Seeking Alpha

More on Groupon: Billings +4% Y/Y in Q1 to $1.41B. Take rate was 42.7%, up from Q4's 42%. North...

More on Groupon: Billings +4% Y/Y in Q1 to $1.41B. Take rate was 42.7%, up from Q4's 42%. North America revenue +42% (was +109% in Q4), international -18% (-19% in Q4). NA billings +23%, international -9%. Daily deals stabilized: 3rd Party and Other sales were $439.1M, -19% Y/Y but +6% Q/Q. Direct (e-commerce sales) were $162.3M, up over 8x Y/Y but -28% Q/Q (is it just seasonality?). Gross margin was 63%, down from Q1 2012's 78.6% but up from Q4's 55.7%. E-commerce GM still low at 6.1%, daily deals GM at 84%. SG&A spend +9% Y/Y to $308.2M, marketing -57% to $49.6MGRPN +11.1% AH. CC at 5PM ET (webcast). (slides) (PR)

Check out Seeking Alpha’s new Earnings Center »

Comments (1)
  • Philip Marlowe
    , contributor
    Comments (1162) | Send Message
     
    The negative free cash flow is suspicious. Especially since it includes capitalized software, which could easily be hidden losses.
    8 May 2013, 05:16 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs