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Realnetworks Inc (RNWK) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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RNWK Quarterly Reports

Realnetworks Inc

CIK: 1046327 Ticker: RNWK

Exhibit 99.1
REALNETWORKS ANNOUNCES FIRST QUARTER 2020 FINANCIAL RESULTS

SEATTLE — May 6, 2020
-

RealNetworks, Inc. (Nasdaq: RNWK), a leader in digital media software and services, today announced its financial results for the first quarter ended March 31, 2020.

Generated consolidated revenue of $43.1 million
Games revenue up 16% year-over-year driven by success of free-to-play strategy
Pivoting SAFR strategy to focus on the intersection of public health and public safety
CEO Rob Glaser invested $10.0 million into the Company
Judd Lee Named Senior Vice President, Chief Financial Officer and Treasurer

Management Commentary
“The new decade is off to a completely unexpected start, as everyone knows. We mourn the loss of a quarter of a million people around the world due to COVID-19. We’re also very mindful that, for most of the world, including our home country, the pandemic continues to be massively disruptive to our daily lives,” said Rob Glaser, Chairman and CEO of RealNetworks.
Mr. Glaser continued, “In that context, at RealNetworks, we have four primary areas of focus:
(1)The safety and well-being of our employees and their families, our customers, and our communities;
(2)Running Real in a fundamentally different way than we have run the company before;
(3)Operating with mission, focus, and excellence; and
(4)Finding new ways for us to contribute with our products and services to the new challenges the world is facing.”
“I’m very impressed by how well our team is responding to these challenges with purpose, focus, clarity, and creativity. Our first quarter financial performance reflects this, especially in the third month of the quarter. I am grateful to our team members for their excellent work, and am hopeful that the impact of the team’s great work will become even more significant and impactful in the weeks and months ahead,” concluded Mr. Glaser.
First Quarter 2020 Financial Highlights
Revenue was $43.1 million (inclusive of $26.3 million from Napster) compared to $43.4 million (inclusive of $26.1 million from Napster) in the prior quarter and $39.51 million (inclusive of $24.3 million from Napster) in the prior year period.
Games revenue was $6.6 million, consistent with the prior quarter and up 16% compared to $5.7 million in the prior year period.
Gross profit margin was 44%, up from 43% in the prior quarter and 37% in the prior year period.
Operating expenses decreased $0.5 million, or 2%, from the prior quarter and decreased $1.4 million, or 6%, from the prior year period.
Net loss attributable to RealNetworks was $(4.6) million, or $(0.12) per diluted share, compared to a net loss of $(6.4) million, or $(0.17) per diluted share, in the prior quarter and net income of $1.5 million, or $0.04 per diluted share, in the prior year period. Net income in the first quarter of 2019 included a $12.3 million gain from the acquisition of Napster.
Adjusted EBITDA was a loss of $(3.3) million compared to a loss of $(2.7) million in the prior quarter and a loss of $(7.9) million in the prior year period.
At March 31, 2020, the Company had $19.0 million in unrestricted cash and cash equivalents compared to $16.8 million at December 31, 2019.


The following information was filed by Realnetworks Inc (RNWK) on Wednesday, May 6, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Realnetworks Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Recent Accounting Pronouncements
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Parenthetical)
Unaudited Condensed Consolidated Statements Of Shareholders' Equity Unaudited Condensed Consolidated Statements Of Shareholders' Equity
Accrued And Other Current Liabilities
Accrued And Other Current Liabilities (Detail)
Accrued And Other Current Liabilities (Tables)
Acquisitions - Narrative (Details)
Commitments And Contingencies
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Additional Information) (Detail)
Earnings (Loss) Per Share (Calculation Of Basic And Diluted Earnings Per Share) (Detail)
Earnings (Loss) Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring Basis) (Detail)
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Notes Payable - Napster (Details)
Notes Payable - Napster Notes Payable - Napster
Related Party Transactions
Related Party Transactions Related Party Transactions (Details)
Restructuring Charges
Restructuring Charges (Details)
Restructuring Charges (Tables)
Revenue Recognition (Additional Information) (Details)
Revenue Recognition (Disaggregation Of Revenue) (Details)
Revenue Recognition Revenue Recognition
Revenue Recognition Revenue Recognition (Tables)
Segment Information
Segment Information (Additional Information) (Detail)
Segment Information (Long-Lived Assets By Geographic Region) (Detail)
Segment Information (Revenue By Geographic Region) (Detail)
Segment Information (Segment Results) (Detail)
Segment Information (Tables)
Stock-Based Compensation
Stock-Based Compensation (Additional Information) (Detail)
Stock-Based Compensation (Recognized Stock-Based Compensation Expense) (Detail)
Stock-Based Compensation (Tables)
Stock-Based Compensation (Weighted-Average Assumptions Used To Determine Fair Value Of Options Granted) (Detail)
Subsequent Event
Subsequent Event (Details)

Material Contracts, Statements, Certifications & more

Realnetworks Inc provided additional information to their SEC Filing as exhibits

Ticker: RNWK
CIK: 1046327
Form Type: 10-Q Quarterly Report
Accession Number: 0001046327-20-000039
Submitted to the SEC: Thu May 07 2020 8:53:21 AM EST
Accepted by the SEC: Thu May 07 2020
Period: Tuesday, March 31, 2020
Industry: Computer Programming Services

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