2014

OpenTable, Inc. Announces Second Quarter Financial Results -- Increases Revenue by 15% over Q2 2012 to $45.6 Million --

-- Grows Seated Diners by 26% over Q2 2012 --

-- Achieves EPS of $0.35 and Non-GAAP EPS of $0.50 --

SAN FRANCISCO, Aug. 1, 2013 /PRNewswire/ -- OpenTable, Inc. (NASDAQ: OPEN), the world's leading provider of online restaurant reservations, today reported its financial results for the second quarter ended June 30, 2013.

(Logo: http://photos.prnewswire.com/prnh/20110606/MM07085LOGO )

OpenTable reported consolidated net revenues for Q2 2013 of $45.6 million, a 15% increase over Q2 2012.  Consolidated net income for Q2 2013 was $8.3 million, or $0.35 per diluted share.  Non-GAAP consolidated net income for Q2 2013, which excludes tax-affected stock-based compensation expense, tax-affected acquisition-related expenses and tax-affected amortization of acquired intangibles, was $12.0 million, or $0.50 per diluted share. 

OpenTable provides operating results by geography as the Company is at different stages of development in its North America and International operations. 

North America Results

  • Installed restaurant base as of June 30, 2013, totaled 20,588, a 12% increase over June 30, 2012.
  • Seated diners totaled 35.0 million, a 25% increase over Q2 2012.
  • Revenues totaled $39.7 million, a 15% increase over Q2 2012. 
  • Non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation and acquisition-related expenses) totaled $21.2 million, or 53% of North America revenues, a 17% increase over Q2 2012.

International Results

  • Installed restaurant base as of June 30, 2013, totaled 7,686, a 15% increase over June 30, 2012.
  • Seated diners totaled 3.3 million, a 46% increase over Q2 2012. 
  • Revenues totaled $5.8 million, a 15% increase over Q2 2012.
  • Non-GAAP adjusted EBITDA totaled a loss of $0.4 million compared to a loss of $0.8 million in Q2 2012. 

"We're pleased with the strong growth in seated diners during the second quarter across both our North America and International business segments," said Matt Roberts, President and CEO of OpenTable. "With 38% of our seated diners now originating from smartphones and tablets, mobile remains a strategic focus for us and we're continuing to invest in mobile product optimization and adoption."

Q2 2013 Consolidated Financial and Operating Summary

  • Installed restaurant base as of June 30, 2013, totaled 28,274.
  • Seated diners totaled 38.2 million, a 26% increase over Q2 2012.
  • Total revenues were $45.6 million in Q2 2013, up 15% over Q2 2012 revenues of $39.6 million
    • Reservation revenues were $27.7 million in Q2 2013, up 24% over Q2 2012 revenues of $22.3 million.  Reservation revenues primarily increased as a result of the increase in seated diners and yield due to the change in the pricing of our promotional products from flat rate to a pay-for-performance model.
    • Subscription revenues were $15.1 million in Q2 2013, up 8% over Q2 2012 revenues of $13.9 million.  Subscription revenues primarily increased as a result of the increase in installed restaurants using our Electronic Reservation Book solution. 
    • Other revenues were $2.8 million in Q2 2013, down 15% over Q2 2012 revenues of $3.3 million.  The decrease is primarily due to the change in the pricing of our promotional products from flat rate to a pay-for-performance model, which is now classified as Reservation revenues. 
  • Total costs and expenses were $32.5 million in Q2 2013, up 6% over Q2 2012 costs and expenses of $30.7 million.  The increase was driven by increases in marketing expense, facilities expense, and amortization of capitalized development, which is partially offset by a decrease in headcount related expenses.
  • Total operating income was $13.1 million in Q2 2013 compared to $8.9 million in Q2 2012.  Non-GAAP consolidated operating income, excluding stock-based compensation expense, acquisition-related expenses and amortization of acquired intangibles, was $17.8 million in Q2 2013 compared to $15.2 million in Q2 2012. 
  • The Q2 2013 GAAP income tax expense was $4.8 million, or a 36% tax rate. 
  • Consolidated net income was $8.3 million, or $0.35 per diluted share, in Q2 2013 compared to $5.7 million, or $0.25 per diluted share, in Q2 2012.  Non-GAAP consolidated net income, which excludes tax-affected stock-based compensation expense, tax-affected acquisition-related expenses, and tax-affected amortization of acquired intangibles, was $12.0 million, or $0.50 per diluted share, in Q2 2013 compared to $9.7 million, or $0.42 per diluted share, in Q2 2012.  
  • As of June 30, 2013, OpenTable had cash and cash equivalents and short-term investments of $92.0 million

"During the second quarter the business continued to deliver solid operating metrics, adjusted EBITDA margins and cash flows even as we invest for the future," said Duncan Robertson, CFO of OpenTable.

 

Business Outlook

As of today, OpenTable is providing guidance for Q3 2013 and the full year 2013 on revenue, non-GAAP adjusted EBITDA and other consolidated metrics. International segment guidance has been updated to reflect current foreign exchange rates.

Q3 2013 Guidance:

  • In the North America segment the Company estimates revenue to be in the range of $39.0 million to $39.9 million and non-GAAP adjusted EBITDA to be in the range of $18.3 million to $19.5 million.   
  • In the International segment the Company estimates revenue to be in the range of $6.0 million to $6.4 million and non-GAAP adjusted EBITDA loss to be in the range of $0.6 million to $1.0 million.
  • On a consolidated basis the Company estimates revenue to be in the range of $45.0 million to $46.3 million, non-GAAP adjusted EBITDA to be in the range of $17.3 million to $18.9 million, GAAP EPS to be in the range of $0.21 to $0.25 and non-GAAP EPS to be in the range of $0.38 to $0.42.

Full Year 2013 Guidance:

  • In the North America segment the Company estimates revenue to be in the range of $160.6 million to $163.5 million and non-GAAP adjusted EBITDA to be in the range of $80.2 million to $83.6 million
  • In the International segment the Company estimates revenue to be in the range of $25.6 million to $26.6 million and non-GAAP adjusted EBITDA loss to be in the range of $1.7 million to $2.8 million.
  • On a consolidated basis the Company estimates revenue to be in the range of $186.2 million to $190.1 million, non-GAAP adjusted EBITDA to be in the range of $77.4 million to $81.9 million, GAAP EPS to be in the range of $1.17 and $1.30 and non-GAAP EPS to be in the range of $1.80 to $1.92.

 

Quarterly Conference Call

 

A conference call will be webcast live today at 2 p.m. PT/5 p.m. ET and will be available through August 31, 2013, at http://investors.opentable.com/events.cfm.  This call may contain forward-looking statements and other material information regarding the Company's financial and operating results.

About Non-GAAP Financial Information

 

This press release contains certain non-GAAP financial measures.  Tables are provided in the press release that reconcile the non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).    The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in the tables below include all information reasonably available to the Company at the date of this press release and adjustments that the Company can reasonably predict.  Events that could cause the reconciliation to change include, but are not limited to, acquisitions and divestitures of businesses, goodwill and other asset impairments, and sales of available-for-sale debt securities and other investments. 

The non-GAAP financial measures in this press release include non-GAAP consolidated net income and the related per diluted share amounts, non-GAAP consolidated operating income and non-GAAP adjusted EBITDA.  Non-GAAP financial measure adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, and acquisition-related expenses.   Within the Company's reconciliation to non-GAAP diluted net income per share, the impact of undistributed earnings allocated to participating securities has been excluded.

To supplement the Company's consolidated financial statements presented on a GAAP basis, management believes that these non-GAAP measures provide useful information about the Company's core operating results and thus are appropriate to enhance the overall understanding of the Company's past financial performance and its prospects for the future. Management believes it is useful to exclude stock-based compensation, acquisition-related expenses and amortization of acquired intangibles because they do not reflect the underlying performance of the Company's business operations. These adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results and trends and performance.  Management uses these non-GAAP measures to evaluate the Company's financial results.  The presentation of non-GAAP measures is not meant to be considered in isolation or as a substitute for or superior to financial results determined in accordance with GAAP.

Background Information

The Company reports consolidated operations in U.S. dollars and operates in two geographic segments: North America and International. The North America segment is comprised of all operations in the United States, Canada and Mexico, and the International segment is comprised of all non-North America operations, which includes operations in Europe and Asia. The Company generates substantially all of its revenues from its restaurant customers. The Company's revenues primarily include monthly subscription fees, a fee for each restaurant guest seated through online reservations, and other revenue. 

Forward-Looking Statements

This press release and its attachments contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties.  These forward-looking statements include guidance for Q3 2013 and the full year 2013 and the quotations from management in this press release, as well as any statements regarding the Company's strategic and operational plans.  The Company's actual results may differ materially from those anticipated in these forward-looking statements.  Factors that may contribute to such differences include, among others, the Company's ability to accurately forecast revenues and expenses; worldwide economic conditions; the Company's ability to maintain an adequate rate of growth; the Company's ability to effectively manage its growth; the Company's ability to attract new restaurant customers; the Company's ability to increase the number of visitors to its websites and mobile applications and convert those visitors into diners; the Company's ability to retain existing restaurant customers and diners or encourage repeat reservations; the effects of increased competition; the Company's ability to successfully enter new markets and manage its international expansion; the impact of the fluctuations in currency exchange rates; the Company's ability to successfully manage any acquisitions of businesses, solutions or technologies; interruptions in service and any related impact on the Company's reputation; costs associated with defending intellectual property infringement and other claims; and the impact of natural catastrophic events.  More information about potential factors that could affect the Company's business and financial results is contained in the Company's annual report on Form 10-K for the year ended December 31, 2012 and the Company's other filings with the SEC.  The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.

About OpenTable, Inc.

OpenTable is the world's leading provider of online restaurant reservations, seating over 12 million diners per month via online bookings across approximately 28,000 restaurants. The OpenTable network connects restaurants and diners, helping diners discover and book the perfect table and helping restaurants deliver personalized hospitality to keep guests coming back. The OpenTable service enables diners to see which restaurants have available tables, select a restaurant based on verified diner reviews, menus and other helpful information, and easily book a reservation. In addition to the Company's website and mobile apps, OpenTable powers online reservations for nearly 600 partners, including many of the Internet's most popular global and local brands. For restaurants, the OpenTable hospitality solutions enable them to manage their reservation book, streamline their operations and enhance their service levels. Since its inception in 1998, OpenTable has seated more than 490 million diners around the world.  The Company is headquartered in San Francisco, California, and the OpenTable service is available throughout the United States, as well as in Canada, Germany, Japan, Mexico and the UK. OpenTable also owns and operates toptable, the leading consumer destination site for restaurant reservations in the UK.  More information is available on http://www.opentable.com.

OpenTable, OpenTable.com, OpenTable logos, toptable and other service names are the trademarks of OpenTable, Inc. and/or its affiliates.

 

OPENTABLE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


 

 

 

 

 

 

 

 

 

June 30,


 

December 31,


 

2013


 

2012


 

(In thousands)

ASSETS


 

 

 

 

 

 

 

CURRENT ASSETS:


 

 

 

  Cash and cash equivalents

$              80,883


 

$            102,772

  Short-term investments

11,087


 

733

  Accounts receivable, net 

23,604


 

22,015

  Prepaid expenses and other current assets

5,079


 

2,924

  Deferred tax asset

16,506


 

14,353


 

 

 

 

           Total current assets

137,159


 

142,797


 

 

 

 

Property, equipment and software, net

28,436


 

21,271

Goodwill

59,850


 

46,304

Intangibles, net

17,830


 

15,226

Deferred tax asset

13,633


 

10,628

Other assets

941


 

1,021


 

 

 

 

TOTAL ASSETS

$            257,849


 

$            237,247


 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY


 

 

 

 

 

 

 

CURRENT LIABILITIES:


 

 

 

  Accounts payable and accrued expenses

$              11,100


 

$              13,847

  Accrued compensation

5,502


 

5,167

  Deferred revenue

2,345


 

1,563

  Deferred tax liability

315


 

107

  Dining rewards payable

32,766


 

27,611

           Total current liabilities

52,028


 

48,295


 

 

 

 

  Deferred revenue — non-current

1,945


 

2,054

  Deferred tax liability

4,186


 

3,268

  Income tax liability

15,369


 

15,639

  Other long-term liabilities

3,413


 

76


 

 

 

 

           Total liabilities

76,941


 

69,332


 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:


 

 

 

  Common stock

2


 

2

  Additional paid-in capital

236,273


 

211,408

  Treasury stock

(74,247)


 

(50,685)

  Accumulated other comprehensive income (loss)

(2,906)


 

861

  Retained earnings

21,786


 

6,329


 

 

 

 

           Total stockholders' equity

180,908


 

167,915


 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$            257,849


 

$            237,247

 

OPENTABLE, INC.

UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS


 

 

 

 

 

 

 

 

 

 

 

Three Months Ended


 

Six Months Ended


 

 

June 30,


 

June 30,


 

 

2013


 

2012


 

2013


 

2012


 

 

(In thousands, except per share amounts)


 

 

 

 

 

 

 

 

 

REVENUES


 

$         45,565


 

$         39,558


 

$        91,066


 

$       78,927


 

 

 

 

 

 

 

 

 

COSTS AND EXPENSES:


 

 

 

 

 

 

 

 

  Operations and support (1)


 

11,458


 

10,338


 

22,821


 

20,858

  Sales and marketing (1)


 

8,955


 

8,483


 

19,457


 

17,343

  Technology (1)


 

4,611


 

3,610


 

9,111


 

6,858

  General and administrative (1)


 

7,471


 

8,250


 

16,690


 

17,601


 

 

 

 

 

 

 

 

 

           Total costs and expenses


 

32,495


 

30,681


 

68,079


 

62,660


 

 

 

 

 

 

 

 

 

Income from operations


 

13,070


 

8,877


 

22,987


 

16,267

Other income, net


 

(2)


 

13


 

11


 

30


 

 

 

 

 

 

 

 

 

Income before taxes


 

13,068


 

8,890


 

22,998


 

16,297

Income tax expense 


 

4,752


 

3,145


 

7,541


 

5,736


 

 

 

 

 

 

 

 

 

NET INCOME


 

$           8,316


 

$           5,745


 

$        15,457


 

$       10,561


 

 

 

 

 

 

 

 

 

Net income per share:


 

 

 

 

 

 

 

 

  Basic


 

$           0.36


 

$           0.25


 

$         0.68


 

$        0.47

  Diluted


 

$           0.35


 

$           0.25


 

$         0.65


 

$        0.46


 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:


 

 

 

 

 

 

 

 

  Basic


 

22,826


 

22,578


 

22,882


 

22,557

  Diluted


 

23,747


 

23,169


 

23,772


 

23,164


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Stock-based compensation included in above line items:


 

 

 

 

 

 

  Operations and support


 

$                    223


 

$                    333


 

$                  246


 

$                 634

  Sales and marketing


 

579


 

1,375


 

1,706


 

2,756

  Technology


 

1,167


 

642


 

2,230


 

1,164

  General and administrative


 

1,309


 

2,903


 

3,689


 

6,623


 

 

$                 3,278


 

$                 5,253


 

$               7,871


 

$            11,177


 

 

 

 

 

 

 

 

 

Other Operational Data:


 

 

 

 

 

 

 

 

  Installed restaurants (at period end):


 

 

 

 

 

 

 

 

    North America


 

20,588


 

18,373


 

20,588


 

18,373

    International


 

7,686


 

6,664


 

7,686


 

6,664

    Total


 

28,274


 

25,037


 

28,274


 

25,037


 

 

 

 

 

 

 

 

 

  Seated diners (in thousands):


 

 

 

 

 

 

 

 

    North America


 

34,955


 

28,038


 

69,223


 

55,754

    International


 

3,271


 

2,244


 

6,359


 

4,498

    Total


 

38,226


 

30,282


 

75,582


 

60,252


 

 

 

 

 

 

 

 

 

  Headcount (at period end):


 

 

 

 

 

 

 

 

    North America


 

415


 

418


 

415


 

418

    International


 

159


 

161


 

159


 

161

    Total


 

574


 

579


 

574


 

579


 

 

 

 

 

 

 

 

 

Additional Financial Data:


 

 

 

 

 

 

 

 

  Revenues:


 

 

 

 

 

 

 

 

    North America


 

 

 

 

 

 

 

 

Reservation


 

$         23,752


 

$         19,721


 

$        47,244


 

$       38,935

Subscription


 

13,298


 

12,265


 

26,188


 

24,165

Other


 

2,676


 

2,486


 

5,739


 

5,095

Total North America Revenues


 

$         39,726


 

$         34,472


 

$        79,171


 

$       68,195

    International


 

 

 

 

 

 

 

 

Reservation


 

$           3,933


 

$           2,590


 

$         7,498


 

$        5,703

Subscription


 

1,755


 

1,662


 

3,547


 

3,302

Other


 

151


 

834


 

850


 

1,727

Total International Revenues


 

5,839


 

5,086


 

11,895


 

10,732

    Total Revenues


 

$         45,565


 

$         39,558


 

$        91,066


 

$       78,927


 

 

 

 

 

 

 

 

 

  Income (loss) from operations:


 

 

 

 

 

 

 

 

    North America


 

$         14,835


 

$         11,374


 

$        27,811


 

$       21,354

    International


 

(1,765)


 

(2,497)


 

(4,824)


 

(5,087)

    Total


 

$         13,070


 

$           8,877


 

$        22,987


 

$       16,267


 

 

 

 

 

 

 

 

 

  Depreciation and amortization:


 

 

 

 

 

 

 

 

    North America


 

$           3,136


 

$           1,859


 

$         5,685


 

$        3,548

    International


 

982


 

1,270


 

1,975


 

2,758

    Total


 

$           4,118


 

$           3,129


 

$         7,660


 

$        6,306


 

 

 

 

 

 

 

 

 

  Stock-based compensation:


 

 

 

 

 

 

 

 

    North America


 

$           2,903


 

$           4,791


 

$         7,110


 

$       10,226

    International


 

375


 

462


 

761


 

951

    Total


 

$           3,278


 

$           5,253


 

$         7,871


 

$       11,177

 

OPENTABLE, INC.

RECONCILIATION OF GAAP TO NON-GAAP OPERATING RESULTS


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended


 

Six Months Ended


 

 

June 30,


 

June 30,


 

 

2013


 

2012


 

2013


 

2012


 

 

(In thousands, except per share amounts)


 

 

 

 

 

 

 

 

 

Non-GAAP consolidated net income per share:


 

 

 

 

 

 

 

 

GAAP net income "as reported"


 

$         8,316


 

$         5,745


 

$        15,457


 

$        10,561

Add back: stock-based compensation expense


 

3,278


 

5,253


 

7,871


 

11,177

Income tax effect of stock-based compensation


 

(752)


 

(2,022)


 

(2,535)


 

(4,302)

Add back: acquisition-related expenses


 

327


 

51


 

417


 

51

Income tax effect of acquisition-related expenses


 

(123)


 

(19)


 

(157)


 

(19)

Add back: amortization of acquired intangibles


 

1,170


 

978


 

2,116


 

1,949

Income tax effect of amortization of intangibles


 

(254)


 

(259)


 

(524)


 

(515)


 

 

 

 

 

 

 

 

 

NON-GAAP CONSOLIDATED NET INCOME 


 

$        11,962


 

$         9,727


 

$        22,645


 

$        18,902


 

 

 

 

 

 

 

 

 

Non-GAAP diluted net income per share


 

$           0.50


 

$           0.42


 

$           0.95


 

$           0.82


 

 

 

 

 

 

 

 

 

Weighted average diluted shares outstanding


 

23,747


 

23,169


 

23,772


 

23,164


 

 

 

 

 

 

 

 

 

Non-GAAP consolidated operating income:


 

 

 

 

 

 

 

 

GAAP operating income "as reported"


 

$        13,070


 

$         8,877


 

$        22,987


 

$        16,267

Add back: stock-based compensation expense


 

3,278


 

5,253


 

7,871


 

11,177

Add back: acquisition-related expenses


 

327


 

51


 

417


 

51

Add back: amortization of acquired intangibles


 

1,170


 

978


 

2,116


 

1,949


 

 

 

 

 

 

 

 

 

NON-GAAP OPERATING INCOME


 

$        17,845


 

$        15,159


 

$        33,391


 

$        29,444


 

 

 

 

 

 

 

 

 

North America Adjusted EBITDA:


 

 

 

 

 

 

 

 

GAAP operating income "as reported"


 

$        14,835


 

$        11,374


 

$        27,811


 

$        21,354


 

 

 

 

 

 

 

 

 

Adjustments:


 

 

 

 

 

 

 

 

  Stock-based compensation expense


 

2,903


 

4,791


 

7,110


 

10,226

  Acquisition-related expense


 

327


 

51


 

417


 

51

  Amortization of acquired intangibles


 

814


 

88


 

1,400


 

176

  Depreciation and other amortization expense


 

2,322


 

1,771


 

4,285


 

3,372


 

 

 

 

 

 

 

 

 

           North America Adjusted EBITDA


 

$        21,201


 

$        18,075


 

$        41,023


 

$        35,179


 

 

 

 

 

 

 

 

 

International Adjusted EBITDA:


 

 

 

 

 

 

 

 

GAAP operating loss "as reported"


 

$        (1,765)


 

$        (2,497)


 

$        (4,824)


 

$        (5,087)


 

 

 

 

 

 

 

 

 

Adjustments:


 

 

 

 

 

 

 

 

  Stock-based compensation expense


 

375


 

462


 

761


 

951

  Amortization of acquired intangibles


 

356


 

890


 

716


 

1,773

  Depreciation and other amortization expense


 

626


 

380


 

1,259


 

985


 

 

 

 

 

 

 

 

 

           International Adjusted EBITDA


 

$          (408)


 

$          (765)


 

$        (2,088)


 

$        (1,378)


 

 

 

 

 

 

 

 

 

Consolidated Adjusted EBITDA:


 

 

 

 

 

 

 

 

GAAP operating income "as reported"


 

$        13,070


 

$         8,877


 

$        22,987


 

$        16,267


 

 

 

 

 

 

 

 

 

Adjustments:


 

 

 

 

 

 

 

 

  Stock-based compensation expense


 

3,278


 

5,253


 

7,871


 

11,177

  Acquisition-related expense


 

327


 

51


 

417


 

51

  Amortization of acquired intangibles


 

1,170


 

978


 

2,116


 

1,949

  Depreciation and other amortization expense


 

2,948


 

2,151


 

5,544


 

4,357


 

 

 

 

 

 

 

 

 

           Consolidated Adjusted EBITDA


 

$        20,793


 

$        17,310


 

$        38,935


 

$        33,801

 

OPENTABLE, INC.

RECONCILIATION OF GAAP TO NON-GAAP FORWARD-LOOKING GUIDANCE


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward-Looking Guidance


 

 

Three Months Ending


 

Twelve Months Ending


 

 

September 30, 2013


 

December 31, 2013


 

 

Range of Estimate


 

Range of Estimate


 

 

From


 

To


 

From


 

To


 

 

(In thousands, except per share amounts)


 

 

 

 

 

 

 

 

 

Non-GAAP consolidated net income per share:


 

 

 

 

 

 

 

 

GAAP net income


 

$         5,019


 

$         6,037


 

$        28,131


 

$        31,081

Add back: stock-based compensation expense


 

4,853


 

4,853


 

17,323


 

17,323

Income tax effect of stock-based compensation


 

(1,545)


 

(1,545)


 

(5,461)


 

(5,461)

Add back: acquisition-related expenses


 

-


 

-


 

417


 

417

Income tax effect of acquisition-related expenses


 

-


 

-


 

(126)


 

(126)

Add back: amortization of acquired intangibles


 

1,133


 

1,133


 

4,061


 

4,061

Income tax effect of amortization of intangibles


 

(377)


 

(377)


 

(1,224)


 

(1,224)


 

 

 

 

 

 

 

 

 

NON-GAAP CONSOLIDATED NET INCOME 


 

$         9,083


 

$        10,101


 

$        43,121


 

$        46,071


 

 

 

 

 

 

 

 

 

GAAP diluted net income per share


 

$           0.21


 

$           0.25


 

$           1.17


 

$           1.30

Non-GAAP diluted net income per share


 

$           0.38


 

$           0.42


 

$           1.80


 

$           1.92


 

 

 

 

 

 

 

 

 

Weighted average diluted shares outstanding


 

23,800


 

23,800


 

24,000


 

24,000


 

 

 

 

 

 

 

 

 

North America Adjusted EBITDA:


 

 

 

 

 

 

 

 

GAAP operating income


 

$        10,314


 

$        11,514


 

$        51,105


 

$        54,505


 

 

 

 

 

 

 

 

 

Adjustments:


 

 

 

 

 

 

 

 

  Stock-based compensation expense


 

4,431


 

4,431


 

15,631


 

15,631

  Acquisition-related expense


 

-


 

-


 

417


 

417

  Amortization of acquired intangibles


 

775


 

775


 

2,987


 

2,987

  Depreciation and other amortization expense


 

2,780


 

2,780


 

10,060


 

10,060


 

 

 

 

 

 

 

 

 

           North America Adjusted EBITDA


 

$        18,300


 

$        19,500


 

$        80,200


 

$        83,600


 

 

 

 

 

 

 

 

 

International Adjusted EBITDA:


 

 

 

 

 

 

 

 

GAAP operating loss


 

$        (2,452)


 

$        (2,052)


 

$        (8,275)


 

$        (7,175)


 

 

 

 

 

 

 

 

 

Adjustments:


 

 

 

 

 

 

 

 

  Stock-based compensation expense


 

422


 

422


 

1,692


 

1,692

  Amortization of acquired intangibles


 

358


 

358


 

1,074


 

1,074

  Depreciation and other amortization expense


 

672


 

672


 

2,709


 

2,709


 

 

 

 

 

 

 

 

 

           International Adjusted EBITDA


 

$        (1,000)


 

$          (600)


 

$        (2,800)


 

$        (1,700)


 

 

 

 

 

 

 

 

 

Consolidated Adjusted EBITDA:


 

 

 

 

 

 

 

 

GAAP operating income 


 

$         7,862


 

$         9,462


 

$        42,830


 

$        47,330


 

 

 

 

 

 

 

 

 

Adjustments:


 

 

 

 

 

 

 

 

  Stock-based compensation expense


 

4,853


 

4,853


 

17,323


 

17,323

  Acquisition-related expense


 

-


 

-


 

417


 

417

  Amortization of acquired intangibles


 

1,133


 

1,133


 

4,061


 

4,061

  Depreciation and other amortization expense


 

3,452


 

3,452


 

12,769


 

12,769


 

 

 

 

 

 

 

 

 

           Consolidated Adjusted EBITDA


 

$        17,300


 

$        18,900


 

$        77,400


 

$        81,900

 

 

 

SOURCE OpenTable, Inc.



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