Groupon Q1 revenue $121.6M (-21% YoY); net loss $28.6M; transformation plan targets $250M cost cuts

Groupon, Inc.

2023-Q1 EPS reported -$0.95 revenue$121,611,000

Global revenue $121.6M, down 21% YoY; Local revenue $106.6M, down 18%.
Net loss $28.6M; adjusted EBITDA -$4.9M; cash $163.8M with $47.7M revolver drawn.
North America active customers down 22% YoY to 10.9M; International active Local customers up 2% YoY.
On track to exit 2023 with $250M annualized cost savings; non-GAAP SG&A run-rate target $290M.
Interim CEO outlines transformation plan: fix supply, improve product, tune marketing; expects Local billings growth by early 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Groupon, Inc. reported first quarter ended March 31, 2023 results: revenue $121.6 million, net income $28.6 million, EPS $0.95 loss per diluted share.

Period: first quarter ended March 31, 2023
Revenue: $121.6 million
Net income: $28.6 million
EPS: $0.95 loss per diluted share
Result: reported results

Exact text from the filing

• Revenue was $121.6 million in the first quarter 2023, down 21% (19% FX-neutral). Local revenue was $106.6 million in the first quarter 2023, down 18% (17% FX-neutral). • Gross profit was $104.7 million in the first quarter 2023, down 22% (21% FX-neutral). • Marketing expense was $24.8 million, or 24% of gross profit, in the first quarter 2023, compared with $39.4 million in the first quarter 2022. The decline in Marketing expense was driven by traffic declines and lower investment in online marketing spend. • SG&A was $101.6 million in the first quarter 2023, compared with $126.4 million in the prior year, primarily driven by a decrease in payroll costs as a result of our cost saving actions. • Net loss was $28.6 million in the first quarter 2023 compared with $34.4 million in the prior year. • Net loss attributable to common stockholders in the first quarter 2023 was $29.1 million, or $0.95 loss per diluted share, compared with $34.9 million, or $1.17 loss per diluted share, in

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Source: SEC EDGAR

accession 0001490281-23-000054

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