Bazaarvoice, Inc. (BV)

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Bazaarvoice (BV)

Q4 2013 Earnings Call

June 04, 2013 4:30 pm ET


Brian Smith

Stephen R. Collins - Chief Executive Officer and Director

James R. Offerdahl - Chief Financial Officer


Jennifer Swanson Lowe - Morgan Stanley, Research Division

Gregory Dunham - Goldman Sachs Group Inc., Research Division

Nandan Amladi - Deutsche Bank AG, Research Division

Brendan Barnicle - Pacific Crest Securities, Inc., Research Division

Mark R. Murphy - Piper Jaffray Companies, Research Division

Karl Keirstead - BMO Capital Markets U.S.



Good day, and welcome to the Bazaarvoice Fourth Fiscal Quarter and Full Year 2013 Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Brian Smith, Vice President of Finance for Bazaarvoice. You may begin.

Brian Smith

Good afternoon, and welcome to today's conference call to discuss Bazaarvoice's financial results for the fourth fiscal quarter and fiscal year ended April 30, 2013. I'm joined today by Stephen Collins, our Chief Executive Officer; and Jim Offerdahl, our Chief Financial Officer. Following prepared remarks from Stephen and Jim, we will have a question-and-answer session.

Please note that we are simultaneously webcasting this call on our Investor Relations website at The earnings release with our results for our fourth fiscal quarter and fiscal year 2013 was issued earlier today and is also posted on our Investor Relations website.

Please remember that certain statements made during this call, including those concerning our business outlook and guidance, growth plans and opportunities, potential acquisitions, sales execution and our ability to capitalize on our opportunities, are forward-looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that are described in our SEC filings, including the Risk Factor section of our Form 10-K for the fiscal year ended April 30, 2012, our Form 10-Q for the fiscal quarter ended January 31, 2013, and our Form S-1 as filed with the SEC on July 12, 2012, and other documents that we may file with the SEC in the future.

Should any of the risks or uncertainties materialize or should any of our assumptions prove to be incorrect, actual results could differ materially and adversely from those anticipated or implied in these forward-looking statements. In addition, forward-looking statements are also based on currently available information, and we undertake no duty to update this information. Additional cautionary language regarding these forward-looking statements is further described in today's press release.

Finally, some of the numbers that we will discuss during this call will be presented on a non-GAAP basis. Today's press release, together with the accompanying tables, contains the calculations of these non-GAAP financial measures and a full reconciliation between each non-GAAP measure and its corresponding GAAP measure.

I would now like to turn the call over to Stephen.

Stephen R. Collins

Thanks, Brian, and thank you for joining us today. I'd like to start by thanking and congratulating the Bazaarvoice team for delivering a solid quarter of performance. The team did a great job in several important ways that are fundamental for our success that I will review on today's call. But first, a quick rewind.

Last quarter, I outlined our key objectives for the fourth quarter of fiscal 2013 and for fiscal 2014. These are: to dramatically increase global new account acquisition for not only our core review solutions but also Media and Connections; to expand our leadership team with exceptionally talented and experienced professionals to complement the existing leadership team; to invest aggressively in growth opportunities for our network, including Connections, Media, data analytics and global expansion into emerging markets; and to migrate our clients to our new technology platform that will unlock a number of opportunities around network connectivity, data, content management and analytics; and to win our litigation with the Department of Justice.

We made great progress on each of these priorities during the fourth quarter, excepting that we are not in control of the DOJ outcome. With regard to our DOJ litigation, all I can say is that we remain set to go to trial in September, and that will run for several weeks. We are vigorously pursuing our defense, and we look forward to having our day in court.

On to operations. I am delighted to report that the build-out of our executive leadership team is now essentially complete and this was, in my view, the most important accomplishment for the quarter. In the last 6 months, we brought on our President, Gene Austin; Executive Vice President of Client Services, Marc Cannon; Chief Financial Officer, Jim Offerdahl; and General Manager of EMEA, Cedric Pech; along with a number of new country leaders and other key additions to the senior team. I'm very optimistic that we have the right team of experienced, growth-oriented and results-driven leaders to ensure we achieve our potential as a company.

With regard to the other objectives I just outlined, first and foremost, I explained last quarter that our #1 focus for growth and for building our shopper network audience reach was all about winning new accounts globally. On previous earnings calls, I also explained that we had lost focus on this important business driver for several quarters going back to fiscal 2012. Our company is now fully aligned behind winning new accounts globally, and the entire team has responded extremely well in the last 2 quarters, in my view.

So far, here's what we've accomplished. In the second half of fiscal 2013, we sold, that is booked, approximately 170 new enterprise clients as compared to approximately 120 in the first half. So we've been able to pick up the pace in the second half, and our current pace is quite a bit better than fiscal 2012. As a reminder, we report new clients only after they are launched and we began recognizing revenue, which is typically 90 to 120 days after signing a contract.

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