RR Media Reports Record Revenues for the Third Quarter 2015
Record Revenues of $37.7 Million; Adjusted EBITDA of $5.1 Million for the Quarter
/EINPresswire.com/ -- AIRPORT CITY BUSINESS PARK, ISRAEL -- (Marketwired) -- 11/24/15 -- RR Media (NASDAQ: RRM), a leading provider of global digital media services to the broadcast and media industries, today announced financial results for the third quarter ended September 30, 2015.
Avi Cohen, CEO of RR Media, commented, "Since refocusing and a year ago rebranding our company, RR Media has been recognized by the market as a leading provider of advanced, innovative and scalable media services. As a result, we have delivered consistent growth and reported record revenues of $37.7 million for the third quarter of 2015. The next stage in our evolution is represented by the introduction of solaRR and solaRR Active, our open services platform we've built to virtualize our services. solaRR, which received broadbased customer interest at IBC2015, is an on premises and cloud-based hybrid platform that connects to all our infrastructure and technology and offers comprehensive, flexible, state-of-the-art, digital media services."
Operational Highlights for the Third Quarter 2015
- Closed a significant delivery contract with the Ethiopian Broadcast Corporation for the next 3 years. RR Media will facilitate and provide direct access to one of the most reliable satellites on its smart global network covering the African continent
- Renewed and upgraded the contract with Fashion One Television for content delivery to North America, South America, Europe, Middle East and Asia-Pacific of multiple channels. Services were upgraded to include linear streaming which gets delivered to major online video platforms such as Daily Motion and YouTube
- Renewed NFL worldwide delivery contract of preseason, season, playoffs and the Superbowl for three more years
- Showcased solaRR, RR Media's new open media service platform, at IBC2015
- Expanded RR Media's VOD platform population services adding seven new multi-country & multi-regional VOD platform delivery options to the over 100 platforms currently served. These include: Google Play, BT Vision, Talk Talk's Blink Box TV, Amazon Prime Video, British Airways' on demand entertainment system and others
- Secured a major new contract with a global shipping company for deployment and provision of Inmarsat's high-throughput connectivity services
- Contract to generate approximately $25 million in revenue over the next 5 years
Financial Highlights for the Third Quarter 2015
- Record revenues of $37.7 million, a 13.9% increase year-over-year
- Gross margin of 22%, in line with Q3 2014
- Gross margin of Content Management & Distribution reached 22.9%
- Satlink and ESS expected to be accretive to margins in 2016, following completion of integration plans
- GAAP net income of $0.18 and $0.17 per basic and diluted share respectively
- Non-GAAP net income of $0.11 per basic and diluted share
- Strong positive cash flows from operations of $5.0 million
- Total cash and cash equivalents of $14.3 million as of September 30, 2015
- Board declared a cash dividend of $0.07 per share, an aggregate amount of approximately $1.2 million, representing an annual dividend yield of 4.0%.
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(In Thousands) Q3 2015 Q3 2014
----------------------------------------------------------------------------
Content Content
Mgmt. & Mgmt. &
Distribution MSS Total Distribution MSS Total
Services Services
----------------------------------------------------------------------------
Revenues $ 34,435 $ 3,244 $ 37,679 $ 30,193 $ 2,877 $ 33,070
----------------------------------------------------------------------------
Gross profit $ 7,874 $ 418 $ 8,292 $ 6,845 $ 412 $ 7,257
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Gross margin 22.9% 12.9% 22.0% 22.7% 14.3% 21.9%
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"We are constantly increasing the scale of our business and expanding our service capabilities organically and through acquisitions, including the acquisitions of ESS and Satlink earlier this year. The integration of ESS and Satlink is on track to be completed by the end of 2015, at which point we expect to see improved margins. We also achieved notable success in our non-core MSS segment, which won a major new contract to deploy high-throughput connectivity services to one of the world's largest shipping companies, through which we expect to generate approximately $25 million in revenue over the next five years," continued Mr. Cohen.
"As our company has evolved, our addressable market has expanded dramatically. We are currently working with a number of upper-tier customers, managing higher-volume orders and the broad distribution of their media content. One of our higher profile successes is our ongoing worldwide relationship with the NFL, which was recently extended for an additional three years. The success of these customer engagements opens up broader opportunities within their businesses and with other upper-tier companies that recognize the benefits our platform offers in terms of access to technology, increased distribution and cost savings," concluded Mr. Cohen.
Third Quarter 2015 Financial Results
Revenues for the third quarter of 2015 were $37.7 million, an increase of 13.9% compared with $33.1 million in the third quarter of 2014. Revenues for the third quarter of 2015 benefited from the recently acquired businesses, ESS and Satlink Communications, and from a major new contract with a global shipping company.
The Company reported $34.4 million of Content Management and Distribution Services revenue, excluding non-core revenue from MSS, an increase of 14% from $30.2 million in the third quarter last year. The Company reported $3.2 million of Mobile Satellite Services ("MSS") revenue, an increase of 12.8% from $2.9 million in the third quarter last year. This increase was mainly attributable to a new contract with a major shipping company estimated to contribute approximately $25 million over the next 5 years. The contract is for the deployment and provision of Inmarsat's high-throughput connectivity services across the customer's fleet of shipping vessels.
Gross profit for the third quarter of 2015 was $8.3 million compared to $7.3 million for the third quarter of 2014. Gross margin for the third quarter of 2015 remained relatively flat at 22% compared to the third quarter of 2014. Gross margin for Content Management and Distribution Services increased slightly to 22.9% compared to 22.7% for the same period last year, despite the contributions of Satlink and ESS, which historically have lower gross margins.
Net income for the third quarter of 2015 was $3.0 million, or $0.17 per fully diluted share, compared to $1.1 million, or $0.07 per fully diluted share, for the same period of 2014.
Adjusted EBITDA for the third quarter of 2015 was $5.1 million compared to $4.2 million in the third quarter of 2014. Adjusted EBITDA for the third quarter of 2015 and 2014 exclude non-cash equity-based compensation charge, amortization of acquired intangible assets, cost of sales related changes in fair value of currency conversion derivatives, acquisition related expenses and amortization of acquisition related prepaid compensation expenses, contingent consideration in respect of acquisition; and include the impact of fluctuations in foreign currency exchange rates.
Backlog to be delivered in the next 12 months as of September 30, 2015 increased to $104 million compared with $93 million in June 30, 2015. Total back log increased to $262 million mainly due to the major contract signed in the MSS segment.
Cash, cash equivalents and marketable securities as of September 30, 2015 was $14.3 million, compared with $22 million as of December 31, 2014. This reduction in cash reflects the acquisitions of Satlink Communications and ESS earlier in the year.
Full Year 2015 Guidance
----------------------------------------------------------------------------
2015 2015
Previous Updated
Guidance Guidance 2016
(in millions) (in millions) (in millions)
----------------------------------------------------------------------------
Total Revenues $140 - $148 $140 - $143 $161 - $171
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Adjusted EBITDA $17.6 - $20.4 $17.6 - $20.4 25-30% Growth
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The Company is revising its full year 2015 guidance and now expects total revenues to be in the range of $140 million to $143 million and Adjusted EBITDA of $17.6 million to $20.4 million for 2015. The Company reiterated its 2016 guidance of $161 million to $171 million for 2016, and a year-over-year increase of 25% to 30% in Adjusted EBITDA for 2016. It is important to note that the results for the 2015 will benefit from the inclusion of the full seven month financial results for Satlink Communications and eight months of ESS, which were acquired earlier in the year.
Management continues to expect some level of variation in mix from quarter to quarter leading to some fluctuations in revenues and gross margin between quarters.
Quarterly Dividend
In accordance with the Company's dividend policy, the Board of Directors declared a cash dividend in the amount of $0.07 per ordinary share and in the aggregate amount of approximately $1.2 million, representing an annual dividend yield of 4.0%. The dividend is payable on December 23, 2015 to all of the Company's shareholders of record at the end of the trading day on NASDAQ on December 7, 2015.
Conference Call Information
Management will host a conference call to discuss the financial results at 9 a.m. ET and 4 p.m. IL today.
Details are as follows:
- Dial-in number from within the United States: 1-888-510-1786
- Dial-in number from Israel: 1 80 924 5906
- Dial-in number from the UK: 0 800 404 7655
- Dial-in number (other international): 1-719-325-2308
- Conference ID: 678864
An archive of the call will be available from November 24, 2015 to December 1, 2015 by calling 1-877-870-5176 (United States) or 1-858-384-5517 (international). Please use pin number 678864 for the replay.
A live webcast will also be accessible at http://www.rrmedia.com/pages/financial-reports or http://public.viavid.com/player/index.php?id=117258.
About RR Media
RR Media (NASDAQ: RRM) works in partnership with the world's leading media providers to transform content into valuable media assets. RR Media's complete ecosystem of digital media services maximize the potential of media and entertainment content, covering four main areas: smart global content distribution network with an optimized combination of satellite, fiber and the Internet; content management and channel origination; sports, news & live events; and online video services. RR Media provides scalable, converged digital media services to more than hundreds of broadcasters, content owners, sports leagues and right holders. The company manages and delivers more than 24,000 hours of broadcast content, more than 4,000 hours of online video and VOD content daily and more than 350 hours of premium sports and live events every day. The company delivers content to 95% of the world's population reaching viewers of multiplatform operators, VOD platforms, online video and direct-to-home services. Visit the company's website www.rrmedia.com
Safe Harbor Statement
This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in our expectations, except as may be required by law. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements, including the risks indicated in our filings with the Securities and Exchange Commission (SEC). For more details, please refer to our SEC filings including our Annual Report on Form 20-F for the year ended December 31, 2014 and our Current Reports on Form 6-K.
RR Media Ltd
Interim Condensed Consolidated Statements of Income
----------------------------------------------------------------------------
In thousands, except share data
Three months ended Nine months ended
------------------------- -------------------------
September September September September
30 30 30 30
2015 2014 2015 2014
------------ ------------ ------------ ------------
(unaudited) (unaudited) (unaudited) (unaudited)
------------ ------------ ------------ ------------
Revenues
------------------------
Content Mgmt. &
distribution services 34,435 30,193 92,103 89,837
Mobile satellite
services 3,244 2,877 9,213 8,587
------------ ------------ ------------ ------------
Total revenues $ 37,679 $ 33,070 $ 101,316 $ 98,424
Cost of revenues
------------------------
Content Mgmt. &
distribution services 26,561 23,348 70,566 68,800
Mobile satellite
services 2,826 2,465 8,081 7,437
------------ ------------ ------------ ------------
Total cost of revenues $ 29,387 $ 25,813 $ 78,647 $ 76,237
------------ ------------ ------------ ------------
Gross profit $ 8,292 $ 7,257 $ 22,669 $ 22,187
------------ ------------ ------------ ------------
Operating expenses
Sales and marketing 3,875 3,384 11,269 9,658
General and
administrative 2,445 2,325 7,064 7,462
Other expenses (income) (2,050) - (1,150) -
------------ ------------ ------------ ------------
Total operating expenses $ 4,270 $ 5,709 $ 17,183 $ 17,120
------------ ------------ ------------ ------------
Operating income $ 4,022 $ 1,548 $ 5,486 $ 5,067
Financial income
(expenses), net (641) 9 (673) (361)
------------ ------------ ------------ ------------
Income before taxes on
Income $ 3,381 $ 1,557 $ 4,813 $ 4,706
Income taxes 355 413 654 1,208
------------ ------------ ------------ ------------
Net income $ 3,026 $ 1,144 $ 4,159 $ 3,498
============ ============ ============ ============
Net loss attributable to
non- controlling
interest (20) (24) (38) (141)
Net income attributable
to shareholders $ 3,046 $ 1,168 $ 4,197 $ 3,639
============ ============ ============ ============
Earnings per ordinary
share attributable to
shareholders
Basic earnings per share $ 0.18 $ 0.07 $ 0.24 $ 0.21
============ ============ ============ ============
Diluted earnings per 0.17 0.07 0.24 0.21
share $ $ $ $
============ ============ ============ ============
Weighted average number
of shares used to
compute
Basic earnings per share 17,395,670 17,381,517 17,393,134 17,358,213
============ ============ ============ ============
Diluted earnings per 17,697,688 17,603,603 17,675,932 17,627,655
share
============ ============ ============ ============
RR Media Ltd
Reconciliation of GAAP to Non-GAAP Financial Information
----------------------------------------------------------------------------
In thousands
Three months ended Nine months ended
September 30 September 30
------------------------- -------------------------
2015 2014 2015 2014
------------ ------------ ------------ ------------
(unaudited) (unaudited) (unaudited) (unaudited)
------------ ------------ ------------ ------------
Reconciliation of GAAP
Net Income to Non-GAAP
Net Income:
GAAP Net income
attributable to
shareholders $ 3,046 $ 1,168 $ 4,197 $ 3,639
Adjustments to reconcile
GAAP net income
to non-GAAP net income:
Non-cash equity-based
compensation charge 181 178 538 521
Amortization of acquired
intangible assets 334 152 684 516
Changes in fair value of
currency conversion
derivatives - (265) - (215)
Acquisition related
expenses - - 900 -
Amortization of
acquisition related
prepaid
compensation expenses 42 42 126 126
Contingent consideration
in respect of
acquisition (2,050) - (2,050) -
Income tax effect of
non-GAAP adjustments 438 13 68 (135)
------------ ------------ ------------ ------------
Non-GAAP net income
attributable to
shareholders $ 1,991 $ 1,288 $ 4,463 $ 4,452
Three months ended Nine months ended
September 30 September 30
------------------------- -------------------------
2015 2014 2015 2014
------------ ------------ ------------ ------------
(unaudited) (unaudited) (unaudited) (unaudited)
------------ ------------ ------------ ------------
Reconciliation of GAAP
Operating Income
to Non-GAAP operating
income:
Operating income $ 4,022 $ 1,548 $ 5,486 $ 5,067
Adjustments to reconcile
GAAP operating
income to Non-GAAP
operating income:
Non-cash equity-based
compensation charge 181 178 538 521
Amortization of acquired
intangible assets 334 152 684 516
Cost of sales related
changes in fair value
of
currency conversion
derivatives - (35) - (234)
Acquisition related
expenses - - 900 -
Contingent consideration
in respect of
acquisition (2,050) - (2,050)
Amortization of
acquisition related
prepaid
compensation expenses 42 42 126 126
------------ ------------ ------------ ------------
Non-GAAP Operating
income $ 2,529 $ 1,885 $ 5,684 $ 5,996
RR Media Ltd
Reconciliation of GAAP to Non-GAAP Financial Information
----------------------------------------------------------------------------
In thousands
Three months ended Nine months ended
September 30 September 30
------------------------ ------------------------
2015 2014 2015 2014
----------- ------------ ----------- ------------
(unaudited) (unaudited) (unaudited) (unaudited)
----------- ------------ ----------- ------------
Reconciliation of GAAP
Operating Income to
EBITDA:
Operating income $ 4,022 $ 1,548 $ 5,486 $ 5,067
Adjustments to reconcile
GAAP Operating
Income to EBITDA:
Non-cash equity-based
compensation charge 181 178 538 521
Depreciation and
amortization 2,869 2,492 7,408 7,381
Cost of sales related
changes in fair value of
currency conversion
derivatives - (35) - (234)
Acquisition related
expenses - - 900 -
Amortization of
acquisition related
prepaid compensation
expenses 42 42 126 126
----------- ------------ ----------- ------------
EBITDA $ 7,114 $ 4,225 $ 14,458 $ 12,861
=========== ============ =========== ============
Three months ended Nine months ended
September 30 September 30
------------------------ ------------------------
2015 2014 2015 2014
----------- ------------ ----------- ------------
(unaudited) (unaudited) (unaudited) (unaudited)
----------- ------------ ----------- ------------
Reconciliation of Non-GAAP
Operating Income to
adjusted EBITDA:
Non-GAAP Operating income $ 2,529 $ 1,885 $ 5,684 $ 5,996
Adjustments to reconcile
Non-GAAP operating
income to Adjusted EBITDA:
Depreciation and
amortization 2,535 2,340 6,724 6,865
----------- ------------ ----------- ------------
Adjusted EBITDA $ 5,064 $ 4,225 $ 12,408 $ 12,861
=========== ============ =========== ============
RR Media Ltd
Interim Condensed Consolidated Statements of Income (Non-GAAP results)
----------------------------------------------------------------------------
In thousands, except share data
Three months ended Nine months ended
------------------------- -------------------------
September September September September
30 30 30 30
2015 2014 2015 2014
------------ ------------ ------------ ------------
(unaudited) (unaudited) (unaudited) (unaudited)
------------ ------------ ------------ ------------
Revenues
------------------------
Content Mgmt. &
distribution services 34,435 30,193 92,103 89,837
Mobile satellite
services 3,244 2,877 9,213 8,587
------------ ------------ ------------ ------------
Total revenues $ 37,679 $ 33,070 $ 101,316 $ 98,424
Cost of revenues
------------------------
Content Mgmt. &
distribution services 26,543 23,365 70,517 68,991
Mobile satellite
services 2,826 2,466 8,081 7,437
------------ ------------ ------------ ------------
Cost of revenues $ 29,369 $ 25,831 $ 78,598 $ 76,428
------------ ------------ ------------ ------------
Gross profit $ 8,310 $ 7,239 $ 22,718 $ 21,996
------------ ------------ ------------ ------------
Operating expenses
Sales and marketing 3,473 3,177 10,368 8,962
General and
administrative 2,308 2,177 6,666 7,038
------------ ------------ ------------ ------------
Total operating expenses $ 5,781 $ 5,354 $ 17,034 $ 16,000
------------ ------------ ------------ ------------
Operating income $ 2,529 $ 1,885 $ 5,684 $ 5,996
Financial income
(expenses), net (641) (219) (673) (342)
------------ ------------ ------------ ------------
Income before taxes on
income $ 1,888 $ 1,666 $ 5,011 $ 5,654
Income taxes (83) 402 586 1,343
------------ ------------ ------------ ------------
Net income $ 1,971 $ 1,264 $ 4,425 $ 4,311
------------ ------------ ------------ ------------
Net loss attributable to
non- controlling
interest (20) (24) (38) (141)
Net income attributable
to shareholders $ 1,991 $ 1,288 $ 4,463 $ 4,452
============ ============ ============ ============
Earnings per ordinary
share attributable to
shareholders
Basic earnings per share $ 0.11 $ 0.07 $ 0.26 $ 0.26
============ ============ ============ ============
Diluted earnings per
share $ 0.11 $ 0.07 $ 0.25 $ 0.25
============ ============ ============ ============
Weighted average number
of shares used to
compute
Basic earnings per share 17,395,670 17,381,517 17,393,134 17,358,213
============ ============ ============ ============
Diluted earnings per
share 17,697,688 17,603,603 17,675,932 17,627,655
============ ============ ============ ============
RR Media Ltd
Interim Condensed Consolidated Balance Sheets
----------------------------------------------------------------------------
In thousands, except share data
September September December
30 30 31
2015 2014 2014
----------- ----------- -----------
(unaudited) (unaudited) (audited)
----------- ----------- -----------
Current assets
Cash and cash equivalents $ 14,272 $ 14,333 $ 13,001
Marketable securities and short term
investments - 9,190 8,970
Accounts receivable (net of provision
for doubtful accounts of $3,794, $6,938
and $5,323 as of September 30, 2015,
2014 and December 31, 2014,
respectively) 33,429 23,611 23,457
Other receivable 3,533 1,624 2,343
Deferred taxes 2,335 2,580 2,038
Prepaid expenses 3,558 2,913 2,839
----------- ----------- -----------
Total current assets 57,127 54,251 52,648
----------- ----------- -----------
Long-term prepaid expenses 2,506 2,938 3,156
Long-term land lease prepaid expenses 7,323 7,416 7,380
Assets held for employee severance
payments 1,967 2,070 1,892
Fixed assets, net 55,118 45,531 45,669
Goodwill 30,772 11,526 11,286
Intangible assets, net 8,963 5,891 5,528
----------- ----------- -----------
Total long term assets 106,649 75,327 74,911
----------- ----------- -----------
Total assets $ 163,776 $ 129,623 $ 127,559
=========== =========== ===========
RR Media Ltd
Interim Condensed Consolidated Balance Sheets (cont'd)
----------------------------------------------------------------------------
September September December
30 30 31
2015 2014 2014
------------ ------------ ------------
(unaudited) (unaudited) (audited)
------------ ------------ ------------
Liabilities and shareholders' equity
Current liabilities
Account payable:
Trade $ 31,472 $ 18,371 $ 18,414
Other 7,964 5,209 5,482
Current maturities of long term loan
and short term credit 3,480 - -
Deferred income 8,228 4,848 4,867
------------ ------------ ------------
Total current liabilities 51,144 28,428 28,763
------------ ------------ ------------
Long-term liabilities
Deferred income 7,813 9,075 7,714
Long term loans 11,250 - -
Liabilities in respect of employee
severance payments and others 3,445 2,807 2,993
Contingent consideration in respect
of acquisition 1,959 4,030 3,550
Deferred taxes 4,884 4,288 3,702
------------ ------------ ------------
Total long-term liabilities 29,351 20,200 17,959
------------ ------------ ------------
Total liabilities 80,495 48,628 46,722
------------ ------------ ------------
Shareholders' equity
Share capital
Ordinary share NIS 0.01 par value
each (27,000,000 authorized as of
September 30, 2015, 2014 and
December 31, 2014. 17,399,939 shares
issued and fully paid as of
September 30, 2015, 17,396,735
shares issued and fully paid as of
September 30, 2014, 17,392,072
shares issued and fully paid as of
December 31, 2014) 41 41 40
Additional paid in capital 55,880 54,399 54,572
Retained earnings 27,945 27,107 27,400
Treasury stock (146) - (146)
Accumulated other comprehensive
income (loss) (306) (411) (934)
------------ ------------ ------------
Total shareholders' equity 83,414 81,136 80,932
------------ ------------ ------------
Non - controlling interest (133) (141) (95)
Total equity 83,281 80,995 80,837
Total liabilities and equity $ 163,776 $ 129,623 $ 127,559
============ ============ ============
RR Media Ltd
Interim Condensed Consolidated Statements of Cash Flows
----------------------------------------------------------------------------
In thousands
Three months ended Nine months ended
September 30 September 30
------------------------- -------------------------
2015 2014 2015 2014
------------ ------------ ------------ ------------
(unaudited) (unaudited) (unaudited) (unaudited)
------------ ------------ ------------ ------------
Net income $ 3,026 $ 1,144 $ 4,159 $ 3,498
Adjustments required to
reconcile net income to
net cash provided by
operating activities 1,424 3,550 7,564 8,922
Changes in assets and
liabilities 593 (1,136) (1,380) (4,635)
------------ ------------ ------------ ------------
Net cash provided by
operating activities 5,043 3,558 10,343 7,785
------------ ------------ ------------ ------------
Cash flows from
investing activities
Purchase of fixed assets
and intangible assets (1,809) (1,969) (7,607) (6,206)
Acquisitions of
subsidiaries, net of
cash acquired - - (20,726) -
Other investing
activities - 548 9,100 972
------------ ------------ ------------ ------------
Net cash used in
investing activities (1,809) (1,421) (19,233) (5,234)
------------ ------------ ------------ ------------
Cash flows from
financing activities
Dividend paid (1,217) (347) (3,652) (2,255)
Proceeds for long term
loan - - 15,000 -
Loan payment (750) - (750) -
Bank net credit (124) - (124) -
------------ ------------ ------------ ------------
Net cash used in
financing activities (2,091) (347) 10,474 (2,255)
------------ ------------ ------------ ------------
Translation adjustment
on cash and cash
equivalents (95) (155) (313) (128)
------------ ------------ ------------ ------------
Increase (decrease) in
cash and cash
Equivalents 1,048 1,635 1,271 168
Balance of cash and cash
equivalents at
beginning of period 13,224 12,698 13,001 14,165
------------ ------------ ------------ ------------
Balance of cash and cash
equivalents at end of
period $ 14,272 $ 14,333 $ 14,272 $ 14,333
------------ ------------ ------------ ------------
Company Contact:
Shmulik Koren
CFO
Tel: +972 3 928 0777
Email: Email Contact
Investor Contact:
KCSA Strategic Communications
Garth Russell / Elizabeth Barker
Tel: 212-896-1250 / 212-896-1203
Email: Email Contact
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