MeetMe Reports Second Quarter 2015 Financial Resul
Post# of 22708
Now - DJNF
Mobile Revenue Increased 47% Year Over Year
Adjusted EBITDA Increased 288% Year Over Year
Adjusted EBITDA Margin of 26%
NEW HOPE, Pa.--(BUSINESS WIRE)--July 30, 2015--
MeetMe, Inc. (NASDAQ: MEET), the public market leader for social discovery, today reported financial results for its second quarter ended June 30, 2015.
Second Quarter 2015 Financial Highlights
-- Mobile revenue was $8.3 million, up 47% from the second quarter of 2014.
-- Mobile revenue represented 75% of total revenue, the highest in MeetMe's
history.
-- Total revenue was $11.1 million, up 4% from the second quarter of 2014.
-- Adjusted EBITDA was $2.9 million or a 26% margin, an increase of 288%
year over year. (See the important discussion about the presentation of
non-GAAP financial measures, and reconciliation to the most direct
comparable GAAP financial measure, below.)
-- Net income was $1.2 million compared to a net loss of $1.4 million for
the second quarter of 2014.
-- Cash and Cash Equivalents totaled $16.2 million at June 30, 2015.
Geoff Cook, Chief Executive Officer of MeetMe, stated, "Mobile engagement continued to grow during the second quarter, with our mobile daily active users increasing 26% year over year and our total mobile monthly users increasing 42% year over year. We also achieved multiple milestones during the quarter, including surpassing 25 million chats in a single day, up more than 100% from a year ago, and reaching 20 million installs of our flagship Android app. Additionally, we saw increased international growth, with approximately 20,000 new international users joining every day during the quarter, up more than 100% versus a year ago.
During the quarter, we successfully transitioned our mobile advertising inventory management to an in-house solution and have benefited from this change with much stronger click-through-rates and increased mobile revenue. From July 1 through July 26, our click-through-rate (CTR) increased 62% over the average in April, the month in which we began making mobile ad logic changes. During the same period our daily mobile app ad revenue increased 50%. By optimizing for the performance of our mobile advertising, we believe we have substantially increased the overall value of our inventory."
David Clark, Chief Financial Officer of MeetMe, added, "With continued growth in mobile engagement, our mobile revenue during the quarter increased 47% on a year-over-year basis. Mobile revenue represented 75% of our total quarterly revenue, the highest percentage in our history and up from 53% in the year ago quarter. We also significantly increased adjusted EBITDA on a year-over-year basis to $2.9 million, resulting in a 26% adjusted EBITDA margin."
Webcast and Conference Call Details
Management will host a webcast and conference call to discuss second quarter 2015 financial results today, July 30, 2015 at 10:30 a.m. Eastern time. To access the call dial 877-419-6591 (+1 719-325-4755 outside the United States) and when prompted provide the participant passcode 9080523 to the operator. In addition, a webcast of the conference call will be available live on the Investor Relations section of the Company's website at www.meetmecorp.com and a replay of the webcast will be available for 90 days.
About MeetMe, Inc.
MeetMe(R) is the leading social network for meeting new people in the US and the public market leader for social discovery (NASDAQ: MEET). MeetMe makes it easy to discover new people to chat with on mobile devices. With approximately 80 percent of traffic coming from mobile and more than one million total daily active users, MeetMe is fast becoming the social gathering place for the mobile generation. MeetMe is a leader in mobile monetization with a diverse revenue model comprising advertising, native advertising, virtual currency, and subscription. MeetMe apps are available on iPhone, iPad, and Android in multiple languages, including English, Spanish, Portuguese, French, Italian, German, Chinese (Traditional and Simplified), Russian, Japanese, Dutch, Turkish and Korean. For more information, please visit meetmecorp.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including whether we will continue to benefit from transitioning our mobile advertising to an in-house solution, whether CPMs and click-through-rates will continue to strengthen, whether our CTR and daily mobile app revenue will continue to increase, whether mobile revenue will continue to increase, whether reducing lower quality ad units and running more higher-performing ones increase, or will continue to increase, the overall value of our ad inventory. All statements other than statements of historical facts contained herein are forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential, " "project," "is likely," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the risk that our applications will not function easily or otherwise as anticipated, the risk that we will not launch additional features and upgrades as anticipated, the risk that unanticipated events affect the functionality of our applications with popular mobile operating systems, any changes in such operating systems that degrade our mobile applications' functionality and other unexpected issues which could adversely affect usage on mobile devices. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission ("SEC"
![](/images/icons/icon_wink.gif)
Regulation G -- Non-GAAP Financial Measures
The Company uses financial measures which are not calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP"
![](/images/icons/icon_wink.gif)
The Company defines Adjusted EBITDA as earnings (or loss) from continuing operations before interest expense, change in warrant liability, income taxes, depreciation and amortization, and non-cash stock-based compensation, non-recurring acquisition and restructuring expenses, loss on cumulative foreign currency translation adjustment, gain on sale of asset, and the goodwill impairment charges. The Company excludes stock-based compensation because it is non-cash in nature.
Non-GAAP financial measures should not be considered as an alternative to net income, operating income, cash flow from operating activities, as a measure of liquidity or any other financial measure. They may not be indicative of the historical operating results of the Company nor is it intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as a substitute for performance measures calculated in accordance with GAAP.
MEETME, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2015 December 31, 2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 16,191,072 $ 17,041,050
Accounts receivable, net of
allowance of $368,000 and
$586,000, at June 30, 2015 and
December 31, 2014,
respectively 11,106,887 9,045,269
Prepaid expenses and other
current assets 967,098 790,031
Total current assets 28,265,057 26,876,350
Goodwill 70,646,036 70,646,036
Property and equipment, net 2,722,770 2,458,897
Intangible assets, net 2,035,998 2,894,330
Other assets 314,068 338,146
TOTAL ASSETS $ 103,983,929 $ 103,213,759
============ ==============
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,679,353 $ 2,985,259
Accrued liabilities 2,730,300 3,249,404
Current portion of capital lease
(MORE TO FOLLOW) Dow Jones Newswires
July 30, 2015 08:30 ET (12:30 GMT
![Like This Post](/images/thumb-up.png)
![Dislike This Post](/images/thumb-down.png)
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
![937206596_images.jpg](https://investorshangout.com/images/MYImages/937206596_images.jpg)