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Procore Announces First Quarter 2024 Financial Results

Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced financial results for the first quarter ended March 31, 2024.

“The highly complex and collaborative nature of our industry underscores the importance of our mission to connect everyone in construction on a global platform,” said Tooey Courtemanche, Founder and CEO of Procore. “Our trusted, innovative platform mirrors what the industry needs and will continue to deliver value to the industry in both the short and long term.”

"I am proud of the strong margin performance we delivered in Q1,” said Howard Fu, CFO of Procore. “We remain focused on continuing to improve our operating leverage while executing on the long-term growth opportunity ahead of us.”

First Quarter 2024 Financial Highlights:

  • Revenue was $269 million, an increase of 26% year-over-year.
  • GAAP gross margin was 83% and non-GAAP gross margin was 86%.
  • GAAP operating margin was (7%) and non-GAAP operating margin was 14%.
  • Operating cash inflow for the first quarter was $69 million.
  • Free cash inflow for the first quarter was $58 million.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Recent Business Highlights:

  • Achieved a gross revenue retention rate of 95% in the first quarter.
  • Added 231 net new organic customers in the first quarter, ending with a total of 16,598 organic customers.
  • Ranked #8 among G2’s Top 100 Best Global Software Companies of 2024.

Second Quarter and Full Year 2024 Outlook:

Procore is providing the following guidance for the second quarter and full year 2024:

  • Second Quarter 2024 Outlook:
    • Revenue is expected to be in the range of $274 million to $276 million, representing year-over-year growth of 20% to 21%.
    • Non-GAAP operating margin is expected to be in the range of 11% to 12%.
  • Full Year 2024 Outlook:
    • Revenue is expected to be in the range of $1,140 million to $1,144 million, representing year-over-year growth of 20%.
    • Non-GAAP operating margin is expected to be in the range of 9% to 10%.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Procore’s future GAAP financial results.

Quarterly Conference Call

Procore Technologies, Inc. will hold a conference call to discuss its first quarter results at 2:00 p.m., Pacific Time, on Wednesday, May 1, 2024. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Procore and its industry that involve substantial risks and uncertainties. All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or future financial or operating performance, and may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words, or other similar terms or expressions that concern Procore’s expectations, strategy, plans, or intentions.

Procore has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that Procore believes may affect its business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors that could cause results to differ materially from Procore’s current expectations, including, but not limited to, our expectations regarding our financial performance (including revenues, expenses, and margins, and our ability to achieve or maintain future profitability), our ability to effectively manage our growth, anticipated performance, trends, growth rates, and challenges in our business and in the market in which we operate or anticipate entering into, economic and industry trends (in particular, the rate of adoption of construction management software and digitization of the construction industry, inflation, and challenging geopolitical conditions), our ability to attract new customers and retain and increase sales to existing customers, our ability to expand internationally, the effects of increased competition in our markets and our ability to compete effectively, our estimated total addressable market, and as set forth in Procore’s filings with the Securities and Exchange Commission. You should not place undue reliance on Procore’s forward-looking statements. Procore assumes no obligation to update any forward-looking statements to reflect events or circumstances that exist or change after the date on which they were made, except as required by law.

Non-GAAP Financial Measures

Procore believes that the use of certain non-GAAP financial measures as described below, when taken collectively, is helpful to investors because it provides consistency and comparability with past financial performance, and may assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. These non-GAAP financial measures are not prepared in accordance with U.S. generally accepted accounting principles, or GAAP.

Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Income (Loss) from Operations, Non-GAAP Operating Margin, Non-GAAP Net Income, and Non-GAAP Net Income per Share: Procore defines these non-GAAP financial measures as the respective GAAP measures, excluding stock-based compensation expense, amortization of acquired intangible assets, employer payroll tax related to employee stock transactions, and acquisition-related expenses. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by total revenue. Non-GAAP operating margin is the ratio calculated by dividing non-GAAP income (loss) from operations by total revenue. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Non-GAAP diluted earnings per share is computed by giving effect to all potential weighted average dilutive common stock equivalents outstanding for the period, including options to purchase common stock, restricted stock units, and shares to be issued pursuant to the employee stock purchase plan. The dilutive effect of outstanding awards is reflected in non-GAAP diluted earnings per share by application of the treasury stock method.

Stock-based compensation expense includes the net effects of capitalization and amortization of stock-based compensation expense related to capitalized software and cloud-computing arrangement implementation costs. Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of the compensation provided to our employees. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful comparisons between its operating results from period to period. The expense related to amortization of acquired intangible assets is dependent upon estimates and assumptions, which can vary significantly and are unique to each asset acquired; therefore, Procore believes non-GAAP measures that adjust for the amortization of acquired intangible assets provide investors a consistent basis for comparison across accounting periods. The amount of employer payroll tax-related items on employee stock transactions is dependent on restricted stock unit settlements, option exercises, related stock price, and other factors that are beyond Procore’s control and that do not correlate to the operation of the business. When evaluating the performance of its business and making operating plans, Procore does not consider these items (for example, when considering the impact of equity award grants, the company places a greater emphasis on overall stockholder dilution than the accounting charges associated with such grants). Additionally, acquisition-related expenses, such as transaction costs and retention payments, are expenses that are not necessarily reflective of operational performance during a period. Procore believes that the exclusion of acquisition-related expenses provides for a useful comparison of our operating results to prior periods and to its peer companies, which commonly exclude these expenses. Overall, Procore believes it is useful to exclude these expenses in order to better understand the long-term performance of its core business and to facilitate comparison of its results period-over-period and to those of peer companies. All of these non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Procore's own operating results over different periods of time.

Non-GAAP financial measures may not provide information that is directly comparable to information provided by other companies in Procore's industry, as other companies in the industry may calculate non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies, and exclude expenses that may have a material impact on Procore's reported financial results. Further, stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in Procore's business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Procore's business.

Free Cash Flow: Procore defines free cash flow as net cash provided by operating activities, less purchases of property and equipment and capitalized software development costs. Procore believes free cash flow is an important liquidity measure of the cash (if any) that is available, after our operating activities and capital expenditures. Procore uses free cash flow in conjunction with traditional GAAP measures to assess its liquidity and evaluate the effectiveness of its business strategies. Once Procore’s business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

Other Metrics

Customer Count: The aforementioned customer count excludes customers acquired from Levelset and Esticom that have not yet been renewed onto standard Procore annual contracts. Remaining Levelset and Esticom legacy customers will be included in our customer metrics once they are renewed onto standard Procore annual contracts or upon integration of the sales process.

About Procore

Procore Technologies, Inc. (NYSE: PCOR) creates software for people who build the world. With a focus on providing timely and accurate data for all, Procore transforms the construction industry one project at a time - from hospitals and skyscrapers to airports and stadiums. Beyond its connected, innovative technology, Procore empowers the industry and its communities through Procore.org. For more information, visit www.procore.com.

PROCORE-IR

Category: Earnings

 

Procore Technologies, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

 

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

(in thousands, except share and per share amounts)

Revenue

$

269,428

 

 

$

213,526

 

Cost of revenue(1)(2)(3)

 

45,723

 

 

 

40,202

 

Gross profit

 

223,705

 

 

 

173,324

 

Operating expenses

 

 

 

Sales and marketing(1)(2)(3)(4)

 

120,994

 

 

 

117,363

 

Research and development(1)(2)(3)(4)

 

70,599

 

 

 

80,036

 

General and administrative(1)(3)

 

51,018

 

 

 

45,188

 

Total operating expenses

 

242,611

 

 

 

242,587

 

Loss from operations

 

(18,906

)

 

 

(69,263

)

Interest income

 

5,938

 

 

 

4,948

 

Interest expense

 

(479

)

 

 

(496

)

Accretion income, net

 

3,088

 

 

 

1,632

 

Other expense, net

 

(344

)

 

 

(210

)

Loss before provision for income taxes

 

(10,703

)

 

 

(63,389

)

Provision for income taxes

 

263

 

 

 

58

 

Net loss

$

(10,966

)

 

$

(63,447

)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.08

)

 

$

(0.45

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

145,476,006

 

 

 

139,646,465

 

(1)

Includes stock-based compensation expense and amortization of capitalized stock-based compensation as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

(in thousands)

Cost of revenue

$

3,185

 

$

2,496

Sales and marketing

 

13,020

 

 

13,104

Research and development

 

13,735

 

 

19,781

General and administrative

 

11,729

 

 

10,475

Total stock-based compensation expense*

$

41,669

 

$

45,856

 

*Includes amortization of capitalized stock-based compensation of $1.5 million and $0.9 million, respectively, for the three months ended March 31, 2024 and 2023 which was initially capitalized as capitalized software and cloud-computing arrangement implementation costs.

(2)

Includes amortization of acquired intangible assets as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

(in thousands)

Cost of revenue

$

5,885

 

$

5,493

Sales and marketing

 

3,106

 

 

3,107

Research and development

 

675

 

 

734

Total amortization of acquired intangible assets

$

9,666

 

$

9,334

(3)

Includes employer payroll tax on employee stock transactions as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

(in thousands)

Cost of revenue

$

212

 

$

167

Sales and marketing

 

1,264

 

 

999

Research and development

 

1,668

 

 

1,356

General and administrative

 

1,045

 

 

632

Total employer payroll tax on employee stock transactions

$

4,189

 

$

3,154

(4)

Includes acquisition-related expenses as follows:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

 

(in thousands)

Sales and marketing

$

448

 

$

906

Research and development

 

 

 

5,984

Total acquisition-related expenses

$

448

 

$

6,890

 

Procore Technologies, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

 

 

March 31, 2024

 

December 31, 2023

 

(in thousands)

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

427,656

 

 

$

357,790

 

Marketable securities

 

316,963

 

 

 

320,161

 

Accounts receivable, net

 

138,996

 

 

 

206,644

 

Contract cost asset, current

 

29,618

 

 

 

28,718

 

Prepaid expenses and other current assets

 

41,707

 

 

 

42,421

 

Total current assets

 

954,940

 

 

 

955,734

 

Capitalized software development costs, net

 

88,409

 

 

 

83,045

 

Property and equipment, net

 

35,417

 

 

 

36,258

 

Right of use assets - finance leases

 

33,712

 

 

 

34,375

 

Right of use assets - operating leases

 

36,727

 

 

 

44,141

 

Contract cost asset, non-current

 

43,757

 

 

 

44,564

 

Intangible assets, net

 

127,747

 

 

 

137,546

 

Goodwill

 

539,131

 

 

 

539,354

 

Other assets

 

18,870

 

 

 

18,551

 

Total assets

$

1,878,710

 

 

$

1,893,568

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

16,446

 

 

$

13,177

 

Accrued expenses

 

67,008

 

 

 

100,075

 

Deferred revenue, current

 

487,944

 

 

 

501,903

 

Other current liabilities

 

23,585

 

 

 

27,275

 

Total current liabilities

 

594,983

 

 

 

642,430

 

Deferred revenue, non-current

 

7,403

 

 

 

7,692

 

Finance lease liabilities, non-current

 

43,076

 

 

 

43,581

 

Operating lease liabilities, non-current

 

33,691

 

 

 

37,923

 

Other liabilities, non-current

 

5,876

 

 

 

6,332

 

Total liabilities

 

685,029

 

 

 

737,958

 

Stockholders’ equity

 

 

 

Common stock

 

15

 

 

 

15

 

Additional paid-in capital

 

2,345,537

 

 

 

2,295,807

 

Accumulated other comprehensive loss

 

(2,068

)

 

 

(1,375

)

Accumulated deficit

 

(1,149,803

)

 

 

(1,138,837

)

Total stockholders’ equity

 

1,193,681

 

 

 

1,155,610

 

Total liabilities and stockholders’ equity

$

1,878,710

 

 

$

1,893,568

 

Remaining performance obligation:

The following table presents our current and non-current RPO at the end of each period:

 

March 31,

 

Change

 

 

2024

 

 

2023

 

Dollar

 

Percent

 

(dollars in thousands)

Remaining performance obligations

 

 

 

 

 

 

 

Current

$

704,656

 

$

586,158

 

$

118,498

 

20

%

Non-current

 

302,159

 

 

219,316

 

 

82,843

 

38

%

Total remaining performance obligations

$

1,006,815

 

$

805,474

 

$

201,341

 

25

%

 

Procore Technologies, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

(in thousands)

Operating activities

 

 

 

Net loss

$

(10,966

)

 

$

(63,447

)

Adjustments to reconcile net loss to net cash provided by operating activities

 

 

 

Stock-based compensation

 

40,132

 

 

 

44,938

 

Depreciation and amortization

 

20,051

 

 

 

16,874

 

Accretion of discounts on marketable debt securities, net

 

(3,088

)

 

 

(1,632

)

Abandonment of long-lived assets

 

268

 

 

 

441

 

Noncash operating lease expense

 

2,734

 

 

 

2,628

 

Unrealized foreign currency loss, net

 

1,079

 

 

 

408

 

Deferred income taxes

 

1

 

 

 

2

 

Provision for credit losses

 

189

 

 

 

1,726

 

Increase in fair value of strategic investments

 

(759

)

 

 

(36

)

Changes in operating assets and liabilities, net of effect of asset acquisition

 

 

 

Accounts receivable

 

68,013

 

 

 

42,948

 

Deferred contract cost assets

 

(427

)

 

 

(460

)

Prepaid expenses and other assets

 

(684

)

 

 

4,549

 

Accounts payable

 

3,155

 

 

 

4,648

 

Accrued expenses and other liabilities

 

(34,154

)

 

 

(28,181

)

Deferred revenue

 

(14,108

)

 

 

6,489

 

Operating lease liabilities

 

(2,291

)

 

 

(2,620

)

Net cash provided by operating activities

 

69,145

 

 

 

29,275

 

Investing activities

 

 

 

Purchases of property and equipment

 

(2,089

)

 

 

(2,173

)

Capitalized software development costs

 

(9,514

)

 

 

(7,951

)

Purchases of strategic investments

 

(210

)

 

 

(149

)

Purchases of marketable securities

 

(101,434

)

 

 

(89,996

)

Maturities of marketable securities

 

107,301

 

 

 

103,909

 

Originations of materials financing

 

 

 

 

(9,077

)

Customer repayments of materials financing

 

1,281

 

 

 

5,358

 

Asset acquisition, net of cash acquired

 

(5

)

 

 

 

Net cash used in investing activities

 

(4,670

)

 

 

(79

)

Financing activities

 

 

 

Proceeds from stock option exercises

 

7,125

 

 

 

3,722

 

Principal payments under finance lease agreements, net of proceeds from lease incentives

 

(449

)

 

 

(410

)

Net cash provided by financing activities

 

6,676

 

 

 

3,312

 

Net increase in cash, cash equivalents, and restricted cash

 

71,151

 

 

 

32,508

 

Effect of exchange rate changes on cash

 

(1,285

)

 

 

(256

)

Cash, cash equivalents, and restricted cash, beginning of period

 

357,790

 

 

 

299,816

 

Cash, cash equivalents, and restricted cash, end of period

$

427,656

 

 

$

332,068

 

 

Procore Technologies, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

 

Reconciliation of gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin:

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

(dollars in thousands)

Revenue

$

269,428

 

 

$

213,526

 

Gross profit

 

223,705

 

 

 

173,324

 

Stock-based compensation expense

 

3,185

 

 

 

2,496

 

Amortization of acquired technology intangible assets

 

5,885

 

 

 

5,493

 

Employer payroll tax on employee stock transactions

 

212

 

 

 

167

 

Non-GAAP gross profit

$

232,987

 

 

$

181,480

 

Gross margin

 

83

%

 

 

81

%

Non-GAAP gross margin

 

86

%

 

 

85

%

Reconciliation of operating expenses to non-GAAP operating expenses:

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

(dollars in thousands)

Revenue

$

269,428

 

 

$

213,526

 

GAAP sales and marketing

 

120,994

 

 

 

117,363

 

Stock-based compensation expense

 

(13,020

)

 

 

(13,104

)

Amortization of acquired intangible assets

 

(3,106

)

 

 

(3,107

)

Employer payroll tax on employee stock transactions

 

(1,264

)

 

 

(999

)

Acquisition-related expenses

 

(448

)

 

 

(906

)

Non-GAAP sales and marketing

$

103,156

 

 

$

99,247

 

GAAP sales and marketing as a percentage of revenue

 

45

%

 

 

55

%

Non-GAAP sales and marketing as a percentage of revenue

 

38

%

 

 

46

%

 

 

 

 

GAAP research and development

$

70,599

 

 

$

80,036

 

Stock-based compensation expense

 

(13,735

)

 

 

(19,781

)

Amortization of acquired intangible assets

 

(675

)

 

 

(734

)

Employer payroll tax on employee stock transactions

 

(1,668

)

 

 

(1,356

)

Acquisition-related expenses

 

 

 

 

(5,984

)

Non-GAAP research and development

$

54,521

 

 

$

52,181

 

GAAP research and development as a percentage of revenue

 

26

%

 

 

37

%

Non-GAAP research and development as a percentage of revenue

 

20

%

 

 

24

%

 

 

 

 

GAAP general and administrative

$

51,018

 

 

$

45,188

 

Stock-based compensation expense

 

(11,729

)

 

 

(10,475

)

Employer payroll tax on employee stock transactions

 

(1,045

)

 

 

(632

)

Non-GAAP general and administrative

$

38,244

 

 

$

34,081

 

GAAP general and administrative as a percentage of revenue

 

19

%

 

 

21

%

Non-GAAP general and administrative as a percentage of revenue

 

14

%

 

 

16

%

Reconciliation of loss from operations and operating margin to non-GAAP income (loss) from operations and non-GAAP operating margin:

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

(dollars in thousands)

Revenue

$

269,428

 

 

$

213,526

 

Loss from operations

 

(18,906

)

 

 

(69,263

)

Stock-based compensation expense

 

41,669

 

 

 

45,856

 

Amortization of acquired intangible assets

 

9,666

 

 

 

9,334

 

Employer payroll tax on employee stock transactions

 

4,189

 

 

 

3,154

 

Acquisition-related expenses

 

448

 

 

 

6,890

 

Non-GAAP income (loss) from operations

$

37,066

 

 

$

(4,029

)

Operating margin

 

(7

%)

 

 

(32

%)

Non-GAAP operating margin

 

14

%

 

 

(2

%)

Reconciliation of net loss and net loss per share to non-GAAP net income and non-GAAP net income per share:

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

(in thousands, except share and per share amounts)

Revenue

$

269,428

 

 

$

213,526

 

Net loss

 

(10,966

)

 

 

(63,447

)

Stock-based compensation expense

 

41,669

 

 

 

45,856

 

Amortization of acquired intangible assets

 

9,666

 

 

 

9,334

 

Employer payroll tax on employee stock transactions

 

4,189

 

 

 

3,154

 

Acquisition-related expenses

 

448

 

 

 

6,890

 

Non-GAAP net income

$

45,006

 

 

$

1,787

 

 

 

 

 

Numerator:

 

 

 

Non-GAAP net income

$

45,006

 

 

$

1,787

 

 

 

 

 

Denominator:

 

 

 

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic

 

145,476,006

 

 

 

139,646,465

 

Effect of dilutive securities: Employee stock awards

 

5,708,299

 

 

 

6,707,822

 

Weighted-average shares used in computing net income per share attributable to common stockholders, diluted

 

151,184,305

 

 

 

146,354,287

 

 

 

 

 

GAAP net loss per share, basic

$

(0.08

)

 

$

(0.45

)

GAAP net loss per share, diluted

$

(0.08

)

 

$

(0.45

)

Non-GAAP net income per share, basic

$

0.31

 

 

$

0.01

 

Non-GAAP net income per share, diluted

$

0.30

 

 

$

0.01

 

Computation of free cash flow:

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

(in thousands)

Net cash provided by operating activities

$

69,145

 

 

$

29,275

 

Purchases of property, plant, and equipment

 

(2,089

)

 

 

(2,173

)

Capitalized software development costs

 

(9,514

)

 

 

(7,951

)

Non-GAAP free cash flow

$

57,542

 

 

$

19,151

 

 

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