Posts 43 Percent Revenue and 29 Percent EBITDA Growth Over 2004;
Bolsters Position as Largest LGBT-Focused Media and Entertainment
Company SAN FRANCISCO, Feb. 14 /PRNewswire-FirstCall/ -- PlanetOut
Inc. (NASDAQ:LGBT) today reported its financial results for the
fourth quarter and full year ended December 31, 2005. "We're very
pleased with PlanetOut's record revenue and earnings and with the
company's transformative achievements during full year 2005. Among
these accomplishments was the November acquisition of LPI Media,
publisher of The Advocate and OUT, the two LGBT magazines with the
largest audited circulation in the U.S., as well as acclaimed Web
sites and e-commerce sites," said Lowell Selvin, chairman and chief
executive officer, PlanetOut Inc. "Furthermore, we recently
announced an agreement to acquire RSVP Productions, Inc., one of
the world's leading marketers of travel and events designed for gay
and lesbian consumers," Selvin said. "This acquisition, which is
expected to be accretive to earnings and close late in the first
quarter of 2006, would provide additional strength and balance to
our revenue mix. LPI and RSVP, in addition to our recently
announced partnerships with the founder of the modern-day Dinah
Shore Weekend and with NBC Universal's Bravo TV, build on our
position as the leading media and entertainment company focused on
the global LGBT community with the ability to market across
platforms while leveraging the strength of our online marketing
engine in 2006 and beyond." Fourth-Quarter and Full-Year Financial
Results Revenue -- Total revenue for the fourth quarter of 2005 was
$13.3 million, up 87 percent compared to $7.1 million for the same
period one year ago. This increase reflected, in part,
contributions from the company's recent acquisition of LPI Media
and its related entities. Total revenue for 2005 was $35.6 million,
up 43 percent compared with $25.0 million for 2004. Advertising
services revenue for the fourth quarter of 2005 was $5.7 million,
up from $2.1 million for the fourth quarter of 2004. Full year 2005
advertising services revenue was $11.7 million, up from $6.5
million for full year 2004. Subscription services revenue for the
fourth quarter of 2005 was $6.0 million, up from $4.6 million for
the fourth quarter of 2004. Full year 2005 subscription services
revenue was $21.1 million, up from $16.8 million for full year
2004. Transaction services revenue for fourth-quarter 2005 was $1.6
million, up from $367,000 for the same quarter a year ago. Full
year 2005 transaction services revenue was $2.7 million, compared
with $1.6 million for full year 2004. Adjusted EBITDA -- Adjusted
EBITDA for the fourth quarter of 2005 was $2.4 million, up 47
percent from $1.6 million for the same quarter a year ago. For full
year 2005, Adjusted EBITDA was $6.5 million, up 29 percent from
$5.0 million for full year 2004. Net Income and Earnings Per Share
-- GAAP net income for the fourth quarter of 2005 was $678,000, or
$0.04 per basic and diluted share, compared with a net loss of
$92,000 for the same quarter a year ago. These figures reflect, in
part, the impact of an increase in non-cash stock-based
compensation charges during the fourth quarter of 2005 related to
the acceleration of employee stock options prior to the company's
adoption of SFAS 123R effective January 1, 2006. Stock-based
compensation charges for the fourth quarter of 2005 were $747,000,
compared to $410,000 for the fourth quarter of 2004. Net income for
full year 2005 was $2.7 million, compared with a net loss of
$537,000 for full year 2004. For the fourth quarter of 2005,
Adjusted net income, or net income excluding non-cash stock-based
compensation expenses, was $1.4 million, or $0.08 per basic and
diluted shares, up from $318,000 for the fourth quarter of 2004.
Adjusted net income for full year 2005 was $3.7 million, or $0.22
per basic and $0.20 per diluted share, up from $1.6 million for
full year 2004. Adjusted EBITDA, GAAP net income, and Adjusted net
income all reflect, among other items, the impact of increased
public company expenses, including compliance with the
Sarbanes-Oxley Act, and non-capitalizable acquisition and
integration expenses associated with the LPI Media and RSVP
transactions. "We're delighted to have ended the year on such a
high note, with strong top- and bottom-line growth. We achieved
this growth while making important investments in acquisitions,
integration, technology and marketing," said Jeff Soukup, executive
vice president and chief operating officer of PlanetOut Inc.
"Through these investments, PlanetOut has become an even stronger
and more diversified market leader. We believe our broader
footprint in the LGBT market should drive exciting growth
opportunities in 2006 and beyond." Please refer to the "Note to
Unaudited Condensed Consolidated Statements of Operations" for
definitions of certain key financial measures used here and in the
"Business Outlook" sections of this press release. Fourth-Quarter
and Recent Business Highlights * Acquired and began leveraging LPI
Media, publisher of The Advocate and OUT, creating the world's
largest media company focused on the LGBT market with a larger,
more diverse foundation for combined growth in online and offline
channels and deepening the company's reach even further into the
LGBT market, which in the United States alone is estimated as 15
million adult gays and lesbians accounting for $610 billion in
economic buying power. * Signed agreement to acquire RSVP
Productions, one of the world's largest and most respected gay and
lesbian travel and events marketers, further diversifying and
balancing PlanetOut's revenue mix and strengthening the company's
footprint in the estimated $65- billion-a-year gay and lesbian
travel market. The acquisition, which is expected to close in March
2006 and be immediately accretive to earnings, broadens PlanetOut's
ability to address advertisers' desire to target the gay and
lesbian market with multimedia, multi- platform marketing and
sponsorship programs. * Achieved growth in advertising services
revenue, which represented 43 percent of total fourth-quarter
revenue, driven by the company's leadership position in gay media,
its expansion across multiple advertising categories and by
increased ad inventory, including inventory from advertising
network partners. First-time brand advertisers during 2005 included
Anheuser Busch, Sears, Intel and Washington Mutual. The acquisition
of LPI enhances PlanetOut's position as the "go-to" source for
advertising products and services targeting the LGBT community,
offering advertisers unparalleled reach and multi-media marketing
opportunities across the company's complementary platforms. *
PlanetOut's more attractive and expanded multi-platform advertising
channel has enabled it to sign a strong lineup of first-time
advertisers so far this year, despite the fact that the first
quarter is consistently a slower period in advertising as the
company expects it to be again in 2006. These first time programs,
which are planned to run in the first or second quarter on one or
more of PlanetOut's digital and print properties, include SKYY
Vodka, GlaxoSmithKline's Abreva and Wellbutrin, Omega, Kohler,
Ralph Lauren, Just for Men and BMW. PlanetOut also partnered with
Stolichnaya, another first-time advertiser, on the launch of its
2006 integrated LGBT marketing strategy, which included a film
premiere at this year's Sundance Film Festival. * Expanded Local
Scene, including a local business listings directory to drive local
business advertising opportunities. The addition of Local Scene is
anticipated to provide the added benefit of increasing member
online usage by boosting the value of PlanetOut's online content
and adding a new and diversified advertising client base. *
Increased online subscription services revenue and visibility by
driving online subscribers to longer-term, higher-value plans.
Annual online plan composition increased to 60 percent for the
fourth quarter of 2005 from 43 percent for the fourth quarter of
2004, while annual plan subscribers grew by approximately 75
percent year-over-year. For full year 2005, total paid subscribers
for Gay.com and PlanetOut.com increased by 23 percent to 157,400. *
Drove success with international marketing campaign for PlanetOut
online subscriptions, which was launched on October 1, 2005, and by
the end of the fourth quarter had resulted in approximately 120,000
new free trial members, with significant inroads in Mexico, the
U.K., Australia, and Argentina, among other important markets. Due
to this "gratis" campaign, the company's international membership
has grown 30 percent over the comparable period in 2004. *
Demonstrated low cost acquisition model and synergy between online
and print thus far in the current quarter. PlanetOut's cross-
platform bundling initiatives are anticipated to help grow the
company's total print circulation, as the company previously
demonstrated by delivering almost 110,000 subscribers for six
different publishing vehicles in 2005. Following on that success,
in the first 40 days of the first quarter of 2006, the company
added over 4,500 OUT magazine subscribers by bundling OUT with
Gay.com online premium subscriptions. Ninety-four percent of the
subscribers gained through this bundling effort were incremental,
new subscribers to OUT. * Teamed up with NBC Universal's Bravo TV
to become the exclusive sales agent for OutzoneTV.com, a broadband
channel specifically targeting gay and lesbian online viewers. As a
result of this ground-breaking partnership, PlanetOut expects to
expand its sellable video inventory and extend its leadership
position in providing innovative advertising solutions for national
advertisers. * PlanetOut Video was further expanded with a
partnership with Wolfe video adding to existing distribution
agreements with here! Networks, Q Television Network and the
Sundance Channel. In addition, PlanetOut's strategic alliance with
MTVN's Logo resulted in the production and cable broadcast of the
OUT100 event and premiere of The Advocate Newsmagazine show.
Through these opportunities, PlanetOut expands its rich media
offerings, broadens its advertising base and adds new platforms to
its growing base of owned and strategic marketing platforms. *
Strengthened core technology and product delivery capability by
enhancing numerous product delivery and technology processes,
strengthening the company's operating platform, achieving excellent
system uptime and building the foundation for increasing product
delivery velocity and an improved member experience in 2006. *
Posted 18 percent Adjusted EBITDA margins for the fourth quarter
and full year 2005, including the impact of initial integration
costs and increased marketing efforts to drive international online
subscriptions. Business Outlook The following statements are based
upon PlanetOut management's current expectations and include the
anticipated financial impact of the RSVP acquisition, which is not
expected to close until late in the first quarter of 2006. These
statements are forward-looking and actual results may differ
materially. The company undertakes no obligation to update these
statements. For the first quarter of 2006, the company expects
revenue to be between $15.5 and $16.5 million, Adjusted EBITDA to
be between $500,000 and $1.0 million and GAAP net income to be
between $0.0 and ($200,000). For full year 2006, PlanetOut expects
total revenue to be between $71.0 and $75.0 million, Adjusted
EBITDA to be between $10.0 and $11.0 million and GAAP net income to
be between $4.0 and $4.5 million. PlanetOut's business outlook for
2006 reflects our expectations with respect to several factors,
including: * Revenue growth in all of the company's primary
business lines: advertising, subscription and transaction services,
with anticipated seasonality in first quarter advertising services;
expected growth in subscription services with the launch of a new
lesbian brand and conversion of the company's international
promotional campaign into a paid service, both expected to occur in
the second half of the year; and first and fourth quarter increases
in the company's transaction services revenue from the successful
marketing of key travel and related events. * Continued Adjusted
EBITDA growth and margin expansion with one-time acquisition- and
integration-related expenses, particularly during the first and
second quarters of 2006; increased marketing expenses to promote
PlanetOut's products and brands, particularly the launch of its new
lesbian brand; investments in technology infrastructure and
personnel; and increased general and administrative expenses
associated with managing and growing a multi-platform, global media
and entertainment company. * Continued net income growth with an
increase in depreciation and amortization expenses associated, in
part, with the amortization of intangible assets related to the LPI
and RSVP acquisitions, and an increase in interest expenses as a
result of seller-financing for a portion of the LPI transaction.
Conference Call and Webcast Information The company plans to host a
conference call and live webcast today at 5:30 p.m. ET/2:30 p.m. PT
to discuss its results for fourth quarter and full year 2005, and
its business outlook. Separately, a brief slide presentation will
be utilized during the call and webcast from the "Investor Center"
section of the company's corporate website
(http://www.planetoutinc.com/). Investors in the United States and
Canada can dial 800-218-0204, access code 11050972, to listen to
the teleconference. International callers can access the call at
303-262-2143. A telephonic replay will also be available for two
weeks after the live call at 800-405-2236 (international callers
dial 303-590-3000), access code 11050972. 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 brands include Gay.com,
PlanetOut.com, Kleptomaniac.com, and OUT&ABOUT Travel, as well
as localized versions of the Gay.com site, in English, French,
German, Italian, Portuguese and Spanish. PlanetOut brands also
include The Advocate (http://www.advocate.com/); OUT
(http://www.out.com/); The OUT Traveler
(http://www.outtraveler.com/); and, HIVPlus
(http://www.hivplusmag.com/), as well as other publishing, direct
marketing and e- commerce properties. PlanetOut, based in San
Francisco with additional offices in New York, Los Angeles, London
and Buenos Aires, offers FORTUNE 1000 and Global 500 advertisers
access to what it believes to be the most extensive network of gay
and lesbian people in the world. For more information, please visit
http://www.planetoutinc.com/. Use of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures of
Adjusted EBITDA, Adjusted net income, Adjusted earnings per share -
basic and diluted, Unallocated Corporate Expenses and Adjusted
EBITDA excluding Unallocated Corporate Expenses. These measures may
be different than non-GAAP financial measures used by other
companies. The presentation of this financial information is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
generally accepted accounting principles. See "Note to Unaudited
Condensed Consolidated Statements of Operations" and
"Reconciliations to Unaudited Condensed Consolidated Statements of
Operations" included in this press release for further information
regarding these non-GAAP financial measures. Forward-Looking
Statements In addition to the historical information contained
herein, this press release contains forward-looking statements,
including statements regarding PlanetOut's anticipated future
growth and financial performance, including growth and financial
performance due to the recent acquisition of LPI Media and its
related entities and its intended acquisition of RSVP Productions,
as well as statements containing the words "believes,"
"anticipates," "expects," and similar words. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the company to differ materially from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
company's limited operating history and variability of operating
results; the company's ability to attract and retain subscribers
and advertisers; the company's ability to integrate the assets of
recently acquired and planned-to-be- acquired entities;
competition; timing of product launches; and the company's
dependence on technology infrastructure and the Internet.
Additional information concerning factors that could affect
PlanetOut's future business and financial results is included in
the company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2005 and other public filings filed from time to time
with the Securities and Exchange Commission (SEC), which are
available at the SEC's Web site at http://www.sec.gov/. All such
forward-looking statements are current only as of the date on which
such statements were made. PlanetOut does not undertake any
obligation to publicly update any forward- looking statement to
reflect events or circumstances after the date on which any such
statement is made or to reflect the occurrence of unanticipated
events. All figures reported today are unaudited and may be subject
to change. PlanetOut Inc. Condensed Consolidated Statements of
Operations (Unaudited, in thousands) Three months ended Twelve
months ended Dec 31, Dec 31, Dec 31, Dec 31, 2005 2004 2005 2004
Revenue: Advertising services $5,660 $2,128 $11,724 $6,541
Subscription services 6,021 4,607 21,123 16,775 Transaction
services 1,612 367 2,732 1,646 Total revenue 13,293 7,102 35,579
24,962 Operating costs and expenses: Cost of revenue 5,201 1,871
11,786 7,503 Sales and marketing 3,340 2,451 10,821 8,250 General
and administrative 2,333 1,132 6,470 4,169 Stock-based compensation
(*) 747 410 998 2,134 Depreciation and amortization 1,040 783 3,495
2,457 Total costs and expenses 12,661 6,647 33,570 24,513 Income
from operations 632 455 2,009 449 Other income (expense), net 134
(546) 903 (961) Income (loss) before income taxes 766 (91) 2,912
(512) Provision for income taxes (88) (1) (204) (25) Net income
(loss) 678 (92) 2,708 (537) Accretion on redeemable convertible
preferred stock -- (89) -- (1,402) Net earnings (loss) attributable
to common stockholders $678 $(181) $2,708 $(1,939) Net earnings
(loss) per share: Basic $0.04 $(0.01) $0.16 $(0.40) Diluted $0.04
$(0.01) $0.15 $(0.40) Weighted-average shares used to compute net
earnings per share: Basic 17,261 14,035 17,116 4,837 Diluted 18,194
14,035 18,192 4,837 (*) Stock-based compensation expense is
allocated as follows: Cost of revenue $140 $99 $177 $565 Sales and
marketing 195 120 253 556 General and administrative 412 191 568
1,013 Total stock-based compensation expense $747 $410 $998 $2,134
Supplemental Financial Data (See Note) Adjusted EBITDA $2,419
$1,648 $6,502 $5,040 Adjusted net income $1,425 $318 $3,706 $1,597
Adjusted earnings per share: Basic $0.08 $0.02 $0.22 $0.33 Diluted
$0.08 $0.02 $0.20 $0.33 Weighted-average shares used to compute
Adjusted earnings per share: Basic 17,261 14,035 17,116 4,837
Diluted 18,194 14,035 18,192 4,837 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, Adjusted earnings per share - basic and
diluted, Unallocated Corporate Expenses and Adjusted EBITDA
excluding Unallocated Corporate Expenses, which are reconciled to
net income, net earnings (loss) per share - basic and diluted, and
general and administrative expenses, which PlanetOut believes are
the most comparable GAAP measures. The company uses these non-GAAP
financial measures for internal management purposes, when publicly
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
business. These non-GAAP measures should be considered as a
supplement to, and not as a substitute for, or superior to, income
from operations, cash flow from operating activities and net income
or net income 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, equity in net income (loss)
of unconsolidated affiliate and other income (expense), net.
PlanetOut considers Adjusted EBITDA to be an important indicator of
its operating strength, and believes that it is useful to
management and investors in evaluating the operating performance of
the company. PlanetOut deducts other income (expense), net,
consisting primarily of interest income (expense) from net income
in calculating Adjusted EBITDA because the company regards interest
income (expense) as a non-operating item. This measure also
eliminates the effects of depreciation and amortization, equity in
net income (loss) of unconsolidated affiliate and stock-based
compensation expense from period to period, as these items are not
directly attributable to the performance of the company's
underlying 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 PlanetOut'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 is defined as net income excluding stock-based compensation
expense. The company considers adjusted net income to be a
profitability measure which facilitates the forecasting of
PlanetOut's 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 is
that it does not include all items that impact the company's net
income and net income per share for the period. Adjusted earnings
per share - basic and diluted are defined as adjusted net income
calculated on a basic and diluted per share basis, respectively. To
supplement its consolidated financial statements presented in
accordance with GAAP, the company has also provided pro forma
financial information for its historical properties as well as
those properties it acquired in the November 2005 acquisition of
substantially all of the assets of LPI Media Inc. and its related
entities. PlanetOut has done this to enhance investors' overall
understanding of the company's current financial performance
relative to its historical performance, particularly given the
mid-November closing date of the LPI transaction. As part of this
non-GAAP supplemental information, included in "Unallocated
Corporate Expenses" are those estimated expenses that historically
have been reported as part of the heritage "General and
Administrative" expenses of PlanetOut Inc., but that management
believes support the corporate-level functions underlying all of
its primary business lines: advertising, subscription, and
transaction services across multiple subsidiaries. These unaudited
estimates of unallocated corporate-level expenses include portions
of the company's executive, finance, accounting, legal, investor
relations, and public-company shareholder expenses and other
related costs including occupancy costs for these functions.
Adjusted EBITDA excluding Unallocated Corporate Expenses is defined
as Adjusted EBITDA for the company's historical properties
excluding Unallocated Corporate Expenses. PlanetOut has provided
this additional pro forma financial measure to enhance investors'
understanding of those estimated general and administrative
expenses that historically have been included in the financial
statements of its heritage properties, but that management believes
may be leveraged across multiple subsidiaries. PlanetOut undertakes
no obligation to provide or update any such estimates or
supplemental information in the future. PlanetOut Inc. Supplemental
Financial Information Reconciliations to Unaudited Condensed
Consolidated Statements of Operations (Unaudited, in thousands)
Three months ended Twelve months ended Dec 31, Dec 31, Dec 31, Dec
31, 2005 2004 2005 2004 Adjusted EBITDA: Net income (loss) $678
$(92) $2,708 $(537) Provision for income taxes 88 1 204 25 Other
income (expense), net (134) 546 (903) 961 Income from operations
632 455 2,009 449 Depreciation and amortization 1,040 783 3,495
2,457 Stock-based compensation expense 747 410 998 2,134 $2,419
$1,648 $6,502 $5,040 Adjusted net income and earnings per share:
Net income (loss) $678 $(92) $2,708 $(537) Stock-based compensation
expense 747 410 998 2,134 Adjusted net income $1,425 $318 $3,706
$1,597 Adjusted earnings per share: Basic $0.08 $0.02 $0.22 $0.33
Diluted $0.08 $0.02 $0.20 $0.33 Weighted-average shares used to
compute adjusted earnings per share: Basic 17,261 14,035 17,116
4,837 Diluted 18,194 14,035 18,192 4,837 General and administrative
expenses: PlanetOut Inc. heritage properties $572 $237 $1,300
$1,060 LPI Media and related properties 567 -- 567 -- Unallocated
corporate expenses 1,194 895 4,603 3,109 $2,333 $1,132 $6,470
$4,169 Reconciliations to Adjusted EBITDA Adjusted EBITDA by
Properties: PlanetOut Inc. heritage properties $1,420 $1,648 $5,503
$5,040 LPI Media and related properties 999 -- 999 -- Adjusted
EBITDA $2,419 $1,648 $6,502 $5,040 PlanetOut Inc. - Heritage
Properties Adjusted EBITDA $1,420 $1,648 $5,503 $5,040 Unallocated
corporate expenses 1,194 895 4,603 3,109 Adjusted EBITDA excluding
unallocated corporate expenses: $2,614 $2,543 $10,106 $8,149
Supplemental Financial Information PlanetOut Inc. - Heritage
Properties Condensed Statements of Operations (Unaudited, in
thousands) Three months ended Twelve months ended Dec 31, Dec 31,
Dec 31, Dec 31, 2005 2004 2005 2004 Revenue: Advertising services
$2,821 $2,128 $8,885 $6,541 Subscription services 5,048 4,607
20,150 16,775 Transaction services 310 367 1,430 1,646 Total
revenue 8,179 7,102 30,465 24,962 Operating costs and expenses
(excluding depreciation and amortization and stock-based
compensation): Cost of revenue 2,375 1,871 8,960 7,503 Sales and
marketing 2,618 2,451 10,099 8,250 General and administrative less
unallocated corporate expenses 572 237 1,300 1,060 Unallocated
corporate expenses 1,194 895 4,603 3,109 Total costs and expenses
6,759 5,454 24,962 19,922 Adjusted EBITDA $1,420 $1,648 $5,503
$5,040 Adjusted EBITDA excluding unallocated corporate expenses
$2,614 $2,543 $10,106 $8,149 Supplemental Financial Information LPI
Media and Related Properties Condensed Statements of Operations
(Unaudited, in thousands) For the period from Nov 8 - Dec 31, 2005
Revenue: Advertising services $2,839 Subscription services 973
Transaction services 1,302 Total revenue 5,114 Operating costs and
expenses (excluding depreciation and amortization and stock-based
compensation): Cost of revenue 2,826 Sales and marketing 722
General and administrative 567 Total costs and expenses 4,115
Adjusted EBITDA $999 PlanetOut Inc. Condensed Balance Sheets
(Unaudited, in thousands) Dec 31, Dec 31, 2005 2004 Assets Current
assets: Cash and cash equivalents $18,461 $43,128 Accounts
receivable, net 6,030 2,075 Prepaid expenses and other current
assets 4,011 2,209 Total current assets 28,502 47,412 Property and
equipment, net 8,168 7,011 Goodwill 27,329 3,403 Intangible assets,
net 12,244 -- Investment in unconsolidated affiliate -- 57 Other
assets 1,152 1,325 Total assets $77,395 $59,208 Liabilities and
stockholders' equity Current liabilities: Accounts payable $1,213
$2,040 Accrued liabilities 3,090 1,469 Deferred revenue, current
portion 8,717 3,506 Capital lease obligations, current portion 308
998 Notes payable, current portion 223 190 Deferred rent, current
portion 202 -- Total current liabilities 13,753 8,203 Deferred
revenue, less current portion 1,771 -- Capital lease obligations,
less current portion 212 491 Notes payable, less current portion
7,075 142 Deferred rent 1,578 1,608 Total liabilities 24,389 10,444
Stockholders' equity: Common stock 17 17 Additional paid-in capital
88,319 88,387 Note receivable from stockholder (603) (603) Unearned
stock-based compensation -- (1,619) Accumulated other comprehensive
loss (123) (106) Accumulated deficit (34,604) (37,312) Total
stockholders' equity 53,006 48,764 Total liabilities and
stockholders' equity $77,395 $59,208 DATASOURCE: PlanetOut Inc.
CONTACT: James David, Media Relations of PlanetOut Inc.,
+1-415-834-6479, or Web site: http://www.planetoutinc.com/
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