revenue. More than 100,000 global users from companies both large and small, rely on the marketing automation power of Eloqua to improve demand generation and lead management while driving more qualified leads. Eloqua's customers include AON, Dow Jones, ADP, Fidelity, Polycom, and National Instruments. The company is headquartered in Vienna, Virginia. For more information, visit www.eloqua.com, subscribe to the It's All About Revenue blog, call 866-327-8764, or email demand@eloqua.com.

 
ELOQUA, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE DATA)

  
 
December 31, 2012December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents$92,914$7,240
Accounts receivable, net of reserve of $615 and $725, respectively30,80218,228
Deferred commissions and other deferred costs1,8462,680
Deferred tax asset572781
Prepaid expense and other assets3,100 4,153 
Total current assets129,23433,082
Property and equipment, net of accumulated depreciation and amortization of $9,505 and 7,242, respectively6,1933,721
Deferred commissions and other deferred costs526902
Deferred tax asset3,965 3,800 
Total assets$139,918 $41,505 
 
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable$3,846$3,263
Accrued employee compensation and related costs13,3563,479
Accrued and other current liabilities7,5317,858
Deferred revenue, current portion38,14828,863
Current portion of long-term debt- 834 
Total current liabilities62,88144,297
Long-term debt, net of current portion-1,458
Non current deferred revenue and other liabilities2,545 1,943 
Total liabilities65,42647,698
Redeemable convertible preferred stock:
Series A preferred stock, $0.0001 par value, 12,124,650 shares authorized,-39,406
issued and outstanding at December 31, 2011 and no shares outstanding at December 31, 2012;
liquidation preference of $39,406 at December 31, 2011
Series B preferred stock, $0.0001 par value, 17,678,926 shares authorized,-57,456
issued and outstanding at December 31, 2011 and no shares outstanding at December 31, 2012;
liquidation preference of $57,456 at December 31, 2011
Series C preferred stock, $0.0001 par value, 21,483,563 shares authorized,-64,242
and 19,766,821 shares issued and outstanding at December 31, 2011 and no shares outstanding at December 31, 2012;
liquidation preference of $64,242 at December 31, 2011  
Total redeemable convertible preferred stock- 161,104 
Stockholders' equity (deficit)
Eloqua, Inc. stockholders' equity (deficit):
Common stock, $0.0001 par value; 100,000,000 and 90,000,000 shares authorized, 35,525,498 and 1,063,368
shares issued and outstanding at December 31, 2012 and December 31, 20113-
Additional paid-in capital319,070-
Accumulated deficit(244,581)(169,259)
Total Eloqua, Inc. stockholders' equity (deficit)74,492(169,259)
Noncontrolling interest- 1,962 
Total stockholders' equity (deficit)74,492 (167,297)
Total liabilities, redeemable preferred stock and stockholders' equity$139,918 $41,505 
 
 
ELOQUA, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
    
 
Three months ended December 31,Twelve months ended December 31,
2012   2011 2012   2011 
 
Revenue:
Subscription and support$22,879$17,925$83,906$63,222
Professional services4,084 3,382 11,856 8,126 
Total revenue26,963 21,307 95,762 71,348 
Cost of revenue:
Subscription and support4,8063,19115,75812,330
Professional services3,714 3,415 11,537 10,718 
Total cost of revenue8,520 6,606 27,295 23,048 
Gross profit18,443 14,701 68,467 48,300 
Operating expenses:
Research and development3,8213,20713,66411,679
Marketing and sales11,2888,07140,70829,481
General and administrative7,1094,48521,41912,208
Litigation settlement- - 3,500 - 
Total operating expenses22,218 15,763 79,291 53,368 
Loss from operations(3,775)(1,062)(10,824)(5,068)
Other income (expense), net34 (237)(288)(707)
Loss before benefit (provision) for income taxes(3,741)(1,299)(11,112)(5,775)
Benefit (provision) for income taxes46 (102)(152)(378)
Net loss(3,695)(1,401)(11,264)(6,153)
Accretion of dividends on redeemable preferred stock- (17,351)(66,920)(89,659)
Net loss attributable to common stockholders$(3,695)$(18,752)$(78,184)$(95,812)
 
Net loss per share attributable to common stockholders, basic and diluted$(0.11)$(19.09)$(5.40)$(116.74)
Weighted average common shares outstanding, basic and diluted34,375,057 982,471 14,490,578 820,734 
 
 
ELOQUA, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
    
 
Three months ended December 31,Twelve months ended December 31,
2012   2011 2012   2011 
Cash flows from operating activities:
Net loss$(3,695)$(1,401)$(11,264)$(6,153)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization7395062,2631,872
Stock-based compensation expense1,1966823,5471,812
Foreign currency transaction gain (loss)344(41)65
Deferred income taxes(87)5240264
Loss on disposal of fixed assets-173-173
Change in fair value of Series C warrants-51189264
Change in operating assets and liabilities:
Accounts receivable, net(10,876)(6,997)(12,574)(2,362)
Prepaid expenses and other assets494(1,185)(464)(2,102)
Deferred commissions and other deferred costs1761,0051,210 Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Gift Finder Promo
More to Explore
Wed, Dec 07
Set Your Location
City, State, or Zip