Bazaarvoice, Inc. Announces its Financial Results for the Fourth Fiscal Quarter and Fiscal Year Ended April 30, 2014

Bazaarvoice, Inc. Announces its Financial Results for the Fourth Fiscal
Quarter and Fiscal Year Ended April 30, 2014

Fourth fiscal quarter of 2014 and recent strategic highlights include:

  *Achieved revenue of $47.1 million which includes revenues from the
    PowerReviews business, exceeding guidance
  *Signed definitive agreement to divest PowerReviews for $30.0 million in
    cash
  *Completed the strategic acquisition of FeedMagnet
  *Achieved record quarter for client launches and net new client additions
  *Launched three new products at our annual client summit 

AUSTIN, Texas, June 4, 2014 (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, 2014.

"The fourth quarter was our best quarter of the year on many fronts. We
exceeded our revenue guidance, achieved great performance in net new client
additions and customer launches, and delivered a nice year over year
improvement in our adjusted EBITDA loss," said Gene Austin, chief executive
officer and president. "Given the strength of the fourth quarter, the launch
of new offerings, and our overall view of the business heading into fiscal
year 2015, we believe we are at or near our revenue growth rate bottom and we
are confident our revenue growth rates will begin to accelerate by the third
quarter of this fiscal year at the latest."

Fourth Fiscal Quarter of 2014 Financial Details

On April 24, 2014, we entered into a Joint Stipulation with the U.S.
Department of Justice ("DOJ") to resolve the DOJ's claims in the antitrust
action challenging our 2012 acquisition of PowerReviews, Inc. ("PowerReviews")
and, together with the DOJ, we submitted a proposed order to the U.S. District
Court for the Northern District of California (the "Court"). Under the terms
of the Joint Stipulation and the proposed order, we are required to divest all
of the net assets of the PowerReviews business.As a result of this, in
accordance with accounting guidance, we have reported the results of
operations and financial position of PowerReviews as discontinued operations
within the condensed consolidated statements of operations and balance sheets
for all periods presented. Accordingly, PowerReviews revenues, related
expenses and an estimated loss on disposal, net of tax, are components of
"loss from discontinued operations" in the Condensed Consolidated Statement of
Operations. On the Condensed Consolidated Balance sheets the assets and
liabilities of the discontinued operations of PowerReviews have been presented
as 'Assets held for sale' and 'Liabilities held for sale,' respectively. The
statement of cash flows is reported on a combined basis without separately
presenting cash flows from discontinued operations.

For more information regarding discontinued operations, see the Frequently
Asked Questions posted on the "Quarterly Results" section of our Investor
Relations website at investors.bazaarvoice.com. Summary data below describes
results from continuing operations and excludes results from discontinued
operations.

Revenue from continuing operations: Bazaarvoice reported revenue of $43.1
million for the fourth quarter of 2014, up 11% from the fourth quarter of
2013, and consisted of SaaS revenue of $41.9 million and net media revenue of
$1.2 million.

Adjusted EBITDA from continuing operations: Adjusted EBITDA for the fourth
quarter of 2014 was a loss of $7.6 million, compared to a loss of $9.1 million
for the fourth quarter of 2013.

GAAP net loss and net loss per share from continuing operations: GAAP net loss
was $12.2 million, compared to a GAAP net loss of $23.0 million for the fourth
quarter of 2013. GAAP net loss per share was $0.16 based upon weighted average
shares outstanding of 77.2million, compared to $0.32 for the fourth quarter
of 2013 based upon weighted average shares outstanding of 73.1 million.

Non-GAAP net loss and net loss per share from continuing operations: Non-GAAP
net loss was $8.4 million, compared to a non-GAAP net loss of $10.7 million
for the fourth quarter of 2013. Non-GAAP net loss per share was $0.11 based
upon weighted average shares outstanding of 77.2million, compared to $0.15
for the fourth quarter of 2013 based upon weighted average shares outstanding
of 73.1 million.

Fiscal Year 2014 Financial Details

Revenue from continuing operations: Bazaarvoice reported revenue of $168.1
million for the fiscal year ended April 30, 2014, up 15% from the fiscal year
ended April 30, 2013, and consisted of SaaS revenue of $161.3 million and net
media revenue of $6.8 million.

Adjusted EBITDA from continuing operations: Adjusted EBITDA for the fiscal
year 2014 was a loss of $21.9 million, consistent with a loss of $21.9 million
for the fiscal year 2013.

GAAP net loss and net loss per share from continuing operations: GAAP net loss
was $52.8 million, compared to a GAAP net loss of $47.5 million for the fiscal
year 2013. GAAP net loss per share was $0.70 based upon weighted average
shares outstanding of 75.6million, compared to $0.69 for the fiscal year 2013
based upon weighted average shares outstanding of 69.3 million.

Non-GAAP net loss and net loss per share from continuing operations: Non-GAAP
net loss was $25.8 million, compared to a non-GAAP net loss of $24.2 million
for fiscal year 2013. Non-GAAP net loss per share was $0.34 based upon
weighted average shares outstanding of 75.6million, compared to $0.35 for the
fiscal year 2013 based upon weighted average shares outstanding of 69.3
million.

Clients: The number of active clients at the end of the fourth fiscal quarter
and fiscal year 2014 was 1,133 and the number of network clients at the end of
the fourth fiscal quarter and fiscal year 2014 was over 1,500. Annualized SaaS
revenue per average active client for the fiscal year 2014 was approximately
$156,000.

Number of Active Clients

Beginning as of our fourth quarter of fiscal 2014, we now define an active
client as an organization from which we are currently recognizing recurring
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 active client base is a leading indicator of our
ability to grow revenue.

Further, due to the presentation of the PowerReviews business as discontinued
operations, we have separated our active clients into two categories: 1)
active clients from continuing operations and 2) active clients from
discontinued operations. As a result of this analysis, each category could
include a common client who may have organizations for which we recognized
recurring revenue thathave separate signed contractual agreements.

All prior periods discussed in this press release or presented in the
accompanying financial tables have been revised to conform to the current
period definition of an active client.

Number of Network Clients

We define a network client as an organization that does not have recurring
revenue. 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 active client base is an indicator
of the reach of our network.

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 quarter and fiscal year
ended April30, 2014. To access this call, dial (888)481-2877 from the United
States or (719)325-2495 internationally with conference ID 9791906. 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,
2014 by dialing (877)870-5176 from the United States or (858)384-5517
internationally with recording access code 9791906.

About Bazaarvoice

Bazaarvoice is a network that connects brands and retailers to the authentic
voices of people where they shop. Each month, more than 400 million people
view and share authentic opinions, questions, and experiences about tens of
millions of products in the Bazaarvoice network. The company's technology
platform amplifies these voices into the places that influence purchase
decisions.Network analytics help marketers and advertisers provide more
engaging experiences that drive brand awareness, consideration, sales, and
loyalty.Headquartered in Austin, Texas, Bazaarvoice has offices across North
America, Europe, and Asia-Pacific.For more information, visit
www.bazaarvoice.com, read the blog at www.bazaarvoice.com/blog, and follow on
Twitter atwww.twitter.com/bazaarvoice.

Non-GAAP Financial Measures

Adjusted EBITDA for continuing operations discussed in this press release is
defined as our GAAP net loss from continuing operations 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.

Adjusted EBITDA for discontinuing operations presented in the accompanying
financial tables is defined as our GAAP net loss from discontinued operations
adjusted for stock-based expense, adjusted depreciation and amortization
(which excludes amortization of capitalized internal-use software development
costs), impairment of acquired intangibles, integration and other costs
related to the acquisition and the divestiture of PowerReviews, estimated loss
on disposal of discontinued operations, other non-business costs and benefits,
income tax expense and other (income) expense, net.

Non-GAAP net loss for continuing operations, which is used to calculate
non-GAAP net loss per share for continuing operations, is defined as our GAAP
net loss from continuing operations, 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 net loss for discontinuedoperations, which is used to calculate
non-GAAP net loss per share for discontinued operations, is defined as our
GAAP net loss from discontinued operations adjusted to exclude stock-based
expense, amortization of acquired intangible assets, impairment of acquired
intangibles, integration and other costs related to the acquisition and
divestiture of PowerReviews, estimated loss on disposal of discontinued
operationsand other non-business costs and benefits along with the associated
income tax effect of these adjustments.

Management presents these non-GAAP financial measures because it considers
them to be important supplemental measures of core operating performance.
Further management has presented these non-GAAP financial measures separately
for discontinued operations as it may prove useful to securities analyst and
investors in evaluating the impact of the anticipated divestiture of
PowerReviews on the company's continuing 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 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 expectation that
revenue growth will begin to accelerate by the third quarter of fiscal year
2015, 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 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 April30, 2013,
our Form 10-Q for the fiscal quarter ended January 31, 2014, and Form S-1 as
filed with the Securities and Exchange Commission on July12, 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
(in thousands)
(unaudited)
                                                                  
                                                        April 30,  April 30,
                                                        2014       2013
Assets                                                   
Current assets:                                                    
Cash and cash equivalents                                $31,934  $25,045
Restricted cash                                          604       604
Short-term investments                                   40,700    70,290
Accounts receivable, net                                 39,099    27,582
Prepaid expenses and other current assets                8,212     6,563
Assets held for sale                                     33,745    52,055
Total current assets                                     154,294   182,139
Property, equipment and capitalized internal-use         17,005    14,461
software development costs, net
Goodwill                                                 139,155   132,831
Acquired intangible assets, net                          13,388    10,751
Other non-current assets                                 3,428     1,761
Total assets                                             $327,270 $341,943
Liabilities and stockholders' equity                               
Current liabilities:                                               
Accounts payable                                         $3,346   $6,362
Accrued expenses and other current liabilities           27,071    29,959
Revolving line of credit                                 27,000    --
Deferred revenue                                         54,951    51,039
Liabilities held for sale                                3,621     6,650
Total current liabilities                                115,989   94,010
Deferred revenue less current portion                    1,722     1,920
Deferred tax liability, long-term                        1,730     2,032
Other liabilities, long-term                             1,367     2,632
Total liabilities                                        120,808   100,594
Stockholders' equity:                                              
Common stock                                             8         7
Additional paid-in capital                               398,201   370,397
Accumulated other comprehensive income (loss)            328       (146)
Accumulated deficit                                      (192,075) (128,909)
Total stockholders' equity                               206,462   241,349
Total liabilities and stockholders' equity               $327,270 $341,943


Bazaarvoice, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except net loss per share data)
(unaudited)
                                                               
                              Three Months            Twelve Months
                              Ended April 30,         Ended April 30,
                              2014        2013        2014        2013
Revenue                        $43,078   $38,924   $168,145  $146,812
Cost of revenue                14,522     12,319     52,905     47,350
Gross profit                   28,556     26,605     115,240    99,462
Operating expenses:                                             
Sales and marketing            23,884     22,095     86,482     73,114
Research and development       9,832      8,691      37,585     32,169
General and administrative     6,521      9,672      26,370     30,990
Acquisition-related and other  366        7,819      16,184     10,487
Amortization of acquired       288        282        1,135      549
intangible assets
Total operating expenses       40,891     48,559     167,756    147,309
Operating loss                 (12,335)   (21,954)   (52,516)   (47,847)
Other income (expense), net:                                    
Interest income                7          107        143        217
Other expense                  (323)      (590)      (973)      (1,045)
Total other expense, net       (316)      (483)      (830)      (828)
Loss from continuing           (12,651)   (22,437)   (53,346)   (48,675)
operations before income taxes
Income tax expense (benefit)   (418)      583        (500)      (1,172)
Net loss from continuing
operations attributable to     (12,233)   (23,020)   (52,846)   (47,503)
common stockholders
Loss from discontinued         (11,448)   (124)      (10,320)   (16,249)
operations, net of tax
Net loss applicable to common  $(23,681) $(23,144) $(63,166) $(63,752)
stockholders
                                                               
Basic and diluted loss per                                      
share:
Continuing operations          $(0.16)   $(0.32)   $(0.70)   $(0.69)
Discontinued operations        (0.15)     --         (0.14)     (0.23)
Basic and diluted loss per     $(0.31)   $(0.32)   $(0.84)   $(0.92)
share:
                                                               
Basic and diluted weighted
average number of shares       77,165     73,121     75,564     69,336
outstanding


Bazaarvoice, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
                                                               
                           Three Months              Twelve Months
                           Ended April 30,           Ended April 30,
                           2014         2013         2014         2013
Operating activities:                                           
Net loss                    $(23,681)  $(23,144)  $(63,166)  $(63,752)
Adjustments to reconcile
net loss to net cash                                            
provided by (used in)
operating activities:
Depreciation and            3,901       3,427       15,068      10,900
amortization expense
Impairment of acquired      2,500       --          2,500       --
intangible assets
Estimated loss on disposal
of discontinued operations, 9,192       --          9,192       --
net of tax
Stock-based expense         3,472       3,381       14,468      22,453
Revaluation of contingent   --          (1,000)     (3,270)     (1,000)
consideration
Bad debt expense            469         1,216       1,902       2,859
Excess tax benefit related  (120)       (145)       (216)       (510)
to stock-based expense
Other non-cash expense      286         5           480         (5)
(benefit) ^(1)
Changes in operating assets                                     
and liabilities:
Accounts receivable         3,721       (168)       (12,081)    (10,749)
Prepaid expenses and other  (1,176)     (2,023)     (1,551)     (1,766)
current assets
Other non-current assets    (130)       (1,593)     (1,603)     (432)
Accounts payable            (3,570)     453         (3,095)     974
Accrued expenses and other  (409)       6,256       (2,623)     13,283
current liabilities
Deferred revenue            3,225       3,986       2,040       8,633
Other liabilities,          (585)       253         (1,512)     (2,699)
long-term
Net cash used in operating  (2,905)     (9,096)     (43,467)    (21,811)
activities
Investing activities:                                           
Acquisitions, net of cash
acquired, and purchase of   (8,946)     --          (9,616)     (60,750)
intangible asset
Purchases of property,
equipment and capitalized   (2,155)     (2,849)     (10,661)    (10,853)
internal-use software
development costs
Purchases of short-term     (25,575)    (16,250)    (60,092)    (90,828)
investments
Proceeds from maturities of 13,068      22,541      58,478      61,310
short-term investments
Proceeds from sales of      --          5,013       31,098      10,037
short-term investments ^(1)
Net cash provided by (used  (23,608)    8,455       9,207       (91,084)
in) investing activities
Financing activities:                                           
Proceeds from follow-on
stock offering, net of      --          --          --          51,943
costs
Proceeds from employee      2,460       1,756       13,499      11,226
stock compensation plans
Proceeds from revolving     27,000      --          27,000      --
line of credit
Excess tax benefit related  120         145         216         510
to stock-based expense
Net cash provided by        29,580      1,901       40,715      63,679
financing activities
Effect of exchange rate
fluctuations on cash and    175         (60)        434         (106)
cash equivalents
Net change in cash and cash 3,242       1,200       6,889       (49,322)
equivalents
Cash and cash equivalents   28,692      23,845      25,045      74,367
at beginning of period
Cash and cash equivalents   $31,934    $25,045    $31,934    $25,045
at end of period
                                                               
Supplemental disclosure of
other cash flow                                                 
information:
Cash paid for income taxes  $763       $204       $1,493     $440
Cash paid for interest      137         --          137         --
Supplemental disclosure of
non-cash investing and                                          
financing activities:
Purchase of intangible
asset recorded in accrued   $--        $205       $--        $705
expenses and other current
liabilities
Issuance of stock for       --          --          --          125,497
acquisition
                                                               
^(1) Prior period has been reclassified to conform with basis of presentation
adopted in current period.
                                                               
These Condensed Consolidated Statements of Cash Flows include combined cash
flows from continuing operations along with discontinued operations.


Bazaarvoice, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures for Continuing
Operations
(in thousands, except net loss per share data)
(unaudited)
                                                              
                        Three Months                Twelve Months
                        Ended April 30,             Ended April 30,
                        2014          2013          2014         2013
Non-GAAP net loss and
net loss per share from                                        
continuing operations:
GAAP net loss from       $(12,233)   $(23,020)   $(52,846)  $(47,503)
continuing operations
Stock-based expense ^(1) 3,333        3,114        13,825      11,158
Contingent consideration
related to acquisition ^ --           (410)        (3,860)     (410)
(2)
Amortization of acquired 317          282          1,164       549
intangible assets
Acquisition-related and  366          7,819        16,184      10,487
other expense
Other stock-related      --           1,428        --          1,428
expense ^(4)
Income tax adjustment    (191)        39           (239)       64
for non-GAAP items
Non-GAAP net loss from   $(8,408)    $(10,748)   $(25,772)  $(24,227)
continuing operations
GAAP basic and diluted   77,165       73,121       75,564      69,336
shares
Non-GAAP basic and
diluted net loss per     $(0.11)     $(0.15)     $(0.34)    $(0.35)
share from continuing
operations
                                                              
Adjusted EBITDA from                                           
continuing operations:
GAAP net loss from       $(12,233)   $(23,020)   $(52,846)  $(47,503)
continuing operations
Stock-based expense ^(1) 3,333        3,114        13,825      11,158
Contingent consideration
related to acquisition ^ --           (410)        (3,860)     (410)
(2)
Adjusted depreciation    1,081        948          4,492       3,322
and amortization ^(3)
Acquisition-related and  366          7,819        16,184      10,487
other expense
Other stock-related      --           1,428        --          1,428
expense ^(4)
Income tax expense       (418)        583          (500)       (1,172)
(benefit)
Total other (income)     316          483          830         828
expense, net
Adjusted EBITDA from     $(7,555)    $(9,055)    $(21,875)  $(21,862)
continuing operations:
                                                              
^(1) Stock-based expense                                       
includes the following:
Cost of revenue          $316        $149        $1,155     $677
Sales and marketing      1,072        841          4,496       3,033
Research and development 747          733          2,817       2,840
General and              1,198        1,391        5,357       4,608
administrative
Stock-based expense      $3,333      $3,114      $13,825    $11,158
                                                              
^(2) Contingent
consideration related to                                       
acquisition includes the
following:
(a) Revaluation of                                             
contingent consideration
General and              $--         $(1,000)    $(3,270)   $(1,000)
administrative
(b) Contingent
consideration included                                         
in compensation expense
General and              --           295          (295)       295
administrative
Sales and marketing      --           295          (295)       295
Contingent consideration $--         $(410)      $(3,860)   $(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. The
contingent consideration was payable on Longboard Media's achievement of
certain performance goals for the period from January 1, 2013 to December 31,
2013. On October 31, 2013, the Company determined that the probability of the
attainment of the underlying performance goals was remote and the resultant
payout was estimated to be zero. As a result, the fair value of the
liability-classified contingent consideration and the liability accrued for
contingent consideration included in compensation expense were reduced to
zero. On January 31, 2014, the Company concluded that the underlying
performance goals were not met and the payout was zero. We exclude these items
from our non-GAAP financial measures in order to facilitate the comparison of
post-acquisition operating results.
                                                              
^(3) Adjusted
depreciation and                                               
amortization includes
the following:
Cost of revenue          $244        $231        $937       $891
Sales and marketing      275          120          1,112       601
Research and development 189          173          813         647
General and              85           142          495         634
administrative
Amortization of acquired 288          282          1,135       549
intangible assets
Adjusted depreciation    $1,081      $948        $4,492     $3,322
and amortization
                                                              
^(4) Other stock-related
expense includes the                                           
following:
General and              $--         $1,428      $--        $1,428
administrative
Other stock-related      $--         $1,428      $--        $1,428
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.


Bazaarvoice, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures for Discontinued
Operations
(in thousands, except net loss per share data)
(unaudited)
                                                              
                           Three Months             Twelve Months
                           Ended April 30,          Ended April 30,
                           2014          2013       2014         2013
Non-GAAP net income (loss) and net
earnings per share from discontinued                            
operations:
GAAP net loss from          $(11,448)   $(124)   $(10,320)  $(16,249)
discontinued operations
Stock-based expense ^(1)    139          267       643         11,295
Amortization of acquired    1,472        1,549     5,888       4,965
intangible assets
Impairment of acquired      2,500        --        2,500       --
intangible assets^(4)
Acquisition-related,
divestiture-related and     819          (378)     819         1,725
other expenses
Other stock-related expense --           772       --          772
^(3)
Estimated loss on disposal
of discontinued operations, 9,192        --        9,192       --
net of tax^(5)
Non-GAAP net income from    $2,674      $2,086   $8,722     $2,508
discontinued operations
GAAP basic weighted average 77,165       73,121    75,564      69,336
shares outstanding:
GAAP diluted weighted       78,492       75,808    78,006      75,121
average shares outstanding;
Non-GAAP basic earnings per
share from discontinued     $0.03       $0.03    $0.12      $0.04
operations
Non-GAAP diluted earnings
per share from discontinued $0.03       $0.03    $0.11      $0.03
operations
                                                              
Adjusted EBITDA from                                           
discontinued operations:
GAAP net loss from          $(11,448)   $(124)   $(10,320)  $(16,249)
discontinued operations
Stock-based expense ^(1)    139          267       643         11,295
Adjusted depreciation and   1,482        1,589     5,983       5,114
amortization ^(2)
Impairment of acquired      2,500        --        2,500       --
intangible assets^(4)
Acquisition-related,
divestiture-related and     819          (378)     819         1,725
other expenses
Other stock-related expense --           772       --          772
^(3)
Income tax expense          (660)        1         22          25
(benefit)
Total other (income)        --           (10)      (4)         (14)
expense, net
Estimated loss on disposal
of discontinued operations, 9,192        --        9,192       --
net of tax^(5)
Adjusted EBITDA from        $2,024      $2,117   $8,835     $2,668
discontinued operations:
                                                              
^(1) Stock-based expense                                       
includes the following:
Cost of revenue             $127        $236     $567       $1,057
Sales and marketing         --           5         7           1,239
Research and development    6            24        55          307
General and administrative  6            2         14          8,692
Stock-based expense         $139        $267     $643       $11,295
                                                              
^(2) Adjusted depreciation
and amortization includes                                      
the following:
Cost of revenue             $450        $450     $1,800     $1,590
Sales and marketing         --           --        --          --
Research and development    --           --        --          --
General and administrative  10           40        95          149
Amortization of acquired    1,022        1,099     4,088       3,375
intangible assets
Adjusted depreciation and   $1,482      $1,589   $5,983     $5,114
amortization
                                                              
^(3) Other stock-related
expense includes the                                           
following:
General and administrative  $--         $772     $--        $772
Other stock-related expense $--         $772     $--        $772

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) Prior to the classification as "assets held for sale", the Company
determined that the carrying value of the asset group exceeded the
undiscounted cash flows expected to be generated. As a result, the Company
recorded an impairment change of $2.5 million for the three months ended April
30, 2014.
^(5) Estimated loss on disposal of discontinued operations has been determined
by estimating proceeds from selling the PowerReviews business, net of any
associated transaction costs, less the net carrying value of the assets and
liabilities held for sale as of April 30, 2014. Any material change between
the estimated proceeds used for determining the loss on disposal and the
actual proceeds due to the timing of executing a definitive agreementwith
aprospective buyer on or around the date of this 8-K filingmay result in a
revision of this estimated loss. Any such revisions will be reflectedin the
financial statements included in our Annual Report on Form 10-K for the fiscal
year ended April 30, 2014 and, if required, an amended Current Report on Form
8-K/A.

Bazaarvoice, Inc.
Selected Quarterly Financial and Operational Metrics for Continuing and Discontinued Operations
(in thousands, except active enterprise clients and full-time employees data)
(unaudited)
                                                                                           
                    Three Months Ended
                    Jul 31,     Oct 31,    Jan 31,    Apr 30,    Jul 31,    Oct 31,    Jan 31,    Apr 30,
                    2012        2012       2013       2013       2013       2013       2014       2014
Continuing                                                                                  
Operations:
Revenue ^(1)         $33,820   $35,148  $38,920  $38,924  $40,319  $41,148  $43,600  $43,078
Cost of revenue ^(2) 11,229     11,672    12,130    12,319    12,117    12,508    13,758    14,522
Gross profit         22,591     23,476    26,790    26,605    28,202    28,640    29,842    28,556
Operating expenses:                                                                         
Sales and marketing  13,751     17,165    20,103    22,095    20,996    20,837    20,765    23,884
^ (2), (4)
Research and         7,160      7,496     8,822     8,691     8,924     9,793     9,036     9,832
development ^(2)
General and
administrative ^(2), 6,660      6,533     8,125     9,672     8,536     3,639     7,674     6,521
(4)
Acquisition-related  --        1,085     1,583     7,819     7,504     8,283     31        366
and other expense
Amortization of
acquired intangible  --        --       267       282       282       283       282       288
assets
Total operating      27,571     32,279    38,900    48,559    46,242    42,835    37,788    40,891
expenses
Operating loss       (4,980)    (8,803)   (12,110)  (21,954)  (18,040)  (14,195)  (7,946)   (12,335)
Total other income   (407)      54        8         (483)     3         (249)     (268)     (316)
(expense), net
Net loss before      (5,387)    (8,749)   (12,102)  (22,437)  (18,037)  (14,444)  (8,214)   (12,651)
income taxes
Income tax expense   269        271       (2,295)   583       (391)     130       179       (418)
(benefit)
Net loss from
continuing           (5,656)    (9,020)   (9,807)   (23,020)  (17,646)  (14,574)  (8,393)   (12,233)
operations
Stock-based expense  2,243      3,040     2,761     3,114     3,807     3,467     3,218     3,333
^(3)
Contingent
consideration        --        --       --       (410)     370       (4,230)   --       --
related to
acquisition ^(4)
Adjusted
depreciation and     595        708       1,071     948       1,053     1,202     1,156     1,081
amortization ^(5)
Acquisition-related  --        1,085     1,583     7,819     7,504     8,283     31        366
and other expense
Other stock-related  --        --       --       1,428     --       --       --       --
expense ^(6)
Income tax expense   269        271       (2,295)   583       (391)     130       179       (418)
(benefit)
Total other (income) 407        (54)      (8)       483       (3)       249       268       316
expense, net
Adjusted EBITDA from
continuing           $(2,142)  $(3,970) $(6,695) $(9,055) $(5,306) $(5,473) $(3,541) $(7,555)
operations
                                                                                           
Net income (loss)
from discontinued    $(12,883) $(2,222) $(1,020) $(124)   $278     $420     $430     $(11,448)
operations
Stock-based expense  10,095      555        378        267        201        181        122        139
^(3)
Adjusted
depreciation and     743         1,391      1,391      1,589      1,506      1,503      1,492      1,482
amortization ^(5)
Impairment of
acquired intangible  --        --       --       --       --       --       --       2,500
assets ^(8)
Acquisition-related,
divestiture-related  1,384       281        438        (378)     --       --       --       819
and other expenses
Other stock-related  --        --       --       772       --       --       --       --
expense ^(6)
Income tax expense   19          3          2          1          168        253        261        (660)
(benefit)
Total other (income) (3)        3         (4)       (10)      (4)       --       --       --
expense, net
Estimated loss on
disposal of
discontinued         --        --       --       --       --       --       --       9,192
operations, net of
tax^(9)
Adjusted EBITDA from
discontinued         $(645)    $11      $1,185   $2,117   $2,149   $2,357   $2,305   $2,024
operations
                                                                                           
Number of active
clients from
continuing           843        866       943       885       922       980       1,011     1,133
operations (at
period end) ^(7)
Number of active
clients from
discontinued         340        356       413       404       398       389       368       341
operations (at
period end) ^(7)
Full-time employees
including employees
attributable to      771        777       796       783       776       798       794       799
discontinued
operations (at
period end)
Full-time employees
attributable to
discontinued         68         48        35        29        28        27        25        24
operations (at
period end)
                                                                                           
^(1) Revenue from
continuing                                                                                  
operations includes
the following:
SaaS                 $33,820   $35,148  $37,071  $38,057  $38,863  $39,896  $40,645  $41,924
Media                --        --       1,849     867       1,456     1,252     2,955     1,154
Revenue              $33,820   $35,148  $38,920  $38,924  $40,319  $41,148  $43,600  $43,078
                                                                                           
Revenue from
discontinued                                                                                
operations includes
the following:
SaaS                 $1,803    $3,402   $3,639   $4,316   $4,179   $4,335   $4,338   $3,947
Media                39         76        119       90        73        55        59        25
Revenue              $1,842    $3,478   $3,758   $4,406   $4,252   $4,390   $4,397   $3,972
                                                                                           
Total revenue:                                                                              
SaaS                 $35,623   $38,550  $40,710  $42,373  $43,042  $44,231  $44,983  $45,871
Media                39         76        1,968     957       1,529     1,307     3,014     1,179
Revenue              $35,662   $38,626  $42,678  $43,330  $44,571  $45,538  $47,997  $47,050

^(2) To conform with the basis of presentation adopted in the three months ended July 31, 2013, the
presentation of certain expense line items for prior periods has been adjusted to reflect the reclassification
of bad debt expense from sales and marketing to general and administrative, and to allocate certain
information technology costs from general and administrative to cost of revenue, sales and marketing, and
research and development.
                                                                                           
Bazaarvoice, Inc.
Selected Quarterly Financial and Operational Metrics for Continuing and Discontinued Operations (continued)
(in thousands, except active enterprise clients and full-time employees data)
(unaudited)
                                                                                           
                    Three Months Ended
                    Jul 31,     Oct 31,    Jan 31,    Apr 30,    Jul 31,    Oct 31,    Jan 31,    Apr 30,
                    2012        2012       2013       2013       2013       2013       2014       2014
^(3) Stock-based
expense from
continuing                                                                                  
operations includes
the following:
Cost of revenue      $100      $261     $167     $149     $318     $236     $285     $316
Sales and marketing  651        835       706       841       1,227     1,324     873       1,072
Research and         560        919       628       733       805       662       603       747
development
General and          932        1,025     1,260     1,391     1,457     1,245     1,457     1,198
administrative
Stock-based expense
from continuing      $2,243    $3,040   $2,761   $3,114   $3,807   $3,467   $3,218   $3,333
operations
                                                                                           
Stock-based expense
from discontinued                                                                           
operations includes
the following:
Cost of revenue      $201      $333     $287     $236     $174     $160     $106     $127
Sales and marketing  1,179      43        12        5         4         2         1         --
Research and         87         143       53        24        19        17        13        6
development
General and          8,628      36        26        2         4         2         2         6
administrative
Stock-based expense
from discontinued    $10,095   $555     $378     $267     $201     $181     $122     $139
operations
                                                                                           
^(4) Contingent
consideration
related to                                                                                  
acquisition includes
the following:
(a) Revaluation of
contingent                                                                                  
consideration
General and          $--       $--      $--      $(1,000) $--      $(3,270) $--      $--
administrative
(b) Contingent
consideration                                                                               
included in
compensation expense
General and          --         --        --        295       185       (480)     --        --
administrative
Sales and marketing  --         --        --        295       185       (480)     --        --
Contingent
consideration        $--       $--      $--      $(410)   $370     $(4,230) $--      $--
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. The contingent consideration was payable to
Longboard Media's achievement of certain performance goals for the period from January 1, 2013 to December 31,
2013. On October 31, 2013, the Company determined that the probability of the attainment of the underlying
performance goals was remote and the resultant payout was estimated to be zero. As a result, the fair value of
the liability-classified contingent consideration and the liability accrued for contingent consideration
included in compensation expense were reduced to zero. On January 31, 2014, the Company concluded that the
underlying performance goals were not met and the payout was zero. We exclude these items from our non-GAAP
financial measures in order to facilitate the comparison of post-acquisition operating results.

                    Three Months Ended
                    Jul 31,     Oct 31,    Jan 31,    Apr 30,    Jul 31,    Oct 31,    Jan 31,    Apr 30,
                    2012        2012       2013       2013       2013       2013       2014       2014
^(5) Adjusted
depreciation and
amortization from                                                                           
continuing
operations includes
the following:
Cost of revenue      $197      $231     $232     $231     $226     $238     $229     $244
Sales and marketing  133        175       173       120       221       318       298       275
Research and         144        161       169       173       189       226       209       189
development
General and          121        141       230       142       135       137       138       85
administrative
Amortization of
acquired intangible  --         --        267       282       282       283       282       288
assets
Adjusted
depreciation and
amortization from    $595      $708     $1,071   $948     $1,053   $1,202   $1,156   $1,081
continuing
operations
                                                                                           
Adjusted
depreciation and
amortization from                                                                           
discontinued
operations includes
the following:
Cost of revenue      $240      $450     $450     $450     $450     $450     $450     $450
General and          23         43        43        40        34        31        20        10
administrative
Amortization of
acquired intangible  480        898       898       1,099     1,022     1,022     1,022     1,022
assets
Adjusted
depreciation and
amortization from    $743      $1,391   $1,391   $1,589   $1,506   $1,503   $1,492   $1,482
discontinued
operations
                                                                                           
^(6) Other
stock-related
expense from                                                                                
continuing
operations includes
the following:
General and          $--       $--      $--      $1,428   $--      $--      $--      $--
administrative
Other stock-related  $--       $--      $--      $1,428   $--      $--      $--      $--
expense
                                                                                           
Other stock-related
expense from
discontinued                                                                                
operations includes
the following:
General and          $--       $--      $--      $772     $--      $--      $--      $--
administrative
Other stock-related  $--       $--      $--      $772     $--      $--      $--      $--
expense
Other stock-related expense represents an 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.
^(7) Beginning as of our fourth quarter of fiscal 2014, we now define an active client as an organization from
which we are currently recognizing recurring 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 active client base is a leading indicator of our ability to grow revenue.
Further, due to the presentation of the PowerReviews business as discontinued operations, we have separated
our active clients into two categories: 1) active clients from continuing operations and 2) active clients
from discontinued operations. As a result of this analysis, each category could include a common client who
may have organizations for which we recognized recurring revenue thathave separate signed contractual
agreements.
All prior periods discussed in this press release or presented in the accompanying financial tables have been
revised to conform to the current period definition of an active client.
^(8) The Company compared the carrying value of the asset group included in "assets held for sale" to the
undiscounted cash flows to be generated by the asset group. The carrying value of the asset group exceeded the
undiscounted cash flows and as a result, the Company recorded an impairment charge of $2.5 million for the
three months ended April 30, 2014.

^(9) Estimated loss on disposal of discontinued operations has been determined by estimating proceeds from
selling the PowerReviews business, net of any associated transaction costs, less the net carrying value of the
assets and liabilities held for sale as of April 30, 2014. Any material change between the estimated proceeds
used for determining the loss on disposal and the actual proceeds due to the timing of executing a definitive
agreementwith aprospective buyer on or around the date of this 8-K filingmay result in a revision of this
estimated loss. Any such revisions will be reflectedin the financial statements included in our Annual Report
on Form 10-K for the fiscal year ended April 30, 2014 and, if required, an amended Current Report on Form
8-K/A.

CONTACT: Investor Relations Contact:
        
         Linda Wells
         Bazaarvoice, Inc.
         415-489-6045
         linda.wells@bazaarvoice.com
        
         Media Contact:
         Matt Krebsbach
         Bazaarvoice, Inc.
         512-551-6612
         matt.krebsbach@bazaarvoice.com

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