Groupon just reported its financials for Q4 with what the company calls "stronger than expected" results, including a record Black Friday and Cyber Monday period.
Revenue grew to $917.2 million from $883.2 million in the same quarter in 2014 (up 9% YoY). As the company notes, this is above guidance of $815-865 million and above consensus of $846 million.
Non-GAAP earnings per share was $0.04 in Q4 (above guidance of -$0.01 to $0.01) and consensus of $0.00.
In North America, the company saw its eighth consecutive quarter of double-digit growth. Billings grew 11% year-over-year while revenue grew 13% and units increased 12%. Active customers grew to 25.9 million and active deals increased to nearly 350,000 in North America. They added nearly 650,000 active customers in North America in Q4 – the most added in 5 quarters.
Worldwide, active customers grew 3% to 48.9 million while active deals grew 97% to about 650,000. This includes the addition of about 70,000 coupons.
Here's the release in its entirety:
CHICAGO--(BUSINESS WIRE)-- Groupon, Inc. (NASDAQ: GRPN) today announced financial results for the quarter and fiscal year ended December 31, 2015.
"2015 saw sustained progress toward our vision of making Groupon the daily habit in local commerce," said CEO Rich Williams. "Following a stronger than expected fourth quarter, we enter 2016 with a continued focus on streamlining our global operations, reducing our reliance on low margin products in our shopping business and rekindling our customer acquisition efforts to set the stage for accelerated growth."
Fourth Quarter 2015 Summary
Gross billings, which reflect the total dollar value of customer purchases of goods and services, was $1.71 billion in the fourth quarter 2015, compared with $1.72 billion in the fourth quarter 2014. Gross billings declined 1% globally, but grew 4% 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 11%, EMEA declined 2% and Rest of World declined 7%.
Revenue was $917.2 million in the fourth quarter 2015, compared with $883.2 million in the fourth quarter 2014. Revenue increased 4% globally, or 9% 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 13%, EMEA increased 3% and Rest of World declined 8%.
Gross profit was $371.7 million in the fourth quarter 2015, compared with $378.1 million in the fourth quarter 2014. Gross profit declined 2% globally, but grew 4% excluding the unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter.
Adjusted EBITDA, a non-GAAP financial measure, was $67.0 million in the fourth quarter 2015, compared with $92.9 millionin the fourth quarter 2014.
Net loss attributable to common stockholders was $46.5 million, or $0.08 per share. Non-GAAP earnings attributable to common stockholders was $23.3 million, or $0.04 per share.
Operating cash flow for the trailing twelve months ended December 31, 2015 was $292.1 million. Free cash flow, a non-GAAP financial measure, was $233.5 million in the fourth quarter 2015, bringing free cash flow for the trailing twelve months ended December 31, 2015 to $208.1 million.
Cash and cash equivalents as of December 31, 2015 was $853.4 million and we had no outstanding borrowings under our revolving credit facility.
Full Year 2015 Summary
Gross billings was $6.3 billion in 2015, compared with $6.2 billion in 2014. Gross billings was approximately flat, but grew 8% excluding the unfavorable impact from year-over-year changes in foreign exchange rates throughout the year. On this F/X neutral basis, North America billings increased 12%, EMEA increased 3% and Rest of World was approximately flat.
Revenue was $3.1 billion in 2015, compared with $3.0 billion in 2014. Revenue grew 3% globally, or 9% excluding the unfavorable impact from year-over-year changes in foreign exchange rates throughout the year. On this F/X neutral basis,North America revenue increased 12%, EMEA increased 7% and Rest of World declined 6%.
Gross profit was $1.4 billion in 2015, compared with $1.5 billion in 2014. Gross profit declined 5%, but grew 2% excluding the unfavorable impact from year-over-year changes in foreign exchange rates throughout the year.
Adjusted EBITDA was $256.8 million in 2015, compared with $262.3 million in 2014.
Net earnings attributable to common stockholders were $20.7 million, or $0.03 per share. Earnings per share includes $0.19from discontinued operations, which was driven by the gain on our sale of a controlling stake in Ticket Monster. Non-GAAP earnings attributable to common stockholders was $91.0 million, or $0.14 per share.
Definitions and reconciliations of all non-GAAP financial measures are included below in the section titled "Non-GAAP Financial Measures" and in the accompanying tables.
Highlights
Units: Global units, defined as vouchers and products sold before cancellations and refunds, were approximately flat year-over-year at 62 million for the fourth quarter 2015. North America units increased 12%, EMEA units declined 3% and Rest of World units declined 31%.
Active deals: At the end of the fourth quarter 2015, on average, active deals were approximately 650,000 globally, with nearly 350,000 in North America. Both include approximately 70,000 Coupons.
Active customers: Active customers, or customers that have purchased a voucher or product within the last twelve months, grew 3% year-over-year, to 48.9 million as of December 31, 2015, comprising 25.9 million in North America, 15.4 million in EMEA, and 7.6 million in Rest of World.
Customer spend: Fourth quarter 2015 trailing twelve month billings per average active customer was $130, compared with$137 in the fourth quarter 2014.
Share Repurchase
During the fourth quarter 2015, Groupon repurchased 35,326,954 shares of its Class A common stock for an aggregate purchase price of $112.5 million, as of December 31, 2015. Up to $156.8 million of Class A common stock remained available for repurchase under Groupon's share repurchase program through August 2017. The timing and amount of any share repurchases are determined based on market conditions, share price and other factors, and the programs may be discontinued or suspended at any time.
Outlook
Groupon's outlook for 2016 reflects current foreign exchange rates, as well as expected marketing investments, continued progress on increasing Shopping margins, and a reduction of our international footprint. We continue to expect revenue of between $2.75 and $3.05 billion for the full year, and we are increasing the company's expected 2016 adjusted EBITDA range to between $80 million and $130 million. Moving forward, we are only providing annual Revenue and adjusted EBITDA guidance, which we will update quarterly.
Conference Call
A conference call will be webcast live today at 4:00 p.m. CST / 5:00 p.m. EST, and will be available on Groupon's investor relations website at http://investor.groupon.com. This call will contain forward-looking statements and other material information regarding the Company's financial and operating results.
Groupon encourages investors to use its investor relations website as a way of easily finding information about the company.Groupon promptly makes available on this website, free of charge, the reports that the company files or furnishes with the SEC, corporate governance information (including Groupon's Global Code of Conduct), and select press releases and social media postings. Groupon uses its investor relations site (investor.groupon.com) and its blog (https://www.groupon.com/blog) as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Non-GAAP Financial Measures
In addition to financial results reported in accordance with U.S. generally accepted accounting principles (U.S. GAAP), we have provided the following non-GAAP financial measures in this release and the accompanying tables: foreign exchange rate neutral operating results, adjusted EBITDA, non-GAAP net income attributable to common stockholders, non-GAAP earnings per share and free cash flow. These non-GAAP financial measures, which are presented on a continuing operations basis, are intended to aid investors in better understanding Groupon's current financial performance and its prospects for the future as seen through the eyes of management. We believe that these non-GAAP financial measures facilitate comparisons with our historical results and with the results of peer companies who present similar measures (although other companies may define non-GAAP measures differently than we define them, even when similar terms are used to identify such measures). However, non-GAAP financial measures are not intended to be a substitute for those reported in accordance with U.S. GAAP. For reconciliations of these measures to the most applicable financial measures under U.S. GAAP, see ''Non-GAAP Reconciliation Schedules'' and ''Supplemental Financial Information and Business Metrics'' included in the tables accompanying this release.
We exclude the following items from one or more of our non-GAAP financial measures:
Stock-based compensation. We exclude stock-based compensation because it is primarily non-cash in nature and we believe that non-GAAP financial measures excluding this item provide meaningful supplemental information about our operating performance and liquidity.
Acquisition-related expense (benefit), net. Acquisition-related expense (benefit), net is comprised of the change in the fair value of contingent consideration arrangements and external transaction costs related to business combinations, primarily consisting of legal and advisory fees. The composition of our contingent consideration arrangements and the impact of those arrangements on our operating results vary over time based on a number of factors, including the terms of our business combinations and the timing of those transactions. We exclude acquisition-related expense (benefit), net because we believe that non-GAAP financial measures excluding this item provide meaningful supplemental information about our operating performance and facilitate comparisons to our historical operating results.
Depreciation and amortization. We exclude depreciation and amortization expenses because they are non-cash in nature and we believe that non-GAAP financial measures excluding these items provide meaningful supplemental information about our operating performance and liquidity.
Interest and Other Non-Operating Items. Interest and other non-operating items include: interest income, interest expense, gains and losses related to minority investments, and foreign currency gains and losses. We exclude interest and other non-operating items from certain of our non-GAAP financial measures because we believe that excluding these items provides meaningful supplemental information about our core operating performance and facilitates comparisons to our historical operating results.
Items That Are Unusual in Nature or Infrequently Occurring. During the twelve months ended December 31, 2015, items that we believe to be unusual in nature or infrequently occurring were (a) charges related to our restructuring program, (b) the gain on our disposition of Groupon India, (c) the write-off of a prepaid asset related to a marketing program that was discontinued because the counterparty ceased operations and (d) the expense related to a significant increase in the contingent liability for our securities litigation matter. We exclude items that are unusual in nature or infrequently occurring because we believe that excluding those items provides meaningful supplemental information about our core operating performance and facilitates comparisons to our historical results.
Descriptions of the non-GAAP financial measures included in this release and the accompanying tables are as follows:
Foreign exchange rate neutral operating results show our current period operating results as if foreign currency exchange rates had remained the same as those in effect in the prior-year period. We present foreign exchange rate neutral information to facilitate comparisons to our historical operating results.
Adjusted EBITDA is a non-GAAP financial measure that we define as net income (loss) from continuing operations excluding income taxes, interest and other non-operating items, depreciation and amortization, stock-based compensation, acquisition-related expense (benefit), net and other items that are unusual in nature or infrequently occurring. Our definition of Adjusted EBITDA may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Adjusted EBITDA is a key measure used by our management and Board of Directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors.
Non-GAAP net income (loss) attributable to common stockholders and non-GAAP earnings (loss) per share adjust our net income (loss) attributable to common stockholders and earnings (loss) per share to exclude the impact of:
stock-based compensation,
amortization of acquired intangible assets,
acquisition-related expense (benefit), net,
items that are unusual in nature or infrequently occurring,
non-operating foreign currency gains and losses related to intercompany balances and reclassifications of cumulative translation adjustments to earnings as a result of business dispositions or country exits,
non-operating gains and losses from minority investments that we have elected to record at fair value with changes in fair value reported in earnings,
income (loss) from discontinued operations and
the income tax effect of those items.
We believe that excluding these items from our measures of non-GAAP net income (loss) attributable to common stockholders and non-GAAP earnings (loss) per share provides useful supplemental information for evaluating our operating performance and facilitates comparisons to our historical results by eliminating items that are non-cash in nature, relate to discrete events or are otherwise not indicative of the core operating performance of our ongoing business.
Free cash flow is a non-GAAP financial measure that comprises net cash provided by (used in) operating activities from continuing operations less purchases of property and equipment and capitalized software from continuing operations. We use free cash flow to conduct and evaluate our business because, although it is similar to cash flow from operations, we believe that it typically represents a more useful measure of cash flows because purchases of fixed assets, software developed for internal-use and website development costs are necessary components of our ongoing operations. Free cash flow is not intended to represent the total increase or decrease in Groupon's cash balance for the applicable period.
Note on Forward-Looking Statements
The statements contained in this release that refer to plans and expectations for the next quarter, the full year or the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve a number of risks and uncertainties, and actual results could differ materially from those discussed. The words ''may,'' will,'' should,'' ''could,'' ''expect,'' anticipate,'' ''believe,'' ''estimate,'' intend,'' ''continue'' and other similar expressions are intended to identify forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those included in the forward-looking statements include, but are not limited to, volatility in our revenue and operating results; risks related to our business strategy, including our strategy to grow our local marketplaces, marketing strategy and spend and the productivity of those marketing investments and the impact of our shift away from lower margin products in our Goods category; effectively dealing with challenges arising from our international operations, including fluctuations in currency exchange rates; retaining existing customers and adding new customers, including as we increase our marketing spend and shift away from lower margin products in our Goods category; retaining and adding high quality merchants; cyber security breaches; incurring expenses as we expand our business; competing successfully in our industry; maintaining favorable payment terms with our business partners; providing a strong mobile experience for our customers; delivery and routing of our emails; product liability claims; managing inventory and order fulfillment risks; integrating our technology platforms; litigation; managing refund risks; retaining, attracting and integrating members of our executive team; difficulties, delays or our inability to successfully complete all or part of the announced restructuring actions or to realize the operating efficiencies and other benefits of such restructuring actions; higher than anticipated restructuring charges or changes in the timing of such restructuring charges; completing and realizing the anticipated benefits from acquisitions, dispositions, joint ventures and strategic investments; tax liabilities; tax legislation; compliance with domestic and foreign laws and regulations, including the CARD Act and regulation of the Internet and e-commerce; classification of our independent contractors; maintaining our information technology infrastructure; protecting our intellectual property; maintaining a strong brand; seasonality; customer and merchant fraud; payment-related risks; our ability to raise capital if necessary and our outstanding indebtedness; global economic uncertainty; the impact of our ongoing strategic review and any potential strategic alternatives we may choose to pursue. For additional information regarding these and other risks and uncertainties, we urge you to refer to the factors included under the headings ''Risk Factors'' and ''Management's Discussion and Analysis of Financial Condition and Results of Operations'' in the company's Annual Report on Form 10-K for the ended December 31, 2015 and our other filings with the Securities and Exchange Commission, copies of which may be obtained by visiting the company's Investor Relations web site at http://investor.groupon.com or the SEC's web site at www.sec.gov. Groupon's actual results could differ materially from those predicted or implied and reported results should not be considered an indication of future performance.
You should not rely upon forward-looking statements as predictions of future events. Although Groupon believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither the company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. The forward-looking statements reflect Groupon's expectations as of February 11, 2016. Groupon undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in its expectations.
About Groupon
Groupon (NASDAQ: GRPN) is a global leader of local commerce and the place you start when you want to buy just about anything, anytime, anywhere. By leveraging the company's global relationships and scale, Groupon offers consumers a vast marketplace of unbeatable deals all over the world. Shoppers discover the best a city has to offer on the web or on mobile with Groupon Local, enjoy vacations with Groupon Getaways, and find a curated selection of electronics, fashion, home furnishings and more with Groupon Goods.
Groupon is redefining how traditional small businesses attract, retain and interact with customers by providing merchants with a suite of products and services, including customizable deal campaigns, credit card payment processing capabilities, and point-of-sale solutions that help businesses grow and operate more effectively. To search for great deals or subscribe to Groupon emails, visit www.Groupon.com. To download Groupon's top-rated mobile apps, visit www.groupon.com/mobile. To learn more about the company's merchant solutions and how to work with Groupon, visit www.GrouponWorks.com
Groupon, Inc.
Summary Consolidated and Segment Results
(in thousands, except share and per share amounts)
(unaudited)
The financial results of Ticket Monster, including the gain on disposition and related tax effects, are presented as discontinued operations in the accompanying condensed consolidated financial statements and tables for the three months and year endedDecember 31, 2015. Additionally, the assets and liabilities of Ticket Monster are presented as held for sale in the accompanying condensed consolidated balance sheet as of December 31, 2014. All prior period financial information and operational metrics have been retrospectively adjusted to reflect this presentation.
Three Months Ended
Year Ended
December 31,
December 31,
Y/Y % Growth
Y/Y % Growth
FX Effect
excluding
FX Effect
excluding
2015
2014
Y/Y % Growth
(2)
FX (2)
2015
2014
Y/Y % Growth
(2)
FX (2)
Gross Billings(1):
North America
$
1,050,361
$
948,579
10.7
%
$
(1,511
)
10.9
%
$
3,709,797
$
3,303,479
12.3
%
$
(5,415
)
12.5
%
EMEA
487,147
560,541
(13.1
)
(61,482
)
(2.1
)
1,794,354
2,046,807
(12.3
)
(317,640
)
3.2
Rest of World
169,484
215,549
(21.4
)
(31,574
)
(6.7
)
751,389
887,546
(15.3
)
(132,679
)
(0.4
)
Consolidated gross billings
$
1,706,992
$
1,724,669
(1.0
)
%
$
(94,567
)
4.5
%
$
6,255,540
$
6,237,832
0.3
%
$
(455,734
)
7.6
%
Revenue:
North America
$
622,647
$
550,974
13.0
%
$
(408
)
13.1
%
$
2,047,742
$
1,824,461
12.2
%
$
(1,351
)
12.3
%
EMEA
248,326
272,475
(8.9
)
(33,198
)
3.3
867,880
961,130
(9.7
)
(157,892
)
6.7
Rest of World
46,197
59,779
(22.7
)
(8,785
)
(8.0
)
203,894
256,532
(20.5
)
(36,932
)
(6.1
)
Consolidated revenue
$
917,170
$
883,228
3.8
%
$
(42,391
)
8.6
%
$
3,119,516
$
3,042,123
2.5
%
$
(196,175
)
9.0
%
Income (loss) from operations
$
(5,423
)
$
33,640
(116.1
)
%
$
(2,742
)
(108.0
)
%
$
(79,777
)
$
30,701
(359.9
)
%
$
(2,064
)
(353.1
)
%
Income (loss) from continuing operations
(32,552
)
26,566
(89,171
)
(18,473
)
Income (loss) from discontinued operations, net of tax (3)
(10,613
)
(15,182
)
122,850
(45,446
)
Net income (loss) attributable toGroupon, Inc.
$
(46,528
)
$
8,788
$
20,668
$
(73,090
)
Basic net income (loss) per share:
Continuing operations
$
(0.06
)
$
0.04
$
(0.16
)
$
(0.04
)
Discontinued operations
(0.02
)
(0.03
)
0.19
(0.07
)
Basic net income (loss) per share
$
(0.08
)
$
0.01
$
0.03
$
(0.11
)
Diluted net income (loss) per share:
Continuing operations
$
(0.06
)
$
0.04
$
(0.16
)
$
(0.04
)
Discontinued operations
(0.02
)
(0.03
)
0.19
(0.07
)
Diluted net income (loss) per share
$
(0.08
)
$
0.01
$
0.03
$
(0.11
)
Weighted average number of shares outstanding
Basic
607,517,010
671,885,967
650,106,225
674,832,393
Diluted
607,517,010
681,543,847
650,106,225
674,832,393
(1)
Represents the total dollar value of customer purchases of goods and services, excluding applicable taxes and net of estimated refunds.
(2)
Represents the change in financial measures that would have resulted had average exchange rates in the reporting periods been the same as those in effect during the three months and year ended December 31, 2014.
(3)
The $10.6 million loss presented within income (loss) from discontinued operations, net of tax, for the three months endedDecember 31, 2015 represents additional income tax expense attributed to discontinued operations, which resulted from the valuation allowance that was recognized during the period against the Company's net deferred tax assets in the United States.
Groupon, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended December 31,
Year Ended December 31,
2015
2014
2015
2014
Operating activities
Net income (loss)
$
(43,165
)
$
11,384
$
33,679
$
(63,919
)
Less: Income (loss) from discontinued operations, net of tax
(10,613
)
(15,182
)
122,850
(45,446
)
Income (loss) from continuing operations
(32,552
)
26,566
(89,171
)
(18,473
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property, equipment and software
28,807
25,414
113,048
94,145
Amortization of acquired intangible assets
4,956
4,708
19,922
20,896
Stock-based compensation
32,865
29,961
142,069
115,290
Restructuring-related long-lived asset impairments
6,922
—
7,267
—
Gain on disposition of business
—
—
(13,710
)
—
Deferred income taxes
6,267
(9,168
)
(8,985
)
(11,124
)
Excess tax benefits on stock-based compensation
(1,431
)
(3,407
)
(7,629
)
(15,980
)
Loss on equity method investments
—
—
—
459
Gain (loss) from changes in fair value of contingent consideration
508
(1,385
)
240
(2,444
)
Loss from changes in fair value of investments
829
—
2,943
—
Impairments of investments
—
—
—
2,036
Change in assets and liabilities, net of acquisitions:
Restricted cash
75
(491
)
4,630
7,195
Accounts receivable
6,960
10,280
13,313
(16,277
)
Prepaid expenses and other current assets
61,358
36,816
21,545
13,933
Accounts payable
9,545
(1,073
)
8,601
(14,046
)
Accrued merchant and supplier payables
142,069
155,991
40,217
54,921
Accrued expenses and other current liabilities
(1,174
)
11,117
56,040
(9,986
)
Other, net
(16,980
)
(12,057
)
(18,222
)
31,952
Net cash provided by (used in) operating activities from continuing operations
249,024
273,272
292,118
252,497
Net cash provided by (used in) operating activities from discontinued operations
(670
)
13,550
(37,248
)
36,327
Net cash provided by (used in) operating activities
248,354
286,822
254,870
288,824
Net cash provided by (used in) investing activities from continuing operations
(31,238
)
(35,175
)
(177,250
)
(152,818
)
Net cash provided by (used in) investing activities from discontinued operations
—
(714
)
244,470
(76,638
)
Net cash provided by (used in) investing activities
(31,238
)
(35,889
)
67,220
(229,456
)
Net cash provided by (used in) financing activities
(322,166
)
(21,088
)
(508,156
)
(194,156
)
Effect of exchange rate changes on cash and cash equivalents, including cash classified within current assets held for sale
(5,147
)
(13,100
)
(32,485
)
(33,771
)
Net increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale
(110,197
)
216,745
(218,551
)
(168,559
)
Less: Net increase (decrease) in cash classified within current assets held for sale
—
11,955
(55,279
)
55,279
Net increase (decrease) in cash and cash equivalents
(110,197
)
204,790
(163,272
)
(223,838
)
Cash and cash equivalents, beginning of period
963,559
811,844
1,016,634
1,240,472
Cash and cash equivalents, end of period
$
853,362
$
1,016,634
$
853,362
$
1,016,634
Groupon, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
Three Months EndedDecember 31,
Year Ended December 31,
2015
2014
2015
2014
Revenue:
Third party and other
$
345,260
$
367,902
$
1,372,533
$
1,501,011
Direct
571,910
515,326
1,746,983
1,541,112
Total revenue
917,170
883,228
3,119,516
3,042,123
Cost of revenue:
Third party and other
43,640
49,725
188,932
203,058
Direct
501,790
455,394
1,545,519
1,373,756
Total cost of revenue
545,430
505,119
1,734,451
1,576,814
Gross profit
371,740
378,109
1,385,065
1,465,309
Operating expenses:
Marketing
83,208
59,812
254,335
241,954
Selling, general and administrative
287,976
285,466
1,192,792
1,191,385
Restructuring charges
5,422
—
29,568
—
Gain on disposition of business
—
—
(13,710
)
—
Acquisition-related expense (benefit), net
557
(809
)
1,857
1,269
Total operating expenses
377,163
344,469
1,464,842
1,434,608
Income (loss) from operations
(5,423
)
33,640
(79,777
)
30,701
Other income (expense), net (1)
(3,393
)
(11,531
)
(28,539
)
(33,450
)
Income (loss) from continuing operations before provision (benefit) for income taxes
(8,816
)
22,109
(108,316
)
(2,749
)
Provision (benefit) for income taxes
23,736
(4,457
)
(19,145
)
15,724
Income (loss) from continuing operations
(32,552
)
26,566
(89,171
)
(18,473
)
Income (loss) from discontinued operations, net of tax
(10,613
)
(15,182
)
122,850
(45,446
)
Net income (loss)
(43,165
)
11,384
33,679
(63,919
)
Net income (loss) attributable to noncontrolling interests
(3,363
)
(2,596
)
(13,011
)
(9,171
)
Net income (loss) attributable to Groupon, Inc.
$
(46,528
)
$
8,788
$
20,668
$
(73,090
)
Basic net income (loss) per share:
Continuing operations
$
(0.06
)
$
0.04
$
(0.16
)
$
(0.04
)
Discontinued operations
(0.02
)
(0.03
)
0.19
(0.07
)
Basic net income (loss) per share
$
(0.08
)
$
0.01
$
0.03
$
(0.11
)
Diluted net income (loss) per share:
Continuing operations
$
(0.06
)
$
0.04
$
(0.16
)
$
(0.04
)
Discontinued operations
(0.02
)
(0.03
)
0.19
(0.07
)
Diluted net income (loss) per share
$
(0.08
)
$
0.01
$
0.03
$
(0.11
)
Weighted average number of shares outstanding
Basic
607,517,010
671,885,967
650,106,225
674,832,393
Diluted
607,517,010
681,543,847
650,106,225
674,832,393
(1)
Other income (expense), net includes foreign currency losses of $1.7 million and $11.4 million for the three months endedDecember 31, 2015 and 2014, respectively, and foreign currency losses of $23.8 million and $31.5 million for the year endedDecember 31, 2015 and 2014, respectively.
Groupon, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31,
2015
2014
Assets
Current assets:
Cash and cash equivalents
$
853,362
$
1,016,634
Accounts receivable, net
68,175
90,597
Prepaid expenses and other current assets
153,705
192,382
Current assets held for sale
—
85,445
Total current assets
1,075,242
1,385,058
Property, equipment and software, net
198,897
176,004
Goodwill
287,332
236,756
Intangible assets, net
36,483
30,609
Investments (including $163.7 million and $7.4 million at December 31, 2015 and December 31, 2014, respectively, at fair value)
178,236
24,298
Deferred income taxes
3,454
57,594
Other non-current assets
16,620<