SAN FRANCISCO, Feb. 29 /PRNewswire-FirstCall/ -- PlanetOut Inc.
(NASDAQ:LGBT), the leading media and entertainment company
exclusively focused on the gay and lesbian market, today reported
its financial results for the fourth quarter and full year ended
December 31, 2007. Total revenue for the full year ended December
31, 2007 was $70.0 million, before adjusting for discontinued
operations, and was within the range of $69.0 to $72.0 million
provided during PlanetOut's third quarter 2007 earnings call on
November 1, 2007. GAAP net loss for the full year ended December
31, 2007 was $51.2 million. Adjusted EBITDA for the full year ended
December 31, 2007 was $(9.7) million, and was also within the range
of $(9.0) million to $(11.0) million provided on the earnings call
noted above. Use of Non-GAAP Financial Measures This press release
includes the non-GAAP financial measures of Adjusted EBITDA,
Adjusted Net Income (Loss), and Adjusted earnings per share
("Adjusted EPS") -- Basic and Diluted, which are reconciled to net
income (loss), net income (loss), and net income (loss) per share
-- basic and diluted, respectively, which the company believes are
the most comparable GAAP measures. The company uses these non-GAAP
financial measures for internal managerial purposes, when providing
its business outlook, and as a means to evaluate period-to-period
comparisons. These non-GAAP financial measures are used in addition
to and in conjunction with results presented in accordance with
GAAP. These non-GAAP financial measures reflect an additional way
of viewing aspects of the company's operations that, when viewed
with its GAAP results and the accompanying reconciliations to
corresponding GAAP financial measures, provide a more complete
understanding of factors and trends affecting the company's
business. These non-GAAP measures should be considered as a
supplement to, and not as a substitute for, or superior to, income
(loss) from operations, cash flow from operating activities and net
income (loss) and net income (loss) per share calculated in
accordance with generally accepted accounting principles. Adjusted
EBITDA is defined as net income (loss) before interest, taxes,
depreciation and amortization, stock-based compensation,
restructuring, non-cash impairment charges, executive transition,
financial advisory fees, income (loss) from discontinued operations
and other income (expense), net, less Adjusted EBITDA from
Discontinued Operations. Adjusted EBITDA from Discontinued
Operations is defined as net income (loss) from discontinued
operations before interest, taxes, depreciation and amortization,
stock-based compensation, restructuring and non-cash impairment
charges. The company considers Adjusted EBITDA to be an important
indicator of its operational strength. The company deducts other
income (expense), net, consisting primarily of interest income
(expense), and Adjusted EBITDA from Discontinued Operations from
net income (loss) in calculating Adjusted EBITDA because it regards
interest income (expense) and Adjusted EBITDA from Discontinued
Operations to be non-operating items. This measure also eliminates
the effects of depreciation and amortization, restructuring,
non-cash impairment charges, executive transition, financial
advisory fees, income (loss) from discontinued operations and
stock-based compensation expense from period to period, which the
company believes is useful to management and investors in
evaluating its operating performance, as depreciation and
amortization, restructuring, non- cash impairment charges,
executive transition, financial advisory fees, income (loss) from
discontinued operations and stock-based compensation costs are not
directly attributable to the underlying performance of the
company's business operations. A limitation associated with this
measure is that it does not reflect the periodic costs of certain
capitalized tangible and intangible assets used in generating
revenues in the company's businesses. Management evaluates the
costs of such tangible and intangible assets through other
financial measures such as capital expenditures. A further
limitation associated with this measure is that it does not include
stock-based compensation expenses related to the company's
workforce. Management compensates for this limitation by providing
supplemental information about stock-based compensation expense on
the face of the consolidated statements of operations. Adjusted Net
Income (Loss) is defined as net income (loss) excluding stock-based
compensation expense, restructuring, non-cash impairment charges,
executive transition, financial advisory fees and income (loss)
from discontinued operations. The company considers Adjusted Net
Income (Loss) to be a profitability measure which facilitates the
forecasting of its operating results for future periods and allows
for the comparison of its results to historical periods and to
other companies in its industry. A limitation of Adjusted Net
Income (Loss) is that it does not include all items that impact the
company's net income (loss) and net income (loss) per share for the
period. Adjusted EPS -- Basic and Diluted are defined as Adjusted
Net Income (Loss) calculated on a basic and diluted per share
basis, respectively. PlanetOut's management believes the non-GAAP
information is useful because it can enhance the understanding of
the company's ongoing economic performance and PlanetOut therefore
uses non-GAAP information internally to evaluate and manage the
company's operations. PlanetOut has chosen to provide this
information to investors to enable them to perform comparisons of
operating results in a manner similar to how the company analyzes
its operating results. About PlanetOut Inc. PlanetOut Inc. is the
leading global media and entertainment company exclusively serving
the lesbian, gay, bisexual and transgender (LGBT) community.
PlanetOut's digital media brands include Gay.com, PlanetOut.com,
Advocate.com, Out.com, OutTraveler.com and HIVPlusMag.com.
PlanetOut print media brands include The Advocate, Out, The Out
Traveler and HIVPlus, as well as SpecPub, Inc. titles. Transaction
services brands include e-commerce Web sites Kleptomaniac.com and
BuyGay.com, and book publisher Alyson Publications. PlanetOut,
based in San Francisco with additional offices in New York and Los
Angeles, offers Global 1000 and local advertisers access to what it
believes to be the most extensive multi-channel, multi-platform
network of gay and lesbian people in the world. For more
information, please visit http://www.planetoutinc.com/. PlanetOut
Inc. Unaudited Condensed Consolidated Statements of Operations (In
thousands, except per share amounts) Three months ended Twelve
months ended December 31, December 31, 2006 2007 2006 2007 Revenue:
Advertising services $7,428 $6,194 $26,479 $25,555 Subscription
services 6,025 5,167 24,447 21,901 Transaction services 2,167 1,826
7,830 5,557 Total revenue 15,620 13,187 58,756 53,013 Operating
costs and expenses:(*) Cost of revenue 7,339 7,937 26,744 29,886
Sales and marketing 4,160 3,969 15,592 16,266 General and
administrative 3,073 3,163 11,690 15,122 Restructuring (101) 49 791
630 Depreciation and amortization 1,638 1,646 5,187 6,723
Impairment of goodwill and intangible assets - 4,814 - 25,914 Total
operating costs and expenses 16,109 21,578 60,004 94,541 Loss from
operations (489) (8,391) (1,248) (41,528) Other income (expense),
net (374) 53 (616) (1,441) Loss from continuing operations before
income taxes (863) (8,338) (1,864) (42,969) Provision (benefit) for
income taxes 7 - 45 (6) Loss from continuing operations (870)
(8,338) (1,909) (42,963) Income (loss) from discontinued
operations, net of taxes (860) 298 (1,801) (8,207) Net loss
$(1,730) $(8,040) $(3,710) $(51,170) Loss per share from continuing
operations - basic and diluted $(0.50) $(2.06) $(1.10) $(14.94)
Income (loss) per share from discontinued operations - basic and
diluted $(0.49) $0.07 $(1.04) $(2.85) Net loss per share - basic
and diluted $(0.99) $(1.99) $(2.14) $(17.79) Weighted-average
shares used to compute net loss per share - basic and diluted 1,739
4,048 1,733 2,876 (*)Includes stock-based compensation expense as
follows: Cost of revenue $50 $34 $67 $198 Sales and marketing 22 3
40 40 General and administrative 168 89 180 506 Total stock-based
compensation expense $240 $126 $287 $744 Supplemental Financial
Data Adjusted EBITDA $690 $(1,512) $4,152 $(9,671) Adjusted Net
Loss $(591) $(3,101) $(356) $(14,328) Adjusted EPS: Basic $(0.34)
$(0.77) $(0.21) $(4.98) Diluted $(0.34) $(0.77) $(0.21) $(4.98)
PlanetOut Inc. Note to Unaudited Condensed Consolidated Statements
of Operations This press release includes the non-GAAP financial
measures of Adjusted EBITDA, Adjusted Net Income (Loss) and
Adjusted earnings per share ("Adjusted EPS") -- Basic and Diluted,
which are reconciled to net income (loss), net income (loss) and
net income (loss) per share -- basic and diluted, respectively,
which the Company believes are the most comparable GAAP measures.
The Company uses these non-GAAP financial measures for internal
managerial purposes, when providing its business outlook, and as a
means to evaluate period-to-period comparisons. These non-GAAP
financial measures are used in addition to and in conjunction with
results presented in accordance with GAAP. These non-GAAP financial
measures reflect an additional way of viewing aspects of the
Company's operations that, when viewed with its GAAP results and
the accompanying reconciliations to corresponding GAAP financial
measures, provide a more complete understanding of factors and
trends affecting the Company's business. These non-GAAP measures
should be considered as a supplement to, and not as a substitute
for, or superior to, income (loss) from operations, cash flow from
operating activities and net income (loss) and net income (loss)
per share calculated in accordance with generally accepted
accounting principles. Adjusted EBITDA is defined as net income
(loss) before interest, taxes, depreciation and amortization,
stock-based compensation, restructuring, non- cash impairment
charges, executive transition, financial advisory fees, income
(loss) from discontinued operations and other income (expense),
net, less Adjusted EBITDA from Discontinued Operations. Adjusted
EBITDA from Discontinued Operations is defined as net income (loss)
from discontinued operations before interest, taxes, depreciation
and amortization, stock-based compensation, restructuring and
non-cash impairment charges. The Company considers Adjusted EBITDA
to be an important indicator of its operational strength. The
Company deducts other income (expense), net, consisting primarily
of interest income (expense), and Adjusted EBITDA of Discontinued
Operations from net income (loss) in calculating Adjusted EBITDA
because it regards interest income (expense) and Adjusted EBITDA
from Discontinued Operations to be non-operating items. This
measure also eliminates the effects of depreciation and
amortization, restructuring, non-cash impairment charges, executive
transition, financial advisory fees, income (loss) from
discontinued operations less Adjusted EBITDA from discontinued
operations and stock-based compensation expense from period to
period, which the Company believes is useful to management and
investors in evaluating its operating performance, as depreciation
and amortization, restructuring, non-cash impairment charges,
executive transition, financial advisory fees, income (loss) from
discontinued operations less Adjusted EBITDA from Discontinued
Operations and stock-based compensation costs are not directly
attributable to the underlying performance of the Company's
business operations. A limitation associated with this measure is
that it does not reflect the periodic costs of certain capitalized
tangible and intangible assets used in generating revenues in the
Company's businesses. Management evaluates the costs of such
tangible and intangible assets through other financial measures
such as capital expenditures. A further limitation associated with
this measure is that it does not include stock-based compensation
expenses related to the Company's workforce. Management compensates
for this limitation by providing supplemental information about
stock-based compensation expense on the face of the consolidated
statements of operations. Adjusted Net Income (Loss) is defined as
net income (loss) excluding stock-based compensation expense,
restructuring, non-cash impairment charges, executive transition,
financial advisory fees and income (loss) from discontinued
operations. The Company considers Adjusted Net Income (Loss) to be
a profitability measure which facilitates the forecasting of its
operating results for future periods and allows for the comparison
of its results to historical periods and to other companies in its
industry. A limitation of Adjusted Net Income (Loss) is that it
does not include all items that impact the Company's net income
(loss) and net income (loss) per share for the period. Adjusted EPS
- Basic and Diluted are defined as Adjusted Net Income (Loss)
calculated on a basic and diluted per share basis, respectively.
The Company undertakes no obligation to provide or update any such
estimates or supplemental information in the future. PlanetOut Inc.
Unaudited Condensed Consolidated Balance Sheets (In thousands)
December 31, 2006 2007 Assets Current assets: Cash and cash
equivalents $9,674 $8,534 Short-term investments 2,050 - Restricted
cash 2,854 167 Accounts receivable, net 8,963 6,868 Inventory 1,690
1,113 Prepaid expenses and other current assets 4,137 2,188 Current
assets of discontinued operations 7,573 - Current assets held for
sale - 1,795 Total current assets 36,941 20,665 Property and
equipment, net 10,737 8,441 Goodwill 28,590 7,123 Intangible
assets, net 9,763 1,870 Other assets 1,021 580 Long-term assets of
discontinued operations 6,537 - Long-term assets held for sale -
2,673 Total assets $93,589 $41,352 Liabilities and stockholders'
equity Current liabilities: Accounts payable $1,691 $1,338 Accrued
expenses and other liabilities 3,310 2,491 Deferred revenue,
current portion 8,989 5,760 Capital lease obligations, current
portion 694 838 Notes payable, current portion net of discount
8,817 - Deferred rent, current portion 228 264 Current liabilities
of discontinued operations 6,068 - Current liabilities related to
assets held for sale - 1,676 Total current liabilities 29,797
12,367 Deferred revenue, less current portion 1,474 1,089 Capital
lease obligations, less current portion 1,504 984 Notes payable,
less current portion and discount 8,100 - Deferred rent, less
current portion 1,569 1,401 Long-term liabilities related to assets
held for sale - 602 Total liabilities 42,444 16,443 Stockholders'
equity: Common stock 17 40 Additional paid-in capital 89,532
114,406 Accumulated other comprehensive loss (122) (85) Accumulated
deficit (38,282) (89,452) Total stockholders' equity 51,145 24,909
Total liabilities and stockholders' equity $93,589 $41,352
PlanetOut Inc. Unaudited Condensed Consolidated Statements of Cash
Flows (In thousands) Twelve months ended December 31, 2006 2007
Cash flows from operating activities: Net loss $(3,710) $(51,170)
Net loss from discontinued operations, net of tax 1,801 8,207
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization 5,186 6,723 Impairment of
goodwill and intangible assets - 25,914 Non-cash services expense -
185 Provision for doubtful accounts 219 211 Restructuring 19 203
Stock-based compensation 293 744 Amortization of debt discount 55
392 Amortization of deferred rent (43) (132) Loss on disposal or
write-off of property and equipment 46 940 Changes in operating
assets and liabilities, net of acquisition effects and
classification of assets and liabilities related to assets held for
sale: Accounts receivable (3,152) 1,987 Inventory (341) 263 Prepaid
expenses and other assets (1,628) 1,489 Accounts payable 357 (281)
Accrued expenses and other liabilities 560 (858) Deferred revenue
(24) (1,602) Net cash used in continuing operating activities (362)
(6,785) Net cash used in discontinued operations (4,364) (1,131)
Net cash used in operations (4,726) (7,916) Cash flows from
investing activities: Purchases of property and equipment (4,454)
(3,844) Changes in short-term investments (2,050) 2,050 Changes in
restricted cash (2,854) 2,687 Acquisitions, net of cash acquired 76
- Acquisition of discontinued operations, net of cash (5,479) - Net
cash provided by (used in) investing activities (14,761) 893 Cash
flows from financing activities: Proceeds from exercise of common
stock options and warrants 461 71 Proceeds from equity financing,
net of transaction costs - 24,017 Proceeds from issuance of notes
payable 10,500 - Proceeds from repayment of note receivable from
stockholder 843 - Principal payments under capital lease
obligations and notes payable (1,105) (18,097) Tax withholding
payments reimbursed by restricted stock - (137) Net cash provided
by financing activities 10,699 5,854 Effect of exchange rate on
cash and cash equivalents 1 29 Net decrease in cash and cash
equivalents (8,787) (1,140) Cash and cash equivalents, beginning of
period 18,461 9,674 Cash and cash equivalents, end of period $9,674
$8,534 Supplemental disclosure of noncash investing and financing
activities: Property and equipment and related maintenance acquired
under capital leases $2,525 $461 Issuance of common stock warrants
in connection with debt issuance and financial advisory fees $445
$- PlanetOut Inc. Reconciliations to Condensed Consolidated
Statements of Operations (Unaudited, in thousands, except per share
amounts) Three months ended Twelve months ended December 31,
December 31, 2006 2007 2006 2007 Adjusted EBITDA: Net loss $(1,730)
$(8,040) $(3,710) $(51,170) (Income) loss from discontinued
operations 860 (298) 1,801 8,207 Provision (benefit) for income
taxes 7 - 45 (6) Other (income) expense, net 374 (53) 616 1,441
Loss from operations (489) (8,391) (1,248) (41,528) Stock-based
compensation expense 240 126 287 744 Restructuring (101) 49 791 630
Non-cash impairment charges * - 5,012 - 26,579 Executive transition
140 - 475 497 Financial advisory fees - 50 - 185 Depreciation and
amortization 1,638 1,646 5,187 6,723 Adjusted EBITDA from
continuing operations 1,428 (1,508) 5,492 (6,170) Adjusted EBITDA
from discontinued operations (738) (4) (1,340) (3,501) $690
$(1,512) $4,152 $(9,671) Adjusted Net Loss: Net loss $(1,730)
$(8,040) $(3,710) $(51,170) (Income) loss from discontinued
operations 860 (298) 1,801 8,207 Stock-based compensation expense
240 126 287 744 Restructuring (101) 49 791 630 Non-cash impairment
charges * - 5,012 - 26,579 Executive transition 140 - 475 497
Financial advisory fees - 50 - 185 $(591) $(3,101) $(356) $(14,328)
Adjusted EPS: Basic $(0.34) $(0.77) $(0.21) $(4.98) Diluted $(0.34)
$(0.77) $(0.21) $(4.98) Weighted-average shares used to compute
Adjusted EPS: Basic 1,739 4,048 1,733 2,876 Diluted 1,739 4,048
1,733 2,876 * Non-cash impairment charges for the twelve months
ended December 31, 2007 include $93,000 of charges for the three
months ended March 31, 2007 not previously defined as a reconciling
item in our calculation of Adjusted EBITDA or Adjusted Net Income
(Loss). PlanetOut Inc. Unaudited Summary of Consolidated Segment
Information (In thousands) Three months ended Three months ended
December 31, 2006 December 31, 2007 Online Publishing Total Online
Publishing Total Revenue: Advertising services $3,874 $3,554 $7,428
$2,474 $3,720 $6,194 Subscription services 4,393 1,632 6,025 3,957
1,210 5,167 Transaction services 512 1,655 2,167 232 1,594 1,826
Total revenue 8,779 6,841 15,620 6,663 6,524 13,187 Direct
operating costs and expenses: Cost of revenue 2,846 4,493 7,339
2,907 5,030 7,937 Sales and marketing 2,462 1,698 4,160 2,277 1,692
3,969 Total direct operating costs and expenses 5,308 6,191 11,499
5,184 6,722 11,906 Contribution margin (loss) $3,471 $650 4,121
$1,479 $(198) 1,281 Other operating costs and expenses: General and
administrative 3,073 3,163 Restructuring (101) 49 Depreciation and
amortization 1,638 1,646 Impairment of goodwill and intangible
assets - 4,814 Total other operating costs and expenses 4,610 9,672
Loss from operations (489) (8,391) Other income (expense), net
(374) 53 Provision (benefit) for income taxes 7 - Income (loss)
from discontinued operations (860) 298 Net loss $(1,730) $(8,040)
Twelve months ended Twelve months ended December 31, 2006 December
31, 2007 Online Publishing Total Online Publishing Total Revenue:
Advertising services $11,116 $15,363 $26,479 $9,365 $16,190 $25,555
Subscription services 18,378 6,069 24,447 16,476 5,425 21,901
Transaction services 2,129 5,701 7,830 1,191 4,366 5,557 Total
revenue 31,623 27,133 58,756 27,032 25,981 53,013 Direct operating
costs and expenses: Cost of revenue 10,240 16,504 26,744 12,673
17,213 29,886 Sales and marketing 10,236 5,356 15,592 9,296 6,970
16,266 Total direct operating costs and expenses 20,476 21,860
42,336 21,969 24,183 46,152 Contribution margin $11,147 $5,273
16,420 $5,063 $1,798 6,861 Other operating costs and expenses:
General and administrative 11,690 15,122 Restructuring 791 630
Depreciation and amortization 5,187 6,723 Impairment of goodwill
and intangible assets - 25,914 Total other operating costs and
expenses 17,668 48,389 Loss from operations (1,248) (41,528) Other
expense, net (616) (1,441) Provision (benefit) for income taxes 45
(6) Loss from discontinued operations (1,801) (8,207) Net loss
$(3,710) $(51,170) DATASOURCE: PlanetOut Inc. CONTACT: Dan Steimle
of PlanetOut Inc., +1-415-834-6449 Web site:
http://www.planetoutinc.com/
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