"We had another solid quarter and our financial results capped off a tremendous year for Yodlee. Our 2014 subscription recurring revenue was up 34% as we both added four million new paid users and increased average revenue per user in the year. Our business is growing across all channels as we drive innovation that is transforming digital financial services through Financial Institutions as well as Internet innovators," said Anil Arora, Chief Executive Officer of Yodlee.

"We increased our investment spending across the business and were pleased to deliver a non-GAAP annual profit. We look forward to continued success in 2015 as we address the massive opportunity to improve and simplify the lives of billions of consumers and small business owners with financial accounts around the world."

Fourth Quarter 2014 Financial Highlights

Revenue

• Total revenue was $24.9 million, an increase of 24% compared to the fourth quarter of 2013.
• Subscription revenue was $21.3 million, an increase of 30% compared to the fourth quarter of 2013.
• Professional services revenue was $3.5 million, a decrease compared to $3.6 million in the fourth quarter of 2013.

Operating Income

• GAAP operating loss was ($4.2) million, compared to operating income of $2.0 million in the fourth quarter of 2013.
• Non-GAAP operating income was $0.2 million, compared to $2.5 million in the fourth quarter of 2013.

Net Income

• GAAP net loss was ($4.4) million, compared to a net income of $1.2 million for the fourth quarter of 2013. Diluted GAAP net loss per share was ($0.16), based on 28.3 million weighted average common shares outstanding, compared to a diluted GAAP net income per share of $0.05 for the fourth quarter of 2013, based on 23.5 million weighted average common shares outstanding.
• Non-GAAP net loss was ($18,000), compared to net income of $1.7 million in the fourth quarter of 2013. Diluted non-GAAP net loss per share was ($0.00), based on 29.2 million weighted average common shares outstanding. Diluted non-GAAP net income per share was $0.05 for the fourth quarter of 2013, based on 30.5 million weighted average common shares outstanding.

These non-GAAP earnings per share calculations assume conversion of our convertible preferred stock to common stock and sale of our common stock in an IPO at the beginning of the periods for the fourth quarters of both 2014 and 2013.

Adjusted EBITDA

Adjusted EBITDA was $1.3 million, a decrease from $3.2 million in the fourth quarter of 2013.

Fiscal Year 2014 Financial Highlights

Revenue

• Total revenue was $89.1 million, an increase of 27% compared to fiscal year 2013.
• Subscription revenue was $76.0 million, an increase of 34% compared to fiscal year 2013.
• Professional services revenue was $13.1 million, a decrease compared to $13.3 million in fiscal year 2013.

Operating Income

• GAAP operating loss was ($5.4) million, compared to operating income of $0.6 million in fiscal year 2013.
• Non-GAAP operating income was $1.7 million, compared to $2.1 million in fiscal year 2013.

Net Income

• GAAP net loss was ($7.0) million compared to a net loss of ($1.2) million for fiscal year 2013. Diluted GAAP net loss per share was ($0.54), based on 12.8 million weighted average common shares outstanding, compared to a diluted GAAP net loss per share of ($0.16) for fiscal year 2013, based on 7.3 million weighted average common shares outstanding.
• Non-GAAP net income was $0.2 million, compared to $0.3 million in fiscal year 2013. Diluted non-GAAP net income per share was $0.01, based on 31.6 million weighted average common shares outstanding. Diluted non-GAAP net income per share was $0.01 for fiscal year 2013, based on 30.3 million weighted average common shares outstanding.

These non-GAAP earnings per share calculations assume conversion of our convertible preferred stock to common stock and sale of our common stock in an IPO at the beginning of the years for both 2014 and 2013.

Adjusted EBITDA

• Adjusted EBITDA was $5.5 million, an increase from $4.8 million in fiscal year 2013.

Balance Sheet and Cash Flow

• Cash and cash equivalents at December 31, 2014 totaled $73.5 million.
• Cash flow from operations was $2.4 million for fiscal year 2014. This compares to cash flow from operations of $3.5 million for fiscal year 2013.
• In the fourth quarter, the company's initial public offering raised $74.5 million in net proceeds.

A reconciliation of GAAP to non-GAAP financial measures has been provided in this press release in the accompanying tables. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

Business Outlook

Based on information available as of February 9, 2015, Yodlee is issuing guidance for the first quarter 2015 and full year 2015 as indicated below.

Full Year 2015:

• Total revenue is expected to be in the range of $108 million to $109 million.
• Non-GAAP operating income is expected to be in the range of $4.7 million to $5.1 million.
• Diluted non-GAAP net income is expected to be in the range of $2.2 million to $2.6 million, or $0.07 to $0.08 per share, based on 33.4 million weighted average common shares outstanding.

First Quarter 2015:

• Total revenue is expected to be in the range of $23.8 million to $24.2 million.
• Non-GAAP operating loss is expected to be in the range of ($0.6) million to ($0.3) million.
• Diluted non-GAAP net loss is expected to be in the range of ($1.2) million to ($0.9) million, or ($0.04) to ($0.03) per share, based on 29.3 million weighted average common shares outstanding.