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RealNetworks Announces Fourth Quarter And Year End 2013 Results

- RealPlayer Cloud - new cross-platform, cloud-based, integrated video service - gaining traction;

SEATTLE, Feb. 5, 2014 /PRNewswire/ -- RealNetworks, Inc. (Nasdaq: RNWK), a leader in personal digital entertainment, today announced results for the fourth quarter and year ended December 31, 2013.

For the fourth quarter of 2013, revenue was $50.6 million, compared to $49.0 million in the previous quarter and $67.3 million in the fourth quarter of 2012. For the full year 2013, revenue was $206.2 million, compared to $258.8 million for 2012.

"During the fourth quarter of 2013, we continued to make progress in our long term strategic transition to revitalize RealNetworks," said Rob Glaser, Chairman and interim CEO of RealNetworks. "Our new RealPlayer Cloud, our groundbreaking, cloud-based video service that makes it easy to watch, save and share video across every popular digital device, is gaining good initial traction in the marketplace, with over 500,000 accounts created since launch.

"In our Mobile Entertainment business, we completed our acquisition of Muzicall and launched LISTEN™ to strengthen our leadership in the ringback tones market and to bring ringback tones directly to consumers. We also continue to tighten our strategic focus to better capitalize on the most promising opportunities in our Games business. Throughout 2013, we've continued to streamline our company, invest in our core business segments and focus on building a stronger foundation for future growth and profitability."

GAAP net income for the fourth quarter of 2013 was $4.1 million or $0.12 per diluted share, compared to $3.1 million or $0.09 per diluted share in the fourth quarter of 2012. The increase primarily reflects a net gain of $21.4 million from the sale of its investment in LoEn in the fourth quarter of 2013. For the full year 2013, GAAP net loss was $(57.4) million or $(1.61) per diluted share, compared to net income of $44.8 million or $1.28 per diluted share in 2012.

Adjusted EBITDA for the fourth quarter of 2013 was a loss of $(6.6) million, compared to adjusted EBITDA income of $3.3 million for the fourth quarter of 2012. For the full year 2013, adjusted EBITDA was a loss of $(23.7) million, compared to a loss $(16.7) million for 2012. A reconciliation of GAAP operating income (loss) to adjusted EBITDA is provided in the financial tables that accompany this release.

As of December 31, 2013, the company had $226.2 million in unrestricted cash, cash equivalents and short-term investments, up from $218.4 million as of September 30, 2013.

Business Outlook

For the first quarter of 2014, RealNetworks expects total revenue in the range of $43.0 million to $46.0 million. We expect adjusted EBITDA for the quarter to be a loss in the range of $(9.0) million to $(12.0) million.

Webcast and Conference Call Information

The company will host a conference call today to review results and discuss the company's performance at 5 p.m. ET/2 p.m. PT by calling 800-857-9789 or +1-210-234-0007 (Passcode: Fourth Quarter Earnings). A live webcast of the call will be available at http://investor.realnetworks.com and an on-demand webcast will be available approximately one hour following the conclusion of the conference call. A telephonic replay will be available until 11 p.m. CT, February 26, 2014 by calling 888-568-0623 or +1-203-369-3199 (Passcode: 9977)

RNWK-F

About RealNetworks

RealNetworks creates innovative applications and services that make it easy to connect with and enjoy digital media. RealNetworks invented the streaming media category in 1995 and continues to connect consumers with their digital media both directly and through partners, aiming to support every network, device, media type and social network. RealNetworks' corporate information is located at www.realnetworks.com/about-us.

RealNetworks, RealPlayer and GameHouse are trademarks or registered trademarks of RealNetworks, Inc. or its subsidiaries. All other companies or products listed herein are trademarks or registered trademarks of their respective owners.

About Non-GAAP Financial Measures

To supplement RealNetworks' consolidated financial information presented in accordance with GAAP in this press release, the company also discloses certain non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA by reportable segment, which management believes provide investors with useful information.

In the financial tables of our earnings press release, RealNetworks has included reconciliations of GAAP operating income (loss) to adjusted EBITDA and to adjusted EBITDA by reportable segment.

The rationale for management's use of non-GAAP measures is included in the supplementary materials presented with the fourth quarter earnings materials. Please refer to Exhibit 99.2 ("Information Regarding Non-GAAP Financial Measures") to the company's report on Form 8-K, which is being submitted today to the SEC.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including statements relating to RealNetworks' current expectations regarding future revenue and adjusted EBITDA, our future growth, profitability, market position, and marketing approach, and our strategic focus and initiatives. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. These statements reflect RealNetworks' expectations as of today, and actual results may differ materially from the results predicted. Factors that could cause actual results to differ from the results predicted include: RealNetworks' ability to realize operating efficiencies, growth and other benefits from the implementation of its growth plan, strategic initiatives, and restructuring efforts; the emergence of new entrants and competition in the market for digital media products and services; other competitive risks, including the growth of competing technologies, products and services; the potential outcomes and effects of claims and legal proceedings on RealNetworks' business, prospects, financial condition or results of operations; risks associated with key customer or strategic relationships, business acquisitions and the introduction of new products and services; changes in consumer and advertising spending in response to disruptions in the global financial markets; fluctuations in foreign currencies; and changes in RealNetworks' effective tax rate. More information about potential risk factors that could affect RealNetworks' business and financial results is included in RealNetworks' annual report on Form 10-K for the most recent year ended December 31, its quarterly reports on Form 10-Q and in other reports and documents filed by RealNetworks from time to time with the Securities and Exchange Commission. The preparation of RealNetworks' financial statements and forward-looking financial guidance requires the company to make estimates and assumptions that affect the reported amount of assets and liabilities, and revenues and expenses during the reported period. Actual results may differ materially from these estimates under different assumptions or conditions. The company assumes no obligation to update any forward-looking statements or information, which are in effect as of their respective dates.

RealNetworks, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)






















Quarters Ended

December 31,


Years Ended

December 31,








2013


2012


2013


2012




(in thousands, except per share data)











Net revenue



$

50,595



$

67,264



$

206,196



$

258,842












Cost of revenue



20,076



25,098



79,091



103,731












  Gross profit



30,519



42,166



127,105



155,111












Sale of patents and other technology assets, net of costs (A)









116,353












Operating expenses:










  Research and development



14,929



14,027



60,880



63,194


  Sales and marketing



20,181



21,839



80,011



90,301


  General and administrative



8,137



8,788



36,643



43,891


  Restructuring and other charges



1,690



1,353



5,765



15,225


  Lease exit and related charges



23



3,047



3,089



3,290


  Loss on litigation settlements







11,525














    Total operating expenses



44,960



49,054



197,913



215,901












Operating income (loss)



(14,441)



(6,888)



(70,808)



55,563












Other income (expenses):










  Interest income, net



141



159



1,133



1,192


  Gain (loss) on sale of equity and other investments, net



21,389



(216)



21,389



5,072


  Equity in net loss of Rhapsody investment



(59)



(1,614)



(6,268)



(5,709)


  Other income (expense), net



613



(433)



467



1,241












    Total other income (expense), net



22,084



(2,104)



16,721



1,796












Income (loss) before income taxes



7,643



(8,992)



(54,087)



57,359


Income tax expense (benefit)



3,504



(12,065)



3,294



12,518












Net income (loss)



$

4,139



$

3,073



$

(57,381)



$

44,841












Basic net income (loss) per share



$

0.12



$

0.09



$

(1.61)



$

1.29


Diluted net income (loss) per share



$

0.12



$

0.09



$

(1.61)



$

1.28












Shares used to compute basic net income (loss) per share



35,738



35,250



35,553



34,873


Shares used to compute diluted net income (loss) per share



35,906



35,450



35,553



35,122






















(A) On April 5, 2012, RealNetworks completed the sale of certain patents and other technology assets to Intel for a cash purchase of $120.0 million.

 

RealNetworks, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)










December 31,
2013


December 31,
2012


(in thousands)

ASSETS

Current assets:




Cash and cash equivalents

$

151,235



$

163,198


Short-term investments

74,920



108,216


Trade accounts receivable, net

26,222



30,754


Deferred costs, current portion

1,601



825


Deferred tax assets - current

306



2,869


Prepaid expenses and other current assets

9,124



17,002


  Total current assets

263,408



322,864






Equipment, software, and leasehold improvements, at cost:




Equipment and software

86,721



98,041


Leasehold improvements

3,482



22,767


  Total equipment, software, and leasehold improvements

90,203



120,808


Less accumulated depreciation and amortization

67,031



91,492


  Net equipment, software, and leasehold improvements

23,172



29,316






Restricted cash equivalents and investments

3,000



10,000


Equity method investment

12,473



19,204


Available for sale securities

7,181



34,334


Other assets

2,332



3,153


Deferred costs, non-current portion

946



531


Deferred tax assets, net, non-current portion

1,409



4,911


Other intangible assets, net

12,993



3,275


Goodwill

17,476



6,309






Total assets

$

344,390



$

433,897






LIABILITIES AND SHAREHOLDERS' EQUITY





Current liabilities:




 Accounts payable

$

19,987



$

19,013


 Accrued and other current liabilities

42,788



57,530


 Deferred revenue, current portion

7,498



8,675


  Total current liabilities

70,273



85,218






Deferred revenue, non-current portion

166



169


Deferred rent

1,318



2,250


Deferred tax liabilities, net, non-current portion

1,560



432


Other long-term liabilities

483



3,100






 Total liabilities

73,800



91,169










Shareholders' equity

270,590



342,728






Total liabilities and shareholders' equity

$

344,390



$

433,897


 

RealNetworks, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)










Years Ended December 31,


2013


2012


(in thousands)


Cash flows from operating activities:




Net income (loss)

$

(57,381)



$

44,841


Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization

18,748



16,959


Stock-based compensation

7,468



8,123


Loss on asset disposal



2,509


Equity in net loss of Rhapsody

6,268



5,709


Lease exit and related charges

1,421



3,290


Deferred income taxes, net

676



20,324


Gain on sale of patent and other technology assets, net of costs



(116,353)


Gain on sale of equity and other investments, net

(21,389)



(5,072)


Realized translation gain

(571)



(1,966)


Other

51




Net change in certain operating assets and liabilities

(5,261)



(11,677)


  Net cash provided by (used in) operating activities

(49,970)



(33,313)


Cash flows from investing activities:




Purchases of equipment, software, and leasehold improvements

(7,636)



(7,170)


Proceeds from sale of patents and other technology assets, net of costs



116,353


Proceeds from sale of equity and other investments

29,153



7,261


Purchases of short-term investments

(131,690)



(116,963)


Proceeds from sales and maturities of short-term investments

164,986



87,487


Decrease in restricted cash equivalents and investments

10,000



167


Increase in restricted cash equivalents and investments

(3,000)




Acquisitions of businesses, net of cash acquired

(22,480)




  Net cash provided by (used in) investing activities

39,333



87,135


Cash flows from financing activities:




Proceeds from issuance of common stock (stock options and stock purchase plan)

594



3,802


Tax payments from shares withheld upon vesting of restricted stock

(1,201)



(995)


Payment of contingent consideration

(828)




  Net cash provided by (used in) financing activities

(1,435)



2,807


Effect of exchange rate changes on cash and cash equivalents

109



236


  Net increase (decrease) in cash and cash equivalents

(11,963)



56,865


Cash and cash equivalents, beginning of period

163,198



106,333


Cash and cash equivalents, end of period

$

151,235



$

163,198


 

RealNetworks, Inc. and Subsidiaries

Supplemental Financial Information

(Unaudited)














































2013




2012



YTD


Q4


Q3


Q2


Q1


YTD


Q4


Q3


Q2


Q1



(in thousands)

Net Revenue by Line of Business




















RealPlayer Group (A)


$

75,206



$

16,799



$

17,641



$

18,383



$

22,383



$

91,469



$

25,838



$

21,392



$

22,158



$

22,081


Mobile Entertainment (B)


81,181



22,146



19,948



18,592



20,495



100,318



25,718



22,820



26,005



25,775


Games (C)


49,809



11,650



11,369



12,875



13,915



67,055



15,708



14,876



17,363



19,108


    Total net revenue


$

206,196



$

50,595



$

48,958



$

49,850



$

56,793



$

258,842



$

67,264



$

59,088



$

65,526



$

66,964























Net Revenue by Product





















RealPlayer Group





















- License (D)


$

29,507



$

7,128



$

7,281



$

6,766



$

8,332



$

33,780



$

10,956



$

6,757



$

8,334



$

7,733


- Subscriptions (E)


15,850



3,118



3,615



4,193



4,924



27,659



6,192



7,056



6,810



7,601


- Media Properties (F)


29,849



6,553



6,745



7,424



9,127



30,030



8,690



7,579



7,014



6,747























Mobile Entertainment





















- SaaS (G)


74,238



20,406



18,156



17,002



18,674



90,239



22,793



20,696



23,286



23,464


- Technology License &

Other (H)


6,943



1,740



1,792



1,590



1,821



10,079



2,925



2,124



2,719



2,311























Games





















- License (I)


16,270



3,511



3,421



4,089



5,249



23,998



5,222



5,136



6,053



7,587


- Subscriptions (J)


23,713



5,688



5,733



5,980



6,312



29,534



6,876



6,952



7,536



8,170


- Media Properties (K)


9,826



2,451



2,215



2,806



2,354



13,523



3,610



2,788



3,774



3,351























    Total net revenue


$

206,196



$

50,595



$

48,958



$

49,850



$

56,793



$

258,842



$

67,264



$

59,088



$

65,526



$

66,964























Net Revenue by Geography





















United States


$

90,250



$

19,724



$

21,039



$

21,463



$

28,024



$

117,844



$

28,315



$

29,101



$

28,614



$

31,814


Rest of world


115,946



30,871



27,919



28,387



28,769



140,998



38,949



29,987



36,912



35,150


    Total net revenue


$

206,196



$

50,595



$

48,958



$

49,850



$

56,793



$

258,842



$

67,264



$

59,088



$

65,526



$

66,964























Net Revenue by Line of Business

















(A) The RealPlayer Group primarily includes revenue from RealPlayer and related products, such as the distribution of third-party software products, advertising on RealPlayer websites, and sales of RealPlayer Plus software licenses to consumers, sales of intellectual property licenses, and consumer subscriptions such as SuperPass.

(B) The Mobile Entertainment division primarily includes revenue from SaaS services, system integration, and professional services to mobile carriers, and sales of technology licenses of our software products such as Helix.

(C) The Games division primarily includes revenue from sales of games licenses, online games subscription services, advertising on games sites and social network sites, microtransactions from online and social games, and sales of mobile games.

Net Revenue by Product



















(D) Licensing revenue within the RealPlayer Group includes sales of RealPlayer Plus software licenses to consumers and sales of intellectual property licenses.

(E) Subscriptions revenue within the RealPlayer Group includes revenue from subscriptions such as SuperPass.

(F) Media Properties revenue within the RealPlayer Group includes distribution of third-party software products and advertising on RealPlayer websites.

(G) SaaS revenue within Mobile Entertainment includes revenue from music on demand, video on demand, ringtones, ringback tones, and intercarrier messaging services provided to network services providers who are largely mobile phone networks.

(H) Licensing and other revenue within Mobile Entertainment includes revenue from Helix-related products and professional services provided to mobile carriers.

(I) Licensing revenue within Games includes retail games-related revenue, microtransactions from online and social games and sales of mobile games.

(J) Subscriptions revenue within Games includes revenue from online games subscriptions.

(K) Media Properties revenue within Games includes distribution of third-party software products and advertising on games sites and social network sites.

 

RealNetworks, Inc. and Subsidiaries

Segment Results of Operations

(Unaudited)
























2013


2012


2013


2012



Q4


Q3


Q4


YTD


YTD



(in thousands)

RealPlayer Group


















Net revenue


$

16,799



$

17,641



$

25,838



$

75,206



$

91,469


Cost of revenue


3,236



3,264



5,518



16,220



21,544


Gross profit


13,563



14,377



20,320



58,986



69,925













Gross margin


81%



81%



79%



78%



76%













Operating expenses


15,828



14,449



13,374



60,484



55,223


Operating income (loss)


$

(2,265)



$

(72)



$

6,946



$

(1,498)



$

14,702













 Adjusted EBITDA


$

(1,474)



$

624



$

7,620



$

951



$

16,967













Mobile Entertainment




















Net revenue


$

22,146



$

19,948



$

25,718



$

81,181



$

100,318


Cost of revenue


13,634



11,972



14,577



47,608



57,670


Gross profit


8,512



7,976



11,141



33,573



42,648













Gross margin


38%



40%



43%



41%



43%













Operating expenses


8,863



9,453



12,023



35,839



52,614


Operating income (loss)


$

(351)



$

(1,477)



$

(882)



$

(2,266)



$

(9,966)













 Adjusted EBITDA


$

1,251



$

503



$

1,687



$

5,830



$

(458)













Games






















Net revenue


$

11,650



$

11,369



$

15,708



$

49,809



$

67,055


Cost of revenue


2,962



3,216



4,496



13,359



21,828


Gross profit


8,688



8,153



11,212



36,450



45,227













Gross margin


75%



72%



71%



73%



67%













Operating expenses


12,057



11,513



11,928



47,177



51,890


Operating income (loss)


$

(3,369)



$

(3,360)



$

(716)



$

(10,727)



$

(6,663)













 Adjusted EBITDA


$

(2,724)



$

(2,704)



$

(71)



$

(7,897)



$

(3,861)













Corporate






















Net revenue


$



$



$



$



$


Cost of revenue


244



538



507



1,904



2,689


Gross profit


(244)



(538)



(507)



(1,904)



(2,689)













Gross margin


N/A



N/A



N/A



N/A



N/A













Gain on sale of patents and other technology assets, net of costs










116,353


Operating expenses


8,212



22,990



11,729



54,413



56,174


Operating income (loss)


$

(8,456)



$

(23,528)



$

(12,236)



$

(56,317)



$

57,490













 Adjusted EBITDA


$

(3,668)



$

(6,792)



$

(5,972)



$

(22,630)



$

(29,352)













Total






















Net revenue


$

50,595



$

48,958



$

67,264



$

206,196



$

258,842


Cost of revenue


20,076



18,990



25,098



79,091



103,731


Gross profit


30,519



29,968



42,166



127,105



155,111













Gross margin


60%



61%



63%



62%



60%













Gain on sale of patents and other technology assets, net of costs










116,353


Operating expenses


44,960



58,405



49,054



197,913



215,901


Operating income (loss)


$

(14,441)



$

(28,437)



$

(6,888)



$

(70,808)



$

55,563













 Adjusted EBITDA


$

(6,615)



$

(8,369)



$

3,264



$

(23,746)



$

(16,704)


 

RealNetworks, Inc. and Subsidiaries

Reconciliation of segment GAAP operating income (loss) to adjusted EBITDA by segment

(Unaudited)
























2013


2012


2013


2012



Q4


Q3


Q4


YTD


YTD



(in thousands)

RealPlayer Group




















Reconciliation of segment GAAP operating income (loss) to adjusted EBITDA by segment:














Operating income (loss)


$

(2,265)



$

(72)



$

6,946



$

(1,498)



$

14,702


Acquisitions related intangible asset amortization


60



60



62



249



282


Depreciation and amortization


731



636



612



2,200



1,983


 Adjusted EBITDA


$

(1,474)



$

624



$

7,620



$

951



$

16,967













Mobile Entertainment




















Reconciliation of segment GAAP operating income (loss) to adjusted EBITDA by segment:














Operating income (loss)


$

(351)



$

(1,477)



$

(882)



$

(2,266)



$

(9,966)


Acquisitions related intangible asset amortization


781



1,055



809



3,287



3,193


Depreciation and amortization


821



925



1,760



4,809



6,315


 Adjusted EBITDA


$

1,251



$

503



$

1,687



$

5,830



$

(458)













Games






















Reconciliation of segment GAAP operating income (loss) to adjusted EBITDA by segment:














Operating income (loss)


$

(3,369)



$

(3,360)



$

(716)



$

(10,727)



$

(6,663)


Acquisitions related intangible asset amortization


314



314





879



587


Depreciation and amortization


331



342



645



1,951



2,215


 Adjusted EBITDA


$

(2,724)



$

(2,704)



$

(71)



$

(7,897)



$

(3,861)













Corporate






















Reconciliation of segment GAAP operating income (loss) to adjusted EBITDA by segment:














Operating income (loss)


$

(8,456)



$

(23,528)



$

(12,236)



$

(56,317)



$

57,490


Other income (expense), net


613



(118)



(433)



467



1,241


Depreciation and amortization


665



1,839



593



5,373



2,384


Lease exit and related charges


23





3,047



3,089



3,290


Loss on litigation settlements




11,525





11,525




Restructuring and other charges


1,690



1,877



1,353



5,765



15,225


Stock-based compensation


1,797



1,613



1,704



7,468



7,371


Gain on sale of patents and other technology assets, net of costs










(116,353)


 Adjusted EBITDA


$

(3,668)



$

(6,792)



$

(5,972)



$

(22,630)



$

(29,352)













Total






















Reconciliation of GAAP operating income (loss) to adjusted EBITDA:
















Operating income (loss)


$

(14,441)



$

(28,437)



$

(6,888)



$

(70,808)



$

55,563


Other income (expense), net


613



(118)



(433)



467



1,241


Acquisitions related intangible asset amortization


1,155



1,429



871



4,415



4,062


Depreciation and amortization


2,548



3,742



3,610



14,333



12,897


Lease exit and related charges


23





3,047



3,089



3,290


Loss on litigation settlements




11,525





11,525




Restructuring and other charges


1,690



1,877



1,353



5,765



15,225


Stock-based compensation


1,797



1,613



1,704



7,468



7,371


Gain on sale of patents and other technology assets, net of costs










(116,353)


 Adjusted EBITDA


$

(6,615)



$

(8,369)



$

3,264



$

(23,746)



$

(16,704)


 

SOURCE RealNetworks, Inc.

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