Convio, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - November 3, 2011

Attached files

file filename
8-K - CONVIO, INC. 8-K - Convio, Inc.a50055465.htm

Exhibit 99.1

Convio Announces Quarterly Revenue of $21.0 Million, Up 18% Year-Over-Year

Usage revenue of $3.9 million, up 22% compared with the same period a year ago

AUSTIN, Texas--(BUSINESS WIRE)--November 3, 2011--Convio, Inc. (Nasdaq: CNVO), a leading provider of on-demand constituent engagement solutions for nonprofit organizations, today announced financial results for the third quarter ended September 30, 2011.

Third Quarter Highlights:

  • Revenue of $21.0 million for the third quarter, up 18 percent year-over-year.
  • Usage revenue of $3.9 million, up 22 percent compared with the same period a year ago.
  • Non-GAAP EPS of $0.12 and GAAP EPS of $0.06.
  • Adjusted EBITDA of $3.3 million, up 13% from the same period a year ago.

“The third quarter marked a strong quarter on many fronts. We achieved 18 percent year-over-year revenue growth, the highest growth rate since our IPO, and the third straight quarter of accelerating revenue growth rates,” said Gene Austin, Chief Executive Officer and President. “During the third quarter we introduced Luminate, the most significant product launch in Convio’s history squarely aimed at expanding our footprint among large, enterprise nonprofits. With attendance at our recent annual nonprofit Summit at an all-time high, the exceptional response to our Luminate™ offering is a clear indication that our strategy of offering a fully integrated CRM solution to manage all channels of engagement via the cloud is spot on to what our market needs.”

Business Highlights for the Third Quarter 2011

  • Introduced Luminate™, a new, cloud-based constituent engagement solution designed to meet the needs of large, enterprise nonprofit clients.
  • Expanded into the United Kingdom through the acquisition of Baigent Digital, one of the country’s leading digital strategy, design and technology implementation firms for U.K. charities.
  • Convio’s clients raised $292 million in online donations, up 16 percent compared to the same quarter last year.

Financial Results for the Third Quarter of 2011

  • Total revenue was $21.0 million, up 18 percent from the same period last year.
  • GAAP net income was $1.1 million, compared to GAAP net income of $1.5 million for the same period last year. GAAP diluted net income per share was $0.06, based on 19.5 million weighted average diluted shares outstanding, compared to diluted net income per share of $0.08 for the same period last year, based on 18.9 million weighted average diluted shares outstanding.
  • Non-GAAP net income was $2.4 million, compared to $2.2 million for the same period last year. Non-GAAP diluted net income per share was $0.12, based on 19.5 million weighted average diluted shares outstanding, compared to non-GAAP diluted net income per share of $0.12 for the same period last year, based on 18.9 million weighted average diluted shares outstanding.
  • Adjusted EBITDA was $3.3 million, up from $2.9 million reported in the same period last year.

2011 Guidance

Convio is updating its full year 2011 revenue guidance and full year 2011 non-GAAP EPS guidance previously provided on August 4, 2011. Revenue for the company’s full year 2011 is projected to be in the range of $79.7 million to $80.3 million, reflecting 14 to 15 percent annual growth over full year 2010. The company expects diluted non-GAAP net income per share for 2011 to be approximately $0.37 to $0.40, assuming a weighted average diluted share count of approximately 19.5 million shares.

Use of Non-GAAP Measures

Management believes that adjusted EBITDA and non-GAAP net income are useful measures of operating performance because they exclude items that we do not consider indicative of our core performance. In the case of adjusted EBITDA, we adjust net income for such things as interest, taxes, depreciation and amortization, stock-based compensation, acquisition related costs and certain non-cash and non-recurring items. Non-GAAP net income adds to net income amortization of intangible assets, stock-based compensation, acquisition related costs and certain non-cash and non-recurring items such as the gain (loss) on preferred stock warrant revaluation. However, these non-GAAP measures should be considered in addition to, not as a substitute for or superior to, operating income and net income, or other financial measures prepared in accordance with GAAP. Reconciliation to the GAAP equivalents of these non-GAAP measures is contained in tabular form on the attached unaudited condensed consolidated financial statements.

Our management uses adjusted EBITDA and non-GAAP net income as measures of operating performance; to prepare our annual operating budget; to allocate resources to enhance the financial performance of our business; to evaluate the effectiveness of our business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of our results with those of other companies; and in communications with our board of directors concerning our financial performance.

Quarterly Conference Call

Convio, will host a conference call today at 8:30 a.m. Eastern to discuss the Company's financial results for the third quarter ended September 30, 2011. The call will be hosted by Gene Austin, chief executive officer and president, and James R. Offerdahl, chief financial officer and vice president of administration. The live webcast of Convio's earnings call will be accessible at http://www.convio.com/investor.

The webcast will be archived within 24 hours of the event and will be available through the same link for 90 days following the call. Participants who choose to call into the conference call can do so by dialing domestically 877-638-9569, and international callers may dial 914-495-8536. A replay will be available at 855-859-2056 for domestic callers and 404-537-3406 for international callers. All calls can be accessed by referencing passcode: 16526026. The call replay will be available from November 3, 2011 until November 10, 2011.

About Convio

Convio is a leading provider of on-demand constituent engagement solutions that enable nonprofit organizations to more effectively raise funds, advocate for change and cultivate relationships with donors, activists, volunteers, alumni and other constituents.

For more information, please visit www.convio.com.

Forward-looking Statements

This press release may contain forward-looking statements intended to convey expectations as to the future based on plans, estimates and projections. Although we believe that the expectations reflected in such forward-looking statements are reasonable, future circumstances might differ from the assumptions on which such statements are based. In addition, these statements can be affected by inaccurate assumptions and the impact of a variety of risks and uncertainties that could cause actual results to differ materially from those described in this press release including, among others: unfavorable economic and business conditions, in particular with respect to the nonprofit market in which we operate; challenges and risks relating to attracting and retaining customers; a loss of significant customers or a substantial reduction in orders from our existing customers; a reduction in usage of our systems by our customers or their clients and a corresponding reduction in usage revenue; an inability of customers to pay for our solutions and services; risks related to challenges associated with developing new and enhanced solutions that meet the needs of our clients; risks related to technological changes or alternative technologies that could make our products and services less competitive; risks associated with successful implementation of multiple integrated software products; risks associated with acquisitions and their integration; risks associated with international expansion; and the ability to attract and retain key personnel. Other risks that could impact our business adversely are those risks generally associated with management of growth; lengthy sales and implementation cycles; intellectual property infringement claims and other litigation; reliance on certain third-parties, including hosting facilities, software and application providers; the ability to access sufficient funding to finance desired growth and operations; and legislative actions which could reduce the effectiveness of our solutions and increase the costs of our business. These factors and other risks and uncertainties are described in more detail, from time to time, in Convio’s filings with the Securities and Exchange Commission which are available free of charge at www.sec.gov or on our website at www.convio.com/investor. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Convio does not undertake to update or revise any of these statements as a result of new information, future events or otherwise.

 
Convio, Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands)
     
September 30, December 31,
2011 2010
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 17,250 $ 18,447
Restricted cash 1,248 1,248
Marketable securities 32,824 36,774
Accounts receivable, net 12,051 8,154
Prepaid expenses and other current assets   1,787     1,558  
Total current assets 65,160 66,181
Property and equipment, net 6,707 4,609
Goodwill 9,366 5,527
Intangible assets, net 6,127 3,990
Other assets   71     104  
Total assets $ 87,431   $ 80,411  
 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities $ 6,723 $ 6,080
Deferred revenue   15,877     15,917  
Total current liabilities 22,600 21,997
Long-term liabilities   289     -  
Total liabilities 22,889 21,997
Stockholders equity:
Common stock 18 18
Additional paid-in capital 115,139 111,218
Treasury stock at cost (103 ) -
Accumulated other comprehensive loss (87 ) (21 )
Accumulated deficit   (50,425 )   (52,801 )
Total stockholders' equity   64,542     58,414  
Total liabilities and stockholders' equity $ 87,431   $ 80,411  
 
 
Convio, Inc.
Condensed Consolidated Statements of Operations
(dollars in thousands, except per share data)
(unaudited)
               
Three Months Ended
March 31, June 30, September 30, December 31, March 31, June 30, September 30,
2010 2010 2010 2010 2011 2011 2011
Revenue:
Subscription $ 11,392 $ 11,470 $ 11,559 $ 11,782 $ 11,788 $ 12,025 $ 12,355
Services 2,971 2,886 3,075 3,218 3,533 3,951 4,749
Usage   2,330     3,860     3,221     1,980     2,942     4,676   3,934  
Total revenue 16,693 18,216 17,855 16,980 18,263 20,652 21,038
Cost of revenue:
Cost of subscription and usage (1)(3) 3,037 3,096 3,073 3,170 3,221 3,330 3,378
Cost of services (2)(3)   3,260     3,311     3,422     3,172     4,130     4,264   4,666  
Total cost of revenue   6,297     6,407     6,495     6,342     7,351     7,594   8,044  
Gross profit 10,396 11,809 11,360 10,638 10,912 13,058 12,994
Operating expenses:
Sales and marketing (3) 5,324 5,920 5,075 6,149 6,000 6,474 6,323
Research and development (3) 2,525 2,631 2,740 2,656 2,775 2,588 2,712
General and administrative (3) 1,538 1,556 1,666 1,792 2,030 2,315 2,386
Amortization of other intangibles   272     195     195     195     210     217   273  
Total operating expenses   9,659     10,302     9,676     10,792     11,015     11,594   11,694  
Income (loss) from operations 737 1,507 1,684 (154 ) (103 ) 1,464 1,300
Interest income 1 15 25 20 23 25 23
Interest expense (63 ) (52 ) (9 ) (2 ) - - -
Other income (expense)   (469 )   454     -     60     1     -   (2 )
Income (loss) before income taxes 206 1,924 1,700 (76 ) (79 ) 1,489 1,321
Provision for income taxes   24     221     195     (141 )   (7 )   161   201  
Net income (loss) $ 182   $ 1,703   $ 1,505   $ 65   $ (72 ) $ 1,328 $ 1,120  
 
Net income (loss) attributable to common stockholders:
Basic $ 104 $ 1,506 $ 1,505 $ 65 $ (72 ) $ 1,328 $ 1,120
Diluted $ 182 $ 1,703 $ 1,505 $ 65 $ (72 ) $ 1,328 $ 1,120
 
Net income (loss) per share attributable to common stockholders:
Basic $ 0.01 $ 0.11 $ 0.09 $ 0.00 $ (0.00 ) $ 0.07 $ 0.06
Diluted $ 0.01 $ 0.10 $ 0.08 $ 0.00 $ (0.00 ) $ 0.07 $ 0.06
 
Weighted average shares outstanding used in computing per share amounts:
Basic 7,356 14,181 17,445 17,490 17,786 18,071 18,283
Diluted 14,350 17,519 18,911 19,037 17,786 19,594 19,507
   

(1) Includes amortization of acquired technology of $127, $98, $147 and $193 for the quarters ended March 31, 2010, March 31, 2011, June 30, 2011 and September 30, 2011, respectively. There was no amortization of acquired technology in the other periods presented.

(2) Includes compensation expense related to earnout provisions of business acquisitions of $56, $83 and $83 for the quarters ended March 31, 2011, June 30, 2011 and September 30, 2011, respectively. There were no compensation expenses related to business acquisitions prior to the acquisition of StrategicOne in January 2011.

(3) Includes stock-based compensation expense as follows:
Three Months Ended
March 31, June 30, September 30, December 31, March 31, June 30, September 30,
2010 2010 2010 2010 2011 2011 2011
Cost of subscription and usage $ 40 $ 43 $ 38 $ 41 $ 47 $ 59 $ 43
Cost of services 78 79 74 76 114 152 135
Sales and marketing 164 178 160 157 192 349 163
Research and development 83 100 89 85 102 145 82
General and administrative 164 145 140 114 169 368 222
 
 
Convio, Inc.
Condensed Consolidated Statements of Operations
(dollars in thousands, except per share data)
(unaudited)
         
Three Months Ended Nine Months Ended
September 30, September 30,
2011 2010 2011 2010
Revenue:
Subscription $ 12,355 $ 11,559 $ 36,168 $ 34,421
Services 4,749 3,075 12,233 8,932
Usage   3,934     3,221     11,552     9,411  
Total revenue 21,038 17,855 59,953 52,764
Cost of revenue:
Cost of subscription and usage (1)(3) 3,378 3,073 9,929 9,206
Cost of services (2)(3)   4,666     3,422     13,060     9,993  
Total cost of revenue   8,044     6,495     22,989     19,199  
Gross profit 12,994 11,360 36,964 33,565
Operating expenses:
Sales and marketing (3) 6,323 5,075 18,797 16,319
Research and development (3) 2,712 2,740 8,075 7,896
General and administrative (3) 2,386 1,666 6,731 4,760
Amortization of other intangibles   273     195     700     662  
Total operating expenses   11,694     9,676     34,303     29,637  
Income from operations 1,300 1,684 2,661 3,928
Interest income 23 25 71 41
Interest expense - (9 ) - (124 )
Other income (expense)   (2 )   -     (1 )   (15 )
Income before income taxes 1,321 1,700 2,731 3,830
Provision for income taxes   201     195     355     440  
Net income $ 1,120   $ 1,505   $ 2,376   $ 3,390  
 
Net income attributable to common stockholders:
Basic $ 1,120 $ 1,505 $ 2,376 $ 2,846
Diluted $ 1,120 $ 1,505 $ 2,376 $ 3,390
 
Net income per share attributable to common stockholders:
Basic $ 0.06 $ 0.09 $ 0.13 $ 0.22
Diluted $ 0.06 $ 0.08 $ 0.12 $ 0.20
 
Weighted average shares outstanding used in computing per share amounts:
Basic 18,283 17,445 18,048 13,031
Diluted 19,507 18,911 19,523 16,943
   

(1) Includes amortization of acquired technology of $193 and zero for the three month periods ended September 30, 2011 and 2010, respectively, and $438 and $127 for the nine month periods ended September 30, 2011 and 2010, respectively.

(2) Includes compensation expense related to earnout provisions of business acquisitions of $83 and zero for the three month periods ended September 30, 2011 and 2010, respectively, and $222 and zero for the nine month periods ended September 30, 2011 and 2010, respectively.

(3) Includes stock-based compensation expense as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
2011 2010 2011 2010
Cost of subscription and usage $ 43 $ 38 $ 149 $ 121
Cost of services 135 74 401 231
Sales and marketing 163 160 704 502
Research and development 82 89 329 272
General and administrative 222 140 759 449
 
 
Convio, Inc.
Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
(unaudited)
         
Three Months Ended Nine Months Ended
September 30, September 30,
2011 2010 2011 2010
Cash flows from operating activities:
Net income $ 1,120 $ 1,505 $ 2,376 $ 3,390
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,174 733 3,175 2,469
Other non-cash charges 645 501 2,342 1,590
Changes in operating assets and liabilities   1,446     30     (3,079 )   (1,747 )
Net cash provided by operating activities 4,385 2,769 4,814 5,702
Cash flows from investing activities:
Purchases of marketable securities (11,097 ) (32,625 ) (35,680 ) (32,625 )
Increase in restricted cash - (1,248 ) - (1,248 )
Proceeds from sales/maturities of marketable securities 17,138 - 38,925 -
Purchases of property and equipment, net (1,154 ) (607 ) (2,318 ) (1,597 )
Capitalized software development costs (584 ) (158 ) (1,654 ) (621 )
Cost of acquisitions, net of cash acquired   (2,322 )   -     (6,738 )   -  
Net cash provided by (used in) investing activities 1,981 (34,638 ) (7,465 ) (36,091 )
Cash flows from financing activities:
Payments on long-term debt and capital lease obligations - (8 ) (14 ) (2,190 )
Proceeds from issuance of common stock, net of treasury stock   404     12     1,476     36,090  
Net cash provided by financing activities   404     4     1,462     33,900  
Net change in cash and cash equivalents 6,770 (31,865 ) (1,189 ) 3,511
Effect of exchange rates on cash and cash equivalents (8 ) - (8 ) -
Cash and cash equivalents at beginning of period   10,488     52,038     18,447     16,662  
Cash and cash equivalents at end of period $ 17,250   $ 20,173   $ 17,250   $ 20,173  
 
 
Convio, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(dollars in thousands, except per share data)
(unaudited)
 
  Three Months Ended
March 31,   June 30,   September 30,   December 31,   March 31,   June 30,   September 30,
2010 2010 2010 2010 2011 2011 2011
Reconciliation of GAAP net income (loss) to non-GAAP net income:
GAAP net income (loss) $ 182 $ 1,703 $ 1,505 $ 65 $ (72 ) $ 1,328 $ 1,120
Stock-based compensation 529 545 501 473 624 1,073 645
Amortization of intangible assets 399 195 195 195 308 364 466
(Gain) loss on warrant revaluation 469 (454 ) - - - - -
Acquisition related costs   -     -     -     103     146     287     166  
Non-GAAP net income $ 1,579   $ 1,989   $ 2,201   $ 836   $ 1,006   $ 3,052   $ 2,397  
 
GAAP basic net income (loss) per share
Numerator:
Net income (loss) $ 182 $ 1,703 $ 1,505 $ 65 $ (72 ) $ 1,328 $ 1,120
Less: Undistributed earnings allocated to participating preferred stock (1)   (78 )   (197 )   -     -     -     -     -  
Net income (loss) attributable to common stockholders $ 104   $ 1,506   $ 1,505   $ 65   $ (72 ) $ 1,328   $ 1,120  
Denominator:
Weighted average common shares outstanding, basic   7,356     14,181     17,445     17,490     17,786     18,071     18,283  
GAAP basic net income (loss) per common share $ 0.01   $ 0.11   $ 0.09   $ 0.00   $ (0.00 ) $ 0.07   $ 0.06  
 
GAAP diluted net income (loss) per share
Numerator:
Net income (loss) $ 182   $ 1,703   $ 1,505   $ 65   $ (72 ) $ 1,328   $ 1,120  
Denominator:
Weighted average common shares outstanding, basic 7,356 14,181 17,445 17,490 17,786 18,071 18,283
Add: Outstanding convertible preferred stock 5,316 1,694 - - - - -
Add: Outstanding convertible preferred stock warrants 122 77 47 50 - 6 4
Add: Options to purchase common stock 1,556 1,567 1,418 1,492 - 1,468 1,193
Add: Restricted stock units   -     -     1     5     -     49     27  
Weighted average common shares outstanding, diluted (2)   14,350     17,519     18,911     19,037     17,786     19,594     19,507  
GAAP diluted net income (loss) per common share $ 0.01   $ 0.10   $ 0.08   $ 0.00   $ (0.00 ) $ 0.07   $ 0.06  
 
Non-GAAP basic net income per share
Numerator:
Non-GAAP net income $ 1,579 $ 1,989 $ 2,201 $ 836 $ 1,006 $ 3,052 $ 2,397
Less: Undistributed earnings allocated to participating preferred stock   (680 )   (230 )   -     (5 )   -     -     -  
Non-GAAP net income attributable to common stockholders $ 899   $ 1,759   $ 2,201   $ 831   $ 1,006   $ 3,052   $ 2,397  
Denominator:
Weighted average common shares outstanding, basic   7,356     14,181     17,445     17,490     17,786     18,071     18,283  
Non-GAAP basic net income per common share $ 0.12   $ 0.12   $ 0.13   $ 0.05   $ 0.06   $ 0.17   $ 0.13  
 
Non-GAAP diluted net income per share
Numerator:
Non-GAAP net income $ 1,579   $ 1,989   $ 2,201   $ 836   $ 1,006   $ 3,052   $ 2,397  
Denominator:
Weighted average common shares outstanding, basic 7,356 14,181 17,445 17,490 17,786 18,071 18,283
Add: Outstanding convertible preferred stock 5,316 1,694 - - - - -
Add: Outstanding convertible preferred stock warrants 122 77 47 50 33 6 4
Add: Options to purchase common stock 1,556 1,567 1,418 1,492 1,516 1,468 1,193
Add: Restricted stock units   -     -     1     5     32     49     27  
Weighted average common shares outstanding, diluted   14,350     17,519     18,911     19,037     19,367     19,594     19,507  
Non-GAAP diluted net income per common share $ 0.11   $ 0.11   $ 0.12   $ 0.04   $ 0.05   $ 0.16   $ 0.12  
 
Reconciliation of net income (loss) to adjusted EBITDA:
Net income (loss) $ 182 $ 1,703 $ 1,505 $ 65 $ (72 ) $ 1,328 $ 1,120
Interest (income) expense, net 62 37 (16 ) (18 ) (23 ) (25 ) (23 )
Depreciation and amortization 980 756 733 774 959 1,042 1,174
Stock-based compensation 529 545 501 473 624 1,073 645
Loss on warrant revaluation 469 (454 ) - - - - -
Acquisition related costs - - - 103 146 287 166
Provision for income taxes   24     221     195     (141 )   (7 )   161     201  
Adjusted EBITDA $ 2,246   $ 2,808   $ 2,918   $ 1,256   $ 1,627   $ 3,866   $ 3,283  
 
GAAP cost of subscription and usage $ 3,037 $ 3,096 $ 3,073 $ 3,170 $ 3,221 $ 3,330 $ 3,378
Amortization of acquired technology (127 ) - - - (98 ) (147 ) (193 )
Stock-based compensation   (40 )   (43 )   (38 )   (41 )   (47 )   (59 )   (43 )
Non-GAAP cost of subscription and usage $ 2,870   $ 3,053   $ 3,035   $ 3,129   $ 3,076   $ 3,124   $ 3,142  
 
GAAP cost of services $ 3,260 $ 3,311 $ 3,422 $ 3,172 $ 4,130 $ 4,264 $ 4,666
Acquisition related costs - - - - (56 ) (83 ) (83 )
Stock-based compensation   (78 )   (79 )   (74 )   (76 )   (114 )   (152 )   (135 )
Non-GAAP cost of services $ 3,182   $ 3,232   $ 3,348   $ 3,096   $ 3,960   $ 4,029   $ 4,448  
 
GAAP gross profit $ 10,396 $ 11,809 $ 11,360 $ 10,638 $ 10,912 $ 13,058 $ 12,994
Amortization of acquired technology 127 - - - 98 147 193
Acquisition related costs - - - - 56 83 83
Stock-based compensation   118     122     112     117     161     211     178  
Non-GAAP gross profit $ 10,641   $ 11,931   $ 11,472   $ 10,755   $ 11,227   $ 13,499   $ 13,448  
 
GAAP sales and marketing expense $ 5,324 $ 5,920 $ 5,075 $ 6,149 $ 6,000 $ 6,474 $ 6,323
Stock-based compensation   (164 )   (178 )   (160 )   (157 )   (192 )   (349 )   (163 )
Non-GAAP sales and marketing expense $ 5,160   $ 5,742   $ 4,915   $ 5,992   $ 5,808   $ 6,125   $ 6,160  
 
GAAP research and development expense $ 2,525 $ 2,631 $ 2,740 $ 2,656 $ 2,775 $ 2,588 $ 2,712
Stock-based compensation   (83 )   (100 )   (89 )   (85 )   (102 )   (145 )   (82 )
Non-GAAP research and development expense $ 2,442   $ 2,531   $ 2,651   $ 2,571   $ 2,673   $ 2,443   $ 2,630  
 
GAAP general and administrative expense $ 1,538 $ 1,556 $ 1,666 $ 1,792 $ 2,030 $ 2,315 $ 2,386
Acquisition related costs - - - (103 ) (90 ) (204 ) (83 )
Stock-based compensation   (164 )   (145 )   (140 )   (114 )   (169 )   (368 )   (222 )
Non-GAAP general and administrative expense $ 1,374   $ 1,411   $ 1,526   $ 1,575   $ 1,771   $ 1,743   $ 2,081  
 
GAAP income (loss) from operations $ 737 $ 1,507 $ 1,684 $ (154 ) $ (103 ) $ 1,464 $ 1,300
Amortization of intangible assets 399 195 195 195 308 364 466
Acquisition related costs - - - 103 146 287 166
Stock-based compensation   529     545     501     473     624     1,073     645  
Non-GAAP income from operations $ 1,665   $ 2,247   $ 2,380   $ 617   $ 975   $ 3,188   $ 2,577  
   
(1) Preferred stock does not participate in Company losses and thus in periods of GAAP net losses, 100% of GAAP net loss is attributable to common stockholders.
(2) In periods in which the Company is in a GAAP net loss position, all common stock equivalents are anti-dilutive and are not included in GAAP diluted shares outstanding.
 

CONTACT:
for Convio
Linda Wells, 415-445-3236
linda@marketstreetpartners.com

Convio, Inc. Reports