- Subscription revenue up 6% to $5.6 million compared to Q1 2015
- Total revenue increased 4% to $6.1 million compared to Q1 2015
- Strategic Account Annual Contract Value (ACV) increased 4% to $17.1 million vs. Q1 2015
- Annual Contract Value per Client (ACVC) up 10% to $7,421 vs. $6,729 in Q1 2015
- Adjusted EBITDA of $560,000 in Q1 2016 compared to $192,000 in Q1 2015
Total revenue for the quarter ended March 31, 2016 was $6.1 million, up by 4% compared to the same period last year. In addition to subscription revenue, total revenue includes content license, management information report and other revenue.
Operating expenses in the first quarter of 2016 decreased 4% to $5.3 million from $5.5 million in the same period of 2015. In the first quarter of 2015, we incurred approximately $435,000 of special project legal and consulting fees authorized by our Board of Directors in order to perform a complete review of our content capture, content processing and content enhancement methods, processes and systems. These special project costs did not reoccur in 2016. The savings realized in the first quarter of 2016 related to these special project costs was partially offset by an increase in payroll-related investments necessary to support our sales and product development operating initiatives.
Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization, and non-cash stock-based compensation) for the quarter ended March 31, 2016 increased to $560,000 from $192,000 in Q1 2015. Adjusted EBITDA for Q1 2015 was negatively impacted by the special project costs discussed above. For more information about Adjusted EBITDA, see “Use of Non-GAAP Financial Information” below.
Source: Onvia Press Release