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Fourth Quarter 2019 Highlights
- Consolidated revenue increased 5% year-over-year to
$46.7 million . - Revenue at
Lexia Learning ("Lexia"), the Company's Literacy segment, increased 18% year-over-year to a record$17.1 million . - Revenue within the Consumer Language segment increased 2% year-over-year to
$15.8 million . - Revenue within the Enterprise & Education (“E&E”) Language segment decreased 5% year-over-year to
$13.8 million . - Consolidated fourth quarter net loss was
$6.7 million , up from a net loss of$4.4 million in the same quarter a year ago, driven by higher consolidated revenues which were more than offset by increased operating expenses related to investments made in R&D to support upcoming products, increased variable incentive compensation expenses, a decrease in other income primarily related to foreign currency losses on intercompany debt, and an increase in amortization expense associated with previously capitalized product development costs. - Consolidated bookings were
$45.5 million , an increase of 6% versus the fourth quarter of 2018. - Adjusted EBITDA, a non-GAAP financial measure, was negative
$0.9 million in the fourth quarter 2019, compared to $0.7 million in the year-ago period. Adjusted EBITDA for the full year was $6.9 million in 2019, an improvement compared to break-even ($0.2 million) in 2018. - Free cash flow, a non-GAAP financial measure, was $6.5 million in the fourth quarter of 2019, compared to
$5.5 million in the same period a year ago. - At
December 31, 2019 the Company had no debt outstanding and cash and cash equivalents totaled$43.0 million .
“2019 was a solid year for Rosetta Stone as we saw the continued strong performance of our Literacy business and growth in our Consumer Language business,” said
Fourth Quarter 2019 Review
Revenue: Total revenue in the fourth quarter of 2019 was
Revenue at Lexia increased 18% year-over-year to
Consumer Language segment revenue increased
E&E Language segment revenue decreased 5% year-over-year to
US$ thousands, except for percentages | ||||||||||||||||||||
Three Months Ended |
||||||||||||||||||||
2019 | Mix % | 2018 | Mix % | % change | ||||||||||||||||
Revenue from: | ||||||||||||||||||||
Literacy | $ | 17,131 | 37 | % | $ | 14,472 | 32 | % | 18 | % | ||||||||||
E&E Language | 13,793 | 29 | % | 14,594 | 33 | % | (5 | )% | ||||||||||||
Consumer Language | 15,769 | 34 | % | 15,508 | 35 | % | 2 | % | ||||||||||||
Total Revenue | $ | 46,693 | 100 | % | $ | 44,574 | 100 | % | 5 | % | ||||||||||
Net Loss: In the fourth quarter 2019, the Company reported a net loss of
Full Year 2019 Highlights
- Consolidated revenue increased 5% year-over-year to
$182.7 million . - Revenue at Lexia increased 19% year-over-year to a record
$62.6 million . - Revenue within the Consumer Language segment increased 5% year-over-year to
$63.3 million . - Revenue within the E&E Language segment decreased 6% year-over-year to
$56.8 million . - Consolidated full year net loss was
$13.0 million , an improvement from a net loss of$21.5 million in 2018, driven by higher consolidated revenues and gross profit as well as a decrease in income tax expense. Operating expenses for the year were close to flat. - Consolidated bookings before SOURCENEXT were
$196.9 million , an increase of 9% versus 2018. - Adjusted EBITDA, a non-GAAP financial measure, was
$6.9 million in 2019, an improvement from$0.2 million in 2018. - Free cash flow, a non-GAAP financial measure, was $0.4 million in 2019, compared to negative
$6.4 million in the year ago period.
Full Year 2019 Review
Revenue: Total revenue in 2019 was
Revenue at Lexia increased 19% year-over-year to
Consumer Language segment revenue increased
E&E Language segment revenue decreased 6% year-over-year to
US$ thousands, except for percentages | ||||||||||||||||||||
Twelve Months Ended |
||||||||||||||||||||
2019 | Mix % | 2018 | Mix % | % change | ||||||||||||||||
Revenue from: | ||||||||||||||||||||
Literacy | $ | 62,625 | 34 | % | $ | 52,766 | 30 | % | 19 | % | ||||||||||
E&E Language | 56,812 | 31 | % | 60,376 | 35 | % | (6 | )% | ||||||||||||
Consumer Language | 63,265 | 35 | % | 60,492 | 35 | % | 5 | % | ||||||||||||
Total Revenue | $ | 182,702 | 100 | % | $ | 173,634 | 100 | % | 5 | % | ||||||||||
Net Loss: Full year 2019 net loss totaled
Balance Sheet: The Company had cash and cash equivalents of $43.0 million and no debt outstanding at December 31, 2019. Deferred revenue totaled $177.6 million at December 31, 2019, compared to $162.9 million at December 31, 2018. Short-term deferred revenue, which will be recognized as revenue over the next 12 months, totaled $119.9 million, or approximately 67% of the total December 31, 2019 balance.
Free Cash Flow and Adjusted EBITDA: Net cash provided by operating activities was
Adjusted EBITDA, a non-GAAP financial measure, was negative
Earnings Conference Call
In conjunction with this announcement, Rosetta Stone will host a conference call today at 5:00 p.m. ET during which time there will be a discussion of the results and the business outlook. Investors may dial into the live conference call using 1-201-689-8470 (toll / international) or 1-877-407-9039 (toll-free). A live webcast will also be available in the investor relations section of the Company’s website at http://investors.rosettastone.com. A replay will be made available soon after the live conference call is completed and will remain available until
Caution on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by non-historical statements and often include words such as "outlook," "potential," "believes," "expects," "anticipates," "estimates," "intends," "plans," "seeks" or words of similar meaning, or future-looking or conditional verbs, such as "will," "should," "could," "may," "might," "aims," "intends," "projects," or similar words or phrases. These statements may include, but are not limited to, statements relating to: our business strategy; guidance or projections related to revenue, Adjusted EBITDA, sales, and other measures of future economic performance; the contributions and performance of our businesses including acquired businesses and international operations; projections for future capital expenditures; and other guidance, projections, plans, objectives, and related estimates and assumptions. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances. In addition, forward-looking statements are based on the Company’s current assumptions, expectations and beliefs and are subject to certain risks and uncertainties that could cause actual results to differ materially from our present expectations or projections. Some important factors that could cause actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to: the risk that we are unable to execute our business strategy; declining demand for our literacy or language learning solutions; the risk that we are not able to manage and grow our business; the impact of any revisions to our pricing strategy; the risk that we might not succeed in introducing and producing new products and services; the impact of foreign exchange fluctuations; the adequacy of internally generated funds and existing sources of liquidity, such as bank financing, as well as our ability to raise additional funds; the risk that we cannot effectively adapt to and manage complex and numerous technologies; the risk that businesses acquired by us might not perform as expected; and the risk that we are not able to successfully expand internationally. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements, risks and uncertainties that are more fully described in the Company's filings with the
Non-GAAP Financial and Statistical Measures
To supplement the condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in
- Bookings represents executed contracts received by the Company that are either recorded immediately as revenue or deferred revenue. Therefore, bookings is an operational metric and in any one period is equal to revenue plus the change in deferred revenue.
- Adjusted EBITDA is GAAP net income/loss plus interest income and expense, other income/expense, income tax benefit/expense, impairment, lease abandonment and termination, depreciation, amortization, stock-based compensation, restructuring, and strategy and cost-reduction related consulting expenses. In addition, Adjusted EBITDA excludes "Other" items related to non-restructuring wind down and 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 the current definition.
- Free cash flow is cash flow from operating activities minus cash used in purchases of property and equipment.
- Segment contribution is calculated as segment revenue less expenses directly incurred by or allocated to the segment. Direct segment expenses include costs and expenses that are directly incurred by or allocated to the segment and include materials costs, service costs, customer care and coaching costs, sales and marketing expenses, and bad debt expense. In addition to the previously referenced expenses, the Literacy segment includes direct research and development expenses and Combined Language includes shared research and development expenses, cost of revenue, and sales and marketing expenses applicable to the Consumer Language and E&E Language segments. Prior periods have been reclassified to reflect our current segment presentation and definition of segment contribution.
The definitions, GAAP comparisons, and reconciliation of those measures with the most directly comparable GAAP financial measures are available in this press release or in the corresponding earnings presentation, which are posted on our website at www.rosettastone.com.
Management believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations, enabling a better understanding of the long-term performance of the Company’s business. Management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, 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 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.
The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. 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, or in corresponding earnings presentations, and not to rely on any single financial measure to evaluate the Company’s business. The Company’s non-GAAP measures may not be comparable to those used by other companies, and we encourage you to review and understand all our financial reporting before making any investment decision.
About
Founded in 1992, Rosetta Stone's language division uses cloud-based solutions to help all types of learners read, write and speak more than 30 languages, including several endangered languages.
For more information, visit www.rosettastone.com "Rosetta Stone" is a registered trademark or trademark of
Investors:
Addo Investor Relations
1-310-829-5400
IR@rosettastone.com
Media Contact:
1-917-572-5555
ariggs@rosettastone.com
CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) |
||||||||
As of |
||||||||
2019 | 2018 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 43,010 | $ | 38,092 | ||||
Restricted cash | 54 | 82 | ||||||
Accounts receivable (net of allowance for doubtful accounts of |
22,919 | 21,950 | ||||||
Inventory | 1,545 | 933 | ||||||
Deferred sales commissions | 11,558 | 11,597 | ||||||
Prepaid expenses and other current assets | 4,172 | 4,041 | ||||||
Total current assets | 83,258 | 76,695 | ||||||
Deferred sales commissions | 7,682 | 6,933 | ||||||
Property and equipment, net | 39,251 | 36,405 | ||||||
Operating lease right-of-use assets | 5,818 | — | ||||||
Intangible assets, net | 14,317 | 15,850 | ||||||
48,958 | 49,239 | |||||||
Other assets | 1,823 | 2,136 | ||||||
Total assets | $ | 201,107 | $ | 187,258 | ||||
Liabilities and stockholders' deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 7,534 | $ | 8,938 | ||||
Accrued compensation | 9,854 | 9,046 | ||||||
Income tax payable | 78 | 328 | ||||||
Operating lease liabilities | 1,455 | — | ||||||
Other current liabilities | 13,090 | 13,925 | ||||||
Deferred revenue | 119,851 | 113,378 | ||||||
Total current liabilities | 151,862 | 145,615 | ||||||
Deferred revenue | 57,766 | 49,507 | ||||||
Deferred income taxes | 2,590 | 2,776 | ||||||
Operating lease liabilities | 4,167 | - | ||||||
Other long-term liabilities | 914 | 1,368 | ||||||
Total liabilities | 217,299 | 199,266 | ||||||
Commitments and contingencies | ||||||||
Stockholders' deficit: | ||||||||
Preferred stock, |
— | — | ||||||
Non-designated common stock, |
2 | 2 | ||||||
Additional paid-in capital | 210,846 | 202,355 | ||||||
(11,435 | ) | (11,435 | ) | |||||
Accumulated loss | (212,548 | ) | (199,592 | ) | ||||
Accumulated other comprehensive loss | (3,057 | ) | (3,338 | ) | ||||
Total stockholders' deficit | (16,192 | ) | (12,008 | ) | ||||
Total liabilities and stockholders' deficit | $ | 201,107 | $ | 187,258 | ||||
ROSETTA STONE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) |
||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenue | $ | 46,693 | $ | 44,574 | $ | 182,702 | $ | 173,634 | ||||||||
Cost of revenue | 10,558 | 9,790 | 37,261 | 35,922 | ||||||||||||
Gross profit | 36,135 | 34,784 | 145,441 | 137,712 | ||||||||||||
Operating expenses | ||||||||||||||||
Sales and marketing | 25,834 | 24,898 | 99,572 | 98,911 | ||||||||||||
Research and development | 7,479 | 6,420 | 24,510 | 25,210 | ||||||||||||
General and administrative | 8,352 | 7,844 | 34,297 | 33,210 | ||||||||||||
Total operating expenses | 41,665 | 39,162 | 158,379 | 157,331 | ||||||||||||
Loss from operations | (5,530 | ) | (4,378 | ) | (12,938 | ) | (19,619 | ) | ||||||||
Other income and (expense): | ||||||||||||||||
Interest income | 13 | 32 | 61 | 103 | ||||||||||||
Interest expense | (38 | ) | (67 | ) | (316 | ) | (313 | ) | ||||||||
Other income and (expense) | (728 | ) | 295 | 554 | 165 | |||||||||||
Total other income and (expense) | (753 | ) | 260 | 299 | (45 | ) | ||||||||||
Loss before income taxes | (6,283 | ) | (4,118 | ) | (12,639 | ) | (19,664 | ) | ||||||||
Income tax expense | 405 | 306 | 317 | 1,809 | ||||||||||||
Net loss | $ | (6,688 | ) | $ | (4,424 | ) | $ | (12,956 | ) | $ | (21,473 | ) | ||||
Loss per share: | ||||||||||||||||
Basic | $ | (0.28 | ) | $ | (0.19 | ) | $ | (0.55 | ) | $ | (0.95 | ) | ||||
Diluted | $ | (0.28 | ) | $ | (0.19 | ) | $ | (0.55 | ) | $ | (0.95 | ) | ||||
Common shares and equivalents outstanding: | ||||||||||||||||
Basic weighted average shares | 23,666 | 22,877 | 23,444 | 22,705 | ||||||||||||
Diluted weighted average shares | 23,666 | 22,877 | 23,444 | 22,705 | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net loss | $ | (6,688 | ) | $ | (4,424 | ) | $ | (12,956 | ) | $ | (21,473 | ) | ||||
Non-cash adjustments to reconcile net loss to cash provided by operating activities: | ||||||||||||||||
Stock-based compensation expense | 371 | 1,087 | 4,359 | 4,475 | ||||||||||||
Loss (gain) on foreign currency transactions | 418 | (324 | ) | 619 | (298 | ) | ||||||||||
Bad debt expense | 105 | 58 | 393 | 168 | ||||||||||||
Depreciation and amortization | 4,257 | 3,725 | 15,181 | 14,616 | ||||||||||||
Operating lease costs | 553 | — | 2,157 | — | ||||||||||||
Deferred income tax (benefit) expense | 334 | 355 | (376 | ) | 792 | |||||||||||
(Gain) loss on disposal or sale of assets | — | 9 | (1,389 | ) | 21 | |||||||||||
Amortization of deferred financing costs | 17 | 12 | 68 | 114 | ||||||||||||
Net change in: | ||||||||||||||||
Accounts receivable | 10,202 | 10,533 | (1,350 | ) | 2,219 | |||||||||||
Inventory | (22 | ) | 747 | (611 | ) | 2,603 | ||||||||||
Deferred sales commissions | 425 | 412 | (713 | ) | (781 | ) | ||||||||||
Prepaid expenses and other current assets | 761 | (500 | ) | (278 | ) | 375 | ||||||||||
Income tax receivable or payable | (115 | ) | 337 | (254 | ) | (60 | ) | |||||||||
Other assets | (109 | ) | (118 | ) | 133 | (525 | ) | |||||||||
Accounts payable | (1,244 | ) | 40 | (1,406 | ) | 4 | ||||||||||
Accrued compensation | 933 | (884 | ) | 1,389 | (1,863 | ) | ||||||||||
Other current liabilities | 1,723 | 1,084 | (175 | ) | (2,885 | ) | ||||||||||
Operating lease liabilities | (676 | ) | — | (2,251 | ) | — | ||||||||||
Other long-term liabilities | — | — | (31 | ) | — | |||||||||||
Deferred revenue | (1,712 | ) | (1,443 | ) | 14,682 | 12,941 | ||||||||||
Net cash provided by operating activities | 9,533 | 10,706 | 17,191 | 10,443 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Purchases of property and equipment | (3,046 | ) | (5,189 | ) | (16,766 | ) | (16,889 | ) | ||||||||
Proceeds from sale of assets | — | — | 1,396 | 17 | ||||||||||||
Net cash used in investing activities | (3,046 | ) | (5,189 | ) | (15,370 | ) | (16,872 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Proceeds from the exercise of stock options | — | 689 | 3,556 | 2,236 | ||||||||||||
Proceeds from borrowings under credit facility | — | — | 10,500 | — | ||||||||||||
Repayments of borrowings under credit facility | — | — | (10,500 | ) | — | |||||||||||
Payment of deferred financing costs | — | — | (47 | ) | (4 | ) | ||||||||||
Payments under financing lease liabilities | (113 | ) | (105 | ) | (444 | ) | (441 | ) | ||||||||
Net cash provided by (used in) financing activities | (113 | ) | 584 | 3,065 | 1,791 | |||||||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | 6,374 | 6,101 | 4,886 | (4,638 | ) | |||||||||||
Effect of exchange rate changes in cash, cash equivalents, and restricted cash | 440 | 176 | 4 | (224 | ) | |||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 6,814 | 6,277 | 4,890 | (4,862 | ) | |||||||||||
Cash, cash equivalents, and restricted cash—beginning of period | 36,250 | 31,897 | 38,174 | 43,036 | ||||||||||||
Cash, cash equivalents, and restricted cash—end of period | $ | 43,064 | $ | 38,174 | $ | 43,064 | $ | 38,174 | ||||||||
RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (in thousands) (unaudited) |
||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
GAAP net loss | $ | (6,688 | ) | $ | (4,424 | ) | $ | (12,956 | ) | $ | (21,473 | ) | ||||
Total other non-operating (income) and expense, net | 753 | (260 | ) | (299 | ) | 45 | ||||||||||
Income tax expense | 405 | 306 | 317 | 1,809 | ||||||||||||
Depreciation and amortization | 4,257 | 3,725 | 15,181 | 14,616 | ||||||||||||
Stock-based compensation expense | 371 | 1,087 | 4,359 | 4,475 | ||||||||||||
Restructuring expense | — | (3 | ) | — | (3 | ) | ||||||||||
Other EBITDA adjustments | (8 | ) | 252 | 292 | 681 | |||||||||||
Adjusted EBITDA* | $ | (910 | ) | $ | 683 | $ | 6,894 | $ | 150 |
* Adjusted EBITDA is GAAP net income/loss plus interest income and expense, other income/expense, income tax benefit/expense, impairment, lease abandonment and termination, depreciation, amortization, stock-based compensation, restructuring, and strategy and cost-reduction related consulting expenses. In addition, Adjusted EBITDA excludes “Other” items related to non-restructuring wind down and 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 the current definition.
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (in thousands) (unaudited) |
||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net cash provided by operating activities | $ | 9,533 | $ | 10,706 | $ | 17,191 | $ | 10,443 | ||||||||
Purchases of property and equipment | (3,046 | ) | (5,189 | ) | (16,766 | ) | (16,889 | ) | ||||||||
Free cash flow * | $ | 6,487 | $ | 5,517 | $ | 425 | $ | (6,446 | ) |
* Free cash flow is cash flow from operations minus cash used in purchases of property and equipment.
Supplemental Information (unaudited) |
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Quarter-Ended | Year Ended | Quarter-Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||||||||||||
Revenue by Segment (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||
Literacy | 12,384 | 12,695 | 13,215 | 14,472 | 52,766 | 14,806 | 15,101 | 15,587 | 17,131 | 62,625 | |||||||||||||||||||||||||||||
E&E Language | 15,436 | 15,356 | 14,990 | 14,594 | 60,376 | 14,443 | 14,502 | 14,074 | 13,793 | 56,812 | |||||||||||||||||||||||||||||
Consumer Language | 14,988 | 15,451 | 14,545 | 15,508 | 60,492 | 15,362 | 16,339 | 15,795 | 15,769 | 63,265 | |||||||||||||||||||||||||||||
Total | 42,808 | 43,502 | 42,750 | 44,574 | 173,634 | 44,611 | 45,942 | 45,456 | 46,693 | 182,702 | |||||||||||||||||||||||||||||
YoY Growth (%) | |||||||||||||||||||||||||||||||||||||||
Literacy | 22 | % | 22 | % | 20 | % | 20 | % | 21 | % | 20 | % | 19 | % | 18 | % | 18 | % | 19 | % | |||||||||||||||||||
E&E Language | (6 | )% | (11 | )% | (9 | )% | (3 | )% | (7 | )% | (6 | )% | (6 | )% | (6 | )% | (5 | )% | (6 | )% | |||||||||||||||||||
Consumer Language | (29 | )% | (15 | )% | (22 | )% | (13 | )% | (20 | )% | 2 | % | 6 | % | 9 | % | 2 | % | 5 | % | |||||||||||||||||||
Total | (10 | )% | (5 | )% | (7 | )% | — | (6 | )% | 4 | % | 6 | % | 6 | % | 5 | % | 5 | % | ||||||||||||||||||||
% of Total Revenue | |||||||||||||||||||||||||||||||||||||||
Literacy | 29 | % | 29 | % | 31 | % | 32 | % | 30 | % | 33 | % | 33 | % | 34 | % | 37 | % | 34 | % | |||||||||||||||||||
E&E Language | 36 | % | 35 | % | 35 | % | 33 | % | 35 | % | 32 | % | 32 | % | 31 | % | 29 | % | 31 | % | |||||||||||||||||||
Consumer Language | 35 | % | 36 | % | 34 | % | 35 | % | 35 | % | 34 | % | 35 | % | 35 | % | 34 | % | 35 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
Revenues by Geography | |||||||||||||||||||||||||||||||||||||||
36,965 | 37,759 | 37,747 | 39,936 | 152,407 | 39,830 | 41,179 | 40,891 | 42,180 | 164,080 | ||||||||||||||||||||||||||||||
International | 5,843 | 5,743 | 5,003 | 4,638 | 21,227 | 4,781 | 4,763 | 4,565 | 4,513 | 18,622 | |||||||||||||||||||||||||||||
Total | 42,808 | 43,502 | 42,750 | 44,574 | 173,634 | 44,611 | 45,942 | 45,456 | 46,693 | 182,702 | |||||||||||||||||||||||||||||
Revenues by Geography (as a %) | |||||||||||||||||||||||||||||||||||||||
86 | % | 87 | % | 88 | % | 90 | % | 88 | % | 89 | % | 90 | % | 90 | % | 90 | % | 90 | % | ||||||||||||||||||||
International | 14 | % | 13 | % | 12 | % | 10 | % | 12 | % | 11 | % | 10 | % | 10 | % | 10 | % | 10 | % | |||||||||||||||||||
Total | 100 | % | 100 | % | 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.