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Eloqua Announces Fourth Quarter and Full Year 2012 Financial Results

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 [email protected].

 
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 $ (2,656 ) $ (966 ) $ (6,395 ) $ 2,737
Less:
Purchases of property and equipment (1,869 ) (669 ) (4,735 ) (2,898 )
Free Cash Flow $ (4,525 ) $ (1,635 ) $ (11,130 ) $ (161 )

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