The Meet Group Reports Second Quarter 2018 Financial Results
NEW HOPE, Pa.--(BUSINESS WIRE)--Aug 1, 2018--The Meet Group, Inc. (NASDAQ: MEET), a public market leader in the mobile meeting space, today reported financial results for its second quarter ended June 30, 2018.
Second Quarter 2018 Financial HighlightsTotal revenue of $42.8 million, up 37% year over year GAAP net loss of $0.2 million, or $0.00 per diluted share, compared to GAAP net income of $0.9 million, or $0.01 per diluted share in the prior year quarter Adjusted EBITDA of $7.6 million, up 3% from the prior year quarter Non-GAAP net income of $6.4 million, or $0.08 per diluted share, compared to $6.6 million or $0.09 per diluted share in the prior year quarter
(See the important discussion about the presentation of non-GAAP financial measures, and reconciliation to the most direct comparable GAAP financial measure, below.)
“Our strong momentum continued into the second quarter,” said Geoff Cook, Chief Executive Officer. “We made outstanding progress in video and reported better than anticipated results in advertising, contributing to growth in revenue and Adjusted EBITDA. Combined with our recent rollout of Live to Lovoo and the beta launch on MeetMe of Quick, our new 1-on-1 livestreaming feature, we believe we have set the stage for sustainable long-term revenue growth.
“Our investment in livestreaming video continues to yield strong results,” continued Cook. “The number of video users and video revenue per user both increased sequentially. In less than two years, Live has become foundational to our business, central to our user experience and a key driver of our improving financial performance. No product in our history has grown faster and none has transformed our company to the degree that Live has. What’s more, we have further diversified our business and are now generating 60% of our revenue from user pay, up from 26% in the year ago quarter. In July alone, we increased the annualized revenue run rate for video to $37 million, up from $35 million in June. Having now rolled out Live to all of our apps, we believe the opportunity to continue to grow video engagement and revenue is significant.”
In addition to announcing its second quarter results, the Company announced that Nick Hermansader has re-joined the company as Senior Vice President of Advertising. Nick joined The Meet Group from Imgur, an image sharing and hosting network. He previously worked at The Meet Group, having served as Vice President of Advertising Operations from 2013 to 2017. Additionally, Bill Alena, Chief Revenue Officer of The Meet Group, has left the Company effective July 31, 2018 to pursue other opportunities.
Cook commented, “I am thrilled to have Nick rejoin our team. He brings a wealth of knowledge and a data-driven approach to managing mobile and online advertising. We look forward to his contributions to the team.”
Continued Cook, “Bill has been a tremendous contributor to our company for many years. He joined us as the Vice President of Advertising at myYearbook in 2007 and served as Chief Revenue Officer of The Meet Group since 2011. He was instrumental in creating our advertising strategy. I want to thank Bill for his tremendous contributions to our company. We wish him well in the future.”
Second Quarter Financial Results
For the second quarter of 2018, the Company reported revenue of $42.8 million, an increase of 37% from $31.3 million in the prior year quarter.
GAAP net loss was $0.2 million, or $0.00 per diluted share, compared to GAAP net income of $0.9 million, or $0.01 per diluted share in the prior year quarter. Adjusted EBITDA in the second quarter of 2018 was $7.6 million compared to $7.4 million in the prior year quarter.
The Company ended the quarter with $20.9 million in cash and cash equivalents.
The Company is providing the following outlook for the third quarter of 2018 and is increasing its outlook for the full year 2018.
Third quarter 2018:Revenue in the range of $43 million to $44 million Adjusted EBITDA in the range of $7.4 million to $7.8 million
Full year 2018:Revenue in the range of $166 million to $168 million Adjusted EBITDA in the range of $27 million to $28 million
This article has been truncated. You can see the rest of this article by visiting http://www.businesswire.com/news/home/20180801005444/en.