- Subscription revenue up 7% to $5.4 million compared to Q2 2014
- Total revenue increased 6% to $5.9 million compared to Q2 2014
- Annual Contract Value (ACV) increased 8% to $21.9 million vs. Q2 2014
- Annual Contract Value per Client (ACVC) up 15% to $6,883 vs. $5,999 in Q2 2014
- Adjusted EBITDA of $653,000 in Q2 2015 compared to $714,000 in Q2 2014
- Net income of $80,000 in Q2 2015 vs. $117,000 net loss in Q2 2014
Subscription revenue for the quarter ended June 30, 2015 grew 7% over the same period in 2014. The growth in subscription revenue reflects a sustained growth in ACV over the past year and improved retention of existing clients compared to the same period last year. Total revenue for the quarter ended June 30, 2015 was $5.9 million, up 6% compared to the same period last year. In addition to subscription revenue, total revenue includes content license and report revenue.
Gross margin was 86% and 85% in Q2 2015 and Q2 2014, respectively. Our cost of revenue primarily consists of payroll-related expenses associated with the research, capture and enhancement of data in our proprietary database. Certain amounts in cost of revenue for 2014 have been reclassified as operating expenses to conform to current period presentation.
Operating expenses in Q2 2015 increased 3% to $5.0 million from $4.8 million in Q2 2014. This increase was primarily due to payroll related investments incurred to support our initiatives in marketing and product development.
Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization, and non-cash stock-based compensation) for the quarter ended June 30, 2015 decreased 8% to $653,000 from $714,000 in Q2 2014.
Net income was $80,000, or $0.01 cents per diluted share, in Q2 2015 compared to net loss of $117,000, or $(0.02) cents per diluted share, in Q2 2014.
At June 30, 2015, cash, cash equivalents and available for sale investments increased to $8.4 million compared to $8.0 million at the end of 2014.
About Onvia, Inc.
For more than 15 years Onvia (NASDAQ: ONVI) has been delivering the data and tools companies rely on to succeed in the government contracting market. Onvia tracks and reports the spending of tens of thousands of federal, state and local government agencies, giving companies a single source for conducting business with government. For information about Onvia, visit http://www.onvia.com/.
Source: Onvia Earnings Release