OREM, UT, October 15, 2009 – Omniture, Inc. (NASDAQ:OMTR), a leading provider of online business optimization software, today announced results for its third quarter ending September 30, 2009. In the third quarter of 2009, Omniture achieved revenue of $87.9 million, an increase of 13% compared to revenue of $77.8 million reported for the same period a year ago. Non-GAAP revenue for the quarter was $88.0 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.
Omniture’s GAAP net loss was $8.5 million or $0.11 per diluted share in the third quarter of 2009, as compared to a net loss of $17.3 million or $0.24 per diluted share in the third quarter of 2008. GAAP net loss for the third quarter of 2009 includes approximately $5.3 million in acquisition-related expenses associated with Omniture’s agreement to be acquired by Adobe Systems Incorporated. Non-GAAP net income was $12.3 million or $0.15 per diluted share for the third quarter 2009, compared to non-GAAP net income of $8.2 million or $0.11 per diluted share in the third quarter of 2008. 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 patent license agreements and certain acquisition-related expenses and non-cash tax adjustments.
Third quarter fiscal 2009 adjusted EBITDA was $20.4 million. Adjusted EBITDA is defined as loss from operations on a GAAP basis less depreciation and amortization, stock-based compensation, acquisition-related costs related to the agreement by Omniture to be acquired by Adobe Systems Incorporated and acquisition-related adjustments to deferred revenue. Omniture ended the quarter with total cash and investments of $145.3 million and generated cash flow from operations for the third quarter of fiscal 2009 of $19.1million.
During the third quarter of 2009, Omniture captured data from nearly 1.1 trillion transactions and added more than 150 new customers. New customer relationships secured and announced in the third quarter include: Ashley Homestores LTD., AO Ventures dba Bigleads.com, Beyond.com, British Heart Foundation, ING Life Insurance Korea, Ltd., Mail.com Media Corporation, MSG Varsity Network LLC, Tesco Stores Limited, USO and Zagg, Inc.
Click here to view the Q3 2009 financial results
Omniture will not be hosting a conference call in conjunction with these results. For more information or to access the financial results, please visit www.OMTR.com.
About Non-GAAP Financial Measures
In this release we use 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, acquisition-related costs related to the agreement by Omniture to be acquired by Adobe Systems Incorporated 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.
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 Education. www.omniture.com
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