| Groupon, Inc., which describes itself as “a local e-commerce marketplace that connects merchants to consumers by offering goods and services at a discount,” has filed a registration statement.
Company website: groupon.com
SEC filings: sec.gov
From the Company’s S-1, filed June 2, 2011:
Groupon is a local e-commerce marketplace that connects merchants to consumers by offering goods and services at a discount. Traditionally, local merchants have tried to reach consumers and generate sales through a variety of methods, including the yellow pages, direct mail, newspaper, radio, television and online advertisements, promotions and the occasional guy dancing on a street corner in a gorilla suit. By bringing the brick and mortar world of local commerce onto the internet, Groupon is creating a new way for local merchants to attract customers and sell goods and services. We provide consumers with savings and help them discover what to do, eat, see and buy in the places where they live and work.
We started Groupon in November 2008 and believe the growth of our business demonstrates the power of our solution and the size of our market opportunity:
• We increased our revenue from $3.3 million in the second quarter of 2009 to $644.7 million in the first quarter of 2011.
• We expanded from five North American markets as of June 30, 2009 to 175 North American markets and 43 countries as of March 31, 2011.
• We increased our subscriber base from 152,203 as of June 30, 2009 to 83.1 million as of March 31, 2011.
• We increased the number of merchants featured in our marketplace from 212 in the second quarter of 2009 to 56,781 in the first quarter of 2011.
• We sold 116,231 Groupons in the second quarter of 2009 compared to 28.1 million Groupons in the first quarter of 2011.
• We grew from 37 employees as of June 30, 2009 to 7,107 employees as of March 31, 2011.
Each day we email our subscribers discounted offers for goods and services that are targeted by location and personal preferences. Consumers also access our deals directly through our websites and mobile applications. A typical deal might offer a $20 Groupon that can be redeemed for $40 in value at a restaurant, spa, yoga studio, car wash or other local merchant. Customers purchase Groupons from us and redeem them with our merchants. Our revenue is the purchase price paid by the customer for the Groupon. Our gross profit is the amount of revenue we retain after paying an agreed upon percentage of the purchase price to the featured merchant.
Underwriters: Morgan Stanley, Goldman Sachs & Co. and Credit Suisse
Estimated gross proceeds (preliminary): $750,000,000
Stock symbol: GRPN
Revenue
Three months ended March 31, 2011: $644,728,000
Three months ended March 31, 2010: $44,246,000
Year ending December 31, 2010: $713,365,000
Year ending December 31, 2009: $30,741,000
Year ending December 31, 2008: $94,000
Operating profits (loss)
Three months ended March 31, 2011: ($117,148,000)
Three months ended March 31, 2010: $8,571,000
Year ending December 31, 2010: ($420,344,000)
Year ending December 31, 2009: ($1,077,000)
Year ending December 31, 2008: ($1,632,000)
Net income (loss)
Three months ended March 31, 2011: ($146,480,000)
Three months ended March 31, 2010: $8,028,000
Year ending December 31, 2010: ($456,320,000)
Year ending December 31, 2009: ($6,916,000)
Year ending December 31, 2008: ($2,158,000)
Adjusted CSOI
Three months ended March 31, 2011: $6,978,000
Three months ended March 31, 2010: $12,034,000
Year ending December 31, 2010: $60,553,000
Year ending December 31, 2009: $3,484,000
Year ending December 31, 2008: ($1,446,000)
CSOI, also known as “adjusted consolidated segment operating income (ACSOI)," is a highly imaginative and suspect yardstick that Groupon recommends investors use to determine how it is performing. It is essentially operating profit minus the company’s large online marketing and acquisition expenses. |
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