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Realnetworks Inc (RNWK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Realnetworks Inc

CIK: 1046327 Ticker: RNWK

Exhibit 99.1
REALNETWORKS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL RESULTS

SEATTLE — February 10, 2021
-

RealNetworks, Inc. (Nasdaq: RNWK), a leader in AI-powered digital media software and services, today announced its financial results* for the fourth quarter and full year ended December 31, 2020.

2020 revenue from continuing operations of $68.1 million, up 3% year-over-year due to aggregate growth of over 110% from two key growth initiatives (free-to-play mobile Games and SAFR), offset by declines in legacy businesses
2020 net loss from continuing operations of $(5.1) million, an improvement of $10.1 million compared to 2019; 2020 adjusted EBITDA loss of $(8.6) million, an improvement of $11.4 million compared to 2019
Continued traction with SAFR driven by successes in the U.S. Federal market and in Japan and Korea
Completed the sale of Napster to MelodyVR for total consideration of $26.6 million and buyer's assumption of approximately $44.0 million in payment obligations
Ended the year with $23.9 million in unrestricted cash and cash equivalents, up from $8.5 million on December 31, 2019

Management Commentary
“2020 was a year of strong achievements for RealNetworks in spite of the challenges associated with the Global Pandemic that had a huge impact on businesses and people around the globe,” said Rob Glaser, Founder, Chairman, and Chief Executive Officer of RealNetworks. “Revenue from two of our key growth initiatives – free-to-play mobile Games and SAFR – grew over 110% from 2019. We are also pleased to have completed the sale of Napster to MelodyVR. We believe the sale of Napster simplifies Real and will help us deepen our focus on our growth initiatives and create long-term shareholder value.”

Full Year 2020 Financial Highlights from Continuing Operations
Revenue was $68.1 million, up 3% compared to $65.8 million in 2019.
Revenue from key growth initiatives, free-to-play mobile Games and SAFR, increased over 110% from 2019.
Games revenue was $28.6 million, up 12% compared to $25.5 million in 2019.
Gross profit margin was 76%, up from 74% in 2019.
Operating expenses decreased $19.0 million, or 25%, from 2019. Normalizing for certain one-time and non-cash items, operating expenses decreased $10.0 million, or 14%, from 2019.
Net loss attributable to RealNetworks was $(4.8) million, or $(0.13) per diluted share, compared to a net loss of $(15.1) million, or $(0.40) per diluted share in 2019. Included in net loss attributable to RealNetworks in 2020 was a gain of $8.6 million and in 2019 was a gain of $12.3 million related to the transaction involving the Company's interest in Napster.
Adjusted EBITDA was a loss of $(8.6) million compared to a loss of $(19.9) million in 2019. A reconciliation of GAAP net income (loss) including noncontrolling interests to adjusted EBITDA, a non-GAAP measure, is provided in the financial tables that accompany this release.
At December 31, 2020, the Company had $23.9 million in unrestricted cash and cash equivalents compared to $13.2 million at September 30, 2020 and $8.5 million at December 31, 2019.






The following information was filed by Realnetworks Inc (RNWK) on Wednesday, February 10, 2021 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity And Noncontrolling Interest
Statement Of Comprehensive Income (Statement)
Accrued And Other Current Liabilities (Details)
Accrued And Other Current Liabilities (Tables)
Acquisitions And Disposals
Acquisitions And Disposals (Details)
Allowance For Doubtful Accounts Receivable And Sales Returns
Allowance For Doubtful Accounts Receivable And Sales Returns (Activity In Allowance For Doubtful Accounts Receivable And Sales Returns) (Detail)
Allowance For Doubtful Accounts Receivable And Sales Returns (Additional Information) (Detail)
Allowance For Doubtful Accounts Receivable And Sales Returns (Tables)
Business Combinations (Tables)
Commitments And Contingencies
Commitments And Contingencies (Commitments) (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Detail)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Details Of Lease Assets And Liabilities (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Detail)
Earnings (Loss) Per Share (Tables)
Employee Stock And Benefit Plans
Employee Stock And Benefit Plans (Equity Compensation Plans Narrative) (Details)
Employee Stock And Benefit Plans (Restricted Stock Unit And Award Activity) (Details)
Employee Stock And Benefit Plans (Retirement Savings Plan Narrative) (Details)
Employee Stock And Benefit Plans (Stock Option Activity) (Details)
Employee Stock And Benefit Plans (Tables)
Employee Stock And Benefit Plans (Weighted-Average Assumptions Used To Determine Fair Value Of Options Granted) (Detail)
Fair Value Measurements
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Goodwill
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Goodwill (Tables)
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Income Taxes
Income Taxes (Components Of Income (Loss) Before Income Taxes) (Details)
Income Taxes (Components Of Income Tax Expense (Benefit)) (Details)
Income Taxes (Income Tax Rate Reconciliation) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Net Deferred Tax Assets) (Details)
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Leases
Leases (Tables)
Leases Overview (Detail)
Notes Payable And Long-Term Debt
Notes Payable And Long-Term Debt (Details)
Recent Accounting Pronouncements
Related Party Disclosures (Details)
Related Party Transactions
Restructuring Charges
Restructuring Charges (Details)
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Revenue Recognition
Revenue Recognition (Disaggregation Of Revenue) (Details)
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Schedule Of Future Minimum Lease Payments (Details)
Segment Information
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Segment Information (Revenue By Geographic Region) (Detail)
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Shareholders' Equity (Tables)
Shareholders??? Equity
Shareholders??? Equity (Accumulated Other Comprehensive Income (Loss)) (Details)
Shareholders??? Equity (Narrative) (Details)
Ticker: RNWK
CIK: 1046327
Form Type: 10-K Annual Report
Accession Number: 0001046327-21-000018
Submitted to the SEC: Mon Mar 15 2021 9:02:09 AM EST
Accepted by the SEC: Mon Mar 15 2021
Period: Thursday, December 31, 2020
Industry: Computer Programming Services

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