http://www.morningstar.com/earnings/41747006-linkedin-corp-class-a-lnkd-q2-2012.aspx

LinkedIn Corp Class A LNKD
Q2 2012 Earnings Call Transcript

Transcript Call Date 08/02/2012

Operator: Good day, ladies and gentlemen, and welcome to the LinkedIn Second Quarter 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct the question-and-answer session and instructions will be given at that time. As a reminder, this conference is being recorded.

I would now like to introduce our first speaker for today to Mr. Matt Sonefeldt, Senior Manager of Investor Relations. Sir, please go ahead.

Matt Sonefeldt - IR: Good afternoon and welcome to LinkedIn's second quarter of 2012 earnings call. Joining me today to discuss our results are CEO, Jeff Weiner and CFO, Steve Sordello.

Before we begin, I would like to remind you that during the course of this conference call, management will make forward-looking statements which are subject to various risks and uncertainties. These include statements relating to the expected member growth and engagements, our product initiatives including mobile, student, international enterprise, impact of acquisitions on our business, the results of our R&D efforts, including the acceleration of our product deployment process, our security measures; revenue, including revenue growth rate, adjusted EBITDA, depreciation and amortization, stock-based compensation, share dilution, taxes, the product mix between online and field sales, churn rates and expenses.

Actual results may differ materially from the results predicted and reporting results should not be considered as an indication of future performance. A discussion of risks and uncertainties related to our business is contained in our filings with the Securities and Exchange Commission, in particular, the section titled 'Risk Factors' in our quarterly and annual reports, and we refer you to these filings.

Also, I would like to remind you that during the course of this conference call we may discuss non-GAAP measures and talking about the Company's performance. Reconciliations to most directly comparable GAAP financial measures are provided in the tables in the press release. This conference call is also being broadcast on the Internet and is available through the Investor Relations section of the LinkedIn website.

With that, I'll turn the call over to our CEO, Jeff Weiner

Jeff Weiner - CEO: Thank you, Matt, and welcome to today's conference call. I will start by summarizing the operating results for the second quarter and I'll recap some of the highlights and key milestones since our last call. I'll then turn it over to Steve for a more detailed look at the numbers and outlook.

The second quarter of the 2012 was a strong one as all of our key operating and financial metrics exhibited solid momentum. Continued investments in product innovation drove healthy engagement as measured by unique visiting members and member page views and our three revenue streams all experienced significant growth.

For Q2, overall revenues grew 89% to a record $228 million. We delivered adjusted EBITDA of $50 million translating to non-GAAP EPS of $0.16. Cumulative membership grew 50% year-over-year to 174 million members at the end of the second quarter as we continue to add approximately 2 member sign ups per second. Of the more than 13 million new members added during Q2, more than 70% came from outside the U.S. underscoring LinkedIn's global reach. Today 62% of LinkedIn members are from international markets.

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