Groupon, Inc. (NASDAQ: GRPN) today announced financial results for the
quarter and fiscal year ended December 31, 2013.
"Our record performance in the quarter was led by strength in Goods, as
shoppers increasingly looked to Groupon to fill their holiday needs,”
said Eric Lefkofsky, CEO of Groupon. “Our mobile business continued to
gain momentum as our worldwide mobile transaction mix increased more
than 10% in the quarter, to nearly 50% in December. With another 9
million downloads this quarter, we now have nearly 70 million app
downloads to date.”
“We’re also excited to welcome Ticket Monster and ideeli to the Groupon
family. The acquisitions bring scale, relationships, and category
expertise, making Groupon an even better place to start when you want to
do or buy just about anything, anytime, anywhere.”
Fourth Quarter 2013 Summary
Gross billings, which reflect the total dollar value of customer
purchases of goods and services, excluding applicable taxes and net of
estimated refunds, increased 5% globally to $1.6 billion in the fourth
quarter 2013, compared with $1.5 billion in the fourth quarter 2012.
North America growth of 10% and EMEA growth of 6% was offset by an 11%
decline in Rest of World.
Revenue increased 20% to $768.4 million in the fourth quarter 2013,
compared with $638.3 million in the fourth quarter 2012. North America
revenue growth of 18% and EMEA growth of 43% was offset by a 15% decline
in Rest of World.
Gross profit increased 6%, to $378.2 million in the fourth quarter 2013,
compared with $355.8 million in the fourth quarter 2012.
Adjusted EBITDA, a non-GAAP financial measure, was $72.0 million in the
fourth quarter 2013, compared with $29.7 million in the fourth quarter
2012.
Operating income was $13.4 million in the fourth quarter 2013, compared
with an operating loss of $12.9 million in the fourth quarter 2012.
Operating income excluding stock compensation and acquisition-related
costs, net, a non-GAAP financial measure, was $47.9 million in the
fourth quarter 2013, compared with $13.7 million in the fourth quarter
2012.
Fourth quarter 2013 net loss attributable to common stockholders was
$81.2 million, or $0.12 per share, including stock compensation and
acquisition-related costs, net, of $34.5 million ($31.0 million net of
tax). Fourth quarter 2013 results include a pre-tax non-operating loss
of $85.5 million ($77.8 million net of tax) related to the impairment of
a minority investment in China. Earnings per share excluding this
impairment charge, stock compensation and acquisition-related costs, net
of tax, a non-GAAP financial measure, was $0.04 per share.
Operating cash flow for the trailing twelve months ended December 31,
2013 was $218.4 million. Free cash flow, a non-GAAP financial measure,
was $158.3 million in the fourth quarter 2013, bringing free cash flow
for the trailing twelve months ended December 31, 2013 to $154.9 million.
At the end of the quarter, Groupon had $1.2 billion in cash and cash
equivalents.
Full Year 2013 Summary
Gross billings increased 7% globally to $5.8 billion in 2013, compared
with $5.4 billion in 2012. North America growth of 20% and EMEA growth
of 3% was offset by a 14% decline in Rest of World.
Revenue increased 10% to $2.6 billion in 2013, compared with $2.3
billion in 2012. North America revenue growth of 31% was offset by an 8%
decline in EMEA and a 15% decline in Rest of World.
Gross profit decreased 7%, to $1.5 billion in 2013, compared with $1.6
billion in 2012.
Adjusted EBITDA, a non-GAAP financial measure, was $286.7 million in
2013, compared with $259.5 million in 2012.
Operating income was $75.8 million in 2013, compared with $98.7 million
in 2012.
Operating income excluding stock compensation and acquisition-related
costs, net, a non-GAAP financial measure, was $197.2 million in 2013,
compared with $203.7 million in 2012.
Full year 2013 net loss attributable to common stockholders was $95.4
million, or $0.14 per share, including stock compensation and
acquisition-related costs, net, of $121.5 million ($90.7 million net of
tax). 2013 results include a pre-tax non-operating loss of $85.5 million
($77.8 million net of tax) related to the impairment of a minority
investment in China in the fourth quarter. Earnings per share excluding
this impairment charge, stock compensation and acquisition-related
costs, net of tax, a non-GAAP financial measure, was $0.11 per share.
Definitions and reconciliations of all non-GAAP financial measures are
included below in the section titled “Non-GAAP Financial Measures” and
in the accompanying tables.
Operating Highlights
-
Units: Global units, defined as vouchers and products
sold before cancellations and refunds, increased 11% year-over-year to
56 million in the fourth quarter 2013. North America units increased
17%, EMEA units increased 9%, and Rest of World units decreased 1%
year-over-year.
-
Active deals: At the end of the fourth quarter 2013, on
average, active deals in North America were approximately 80,000,
compared with more than 65,000 at the end of the third quarter 2013.
Globally, active deals exceeded 140,000 at the end of the fourth
quarter 2013.
-
Active customers: Active customers, or customers that have
purchased a voucher or product within the last twelve months, grew 9%
year-over-year, to 44.9 million as of December 31, 2013, comprising
20.8 million in North America, 14.2 million in EMEA, and 9.9 million
in Rest of World.
-
Customer spend: Fourth quarter 2013 trailing twelve
month billings per average active customer was $134, compared with
$137 in the third quarter 2013.
-
Mobile: In December 2013, nearly 50% of global transactions
were completed on mobile devices. Nearly 70 million people have now
downloaded Groupon mobile apps worldwide, with approximately 9 million
people downloading them in the fourth quarter alone.
-
Marketplace: The rollout of Groupon’s marketplace (“Pull”)
continued to gain traction. In December 2013, approximately 8% of
total traffic in North America searched, with customers that searched
spending over 50% more than those that did not.
Share Repurchase Program
During the fourth quarter 2013, Groupon repurchased 3,661,900 shares of
Class A common stock under its share repurchase authorization at an
average price of $10.26 per share, for an aggregate purchase price of
$37.6 million. During the full year 2013, Groupon repurchased 4,432,800
shares at an average price of $10.51 per share, for an aggregate
purchase price of $46.6 million. Groupon is authorized to repurchase up
to approximately $253.4 million of Class A common stock under the August
2013 share repurchase authorization. The program, which is intended to
partially offset dilution from employee stock grants, terminates in
August 2015.
Subsequent Events
On January 2, 2014, Groupon completed the acquisition of LivingSocial
Korea, Inc., the holding company that owns Ticket Monster, for $100
million in cash and $163 million in Groupon Class A common stock. Ticket
Monster is a leading Korean ecommerce company, with a broad range of
local, travel, and product offers, and is one of the fastest growing
ecommerce companies in the region.
On January 13, 2014, Groupon completed the acquisition of Ideeli, Inc.
for $43 million in cash. Ideeli is a leading online flash fashion
retailer, further extending Groupon’s presence in fashion apparel.
Outlook
In the first quarter 2014, Groupon expects one-time costs related to the
integration of its recent acquisitions, specifically as it consolidates
Ticket Monster with its Korean business, and makes investments to drive
ideeli growth and profitability. Together, in the first quarter, they
are expected to contribute approximately $50 million to revenue, and
have an approximately $20 million negative impact on Adjusted EBITDA. In
addition, Groupon anticipates approximately $25 million of additional
investment in marketing and other growth initiatives to drive adoption
of the marketplace. As a result, for the first quarter 2014, the Company
expects revenue of between $710 million and $760 million, Adjusted
EBITDA of between $20 million and $40 million, and earnings per share
excluding stock compensation, amortization of acquired intangibles, and
acquisition-related expenses, net of tax, of between negative $0.04 and
negative $0.02.
As a result of growth investments anticipated in 2014, Groupon expects
Adjusted EBITDA for the full year to be slightly above 2013 levels.
Conference Call
A conference call will be webcast live today at 4:00 p.m. CT / 5:00 p.m.
ET, and will be available on Groupon’s investor relations website at http://investor.groupon.com.
This call will contain forward-looking statements and other material
information regarding the Company’s financial and operating results.
Groupon encourages investors to use its investor relations website as a
way of easily finding information about the company. Groupon promptly
makes available on this website, free of charge, the reports that the
company files or furnishes with the SEC, corporate governance
information (including Groupon’s Global Code of Conduct), and select
press releases and social media postings.
Non-GAAP Financial Measures
In addition to financial results reported in accordance with U.S.
generally accepted accounting principles (U.S. GAAP), we have provided
the following non-GAAP financial measures in this release and the
accompanying tables: foreign exchange rate neutral operating results,
operating income (loss) excluding stock-based compensation and
acquisition-related expense (benefit), net, Adjusted EBITDA, free cash
flow and earnings per share excluding stock-based compensation,
acquisition-related expense (benefit), net, and the impairment of a
minority investment in China. These non-GAAP financial measures are
presented to aid investors in better understanding Groupon's performance
and to facilitate comparisons to many of our peers who present similar
measures. However, these measures are not intended to be a substitute
for those reported in accordance with U.S. GAAP. These measures may be
different from non-GAAP financial measures used by other companies, even
when similar terms are used to identify such measures. For
reconciliations of these measures to the most applicable financial
measures under U.S. GAAP, see "Non-GAAP Reconciliation Schedules" and
"Supplemental Financial Information and Business Metrics" included in
the tables accompanying this release.
We exclude the following items from one or more of our non-GAAP
financial measures:
Stock-based compensation. We exclude stock-based compensation
because it is primarily non-cash in nature and we believe that non-GAAP
financial measures excluding this item provide meaningful supplemental
information about our operating performance and liquidity.
Acquisition-related expense (benefit), net. Acquisition-related
expense (benefit), net is comprised of the change in the fair value of
contingent consideration arrangements and, beginning in 2013, also
includes external transaction costs related to business combinations,
primarily consisting of legal and advisory fees. External transaction
costs were not material for the prior periods presented in this release
and the accompanying tables. The composition of our contingent
consideration arrangements and the impact of those arrangements on our
operating results vary over time based on a number of factors, including
the terms of our business combinations and the timing of those
transactions. We exclude acquisition-related expense (benefit), net
because we believe that non-GAAP financial measures excluding this item
provide meaningful supplemental information about our operating
performance and facilitate comparisons to our historical operating
results.
Depreciation and amortization. We exclude depreciation and
amortization because it is non-cash in nature and we believe that
non-GAAP financial measures excluding these items provide meaningful
supplemental information about our operating performance and liquidity.
Impairment of a minority investment in China. For the three
months ended December 31, 2013, we recognized an $85.5 million
other-than-temporary impairment of our minority investment in Life Media
Limited (“F-tuan”), an entity with operations in China. This impairment
reduced the carrying value of the investment to zero as of December 31,
2013. We have excluded this impairment from our non-GAAP earnings per
share measure, described below, because we believe that excluding this
item provides meaningful supplemental information about our core
operating performance on a per share basis and facilitates comparisons
to our historical operating results.
Descriptions of the non-GAAP financial measures included in this release
and the accompanying tables are as follows:
Foreign exchange rate neutral operating results show our current
period operating results as if foreign currency exchange rates had
remained the same as those in effect in the comparable period.
Operating income (loss) excluding stock-based compensation and
acquisition-related expense (benefit), net is a non-GAAP financial
measure that comprises the consolidated total of the segment operating
income (loss) of our three segments, North America, EMEA, and Rest of
World. We have used consolidated operating income (loss) excluding
stock-based compensation and acquisition-related expense (benefit), net
to allocate resources and evaluate performance internally. However, in
recent periods, our management and Board of Directors have increasingly
focused on Adjusted EBITDA, described below, as the primary non-GAAP
measure for evaluating our consolidated operating results. Accordingly,
we do not expect to continue to report Operating income (loss) excluding
stock-based compensation and acquisition-related expense (benefit), net
on a consolidated basis in future periods.
Adjusted EBITDA is a non-GAAP financial measure that we define as
net income (loss) excluding income taxes, interest and other
non-operating items, depreciation and amortization, stock-based
compensation, and acquisition-related expense (benefit), net. Adjusted
EBITDA is similar to Operating income (loss) excluding stock-based
compensation and acquisition-related expense (benefit), net, except
Adjusted EBITDA also excludes depreciation and amortization. Our
definition of Adjusted EBITDA may differ from similar measures used by
other companies, even when similar terms are used to identify such
measures. Adjusted EBITDA is a key measure used by our management and
Board of Directors to evaluate operating performance, generate future
plans and make strategic decisions regarding the allocation of capital.
Accordingly, we believe that Adjusted EBITDA provides useful information
to investors and others in understanding and evaluating our operating
results in the same manner as our management and Board of Directors.
Earnings per share excluding stock-based compensation,
acquisition-related expense (benefit), net and the impairment of a
minority investment in China is a non-GAAP financial measure that
adjusts our earnings (loss) per share to exclude the impact of
stock-based compensation expense, acquisition-related expense (benefit),
net and the impairment of a minority investment in China, and the income
tax effect of those items. We believe that this non-GAAP financial
measure provides useful supplemental information for evaluating our
operating performance.
Beginning in the first quarter 2014, we will be changing our non-GAAP
earnings per share measure to exclude amortization of acquired
intangible assets, net of tax, in addition to stock compensation and
acquisition-related expenses, which we have excluded historically. Given
the significant acquisition activity in January 2014 and potential
acquisition activity in the future, we believe that excluding non-cash
amortization of acquired intangible assets from our non-GAAP earnings
per share measure in future periods will enable more meaningful
comparisons with our historical results.
Free cash flow is a non-GAAP financial measure that comprises net
cash provided by operating activities less purchases of property and
equipment and capitalized software. We use free cash flow, and ratios
based on it, to conduct and evaluate our business because, although it
is similar to cash flow from operations, we believe that it typically
represents a more useful measure of cash flows because purchases of
fixed assets, software developed for internal use and website
development costs are necessary components of our ongoing operations.
Free cash flow is not intended to represent the total increase or
decrease in Groupon's cash balance for the applicable period.
Note on Forward-Looking Statements
The statements contained in this release that refer to plans and
expectations for the next quarter or the future are forward-looking
statements that involve a number of risks and uncertainties, and actual
results could differ materially from those discussed. The risks and
uncertainties that could cause our results to differ materially from
those included in the forward-looking statements include, but are not
limited to, volatility in our revenue and operating results; risks
related to our business strategy; responding to changes in the market;
effectively dealing with challenges arising from our international
operations; retaining existing customers and adding new customers;
retaining existing merchant partners and adding new merchant partners;
incurring expenses as we expand our business; competing against
competitors with more financial resources than us; maintaining favorable
terms with our business partners; maintaining a strong brand; managing
inventory and order fulfillment; integrating our technology platforms;
managing refund risks; retaining our executive team; litigation;
regulations, including the CARD Act and regulation of the Internet; tax
liabilities; tax legislation; maintaining our information technology
infrastructure; security breaches; protecting our intellectual property;
handling acquisitions, joint ventures and strategic investments
effectively; seasonality; payment-related risks; customer and merchant
partner fraud; global economic uncertainty; compliance with rules and
regulations associated with being a public company; and our ability to
raise capital if necessary. We urge you to refer to the factors included
under the headings ''Risk Factors'' and ''Management’s Discussion and
Analysis of Financial Condition and Results of Operations'' in the
company’s most recent Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q, copies of which may be obtained by
visiting the company’s Investor Relations web site at http://investor.groupon.com
or the SEC’s web site at www.sec.gov.
Groupon’s actual results could differ materially from those predicted or
implied and reported results should not be considered an indication of
future performance.
You should not rely upon forward-looking statements as predictions of
future events. Although Groupon believes that the expectations reflected
in the forward-looking statements are reasonable, it cannot guarantee
that the future results, levels of activity, performance or events and
circumstances reflected in the forward-looking statements will be
achieved or occur. Moreover, neither the company nor any other person
assumes responsibility for the accuracy and completeness of the
forward-looking statements. The forward-looking statements reflect
Groupon’s expectations as of February 20, 2014. Groupon undertakes no
obligation to update publicly any forward-looking statements for any
reason after the date of this release to conform these statements to
actual results or to changes in its expectations.
About Groupon
Groupon (NASDAQ: GRPN) is a global leader of local commerce and the
place you start when you want to buy just about anything, anytime,
anywhere. By leveraging the company’s global relationships and scale,
Groupon offers consumers a vast marketplace of unbeatable deals all over
the world. Shoppers discover the best a city has to offer on the web or
on mobile with Groupon Local, enjoy vacations with Groupon Getaways, and
find a curated selection of electronics, fashion, home furnishings and
more with Groupon Goods.
Groupon is redefining how traditional small businesses attract, retain
and interact with customers by providing merchants with a suite of
products and services, including customizable deal campaigns, credit
card payment processing capabilities, and point-of-sale solutions that
help businesses grow and operate more effectively. To search for great
deals or subscribe to Groupon emails, visit www.Groupon.com.
To download Groupon's five-star mobile apps, visit www.groupon.com/mobile.
To learn more about the company’s merchant solutions and how to work
with Groupon, visit www.GrouponWorks.com.
|
Groupon, Inc.
|
Summary Consolidated and Segment Results
|
(in thousands, except share and per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
Y/Y %
|
|
|
Year Ended
|
|
|
|
|
|
|
Y/Y %
|
|
|
|
December 31,
|
|
|
|
|
|
|
Growth
|
|
|
December 31,
|
|
|
|
|
|
|
Growth
|
|
|
|
|
|
|
|
Y/Y %
|
|
|
|
|
excluding
|
|
|
|
|
|
|
Y/Y %
|
|
|
|
|
excluding
|
|
|
|
2013
|
|
2012
|
|
Growth
|
|
|
FX Effect (2)
|
|
FX(2)
|
|
|
2013
|
|
2012
|
|
Growth
|
|
|
FX Effect (2)
|
|
FX(2)
|
|
Gross Billings (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
788,721
|
|
|
$
|
718,952
|
|
|
9.7
|
|
%
|
|
$
|
(564
|
)
|
|
9.8
|
|
%
|
|
$
|
2,847,244
|
|
|
$
|
2,373,153
|
|
|
20.0
|
|
%
|
|
$
|
(1,115
|
)
|
|
20.0
|
|
%
|
EMEA
|
|
|
565,713
|
|
|
|
532,481
|
|
|
6.2
|
|
%
|
|
|
18,424
|
|
|
2.8
|
|
%
|
|
|
1,983,599
|
|
|
|
1,928,508
|
|
|
2.9
|
|
%
|
|
|
37,588
|
|
|
0.9
|
|
%
|
Rest of World
|
|
|
238,673
|
|
|
|
269,019
|
|
|
(11.3
|
)
|
%
|
|
|
(25,873
|
)
|
|
(1.7
|
)
|
%
|
|
|
926,487
|
|
|
|
1,078,523
|
|
|
(14.1
|
)
|
%
|
|
|
(76,742
|
)
|
|
(7.0
|
)
|
%
|
Consolidated gross billings
|
|
$
|
1,593,107
|
|
|
$
|
1,520,452
|
|
|
4.8
|
|
%
|
|
$
|
(8,013
|
)
|
|
5.3
|
|
%
|
|
$
|
5,757,330
|
|
|
$
|
5,380,184
|
|
|
7.0
|
|
%
|
|
$
|
(40,269
|
)
|
|
7.8
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
443,784
|
|
|
$
|
375,351
|
|
|
18.2
|
|
%
|
|
$
|
(189
|
)
|
|
18.3
|
|
%
|
|
$
|
1,521,358
|
|
|
$
|
1,165,700
|
|
|
30.5
|
|
%
|
|
$
|
(380
|
)
|
|
30.5
|
|
%
|
EMEA
|
|
|
251,205
|
|
|
|
176,278
|
|
|
42.5
|
|
%
|
|
|
8,839
|
|
|
37.5
|
|
%
|
|
|
742,915
|
|
|
|
805,476
|
|
|
(7.8
|
)
|
%
|
|
|
16,114
|
|
|
(9.8
|
)
|
%
|
Rest of World
|
|
|
73,458
|
|
|
|
86,673
|
|
|
(15.2
|
)
|
%
|
|
|
(8,059
|
)
|
|
(5.9
|
)
|
%
|
|
|
309,382
|
|
|
|
363,296
|
|
|
(14.8
|
)
|
%
|
|
|
(27,455
|
)
|
|
(7.3
|
)
|
%
|
Consolidated revenue
|
|
$
|
768,447
|
|
|
$
|
638,302
|
|
|
20.4
|
|
%
|
|
$
|
591
|
|
|
20.3
|
|
%
|
|
$
|
2,573,655
|
|
|
$
|
2,334,472
|
|
|
10.2
|
|
%
|
|
$
|
(11,721
|
)
|
|
10.7
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
$
|
13,352
|
|
|
$
|
(12,861
|
)
|
|
203.8
|
|
%
|
|
$
|
3,306
|
|
|
178.1
|
|
%
|
|
$
|
75,754
|
|
|
$
|
98,701
|
|
|
(23.2
|
)
|
%
|
|
$
|
4,042
|
|
|
(27.3
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders
|
|
$
|
(81,247
|
)
|
|
$
|
(81,089
|
)
|
|
|
|
|
|
|
|
|
|
$
|
(95,393
|
)
|
|
$
|
(67,377
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.12
|
)
|
|
$
|
(0.12
|
)
|
|
|
|
|
|
|
|
|
|
$
|
(0.14
|
)
|
|
$
|
(0.10
|
)
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
(0.12
|
)
|
|
$
|
(0.12
|
)
|
|
|
|
|
|
|
|
|
|
$
|
(0.14
|
)
|
|
$
|
(0.10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
668,046,073
|
|
|
|
665,678,123
|
|
|
|
|
|
|
|
|
|
|
|
663,910,194
|
|
|
|
650,214,119
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
668,046,073
|
|
|
|
665,678,123
|
|
|
|
|
|
|
|
|
|
|
|
663,910,194
|
|
|
|
650,214,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 the 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 and year ended
December 31, 2012.
|
|
Groupon, Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
2012
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(78,861
|
)
|
|
$
|
(80,047
|
)
|
|
|
$
|
(88,946
|
)
|
|
$
|
(51,031
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
24,132
|
|
|
|
15,965
|
|
|
|
|
89,449
|
|
|
|
55,801
|
|
Stock-based compensation
|
|
|
|
32,239
|
|
|
|
26,411
|
|
|
|
|
121,462
|
|
|
|
104,117
|
|
Deferred income taxes
|
|
|
|
(16,830
|
)
|
|
|
(17,259
|
)
|
|
|
|
(18,055
|
)
|
|
|
(7,651
|
)
|
Excess tax benefits on stock-based compensation
|
|
|
|
(8,338
|
)
|
|
|
(2,403
|
)
|
|
|
|
(20,454
|
)
|
|
|
(27,023
|
)
|
(Income) loss on equity method investments
|
|
|
|
(14
|
)
|
|
|
1,231
|
|
|
|
|
44
|
|
|
|
9,925
|
|
(Gain) loss, net from changes in fair value of contingent
consideration
|
|
|
|
(895
|
)
|
|
|
153
|
|
|
|
|
(3,171
|
)
|
|
|
897
|
|
Gain on E-Commerce transaction
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(56,032
|
)
|
Impairment of investments
|
|
|
|
85,925
|
|
|
|
50,553
|
|
|
|
|
85,925
|
|
|
|
50,553
|
|
Change in assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
2,264
|
|
|
|
(2,517
|
)
|
|
|
|
2,183
|
|
|
|
(4,372
|
)
|
Accounts receivable
|
|
|
|
1,990
|
|
|
|
12,723
|
|
|
|
|
10,989
|
|
|
|
10,534
|
|
Prepaid expenses and other current assets
|
|
|
|
(76,052
|
)
|
|
|
(45,922
|
)
|
|
|
|
(62,906
|
)
|
|
|
(70,859
|
)
|
Accounts payable
|
|
|
|
(5,421
|
)
|
|
|
5,537
|
|
|
|
|
(31,288
|
)
|
|
|
18,711
|
|
Accrued merchant and supplier payables
|
|
|
|
160,758
|
|
|
|
96,029
|
|
|
|
|
88,468
|
|
|
|
149,918
|
|
Accrued expenses and other current liabilities
|
|
|
|
31,843
|
|
|
|
(20,268
|
)
|
|
|
|
4,053
|
|
|
|
47,742
|
|
Other, net
|
|
|
|
25,535
|
|
|
|
25,531
|
|
|
|
|
40,679
|
|
|
|
35,604
|
|
Net cash provided by operating activities
|
|
|
|
178,275
|
|
|
|
65,717
|
|
|
|
|
218,432
|
|
|
|
266,834
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(23,330
|
)
|
|
|
(52,753
|
)
|
|
|
|
(96,315
|
)
|
|
|
(194,979
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities
|
|
|
|
(55,444
|
)
|
|
|
(6,495
|
)
|
|
|
|
(81,697
|
)
|
|
|
12,095
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
1,114
|
|
|
|
1,809
|
|
|
|
|
(9,237
|
)
|
|
|
2,404
|
|
Net increase in cash and cash equivalents
|
|
|
|
100,615
|
|
|
|
8,278
|
|
|
|
|
31,183
|
|
|
|
86,354
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
1,139,857
|
|
|
|
1,201,011
|
|
|
|
|
1,209,289
|
|
|
|
1,122,935
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
1,240,472
|
|
|
$
|
1,209,289
|
|
|
|
$
|
1,240,472
|
|
|
$
|
1,209,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Groupon, Inc.
|
Consolidated Statements of Operations
|
(in thousands, except share and per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
2012
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Third party and other
|
|
|
$
|
401,688
|
|
|
$
|
413,127
|
|
|
|
$
|
1,654,654
|
|
|
$
|
1,879,729
|
|
Direct
|
|
|
|
366,759
|
|
|
|
225,175
|
|
|
|
|
919,001
|
|
|
|
454,743
|
|
Total revenue
|
|
|
|
768,447
|
|
|
|
638,302
|
|
|
|
|
2,573,655
|
|
|
|
2,334,472
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
Third party and other
|
|
|
|
52,538
|
|
|
|
63,905
|
|
|
|
|
232,062
|
|
|
|
297,739
|
|
Direct
|
|
|
|
337,701
|
|
|
|
218,567
|
|
|
|
|
840,060
|
|
|
|
421,201
|
|
Total cost of revenue
|
|
|
|
390,239
|
|
|
|
282,472
|
|
|
|
|
1,072,122
|
|
|
|
718,940
|
|
Gross profit
|
|
|
|
378,208
|
|
|
|
355,830
|
|
|
|
|
1,501,533
|
|
|
|
1,615,532
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
|
|
56,505
|
|
|
|
60,913
|
|
|
|
|
214,824
|
|
|
|
336,854
|
|
Selling, general and administrative
|
|
|
|
306,086
|
|
|
|
307,625
|
|
|
|
|
1,210,966
|
|
|
|
1,179,080
|
|
Acquisition-related expense (benefit), net
|
|
|
|
2,265
|
|
|
|
153
|
|
|
|
|
(11
|
)
|
|
|
897
|
|
Total operating expenses
|
|
|
|
364,856
|
|
|
|
368,691
|
|
|
|
|
1,425,779
|
|
|
|
1,516,831
|
|
Income (loss) from operations
|
|
|
|
13,352
|
|
|
|
(12,861
|
)
|
|
|
|
75,754
|
|
|
|
98,701
|
|
Income (loss) on equity method investments
|
|
|
|
14
|
|
|
|
(1,231
|
)
|
|
|
|
(44
|
)
|
|
|
(9,925
|
)
|
Other (expense) income, net
|
|
|
|
(84,847
|
)
|
|
|
(48,279
|
)
|
|
|
|
(94,619
|
)
|
|
|
6,166
|
|
(Loss) income before provision for income taxes
|
|
|
|
(71,481
|
)
|
|
|
(62,371
|
)
|
|
|
|
(18,909
|
)
|
|
|
94,942
|
|
Provision for income taxes
|
|
|
|
7,380
|
|
|
|
17,676
|
|
|
|
|
70,037
|
|
|
|
145,973
|
|
Net loss
|
|
|
|
(78,861
|
)
|
|
|
(80,047
|
)
|
|
|
|
(88,946
|
)
|
|
|
(51,031
|
)
|
Net income attributable to noncontrolling interests
|
|
|
|
(2,386
|
)
|
|
|
(936
|
)
|
|
|
|
(6,447
|
)
|
|
|
(3,742
|
)
|
Net loss attributable to Groupon, Inc.
|
|
|
|
(81,247
|
)
|
|
|
(80,983
|
)
|
|
|
|
(95,393
|
)
|
|
|
(54,773
|
)
|
Adjustment of redeemable noncontrolling interests to redemption value
|
|
|
|
-
|
|
|
|
(106
|
)
|
|
|
|
-
|
|
|
|
(12,604
|
)
|
Net loss attributable to common stockholders
|
|
|
$
|
(81,247
|
)
|
|
$
|
(81,089
|
)
|
|
|
$
|
(95,393
|
)
|
|
$
|
(67,377
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.12
|
)
|
|
$
|
(0.12
|
)
|
|
|
$
|
(0.14
|
)
|
|
$
|
(0.10
|
)
|
Diluted
|
|
|
$
|
(0.12
|
)
|
|
$
|
(0.12
|
)
|
|
|
$
|
(0.14
|
)
|
|
$
|
(0.10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
668,046,073
|
|
|
|
665,678,123
|
|
|
|
|
663,910,194
|
|
|
|
650,214,119
|
|
Diluted
|
|
|
|
668,046,073
|
|
|
|
665,678,123
|
|
|
|
|
663,910,194
|
|
|
|
650,214,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Groupon, Inc.
|
Consolidated Balance Sheets
|
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
December 31, 2012
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
1,240,472
|
|
|
|
$
|
1,209,289
|
|
Accounts receivable, net
|
|
|
|
83,673
|
|
|
|
|
96,713
|
|
Deferred income taxes
|
|
|
|
27,938
|
|
|
|
|
31,211
|
|
Prepaid expenses and other current assets
|
|
|
|
210,415
|
|
|
|
|
150,573
|
|
Total current assets
|
|
|
|
1,562,498
|
|
|
|
|
1,487,786
|
|
Property, equipment and software, net
|
|
|
|
134,423
|
|
|
|
|
121,072
|
|
Goodwill
|
|
|
|
220,827
|
|
|
|
|
206,684
|
|
Intangible assets, net
|
|
|
|
28,443
|
|
|
|
|
42,597
|
|
Investments
|
|
|
|
20,652
|
|
|
|
|
84,209
|
|
Deferred income taxes, non-current
|
|
|
|
35,941
|
|
|
|
|
29,916
|
|
Other non-current assets
|
|
|
|
39,226
|
|
|
|
|
59,210
|
|
Total Assets
|
|
|
$
|
2,042,010
|
|
|
|
$
|
2,031,474
|
|
Liabilities and Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
27,573
|
|
|
|
$
|
59,865
|
|
Accrued merchant and supplier payables
|
|
|
|
752,943
|
|
|
|
|
671,305
|
|
Accrued expenses
|
|
|
|
226,986
|
|
|
|
|
246,924
|
|
Deferred income taxes
|
|
|
|
47,558
|
|
|
|
|
53,700
|
|
Other current liabilities
|
|
|
|
132,718
|
|
|
|
|
136,647
|
|
Total current liabilities
|
|
|
|
1,187,778
|
|
|
|
|
1,168,441
|
|
Deferred income taxes, non-current
|
|
|
|
10,853
|
|
|
|
|
20,860
|
|
Other non-current liabilities
|
|
|
|
131,697
|
|
|
|
|
100,072
|
|
Total Liabilities
|
|
|
|
1,330,328
|
|
|
|
|
1,289,373
|
|
Commitments and contingencies
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
Class A common stock, par value $0.0001 per share, 2,000,000,000
shares authorized, 670,149,976 shares issued and 665,717,176 shares
outstanding at December 31, 2013 and 654,523,706 shares issued and
outstanding at December 31, 2012
|
|
|
|
67
|
|
|
|
|
65
|
|
Class B common stock, par value $0.0001 per share, 10,000,000 shares
authorized, 2,399,976 shares issued and outstanding at December 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 December 31, 2013
and December 31, 2012
|
|
|
|
-
|
|
|
|
|
-
|
|
Additional paid-in capital
|
|
|
|
1,584,211
|
|
|
|
|
1,485,006
|
|
Treasury stock, at cost, 4,432,800 shares at December 31, 2013 and
no shares at December 31, 2012
|
|
|
|
(46,587
|
)
|
|
|
|
-
|
|
Accumulated deficit
|
|
|
|
(848,870
|
)
|
|
|
|
(753,477
|
)
|
Accumulated other comprehensive income
|
|
|
|
24,830
|
|
|
|
|
12,446
|
|
Total Groupon, Inc. Stockholders' Equity
|
|
|
|
713,651
|
|
|
|
|
744,040
|
|
Noncontrolling interests
|
|
|
|
(1,969
|
)
|
|
|
|
(1,939
|
)
|
Total Equity
|
|
|
|
711,682
|
|
|
|
|
742,101
|
|
Total Liabilities and Equity
|
|
|
$
|
2,042,010
|
|
|
|
$
|
2,031,474
|
|
|
|
|
|
|
|
|
|
|
|
|
Groupon, Inc.
|
Segment Information
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Billings (1)
|
|
|
$
|
788,721
|
|
|
|
$
|
718,952
|
|
|
|
$
|
2,847,244
|
|
|
|
$
|
2,373,153
|
|
|
Revenue
|
|
|
$
|
443,784
|
|
|
|
$
|
375,351
|
|
|
|
$
|
1,521,358
|
|
|
|
$
|
1,165,700
|
|
|
Segment cost of revenue and operating expenses(2)(3)
|
|
|
|
418,214
|
|
|
|
|
358,319
|
|
|
|
|
1,380,746
|
|
|
|
|
1,025,974
|
|
|
Segment operating income(2)(3)
|
|
|
$
|
25,570
|
|
|
|
$
|
17,032
|
|
|
|
$
|
140,612
|
|
|
|
$
|
139,726
|
|
|
Segment operating income as a percent of segment revenue
|
|
|
|
5.8
|
|
%
|
|
|
4.5
|
|
%
|
|
|
9.2
|
|
%
|
|
|
12.0
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Billings (1)
|
|
|
$
|
565,713
|
|
|
|
$
|
532,481
|
|
|
|
$
|
1,983,599
|
|
|
|
$
|
1,928,508
|
|
|
Revenue
|
|
|
$
|
251,205
|
|
|
|
$
|
176,278
|
|
|
|
$
|
742,915
|
|
|
|
$
|
805,476
|
|
|
Segment cost of revenue and operating expenses(2)(3)
|
|
|
|
214,187
|
|
|
|
|
167,502
|
|
|
|
|
631,409
|
|
|
|
|
699,470
|
|
|
Segment operating income(2)(3)
|
|
|
$
|
37,018
|
|
|
|
$
|
8,776
|
|
|
|
$
|
111,506
|
|
|
|
$
|
106,006
|
|
|
Segment operating income as a percent of segment revenue
|
|
|
|
14.7
|
|
%
|
|
|
5.0
|
|
%
|
|
|
15.0
|
|
%
|
|
|
13.2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of World
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Billings (1)
|
|
|
$
|
238,673
|
|
|
|
$
|
269,019
|
|
|
|
$
|
926,487
|
|
|
|
$
|
1,078,523
|
|
|
Revenue
|
|
|
$
|
73,458
|
|
|
|
$
|
86,673
|
|
|
|
$
|
309,382
|
|
|
|
$
|
363,296
|
|
|
Segment cost of revenue and operating expenses(2)
|
|
|
|
88,190
|
|
|
|
|
98,778
|
|
|
|
|
364,295
|
|
|
|
|
405,313
|
|
|
Segment operating loss(2)
|
|
|
$
|
(14,732
|
)
|
|
|
$
|
(12,105
|
)
|
|
|
$
|
(54,913
|
)
|
|
|
$
|
(42,017
|
)
|
|
Segment operating loss as a percent of segment revenue
|
|
|
|
(20.1
|
)
|
%
|
|
|
(14.0
|
)
|
%
|
|
|
(17.7
|
)
|
%
|
|
|
(11.6
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Billings (1)
|
|
|
$
|
1,593,107
|
|
|
|
$
|
1,520,452
|
|
|
|
$
|
5,757,330
|
|
|
|
$
|
5,380,184
|
|
|
Revenue
|
|
|
$
|
768,447
|
|
|
|
$
|
638,302
|
|
|
|
$
|
2,573,655
|
|
|
|
$
|
2,334,472
|
|
|
Segment cost of revenue and operating expenses(2)
|
|
|
|
720,591
|
|
|
|
|
624,599
|
|
|
|
|
2,376,450
|
|
|
|
|
2,130,757
|
|
|
Segment operating income(2)
|
|
|
$
|
47,856
|
|
|
|
$
|
13,703
|
|
|
|
$
|
197,205
|
|
|
|
$
|
203,715
|
|
|
Segment operating income as a percent of segment revenue
|
|
|
|
6.2
|
|
%
|
|
|
2.1
|
|
%
|
|
|
7.7
|
|
%
|
|
|
8.7
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
32,239
|
|
|
|
|
26,411
|
|
|
|
|
121,462
|
|
|
|
|
104,117
|
|
|
Acquisition-related expense (benefit), net
|
|
|
|
2,265
|
|
|
|
|
153
|
|
|
|
|
(11
|
)
|
|
|
|
897
|
|
|
Income (loss) from operations
|
|
|
|
13,352
|
|
|
|
|
(12,861
|
)
|
|
|
|
75,754
|
|
|
|
|
98,701
|
|
|
(Income) loss on equity method investments
|
|
|
|
(14
|
)
|
|
|
|
1,231
|
|
|
|
|
44
|
|
|
|
|
9,925
|
|
|
Other expense (income), net
|
|
|
|
84,847
|
|
|
|
|
48,279
|
|
|
|
|
94,619
|
|
|
|
|
(6,166
|
)
|
|
(Loss) income before provision for income taxes
|
|
|
|
(71,481
|
)
|
|
|
|
(62,371
|
)
|
|
|
|
(18,909
|
)
|
|
|
|
94,942
|
|
|
Provision for income taxes
|
|
|
|
7,380
|
|
|
|
|
17,676
|
|
|
|
|
70,037
|
|
|
|
|
145,973
|
|
|
Net loss
|
|
|
$
|
(78,861
|
)
|
|
|
$
|
(80,047
|
)
|
|
|
$
|
(88,946
|
)
|
|
|
$
|
(51,031
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Segment cost of revenue and operating expenses and segment
operating income (loss) exclude stock-based compensation and
acquisition-related expense (benefit), net.
|
(3) We record intercompany cross-charges every period for services
provided by the United States to our international subsidiaries. We
updated our intercompany allocations for those charges during the
fourth quarter of 2012, which resulted in a one-time $8.5 million
decrease to EMEA Segment operating expenses (increase to EMEA
Segment operating income) and a corresponding increase to North
America Segment operating expenses (reduction to North America
Segment operating income).
|
|
Groupon, Inc.
|
Non-GAAP Reconciliation Schedules
|
(in thousands, except share and per share amounts)
|
(unaudited)
|
|
The following are reconciliations of diluted earnings per share
excluding stock-based compensation, acquisition-related expense
(benefit), net and the impairment of a minority investment in China
and foreign exchange rate neutral operating results to the most
comparable U.S. GAAP financial measures. See "Supplemental Financial
Information and Business Metrics" for reconciliations of Adjusted
EBITDA, operating income excluding stock-based compensation and
acquisition-related (expense) benefit, net and free cash flow to the
most comparable U.S. GAAP financial measures.
|
|
|
The following is a reconciliation of diluted net loss per share to
diluted earnings per share excluding stock-based compensation,
acquisition-related expense (benefit), net and the impairment of
Life Media Limited (F-tuan), a minority investment in China, for the
three months and year ended December 31, 2013:
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
December 31, 2013
|
|
|
December 31, 2013
|
Net loss attributable to common stockholders
|
|
|
$
|
(81,247
|
)
|
|
|
$
|
(95,393
|
)
|
Stock-based compensation
|
|
|
|
32,239
|
|
|
|
|
121,462
|
|
Acquisition-related expense (benefit), net
|
|
|
|
2,265
|
|
|
|
|
(11
|
)
|
Impairment of investment in F-tuan
|
|
|
|
85,521
|
|
|
|
|
85,521
|
|
Income tax effect of adjustments
|
|
|
|
(11,301
|
)
|
|
|
|
(38,504
|
)
|
Net income attributable to common stockholders excluding stock-based
compensation,
|
|
|
|
|
|
|
acquisition-related expense (benefit), net and impairment of
investment in F-tuan
|
|
|
$
|
27,477
|
|
|
|
$
|
73,075
|
|
|
|
|
|
|
|
|
Diluted shares
|
|
|
|
668,046,073
|
|
|
|
|
663,910,194
|
|
Incremental diluted shares (1)
|
|
|
|
16,685,634
|
|
|
|
|
15,501,759
|
|
Adjusted diluted shares
|
|
|
|
684,731,707
|
|
|
|
|
679,411,953
|
|
|
|
|
|
|
|
|
Diluted net loss per share
|
|
|
$
|
(0.12
|
)
|
|
|
$
|
(0.14
|
)
|
Impact of stock-based compensation, acquisition-related expense
|
|
|
|
|
|
|
(benefit), net and impairment of investment in F-tuan and the
related income tax effects
|
|
|
|
0.16
|
|
|
|
|
0.25
|
|
Diluted earnings per share excluding stock-based compensation,
|
|
|
|
|
|
|
acquisition-related expense (benefit), net and impairment of
investment in F-tuan
|
|
|
$
|
0.04
|
|
|
|
$
|
0.11
|
|
(1) Outstanding equity awards are not reflected in the diluted net
loss per share calculation for the three months and year ended
December 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,
acquisition-related expense (benefit), net and the impairment of a
minority investment in China for the three months and year ended
December 31, 2013 because they have a dilutive effect on that
calculation.
|
|
|
The following are reconciliations of foreign exchange rate neutral
operating results to the most comparable U.S. GAAP financial
measures, "Gross Billings," "Revenue" and "Income from operations,"
for the three months and year ended December 31, 2013.
|
|
The effect on the Company’s gross billings, revenue and income from
operations from changes in exchange rates versus the U.S. Dollar for
the three months ended December 31, 2013 was as follows:
|
|
|
|
Three Months Ended December 31, 2013
|
|
|
Three Months Ended December 31, 2013
|
|
|
|
At Avg.
|
|
Exchange
|
|
|
|
|
At Avg.
|
|
Exchange
|
|
|
|
|
|
Q4 2012
|
|
Rate
|
|
As
|
|
|
Q3 2013
|
|
Rate
|
|
As
|
|
|
|
Rates (1)
|
|
Effect (2)
|
|
Reported
|
|
|
Rates (3)
|
|
Effect (2)
|
|
Reported
|
Gross billings
|
|
|
$
|
1,601,120
|
|
$
|
(8,013
|
)
|
|
$
|
1,593,107
|
|
|
$
|
1,578,913
|
|
$
|
14,194
|
|
|
$
|
1,593,107
|
Revenue
|
|
|
$
|
767,856
|
|
$
|
591
|
|
|
$
|
768,447
|
|
|
$
|
762,153
|
|
$
|
6,294
|
|
|
$
|
768,447
|
Income from operations
|
|
|
$
|
10,046
|
|
$
|
3,306
|
|
|
$
|
13,352
|
|
|
$
|
12,184
|
|
$
|
1,168
|
|
|
$
|
13,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The effect on the Company’s gross billings, revenue and income from
operations from changes in exchange rates versus the U.S. Dollar for
the year ended December 31, 2013 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2013
|
|
|
Year Ended December 31, 2013
|
|
|
|
At Avg.
|
|
Exchange
|
|
|
|
|
At Avg.
|
|
Exchange
|
|
|
|
|
|
2012
|
|
Rate
|
|
As
|
|
|
Q4'12 - Q3'13
|
|
Rate
|
|
As
|
|
|
|
Rates (1)
|
|
Effect (2)
|
|
Reported
|
|
|
Rates (3)
|
|
Effect (2)
|
|
Reported
|
Gross billings
|
|
|
$
|
5,797,599
|
|
$
|
(40,269
|
)
|
|
$
|
5,757,330
|
|
|
$
|
5,765,679
|
|
$
|
(8,349
|
)
|
|
$
|
5,757,330
|
Revenue
|
|
|
$
|
2,585,376
|
|
$
|
(11,721
|
)
|
|
$
|
2,573,655
|
|
|
$
|
2,574,687
|
|
$
|
(1,032
|
)
|
|
$
|
2,573,655
|
Income from operations
|
|
|
$
|
71,712
|
|
$
|
4,042
|
|
|
$
|
75,754
|
|
|
$
|
75,009
|
|
$
|
745
|
|
|
$
|
75,754
|
(1) Represents the financial statement balances that would have
resulted had average exchange rates in the reported period been the
same as those in effect during the three months and year ended
December 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 financial statement balances that would have
resulted had average exchange rates in the reported period been the
same as those in effect during the three and twelve months ended
September 30, 2013.
|
|
Groupon, Inc.
|
Supplemental Financial Information and Business Metrics(14)
|
(financial data in thousands, except per share data; active
customers in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2012
|
|
Q1 2013
|
|
Q2 2013
|
|
Q3 2013
|
|
Q4 2013
|
|
Segments
|
|
|
|
|
|
|
|
|
|
|
|
North America Segment
|
|
|
|
|
|
|
|
|
|
|
|
Gross Billings (1)
|
|
|
|
|
|
|
|
|
|
|
|
Local (2) Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
430,255
|
|
|
$
|
450,140
|
|
|
$
|
449,770
|
|
|
$
|
401,756
|
|
|
$
|
436,705
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
693
|
|
|
|
1,040
|
|
|
|
39
|
|
|
Total Local Gross Billings
|
|
$
|
430,255
|
|
|
$
|
450,140
|
|
|
$
|
450,463
|
|
|
$
|
402,796
|
|
|
$
|
436,744
|
|
|
Goods Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
31,270
|
|
|
$
|
17,294
|
|
|
$
|
15,501
|
|
|
$
|
12,650
|
|
|
$
|
23,373
|
|
|
Direct
|
|
|
209,575
|
|
|
|
148,065
|
|
|
|
181,377
|
|
|
|
181,915
|
|
|
|
262,666
|
|
|
Total Goods Gross Billings
|
|
$
|
240,845
|
|
|
$
|
165,359
|
|
|
$
|
196,878
|
|
|
$
|
194,565
|
|
|
$
|
286,039
|
|
|
Travel and Other Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
47,852
|
|
|
$
|
65,820
|
|
|
$
|
64,864
|
|
|
$
|
67,638
|
|
|
$
|
65,938
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Gross Billings
|
|
$
|
47,852
|
|
|
$
|
65,820
|
|
|
$
|
64,864
|
|
|
$
|
67,638
|
|
|
$
|
65,938
|
|
|
Total Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
509,377
|
|
|
$
|
533,254
|
|
|
$
|
530,135
|
|
|
$
|
482,044
|
|
|
$
|
526,016
|
|
|
Direct
|
|
|
209,575
|
|
|
|
148,065
|
|
|
|
182,070
|
|
|
|
182,955
|
|
|
|
262,705
|
|
|
Total Gross Billings
|
|
$
|
718,952
|
|
|
$
|
681,319
|
|
|
$
|
712,205
|
|
|
$
|
664,999
|
|
|
$
|
788,721
|
|
|
Year-over-year growth
|
|
|
51
|
|
%
|
|
23
|
|
%
|
|
30
|
|
%
|
|
20
|
|
%
|
|
10
|
|
%
|
% of Consolidated Gross Billings
|
|
|
47
|
|
%
|
|
48
|
|
%
|
|
50
|
|
%
|
|
50
|
|
%
|
|
50
|
|
%
|
Gross Billings Trailing Twelve Months (TTM)
|
|
$
|
2,373,153
|
|
|
$
|
2,500,915
|
|
|
$
|
2,664,845
|
|
|
$
|
2,777,475
|
|
|
$
|
2,847,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (3)
|
|
|
|
|
|
|
|
|
|
|
|
Local Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
142,454
|
|
|
$
|
171,593
|
|
|
$
|
174,117
|
|
|
$
|
158,189
|
|
|
$
|
159,175
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
693
|
|
|
|
1,040
|
|
|
|
39
|
|
|
Total Local Revenue
|
|
$
|
142,454
|
|
|
$
|
171,593
|
|
|
$
|
174,810
|
|
|
$
|
159,229
|
|
|
$
|
159,214
|
|
|
Goods Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
11,877
|
|
|
$
|
3,144
|
|
|
$
|
4,651
|
|
|
$
|
3,999
|
|
|
$
|
5,615
|
|
|
Direct
|
|
|
209,575
|
|
|
|
148,065
|
|
|
|
181,377
|
|
|
|
181,915
|
|
|
|
262,666
|
|
|
Total Goods Revenue
|
|
$
|
221,452
|
|
|
$
|
151,209
|
|
|
$
|
186,028
|
|
|
$
|
185,914
|
|
|
$
|
268,281
|
|
|
Travel and Other Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
11,445
|
|
|
$
|
16,752
|
|
|
$
|
16,344
|
|
|
$
|
15,695
|
|
|
$
|
16,289
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Revenue
|
|
$
|
11,445
|
|
|
$
|
16,752
|
|
|
$
|
16,344
|
|
|
$
|
15,695
|
|
|
$
|
16,289
|
|
|
Total Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other Revenue
|
|
$
|
165,776
|
|
|
$
|
191,489
|
|
|
$
|
195,112
|
|
|
$
|
177,883
|
|
|
$
|
181,079
|
|
|
Direct Revenue
|
|
|
209,575
|
|
|
|
148,065
|
|
|
|
182,070
|
|
|
|
182,955
|
|
|
|
262,705
|
|
|
Total Revenue
|
|
$
|
375,351
|
|
|
$
|
339,554
|
|
|
$
|
377,182
|
|
|
$
|
360,838
|
|
|
$
|
443,784
|
|
|
Year-over-year growth
|
|
|
109
|
|
%
|
|
42
|
|
%
|
|
45
|
|
%
|
|
24
|
|
%
|
|
18
|
|
%
|
% of Consolidated Revenue
|
|
|
59
|
|
%
|
|
56
|
|
%
|
|
62
|
|
%
|
|
61
|
|
%
|
|
58
|
|
%
|
Revenue TTM
|
|
$
|
1,165,700
|
|
|
$
|
1,266,689
|
|
|
$
|
1,383,690
|
|
|
$
|
1,452,925
|
|
|
$
|
1,521,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenue (4)
|
|
|
|
|
|
|
|
|
|
|
|
Local Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
23,203
|
|
|
$
|
25,915
|
|
|
$
|
19,818
|
|
|
$
|
18,985
|
|
|
$
|
17,918
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
636
|
|
|
|
1,887
|
|
|
|
31
|
|
|
Total Local Cost of Revenue
|
|
$
|
23,203
|
|
|
$
|
25,915
|
|
|
$
|
20,454
|
|
|
$
|
20,872
|
|
|
$
|
17,949
|
|
|
Goods Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
1,935
|
|
|
$
|
475
|
|
|
$
|
522
|
|
|
$
|
480
|
|
|
$
|
613
|
|
|
Direct
|
|
|
196,789
|
|
|
|
138,278
|
|
|
|
158,529
|
|
|
|
163,825
|
|
|
|
246,638
|
|
|
Total Goods Cost of Revenue
|
|
$
|
198,724
|
|
|
$
|
138,753
|
|
|
$
|
159,051
|
|
|
$
|
164,305
|
|
|
$
|
247,251
|
|
|
Travel and Other Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
1,864
|
|
|
$
|
2,530
|
|
|
$
|
3,091
|
|
|
$
|
4,092
|
|
|
$
|
4,258
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Cost of Revenue
|
|
$
|
1,864
|
|
|
$
|
2,530
|
|
|
$
|
3,091
|
|
|
$
|
4,092
|
|
|
$
|
4,258
|
|
|
Total Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other Cost of Revenue
|
|
$
|
27,002
|
|
|
$
|
28,920
|
|
|
$
|
23,431
|
|
|
$
|
23,557
|
|
|
$
|
22,789
|
|
|
Direct Cost of Revenue
|
|
|
196,789
|
|
|
|
138,278
|
|
|
|
159,165
|
|
|
|
165,712
|
|
|
|
246,669
|
|
|
Total Cost of Revenue
|
|
$
|
223,791
|
|
|
$
|
167,198
|
|
|
$
|
182,596
|
|
|
$
|
189,269
|
|
|
$
|
269,458
|
|
|
% of North America Total Revenue
|
|
|
60
|
|
%
|
|
49
|
|
%
|
|
48
|
|
%
|
|
52
|
|
%
|
|
61
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Local Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
119,251
|
|
|
$
|
145,678
|
|
|
$
|
154,299
|
|
|
$
|
139,204
|
|
|
$
|
141,257
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
57
|
|
|
|
(847
|
)
|
|
|
8
|
|
|
Total Local Gross Profit
|
|
$
|
119,251
|
|
|
$
|
145,678
|
|
|
$
|
154,356
|
|
|
$
|
138,357
|
|
|
$
|
141,265
|
|
|
% of North America Total Local Revenue
|
|
|
83.7
|
|
%
|
|
84.9
|
|
%
|
|
88.3
|
|
%
|
|
86.9
|
|
%
|
|
88.7
|
|
%
|
% of North America Total Local Gross Billings
|
|
|
27.7
|
|
%
|
|
32.4
|
|
%
|
|
34.3
|
|
%
|
|
34.3
|
|
%
|
|
32.3
|
|
%
|
Goods Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
9,942
|
|
|
$
|
2,669
|
|
|
$
|
4,129
|
|
|
$
|
3,519
|
|
|
$
|
5,002
|
|
|
Direct
|
|
|
12,786
|
|
|
|
9,787
|
|
|
|
22,848
|
|
|
|
18,090
|
|
|
|
16,028
|
|
|
Total Goods Gross Profit
|
|
$
|
22,728
|
|
|
$
|
12,456
|
|
|
$
|
26,977
|
|
|
$
|
21,609
|
|
|
$
|
21,030
|
|
|
% of North America Total Goods Revenue
|
|
|
10.3
|
|
%
|
|
8.2
|
|
%
|
|
14.5
|
|
%
|
|
11.6
|
|
%
|
|
7.8
|
|
%
|
% of North America Total Goods Gross Billings
|
|
|
9.4
|
|
%
|
|
7.5
|
|
%
|
|
13.7
|
|
%
|
|
11.1
|
|
%
|
|
7.4
|
|
%
|
Travel and Other Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
9,581
|
|
|
$
|
14,222
|
|
|
$
|
13,253
|
|
|
$
|
11,603
|
|
|
$
|
12,031
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Gross Profit
|
|
$
|
9,581
|
|
|
$
|
14,222
|
|
|
$
|
13,253
|
|
|
$
|
11,603
|
|
|
$
|
12,031
|
|
|
% of North America Total Travel and Other Revenue
|
|
|
83.7
|
|
%
|
|
84.9
|
|
%
|
|
81.1
|
|
%
|
|
73.9
|
|
%
|
|
73.9
|
|
%
|
% of North America Total Travel and Other Gross Billings
|
|
|
20.0
|
|
%
|
|
21.6
|
|
%
|
|
20.4
|
|
%
|
|
17.2
|
|
%
|
|
18.2
|
|
%
|
Total Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
138,774
|
|
|
$
|
162,569
|
|
|
$
|
171,681
|
|
|
$
|
154,326
|
|
|
$
|
158,290
|
|
|
Direct
|
|
|
12,786
|
|
|
|
9,787
|
|
|
|
22,905
|
|
|
|
17,243
|
|
|
|
16,036
|
|
|
Total Gross Profit
|
|
$
|
151,560
|
|
|
$
|
172,356
|
|
|
$
|
194,586
|
|
|
$
|
171,569
|
|
|
$
|
174,326
|
|
|
% of North America Total Revenue
|
|
|
40.4
|
|
%
|
|
50.8
|
|
%
|
|
51.6
|
|
%
|
|
47.5
|
|
%
|
|
39.3
|
|
%
|
% of North America Total Gross Billings
|
|
|
21.1
|
|
%
|
|
25.3
|
|
%
|
|
27.3
|
|
%
|
|
25.8
|
|
%
|
|
22.1
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Excl Stock-Based Compensation (SBC),
Acquisition-Related Expense (Benefit), net
|
|
$
|
17,032
|
|
|
$
|
41,366
|
|
|
$
|
48,508
|
|
|
$
|
25,168
|
|
|
$
|
25,570
|
|
|
Year-over-year growth
|
|
|
(7
|
)
|
%
|
|
3
|
|
%
|
|
12
|
|
%
|
|
(36
|
)
|
%
|
|
50
|
|
%
|
% of Consolidated Operating Income Excl SBC, Acq-Related
|
|
|
124
|
|
%
|
|
81
|
|
%
|
|
82
|
|
%
|
|
64
|
|
%
|
|
53
|
|
%
|
Operating Margin Excl SBC, Acq-Related (% of North America Total
revenue)
|
|
|
4.5
|
|
%
|
|
12.2
|
|
%
|
|
12.9
|
|
%
|
|
7.0
|
|
%
|
|
5.8
|
|
%
|
Year-over-year growth (bps)
|
|
|
(570
|
)
|
|
|
(460
|
)
|
|
|
(380
|
)
|
|
|
(640
|
)
|
|
|
130
|
|
|
Operating Income TTM Excl SBC, Acq-Related
|
|
$
|
139,726
|
|
|
$
|
140,920
|
|
|
$
|
145,999
|
|
|
$
|
132,074
|
|
|
$
|
140,612
|
|
|
Operating Margin TTM Excl SBC, Acq-Related (% of North America Total
TTM revenue)
|
|
|
12.0
|
|
%
|
|
11.1
|
|
%
|
|
10.6
|
|
%
|
|
9.1
|
|
%
|
|
9.2
|
|
%
|
Year-over-year growth (bps)
|
|
|
1,120
|
|
|
|
200
|
|
|
|
(380
|
)
|
|
|
(540
|
)
|
|
|
(280
|
)
|
|
EMEA Segment
|
|
|
|
|
|
|
|
|
|
|
|
Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Local Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
239,944
|
|
|
$
|
259,423
|
|
|
$
|
241,108
|
|
|
$
|
207,110
|
|
|
$
|
276,670
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Local Gross Billings
|
|
$
|
239,944
|
|
|
$
|
259,423
|
|
|
$
|
241,108
|
|
|
$
|
207,110
|
|
|
$
|
276,670
|
|
|
Goods Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
195,582
|
|
|
$
|
141,742
|
|
|
$
|
165,413
|
|
|
$
|
160,578
|
|
|
$
|
122,902
|
|
|
Direct
|
|
|
9,020
|
|
|
|
7,451
|
|
|
|
2,181
|
|
|
|
9,271
|
|
|
|
96,978
|
|
|
Total Goods Gross Billings
|
|
$
|
204,602
|
|
|
$
|
149,193
|
|
|
$
|
167,594
|
|
|
$
|
169,849
|
|
|
$
|
219,880
|
|
|
Travel and Other Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
87,935
|
|
|
$
|
83,702
|
|
|
$
|
73,548
|
|
|
$
|
66,359
|
|
|
$
|
69,163
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Gross Billings
|
|
$
|
87,935
|
|
|
$
|
83,702
|
|
|
$
|
73,548
|
|
|
$
|
66,359
|
|
|
$
|
69,163
|
|
|
Total Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
523,461
|
|
|
$
|
484,867
|
|
|
$
|
480,069
|
|
|
$
|
434,047
|
|
|
$
|
468,735
|
|
|
Direct
|
|
|
9,020
|
|
|
|
7,451
|
|
|
|
2,181
|
|
|
|
9,271
|
|
|
|
96,978
|
|
|
Total Gross Billings
|
|
$
|
532,481
|
|
|
$
|
492,318
|
|
|
$
|
482,250
|
|
|
$
|
443,318
|
|
|
$
|
565,713
|
|
|
Year-over-year growth
|
|
|
2
|
|
%
|
|
(8
|
)
|
%
|
|
4
|
|
%
|
|
12
|
|
%
|
|
6
|
|
%
|
Year-over-year growth, excluding FX (5)
|
|
|
4
|
|
%
|
|
(9
|
)
|
%
|
|
4
|
|
%
|
|
9
|
|
%
|
|
3
|
|
%
|
% of Consolidated Gross Billings
|
|
|
35
|
|
%
|
|
35
|
|
%
|
|
34
|
|
%
|
|
33
|
|
%
|
|
36
|
|
%
|
Gross Billings TTM
|
|
$
|
1,928,507
|
|
|
$
|
1,883,265
|
|
|
$
|
1,903,136
|
|
|
$
|
1,950,367
|
|
|
$
|
1,983,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Local Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
98,668
|
|
|
$
|
110,715
|
|
|
$
|
109,481
|
|
|
$
|
91,448
|
|
|
$
|
115,259
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Local Revenue
|
|
$
|
98,668
|
|
|
$
|
110,715
|
|
|
$
|
109,481
|
|
|
$
|
91,448
|
|
|
$
|
115,259
|
|
|
Goods Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
49,173
|
|
|
$
|
45,875
|
|
|
$
|
32,938
|
|
|
$
|
32,008
|
|
|
$
|
22,296
|
|
|
Direct
|
|
|
9,020
|
|
|
|
7,451
|
|
|
|
2,181
|
|
|
|
9,271
|
|
|
|
96,978
|
|
|
Total Goods Revenue
|
|
$
|
58,193
|
|
|
$
|
53,326
|
|
|
$
|
35,119
|
|
|
$
|
41,279
|
|
|
$
|
119,274
|
|
|
Travel and Other Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
19,417
|
|
|
$
|
19,757
|
|
|
$
|
15,362
|
|
|
$
|
15,223
|
|
|
$
|
16,672
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Revenue
|
|
$
|
19,417
|
|
|
$
|
19,757
|
|
|
$
|
15,362
|
|
|
$
|
15,223
|
|
|
$
|
16,672
|
|
|
Total Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other Revenue
|
|
$
|
167,258
|
|
|
$
|
176,347
|
|
|
$
|
157,781
|
|
|
$
|
138,679
|
|
|
$
|
154,227
|
|
|
Direct Revenue
|
|
|
9,020
|
|
|
|
7,451
|
|
|
|
2,181
|
|
|
|
9,271
|
|
|
|
96,978
|
|
|
Total Revenue
|
|
$
|
176,278
|
|
|
$
|
183,798
|
|
|
$
|
159,962
|
|
|
$
|
147,950
|
|
|
$
|
251,205
|
|
|
Year-over-year growth
|
|
|
(27
|
)
|
%
|
|
(20
|
)
|
%
|
|
(24
|
)
|
%
|
|
(21
|
)
|
%
|
|
43
|
|
%
|
Year-over-year growth, excluding FX(5)
|
|
|
(25
|
)
|
%
|
|
(20
|
)
|
%
|
|
(25
|
)
|
%
|
|
(23
|
)
|
%
|
|
38
|
|
%
|
% of Consolidated Revenue
|
|
|
28
|
|
%
|
|
31
|
|
%
|
|
26
|
|
%
|
|
25
|
|
%
|
|
33
|
|
%
|
Revenue TTM
|
|
$
|
805,476
|
|
|
$
|
758,918
|
|
|
$
|
707,325
|
|
|
$
|
667,988
|
|
|
$
|
742,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Local Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
10,622
|
|
|
$
|
14,192
|
|
|
$
|
10,898
|
|
|
$
|
10,254
|
|
|
$
|
10,374
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Local Cost of Revenue
|
|
$
|
10,622
|
|
|
$
|
14,192
|
|
|
$
|
10,898
|
|
|
$
|
10,254
|
|
|
$
|
10,374
|
|
|
Goods Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
5,294
|
|
|
$
|
5,880
|
|
|
$
|
4,705
|
|
|
$
|
3,972
|
|
|
$
|
2,203
|
|
|
Direct
|
|
|
14,550
|
|
|
|
7,472
|
|
|
|
3,306
|
|
|
|
8,364
|
|
|
|
83,545
|
|
|
Total Goods Cost of Revenue
|
|
$
|
19,844
|
|
|
$
|
13,352
|
|
|
$
|
8,011
|
|
|
$
|
12,336
|
|
|
$
|
85,748
|
|
|
Travel and Other Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
2,090
|
|
|
$
|
2,533
|
|
|
$
|
1,522
|
|
|
$
|
1,679
|
|
|
$
|
1,890
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Cost of Revenue
|
|
$
|
2,090
|
|
|
$
|
2,533
|
|
|
$
|
1,522
|
|
|
$
|
1,679
|
|
|
$
|
1,890
|
|
|
Total Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other Cost of Revenue
|
|
$
|
18,006
|
|
|
$
|
22,605
|
|
|
$
|
17,125
|
|
|
$
|
15,905
|
|
|
$
|
14,467
|
|
|
Direct Cost of Revenue
|
|
|
14,550
|
|
|
|
7,472
|
|
|
|
3,306
|
|
|
|
8,364
|
|
|
|
83,545
|
|
|
Total Cost of Revenue
|
|
$
|
32,556
|
|
|
$
|
30,077
|
|
|
$
|
20,431
|
|
|
$
|
24,269
|
|
|
$
|
98,012
|
|
|
% of EMEA Total Revenue
|
|
|
18
|
|
%
|
|
16
|
|
%
|
|
13
|
|
%
|
|
16
|
|
%
|
|
39
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Local Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
88,046
|
|
|
$
|
96,523
|
|
|
$
|
98,583
|
|
|
$
|
81,194
|
|
|
$
|
104,885
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Local Gross Profit
|
|
$
|
88,046
|
|
|
$
|
96,523
|
|
|
$
|
98,583
|
|
|
$
|
81,194
|
|
|
$
|
104,885
|
|
|
% of EMEA Total Local Revenue
|
|
|
89.2
|
|
%
|
|
87.2
|
|
%
|
|
90.0
|
|
%
|
|
88.8
|
|
%
|
|
91.0
|
|
%
|
% of EMEA Total Local Gross Billings
|
|
|
36.7
|
|
%
|
|
37.2
|
|
%
|
|
40.9
|
|
%
|
|
39.2
|
|
%
|
|
37.9
|
|
%
|
Goods Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
43,879
|
|
|
$
|
39,995
|
|
|
$
|
28,233
|
|
|
$
|
28,036
|
|
|
$
|
20,093
|
|
|
Direct
|
|
|
(5,530
|
)
|
|
|
(21
|
)
|
|
|
(1,125
|
)
|
|
|
907
|
|
|
|
13,433
|
|
|
Total Goods Gross Profit
|
|
$
|
38,349
|
|
|
$
|
39,974
|
|
|
$
|
27,108
|
|
|
$
|
28,943
|
|
|
$
|
33,526
|
|
|
% of EMEA Total Goods Revenue
|
|
|
65.9
|
|
%
|
|
75.0
|
|
%
|
|
77.2
|
|
%
|
|
70.1
|
|
%
|
|
28.1
|
|
%
|
% of EMEA Total Goods Gross Billings
|
|
|
18.7
|
|
%
|
|
26.8
|
|
%
|
|
16.2
|
|
%
|
|
17.0
|
|
%
|
|
15.2
|
|
%
|
Travel and Other Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
17,327
|
|
|
$
|
17,224
|
|
|
$
|
13,840
|
|
|
$
|
13,544
|
|
|
$
|
14,782
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Gross Profit
|
|
$
|
17,327
|
|
|
$
|
17,224
|
|
|
$
|
13,840
|
|
|
$
|
13,544
|
|
|
$
|
14,782
|
|
|
% of EMEA Total Travel and Other Revenue
|
|
|
89.2
|
|
%
|
|
87.2
|
|
%
|
|
90.1
|
|
%
|
|
89.0
|
|
%
|
|
88.7
|
|
%
|
% of EMEA Total Travel and Other Gross Billings
|
|
|
19.7
|
|
%
|
|
20.6
|
|
%
|
|
18.8
|
|
%
|
|
20.4
|
|
%
|
|
21.4
|
|
%
|
Total Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
149,252
|
|
|
$
|
153,742
|
|
|
$
|
140,656
|
|
|
$
|
122,774
|
|
|
$
|
139,760
|
|
|
Direct
|
|
|
(5,530
|
)
|
|
|
(21
|
)
|
|
|
(1,125
|
)
|
|
|
907
|
|
|
|
13,433
|
|
|
Total Gross Profit
|
|
$
|
143,722
|
|
|
$
|
153,721
|
|
|
$
|
139,531
|
|
|
$
|
123,681
|
|
|
$
|
153,193
|
|
|
% of EMEA Total Revenue
|
|
|
81.5
|
|
%
|
|
83.6
|
|
%
|
|
87.2
|
|
%
|
|
83.6
|
|
%
|
|
61.0
|
|
%
|
% of EMEA Total Gross Billings
|
|
|
27.0
|
|
%
|
|
31.2
|
|
%
|
|
28.9
|
|
%
|
|
27.9
|
|
%
|
|
27.1
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Excl SBC, Acq-Related
|
|
$
|
8,776
|
|
|
$
|
34,176
|
|
|
$
|
24,708
|
|
|
$
|
15,604
|
|
|
$
|
37,018
|
|
|
Year-over-year growth
|
|
|
(77
|
)
|
%
|
|
(6
|
)
|
%
|
|
(22
|
)
|
%
|
|
(46
|
)
|
%
|
|
322
|
|
%
|
% of Consolidated Operating Income Excl SBC, Acq-Related
|
|
|
64
|
|
%
|
|
67
|
|
%
|
|
42
|
|
%
|
|
40
|
|
%
|
|
77
|
|
%
|
Operating Margin Excl SBC, Acq-Related (% of EMEA Total revenue)
|
|
|
5.0
|
|
%
|
|
18.6
|
|
%
|
|
15.4
|
|
%
|
|
10.5
|
|
%
|
|
14.7
|
|
%
|
Year-over-year growth (bps)
|
|
|
(1,073
|
)
|
|
|
282
|
|
|
|
40
|
|
|
|
(500
|
)
|
|
|
970
|
|
|
Operating Income TTM Excl SBC, Acq-Related
|
|
$
|
106,005
|
|
|
$
|
103,853
|
|
|
$
|
96,767
|
|
|
$
|
83,264
|
|
|
$
|
111,506
|
|
|
Operating Margin TTM Excl SBC, Acq-Related (% of EMEA Total TTM
revenue)
|
|
|
13.2
|
|
%
|
|
13.7
|
|
%
|
|
13.7
|
|
%
|
|
12.5
|
|
%
|
|
15.0
|
|
%
|
Year-over-year growth (bps)(6)
|
|
|
N/A
|
|
|
|
(13
|
)
|
|
|
(132
|
)
|
|
|
(300
|
)
|
|
|
180
|
|
|
Rest of World Segment
|
|
|
|
|
|
|
|
|
|
|
|
Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Local Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
128,954
|
|
|
$
|
119,990
|
|
|
$
|
114,630
|
|
|
$
|
118,325
|
|
|
$
|
116,291
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Local Gross Billings
|
|
$
|
128,954
|
|
|
$
|
119,990
|
|
|
$
|
114,630
|
|
|
$
|
118,325
|
|
|
$
|
116,291
|
|
|
Goods Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
89,475
|
|
|
$
|
70,994
|
|
|
$
|
66,774
|
|
|
$
|
71,127
|
|
|
$
|
82,375
|
|
|
Direct
|
|
|
6,581
|
|
|
|
6,778
|
|
|
|
5,625
|
|
|
|
7,846
|
|
|
|
7,076
|
|
|
Total Goods Gross Billings
|
|
$
|
96,056
|
|
|
$
|
77,772
|
|
|
$
|
72,399
|
|
|
$
|
78,973
|
|
|
$
|
89,451
|
|
|
Travel and Other Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
44,009
|
|
|
$
|
36,370
|
|
|
$
|
32,322
|
|
|
$
|
37,033
|
|
|
$
|
32,931
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Gross Billings
|
|
$
|
44,009
|
|
|
$
|
36,370
|
|
|
$
|
32,322
|
|
|
$
|
37,033
|
|
|
$
|
32,931
|
|
|
Total Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
262,438
|
|
|
$
|
227,354
|
|
|
$
|
213,726
|
|
|
$
|
226,485
|
|
|
$
|
231,597
|
|
|
Direct
|
|
|
6,581
|
|
|
|
6,778
|
|
|
|
5,625
|
|
|
|
7,846
|
|
|
|
7,076
|
|
|
Total Gross Billings
|
|
$
|
269,019
|
|
|
$
|
234,132
|
|
|
$
|
219,351
|
|
|
$
|
234,331
|
|
|
$
|
238,673
|
|
|
Year-over-year growth
|
|
|
17
|
|
%
|
|
(11
|
)
|
%
|
|
(21
|
)
|
%
|
|
(13
|
)
|
%
|
|
(11
|
)
|
%
|
Year-over-year growth, excluding FX
|
|
|
20
|
|
%
|
|
(6
|
)
|
%
|
|
(16
|
)
|
%
|
|
(4
|
)
|
%
|
|
(2
|
)
|
%
|
% of Consolidated Gross Billings
|
|
|
18
|
|
%
|
|
17
|
|
%
|
|
16
|
|
%
|
|
17
|
|
%
|
|
15
|
|
%
|
Gross Billings TTM
|
|
$
|
1,078,524
|
|
|
$
|
1,048,973
|
|
|
$
|
992,302
|
|
|
$
|
956,833
|
|
|
$
|
926,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Local Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
46,166
|
|
|
$
|
45,085
|
|
|
$
|
43,323
|
|
|
$
|
51,507
|
|
|
$
|
40,314
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Local Revenue
|
|
$
|
46,166
|
|
|
$
|
45,085
|
|
|
$
|
43,323
|
|
|
$
|
51,507
|
|
|
$
|
40,314
|
|
|
Goods Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
25,529
|
|
|
$
|
18,062
|
|
|
$
|
14,985
|
|
|
$
|
17,215
|
|
|
$
|
19,082
|
|
|
Direct
|
|
|
6,580
|
|
|
|
6,778
|
|
|
|
5,625
|
|
|
|
7,846
|
|
|
|
7,076
|
|
|
Total Goods Revenue
|
|
$
|
32,109
|
|
|
$
|
24,840
|
|
|
$
|
20,610
|
|
|
$
|
25,061
|
|
|
$
|
26,158
|
|
|
Travel and Other Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
8,398
|
|
|
$
|
8,125
|
|
|
$
|
7,670
|
|
|
$
|
9,703
|
|
|
$
|
6,986
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Revenue
|
|
$
|
8,398
|
|
|
$
|
8,125
|
|
|
$
|
7,670
|
|
|
$
|
9,703
|
|
|
$
|
6,986
|
|
|
Total Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other Revenue
|
|
$
|
80,093
|
|
|
$
|
71,272
|
|
|
$
|
65,978
|
|
|
$
|
78,425
|
|
|
$
|
66,382
|
|
|
Direct Revenue
|
|
|
6,580
|
|
|
|
6,778
|
|
|
|
5,625
|
|
|
|
7,846
|
|
|
|
7,076
|
|
|
Total Revenue
|
|
$
|
86,673
|
|
|
$
|
78,050
|
|
|
$
|
71,603
|
|
|
$
|
86,271
|
|
|
$
|
73,458
|
|
|
Year-over-year growth
|
|
|
20
|
|
%
|
|
(14
|
)
|
%
|
|
(26
|
)
|
%
|
|
(4
|
)
|
%
|
|
(15
|
)
|
%
|
Year-over-year growth, excluding FX
|
|
|
23
|
|
%
|
|
(8
|
)
|
%
|
|
(21
|
)
|
%
|
|
7
|
|
%
|
|
(6
|
)
|
%
|
% of Consolidated Revenue
|
|
|
14
|
|
%
|
|
13
|
|
%
|
|
12
|
|
%
|
|
14
|
|
%
|
|
10
|
|
%
|
Revenue TTM
|
|
$
|
363,296
|
|
|
$
|
350,984
|
|
|
$
|
325,988
|
|
|
$
|
322,597
|
|
|
$
|
309,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Local Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
9,801
|
|
|
$
|
5,923
|
|
|
$
|
7,962
|
|
|
$
|
7,403
|
|
|
$
|
7,158
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Local Cost of Revenue
|
|
$
|
9,801
|
|
|
$
|
5,923
|
|
|
$
|
7,962
|
|
|
$
|
7,403
|
|
|
$
|
7,158
|
|
|
Goods Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
7,264
|
|
|
$
|
11,501
|
|
|
$
|
5,569
|
|
|
$
|
5,685
|
|
|
$
|
6,890
|
|
|
Direct
|
|
|
7,228
|
|
|
|
6,627
|
|
|
|
6,075
|
|
|
|
7,360
|
|
|
|
7,487
|
|
|
Total Goods Cost of Revenue
|
|
$
|
14,492
|
|
|
$
|
18,128
|
|
|
$
|
11,644
|
|
|
$
|
13,045
|
|
|
$
|
14,377
|
|
|
Travel and Other Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
1,832
|
|
|
$
|
1,067
|
|
|
$
|
1,420
|
|
|
$
|
1,451
|
|
|
$
|
1,234
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Cost of Revenue
|
|
$
|
1,832
|
|
|
$
|
1,067
|
|
|
$
|
1,420
|
|
|
$
|
1,451
|
|
|
$
|
1,234
|
|
|
Total Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other Cost of Revenue
|
|
$
|
18,897
|
|
|
$
|
18,491
|
|
|
$
|
14,951
|
|
|
$
|
14,539
|
|
|
$
|
15,282
|
|
|
Direct Cost of Revenue
|
|
|
7,228
|
|
|
|
6,627
|
|
|
|
6,075
|
|
|
|
7,360
|
|
|
|
7,487
|
|
|
Total Cost of Revenue
|
|
$
|
26,125
|
|
|
$
|
25,118
|
|
|
$
|
21,026
|
|
|
$
|
21,899
|
|
|
$
|
22,769
|
|
|
% of Rest of World Total Revenue
|
|
|
30
|
|
%
|
|
32
|
|
%
|
|
29
|
|
%
|
|
25
|
|
%
|
|
31
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Local Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
36,365
|
|
|
$
|
39,162
|
|
|
$
|
35,361
|
|
|
$
|
44,104
|
|
|
$
|
33,156
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Local Gross Profit
|
|
$
|
36,365
|
|
|
$
|
39,162
|
|
|
$
|
35,361
|
|
|
$
|
44,104
|
|
|
$
|
33,156
|
|
|
% of Rest of World Total Local Revenue
|
|
|
78.8
|
|
%
|
|
86.9
|
|
%
|
|
81.6
|
|
%
|
|
85.6
|
|
%
|
|
82.2
|
|
%
|
% of Rest of World Total Local Gross Billings
|
|
|
28.2
|
|
%
|
|
32.6
|
|
%
|
|
30.8
|
|
%
|
|
37.3
|
|
%
|
|
28.5
|
|
%
|
Goods Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
18,265
|
|
|
$
|
6,561
|
|
|
$
|
9,416
|
|
|
$
|
11,530
|
|
|
$
|
12,192
|
|
|
Direct
|
|
|
(648
|
)
|
|
|
151
|
|
|
|
(450
|
)
|
|
|
486
|
|
|
|
(411
|
)
|
|
Total Goods Gross Profit
|
|
$
|
17,617
|
|
|
$
|
6,712
|
|
|
$
|
8,966
|
|
|
$
|
12,016
|
|
|
$
|
11,781
|
|
|
% of Rest of World Total Goods Revenue
|
|
|
54.9
|
|
%
|
|
27.0
|
|
%
|
|
43.5
|
|
%
|
|
47.9
|
|
%
|
|
45.0
|
|
%
|
% of Rest of World Total Goods Gross Billings
|
|
|
18.3
|
|
%
|
|
8.6
|
|
%
|
|
12.4
|
|
%
|
|
15.2
|
|
%
|
|
13.2
|
|
%
|
Travel and Other Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
6,566
|
|
|
$
|
7,058
|
|
|
$
|
6,250
|
|
|
$
|
8,252
|
|
|
$
|
5,752
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Gross Profit
|
|
$
|
6,566
|
|
|
$
|
7,058
|
|
|
$
|
6,250
|
|
|
$
|
8,252
|
|
|
$
|
5,752
|
|
|
% of Rest of World Total Travel and Other Revenue
|
|
|
78.2
|
|
%
|
|
86.9
|
|
%
|
|
81.5
|
|
%
|
|
85.0
|
|
%
|
|
82.3
|
|
%
|
% of Rest of World Total Travel and Other Gross Billings
|
|
|
14.9
|
|
%
|
|
19.4
|
|
%
|
|
19.3
|
|
%
|
|
22.3
|
|
%
|
|
17.5
|
|
%
|
Total Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
61,196
|
|
|
$
|
52,781
|
|
|
$
|
51,027
|
|
|
$
|
63,886
|
|
|
$
|
51,100
|
|
|
Direct
|
|
|
(648
|
)
|
|
|
151
|
|
|
|
(450
|
)
|
|
|
486
|
|
|
|
(411
|
)
|
|
Total Gross Profit
|
|
$
|
60,548
|
|
|
$
|
52,932
|
|
|
$
|
50,577
|
|
|
$
|
64,372
|
|
|
$
|
50,689
|
|
|
% of Rest of World Total Revenue
|
|
|
69.9
|
|
%
|
|
67.8
|
|
%
|
|
70.6
|
|
%
|
|
74.6
|
|
%
|
|
69.0
|
|
%
|
% of Rest of World Total Gross Billings
|
|
|
22.5
|
|
%
|
|
22.6
|
|
%
|
|
23.1
|
|
%
|
|
27.5
|
|
%
|
|
21.2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss Excl SBC, Acq-Related
|
|
$
|
(12,105
|
)
|
|
$
|
(24,389
|
)
|
|
$
|
(14,173
|
)
|
|
$
|
(1,619
|
)
|
|
$
|
(14,732
|
)
|
|
Year-over-year growth
|
|
|
(68
|
)
|
%
|
|
174
|
|
%
|
|
(331
|
)
|
%
|
|
91
|
|
%
|
|
(22
|
)
|
%
|
% of Consolidated Operating Income Excl SBC, Acq-Related
|
|
|
(88
|
)
|
%
|
|
(48
|
)
|
%
|
|
(24
|
)
|
%
|
|
(4
|
)
|
%
|
|
(31
|
)
|
%
|
Operating Margin Excl SBC, Acq-Related (% of Rest of World Total
revenue)
|
|
|
(14.0
|
)
|
%
|
|
(31.2
|
)
|
%
|
|
(19.8
|
)
|
%
|
|
(1.9
|
)
|
%
|
|
(20.1
|
)
|
%
|
Year-over-year growth (bps)
|
|
|
3,848
|
|
|
|
(2,139
|
)
|
|
|
(1,640
|
)
|
|
|
1,790
|
|
|
|
(610
|
)
|
|
Operating Loss TTM Excl SBC, Acq-Related
|
|
$
|
(42,016
|
)
|
|
$
|
(57,495
|
)
|
|
$
|
(68,379
|
)
|
|
$
|
(52,286
|
)
|
|
$
|
(54,913
|
)
|
|
Operating Margin TTM Excl SBC, Acq-Related (% of Rest of World Total
TTM revenue)
|
|
|
(11.6
|
)
|
%
|
|
(16.4
|
)
|
%
|
|
(21.0
|
)
|
%
|
|
(16.2
|
)
|
%
|
|
(17.7
|
)
|
%
|
Year-over-year growth (bps)(6)
|
|
|
N/A
|
|
|
|
3,590
|
|
|
|
788
|
|
|
|
330
|
|
|
|
(610
|
)
|
|
Consolidated Results of Operations
|
|
|
|
|
|
|
|
|
|
|
|
Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Local Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
799,153
|
|
|
$
|
829,553
|
|
|
$
|
805,508
|
|
|
$
|
727,191
|
|
|
$
|
829,666
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
693
|
|
|
|
1,040
|
|
|
|
39
|
|
|
Total Local Gross Billings
|
|
$
|
799,153
|
|
|
$
|
829,553
|
|
|
$
|
806,201
|
|
|
$
|
728,231
|
|
|
$
|
829,705
|
|
|
Goods Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
316,327
|
|
|
$
|
230,030
|
|
|
$
|
247,688
|
|
|
$
|
244,355
|
|
|
$
|
228,650
|
|
|
Direct
|
|
|
225,176
|
|
|
|
162,294
|
|
|
|
189,183
|
|
|
|
199,032
|
|
|
|
366,720
|
|
|
Total Goods Gross Billings
|
|
$
|
541,503
|
|
|
$
|
392,324
|
|
|
$
|
436,871
|
|
|
$
|
443,387
|
|
|
$
|
595,370
|
|
|
Travel and Other Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
179,796
|
|
|
$
|
185,892
|
|
|
$
|
170,734
|
|
|
$
|
171,030
|
|
|
$
|
168,032
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Gross Billings
|
|
$
|
179,796
|
|
|
$
|
185,892
|
|
|
$
|
170,734
|
|
|
$
|
171,030
|
|
|
$
|
168,032
|
|
|
Total Gross Billings
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
1,295,276
|
|
|
$
|
1,245,475
|
|
|
$
|
1,223,930
|
|
|
$
|
1,142,576
|
|
|
$
|
1,226,348
|
|
|
Direct
|
|
|
225,176
|
|
|
|
162,294
|
|
|
|
189,876
|
|
|
|
200,072
|
|
|
|
366,759
|
|
|
Total Gross Billings
|
|
$
|
1,520,452
|
|
|
$
|
1,407,769
|
|
|
$
|
1,413,806
|
|
|
$
|
1,342,648
|
|
|
$
|
1,593,107
|
|
|
Year-over-year growth
|
|
|
24
|
|
%
|
|
4
|
|
%
|
|
10
|
|
%
|
|
10
|
|
%
|
|
5
|
|
%
|
Year-over-year growth, excluding FX
|
|
|
25
|
|
%
|
|
5
|
|
%
|
|
11
|
|
%
|
|
11
|
|
%
|
|
5
|
|
%
|
Gross Billings (TTM)
|
|
$
|
5,380,184
|
|
|
$
|
5,433,153
|
|
|
$
|
5,560,283
|
|
|
$
|
5,684,675
|
|
|
$
|
5,757,330
|
|
|
Year-over-year growth
|
|
|
35
|
|
%
|
|
16
|
|
%
|
|
11
|
|
%
|
|
12
|
|
%
|
|
7
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Local Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
287,288
|
|
|
$
|
327,393
|
|
|
$
|
326,921
|
|
|
$
|
301,144
|
|
|
$
|
314,748
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
693
|
|
|
|
1,040
|
|
|
|
39
|
|
|
Total Local Revenue
|
|
$
|
287,288
|
|
|
$
|
327,393
|
|
|
$
|
327,614
|
|
|
$
|
302,184
|
|
|
$
|
314,787
|
|
|
Goods Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
86,579
|
|
|
$
|
67,081
|
|
|
$
|
52,574
|
|
|
$
|
53,222
|
|
|
$
|
46,993
|
|
|
Direct
|
|
|
225,175
|
|
|
|
162,294
|
|
|
|
189,183
|
|
|
|
199,032
|
|
|
|
366,720
|
|
|
Total Goods Revenue
|
|
$
|
311,754
|
|
|
$
|
229,375
|
|
|
$
|
241,757
|
|
|
$
|
252,254
|
|
|
$
|
413,713
|
|
|
Travel and Other Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
39,260
|
|
|
$
|
44,634
|
|
|
$
|
39,376
|
|
|
$
|
40,621
|
|
|
$
|
39,947
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Revenue
|
|
$
|
39,260
|
|
|
$
|
44,634
|
|
|
$
|
39,376
|
|
|
$
|
40,621
|
|
|
$
|
39,947
|
|
|
Total Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other Revenue
|
|
$
|
413,127
|
|
|
$
|
439,108
|
|
|
$
|
418,871
|
|
|
$
|
394,987
|
|
|
$
|
401,688
|
|
|
Direct Revenue
|
|
|
225,175
|
|
|
|
162,294
|
|
|
|
189,876
|
|
|
|
200,072
|
|
|
|
366,759
|
|
|
Total Revenue
|
|
$
|
638,302
|
|
|
$
|
601,402
|
|
|
$
|
608,747
|
|
|
$
|
595,059
|
|
|
$
|
768,447
|
|
|
Year-over-year growth
|
|
|
30
|
|
%
|
|
8
|
|
%
|
|
7
|
|
%
|
|
5
|
|
%
|
|
20
|
|
%
|
Year-over-year growth, excluding FX
|
|
|
31
|
|
%
|
|
8
|
|
%
|
|
8
|
|
%
|
|
6
|
|
%
|
|
20
|
|
%
|
Total Consolidated Revenue TTM
|
|
$
|
2,334,472
|
|
|
$
|
2,376,591
|
|
|
$
|
2,417,003
|
|
|
$
|
2,443,510
|
|
|
$
|
2,573,655
|
|
|
Year-over-year growth
|
|
|
45
|
|
%
|
|
27
|
|
%
|
|
18
|
|
%
|
|
12
|
|
%
|
|
10
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Local Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
43,626
|
|
|
$
|
46,030
|
|
|
$
|
38,678
|
|
|
$
|
36,642
|
|
|
$
|
35,450
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
636
|
|
|
|
1,887
|
|
|
|
31
|
|
|
Total Local Cost of Revenue
|
|
$
|
43,626
|
|
|
$
|
46,030
|
|
|
$
|
39,314
|
|
|
$
|
38,529
|
|
|
$
|
35,481
|
|
|
Goods Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
14,493
|
|
|
$
|
17,856
|
|
|
$
|
10,796
|
|
|
$
|
10,137
|
|
|
$
|
9,706
|
|
|
Direct
|
|
|
218,567
|
|
|
|
152,377
|
|
|
|
167,910
|
|
|
|
179,549
|
|
|
|
337,670
|
|
|
Total Goods Cost of Revenue
|
|
$
|
233,060
|
|
|
$
|
170,233
|
|
|
$
|
178,706
|
|
|
$
|
189,686
|
|
|
$
|
347,376
|
|
|
Travel and Other Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
5,786
|
|
|
$
|
6,130
|
|
|
$
|
6,033
|
|
|
$
|
7,222
|
|
|
$
|
7,382
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Cost of Revenue
|
|
$
|
5,786
|
|
|
$
|
6,130
|
|
|
$
|
6,033
|
|
|
$
|
7,222
|
|
|
$
|
7,382
|
|
|
Total Cost of Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other Cost of Revenue
|
|
$
|
63,905
|
|
|
$
|
70,016
|
|
|
$
|
55,507
|
|
|
$
|
54,001
|
|
|
$
|
52,538
|
|
|
Direct Cost of Revenue
|
|
|
218,567
|
|
|
|
152,377
|
|
|
|
168,546
|
|
|
|
181,436
|
|
|
|
337,701
|
|
|
Total Cost of Revenue
|
|
$
|
282,472
|
|
|
$
|
222,393
|
|
|
$
|
224,053
|
|
|
$
|
235,437
|
|
|
$
|
390,239
|
|
|
% of Total Consolidated Revenue
|
|
|
44
|
|
%
|
|
37
|
|
%
|
|
37
|
|
%
|
|
40
|
|
%
|
|
51
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Local Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
243,662
|
|
|
$
|
281,363
|
|
|
$
|
288,243
|
|
|
$
|
264,502
|
|
|
$
|
279,298
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
57
|
|
|
|
(847
|
)
|
|
|
8
|
|
|
Total Local Gross Profit
|
|
$
|
243,662
|
|
|
$
|
281,363
|
|
|
$
|
288,300
|
|
|
$
|
263,655
|
|
|
$
|
279,306
|
|
|
% of Total Consolidated Local Revenue
|
|
|
84.8
|
|
%
|
|
85.9
|
|
%
|
|
88.0
|
|
%
|
|
87.2
|
|
%
|
|
88.7
|
|
%
|
% of Total Consolidated Local Gross Billings
|
|
|
30.5
|
|
%
|
|
33.9
|
|
%
|
|
35.8
|
|
%
|
|
36.2
|
|
%
|
|
33.7
|
|
%
|
Goods Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party
|
|
$
|
72,086
|
|
|
$
|
49,225
|
|
|
$
|
41,778
|
|
|
$
|
43,085
|
|
|
$
|
37,287
|
|
|
Direct
|
|
|
6,608
|
|
|
|
9,917
|
|
|
|
21,273
|
|
|
|
19,483
|
|
|
|
29,050
|
|
|
Total Goods Gross Profit
|
|
$
|
78,694
|
|
|
$
|
59,142
|
|
|
$
|
63,051
|
|
|
$
|
62,568
|
|
|
$
|
66,337
|
|
|
% of Total Consolidated Goods Revenue
|
|
|
25.2
|
|
%
|
|
25.8
|
|
%
|
|
26.1
|
|
%
|
|
24.8
|
|
%
|
|
16.0
|
|
%
|
% of Total Consolidated Goods Gross Billings
|
|
|
14.5
|
|
%
|
|
15.1
|
|
%
|
|
14.4
|
|
%
|
|
14.1
|
|
%
|
|
11.1
|
|
%
|
Travel and Other Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
33,474
|
|
|
$
|
38,504
|
|
|
$
|
33,343
|
|
|
$
|
33,399
|
|
|
$
|
32,565
|
|
|
Direct
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Travel and Other Gross Profit
|
|
$
|
33,474
|
|
|
$
|
38,504
|
|
|
$
|
33,343
|
|
|
$
|
33,399
|
|
|
$
|
32,565
|
|
|
% of Total Consolidated Travel and Other Revenue
|
|
|
85.3
|
|
%
|
|
86.3
|
|
%
|
|
84.7
|
|
%
|
|
82.2
|
|
%
|
|
81.5
|
|
%
|
% of Total Consolidated Travel and Other Gross Billings
|
|
|
18.6
|
|
%
|
|
20.7
|
|
%
|
|
19.5
|
|
%
|
|
19.5
|
|
%
|
|
19.4
|
|
%
|
Total Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Third Party and Other
|
|
$
|
349,222
|
|
|
$
|
369,092
|
|
|
$
|
363,364
|
|
|
$
|
340,986
|
|
|
$
|
349,150
|
|
|
Direct
|
|
|
6,608
|
|
|
|
9,917
|
|
|
|
21,330
|
|
|
|
18,636
|
|
|
|
29,058
|
|
|
Total Gross Profit
|
|
$
|
355,830
|
|
|
$
|
379,009
|
|
|
$
|
384,694
|
|
|
$
|
359,622
|
|
|
$
|
378,208
|
|
|
% of Total Consolidated Revenue
|
|
|
55.7
|
|
%
|
|
63.0
|
|
%
|
|
63.2
|
|
%
|
|
60.4
|
|
%
|
|
49.2
|
|
%
|
% of Total Consolidated Gross Billings
|
|
|
23.4
|
|
%
|
|
26.9
|
|
%
|
|
27.2
|
|
%
|
|
26.8
|
|
%
|
|
23.7
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income Excl SBC, Acq-Related
|
|
$
|
13,703
|
|
|
$
|
51,153
|
|
|
$
|
59,043
|
|
|
$
|
39,153
|
|
|
$
|
47,856
|
|
|
Year-over-year growth
|
|
|
(24
|
)
|
%
|
|
(24
|
)
|
%
|
|
(18
|
)
|
%
|
|
(22
|
)
|
%
|
|
249
|
|
%
|
Operating Margin Excl SBC, Acq-Related (% of Total Consolidated
revenue)
|
|
|
2.1
|
|
%
|
|
8.5
|
|
%
|
|
9.7
|
|
%
|
|
6.6
|
|
%
|
|
6.2
|
|
%
|
Year-over-year growth (bps)
|
|
|
(150
|
)
|
|
|
(360
|
)
|
|
|
(300
|
)
|
|
|
(230
|
)
|
|
|
410
|
|
|
Operating Income TTM Excl SBC, Acq-Related
|
|
$
|
203,715
|
|
|
$
|
187,278
|
|
|
$
|
174,387
|
|
|
$
|
163,052
|
|
|
$
|
197,205
|
|
|
Operating Margin TTM Excl SBC, Acq-Related (% of Total Consolidated
TTM revenue)
|
|
|
8.7
|
|
%
|
|
7.9
|
|
%
|
|
7.2
|
|
%
|
|
6.7
|
|
%
|
|
7.7
|
|
%
|
Year-over-year growth (bps)
|
|
|
1,770
|
|
|
|
680
|
|
|
|
(40
|
)
|
|
|
(280
|
)
|
|
|
(100
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) Income
|
|
$
|
(12,861
|
)
|
|
$
|
21,178
|
|
|
$
|
27,412
|
|
|
$
|
13,812
|
|
|
$
|
13,352
|
|
|
Year-over-year growth
|
|
|
14
|
|
%
|
|
(47
|
)
|
%
|
|
(41
|
)
|
%
|
|
(46
|
)
|
%
|
|
204
|
|
%
|
Operating Margin (% of Total Consolidated revenue)
|
|
|
(2.0
|
)
|
%
|
|
3.5
|
|
%
|
|
4.5
|
|
%
|
|
2.3
|
|
%
|
|
1.7
|
|
%
|
Year-over-year growth (bps)
|
|
|
100
|
|
|
|
(360
|
)
|
|
|
(370
|
)
|
|
|
(220
|
)
|
|
|
370
|
|
|
Operating Income TTM
|
|
$
|
98,701
|
|
|
$
|
80,240
|
|
|
$
|
61,167
|
|
|
$
|
49,541
|
|
|
$
|
75,754
|
|
|
Operating Margin TTM (% of Total Consolidated TTM revenue)
|
|
|
4.2
|
|
%
|
|
3.4
|
|
%
|
|
2.5
|
|
%
|
|
2.0
|
|
%
|
|
2.9
|
|
%
|
Year-over-year growth (bps)
|
|
|
1,870
|
|
|
|
750
|
|
|
|
(100
|
)
|
|
|
(240
|
)
|
|
|
(130
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Attributable to Common Stockholders
|
|
|
(81,089
|
)
|
|
|
(3,992
|
)
|
|
|
(7,574
|
)
|
|
|
(2,580
|
)
|
|
|
(81,247
|
)
|
|
Weighted Average Basic Shares Outstanding
|
|
|
655,678
|
|
|
|
658,800
|
|
|
|
662,361
|
|
|
|
666,433
|
|
|
|
668,046
|
|
|
Weighted Average Diluted Shares Outstanding (7)
|
|
|
655,678
|
|
|
|
658,800
|
|
|
|
662,361
|
|
|
|
666,433
|
|
|
|
668,046
|
|
|
Net Loss per Share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.12
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
(0.12
|
)
|
|
Diluted
|
|
$
|
(0.12
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
(0.12
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a quarterly reconciliation of Adjusted EBITDA to
the most comparable U.S. GAAP financial measure, "Net loss." (8)
|
Net loss
|
|
$
|
(80,047
|
)
|
|
$
|
(3,242
|
)
|
|
$
|
(5,551
|
)
|
|
$
|
(1,292
|
)
|
|
$
|
(78,861
|
)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
26,411
|
|
|
|
29,907
|
|
|
|
32,446
|
|
|
|
26,870
|
|
|
|
32,239
|
|
|
Acquisition-related expense (benefit), net
|
|
|
153
|
|
|
|
68
|
|
|
|
(815
|
)
|
|
|
(1,529
|
)
|
|
|
2,265
|
|
|
Depreciation and amortization
|
|
|
15,965
|
|
|
|
20,700
|
|
|
|
21,468
|
|
|
|
23,149
|
|
|
|
24,132
|
|
|
Non-operating items:
|
|
|
|
|
|
|
|
|
|
|
|
Loss (income) on equity method investments
|
|
|
1,231
|
|
|
|
19
|
|
|
|
14
|
|
|
|
25
|
|
|
|
(14
|
)
|
|
Other expense (income), net
|
|
|
48,279
|
|
|
|
5,064
|
|
|
|
5,565
|
|
|
|
(857
|
)
|
|
|
84,847
|
|
|
Provision for income taxes
|
|
|
17,676
|
|
|
|
19,337
|
|
|
|
27,384
|
|
|
|
15,936
|
|
|
|
7,380
|
|
|
Total adjustments
|
|
|
109,715
|
|
|
|
75,095
|
|
|
|
86,062
|
|
|
|
63,594
|
|
|
|
150,849
|
|
|
Adjusted EBITDA
|
|
$
|
29,668
|
|
|
$
|
71,853
|
|
|
$
|
80,511
|
|
|
$
|
62,302
|
|
|
$
|
71,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a quarterly reconciliation of Operating income,
excluding stock-based compensation and acquisition-related (expense)
benefit, net, to the most comparable U.S. GAAP financial measure,
"Operating (loss) income." (8)
|
Operating income, excluding stock-based compensation and
acquisition-related (expense) benefit, net
|
|
$
|
13,703
|
|
|
$
|
51,153
|
|
|
$
|
59,043
|
|
|
$
|
39,153
|
|
|
$
|
47,856
|
|
|
Stock-based compensation
|
|
|
(26,411
|
)
|
|
|
(29,907
|
)
|
|
|
(32,446
|
)
|
|
|
(26,870
|
)
|
|
|
(32,239
|
)
|
|
Acquisition-related (expense) benefit, net
|
|
|
(153
|
)
|
|
|
(68
|
)
|
|
|
815
|
|
|
|
1,529
|
|
|
|
(2,265
|
)
|
|
Operating (loss) income
|
|
$
|
(12,861
|
)
|
|
$
|
21,178
|
|
|
$
|
27,412
|
|
|
$
|
13,812
|
|
|
$
|
13,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a trailing twelve months reconciliation of
Operating income, excluding stock-based compensation and
acquisition-related (expense) benefit, net, to the most comparable
U.S. GAAP financial measure, “Operating Income." (8)
|
Operating income, excluding stock-based compensation and
acquisition-related (expense) benefit, net TTM
|
|
$
|
203,715
|
|
|
$
|
187,278
|
|
|
$
|
174,387
|
|
|
$
|
163,052
|
|
|
$
|
197,205
|
|
|
Stock-based compensation
|
|
|
(104,117
|
)
|
|
|
(106,021
|
)
|
|
|
(111,383
|
)
|
|
|
(115,634
|
)
|
|
|
(121,462
|
)
|
|
Acquisition-related (expense) benefit, net
|
|
|
(897
|
)
|
|
|
(1,017
|
)
|
|
|
(1,837
|
)
|
|
|
2,123
|
|
|
|
11
|
|
|
Operating income TTM
|
|
$
|
98,701
|
|
|
$
|
80,240
|
|
|
$
|
61,167
|
|
|
$
|
49,541
|
|
|
$
|
75,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a quarterly reconciliation of foreign exchange
rate neutral Gross Billings growth from the comparable quarterly
periods of the prior year to reported Gross Billings growth from the
comparable quarterly periods of the prior year.(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA Gross Billings growth, excluding FX
|
|
|
4
|
|
%
|
|
(9
|
)
|
%
|
|
4
|
|
%
|
|
9
|
|
%
|
|
3
|
|
%
|
FX Effect
|
|
|
(2
|
)
|
%
|
|
1
|
|
%
|
|
-
|
|
%
|
|
3
|
|
%
|
|
3
|
|
%
|
EMEA Gross Billings growth
|
|
|
2
|
|
%
|
|
(8
|
)
|
%
|
|
4
|
|
%
|
|
12
|
|
%
|
|
6
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of World Gross Billings growth, excluding FX
|
|
|
20
|
|
%
|
|
(6
|
)
|
%
|
|
(16
|
)
|
%
|
|
(4
|
)
|
%
|
|
(2
|
)
|
%
|
FX Effect
|
|
|
(3
|
)
|
%
|
|
(5
|
)
|
%
|
|
(5
|
)
|
%
|
|
(9
|
)
|
%
|
|
(9
|
)
|
%
|
Rest of World Gross Billings growth
|
|
|
17
|
|
%
|
|
(11
|
)
|
%
|
|
(21
|
)
|
%
|
|
(13
|
)
|
%
|
|
(11
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Gross Billings growth, excluding FX
|
|
|
25
|
|
%
|
|
5
|
|
%
|
|
11
|
|
%
|
|
11
|
|
%
|
|
5
|
|
%
|
FX Effect
|
|
|
(1
|
)
|
%
|
|
(1
|
)
|
%
|
|
(1
|
)
|
%
|
|
(1
|
)
|
%
|
|
-
|
|
%
|
Consolidated Gross Billings growth
|
|
|
24
|
|
%
|
|
4
|
|
%
|
|
10
|
|
%
|
|
10
|
|
%
|
|
5
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a quarterly reconciliation of foreign exchange
rate neutral Revenue growth from the comparable quarterly periods of
the prior year to reported Revenue growth from the comparable
quarterly periods of the prior year.(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA Revenue growth, excluding FX
|
|
|
(25
|
)
|
%
|
|
(20
|
)
|
%
|
|
(25
|
)
|
%
|
|
(23
|
)
|
%
|
|
38
|
|
%
|
FX Effect
|
|
|
(2
|
)
|
%
|
|
-
|
|
%
|
|
1
|
|
%
|
|
2
|
|
%
|
|
5
|
|
%
|
EMEA Revenue growth
|
|
|
(27
|
)
|
%
|
|
(20
|
)
|
%
|
|
(24
|
)
|
%
|
|
(21
|
)
|
%
|
|
43
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of World Revenue growth, excluding FX
|
|
|
23
|
|
%
|
|
(8
|
)
|
%
|
|
(21
|
)
|
%
|
|
7
|
|
%
|
|
(6
|
)
|
%
|
FX Effect
|
|
|
(3
|
)
|
%
|
|
(6
|
)
|
%
|
|
(5
|
)
|
%
|
|
(11
|
)
|
%
|
|
(9
|
)
|
%
|
Rest of World Revenue growth
|
|
|
20
|
|
%
|
|
(14
|
)
|
%
|
|
(26
|
)
|
%
|
|
(4
|
)
|
%
|
|
(15
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Revenue growth, excluding FX
|
|
|
31
|
|
%
|
|
8
|
|
%
|
|
8
|
|
%
|
|
6
|
|
%
|
|
20
|
|
%
|
FX Effect
|
|
|
(1
|
)
|
%
|
|
-
|
|
%
|
|
(1
|
)
|
%
|
|
(1
|
)
|
%
|
|
-
|
|
%
|
Consolidated Revenue growth
|
|
|
30
|
|
%
|
|
8
|
|
%
|
|
7
|
|
%
|
|
5
|
|
%
|
|
20
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation of free cash flow to the most
comparable U.S. GAAP financial measure, "Net cash provided by (used
in) operating activities."
|
Net cash provided by (used in) operating activities
|
|
$
|
65,717
|
|
|
$
|
8,760
|
|
|
$
|
43,302
|
|
|
$
|
(11,905
|
)
|
|
$
|
178,275
|
|
|
Purchases of property and equipment and capitalized software
|
|
|
(40,034
|
)
|
|
|
(14,468
|
)
|
|
|
(14,042
|
)
|
|
|
(15,064
|
)
|
|
|
(19,931
|
)
|
|
Free cash flow (10)
|
|
$
|
25,683
|
|
|
$
|
(5,708
|
)
|
|
$
|
29,260
|
|
|
$
|
(26,969
|
)
|
|
$
|
158,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities (TTM)
|
|
$
|
266,834
|
|
|
$
|
191,880
|
|
|
$
|
159,867
|
|
|
$
|
105,874
|
|
|
$
|
218,432
|
|
|
Purchases of property and equipment and capitalized software (TTM)
|
|
|
(95,836
|
)
|
|
|
(97,221
|
)
|
|
|
(84,554
|
)
|
|
|
(83,608
|
)
|
|
|
(63,505
|
)
|
|
Free cash flow (TTM)
|
|
$
|
170,998
|
|
|
$
|
94,659
|
|
|
$
|
75,313
|
|
|
$
|
22,266
|
|
|
$
|
154,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
$
|
(52,753
|
)
|
|
$
|
(30,679
|
)
|
|
$
|
(15,862
|
)
|
|
$
|
(26,444
|
)
|
|
$
|
(23,330
|
)
|
|
Net cash used in financing activities
|
|
$
|
(6,495
|
)
|
|
$
|
(9,342
|
)
|
|
$
|
(7,941
|
)
|
|
$
|
(8,970
|
)
|
|
$
|
(55,444
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities (TTM)
|
|
$
|
(194,979
|
)
|
|
$
|
(179,214
|
)
|
|
$
|
(134,923
|
)
|
|
$
|
(125,738
|
)
|
|
$
|
(96,315
|
)
|
|
Net cash provided by (used in) financing activities (TTM)
|
|
$
|
12,095
|
|
|
$
|
11,028
|
|
|
$
|
(21,071
|
)
|
|
$
|
(32,748
|
)
|
|
$
|
(81,697
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Metrics
|
|
|
|
|
|
|
|
|
|
|
|
Active Customers (11)
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
17.2
|
|
|
|
18.2
|
|
|
|
19.1
|
|
|
|
19.9
|
|
|
|
20.8
|
|
|
EMEA
|
|
|
14.3
|
|
|
|
14.0
|
|
|
|
13.9
|
|
|
|
14.0
|
|
|
|
14.2
|
|
|
Rest of World
|
|
|
9.5
|
|
|
|
9.5
|
|
|
|
9.6
|
|
|
|
9.6
|
|
|
|
9.9
|
|
|
Total Active Customers
|
|
|
41.0
|
|
|
|
41.7
|
|
|
|
42.6
|
|
|
|
43.5
|
|
|
|
44.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM Gross Billings / Average Active Customer (12)
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
152
|
|
|
$
|
151
|
|
|
$
|
156
|
|
|
$
|
155
|
|
|
$
|
150
|
|
|
EMEA
|
|
$
|
146
|
|
|
$
|
137
|
|
|
$
|
135
|
|
|
$
|
137
|
|
|
$
|
139
|
|
|
Rest of World
|
|
$
|
126
|
|
|
$
|
116
|
|
|
$
|
108
|
|
|
$
|
102
|
|
|
$
|
95
|
|
|
Consolidated
|
|
$
|
144
|
|
|
$
|
138
|
|
|
$
|
138
|
|
|
$
|
137
|
|
|
$
|
134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Headcount
|
|
|
|
|
|
|
|
|
|
|
|
Sales (13)
|
|
|
4,677
|
|
|
|
4,566
|
|
|
|
4,679
|
|
|
|
4,801
|
|
|
|
4,834
|
|
|
% North America
|
|
|
25
|
|
%
|
|
28
|
|
%
|
|
26
|
|
%
|
|
28
|
|
%
|
|
29
|
|
%
|
% EMEA
|
|
|
42
|
|
%
|
|
38
|
|
%
|
|
39
|
|
%
|
|
37
|
|
%
|
|
37
|
|
%
|
% Rest of World
|
|
|
33
|
|
%
|
|
34
|
|
%
|
|
35
|
|
%
|
|
35
|
|
%
|
|
34
|
|
%
|
Other
|
|
|
6,717
|
|
|
|
6,433
|
|
|
|
6,306
|
|
|
|
6,453
|
|
|
|
6,449
|
|
|
Total Headcount
|
|
|
11,394
|
|
|
|
10,999
|
|
|
|
10,985
|
|
|
|
11,254
|
|
|
|
11,283
|
|
|
(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) Local represents deals from local merchants, deals with national
merchants, and deals through local events.
|
(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 certain indirect
costs incurred to generate revenue. Direct cost of revenue includes
the cost of inventory, shipping and fulfillment 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
and other revenue and direct revenue for each of our categories
(Local, Goods, and Travel and other) in proportion to gross billings
during the period.
|
(5) Represents the 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) International operating margin information broken out between
EMEA and Rest of World is not readily available for quarterly
periods during the year ended December 31, 2010. Therefore, the
Company is presenting year-over-year basis point (bps) growth for
operating margin TTM excluding stock-based compensation and
acquisition-related expense (benefit), net beginning in the first
quarter of 2013.
|
(7) 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.
|
(8) 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" 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 (loss) income," for the periods presented.
|
(9) Foreign Exchange Rate neutral operating results are non-GAAP
financial measures. The Company reconciles "foreign exchange rate
neutral Gross Billings growth" and "foreign exchange rate neutral
Revenue growth" to year-over-year growth rates for the most
comparable U.S. GAAP financial measures, "Gross Billings" and
"Revenue," respectively, for the periods presented.
|
(10) 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 (used in) operating activities," for
the periods presented.
|
(11) Reflects the total number of unique user accounts who have
purchased a voucher or product from us during the trailing twelve
months.
|
(12) Reflects the total gross billings generated in the trailing
twelve months per average active customer over that period.
|
(13) Includes merchant sales representatives, as well as sales
support.
|
|
(14) 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.
|
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