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Bazaarvoice, Inc. Announces its Financial Results for the Second Fiscal Quarter of 2017

Second fiscal quarter highlights include: 

  • Delivered Q2 revenue of $50.4 million, up 1.0% from the same period a year ago
  • Achieved positive operating cash flow for the fifth quarter in a row
  • Improved GAAP net loss to $4.1 million from a loss of $4.9 million in the same period a year ago
  • Increased Adjusted EBITDA to $5.2 million from $3.1 million in the same period a year ago

AUSTIN, Texas, Nov. 30, 2016 (GLOBE NEWSWIRE) -- Bazaarvoice, Inc. (Nasdaq:BV), which is creating the world's smartest network of active shoppers, brands and retailers, reported its financial results for the second fiscal quarter ended October 31, 2016.

“The second quarter was another good quarter for Bazaarvoice, as we delivered stronger dollar retention and overall bookings growth year-over-year.  We also achieved strong year-over-year Adjusted EBITDA growth and our fifth straight quarter of positive operating cash flow as we continue to improve the margin profile of the business," said Gene Austin, chief executive officer and president. “We believe our large and growing network of retailers and brands and our unique insights into shopping behavior across the network provide us with an exciting long term growth opportunity.”

Second Fiscal Quarter of 2017 Financial Details

Revenue: Bazaarvoice reported revenue of $50.4 million for the second fiscal quarter of 2017, up 1.0% from the second fiscal quarter of 2016, which consisted of SaaS revenue of $48.1 million and net advertising revenue of $2.3 million.

GAAP net loss and net loss per share: GAAP net loss was $4.1 million, compared to a GAAP net loss of $4.9 million for the second fiscal quarter of 2016. GAAP net loss per share was $0.05 based upon weighted average shares outstanding of 82.9 million, compared to a GAAP net loss per share of $0.06 for the second fiscal quarter of 2016 based upon weighted average shares outstanding of 80.7 million.

Adjusted EBITDA: During the first quarter of fiscal 2017 we updated our definition of Adjusted EBITDA to enhance comparability between ourselves and our peers.  Adjusted EBITDA for the second fiscal quarter of 2017 was $5.2 million compared to $3.1 million for the second fiscal quarter of 2016. For a reconciliation of Adjusted EBITDA as previously defined to Adjusted EBITDA under our updated definition refer to Note 6 of the “Selected Quarterly Financial and Operational Metrics” table contained herein.

Non-GAAP net income and earnings per share: Non-GAAP net income was $1.4 million, compared to a non-GAAP net loss of $0.4 million for the second fiscal quarter of 2016. Non-GAAP earnings per share was $0.02 based upon weighted average shares outstanding of 82.9 million, compared to non-GAAP net loss per share of $0.00 for the second fiscal quarter of 2016 based upon weighted average shares outstanding of 80.7 million.

Quarterly Conference Call

Bazaarvoice will host a conference call today at 4:30 p.m. Eastern Time to review the Company’s financial results for the second fiscal quarter of 2017. To access this call, dial (877) 407-3982 from the United States or (201) 493-6780 internationally. A live webcast of the conference call can be accessed from the investor relations page of Bazaarvoice’s company website at investors.bazaarvoice.com. Following the completion of the call, a recorded replay will be available on the Company’s website, and a telephone replay will be available through December 14, 2016 by dialing (844) 512-2921 from the United States or (412) 317-6671 internationally with recording access code 13648419.

About Bazaarvoice
Bazaarvoice is creating the world's smartest shopper network connecting more than one-half billion consumers monthly to thousands of retailers and brands. Our network enables Bazaarvoice's clients to engage consumers online, in-store and via mobile devices with industry leading solutions that include targeted shopper advertising and authentic consumer generated content, such as ratings and reviews, curated photos, social posts and videos. For more information visit http://www.bazaarvoice.com.

Non-GAAP Financial Measures

During the first quarter of fiscal 2017 we updated our definition of Adjusted EBITDA to enhance comparability between ourselves and our peers. We define Adjusted EBITDA as GAAP net loss adjusted for stock-based expense, contingent consideration related to acquisitions, depreciation and amortization (including amortization of capitalized internal-use software development costs), restructuring charges, integration and other costs related to acquisitions, other non-business costs and benefits, income tax expense and other (income) expense, net.  Our previous definition of Adjusted EBITDA excluded amortization of capitalized internal-use software development costs from adjusted depreciation and amortization and included capitalized stock-based compensation in stock-based expense. For a reconciliation of Adjusted EBITDA as previously defined to Adjusted EBITDA under our updated definition refer to Note 6 of the “Selected Quarterly Financial and Operational Metrics” table contained herein.

Adjusted EBITDA discussed in this press release is defined as our GAAP net loss adjusted for stock-based expense, contingent consideration related to acquisitions, depreciation and amortization (including amortization of capitalized internal-use software development costs), integration and other costs related to acquisitions, other non-business costs and benefits, income tax expense and other (income) expense, net. GAAP net loss is the most comparable GAAP measure to Adjusted EBITDA.

Non-GAAP net loss, which is used to calculate non-GAAP net loss per share, is defined as our GAAP net loss, adjusted to exclude stock-based expense, contingent consideration related to acquisitions, amortization of acquired intangible assets, integration and other costs related to acquisitions, and other non-business costs and benefits along with the associated income tax effect of these adjustments.

Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of core operating performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company’s operating performance against prior periods and the effectiveness of our business strategies, the preparation of operating budgets and to determine appropriate levels of operating and capital investments, as well as in communications with our board of directors concerning our financial performance. Management also believes that the non-GAAP financial measures provide additional insight for securities analysts and investors in evaluating the Company’s financial and operational performance without regard to items that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired. However, these non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our results of operations as reported under GAAP. Furthermore, these non-GAAP financial measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate these non-GAAP financial measures in the same manner. We intend to provide these non-GAAP financial measures as part of our future financial results discussions; therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP is provided in the accompanying tables.

Forward-looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about driving future improvements in profitability, monetizing the Bazaarvoice network and driving revenue growth over the long term and other statements about management’s beliefs, intentions or goals. We may not actually achieve the expectations disclosed in the forward-looking statements, and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to, our expectations regarding our revenue, expenses, sales and operations; changes in accounting standards; our ability to realize efficiencies and to execute on our strategic initiatives; our limited operating history; our ability to operate in a new and unproven market; our ability to effectively manage growth; our ability to develop and launch new products; risks associated with the uncertainty of market acceptance of our new products; our ability to retain our existing customers and satisfy their obligations and needs and upsell to existing clients; our ability to attract and retain employees; our ability to maintain pricing for our products and services; our ability to manage expansion into new vertical industries; our ability to reduce our cost structure and improve operating efficiencies;  and the effects of increased competition and commoditization of products we offer, including pricing pressure, reduced profitability or loss of market share; risks and challenges associated with international sales; our ability to successfully identify, manage and integrate potential acquisitions; the impact of the Department of Justice stipulation regarding PowerReviews on our business; and other risks and potential factors that could affect our business and financial results identified in our Form 10-K for the fiscal year ended April 30, 2016 as filed with the Securities and Exchange Commission on June 20, 2016. Additional information will also be set forth in our future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We do not intend and undertake no duty to release publicly any updates or revisions to any forward-looking statements contained herein.

 
Bazaarvoice, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
 
  October 31,
 2016
  April 30,
 2016
Assets      
Current assets:      
Cash and cash equivalents $ 44,427     $ 43,963  
Short-term investments 41,704     50,682  
Accounts receivable, net 37,494     39,597  
Prepaid expenses and other current assets 9,115     8,415  
Total current assets 132,740     142,657  
Property, equipment and capitalized internal-use software development costs, net 30,045     31,649  
Goodwill 139,155     139,155  
Acquired intangible assets, net 8,662     9,607  
Other non-current assets 3,944     5,214  
Total assets $ 314,546     $ 328,282  
Liabilities and stockholders’ equity      
Current liabilities:      
Accounts payable $ 3,738     $ 6,110  
Accrued expenses and other current liabilities 18,538     23,167  
Deferred revenue 62,719     62,735  
Total current liabilities 84,995     92,012  
Long-term liabilities:      
Revolving line of credit 37,000     42,000  
Deferred revenue less current portion 2,409     2,481  
Other liabilities, long-term 6,871     7,255  
Total liabilities 131,275     143,748  
Commitments and contingencies      
Stockholders’ equity:      
Common stock 8     8  
Additional paid-in capital 446,343     437,239  
Accumulated other comprehensive loss (2,006 )   (878 )
Accumulated deficit (261,074 )   (251,835 )
Total stockholders’ equity 183,271     184,534  
Total liabilities and stockholders’ equity $ 314,546     $ 328,282  
               


Bazaarvoice, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except net loss per share data)
(unaudited)
 
  Three Months Ended October 31,   Six Months Ended October 31,
  2016   2015   2016   2015
Revenue $ 50,408     $ 49,926     $ 100,501     $ 98,802  
Cost of revenue 18,855     19,146     37,611     38,694  
Gross profit 31,553     30,780     62,890     60,108  
Operating expenses:              
Sales and marketing 15,819     16,502     31,123     35,668  
Research and development 9,959     10,354     21,032     20,887  
General and administrative 8,051     7,643     16,310     15,881  
Restructuring charges 767         1,094      
Acquisition-related and other 120     224     296     926  
Amortization of acquired intangible assets 310     310     619     619  
Total operating expenses 35,026     35,033     70,474     73,981  
Operating loss (3,473 )   (4,253 )   (7,584 )   (13,873 )
Other income (expense), net:              
Interest income 153     74     295     151  
Interest expense (459 )   (461 )   (948 )   (1,032 )
Other expense (263 )   (88 )   (775 )   (306 )
Total other expense, net (569 )   (475 )   (1,428 )   (1,187 )
Loss before income taxes (4,042 )   (4,728 )   (9,012 )   (15,060 )
Income tax expense 92     124     227     36  
Net loss $ (4,134 )   $ (4,852 )   $ (9,239 )   $ (15,096 )
Net loss per share, basic and diluted $ (0.05 )   $ (0.06 )   $ (0.11 )   $ (0.19 )
Basic and diluted weighted average number of shares outstanding 82,930     80,678     82,572     80,426  
                       


Bazaarvoice, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
  Three Months Ended October 31,   Six Months Ended October 31,
  2016   2015   2016   2015
Operating activities:              
Net loss $ (4,134 )   $ (4,852 )   $ (9,239 )   $ (15,096 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:              
Depreciation and amortization expense 3,532     3,334     7,110     6,978  
Stock-based expense 4,239     3,787     8,183     7,722  
Bad debt expense (64 )   (24 )   (243 )   61  
Amortization of deferred financing costs 59     59     118     118  
Loss on sublease 501         501      
Other non-cash expense (benefit) (88 )   (6 )   (127 )   45  
Changes in operating assets and liabilities:              
Accounts receivable 596     13,018     2,345     11,942  
Prepaid expenses and other current assets (7 )   1,025     (514 )   977  
Other non-current assets 89     (616 )   958     (930 )
Accounts payable 212     2,957     (2,404 )   2,149  
Accrued expenses and other current liabilities (127 )   (1,846 )   (4,569 )   (6,008 )
Deferred revenue (3,062 )   (6,348 )   (88 )   (3,850 )
Other liabilities, long-term (156 )   2,956     (312 )   2,960  
Net cash provided by operating activities 1,590     13,444     1,719     7,068  
Investing activities:              
Proceeds from sale of discontinued operations             4,501  
Purchases of property, equipment and capitalized internal-use software development costs (2,113 )   (7,290 )   (4,873 )   (10,219 )
Purchases of short-term investments (2,349 )   (24,700 )   (15,040 )   (39,855 )
Proceeds from maturities of short-term investments 8,870     22,345     23,880     40,517  
Net cash provided by (used in) investing activities 4,408     (9,645 )   3,967     (5,056 )
Financing activities:              
Proceeds from employee stock compensation plans 329     1,012     724     2,113  
Payments on revolving line of credit (5,000 )       (5,000 )    
Net cash provided by financing activities (4,671 )   1,012     (4,276 )   2,113  
Effect of exchange rate fluctuations on cash and cash equivalents (408 )   (189 )   (946 )   (94 )
Net change in cash and cash equivalents 919     4,622     464     4,031  
Cash and cash equivalents at beginning of period 43,508     53,450     43,963     54,041  
Cash and cash equivalents at end of period $ 44,427     $ 58,072     $ 44,427     $ 58,072  
Supplemental disclosure of non-cash investing and financing activities:              
Purchase of fixed assets recorded in accounts payable $ 85     $ 1,859     $ 85     $ 1,859  
Capitalized stock-based compensation $ 124     $ 122     $ 246     $ 236  
                               

/EIN News/ --

Bazaarvoice, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except net loss per share data)
(unaudited)
 
  Three Months Ended October 31,   Six Months Ended October 31,
  2016   2015   2016   2015
Non-GAAP net loss and net loss per share:                              
GAAP net loss $ (4,134 )   $ (4,852 )   $ (9,239 )   $ (15,096 )
Stock-based expense (1)   4,239       3,787       8,183       7,722  
Restructuring charges (3)   767             1,094        
Amortization of acquired intangible assets   472       472       945       945  
Acquisition-related and other expense   120       224       296       926  
Other stock-related benefit (4)   (25 )           (25 )      
Income tax adjustment for non-GAAP items   3                    
Non-GAAP net gain (loss) $ 1,442     $ (369 )   $ 1,254     $ (5,503 )
GAAP basic and diluted shares   82,930       80,678       82,572       80,426  
Non-GAAP basic and diluted net gain (loss) per share $ 0.02     $ 0.00     $ 0.02     $ (0.07 )
Adjusted EBITDA:                              
GAAP net loss $ (4,134 )   $ (4,852 )   $ (9,239 )   $ (15,096 )
Stock-based expense (1)   4,239       3,787       8,183       7,722  
Depreciation and amortization (2)   3,532       3,334       7,110       6,978  
Restructuring charges (3)   767             1,094        
Acquisition-related and other expense   120       224       296       926  
Other stock-related benefit (4)   (25 )           (25 )      
Income tax expense (benefit)   92       124       227       36  
Total other expense, net   569       475       1,428       1,187  
Adjusted EBITDA $ 5,160     $ 3,092     $ 9,074     $ 1,753  
                               
(1) During the first quarter of fiscal 2017 we updated our calculation of Adjusted EBITDA. As a result of this update prior period stock compensation amounts have been updated to conform to the current presentation. Under the new definition of Adjusted EBITDA the capitalized portion of stock-based compensation related to the capitalization of internal-use software is excluded from stock-based expense.
 
Stock-based expense includes the following:                              
Cost of revenue $ 486     $ 607     $ 830     $ 1,079  
Sales and marketing   843       643       1,423       1,727  
Research and development   907       798       1,960       1,441  
General and administrative   2,003       1,739       3,970       3,475  
Stock-based expense $ 4,239     $ 3,787     $ 8,183     $ 7,722  
                               
(2) During the first quarter of fiscal 2017 we updated our calculation of Adjusted EBITDA. As a result of this update prior period depreciation and amortization amounts have been updated to conform to the current presentation. Our new definition of Adjusted EBITDA includes amortization of capitalized internal-use software development costs in depreciation and amortization.
 
Depreciation and amortization includes the following:                              
Cost of revenue $ 2,600     $ 2,480     $ 5,192     $ 5,038  
Sales and marketing   189       197       385       546  
Research and development   204       175       435       384  
General and administrative   229       171       479       391  
Amortization of acquired intangible assets   310       311       619       619  
Depreciation and amortization $ 3,532     $ 3,334     $ 7,110     $ 6,978  
                               
(3) In February 2016, the Company made the decision to suspend sales of its BV Local product, reduce its cost structure to improve operating efficiencies and align resources with its growth strategies. Costs associated with these restructuring activities include workforce reductions charges, and facilities charges related to the loss recorded on the sub-lease of excess office space at the Company's headquarters.
                               
(4) Other stock-related benefit represents estimated liabilities for taxes and related items in connection with the treatment of certain equity grants. Since the estimated liability directly relates to equity grants and as stock-based expenses are consistently excluded from the non-GAAP financial measures, the Company excluded these estimated liabilities. During the three and six months ended October 31, 2016, the Company recorded a benefit of $0.5 million due to a reduction in previously recorded estimated tax liabilities that have exceeded the statute of limitations. This benefit was partially offset by a $0.5 million liability related to estimated employer contributions the Company believes is probable to be incurred related to 401(k) deferrals on employee stock-based compensation.
 


Bazaarvoice, Inc.
Selected Quarterly Financial and Operational Metrics
(in thousands, except active clients and full-time employees data)
(unaudited)
 
  Three Months Ended
  Jan 31,   Apr 30,   Jul 31,   Oct 31,   Jan 31,   Apr 30,   Jul 31,   Oct 31,
  2015   2015   2015   2015   2016   2016   2016   2016
Revenue (1) $ 49,562     $ 48,317     $ 48,876     $ 49,926     $ 50,255     $ 50,709     $ 50,093     $ 50,408  
Cost of revenue 17,988     18,148     19,548     19,146     18,920     19,253     18,756     18,855  
Gross profit 31,574     30,169     29,328     30,780     31,335     31,456     31,337     31,553  
Operating expenses:                              
Sales and marketing 18,020     20,427     19,166     16,502     16,113     18,027     15,304     15,819  
Research and development 8,779     9,880     10,533     10,354     10,199     10,391     11,073     9,959  
General and administrative 6,932     7,582     8,238     7,643     6,940     7,577     8,259     8,051  
Restructuring charges                     1,575     327     767  
Acquisition-related and other expense 413     815     702     224     332     157     176     120  
Amortization of acquired intangible assets 309     309     309     310     309     309     309     310  
Total operating expenses 34,453     39,013     38,948     35,033     33,893     38,036     35,448     35,026  
Operating loss (2,879 )   (8,844 )   (9,620 )   (4,253 )   (2,558 )   (6,580 )   (4,111 )   (3,473 )
Total other expense, net (920 )   (521 )   (712 )   (475 )   (719 )   (384 )   (859 )   (569 )
Loss before income taxes (3,799 )   (9,365 )   (10,332 )   (4,728 )   (3,277 )   (6,964 )   (4,970 )   (4,042 )
Income tax expense (benefit) 324     (540 )   (88 )   124     (163 )   165     135     92  
Net loss $ (4,123 )   $ (8,825 )   $ (10,244 )   $ (4,852 )   $ (3,114 )   $ (7,129 )   $ (5,105 )   $ (4,134 )
Stock-based expense (2) $ 3,015     $ 3,020     $ 3,935     $ 3,787     $ 3,762     $ 3,602     $ 3,944     $ 4,239  
Depreciation and amortization (3) 3,117     3,284     3,644     3,334     3,512     3,549     3,578     3,532  
Restructuring charges (4)                     1,575     327     767  
Acquisition-related and other expense 413     815     702     224     332     157     176     120  
Other stock-related benefit (5)                             (25 )
Income tax expense (benefit) 324     (540 )   (88 )   124     (163 )   165     135     92  
Total other expense, net 920     521     712     475     719     384     859     569  
Adjusted EBITDA (6) $ 3,666     $ (1,725 )   $ (1,339 )   $ 3,092     $ 5,048     $ 2,303     $ 3,914     $ 5,160  
Number of active clients (at period end) (7) 1,292     1,331     1,337     1,360     1,383     1,399     1,397     1,412  
Full-time employees (at period end) 825     826     834     855     817     756     766     775  
                                                               
(1)
    Revenue includes the following:
                             
SaaS $ 46,429     $ 46,173     $ 46,830     $ 47,671     $ 47,884     $ 49,108     $ 47,799     $ 48,121  
Advertising 3,133     2,144     2,046     2,255     2,371     1,601     2,294     2,287  
    Revenue $ 49,562     $ 48,317     $ 48,876     $ 49,926     $ 50,255     $ 50,709     $ 50,093     $ 50,408  
                                                               
(2) During the first quarter of fiscal 2017 we updated our calculation of Adjusted EBITDA. As a result of this update prior period stock compensation amounts have been updated to conform to the current presentation. Under the new definition of Adjusted EBITDA the capitalized portion of stock-based compensation related to the capitalization of internal-use software is excluded from stock-based expense.
 
  Three Months Ended
  Jan 31,   Apr 30,   Jul 31,   Oct 31,   Jan 31,   Apr 30,   Jul 31,   Oct 31,
  2015   2015   2015   2015   2016   2016   2016   2016
Stock-based expense includes the following:                              
Cost of revenue $ 451     $ 294     $ 472     $ 607     $ 585     $ 503     $ 344     $ 486  
Sales and marketing 867     950     1,084     643     686     543     580     843  
Research and development 600     614     643     798     786     769     1,053     907  
General and administrative 1,097     1,162     1,736     1,739     1,705     1,787     1,967     2,003  
Stock-based expense $ 3,015     $ 3,020     $ 3,935     $ 3,787     $ 3,762     $ 3,602     $ 3,944     $ 4,239  
                                                               
(3) During the first quarter of fiscal 2017 we updated our calculation of Adjusted EBITDA. As a result of this update prior period depreciation and amortization amounts have been updated to conform to the current presentation. Our new definition of Adjusted EBITDA includes amortization of capitalized internal-use software development costs in depreciation and amortization.
 
Depreciation and amortization includes the following:                              
Cost of revenue $ 2,189     $ 2,340     $ 2,558     $ 2,480     $ 2,559     $ 2,593     $ 2,592     $ 2,600  
Sales and marketing 221     220     349     197     210     201     196     189  
Research and development 164     181     209     175     228     227     231     204  
General and administrative 234     234     220     171     206     219     250     229  
Amortization of acquired intangible assets 309     309     308     311     309     309     309     310  
Depreciation and amortization $ 3,117     $ 3,284     $ 3,644     $ 3,334     $ 3,512     $ 3,549     $ 3,578     $ 3,532  
                                                               
(4) In February 2016, the Company made the decision to suspend sales of its BV Local product, reduce its cost structure to improve operating efficiencies and align resources with its growth strategies. Costs associated with these restructuring activities include workforce reductions charges, and facilities charges related to the loss recorded on the sub-lease of excess office space at the Company's headquarters.
                                                               
(5) Other stock-related benefit represents estimated liabilities for taxes and related items in connection with the treatment of certain equity grants. Since the estimated liability directly relates to equity grants and as stock-based expenses are consistently excluded from the non-GAAP financial measures, the Company excluded these estimated liabilities. During the three and six months ended October 31, 2016, the Company recorded a benefit of $0.5 million due to a reduction in previously recorded estimated tax liabilities that have exceeded the statute of limitations. This benefit was partially offset by a $0.5 million liability related to estimated employer contributions the Company believes is probable to be incurred related to 401(k) deferrals on employee stock-based compensation.
                                                               
(6) During the first quarter of fiscal 2017 we updated our calculation of Adjusted EBITDA. As a result of this update prior period depreciation and amortization amounts have been updated to conform to the current presentation. Our new definition of Adjusted EBITDA includes amortization of capitalized internal-use software development costs in depreciation and amortization and excludes capitalized stock-based compensation related to internal-use software from stock-based expense. The following table presents a reconciliation of Adjusted EBITDA as previously defined to Adjusted EBITDA under the updated definition:
 
  Three Months Ended
  Jan 31,   Apr 30,   Jul 31,   Oct 31,   Jan 31,   Apr 30,   Jul 31,   Oct 31,
  2015   2015   2015   2015   2016   2016   2016   2016
Adjusted EBITDA, previous definition $ 1,962     $ (3,567 )   $ (3,269 )   $ 1,135     $ 3,075     $ 277     $ 1,874     $ 3,114  
Add: Amortization of capitalized internal-use software development costs 1,789     1,935     2,044     2,079     2,103     2,148     2,162     2,170  
Less: Capitalized portion of stock-based compensation (85 )   (93 )   (114 )   (122 )   (130 )   (122 )   (122 )   (124 )
Adjusted EBITDA, current definition $ 3,666     $ (1,725 )   $ (1,339 )   $ 3,092     $ 5,048     $ 2,303     $ 3,914     $ 5,160  
                                                               
(7) Beginning as of our first fiscal quarter of 2016, we define an active client as an organization for which we have a contract and the client is launched as of the last day of the quarter, and we count organizations that are closely related as one client, even if they have signed separate contractual agreements.
 
All periods prior to the first fiscal quarter of 2016 discussed in this press release or presented in the accompanying financial tables have been revised to conform to this definition of an active client.

  

Investor Relations Contact:
Linda Wells
Bazaarvoice, Inc.
415-872-3612
linda.wells@bazaarvoice.com

Media Contact:
Andy North
Bazaarvoice, Inc.
512-551-6502
andy.north@bazaarvoice.com

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