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ChannelAdvisor Announces Second Quarter 2014 Financial Results

ChannelAdvisor Corporation (NYSE: ECOM), a leading provider of cloud-based e-commerce solutions that enable retailers and manufacturers to increase global sales, today announced its financial results for the quarter ended June 30, 2014.

"We are pleased to deliver second quarter revenue which was above expectations, with core revenue growth of 32 percent over the second quarter of the prior year," said Scot Wingo, Chief Executive Officer of ChannelAdvisor. “During the quarter we signed many large customers, including 16 of the largest U.S. internet retailers. The excellent sales momentum generated in the quarter is reflected in our increased full year revenue guidance."

Second Quarter 2014 Financial Results

  • Total revenue of $20.8 million for the second quarter of 2014 increased 30.0 percent compared with total revenue of $16.0 million for the second quarter of 2013.
  • Core revenue increased by 31.8 percent to $20.5 million from $15.5 million in the second quarter of 2013. The company’s method for calculating this and other key operating metrics that it reports is included later in this press release.
  • GAAP net loss was $(9.6) million compared with a net loss of $(5.0) million in the second quarter of 2013. GAAP net loss per share was $(0.39), based on 24.6 million weighted average shares outstanding, compared with a net loss per share of $(0.56), based on 8.8 million weighted average shares outstanding in the year-ago period.
  • Non-GAAP net loss, which excludes the impact of non-cash stock-based compensation, was $(7.5) million compared with non-GAAP net loss of $(4.5) million for the second quarter of 2013. Non-GAAP net loss per share was $(0.30) for the second quarter of 2014, based on 24.6 million weighted average shares outstanding, compared with a non-GAAP net loss per share of $(0.25) for the second quarter of 2013, based on 17.5 million weighted average shares outstanding. Per share figures for the second quarter of 2013 assume that the company’s pre-IPO preferred stock was converted to common stock at the beginning of the quarter.
  • Adjusted EBITDA, a non-GAAP measure, was $(6.1) million for the second quarter of 2014 compared with $(2.0) million for the second quarter of 2013. Adjusted EBITDA excludes depreciation, amortization, income tax expense, interest and stock-based compensation expenses.
  • Cash at quarter end totaled $85.1 million, compared with $95.0 million at the end of the first quarter. The decrease was primarily due to investments in our long-term growth.

Recent Business Highlights

  • Added 108 net core customers in the second quarter. Total core customer count was 2,673 at the end of the second quarter, an increase of 25 percent from 2,135 core customers at the end of the second quarter of 2013.
  • Added new top-tier customers including Atman, Inc. dba pcRUSH.com, babyhaven.com, Capital Ford, Inc., CPO Commerce, Cymax, Dazadi, Elaine Turner, Ice.com and SmartWool, a division of VF Outdoor, Inc.
  • Average revenue per core customer, calculated on a trailing twelve-month basis, increased 5 percent to $31,160 for the second quarter, compared with $29,607 for the second quarter of 2013.
  • Fixed subscription fees were 76 percent of total revenue and variable subscription fees were 24 percent of total revenue for the second quarter of 2014. This compares to 67 percent and 33 percent, respectively, for the second quarter of 2013.
  • Subscription dollar retention rate, the primary metric that we use to measure customer retention, exceeded 100 percent for the quarter, consistent with recent performance.
  • Announced support for Google's Shopping campaigns, with Product Group Generator, enabling retailers to efficiently configure Google Product Listing Ad campaigns.
  • Integrated ChannelAdvisor Digital Marketing with Yahoo Gemini, offering advertisers the ability to create and manage ads on Yahoo’s unified marketplace for mobile search and native ad campaigns.
  • Presented at three industry conferences: SuiteWorld 2014, IRCE Focus: Brands & B2B and Internet Retailer Conference & Exhibition 2014.

Financial Outlook

Based on information available as of today, ChannelAdvisor is issuing the following guidance for the third quarter and full year of 2014:

Third Quarter 2014

  • Total revenue between $20.5 million and $20.9 million.
  • Adjusted EBITDA between $(5.6) million and $(5.0) million.
  • Stock-based compensation expense between $2.5 million and $3.0 million.
  • 24.7 million weighted average shares outstanding.

Full Year 2014

  • Total revenue between $86.0 million and $86.7 million.
  • Adjusted EBITDA between $(19.0) million and $(17.5) million.
  • Stock-based compensation expense between $7.5 million and $8.5 million.
  • 24.6 million weighted average shares outstanding.

Conference Call Information

What:                     ChannelAdvisor second quarter 2014 financial results conference call
When: Monday, August 4, 2014
Time: 5:00 p.m. ET
Live Call: (866) 515-2908, Passcode 86320946, Domestic
(617) 399-5122, Passcode 86320946, International
Webcast:

http://ir.channeladvisor.com (live and replay)

 

Key Operating Metrics

Core revenue excludes revenue attributable to the products from two small legacy acquisitions, both of which occurred prior to 2008, which we do not consider to be a core part of our strategic focus going forward.

Number of core customers includes all customers who subscribe to at least one of our solutions other than the non-core, legacy products.

Average revenue per core customer is total core revenue divided by the average monthly number of core customers during the period.

Subscription dollar retention rate is calculated for a particular period by establishing the cohort of core customers that had active contracts as of the end of the prior period. We then calculate our subscription dollar retention rate by taking the amount of fixed subscription revenue we recognized for the cohort in the period for which we are reporting the rate and dividing it by the fixed subscription revenue we recognized for the same cohort in the prior period. For this purpose, we do not include any non-core revenue, any variable subscription fees paid by our customers or any implementation fees.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: core revenue, non-GAAP net loss, non-GAAP net loss per share and adjusted EBITDA.

ChannelAdvisor believes that these non-GAAP measures of financial results provide useful information to management and investors relating to ChannelAdvisor’s financial condition and results of operations. The company’s management uses these non-GAAP measures to compare the company’s performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.

Management of the company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in the company’s financial statements. In order to compensate for these limitations, management presents non-GAAP financial measures together with GAAP results. Non-GAAP measures should be considered in addition to results and guidance prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. ChannelAdvisor urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company’s business. In addition, other companies, including companies in our industry, may calculate similarly named non-GAAP measures differently than we do, which limits their usefulness in comparing our financial results with theirs. With respect to our expectations under "Financial Outlook" above, reconciliation of non-GAAP Adjusted EBITDA guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from this non-GAAP measure. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

About ChannelAdvisor

ChannelAdvisor (NYSE: ECOM) is a leading provider of cloud-based e-commerce solutions that enable online retailers and manufacturers to integrate, manage and optimize their merchandise sales across hundreds of online channels including Amazon, Google, eBay, Facebook and more. Through automation, analytics and optimization, ChannelAdvisor customers can leverage a single inventory feed to more efficiently list and advertise products online, and connect with shoppers to increase sales. Billions of dollars in merchandise value are driven through ChannelAdvisor’s platform every year, and thousands of customers use ChannelAdvisor’s solutions to help grow their businesses. For more information, visit www.channeladvisor.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and guidance and expectations regarding our growth and that of the e-commerce industry. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections, as well as the current beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond ChannelAdvisor’s control. ChannelAdvisor’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in ChannelAdvisor’s Annual Report on Form 10-K for the year ended December 31, 2013 and its Quarterly Report on Form 10-Q that will be filed for the quarter ended June 30, 2014, as well as other documents that may be filed by the company from time to time with the Securities and Exchange Commission. These documents are available on the ‘SEC Filings’ section of the Investor Relations page of our website at http://ir.channeladvisor.com. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: our reliance for a significant portion of our revenue on sales by our customers on the Amazon and eBay marketplaces and through advertisements on Google; our ability to respond to rapid changes in channel technologies or requirements; our ability to compete successfully against current and future competitors, which could include the channels themselves; our reliance in part on a pricing model under which a portion of the subscription fees we receive from customers is variable, based upon the amount of transaction volume that those customers process through our platform; our reliance on two non-redundant data centers to deliver our SaaS solutions; the potential that the e-commerce market does not grow, or grows more slowly than we expect, particularly on the channels that our solutions support; challenges and risks associated with our increasing international operations; and security or privacy breaches. The forward-looking statements included in this press release represent ChannelAdvisor’s views as of the date of this press release. ChannelAdvisor undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, these forward-looking statements should not be relied upon as representing ChannelAdvisor’s views as of any date subsequent to the date of this press release.

 

ChannelAdvisor Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

 
  June 30, 2014   December 31, 2013
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 85,118 $ 104,406
Accounts receivable, net of allowance of $786 and $561 as of June 30, 2014 and December 31, 2013, respectively 12,747 13,951
Prepaid expenses and other current assets 4,543   3,571  
Total current assets 102,408 121,928
Property and equipment, net 14,904 9,088
Goodwill 16,106 16,106
Intangible assets, net 473 670
Restricted cash 686 685
Other assets 212   309  
Total assets $ 134,789   $ 148,786  
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 784 $ 4,237
Accrued expenses 7,015 7,492
Deferred revenue 16,499 14,093
Other current liabilities 2,457   1,723  
Total current liabilities 26,755 27,545
Long-term capital leases, net of current portion 2,579 1,558
Other long-term liabilities 2,294   1,903  
Total liabilities 31,628 31,006
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively
Common stock, $0.001 par value, 100,000,000 shares authorized, 24,670,074 and 23,643,872 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively 25 24
Additional paid-in capital 222,381 218,330
Accumulated other comprehensive loss (168 ) (471 )
Accumulated deficit (119,077 ) (100,103 )
Total stockholders’ equity 103,161   117,780  
Total liabilities and stockholders’ equity $ 134,789   $ 148,786  
 
 

ChannelAdvisor Corporation and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

 
  Three Months Ended June 30,   Six Months Ended June 30,
2014   2013 2014   2013
Revenue $ 20,770 $ 15,976 $ 40,108 $ 30,898
Cost of revenue (1) 6,419   4,469   12,151   8,415  
Gross profit 14,351 11,507 27,957 22,483
Operating expenses (1):
Sales and marketing 14,435 9,292 28,266 17,082
Research and development 4,262 2,910 8,309 5,891
General and administrative 5,165   2,801   10,173   5,142  
Total operating expenses 23,862   15,003   46,748   28,115  
Loss from operations (9,511 ) (3,496 ) (18,791 ) (5,632 )
Other (expense) income:
Interest expense, net (47 ) (1,489 ) (102 ) (2,087 )
Other income, net 3   2     14  
Total other (expense) income (44 ) (1,487 ) (102 ) (2,073 )
Loss before income taxes (9,555 ) (4,983 ) (18,893 ) (7,705 )
Income tax expense 49   14   81   21  
Net loss $ (9,604 ) $ (4,997 ) $ (18,974 ) $ (7,726 )
Net loss per share:
Basic and diluted $ (0.39 ) $ (0.56 ) $ (0.78 ) $ (1.52 )
Weighted average common shares outstanding:
Basic and diluted 24,602,089 8,847,309 24,393,260 5,094,552
 
(1) Includes stock-based compensation as follows:
Cost of revenue $ 142 $ 71 $ 190 $ 118
Sales and marketing 735 158 911 293
Research and development 232 105 298 175
General and administrative 1,028   196   1,368   373  
$ 2,137   $ 530   $ 2,767   $ 959  
 
 

ChannelAdvisor Corporation and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

 
  Six Months Ended June 30,
2014   2013
Cash flows from operating activities
Net loss $ (18,974 ) $ (7,726 )
Adjustments to reconcile net loss to cash and cash equivalents (used in) provided by operating activities:
Depreciation and amortization 2,652 1,733
Bad debt expense 741 90
Change in fair value of preferred stock warrants 1,052
Accretion of debt discount 303
Stock-based compensation expense 2,767 959
Non-cash rent expense 453 124
Other items, net 112 16
Changes in assets and liabilities:
Accounts receivable 380 111
Prepaid expenses and other assets (890 ) 120
Accounts payable and accrued expenses (3,610 ) 989
Deferred revenue 2,261   2,836  
Cash and cash equivalents (used in) provided by operating activities (14,108 ) 607
Cash flows from investing activities
Purchases of property and equipment (5,324 ) (752 )
Payment of internal-use software development costs (629 ) (674 )
Cash and cash equivalents used in investing activities (5,953 ) (1,426 )
Cash flows from financing activities
Proceeds from initial public offering, net of underwriting discounts and commissions 86,095
Repayment of debt and capital leases (734 ) (667 )
Payment of deferred offering costs (2,023 )
Proceeds from exercise of stock options 1,285   804  
Cash and cash equivalents provided by financing activities 551 84,209
 
Effect of currency exchange rate changes on cash and cash equivalents 222   (206 )
Net (decrease) increase in cash and cash equivalents (19,288 ) 83,184
Cash and cash equivalents, beginning of period 104,406   10,865  
Cash and cash equivalents, end of period $ 85,118   $ 94,049  
 
 
Reconciliation of Core Revenue (Non-GAAP) to Revenue (GAAP)
(unaudited; in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
2014     2013   2014     2013
Core revenue $ 20,451   $ 15,522 $ 39,415   $ 29,923
Non-core revenue 319   454   693   975
Total revenue $ 20,770   $ 15,976   $ 40,108   $ 30,898
 
 
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss and Non-GAAP Net Loss Per Share
(unaudited; in thousands, except share and per share data)
  Three Months Ended June 30,   Six Months Ended June 30,
2014     2013   2014     2013  
Net loss (GAAP) $ (9,604 ) $ (4,997 ) $ (18,974 ) $ (7,726 )
Plus: stock-based compensation 2,137   530   2,767   959  
Net loss (Non-GAAP) $ (7,467 ) $ (4,467 ) $ (16,207 ) $ (6,767 )
 
Weighted average common shares outstanding, basic and diluted 24,602,089 8,847,309 24,393,260 5,094,552
Additional weighted average shares giving effect to conversion of preferred stock at the beginning of the period   8,680,175     11,021,115  
Shares used in computing non-GAAP net loss per share, basic and diluted 24,602,089   17,527,484   24,393,260   16,115,667  
Net loss per share, basic and diluted (Non-GAAP) $ (0.30 ) $ (0.25 ) $ (0.66 ) $ (0.42 )
 
 
Reconciliation of Net Loss to Adjusted EBITDA
(unaudited; in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
2014     2013   2014     2013  
Net loss $ (9,604 ) $ (4,997 ) $ (18,974 ) $ (7,726 )
Adjustments:
Interest expense, net 47 1,489 102 2,087
Income tax expense 49 14 81 21
Depreciation and amortization expense 1,318   933   2,652   1,733  
Total adjustments 1,414   2,436   2,835   3,841  
EBITDA (8,190 ) (2,561 ) (16,139 ) (3,885 )
Stock-based compensation expense 2,137   530   2,767   959  
Adjusted EBITDA $ (6,053 ) $ (2,031 ) $ (13,372 ) $ (2,926 )

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