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It's been a very tough earnings season for many of the high fliers of the previous 12-24 months. OpenTable (NASDAQ:OPEN) however, much like Netflix (NASDAQ:NFLX), had been struggling well in advance of today's earnings report. The company has missed on the top line ($34.4M v $35.9M), but reached analysts' estimates on the bottom line of 30 cents. Investors are not liking it, and the stock is down an additional 5-6% in after hours. The chart was horrible even before today's report.

Full report here. Revenue is slowing pretty dramatically in North America (only 26% growth) but obviously off a much smaller base is growing much stronger overseas.

  • OpenTable reported consolidated net revenues for Q3 2011 of $34.4 million, a 40% increase over Q3 2010. Consolidated net income for Q3 2011 was $4.1 million, or $0.17 per diluted share. Non-GAAP consolidated net income for Q3 2011, which excludes tax-affected stock-based compensation expense and tax-affected amortization of acquired intangibles, was $7.4 million, or $0.30 per diluted share.

OpenTable provides operating results by geography as the Company is at different stages of development in itsNorth America and International operations. International operations include the operating results of toptable.com, an acquisition which closed on October 1, 2010.

North America Results

  • Installed restaurant base as of September 30, 2011, totaled 16,237, a 25% increase over September 30, 2010.
  • Seated diners totaled 21.8 million, a 42% increase over Q3 2010.
  • Revenues totaled $29.1 million, a 26% increase over Q3 2010.
  • Non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and stock-based compensation) totaled $13.6 million, or 47% of North America revenues, a 33% increase over Q3 2010.

International Results

  • Installed restaurant base as of September 30, 2011, totaled 7,629, a 243% increase over September 30, 2010.
    • Seated diners totaled 1.8 million, a 233% increase over Q3 2010.
    • Revenues totaled $5.3 million, a 254% increase over Q3 2010.
    • Non-GAAP adjusted EBITDA totaled a loss of $0.7 million compared to a loss of $1.2 million in Q3 2010.
    • In Q3 2011, toptable.com contributed approximately 665,000 seated diners, $2.9 million of revenue and loss of approximately $0.1 million of non-GAAP adjusted EBITDA to the Company’s results.
Source: Open Table Misses On The Top Line But Hits Target On Bottom Line