[October 29, 2014] |
|
Rosetta Stone Inc. Reports Third Quarter 2014 Results
ARLINGTON, Va. --(Business Wire)--
Rosetta Stone Inc. (NYSE:RST), a leading provider of technology-based
language-learning, reading and brain fitness solutions, today announced
financial results for the third quarter of 2014.
The highlights of the quarter include the following:
-
Increased total bookings by 16% to $82.1 million
-
Achieved Adjusted EBITDA of $6.3 million towards the high-end of
guidance
-
Delivered organic Enterprise & Education ("E&E") growth of 10%,
including:
-
Accelerating organic E&E Language growth of 5% and
-
E&E Literacy organic growth of 32% driven by strong new business
and renewals
-
Rebound in North America Consumer from strong web channel sales
-
Finalized Kids Reading for launch in early November 2014
-
Confirming lower end of full-year 2014 Bookings and Adjusted EBITDA
guidance of $315 to $325 million and $18 to $22 million, respectively.
Steve Swad, President and Chief Executive Officer, said, "In the third
quarter, we once again made solid strides towards delivering on our plan
for the year and progress toward our longer-term business
transformation. We delivered Adjusted EBITDA near the high-end of our
guidance and grew our E&E business at an organic 10% rate." Swad added,
"I was pleased with the direction and the results in the third quarter
including the growth in the Education & Enterprise segment and a rebound
in our North America Consumer business. In the first nine months of
2014, we laid the foundation for the future by integrating our
acquisitions, making enhancements to our website and developing new
solutions and products that we are now rolling out. In the fourth
quarter we should start to see more of the results from this work."
Third Quarter 2014 Operational and Financial Highlights
Bookings: Total consolidated bookings increased 16% to $82.1
million from $70.7 million in the year-ago period. Bookings in the
Global Enterprise & Education ("E&E") segment increased 50% compared
with a year-ago. Organic E&E bookings increased 10% versus a year-ago,
which was driven by 5% organic bookings growth from Language and 32%
organic bookings from Literacy compared with the third quarter of 2013.
Organic bookings growth in Language accelerated in the quarter compared
with the first half of the year due to higher renewals, and the positive
impact of selling a unified suite of language solutions following the
acquisition of Tell Me More in early 2014. Organic Literacy bookings
continued to grow at high rates due to strong acceptance in the
marketplace and a high level of renewals and upsell. North America
Consumer segment ("NA Consumer") bookings increased 4% to $40.2 million
from $38.6 million, representing a return to growth driven by a 21%
increase in bookings from the web channel. Bookings from the retail and
call center channels both continued to decline, partially offsetting the
growth from web. Bookings from Fit Brains added an incremental $1.1
million to NA Consumer. Rest of World ("ROW") Consumer segment bookings
declined 32%, primarily reflecting the downsizing of operations in Asia
in the first quarter of 2014.
US$ thousands
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|
2014
|
|
2013
|
|
% change
|
Bookings from:
|
|
|
|
|
|
|
|
|
|
North America Consumer
|
|
$
|
40,206
|
|
|
$
|
38,629
|
|
|
4
|
%
|
Rest of World Consumer
|
|
5,045
|
|
|
7,471
|
|
|
(32
|
)%
|
Global Enterprise and Education
|
|
36,898
|
|
|
24,594
|
|
|
50
|
%
|
Total
|
|
$
|
82,149
|
|
|
$
|
70,694
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: Total revenue increased $3.6 million or 6% to $64.5
million from $60.9 million. E&E revenue grew 50% in the third quarter
compared with a year ago, primarily driven by acquisitions. NA Consumer
revenue decreased 6% to $36.4 million, primarily reflecting lower retail
and call center channel performance and lower paid online learner
revenue. Fit Brains contributed $0.8 million during the quarter. ROW
Consumer revenue decreased 22% due mainly to the downsizing in Asia in
the first quarter of 2014.
US$ thousands
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|
|
|
|
|
|
|
Three Months Ended September 30,
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|
|
|
|
|
2014
|
|
2013
|
|
% change
|
Revenue from:
|
|
|
|
|
|
|
|
|
|
North America Consumer
|
|
$
|
36,371
|
|
|
$
|
38,699
|
|
|
(6
|
)%
|
Rest of World Consumer
|
|
5,612
|
|
|
7,165
|
|
|
(22
|
)%
|
Global Enterprise and Education
|
|
22,532
|
|
|
15,008
|
|
|
50
|
%
|
Total
|
|
$
|
64,515
|
|
|
$
|
60,872
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Adjusted EBITDA: Adjusted EBITDA in the third quarter was $6.3
million vs. $5.9 million a year ago. The increase in Adjusted EBITDA
compared with Q313 is due to a $1.3 million increase in total segment
contribution, on an economic basis, to $29.1 million partially offset
by an increase in unallocated expenses, most of which was driven by an
increase in general and administrative expenses related to the
acquisitions of Lexia, Tell Me More and Fit Brains. The increase in
total segment contribution was driven by a $5.7 million increase in
contribution from E&E to $18.6 million from $12.9 million a year ago,
partially offset by a $4.3 million decrease in contribution from NA
Consumer and a $0.2 million decrease in ROW Consumer. The improved
contribution from E&E is predominantly due to the $12.3 million of
higher E&E bookings compared with a year ago. The lower contribution
from NA Consumer is mostly due to the lower bookings of $2.3 million,
versus a year-ago and higher selling and marketing costs.
-
Balance Sheet and Cash Flow: Cash at the end of the quarter was
$49.4 million compared with $46.8 million at 6/30/14. Deferred revenue
of $110.9 million increased $17.7 million in the quarter compared with
$93.2 million at 6/30/14 and increased $38.3 million compared with
$72.6 million a year ago, reflecting the growth in E&E over the past
year as well as an increase in consumer online learners. Over 75% of
this deferred revenue balance is short term and will be recognized
over the next 12 months. Free cash flow in the third quarter was $3.4
million compared with negative $2.8 million a year ago. The increase
in free cash flow reflects the higher Adjusted EBITDA as well as
better working capital, which was partially offset by modestly higher
capital expenditures of $2.7 million this quarter vs. $2.2 million a
year ago.
Guidance
The company is confirming its guidance for the full year 2014 in the
below table. In addition, management believes that based on current
forecasts, consolidated bookings and Adjusted EBITDA results are more
likely to be nearer the lower-end of the ranges.
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FY 2014 Guidance
|
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Amount/Range
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Commentary
|
Consolidated Bookings
|
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$315MM to $325MM
|
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Mid-single digit % growth
|
|
|
|
|
|
Adjusted EBITDA
|
|
$18MM to $22MM
|
|
~5% margin
|
|
|
|
|
|
Shares outstanding
|
|
~22MM
|
|
|
|
|
|
|
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Capital Expenditures
|
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$10MM to $14MM
|
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Acquisition Integrations
|
|
|
|
|
|
Long-term effective tax rate
|
|
39%
|
|
|
|
|
|
|
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Non-GAAP Financial Measures
This press release contains several non-GAAP financial measures.
-
Bookings represent executed sales contracts received by the Company
that are either recorded immediately as revenue or as deferred revenue.
-
Adjusted EBITDA is GAAP net income/(loss) plus interest income and
expense, other income/expense, income tax benefit and expense,
depreciation, amortization and stock-based compensation expense,
goodwill impairment plus the change in deferred revenue (excluding
acquired deferred revenue) less the change in deferred commissions.
In addition, Adjusted EBITDA excludes any items related to the
litigation with Google Inc., restructuring and related wind down
costs, severance 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. Adjusted EBITDA for prior periods has been revised to conform
to current definition.
-
Free cash flow is cash flow from operations less cash used in
purchases of property and equipment.
Management believes that these non-GAAP measures of financial results
provide useful information to investors regarding certain financial and
business trends relating to the Company's financial condition and
results of operations. Management uses these non-GAAP measures to
compare the Company's 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 Company's 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 Company's financial
measures with other software and education-technology companies, many of
which present similar non-GAAP financial measures to investors.
Management typically excludes the amounts described below when
evaluating the Company's operating performance and believes that the
resulting non-GAAP measures are useful to investors and financial
analysts in assessing the Company's 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 Company's 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 Company's 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 Company's 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 Company's 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 company's 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.
Earnings Results Webcast
This news release and the accompanying tables should be read in
conjunction with the additional content that is available on the
company's website.
In conjunction with this announcement, Rosetta Stone will host an
Earnings Results webcast today at 5:00 pm eastern time (ET) during which
time there will be a discussion of the results and the company's
business outlook.
The webcast will be available live on the Investor Relations page of the
company's website at http://investors.rosettastone.com.
A recorded replay of the webcast will be available on the "Investor
Relations" page of the company's web site: http://investors.rosettastone.com
after the live discussion.
About Rosetta Stone
Rosetta Stone Inc. (NYSE: RST) is dedicated to changing the way the
world learns. The company's innovative technology-driven language,
reading and brain fitness solutions are used by thousands of schools,
businesses, government organizations and millions of individuals around
the world. Founded in 1992, Rosetta Stone pioneered the use of
interactive software to accelerate language learning. Today the company
offers courses in 30 languages, from the most commonly spoken (such as
English, Spanish and Mandarin) to the less prominent (including Swahili,
Swedish and Tagalog). Since 2013, Rosetta Stone has expanded beyond
language and deeper into education-technology with its acquisitions of
Livemocha, Lexia Learning, Vivity Labs, and Tell Me More. Rosetta Stone
is based in Arlington, VA, and has offices around the world.
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this presentation and certain comments
today constitute forward-looking statements for purposes of the safe
harbor provisions of The Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect the Company's 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 our 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; our
international operations and growth plans; our plans regarding our
kiosks and retail relationships; our plans regarding our Enterprise and
Education 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 revitalizing our go-to-market strategy; our plans to
transition our distribution to more online in the consumer business; our
ability to expand our product offerings beyond our core adult-focused
language learning solutions, including the launch of Kids reading and
brain fitness; our ability to introduce successfully Lexia's Core5
reading product to the consumer market; our ability to expand our
offerings to more devices and apps, our ability to identify and
successfully close and integrate additional acquisition targets; our
plans with respect to and our ability to successfully integrate Lexia,
Livemocha, Tell Me More and Vivity into our business; adverse trends in
general economic conditions and the other factors including the "Risk
Factors" more fully described in the Company's filings with the U.S.
Securities and Exchange Commission (SEC), including the Company's annual
report on Form 10-K for the year period ended December 31, 2013, which
is on file with the SEC. We encourage you to review those factors before
making any investment decision. You should not place undue reliance on
forward-looking statements because they involve factors that are, in
some cases, beyond our control and that could materially affect actual
results, levels of activity, performance, or achievements.
Today's presentation and discussion also contains references to non-GAAP
financial measures. The full definition and reconciliation of those
measures is available in our Form 8-K filed with the SEC on October 29,
2014. Management uses these non-GAAP measures to compare the Company's
performance to that of prior periods for trend analyses, for purposes of
determining executive incentive compensation, and for budgeting and
planning purposes. 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. Our definitions of
non-GAAP measures may not be comparable to the definitions used by other
companies, and we encourage you to review and understand all our
financial reporting before making any investment decision.
|
|
|
|
|
ROSETTA STONE INC.
|
CONSOLIDATED BALANCE SHEETS
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
September 30, 2014
|
|
December 31, 2013
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
49,361
|
|
|
$
|
98,825
|
|
Restricted cash
|
|
131
|
|
|
12,424
|
|
Accounts receivable (net of allowance for doubtful accounts of
$1,452 and $1,000, respectively)
|
|
61,222
|
|
|
60,342
|
|
Inventory, net
|
|
6,490
|
|
|
6,639
|
|
Deferred sales commissions
|
|
9,821
|
|
|
6,079
|
|
Prepaid expenses and other current assets
|
|
6,221
|
|
|
6,215
|
|
Income tax receivable
|
|
735
|
|
|
197
|
|
Total current assets
|
|
133,981
|
|
|
190,721
|
|
Deferred sales commissions
|
|
4,212
|
|
|
1,809
|
|
Property and equipment, net
|
|
25,116
|
|
|
17,766
|
|
Goodwill
|
|
77,272
|
|
|
50,059
|
|
Intangible assets, net
|
|
36,287
|
|
|
29,006
|
|
Other assets
|
|
598
|
|
|
1,415
|
|
Total assets
|
|
$
|
277,466
|
|
|
$
|
290,776
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
12,088
|
|
|
$
|
10,326
|
|
Accrued compensation
|
|
18,338
|
|
|
16,380
|
|
Obligations under capital lease
|
|
620
|
|
|
256
|
|
Other current liabilities
|
|
36,506
|
|
|
41,936
|
|
Deferred revenue
|
|
84,230
|
|
|
67,173
|
|
Total current liabilities
|
|
151,782
|
|
|
136,071
|
|
Deferred revenue
|
|
26,631
|
|
|
11,684
|
|
Deferred income taxes
|
|
10,169
|
|
|
9,022
|
|
Obligations under capital lease
|
|
3,400
|
|
|
217
|
|
Other long-term liabilities
|
|
1,391
|
|
|
2,539
|
|
Total liabilities
|
|
193,373
|
|
|
159,533
|
|
Commitments and contingencies
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 10,000 and 10,000 shares
authorized, zero and zero shares issued and outstanding at September
30, 2014 and December 31, 2013, respectively
|
|
-
|
|
|
-
|
|
Non-designated common stock, $0.00005 par value, 190,000 and 190,000
shares authorized, 22,819 and 22,588 shares issued and 21,819 and
21,588 shares outstanding at September 30, 2014 and December 31,
2013, respectively
|
|
2
|
|
|
2
|
|
Additional paid-in capital
|
|
177,238
|
|
|
171,123
|
|
Accumulated loss
|
|
(81,462
|
)
|
|
(29,292
|
)
|
Accumulated other comprehensive income (loss)
|
|
(250
|
)
|
|
845
|
|
Treasury stock, at cost, 1,000 shares at September 30, 2014 and
1,000 shares at December 31, 2013
|
|
(11,435
|
)
|
|
(11,435
|
)
|
Total stockholders' equity
|
|
84,093
|
|
|
131,243
|
|
Total liabilities and stockholders' equity
|
|
$
|
277,466
|
|
|
$
|
290,776
|
|
|
|
|
|
|
ROSETTA STONE INC.
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
32,392
|
|
|
$
|
34,038
|
|
|
$
|
92,888
|
|
|
$
|
107,087
|
|
Subscription and service
|
|
32,123
|
|
|
26,834
|
|
|
89,707
|
|
|
79,847
|
|
Total revenue
|
|
64,515
|
|
|
60,872
|
|
|
182,595
|
|
|
186,934
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue
|
|
7,916
|
|
|
7,325
|
|
|
23,010
|
|
|
21,263
|
|
Cost of subscription and service revenue
|
|
5,071
|
|
|
3,419
|
|
|
14,109
|
|
|
9,969
|
|
Total cost of revenue
|
|
12,987
|
|
|
10,744
|
|
|
37,119
|
|
|
31,232
|
|
Gross profit
|
|
51,528
|
|
|
50,128
|
|
|
145,476
|
|
|
155,702
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
43,771
|
|
|
34,844
|
|
|
120,700
|
|
|
104,904
|
|
Research and development
|
|
8,689
|
|
|
8,797
|
|
|
25,830
|
|
|
25,248
|
|
General and administrative
|
|
14,748
|
|
|
13,987
|
|
|
44,805
|
|
|
40,209
|
|
Goodwill impairment
|
|
-
|
|
|
-
|
|
|
2,199
|
|
|
-
|
|
Lease abandonment and termination
|
|
(53
|
)
|
|
7
|
|
|
3,635
|
|
|
835
|
|
Total operating expenses
|
|
67,155
|
|
|
57,635
|
|
|
197,169
|
|
|
171,196
|
|
Loss from operations
|
|
(15,627
|
)
|
|
(7,507
|
)
|
|
(51,693
|
)
|
|
(15,494
|
)
|
Other income and (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
3
|
|
|
21
|
|
|
13
|
|
|
105
|
|
Interest expense
|
|
(46
|
)
|
|
(9
|
)
|
|
(153
|
)
|
|
(54
|
)
|
Other income and (expense)
|
|
(752
|
)
|
|
(305
|
)
|
|
(772
|
)
|
|
105
|
|
Total other income (expense)
|
|
(795
|
)
|
|
(293
|
)
|
|
(912
|
)
|
|
156
|
|
Loss before income taxes
|
|
(16,422
|
)
|
|
(7,800
|
)
|
|
(52,605
|
)
|
|
(15,338
|
)
|
Income tax (benefit)
|
|
(244
|
)
|
|
(3,631
|
)
|
|
(435
|
)
|
|
(3,052
|
)
|
Net loss
|
|
$
|
(16,178
|
)
|
|
$
|
(4,169
|
)
|
|
$
|
(52,170
|
)
|
|
$
|
(12,286
|
)
|
Loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.76
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(2.46
|
)
|
|
$
|
(0.57
|
)
|
Diluted
|
|
$
|
(0.76
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(2.46
|
)
|
|
$
|
(0.57
|
)
|
Common shares and equivalents outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares
|
|
21,305
|
|
|
21,827
|
|
|
21,228
|
|
|
21,587
|
|
Diluted weighted average shares
|
|
21,305
|
|
|
21,827
|
|
|
21,228
|
|
|
21,587
|
|
|
|
|
|
|
ROSETTA STONE INC.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(16,178
|
)
|
|
$
|
(4,169
|
)
|
|
$
|
(52,170
|
)
|
|
$
|
(12,286
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
2,109
|
|
|
2,525
|
|
|
5,468
|
|
|
6,229
|
|
Loss on foreign currency transactions
|
|
756
|
|
|
-
|
|
|
756
|
|
|
-
|
|
Bad debt expense
|
|
551
|
|
|
455
|
|
|
2,023
|
|
|
682
|
|
Depreciation and amortization
|
|
3,335
|
|
|
2,409
|
|
|
10,229
|
|
|
7,005
|
|
Deferred income tax (benefit)
|
|
(652
|
)
|
|
(3,904
|
)
|
|
(1,116
|
)
|
|
(4,527
|
)
|
Loss on disposal of equipment
|
|
72
|
|
|
41
|
|
|
181
|
|
|
246
|
|
Loss on goodwill impairment
|
|
-
|
|
|
-
|
|
|
2,199
|
|
|
-
|
|
Net change in:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
(38
|
)
|
|
(18
|
)
|
|
(21
|
)
|
|
(9
|
)
|
Accounts receivable
|
|
(12,759
|
)
|
|
(2,338
|
)
|
|
93
|
|
|
5,672
|
|
Inventory
|
|
995
|
|
|
(1,058
|
)
|
|
648
|
|
|
(506
|
)
|
Deferred sales commissions
|
|
(1,966
|
)
|
|
(1,928
|
)
|
|
(5,989
|
)
|
|
(2,072
|
)
|
Prepaid expenses and other current assets
|
|
(272
|
)
|
|
1,518
|
|
|
240
|
|
|
(1,051
|
)
|
Income tax receivable
|
|
221
|
|
|
(420
|
)
|
|
(431
|
)
|
|
391
|
|
Other assets
|
|
236
|
|
|
(143
|
)
|
|
973
|
|
|
(132
|
)
|
Accounts payable
|
|
1,565
|
|
|
(1,986
|
)
|
|
885
|
|
|
961
|
|
Accrued compensation
|
|
2,681
|
|
|
(2,621
|
)
|
|
(776
|
)
|
|
(4,180
|
)
|
Other current liabilities
|
|
5,751
|
|
|
1,704
|
|
|
(6,302
|
)
|
|
(8,092
|
)
|
Other long term liabilities
|
|
787
|
|
|
(7
|
)
|
|
537
|
|
|
329
|
|
Deferred revenue
|
|
18,854
|
|
|
9,353
|
|
|
30,517
|
|
|
7,606
|
|
Net cash provided by (used in) operating activities
|
|
6,048
|
|
|
(587
|
)
|
|
(12,056
|
)
|
|
(3,734
|
)
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
(2,683
|
)
|
|
(2,203
|
)
|
|
(7,227
|
)
|
|
(6,415
|
)
|
Decrease in restricted cash for Vivity acquisition
|
|
-
|
|
|
-
|
|
|
12,314
|
|
|
-
|
|
Acquisitions, net of cash acquired
|
|
-
|
|
|
(17,495
|
)
|
|
(41,687
|
)
|
|
(25,675
|
)
|
Net cash used in investing activities
|
|
(2,683
|
)
|
|
(19,698
|
)
|
|
(36,600
|
)
|
|
(32,090
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from the exercise of stock options
|
|
4
|
|
|
581
|
|
|
646
|
|
|
2,379
|
|
Repurchase of shares from exercised stock options
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,040
|
)
|
Proceeds from equity offering, net of issuance costs
|
|
-
|
|
|
(57
|
)
|
|
-
|
|
|
(228
|
)
|
Payments under capital lease obligations
|
|
(114
|
)
|
|
(17
|
)
|
|
(480
|
)
|
|
(213
|
)
|
Net cash provided by (used in) financing activities
|
|
(110
|
)
|
|
507
|
|
|
166
|
|
|
898
|
|
Increase (decrease) in cash and cash equivalents
|
|
3,255
|
|
|
(19,778
|
)
|
|
(48,490
|
)
|
|
(34,926
|
)
|
Effect of exchange rate changes in cash and cash equivalents
|
|
(733
|
)
|
|
812
|
|
|
(974
|
)
|
|
(160
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
2,522
|
|
|
(18,966
|
)
|
|
(49,464
|
)
|
|
(35,086
|
)
|
Cash and cash equivalents-beginning of period
|
|
46,839
|
|
|
132,070
|
|
|
98,825
|
|
|
148,190
|
|
Cash and cash equivalents-end of period
|
|
$
|
49,361
|
|
|
$
|
113,104
|
|
|
$
|
49,361
|
|
|
$
|
113,104
|
|
|
|
|
|
|
ROSETTA STONE INC.
|
Reconciliation of GAAP Net Loss to Adjusted EBITDA
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
GAAP net loss
|
|
$
|
(16,178
|
)
|
|
$
|
(4,169
|
)
|
|
$
|
(52,170
|
)
|
|
$
|
(12,286
|
)
|
Interest (income)/expense, net
|
|
43
|
|
|
(12
|
)
|
|
140
|
|
|
(51
|
)
|
Other (income)/expense
|
|
752
|
|
|
305
|
|
|
772
|
|
|
(105
|
)
|
Income tax (benefit)
|
|
(244
|
)
|
|
(3,631
|
)
|
|
(435
|
)
|
|
(3,052
|
)
|
Depreciation and amortization
|
|
3,335
|
|
|
2,414
|
|
|
10,137
|
|
|
6,338
|
|
Depreciation related to restructuring
|
|
-
|
|
|
(5
|
)
|
|
92
|
|
|
667
|
|
Goodwill impairment
|
|
-
|
|
|
-
|
|
|
2,199
|
|
|
-
|
|
Stock-based compensation
|
|
2,109
|
|
|
2,525
|
|
|
5,468
|
|
|
6,229
|
|
Other EBITDA adjustments
|
|
1,098
|
|
|
565
|
|
|
9,666
|
|
|
5,178
|
|
Change in deferred revenue
|
|
17,635
|
|
|
9,822
|
|
|
29,799
|
|
|
7,198
|
|
Change in deferred commission
|
|
(2,212
|
)
|
|
(1,928
|
)
|
|
(6,145
|
)
|
|
(2,072
|
)
|
Adjusted EBITDA*
|
|
$
|
6,338
|
|
|
$
|
5,886
|
|
|
$
|
(477
|
)
|
|
$
|
8,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Beginning Q3 2014, adjusted EBITDA is GAAP net income or loss plus
interest income and expense, other income/expense, income tax benefit
and expense, depreciation, amortization, goodwill impairment, and
stock-based compensation expenses, plus the change in deferred revenue
excluding increases in deferred revenue from acquisitions less the
change in deferred commissions. Adjusted EBITDA excludes any items
related to the litigation with Google Inc., restructuring and related
wind down costs, severance costs, and transaction and other costs
associated with mergers and acquisitions. Adjusted EBITDA for prior
periods has been revised to conform to the current definition. See below
for a reconciliation to the definition of EBITDA prior to Q3 2014 which
excluded the impact of Other income/expense.
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Adjusted EBITDA using definition beginning Q3 2014
|
|
$
|
6,338
|
|
|
$
|
5,886
|
|
|
$
|
(477
|
)
|
|
$
|
8,044
|
|
Less: impact of Other (income)/expense
|
|
(752
|
)
|
|
(305
|
)
|
|
(772
|
)
|
|
105
|
|
Adjusted EBITDA using definition prior to Q3 2014
|
|
$
|
5,586
|
|
|
$
|
5,581
|
|
|
$
|
(1,249
|
)
|
|
$
|
8,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROSETTA STONE INC.
|
Reconciliation of Cash Provided by (Used in) Operating Activities
to Free Cash Flow
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net cash provided by (used in) operating activities
|
|
$
|
6,048
|
|
|
$
|
(587
|
)
|
|
$
|
(12,056
|
)
|
|
$
|
(3,734
|
)
|
Purchases of property and equipment
|
|
(2,683
|
)
|
|
(2,203
|
)
|
|
(7,227
|
)
|
|
(6,415
|
)
|
Free cash flow*
|
|
$
|
3,365
|
|
|
$
|
(2,790
|
)
|
|
$
|
(19,283
|
)
|
|
$
|
(10,149
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Free cash flow is cash flow from operations less cash used in
purchases of property and equipment.
|
Rosetta Stone Inc.
|
Business Metrics
|
(in thousands)
|
|
|
|
|
|
Quarter-Ended
|
|
|
|
|
|
|
Quarter-Ended
|
|
|
|
3/31/2013
|
|
|
6/30/2013
|
|
|
9/30/2013
|
|
|
12/31/2013
|
|
|
2013
|
|
|
3/31/2014
|
|
|
6/30/2014
|
|
|
9/30/2014
|
Net Bookings by Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer
|
|
|
41,303
|
|
|
|
39,321
|
|
|
|
38,629
|
|
|
|
52,620
|
|
|
|
171,873
|
|
|
|
36,141
|
|
|
|
34,816
|
|
|
|
40,206
|
|
Rest of World Consumer
|
|
|
8,310
|
|
|
|
6,879
|
|
|
|
7,471
|
|
|
|
7,300
|
|
|
|
29,960
|
|
|
|
6,817
|
|
|
|
5,018
|
|
|
|
5,045
|
|
Worldwide Consumer
|
|
|
49,613
|
|
|
|
46,200
|
|
|
|
46,100
|
|
|
|
59,920
|
|
|
|
201,833
|
|
|
|
42,958
|
|
|
|
39,834
|
|
|
|
45,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education
|
|
|
10,758
|
|
|
|
16,883
|
|
|
|
24,594
|
|
|
|
24,067
|
|
|
|
76,302
|
|
|
|
18,282
|
|
|
|
29,171
|
|
|
|
36,898
|
|
Total
|
|
|
60,371
|
|
|
|
63,083
|
|
|
|
70,694
|
|
|
|
83,987
|
|
|
|
278,135
|
|
|
|
61,240
|
|
|
|
69,005
|
|
|
|
82,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY Growth (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer
|
|
|
(1
|
)%
|
|
|
5
|
%
|
|
|
(9
|
)%
|
|
|
(9
|
)%
|
|
|
(4
|
)%
|
|
|
(12
|
)%
|
|
|
(11
|
)%
|
|
|
4
|
%
|
Rest of World Consumer
|
|
|
(34
|
)%
|
|
|
(15
|
)%
|
|
|
(29
|
)%
|
|
|
(27
|
)%
|
|
|
(27
|
)%
|
|
|
(18
|
)%
|
|
|
(27
|
)%
|
|
|
(32
|
)%
|
Worldwide Consumer
|
|
|
(9
|
)%
|
|
|
2
|
%
|
|
|
(13
|
)%
|
|
|
(12
|
)%
|
|
|
(8
|
)%
|
|
|
(13
|
)%
|
|
|
(14
|
)%
|
|
|
(2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education
|
|
|
(2
|
)%
|
|
|
(4
|
)%
|
|
|
27
|
%
|
|
|
47
|
%
|
|
|
18
|
%
|
|
|
70
|
%
|
|
|
73
|
%
|
|
|
50
|
%
|
Total
|
|
|
(8
|
)%
|
|
|
-
|
%
|
|
|
(2
|
)%
|
|
|
-
|
%
|
|
|
(2
|
)%
|
|
|
1
|
%
|
|
|
9
|
%
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Total Net Bookings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer
|
|
|
68
|
%
|
|
|
62
|
%
|
|
|
55
|
%
|
|
|
63
|
%
|
|
|
62
|
%
|
|
|
59
|
%
|
|
|
50
|
%
|
|
|
49
|
%
|
Rest of World Consumer
|
|
|
14
|
%
|
|
|
11
|
%
|
|
|
10
|
%
|
|
|
9
|
%
|
|
|
11
|
%
|
|
|
11
|
%
|
|
|
7
|
%
|
|
|
6
|
%
|
Worldwide Consumer
|
|
|
82
|
%
|
|
|
73
|
%
|
|
|
65
|
%
|
|
|
72
|
%
|
|
|
73
|
%
|
|
|
70
|
%
|
|
|
58
|
%
|
|
|
55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education
|
|
|
18
|
%
|
|
|
27
|
%
|
|
|
35
|
%
|
|
|
29
|
%
|
|
|
27
|
%
|
|
|
30
|
%
|
|
|
42
|
%
|
|
|
45
|
%
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer
|
|
|
41,385
|
|
|
|
39,934
|
|
|
|
38,699
|
|
|
|
53,998
|
|
|
|
174,016
|
|
|
|
36,214
|
|
|
|
32,434
|
|
|
|
36,371
|
|
Rest of World Consumer
|
|
|
8,570
|
|
|
|
7,478
|
|
|
|
7,165
|
|
|
|
7,207
|
|
|
|
30,420
|
|
|
|
6,669
|
|
|
|
5,467
|
|
|
|
5,612
|
|
Worldwide Consumer
|
|
|
49,955
|
|
|
|
47,412
|
|
|
|
45,864
|
|
|
|
61,205
|
|
|
|
204,436
|
|
|
|
42,883
|
|
|
|
37,901
|
|
|
|
41,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education
|
|
|
13,969
|
|
|
|
14,727
|
|
|
|
15,008
|
|
|
|
16,505
|
|
|
|
60,209
|
|
|
|
17,882
|
|
|
|
19,414
|
|
|
|
22,532
|
|
Total
|
|
|
63,924
|
|
|
|
62,139
|
|
|
|
60,872
|
|
|
|
77,710
|
|
|
|
264,645
|
|
|
|
60,765
|
|
|
|
57,315
|
|
|
|
64,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY Growth (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer
|
|
|
(4
|
)%
|
|
|
8
|
%
|
|
|
(3
|
)%
|
|
|
2
|
%
|
|
|
1
|
%
|
|
|
(12
|
)%
|
|
|
(19
|
)%
|
|
|
(6
|
)%
|
Rest of World Consumer
|
|
|
(30
|
)%
|
|
|
(7
|
)%
|
|
|
(28
|
)%
|
|
|
(29
|
)%
|
|
|
(24
|
)%
|
|
|
(22
|
)%
|
|
|
(27
|
)%
|
|
|
(22
|
)%
|
Worldwide Consumer
|
|
|
(10
|
)%
|
|
|
5
|
%
|
|
|
(8
|
)%
|
|
|
(3
|
)%
|
|
|
(4
|
)%
|
|
|
(14
|
)%
|
|
|
(20
|
)%
|
|
|
(8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education
|
|
|
(1
|
)%
|
|
|
(7
|
)%
|
|
|
4
|
%
|
|
|
5
|
%
|
|
|
-
|
%
|
|
|
28
|
%
|
|
|
32
|
%
|
|
|
50
|
%
|
Total
|
|
|
(8
|
)%
|
|
|
2
|
%
|
|
|
(5
|
)%
|
|
|
(1
|
)%
|
|
|
(3
|
)%
|
|
|
(5
|
)%
|
|
|
(8
|
)%
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Total Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Consumer
|
|
|
65
|
%
|
|
|
64
|
%
|
|
|
64
|
%
|
|
|
69
|
%
|
|
|
66
|
%
|
|
|
60
|
%
|
|
|
56
|
%
|
|
|
56
|
%
|
Rest of World Consumer
|
|
|
13
|
%
|
|
|
12
|
%
|
|
|
11
|
%
|
|
|
9
|
%
|
|
|
11
|
%
|
|
|
11
|
%
|
|
|
10
|
%
|
|
|
9
|
%
|
Worldwide Consumer
|
|
|
78
|
%
|
|
|
76
|
%
|
|
|
75
|
%
|
|
|
78
|
%
|
|
|
77
|
%
|
|
|
71
|
%
|
|
|
66
|
%
|
|
|
65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Enterprise and Education
|
|
|
22
|
%
|
|
|
24
|
%
|
|
|
25
|
%
|
|
|
21
|
%
|
|
|
23
|
%
|
|
|
29
|
%
|
|
|
34
|
%
|
|
|
35
|
%
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior period data has been modified 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-Ended
|
|
|
|
|
|
|
|
Quarter-Ended
|
|
|
|
3/31/2013
|
|
|
6/30/2013
|
|
|
9/30/2013
|
|
|
12/31/2013
|
|
|
2013
|
|
|
3/31/2014
|
|
|
6/30/2014
|
|
|
9/30/2014
|
Unit Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Unit Volume (thousands)
|
|
|
|
141.8
|
|
|
|
|
148.6
|
|
|
|
|
157.7
|
|
|
|
|
233.5
|
|
|
|
|
681.6
|
|
|
|
|
132.6
|
|
|
|
|
130.4
|
|
|
|
|
166.4
|
|
Paid Online Learners (thousands)
|
|
|
|
80.6
|
|
|
|
|
85.1
|
|
|
|
|
88.6
|
|
|
|
|
94.1
|
|
|
|
|
94.1
|
|
|
|
|
100.4
|
|
|
|
|
108.1
|
|
|
|
|
129.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY Growth (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Units
|
|
|
|
(1
|
)%
|
|
|
|
15
|
%
|
|
|
|
8
|
%
|
|
|
|
11
|
%
|
|
|
|
8
|
%
|
|
|
|
(6
|
)%
|
|
|
|
(12
|
)%
|
|
|
|
6
|
%
|
Paid Online Learners
|
|
|
|
95
|
%
|
|
|
|
75
|
%
|
|
|
|
54
|
%
|
|
|
|
38
|
%
|
|
|
|
38
|
%
|
|
|
|
25
|
%
|
|
|
|
27
|
%
|
|
|
|
46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Revenue Per Unit ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Revenue per Product Unit
|
|
|
$
|
312
|
|
|
|
$
|
275
|
|
|
|
$
|
250
|
|
|
|
$
|
234
|
|
|
|
$
|
263
|
|
|
|
$
|
273
|
|
|
|
$
|
238
|
|
|
|
$
|
211
|
|
Average Net Revenue per Online Learner (monthly)
|
|
|
$
|
26
|
|
|
|
$
|
25
|
|
|
|
$
|
24
|
|
|
|
$
|
23
|
|
|
|
$
|
25
|
|
|
|
$
|
22
|
|
|
|
$
|
19
|
|
|
|
$
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY Growth (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Revenue per Product Unit
|
|
|
|
(15
|
)%
|
|
|
|
(14
|
)%
|
|
|
|
(20
|
)%
|
|
|
|
(15
|
)%
|
|
|
|
(16
|
)%
|
|
|
|
(13
|
)%
|
|
|
|
(13
|
)%
|
|
|
|
(16
|
)%
|
Average Net Revenue per Online Learner
|
|
|
|
(7
|
)%
|
|
|
|
(6
|
)%
|
|
|
|
(1
|
)%
|
|
|
|
(5
|
)%
|
|
|
|
(30
|
)%
|
|
|
|
(15
|
)%
|
|
|
|
(24
|
)%
|
|
|
|
(33
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
52,791
|
|
|
|
|
52,163
|
|
|
|
|
51,013
|
|
|
|
|
67,485
|
|
|
|
|
223,451
|
|
|
|
|
49,410
|
|
|
|
|
46,637
|
|
|
|
|
51,592
|
|
International
|
|
|
|
11,133
|
|
|
|
|
9,976
|
|
|
|
|
9,859
|
|
|
|
|
10,226
|
|
|
|
|
41,194
|
|
|
|
|
11,355
|
|
|
|
|
10,678
|
|
|
|
|
12,923
|
|
Total
|
|
|
|
63,924
|
|
|
|
|
62,139
|
|
|
|
|
60,872
|
|
|
|
|
77,711
|
|
|
|
|
264,645
|
|
|
|
|
60,765
|
|
|
|
|
57,315
|
|
|
|
|
64,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by Geography (as a %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
83
|
%
|
|
|
|
84
|
%
|
|
|
|
84
|
%
|
|
|
|
87
|
%
|
|
|
|
82
|
%
|
|
|
|
81
|
%
|
|
|
|
81
|
%
|
|
|
|
80
|
%
|
International
|
|
|
|
17
|
%
|
|
|
|
16
|
%
|
|
|
|
16
|
%
|
|
|
|
13
|
%
|
|
|
|
18
|
%
|
|
|
|
19
|
%
|
|
|
|
19
|
%
|
|
|
|
20
|
%
|
Total
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior period data has been modified 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.
|
|
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