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Active Network Posts 2nd Quarter 2012 ResultsAug 08, 2012 (Close-Up Media via COMTEX) -- Active Network, a provider of cloud-based activity and participant management solutions, announced its financial results for the second quarter of 2012. In a release on August 2, the Company noted Q2 2012 financial highlights: (All comparisons are made to the second quarter of 2011) -Total net revenue was $121.6 million, up 23 percent from $99.0 million. -Technology revenue constituted 89 percent, or $108.2 million of total net revenue, up 26 percent from $85.6 million. -Net registration revenue was $83.9, up 20 percent - including registration growth of 14 percent and revenue per registration growth of 5 percent. -Marketing services revenue constituted 11 percent, or $13.4 million of total net revenue. -Net loss was $2.3 million compared to a net income of $5.5 million. -Adjusted EBITDA, a non-GAAP financial measure, was $20.2 million. Excluding the impact of business combination accounting rules related to deferred revenue, Adjusted EBITDA was $23.8 million. "We delivered a strong second quarter with record revenue of $121.6 million, up 23 percent over the prior year period," said Dave Alberga, CEO of Active Network. "During the quarter, we achieved an important technology milestone by launching the first Hunting and Fishing permitting application built on the Active Works platform. Our customer base continues to expand, adding key customers such as Aetna, MacWorld, and Edinburgh University Sports Union. We remain focused on strengthening our position as the leading cloud-based provider of activity and participant management solutions and continue to increase penetration in the underdeveloped activities market." "We are excited to see positive trends in our key metrics this quarter as registrations, one of our main drivers, accelerated 14 percent and revenue per registration grew 5 percent from the prior year period," explained Scott Mendel, CFO of Active Network. "We experienced growth across all verticals and continued to benefit from a high degree of predictability in our model and strong renewal rates of over 95 percent." Q2 2012 Key Business Highlights -The Company launched a suite of Business Solutions mobile applications for professional meetings and events planners, attendees and suppliers. -Aetna and Active Network partnered to help members become more physically active through Aetna Everactive, a new social community that brings together virtual health and fitness resources with opportunities to participate in real-life local events. -In June, Active Network launched MeetMobile, a swim app, at the national qualifying swim trials in Omaha. MeetMobile transforms the swim meet experience by giving swimmers, coaches and fans real-time, paperless access to heat sheets and event results at their fingertips. Business Outlook For the third quarter of 2012, Active Network is targeting total revenue to be in the range of $108 million to $111 million, up 22 percent at the midpoint compared to the same period in the prior year. Registrations are expected to grow approximately 13 percent to 15 percent and revenue per registration growth of approximately 2 percent to 4 percent compared to the same period in the prior year. The Company expects Adjusted EBITDA in the range of $14 million to $16 million. Excluding the impact of business combination accounting rules, Adjusted EBITDA is expected to be in the range of $16 million to $18 million. The Company expects a net loss of $8 million to $4 million. For the full year of 2012, Active Network is tightening its initial guidance range. Total revenue is expected to be in the range of $425 million to $430 million, up 27 percent at the midpoint compared to the prior year. Adjusted EBITDA is expected to be in the range of $46 million to $48 million. Excluding the impact of business combination accounting rules, Adjusted EBITDA is expected to be in the range of $58.5 million to $60.5 million. The Company expects net loss in the range of $38 million to $31 million. More information: www.activenetwork.com ((Comments on this story may be sent to [email protected])) |