RetailMeNot's (SALE) CEO Cotter Cunningham On Q1 2014 Results - Earnings Call Transcript

 |  About: RetailMeNot, Inc. (SALE)
by: SA Transcripts


Good day, ladies and gentlemen, and welcome to the RetailMeNot First Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only more. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Mike Magaro, Vice President of Investor Relations. Please go ahead, sir.

Mike Magaro

Great, thank you, Danielle. Thank you and welcome everyone to RetailMeNot's first quarter 2014 earnings conference call. With me on the call today are Cotter Cunningham, RetailMeNot's Chief Executive Officer, and Doug Jeffries, Chief Financial Officer.

Before we begin, I would like to take this opportunity to remind you that during the course of this conference call, management may make forward-looking statements which are subject to various risks and uncertainties. These include statements relating to expected financial results such as net revenues, adjusted EBITDA and net revenues per visit as well as non-financial metrics such as visits to our Web-site, the mobile application downloads and app sessions. Actual results may differ materially from the results predicted, and reported result should not be considered as an indication of future performance.

Also, I would like to remind you that during the course of this conference call, we may discuss non-GAAP measures when talking about RetailMeNot's performance. Reconciliation to the most directly comparable GAAP financial measures are provided in the tables in the earnings release issued today and available on our Web-site at Also on the Investor Relations portion of our Web-site, we have posted management commentary on our Q1 2014 results. This management commentary was developed to provide investors and analysts with additional detail in advance of our quarterly conference call and will not be read on the call.

During the call today, we will provide brief prepared remarks before hosting the Q&A session. To ensure everyone has ample time to ask questions, we ask that each of you limit the number of questions to a maximum of two and then can circle back into the queue if you have additional follow-ups.

With that, I will now turn the call over to Cotter.

Cotter Cunningham

Thanks, Mike, and welcome everyone to our first quarter 2014 earnings call. Our momentum in 2013 continued into 2014. Our strong first quarter results largely reflect the outcomes of investments we've been making in technology and marketing to enhance the consumer experience on our Web-site and to grow our brand awareness.

Net revenues grew 51% year-over-year, our international business grew 55% and contributed 22% of our total net revenues, and we saw strength in our mobile net revenues which grew at 127%. This strong first quarter results allowed us to continue to invest in growing our business while delivering strong adjusted EBITDA margins of 35%, exceeding our guidance from February.

We believe we're in the very early stages of a large market opportunity as retailers increase their use of digital marketing solutions to engage consumers in place of traditional medium. Our industry is still nascent and it's highly fragmented and we believe we are extending our leadership position as the world's largest marketplace for digital offers. We continue to solidify our position by not only helping consumers find the best digital offers but also by creating an efficient channel for retailers to engage with a large, enthusiastic consumer audience that's ready to purchase. We feel like we're just getting started.

As we did last quarter, we've posted the management commentary to our Investor Relations Web-site which discusses our quarterly financial and operational results in detail. I'd like to spend our time on this call today sharing some thoughts that are top of mind for me right now, our consumers, our retailers, and our tech platform. Let's start with consumers.

During the past few years, we've made a strong effort to increase our brand awareness, improve consumer engagement and expand our user base. We've funded successful marketing efforts that have led to strong traffic growth in our user base across all platforms. We also continue to focus on providing the best consumer experience by ensuring we have the highest quality content.

During the first quarter, we began implementing the ZenDeals technology that we've discussed previously across our U.S. operations. We're now automatically validating thousands of coupon codes daily for over 200 retailers and plan to expand testing across additional retailers in the coming months. Later in the year, we'll look to extend this validation capability to our international businesses as well. And while it's too early to measure the direct impact, we expect benefits in many areas, most importantly increasing consumer satisfaction which drives increased consumer engagement and ultimately enhances conversion.

Turning to our retailers, we truly value and place a strong emphasis on growing our retailer relationships, RetailMeNot is a trusted and increasingly important partner to help them meet their sale, new customer acquisition and brand goals. Our sales and partner management teams like to use the first quarter to get out and meet with our retail partners and set targets for the coming year. It's a great time to strategise with retailers for several reasons.

First, it's a good time to discuss the prior year, what worked well and what can be done to improve upon following the holiday season. Second, it gives us an opportunity to listen to challenges retailers are facing and how we can address them in the coming year. And third, we can more closely showcase new initiatives that help retailers drive sales, such as our data analysis capabilities.

In total, during the first quarter, we met with over 80 leading retailers in the U.S., we also hosted retail advisory council meetings in New York, Columbus, Ohio and San Francisco. Some of the key themes we heard from retailers during these meeting were; acquiring new customers remains a top priority; personalization and targeting are of strong interest both online and offline; investment in mobile is lagging consumer engagement but is ramping; retailers are looking at how they spend money on digital solutions, we're working with retailers as well as marketing analytics companies to better understand how digital solutions can ultimately impact in-store sales; and finally but probably the most exciting takeaway for us is the attention retailers are giving digital internally to drive in-store sales. In fact, we've seen some high-profile retailers take additional steps recently to better integrate their digital and in-store promotional activities. This is important to us as it proves that more retailers are focusing on digital solutions to drive both online and in-store traffic.

Finally, we believe our technology capabilities are really setting us apart. We have a history of successful product innovation that has led to many of the consumer focused enhancements on our Web-site and improvements in monetization. Key to our approach to innovation is a highly disciplined method of A/B testing to validate product changes before they are released to full production. During the first quarter, we significantly expanded our testing capabilities and ran nearly 100 tests. As we continue to grow our investment in product development, the expanded testing capability will allow us to more rapidly iterate on the functionality of our Web-based product.

Also during the first quarter, we began to lay the foundation for A/B testing to enhance our mobile app. We recently rolled out personalization capabilities on the mobile app based on favourite store preferences and expect to evolve what we can do with that personalization over the course of the year. We're excited about the potential for the improved consumer experience within our mobile app that enhanced testing and data analysis can deliver.

In summary, we're pleased with the first quarter results, delivering robust unit metrics across the board including strong net revenues, traffic and mobile growth, while continuing to invest in those areas of our business that we believe will be key to our long-term prospects and further increase our competitiveness. We are looking forward to a great 2014 as we continue to expand our role in this very exciting market.

With that, let me turn the call over to Doug.

Douglas Jeffries

Thanks, Cotter, and thanks everyone for joining us. As we provided details on our financial results for the first quarter in our management commentary posted on our Investor Web-site, I'll focus my comments today on our outlook for Q2 and the rest of 2014.

As Cotter noted, our strong first quarter results demonstrate the benefits of our increasing scale and the value we are delivering to both consumers and retailers. Our performance continues to be enabled by favorable trends in our industry, the creativity and drive of the RetailMeNot team, and the investments we're continuing to make in technology and marketing. Let me now turn to the specifics of our second quarter guidance and update our outlook for the full year 2014.

As we discussed in the past, we believe we're in the early stages of a large market opportunity and we remain committed to investing for long-term growth. Our investments are focused on improving the quality of our content, developing our brand and extending our consumer reach and leveraging product innovation to enhance the consumer experience and drive revenue growth. We expect our investments will occasionally result in lower adjusted EBITDA margins in certain quarters due to seasonality, however on an annual basis we continue to target adjusted EBITDA margins in the high 30% range as we invest for growth.

For second quarter ending June 30, 2014, we expect net revenues in the range of $58 million to $60 million, or a growth of 36% at the midpoint. We expect adjusted EBITDA to range between $19 million and $20 million or adjusted EBITDA margins of 33% at the midpoint. And for the full year 2014, we're raising our net revenue outlook to a range of $276 million to $282 million, or a growth of 33% at the midpoint, and we expect adjusted EBITDA to range between $101 million and $104 million or adjusted EBITDA margins of 37% at the midpoint.

For second quarter and 2014 modeling purposes, we expect depreciation and amortization expense to be approximately $4 million and $17 million respectively, stock-based compensation to be approximately $7 million and $29 million for the full year. We have increased our estimates for stock-based compensation to reflect the addition of restricted stock units to our equity compensation programs and to reflect our current hiring and compensation plans. We believe the changes in our employee stock compensation programs will help ensure that we continue to attract and retain the best talent.

CapEx is expected to be approximately $3 million in the second quarter and $7 million for the full year. The increase in CapEx investment over our prior outlook is primarily a reflection of additional investments in business systems. Our weighted average fully diluted share count for the second quarter and full year should be approximately 55.5 million shares.

And lastly, we've implemented a global corporate structure in 2014 that will over time help to lower our effective tax rate for our international businesses. Initially though, this change will have the effect of increasing our effective tax rate to approximately 48% for 2014 due to the tax cost incurred to facilitate the transition to the new structure. Over time, we expect this structure will be more tax efficient resulting in a reduction in our effective tax rate in the future as our international business grows.

In summary, we're off to a strong start in 2014. We continue to see strong positive trends across key areas of our business including traffic growth, monetization, consumer engagement and retailer adoption of our solutions. We believe the investments we are making in the business will further strengthen our leadership and competitive position.

Let me now turn the call back to Mike to begin Q&A.

Mike Magaro

Great, thanks, Doug. Danielle, we're ready to begin the Q&A portion of today's call.

Question-and-Answer Session


(Operator Instructions) Our first question comes from Deb Schwartz from Goldman Sachs. Please go ahead.

Deb Schwartz - Goldman Sachs

There's two questions. The first is on the in-store product. It seems like you're testing new app products like Circulars. While it's early, can you share what you're seeing from a consumer performance standpoint and how are you thinking about measuring performance for this product? And then similarly, if you can kind of talk through what your product roadmap looks like for the mobile in-store product for the rest of the year, would be helpful.

Douglas Jeffries

Happy to start and Cotter may join as well. I mean at this stage, we are interested in exploring opportunities to provide additional solutions to retailers through the mobile app. A natural one is to start to introduce product oriented content in the app, and you see kind of an early really a test with several retailers where we're taking content over to peer in a paper circular for example, displaying it in the app and really starting to just get an experience with consumers to see how they engage, what the reactions are, and then to see with kind of the click-through what the interest level is from an app engagement perspective. So directionally, think about it as looking for opportunities to have more robust content in the app for consumers. At the same time, looking for opportunities to extend the retailers' reach through the app. And that really is an example of that direction.

Cotter Cunningham

The only thing I would add is, we had some announcements recently, we don't want to talk a ton about our roadmap, we can give you some clues in that we announced event-based targeting at the UT Spring Game where we experimented with triggering a coupon based upon your location. If you went to the UT Game and saw [indiscernible], you got a Pizza Hut coupon for 2-For-1, so you go home after the game and order a pizza. I think that's really fun and I think that gives us a chance to start experimenting.

We did something with the Indiana Pacers in the playoff game this weekend around [indiscernible] coupon up there. So again, you're going to see us try in different types of events. We've got one coming up that's travel based in the not too distant future. So I think you're going to continue to see us roll out a series of experiments that give us some clue for how these work for consumers and how they react to them.

The other thing, the other announcement we made recently is our relationship with GGP. Malls continue – I know they get bad press sometimes but they continue to be such a great opportunity for us to hit consumers, or in context you couldn't describe a consumer more in shopping mode if you tried. And so for us to get to advertise to people that are in the mall is really a fun experience to get them to download the app and start saving almost immediately if not immediately. And so I think that's a great example of something else we're super excited about.

Deb Schwartz - Goldman Sachs

And just a follow-up on that, so with the relationship with GGP, is there anything we can expect to being operationalized ahead of the spring summer shopping period?

Cotter Cunningham

Yes, I mean generally you're going to see us advertising throughout summer, especially as we ramp in the back-to-school and then much of our back-to-school effort is one designed to kind of obviously take advantage of the huge spending that goes on with back-to-school. The two is our last best chance to get a good feel for the consumer before we hit the very important holiday period. So we always use back-to-school as a chance to do some final testing [indiscernible].


Our next question comes from Mark Mahaney from RBC Capital Markets. Please go ahead.

Mark Mahaney - RBC Capital Markets

Can you provide some more color on international? It's now pretty sizable or it's been building for a while percentage of revenues, maybe a little color on some of the individual markets and then ones where you're seeing particularly strong growth and ones that seem to be underperforming a little bit but what the strategy is for having catch-up?

Cotter Cunningham

I think in general we saw a good growth in international across the board, especially in Canada, France and the U.K. we're really strong. Germany and Amsterdam in the Netherlands are both – Germany had good growth but both Germany and the Netherlands are smaller properties, and so it's really hard to see them contributing significantly to the overall number. I think in terms of what we're seeing internationally, both France and the U.K. now have in-store products. That's really exciting. We're seeing some interesting adoption over there. We've just sent one of our kind of in-store executives here to the U.K. for six months to kind of help their efforts there, we're excited about that. So I think in general, you're continuing to see our basic thesis which is, let's take best practices from one market and share it with another, [whether it's from the] (ph) U.S. to the EU or EU to the U.S. And so we continue to see that really work well for us.

Douglas Jeffries

One thing I just wanted to point out is that we're really happy with the organic growth in the international businesses. The year-over-year growth does reflect some acquisitions. Just the numbers there, the 50 plus percent growth reflect some acquisitions. There are two small ones in Europe. Also reflects organic effort in launching Canada during the last year. So some of what you're seeing is a little bit of acquisition related or organic efforts driving the top line.

Mark Mahaney - RBC Capital Markets

Doug, you actually [bent me] (ph). I was going to ask just about those. Just for modeling purposes, how we should think about the rolling off of those acquisitions, and when that becomes material, the rolling off becomes material so that we'd see the organic and reported be the same? Is that in the second half of this year?

Douglas Jeffries

It is, Mark, yes. July was the most recent acquisition that had top line associated with it. So, yes, it becomes – organic is reported starting July.


Our next question comes from Jordan Rohan from Stifel. Please go ahead.

Jordan Rohan - Stifel

This one is on capital allocation. You're at a point where there are a couple of hundred million dollars in cash and even more available through credit line and you've mentioned I believe there's an increase in stock compensation as part of the outlook. Any plans to buy back shares to offset that dilution? And secondly, can you quantify where we are in terms of revenues that are generated from in-store purchases using the app? Are we at a point of materiality of even a few percentage of total revenues?

Douglas Jeffries

Jordan, I guess on the first one, I think in terms of the cash we have available, the capacity, for us we're really thinking about it to help us drive growth. And so I think probably rather than consider a stock buyback at this stage, we see a lot of opportunity to grow through acquisition and that continues to be a core focus for us. I'd expect that would be the more likely use for the [stuff you see] (ph) on the balance sheet.


Our next question comes from Stephen Shin from Morgan Stanley. Please go ahead.

Stephen Shin - Morgan Stanley

You guys have seen a lot of improvement and monetization over the past few quarters and just kind of digging down into this, like what are the biggest improvements, is it more of higher conversion, are you driving higher ticket, is that from adding different categories and if you just talk through like what are the big kind of moving pieces there?

Cotter Cunningham

Sure. It's a couple of things. I think at its core, we're getting better at sending customers signals around what might be of interest to them. So the e-mail for example is really starting to sort of take on as a significant driver of traffic, just as an example. We continue to make improvements to the site. I can't speak highly enough about the team that works on this for us. They are really amazing.

And first you go, how much can that really matter? But for example, the algorithm that sort of sorts the site, that puts coupons in order, is not a trivial problem at all. I mean many retailers who I've worked with will have 200, 300 sales and coupons at any point in time, and so deciding which of those to put on – we show about 50 typically for most retailers – to decide which of those 50 to show in what order is really an important exercise. And so we take all the cues we can and use those to determine the order of display.

We just had our first significant algorithm change rollout this quarter which had an enormous impact on both consumer satisfaction and consumer reaction, if you will, the way they interact with the site, the click-through, the conversion, et cetera, it was really powerful. And so we're really pleased to see that happen.

And then I want to answer Jordan's question, which we didn't get to, the second part of, which was is in-store purchases with the app hit a meaningful number yet. The answer really is, not yet, but we'll be there soon hopefully, so we'll see.


Our next question comes from Stephen Ju from Credit Suisse. Please go ahead.

Stephen Ju - Credit Suisse

So I realize this is still very early but any trends you can talk about in terms of the behavior of the newly acquired app users, are you seeing signs of repeat purchase behavior beyond the very first transaction after they install the app? And second, interesting feedback on the increased value your retailer clients want to place on new customers, but this is not a problem you can solve on your own, it needs to require some data input from them in terms of verifying who's new and not new, so what can you do to help them pay more for the customers [they're seeing] (ph) for the first time?

Cotter Cunningham

It's a fair question. I'll take the second one first. So in general, we think of targeting and personalization as two sides of the same coin. And so what's attractive to the consumer is, I like to camp, I'm an outdoors guy, so I want to see offers from outdoor type retailers, right, that's important to me, I don't want to see hair products or something. So showing the offers that resonate with me is really making me a bigger fan on the site, making me react more with the site, making the e-mail more valuable to me to see offers from back-country and out-back and guys like that – excuse me, [indiscernible] retailers like that, like the restaurant.

For the retailer, it's the same thing, right, that ability to target people that are looking for offers like this, it may be [new] (ph) to competitor of theirs, they have not been to their site in a while but have previously used it. That's a powerful ability to target those customers. And so, we're really excited about over the next few months being able to offer retailers that opportunity to focusing on specific peak. I think that's the best example I can give you there.

In terms of kind of the trends we're seeing in the behavior around acquisition, I think in general the biggest trend I can give you is, in many cases where we acquire the consumer tells us a lot about that future consumer's activity on the site. As another view point I would say, in general we're really seeing good usage of app, we're really pleased to see how much people interact with it. I think we mentioned this before, the app actually gets significantly more return visits and interactions than the Web-site itself, so that's exciting. But depending upon how we acquire that consumer really tells us a lot about that consumer [indiscernible] able to download that come from the mall, just as an example, are powerful because they are so in context and they tend to be used right away and they [indiscernible] some of the value [indiscernible] and they continue to go forward. A download that we get through like a [Core Ads] (ph) or something like that is probably significantly less valuable.

So one of the things we've learned in our kind of over years of doing is we really spend a lot of time trying to figure out which download sources work the best for us and we're putting more and more of our money into that, obviously based upon history and not our guess. And it's funny, it's not always super intuitive. I won't go into too much detail on that for competitive reasons but I do think it's important.


Our next question comes from Ralph Schackart from William Blair. Please go ahead.

Ralph Schackart - William Blair

Two questions if I could, just first on the Q2 guidance. If that would prove to be true, it would suggest some modest sequential decline over Q1. Just curious was there any sort of one-time event there or some that was pulled in to Q1?

Douglas Jeffries

I think in the earnings commentary we talked about we had really strong Q1, no question. The performance in 2013 Q4 was specifically carried through. But we did have a little bit of benefit from lower than expected returns that we had a benefit with higher revenue because returns were lower than expected. So versus guidance that was a little bit of an upside for us. I think if you think about it, when you look at the comparison, it's just – our product, our quarterly results are strongly affected by product releases and Q2 of '13 we had a product release that accelerated some of our monetization. If you look at monetization Q1 to Q2 of last year, you see the benefit of some product changes we made, and so we're facing a little bit tougher comp as you Q2 and the rest of the year expecting the trend.

Ralph Schackart - William Blair

Great. One more if I could. So you've successfully beaten raise four quarters since you went public, so congrats on that. Just curious if you could sort of give us a sense, how much of your approach to that has been sort of conservatism on your part versus some of the products doing better than expected, some of the marketing initiatives, just sort of give us some commentary on that, that would be helpful?

Douglas Jeffries

As we mentioned a couple of times in our prepared comments, this is a new market and it's developing and we're trying lots of things and we [want them] (ph) to go. And so far we've had good experience. We've found some things that drove traffic, brought more people to the site, at the same time improved conversion, improved monetization. So, so far the efforts have been paying off for us but it is just a matter of – we talked about the A/B testing, it is a matter of kind of iteration and focusing on those opportunities that look promising and so far they have borne good fruit for us in terms of growing the business. That's how we think about it, that's how we look at it. It's not necessarily that we have a point of view about a year from now that – that's under contract, that's not our business, our business is every day bringing traffic to site, having it convert and so that the way we grow that and achieve our expectations including our own is to do a good job on the product side and the content side.

Ralph Schackart - William Blair

Okay, it's helpful. Thank you.


Our next question comes from Blake Harper from Wunderlich Securities. Please go ahead.

Blake T. Harper - Wunderlich Securities

I had two questions. First of all, I just wanted to ask if there was a difference in your retailers, be there either in-store or online, marketing teams that you are engaging with as you build out your mobile in-store opportunity here, is there a difference where you are with both of those teams or has things been pretty seamless? And then second question is really, just wanted to ask you what you think about your SEO position longer term and how you think about that competitively? Obviously going extremely well to be where you are but just wanted to see what you think about the competitive landscape and how you think about being able to maintain that position over the longer term.

Cotter Cunningham

Sure, I'll take those one at a time. So in terms of the groups we worked with, in general you're absolutely right, the online group tends to be different than the in-store marketing team at a retailer. We've seen some changes where retailers, as I mentioned in my comments, where retailers are starting to bring these gods together, establish like a person that's maybe in charge of omni-channel marketing or something like that. So in general we're seeing them come together, but today on the most part I think it's safe to say that you do see those separately handle.

We obviously have been in the online business much longer, we know those teams well, they know us well, we have deep relationships there, the in-store piece is much newer. So their relationship tends to be obviously a little bit less deep and a little bit newer obviously just by the nature of the [indiscernible], but we're working hard to make it a stronger one obviously.

In terms of SEO, I think we have a very basic approach to SEO which is, work hard, give the consumer a great experience and we'll be rewarded for that. I think we talked a lot about how we believe UGC contributes nicely to our overall breadth and depth of our site, and in turn gives such a nice reaction to the search engines. Search engines are able to serve a lot of our pages, show them to consumers, who in return like the experience they have with us. We focus very aggressively on things like bounce rate, we're very hyper-aware of how consumers react with our pages and every change we make to the page is measured based upon that success rate.

And so, very little, almost nothing happens to chance. I mean we are very good about making sure that changes we make, we know the impact in advance. And so that allows us to sort of cautiously iterate – cautiously to quickly iterate from a base of knowledge. So I think I mean look, we're nervous about everything, we're nervous guys, we worry and see that as part of my job, but I feel like we'll just keep doing what we are doing and we fell like that's done well for us so far.

Blake T. Harper - Wunderlich Securities

Thanks, that was really helpful, Cotter. Appreciate it.


We will take our last question from Brian Pitz from Jefferies. Please go ahead.

Brian Pitz - Jefferies

Just a couple of questions. One on the app install growth, can you maybe just give us a sense for the channels that are actually driving that, is it Facebook app install app, et cetera, maybe you can just provide a little bit more color? And then just taking a step back for a second in terms of longer-term, maybe you could give us an update on how you view the TAM and maybe the long-term growth rate of the business? Also maybe any comments on adjacencies that's more or less interesting to you as you stand right now?

Cotter Cunningham

Sure. So the first thing I would say in general, there's nothing hugely new here in terms of where we're getting the download. I think we talked before, Facebook works really well for us, it's really a powerful tool and we enjoy it a lot. We still get an amazing number of downloads frankly driven by our own site. More than half of our downloads are free. So that's also exciting. So no great new channel there that I can report on that we've stumbled into. It's pretty much the same as we've talked about.

Facebook works well for us, we do well with Pandora, we have experimented a little bit with [indiscernible] radio in general has done well for us, and there's obviously contextual stuff like the malls and things like that have also done well for us. You'll see us continue to experiment here. I think there's a number – our marketing team has found a number of new channels that we feel like we have some confidence in, but as with everything with us, it is sort of test and learn.

In terms of adjacent businesses to look at, I think we mentioned this a little bit before, we do believe some of our best opportunities for acquisitions are here in the U.S. We cannot go far from our core experience which is helping consumers save money though. I don't think you'll ever see us drift from that. We are very focused on the core. It doesn't have to necessarily be through a coupon. We do well referring people to sales, et cetera, but we very much believe that we are about helping people save money, and so anything we were to purchase I think ultimately it's helping people save money, helping retailers find those consumers and kind of moving up and there [indiscernible].


Thank you. I would now like to turn the call back to CEO, Cotter Cunningham, for any further remarks.

Cotter Cunningham

Sure. I want to thank everyone for joining us today. We're really excited about the opportunity and we look forward to speaking to everyone soon. So thank you.


Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect. Everyone, have a great day.

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