Convio Posts Record Annual Revenue, Positive Cash Flow and Profitability
Austin, Texas (February 5, 2009) — Convio, Inc. – the leading provider of on-demand constituent relationship management software and services to nonprofit organizations – today announced record annual revenue of $57.0 million for the year ended December 31, 2008, representing a 32 percent increase over 2007. Generating $2.9 million in operating cash flow for the year, and $1.2 million for the fourth quarter, Convio has now produced positive cash flow from operations in five of the last six quarters. In addition, Convio achieved profitability on a non-GAAP basis for both the fourth quarter and for fiscal year 2008.
“Our client results show that nonprofits understand that they need to be agile, social and connected to mobilize and inspire people and to achieve their mission,"” said Gene Austin, chief executive officer of Convio. “Our focus and investment in client service, new products, open applications and innovation also ensures our clients have a platform that is optimized for the many ways constituents and nonprofits interact. The strong leadership from our management team and execution from our employees have created a strong company that the nonprofit sector can count on.”
Convio’s non-GAAP income from operations for fiscal year 2008 was $576,000. Non-GAAP income from operations excludes stock-based compensation expense, the write off of deferred stock offering costs and costs associated with amortization of intangibles arising from the acquisition of GetActive Software, Inc. Convio’s non-GAAP loss from operations was $5.4 million in fiscal 2007. The Company’s non-GAAP income from operations for the fourth quarter ended December 31, 2008 was $440,000. This compares with non-GAAP loss from operations of $1.1 million in the fourth quarter of 2007.
“Year-over-year performance improvements are testimony to the value proposition of our offering, a loyal client base, our ability to attract new clients and the leverage we have achieved from our 2007 acquisition of GetActive Software,” added Austin. “Our revenue growth and significant improvements in cash flow and income are outstanding given the difficult macro-economic situation.”