NEW YORK, Aug. 8, 2018 /PRNewswire/ -- Effective
June 20, 2018, The Street, Inc.
completed the sale of its RateWatch business. As a result,
RateWatch has been reclassified as a discontinued operation in the
financial statements. Accordingly, the second quarter results
presented in this press release reflect continuing operations
unless indicated otherwise.
- RateWatch business sold June 20,
2018 for $33.5 million.
- Cash, cash equivalents, restricted cash and marketable
securities totaled $44.9 million, an
increase of $31.0 million from
December 31, 2017, including a
$5.6 million increase in cash from
operations.
- Net income for the second quarter 2018 including discontinued
operations totaled $27.5 million, or
$0.54 per diluted share, compared to
$0.3 million, or $0.01 per diluted share for the same quarter last
year. The second quarter of 2018 includes the gain on sale of
RateWatch of $27.6 million partially
offset by eight fewer business days of operating activity in the
RateWatch business (Discontinued operations).
- Net loss from continuing operations totaled $0.9 million, or ($0.02) per share, as compared to $0.4 million, or ($0.01) per share in the second quarter of
2017.
- Total Revenue from continuing operations for the second quarter
of 2018 totaled $13.6 million, down
$0.5 million, or 3%, as compared to
the same quarter in the prior year.
-
- Business-to-Business (B2B) revenue of $6.7 million, up 12% year-over-year.
- Business-to-Consumer (B2C) revenue of $6.9 million, down 15% year-over-year, primarily
due to a strategic shift as it relates to advertising.
- Deferred subscription revenue from continuing operations
totaled $23.2 million, up
$1.8 million, or 8%,
year-over-year.
-
- B2B deferred subscription revenue increased $0.9 million, or 8%, as compared to the second
quarter of 2017.
- B2C premium deferred subscription revenue grew $0.9 million, or 9%, as compared to the second
quarter 2017.
- Adjusted EBITDA of $0.4 million
for the second quarter of 2018 decreased $0.9 million as compared to the same quarter last
year.
TheStreet, Inc. (Nasdaq: TST) a leading financial news and
information company, today reported financial results for the
second quarter ended June 30,
2018.
For the second quarter of 2018, the Company reported revenue of
$13.6 million, net loss from
continuing operations of $0.9
million, or ($0.02) per basic
and diluted share, and an Adjusted EBITDA(1) of $0.4 million. The second quarter net loss
increased $0.5 million over the same
period last year primarily from lower Business-to-Consumer ("B2C")
advertising revenue coupled with higher operating costs, partially
offset by a lower tax provision.
"With the successful RateWatch divestiture behind us, we are now
focused squarely on continuing our growth momentum in our paid
subscription products," said David
Callaway, President and CEO. "Our strategic shift from
advertising, while resulting in a short-term decline in results,
has begun to pay off in almost all the underlying metrics of our
subscription businesses, especially deferred revenue, which will
benefit us in quarters to come."
Second Quarter Results
Business-to-business ("B2B") revenue, which includes BoardEx and
The Deal, totaled $6.7 million for
the second quarter, up $0.7 million
or 12% as compared to the second quarter of 2017. B2C revenue was
$6.9 million for the second quarter
2018, down $1.2 million, or 15%,
compared to the second quarter of 2017, primarily the result of a
strategic decision to cut programmatic advertising and instead
refocus on building its subscription business. Total deferred
subscription revenue was $23.2
million for the second quarter ended June 30, 2018, up $1.8
million, or 8% compared to the second quarter ended in 2017,
and up $3.6 million, or 18% from
year-end 2017. The continued increase in deferred subscription
revenue reflects four consecutive quarters with year-over-year
growth. B2B deferred subscription revenue at June 30, 2018 increased $0.9 million, or 8% from the second quarter ended
2017. B2C premium deferred revenue at June
30, 2018 improved $0.9
million, or 9% from the second quarter ended 2017.
Operating expenses for the second quarter of 2018 were
$14.9 million as compared to
$14.2 million for the second quarter
of 2017, an increase of $0.7 million
between periods. Higher operating expense for the quarter was
primarily the result of staffing and compensation expense mostly in
non-cash compensation with the issuance of RSUs related to
retention efforts for key employees, increase in bonus and
commissions from stronger performance over the prior year, and
increased compensation and recruiting costs. In addition, higher
marketing spends, and event costs were recorded during the period
related to the launch of the new premium product "Retirement Daily"
and increased efforts in search engine marketing, and costs related
to the additional event revenue generated during the period. The
Company also incurred higher year-over-year data platform and
technology and consulting costs as we invest in our premium
business. Higher professional fees were also recorded during the
current year quarter. These increased costs were partially offset
by planned reduction in traffic acquisition costs, lower freelance
costs and benefits realized in FX exchange rates.
Net loss from continuing operations of $0.9 million for the second quarter of 2018
increased from a net loss of $0.4
million from the prior year period. Adjusted EBITDA for the
second quarter of 2018 was $0.4
million compared to $1.3
million from the prior year period. The year-over-year
decline in Adjusted EBITDA was primarily the result of declines in
B2C advertising and subscription revenue, higher staffing and
compensation costs, professional fees and marketing costs,
partially offset by strong B2B revenue growth and higher second
quarter year over year B2C event revenue.
Business-to-Business Revenue
B2B revenue for the second quarter of 2018 was $6.7 million, an increase of $0.7 million, or 12%, compared to the second
quarter of 2017. Year over year revenue growth resulted
primarily from increased subscription revenue in BoardEx coupled
with higher event revenue in The Deal. Increased BoardEx
subscription revenue resulted from both a strong increase in the
subscriber base of 13% coupled with an increase of 5% in the
average revenue per subscription. Event revenue grew $0.3 million, or 57% to $0.7 million during the second quarter over the
same quarter last year due primarily from stronger year-over year
performance in our TD Corporate Governance event and the success of
a new event, The Dealmaker Awards.
Business-to-Consumer Revenue
B2C revenue for the second quarter of 2018 was $6.9 million, a decrease of $1.2 million, or 15%, from $8.1 million in the second quarter of 2017. Lower
year-over-year B2C advertising revenue of $1.1 million resulted from our decision to reduce
marginally profitable programmatic advertising earlier in the year.
B2C subscription revenue for the second quarter of 2018 was
$4.8 million, a decrease of
$0.2 million, or 3%, from
$5.0 million in the second quarter of
2017. This decrease primarily related to a 6% decline in the
weighted-average number of subscriptions partially offset by a 3%
increase in the average revenue recognized per subscription.
Average monthly churn(2) improved to 3.90% for the
second quarter of 2018 from 4.67% for the second quarter of 2017.
Subscription sales bookings increased $0.3
million, or 6% for the second quarter of 2018 over the same
quarter in 2017. B2C event revenue of $0.2
million for the second quarter of 2018 increased
$0.1 million as compared to the
second quarter 2017.
Cash on hand
The Company ended the second quarter 2018 with cash and cash
equivalents, restricted cash and marketable securities of
$44.9 million, up $31.0 million as compared to $13.9 million at December
31, 2017. The change between the periods primarily resulted
from proceeds from the sale of RateWatch of $28.2 million and cash generated from operating
activities of $5.6 million. This was
partially offset by capital expenditures incurred during the period
of $1.7 million and the deferred
payment for a prior acquisition (BoardEx).
Conference Call Information
TheStreet will discuss its financial results for the second
quarter 2018 on August 8, 2018 at
8:00 a.m. EDT.
To participate in the call, please dial 877-260-1479
(domestic) or 334-323-0522 (international). The conference code is
6703776. This call is being webcast and can be accessed on the
Investor Relations section of TheStreet website at.
http://investor-relations.thestreet.com/events.cfm
A replay of the webcast will be available approximately two
hours after the conclusion of the call and remain available for
approximately 90 calendar days.
About TheStreet
TheStreet, Inc. (NASDAQ: TST, www.t.st) is a leading financial
news and information provider to investors and institutions
worldwide. The Company's flagship brand, TheStreet
(www.thestreet.com), has produced unbiased business news and market
analysis for individual investors for more than 20 years. The
Company's portfolio of institutional brands includes The Deal
(www.thedeal.com), which provides actionable, intraday coverage of
mergers, acquisitions and all other changes in corporate control;
and BoardEx (www.boardex.com), a relationship mapping service of
corporate directors and officers.
Non-GAAP Financial Information
(1) To supplement the Company's financial statements
presented in accordance with generally accepted accounting
principles ("GAAP"), the Company also uses "EBITDA" and "Adjusted
EBITDA", non-GAAP measures of certain components of financial
performance. "EBITDA" is adjusted from results based on GAAP
to exclude interest, income taxes, depreciation and
amortization. This non-GAAP measure is provided to enhance
investors' overall understanding of the Company's current financial
performance and its prospects for the future. Specifically,
the Company believes that the non-GAAP EBITDA results are an
important indicator of the operational strength of the Company's
business and provide an indication of the Company's ability to
service debt and fund acquisitions and capital expenditures.
EBITDA eliminates the uneven effect of considerable amounts of
non-cash depreciation of tangible assets and amortization of
certain intangible assets that were recognized in business
combinations. "Adjusted EBITDA" further eliminates the impact
of non-cash stock compensation, impairment charges, restructuring,
transaction related costs, severance and other charges affecting
comparability. A limitation of these measures, however, is
that they do not reflect the periodic costs of certain capitalized
tangible and intangible assets used in generating revenues in the
Company's businesses. Management evaluates the investments in
such tangible and intangible assets through other financial
measures, such as capital expenditure budgets and investment
spending levels. "Free cash flow" means net income/loss plus
non-cash expenses net of gains/losses on dispositions of assets,
less changes in operating assets and liabilities and capital
expenditures. The Company believes that this non-GAAP
financial measure is an important indicator of the Company's
financial results because it gives investors a view of the
Company's ability to generate cash.
(2) Average monthly churn is defined as subscriber
terminations/expirations in the quarter divided by the sum of the
beginning subscribers and gross subscriber additions for the
quarter, and then divided by three. Subscriptions that are on
a free-trial basis are not regarded as added or terminated unless
the subscription is active at the end of the free-trial period.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. These forward-looking statements include statements
regarding planned investments in our business, improved premium
subscription products and expectations for 2018. Such
forward-looking statements are subject to risks and uncertainties,
including those described in the Company's filings with the
Securities and Exchange Commission ("SEC") that could cause actual
results to differ materially from those reflected in the
forward-looking statements. Factors that might contribute to
such differences include, among others, economic downturns and the
general state of the economy, including the financial markets and
mergers and acquisitions environment; our ability to drive revenue,
and increase or retain current subscription revenue, particularly
in light of the investments in our expanded news operations; our
ability to develop new products; competition and other factors set
forth in our filings with the SEC, which are available on the SEC's
website at www.sec.gov. All forward-looking statements
contained herein are made as of the date of this press
release. Although the Company believes that the expectations
reflected in the forward-looking statements are reasonable, the
Company cannot guarantee future results or occurrences. The
Company disclaims any obligation to update these forward-looking
statements, whether as a result of new information, future
developments or otherwise.
Contact: Eric Lundberg, Chief
Financial Officer, TheStreet, Inc., ir at thestreet.com;
John Evans, Investor Relations, PIR
Communications, 415-309-0230, ir at thestreet.com
THESTREET,
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
ASSETS
|
|
June 30,
2018
|
|
December 31,
2017
|
|
|
(unaudited)
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
42,661,074
|
|
$
|
11,684,817
|
Accounts receivable,
net of allowance for doubtful accounts of
|
|
|
|
|
$293,083
at June 30, 2018 and $278,997 at December 31, 2017
|
|
4,631,413
|
|
4,546,308
|
Other
receivables
|
|
227,306
|
|
389,353
|
Prepaid expenses and
other current assets
|
|
2,351,558
|
|
1,615,720
|
Current assets of
discontinued operations
|
|
-
|
|
230,116
|
Total current
assets
|
|
49,871,351
|
|
18,466,314
|
Noncurrent
Assets:
|
|
|
|
|
Property and
equipment, net of accumulated depreciation and
|
|
|
|
|
amortization of $5,862,499 at June 30, 2018 and $5,475,077
at
|
|
|
|
|
December 31,
2017
|
|
1,734,326
|
|
2,092,669
|
Marketable
securities
|
|
1,750,026
|
|
1,680,000
|
Other
assets
|
|
4,479,795
|
|
306,465
|
Goodwill
|
|
23,535,799
|
|
23,568,472
|
Other intangibles,
net of accumulated amortization of $17,450,650
|
|
|
|
|
at June
30, 2018 and $15,702,665 at December 31, 2017
|
|
12,579,416
|
|
12,966,569
|
Deferred tax
asset
|
|
1,547,420
|
|
1,865,453
|
Restricted
cash
|
|
500,000
|
|
500,000
|
Noncurrent assets of
discontinued operations
|
|
-
|
|
7,564,606
|
Total
assets
|
|
$
|
95,998,133
|
|
$
|
69,010,548
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
2,447,393
|
|
$
|
1,999,772
|
Accrued
expenses
|
|
3,724,123
|
|
3,690,337
|
Deferred
revenue
|
|
22,369,916
|
|
19,201,693
|
Other current
liabilities
|
|
936,785
|
|
1,835,679
|
Current liabilities
of discontinued operations
|
|
-
|
|
4,246,891
|
Total current
liabilities
|
|
29,478,217
|
|
30,974,372
|
Noncurrent
Liabilities:
|
|
|
|
|
Deferred tax
liability
|
|
1,376,897
|
|
803,917
|
Other
liabilities
|
|
1,938,717
|
|
1,543,602
|
Noncurrent
liabilities of discontinued operations
|
|
-
|
|
741,856
|
Total
liabilities
|
|
32,793,831
|
|
34,063,747
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Common stock; $0.01
par value; 100,000,000 shares authorized;
|
|
|
|
|
57,307,672 shares issued and 49,590,988 shares outstanding
at
|
|
|
|
|
June 30,
2018, and 56,891,551 shares issued and 49,181,462
|
|
|
|
|
shares
outstanding at December 31, 2017
|
|
573,077
|
|
568,916
|
Additional paid-in
capital
|
|
260,483,998
|
|
259,569,737
|
Accumulated other
comprehensive loss
|
|
(5,104,828)
|
|
(4,845,650)
|
Treasury stock at
cost; 7,716,684 shares at June 30, 2018
|
|
|
|
|
and
7,710,089 shares at December 31, 2017
|
|
(13,494,805)
|
|
(13,484,924)
|
Accumulated
deficit
|
|
(179,253,140)
|
|
(206,861,278)
|
Total stockholders'
equity
|
|
63,204,302
|
|
34,946,801
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
95,998,133
|
|
$
|
69,010,548
|
|
|
|
|
|
|
Note: The
consolidated balance sheet as of December 31, 2017 reflects an
immaterial adjustment to increase deferred tax assets and a
corresponding increase to stockholders' equity as a result of the
continued assessment and application of the recently enacted
federal tax reform.
|
THESTREET,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
unaudited
|
|
unaudited
|
Revenue:
|
|
|
|
|
|
|
|
|
Business to
business
|
|
$
|
6,687,633
|
|
$
|
5,953,014
|
|
$
|
12,591,573
|
|
$
|
11,466,671
|
Business to
consumer
|
|
6,901,644
|
|
8,104,658
|
|
13,572,847
|
|
15,997,856
|
Total
revenue
|
|
13,589,277
|
|
14,057,672
|
|
26,164,420
|
|
27,464,527
|
|
|
|
|
|
|
|
|
|
Operating
expense:
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
5,745,659
|
|
6,244,445
|
|
11,206,732
|
|
13,076,044
|
Sales and
marketing
|
|
3,897,220
|
|
3,257,498
|
|
7,378,077
|
|
6,482,951
|
General and
administrative
|
|
4,150,957
|
|
3,681,419
|
|
8,319,248
|
|
7,550,602
|
Depreciation and
amortization
|
|
1,150,307
|
|
1,058,603
|
|
2,257,913
|
|
2,074,503
|
Restructuring and
other charges
|
|
-
|
|
-
|
|
-
|
|
198,979
|
Total operating
expense
|
|
14,944,143
|
|
14,241,965
|
|
29,161,970
|
|
29,383,079
|
Operating loss
|
|
(1,354,866)
|
|
(184,293)
|
|
(2,997,550)
|
|
(1,918,552)
|
Net interest
income
|
|
30,031
|
|
10,285
|
|
48,808
|
|
18,056
|
Net loss before
income taxes
|
|
(1,324,835)
|
|
(174,008)
|
|
(2,948,742)
|
|
(1,900,496)
|
Income from
discontinued operations
|
|
758,122
|
|
706,510
|
|
1,855,455
|
|
1,726,368
|
Gain on sale of
business, net of tax
|
|
27,618,823
|
|
-
|
|
27,618,823
|
|
-
|
Income (loss) before
income taxes
|
|
27,052,110
|
|
532,502
|
|
26,525,536
|
|
(174,128)
|
Benefit (provision)
for income taxes
|
|
463,885
|
|
(187,758)
|
|
308,749
|
|
(608,568)
|
Net income (loss)
attributable to common stockholders
|
|
$
|
27,515,995
|
|
$
|
344,744
|
|
$
|
26,834,285
|
|
$
|
(782,696)
|
|
|
|
|
|
|
|
|
|
Basic net loss
(income) per share:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.02)
|
|
$
|
(0.01)
|
|
$
|
(0.05)
|
|
$
|
(0.07)
|
Discontinued
operations
|
|
0.58
|
|
0.02
|
|
0.60
|
|
0.05
|
Basic net (loss)
income attributable to common stockholders
|
|
$
|
0.56
|
|
$
|
0.01
|
|
$
|
0.55
|
|
$
|
(0.02)
|
|
|
|
|
|
|
|
|
|
Diluted net (loss)
income per share
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.02)
|
|
$
|
(0.01)
|
|
$
|
(0.05)
|
|
$
|
(0.07)
|
Discontinued
operations
|
|
0.56
|
|
0.02
|
|
0.59
|
|
0.05
|
Diluted net (loss)
income attributable to common stockholders
|
|
$
|
0.54
|
|
$
|
0.01
|
|
$
|
0.54
|
|
$
|
(0.02)
|
|
|
|
|
|
|
|
|
|
Weighted average
basic shares outstanding
|
|
49,296,061
|
|
35,698,603
|
|
49,240,684
|
|
35,628,874
|
Weighted average
diluted shares outstanding
|
|
50,551,236
|
|
35,803,117
|
|
50,210,935
|
|
35,628,874
|
|
|
|
|
|
|
|
|
|
Reconciliation of
net income (loss) to adjusted EBITDA - see note (1):
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
|
$
|
27,515,995
|
|
$
|
344,744
|
|
$
|
26,834,285
|
|
$
|
(782,696)
|
Provision for income
taxes
|
|
(463,885)
|
|
187,758
|
|
(308,749)
|
|
608,568
|
Net interest
income
|
|
(30,031)
|
|
(10,285)
|
|
(48,808)
|
|
(18,056)
|
Depreciation and
amortization
|
|
1,150,307
|
|
1,058,603
|
|
2,257,913
|
|
2,074,503
|
EBITDA
|
|
28,172,386
|
|
1,580,820
|
|
28,734,641
|
|
1,882,319
|
Restructuring and
other charges
|
|
-
|
|
-
|
|
-
|
|
198,979
|
Income from
discontinued operations
|
|
(758,122)
|
|
(706,510)
|
|
(1,855,455)
|
|
(1,726,368)
|
Gain on Sale of
RateWatch
|
|
(27,618,823)
|
|
-
|
|
(27,618,823)
|
|
-
|
Stock based
compensation
|
|
578,146
|
|
408,788
|
|
918,512
|
|
805,030
|
Adjusted
EBITDA
|
|
$
|
373,587
|
|
$
|
1,283,098
|
|
$
|
178,875
|
|
$
|
1,159,960
|
THESTREET,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(unaudited)
|
|
|
|
|
For the Six Months
Ended June 30,
|
|
|
2018
|
|
2017
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net income
(loss)
|
|
$
|
26,834,285
|
|
$
|
(782,696)
|
Gain on sale of
business, net of tax
|
|
(27,618,823)
|
|
-
|
Adjustments to
reconcile net loss to net cash provided by
|
|
|
|
|
operating activities:
|
|
|
|
|
Stock-based
compensation expense
|
|
918,512
|
|
805,030
|
Provision for
doubtful accounts
|
|
50,122
|
|
37,923
|
Depreciation and
amortization
|
|
2,418,206
|
|
2,482,025
|
Deferred
taxes
|
|
(311,438)
|
|
296,544
|
Deferred
rent
|
|
(114,324)
|
|
(263,067)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
(214,813)
|
|
690,768
|
Other receivables
|
|
163,357
|
|
(29,548)
|
Prepaid expenses and other current assets
|
|
(376,137)
|
|
(669,144)
|
Other assets
|
|
(345,528)
|
|
(3,433)
|
Accounts payable
|
|
436,897
|
|
(512,932)
|
Accrued expenses
|
|
(335,273)
|
|
(1,553,138)
|
Deferred revenue
|
|
3,919,340
|
|
2,602,825
|
Other current liabilities
|
|
70,006
|
|
(3,912)
|
Other liabilities
|
|
108,196
|
|
22,105
|
Net cash provided by operating activities
|
|
5,602,585
|
|
3,119,350
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Capital
expenditures
|
|
(1,698,277)
|
|
(1,293,417)
|
Proceeds from the
sale of business, net
|
|
28,232,100
|
|
-
|
Net cash used in investing activities
|
|
26,533,823
|
|
(1,293,417)
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Cash dividends paid
on common stock
|
|
(68,162)
|
|
(68,245)
|
Earnout payment for
prior acquisition
|
|
(951,867)
|
|
-
|
Share
repurchase
|
|
(1,415)
|
|
-
|
Shares withheld on
RSU vesting to pay for withholding taxes
|
|
(8,466)
|
|
(10,251)
|
Net cash used in financing activities
|
|
(1,029,910)
|
|
(78,496)
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(130,241)
|
|
265,701
|
|
|
|
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
30,976,257
|
|
2,013,138
|
Cash, cash
equivalents and restricted cash, beginning of period
|
|
12,184,817
|
|
21,871,122
|
Cash, cash
equivalents and restricted cash, end of period
|
|
$
|
43,161,074
|
|
$
|
23,884,260
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
net loss to free cash flow - see note (1):
|
|
|
|
|
Net loss
|
|
$
|
(784,538)
|
|
$
|
(782,696)
|
Noncash
expenditures
|
|
2,961,078
|
|
3,358,455
|
Changes in operating
assets and liabilities
|
|
3,426,045
|
|
543,591
|
Capital
expenditures
|
|
(1,698,277)
|
|
(1,293,417)
|
Free cash
flow
|
|
$
|
3,904,308
|
|
$
|
1,825,933
|
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SOURCE TheStreet, Inc.