- Groupon Inc GRPN reported a first-quarter FY21 revenue decline of 29.5% year-on-year to $263.8 million, beating the analyst consensus of $225 million.
- Revenue from Local declined 22.4% Y/Y to $148.6 million, Revenue from Travel declined 30% Y/Y to $6.8 million, and Revenue from Goods declined 37.3% Y/Y to $108.4 million.
- Global units sold declined 40% Y/Y to 18 million due to the pandemic. North America units declined 42% in Local and 18% in Goods, International units declined 69% in Local and 8% in Goods.
- Local Gross Billings fell36.2% Y/Y to $350.97 million, Goods Gross Billings fell 14.2% at $168.08 million, and Total Gross Billings fell 31.3% Y/Y at $553.97 million.
- The company reported a non-GAAP net income of $7.5 million against a $46.2 million loss in the year-ago period.
- Non-GAAP EPS of $0.25 was not comparable to the consensus of $0.58 loss.
- Adjusted EBITDA rose 35.1% Y/Y to $30.4 million.
- Groupon generated $126.4 million in operating cash flow and held $676.8 million in cash and equivalents. It also raised $200 million from a convertible debt offering in March.
- Guidance: Groupon sees FY21 revenue of $950 million - $990 million, compared to the analyst consensus of $966.26 million and Adjusted EBITDA outlook of $110 million - $120 million.
- Groupon continued to execute on the plan to significantly reduce cost structure this year, which positioned it to deliver substantial Adjusted EBITDA if the business returned to just 80% of 2019 gross profit levels and made notable progress executing on growth strategy, including the recent launch of new customer experience, CEO Aaron Cooper said.
- Price action: GRPN shares closed lower by 3.59% at $48.94 on Thursday.
- Image Courtesy: Wikimedia
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