Author Topic: Prosper Files 10-K for 2013  (Read 4235 times)

Xenon481

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Prosper Files 10-K for 2013
« on: April 01, 2014, 11:30:58 PM »
http://www.sec.gov/Archives/edgar/data/1416265/000114036114014832/form10k.htm

Q2 2009 - Loss before other income: $2,617,400
Q3 2009 - Loss before other income: $2,289,092
Q4 2009 - Loss before other income: $2,868,908
Q1 2010 - Loss before other income: $2,747,524
Q2 2010 - Loss before other income: $2,787,434
Q3 2010 - Loss before other income: $2,404,217
Q4 2010 - Loss before other income: $2,566,804
Q1 2011 - Loss before other income: $3,097,283
Q2 2011 - Loss before other income: $2,837,560
Q3 2011 - Loss before other income: $2,837,290
Q4 2011 - Loss before other income: $3,519,037
Q1 2012 - Loss before other income: $4,690,488
Q2 2012 - Loss before other income: $3,545,603
Q3 2012 - Loss before other income: $4,448,773
Q4 2012 - Loss before other income: $4,764,596
Q1 2013 - Loss before other income: $4,516,630
Q2 2013 - Loss before other income: $16,175,000 * and **
Q3 2013 - Loss before other income: $5,375,000
Q4 2013 - Loss before other income: $3,146,000

* = Prosper recorded the entire $10million settlement cost in Q2 of 2013.
** = Prosper's Q2 2013 quarterly operating loss (not counting the $10million settlement) is $6,175,000.

- Q4 2013 is Prosper's lowest quarterly loss since Q3 2011.
- As of 12-31-2013, Prosper had "Cash and cash equivalents" of ~$18million before making any payments to the Class Action Settlement.
- Prosper spent ~$13million in "Compensation and benefits" in 2013; ~27% higher than in 2012.
- Prosper spent almost $15million in in "Marketing and advertising" in 2013; over 2.6x as much as 2012.
- Not including the class action settlement, Prosper lost ~$1.8million more in 2013 than they did in 2012 even though Net Revenues were ~$10million higher (~3x 2012).
- Prosper spent ~44% more in "Facilities and maintenance" in 2013 than 2012.

The new management may have finally found a way to reduce Prosper's hemorrhaging of VC money, but only one quarter of not-as-bad numbers isn't a very significant dataset. We should know a lot more next month once Prosper releases their 10-Q for Q1 2014.
« Last Edit: April 02, 2014, 06:01:57 PM by Xenon481 »
The Motley Fool says to Avoid Prosper Like The Plague.

Read about historical Prosper actions/problems at Prospers.org

Peter

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Re: Prosper Files 10-K for 2014
« Reply #1 on: April 02, 2014, 12:26:17 AM »
Hi Xenon,

Thanks for continuing to share these numbers. As you say it is an improvement and I expect we will see a vastly more improved bottom line in the next 10-Q. I hope you will continue to post these numbers here so we can all see the dramatic turnaround of Prosper in 2014, as this is what I expect to see.
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core

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Re: Prosper Files 10-K for 2014
« Reply #2 on: April 02, 2014, 12:38:43 AM »
They lost a little bit less last quarter.  It seems this new management team is a bunch of slackers!  After they're all settled in and put some more effort into it, I'm sure they'll be able to set some more records.

Galli

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Re: Prosper Files 10-K for 2014
« Reply #3 on: April 04, 2014, 09:21:26 AM »
Hopefully VC are thirsty for some more risk, Prosper need to raise cash here pretty soon to continue at the pace they're going.


rawraw

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Re: Prosper Files 10-K for 2014
« Reply #4 on: May 01, 2014, 02:31:56 PM »
Hopefully VC are thirsty for some more risk, Prosper need to raise cash here pretty soon to continue at the pace they're going.
Prosper really needs to hope we don't have another market crash until they get onto their feet.  Timing can be a ****

SeattleSun

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Re: Prosper Files 10-K for 2013
« Reply #5 on: May 05, 2014, 11:21:55 AM »
On the eve of the LendIt Conference Prosper has announced their largest investment round ever. They have closed on a $70 million round from Francisco Partners, Institutional Venture Partners and Phenomen Ventures.

This monster round comes on the heels of Prosper crossing $100 million in loans issued in April and the $1 billon milestone just one month ago. It has clearly been a good year for Prosper so far.

SeattleSun

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Re: Prosper Files 10-K for 2013
« Reply #6 on: May 05, 2014, 05:59:12 PM »
On the eve of the LendIt Conference Prosper has announced their largest investment round ever. They have closed on a $70 million round from Francisco Partners, Institutional Venture Partners and Phenomen Ventures.

This monster round comes on the heels of Prosper crossing $100 million in loans issued in April and the $1 billon milestone just one month ago. It has clearly been a good year for Prosper so far.

Full article by Peter Renton

Prosper Raises $70 Million at a $600 Million Valuation


On the eve of the LendIt Conference Prosper has announced their largest investment round ever. They have closed on a $70 million round from Francisco Partners, Institutional Venture Partners and Phenomen Ventures.

This monster round comes on the heels of Prosper crossing $100 million in loans issued in April and the $1 billon milestone just one month ago. It has clearly been a good year for Prosper so far.

I chatted with Prosper CEO, Aaron Vermut, about this big news Ė it was the second time in the past week that we have talked about some very positive news for Prosper.

The $70 Million Includes a $20 Million Secondary Round

Of the $70 million total investment, $50 million is going on to Prosperís balance sheet. The remaining $20 million is a secondary round where some existing shareholders are cashing out.

While the 8-K will be out with all the details in a couple of days sources tell me that this new round is at a $600 million valuation. This is up from a $100 million valuation less than eight months ago.

When I asked Vermut what he would be using this new money for he talked first about expanding the team. Prosper is opening up a second office in Phoenix, Arizona that will be a loan verification and underwriting center. Vermut said that there is a lot of underwriting talent in Phoenix and they are looking to tap into that expertise at a much lower cost than in San Francisco.

Prosperís lease at their current location in San Francisco is up at the end of the year so they will be moving to a new location later this year. They expect to have a total of 150 employees by the end of the year split between the two locations.

Both Vermut and Ron Suber, president of Prosper, have said to me recently that Prosper is close to becoming cash flow positive. Then why raise so much money? When I posed that question to Vermut he had an interesting reply. He said while they didnít need to raise $70 million, having a strong balance sheet will help the company in many ways Ė not the least of which is in recruiting more top talent for their management team.

Prosper will be expanding their board from five seats to seven. David Golob from Francisco Partners will be joining the Prosper board along with Aaron Vermut himself.