Rosetta Stone 2013 Annual Report Download - page 87
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Table of Contents
Pro Forma Adjusted Summary
The results of Livemocha and Lexia’s operations have been included in the consolidated financial statements subsequent to the acquisition date.
The following schedule presents unaudited consolidated pro forma results of operations data as if the Livemocha and Lexia Mergers (the "Mergers”) had
occurred on January 1, 2012. This information does not purport to be indicative of the actual results that would have occurred if the Mergers had actually
been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company (in
thousands, except per share amounts):
Revenue
$266,998
$277,033
Net loss
$(25,212)
$(54,152)
Basic loss per share
$(1.17)
$ (2.57)
Diluted loss per share
$(1.17)
$ (2.57)
The operations of Livemocha have been integrated into the overall operations of the Company. The results of Livemocha are reported within the results of
the Company’s operating segments and are not recorded on a stand-alone basis. Therefore it is impracticable to report revenue and earnings from Livemocha
for the year ended December 31, 2013. The Company recorded revenue of $1.2 million and a net loss of $4.5 million from Lexia for the year ended December
31, 2013.
During 2012, the Company made a payment of $300,000 in accordance with the terms of the November 1, 2009 acquisition of certain assets from
SGLC International Co. Ltd., a software reseller headquartered in Seoul, South Korea.
Under the acquisition method of accounting, the total purchase price was allocated to the tangible and intangible assets acquired on the basis of their
respective estimated fair values at the date of acquisition. The valuation of the identifiable intangible assets and their useful lives acquired reflects
management's estimates.
Property and equipment consisted of the following (in thousands):
Land
$390
$390
Buildings and improvements
8,170
8,145
Leasehold improvements
1,657
1,854
Computer equipment
17,077
15,704
Software
24,594
18,754
Furniture and equipment
4,190
4,895
56,078
49,742
Less: accumulated depreciation
(38,312)
(32,529)
Property and equipment, net
$17,766
$ 17,213
The Company leases certain computer equipment, software and machinery under capital lease agreements. As of December 31, 2013 and 2012,
leased computer equipment and software included in property and equipment above was $0.7 million and $0.1 million, respectively.
F-23