AUSTIN, Texas, Aug. 5, 2015 /PRNewswire/ -- RetailMeNot,
Inc. (NASDAQ:SALE), the operator of the world's largest marketplace
for digital offers, today announced its financial results for the
second quarter ended June 30,
2015.
Second Quarter Financial Results Highlights and Key
Operating Metrics
(All comparisons are made to the second quarter of 2014
unless otherwise noted)
- Total net revenues declined 11% to $53.2
million.
- In-store + advertising net revenues increased 72% to
$9.6 million, representing 18% of
total net revenues.
- Mobile online transaction net revenues increased 91% to
$4.9 million, representing 9% of
total net revenues.
- Desktop online transaction net revenues, which includes tablet,
declined 25%, to $38.6 million,
representing 73% of total net revenues.
- Net revenues from international markets were slightly down,
totaling $11.6 million, representing
22% of total net revenues.
- GAAP net loss was $1.6 million,
compared to GAAP net income of $4.3
million.
- Non-GAAP net income was $5.0
million, compared to $11.6
million.
- EPS was a loss of $0.03 per
share, based on 53.5 million fully-diluted, weighted-average shares
outstanding.
- Non-GAAP EPS was $0.09 per share,
based on 54.7 million fully-diluted, weighted-average shares
outstanding.
- Adjusted EBITDA was $10.6
million, compared to $19.7
million and representing 20% of total net revenues.
- Total visits grew to 164.0 million, up 6%.
- Desktop visits in the quarter declined 16% to 97.2
million.
- Mobile visits in the quarter increased 72% to 66.8 million - or
41% of total visits.
- Mobile unique visitors grew 44% totaling 18.4 million.
"We continued to drive strong mobile, in-store and advertising
revenue during the second quarter, but weakness in organic search,
which began in late May, negatively impacted both our desktop and
mobile web traffic resulting in disappointing overall results,"
said Cotter Cunningham, CEO & Founder, RetailMeNot, Inc.
"Given the change in search traffic within the quarter, we felt it
was important to make some adjustments designed to right-size our
cost structure and improve execution without reducing our
investment in growth. We continue to generate solid operating
cash flow and will opportunistically utilize our stock repurchase
plan as an efficient use of capital while we transition the
business and return to growth."
Business Outlook
Third Quarter 2015
- Total net revenues are expected to be in the range of
$47.5 to $50.0 million, or a decline
of 14% at the mid-point.
- Adjusted EBITDA is expected to be in the range of $5.0 to $7.0 million, or adjusted EBITDA margins
of 12% at the mid-point.
Full Year 2015
The company is reducing guidance for the full year as
follows:
- Total net revenues are expected to be in the range of
$231.0 to $239.0 million, or a
decline of 11% at the mid-point.
- Adjusted EBITDA is expected to be in the range of $56.0 to $64.0 million, or adjusted EBITDA
margins of 26% at the mid-point.
The above statements are based on current expectations and
actual results may differ materially as explained in
"Forward-looking Statements" below. Information
about RetailMeNot's use of non-GAAP financial measures is
provided below under the caption "Use of Non-GAAP Financial
Measures".
Quarterly Conference Call
RetailMeNot will host a webcast to discuss its second quarter
2015 financial results and business outlook today at 7:00 a.m. Central Time (8:00 a.m. Eastern Time).
A live webcast of the conference call can be accessed within the
investor relations section of the RetailMeNot website at
http://investor.retailmenot.com. This webcast will contain
forward-looking statements and other material information regarding
the company's financial and operating results. Additionally, in
advance of the conference call, RetailMeNot will post second
quarter 2015 Management Commentary that can be accessed via the
link above.
Following completion of the call, a recorded replay of the
webcast will be available on the website at
http://investor.retailmenot.com. A replay of the call will be
available beginning at 9:30 a.m. Central
Time on August 5, 2015 through
November 5, 2015 at 10:59 p.m. Central Time. To listen to the
telephone replay, call (877) 344-7529 within the US, (855) 669-9658
in Canada or (412) 317-0088 if
calling internationally. Replay access code 10069108.
About RetailMeNot, Inc.
RetailMeNot, Inc. (http://www.retailmenot.com/corp/) operates
the world's largest marketplace for digital offers. The company
enables consumers across the globe to find hundreds of thousands of
digital offers for their favorite retailers and brands. During the
12 months ended June 30, 2015, RetailMeNot, Inc. experienced
over 730 million visits to its websites, and during the three
months ended June 30, 2015,
RetailMeNot, Inc. averaged 18.4 million mobile unique visitors per
month. In 2014, RetailMeNot, Inc. estimates $4.4
billion in paid retailer sales were attributable to consumer
traffic from digital offers in its marketplace. The RetailMeNot,
Inc. portfolio includes RetailMeNot.com, the largest digital offer
marketplace in the United
States; RetailMeNot.ca in Canada; VoucherCodes.co.uk, the largest
digital offers marketplace in the United Kingdom; Deals.com
in Germany; Actiepagina.nl, a leading digital offers site
in the Netherlands;
Bons-de-Reduction.com and Ma-Reduc.com, leading digital offers
sites in France; Poulpeo.com, a leading digital offers site
with cash back in France; and Deals2Buy.com, a digital offers
site in North America. RetailMeNot, Inc. is listed on the
NASDAQ stock exchange under the ticker symbol "SALE." Investors
interested in learning more about the company can
visit http://investor.retailmenot.com.
Key Operating Metrics
Visits. RetailMeNot defines a visit as a group of interactions
that take place on one of RetailMeNot Inc.'s websites from
computers, smartphones, tablets or other mobile devices within a
given time frame as measured by Google Analytics, a product that
provides digital marketing intelligence. A single visit can contain
multiple page views, events, social interactions and e-commerce
transactions. A single visitor can open multiple visits. Visits can
occur on the same day, or over several days, weeks or months. As
soon as one visit ends, there is then an opportunity to start a new
visit. A visit ends either through the passage of time or a
campaign change, with a campaign generally meaning arrival via
search engine, referring site or campaign-tagged information. A
visit ends through passage of time either after 30 minutes of
inactivity or at midnight Pacific
Time. A visit ends through a campaign change if a visitor
arrives via one campaign or source, leaves the site, and then
returns via another campaign or source. Visits for the period
do not include interactions through our mobile applications.
Mobile Unique Visitors. This amount represents the average
number of mobile unique visitors per month for the three month
period ending June 30, 2015.
RetailMeNot counts each of the following as a mobile unique
visitor: (i) the first time a specific mobile device accesses one
of our mobile applications during a calendar month, and (ii) the
first time a specific mobile device accesses one of our mobile
websites using a specific web browser during a calendar month. If a
mobile device accesses more than one of our mobile websites or
mobile applications in a single calendar month, the first access to
each such mobile website or mobile application is counted as a
mobile unique visitor as they are tracked separately for each
mobile domain. We measure mobile unique visitors with a combination
of internal data sources and Google Analytics data.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our
financial results, this document includes references to Adjusted
EBITDA, non-GAAP net income (loss) and non-GAAP net income (loss)
per share, all of which are non-GAAP financial measures. For
a reconciliation of these non-GAAP financial measures to the most
directly comparable GAAP financial measures, see the tables
provided below in this release.
RetailMeNot defines adjusted EBITDA as net income (loss) plus
depreciation, amortization of intangible assets, stock-based
compensation expense, third-party acquisition-related costs, other
non-cash operating expenses (including compensation arrangements
entered into in connection with acquisitions), net interest
expense, other non-operating income or expense (including net
foreign exchange gains and losses) and income taxes.
RetailMeNot discloses adjusted EBITDA because it is a key
measure used by RetailMeNot and its board of directors to
understand and evaluate RetailMeNot's financial and operating
performance, establish budgets and operational goals and as an
element in determining executive compensation. RetailMeNot
believes adjusted EBITDA also facilitates period-to-period
comparisons of operations that could otherwise be masked by the
effect of the expenses that RetailMeNot excludes in this non-GAAP
financial measure and facilitates comparisons with other peer
companies, many of which use similar non-GAAP financial measures to
supplement their GAAP results.
Our presentation of non-GAAP net income (loss) and non-GAAP net
income (loss) per share excludes the impact of amortization of
purchased intangible assets, stock-based compensation expense,
third party acquisition-related costs, other non-cash operating
expenses (including compensation arrangements entered into in
connection with acquisitions) and income taxes, net of the tax
effect of the adjustments above. These measures are not key
metrics used by RetailMeNot or its board of directors to measure
financial or operating performance or otherwise manage the
business. However, RetailMeNot provides non-GAAP net income (loss)
and non-GAAP net income (loss) per share as supplemental
information for investors, as they facilitate period-to-period
comparisons of operations that could otherwise be masked by the
effect of the expenses that RetailMeNot excludes in these non-GAAP
financial measures and facilitates comparisons with other peer
companies, many of which use similar non-GAAP financial measures to
supplement their GAAP results.
Adjusted EBITDA, non-GAAP net income (loss) and non-GAAP net
income (loss) per share have limitations as analytical tools, and
you should not consider them in isolation or as a substitute for
analysis of RetailMeNot's results as reported under GAAP. Because
of these limitations, you should consider Adjusted EBITDA, non-GAAP
net income (loss) and non-GAAP net income (loss) per share
alongside other financial performance measures, including various
cash flow metrics, net income (loss) and RetailMeNot's other GAAP
results.
Forward-looking
Statements
This release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than
statements of historical facts, included herein regarding
RetailMeNot's strategy, future operations, future financial
position, future net revenues, projected costs, prospects, plans
and objectives of management are forward-looking statements. The
words "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project," "seek,"
"should," "target," "will," "would" and similar expressions (or the
negative of these terms) are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. These forward-looking statements include,
among other things, statements about management's estimates
regarding future net revenues, adjusted EBITDA and other financial
performance, visits, mobile unique visitors, e-mail subscribers,
other consumer engagement metrics, new product and content
offerings and other statements about management's beliefs,
intentions or goals. RetailMeNot may not actually achieve the
expectations disclosed in the forward-looking statements, and you
should not place undue reliance on RetailMeNot's forward-looking
statements. These forward-looking statements involve risks and
uncertainties that could cause actual results or events to differ
materially from the expectations disclosed in the forward-looking
statements, including, but not limited to, (1) RetailMeNot's
ability to attract visitors to its websites from search engines;
(2) RetailMeNot's ability to monetize digital offers available
through its mobile solutions; (3) RetailMeNot's ability to attract
and retain paid retailers and maintain its relationships with
performance marketing networks; (4) risks related to RetailMeNot's
ability to manage its growth, including accurately planning and
forecasting its financial results; (5) RetailMeNot's ability to
obtain and maintain digital offer content and maintain the positive
perception of its brand; (6) the competitive environment for
RetailMeNot's business; (7) changes in consumer sentiment regarding
RetailMeNot's use of cookies; (8) RetailMeNot's need to manage
regulatory, tax and litigation risks, including regulations
imposing sales tax on e-commerce or m-commerce and ongoing
litigation; (9) RetailMeNot's ability to protect consumer data and
its intellectual property; (10) RetailMeNot's ability to manage
international business uncertainties; (11) the impact and
integration of future acquisitions; and (12) other risks and
potential factors that could affect RetailMeNot's business and
financial results identified in RetailMeNot's filings with the
Securities and Exchange Commission (the "SEC"), including its
quarterly report on Form 10-Q filed with the SEC on May 7, 2015. Additional information will
also be set forth in RetailMeNot's future quarterly reports on Form
10-Q, annual reports on Form 10-K and other filings that
RetailMeNot makes with the SEC. RetailMeNot does not intend or
undertake any duty to release publicly any updates or revisions to
any forward-looking statements contained herein.
Investor Contact
Michael
Magaro
RetailMeNot, Inc.
mmagaro@rmn.com
(512) 777-2899
Media Contact
Brian
Hoyt
RetailMeNot, Inc.
bhoyt@rmn.com
(512) 777-2957
RetailMeNot,
Inc.
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
(Unaudited, in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Net
revenues
|
$53,180
|
|
$59,506
|
|
$113,564
|
|
$120,776
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Cost of net revenues
(1)
|
5,176
|
|
4,648
|
|
10,522
|
|
9,078
|
Product development
(1)
|
13,072
|
|
12,980
|
|
26,392
|
|
23,686
|
Sales and marketing
(1)
|
22,636
|
|
19,195
|
|
44,277
|
|
40,367
|
General and
administrative (1)
|
9,712
|
|
10,291
|
|
19,282
|
|
19,638
|
Amortization of
purchased intangible assets
|
2,739
|
|
3,194
|
|
5,365
|
|
6,637
|
Other operating
expenses
|
763
|
|
1,112
|
|
1,528
|
|
2,460
|
Total costs and
expenses
|
54,098
|
|
51,420
|
|
107,366
|
|
101,866
|
Income from
operations
|
(918)
|
|
8,086
|
|
6,198
|
|
18,910
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest expense,
net
|
(492)
|
|
(494)
|
|
(913)
|
|
(1,025)
|
Other income
(expense), net
|
(154)
|
|
(328)
|
|
(397)
|
|
(300)
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
(1,564)
|
|
7,264
|
|
4,888
|
|
17,585
|
Provision for income
taxes
|
(27)
|
|
(2,938)
|
|
(2,420)
|
|
(7,184)
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
(1,591)
|
|
4,326
|
|
2,468
|
|
10,401
|
|
|
|
|
|
|
|
|
Preferred stock
dividends on participating preferred stock
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Total
undistributed earnings (loss)
|
(1,591)
|
|
4,326
|
|
2,468
|
|
10,401
|
Undistributed
earnings allocated to participating preferred stock
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
(1,591)
|
|
4,326
|
|
2,468
|
|
10,401
|
|
|
|
|
|
|
|
|
Net income (loss)
per share attributable to common stockholders:
|
|
|
|
|
|
|
|
Basic
|
($0.03)
|
|
$0.08
|
|
$0.05
|
|
$0.19
|
Diluted
|
($0.03)
|
|
$0.08
|
|
$0.04
|
|
$0.19
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computing net income (loss) per
share:
|
|
|
|
|
|
|
|
Basic
|
53,482
|
|
53,791
|
|
53,754
|
|
53,472
|
Diluted
|
53,482
|
|
55,377
|
|
54,891
|
|
55,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RetailMeNot,
Inc.
|
|
|
|
Condensed
Consolidated Statements of Operations (continued)
|
|
|
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
(1)
Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
Cost of net
revenues
|
$530
|
|
$470
|
|
$1,119
|
|
$811
|
Product
development
|
2,074
|
|
1,896
|
|
4,333
|
|
3,220
|
Sales and
marketing
|
1,525
|
|
1,476
|
|
2,947
|
|
2,714
|
General and
administrative
|
2,415
|
|
2,524
|
|
4,958
|
|
4,635
|
Total
|
$6,544
|
|
$6,366
|
|
$13,357
|
|
$11,380
|
RetailMeNot,
Inc.
|
|
|
|
Reconciliation of
Adjusted EBITDA
|
|
|
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ (1,591)
|
|
$ 4,326
|
|
$ 2,468
|
|
$ 10,401
|
Depreciation
and amortization
|
4,253
|
|
4,086
|
|
8,179
|
|
8,290
|
Stock-based
compensation expense
|
6,544
|
|
6,366
|
|
13,357
|
|
11,380
|
Third party
acquisition-related costs
|
-
|
|
-
|
|
55
|
|
-
|
Other operating
expenses
|
763
|
|
1,112
|
|
1,528
|
|
2,460
|
Interest
expense, net
|
492
|
|
494
|
|
913
|
|
1,025
|
Other income
(expense), net
|
154
|
|
328
|
|
397
|
|
300
|
Provision for
income taxes
|
27
|
|
2,938
|
|
2,420
|
|
7,184
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 10,642
|
|
$ 19,650
|
|
$ 29,317
|
|
$ 41,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RetailMeNot,
Inc.
|
|
|
|
Reconciliation of
Non-GAAP Net Income and Non-GAAP Diluted EPS
|
|
|
|
(Unaudited, in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
GAAP Income (loss)
before income taxes
|
(1,564)
|
|
7,264
|
|
4,888
|
|
17,585
|
GAAP provision for
income taxes
|
(27)
|
|
(2,938)
|
|
(2,420)
|
|
(7,184)
|
GAAP Net income
(loss)
|
$ (1,591)
|
|
$ 4,326
|
|
$ 2,468
|
|
$ 10,401
|
Non-GAAP adjustments
to net income:
|
|
|
|
|
|
|
|
Amortization of
purchased intangibles
|
2,739
|
|
3,194
|
|
5,365
|
|
6,637
|
Stock-based
compensation expense
|
6,544
|
|
6,366
|
|
13,357
|
|
11,380
|
Third party
acquisition-related costs
|
-
|
|
-
|
|
55
|
|
-
|
Other operating
expenses
|
763
|
|
1,112
|
|
1,528
|
|
2,460
|
Less: Tax
effect of adjustments above
|
(3,467)
|
|
(3,390)
|
|
(7,011)
|
|
(6,653)
|
Total non-GAAP
net income
|
$ 4,988
|
|
$ 11,608
|
|
$ 15,762
|
|
$ 24,225
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share
|
|
|
|
|
|
|
|
GAAP
|
$ (0.03)
|
|
$ 0.08
|
|
$ 0.04
|
|
$ 0.19
|
Non-GAAP
|
$ 0.09
|
|
$ 0.21
|
|
$ 0.29
|
|
$ 0.44
|
|
|
|
|
|
|
|
|
Shares used in
non-GAAP diluted EPS calculation:
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding used in calculating GAAP diluted EPS
|
53,482
|
|
55,377
|
|
54,891
|
|
55,455
|
Additional dilutive
securities for non-GAAP diluted EPS
|
1,219
|
|
-
|
|
-
|
|
-
|
Weighted-average
shares from assumed conversion of preferred stock prior to
IPO
|
-
|
|
-
|
|
-
|
|
-
|
Weighted-average
shares outstanding used in calculating non-GAAP diluted
EPS
|
54,701
|
|
55,377
|
|
54,891
|
|
55,455
|
|
|
|
|
|
|
|
|
Reconciliation of
non-GAAP effective tax rate:
|
|
|
|
|
|
|
|
GAAP Effective tax
rate
|
(1.7%)
|
|
40.4%
|
|
49.5%
|
|
40.9%
|
Tax effect of
non-GAAP adjustments to net income
|
42.9%
|
|
(5.1%)
|
|
(12.1%)
|
|
(4.5%)
|
Non-GAAP effective
tax rate
|
41.2%
|
|
35.3%
|
|
37.4%
|
|
36.4%
|
RetailMeNot,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited, in
thousands)
|
|
As of June
30,
|
|
As of
December 31,
|
|
2015
|
|
2014
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
279,817
|
|
$
244,482
|
Accounts
receivable, net
|
38,337
|
|
69,603
|
Prepaids and
other current assets, net
|
16,454
|
|
14,930
|
Total
current assets
|
334,608
|
|
329,015
|
|
|
|
|
Property and
equipment, net
|
20,428
|
|
16,949
|
Intangible
assets, net
|
68,983
|
|
70,819
|
Goodwill
|
175,058
|
|
176,927
|
Other assets,
net
|
8,659
|
|
5,394
|
Total
assets
|
$
607,736
|
|
$
599,104
|
|
|
|
|
Liabilities
and Stockholders' Equity (Deficit)
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
5,924
|
|
$
5,482
|
Accrued
compensation and benefits
|
7,608
|
|
12,138
|
Accrued
expenses and other current liabilities
|
6,838
|
|
6,110
|
Income taxes
payable
|
1,041
|
|
9,032
|
Current
maturities of long term debt
|
10,000
|
|
10,000
|
Total
current liabilities
|
31,411
|
|
42,762
|
|
|
|
|
Deferred tax
liability--noncurrent
|
4,931
|
|
3,404
|
Long term
debt
|
67,500
|
|
40,000
|
Other
noncurrent liabilities
|
8,201
|
|
8,183
|
Total
liabilities
|
112,043
|
|
94,349
|
|
|
|
|
Stockholders' equity:
|
|
|
|
Common
stock
|
54
|
|
54
|
Additional
paid-in capital
|
507,836
|
|
517,421
|
Accumulated
other comprehensive loss
|
(3,887)
|
|
(1,942)
|
Accumulated
deficit
|
(8,310)
|
|
(10,778)
|
Total
stockholders' equity
|
495,693
|
|
504,755
|
Total
liabilities and stockholders' equity
|
$
607,736
|
|
$
599,104
|
RetailMeNot,
Inc.
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Cash flows
from operating activities:
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
($1,591)
|
|
$4,326
|
|
|
$2,468
|
|
$10,401
|
Adjustments to
reconcile net income (loss) to cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
4,253
|
|
4,086
|
|
|
8,179
|
|
8,290
|
Stock based
compensation expense
|
6,544
|
|
6,366
|
|
|
13,357
|
|
11,380
|
Excess income tax
benefit from stock-based compensation and other
|
(552)
|
|
(2,209)
|
|
|
(1,307)
|
|
(10,523)
|
Deferred income tax
expense (benefit)
|
(1,416)
|
|
(1,784)
|
|
|
282
|
|
(1,788)
|
Non-cash interest
expense
|
101
|
|
96
|
|
|
203
|
|
193
|
Amortization of
deferred compensation
|
768
|
|
1,112
|
|
|
1,536
|
|
2,459
|
Other non-cash
(gains) losses, net
|
114
|
|
308
|
|
|
1,152
|
|
363
|
Provision for
doubtful accounts receivable
|
(35)
|
|
447
|
|
|
(287)
|
|
822
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
7,819
|
|
1,220
|
|
|
30,961
|
|
16,787
|
Prepaid expenses and
other current assets, net
|
(887)
|
|
(320)
|
|
|
(1,730)
|
|
(1,307)
|
Accounts
payable
|
780
|
|
11
|
|
|
1,156
|
|
(1,966)
|
Accrued expenses and
other current liabilities
|
(2,077)
|
|
4,926
|
|
|
(12,161)
|
|
951
|
Other noncurrent
assets and liabilities
|
198
|
|
(425)
|
|
|
832
|
|
405
|
Net cash
provided by operating activities
|
$14,019
|
|
18,160
|
|
|
$44,641
|
|
36,467
|
Cash flows
from investing activities:
|
|
|
|
|
|
|
|
|
Payments for
acquisition of businesses, net of acquired cash
|
-
|
|
(75)
|
|
|
-
|
|
(75)
|
Proceeds from sale of
property and equipment
|
5
|
|
-
|
|
|
5
|
|
-
|
Purchase of other
assets
|
(4,300)
|
|
(101)
|
|
|
(4,302)
|
|
(101)
|
Purchase of
non-marketable investment
|
(4,000)
|
|
-
|
|
|
(4,000)
|
|
-
|
Purchase of property
and equipment
|
(3,991)
|
|
(1,066)
|
|
|
(6,323)
|
|
(3,459)
|
Net cash
used in investing activities
|
(12,286)
|
|
(1,242)
|
|
|
(14,620)
|
|
(3,635)
|
Cash flows
from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from notes payable, net of issuance costs
|
-
|
|
-
|
|
|
29,950
|
|
-
|
Payments on notes payable
|
(2,500)
|
|
(3,500)
|
|
|
(2,500)
|
|
(5,250)
|
Payments of preferred stock dividends
|
-
|
|
-
|
|
|
-
|
|
-
|
Proceeds from public offerings, net of offering costs
|
-
|
|
3
|
|
|
-
|
|
(61)
|
Excess income tax benefit from stock-based compensation and
other
|
552
|
|
2,209
|
|
|
1,307
|
|
10,523
|
Payments of principal on capital lease arrangements
|
(4)
|
|
(3)
|
|
|
(7)
|
|
(6)
|
Payments for repurchase of common stock
|
(2,719)
|
|
-
|
|
|
(27,192)
|
|
(6)
|
Proceeds from issuance of common stock, net of shares withheld for
taxes
|
2,073
|
|
1,658
|
|
|
4,466
|
|
9,797
|
Net cash
provided by (used in) financing activities
|
(2,598)
|
|
367
|
|
|
6,024
|
|
14,997
|
Effect of
foreign currency exchange rate on cash
|
367
|
|
154
|
|
|
(710)
|
|
195
|
Change in
cash and cash equivalents
|
(498)
|
|
17,439
|
|
|
35,335
|
|
48,024
|
Cash and
cash equivalents, beginning of period
|
280,315
|
|
196,466
|
|
|
244,482
|
|
165,881
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, end of period
|
$279,817
|
|
$213,905
|
|
|
$279,817
|
|
$213,905
|
-- RMNSALE-F –
Logo -
http://photos.prnewswire.com/prnh/20130626/DA38415LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/retailmenot-announces-second-quarter-2015-financial-results-300123819.html
SOURCE RetailMeNot, Inc.