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Marketo Announces Revenue Growth of 64% to $95.9 million for 2013

Fourth Quarter Revenue Increases 67% to $28.2 million

SAN MATEO, Calif., Feb. 11, 2014 /PRNewswire/ -- Marketo (NASDAQ: MKTO), provider of the leading cloud-based marketing platform for building and sustaining engaging customer relationships, today announced its fourth quarter and 2013 financial results.  

(Logo:  http://photos.prnewswire.com/prnh/20070917/AQM011LOGO)

Highlights:  

  • Revenue grew 64% in 2013 and 67% in the fourth quarter  
  • Deferred revenue increased 100% year over year to $41.4 million
  • Completed data center transition program
  • Customer count increased to 3,001 at year end
  • Continued innovation with acquisition of Insightera for real-time personalization   

"We are delighted to report outstanding financial and operational results in the fourth quarter, wrapping up a very strong year for Marketo," commented Phil Fernandez, Chairman and CEO of Marketo. "2013 was the year that marketing software emerged into broad awareness as the most exciting category in enterprise software. Marketers have stepped forward as the stewards of customer experience and lifetime value in their organizations. This has allowed marketers in virtually every industry to become the most important catalyst for revenue growth in their business. This is what I call a Marketing First world.

"As we look into 2014, we are more excited than ever about the opportunities ahead as we continue to earn new customers, expand into our existing customer base, and extend our track record of thought leadership and innovation," concluded Fernandez. 

Results for the fourth quarter of 2013:

  • Revenue: Revenue was $28.2 million, an increase of 67% over the prior year period and an increase of 10% from the quarter ended September 30, 2013.
  • Deferred Revenue:  Deferred revenue at December 31, 2013 was $41.4 million, up 100% year over year from $20.6 million at December 31, 2012, and up 35% compared to the $30.6 million at September 30, 2013.
  • Net Loss: GAAP net loss was $15.5 million, and net loss per common share, basic and diluted, was $(0.41). Non-GAAP net loss was $11.2 million, and net loss per common share, basic and diluted, was $(0.29), which excludes approximately $2.4 million in stock-based compensation expense, $950,000 of litigation settlement costs, $734,000 of acquisition related costs and $176,000 of amortization of acquired intangible assets.  GAAP and non-GAAP net loss per common share calculations are based on 38.3 million weighted average common shares outstanding.
  • Total Cash and Cash Equivalents: As of December 31, 2013, total cash and cash equivalents was $128.3 million.

Results for fiscal year 2013:

  • Revenue: Revenue was $95.9 million, an increase of 64% over the prior year period.
  • Net Loss: GAAP net loss was $47.4 million, and net loss per common share, basic and diluted, was $(1.92). Non-GAAP net loss was $37.1 million, and net loss per common share, basic and diluted, was $(1.50), which excludes approximately $8.1 million in stock-based compensation expense, $950,000 of litigation settlement costs, $734,000 of acquisition related costs and $551,000 of amortization of acquired intangible assets.  GAAP and non-GAAP net loss per common share calculations are based on 24.7 million weighted average common shares outstanding.

Outlook
As of February 11, 2014, Marketo is initiating revenue and EPS guidance for its first quarter of 2014 and full year 2014 guidance.

For the first quarter of 2014, Marketo expects to report:

  • Revenue in the range of $29.5 to $30.5 million
  • GAAP net loss per share in the range of $(0.39) to $(0.41)
  • Non-GAAP net loss per share in the range of $(0.28) to $(0.30), excluding stock-based compensation expenses of approximately $3.8 million and $484,000 of amortization of acquired intangible assets assuming approximately 39.6 million weighted average common shares outstanding

For the full year 2014, Marketo expects to report:

  • Revenue in the range of $130 to $135 million
  • GAAP net loss per share in the range of $(1.74) to $(1.85)
  • Non-GAAP net loss per share in the range of $(1.09) to $(1.15), excluding stock-based compensation expenses of approximately $24.3 million and $1.9 million of amortization of acquired intangible assets assuming approximately 41.0 million weighted average common shares outstanding

Conference Call Information
Marketo will host a conference call and live webcast to discuss the financial results at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time, today, Tuesday, February 11, 2014. The conference call can be accessed by dialing 1-877-941-2068, or 1-480-629-9712 (outside the U.S. and Canada).  A live webcast will be available on the Investor Relations page of the Marketo corporate website at www.marketo.com and via replay beginning approximately two hours after the completion of the call for 90 days.  An audio replay of the call will also be available by dialing 1-800-406-7325 or 1-303-590-3030 (outside the U.S. and Canada) and entering passcode 4662008#.

Use of Non-GAAP Financial Information
Marketo provides financial statements that are prepared in accordance with generally accepted accounting principles (GAAP). To help understand Marketo's past financial performance and future results, Marketo has supplemented its financial results that it provides in accordance with GAAP with certain non-GAAP financial measures. The method Marketo uses to produce non-GAAP financial results is not computed according to GAAP and may differ from the methods used by other companies. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.  Specifically, management is excluding the following items from its non-GAAP historic and estimated net loss and net loss per common share, basic and diluted:

• Stock-Based Compensation Expenses: The company's compensation strategy includes the use of stock-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, stock-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

• Amortization of Acquired Intangible Assets: The company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company's research and development efforts, trade names, customer lists and customer relationships, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.

• Litigation Settlement: The company settled some litigation in the fourth quarter and views this as a non-recurring expense.

• Integration Costs: The company views acquisition-related integration costs, such as legal and audit services associated with an acquired company, as items arising from pre-acquisition activities that are non-recurring in nature.

"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements. These forward-looking statements include general statements about our opportunities for growth and specific statements about our expected GAAP and non-GAAP financial results for the first quarter and the full year of 2014, including revenue, net loss, EPS, stock-based compensation expenses and amortization of acquired intangible assets. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the company's results could differ materially from the results expressed or implied by the forward-looking statements we make.

The risks and uncertainties – that could cause actual results to differ from the results predicted include, but are not limited to, risks associated with: possible fluctuations in the company's financial and operating results; the company's rate of growth and anticipated revenue run rate, including the company's ability to convert deferred revenue and unbilled deferred revenue into revenue and, as appropriate, cash flow, and the continued growth and ability to maintain deferred revenue and unbilled deferred revenue; errors, interruptions or delays in the company's service or the company's Web hosting; breaches of the company's security measures; the financial impact of any previous and future acquisitions; the nature of the company's business model; the company's ability to continue to release, and gain customer acceptance of, new and improved versions of the company's service; successful customer deployment and utilization of the company's existing and future services; changes in the company's sales cycle; competition; relationships with platform providers; various financial aspects of the company's subscription model; unexpected increases in attrition or decreases in new business; the emerging markets in which the company operates; unique aspects of entering or expanding in international markets, the company's ability to hire, retain and motivate employees and manage the company's growth; changes in the company's customer base; technological developments; regulatory developments; litigation related to intellectual property and other matters, and any related claims, negotiations and settlements; unanticipated changes in the company's effective tax rate; fluctuations in the number of shares we have outstanding and the price of such shares; foreign currency exchange rates; collection of receivables; interest rates; factors affecting our deferred tax assets and ability to value and utilize them; the risks and expenses associated with the company's real estate and office facilities space; and general developments in the economy, financial markets, and credit markets.

Further information  about factors that could affect the company's financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings the Company makes with the Securities and Exchange Commission from time to time.

Marketo assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

About Marketo: Marketing Software. Easy, Powerful, Complete.
Marketo (NASDAQ: MKTO) provides the leading cloud-based marketing software platform for companies of all sizes to build and sustain engaging customer relationships.  Spanning today's digital, social, mobile and offline channels, the Marketo® solution includes a complete suite of applications that help organizations acquire new customers more efficiently, maximize customer loyalty and lifetime value, improve sales effectiveness, and provide analytical insight into marketing's contribution to revenue growth. Marketo's applications are known for their breakthrough ease-of-use, and are complemented by the Marketing Nation™, a thriving network of more than 200 LaunchPoint™ ecosystem partners and over 40,000 marketers who share and learn from each other to grow their collective marketing expertise.  The result for modern marketers is unprecedented agility and superior results.

Headquartered in San Mateo, CA with offices in Europe and Australia, Marketo serves as a strategic marketing partner to more than 3,000 large enterprises and fast-growing small companies across a wide variety of industries. For more information, visit www.marketo.com.

Marketo, the Marketo logo, Marketing Nation and LaunchPoint are trademarks of Marketo, Inc. All other trademarks are the property of their respective owners.

 

 

MARKETO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)








 December 31, 


 December 31, 



2013


2012






ASSETS





Current assets:





Cash and cash equivalents 


$     128,299


$       44,247

Accounts receivable, net 


26,946


14,106

Prepaid expenses and other current assets 


3,218


2,379

Total current assets 


158,463


60,732

Property and equipment, net 


13,856


5,617

Goodwill 


25,941


9,537

Intangible assets, net 


7,095


2,734

Other assets 


484


536

Total assets 


$     205,839


$       79,156






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable 


$         3,527


$         2,217

Accrued expenses and other current liabilities 


23,055


8,945

Deferred revenue 


41,356


20,642

Current portion of credit facility 


2,187


582

Total current liabilities 


70,125


32,386

Credit facility, net of current portion 


5,372


3,058

Other long-term liabilities


1,900


148

Total liabilities 


77,397


35,592






Stockholders' equity:





Convertible preferred stock


-


119,121

Common stock


4


-

Additional paid-in capital 


257,801


6,499

Accumulated other comprehensive income 


198


145

Accumulated deficit 


(129,561)


(82,201)

Total stockholders' equity 


128,442


43,564

Total liabilities and stockholders' equity 


$     205,839


$       79,156

 

 

MARKETO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)












Three Months
Ended December 31, 


For the Year
Ended December 31, 



2013


2012


2013


2012






Revenue:









   Subscription and support


$  25,153


$ 15,292


$  85,095


$  52,756

   Professional services and other


3,018


1,555


10,823


5,657

      Total revenue


28,171


16,847


95,918


58,413

Cost of revenue (1):









   Subscription and support


6,295


5,072


24,681


16,216

   Professional services and other


3,991


2,374


13,298


8,442

      Total cost of revenue


10,286


7,446


37,979


24,658

Gross profit:









   Subscription and support


18,858


10,220


60,414


36,540

   Professional services and other


(973)


(819)


(2,475)


(2,785)

      Total gross profit


17,885


9,401


57,939


33,755

Operating expenses (1):









   Research and development


6,402


4,964


23,321


18,799

   Sales and marketing


19,719


9,325


62,769


37,776

   General and administrative


6,996


3,027


18,655


11,388

      Total operating expenses


33,117


17,316


104,745


67,963

Loss from operations


(15,232)


(7,915)


(46,806)


(34,208)

Other income (expense), net


(281)


(107)


(526)


(158)

Loss before provision for income taxes


(15,513)


(8,022)


(47,332)


(34,366)

Provision for income taxes


(18)


14


28


19

Net loss


$(15,495)


$ (8,036)


$(47,360)


$(34,385)










Net loss per share of common stock, basic and diluted


$    (0.41)


$   (2.68)


$    (1.92)


$  (12.26)

Shares used in computing net loss per share of common stock, basic and diluted


38,257


2,994


24,709


2,806

Comprehensive loss:









   Net loss 


$(15,495)


$ (8,036)


$(47,360)


$(34,385)

   Other comprehensive income (loss):









   Foreign currency translation adjustments


77


17


53


26

Comprehensive loss 


$(15,418)


$ (8,019)


$(47,307)


$(34,359)



















   (1) Amounts include stock-based compensation expense as follows:












Three Months
Ended December 31, 


For the Year
Ended December 31, 



2013


2012


2013


2012






Cost of subscription and support revenue 


$       179


$        73


$       496


$       216

Cost of professional services and other revenue 


245


48


690


169

Research and development 


479


184


2,084


575

Sales and marketing 


647


166


2,293


966

General and administrative 


885


341


2,512


1,046

   Total stock-based compensation expense


$    2,435


$      812


$    8,075


$    2,972










 

 

MARKETO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)












Three Months Ended
December 31,


For the Year Ended
December 31,



2013


2012


2013


2012

Cash flows from operating activities:









Net loss 


$ (15,495)


$ (8,036)


$ (47,360)


$(34,385)

Adjustments to reconcile net loss to net cash used in operating activities:









Depreciation and amortization 


1,584


641


4,621


1,731

Stock-based compensation expense 


2,435


812


8,075


2,972

Deferred income taxes


(65)


-


(65)


-

Loss on sale of assets


-


-


-


-

Changes in operating assets and liabilities:









Accounts receivable, net 


(13,461)


(3,365)


(12,702)


(4,989)

Prepaid expenses and other current assets 


1,390


419


(698)


(203)

Other assets 


5


190


(46)


(505)

Accounts payable 


993


(251)


2,050


(1,624)

Accrued expenses and other current liabilities 


7,078


882


13,177


3,647

Deferred revenue 


10,592


4,223


20,438


9,536

Deferred rent 


(3)


1


141


(28)

Net cash used in operating activities 


(4,947)


(4,484)


(12,369)


(23,848)

Cash flows from investing activities:









Purchase of property and equipment 


(3,167)


(639)


(11,401)


(4,354)

Capitalized software development


(114)


-


(459)


-

Cash used in acquisition, net of cash acquired


(6,216)


-


(6,216)


698

Net cash used in investing activities 


(9,497)


(639)


(18,076)


(3,656)

Cash flows from financing activities:









Proceeds from initial public offering, net of underwriting discount


-


-


80,506


-

Proceeds from follow-on offering, net of underwriting discount


-


-


22,519


-

Proceeds from private placement


-


-


6,500


-

Proceeds from issuance of common stock upon exercise of stock options 


2,507


396


4,985


912

Repurchase of unvested common stock from terminated employees 


(2)


(8)


(22)


(67)

Withholding taxes remitted for the net share settlement of an equity award


-


-


(124)


-

Proceeds from issuance of debt


-


1,420


4,500


3,640

Repayment of debt


(290)


-


(582)


-

Payment incurred for common stock registration related to acquisition


(35)


-


(35)


-

Payment of deferred initial public offering and follow-on offering costs 


(437)


(99)


(3,820)


(99)

Net cash provided by financing activities 


1,743


1,709


114,427


4,386

Effect of foreign exchange rate changes on cash and cash equivalents 


80


(51)


70


(35)

Net increase (decrease) in cash and cash equivalents 


(12,621)


(3,465)


84,052


(23,153)

Cash and cash equivalents — beginning of period 


140,920


47,712


44,247


67,400

Cash and cash equivalents —end of period 


$128,299


$44,247


$128,299


$  44,247

 

 

MARKETO, INC.

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(In thousands, except per share data)

(Unaudited)


To supplement our condensed consolidated financial statements presented on a GAAP basis, Marketo uses non-GAAP measures of operating loss, net loss and net loss per share, which are adjusted to exclude certain costs, expenses, gains and losses we believe appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of Marketo's underlying operational results and trends and our marketplace performance. In addition, these adjusted non-GAAP results are among the information management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles in the United States of America.





Three Months Ended
September 30, 2013


Three Months Ended
December 31, 2013


Three Months Ended
December 31, 2012


For the Year Ended
December 31, 2013


For the Year Ended
December 31, 2012

Revenue:












Subscription and support


$                       22,504


$                       25,153


$                       15,292


$                    85,095


$                    52,756


Professional services and other


3,003


3,018


1,555


10,823


5,657

Total Revenue


$                       25,507


$                       28,171


$                       16,847


$                    95,918


$                    58,413













Cost of revenue reconciliation:












GAAP Subscription and support


$                         6,245


$                         6,295


$                         5,072


$                    24,681


$                    16,216


   Stock-based compensation


(140)


(179)


(73)


(496)


(216)


   Amortization of acquired intangible assets


(57)


(95)


-


(267)


-


Non-GAAP subscription and support


$                         6,048


$                         6,021


$                         4,999


$                    23,918


$                    16,000














GAAP Professional services and other


$                         3,568


$                         3,991


$                         2,374


$                    13,298


$                      8,442


   Stock-based compensation


(198)


(245)


(48)


(690)


(169)


   Amortization of acquired intangible assets


-


-


-


-


-


Non-GAAP professional services and other


$                         3,370


$                         3,746


$                         2,326


$                    12,608


$                      8,273













Gross profit and gross margin reconciliation:












Non-GAAP subscription and support gross profit


$                       16,456


$                       19,132


$                       10,293


$                    61,177


$                    36,756


Non-GAAP professional services and other gross profit


(367)


(728)


(771)


(1,785)


(2,616)


Non-GAAP gross profit


$                       16,089


$                       18,404


$                         9,522


$                    59,392


$                    34,140


Non-GAAP subscription and support gross margin


73.1%


76.1%


67.3%


71.9%


69.7%


Non-GAAP professional services and other gross margin


-12.2%


-24.1%


-49.6%


-16.5%


-46.2%


Non-GAAP gross margin


63.1%


65.3%


56.5%


61.9%


58.4%













Operating expenses reconciliation:












GAAP Research and development


$                         5,938


$                         6,402


$                         4,964


$                    23,321


$                    18,799


   Stock-based compensation


(458)


(479)


(184)


(2,084)


(575)


   Amortization of acquired intangible assets


-


-


(72)


-


(205)


Non-GAAP research and development


$                         5,480


$                         5,923


$                         4,708


$                    21,237


$                    18,019


As a % of total revenues, non-GAAP


21.5%


21.0%


27.9%


22.1%


30.8%














GAAP Sales and marketing


$                       15,244


$                       19,719


$                         9,325


$                    62,769


$                    37,776


   Stock-based compensation


(553)


(647)


(166)


(2,293)


(966)


   Amortization of acquired intangible assets


(43)


(52)


(43)


(181)


(121)


Non-GAAP sales and marketing


$                       14,648


$                       19,020


$                         9,116


$                    60,295


$                    36,689


As a % of total revenues, non-GAAP


57.4%


67.5%


54.1%


62.9%


62.8%














GAAP General and administrative


$                         4,356


$                         6,996


$                         3,027


$                    18,655


$                    11,388


   Stock-based compensation


(674)


(885)


(341)


(2,512)


(1,046)


   Amortization of acquired intangible assets


(25)


(29)


(25)


(103)


(71)


   Litigation settlement


-


(950)


-


(950)


-


   Acquisition related costs


-


(734)


-


(734)


-


Non-GAAP general and administrative


$                         3,657


$                         4,398


$                         2,661


$                    14,356


$                    10,271


As a % of total revenues, non-GAAP


14.3%


15.6%


15.8%


15.0%


17.6%













Loss from operations reconciliation:












GAAP loss from operations


$                        (9,844)


$                      (15,232)


$                        (7,915)


$                   (46,806)


$                   (34,208)


   Stock-based compensation


2,023


2,435


812


8,075


2,972


   Amortization of acquired intangible assets


125


176


140


551


397


   Litigation settlement


-


950


-


950


-


   Acquisition related costs


-


734


-


734


-


Non-GAAP loss from operations


$                        (7,696)


$                      (10,937)


$                        (6,963)


$                   (36,496)


$                   (30,839)













Net loss reconciliation:












GAAP Net loss


$                        (9,951)


$                      (15,495)


$                        (8,036)


$                   (47,360)


$                   (34,385)


   Stock-based compensation


2,023


2,435


812


8,075


2,972


   Amortization of acquired intangible assets


125


176


140


551


397


   Litigation settlement


-


950


-


950


-


   Acquisition related costs


-


734


-


734


-


Non-GAAP Net loss


$                        (7,803)


$                      (11,200)


$                        (7,084)


$                   (37,050)


$                   (31,016)













Basic and diluted net loss per share












GAAP


$                          (0.27)


$                          (0.41)


$                          (2.68)


$                       (1.92)


$                     (12.26)


Non-GAAP


$                          (0.21)


$                          (0.29)


$                          (2.37)


$                       (1.50)


$                     (11.05)













Shares used to compute basic and diluted GAAP and Non-GAAP net loss per share


37,054


38,257


2,994


24,709


2,806

 

SOURCE Marketo

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