Niklas Bjorkman wrote: Firstly I agree with your conclusion. NewSQL takes the best of the traditional databases and NoSQL databases to combine the benefits of both worlds. I do not agree that NewSQL vendors focus on giving scale-out features to transactional data. The NewSQL market is focusing on giving true ACID support combined with extreme performance, stepping away from the traditional relational structures in databases. A lot of developers appreciate the ease of accessing data using SQL and I think we will see more and more databases supporting standard SQL.
As you said - NewSQL databases often maintain the...
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 (NASDAQ: 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, 2012
December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents
$
92,914
$
7,240
Accounts receivable, net of reserve of $615 and $725, respectively
30,802
18,228
Deferred commissions and other deferred costs
1,846
2,680
Deferred tax asset
572
781
Prepaid expense and other assets
3,100
4,153
Total current assets
129,234
33,082
Property and equipment, net of accumulated depreciation and
amortization of $9,505 and 7,242, respectively
6,193
3,721
Deferred commissions and other deferred costs
526
902
Deferred tax asset
3,965
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 costs
13,356
3,479
Accrued and other current liabilities
7,531
7,858
Deferred revenue, current portion
38,148
28,863
Current portion of long-term debt
-
834
Total current liabilities
62,881
44,297
Long-term debt, net of current portion
-
1,458
Non current deferred revenue and other liabilities
2,545
1,943
Total liabilities
65,426
47,698
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,
2011
3
-
Additional paid-in capital
319,070
-
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 services
4,084
3,382
11,856
8,126
Total revenue
26,963
21,307
95,762
71,348
Cost of revenue:
Subscription and support
4,806
3,191
15,758
12,330
Professional services
3,714
3,415
11,537
10,718
Total cost of revenue
8,520
6,606
27,295
23,048
Gross profit
18,443
14,701
68,467
48,300
Operating expenses:
Research and development
3,821
3,207
13,664
11,679
Marketing and sales
11,288
8,071
40,708
29,481
General and administrative
7,109
4,485
21,419
12,208
Litigation settlement
-
-
3,500
-
Total operating expenses
22,218
15,763
79,291
53,368
Loss from operations
(3,775
)
(1,062
)
(10,824
)
(5,068
)
Other income (expense), net
34
(237
)
(288
)
(707
)
Loss before benefit (provision) for income taxes
(3,741
)
(1,299
)
(11,112
)
(5,775
)
Benefit (provision) for income taxes
46
(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 diluted
34,375,057
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 amortization
739
506
2,263
1,872
Stock-based compensation expense
1,196
682
3,547
1,812
Foreign currency transaction gain (loss)
3
44
(41
)
65
Deferred income taxes
(87
)
52
40
264
Loss on disposal of fixed assets
-
173
-
173
Change in fair value of Series C warrants
-
51
189
264
Change in operating assets and liabilities:
Accounts receivable, net
(10,876
)
(6,997
)
(12,574
)
(2,362
)
Prepaid expenses and other assets
494
(1,185
)
(464
)
(2,102
)
Deferred commissions and other deferred costs
176
1,005
1,210
(59
)
Accounts payable and accrued and other current liabilities
3,976
4,746
808
5,200
Deferred revenue
5,672
570
9,285
3,492
Noncurrent deferred revenue and other liabilities
(254
)
788
606
271
Net cash (used in) provided by operating activities
(2,656
)
(966
)
(6,395
)
2,737
Cash flows from investing activities:
Purchases of property and equipment
(1,869
)
(669
)
(4,735
)
(2,898
)
Net cash used in investing activities
(1,869
)
(669
)
(4,735
)
(2,898
)
Cash flows from financing activities:
Repayment of long-term debt
-
(208
)
(2,292
)
(208
)
Net IPO Proceeds
-
-
85,760
-
Tax withholdings on stock options exercised
9,708
9,708
Principal payments under capital lease obligations
-
(152
)
-
(321
)
Common stock issued
2,261
84
3,587
446
Net cash provided by (used in) financing activities
11,969
(276
)
96,763
(83
)
Effect of exchange rate changes of cash and cash equivalents
(3
)
(44
)
41
(65
)
Net increase (decrease) in cash and cash equivalents
7,441
(1,955
)
85,674
(309
)
Cash and cash equivalents at beginning of the period
85,473
9,195
7,240
7,549
Cash and cash equivalents at end of the period
$
92,914
$
7,240
$
92,914
$
7,240
ELOQUA, INC.
UNAUDITED SUMMARY OF STOCK-BASED COMPENSATION INCLUDED IN THE
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS)
Three months ended December 31,
Twelve months ended December 31,
2012
2011
2012
2011
Cost of revenue
$
203
$
89
$
573
$
284
Sales and marketing
454
177
1,160
514
Research and development
134
91
439
313
General and administrative
405
325
1,375
701
Total Stock-Based Compensation Expense
$
1,196
$
682
$
3,547
$
1,812
ELOQUA, INC.
UNAUDITED NON-GAAP OPERATING LOSS, NON-GAAP NET LOSS, NON-GAAP
NET LOSS PER SHARE AND FREE CASH FLOW RECONCILIATIONS TO GAAP
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
Three months ended December 31,
Twelve months ended December 31,
2012
2011
2012
2011
Reconciliation of Loss From Operations to Non-GAAP Operating Loss
Loss From Operations
$
(3,775
)
$
(1,062
)
$
(10,824
)
$
(5,068
)
Adjustments to loss from operations:
Stock-based compensation expense
1,196
682
3,547
1,812
Non-GAAP Operating Loss
$
(2,579
)
$
(380
)
$
(7,277
)
$
(3,256
)
Reconciliation of Net Loss to Non-GAAP Net Loss Per Share
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
)
Adjustments to net loss attributable to common stockholders:
Accretion of dividends on redeemable preferred stock
-
17,351
66,920
89,659
Stock-based compensation expense
1,196
682
3,547
1,812
Change in fair value of Series C warrants
-
51
189
264
Income tax (benefit) expense
(46
)
102
152
378
Total adjustments to net loss from common stockholders
1,150
18,186
70,808
92,113
Non-GAAP Net Loss
$
(2,545
)
$
(566
)
$
(7,376
)
$
(3,699
)
Pro forma weighted average common shares outstanding, basic and
diluted**
34,375,057
32,588,175
33,478,768
32,426,411
Non-GAAP Net Loss Per Share
$
(0.07
)
$
(0.02
)
$
(0.22
)
$
(0.11
)
** The pro forma weighted average common shares outstanding reflects
1) the conversion of preferred stock into common stock 2) the
conversion of exchangeable shares into common stock and 3) the 8.2
million shares of common stock issued upon the initial public
offering completed on August 7, 2012 as if these shares were
outstanding for all periods included in the calculation.
Reconciliation of Net Cash (Used In) Provided By Operating
Activities to Free Cash Flow
Net Cash (Used In) Provided By Operating Activities
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A recent study by analyst firm IDC reports that in 2012, 1.7 million cloud computing-related roles across the globe could not be filled due to the lack of training, certification and experience in the applicant pool. As the global demand for cloud and big data expertise increases, empl...
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