Groupon announced financial results for the first quarter ended March 31, 2016. Gross Billings were $1.47 billion in the first quarter.
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This is down 5% from $1.55 billion in the first quarter of 2015, or 3% excluding the unfavorable impact of year-over-year changes in foreign exchange rates.
The reduction in Gross Billings includes company's continued restructuring efforts, country closures, and company's initiative to de-emphasize low margin Shopping offerings. North America gross billings increased 5%, EMEA declined by 12%, and Rest of World declined by 17% on the same F/X neutral basis.
Gross billings reflect the total dollar value of customer purchases of goods and services.
Revenue was $732 million in the first quarter 2016, compared with $750.4 million in the first quarter 2015. Revenue decreased 2% globally, or less than 1% 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 4%, EMEA declined 10% and Rest of World declined 8%.
Gross profit was $339.3 million in the first quarter 2016, compared with $347.4 million in the first quarter 2015. Gross profit declined 2% globally, but was flat excluding the unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter.
Adjusted EBITDA, a non-GAAP financial measure, was $31.3 million in the first quarter 2016, compared with $72.4 million in the first quarter 2015.
Net loss attributable to common stockholders was $49.1 million, or $0.08 per share. Non-GAAP net loss attributable to common stockholders was $4.6 million, or $0.01 per share.
Global units declined 3% year-over-year to 52 million consistent with restructuring efforts in international segments.
Units in North America increased 6%, EMEA units declined 7%, and Rest of World units declined 25%. Units are defined as vouchers and products sold before cancellations and refunds.
Operating cash flow for the trailing twelve months ended March 31, 2016 was $179.4
million. Free cash flow, a non-GAAP financial measure, was negative $96.7 million in the first quarter 2016, bringing free cash flow for the trailing twelve months ended March 31, 2016 to $93.8 million.
Cash and cash equivalents as of March 31, 2016 was $688.5 million, and the compay had no outstanding borrowings under company's revolving credit facility.
On April 4, the company issued $250 million in aggregate principal amount of senior convertible notes, the proceeds of which are not reflected in company's cash balance as of March 31. ■