How’s that Meet.me Sale Looking Now? Revenues $11.6 Million; Active Users Almost 4 Million in September
- MeetMe®, Inc. ( NYSE MKT : MEET ), reported earnings after the market closed today for the third quarter ended September 30, 2012.
Yes this is the same company that bought Meet.me from MostWantedDomains.com for $450,000 last year.
Here are the results:
- Third quarter Revenue totaled $11.6 million, up 1,148% year-over-year.
- Third quarter Revenue represents a 30% increase over the $8.9 million of Combined Revenue, a non-GAAP measure, of Quepasa and myYearbook during the same period a year ago.
- Net Loss Allocable To Common Shareholders totaled $2.6 million or 7 cents per basic and diluted share in the third quarter of 2012, compared with a Net Loss Allocable To Common Shareholders of $3.5 million or 22 cents per basic and diluted share during the third quarter of 2011.
- Adjusted EBITDA, a non-GAAP measure, totaled $95 thousand, an improvement from an Adjusted EBITDA loss of $852 thousand in the year ago period.
- Mobile revenue grew 34% sequentially to $1.8 million, and 200% versus the same period a year ago, and now accounts for 20% of MeetMe-platform revenue.
- International monthly active users increased 147% from June to 1.34 million in September following the launch of MeetMe in Spanish and Portuguese.
“MeetMe successfully completed the final milestones associated with the Quepasa-myYearbook merger, including the internationalization of the MeetMe web and mobile products and the transition of the Quepasa user-base to the MeetMe platform,” said John Abbott, CEO of MeetMe, Inc. ”We are now focused on continuing to expand our global footprint while at the same time monetizing our large and growing mobile audience.”
“International usage of MeetMe increased 147% in September compared to June.
Now one out of every two new registrations is international.
To continue this momentum, we look forward to expanding from three languages today to 13 languages over the course of the next five months,” noted Geoff Cook, COO of MeetMe, Inc.
“In addition to expanding our global footprint, we’ve increased the share of mobile revenue by more than 300% since Q4 2011 to 20% of MeetMe platform revenue. To continue this progress, we plan to launch a new subscription-based revenue stream in Q1 2013, as well as two new freemium products. To expand our mobile advertising revenue, we will be launching a feed-based advertising solution into our location-based Live Feed. We look forward to continuing to close the mobile vs. web monetization gap by leveraging both members’ increased willingness to purchase on the mobile platform and the dramatic levels of mobile engagement.”
Third Quarter 2012 Financial Highlights
- Revenue from Continuing Operations: MeetMe Revenue for the third quarter of 2012 was $11.6 million, up 1,148% from the $929 thousand recorded in the same period of 2011.
- Net Loss: MeetMe Net Loss Allocable To Common Shareholders for the third quarter of 2012 was $2.6 million or $0.07 per share, an improvement from the Net Loss Allocable To Common Shareholders of $3.5 million or $0.22 per share in the same period of 2011.
- Adjusted EBITDA: MeetMe Adjusted EBITDA for the third quarter of 2012 was $95 thousand or $0.00 per basic and diluted share, an improvement from an Adjusted EBITDA loss of $852 thousand or $0.05 per basic and diluted share, for the same period in 2011. (See the important discussion about the presentation of non-GAAP financial measures, and reconciliation to the most directly comparable GAAP financial measures, below.)
- Balance Sheet: MeetMe Cash and Cash Equivalents totaled $5.5 million at September 30, 2012.
Operating and Business Highlights
- Core Platform (MeetMe) monthly active users (MAUs) totaled 3.94 million as of September 30, 2012, an increase of 36% year-over-year.
- Core Platform daily active users (DAUs) totaled 1.11 million as of September 30, 2012, an increase of 23% year-over-year.
- Mobile MAUs were 1.95 million as of September 30, 2012, an increase of 71% year-over-year.
- MeetMe mobile applications were introduced in Spanish and Portuguese across the company’s major mobile platforms, including iPhone, iPad, and Android
- In September of 2012 MeetMe surpassed one million daily active users in the United States for the first time in its history.
- Mobile revenue grew 34% sequentially over the second quarter and 200% vs. the same period a year ago, to $1.8 million. Mobile Spotlight products launched in Q1 contributed to 45% of mobile revenue. Mobile now accounts for 20% of MeetMe-platform revenue.