Saturday, May 25, 2019

The Meet Group Reports First Quarter 2019 Financial Results

BWW News Desk
May 08, 2019

The Meet Group Inc NASDAQ MEET a public market leader in the mobile meeting space today reported financial results for its first quarter ended March31 2019 pblockquotep idpullquotepblockquote p bFirst Quarter 2019Financial Highlightsb p ul li classbwlistitemmargb Total revenue of 495 million up 32 year over year li li classbwlistitemmargb GAAP net income of 13 million or 002 per diluted share compared to a GAAP net loss of 42 million or a loss of 006 per diluted share in the prior year quarter li li classbwlistitemmargb Adjusted EBITDA of 81 million compared to Adjusted EBITDA of 52 million in the prior year quarter li li classbwlistitemmargb NonGAAP net income of 70 million or 009 per diluted share compared to 41 million or 005 per diluted share in the prior year quarter li ul p See the important discussion about the presentation of nonGAAP financial measures and reconciliation to the most direct comparable GAAP financial measures below p p Our strong progress in video continued in the first quarter said Geoff Cook Chief Executive Officer of The Meet Group We grew video revenue to more than 20 million a more than fourfold increase from the year ago quarter and we set new records growing video revenue on each of our apps Average video revenue per daily active video user increased to 26 cents up from 18 cents in the fourth quarter of 2018 while approximately 20 of users engaged in video every day p p Operationally we completed the rollout of Battles in the quarter with the launch on Tagged and Lovoo and we made good progress integrating our newly acquired Growlr app We improved operating efficiency from the year ago quarter growing adjusted EBITDA margin by 250 basis points p p We are excited at the many opportunities to drive video growth Over the coming quarters we expect to bring new features and interactive video formats including 1x1 live video a levels system to further gamify our livestreams interactive games and new shows all of which we expect will contribute to engagement and monetization p p In 2018 we drove growth by rolling out livestreaming video to new communities In 2019 we expect to drive growth by executing on our product roadmap and enabling community and connection for our users With 80 of our users still to reach with our video features and with new and interesting monetization projects on the horizon we look forward to delivering new products that drive meaningful connections for our users p p bFirst Quarter Financial Resultsb p p For the first quarter of 2019 the Company reported revenue of 495 million an increase of 119 million or 32 from 376 million in the first quarter of 2018 GAAP net income for the first quarter of 2019 was 13 million or 002 per diluted share compared to a GAAP net loss of 42 million or a loss of 006 per diluted share in the first quarter of 2018 Adjusted EBITDA for the first quarter of 2019 was 81 million compared to 52 million in the first quarter of 2018 NonGAAP net income for the first quarter of 2019 was 70 million or 009 per diluted share compared to 41 million or 005 per diluted share in the first quarter of 2018 p p The Company ended the quarter with 198 million in cash and cash equivalents p p bCompany Outlookb p p The Company is providing the following outlook for the second quarter of 2019 and is reiterating its previously issued guidance for the full year 2019 p p Second quarter 2019 p ul li classbwlistitemmargb Revenue in the range of 503 million to 513 million li li classbwlistitemmargb Adjusted EBITDA in the range of 86 million to 91 million li ul p Full year 2019 p ul li classbwlistitemmargb Revenue in the range of 2100 million to 2150 million li li classbwlistitemmargb Adjusted EBITDA in the range of 390 million to 420 million li ul div classbwreleasetabletable cellspacing0 classbwtablemarginb tr td colspan12 td tr tr td classbwpadl0 bwvertalignt bwalignc colspan12 p classbwcellpmargin bTHE MEET GROUP INC AND SUBSIDIARIESb p td tr tr td classbwpadl0 bwvertalignt bwalignc colspan12 p classbwcellpmargin bCONDENSED CONSOLIDATED BALANCE SHEETSb p td tr tr td classbwpadl0 bwvertalignt bwalignc colspan12 p classbwcellpmargin bUNAUDITEDb p td tr tr td colspan12 td tr tr td td td td td td td td td classbwpadl0 bwvertalignb bwalignc bwsinglebottom colspan3 p classbwcellpmargin bMarch 31bbrb 2019b p td td td td td td classbwpadl0 bwvertalignb bwalignc bwsinglebottom colspan3 p classbwcellpmargin bDecember 31bbrb 2018b p td tr tr td classbwpadl0 bwvertalignb bwalignl bASSETSb td td td td td td td td colspan3 td td td td td td colspan3 td tr tr td classbwpadl0 bwvertalignb bwalignl CURRENT ASSETS td td td td td td td td colspan3 td td td td td td colspan3 td tr tr td classbwpadl2 bwvertalignb bwalignl Cash and cash equivalents td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr 19811733 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr 28365725 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Accounts receivable net of allowance of 708385 and 383579 at March 31 2019 and December 31 2018 respectively td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 26082600 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 27148484 td td td tr tr td classbwpadl2 bwpadb1 bwvertalignb bwalignl Prepaid expenses and other current assets td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 5928680 td td classbwsinglebottom td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 4911057 td td classbwsinglebottom td tr tr td classbwpadl4 bwvertalignb bwalignl Total current assets td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 51823013 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 60425266 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Goodwill td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 156698026 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 148132873 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Property and equipment net td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 4262868 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 4633764 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Operating lease rightofuse assets net td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 3362781 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Intangible assets net td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 37240026 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 36558439 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Deferred taxes td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 15825171 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 15648572 td td td tr tr td classbwpadl2 bwpadb1 bwvertalignb bwalignl Other assets td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 2172713 td td classbwsinglebottom td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 2453255 td td classbwsinglebottom td tr tr td classbwpadl4 bwpadb3 bwvertalignb bwalignl bTotal assetsb td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom bb td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom b271384598b td td classbwdoublebottom td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom bb td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom b267852169b td td classbwdoublebottom td tr tr td classbwpadl0 bwvertalignb bwalignl bLIABILITIES AND STOCKHOLDERS EQUITYb td td td td td td td td colspan3 td td td td td td colspan3 td tr tr td classbwpadl0 bwvertalignb bwalignl CURRENT LIABILITIES td td td td td td td td colspan3 td td td td td td colspan3 td tr tr td classbwpadl2 bwvertalignb bwalignl Accounts payable td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr 5414478 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr 9071193 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Accrued liabilities td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 19250505 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 19112303 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Current portion of longterm debt td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 15000000 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 18566584 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Current portion of capital lease obligations td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 133442 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 134067 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Current portion of operating lease liabilities td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 1432077 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 td td td tr tr td classbwpadl2 bwpadb1 bwvertalignb bwalignl Deferred revenue td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 4736808 td td classbwsinglebottom td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 4620690 td td classbwsinglebottom td tr tr td classbwpadl4 bwvertalignb bwalignl Total current liabilities td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 45967310 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 51504837 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Longterm capital lease obligations less current portion td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 15100 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 58683 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Longterm debt less current portion net td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 21375996 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 18087956 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Longterm operating lease liabilities less current portion td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 1974827 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Longterm derivative liability td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 940216 td td td tr tr td classbwpadl2 bwpadb1 bwvertalignb bwalignl Other liabilities td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 825584 td td classbwsinglebottom td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 39651 td td classbwsinglebottom td tr tr td classbwpadl4 bwpadb1 bwvertalignb bwalignl bTotal liabilitiesb td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 b70158817b td td classbwsinglebottom td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 b70631343b td td classbwsinglebottom td tr tr td classbwpadl0 bwvertalignb bwalignl bSTOCKHOLDERS EQUITYb td td td td td td td td colspan3 td td td td td td colspan3 td tr tr td classbwpadl2 bwvertalignb bwalignl Preferred stock 001 par value authorized 5000000 shares no shares issued and outstanding at March 31 2019 and December 31 2018 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Common stock 001 par value authorized 100000000 shares 75270035 and 74697526 shares issued and outstanding at March 31 2019 and December 31 2018 respectively td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 75272 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 74700 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Additional paidin capital td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 422471569 td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 419455818 td td td tr tr td classbwpadl2 bwvertalignb bwalignl Accumulated deficit td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 219018426 td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr colspan2 220276025 td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl td tr tr td classbwpadl2 bwpadb1 bwvertalignb bwalignl Accumulated other comprehensive loss td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 2302634 td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 2033667 td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom td tr tr td classbwpadl4 bwpadb1 bwvertalignb bwalignl bTotal stockholders equityb td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 b201225781b td td classbwsinglebottom td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom colspan2 b197220826b td td classbwsinglebottom td tr tr td classbwpadl2 bwpadb3 bwvertalignb bwalignl bTotal liabilities and stockholders equityb td td td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom bb td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom b271384598b td td classbwdoublebottom td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom bb td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom b267852169b td td classbwdoublebottom td tr tr td td td td td td td td td td td td td td td td td td td td td td td td tr table

SOURCE: BUSINESS WIRE. ©2015 Business Wire

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