[November 07, 2018] |
|
Quotient Technology Inc. Reports Third Quarter 2018 Financial Results
Quotient Technology Inc. (NYSE: QUOT), the leading data-driven digital
promotions and media company, today reported financial results for the
third quarter ended September 30, 2018.
"Our business is accelerating, driven by strong growth from our Retailer
iQ and Media solutions, coupled with a verified buyer audience base of
over 100 million, built from the largest source of online and offline
grocery shopper data," said Mir Aamir, President and CEO of Quotient.
"We continue to add new solutions and enhance our technology. Our
platform combining digital promotions, media and audience data, enables
CPG brands and retailers to effectively deliver digital marketing at
high ROI, and at scale. We are increasingly becoming CPGs' key digital
marketing partner, as they look to shift more of their $225 billion in
annual marketing spend from offline to digital."
Third Quarter 2018 Financial Results
-
Total revenue was $103.6 million in Q3 2018, an increase of 26% over
Q3 2017.
-
Revenues from promotions and media were $63.3 million and $40.3
million, respectively, compared to Q3 2017 revenues of $58.1 million
and $23.9 million, respectively.
-
GAAP net loss for Q3 2018 was $7.8 million, compared to net loss of
$10.8 million in Q3 2017.
-
Adjusted EBITDA was $16.4 million in Q3 2018, compared to $12.5
million in Q3 2017.
-
Transactions totaled 1.0 billion in Q3 2018, up 4% over Q3 2017.
Adjusted EBITDA, a non-GAAP measure, is reconciled to the corresponding
GAAP measure at the end of this release.
Business Highlights
Continued to Deliver Significant Revenue Growth
-
Media revenue in Q3 2018 grew 69% over Q3 2017 while Q3 2018 digital
coupon revenue from Retailer iQ, grew 17% over Q3 2017.
-
In Q3 2018, combined revenue from Retailer iQ and Media grew
over 39% compared to the same period a year ago, now representing 76%
of total revenue.
Deepening Retail Partnerships, Expanding Footprint
-
Expanded partnership with another top grocer in the U.S., marking our
fifth Retailer iQ partner to exclusively partner with us to power
their digital media. With this new retailer, Quotient is now the
exclusive media partner for retailers with combined annual grocery
sales of about $150 billion. As CPGs turn more toward digital, the
need to use data and target shoppers becomes greater. We believe that
our exclusive partnerships, coupled with our integrated marketing
technology, position us well for future revenue growth.
Continue to Add and Expand Solutions for Brands and Retailers
-
Enhanced our CRM technology for CPGs with the acquisition of
SavingStar. This gives CPGs the ability to run brand loyalty programs
with retailers and shoppers, at scale. With these programs, shoppers
are rewarded for repeat purchases of a brand across retailers over a
set time period.
-
We recently acquired Elevaate, adding sponsored search and product ads
to drive ecommerce sales on retailers' properties and elsewhere on the
web. Grocery retailers are investing heavily in ecommerce and we
already have retailers eager to add product search into their
ecommerce sites.
-
Brands are increasingly relying on Quotient Analytics, our self-serve
data and analytics platform. Clients have run over 34,000 reports
since its launch in Q2 2018. Quotient Analytics also helps brands
optimize future campaigns with over 1,000 measurement studies - and
growing - now in our database.
Influencer Brand Ahalogy Recognized by Top Independent Research Firm
-
Recently acquired social influencer company, Ahalogy, brings
high-performing paid social to Quotient's expanding media solutions,
helping overall growth.
-
Forrester Research, in its report ranking Influencer Marketing
solutions, The Forrester New Wave™: Influencer Marketing Solutions, Q4
2018, stated that Ahalogy is "the best fit for CPG and retail brands
and shopper marketers eager for full service." The report also noted
that many marketing organizations "want to settle on a single
long-term partner." For example, Del Monte, after working with a
number of agencies, chose Ahalogy as its partner almost a year ago.
The result: Del Monte says it saw ROI from its influencer programs
rise by over 300%.
Executed Purchase in Stock Buyback Program
In the third quarter, we used approximately $4.2 million in cash to
repurchase approximately 308,000 shares of our common stock.
Business Outlook
As of today, Quotient is providing the following business outlook.
For the fourth quarter 2018, total revenue is expected to be in the
range of $115.0 million to $120.0 million. Adjusted EBITDA for the
fourth quarter 2018 is expected to be in the range of $18.0 million to
$20.0 million.
For the full year 2018, total revenue is expected to be in the range of
$395.0 million to $400.0 million. Adjusted EBITDA for the full year 2018
is expected to be in the range of $59.0 million to $61.0 million.
A reconciliation of Adjusted EBITDA, a non-GAAP guidance measure, to a
corresponding GAAP measure is not available on a forward-looking basis
without unreasonable efforts due to the high variability and low
visibility of certain income and expenses items that are excluded in
calculating Adjusted EBITDA.
Conference Call Information
Management will host a conference call and live webcast to discuss the
Company's financial results and business outlook today at 4:30 p.m.
EDT/ 1:30 p.m. PDT. Questions that investors would like to see asked
during the call should be sent to [email protected].
To access the call, please dial (866) 393-4306, or outside the U.S.
(734) 385-2616, with Conference ID# 4790789 at least five minutes prior
to the 1:30 p.m. PDT start time. The live webcast and accompanying
presentation can be accessed on the Investor Relations section of the
Company website at: http://investors.quotient.com/.
A replay of the webcast will be available on the website following the
conference call.
Use of Non-GAAP Financial Measure
Quotient has presented Adjusted EBITDA, a non-GAAP financial measure, in
this press release, because it is a key measure used by Quotient's
management and Board of Directors to understand and evaluate core
operating performance and trends, to prepare and approve its annual
budget, to develop short and long-term operational plans, and to
determine bonus payouts. In particular, Quotient believes that the
exclusion of certain items of income and expenses in calculating
Adjusted EBITDA can provide a useful measure for period-to-period
comparisons of its core business. Additionally, Adjusted EBITDA is a key
financial metric used by the compensation committee of our Board of
Directors in connection with the determination of compensation for our
executive officers. Accordingly, Quotient believes that Adjusted EBITDA
provides useful information to investors and others in understanding and
evaluating Quotient's operating results in the same manner as Quotient's
management and Board of Directors.
Quotient defines Adjusted EBITDA as net income (loss) adjusted for
interest expense, provision for (benefit from) income taxes,
depreciation and amortization, stock-based compensation, change in fair
value of escrowed shares and contingent consideration, net, other income
(expense) net, charges related to Enterprise Resource Planning ("ERP")
Software implementation costs, certain acquisition related costs, and
restructuring charges. We exclude these items because we believe that
these items do not reflect expected future operating expenses.
Additionally, certain items are inconsistent in amounts and frequency
making it difficult to contribute to a meaningful evaluation of our
current or past operating performance.
Quotient's use of Adjusted EBITDA has limitations as an analytical tool
and should not be considered in isolation or as a substitute for
analysis of Quotient's financial results as reported under GAAP. Some of
these limitations are:
-
Although depreciation and amortization are non-cash expenses, the
assets being depreciated and amortized may have to be replaced in the
future, and Adjusted EBITDA does not reflect capital expenditure
requirements for such replacements or for new capital expenditure
requirements; and
-
Adjusted EBITDA does not reflect: (i) changes in, or cash requirements
for, working capital needs; (ii) interest and tax payments that may
represent a reduction in cash available to Quotient; (iii) the effects
of stock-based compensation, amortization of acquired intangible
assets, interest expense, other income (expense) net, provision for
(benefit from) income taxes, change in fair value of escrowed shares
and contingent consideration, net, charges related to ERP software
implementation costs, certain acquisition related costs, and
restructuring charges; and (iv) other companies, including companies
in its industry, may calculate Adjusted EBITDA or similarly titled
measures differently, which reduces its usefulness as a comparative
measure.
This non-GAAP financial measure is not intended to be considered in
isolation from, as substitute for, or as superior to, the corresponding
financial measures prepared in accordance with GAAP. Because of these
and other limitations, Adjusted EBITDA should be considered along with
other GAAP-based financial performance measures, including various cash
flow metrics, net income (loss), and Quotient's other GAAP financial
results.
For a reconciliation of this non-GAAP financial measure to the nearest
comparable GAAP financial measure, see "Reconciliation of Net Loss to
Adjusted EBITDA" included in this press release.
Forward-Looking Statements
This press release contains forward-looking statements concerning the
Company's current expectations and projections about future events and
financial trends affecting its business. Forward looking statements in
this press release include the Company's current expectations with
respect to revenues and Adjusted EBITDA for the fourth quarter and
fiscal year 2018; the Company's expectations for its offerings,
partnerships, pricing strategies and platforms; the Company's
expectations regarding the future demand and behavior of consumers,
retailers and CPGs; and the Company's expectations with respect to its
future investments and growth and ability to leverage its investments
and operating expenses. Forward-looking statements are based on the
Company's current plans, objectives, estimates, expectations and
intentions and inherently involve significant risks and uncertainties.
Actual results and the timing of events could differ materially from
those anticipated in such forward-looking statements as a result of
these risks and uncertainties, which include, without limitation, the
Company's ability to generate positive cash flow and become profitable;
the amount and timing of digital promotions by CPGs, which are affected
by budget cycles, economic conditions and other factors; the Company's
ability to adapt to changing market conditions, including the Company's
ability to adapt to changes in consumer habits, the Company's ability to
negotiate fee arrangements with CPGs and retailers; the Company's
ability to maintain and expand the use by consumers of digital
promotions on its platforms; the Company's ability to execute its media
strategy; the Company's ability to effectively manage its growth; the
performance of the Company's various products; the Company's ability to
successfully integrate acquired companies into its business; the
Company's ability to develop and launch new services and features; and
other factors identified in the Company's filings with the Securities
and Exchange Commission (the "SEC"), including its quarterly report on
Form 10-Q filed with the SEC on August 3, 2018 and future filings and
reports by the Company, including the company's Quarterly Report on Form
10-Q for the quarter ended September 30, 2018. Quotient disclaims any
obligation to update information contained in these forward-looking
statements whether as a result of new information, future events, or
otherwise and does not assume responsibility for the accuracy and
completeness of the forward-looking statements.
About Quotient Technology Inc.
Quotient
Technology Inc. (NYSE: QUOT) is the leading digital promotions,
media and analytics company using proprietary data to deliver
personalized digital coupons and ads to millions of shoppers daily. Our
core platform, Quotient
Retailer iQ™, connects to a retailer's point-of-sale system and
provides targeting and analytics for consumer packaged goods (CPG)
brands and retailers. Our distribution network also includes our Coupons.com app
and website, thousands of publishing partners and, in Europe, the Shopmium mobile
app. We serve hundreds of CPGs, such as Clorox, Procter & Gamble,
General Mills and Kellogg's, and retailers like Albertsons Companies,
CVS, Dollar General, Kroger and Walgreens. We operate Crisp
Mobile, which creates mobile ads aimed at shoppers, and Ahalogy,
a leading influencer marketing firm. Founded in 1998, Quotient is based
in Mountain View, California, with offices across the U.S., in
Bangalore, India; Paris and London. Learn more at Quotient.com,
and follow us on Twitter @Quotient.
Quotient, the Quotient logo, Quotient Retailer iQ, Shopmium, Ahalogy and
Savingstar are trademarks or registered trademarks of Quotient
Technology Inc. and its subsidiaries in the United States and other
countries. Other marks are the property of their respective owners.
|
|
|
|
|
QUOTIENT TECHNOLOGY INC.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
|
|
|
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
288,475
|
|
|
$
|
334,635
|
|
Short-term investments
|
|
|
40,160
|
|
|
|
59,902
|
|
Accounts receivable, net
|
|
|
106,217
|
|
|
|
81,189
|
|
Prepaid expenses and other current assets
|
|
|
11,973
|
|
|
|
8,737
|
|
Total current assets
|
|
|
446,825
|
|
|
|
484,463
|
|
Property and equipment, net
|
|
|
14,349
|
|
|
|
16,610
|
|
Intangible assets, net
|
|
|
61,852
|
|
|
|
46,490
|
|
Goodwill
|
|
|
109,196
|
|
|
|
80,506
|
|
Other assets
|
|
|
1,226
|
|
|
|
1,006
|
|
Total assets
|
|
$
|
633,448
|
|
|
$
|
629,075
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
9,755
|
|
|
$
|
6,090
|
|
Accrued compensation and benefits
|
|
|
11,551
|
|
|
|
13,914
|
|
Other current liabilities
|
|
|
42,333
|
|
|
|
35,538
|
|
Deferred revenues
|
|
|
7,634
|
|
|
|
6,276
|
|
Contingent consideration related to acquisitions
|
|
|
-
|
|
|
|
18,500
|
|
Total current liabilities
|
|
|
71,273
|
|
|
|
80,318
|
|
Other non-current liabilities
|
|
|
3,336
|
|
|
|
3,205
|
|
Contingent consideration related to acquisitions
|
|
|
16,874
|
|
|
|
-
|
|
Convertible senior notes, net
|
|
|
153,195
|
|
|
|
145,821
|
|
Deferred tax liabilities
|
|
|
1,999
|
|
|
|
1,690
|
|
Total liabilities
|
|
|
246,677
|
|
|
|
231,034
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock
|
|
|
1
|
|
|
|
1
|
|
Additional paid-in capital
|
|
|
703,794
|
|
|
|
686,025
|
|
Accumulated other comprehensive loss
|
|
|
(939
|
)
|
|
|
(700
|
)
|
Accumulated deficit
|
|
|
(316,085
|
)
|
|
|
(287,285
|
)
|
Total stockholders' equity
|
|
|
386,771
|
|
|
|
398,041
|
|
Total liabilities and stockholders' equity
|
|
$
|
633,448
|
|
|
$
|
629,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUOTIENT TECHNOLOGY INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited, in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues
|
|
$
|
103,591
|
|
|
$
|
81,950
|
|
|
$
|
279,902
|
|
|
$
|
229,022
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of revenues (1)
|
|
|
57,073
|
|
|
|
37,501
|
|
|
|
145,295
|
|
|
|
96,734
|
|
Sales and marketing (1)
|
|
|
22,782
|
|
|
|
22,002
|
|
|
|
67,142
|
|
|
|
67,456
|
|
Research and development (1)
|
|
|
11,974
|
|
|
|
12,255
|
|
|
|
36,722
|
|
|
|
38,149
|
|
General and administrative (1)
|
|
|
12,574
|
|
|
|
11,702
|
|
|
|
35,494
|
|
|
|
35,398
|
|
Change in fair value of escrowed shares and contingent
consideration, net
|
|
|
4,692
|
|
|
|
9,700
|
|
|
|
12,042
|
|
|
|
11,015
|
|
Total costs and expenses
|
|
|
109,095
|
|
|
|
93,160
|
|
|
|
296,695
|
|
|
|
248,752
|
|
Loss from operations
|
|
|
(5,504
|
)
|
|
|
(11,210
|
)
|
|
|
(16,793
|
)
|
|
|
(19,730
|
)
|
Interest expense
|
|
|
(3,373
|
)
|
|
|
-
|
|
|
|
(10,007
|
)
|
|
|
-
|
|
Other income (expense), net
|
|
|
1,267
|
|
|
|
276
|
|
|
|
3,475
|
|
|
|
537
|
|
Loss before income taxes
|
|
|
(7,610
|
)
|
|
|
(10,934
|
)
|
|
|
(23,325
|
)
|
|
|
(19,193
|
)
|
Provision for (benefit from) income taxes
|
|
|
195
|
|
|
|
(107
|
)
|
|
|
497
|
|
|
|
66
|
|
Net loss
|
|
$
|
(7,805
|
)
|
|
$
|
(10,827
|
)
|
|
$
|
(23,822
|
)
|
|
$
|
(19,259
|
)
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted
|
|
$
|
(0.08
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.25
|
)
|
|
$
|
(0.22
|
)
|
Weighted-average shares used to compute net loss per share, basic
and diluted
|
|
|
94,066
|
|
|
|
90,492
|
|
|
|
93,478
|
|
|
|
89,000
|
|
|
|
|
|
|
|
|
|
|
(1) The stock-based compensation expense included above was as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cost of revenues
|
|
$
|
571
|
|
|
$
|
521
|
|
|
$
|
1,690
|
|
|
$
|
1,457
|
|
Sales and marketing
|
|
|
1,689
|
|
|
|
1,832
|
|
|
|
5,024
|
|
|
|
4,858
|
|
Research and development
|
|
|
1,908
|
|
|
|
1,894
|
|
|
|
5,597
|
|
|
|
5,890
|
|
General and administrative
|
|
|
4,252
|
|
|
|
4,233
|
|
|
|
12,144
|
|
|
|
12,097
|
|
Total stock-based compensation
|
|
$
|
8,420
|
|
|
$
|
8,480
|
|
|
$
|
24,455
|
|
|
$
|
24,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUOTIENT TECHNOLOGY INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2018
|
|
2017
|
Cash flows from operating activities:
|
|
|
|
|
Net loss
|
|
$
|
(23,822
|
)
|
|
$
|
(19,259
|
)
|
Adjustments to reconcile net loss to net cash provided by
operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
17,226
|
|
|
|
13,280
|
|
Stock-based compensation
|
|
|
24,455
|
|
|
|
24,302
|
|
Amortization of debt discount and issuance cost
|
|
|
7,374
|
|
|
|
-
|
|
Loss on disposal of property and equipment
|
|
|
130
|
|
|
|
-
|
|
Allowance (recovery) for doubtful accounts
|
|
|
271
|
|
|
|
(548
|
)
|
Deferred income taxes
|
|
|
497
|
|
|
|
66
|
|
Change in fair value of escrowed shares and contingent
consideration, net
|
|
|
12,042
|
|
|
|
11,015
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
|
(20,185
|
)
|
|
|
(1,776
|
)
|
Prepaid expenses and other current assets
|
|
|
(2,520
|
)
|
|
|
(2,231
|
)
|
Accounts payable and other current liabilities
|
|
|
6,320
|
|
|
|
5,882
|
|
Payments for contingent consideration
|
|
|
(9,700
|
)
|
|
|
-
|
|
Accrued compensation and benefits
|
|
|
(2,857
|
)
|
|
|
(1,454
|
)
|
Deferred revenues
|
|
|
(1,026
|
)
|
|
|
718
|
|
Net cash provided by operating activities
|
|
|
8,205
|
|
|
|
29,995
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Purchases of property and equipment
|
|
|
(3,814
|
)
|
|
|
(4,383
|
)
|
Purchase of intangible assets
|
|
|
(13,046
|
)
|
|
|
-
|
|
Acquisitions, net of cash acquired
|
|
|
(26,628
|
)
|
|
|
(21,048
|
)
|
Purchase of short-term investments
|
|
|
(75,120
|
)
|
|
|
(64,685
|
)
|
Proceeds from maturity of short-term investment
|
|
|
94,862
|
|
|
|
109,250
|
|
Net cash (used in) provided by investing activities
|
|
|
(23,746
|
)
|
|
|
19,134
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Proceeds from issuances of common stock under stock plans
|
|
|
5,824
|
|
|
|
5,880
|
|
Payments for taxes related to net share settlement of equity awards
|
|
|
(10,449
|
)
|
|
|
(2,326
|
)
|
Repurchases and retirement of common stock under share repurchase
program
|
|
|
(10,971
|
)
|
|
|
-
|
|
Principal payments on promissory note and capital lease obligations
|
|
|
(232
|
)
|
|
|
(161
|
)
|
Payments for contingent consideration
|
|
|
(14,800
|
)
|
|
|
-
|
|
Net cash (used in) provided by financing activities
|
|
|
(30,628
|
)
|
|
|
3,393
|
|
Effect of exchange rates on cash and cash equivalents
|
|
|
9
|
|
|
|
(32
|
)
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(46,160
|
)
|
|
|
52,490
|
|
Cash and cash equivalents at beginning of period
|
|
|
334,635
|
|
|
|
106,174
|
|
Cash and cash equivalents at end of period
|
|
$
|
288,475
|
|
|
$
|
158,664
|
|
|
|
|
|
|
|
|
|
|
|
QUOTIENT TECHNOLOGY INC.
|
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND TRANSACTION DATA
|
(Unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net loss
|
|
$
|
(7,805
|
)
|
|
$
|
(10,827
|
)
|
|
$
|
(23,822
|
)
|
|
$
|
(19,259
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
8,420
|
|
|
|
8,480
|
|
|
|
24,455
|
|
|
|
24,302
|
|
Depreciation, amortization and other (1)
|
|
|
8,801
|
|
|
|
5,496
|
|
|
|
21,453
|
|
|
|
17,508
|
|
Change in fair value of escrowed shares and contingent
consideration, net
|
|
|
4,692
|
|
|
|
9,700
|
|
|
|
12,042
|
|
|
|
11,015
|
|
Interest expense
|
|
|
3,373
|
|
|
|
-
|
|
|
|
10,007
|
|
|
|
-
|
|
Other (income) expense, net
|
|
|
(1,267
|
)
|
|
|
(276
|
)
|
|
|
(3,475
|
)
|
|
|
(537
|
)
|
Provision for (benefit from) income taxes
|
|
|
195
|
|
|
|
(107
|
)
|
|
|
497
|
|
|
|
66
|
|
|
|
|
|
|
|
|
|
|
Total adjustments
|
|
$
|
24,214
|
|
|
$
|
23,293
|
|
|
$
|
64,979
|
|
|
$
|
52,354
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
16,409
|
|
|
$
|
12,466
|
|
|
$
|
41,157
|
|
|
$
|
33,095
|
|
|
|
|
|
|
|
|
|
|
Transactions (2)
|
|
|
1,026,025
|
|
|
|
986,671
|
|
|
|
3,007,468
|
|
|
|
2,575,179
|
|
|
|
|
|
|
|
|
|
|
(1) For the three and nine months ended September 30, 2018, Other
includes enterprise resource planning ("ERP") software
implementation costs of zero and $0.05 million, respectively,
certain acquisition related costs of $0.8 million and $1.5
million, respectively and restructuring charges of $1.3 million
and $2.7 million, respectively. For the three and nine months
September 30, 2017, Other includes ERP software implementation
costs of $0.5 million and $1.0 million respectively, certain
acquisition related costs of $0.4 million and $1.9 million,
respectively, and restructuring charges of zero and $1.3 million,
respectively.
|
|
|
(2) A transaction is any action that generates revenue, directly or
indirectly, including per item transaction fees, revenue sharing
fees, set up fees and volume-based fixed fees. Transactions exclude
self-generated retailer offers where no revenue is received.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005750/en/
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