Rosetta Resources Inc. (NYSE:ROSE) Q4 2019 Earnings Conference Call - Final Transcript

Mar 11, 2020 • 05:00 pm ET

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Rosetta Resources Inc. (NYSE:ROSE) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings. Welcome to the Rosetta Stone Incorporated Fourth Quarter 2019 Earnings Conference Call. [Operator Instructions]

I would now turn the conference over to your host, Jason Terry, ADDO Investor Relations. Mr. Terry, you may begin.

Executive
Jason Terry

Thank you. Good afternoon, everyone. Welcome to Rosetta Stone's fourth quarter and 2019 earnings conference call. Speaking on the call today will be John Hass, Chairman and CEO, and Nick Gaehde and Matt Hulett, Co-Presidents of Rosetta Stone. Additionally, Tom Pierno, the Company's Chief Financial Officer, will be available during the Q&A portion of today's call.

We've posted to the Investor Relations section of our website at www.rosettastone.com both the earnings release and a slide presentation, which accompanies today's call. We've also posted supplemental information and analysis on our website. I want to remind everyone that as always, there will be elements in today's presentation which are forward looking and are based on our best view of the world and our business as we see them today. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. A description of these risks and uncertainties and other factors that could affect our financial results are included in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. We expressly disclaim any obligation to update or revise any forward-looking statements except as required by law.

Today's presentation and discussion also contains references to non-GAAP financial measures. The full definition, GAAP comparison, and a reconciliation of those measures are available in the aforementioned presentation and press release.

I will now turn the call over to John.

Executive
John Hass

Good afternoon, and thank you for joining the call. We have a lot to talk about so please turn to Slide 3, and I will begin by walking you through an overview of our consolidated fourth quarter and year-end results. 2019 was a year of significant progress across all of Rosetta Stone, confirming that the efforts to restructure our business are behind us. 2019 was the first year since before 2014 in which each of our segments grew producing consolidated bookings growth of 9%.

Our Literacy segment led the way, driven in particular by increasing contributions from PowerUp, but for the first time in many years, both language segments also contributed to growth. I would point in particular to the very strong fourth quarter performance of our Consumer Language, which saw bookings grow by 14% over Q4 2018.

On a consolidated basis, fourth quarter and full-year revenue grew by 5% over the same periods in 2018. This growth helped drive improvement in both adjusted EBITDA and net income for the full year. Net income for the quarter was a loss of $6.5 million compared to a loss of $4.4 million in the same period in 2018. And for the full-year, net income was a loss of $13 million compared to a loss of $21.5 million in 2018. Adjusted EBITDA for the quarter was negative $0.9 million compared to positive $0.7