“People who use public facilities for private purposes pay an appropriate rental fee so that taxpayers are not subsidizing a private event. The Library of Congress and the Smithsonian museums regularly rent out space for private functions. Perhaps they could suggest to the President and his campaign a reasonable price for use of the U.S. Capitol and the House chamber as a backdrop for his upcoming political rally.” [ATR]
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(UPDATE) Let’s Take a Closer Look at This SEC Accountant’s Porn Activity
Since we’ve been out of the number crunching biz on a day to day basis, our reaction to the 16,000 attempts by an SEC accountant to access porn was simply, “Holy shit, that’s a lot.”
Thankfully, we still have plenty of friends that still burn up the 10-key calcs and we got a drop from one of them a little while ago:
I did [a] calc on that accountant that viewed porn sites up to 16,000 in one month. He was averaging 725x per day (including weekends). That is impressive. I don’t think I can hit 725 times in a year (and I don’t even have a girlfriend), let alone one month.
The best part of this whole ordeal is that it’s now becoming a political football and hyperbole that even makes us scoff.
UPDATE: Our stupid friend is obviously rusty on the calc (they’re no longer in public accounting) and we’ve been re-informed by said friend that 725x is based on 22 workdays (i.e. not including weekends).
Even more importantly, how many accountants out there double-checked this pre-update calc and then failed to get all self-righteous about it?
Furthermore, and perhaps most importantly, the bar has been raised in the wasting time department. Granted this accountant was wasting everyone’s tax dollars while those of you in public accounting are wasting your clients’ dollars but these porn surfing numbers are no doubt a challenge worth accepting. Go forth.
The Company That Brought You Farmville Is Going Public
In addition to the Nets’ financials, you’ve got plenty of reading to do over this long weekend.
Some highlights from Zynga’s S-1 courtesy of Zero Hedge:
• Q1 2011 revenue: $235.4MM, up from $100.9MM YoY, LTM revenue $731.9 MM
• Q1 Net Income: $11.8MM up from $6.4MM YoY, LTM Net Income: $96.2MM
• Q1 Adjusted EBITDA: $112.2MM, up from $93.5MM, LTM EBITDA: $411.4MM
• Adjusted EBITDA definition also excludes stock based comp and change in deferred revenue
• Cash: $995.6MM, almost the same size as the entire proposed IPO
• Working Capital: $603.4MM
Some other fun things of note:
&bull Jeffrey Katzenberg, CEO of DreamWorks is on the Board of Directors and serves on the compensation committee.
• CFO David Wehner is formerly of Allen & Company, an investment bank that specializes in media and technology. He has an M.S. in Applied Physics from Stanford and a B.S. in Chemistry from Georgetown. His total compensation for 2010 was $17,996,057, $16,087,500 of which was stock awards.
• The audit committee consists of Brad Feld, Reid Hoffman and Stanley Meresman. Feld is a MD at the VC firm Foundry Group, Hoffman is the former CEO of LinkedIn and Meresman, the chair of the committee, selected for “his background as chair of the audit committee of other public companies and his financial and accounting expertise from his prior extensive experience as chief financial officer of two publicly traded corporations.”
• Mark Vranesh is the Chief Accounting Officer and had total compensation for 2010 of $1,544,940, $1,287,000 was stock awards.
There’s plenty more to pour through, so have it. And yes, Ernst & Young says everything is kosher, so who wants a piece of this?
Zynga S-1 [SEC]