Groupon announced financial results for the first quarter ended March 31, 2015. Gross billings, which reflect the total dollar value of customer purchases of goods and services, increased to $1.6 billion, compared with $1.5 billion in Q1 2014.
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Gross billings grew 10% globally, excluding the unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter. On this F/X neutral basis, North America billings increased 14%, EMEA increased 7% and Rest of World declined 1%.
Including the $117.7 million unfavorable impact from foreign exchange, billings increased 2% compared with first quarter 2014.
Revenue increased to $750.4 million in the first quarter 2015, compared with $728.4 million in the first quarter 2014. Revenue grew 10%, excluding the unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter.
On this F/X neutral basis, North America revenue increased 11%, EMEA increased 13% and Rest of World declined 8%. Including the $51.3 million unfavorable impact from foreign exchange, revenue increased 3% compared with first quarter 2014.
Gross profit was $347.4 million in the first quarter 2015, compared with $365.5 million in the first quarter 2014. Excluding the $27.7 million unfavorable impact from year-overyear changes in foreign exchange rates throughout the quarter, gross profit would have been $375.1 million.
Adjusted EBITDA, a non-GAAP financial measure, was $72.4 million in the first quarter 2015, compared with $45.8 million in the first quarter 2014, as lower gross profit was more than offset by lower operating expenses, both reflecting the impact of year-overyear changes in foreign exchange rates.
Net loss attributable to common stockholders was $14.3 million, or $0.02 per share. Non-GAAP net earnings attributable to common stockholders was $21.3 million, or $0.03 per share.
First quarter 2015 results included $19.5 million of pre-tax non-operating foreign currency losses, $17.6 million of which was related to non-cash losses on intercompany balances.
Operating cash flow for the trailing twelve months ended March 31, 2015 was $307.8 million. Free cash flow, a non-GAAP financial measure, was $22.4 million in the first quarter 2015, bringing free cash flow for the trailing twelve months ended March 31, 2015 to $222.0 million.
At the end of the quarter, Groupon had $975.5 million in cash and cash equivalents. ■