Delaware (State or other jurisdiction of incorporation) | 001-35335 (Commission File Number) | 27-0903295 (I.R.S. Employer Identification No.) |
600 West Chicago Avenue Suite 400 Chicago, Illinois (Address of principal executive offices) | 60654 (Zip Code) |
Item 2.02 | Results of Operations and Financial Condition.* |
Item 9.01 | Financial Statements and Exhibits. | |||
(d) | Exhibits: | |||
Exhibit No. | Description | |||
99.1* | Press Release dated May 8, 2013 |
GROUPON, INC. | ||
May 8, 2013 | By: | /s/ Jason E. Child |
Name: | Jason E. Child | |
Title: | Chief Financial Officer |
Exhibit No. | Description | |
99.1* | Press Release dated May 8, 2013. |
• | Gross billings of $1.41 billion |
• | Revenue of $601.4 million |
• | GAAP operating income of $21.2 million, or $51.2 million excluding stock compensation |
• | GAAP loss per share of $0.01, or earnings per share of $0.03 excluding stock compensation |
• | Global units: Consolidated units, defined as vouchers and products ordered before cancellations and refunds, increased 4% year-over-year to 45 million. North America units increased 37%, and International units decreased 18%. |
• | Active deals: As of March 31, 2013, the number of active deals in North America increased to nearly 40,000, compared with nearly 37,000 at the end of the fourth quarter 2012. |
• | Active customers: Active customers, or customers that have purchased a Groupon within the last twelve months, grew 13% year-over-year, to 41.7 million as of March 31, 2013, comprising 18.2 million in North America, and 23.5 million in International. |
• | Customer spend: Trailing twelve month billings per average active customer decreased to $138 from $144 in the fourth quarter 2012, related primarily to seasonal strength in the fourth quarter holiday period. |
• | Mobile: In March 2013, 45% of North American transactions were completed on mobile devices, compared with nearly 30% in March 2012. In the first quarter 2013, more than 7 million people downloaded Groupon mobile apps worldwide. |
• | Marketplace: The rollout of Groupon's marketplace ("Pull") continued to gain momentum, as email accounted for less than 45% of North American transactions in the first quarter 2013. |
Three Months Ended March 31, | ||||||||||||||||||||
2013 | 2012 | Y/Y % Growth | FX Effect(2) | Y/Y % Growth excluding FX(2) | ||||||||||||||||
Gross Billings(1): | ||||||||||||||||||||
North America | $ | 681,319 | $ | 553,557 | 23.1 | % | $ | (59 | ) | 23.1 | % | |||||||||
International | 726,450 | 801,243 | (9.3 | ) | % | (12,460 | ) | (7.8 | ) | % | ||||||||||
Consolidated gross billings | $ | 1,407,769 | $ | 1,354,800 | 3.9 | % | $ | (12,519 | ) | 4.8 | % | |||||||||
Revenue: | ||||||||||||||||||||
North America | $ | 339,554 | $ | 238,565 | 42.3 | % | $ | (27 | ) | 42.3 | % | |||||||||
International | 261,848 | 320,718 | (18.4 | ) | % | (4,540 | ) | (16.9 | ) | % | ||||||||||
Consolidated revenue | $ | 601,402 | $ | 559,283 | 7.5 | % | $ | (4,567 | ) | 8.3 | % | |||||||||
Income from operations | $ | 21,178 | $ | 39,639 | (46.6 | ) | % | $ | 2,377 | (52.6 | ) | % | ||||||||
Net loss attributable to common stockholders | $ | (3,992 | ) | $ | (11,695 | ) | 65.9 | % | $ | 2,614 | 43.5 | % | ||||||||
Net loss per share: | ||||||||||||||||||||
Basic | $(0.01) | $(0.02) | ||||||||||||||||||
Diluted | $(0.01) | $(0.02) | ||||||||||||||||||
Weighted average basic shares outstanding | 658,800,417 | 644,097,375 | ||||||||||||||||||
Weighted average diluted shares outstanding | 658,800,417 | 644,097,375 |
(1) | Represents the total dollar value of customer purchases of goods and services, excluding applicable taxes and net of estimated refunds. Includes direct billings and third party and other billings. |
(2) | Represents change in financial measures that would have resulted had average exchange rates in the reporting period been the same as those in effect during the three months ended March 31, 2012. |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Operating activities | |||||||
Net loss | $ | (3,242 | ) | $ | (3,593 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 20,700 | 11,716 | |||||
Stock-based compensation | 29,907 | 28,003 | |||||
Deferred income taxes | (258 | ) | (876 | ) | |||
Excess tax benefits on stock-based compensation | (832 | ) | (2,881 | ) | |||
Loss on equity method investments | 19 | 5,128 | |||||
Acquisition-related expense (benefit), net | 68 | (52 | ) | ||||
Change in assets and liabilities, net of acquisitions: | |||||||
Restricted cash | 2,523 | (1,357 | ) | ||||
Accounts receivable | (7,684 | ) | (11,878 | ) | |||
Prepaid expenses and other current assets | 12,527 | (4,121 | ) | ||||
Accounts payable | (19,606 | ) | (1,821 | ) | |||
Accrued merchant and supplier payables | (39,417 | ) | 46,000 | ||||
Accrued expenses and other current liabilities | 13,302 | 13,420 | |||||
Other, net | 753 | 6,026 | |||||
Net cash provided by operating activities | 8,760 | 83,714 | |||||
Net cash used in investing activities | (30,679 | ) | (46,444 | ) | |||
Net cash used in financing activities | (9,342 | ) | (8,275 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (12,378 | ) | 9,059 | ||||
Net (decrease) increase in cash and cash equivalents | (43,639 | ) | 38,054 | ||||
Cash and cash equivalents, beginning of period | 1,209,289 | 1,122,935 | |||||
Cash and cash equivalents, end of period | $ | 1,165,650 | $ | 1,160,989 |
Three Months Ended March 31, | ||||||||
2013 | 2012 | |||||||
Revenue: | ||||||||
Third party and other | $ | 439,108 | $ | 540,053 | ||||
Direct | 162,294 | 19,230 | ||||||
Total revenue | 601,402 | 559,283 | ||||||
Cost of revenue: | ||||||||
Third party and other | 70,016 | 102,629 | ||||||
Direct | 152,377 | 16,869 | ||||||
Total cost of revenue | 222,393 | 119,498 | ||||||
Gross profit | 379,009 | 439,785 | ||||||
Operating expenses: | ||||||||
Marketing | 49,557 | 116,615 | ||||||
Selling, general and administrative | 308,206 | 283,583 | ||||||
Acquisition-related expense (benefit), net | 68 | (52 | ) | |||||
Total operating expenses | 357,831 | 400,146 | ||||||
Income from operations | 21,178 | 39,639 | ||||||
Interest and other expense, net | (5,064 | ) | (3,539 | ) | ||||
Loss on equity method investments | (19 | ) | (5,128 | ) | ||||
Income before provision for income taxes | 16,095 | 30,972 | ||||||
Provision for income taxes | 19,337 | 34,565 | ||||||
Net loss | (3,242 | ) | (3,593 | ) | ||||
Less: Net income attributable to noncontrolling interests | (750 | ) | (880 | ) | ||||
Net loss attributable to Groupon, Inc. | (3,992 | ) | (4,473 | ) | ||||
Adjustment of redeemable noncontrolling interests to redemption value | — | (7,222 | ) | |||||
Net loss attributable to common stockholders | $ | (3,992 | ) | $ | (11,695 | ) | ||
Net loss per share | ||||||||
Basic | $(0.01) | $(0.02) | ||||||
Diluted | $(0.01) | $(0.02) | ||||||
Weighted average number of shares outstanding | ||||||||
Basic | 658,800,417 | 644,097,375 | ||||||
Diluted | 658,800,417 | 644,097,375 |
March 31, 2013 | December 31, 2012 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,165,650 | $ | 1,209,289 | ||||
Accounts receivable, net | 102,717 | 96,713 | ||||||
Deferred income taxes | 30,679 | 31,211 | ||||||
Prepaid expenses and other current assets | 132,324 | 150,573 | ||||||
Total current assets | 1,431,370 | 1,487,786 | ||||||
Property, equipment and software, net of accumulated depreciation and amortization of $60,291 and $46,236, respectively | 128,773 | 121,072 | ||||||
Goodwill | 205,466 | 206,684 | ||||||
Intangible assets, net | 36,838 | 42,597 | ||||||
Investments | 97,245 | 84,209 | ||||||
Deferred income taxes, non-current | 29,710 | 29,916 | ||||||
Other non-current assets | 52,855 | 59,210 | ||||||
Total Assets | $ | 1,982,257 | $ | 2,031,474 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 40,898 | $ | 59,865 | ||||
Accrued merchant and supplier payables | 620,485 | 671,305 | ||||||
Accrued expenses | 245,889 | 246,924 | ||||||
Deferred income taxes | 52,875 | 53,700 | ||||||
Other current liabilities | 140,433 | 136,647 | ||||||
Total current liabilities | 1,100,580 | 1,168,441 | ||||||
Deferred income taxes, non-current | 19,917 | 20,860 | ||||||
Other non-current liabilities | 97,791 | 100,072 | ||||||
Total Liabilities | 1,218,288 | 1,289,373 | ||||||
Commitments and contingencies | ||||||||
Stockholders' Equity | ||||||||
Class A common stock, par value $0.0001 per share, 2,000,000,000 shares authorized, 657,774,882 and 654,523,706 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively | 66 | 65 | ||||||
Class B common stock, par value $0.0001 per share, 10,000,000 shares authorized, 2,399,976 shares issued and outstanding at March 31, 2013 and December 31, 2012 | — | — | ||||||
Common stock, par value $0.0001 per share, 2,010,000,000 shares authorized, no shares issued and outstanding at March 31, 2013 and December 31, 2012 | — | — | ||||||
Additional paid-in capital | 1,508,972 | 1,485,006 | ||||||
Accumulated deficit | (757,469 | ) | (753,477 | ) | ||||
Accumulated other comprehensive income | 14,787 | 12,446 | ||||||
Total Groupon, Inc. Stockholders' Equity | 766,356 | 744,040 | ||||||
Noncontrolling interests | (2,387 | ) | (1,939 | ) | ||||
Total Equity | 763,969 | 742,101 | ||||||
Total Liabilities and Equity | $ | 1,982,257 | $ | 2,031,474 |
Three Months Ended March 31, | ||||||||
2013 | 2012 | |||||||
North America | ||||||||
Gross billings (1) | $ | 681,319 | $ | 553,557 | ||||
Revenue | $ | 339,554 | $ | 238,565 | ||||
Segment cost of revenue and operating expenses (2) | 298,188 | 198,393 | ||||||
Segment operating income | $ | 41,366 | $ | 40,172 | ||||
Segment operating income as a percent of segment revenue | 12.2 | % | 16.8 | % | ||||
International | ||||||||
Gross billings (1) | $ | 726,450 | $ | 801,243 | ||||
Revenue | $ | 261,848 | $ | 320,718 | ||||
Segment cost of revenue and operating expenses (2) | 252,061 | 293,300 | ||||||
Segment operating income | $ | 9,787 | $ | 27,418 | ||||
Segment operating income as a percent of segment revenue | 3.7 | % | 8.5 | % | ||||
Consolidated | ||||||||
Gross billings (1) | $ | 1,407,769 | $ | 1,354,800 | ||||
Revenue | $ | 601,402 | $ | 559,283 | ||||
Segment cost of revenue and operating expenses (2) | 550,249 | 491,693 | ||||||
Segment operating income | $ | 51,153 | $ | 67,590 | ||||
Segment operating income as a percent of segment revenue | 8.5 | % | 12.1 | % | ||||
Stock-based compensation | 29,907 | 28,003 | ||||||
Acquisition-related expense (benefit), net | 68 | (52 | ) | |||||
Income from operations | 21,178 | 39,639 | ||||||
Interest and other expense, net | 5,064 | 3,539 | ||||||
Loss on equity method investments | 19 | 5,128 | ||||||
Income before provision for income taxes | 16,095 | 30,972 | ||||||
Provision for income taxes | 19,337 | 34,565 | ||||||
Net loss | $ | (3,242 | ) | $ | (3,593 | ) |
(1) | Represents the total dollar value of customer purchases of goods and services, excluding any applicable taxes and net of estimated refunds. Includes direct billings and third party and other billings. |
(2) | Represents cost of revenue and operating expenses, excluding stock-based compensation and acquisition-related expense (benefit), net. |
Three Months Ended March 31, 2013 | ||||
Net loss attributable to common stockholders | $ | (3,992 | ) | |
Stock-based compensation | 29,907 | |||
Acquisition-related expense, net | 68 | |||
Income tax effect of adjustments | (9,113 | ) | ||
Net income attributable to common stockholders excluding stock-based compensation and acquisition-related expense, net | $ | 16,870 | ||
Diluted shares | 658,800,417 | |||
Incremental diluted shares (1) | 12,175,734 | |||
Adjusted diluted shares | 670,976,151 | |||
Diluted net loss per share | $ | (0.01 | ) | |
Impact of stock-based compensation and acquisition-related expense, net and the related income tax effects | 0.04 | |||
Diluted earnings per share excluding stock-based compensation and acquisition-related expense, net | $ | 0.03 |
(1) | Outstanding equity awards are not reflected in the diluted loss per share calculation for the three months ended March 31, 2013 because the effect would be antidilutive. However, those awards have been reflected in the calculation of diluted earnings per share excluding stock-based compensation and acquisition-related expense, net for the three months ended March 31, 2013 because they have a dilutive effect on that calculation. |
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
At Avg. Q1 2012 Rates(1) | Exchange Rate Effect(2) | As Reported | At Avg. Q4 2012 Rates(3) | Exchange Rate Effect(2) | As Reported | |||||||||||||||||||
Gross billings | $ | 1,420,288 | $ | (12,519 | ) | $ | 1,407,769 | $ | 1,408,597 | $ | (828 | ) | $ | 1,407,769 | ||||||||||
Revenue | $ | 605,969 | $ | (4,567 | ) | $ | 601,402 | $ | 601,584 | $ | (182 | ) | $ | 601,402 | ||||||||||
Income from operations | $ | 18,801 | $ | 2,377 | $ | 21,178 | $ | 21,698 | $ | (520 | ) | $ | 21,178 |
(1) | Represents the outcome that would have resulted had average exchange rates in the reported period been the same as those in effect during the three months March 31, 2012. |
(2) | Represents the increase or decrease in reported amounts resulting from changes in exchange rates from those in effect in the comparable period. |
(3) | Represents the outcome that would have resulted had average exchange rates in the reported period been the same as those in effect during the three months ended December 31, 2012. |
Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | Q1 2013 | |||||||||||||||||
Segments | |||||||||||||||||||||
North America Segment: | |||||||||||||||||||||
Gross Billings(1): | |||||||||||||||||||||
Local(2) Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 424,124 | $ | 412,348 | $ | 349,293 | $ | 430,255 | $ | 450,140 | |||||||||||
Direct | 5,299 | 288 | 6,450 | — | — | ||||||||||||||||
Total Local Gross Billings | $ | 429,423 | $ | 412,636 | $ | 355,743 | $ | 430,255 | $ | 450,140 | |||||||||||
Goods Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 75,908 | $ | 40,173 | $ | 25,508 | $ | 31,270 | $ | 17,294 | |||||||||||
Direct | 2,282 | 52,773 | 126,608 | 209,575 | 148,065 | ||||||||||||||||
Total Goods Gross Billings | $ | 78,190 | $ | 92,946 | $ | 152,116 | $ | 240,845 | $ | 165,359 | |||||||||||
Travel and Other Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 45,944 | $ | 42,693 | $ | 44,510 | $ | 47,852 | $ | 65,820 | |||||||||||
Direct | — | — | — | — | — | ||||||||||||||||
Total Travel and Other Gross Billings | $ | 45,944 | $ | 42,693 | $ | 44,510 | $ | 47,852 | $ | 65,820 | |||||||||||
Total Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 545,976 | $ | 495,214 | $ | 419,311 | $ | 509,377 | $ | 533,254 | |||||||||||
Direct | 7,581 | 53,061 | 133,058 | 209,575 | 148,065 | ||||||||||||||||
Total Gross Billings | $ | 553,557 | $ | 548,275 | $ | 552,369 | $ | 718,952 | $ | 681,319 | |||||||||||
Year-over-year growth | 76 | % | 48 | % | 38 | % | 51 | % | 23 | % | |||||||||||
% of Consolidated Gross Billings | 41 | % | 43 | % | 45 | % | 47 | % | 48 | % | |||||||||||
Gross Billings Trailing Twelve Months (TTM) | $ | 1,800,332 | $ | 1,978,617 | $ | 2,130,008 | $ | 2,373,153 | $ | 2,500,915 | |||||||||||
Revenue(3): | |||||||||||||||||||||
Local Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 191,128 | $ | 184,189 | $ | 134,993 | $ | 142,454 | $ | 171,593 | |||||||||||
Direct | 5,299 | 288 | 6,450 | — | — | ||||||||||||||||
Total Local Revenue | $ | 196,427 | $ | 184,477 | $ | 141,443 | $ | 142,454 | $ | 171,593 | |||||||||||
Goods Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 24,941 | $ | 10,387 | $ | 13,064 | $ | 11,877 | $ | 3,144 | |||||||||||
Direct | 2,282 | 52,774 | 126,608 | 209,575 | 148,065 | ||||||||||||||||
Total Goods Revenue | $ | 27,223 | $ | 63,161 | $ | 139,672 | $ | 221,452 | $ | 151,209 | |||||||||||
Travel and Other Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 14,915 | $ | 12,543 | $ | 10,488 | $ | 11,445 | $ | 16,752 | |||||||||||
Direct | — | — | — | — | — | ||||||||||||||||
Total Travel and Other Revenue | $ | 14,915 | $ | 12,543 | $ | 10,488 | $ | 11,445 | $ | 16,752 | |||||||||||
Total Revenue: | |||||||||||||||||||||
Third Party and Other Revenue | $ | 230,984 | $ | 207,119 | $ | 158,545 | $ | 165,776 | $ | 191,489 | |||||||||||
Direct Revenue | 7,581 | 53,062 | 133,058 | 209,575 | 148,065 | ||||||||||||||||
Total Revenue | $ | 238,565 | $ | 260,181 | $ | 291,603 | $ | 375,351 | $ | 339,554 | |||||||||||
Year-over-year growth | 75 | % | 66 | % | 81 | % | 109 | % | 42 | % | |||||||||||
% of Consolidated Revenue | 43 | % | 46 | % | 51 | % | 59 | % | 56 | % | |||||||||||
Revenue TTM | $ | 736,933 | $ | 839,909 | $ | 969,987 | $ | 1,165,700 | $ | 1,266,689 | |||||||||||
Cost of Revenue(4): | |||||||||||||||||||||
Local Cost of Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 51,782 | $ | 35,710 | $ | 13,176 | $ | 23,203 | $ | 25,915 | |||||||||||
Direct | 4,663 | 234 | 5,231 | — | — | ||||||||||||||||
Total Local Cost of Revenue | $ | 56,445 | $ | 35,944 | $ | 18,407 | $ | 23,203 | $ | 25,915 | |||||||||||
Goods Cost of Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 6,757 | $ | 2,014 | $ | 1,275 | $ | 1,935 | $ | 475 | |||||||||||
Direct | 2,008 | 45,925 | 110,329 | 196,789 | 138,278 | ||||||||||||||||
Total Goods Cost of Revenue | $ | 8,765 | $ | 47,939 | $ | 111,604 | $ | 198,724 | $ | 138,753 | |||||||||||
Travel and Other Cost of Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 4,041 | $ | 2,431 | $ | 1,024 | $ | 1,864 | $ | 2,530 | |||||||||||
Direct | — | — | — | — | — | ||||||||||||||||
Total Travel and Other Cost of Revenue | $ | 4,041 | $ | 2,431 | $ | 1,024 | $ | 1,864 | $ | 2,530 | |||||||||||
Total Cost of Revenue: | |||||||||||||||||||||
Third Party and Other Cost of Revenue | $ | 62,580 | $ | 40,155 | $ | 15,475 | $ | 27,002 | $ | 28,920 | |||||||||||
Direct Cost of Revenue | 6,671 | 46,159 | 115,560 | 196,789 | 138,278 | ||||||||||||||||
Total Cost of Revenue | $ | 69,251 | $ | 86,314 | $ | 131,035 | $ | 223,791 | $ | 167,198 | |||||||||||
% of North America Total Revenue | 29 | % | 33 | % | 45 | % | 60 | % | 49 | % | |||||||||||
Gross Profit: | |||||||||||||||||||||
Local Gross Profit: | |||||||||||||||||||||
Third Party and Other | $ | 139,346 | $ | 148,479 | $ | 121,817 | $ | 119,251 | $ | 145,678 | |||||||||||
Direct | 636 | 54 | 1,219 | — | — | ||||||||||||||||
Total Local Gross Profit | $ | 139,982 | $ | 148,533 | $ | 123,036 | $ | 119,251 | $ | 145,678 | |||||||||||
% of North America Total Local Revenue | 71.3 | % | 80.5 | % | 87.0 | % | 83.7 | % | 84.9 | % | |||||||||||
% of North America Total Local Gross Billings | 32.6 | % | 36.0 | % | 34.6 | % | 27.7 | % | 32.4 | % | |||||||||||
Goods Gross Profit | |||||||||||||||||||||
Third Party and Other | $ | 18,184 | $ | 8,373 | $ | 11,789 | $ | 9,942 | $ | 2,669 | |||||||||||
Direct | 274 | 6,849 | 16,279 | 12,786 | 9,787 | ||||||||||||||||
Total Goods Gross Profit | $ | 18,458 | $ | 15,222 | $ | 28,068 | $ | 22,728 | $ | 12,456 | |||||||||||
% of North America Total Goods Revenue | 67.8 | % | 24.1 | % | 20.1 | % | 10.3 | % | 8.2 | % | |||||||||||
% of North America Total Goods Gross Billings | 23.6 | % | 16.4 | % | 18.5 | % | 9.4 | % | 7.5 | % | |||||||||||
Travel and Other Gross Profit: | |||||||||||||||||||||
Third Party and Other | $ | 10,874 | $ | 10,112 | $ | 9,464 | $ | 9,581 | $ | 14,222 | |||||||||||
Direct | — | — | — | — | — | ||||||||||||||||
Total Travel and Other Gross Profit | $ | 10,874 | $ | 10,112 | $ | 9,464 | $ | 9,581 | $ | 14,222 | |||||||||||
% of North America Total Travel and Other Revenue | 72.9 | % | 80.6 | % | 90.2 | % | 83.7 | % | 84.9 | % | |||||||||||
% of North America Total Travel and Other Gross Billings | 23.7 | % | 23.7 | % | 21.3 | % | 20.0 | % | 21.6 | % | |||||||||||
Total Gross Profit: | |||||||||||||||||||||
Third Party and Other | $ | 168,404 | $ | 166,964 | $ | 143,070 | $ | 138,774 | $ | 162,569 | |||||||||||
Direct | 910 | 6,903 | 17,498 | 12,786 | 9,787 | ||||||||||||||||
Total Gross Profit | $ | 169,314 | $ | 173,867 | $ | 160,568 | $ | 151,560 | $ | 172,356 | |||||||||||
% of North America Total Revenue | 71.0 | % | 66.8 | % | 55.1 | % | 40.4 | % | 50.8 | % | |||||||||||
% of North America Total Gross Billings | 30.6 | % | 31.7 | % | 29.1 | % | 21.1 | % | 25.3 | % | |||||||||||
Operating Income Excl Stock-Based Compensation (SBC), Acquisition-Related Expenses | $ | 40,172 | $ | 43,429 | $ | 39,093 | $ | 17,032 | $ | 41,366 | |||||||||||
Year-over-year growth | N/A | N/A | 108 | % | (7 | ) | % | 3 | % | ||||||||||||
% of Consolidated Operating Income Excl SBC, Acq-Related | 59 | % | 60 | % | 77 | % | 124 | % | 81 | % | |||||||||||
Operating Margin Excl SBC, Acq-Related (% of North America Total revenue) | 16.8 | % | 16.7 | % | 13.4 | % | 4.5 | % | 12.2 | % | |||||||||||
Year-over-year growth (bps) | 3,278 | 2,337 | 170 | (570 | ) | (460 | ) | ||||||||||||||
Operating Income TTM Excl SBC, Acq-Related | $ | 66,746 | $ | 120,676 | $ | 140,933 | $ | 139,726 | $ | 140,920 | |||||||||||
Operating Margin TTM Excl SBC, Acq-Related (% of North America Total TTM revenue) | 9.1 | % | 14.4 | % | 14.5 | % | 12.0 | % | 11.1 | % | |||||||||||
Year-over-year growth (bps) | 2,197 | 2,601 | 2,100 | 1,120 | 200 | ||||||||||||||||
International Segment: | |||||||||||||||||||||
Gross Billings | |||||||||||||||||||||
Local Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 465,879 | $ | 423,313 | $ | 328,044 | $ | 368,898 | $ | 379,413 | |||||||||||
Direct | — | — | — | — | — | ||||||||||||||||
Total Local Gross Billings | $ | 465,879 | $ | 423,313 | $ | 328,044 | $ | 368,898 | $ | 379,413 | |||||||||||
Goods Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 199,988 | $ | 186,899 | $ | 211,464 | $ | 285,057 | $ | 212,736 | |||||||||||
Direct | 7,396 | 12,288 | 11,930 | 15,601 | 14,229 | ||||||||||||||||
Total Goods Gross Billings | $ | 207,384 | $ | 199,187 | $ | 223,394 | $ | 300,658 | $ | 226,965 | |||||||||||
Travel and Other Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 123,727 | $ | 115,901 | $ | 114,449 | $ | 131,944 | $ | 120,072 | |||||||||||
Direct | 4,253 | — | — | — | — | ||||||||||||||||
Total Travel and Other Gross Billings | $ | 127,980 | $ | 115,901 | $ | 114,449 | $ | 131,944 | $ | 120,072 | |||||||||||
Total Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 789,594 | $ | 726,113 | $ | 653,957 | $ | 785,899 | $ | 712,221 | |||||||||||
Direct | 11,649 | 12,288 | 11,930 | 15,601 | 14,229 | ||||||||||||||||
Total Gross Billings | $ | 801,243 | $ | 738,401 | $ | 665,887 | $ | 801,500 | $ | 726,450 | |||||||||||
Year-over-year growth | 127 | % | 32 | % | (12 | ) | % | 6 | % | (9 | ) | % | |||||||||
Year-over-year growth, excluding FX(5) | 138 | % | 45 | % | (4 | ) | % | 9 | % | (8 | ) | % | |||||||||
% of Consolidated Gross Billings | 59 | % | 57 | % | 55 | % | 53 | % | 52 | % | |||||||||||
Gross Billings TTM | $ | 2,871,795 | $ | 3,050,937 | $ | 2,960,592 | $ | 3,007,031 | $ | 2,932,238 | |||||||||||
Revenue: | |||||||||||||||||||||
Local Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 213,166 | $ | 193,861 | $ | 164,184 | $ | 144,834 | $ | 155,800 | |||||||||||
Direct | — | — | — | — | — | ||||||||||||||||
Total Local Revenue | $ | 213,166 | $ | 193,861 | $ | 164,184 | $ | 144,834 | $ | 155,800 | |||||||||||
Goods Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 60,365 | $ | 67,864 | $ | 71,310 | $ | 74,702 | $ | 63,937 | |||||||||||
Direct | 7,396 | 12,288 | 11,930 | 15,600 | 14,229 | ||||||||||||||||
Total Goods Revenue | $ | 67,761 | $ | 80,152 | $ | 83,240 | $ | 90,302 | $ | 78,166 | |||||||||||
Travel and Other Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 35,538 | $ | 34,141 | $ | 29,525 | $ | 27,815 | $ | 27,882 | |||||||||||
Direct | 4,253 | — | — | — | — | ||||||||||||||||
Total Travel and Other Revenue | $ | 39,791 | $ | 34,141 | $ | 29,525 | $ | 27,815 | $ | 27,882 | |||||||||||
Total Revenue: | |||||||||||||||||||||
Third Party and Other Revenue | $ | 309,069 | $ | 295,866 | $ | 265,019 | $ | 247,351 | $ | 247,619 | |||||||||||
Direct Revenue | 11,649 | 12,288 | 11,930 | 15,600 | 14,229 | ||||||||||||||||
Total Revenue | $ | 320,718 | $ | 308,154 | $ | 276,949 | $ | 262,951 | $ | 261,848 | |||||||||||
Year-over-year growth | 102 | % | 31 | % | 3 | % | (16 | ) | % | (18 | ) | % | |||||||||
Year-over-year growth, excluding FX | 112 | % | 44 | % | 13 | % | (14 | ) | % | (17 | ) | % | |||||||||
% of Consolidated Revenue | 57 | % | 54 | % | 49 | % | 41 | % | 44 | % | |||||||||||
Revenue TTM | $ | 1,137,257 | $ | 1,210,034 | $ | 1,218,347 | $ | 1,168,772 | $ | 1,109,902 | |||||||||||
Cost of Revenue: | |||||||||||||||||||||
Local Cost of Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 27,622 | $ | 24,162 | $ | 23,729 | $ | 20,423 | $ | 20,115 | |||||||||||
Direct | — | — | — | — | — | ||||||||||||||||
Total Local Cost of Revenue | $ | 27,622 | $ | 24,162 | $ | 23,729 | $ | 20,423 | $ | 20,115 | |||||||||||
Goods Cost of Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 7,822 | $ | 8,459 | $ | 10,702 | $ | 12,558 | $ | 17,381 | |||||||||||
Direct | 6,474 | 11,993 | 12,053 | 21,778 | 14,099 | ||||||||||||||||
Total Goods Cost of Revenue | $ | 14,296 | $ | 20,452 | $ | 22,755 | $ | 34,336 | $ | 31,480 | |||||||||||
Travel and Other Cost of Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 4,605 | $ | 4,256 | $ | 4,267 | $ | 3,922 | $ | 3,600 | |||||||||||
Direct | 3,724 | — | — | — | — | ||||||||||||||||
Total Travel and Other Cost of Revenue | $ | 8,329 | $ | 4,256 | $ | 4,267 | $ | 3,922 | $ | 3,600 | |||||||||||
Total Cost of Revenue: | |||||||||||||||||||||
Third Party and Other Cost of Revenue | $ | 40,049 | $ | 36,877 | $ | 38,698 | $ | 36,903 | $ | 41,096 | |||||||||||
Direct Cost of Revenue | 10,198 | 11,993 | 12,053 | 21,778 | 14,099 | ||||||||||||||||
Total Cost of Revenue | $ | 50,247 | $ | 48,870 | $ | 50,751 | $ | 58,681 | $ | 55,195 | |||||||||||
% of International Total Revenue | 16 | % | 16 | % | 18 | % | 22 | % | 21 | % | |||||||||||
Gross Profit: | |||||||||||||||||||||
Local Gross Profit: | |||||||||||||||||||||
Third Party and Other | $ | 185,544 | $ | 169,699 | $ | 140,455 | $ | 124,411 | $ | 135,685 | |||||||||||
Direct | — | — | — | — | — | ||||||||||||||||
Total Local Gross Profit | $ | 185,544 | $ | 169,699 | $ | 140,455 | $ | 124,411 | $ | 135,685 | |||||||||||
% of International Total Local Revenue | 87.0 | % | 87.5 | % | 85.5 | % | 85.9 | % | 87.1 | % | |||||||||||
% of International Total Local Gross Billings | 39.8 | % | 40.1 | % | 42.8 | % | 33.7 | % | 35.8 | % | |||||||||||
Goods Gross Profit | |||||||||||||||||||||
Third Party and Other | $ | 52,543 | $ | 59,405 | $ | 60,608 | $ | 62,144 | $ | 46,556 | |||||||||||
Direct | 922 | 295 | (123 | ) | (6,178 | ) | 130 | ||||||||||||||
Total Goods Gross Profit | $ | 53,465 | $ | 59,700 | $ | 60,485 | $ | 55,966 | $ | 46,686 | |||||||||||
% of International Total Goods Revenue | 78.9 | % | 74.5 | % | 72.7 | % | 62.0 | % | 59.7 | % | |||||||||||
% of International Total Goods Gross Billings | 25.8 | % | 30.0 | % | 27.1 | % | 18.6 | % | 20.6 | % | |||||||||||
Travel and Other Gross Profit: | |||||||||||||||||||||
Third Party and Other | $ | 30,933 | $ | 29,885 | $ | 25,258 | $ | 23,893 | $ | 24,282 | |||||||||||
Direct | 529 | — | — | — | — | ||||||||||||||||
Total Travel and Other Gross Profit | $ | 31,462 | $ | 29,885 | $ | 25,258 | $ | 23,893 | $ | 24,282 | |||||||||||
% of International Total Travel and Other Revenue | 79.1 | % | 87.5 | % | 85.5 | % | 85.9 | % | 87.1 | % | |||||||||||
% of International Total Travel and Other Gross Billings | 24.6 | % | 25.8 | % | 22.1 | % | 18.1 | % | 20.2 | % | |||||||||||
Total Gross Profit: | |||||||||||||||||||||
Third Party and Other | $ | 269,020 | $ | 258,989 | $ | 226,321 | $ | 210,448 | $ | 206,523 | |||||||||||
Direct | 1,451 | 295 | (123 | ) | (6,178 | ) | 130 | ||||||||||||||
Total Gross Profit | $ | 270,471 | $ | 259,284 | $ | 226,198 | $ | 204,270 | $ | 206,653 | |||||||||||
% of International Total Revenue | 84.3 | % | 84.1 | % | 81.7 | % | 77.7 | % | 78.9 | % | |||||||||||
% of International Total Gross Billings | 33.8 | % | 35.1 | % | 34.0 | % | 25.5 | % | 28.4 | % | |||||||||||
Operating Income (Loss) Excl SBC, Acq-Related | $ | 27,418 | $ | 28,505 | $ | 11,395 | $ | (3,329 | ) | $ | 9,787 | ||||||||||
Year-over-year growth | N/A | 155 | % | N/A | (1,060 | ) | % | (64 | ) | % | |||||||||||
% of Consolidated Operating Income Excl SBC, Acq-Related | 41 | % | 40 | % | 23 | % | (24 | ) | % | 19 | % | ||||||||||
Operating Margin Excl SBC, Acq-Related (% of International Total revenue) | 8.5 | % | 9.3 | % | 4.1 | % | (1.3 | ) | % | 3.7 | % | ||||||||||
Year-over-year growth (bps) | 5,669 | 3,126 | 1,170 | (120 | ) | (480 | ) | ||||||||||||||
Operating (Loss) Income TTM Excl SBC, Acq-Related | $ | (45,205 | ) | $ | 35,108 | $ | 67,031 | $ | 63,989 | $ | 46,358 | ||||||||||
Operating Margin TTM Excl SBC, Acq-Related (% of International Total TTM revenue) | (4.0 | ) | % | 2.9 | % | 5.5 | % | 5.5 | % | 4.2 | % | ||||||||||
Year-over-year growth (bps) | 8,704 | 5,765 | 4,170 | 2,080 | 820 | ||||||||||||||||
Consolidated Results of Operations | |||||||||||||||||||||
Gross Billings | |||||||||||||||||||||
Local Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 890,003 | $ | 835,661 | $ | 677,337 | $ | 799,153 | $ | 829,553 | |||||||||||
Direct | 5,299 | 288 | 6,450 | — | — | ||||||||||||||||
Total Local Gross Billings | $ | 895,302 | $ | 835,949 | $ | 683,787 | $ | 799,153 | $ | 829,553 | |||||||||||
Goods Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 275,896 | $ | 227,072 | $ | 236,972 | $ | 316,327 | $ | 230,030 | |||||||||||
Direct | 9,678 | 65,061 | 138,538 | 225,176 | 162,294 | ||||||||||||||||
Total Goods Gross Billings | $ | 285,574 | $ | 292,133 | $ | 375,510 | $ | 541,503 | $ | 392,324 | |||||||||||
Travel and Other Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 169,671 | $ | 158,594 | $ | 158,959 | $ | 179,796 | $ | 185,892 | |||||||||||
Direct | 4,253 | — | — | — | — | ||||||||||||||||
Total Travel and Other Gross Billings | $ | 173,924 | $ | 158,594 | $ | 158,959 | $ | 179,796 | $ | 185,892 | |||||||||||
Total Gross Billings: | |||||||||||||||||||||
Third Party and Other | $ | 1,335,570 | $ | 1,221,327 | $ | 1,073,268 | $ | 1,295,276 | $ | 1,245,475 | |||||||||||
Direct | 19,230 | 65,349 | 144,988 | 225,176 | 162,294 | ||||||||||||||||
Total Gross Billings | $ | 1,354,800 | $ | 1,286,676 | $ | 1,218,256 | $ | 1,520,452 | $ | 1,407,769 | |||||||||||
Year-over-year growth | 103 | % | 38 | % | 5 | % | 24 | % | 4 | % | |||||||||||
Year-over-year growth, excluding FX | 108 | % | 47 | % | 11 | % | 25 | % | 5 | % | |||||||||||
Gross Billings (TTM) | $ | 4,672,127 | $ | 5,029,554 | $ | 5,090,600 | $ | 5,380,184 | $ | 5,433,153 | |||||||||||
Year-over-year growth | 241 | % | 128 | % | 61 | % | 35 | % | 16 | % | |||||||||||
Revenue: | |||||||||||||||||||||
Local Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 404,294 | $ | 378,050 | $ | 299,177 | $ | 287,288 | $ | 327,393 | |||||||||||
Direct | 5,299 | 288 | 6,450 | — | — | ||||||||||||||||
Total Local Revenue | $ | 409,593 | $ | 378,338 | $ | 305,627 | $ | 287,288 | $ | 327,393 | |||||||||||
Goods Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 85,306 | $ | 78,251 | $ | 84,374 | $ | 86,579 | $ | 67,081 | |||||||||||
Direct | 9,678 | 65,062 | 138,538 | 225,175 | 162,294 | ||||||||||||||||
Total Goods Revenue | $ | 94,984 | $ | 143,313 | $ | 222,912 | $ | 311,754 | $ | 229,375 | |||||||||||
Travel and Other Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 50,453 | $ | 46,684 | $ | 40,013 | $ | 39,260 | $ | 44,634 | |||||||||||
Direct | 4,253 | — | — | — | — | ||||||||||||||||
Total Travel and Other Revenue | $ | 54,706 | $ | 46,684 | $ | 40,013 | $ | 39,260 | $ | 44,634 | |||||||||||
Total Revenue: | |||||||||||||||||||||
Third Party and Other Revenue | $ | 540,053 | $ | 502,985 | $ | 423,564 | $ | 413,127 | $ | 439,108 | |||||||||||
Direct Revenue | 19,230 | 65,350 | 144,988 | 225,175 | 162,294 | ||||||||||||||||
Total Revenue | $ | 559,283 | $ | 568,335 | $ | 568,552 | $ | 638,302 | $ | 601,402 | |||||||||||
Year-over-year growth | 89 | % | 45 | % | 32 | % | 30 | % | 8 | % | |||||||||||
Year-over-year growth, excluding FX | 95 | % | 53 | % | 38 | % | 31 | % | 8 | % | |||||||||||
Total Consolidated Revenue TTM | $ | 1,874,190 | $ | 2,049,943 | $ | 2,188,334 | $ | 2,334,472 | $ | 2,376,591 | |||||||||||
Year-over-year growth | 219 | % | 118 | % | 70 | % | 45 | % | 27 | % | |||||||||||
Cost of Revenue: | |||||||||||||||||||||
Local Cost of Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 79,404 | $ | 59,872 | $ | 36,905 | $ | 43,626 | $ | 46,030 | |||||||||||
Direct | 4,663 | 234 | 5,231 | — | — | ||||||||||||||||
Total Local Cost of Revenue | $ | 84,067 | $ | 60,106 | $ | 42,136 | $ | 43,626 | $ | 46,030 | |||||||||||
Goods Cost of Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 14,579 | $ | 10,473 | $ | 11,977 | $ | 14,493 | $ | 17,856 | |||||||||||
Direct | 8,482 | 57,918 | 122,382 | 218,567 | 152,377 | ||||||||||||||||
Total Goods Cost of Revenue | $ | 23,061 | $ | 68,391 | $ | 134,359 | $ | 233,060 | $ | 170,233 | |||||||||||
Travel and Other Cost of Revenue: | |||||||||||||||||||||
Third Party and Other | $ | 8,646 | $ | 6,687 | $ | 5,291 | $ | 5,786 | $ | 6,130 | |||||||||||
Direct | 3,724 | — | — | — | — | ||||||||||||||||
Total Travel and Other Cost of Revenue | $ | 12,370 | $ | 6,687 | $ | 5,291 | $ | 5,786 | $ | 6,130 | |||||||||||
Total Cost of Revenue: | |||||||||||||||||||||
Third Party and Other Cost of Revenue | $ | 102,629 | $ | 77,032 | $ | 54,173 | $ | 63,905 | $ | 70,016 | |||||||||||
Direct Cost of Revenue | 16,869 | 58,152 | 127,613 | 218,567 | 152,377 | ||||||||||||||||
Total Cost of Revenue | $ | 119,498 | $ | 135,184 | $ | 181,786 | $ | 282,472 | $ | 222,393 | |||||||||||
% of Total Consolidated Revenue | 21 | % | 24 | % | 32 | % | 44 | % | 37 | % | |||||||||||
Gross Profit: | |||||||||||||||||||||
Local Gross Profit: | |||||||||||||||||||||
Third Party and Other | $ | 324,890 | $ | 318,178 | $ | 262,272 | $ | 243,662 | $ | 281,363 | |||||||||||
Direct | 636 | 54 | 1,219 | — | — | ||||||||||||||||
Total Local Gross Profit | $ | 325,526 | $ | 318,232 | $ | 263,491 | $ | 243,662 | $ | 281,363 | |||||||||||
% of Total Consolidated Local Revenue | 79.5 | % | 84.1 | % | 86.2 | % | 84.8 | % | 85.9 | % | |||||||||||
% of Total Consolidated Local Gross Billings | 36.4 | % | 38.1 | % | 38.5 | % | 30.5 | % | 33.9 | % | |||||||||||
Goods Gross Profit | |||||||||||||||||||||
Third Party and Other | $ | 70,727 | $ | 67,778 | $ | 72,397 | $ | 72,086 | $ | 49,225 | |||||||||||
Direct | 1,196 | 7,144 | 16,156 | 6,608 | 9,917 | ||||||||||||||||
Total Goods Gross Profit | $ | 71,923 | $ | 74,922 | $ | 88,553 | $ | 78,694 | $ | 59,142 | |||||||||||
% of Total Consolidated Goods Revenue | 75.7 | % | 52.3 | % | 39.7 | % | 25.2 | % | 25.8 | % | |||||||||||
% of Total Consolidated Goods Gross Billings | 25.2 | % | 25.6 | % | 23.6 | % | 14.5 | % | 15.1 | % | |||||||||||
Travel and Other Gross Profit: | |||||||||||||||||||||
Third Party and Other | $ | 41,807 | $ | 39,997 | $ | 34,722 | $ | 33,474 | $ | 38,504 | |||||||||||
Direct | 529 | — | — | — | — | ||||||||||||||||
Total Travel and Other Gross Profit | $ | 42,336 | $ | 39,997 | $ | 34,722 | $ | 33,474 | $ | 38,504 | |||||||||||
% of Total Consolidated Travel and Other Revenue | 77.4 | % | 85.7 | % | 86.8 | % | 85.3 | % | 86.3 | % | |||||||||||
% of Total Consolidated Travel and Other Gross Billings | 24.3 | % | 25.2 | % | 21.8 | % | 18.6 | % | 20.7 | % | |||||||||||
Total Gross Profit: | |||||||||||||||||||||
Third Party and Other | $ | 437,424 | $ | 425,953 | $ | 369,391 | $ | 349,222 | $ | 369,092 | |||||||||||
Direct | 2,361 | 7,198 | 17,375 | 6,608 | 9,917 | ||||||||||||||||
Total Gross Profit | $ | 439,785 | $ | 433,151 | $ | 386,766 | $ | 355,830 | $ | 379,009 | |||||||||||
% of Total Consolidated Revenue | 78.6 | % | 76.2 | % | 68.0 | % | 55.7 | % | 63.0 | % | |||||||||||
% of Total Consolidated Gross Billings | 32.5 | % | 33.7 | % | 31.7 | % | 23.4 | % | 26.9 | % | |||||||||||
Operating Income Excl SBC, Acq-Related | $ | 67,590 | $ | 71,934 | $ | 50,488 | $ | 13,703 | $ | 51,153 | |||||||||||
Year-over-year growth | N/A | N/A | N/A | (24 | ) | % | (24 | ) | % | ||||||||||||
Operating Margin Excl SBC, Acq-Related (% of Total Consolidated revenue) | 12.1 | % | 12.7 | % | 8.9 | % | 2.1 | % | 8.5 | % | |||||||||||
Year-over-year growth (bps) | 4,534 | 2,853 | 930 | (150 | ) | (360 | ) | ||||||||||||||
Operating Income TTM Excl SBC, Acq-Related | $ | 21,541 | $ | 155,784 | $ | 207,964 | $ | 203,715 | $ | 187,278 | |||||||||||
Operating Margin TTM Excl SBC, Acq-Related (% of Total Consolidated TTM revenue) | 1.1 | % | 7.6 | % | 9.5 | % | 8.7 | % | 7.9 | % | |||||||||||
Year-over-year growth (bps) | 5,011 | 4,229 | 3,320 | 1,770 | 680 | ||||||||||||||||
Operating Income (Loss) | $ | 39,639 | $ | 46,485 | $ | 25,438 | $ | (12,861 | ) | $ | 21,178 | ||||||||||
Year-over-year growth | N/A | N/A | N/A | 14 | % | (47 | ) | % | |||||||||||||
Operating Margin (% of Total Consolidated revenue) | 7.1 | % | 8.2 | % | 4.5 | % | (2.0 | ) | % | 3.5 | % | ||||||||||
Year-over-year growth (bps) | 4,673 | 3,391 | 457 | 100 | (360 | ) | |||||||||||||||
Operating (Loss) Income TTM | $ | (76,599 | ) | $ | 70,913 | $ | 96,590 | $ | 98,701 | $ | 80,240 | ||||||||||
Operating Margin TTM (% of Total Consolidated TTM revenue) | (4.1 | ) | % | 3.5 | % | 4.4 | % | 4.2 | % | 3.4 | % | ||||||||||
Year-over-year growth (bps) | 8,875 | 6,824 | 4,740 | 1,870 | 750 | ||||||||||||||||
Net (Loss) Income Attributable to Common Stockholders | $ | (11,695 | ) | $ | 28,386 | $ | (2,979 | ) | $ | (81,089 | ) | $ | (3,992 | ) | |||||||
Weighted Average Basic Shares Outstanding | 644,097 | 647,150 | 653,224 | 655,678 | 658,800 | ||||||||||||||||
Weighted Average Diluted Shares Outstanding(6) | 644,097 | 663,123 | 653,224 | 655,678 | 658,800 | ||||||||||||||||
Net (Loss) Earnings per Share | |||||||||||||||||||||
Basic | $(0.02) | $0.04 | $(0.00) | $(0.12) | $(0.01) | ||||||||||||||||
Diluted | $(0.02) | $0.04 | $(0.00) | $(0.12) | $(0.01) | ||||||||||||||||
Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | Q1 2013 | |||||||||||||||||
Adjusted EBITDA | $ | 79,306 | $ | 84,744 | $ | 65,798 | $ | 29,668 | $ | 71,853 | |||||||||||
Depreciation and amortization | (11,716 | ) | (12,810 | ) | (15,310 | ) | (15,965 | ) | (20,700 | ) | |||||||||||
Operating income, excluding stock-based compensation and acquisition-related benefit (expense), net | 67,590 | 71,934 | 50,488 | 13,703 | 51,153 | ||||||||||||||||
Stock-based compensation | (28,003 | ) | (27,084 | ) | (22,619 | ) | (26,411 | ) | (29,907 | ) | |||||||||||
Acquisition-related benefit (expense), net | 52 | 1,635 | (2,431 | ) | (153 | ) | (68 | ) | |||||||||||||
Operating income (loss) | 39,639 | 46,485 | 25,438 | (12,861 | ) | 21,178 | |||||||||||||||
Non-operating items: | |||||||||||||||||||||
Interest and other (expense) income, net | (3,539 | ) | 57,367 | 617 | (48,279 | ) | (5,064 | ) | |||||||||||||
Loss on equity method investments | (5,128 | ) | (3,428 | ) | (138 | ) | (1,231 | ) | (19 | ) | |||||||||||
Provision for income taxes | (34,565 | ) | (66,875 | ) | (26,857 | ) | (17,676 | ) | (19,337 | ) | |||||||||||
Net (loss) income | $ | (3,593 | ) | $ | 33,549 | $ | (940 | ) | $ | (80,047 | ) | $ | (3,242 | ) |
Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | Q1 2013 | |||||||||||||||||
Operating income, excluding stock-based compensation and acquisition-related benefit (expense), net TTM | $ | 21,541 | $ | 155,784 | $ | 207,964 | $ | 203,715 | $ | 187,278 | |||||||||||
Stock-based compensation | (102,729 | ) | (91,095 | ) | (110,374 | ) | (104,117 | ) | (106,021 | ) | |||||||||||
Acquisition-related benefit (expense), net | 4,589 | 6,224 | (1,000 | ) | (897 | ) | (1,017 | ) | |||||||||||||
Operating (loss) income TTM | $ | (76,599 | ) | $ | 70,913 | $ | 96,590 | $ | 98,701 | $ | 80,240 |
Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | Q1 2013 | ||||||||||||
International Gross Billings growth, excluding FX | 138 | % | 45 | % | (4 | ) | % | 9 | % | (8 | ) | % | ||||
FX Effect | (11 | ) | % | (13 | ) | % | (8 | ) | % | (3 | ) | % | (1 | ) | % | |
International Gross Billings growth | 127 | % | 32 | % | (12 | ) | % | 6 | % | (9 | ) | % | ||||
Consolidated Gross Billings growth, excluding FX | 108 | % | 47 | % | 11 | % | 25 | % | 5 | % | ||||||
FX Effect | (5 | ) | % | (9 | ) | % | (6 | ) | % | (1 | ) | % | (1 | ) | % | |
Consolidated Gross Billings growth | 103 | % | 38 | % | 5 | % | 24 | % | 4 | % |
Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | Q1 2013 | ||||||||||||
International Revenue growth, excluding FX | 112 | % | 44 | % | 13 | % | (14 | ) | % | (17 | ) | % | ||||
FX Effect | (10 | ) | % | (13 | ) | % | (10 | ) | % | (2 | ) | % | (1 | ) | % | |
International Revenue growth | 102 | % | 31 | % | 3 | % | (16 | ) | % | (18 | ) | % | ||||
Consolidated Revenue growth, excluding FX | 95 | % | 53 | % | 38 | % | 31 | % | 8 | % | ||||||
FX Effect | (6 | ) | % | (8 | ) | % | (6 | ) | % | (1 | ) | % | — | % | ||
Consolidated Revenue growth | 89 | % | 45 | % | 32 | % | 30 | % | 8 | % |
Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | Q1 2013 | ||||||||||||||||
Net cash provided by operating activities | $ | 83,714 | $ | 75,315 | $ | 42,088 | $ | 65,717 | $ | 8,760 | ||||||||||
Purchases of property and equipment and capitalized software | (13,083 | ) | (26,709 | ) | (16,010 | ) | (40,034 | ) | (14,468 | ) | ||||||||||
Free cash flow(9) | $ | 70,631 | $ | 48,606 | $ | 26,078 | $ | 25,683 | $ | (5,708 | ) | |||||||||
Net cash provided by operating activities (TTM) | $ | 356,221 | $ | 392,517 | $ | 370,194 | $ | 266,834 | $ | 191,880 | ||||||||||
Purchases of property and equipment and capitalized software (TTM) | (45,932 | ) | (62,401 | ) | (69,788 | ) | (95,836 | ) | (97,221 | ) | ||||||||||
Free cash flow (TTM) | $ | 310,289 | $ | 330,116 | $ | 300,406 | $ | 170,998 | $ | 94,659 | ||||||||||
Net cash used in investing activities | $ | (46,444 | ) | $ | (60,153 | ) | $ | (35,629 | ) | $ | (52,753 | ) | $ | (30,679 | ) | |||||
Net cash (used in) provided by financing activities | $ | (8,275 | ) | $ | 24,158 | $ | 2,707 | $ | (6,495 | ) | $ | (9,342 | ) | |||||||
Net cash used in investing activities (TTM) | $ | (149,583 | ) | $ | (184,552 | ) | $ | (177,133 | ) | $ | (194,979 | ) | $ | (179,214 | ) | |||||
Net cash provided by financing activities (TTM) | $ | 746,824 | $ | 771,404 | $ | 765,503 | $ | 12,095 | $ | 11,028 | ||||||||||
Other Metrics: | ||||||||||||||||||||
Active Customers (10) | ||||||||||||||||||||
North America | 14.9 | 15.1 | 16.0 | 17.2 | 18.2 | |||||||||||||||
International | 22.0 | 22.9 | 23.5 | 23.8 | 23.5 | |||||||||||||||
Total Active Customers | 36.9 | 38.0 | 39.5 | 41.0 | 41.7 | |||||||||||||||
TTM Gross Billings / Average Active Customer(11) | ||||||||||||||||||||
North America | $ | 156 | $ | 151 | $ | 148 | $ | 152 | $ | 151 | ||||||||||
International | $ | 197 | $ | 175 | $ | 149 | $ | 138 | $ | 129 | ||||||||||
Consolidated | $ | 179 | $ | 165 | $ | 149 | $ | 144 | $ | 138 | ||||||||||
Headcount | ||||||||||||||||||||
Sales(12) | 5,735 | 5,587 | 5,087 | 4,677 | 4,566 | |||||||||||||||
% North America | 21 | % | 20 | % | 24 | % | 25 | % | 28 | % | ||||||||||
% International | 79 | % | 80 | % | 76 | % | 75 | % | 72 | % | ||||||||||
Other | 6,813 | 7,233 | 6,779 | 6,717 | 6,433 | |||||||||||||||
Total Headcount | 12,548 | 12,820 | 11,866 | 11,394 | 10,999 |
(1) | Represents the total dollar value of customer purchases of goods and services, excluding applicable taxes and net of estimated refunds. Includes direct billings and third party and other billings. |
(2) | Local represents deals from local merchants, deals with national merchants, and through local events (i.e., GrouponLive deals). |
(3) | Third party revenue is related to sales for which the company acts as a marketing agent for the merchant. This revenue is recorded on a net basis. Direct revenue is primarily related to the sale of products for which the Company is the merchant of record. These revenues are accounted for on a gross basis, with the cost of inventory included in cost of revenue. |
(4) | Cost of revenue is comprised of direct and indirect costs incurred to generate revenue. Direct cost of revenue includes the purchase price of consumer products, warehousing, shipping costs and inventory markdowns. Third party cost of revenue includes estimated refunds for which the merchant's share is not recoverable. Other costs incurred to generate revenue are allocated to cost of third party revenue, direct revenue and other revenue for each of our categories (Local, Goods, and Travel and Other) in proportion to relative gross billings during the period. |
(5) | Represents change in financial measures that would have resulted had average exchange rates in the reporting period been the same as those in effect in the prior year period. |
(6) | The weighted-average diluted shares outstanding is calculated using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and vesting of restricted stock units and restricted shares, as calculated using the treasury stock method. |
(7) | Adjusted EBITDA and Operating income excluding stock-based compensation and acquisition-related expense (benefit), net are non-GAAP financial measures. The Company reconciles Adjusted EBITDA to the most comparable U.S. GAAP financial measure, “Net (loss) income” for the periods presented, and the Company reconciles Operating income excluding stock-based compensation and acquisition-related expense (benefit), net to the most comparable U.S. GAAP financial measure, "Operating income (loss)," for the periods presented. |
(8) | Foreign Exchange Rate neutral operating results are non-GAAP financial measures. The Company reconciles these measures to the most comparable U.S. GAAP financial measures, "Gross Billings" and "Revenue," for the periods presented. |
(9) | Free cash flow is a non-GAAP financial measure. The Company reconciles this measure to the most comparable U.S. GAAP financial measure, ''Net cash provided by operating activities,” for the periods presented. |
(10) | Reflects the total number of unique accounts who have purchased Groupons during the trailing twelve months. |
(11) | Reflects the total gross billings generated in the trailing twelve months per average active customer over that period. |
(12) | Includes inside and outside merchant sales representatives, as well as sales support. |
(13) | The definition, methodology and appropriateness of each of our supplemental metrics is reviewed periodically. As a result, metrics are subject to removal and/or change. |