Attached files
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8-K - 8-K - ROSETTA STONE INC | a13-18133_18k.htm |
EX-99.2 - EX-99.2 - ROSETTA STONE INC | a13-18133_1ex99d2.htm |
Exhibit 99.1
Rosetta Stone Inc. Reports Second Quarter 2013 Results
Company Continues Progress in Its Transformation;
Reports Adjusted EBITDA Growth of Nearly 150% to $2.8 Million
ARLINGTON, VA August 7, 2013 Rosetta Stone Inc. (NYSE:RST), a leading provider of technology-based language-learning solutions, today announced financial results for the second quarter of 2013, as summarized below:
US$ thousands |
|
Three Months Ended |
|
|
| ||||
except per-share data |
|
June 30, |
|
% |
| ||||
|
|
2013 |
|
2012 |
|
change |
| ||
Total revenue |
|
$ |
62,139 |
|
$ |
60,812 |
|
2 |
% |
Total bookings |
|
$ |
63,083 |
|
$ |
63,043 |
|
0 |
% |
|
|
|
|
|
|
|
| ||
Net loss |
|
$ |
(3,557 |
) |
$ |
(4,544 |
) |
22 |
% |
Net loss per share: |
|
$ |
(0.16 |
) |
$ |
(0.22 |
) |
27 |
% |
|
|
|
|
|
|
|
| ||
Adjusted net loss (1) |
|
$ |
(839 |
) |
$ |
(1,829 |
) |
54 |
% |
Adjusted net loss per share: (1) |
|
$ |
(0.03 |
) |
$ |
(0.09 |
) |
66 |
% |
|
|
|
|
|
|
|
| ||
Adjusted EBITDA (2) |
|
$ |
2,786 |
|
$ |
1,123 |
|
148 |
% |
|
|
|
|
|
|
|
| ||
Cash flow from operations |
|
$ |
2,489 |
|
$ |
3,412 |
|
-27 |
% |
Purchases of property and equipment |
|
$ |
(1,684 |
) |
$ |
(1,031 |
) |
-63 |
% |
Free cash flow |
|
$ |
805 |
|
$ |
2,381 |
|
-66 |
% |
(1) Adjusted net income(loss) and adjusted net income (loss) per share exclude the impact of items related to its litigation with Google, Inc., restructuring costs as well as all adjustments related to recording the non-cash tax valuation allowance for deferred tax assets. Adjusted net income(loss) for prior periods has been revised to conform to current definition.
(2) Adjusted EBITDA is GAAP net income(loss) plus interest income and expense, income tax benefit and expense, depreciation, amortization and stock-based compensation expenses. Adjusted EBITDA excludes any items related to the litigation with Google Inc., and restructuring costs. Adjusted EBITDA for prior periods has been revised to conform to current definition.
Definitions and reconciliations for all non-GAAP measures are provided in this press release.
I was pleased with our results and would characterize the second quarter as another quarter where we showed steady progress against our strategy and we took meaningful actions to improve future results and move us closer to our 2015 targets, said Steve Swad, President and Chief Executive Officer of Rosetta Stone. Swad added We continued our shift to digital, with 25% of Consumer revenue now coming from digital
download and Online Learners and increased our online presence through the acquisition of Livemocha. We grew our core business, invested in new products and managed expenses, helping us to deliver impressive growth in Adjusted EBITDA. We also continued to push our transformation forward by closing kiosks, launching our first set of travel apps and extending into the digital reading space with the recent acquisition of Lexia.
Second Quarter 2013 Operational and Financial Highlights
· Bookings: Total consolidated bookings of $63.1 million were flat compared to the year-ago period. North American Consumer segment (NA Consumer) bookings increased 5% to $39.3 million from $37.3 million primarily reflecting stronger performance in both the direct-to-consumer and retail sales channels, partially offset by a decline in the kiosk channel, which was closed early in the second quarter of 2013. Excluding the kiosk channel, NA Consumer bookings increased 15% year-over-year. The Rest of World Consumer segment (ROW Consumer) declined 15%, with results due to lower year-over-year bookings in Asia and the UK. In Germany, results increased sharply, reflecting the lapping of the one year anniversary of the switch to online-only products in that market, while other geographies decreased. Bookings in the Global Enterprise & Education (E&E) segment (previously known as the Institutional segment) decreased 4% compared with a year-ago, reflecting the absence of network product this quarter following the companys decision to curtail selling that product. Excluding the impact of de-emphasized network and CD-product sales, core E&E bookings increased 4% year-over-year.
· Revenue: Total revenue increased 2% year-over-year to $62.1 million from $60.8 million. NA Consumer revenue increased 8%, reflecting stronger performance in both the direct-to-consumer and retail sales channels. In particular, the direct-to-consumer sales channel benefited from cross-selling to community members of Livemocha, which the company acquired in early April 2013. Excluding kiosk, NA Consumer revenue increased 18% year-over-year. ROW Consumer revenue decreased 7% due to decreases in Japan and the UK, offset by modest improvement in Germany. E&E revenue decreased 7% in the second quarter due mainly to the absence of network product sales compared with a year ago. E&E revenue increased over 2% year-over-year, excluding the impact of network product sales.
|
|
Three Months Ended |
|
|
| ||||
|
|
June 30, |
|
|
| ||||
US$ thousands |
|
2013 |
|
2012 |
|
% change |
| ||
Revenue from: |
|
|
|
|
|
|
| ||
North America Consumer |
|
$ |
39,934 |
|
$ |
36,918 |
|
8 |
% |
Rest of World Consumer |
|
7,478 |
|
8,053 |
|
-7 |
% | ||
Total Consumer |
|
47,412 |
|
44,971 |
|
5 |
% | ||
Global Enterprise & Education |
|
14,727 |
|
15,841 |
|
-7 |
% | ||
Total |
|
$ |
62,139 |
|
$ |
60,812 |
|
2 |
% |
· Adjusted EBITDA: Adjusted EBITDA for the second quarter increased 148% to $2.8 million from $1.1 million. The improvement in Adjusted EBITDA was due to an increase in revenue combined with lower operating expenses, after adjusting for one-time items. Cost of Goods Sold decreased $1.1 million due to mix shift to lower-cost digital offerings and lower hard-product and studio coaching costs. Sales and marketing expenses decreased by $2.0 million. The reduction in sales and marketing expense was due to marketing efficiencies and lower kiosk expenses resulting from the closing of the companys remaining 56 U.S. kiosk locations in the quarter. General and administrative (G&A) expenses increased by $0.7 million due in part to the addition of Livemocha. Research and development costs increased $2.6 million, reflecting the investment being made in product development and the additional costs from the Livemocha acquisition including product personnel. Adjusted EBITDA includes approximately $2.5 million of adjustments, mainly related to severance and lease termination costs associated with the shuttering of our U.S. kiosks and costs associated with the Livemocha acquisition.
· Adjusted Net Loss and Adjusted EPS: Adjusted Net Loss was $0.8 million in the second quarter of 2013, compared to Adjusted Net Loss of $1.8 million in the second quarter of 2012. Adjusted Net Loss per share was $0.03 compared to an Adjusted Net Loss of $0.09 per share in the prior year period.
· Balance Sheet and Cash Flow: Cash at the end of the quarter was $132.1 million, a $7.3 million decrease from $139.4 million at March 31, 2013. The decrease was mainly due to the companys $8.2 million acquisition, net of cash acquired, of Livemocha in the quarter. The balance sheet remains debt-free. Deferred revenue increased $1.7 million in the quarter to $61.6 million. Free cash flow in the second quarter was $0.8 million compared with $2.4 million a year ago. The decline in free cash flow reflects a decrease in working capital versus the year ago period and an increase in capital expenditures to $1.7 million in the second quarter compared with $1.0 million a year ago.
Financial Outlook
With the companys acquisition of Lexia Learning Systems, Inc. on August 1, 2013, the company is subject to purchase accounting adjustments which will impact the comparability of guidance issued prior to the announcement of the acquisition. Going forward the company will provide guidance on a pro forma basis, which excludes the impact of these purchase accounting adjustments. The company is providing the following guidance for the full year 2013, which includes the expected contribution from Lexia for the last five months of the year:
|
|
Guidance Before |
|
Lexia |
|
Updated Guidance |
| |||||||||
|
|
Range |
|
5-Month |
|
Range |
| |||||||||
($ Millions) |
|
Low |
|
High |
|
Range |
|
Low |
|
High |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Pro Forma Revenue |
|
$ |
280 |
|
$ |
290 |
|
$ |
7-$8 |
|
$ |
287 |
|
$ |
298 |
|
Pro Forma Adjusted EBITDA |
|
$ |
16 |
|
$ |
18 |
|
$ |
(1-$2 |
) |
$ |
14 |
|
$ |
17 |
|
Pro Forma Adjusted Net Income |
|
$ |
(1 |
) |
$ |
1 |
|
$ |
(1-$2 |
) |
$ |
(3 |
) |
$ |
0 |
|
Pro Forma Adjusted EPS |
|
$ |
(0.02 |
) |
$ |
0.04 |
|
$ |
(0.05-$0.10 |
) |
$ |
(0.12 |
) |
$ |
(0.01 |
) |
Shares Outstanding (MM) |
|
21.5 |
|
21.5 |
|
|
|
21.5 |
|
21.5 |
| |||||
Capital Expenditures |
|
$ |
5 |
|
$ |
8 |
|
|
|
$ |
5 |
|
$ |
8 |
|
Non-GAAP Financial Measures
This press release contains several non-GAAP financial measures.
· Adjusted EBITDA is GAAP net income or loss plus interest income and expense, income tax benefit and expense, depreciation, amortization and stock-based compensation expenses. Adjusted EBITDA excludes any items related to the litigation with Google Inc., restructuring costs and transaction and other costs associated with mergers and acquisitions. Adjusted EBITDA for prior periods has been revised to conform to current definition.
· Adjusted net loss and adjusted net loss per share exclude the impact of items related to the litigation with Google Inc., restructuring costs and transaction and other costs associated with mergers and acquisitions as well as all adjustments related to recording the non-cash tax valuation allowance for deferred tax assets.
· Free cash flow is cash flow from operations less cash used in purchases of property and equipment.
· Bookings represent executed sales contracts received by the Company that are either recorded immediately as revenue or as deferred revenue.
· Pro Forma Revenue is GAAP revenue plus the purchase accounting impact on acquired deferred revenue
· Pro Forma Adjusted EBITDA is Adjusted EBITDA (as defined above) plus the purchase accounting impact on acquired deferred revenue less the purchase accounting impact on acquired deferred commissions
· Pro Forma Adjusted Net Income/(Loss) and Pro Forma Adjusted EPS are Adjusted Net Income/(Loss) and Adjusted Net Income/(Loss) per Share (as defined above) plus the purchase accounting impact on acquired deferred revenue less the purchase accounting impact on acquired deferred commissions
Management believes that these non-GAAP measures of financial results provide useful information to investors regarding certain financial and business trends relating to the Companys financial condition and results of operations. Management uses these non-GAAP measures to compare the Companys performance to that of prior periods for trend analyses, for purposes of determining executive incentive compensation, and for budgeting and planning purposes. These measures are used in monthly financial reports prepared for management and in quarterly financial reports presented to the Companys board of directors. Management believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Companys financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.
Management typically excludes the amounts described above when evaluating the Companys operating performance and believes that the resulting non-GAAP measures are useful to investors and financial analysts in assessing the Companys operating performance, due to the following factors:
· Amortization of Acquired Intangibles. Amortization costs and the related tax effects are fixed at the time of an acquisition, and then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by management after the acquisition.
· Stock-based Compensation. Although stock-based compensation is an important aspect of compensation of the Companys employees and executives, stock-based compensation expense is generally fixed at the time of grant, then amortized over a period of several years after the grant of the stock-based instrument, and generally cannot be changed or influenced by management after the grant. In addition, the
impact of shares granted under these plans is considered in the Companys EPS calculation to the extent the shares are dilutive.
· Bookings. Although revenue is an important aspect of measuring Company performance, the Company believes total sales bookings can be a valuable indicator of the Companys performance. The Company is transitioning to a greater amount of subscription sales, which results in an increasing portion of sales being recorded as deferred revenue.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Companys financial statements. In addition, they are subject to inherent limitations, because they reflect the exercise of judgments by management about which expenses and items of income are excluded from these non-GAAP financial measures and may not be calculated in the same manner as other companies similarly titled non-GAAP measures.
In order to compensate for these limitations, management presents its non-GAAP financial measures in connection with its GAAP results. The company urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing earnings information, including this press release, and not to rely on any single financial measure to evaluate the companys business.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP measures used in this press release are included at the end of this release.
Investor Webcast
This news release and the accompanying tables should be read in conjunction with the additional content that is available on the companys website.
In conjunction with this announcement, Rosetta Stone will host a webcast today at 4:30 p.m. eastern time (ET) to discuss the results and the companys business outlook. The webcast will be available live on the Investor Relations page of the companys website at http://investors.rosettastone.com.
Investors may also dial in to the conference line using one of the following numbers:
1-877-407-9039 (toll-free) or
1-201-689-8470 (toll/international)
A recorded replay of the webcast will be available on the Investor Relations page of the companys web site http://investors.rosettastone.com after the live discussion. The
replay will also be available beginning at 7:30PM ET until August 21, 2013 via telephone at the following numbers:
1-877-870-5176 (toll-free) or
1-858-384-5517 (toll/international)
Pass Code: 418197
About Rosetta Stone
Rosetta Stone Inc. provides cutting-edge interactive technology that is changing the way the world learns languages. The companys proprietary learning techniquesacclaimed for their power to unlock the natural language-learning ability in everyoneare used by schools, businesses, government organizations and millions of individuals around the world. Rosetta Stone offers courses in over 30 languages, from the most commonly spoken (like English, Spanish and Mandarin) to the less prominent (including Swahili, Swedish and Tagalog). The company was founded in 1992 on the core beliefs that learning to speak a language should be a natural and instinctive process, and that interactive technology can activate the language immersion method powerfully for learners of any age. Rosetta Stone is based in Arlington, VA., and has offices in Harrisonburg, VA, Boulder, CO, Austin, TX, San Francisco, CA, Seattle, WA, Boston, MA, Tokyo, Seoul, London, Dubai and Sao Paulo.
Rosetta Stone is a registered trademark or trademark of Rosetta Stone Ltd. in the United States and other countries.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our guidance for future financial performance and operating targets, and our long-term growth prospects. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as project, believe, plan, expect, anticipate, estimate, intend, should, would, could, potentially, seek, may, likely, will, financial outlook, guidance, strategy, or continue. These forward-looking statements reflect the companys current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, including demand for language learning solutions; the advantages of our products, services, technology, brand and business model as compared to others; our strategic focus; our ability to maintain effective internal controls or to remediate material weaknesses; our cash needs and expectations
regarding cash flow from operations; our product development plans; the appeal and efficacy of our products and services; our expectations regarding capturing lifetime value and a broader range of market segments through such offerings; our plans regarding expansion of our marketing initiatives and sales force; our international operations and growth plans; our plans regarding our kiosks and retail relationships; our plans regarding our E&E business; the impact of any revisions to our pricing strategy; our ability to manage and grow our business and execute our business strategy; our financial performance; our actions to realign our cost structure and revitalize our go-to-market strategy; our plans to transition our distribution to more online in the Consumer business; our mergers and acquisitions plans; our plans related to Lexia and Livemocha; our ability to successfully integrate Lexia and Livemocha into our business; adverse trends in general economic conditions and the other factors described more fully in the companys filings with the U.S. Securities and Exchange Commission (SEC), including the companys annual report on Form 10-K for the fiscal year ended December 31, 2012, which is on file with the SEC. The company assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Investor Contact: |
Media Contact: |
Steve Somers, CFA |
Jonathan Mudd |
ssomers@rosettastone.com |
jmudd@rosettastone.com |
703-387-5876 |
571-357-7148 |
|
|
Source: Rosetta Stone Inc. |
|
ROSETTA STONE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
| ||||||||
|
|
June 30, |
|
June 30, |
| ||||||||
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||
Revenue: |
|
|
|
|
|
|
|
|
| ||||
Product |
|
$ |
35,458 |
|
$ |
37,543 |
|
$ |
73,049 |
|
$ |
85,073 |
|
Subscription and service |
|
26,681 |
|
23,269 |
|
53,013 |
|
45,188 |
| ||||
Total revenue |
|
62,139 |
|
60,812 |
|
126,062 |
|
130,261 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cost of revenue: |
|
|
|
|
|
|
|
|
| ||||
Cost of product revenue |
|
6,998 |
|
7,122 |
|
13,938 |
|
16,229 |
| ||||
Cost of subscription and service revenue |
|
3,226 |
|
4,198 |
|
6,550 |
|
8,565 |
| ||||
Total cost of revenue |
|
10,224 |
|
11,320 |
|
20,488 |
|
24,794 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Gross profit |
|
51,915 |
|
49,492 |
|
105,574 |
|
105,467 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Operating expenses |
|
|
|
|
|
|
|
|
| ||||
Sales and marketing |
|
33,144 |
|
35,125 |
|
70,203 |
|
73,529 |
| ||||
Research and development |
|
9,093 |
|
6,493 |
|
16,451 |
|
12,766 |
| ||||
General and administrative |
|
13,634 |
|
12,919 |
|
26,222 |
|
26,576 |
| ||||
Lease Abandonment |
|
35 |
|
|
|
828 |
|
|
| ||||
Total operating expenses |
|
55,906 |
|
54,537 |
|
113,704 |
|
112,871 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Loss from operations |
|
(3,991 |
) |
(5,045 |
) |
(8,130 |
) |
(7,404 |
) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Other income and (expense): |
|
|
|
|
|
|
|
|
| ||||
Interest income |
|
43 |
|
21 |
|
84 |
|
99 |
| ||||
Interest expense |
|
|
|
|
|
(45 |
) |
|
| ||||
Other income (expense) |
|
(9 |
) |
320 |
|
410 |
|
(44 |
) | ||||
Total other income (expense) |
|
34 |
|
341 |
|
449 |
|
55 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Loss before income taxes |
|
(3,957 |
) |
(4,704 |
) |
(7,681 |
) |
(7,349 |
) | ||||
Income tax (benefit) provision |
|
(400 |
) |
(160 |
) |
576 |
|
(902 |
) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net loss |
|
$ |
(3,557 |
) |
$ |
(4,544 |
) |
$ |
(8,257 |
) |
$ |
(6,447 |
) |
|
|
|
|
|
|
|
|
|
| ||||
Net loss per share: |
|
|
|
|
|
|
|
|
| ||||
Basic |
|
$ |
(0.16 |
) |
$ |
(0.22 |
) |
$ |
(0.38 |
) |
$ |
(0.31 |
) |
Diluted |
|
$ |
(0.16 |
) |
$ |
(0.22 |
) |
$ |
(0.38 |
) |
$ |
(0.31 |
) |
|
|
|
|
|
|
|
|
|
| ||||
Common shares and equivalents outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic weighted average shares |
|
21,569 |
|
20,995 |
|
21,465 |
|
20,969 |
| ||||
Diluted weighted average shares |
|
21,569 |
|
20,995 |
|
21,465 |
|
20,969 |
|
ROSETTA STONE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
|
|
June 30, |
|
December 31, |
| ||
|
|
2013 |
|
2012 |
| ||
|
|
|
|
|
| ||
Assets |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
132,070 |
|
$ |
148,190 |
|
Restricted cash |
|
64 |
|
73 |
| ||
Accounts receivable (net of allowance for doubtful accounts of $983 and $1,297, respectively) |
|
41,735 |
|
49,946 |
| ||
Inventory |
|
5,939 |
|
6,581 |
| ||
Prepaid expenses and other current assets |
|
7,788 |
|
5,204 |
| ||
Income tax receivable |
|
254 |
|
1,104 |
| ||
Deferred income taxes |
|
136 |
|
79 |
| ||
Total current assets |
|
187,986 |
|
211,177 |
| ||
|
|
|
|
|
| ||
Property and equipment, net |
|
17,134 |
|
17,213 |
| ||
Goodwill |
|
39,718 |
|
34,896 |
| ||
Intangible assets, net |
|
15,952 |
|
10,825 |
| ||
Deferred income taxes |
|
210 |
|
260 |
| ||
Other assets |
|
1,335 |
|
1,484 |
| ||
Total assets |
|
$ |
262,335 |
|
$ |
275,855 |
|
|
|
|
|
|
| ||
Liabilities and stockholders equity |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Accounts payable |
|
$ |
9,344 |
|
$ |
6,064 |
|
Accrued compensation |
|
15,398 |
|
16,830 |
| ||
Other current liabilities |
|
25,916 |
|
36,387 |
| ||
Deferred revenue |
|
56,399 |
|
59,195 |
| ||
Total current liabilities |
|
107,057 |
|
118,476 |
| ||
|
|
|
|
|
| ||
Deferred revenue |
|
5,187 |
|
4,221 |
| ||
Deferred income taxes |
|
8,954 |
|
8,400 |
| ||
Other long-term liabilities |
|
863 |
|
155 |
| ||
Total liabilities |
|
122,061 |
|
131,252 |
| ||
|
|
|
|
|
| ||
Commitments and contingencies |
|
|
|
|
| ||
|
|
|
|
|
| ||
Stockholders equity: |
|
|
|
|
| ||
Preferred stock, $0.001 par value; 10,000 and 10,000 authorized; zero and zero shares issued and outstanding June 30, 2013 and December 31, 2012, respectively |
|
|
|
|
| ||
Non-designated common stock, $0.00005 par value, 190,000 and 190,000 shares authorized, 22,535 and 21,951 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively |
|
2 |
|
2 |
| ||
Additional paid-in capital |
|
164,982 |
|
160,693 |
| ||
Accumulated loss |
|
(25,006 |
) |
(16,749 |
) | ||
Accumulated other comprehensive income |
|
296 |
|
657 |
| ||
Total stockholders equity |
|
140,274 |
|
144,603 |
| ||
Total liabilities and stockholders equity |
|
$ |
262,335 |
|
$ |
275,855 |
|
ROSETTA STONE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
| ||||||||
|
|
June 30, |
|
June 30, |
| ||||||||
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
| ||||
Net loss |
|
$ |
(3,557 |
) |
$ |
(4,544 |
) |
$ |
(8,257 |
) |
$ |
(6,447 |
) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities, net of business acquisitions |
|
|
|
|
|
|
|
|
| ||||
Stock-based compensation expense |
|
2,036 |
|
2,096 |
|
3,704 |
|
3,731 |
| ||||
Bad debt expense |
|
465 |
|
431 |
|
227 |
|
596 |
| ||||
Depreciation and amortization |
|
2,224 |
|
2,046 |
|
4,596 |
|
4,482 |
| ||||
Deferred income tax benefit |
|
(925 |
) |
158 |
|
(627 |
) |
(1,156 |
) | ||||
Loss on disposal of equipment |
|
64 |
|
348 |
|
205 |
|
380 |
| ||||
Net change in: |
|
|
|
|
|
|
|
|
| ||||
Restricted cash |
|
(23 |
) |
5 |
|
9 |
|
28 |
| ||||
Accounts receivable |
|
(3,125 |
) |
(1,261 |
) |
8,010 |
|
16,314 |
| ||||
Inventory |
|
1,298 |
|
1,189 |
|
552 |
|
480 |
| ||||
Prepaid expenses and other current assets |
|
(9 |
) |
146 |
|
(2,568 |
) |
649 |
| ||||
Income tax receivable |
|
398 |
|
(1,504 |
) |
811 |
|
(2,740 |
) | ||||
Other assets |
|
6 |
|
144 |
|
10 |
|
(1,065 |
) | ||||
Accounts payable |
|
3,156 |
|
(2,281 |
) |
2,947 |
|
(2,868 |
) | ||||
Accrued compensation |
|
4,853 |
|
3,850 |
|
(1,559 |
) |
1,774 |
| ||||
Other current liabilities |
|
(5,543 |
) |
207 |
|
(9,796 |
) |
(7,813 |
) | ||||
Excess tax benefit from stock options exercised |
|
|
|
(18 |
) |
|
|
(18 |
) | ||||
Other long-term liabilities |
|
(35 |
) |
9 |
|
336 |
|
1,596 |
| ||||
Deferred revenue |
|
1,206 |
|
2,391 |
|
(1,747 |
) |
(1,855 |
) | ||||
Net cash provided by (used in) operating activities |
|
2,489 |
|
3,412 |
|
(3,147 |
) |
6,068 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
| ||||
Purchases of property and equipment |
|
(1,684 |
) |
(1,031 |
) |
(4,212 |
) |
(1,998 |
) | ||||
Proceeds from (purchases of) available-for-sale securities |
|
|
|
4,805 |
|
|
|
8,112 |
| ||||
Acquisition, net of cash acquired |
|
(8,180 |
) |
|
|
(8,180 |
) |
|
| ||||
Net cash (used in) provided by investing activities |
|
(9,864 |
) |
3,774 |
|
(12,392 |
) |
6,114 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
| ||||
Proceeds from the exercise of stock options |
|
1,448 |
|
|
|
1,798 |
|
|
| ||||
Repurchase of shares from exercised stock options |
|
(1,040 |
) |
|
|
(1,040 |
) |
|
| ||||
Tax benefit of stock options exercised |
|
|
|
18 |
|
|
|
18 |
| ||||
Proceeds from equity offering, net of issuance costs |
|
(171 |
) |
|
|
(171 |
) |
|
| ||||
Payments under capital lease obligations |
|
(3 |
) |
(1 |
) |
(196 |
) |
(3 |
) | ||||
Net cash provided by financing activities |
|
234 |
|
17 |
|
391 |
|
15 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
(Decrease) increase in cash and cash equivalents |
|
(7,141 |
) |
7,203 |
|
(15,148 |
) |
12,197 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Effect of exchange rate changes in cash and cash equivalents |
|
(100 |
) |
(502 |
) |
(972 |
) |
61 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net (decrease) increase in cash and cash equivalents |
|
(7,241 |
) |
6,701 |
|
(16,120 |
) |
12,258 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cash and cash equivalentsbeginning of period |
|
139,311 |
|
112,073 |
|
148,190 |
|
106,516 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cash and cash equivalentsend of period |
|
$ |
132,070 |
|
$ |
118,774 |
|
$ |
132,070 |
|
$ |
118,774 |
|
ROSETTA STONE INC.
Reconciliation of GAAP Net Loss to Adjusted EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
| ||||||||
|
|
June 30, |
|
June 30, |
| ||||||||
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
GAAP net loss |
|
$ |
(3,557 |
) |
$ |
(4,544 |
) |
$ |
(8,257 |
) |
$ |
(6,447 |
) |
Interest (income)/expense, net |
|
(43 |
) |
(21 |
) |
(39 |
) |
(99 |
) | ||||
Income tax (benefit) expense |
|
(400 |
) |
(160 |
) |
576 |
|
(902 |
) | ||||
Depreciation and amortization |
|
2,168 |
|
2,046 |
|
3,924 |
|
4,482 |
| ||||
Depreciation related to restructuring |
|
56 |
|
|
|
672 |
|
|
| ||||
Stock-based compensation |
|
2,036 |
|
2,096 |
|
3,704 |
|
3,731 |
| ||||
Other EBITDA Adjustments |
|
2,526 |
|
1,706 |
|
4,614 |
|
2,093 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Adjusted EBITDA* |
|
$ |
2,786 |
|
$ |
1,123 |
|
$ |
5,194 |
|
$ |
2,858 |
|
* Adjusted EBITDA is GAAP net income or loss plus interest income and expense, income tax benefit and expense, depreciation, amortization and stock-based compensation expenses. Adjusted EBITDA excludes any items related to the litigation with Google Inc., restructuring costs and transaction and other costs associated with mergers and acquisitions. Adjusted EBITDA for prior periods has been revised to conform to current definition.
ROSETTA STONE INC.
Reconciliation of GAAP Net Loss to Adjusted Net Loss
(in thousands, except per share amounts)
(unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
| ||||||||
|
|
June 30, |
|
June 30, |
| ||||||||
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||
GAAP net loss |
|
$ |
(3,557 |
) |
$ |
(4,544 |
) |
$ |
(8,257 |
) |
$ |
(6,447 |
) |
Items related to litigation with Google, Inc., restructuring and other related costs, acquisition costs |
|
2,582 |
|
1,706 |
|
5,286 |
|
2,093 |
| ||||
Income tax adjustments * |
|
136 |
|
1,009 |
|
1,510 |
|
1,148 |
| ||||
Adjusted net loss |
|
$ |
(839 |
) |
$ |
(1,829 |
) |
$ |
(1,461 |
) |
$ |
(3,206 |
) |
|
|
|
|
|
|
|
|
|
| ||||
GAAP net loss per share |
|
$ |
(0.16 |
) |
$ |
(0.22 |
) |
$ |
(0.38 |
) |
$ |
(0.31 |
) |
Items related to litigation with Google, Inc. restructuring and other related costs |
|
0.12 |
|
0.08 |
|
0.25 |
|
0.10 |
| ||||
Income tax adjustments * |
|
0.01 |
|
0.05 |
|
0.07 |
|
0.05 |
| ||||
Adjusted net loss per share ** |
|
$ |
(0.03 |
) |
$ |
(0.09 |
) |
$ |
(0.06 |
) |
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
| ||||
Basic weighted average shares |
|
21,569 |
|
20,995 |
|
21,465 |
|
20,969 |
| ||||
Diluted weighted average shares |
|
21,569 |
|
20,995 |
|
21,465 |
|
20,969 |
|
* For adjusted net income(loss) purposes, we use a 39% effective tax rate which represents the projected, long term effective tax rate on adjusted pretax income. Our adjusted tax rate assumes full use of loss and credit carryforwards without reduction for valuation allowances.
** Adjusted net loss and adjusted net loss per share exclude the impact of items related to its litigation with Google, Inc., restructuring costs and transaction and other costs associated with mergers and acquisitions as well as all adjustments related to recording the non-cash tax valuation allowance for deferred tax assets.
Rosetta Stone Inc.
Business Metrics
(in thousands)
|
|
Quarter-Ended |
|
|
|
Quarter-Ended |
|
|
|
Quarter-Ended |
| ||||||||||||||
|
|
3/31/11 |
|
6/30/11 |
|
9/30/11 |
|
12/31/11 |
|
2011 |
|
3/31/12 |
|
6/30/12 |
|
9/30/12 |
|
12/31/12 |
|
2012 |
|
3/31/13 |
|
6/30/13 |
|
Net Bookings by Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer |
|
29,814 |
|
36,828 |
|
35,562 |
|
55,209 |
|
157,413 |
|
41,733 |
|
37,295 |
|
42,283 |
|
57,870 |
|
179,181 |
|
41,303 |
|
39,321 |
|
Rest of World Consumer |
|
14,996 |
|
12,910 |
|
11,945 |
|
14,166 |
|
54,017 |
|
12,550 |
|
8,113 |
|
10,488 |
|
10,034 |
|
41,185 |
|
8,310 |
|
6,879 |
|
Worldwide Consumer |
|
44,810 |
|
49,738 |
|
47,507 |
|
69,375 |
|
211,430 |
|
54,283 |
|
45,408 |
|
52,771 |
|
67,904 |
|
220,366 |
|
49,613 |
|
46,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education |
|
10,770 |
|
16,973 |
|
18,555 |
|
15,459 |
|
61,757 |
|
10,984 |
|
17,635 |
|
19,354 |
|
16,423 |
|
64,396 |
|
10,758 |
|
16,883 |
|
Total |
|
55,580 |
|
66,711 |
|
66,062 |
|
84,834 |
|
273,187 |
|
65,267 |
|
63,043 |
|
72,125 |
|
84,327 |
|
284,762 |
|
60,371 |
|
63,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY Growth (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer |
|
-28 |
% |
-5 |
% |
-14 |
% |
6 |
% |
-9 |
% |
40 |
% |
1 |
% |
19 |
% |
5 |
% |
14 |
% |
-1 |
% |
5 |
% |
Rest of World Consumer |
|
50 |
% |
58 |
% |
21 |
% |
-7 |
% |
25 |
% |
-16 |
% |
-37 |
% |
-12 |
% |
-29 |
% |
-24 |
% |
-34 |
% |
-15 |
% |
Worldwide Consumer |
|
-13 |
% |
6 |
% |
-7 |
% |
3 |
% |
-3 |
% |
21 |
% |
-9 |
% |
11 |
% |
-2 |
% |
4 |
% |
-9 |
% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education |
|
18 |
% |
-1 |
% |
-17 |
% |
7 |
% |
-2 |
% |
2 |
% |
4 |
% |
4 |
% |
6 |
% |
4 |
% |
-2 |
% |
-4 |
% |
Total |
|
-9 |
% |
4 |
% |
-10 |
% |
4 |
% |
-2 |
% |
17 |
% |
-5 |
% |
9 |
% |
-1 |
% |
4 |
% |
-8 |
% |
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Total Net Bookings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer |
|
54 |
% |
55 |
% |
54 |
% |
65 |
% |
57 |
% |
64 |
% |
59 |
% |
59 |
% |
69 |
% |
63 |
% |
68 |
% |
62 |
% |
Rest of World Consumer |
|
27 |
% |
20 |
% |
18 |
% |
17 |
% |
20 |
% |
19 |
% |
13 |
% |
14 |
% |
12 |
% |
14 |
% |
14 |
% |
11 |
% |
Worldwide Consumer |
|
81 |
% |
75 |
% |
72 |
% |
82 |
% |
77 |
% |
83 |
% |
72 |
% |
73 |
% |
81 |
% |
77 |
% |
82 |
% |
73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education |
|
19 |
% |
25 |
% |
28 |
% |
18 |
% |
23 |
% |
17 |
% |
28 |
% |
27 |
% |
19 |
% |
23 |
% |
18 |
% |
27 |
% |
Total |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer |
|
28,061 |
|
38,606 |
|
37,710 |
|
53,184 |
|
157,561 |
|
43,084 |
|
36,918 |
|
39,878 |
|
52,946 |
|
172,826 |
|
41,385 |
|
39,934 |
|
Rest of World Consumer |
|
14,601 |
|
12,014 |
|
11,002 |
|
12,848 |
|
50,465 |
|
12,204 |
|
8,053 |
|
9,903 |
|
10,088 |
|
40,248 |
|
8,570 |
|
7,478 |
|
Worldwide Consumer |
|
42,662 |
|
50,620 |
|
48,712 |
|
66,032 |
|
208,026 |
|
55,288 |
|
44,971 |
|
49,781 |
|
63,034 |
|
213,074 |
|
49,955 |
|
47,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education |
|
14,316 |
|
16,123 |
|
15,490 |
|
14,494 |
|
60,423 |
|
14,161 |
|
15,841 |
|
14,498 |
|
15,667 |
|
60,167 |
|
13,969 |
|
14,727 |
|
Total |
|
56,978 |
|
66,743 |
|
64,202 |
|
80,526 |
|
268,449 |
|
69,449 |
|
60,812 |
|
64,279 |
|
78,701 |
|
273,241 |
|
63,924 |
|
62,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY Growth (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer |
|
-32 |
% |
0 |
% |
2 |
% |
19 |
% |
-2 |
% |
54 |
% |
-4 |
% |
6 |
% |
0 |
% |
10 |
% |
-4 |
% |
8 |
% |
Rest of World Consumer |
|
49 |
% |
57 |
% |
13 |
% |
-17 |
% |
18 |
% |
-16 |
% |
-33 |
% |
-10 |
% |
-21 |
% |
-20 |
% |
-30 |
% |
-7 |
% |
Worldwide Consumer |
|
-17 |
% |
9 |
% |
5 |
% |
10 |
% |
2 |
% |
30 |
% |
-11 |
% |
2 |
% |
-5 |
% |
2 |
% |
-10 |
% |
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education |
|
21 |
% |
13 |
% |
8 |
% |
2 |
% |
11 |
% |
-1 |
% |
-2 |
% |
-6 |
% |
8 |
% |
0 |
% |
-1 |
% |
-7 |
% |
Total |
|
-10 |
% |
10 |
% |
5 |
% |
8 |
% |
4 |
% |
22 |
% |
-9 |
% |
0 |
% |
-2 |
% |
2 |
% |
-8 |
% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer |
|
49 |
% |
58 |
% |
59 |
% |
66 |
% |
58 |
% |
62 |
% |
61 |
% |
62 |
% |
67 |
% |
63 |
% |
65 |
% |
64 |
% |
Rest of World Consumer |
|
26 |
% |
18 |
% |
17 |
% |
16 |
% |
19 |
% |
18 |
% |
13 |
% |
15 |
% |
13 |
% |
15 |
% |
13 |
% |
12 |
% |
Worldwide Consumer |
|
75 |
% |
76 |
% |
76 |
% |
82 |
% |
77 |
% |
80 |
% |
74 |
% |
77 |
% |
80 |
% |
78 |
% |
78 |
% |
76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education |
|
25 |
% |
24 |
% |
24 |
% |
18 |
% |
23 |
% |
20 |
% |
26 |
% |
23 |
% |
20 |
% |
22 |
% |
22 |
% |
24 |
% |
Total |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
Prior period data has been modifed where applicable to conform to current presentation for comparative purposes.
Immaterial rounding differences may be present in this data in order to conform to Financial Statement totals.
Rosetta Stone Inc.
Business Metrics
(in thousands)
|
|
Quarter-Ended |
|
|
|
Quarter-Ended |
|
|
|
Quarter-Ended |
| ||||||||||||||||||||||||||
|
|
3/31/11 |
|
6/30/11 |
|
9/30/11 |
|
12/31/11 |
|
2011 |
|
3/31/12 |
|
6/30/12 |
|
9/30/12 |
|
12/31/12 |
|
2012 |
|
3/31/13 |
|
6/30/13 |
| ||||||||||||
Unit Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Product Unit Volume (thousands) |
|
108.5 |
|
140.0 |
|
134.3 |
|
202.9 |
|
585.8 |
|
143.0 |
|
129.7 |
|
146.5 |
|
210.7 |
|
629.8 |
|
141.8 |
|
148.6 |
| ||||||||||||
Paid Online Learners (thousands) |
|
16.4 |
|
17.1 |
|
21.5 |
|
26.6 |
|
26.6 |
|
41.2 |
|
48.7 |
|
57.4 |
|
68.4 |
|
68.4 |
|
80.6 |
|
85.1 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
YoY Growth (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Product Units |
|
-14 |
% |
24 |
% |
14 |
% |
20 |
% |
11 |
% |
32 |
% |
-7 |
% |
9 |
% |
4 |
% |
8 |
% |
-1 |
% |
15 |
% | ||||||||||||
Paid Online Learners |
|
30 |
% |
20 |
% |
21 |
% |
58 |
% |
58 |
% |
151 |
% |
185 |
% |
167 |
% |
157 |
% |
157 |
% |
95 |
% |
75 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Average Net Revenue Per Unit ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Average Net Revenue per Product Unit |
|
$ |
379 |
|
$ |
349 |
|
$ |
346 |
|
$ |
313 |
|
$ |
341 |
|
$ |
367 |
|
$ |
319 |
|
$ |
313 |
|
$ |
277 |
|
$ |
315 |
|
$ |
312 |
|
$ |
275 |
|
Average Net Revenue per Online Learner (monthly) |
|
$ |
30 |
|
$ |
34 |
|
$ |
39 |
|
$ |
36 |
|
$ |
35 |
|
$ |
28 |
|
$ |
27 |
|
$ |
24 |
|
$ |
24 |
|
$ |
26 |
|
$ |
26 |
|
$ |
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
YoY Growth (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Average Net Revenue per Product Unit |
|
-4 |
% |
-12 |
% |
-9 |
% |
-9 |
% |
-9 |
% |
-3 |
% |
-9 |
% |
-9 |
% |
-11 |
% |
-8 |
% |
-15 |
% |
-14 |
% | ||||||||||||
Average Net Revenue per Online Learner |
|
-10 |
% |
-2 |
% |
10 |
% |
3 |
% |
0 |
% |
-6 |
% |
-22 |
% |
-37 |
% |
-32 |
% |
-25 |
% |
-7 |
% |
-6 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
# of Kiosks (end of period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
North America |
|
144 |
|
117 |
|
114 |
|
103 |
|
103 |
|
57 |
|
56 |
|
57 |
|
57 |
|
57 |
|
56 |
|
|
| ||||||||||||
Europe |
|
15 |
|
16 |
|
14 |
|
13 |
|
13 |
|
1 |
|
1 |
|
1 |
|
1 |
|
1 |
|
|
|
0 |
| ||||||||||||
Asia Pacific |
|
78 |
|
76 |
|
69 |
|
58 |
|
58 |
|
44 |
|
42 |
|
39 |
|
29 |
|
29 |
|
22 |
|
20 |
| ||||||||||||
Total # of Kiosks (end of period) |
|
237 |
|
209 |
|
197 |
|
174 |
|
174 |
|
102 |
|
99 |
|
97 |
|
87 |
|
87 |
|
78 |
|
20 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Revenues by Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
United States |
|
41,271 |
|
53,418 |
|
51,708 |
|
65,725 |
|
212,122 |
|
54,914 |
|
50,810 |
|
52,167 |
|
65,856 |
|
223,747 |
|
52,791 |
|
52,163 |
| ||||||||||||
International |
|
15,707 |
|
13,325 |
|
12,494 |
|
14,801 |
|
56,327 |
|
14,535 |
|
10,002 |
|
12,112 |
|
12,845 |
|
49,494 |
|
11,133 |
|
9,976 |
| ||||||||||||
Total |
|
56,978 |
|
66,743 |
|
64,202 |
|
80,526 |
|
268,449 |
|
69,449 |
|
60,812 |
|
64,279 |
|
78,701 |
|
273,241 |
|
63,924 |
|
62,139 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Revenues by Geography (as a %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
United States |
|
72 |
% |
80 |
% |
81 |
% |
82 |
% |
79 |
% |
79 |
% |
84 |
% |
81 |
% |
84 |
% |
82 |
% |
83 |
% |
84 |
% | ||||||||||||
International |
|
28 |
% |
20 |
% |
19 |
% |
18 |
% |
21 |
% |
21 |
% |
16 |
% |
19 |
% |
16 |
% |
18 |
% |
17 |
% |
16 |
% | ||||||||||||
Total |
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
Prior period data has been modifed where applicable to conform to current presentation for comparative purposes.
Immaterial rounding differences may be present in this data in order to conform to Financial Statement totals.