Bazaarvoice, Inc. Announces its Financial Results for the Fourth Fiscal Quarter and Fiscal Year Ended April 30, 2013

Bazaarvoice, Inc. Announces its Financial Results for the Fourth Fiscal
Quarter and Fiscal Year Ended April 30, 2013

Fourth fiscal quarter of 2013 and recent strategic highlights include:

  *SaaS revenue for the fourth quarter increased by 35% year-over-year to
    $42.3 million
  *Net media revenue for the fourth quarter was $1.0 million
  *Number of active enterprise clients totaled 1,208 at the end of the period
  *Gene Austin was appointed president and Marc Cannon was appointed
    executive vice president of client services

AUSTIN, Texas, June 4, 2013 (GLOBE NEWSWIRE) -- Bazaarvoice, Inc. (Nasdaq:BV),
the network connecting brands and retailers to the authentic voices of
consumers wherever they shop, reported its financial results for the fourth
fiscal quarter and fiscal year ended April 30, 2013.

"I am pleased with how we concluded fiscal 2013, both financially and
operationally," said Stephen Collins, chief executive officer of Bazaarvoice.
"We have now substantially completed the build out of our leadership team, and
we look forward to embarking upon the next phase of growth as we continue to
expand our network of brand and retail clients globally."

Fourth Fiscal Quarter of 2013 Financial Details

Revenue: Bazaarvoice reported revenue of $43.3 million for the fourth quarter
of 2013, up 38% from the fourth quarter of 2012, which consisted of SaaS
revenue of $42.3 million and net media revenue of $1.0 million.

Adjusted EBITDA: Adjusted EBITDA for the fourth quarter of 2013 was a loss of
$6.9 million, compared to a loss of $3.5 million for the fourth quarter of
2012.

GAAP net loss and net loss per share: GAAP net loss was $23.1 million,
compared to a GAAP net loss of $6.4 million for the fourth quarter of 2012.
GAAP net loss per share was $0.32 based upon weighted average shares
outstanding of 73.1 million, compared to $0.13 for the fourth quarter of 2012
based upon weighted average shares outstanding of 48.2 million.

Non-GAAP net loss and net loss per share: Non-GAAP net loss was $8.7 million,
compared to a non-GAAP net loss of $4.3 million for the fourth quarter of
2012. Non-GAAP net loss per share was $0.12 based upon weighted average shares
outstanding of 73.1 million, compared to $0.08 for the fourth quarter of 2012
based upon weighted average shares outstanding of 55.7 million.

Clients: The number of active enterprise clients at the end of the fourth
quarter was 1,208, and the number of active network clients at the end of the
fourth quarter was approximately 1,400. Annualized SaaS revenue per average
active enterprise client for the fourth quarter was approximately $142,000.
Active enterprise client retention rate for the fourth quarter was
approximately 98%.

Fiscal Year 2013 Financial Details

Revenue: Bazaarvoice reported revenue of $160.3 million for the fiscal year
ended April 30, 2013, up 51% from the fiscal year ended April 30, 2012, which
consisted of SaaS revenue of $157.3 million and net media revenue of $3.0
million.

Adjusted EBITDA: Adjusted EBITDA for the fiscal year 2013 was a loss of $19.2
million, compared to a loss of $12.9 million for the fiscal year 2012.

GAAP net loss and net loss per share: GAAP net loss was $63.8 million,
compared to a GAAP net loss of $24.3 million for the fiscal year 2012. GAAP
net loss per share was $0.92 based upon weighted average shares outstanding of
69.3 million, compared to $0.92 for the fiscal year 2012 based upon weighted
average shares outstanding of 26.4 million.

Non-GAAP net loss and net loss per share: Non-GAAP net loss was $21.7 million,
compared to a non-GAAP net loss of $16.5 million for the fiscal year 2012.
Non-GAAP net loss per share was $0.31 based upon weighted average shares
outstanding of 69.3 million, compared to $0.34 for the fiscal year 2012 based
upon weighted average shares outstanding of 48.3 million.

Clients: The number of active enterprise clients at the end of the fiscal year
2013 was 1,208, and the number of active network clients at the end of the
fourth quarter was approximately 1,400. SaaS revenue per average active
enterprise client for the fiscal year 2013 was approximately $144,000. Active
enterprise client retention rate for the fiscal year 2013 was approximately
90%.

In connection with our acquisition of PowerReviews, which closed in June 2012,
we expanded the types of clients that we serve. To reflect differences among
our clients and the services that we offer, we now define our clients as
"active enterprise clients" and "active network clients," the definitions of
which are set forth herein. Historical references to active clients for
periods prior to the closing of the acquisition include both active enterprise
clients and active network clients on an aggregate basis. As a result of this
prospective nomenclature change resulting from our acquisition of
PowerReviews, active clients and active client retention rates for periods
prior to June 2012 and after June 2012 may not be directly comparable as we
have not made this distinction retrospectively. This change also has a
corresponding impact on metrics that are driven by the number of clients, such
as revenue per active client.

Quarterly Conference Call

Bazaarvoice will host a conference call today at 4:30 p.m. Eastern Time to
review the company's financial results for the fourth fiscal quarter and
fiscal year ended April 30, 2013. To access this call, dial (800) 341-3130
from the United States or (913) 312-1386 internationally with conference ID
1980715. A live webcast of the conference call can be accessed from the
investor relations page of Bazaarvoice's company website at
investors.bazaarvoice.com. Following the completion of the call, a recorded
replay will be available on the company's website, and a telephone replay will
be available through June 18, 2013 by dialing (877) 870-5176 from the United
States or (858) 384-5517 internationally with recording access code 1980715.

About Bazaarvoice

Bazaarvoice is one of the world's largest shopper networks connecting people,
products, brands and retailers at each stage of the buying journey. For more
than 2,000 clients globally, Bazaarvoice helps channel authentic,
consumer-generated branded content into all the places that influence purchase
decisions, giving our clients business insights so they can offer consumers
more of what they want. Many of the world's largest retailers rely upon
Bazaarvoice to drive more traffic to and conversion on their ecommerce sites,
and the Bazaarvoice network helps brands participate directly in the retail
channel to influence consumers at the point of purchase. Headquartered in
Austin, Texas, Bazaarvoice has offices in Amsterdam, London, Munich, New York,
Paris, San Francisco, Stockholm and Sydney. For more information, visit
www.bazaarvoice.com, read the blog at www.bazaarvoice.com/blog, and follow on
Twitter at www.twitter.com/bazaarvoice.

Number of Active Enterprise Clients

We define an active enterprise client as an organization that has implemented
either the Bazaarvoice Conversations platform or the PowerReviews Enterprise
platform and from which we are currently recognizing revenue, and we count
organizations that are closely related as one client, even if they have signed
separate contractual agreements. We believe that our ability to increase our
enterprise client base is a leading indicator of our ability to grow revenue.

Number of Active Network Clients

We define an active network client as an organization that has implemented one
of more of solutions but has not implemented either the Conversations or
PowerReviews Enterprise platforms. Such solutions may include our Connections
solutions, Media solutions or Express platform. We count organizations that
are closely related as one client, even if they have signed separate
contractual agreements. We believe that our network client base in combination
with our enterprise client base is an indicator of the reach of our network.

Non-GAAP Financial Measures

Adjusted EBITDA discussed in this press release is defined as net loss
adjusted for stock-based expense, contingent consideration related to
acquisition, adjusted depreciation and amortization (which excludes
amortization of capitalized internal-use software development costs),
integration and other costs related to acquisitions, other non-business costs
and benefits, income tax expense and other (income) expense, net. Non-GAAP net
loss, which is used to calculate non-GAAP net loss per share, is defined as
our GAAP net loss adjusted to exclude stock-based expense, contingent
consideration related to acquisition, amortization of acquired intangible
assets, integration and other costs related to acquisitions, and other
non-business costs and benefits along with the associated income tax effect of
these adjustments. Non-GAAP basic and diluted loss per share for the fourth
fiscal quarter and fiscal year ended April 30, 2012 has been calculated
assuming the conversion of all outstanding shares of our preferred stock into
27,897,031 shares of our common stock as of the first day of the beginning of
the period. Management presents these non-GAAP financial measures because it
considers them to be important supplemental measures of core operating
performance. Management uses the non-GAAP financial measures for planning
purposes, including analysis of the company's operating performance against
prior periods and the effectiveness of our business strategies, the
preparation of operating budgets and to determine appropriate levels of
operating and capital investments, as well as and in communications with our
board of directors concerning our financial performance. Management also
believes that the non-GAAP financial measures provide additional insight for
securities analysts and investors in evaluating the company's financial and
operational performance without regard to items that can vary substantially
from company to company depending upon their financing, capital structures and
the method by which assets were acquired. However, these non-GAAP financial
measures have limitations as an analytical tool, and you should not consider
them in isolation or as a substitute for analysis of our results of operations
as reported under GAAP. Furthermore, these non-GAAP financial measures may not
be comparable to similarly titled measures of other organizations because
other organizations may not calculate these non-GAAP financial measures in the
same manner. We intend to provide these non-GAAP financial measures as part of
our future financial results discussions and, therefore, the inclusion of
these non-GAAP financial measures will provide consistency in our financial
reporting. A reconciliation of these non-GAAP measures to GAAP is provided in
the accompanying tables.

Forward-looking Statements

This press release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than statements of
historical facts, included in this press release regarding our strategy,
future operations, future financial position, future revenue, projected costs,
prospects, plans and objectives of management are forward-looking statements.
The words "anticipate," "believe," "estimate," "expect," "intend," "may,"
"plan," "will," "would" and similar and "target" expressions are intended to
identify forward-looking statements, although not all forward-looking
statements contain these identifying words. These forward-looking statements
include, among other things, statements about management's estimates regarding
future revenue and financial performance, the ability to continue developing
network solutions to leverage our consumer audience reach, content and data to
create incremental value for clients, and other statements about management's
beliefs, intentions or goals. We may not actually achieve the expectations
disclosed in the forward-looking statements, and you should not place undue
reliance on our forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause actual results or events to
differ materially from the expectations disclosed in the forward-looking
statements, including, but not limited to, our expectations regarding our
revenue, expenses, sales and operations; our limited operating history; our
ability to integrate the operations of Longboard Media, Inc. as announced in
our release on Form 8-K on November 5, 2012; our ability to operate in a new
and unproven market; our ability to effectively manage growth, especially in
light of our announced management changes; our ability to manage expansion
into international markets and new vertical industries; our ability to
successfully identify, manage and integrate potential acquisitions; and other
risks and potential factors that could affect Bazaarvoice's business and
financial results identified in 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 Form
S-1 as filed with the Securities and Exchange Commission on July 12, 2012.
Additional information will also be set forth in our future quarterly reports
on Form 10-Q, annual reports on Form 10-K and other filings that we make with
the Securities and Exchange Commission. We do not intend and undertake no duty
to release publicly any updates or revisions to any forward-looking statements
contained herein.



Bazaarvoice, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
                                                                  
                                                        April 30,  April 30,
                                                        2013       2012
Assets                                                   
Current assets:                                                    
Cash and cash equivalents                                $25,045  $74,367
Restricted cash                                          604       500
Short-term investments                                   70,290    50,834
Accounts receivable, net                                 29,261    17,977
Prepaid expenses and other current assets                6,632     3,873
Total current assets                                     131,832   147,551
Property, equipment and capitalized internal-use         14,593    8,868
software development costs, net
Goodwill                                                 141,833   --
Acquired intangible assets, net                          51,924    --
Other non-current assets                                 1,761     448
Total assets                                             $341,943 $156,867
Liabilities and stockholders' equity                               
Current liabilities:                                               
Accounts payable                                         $6,637   $2,523
Accrued expenses and other current liabilities           32,390    12,725
Deferred revenue                                         54,854    42,152
Total current liabilities                                93,881    57,400
Deferred revenue less current portion                    2,049     3,434
Deferred tax liability, long-term                        2,032     31
Other liabilities, long-term                             2,632     2,404
Total liabilities                                        100,594   63,269
Stockholders' equity:                                              
Common stock                                             7         6
Additional paid-in capital                               370,397   158,769
Accumulated other comprehensive loss                     (146)     (20)
Accumulated deficit                                      (128,909) (65,157)
Total stockholders' equity                               241,349   93,598
Total liabilities and stockholders' equity               $341,943 $156,867




Bazaarvoice, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except net loss per share data)
                                                               
                               Three Months           Twelve Months
                               Ended April 30,        Ended April 30,
                               2013        2012       2013        2012
Revenue                         $43,330   $31,431  $160,296  $106,136
Cost of revenue                 14,158     10,325    55,107     36,441
Gross profit                    29,172     21,106    105,189    69,695
Operating expenses:                                             
Sales and marketing             23,003     14,257    76,885     49,726
Research and development        8,690      6,811     33,046     20,789
General and administrative      10,744     6,047     43,207     21,895
Acquisition-related and other   7,441      --       12,212     --
Amortization of acquired        1,381      --       3,924      --
intangible assets
Total operating expenses        51,259     27,115    169,274    92,410
Operating loss                  (22,087)   (6,009)   (64,085)   (22,715)
Other income (expense), net:                                    
Interest income                 107        --       217        17
Other income (expense)          (580)      (15)      (1,031)    (820)
Total other income (expense),   (473)      (15)      (814)      (803)
net
Loss before income taxes        (22,560)   (6,024)   (64,899)   (23,518)
Income tax expense (benefit)    584        343       (1,147)    811
Net loss                        $(23,144) $(6,367) $(63,752) $(24,329)
Accretion of redeemable         --        (3)       --        (38)
convertible preferred stock
Net loss applicable to common   $(23,144) $(6,370) $(63,752) $(24,367)
stockholders
Net loss per share applicable                                   
to common stockholders:
Basic and diluted               $(0.32)   $(0.13)  $(0.92)   $(0.92)
Basic and diluted weighted
average number of shares        73,121     48,236    69,336     26,403
outstanding




Bazaarvoice, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
                                                               
                               Three Months           Twelve Months
                               Ended April 30,        Ended April 30,
                               2013        2012       2013        2012
                                                               
Operating activities:                                           
Net loss                        $(23,144) $(6,367) $(63,752) $(24,329)
Adjustments to reconcile net loss to net
cash provided by (used in) operating                             
activities:
Depreciation and amortization   3,427      861       10,900     3,108
expense
Stock-based expense             3,381      1,952     22,453     7,710
Revaluation of contingent       (1,000)    --       (1,000)    --
consideration
Bad debt expense                1,216      158       2,859      1,083
Excess tax benefit related to   (145)      (78)      (510)      (78)
stock-based compensation
Changes in operating assets and                                 
liabilities:
Accounts receivable             (168)      2,828     (10,749)   (5,566)
Prepaid expenses and other      (2,023)    (1,661)   (1,766)    (1,132)
current assets
Other non-current assets        (1,593)    63        (432)      (298)
Accounts payable                453        (1,197)   974        808
Accrued expenses and other      6,256      51        13,283     5,176
current liabilities
Deferred revenue                3,986      3,461     8,633      13,432
Other liabilities, long-term    253        (235)     (2,699)    (234)
Net cash used in operating      (9,101)    (164)     (21,806)   (320)
activities
Investing activities:                                           
Acquisitions, net of cash
acquired, and purchase of       --        --       (60,750)   --
intangible asset
Purchases of property,
equipment and capitalized       (2,849)    (1,313)   (10,853)   (5,119)
internal-use software
development costs
Purchases of short-term         (16,250)   (50,884)  (90,828)   (50,884)
investments
Proceeds from maturities of     22,541     --       61,310     --
short-term investments
Proceeds from sale of           5,018      --       10,032     --
short-term investments
Increase in restricted cash     --        --       --        (250)
Net cash provided by (used in)  8,460      (52,197)  (91,089)   (56,253)
investing activities
Financing activities:                                           
Proceeds from initial public    --        113,716   --        112,778
offering, net of costs
Proceeds from follow-on stock   --        --       51,943     --
offering, net of costs
Proceeds from exercise of stock 1,756      571       11,226     3,049
options
Excess tax benefit related to   145        78        510        78
stock-based compensation
Net cash provided by financing  1,901      114,365   63,679     115,905
activities
Effect of exchange rate
fluctuations on cash and cash   (60)       58        (106)      (15)
equivalents
Net decrease in cash and cash   1,200      62,062    (49,322)   59,317
equivalents
Cash and cash equivalents at    23,845     12,305    74,367     15,050
beginning of period
Cash and cash equivalents at    $25,045   $74,367  $25,045   $74,367
end of period
                                                               
Supplemental disclosure of                                      
other cash flow information:
Cash paid for income taxes      $204      $225     $440      $330
Supplemental disclosure of
non-cash investing and                                          
financing activities:
Purchase of intangible asset
recorded in accrued expenses    $205      $--     $705      $--
and other current liabilities
Accretion of redeemable         $--      $3       $--      $38
convertible preferred stock
Issuance of stock for           --        --       125,497    --
acquisition




Bazaarvoice, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
(in thousands, except net loss per share data)
                                                              
                          Three Months              Twelve Months
                          Ended April 30,           Ended April 30,
                          2013          2012        2013         2012
Non-GAAP net loss and net                                      
loss per share:
GAAP net loss              $(23,144)   $(6,367)  $(63,752)  $(24,329)
Stock-based expense ^(1)   3,381        1,952      22,453      7,710
Contingent consideration
related to acquisition     (410)        --        (410)       --
^(2)
Amortization of acquired   1,831        --        5,514       --
intangible assets
Acquisition-related and    7,441        --        12,212      --
other expense
Other stock-related        2,200        --        2,200       --
expense ^(3)
Income tax adjustment for  39           119        64          119
non-GAAP items
Non-GAAP net loss          $(8,662)    $(4,296)  $(21,719)  $(16,500)
                                                              
GAAP basic and diluted     73,121       48,236     69,336      26,403
shares
Assumed preferred stock    --          7,439      --         21,934
conversion
Non-GAAP basic and diluted 73,121       55,675     69,336      48,337
shares
Non-GAAP basic and diluted $(0.12)     $(0.08)   $(0.31)    $(0.34)
net loss per share
                                                              
Adjusted EBITDA:                                               
GAAP net loss              $(23,144)   $(6,367)  $(63,752)  $(24,329)
Stock-based expense ^(1)   3,381        1,952      22,453      7,710
Contingent consideration
related to acquisition     (410)        --        (410)       --
^(2)
Adjusted depreciation and  2,537        552        8,436       2,104
amortization ^(4)
Acquisition-related and    7,441        --        12,212      --
other expense
Other stock-related        2,200        --        2,200       --
expense ^(3)
Income tax expense         584          343        (1,147)     811
(benefit)
Total other (income)       473          15         814         803
expense, net
Adjusted EBITDA            $(6,938)    $(3,505)  $(19,194)  $(12,901)
                                                              
^(1) Stock-based expense                                       
includes the following:
Cost of revenue            $384        $234      $1,704     $1,220
Sales and marketing        845          636        4,250       1,869
Research and development   756          406        3,126       1,326
General and administrative 1,396        676        13,373      3,295
Stock-based expense        $3,381      $1,952    $22,453    $7,710
                                                              
^(2) Contingent
consideration related to                                       
acquisition includes the
following:
(a) Revaluation of                                             
contingent consideration
General and administrative $(1,000)    $--      $(1,000)   $--
(b) Contingent
consideration included in                                      
compensation expense
General and administrative 295          --        295         --
Sales and marketing        295          --        295         --
Contingent consideration   $(410)      $--      $(410)     $--
related to acquisition
                                                              
Revaluation of contingent consideration is the decrease in fair value of the
liability-classified contingent consideration related to the acquisition of
Longboard Media, Inc. Contingent consideration included in compensation
expense relates to certain Longboard Media, Inc. employees whose right to
receive such compensation is forfeited if they terminate their employment. We
exclude these items from our non-GAAP financial measures in order to
facilitate the comparison of post-acquisition operating results.

^(3) Other stock-related
expense includes the                                           
following:
General and administrative $2,200      $--      $2,200     $--
Other stock-related        $2,200      $--      $2,200     $--
expense
                                                              
Other stock-related expense represents a non-recurring estimated liability for
taxes and related items in connection with our treatment of certain stock
option grants. Since the estimated liability directly relates to stock option
grants and as stock-based expenses are consistently excluded from our non-GAAP
financial measures, we have excluded this estimated liability.

^(4) Adjusted depreciation
and amortization includes                                      
the following:
Cost of revenue            $681        $194      $2,481     $825
Sales and marketing        120          117        601         490
Research and development   173          136        647         431
General and administrative 182          105        783         358
Amortization of acquired   1,381        --        3,924       --
intangible assets
Adjusted depreciation and  $2,537      $552      $8,436     $2,104
amortization




Bazaarvoice, Inc.
Selected Quarterly Financial and Operational Metrics
(unaudited)
(in thousands, except active enterprise clients and full-time employees data)
                                                                                         
                   Three Months Ended
                   Jul 31,    Oct 31,    Jan 31,    Apr 30,    Jul 31,    Oct 31,    Jan 31,    Apr 30,
                   2011       2011       2012       2012       2012       2012       2013       2013
Revenue ^(1)        $22,088  $25,015  $27,602  $31,431  $35,662  $38,626  $42,678  $43,330
Cost of revenue     7,797     8,805     9,514     10,325    12,633    14,099    14,217    14,158
Gross profit        14,291    16,210    18,088    21,106    23,029    24,527    28,461    29,172
Operating expenses:                                                                       
Sales and marketing 11,192    12,125    12,152    14,257    15,322    17,850    20,710    23,003
Research and        3,343     4,576     6,059     6,811     7,494     7,948     8,914     8,690
development
General and         5,099     4,815     5,934     6,047     16,196    7,484     8,783     10,744
administrative
Acquisition-related --       --       --       --       1,384     1,366     2,021     7,441
and other
Amortization of
acquired intangible --       --       --       --       480       898       1,165     1,381
assets
Total operating     19,634    21,516    24,145    27,115    40,876    35,546    41,593    51,259
expenses
Operating loss      (5,343)   (5,306)   (6,057)   (6,009)   (17,847)  (11,019)  (13,132)  (22,087)
Total other income  (84)      (367)     (337)     (15)      (404)     51        12        (473)
(expense), net
Net loss before     (5,427)   (5,673)   (6,394)   (6,024)   (18,251)  (10,968)  (13,120)  (22,560)
income taxes
Income tax expense  109       178       181       343       288       274       (2,293)   584
(benefit)
Net loss            (5,536)   (5,851)   (6,575)   (6,367)   (18,539)  (11,242)  (10,827)  (23,144)
                                                                                         
Stock-based expense 1,558     1,697     2,503     1,952     12,338    3,595     3,139     3,381
^(2)
Contingent
consideration       --       --       --       --       --       --       --       (410)
related to
acquisition ^(3)
Adjusted
depreciation and    471       512       569       552       1,338     2,099     2,462     2,537
amortization ^(4)
Acquisition-related --       --       --       --       1,384     1,366     2,021     7,441
and other expense
Other stock-related --       --       --       --       --       --       --       2,200
expense ^(5)
Income tax expense  109       178       181       343       288       274       (2,293)   584
(benefit)
Total other
(income) expense,   84        367       337       15        404       (51)      (12)      473
net
Adjusted EBITDA     $(3,314) $(3,097) $(2,985) $(3,505) $(2,787) $(3,959) $(5,510) $(6,938)
                                                                                         
Number of active
enterprise clients  640       701       737       790       1,076     1,109     1,179     1,208
(at period end)
^(6)
Full-time employees 520       566       608       640       771       777       796       783
(at period end)
                                                                                         
^(1) Revenue
includes the                                                                              
following:
SaaS                $22,088  $25,015  $27,602  $31,431  $35,662  $38,626  $40,710  $42,373
Media               --       --       --       --       --       --       1,968     957
Revenue             $22,088  $25,015  $27,602  $31,431  $35,662  $38,626  $42,678  $43,330
                                                                                         
^(2) Stock-based
expense includes                                                                          
the following:
Cost of revenue     $323     $344     $319     $234     $294     $583     $443     $384
Sales and marketing 402       412       419       636       1,825     870       710       845
Research and        204       360       356       406       642       1,054     674       756
development
General and         629       581       1,409     676       9,577     1,088     1,312     1,396
administrative
Stock-based expense $1,558   $1,697   $2,503   $1,952   $12,338  $3,595   $3,139   $3,381
                                                                                         
^(3) Contingent
consideration
related to                                                                                
acquisition
includes the
following:
(a) Revaluation of
contingent                                                                                
consideration
General and         $--     $--     $--     $--     $--     $--     $--     $(1,000)
administrative
(b) Contingent
consideration
included in                                                                               
compensation
expense
General and         --       --       --       --       --       --       --       295
administrative
Sales and marketing --       --       --       --       --       --       --       295
Contingent
consideration       $--     $--     $--     $--     $--     $--     $--     $(410)
related to
acquisition
                                                                                         
Revaluation of contingent consideration is the decrease in fair value of the liability-classified
contingent consideration related to the acquisition of Longboard Media, Inc Contingent consideration
included in compensation expense relates to certain Longboard Media, Inc. employees whose right to receive
such compensation is forfeited if they terminate their employment. We exclude these items from our non-GAAP
financial measures in order to facilitate the comparison of post-acquisition operating results.

^(4) Adjusted
depreciation and
amortization                                                                              
includes the
following:
Cost of revenue     $207     $214     $210     $194     $437     $681     $682     $681
Sales and marketing 129       124       120       117       133       175       173       120
Research and        68        93        134       136       144       161       169       173
development
General and         67        81        105       105       144       184       273       182
administrative
Amortization of
acquired intangible --       --       --       --       480       898       1,165     1,381
assets
Adjusted
depreciation and    $471     $512     $569     $552     $1,338   $2,099   $2,462   $2,537
amortization
                                                                                         
^(5) Other
stock-related                                                                             
expense includes
the following:
General and         $--     $--     $--     $--     $--     $--     $--     $2,200
administrative
Other stock-related $--     $--     $--     $--     $--     $--     $--     $2,200
expense
                                                                                         
Other stock-related expense represents a non-recurring estimated liability for taxes and related items in
connection with our treatment of certain stock option grants. Since the estimated liability directly
relates to stock option grants and as stock-based expenses are consistently excluded from our non-GAAP
financial measures, we have excluded this estimated liability.

^(6) In connection with our acquisition of PowerReviews, which closed in June 2012, we expanded the types
of clients that we serve.To reflect differences among our clients and the services that we offer, we now
define our clients as "active enterprise clients" and "active network clients," the definitions of which
are set forth herein and in our Form 10-Q for the fiscal quarter ended January 31, 2013.Historical
references to active clients for periods prior to the closing of the acquisition include both active
enterprise clients and active network clients on an aggregate basis.As a result of this prospective
nomenclature change resulting from our acquisition of PowerReviews, active clients and active client
retention rates for periods prior to June 2012 and after June 2012 may not be directly comparable as we
have not made this distinction retrospectively.This change also has a corresponding impact on metrics that
are driven by the number of clients, such as revenue per active client.

CONTACT: Bazaarvoice Investor Relations Contact:
         Bazaarvoice Investor Relations
         Seth Potter
         ICR, Inc. on behalf of Bazaarvoice, Inc.
         (646) 277-1230
         seth.potter@icrinc.com
        
         Media Contact:
         Matt Krebsbach
         Bazaarvoice, Inc.
         (512) 551-6612
         matt.krebsbach@bazaarvoice.com

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