Down 24% AH
4:16PM Groupon misses by $0.11, reports revs in-line; guides Q1 revs below consensus; sees YoY increase in FY13 operating income ( GRPN) 5.98 +0.43 : Reports Q4 (Dec) loss of $0.12 per share (including a $0.07 impairment from an investment in China), $0.11 worse than the Capital IQ Consensus Estimate of ($0.01); revenues rose 29.7% year/year to $638.3 mln vs the $640.43 mln consensus. Gross billings increased 24% YoY to $1.52 bln in Q4. Excluding the $21.0 mln unfavorable impact from year-over-year changes in foreign exchange rates, gross billings growth was 25% YoY. Operating cash flow decreased 61% YoY to $65.7 mln, compared with $169.1 mln in the fourth quarter 2011. Free cash flow, a non-GAAP financial measure calculated as operating cash flow less capital expenditures, decreased 83% YoY to $25.7 mln, compared with $155.1 mln in the fourth quarter 2011. At the end of the quarter, Groupon had $1.2 bln in cash and cash equivalents and no long-term borrowings.
Co issues downside guidance for Q1, sees Q1 revs of $560-610 mln vs. $644.60 mln Capital IQ Consensus Estimate. Operating (loss) income for the first quarter 2013 is expected to be between $(10) mln and $10 mln (below ests), compared with $39.6 mln in 1Q12. This outlook includes $30 mln of stock-based compensation, and assumes no acquisitions or investments, or material changes in foreign exchange rates.
For the full year 2013, operating income is expected to increase compared with 2012. |
