[February 13, 2018] |
|
Quotient Technology Inc. Reports Fourth Quarter and Full Year 2017 Financial Results
Quotient Technology Inc. (NYSE: QUOT), a leading data-driven digital
promotions and media company, today reported financial results for the
fourth quarter and full year ended December 31, 2017.
"We had a great fourth quarter and 2017, driven by growth in Retailer iQ
and media. Our platforms provide a measurable, digital solution for CPG
brands and retailers to influence shoppers, wherever and however they
shop," said Mir Aamir, President and CEO of Quotient. "We believe this
is a pivotal time for the CPG and retail industry as they face
increasing competitive pressures. Efforts around shopper marketing are
growing as brands look to spend dollars more efficiently to drive
profitable sales. We believe Quotient provides a suite of digital
commerce marketing solutions that fit perfectly with this new frontier
in digital marketing, and will serve as a catalyst for transformational
change going forward."
Fourth Quarter 2017 Financial Results
-
Total revenue was $93.1 million in Q4 2017, an increase of 23% over Q4
2016.
-
Revenues from promotions and media were $63.4 million and $29.7
million, respectively, compared to Q4 2016 revenues of $58.5 million
and $16.9 million, respectively.
-
GAAP net income for Q4 2017 was $4.2 million, compared to $3.5 million
in Q4 2016.
-
Adjusted EBITDA was $13.9 million in Q4 2017, an increase of 23% over
Q4 2016.
-
Transactions totaled 971 million in Q4 2017, up 40% over Q4 2016.
Full Year 2017 Financial Results
-
Total revenue was $322.1 million in 2017, an increase of 17% over 2016.
-
Revenues from promotions and media were $237.2 million and $84.9
million, respectively, compared to 2016 revenues of $212.1 million and
$63.1 million, respectively.
-
GAAP net loss for 2017 was $15.1 million, compared to loss of $19.5
million in 2016.
-
Adjusted EBITDA was $47.0 million in 2017, an increase of 45% over
2016.
-
Transactions totaled 3.5 billion in 2017, up 45% over 2016.
-
Generated $48.5 million in cash from operations in 2017, up from $21.8
million over 2016
Adjusted EBITDA, a non-GAAP measure, is reconciled to the corresponding
GAAP measure at the end of this release.
2017 Business Highlights
CPG brands shifted more dollars to digital
-
Total savings distributed on our network in 2017 was approximately
$5.4 billion, a 50% increase over 2016.
-
Revenue from Retailer iQ, our digital paperless platform, grew 32% in
Q4 2017 and 57% for full year 2017, over comparable year-over-year
periods.
-
CPG promotion revenue, which excludes specialty retail, grew 20% in Q4
2017 and 22% for full year 2017, over comparable year over year
periods.
Expanded audience reach, approaching half of all U.S. households
-
About 60 million shoppers are now registered to savings programs
powered by Retailer iQ, which represents about half of U.S. households.
-
Quotient ended the year with 28 retail banners live on Retailer iQ,
with 23 of those banners marketing their branded digital savings
programs. Through Retailer iQ, retailers can create a direct digital
relationship with their shoppers, sending them personalized and
targeted digital savings and media.
-
Early last year, we rolled out a new version of our Coupons.com app,
giving shoppers another way to add digital coupons directly to their
retailer savings accounts, and also giving them the ability to redeem
coupons by scanning receipts. According to ComScore, monthly average
visitors to Coupons.com mobile web and app were 18 million in the back
half of 2017. Engagement on Coupons.com properties provides another
important source of shopper data, including purchase intent, which is
valuable for targeting coupons and ads.
Media revenue accelerated in 2017, growing 35% over 2016
-
With our data-driven QMX platform and acquisition of Crisp Mobile, a
shopper marketing digital ad company, we have become a full-service
media solution for CPG brands and retailers, providing the technology,
creative design, and robust analytics that advertisers require to
measure campaign performance and ROI.
-
Our verified buyer audience grew to approximately 100 million, adding
more shopper data and insights that continually improve our targeting
capabilities to reach consumer segments based on brand preferences,
location, frequency and hundreds of other factors.
Business Outlook
As of today, Quotient is providing the following business outlook.
For the first quarter 2018, total revenue is expected to be in the range
of $83 million to $87 million. Adjusted EBITDA for the first quarter
2018 is expected to be in the range of $11 million to $13 million.
For the full year 2018, total revenue is expected to be in the range of
$379 million to $394 million. Adjusted EBITDA for the full year 2018 is
expected to be in the range of $65 million to $73 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 (844) 579-6824, or outside the U.S.
(763) 488-9145, with Conference ID# 2588629 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, one-time charge for certain distribution fees, change in fair
value of escrowed shares and contingent consideration, net, 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:
-
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) the potentially dilutive impact of
stock-based compensation; (iii) tax payments that may represent a
reduction in cash available to Quotient; (iv) the effects of
stock-based compensation, depreciation and amortization, interest
expense, other interest expense, other (income) expense net, provision
for (benefit from) income taxes, one-time charge for certain
distribution fees, 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; and (v) 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 first quarter and fiscal
year 2018; 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 audience reach
of our platforms; the Company's expectations regarding its targeted
promotions and targeted media offerings; the Company's expectation
regarding the success of expanding our shopper marketing and media
business; 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 November 3, 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 delivers personalized digital coupons and
ads-informed by proprietary shopper and online engagement data-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 (CPGs)
brands and retailers. Retailer iQ powers savings programs that reach
about half of all U.S. households. Our distribution network also
includes our Coupons.com app and website, thousands of publishing
partners and, in Europe, the Shopmium mobile app. We also operate Crisp
Mobile, which creates mobile ads aimed at shoppers. 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. Founded in 1998, Quotient is based
in Mountain View, California, and has offices across the U.S.,
in Bangalore, India; Paris and London. Learn more at Quotient.com,
and follow us on Twitter @Quotient.
Quotient, Quotient Retailer iQ, QMX and Shopmium are trademarks
of Quotient Technology Inc. All other marks are owned by their
respective owners.
|
QUOTIENT TECHNOLOGY INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited, in thousands)
|
|
|
|
|
|
|
|
December 31,
2017
|
|
December 31,
2016
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
334,635
|
|
|
$
|
106,174
|
|
Short-term investments
|
|
|
59,902
|
|
|
|
69,172
|
|
Accounts receivable, net
|
|
|
81,189
|
|
|
|
71,945
|
|
Prepaid expenses and other current assets
|
|
|
8,737
|
|
|
|
6,293
|
|
Total current assets
|
|
|
484,463
|
|
|
|
253,584
|
|
Property and equipment, net
|
|
|
16,610
|
|
|
|
16,376
|
|
Intangible assets, net
|
|
|
46,490
|
|
|
|
47,987
|
|
Goodwill
|
|
|
80,506
|
|
|
|
43,895
|
|
Other assets
|
|
|
1,006
|
|
|
|
914
|
|
Total assets
|
|
$
|
629,075
|
|
|
$
|
362,756
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
6,090
|
|
|
$
|
4,968
|
|
Accrued compensation and benefits
|
|
|
13,914
|
|
|
|
13,202
|
|
Other current liabilities
|
|
|
35,538
|
|
|
|
20,864
|
|
Deferred revenues
|
|
|
6,276
|
|
|
|
6,856
|
|
Contingent consideration related to acquisitions
|
|
|
18,500
|
|
|
|
-
|
|
Total current liabilities
|
|
|
80,318
|
|
|
|
45,890
|
|
Other non-current liabilities
|
|
|
3,205
|
|
|
|
2,548
|
|
Convertible senior notes, net
|
|
|
145,821
|
|
|
|
-
|
|
Deferred tax liabilities
|
|
|
1,690
|
|
|
|
2,569
|
|
Total liabilities
|
|
|
231,034
|
|
|
|
51,007
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock
|
|
|
1
|
|
|
|
1
|
|
Additional paid-in capital
|
|
|
686,025
|
|
|
|
647,474
|
|
Treasury stock, at cost
|
|
|
-
|
|
|
|
(96,574
|
)
|
Accumulated other comprehensive loss
|
|
|
(700
|
)
|
|
|
(748
|
)
|
Accumulated deficit
|
|
|
(287,285
|
)
|
|
|
(238,404
|
)
|
Total stockholders' equity
|
|
|
398,041
|
|
|
|
311,749
|
|
Total liabilities and stockholders' equity
|
|
$
|
629,075
|
|
|
$
|
362,756
|
|
|
QUOTIENT TECHNOLOGY INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited, in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues
|
|
$
|
93,093
|
|
|
$
|
75,422
|
|
|
$
|
322,115
|
|
|
$
|
275,190
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of revenues (1)
|
|
|
44,018
|
|
|
|
29,370
|
|
|
|
140,752
|
|
|
|
114,870
|
|
Sales and marketing (1)
|
|
|
25,377
|
|
|
|
24,940
|
|
|
|
92,833
|
|
|
|
92,596
|
|
Research and development (1)
|
|
|
11,860
|
|
|
|
12,084
|
|
|
|
50,009
|
|
|
|
50,503
|
|
General and administrative (1)
|
|
|
12,726
|
|
|
|
11,010
|
|
|
|
48,124
|
|
|
|
43,404
|
|
Change in fair value of escrowed shares and contingent
consideration, net
|
|
|
(5,500
|
)
|
|
|
(5,487
|
)
|
|
|
5,515
|
|
|
|
(6,450
|
)
|
Total costs and expenses
|
|
|
88,481
|
|
|
|
71,917
|
|
|
|
337,233
|
|
|
|
294,923
|
|
Net income (loss) from operations
|
|
|
4,612
|
|
|
|
3,505
|
|
|
|
(15,118
|
)
|
|
|
(19,733
|
)
|
Interest expense
|
|
|
(1,589
|
)
|
|
|
-
|
|
|
|
(1,589
|
)
|
|
|
-
|
|
Other income (expense), net
|
|
|
391
|
|
|
|
77
|
|
|
|
928
|
|
|
|
495
|
|
Net income (loss) before income taxes
|
|
|
3,414
|
|
|
|
3,582
|
|
|
|
(15,779
|
)
|
|
|
(19,238
|
)
|
Provision for (benefit from) income taxes
|
|
|
(768
|
)
|
|
|
48
|
|
|
|
(702
|
)
|
|
|
241
|
|
Net income (loss)
|
|
$
|
4,182
|
|
|
$
|
3,534
|
|
|
$
|
(15,077
|
)
|
|
$
|
(19,479
|
)
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.05
|
|
|
$
|
0.04
|
|
|
$
|
(0.17
|
)
|
|
$
|
(0.23
|
)
|
Diluted
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
$
|
(0.17
|
)
|
|
$
|
(0.23
|
)
|
Weighted-average shares used to compute net income (loss) per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
91,002
|
|
|
|
86,160
|
|
|
|
89,505
|
|
|
|
84,157
|
|
Diluted
|
|
|
95,679
|
|
|
|
89,520
|
|
|
|
89,505
|
|
|
|
84,157
|
|
|
|
|
|
|
|
|
|
|
(1) The stock-based compensation expense included above was as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cost of revenues
|
|
$
|
543
|
|
|
$
|
364
|
|
|
$
|
2,000
|
|
|
$
|
1,821
|
|
Sales and marketing
|
|
|
1,763
|
|
|
|
1,497
|
|
|
|
6,621
|
|
|
|
5,776
|
|
Research and development
|
|
|
2,059
|
|
|
|
1,558
|
|
|
|
7,949
|
|
|
|
7,286
|
|
General and administrative
|
|
|
3,585
|
|
|
|
3,220
|
|
|
|
15,682
|
|
|
|
13,403
|
|
Total stock-based compensation
|
|
$
|
7,950
|
|
|
$
|
6,639
|
|
|
$
|
32,252
|
|
|
$
|
28,286
|
|
|
QUOTIENT TECHNOLOGY INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited, in thousands)
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2016
|
Cash flows from operating activities:
|
|
|
|
|
Net loss
|
|
$
|
(15,077
|
)
|
|
$
|
(19,479
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
17,840
|
|
|
|
22,770
|
|
Stock-based compensation
|
|
|
32,252
|
|
|
|
28,286
|
|
Amortization of debt discount and issuance cost
|
|
|
1,148
|
|
|
|
-
|
|
Restructuring charge related to facility exit costs
|
|
|
2,074
|
|
|
|
-
|
|
Loss on disposal of property and equipment
|
|
|
85
|
|
|
|
476
|
|
Allowance for doubtful accounts
|
|
|
(655
|
)
|
|
|
652
|
|
Deferred income taxes
|
|
|
(702
|
)
|
|
|
241
|
|
One-time charge for certain distribution fees
|
|
|
-
|
|
|
|
7,435
|
|
Change in fair value of escrowed shares and contingent
consideration, net
|
|
|
5,515
|
|
|
|
(6,450
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
|
(4,382
|
)
|
|
|
(9,358
|
)
|
Prepaid expenses and other current assets
|
|
|
(2,553
|
)
|
|
|
1,360
|
|
Accounts payable and other current liabilities
|
|
|
12,834
|
|
|
|
(1,718
|
)
|
Accrued compensation and benefits
|
|
|
658
|
|
|
|
(1,914
|
)
|
Deferred revenues
|
|
|
(580
|
)
|
|
|
(486
|
)
|
Net cash provided by operating activities
|
|
|
48,457
|
|
|
|
21,815
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Purchases of property and equipment
|
|
|
(6,475
|
)
|
|
|
(6,281
|
)
|
Purchases of intangible assets
|
|
|
-
|
|
|
|
(106
|
)
|
Acquisitions, net of cash acquired
|
|
|
(21,048
|
)
|
|
|
-
|
|
Purchases of short-term investments
|
|
|
(114,239
|
)
|
|
|
(88,172
|
)
|
Proceeds from maturities of short-term investments
|
|
|
123,509
|
|
|
|
44,000
|
|
Net cash used in investing activities
|
|
|
(18,253
|
)
|
|
|
(50,559
|
)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Proceeds from borrowings on convertible senior notes, net of
issuance costs
|
|
|
193,763
|
|
|
|
-
|
|
Proceeds from issuances of common stock under stock plans
|
|
|
8,763
|
|
|
|
11,966
|
|
Payments for taxes related to net share settlement of equity awards
|
|
|
(4,012
|
)
|
|
|
-
|
|
Repurchase of common stock
|
|
|
-
|
|
|
|
(11,944
|
)
|
Principal payments on promissory note and capital lease obligations
|
|
|
(238
|
)
|
|
|
(48
|
)
|
Net cash provided by (used in) financing activities
|
|
|
198,276
|
|
|
|
(26
|
)
|
Effect of exchange rates on cash and cash equivalents
|
|
|
(19
|
)
|
|
|
(3
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
228,461
|
|
|
|
(28,773
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
106,174
|
|
|
|
134,947
|
|
Cash and cash equivalents at end of period
|
|
$
|
334,635
|
|
|
$
|
106,174
|
|
|
QUOTIENT TECHNOLOGY INC. RECONCILIATION OF NET LOSS
TO ADJUSTED EBITDA AND TRANSACTION DATA (Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income (loss)
|
|
$
|
4,182
|
|
|
$
|
3,534
|
|
|
$
|
(15,077
|
)
|
|
$
|
(19,479
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
7,950
|
|
|
|
6,639
|
|
|
|
32,252
|
|
|
|
28,286
|
|
Depreciation, amortization and other (1)
|
|
|
6,883
|
|
|
|
6,686
|
|
|
|
24,391
|
|
|
|
22,938
|
|
One-time charge for certain distribution fees
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,435
|
|
Change in fair value of escrowed shares and contingent
consideration, net
|
|
|
(5,500
|
)
|
|
|
(5,487
|
)
|
|
|
5,515
|
|
|
|
(6,450
|
)
|
Interest expense
|
|
|
1,589
|
|
|
|
-
|
|
|
|
1,589
|
|
|
|
-
|
|
Other (income) expense, net
|
|
|
(391
|
)
|
|
|
(77
|
)
|
|
|
(928
|
)
|
|
|
(495
|
)
|
Provision for (benefit from) income taxes
|
|
|
(768
|
)
|
|
|
48
|
|
|
|
(702
|
)
|
|
|
241
|
|
|
|
|
|
|
|
|
|
|
Total adjustments
|
|
$
|
9,763
|
|
|
$
|
7,809
|
|
|
$
|
62,117
|
|
|
$
|
51,955
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
13,945
|
|
|
$
|
11,343
|
|
|
$
|
47,040
|
|
|
$
|
32,476
|
|
|
|
|
|
|
|
|
|
|
Transactions (2)
|
|
|
971,115
|
|
|
|
691,310
|
|
|
|
3,546,294
|
|
|
|
2,445,455
|
|
|
|
|
|
|
|
|
|
|
(1) For the three and twelve months ended December 31, 2017, Other
includes: enterprise resource planning ("ERP") software
implementation costs of $0.2 million and $1.2 million, respectively,
certain acquisition related costs of zero and $1.9 million,
respectively, and restructuring charges of $2.1 million and $3.4
million, respectively. For the three and twelve months ended
December 31, 2016, Other includes: ERP software implementation costs
of $0.2 million. Acquisition related costs primarily represent
diligence, accounting, and legal expenses incurred related to the
Crisp acquisition and restructuring charges relate to facility exit
costs as well as severance for impacted employees which we generally
would not have otherwise incurred in the periods presented as part
of our ongoing operations.
|
|
|
|
|
|
|
|
|
|
(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.
|
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