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Quotient Technology Inc. Reports Third Quarter 2017 Financial ResultsQuotient Technology Inc. (NYSE: QUOT), a leading digital promotions, media and analytics company that connects brands, retailers, and shoppers, today reported financial results for third quarter ended September 30, 2017. "We delivered a strong third quarter with 23% revenue growth over last year, driven by continued growth in Retailer iQ and an acceleration in our data-driven media business," said Mir Aamir, President and CEO of Quotient. "Retailers continue to fuel shopper demand on the platform, driving significant sales growth in a highly competitive retail environment. Brands continue to shift more dollars from offline to Quotient's digital solutions. Early evidence suggests we can accelerate the shift even further with new ROI-based pricing strategies. This is an exciting time. The vision we embarked on several years ago is coming to life as we further establish ourselves as a key digital commerce partner for CPG brands and retailers." Aamir added, "I'd like to welcome Michelle McKenna-Doyle to our Board of Directors. Michelle brings deep industry expertise in digital media and technology, and will be a valuable resource for the company." Third Quarter 2017 Financial Results
Adjusted EBITDA, a non-GAAP measure, is reconciled to the corresponding GAAP measure at the end of this release. Third Quarter 2017 Business Highlights Retailer iQ Delivers Continued Growth
Retailers and Brands Benefit From Increased Sales and Marketing Efficiency
Accelerated Growth in Data-Driven Media Solution
Business Outlook As of today, Quotient is providing the following business outlook. For the fourth quarter 2017, total revenue is expected to be in the range of $90.0 million to $94.0 million. Adjusted EBITDA for the fourth quarter 2017 is expected to be in the range of $12.0 million to $15.0 million. For the full year 2017, total revenue is expected to be in the range of $319.0 million to $323.0 million, or approximately 17% growth over full year 2016. Adjusted EBITDA for the full year 2017 is expected to be in the range of $45.1 million to $48.1 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. Michelle McKenna-Doyle Appointed to Board of Directors The Company appointed Michelle McKenna-Doyle to the Board of Directors, effective October 30, 2017. Michelle McKenna-Doyle has served as Senior Vice President and Chief Information Officer of the NFL since September 2012. She is executive sponsor of the NFL Women's Interactive Network, and was awarded a Game Changer Award by Sports Business Journal. Prior to joining the NFL, Ms. McKenna-Doyle served as Senior Vice President and Chief Information Officer at Constellation Energy Group, Inc., and President of Vision Interactive Media Group, Inc., a global digital interactive media solutions provider. She currently serves on the Board of Directors of RingCentral, Inc., (RNG) a leading provider of global enterprise cloud communications and collaboration solutions, and comScore, Inc., (SCOR) a leading cross-platform measurement company that measures audiences, brands and consumer behavior. A full bio can be found on the Board of Directors page of Quotient.com. 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 (844) 579-6824, or outside the U.S. (763) 488-9145, with Conference ID# 95847077 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 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 stock-based compensation, depreciation and amortization, interest expense, other income (expense) net, provision for (benefit from) income taxes, net change in fair value of escrowed shares and contingent consideration, charges related to Enterprise Resource Planning Software implementation costs, certain acquisition related costs, and restructuring charges. 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:
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 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 2017; the Company's expectations for the continued scaling and growth of the Retailer iQ digital platform, including expectations on its ability to grow, perform, and meet the expectations of consumers, retailers and CPGs; the Company's expectations regarding the future demand and behavior of consumers, retailers and CPGs, including the shift to digital; the Company's expectations for Quotient Media Exchange, including expectations regarding the potential reach of the product; the Company's expectations regarding its targeted promotions and targeted media offerings, our expectation regarding our new pricing strategies, and shopper marketing; the Company's expectations for the Coupons.com mobile app; 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 should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available to the Company's management at the date of this press release and its management's good faith belief as of such date with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, the Company's financial performance, including its revenues, margins, costs, expenditures, growth rates and operating expenses, and its 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 impact of mobile on the Company's platform; 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 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 4, 2017. Additional information will also be set forth in the Company's future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that the Company makes with the SEC. Quotient disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise. About Quotient Technology Inc. Quotient Technology Inc. (NYSE: QUOT) is a leading digital promotions, media and analytics company that connects brands, retailers and consumers. We distribute digital offers and media through a variety of products, including digital paperless coupons, digital printable coupons, coupon codes and card-linked offers. We operate Quotient Retailer iQ™, a real-time digital coupon platform that connects into a retailer's point-of-sale system and provides targeting and analytics for manufacturers and retailers. Our distribution network includes our flagship app and site, Coupons.com, as well as Grocery iQ®, our thousands of publisher partners and, in Europe, the Shopmium mobile app. We also operate Crisp Mobile, which delivers mobile marketing campaigns. We serve hundreds of consumer packaged goods companies, such as Clorox, Procter & Gamble, General Mills and Kellogg's, as well as top retailers like Albertsons Companies, CVS, Dollar General, Kroger and Walgreens. Founded in 1998, Quotient is based in Mountain View, Calif. Learn more at Quotient.com, and follow us on Twitter @Quotient. Quotient Technology Inc., Quotient Retailer iQ, Coupons.com, Grocery iQ, Shopmium and Crisp Media are trademarks of Quotient Technology Inc. All other marks are owned by their respective owners.
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