SciQuest Announces Fourth Quarter and Full Year 2012 Financial Results

SciQuest Announces Fourth Quarter and Full Year 2012 Financial Results

                Generated Strong Quarterly and Annual Results

                      Added 42 New Customers During 2012

                         Achieved All 2012 Priorities

CARY, N.C., Feb. 7, 2013 (GLOBE NEWSWIRE) -- SciQuest, Inc. (Nasdaq:SQI), a
leading provider of cloud-based spend management solutions, today announced
its financial results for the fourth quarter and full year ended December 31,
2012.

Stephen Wiehe, President and Chief Executive Officer of SciQuest, said, "2012
was a year of strong results and solid execution. Fourth quarter and full year
non-GAAP revenues grew 46% and 27% over the applicable 2011 periods, inclusive
of strong organic performance. Our customer focus and commitment to generating
long-term value helped us gain 42 new customers during 2012, excluding those
gained via acquisition. We experienced growth across all of our markets, and
the fourth quarter of 2012 was the best quarter ever for the Commercial sales
team. In addition, we dramatically expanded our modular solution suite,
meeting our 2012 objectives to add Contract Lifecycle Management, Spend
Analysis and Accounts Payable products. Our performance and accomplishments in
2012 provide us with an excellent foundation for continued success that will
help to further solidify our leadership position in the marketplace. Our
priorities in 2013 will be to capitalize on the significant opportunities that
our expanded product suite and market focus provide, attract new customers and
cross-sell our enhanced and expanded suite to existing customers. At the same
time, we are focused on driving operational efficiencies across the business."

Fourth Quarter 2012 Results

SciQuest reported GAAP revenues of $19.7 million for the quarter ended
December 31, 2012 compared to $14.2 million in the fourth quarter of 2011.

GAAP loss from operations in the fourth quarter of 2012 was $2.1 million
compared to GAAP income from operations of $2.0 million in the fourth quarter
of 2011. GAAP net loss was $2.4 million in the fourth quarter of 2012 compared
to GAAP net income of $1.1 million in the same quarter in the prior year. The
primary drivers of the fourth quarter 2012 losses were the expected dilutive
impact of Upside Software and Spend Radar operations, the planned investments
in product development and sales, GAAP acquisition related expenses and
increased stock-based compensation.

GAAP basic net loss per share was $0.11 in the fourth quarter of 2012 based on
22.4 million average basic shares outstanding. GAAP diluted net income per
share in the fourth quarter of 2011 was $0.05 based on 22.5 million average
diluted shares outstanding.

Non-GAAP revenues^(1) in the fourth quarter of 2012 were $20.8 million, up 46%
from the prior year.

Non-GAAP income from operations^(2) in the fourth quarter of 2012 was $2.7
million compared to non-GAAP income from operations^(2) of $3.3 million in the
fourth quarter of 2011. Non-GAAP net income^(3) in the fourth quarter of 2012
was $1.6 million compared to non-GAAP net income^(3) in the fourth quarter of
2011 of $2.0 million. The primary drivers of these changes in 2012 were the
expected dilutive impact of Upside Software and Spend Radar operations as well
as the planned investments in product development and sales.

Non-GAAP diluted net income per share^(3) was $0.07 in the fourth quarter of
2012 based on 22.8 million average diluted shares outstanding. Based on 22.5
million average diluted shares outstanding, non-GAAP diluted net income per
share^(3) in the fourth quarter of 2011 was $0.09.

Full Year 2012 Results

On a full year basis, GAAP revenues were $66.5 million in 2012 compared to
$53.4 million in 2011. GAAP loss from operations was $1.1 million in 2012
compared to GAAP income from operations of $5.3 million in 2011. GAAP net loss
was $1.2 million in 2012 and GAAP basic net loss per share during the year was
$0.05 based on 22.3 million average basic shares outstanding. In 2011, GAAP
net income was $2.8 million and GAAP diluted net income per share was $0.13
based on 22.2 average diluted shares outstanding. The primary drivers of these
losses were the expected dilutive impact of Upside Software and Spend Radar
operations, the planned investments in product development and sales, GAAP
acquisition related expenses and increased stock-based compensation.

Non-GAAP revenues^(1) in 2012 were $68.0 million, up 27% from 2011.

Non-GAAP income from operations^(2) was $8.9 million in 2012 compared to
non-GAAP income from operations^(2) of $10.4 million in 2011. Non-GAAP net
income^(3) was $5.5 million in 2012 compared to non-GAAP net income^(3) of
$6.4 million in 2011. The primary drivers of these changes in 2012 were the
expected dilutive impact of Upside Software and Spend Radar operations as well
as the planned investments in product development and sales.

Non-GAAP diluted net income per share^(3) in 2012 was $0.24 based on 22.7
million average diluted shares outstanding. Based on 22.2 million average
diluted shares outstanding, non-GAAP diluted net income per share^(3) in 2011
was $0.29.

Net cash provided by operating activities in 2012 was $20.4 million compared
to net cash provided by operating activities in 2011 of $17.4 million.
Adjusted free cash flow^(4) in 2012 was $15.7 million, up 10% from 2011, but
$0.3 million less than the guidance range primarily due to timing factors.

Business Outlook

Based on the Company's strong fourth quarter performance and the impact of
recent acquisitions, SciQuest is issuing the following guidance:

First quarter 2013

  *GAAP revenues to be between $19.8 million and $20.2 million.
  *GAAP basic net loss per share to be between $0.06 and $0.07.
  *Basic weighted average shares outstanding to be approximately 22.5
    million.
    
  *Non-GAAP revenues^(1) to be between $20.7 million and $21.1 million.
  *Non-GAAP diluted net income per share^(3) to be between $0.06 and $0.07.
  *Diluted weighted average shares outstanding to be approximately 22.9
    million.

Full Year 2013

  *GAAP revenues to be between $86.1 million and $90.1 million.
  *GAAP basic net loss per share to be between $0.13 and $0.17.
  *Basic weighted average shares outstanding to be approximately 22.6
    million.
  *Net cash provided by operating activities to be between $24.7 million and
    $27.7 million.
  *Purchase of property and equipment of approximately $3.5 million,
    capitalization of software development costs of approximately $5.6 million
    and acquisition related cash costs of approximately $2.4 million.
    
  *Non-GAAP revenues^(1) to be between $89.0 million and $93.0 million.
  *Non-GAAP diluted net income per share^(3) to be between $0.34 and $0.38.
  *Diluted weighted average shares outstanding to be approximately 23.1
    million.
  *Adjusted free cash flow^(4) to be between $18.0 million and $21.0 million.

Results from Upside Software and Spend Radar are included in SciQuest's
results on and after the date they were acquired, August 1, 2012 and October
1, 2012, respectively.

A reconciliation of the most comparable GAAP financial measure to the non-GAAP
measures used above is included with the financial tables at the end of this
release.

ENDNOTES

1)Non-GAAP revenues exclude the purchase accounting impact on deferred
revenue adjustment.

2)Non-GAAP income and loss from operations excludes the purchase accounting
impact on deferred revenue adjustment; stock-based compensation expense;
acquisition related costs; and the amortization of (i) intangible assets and
(ii) acquired software.

3)Non-GAAP net income and non-GAAP diluted net income per share exclude the
purchase accounting impact on deferred revenue adjustment; stock-based
compensation expense; acquisition related costs; and the amortization of (i)
intangible assets and (ii) acquired software. Non-GAAP net income includes the
negative tax-effect of these items.

4)Adjusted free cash flow is defined as net cash provided by operating
activities plus acquisition related costs, less purchases of (i) property and
equipment and (ii) capitalization of software development costs.

Conference Call Information

What:     SciQuest's fourth quarter and full year 2012 financial results
           conference call
When:     Thursday, February 7, 2013
Time:     4:30 p.m. ET
Webcast:   http://investor.sciquest.com (live and replay)
Live Call: (855) 297-9383, domestic
         (708) 290-1311, international
Replay:   (855) 859-2056, domestic
         (404) 537-3406, international

Live and replay conference ID code: 90763403

Non-GAAP Financial Measures

SciQuest provides all information required in accordance with GAAP, but
believes evaluating its ongoing operating results may not be as useful if an
investor is limited to reviewing only GAAP financial measures. Accordingly,
SciQuest presents non-GAAP financial measures in reporting its financial
results to provide investors with additional tools to evaluate SciQuest's
operating results in a manner that focuses on what SciQuest believes to be its
ongoing business operations and what SciQuest uses to evaluate its ongoing
operations and for internal planning and forecasting purposes. SciQuest's
management does not itself, nor does it suggest that investors should,
consider such non-GAAP financial measures in isolation from, or as a
substitute for, financial information prepared in accordance with GAAP.
SciQuest's management believes it is useful for itself and investors to
review, as applicable, both GAAP information that includes: (i) the
amortization of acquired intangible assets; (ii) the impact of stock-based
compensation; (iii) other significant items, such as acquisition related
expenses; (iv) the income tax effect of non-GAAP pre-tax adjustments from the
provision for income taxes; and (v) the purchase accounting impact on deferred
revenue; and the non-GAAP measures that exclude such information in order to
assess the performance of SciQuest's business and for planning and forecasting
in subsequent periods. Whenever SciQuest uses such a non-GAAP financial
measure, it provides a reconciliation of the non-GAAP financial measure to the
most closely applicable GAAP financial measure to the extent possible.
Investors are encouraged to review the related GAAP financial measures and the
reconciliation of these non-GAAP financial measures to their most directly
comparable GAAP financial measure as detailed herein.

About SciQuest

SciQuest's (Nasdaq:SQI) easy to use solutions help contract management,
procurement, and accounts payable professionals make daily operations
efficient through smart automation, and turn the focus on more strategic
decisions that impact the bottom line. With unmatched visibility into
spending, combined with the Power of Q — the Company's unique combination of
products and support — SciQuest provides organizations with a strategic
approach to procurement, improving bottom-line results.

To join the conversation, please visit our blog, The Open
Kitchen—http://www.sciquest.com/blog/ or follow us on Twitter @SciQuest.

Cautionary Note Regarding Forward-Looking Statements

Any statements in this release that are not historical or current facts are
forward-looking statements, including references to our priorities in 2013 and
all statements in the "Business Outlook" section. All forward-looking
statements in this release are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These statements are not
guarantees of future performance and involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance
or achievements to be materially different from any future results,
performances or achievements expressed or implied by the forward-looking
statements. Certain of these risks and uncertainties are described in the
"Risk Factors" section of our most recent Annual Report on Form 10-K and other
required reports, as filed with the SEC, which are available free of charge on
the SEC's website at http://www.sec.gov or on our website at
www.sciquest.com. Given these risks and uncertainties, investors should not
place undue reliance on forward-looking statements as a prediction of actual
results. These forward-looking statements speak only as of the date hereof,
and we undertake no obligation to update, amend or clarify any forward-looking
statement for any reason.

SQI-F

SCIQUEST, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands except per share amounts)
                                                         
                                       As of December31, As of December31,
                                        2012               2011
                                       (unaudited)        
Assets                                                    
Current assets:                                           
Cash and cash equivalents              $15,606          $14,958
Short-term investments                  29,740            44,685
Accounts receivable, net                12,916            10,746
Prepaid expenses and other current      1,434             1,015
assets
Deferred tax asset                      77                70
Total current assets                   59,773            71,474
Property and equipment, net            7,093             4,028
Goodwill                               37,295            15,719
Intangible assets, net                 16,346            5,433
Deferred project costs                 6,962             7,025
Deferred tax asset                      12,682            12,634
Other                                  173               55
Total assets                           $140,324         $116,368
Liabilities and Stockholders' Equity                      
Current liabilities:                                      
Accounts payable                       $1,864           $102
Accrued liabilities                    8,771             5,945
Deferred revenues                      47,821            36,836
Total current liabilities              58,456            42,883
Deferred revenues, less current         14,640            12,778
portion
Stockholders' equity:                                     
Common stock, $0.001par value;
50,000shares authorized; 22,525 and
22,133shares issued and outstanding as 23                22
of December 31, 2012 and December 31,
2011, respectively
Additional paid-in capital             81,894            74,083
Accumulated other comprehensive loss    (115)             --
Accumulated deficit                    (14,574)          (13,398)
Total stockholders' equity              67,228            60,707
Total liabilities and stockholders'     $140,324         $116,368
equity


SCIQUEST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands except per share amounts)
                                                                
                         Three Months Ended December Year Ended December 31,
                          31,
                         2012           2011         2012          2011
                         (unaudited)                 (unaudited)   
                                                                
Revenues                 $19,704      $14,230    $66,465     $53,438
Cost of revenues (1)(2)   6,341         3,819       20,270       13,340
Gross profit             13,363        10,411      46,195       40,098
Operating expenses: (1)                                          
Research and development 6,283         2,563       17,188       11,233
Sales and marketing      5,719         3,467       17,907       14,282
General and               2,912         2,183       10,918       8,403
administrative
Amortization of           532           236         1,268        864
intangible assets
Total operating expenses 15,446        8,449       47,281       34,782
(Loss) income from        (2,083)       1,962       (1,086)      5,316
operations
Other (expense) income,                                          
net:
Interest income          20            24          95           91
Other (expense) income,   (41)          218         (82)         207
net
Total other (expense)     (21)          242         13           298
income, net
(Loss) income before      (2,104)       2,204       (1,073)      5,614
income taxes
Income tax expense        (338)         (1,129)     (103)        (2,780)
Net (loss) income         $(2,442)     $1,075     $(1,176)    $2,834
                                                                
Other comprehensive                                              
(loss) income:
Foreign currency          (12)          --          (115)        --
translation adjustments
Comprehensive (loss)      $(2,454)     $1,075     $(1,291)    $2,834
income
                                                                
Net (loss) income per                                            
share
Basic                     $(0.11)      $0.05      $(0.05)     $0.13
Diluted                   $(0.11)      $0.05      $(0.05)     $0.13
                                                                
Weighted average shares
outstanding used in                                              
computing per share
amounts
Basic                     22,433        22,042      22,285       21,673
Diluted                   22,433        22,519      22,285       22,241
                                                                
(1) Amounts include
stock-based compensation                                         
expense, as follows:
                         Three Months Ended December Year Ended December 31,
                          31,
                         2012           2011         2012          2011
                         (unaudited)                 (unaudited)
Cost of revenues          $109         $100       $300        $313
Research and development 444           220         1,217        1,014
Sales and marketing      501           288         1,510        1,142
General and               534           478         2,170        1,480
administrative
                         $1,588       $1,086     $5,197      $3,949
                                                                
(2) Cost of revenues
includes amortization of                                         
capitalized software
development costs of:
                                                                
Amortization of
capitalized software      $287         $119       $928        $390
development costs:
Amortization of acquired  324            42          553           168
software:
                         $611         $161       $1,481      $558


SCIQUEST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
                                                                
                         Three Months Ended December Year Ended December 31,
                          31,
                         2012           2011         2012          2011
                         (unaudited)                 (unaudited)   
Cash flows from operating                                        
activities
Net (loss) income         $(2,442)     $1,075     $(1,176)    $2,834
Adjustments to reconcile
net (loss) income to net                                         
cash provided by
operating activities:
Depreciation and          1,608         591         4,281        2,142
amortization
Loss on disposal of fixed 2             --          38           --
assets
Stock-based compensation  1,588         1,086       5,197        3,949
expense
Deferred taxes            166           1,534       (55)         2,481
Changes in operating
assets and liabilities,                                          
net of effects of
acquisitions:
Accounts receivable      (5,470)       (4,072)     556          (3,515)
Prepaid expense and other 233           97          (145)        456
current assets
Deferred project costs    29            (700)       (1)          (1,263)
and other assets
Accounts payable         1,575         102         1,764        51
Accrued liabilities      2,437         1,038       1,995        1,221
Deferred revenues        6,858         5,310       7,926        9,051
Net cash provided by      6,584         6,061       20,380       17,407
operating activities
Cash flows from investing                                        
activities
Business acquisitions,    (7,741)       --          (30,188)     (7,346)
net of cash acquired
Addition of capitalized
software development      (934)         (409)       (3,113)      (1,004)
costs
Purchase of property and  (115)         (1,297)     (1,825)      (2,058)
equipment
Purchase of short-term    (4,820)       (21,340)    (6,020)      (36,340)
investments
Maturities of short-term  1,625         3,760       20,965       11,655
investments
Net cash used in          (11,985)      (19,286)    (20,181)     (35,093)
investing activities
Cash flows from financing                                        
activities
Proceeds from public      --            --          --           15,405
offering
Public offering costs     --            --          --           (408)
Repurchases of restricted --            (28)        --           (28)
stock
Repayment of notes
receivable from           --            --          --           15
stockholders
Proceeds from exercise of 216           37          528          166
common stock options
Net cash provided by      216           9           528          15,150
financing activities
Effect of exchange rate
change on cash and cash   (19)          --          (79)         --
equivalents
Net (decrease) increase
in cash and cash          (5,204)       (13,216)    648          (2,536)
equivalents
Cash and cash equivalents
at beginning of the       20,810        28,174      14,958       17,494
period
Cash and cash equivalents $15,606      $14,958    $15,606     $14,958
at end of the period


RECONCILIATION DATA
(UNAUDITED)
(in thousands except per share amounts)
                                                               
Reconciliation of Net     Three Months Ended December
(Loss) Income to Non-GAAP 31,                        Year Ended December 31,
Net Income:
                         2012           2011         2012         2011
Net (loss) income         $(2,442)     $1,075     $(1,176)   $2,834
Purchase accounting
deferred revenue          1,084         --         1,490       --
adjustment
Amortization of           532           236         1,268       864
intangible assets
Amortization of acquired  324           42          553         168
software
Stock-based compensation  1,588         1,086       5,197       3,949
Acquisition related costs 1,256         --         1,506       134
Distribution of           --           (223)       --         (223)
acquisition escrow
Tax effect of adjustments (705)         (173)       (3,378)     (1,310)
Non-GAAP net income       $1,637       $2,043     $5,460     $6,416
                                                               
Non-GAAP net income per                                         
share:
Basic                     $0.07        $0.09      $0.25      $0.30
Diluted                   $0.07        $0.09      $0.24      $0.29
                                                               
Weighted average shares
outstanding used in                                             
computing per share
amounts:
Basic                     22,433        22,042      22,285      21,673
Diluted                   22,822        22,519      22,712      22,241
                                                               
Reconciliation of (Loss)
Income from Operations to Three Months Ended December Year Ended December 31,
Non-GAAP Income from      31,
Operations:
                         2012           2011         2012         2011
(Loss) income from        $(2,083)     $1,962     $(1,086)   $5,316
operations
Purchase accounting
deferred revenue          1,084         --         1,490       --
adjustment
Amortization of           532           236         1,268       864
intangible assets
Amortization of acquired  324           42          553         168
software
Stock-based compensation  1,588         1,086       5,197       3,949
Acquisition related costs 1,256         --         1,506       134
Non-GAAP income from      $2,701       $3,326     $8,928     $10,431
operations
                                                               
Reconciliation of
Operating Expenses to     Three Months Ended December Year Ended December 31,
Non-GAAP Operating        31,
Expenses:
                         2012           2011         2012         2011
Operating expenses        $15,446      $8,449     $47,281    $34,782
Amortization of           (532)         (236)       (1,268)     (864)
intangible assets
Stock-based compensation  (1,479)       (986)       (4,897)     (3,636)
Acquisition related costs (1,256)       --         (1,506)     (134)
Non-GAAP operating        $12,179      $7,227     $39,610    $30,148
expenses
                                                               
Reconciliation of Net
Cash Provided by          Three Months Ended December Year Ended December 31,
Operating Activities to   31,
Adjusted Free Cash Flow:
                         2012           2011         2012         2011
Net cash provided by      $6,584       $6,061     $20,380    $17,407
operating activities
Purchase of property and  (115)         (1,297)     (1,825)     (2,058)
equipment
Capitalization of
software development      (934)         (409)       (3,113)     (1,004)
costs
Free cash flow            5,535         4,355       15,442      14,345
Acquisition related costs 56            --         306         134
Distribution of           --           (223)       --         (223)
acquisition escrow
Adjusted free cash flow   $5,591       $4,132     $15,748    $14,256


RECONCILIATION DATA
(UNAUDITED)
(in thousands)
                                                               
Reconciliation of         Three Months Ended December
Revenues to Non-GAAP      31,                        Year Ended December 31,
Revenues:
                         2012          2011          2012         2011
Revenues                  $19,704     $14,230     $66,465    $53,438
Purchase accounting
deferred revenue          1,084        --          1,490       --
adjustment
Non-GAAP Revenues         $20,788     $14,230     $67,955    $53,438
                                                               
Reconciliation of Cost of Three Months Ended December
Revenues to Non-GAAP Cost 31,                        Year Ended December 31,
of Revenues:
                         2012          2011          2012         2011
Cost of revenues          $6,341      $3,819      $20,270    $13,340
Amortization of acquired  (324)        (42)         (553)       (168)
software
Stock-based compensation  (109)        (100)        (300)       (313)
Non-GAAP Cost of revenues $5,908      $3,677      $19,417    $12,859
                                                               
Reconciliation of
Research and Development  Three Months Ended December Year Ended December 31,
to Non-GAAP Research and  31,
Development:
                         2012          2011          2012         2011
Research and development  $6,283      $2,563      $17,188    $11,233
Stock-based compensation  (444)        (220)        (1,217)     (1,014)
Acquisition related costs (600)        --          (600)       --
Non-GAAP Research and     $5,239      $2,343      $15,371    $10,219
development
                                                               
Reconciliation of Sales   Three Months Ended December
and Marketing to Non-GAAP 31,                        Year Ended December 31,
Sales and Marketing:
                         2012          2011          2012         2011
Sales and marketing       $5,719      $3,467      $17,907    $14,282
Stock-based compensation  (501)        (288)        (1,510)     (1,142)
Acquisition related costs (600)        --          (600)       --
Non-GAAP Sales and        $4,618      $3,179      $15,797    $13,140
marketing
                                                               
Reconciliation of General
and Administrative to     Three Months Ended December Year Ended December 31,
Non-GAAP General and      31,
Administrative:
                         2012          2011          2012         2011
General and               $2,912      $2,183      $10,918    $8,403
administrative
Stock-based compensation  (534)        (478)        (2,170)     (1,480)
Acquisition related costs (56)         --          (306)       (134)
Non-GAAP General and      $2,322      $1,705      $8,442     $6,789
administrative
                                                               
Reconciliation of
Amortization of           Three Months Ended December
Intangible Assets to      31,                        Year Ended December 31,
Non-GAAP Amortization of
Intangible Assets:
                         2012          2011          2012         2011
Amortization of           $532        $236        $1,268     $864
intangible assets
Amortization of           (532)        (236)        (1,268)     (864)
intangible assets
Non-GAAP Amortization of  $--        $--        $--       $--
intangible assets
                                                               
Reconciliation of Other
(Expense) Income to       Three Months Ended December Year Ended December 31,
Non-GAAP Other (Expense)  31,
Income:
                         2012          2011          2012         2011
Other (expense) income   $(41)       $218        $(82)      $207
Distribution of           --          (223)        --         (223)
acquisition escrow
Non-GAAP Other(expense)  $(41)       $(5)        $(82)      $(16)
income


RECONCILIATION DATA
(UNAUDITED)
(in thousands except per share amounts)
                                                               
Reconciliation of Revenue      Three Months Ended March Twelve Months Ended
Outlook to Non-GAAP Revenue    31, 2013                 December 31, 2013
Outlook:
                              Low end of  High end of  Low end of High end of
                               Range       Range        Range      Range
Revenues                       $19,800   $20,200    $86,100  $90,100
Purchase accounting deferred   900         900          2,900      2,900
revenue adjustment
Non-GAAP revenues              $20,700   $21,100    $89,000  $93,000
                                                               
Reconciliation of (Loss)
Earnings per Share Outlook to  Three Months Ended March Twelve Months Ended
Non-GAAP Earnings per Share    31, 2013                 December 31, 2013
Outlook:
                              Low end of  High end of  Low end of High end of
                               Range       Range        Range      Range
Loss per share                 $(0.07)   $(0.06)    $(0.17)  $(0.13)
Purchase accounting deferred   0.04        0.04         0.13       0.13
revenue adjustment per share
Amortization of intangible
assets per share and acquired  0.03        0.03         0.14       0.14
software per share
Stock-based compensation per   0.08        0.08         0.31       0.31
share
Acquisition related costs per  0.05        0.05         0.21       0.21
share
Tax effect of adjustments per  (0.07)      (0.07)       (0.28)     (0.28)
share
Non-GAAP earnings per share    $0.06     $0.07      $0.34    $0.38
                                                               
Reconciliation of Net Cash
Provided by Operating                                  Twelve Months Ended
Activities Outlook to Adjusted                          December 31, 2013
Free Cash Flow Outlook:
                                                     Low end of High end of
                                                        Range      Range
Net cash provided by operating                        $24,700  $27,700
activities
Purchase of property and                              (3,500)    (3,500)
equipment
Capitalization of software                            (5,600)    (5,600)
development costs
Acquisition related costs                             2,400      2,400
Adjusted free cash flow                               $18,000  $21,000

CONTACT: SciQuest media contact:
         Michelle Perkins
         SciQuest, Inc.
         919-659-2228
         mperkins@sciquest.com
        
         SciQuest Investor contact:
         Jamie Andelman
         SciQuest, Inc.
         919-659-2322
         jandelman@sciquest.com
 
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