EX-99.1 2 v53047exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
Omniture Press Contact
Kristi Knight, 801.932.7431, kknight@omniture.com
Omniture Investor Relations Contact
Mike Look, 650.450.1008, mlook@omniture.com
FOR IMMEDIATE RELEASE
Omniture Reports Second Quarter Fiscal Year 2009 Financial Results
Q2 GAAP Revenues Increase 22%, Non-GAAP Revenues Increase 17%;
GAAP Net Loss Decreases 24%, Non-GAAP Net Income Increases 44%;
More than 150 New Customers Added in Q2
OREM, Utah — July 22, 2009 — Omniture, Inc. (NASDAQ: OMTR), a leading provider of online business optimization software, today announced results for its second quarter ended June 30, 2009. In the second quarter, Omniture achieved record revenues of $87.6 million, compared to $71.6 million reported for the second quarter of 2008 and $87.2 million reported for the first quarter of 2009. This represents 22 percent year-over-year revenue growth. Non-GAAP revenue for the quarter was $87.9 million. The difference between GAAP and non-GAAP revenue reflects the revenue excluded from the GAAP results due to purchase accounting adjustments, which reduce deferred revenue to its fair value.
“Despite a very challenging economy, we delivered solid second quarter results, which means the Omniture Online Marketing Suite is resonating very well in the marketplace,” said Josh James, CEO and co-founder. “We believe we have seen some stabilization in our business as well as with the businesses of some of our customers, and we remain committed to the investments that will drive the long-term growth of our business with the objective of helping our customers leverage the more than 1 trillion transactions that we capture for them every quarter.”
Omniture’s GAAP net loss was $4.9 million or $0.06 per diluted share in the second quarter of 2009 as compared to a net loss of $6.5 million or $0.09 per diluted share in the second quarter of 2008. Non-GAAP net income was $10.5 million or $0.13 per diluted share for the second quarter, compared to net income of $7.3 million or $0.10 per diluted share in the second quarter of 2008. Non-GAAP net income excludes the effect of acquisition-related adjustments to deferred

 


 

revenue, stock-based compensation, amortization of certain intangible assets, imputed interest related to patent license agreements and certain acquisition-related expenses and non-cash tax adjustments.
Second quarter adjusted EBITDA was $18.9 million. Adjusted EBITDA is defined as loss from operations on a GAAP basis less depreciation and amortization, stock-based compensation and the acquisition-related adjustment to deferred revenue.
During the second quarter of 2009, Omniture added over 150 new customers and captured data from approximately 1.05 trillion transactions. New customer relationships secured in the second quarter include: 3M, Alvenda, Azamara Cruises, Celebrity Cruises, Colonial First State, Forex Direct Dealer, FOXTEL, Ghirardelli Chocolate Company, Mozy by Decho, Neu.de GmbH, Niche Technologies, Press immo On Line S.A.S, Rhamat Trading Inc., Royal Caribbean International, Ryman Direct, Senshukai Co., SurveyMonkey.com, The Education Center, TV2 Danmark A/S, University Hospitals of Cleveland, Viking Line and YouCompare.
Guidance
Q3 FY 2009: Omniture is targeting flat revenues from the second quarter, with adjusted EBITDA and non-GAAP net income per share approximately the same as the second quarter.
Information for Conference Call to Discuss Q2 2009 Financial Results
Omniture, Inc. will host a conference call and simultaneous audio-only webcast at 5:00 p.m. (Eastern Time) this afternoon. To access the conference call, dial 866-730-5764, or 857-350-1588 for international callers. The access code is 62479935. Please call 10 minutes prior to the scheduled conference call time. The webcast will be available on the company’s investor relations web site at www.omtr.com. A replay of the conference call will be accessible by telephone after 7:00 p.m. (Eastern Time) by dialing 888-286-8010, or 617-801-6888 for international callers. The access code is 57556005. The conference call will also be archived on the company’s investor relations web site. Both the replay and archived webcast will be available until August 5, 2009.
About Non-GAAP Financial Measures
In this release and during our conference call as described above we use or plan to discuss certain non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical

 


 

measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. A reconciliation between non-GAAP and GAAP measures can be found in the accompanying tables and on the company’s investor relations web site at www.omtr.com. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies.
While these non-GAAP measures are not a substitute for GAAP results, we believe they provide a basis for evaluating the company’s operating results because they are helpful in understanding our past financial performance and our future results and facilitate comparisons of results between periods. We believe the calculation of non-GAAP revenue, which reflects the revenue excluded from the GAAP results due to purchase accounting adjustments to reduce deferred revenue to its fair value, provides a meaningful comparison to our historic GAAP revenue. We also believe the calculation of net income and loss, calculated without acquisition-related accounting adjustments to deferred revenue, stock-based compensation expense, the amortization of certain intangible assets, imputed interest expense and certain acquisition-related expenses and non-cash tax adjustments, provides a meaningful comparison to our net loss figures. We also believe that adjusted EBITDA, which we calculate as loss from operations on a GAAP basis less depreciation and amortization, stock-based compensation and acquisition-related adjustments to deferred revenue, is an indicator of the company’s financial results and cash flows and is useful to investors in evaluating operating performance. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures have been reconciled to the nearest GAAP measure as required under the rules and regulations promulgated by the U.S. Securities and Exchange Commission.
About Omniture
Omniture, Inc. is a leading provider of online business optimization software, enabling customers to manage and enhance online, offline and multi-channel business initiatives. Omniture’s software, which it hosts and delivers to its customers as an on-demand subscription service and on-premise solution, enables customers to capture, store and analyze information generated by

 


 

their Web sites and other sources and to gain critical business insights into the performance and efficiency of marketing and sales initiatives and other business processes. In addition, Omniture offers a range of professional services that complement its online services, including implementation, best practices, consulting, customer support and user training through Omniture Education. Omniture’s over 5,000 customers include eBay, AOL, Wal-Mart, Gannett, Microsoft, Neiman Marcus, Oracle, Sony and HP. www.omniture.com
Note on Forward-looking Statements
Management believes that certain statements in this release may constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but not limited to, statements regarding demand for our suite of products and expected benefits of our services to customers, the stabilization in our business, our ability to manage our business in the midst of uncertainty in the market, and our current expectations regarding future GAAP and non-GAAP revenue, GAAP and non-GAAP net income and net loss, and adjusted EBITDA. These statements are based on current expectations and assumptions regarding future events and business performance and involve certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to, risks associated with current uncertainty in and deterioration of global economic conditions, which could negatively impact the demand for our products and services and other related matters and could result in reductions in spending by our customers for our products and services and changes in customers’ subscription and renewal patterns, the potential that we or our customers or partners may not realize the benefits we currently expect from our recent acquisitions and strategic partner relationships, risks that the expected financial effect of our recent acquisitions and strategic partner relationships may not be realized, risks inherent in the integration and combination of complex products and technologies from our acquisitions and strategic partner relationships, our ability to continue to attract new customers and sell additional services to our existing customers, including our SiteCatalyst service and the other components of our Online Marketing Suite, the significant capital requirements of our business model that make it more difficult to achieve positive cash flow and profitability if we continue to grow rapidly, our ability to effectively streamline our corporate structure to adapt to a suite rather than a standalone product structure, our ability to develop or acquire new products and services, our ability to raise capital in the future, particularly in light of the ongoing financial crisis affecting the banking system and financial and capital markets and the going concern threats to investment banks and other financial institutions that have resulted in a tightening in the credit markets, reduced liquidity in many financial markets and increased volatility in the equity and debt markets, risks associated with our acquisition and strategic partner strategy and disruptions in our business, operations and financial results as a result of acquisitions and strategic partner relationships, our ability to cost effectively expand our sales and marketing capabilities, the ability of our sales organization to become more productive and our ability to effectively consolidate our sales channels to eliminate redundancies, possible fluctuations in our operating results and rate of growth, the continued growth of the market for on-demand, online business optimization services, changes in the competitive dynamics of our markets, including the potential for increased pressure on the pricing of our products and services in light of the ongoing economic crisis, the inaccurate assessment of changes in our markets, errors, interruptions or delays in our services or other performance problems with our services, our ability to hire, retain and motivate our employees and manage our growth, our ability to develop and maintain strategic partner relationships with third parties with respect to either technology integration or channel development and respond to potential changes in the financial stability and solvency of our strategic partners that may result from the economic crisis,

 


 

our ability to expand our international operations and to profitably sell our services to customers located outside the United States and to manage the associated fluctuations in currency exchange rates, our ability to implement and maintain proper and effective internal controls, the adoption of laws or regulations, or interpretations of existing law, that could limit our ability to collect and use Internet user information, and the blocking or erasing of “cookies”; and such other risks as identified in Omniture’s quarterly report on Form 10-Q for the period ended March 31, 2009, and from time to time in other reports filed by Omniture with the U.S. Securities and Exchange Commission. These reports are available on our Web site at www.omtr.com. Omniture undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.
Copyright (c) 2009 Omniture, Inc. All rights reserved. Omniture and SiteCatalyst are registered trademarks of Omniture, Inc. in the United States, Japan, Canada and the European Community. Omniture, Inc. owns other registered and unregistered trademarks throughout the world. Other names used herein may be trademarks of their respective owners.
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Omniture, Inc.
Condensed Consolidated Statements of Operations

(in thousands, except per share data)
(unaudited)
                                         
    Three Months Ended     Three Months Ended        
    June 30,     June 30,     % Increase  
    2008     % of Revenues     2009     % of Revenues     (Decrease)  
Revenues:
                                       
Subscription, license and maintenance
  $ 64,601       90 %   $ 77,349       88 %     20 %
Professional services and other
    7,019       10       10,223       12       46  
 
                               
Total revenues
    71,620       100       87,572       100       22  
 
                                       
Cost of revenues (1):
                                       
Subscription, license and maintenance
    27,071       38       32,748       37       21  
Professional services and other
    3,627       5       4,141       5       14  
 
                               
Total cost of revenues
    30,698       43       36,889       42       20  
 
                               
Gross profit
    40,922       57       50,683       58       24  
Operating expenses (1):
                                       
Sales and marketing
    32,170       45       33,413       38       4  
Research and development
    8,849       12       8,946       10       1  
General and administrative
    11,815       17       11,857       14       0  
 
                               
Total operating expenses
    52,834       74       54,216       62       3  
 
                               
Loss from operations
    (11,912 )     (17 )     (3,533 )     (4 )     (70 )
Interest income
    343       1       67             (80 )
Interest expense
    (230 )           (324 )           41  
Other income (expense), net
    47             (551 )     (1 )     (1,272 )
 
                               
Loss before income taxes
    (11,752 )     (16 )     (4,341 )     (5 )     (63 )
(Benefit from) provision for income taxes
    (5,291 )     (7 )     538       1       (110 )
 
                               
Net loss
  $ (6,461 )     (9 )%   $ (4,879 )     (6 )%     (24 )%
 
                               
 
                                       
Net loss per share:
                                       
Net loss per share, basic and diluted
  $ (0.09 )           $ (0.06 )             (33 )%
Weighted-average number of shares, basic and diluted
    71,720               76,286               6 %
 
                                       
 
Adjusted EBITDA (2)
  $ 13,701       19 %   $ 18,890       22 %     38 %
 
 
(1)   Amounts include stock-based compensation expenses, as follows:
 
Cost of subscription, license and maintenance revenues
  $ 865       1 %   $ 753       1 %
Cost of professional services and other revenues
    232       0       204       0  
Sales and marketing
    3,119       4       2,862       3  
Research and development
    1,512       2       1,313       2  
General and administrative
    2,423       4       1,957       2  
 
                       
Total stock-based compensation expenses
  $ 8,151       11 %   $ 7,089       8 %
 
                       
 
(2)   Adjusted EBITDA is equal to the loss from operations less depreciation and amortization, stock-based compensation and the acquisition-related adjustment to deferred revenue

 


 

Omniture, Inc.
Condensed Consolidated Statements of Operations

(in thousands, except per share data)
(unaudited)
                                         
    Six Months Ended     Six Months Ended        
    June 30,     June 30,     % Increase  
    2008     % of Revenues     2009     % of Revenues     (Decrease)  
Revenues:
                                       
Subscription, license and maintenance
  $ 121,770       90 %   $ 154,340       88 %     27 %
Professional services and other
    13,063       10       20,389       12       56  
 
                               
Total revenues
    134,833       100       174,729       100       30  
 
                                       
Cost of revenues (1):
                                       
Subscription, license and maintenance
    50,864       38       63,916       36       26  
Professional services and other
    6,761       5       8,564       5       27  
 
                               
Total cost of revenues
    57,625       43       72,480       41       26  
 
                               
Gross profit
    77,208       57       102,249       59       32  
Operating expenses (1):
                                       
Sales and marketing
    63,386       47       70,915       41       12  
Research and development
    18,650       14       18,126       11       (3 )
General and administrative
    22,629       16       23,407       13       3  
 
                               
Total operating expenses
    104,665       77       112,448       65       7  
 
                               
Loss from operations
    (27,457 )     (20 )     (10,199 )     (6 )     (63 )
Interest income
    1,291       1       192             (85 )
Interest expense
    (457 )           (680 )           49  
Other income (expense), net
    44             (1,253 )     (1 )     (2,948 )
 
                               
Loss before income taxes
    (26,579 )     (19 )     (11,940 )     (7 )     (55 )
(Benefit from) provision for income taxes
    (7,176 )     (5 )     1,121             (116 )
 
                               
Net loss
  $ (19,403 )     (14 )%   $ (13,061 )     (7 )%     (33 )%
 
                               
 
                                       
Net loss per share:
                                       
Net loss per share, basic and diluted
  $ (0.28 )           $ (0.17 )             (39 )%
Weighted-average number of shares, basic and diluted
    70,450               75,668               7 %
 
                                       
 
 
Adjusted EBITDA (2)
  $ 25,898       19 %   $ 35,285       20 %     36 %
 
 
   
(1)   Amounts include stock-based compensation expenses, as follows:
 
Cost of subscription, license and maintenance revenues
  $ 2,492       2 %   $ 1,529       1 %
Cost of professional services and other revenues
    491       0       412       0  
Sales and marketing
    6,277       5       6,053       4  
Research and development
    3,840       3       2,485       1  
General and administrative
    4,202       3       3,980       2  
 
                       
Total stock-based compensation expenses
  $ 17,302       13 %   $ 14,459       8 %
 
                       
 
(2)   Adjusted EBITDA is equal to the loss from operations less depreciation and amortization, stock-based compensation and the acquisition-related adjustment to deferred revenue

 


 

Omniture, Inc.
Reconciliation of Non-GAAP Measures

(in thousands, except per share data)
(unaudited)
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2008     2009     2008     2009  
Reconciliation of Total Revenues on a GAAP Basis to Total Revenues on a Non-GAAP Basis:
                               
Total revenues on a GAAP basis
  $ 71,620     $ 87,572     $ 134,833     $ 174,729  
Acquisition-related adjustment to Touch Clarity deferred revenue (1)
                378        
Acquisition-related adjustment to Offermatica deferred revenue (1)
    161             537       2  
Acquisition-related adjustment to Visual Sciences deferred revenue (1)
    3,117             8,738        
Acquisition-related adjustment to Mercado deferred revenue (1)
          347             959  
 
                       
Total revenues on a non-GAAP basis
  $ 74,898     $ 87,919     $ 144,486     $ 175,690  
 
                       
 
 
                               
Reconciliation of Net Loss on a GAAP Basis to Net Income on a Non-GAAP Basis:
                               
Net loss on a GAAP basis
  $ (6,461 )   $ (4,879 )   $ (19,403 )   $ (13,061 )
Acquisition-related adjustment to deferred revenue (1)
    3,278       347       9,653       961  
Amortization of intangible assets (2)
    7,893       7,944       14,806       15,888  
Stock-based compensation
    8,151       7,089       17,302       14,459  
Imputed interest on patent license obligation (3)
    62       38       125       89  
Non-cash tax benefit resulting from the reduction in acquisition-related deferred tax liabilities (4)
    (5,613 )           (7,904 )      
 
                       
Net income on a non-GAAP basis
  $ 7,310     $ 10,539     $ 14,579     $ 18,336  
 
                       
 
 
                               
Reconciliation of Diluted Net Loss per Share on a GAAP Basis to Diluted Net Income per Share on a Non-GAAP Basis:
                               
Diluted net loss per share on a GAAP basis
  $ (0.09 )   $ (0.06 )   $ (0.28 )   $ (0.17 )
Acquisition-related adjustment to deferred revenue (1)
    0.05             0.14       0.01  
Amortization of intangible assets (2)
    0.11       0.10       0.21       0.21  
Stock-based compensation
    0.12       0.09       0.25       0.19  
Non-cash tax benefit resulting from the reduction in acquisition-related deferred tax liabilities (4)
    (0.08 )           (0.11 )      
Impact of difference in number of GAAP and non-GAAP diluted shares
    (0.01 )           (0.02 )     (0.01 )
 
                       
Diluted net income per share on a non-GAAP basis
  $ 0.10     $ 0.13     $ 0.19     $ 0.23  
 
                       
 
 
                               
Reconciliation of Net Loss on a GAAP Basis to Adjusted EBITDA:
                               
Net loss on a GAAP basis
  $ (6,461 )   $ (4,879 )   $ (19,403 )   $ (13,061 )
Other expense, net
    (160 )     808       (878 )     1,741  
(Benefit from) provision for income taxes
    (5,291 )     538       (7,176 )     1,121  
 
                       
Loss from operations on a GAAP basis
    (11,912 )     (3,533 )     (27,457 )     (10,199 )
Depreciation and amortization
    14,184       14,987       26,400       30,064  
Stock-based compensation
    8,151       7,089       17,302       14,459  
Acquisition-related adjustment to deferred revenue (1)
    3,278       347       9,653       961  
 
                       
Adjusted EBITDA
  $ 13,701     $ 18,890     $ 25,898     $ 35,285  
 
                       
 
(1)   This item is recorded in subscription, license and maintenance revenue in the Condensed Consolidated Statements of Operations
 
(2)   Amortization of intangible assets is allocated as follows in the Condensed Consolidated Statement of Operations:
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2008     2009     2008     2009  
Cost of subscription, license and maintenance revenues
  $ 4,794     $ 4,984     $ 9,052     $ 9,948  
Sales and marketing
    3,008       2,960       5,577       5,913  
General and administrative
    91             177       27  
 
                       
Total amortization of intangible assets
  $ 7,893     $ 7,944     $ 14,806     $ 15,888  
 
                       
 
(3)   This item is recorded in interest expense in the Condensed Consolidated Statements of Operations
 
(4)   This item is recorded in (benefit from) provision for income taxes in the Condensed Consolidated Statements of Operations

 


 

Omniture, Inc.
Additional Metrics
(unaudited)
                                                                                 
    March 31,   June 30,   September 30,   December 31,   March 31,   June 30,   September 30,   December 31,   March 31,   June 30,
    2007   2007   2007   2007   2008   2008   2008   2008   2009   2009
Full-time employee headcount
    465       531       578       713       985       1,045       1,087       1,189       1,204       1,208  
Quarterly number of transactions captured (in billions)
    496.0       520.0       561.3       619.3       851.5       886.6       938.8       993.5       1,045.1       1,052.9  
 
                                 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2008     2009     2008     2009  
Revenues by geography (in thousands):
                               
Customers within the United States
  $ 52,024     $ 62,895     $ 98,108     $ 125,797  
Customers outside the United States
    19,596       24,677       36,725       48,932  
 
                       
Total revenues
  $ 71,620     $ 87,572     $ 134,833     $ 174,729  
 
                       
 
                               
Revenues by geography as a percentage of total revenues:
                               
Customers within the United States
    73 %     72 %     73 %     72 %
Customers outside the United States
    27       28       27       28  
 
                       
Total
    100 %     100 %     100 %     100 %
 
                       

 


 

Omniture, Inc.
Condensed Consolidated Statements of Cash Flows

(in thousands)
(unaudited)
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2008     2009     2008     2009  
Cash flows from operating activities:
                               
Net loss
  $ (6,461 )   $ (4,879 )   $ (19,403 )   $ (13,061 )
Adjustments to reconcile net loss to net cash provided by operating activities:
                               
Depreciation and amortization
    14,184       14,987       26,400       30,064  
Stock-based compensation
    8,151       7,089       17,302       14,459  
Other non-cash transactions
    (5,613 )     (22 )     (7,921 )     (32 )
Gain from reduction in acquisition-related deferred tax liabilities
    (82 )           (252 )      
Loss on foreign currency forward contracts, net
          1,963             1,787  
Net changes in operating assets and liabilities:
                             
Accounts receivable, net
    (16,821 )     (7,379 )     (27,703 )     (11,709 )
Prepaid expenses and other assets
    137       (24 )     2,009       893  
Accounts payable
    (7,358 )     (3,752 )     6,224       (1,254 )
Accrued and other liabilities
    6,352       4,170       (2,011 )     (1,010 )
Deferred revenues
    23,764       2,851       36,966       7,891  
 
                       
Net cash provided by operating activities
    16,253       15,004       31,611       28,028  
 
                               
Cash flows from investing activities:
                               
Purchases of investments
    (9,945 )     (24,956 )     (19,831 )     (39,938 )
Proceeds from sales of investments
    1,171       5,000       36,970       5,000  
Maturities of investments
    5,000       15,000       5,000       20,000  
Purchases of property and equipment
    (17,891 )     (6,015 )     (28,002 )     (11,590 )
Purchases of intangible assets
    (437 )           (2,874 )     (458 )
Foreign currency forward contracts
          (2,439 )           (2,168 )
Business acquisitions, net of cash acquired
    (7,851 )     (484 )     (59,721 )     (3,589 )
 
                       
Net cash used in investing activities
    (29,953 )     (13,894 )     (68,458 )     (32,743 )
 
                               
Cash flows from financing activities:
                               
Proceeds from exercise of stock options
    3,975       617       6,081       915  
Proceeds from employee stock purchase plan
                125       196  
Proceeds from issuance of common stock, net of issuance costs
                      25,000  
Repurchases of vested restricted stock
    (234 )     (505 )     (963 )     (1,103 )
Proceeds from issuance of notes payable
    5,000       (26 )     8,006       (51 )
Principal payments on notes payable and capital lease obligations
    (1,209 )     (464 )     (6,269 )     (539 )
 
                       
Net cash provided by (used in) financing activities
    7,532       (378 )     6,980       24,418  
Effect of exchange rate changes on cash and cash equivalents
    (49 )     254       195       189  
 
                       
Net (decrease) increase in cash and cash equivalents
    (6,217 )     986       (29,672 )     19,892  
Cash and cash equivalents at beginning of period
    54,310       85,926       77,765       67,020  
 
                       
Cash and cash equivalents at end of period
  $ 48,093     $ 86,912     $ 48,093     $ 86,912  
 
                       

 


 

Omniture, Inc.
Condensed Consolidated Balance Sheets

(in thousands)
(unaudited)
                 
    December 31,     June 30,  
    2008     2009  
Assets:
               
Current assets:
               
Cash and cash equivalents
  $ 67,020     $ 86,912  
Short-term investments
    9,997       29,973  
Accounts receivable, net
    106,810       119,053  
Prepaid expenses and other current assets
    10,369       9,858  
 
           
Total current assets
    194,196       245,796  
 
               
Property and equipment, net
    61,482       59,135  
Intangible assets, net
    137,505       120,941  
Goodwill
    427,565       426,676  
Long-term investments
    18,136       13,993  
Other assets
    3,316       3,041  
 
           
Total assets
  $ 842,200     $ 869,582  
 
           
 
               
Liabilities and Stockholders’ Equity:
               
Current liabilities:
               
Accounts payable
  $ 7,662     $ 6,500  
Accrued liabilities
    41,179       35,616  
Current portion of deferred revenues
    101,728       113,564  
Current portion of notes payable
    1,617       1,958  
Current portion of capital lease obligations
    150       88  
 
           
Total current liabilities
    152,336       157,726  
 
               
Deferred revenues, less current portion
    10,222       6,976  
Notes payable, less current portion
    13,528       12,750  
Capital lease obligations, less current portion
    79       48  
Other liabilities
    8,467       7,921  
 
               
Commitments and contingencies Stockholders’ equity:
               
Preferred stock
           
Common stock
    73       76  
Additional paid-in capital
    754,151       793,345  
Deferred stock-based compensation
    (366 )     (80 )
Accumulated other comprehensive loss
    (3,256 )     (3,085 )
Accumulated deficit
    (93,034 )     (106,095 )
 
           
Total stockholders’ equity
    657,568       684,161  
 
           
Total liabilities and stockholders’ equity
  $ 842,200     $ 869,582