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LinkedIn Corporation Message Board

  • bluecheese4u bluecheese4u Feb 7, 2013 6:20 PM Flag

    LinkedIn Announces Fourth Quarter and Full Year 2012 Financial Results

    LinkedIn Announces Fourth Quarter and Full Year 2012 Financial Results

    MOUNTAIN VIEW, Calif., Feb. 7, 2013 (GLOBE NEWSWIRE) -- LinkedIn Corporation (NYSE:LNKD), the world's largest professional network on the Internet, with more than 200 million members, reported its financial results for the fourth quarter and full year ended December 31, 2012:

    Revenue for the fourth quarter was $303.6 million, an increase of 81% compared to $167.7 million in the fourth quarter of 2011.

    Net income for the fourth quarter was $11.5 million, compared to net income of $6.9 million for the fourth quarter of 2011. Non-GAAP net income for the fourth quarter was $40.2 million, compared to $13.3 million for the fourth quarter of 2011. Non-GAAP measures exclude tax-affected stock-based compensation expense and tax-affected amortization of acquired intangible assets.

    Adjusted EBITDA for the fourth quarter was $78.6 million, or 26% of revenue, compared to $34.4 million for the fourth quarter of 2011, or 21% of revenue.

    GAAP diluted EPS for the fourth quarter was $0.10; Non-GAAP diluted EPS for the fourth quarter was $0.35.

    For the full year 2012, revenue increased 86% to $972.3 million from $522.2 million. GAAP diluted EPS increased to $0.19 from $0.11 and Non-GAAP diluted EPS increased to $0.89 from $0.35. Adjusted EBITDA increased to $223.0 million from $98.7 million.
    "2012 was a transformative year for LinkedIn," said Jeff Weiner, CEO of LinkedIn. "We exited 2011 having successfully revamped our underlying development infrastructure. Based on that investment, we said that 2012 would be a year of accelerated product innovation, and it was. The products we delivered throughout the year drove member engagement and financial results to record levels in the fourth quarter."

    Fourth Quarter Financial Details and Operating Summary

    Talent Solutions: Revenue from Talent Solutions products totaled $161.0 million, an increase of 90% compared to the fourth quarter of 2011. Talent Solutions revenue represented 53% of total revenue in the fourth quarter of 2012, compared to 51% in the fourth quarter of 2011.

    Marketing Solutions: Revenue from Marketing Solutions products totaled $83.2 million, an increase of 68% compared to the fourth quarter of 2011. Marketing Solutions revenue represented 27% of total revenue in the fourth quarter of 2012, compared to 30% in the fourth quarter of 2011.

    Premium Subscriptions: Revenue from Premium Subscriptions products totaled $59.4 million, an increase of 79% compared to the fourth quarter of 2011. Premium Subscriptions represented 20% of total revenue in the fourth quarter of 2012 and 2011.
    Revenue from the U.S. totaled $189.0 million, and represented 62% of total revenue in the fourth quarter of 2012. Revenue from international markets totaled $114.6 million, and represented 38% of total revenue in the fourth quarter of 2012.

    Revenue from the field sales channel totaled $178.4 million, and represented 59% of total revenue in the fourth quarter of 2012. Revenue from the online, direct sales channel totaled $125.3 million, and represented 41% of total revenue in the fourth quarter of 2012.

    GAAP net income for the fourth quarter was $11.5 million, compared to net income of $6.9 million for the fourth quarter of 2011. Non-GAAP net income for the fourth quarter was $40.2 million, compared to $13.3 million in the fourth quarter of 2011.

    Adjusted EBITDA for the fourth quarter was $78.6 million, or 26% of revenue, compared to $34.4 million for the fourth quarter of 2011, or 21% of revenue.

    GAAP diluted EPS was $0.10 based on 114.1 million fully-diluted weighted shares outstanding compared to $0.06 for the fourth quarter of 2011 based on 108.6 million fully-diluted weighted shares outstanding. Non-GAAP diluted EPS was $0.35 based on 114.1 million fully-diluted weighted shares outstanding compared to $0.12 for the fourth quarter of 2011 based on 108.6 million fully-diluted weighted shares outstanding.

    "Continued investment in our talent and technology infrastructure drove momentum in both product and monetization, resulting in record revenue, profitability, and cash flow," said Steve Sordello, CFO of LinkedIn. "As we look forward to 2013, we remain excited about the value LinkedIn will create for members and customers in the coming year."

    For additional information, please see the "Selected Company Metrics and Financials" page on LinkedIn's Investor Relations site.

    Fourth Quarter Highlights and Strategic Announcements

    In the fourth quarter of 2012, LinkedIn:

    Passed the 200 million member milestone, ending the year with approximately 202 million members, and grew cumulative membership 39% year over year. We continue to add approximately two members per second, and over 64% of LinkedIn members now come from international markets.

    Launched the new LinkedIn profile, designed to make it easier for members to build their professional brands, discover new people and opportunities, and engage their networks. In the fourth quarter, on average, the number of members updating their profiles doubled versus the fourth quarter of 2011.

    Introduced LinkedIn Influencers, furthering the development of LinkedIn as a professional publishing platform. The success of the Influencer program has helped drive an eight-fold increase to traffic associated with LinkedIn Today content over the last year.
    Business Outlook

    LinkedIn is providing guidance for the first quarter and full year of 2013:

    Q1 2013 Guidance: Revenue is expected to range between $305 million and $310 million. Adjusted EBITDA is expected to range between $67 million and $69 million. The company expects depreciation and amortization in the range of $25 million to $27 million, and stock-based compensation in the range of $32 million to $34 million.

    Full Year 2013 Guidance: Revenue is expected to range between $1.41 billion and $1.44 billion. Adjusted EBITDA is expected to range between $315 million and $330 million. The company expects depreciation and amortization in the range of $130 million to $135 million, and stock-based compensation in the range of $160 million to $165 million.

    investorsDOTlinkedinDOTcom/releasedetailDOTcfm?ReleaseID=738977

 
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