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RetailMeNot Announces Second Quarter 2014 Financial Results

- Net Revenues were $59.5 million, up 37% year-over-year

AUSTIN, Texas, Aug. 4, 2014 /PRNewswire/ -- RetailMeNot, Inc. (NASDAQ:SALE), which operates the world's largest marketplace for digital offers, reported its financial results for the second quarter ended June 30, 2014.

Second Quarter Key Metrics and Financial Results Highlights

(All comparisons are made to the second quarter of 2013)

  • Net revenues were $59.5 million, an increase of 37% compared to $43.4 million.
  • Organic net revenues increased 34%.  Organic net revenues exclude net revenues from acquired businesses not owned during both comparative periods.
  • Net revenues from international markets totaled $13.5 million, up 57% compared to $8.6 million and represented 23% of total net revenues.
  • Mobile net revenues totaled $10.7 million, up 114% compared to $5.0 million and represented 18% of total net revenues.  Mobile net revenues include net revenues from our mobile websites and applications and our in-store product.
  • Net income was $4.3 million, down 16% compared to net income of $5.1 million.  On a year-over year basis, the decline in net income is a result of increased investment primarily in product development, sales and marketing, and higher stock-based compensation expense.
  • Adjusted EBITDA was $19.7 million, up 25%, representing 33% of net revenues, compared to $15.7 million.
  • Visits grew 27% to 154.2 million, compared to 121.2 million.  

"Our results continue to demonstrate the value of our multi-channel services that help consumers save money and enable retailers to increase sales in the United States and international markets," said Cotter Cunningham, CEO and Founder, RetailMeNot, Inc.  "Overall we saw strong growth in consumer usage and engagement across platforms. We believe that from discovery to purchase, we offer retailers high ROI channels that help them turn shoppers into buyers."

Second Quarter Business Highlights and Key Strategic Announcements

As of June 30, 2014, 18.5 million mobile apps have been downloaded globally among RetailMeNot.com, Deals2Buy.com, VoucherCodes.co.uk, Poulpeo.com, and Bons-de-Reduction.com, up from 7.1 million as of June 30, 2013.  During the second quarter, mobile app sessions totaled 169.2 million, versus 26.5 million during the second quarter of 2013.  App sessions are defined as a combination of user initiated app launches and push notifications and geo-fence triggered alerts delivered by us to mobile devices.  As of June 30, 2014, RetailMeNot had 22.9 million global subscribers to a newsletter or store alert, up 98% year-over-year.

Quarterly Conference Call

RetailMeNot will host a webcast to discuss its second quarter 2014 financial results and business outlook today at 4:30 p.m. Eastern Time (3:30 p.m. Central Time).  A live webcast of the conference call can be accessed within the investor relations section of the RetailMeNot website at http://investor.retailmenot.com. This webcast will contain forward-looking statements and other material information regarding the company's financial and operating results. Additionally, in advance of the conference call RetailMeNot will post second quarter 2014 Management Commentary that can be accessed at http://investor.retailmenot.com

Following completion of the call, a recorded replay of the webcast will be available on the website at http://investor.retailmenot.com. For those without access to the Internet, a replay of the call will be available beginning at 6:30 p.m. Central Time on August 4, 2014 through August 11, 2014 at 11:59 p.m. Central Time. To listen to the telephone replay, call (855) 859-2056 within the US or (404) 537-3406 internationally, access code 66435482. 

About RetailMeNot, Inc.

RetailMeNot, Inc. (www.retailmenot.com/corp/) operates the world's largest marketplace for digital offers.  The company enables consumers across the globe to find hundreds of thousands of digital offers from retailers and brands. In 2013, RetailMeNot, Inc. experienced more than 560 million visits to its websites and estimates that $3.5 billion in paid retailer sales were attributable to consumer traffic from digital offers in its marketplace.  Its mobile apps have been downloaded over 18.5 million times. The RetailMeNot, Inc. portfolio includes www.RetailMeNot.com, the world's largest marketplace for digital offers in the United States; www.RetailMeNot.ca in Canada; www.VoucherCodes.co.uk, the largest marketplace for digital offers in the United Kingdom; www.Deals.com in Germany; www.Actiepagina.nl, a leading digital offer site in the Netherlands; http://www.Bons-de-Reduction.com and www.Ma-Reduc.com, leading digital offer sites in France; www.Poulpeo.com, a leading digital offer site with cash back in France; and www.Deals2Buy.com, a leading digital offer site in North America. RetailMeNot, Inc. is listed on the NASDAQ stock exchange under the ticker symbol "SALE." Investors interested in learning more about the company can visit: http://investor.retailmenot.com/.

Be sure to "like" RetailMeNot, Inc. on Facebook and follow the company via Twitter @retailmenotinc.

Operating Metrics

Visits. RetailMeNot defines a visit as a group of interactions that take place on one of RetailMeNot's websites from computers, smartphones, tablets or other mobile devices within a given time frame as measured by Google Analytics, a product that provides digital marketing intelligence. A single visit can contain multiple page views, events, social interactions, custom variables and e-commerce transactions. A single visitor can open multiple visits. Visits can occur on the same day, or over several days, weeks or months. As soon as one visit ends, there is then an opportunity to start a new visit. A visit ends either through the passage of time or a campaign change, with a campaign generally meaning arrival via search engine, referring site or campaign-tagged information. A visit ends through passage of time either after 30 minutes of inactivity or at midnight Pacific Time. A visit ends through a campaign change if a visitor arrives via one campaign or source, leaves the site, and then returns via another campaign or source.  Visits for the period do not include interactions through our mobile applications.

Non-GAAP Financial Measures

To provide investors with additional information regarding RetailMeNot's financial results, RetailMeNot has disclosed in the table below and elsewhere herein adjusted EBITDA, a non-GAAP financial measure. RetailMeNot has provided a reconciliation below of adjusted EBITDA to net income, the most directly comparable GAAP financial measure.  RetailMeNot defines adjusted EBITDA as net income plus depreciation, amortization of intangible assets, stock-based compensation expense, third-party acquisition-related costs, other non-cash operating expenses (including compensation arrangements entered into in connection with acquisitions), net interest expense, other non-operating income or expense (including changes in fair value of warrant liabilities and contingent consideration) and income taxes, net of any foreign exchange income or expense.

RetailMeNot discloses adjusted EBITDA because it is a key measure used by RetailMeNot and its board of directors to understand and evaluate RetailMeNot's financial and operating performance, establish budgets and operational goals and as an element in determining executive compensation.  RetailMeNot believes it also facilitates period-to-period comparisons of operations that could otherwise be masked by the effect of the expenses that RetailMeNot excludes in this non-GAAP financial measure and facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.  However, adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of RetailMeNot's results as reported under GAAP. Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income and RetailMeNot's other GAAP results.

Forward-looking Statements

This release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included herein regarding RetailMeNot's strategy, future operations, future financial position, future net revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. The words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would" and similar expressions (or the negative of these terms) are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about management's estimates regarding future net revenues and financial performance, visits and other statements about management's beliefs, intentions or goals. RetailMeNot may not actually achieve the expectations disclosed in the forward-looking statements, and you should not place undue reliance on RetailMeNot's forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to, risks related to RetailMeNot's  ability to manage its growth, including accurately planning and forecasting its financial results; RetailMeNot's ability to attract visitors to its websites from search engines; RetailMeNot's ability to attract and retain paid retailers and maintain its relationships with performance marketing networks; RetailMeNot's ability to obtain and maintain digital offer content and maintain the positive perception of its brand; RetailMeNot's need to monetize digital offers available through its mobile solutions; the competitive environment for RetailMeNot's business; changes in consumer sentiment regarding RetailMeNot's use of cookies; RetailMeNot's need to manage regulatory, tax and litigation risks; RetailMeNot's ability to protect consumer data and its intellectual property; RetailMeNot's ability to manage international business uncertainties; the impact and integration of recent and future acquisitions; and other risks and potential factors that could affect RetailMeNot's business and financial results identified in RetailMeNot's filings with the Securities and Exchange Commission (the "SEC"), including its annual report on Form 10-K filed with the SEC on February 18, 2014 and its most recent quarterly report on Form 10-Q filed with the SEC on May 7, 2014. Additional information will also be set forth in RetailMeNot's future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that RetailMeNot makes with the SEC. RetailMeNot does not intend or undertake any duty to release publicly any updates or revisions to any forward-looking statements contained herein.

Investor Contact
Michael Magaro
RetailMeNot, Inc.
[email protected]
(512) 777-2899

Media Contact
Brian Hoyt
RetailMeNot, Inc.
[email protected]
(512) 777-2957

-- RMNSALE-F –

 

RetailMeNot, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)










Three Months Ended June 30,


Six Months Ended June 30,


2014


2013


2014


2013









Net revenues

$59,506


$43,401


$120,776


$83,962

Costs and expenses:








Cost of net revenues (1)

4,648


2,872


9,078


5,460

Product development (1)

12,980


6,939


23,686


12,888

Sales and marketing (1)

19,195


14,085


40,367


25,275

General and administrative (1)

10,291


7,303


19,638


12,669

Amortization of purchased intangible assets

3,194


2,787


6,637


5,618

Other operating expenses

1,112


428


2,460


858

Total costs and expenses

51,420


34,414


101,866


62,768

Income from operations

8,086


8,987


18,910


21,194









Other income (expense):








Interest expense, net

(494)


(605)


(1,025)


(1,254)

Other income (expense), net

(328)


42


(300)


(22)









Income before income taxes

7,264


8,424


17,585


19,918

Provision for income taxes

(2,938)


(3,301)


(7,184)


(7,820)









Net income

4,326


5,123


10,401


12,098









Preferred stock dividends on participating preferred stock

-


(6,122)


-


(12,176)









Total undistributed earnings (loss)

4,326


(999)


10,401


(78)

Undistributed earnings allocated to participating preferred stock

-


-


-


-









Net income (loss) attributable to common stockholders

4,326


(999)


10,401


(78)









Net income (loss) per share attributable to common stockholders:








 Basic 

$0.08


-$0.68


$0.19


-$0.06

 Diluted 

$0.08


-$0.68


$0.19


-$0.06









Weighted average number of shares used in computing net income (loss) per share:








 Basic 

53,791


1,466


53,472


1,234

 Diluted 

55,377


1,466


55,455


1,234

















RetailMeNot, Inc.

Condensed Consolidated Statements of Operations (continued)

(Unaudited, in thousands)










Three Months Ended June 30,


Six Months Ended June 30,


2014


2013


2014


2013

 (1) Includes stock-based compensation as follows: 








  Cost of net revenues

$470


$135


$811


$293

  Product development

1,896


504


3,220


1,044

  Sales and marketing

1,476


516


2,714


1,008

  General and administrative

2,524


1,156


4,635


2,106

 Total 

$6,366


$2,311


$11,380


$4,451

















RetailMeNot, Inc.

Calculation of Weighted-Average Basic and Diluted Shares Assuming Conversion of Redeemable Convertible Preferred Stock

(Unaudited, in thousands)










Three Months Ended June 30,


Six Months Ended June 30,


2014


2013


2014


2013

Basic:








     GAAP basic weighted-average common shares

53,791


1,466


53,472


1,234

     Add: Weighted-average shares from assumed conversion of redeemable convertible preferred stock

-


44,180


-


44,180

Basic weighted-average common shares (as converted basis)

53,791


45,646


53,472


45,414









Diluted:








     Basic weighted-average common shares (as converted basis)

53,791


45,646


53,472


45,414

     Add: Dilutive effect of stock options

1,586


1,540


1,983


1,608

     Add: Dilutive effect of common stock warrants

-


-


-


202

Diluted weighted-average common shares (as converted basis)

55,377


47,186


55,455


47,224

















RetailMeNot, Inc.

Reconciliation of Adjusted EBITDA

(Unaudited, in thousands)










Three Months Ended June 30,


Six Months Ended June 30,


2014


2013


2014


2013









 Net income 

$      4,326


$      5,123


$    10,401


$    12,098

 Depreciation and amortization 

4,086


3,266


8,290


6,529

 Stock-based compensation expense 

6,366


2,311


11,380


4,451

 Third party acquisition-related costs 

-


723


-


917

 Other operating expenses 

1,112


428


2,460


858

 Interest expense, net 

494


605


1,025


1,254

 Other income (expense), net 

328


(42)


300


22

 Provision for income taxes 

2,938


3,301


7,184


7,820

 Adjusted EBITDA 

$  19,650


$  15,715


$  41,040


$  33,949









 

 

 

RetailMeNot, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)






Jun-14


Dec-13

 Assets 




 Current assets: 




 Cash and cash equivalents 

$    213,905


$    165,881

 Accounts receivable, net 

41,881


59,286

 Prepaids and other current assets, net 

15,355


10,661

 Total current assets 

271,141


235,828





 Property and equipment, net 

12,897


10,317

 Intangible assets, net 

74,166


80,813

 Goodwill 

179,562


179,659

 Other assets, net 

5,790


5,465

 Total assets 

$  543,556


$  512,082





 Liabilities, Redeemable Convertible Preferred Stock
 and Stockholders' Equity (Deficit) 




 Current liabilities: 




 Accounts payable 

$         4,267


$         6,217

 Accrued compensation and benefits 

7,455


9,875

 Accrued expenses and other current liabilities 

6,339


5,586

 Income taxes payable 

4,098


4,835

 Current maturities of long term debt 

13,269


15,063

 Total current liabilities 

35,428


41,576





 Deferred tax liability--noncurrent 

4,580


8,796

 Long term debt 

22,750


26,250

 Other noncurrent liabilities 

6,227


4,151

 Total liabilities 

68,985


80,773





 Stockholders' equity (deficit): 




 Common stock 

54


53

 Additional paid-In capital 

499,858


467,461

 Accumulated other comprehensive income 

2,000


1,538

 Accumulated deficit 

(27,341)


(37,743)

  Total stockholders' equity (deficit) 

474,571


431,309

 Liabilities, Redeemable Convertible Preferred Stock
 and Stockholders' Equity (Deficit) 

$  543,556


$  512,082





 

 

RetailMeNot, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)










Three Months Ended June 30,


Six Months June 30,


2014


2013


2014


2013

 Cash flows from operating activities: 








Net income

$4,326


$5,123


$10,401


$12,098

Adjustments to reconcile net income to cash provided by
 operating activities: 








 Depreciation and amortization expense

4,086


3,266


8,290


6,529

 Stock based compensation expense

6,366


2,311


11,380


4,451

 Excess income tax benefit from employee stock-based awards

(2,209)


-


(10,523)


-

 Deferred income tax benefit (expense)

(1,784)


(1,028)


(1,788)


(805)

 Non-cash interest expense

96


113


193


235

 Amortization of deferred compensation

1,112


430


2,459


860

 Other non-cash expense and fair value change in liabilities, net

308


121


363


157

 Provision for doubtful accounts receivable

447


30


822


142

Changes in operating assets and liabilities:








Accounts receivable, net

1,220


(1,237)


16,787


6,498

Prepaid expenses and other current assets, net

(320)


(1,555)


(1,307)


(2,462)

Accounts payable

11


(148)


(1,966)


(1,960)

Accrued expenses and other current liabilities

4,926


612


951


2,074

Other noncurrent assets and liabilities

(425)


(85)


405


96

 Net cash provided by (used in) operating activities 

18,160


7,953


36,467


27,913

 Cash flows from investing activities: 








  Payments for acquisition of businesses, net of acquired cash

(75)


-


(75)


(1,931)

  Purchase of other assets

(101)


(546)


(101)


(546)

  Purchase of property and equipment

(1,066)


(1,187)


(3,459)


(1,832)

 Net cash used in investing activities 

(1,242)


(1,733)


(3,635)


(4,309)

 Cash flows from financing activities: 








    Payments on notes payable

(3,500)


(3,975)


(5,250)


(6,200)

    Proceeds from public offerings, net of offering costs

3


-


(61)


-

    Excess income tax benefit from employee stock-based awards

2,209


-


10,523


-

    Obligation under capital lease

(3)


(5)


(6)


(5)

    Payments for repurchase of common stock

-


-


(6)


-

    Proceeds from exercise of options and warrants to purchase
    common stock, net of shares withheld for taxes

1,658


280


9,797


569

 Net cash provided by (used in) financing activities 

367


(3,700)


14,997


(5,636)

 Effect of exchange rate changes on cash 

154


14


195


(239)









 Change in cash and cash equivalents 

17,439


2,534


48,024


17,729

  Cash and cash equivalents, beginning of period 

196,466


112,337


165,881


97,142









  Cash and cash equivalents, end of period 

$213,905


$114,871


$213,905


$114,871









 

 

SOURCE RetailMeNot, Inc.

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