<SEC-DOCUMENT>0001193125-14-353120.txt : 20141126
<SEC-HEADER>0001193125-14-353120.hdr.sgml : 20141126
<ACCEPTANCE-DATETIME>20140925161252
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-353120
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140925

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bazaarvoice Inc
		CENTRAL INDEX KEY:			0001330421
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				202908277
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3900 N. CAPITAL OF TEXAS HIGHWAY
		STREET 2:		SUITE 300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78746
		BUSINESS PHONE:		512-551-6000

	MAIL ADDRESS:	
		STREET 1:		3900 N. CAPITAL OF TEXAS HIGHWAY
		STREET 2:		SUITE 300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78746
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;25, 2014 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P>
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<TD VALIGN="top" NOWRAP>Attention:</TD>
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<TD VALIGN="bottom" NOWRAP>Patrick Gilmore, Accounting Branch Chief</TD></TR>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Megan Akst, Senior Staff Accountant</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Christine Davis, Assistant Chief Accountant</P></TD></TR>
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<TD VALIGN="top" NOWRAP>Re:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP>Bazaarvoice, Inc.</TD></TR>
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<TD VALIGN="bottom" NOWRAP>Form 10-K for the Fiscal Year Ended April 30, 2014</TD></TR>
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<TD VALIGN="bottom" NOWRAP>Filed June 26, 2014</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP>File No.&nbsp;001-35433</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bazaarvoice, Inc. (the &#147;Company&#148;) provides the following information in response to the comments contained in the correspondence of the staff (the
&#147;Staff&#148;) of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;), dated September&nbsp;12, 2014, related to the above-referenced filing. For your convenience, we have repeated the
text of your comments and followed each with our response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 10-K for Fiscal Year Ended April&nbsp;30, 2014 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Key Business Metrics, page 48 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note that because you invoice your customers in a variety of installments, your deferred revenue does not represent the total contract value of your non-cancellable subscription agreements. Please tell us what
consideration you gave to disclosing backlog as required by Item&nbsp;101(c)(1)(viii) of Regulation S-K. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: We believe
that &#147;backlog orders&#148; as set forth in Item&nbsp;101(c)(1)(viii) consist of future billings under our non-cancelable subscription agreements that have not been invoiced or paid and, accordingly, they are not recorded in deferred revenue. We
note that some of our peer &#145;software as a service&#146; companies refer to this as &#147;unbilled deferred revenue.&#148; In addition, we explain on page 62 of the above referenced Form 10-K that our deferred revenue consists of billings or
payments in advance of revenue recognition. Therefore, the use of the term &#147;total contract value&#148; in our filings refers to all future expected billings under non-cancelable subscription agreements, a portion of which has already been
invoiced and is therefore included in deferred revenue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We considered the following factors when assessing the significance of providing our unbilled
deferred revenue and the total contract value of our non-cancelable subscription agreements: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><U>Usefulness of the information to investors:</U> We believe that disclosing unbilled deferred revenue may not contribute significantly to investors&#146; understanding of our business because the terms of a given
contract could change over time. For example, the terms of a given contract could change depending on the specific timing of customer renewals, renewals in advance of stated terms as customers consolidate contractual agreements, varying billing
cycles of non-cancelable subscription agreements and/or changes in customer financial circumstances. Each of these would have a significant impact on disclosed unbilled deferred revenue and total contract value. </TD></TR></TABLE>

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<TD ALIGN="left" VALIGN="top"><U>Misleading investors:</U> We believe that disclosing unbilled deferred revenue could mislead investors because unbilled deferred revenue and total contract value figures do not provide an accurate indication of when
unbilled deferred revenue will ultimately become recognized as revenue. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><U>We do not use unbilled deferred revenue internally:</U> We do not use or track unbilled deferred revenue and total contract value as a metric to evaluate the operating or financial performance and business trends of
the Company. Further, we do not use this information in the models that support the financial guidance we provide to analysts and investors. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on these factors, we respectfully advise the Staff that this financial information would not be useful to investors. We further advise the Staff that we
are evaluating the capabilities of our current financial systems to calculate unbilled deferred revenue. We undertake to disclose this information in the future as set forth in Item&nbsp;101(c)(1)(viii) to the extent that we find that this
information is useful to investors. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note that your recent earnings calls discuss client launches, which you described as a key metric, the number of clients using the freemium model of your connections platform, clients converting from your freemium
model to a revenue-generating service, the number of network clients and several traffic statistics. Please tell us what consideration you have given to discussing these metrics as well as any associated trends for each period presented in your
MD&amp;A disclosure. See Item&nbsp;303(a)(3)(ii) of Regulation S-K. For additional guidance, please consider Section III.B of SEC Release No.&nbsp;33-8350. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: We note that Section III.B of SEC Release No.&nbsp;33-8350 (as well as Item&nbsp;303(a) of Regulation S-K) focus on disclosures related to
material information that promotes an understanding of financial condition and operating performance, and this understanding of Item&nbsp;303(a) and Release No.&nbsp;33-8350 formed the basis of our current MD&amp;A. Specifically, we evaluated the
above mentioned metrics as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><U>Client Launches</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On page 53 of the above referenced Form 10-K, we disclose revenue specifically
generated from new clients (or new &#145;launches&#146;). In response to the Staff&#146;s comment, we undertake to update the disclosure in our MD&amp;A in future filings to include information substantially similar to the following regarding new
launches: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revenue </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Our revenue increased by $XX million, or XX%, for fiscal year XX compared to fiscal year XX. Included in this increase was an increase
in SaaS revenue of $XX million and an increase in Media revenue of $XX million. Of the $XX million increase in SaaS revenue, $XX million was <B>largely generated from new launches of XXX active clients </B>utilizing our platform and solutions during
the period.<B> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><U>Clients converting from a &#145;freemium&#146; model to a revenue-generating service</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We expect the
&#145;freemium&#146; model to be an important part of our ability to generate interest in our subscription model on a going-forward basis. Currently, the number of clients converting from a &#145;freemium&#146; model to a revenue-generating service
has been low and the associated annual subscription fees for these clients is not material. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Network clients</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On page 49, we include the definition of a &#145;network client&#146; to provide a
complete description of our client composition. The incremental revenue generated from these &#145;network&#146; clients is not material. </P>

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<TD ALIGN="left" VALIGN="top"><U>Traffic metrics</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our key traffic metric is &#145;impressions.&#146; On page 45 of the above referenced
Form 10-K, we disclose our &#145;impressions served,&#146; which we define as single instances of online word of mouth delivered to an end user&#146;s web browser. &#145;Impressions&#146; measure the reach of our network to a consumer audience, and
it is difficult to directly quantify the impact and correlation of increase in &#145;impressions&#146; on our future revenue growth and client launches. We currently do not use traffic metrics such as &#145;pageviews&#146; or &#145;unique
visitors&#146; to evaluate the Company&#146;s financial performance. With respect to Cost of Revenue, an increase in the volume of impressions does contribute to the increase of hosting costs. We undertake to disclose this relationship in our future
filings under &#145;Key Components of Our Condensed Consolidated Statements of Operations,&#146; as follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cost of Revenue
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cost of revenue consists primarily of personnel costs and related expenses associated with employees and contractors who provide
our subscription services, our implementation team, our content moderation teams and other support services provided as part of the fixed commitment subscription contracts. Cost of revenue also includes professional fees, including third-party
implementation support, travel-related expenses and an allocation of general overhead costs. We allocate general overhead expenses to all departments based on the number of employees in each department, which we consider to be a fair and
representative means of allocation. Personnel costs include salaries, benefits, bonuses and stock-based expenses. We generally increase our capacity, particularly in the areas of implementation and support, ahead of the growth in revenue we expect
those investments to drive, which can result in lower margins in the given investment period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cost of revenue also includes hosting
costs, the amortization of capitalized internal-use software development costs incurred in connection with our hosted software platforms, personnel costs and third-party service costs to support and retain our clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We intend to continue to invest additional resources in our client services teams and in the capacity of our hosting service infrastructure
and, as we continue to invest in technology innovation through our research and development organization, we may also see an increase in the amortization expense associated with capitalized internal-use software development costs incurred in
connection with enhancing our software architecture and adding new features and functionality to our platforms. The level and timing of investment in these areas could affect our cost of revenue, both in terms of absolute dollars and as a percentage
of revenue in the future. <B>Increases in the volume of impressions could result in increased hosting costs which would impact our gross margin.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
further respectfully advise the Staff and undertake that if, in the future, the Company identifies any trends or uncertainties with regard to its Client launches, &#145;Freemium&#146; clients, Network clients&#146; and Traffic metrics that would be
material to its investors, we will disclose such material trends or uncertainties in future reports in accordance with Item&nbsp;303(a)(3) of Regulation S-K. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Liquidity and Capital Resources, page 58 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your disclosure on page 59 that the increase in accounts receivable from fiscal 2013 was primarily due to increased billings. We also note that this increase was disproportionate to revenue growth. For
example, accounts receivable increased approximately 42% from April&nbsp;30, 2013 while revenues only increased 15% from fiscal year 2013 or 11% from Q4 2013. We also note that DSO appears to have increased significantly as of April&nbsp;30, 2014
compared to April&nbsp;30, 2013. Please tell us what consideration was given to providing a discussion of DSO and the factors that have impacted the change in accounts receivable, such as the timing of large deals, changes in billing terms or
changes in collections, to the extent applicable. Please refer to Section IV.B of SEC Release No.&nbsp;33-8350 for further guidance. </I></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: We undertake to revise future filings to include a specific discussion of Days Sales Outstanding
and the relationship of this metric to Accounts Receivable, substantially similar to the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We typically invoice our SAAS business clients for
our subscription services in a varying mix of monthly, quarterly, semiannual and annual billings from both new and existing clients. Bookings and therefore billings for our SaaS business are typically higher in the second half of our fiscal year. As
for our media business, billings increase significantly during the holiday season. These factors result in an increase in our accounts receivable. Similarly, increases in new client launches lead to increased billings, which in turn also increases
our accounts receivable. The operating cash flow benefit of increased billing activity generally occurs in the subsequent quarters when we collect from our clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The increase in accounts receivable described above also caused an increase in days sales outstanding (&#147;DSO&#148;), which is calculated by dividing
period end accounts receivable by average daily sales for the period. DSO was XX days as of October&nbsp;31, 2014 compared with XX days as of October&nbsp;31, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our DSO fluctuates from period to period and year over year, primarily due to the seasonal nature of our new bookings and related renewals, the seasonal
nature of our media business and the frequency of our customer billings which vary throughout the fiscal year. These trends result in changes in accounts receivable balances that are different than our revenue growth trends. Although period end
accounts receivable fluctuates because of these factors, the average daily sales for the period do not. Because of our subscription services business model, we recognize revenue ratably over the terms of our customer contracts. Accordingly, our
average daily sales are not influenced by factors such as seasonality, invoice duration and invoice timing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidated Financial Statements </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><U>Note 3. Discontinued Operations, Page 83</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please tell us more about how you determined that only $9 million in goodwill should be allocated to the PowerReviews business. As part of your response, tell us how you considered the fact that the DOJ settlement
required you to &#147;divest all of the net assets of the PowerReviews business.&#148; Also, please refer to the authoritative guidance you relied on when determining the amount of goodwill that should be allocated. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: We respectfully submit that we considered the guidance contained in paragraphs ASC 350-20-40-2 through ASC 350-20-40-6 to determine that $9
million in goodwill should be allocated to the PowerReviews business. On page 90, Note 7, of the above referenced Form 10-K, we disclosed that we operate as one reporting unit and consider market capitalization to represent fair market value. During
the period that PowerReviews was owned by the Company until it met the &#147;held for sale&#148; criteria, the PowerReviews business was fully integrated into the Company&#146;s business. Further, we concluded that PowerReviews met the definition of
a business under ASC 805-10-55. The above referenced guidance stipulates that if an acquired business is integrated within a reporting unit, constitutes a business and is to be sold, goodwill allocated to the business to be sold must follow a
relative fair value allocation methodology. Due to the degree that PowerReviews had been integrated into the Company&#146;s reporting unit, we therefore determined that the entire carrying amount of the acquired goodwill should not be included in
&#145;assets held for sale&#146; pursuant to ASC paragraphs 350-20-40-4-6. We accordingly applied ASC 350-20-40-3 and allocated goodwill based on the relative fair value of the PowerReviews business, which was based on the estimated sales price, and
the fair value of the Bazaarvoice business, which was based on the total market capitalization of the Company. This relative fair value allocation methodology yielded a $9 million goodwill figure. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><U>Note 19, Operating Segment and Geographic Information, page 103</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your disclosure of &#147;Americas&#148; revenue. Please tell us what consideration you gave to ASC 280-10-50-41, which requires you to disclose revenues for the United States, your country of domicile.
</I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: We respectfully submit that revenue from Canada included in &#145;Americas&#146; revenue is not material, as it has
only represented approximately 3% of our consolidated total revenues from continuing operations per year for each of the prior three fiscal years. We undertake to revise future filings to include a disclosure of revenues from the United States, our
country of domicile. We undertake to provide this additional disclosure in our &#145;Operating segment and Geographic information&#146; footnote to our consolidated financial statements, commencing with our Form 10-K for the fiscal year ending
April&nbsp;30, 2015, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table represents the Company&#146;s revenue from continuing operations by geographic region for the
periods presented (in thousands): </P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenue by geographic location for continuing operations</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Americas <SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total revenues from continuing operations</P></TD>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">United States and Canada </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Europe, the Middle East and Africa </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s long-lived assets are principally in
the United States as of April&nbsp;30, 2015 and April&nbsp;30, 2014.<B> Included in Americas revenues are revenues from the United States of $XXX million, $XXX million and $XXX million for fiscal year 2015, 2014 and 2013, respectively.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to each of the above-referenced filings, we hereby acknowledge the following: </P>
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<TD ALIGN="left" VALIGN="top">The Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">The Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any further comments or questions regarding our responses, please direct them to my attention. My telephone number is (512)&nbsp;551-6237 and my
email address is jim.offerdahl@bazaarvoice.com. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bazaarvoice, Inc.</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ James R. Offerdahl</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">James R. Offerdahl</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Financial Officer)</P></TD></TR>
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