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Spark Networks SE Provides Preliminary 1H 2020 Top Line Results and Increases Guidance for Fiscal YearBERLIN, Aug. 12, 2020 /PRNewswire/ -- Spark Networks SE (NYSE: LOV), the global leader in premium and community-based dating, today announced preliminary revenue for the first half of 2020 and increased its financial guidance for the current fiscal year. Preliminary revenue for 1H 2020 was $114 million (€103.4 million), exceeding management's prior expectation of $110 to $112 million (€93 to €95 million). The Company anticipates total revenue for the 2020 fiscal year to be $224 to $228 million (€190 to €193 million) vs. prior guidance of $212 to $220 million (€180 to €186 million). Management also anticipates 2020 Adjusted EBITDA to be between $34 to $36 million (€29 to €31 million) vs. prior guidance of $30 to $34 million (€25 to €29 million). "We are pleased with our topline performance in the first half of 2020, demonstrating our business' resilience during the Covid-19 pandemic," said Eric Eichmann, Chief Executive Officer. "Our new 2020 guidance reflects increased confidence in Spark's ability to successfully execute our 2020 plan." Preliminary Financial Information The estimated financial results for the second half of 2020 set forth in this press release are preliminary, unaudited and subject to completion, reflect management's current views and may change as a result of management's review of results and other factors. Such preliminary results are subject to the finalization and closing of Spark Networks' accounting books and records and should not be viewed as a substitute for full financial statements. Neither Spark Networks' independent registered public accounting firm nor any other independent registered public accounting firm has audited, reviewed or compiled, examined or performed any procedures with respect to the preliminary results, nor have they expressed any opinion or any other form of assurance on the preliminary results. The final results for the second half of 2020 may vary materially from the preliminary financial information included in this press release. *Adjusted EBITDA: Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization ("Adjusted EBITDA") is not a measure defined by International Financial Reporting Standards ("IFRS"). The most directly comparable IFRS measure for Adjusted EBITDA is our net (loss)/profit for the relevant period. This measure is one of the primary metrics by which we evaluate the performance of our businesses, budget, forecast and compensate management. We believe this measure provides management and investors with a consistent view, period to period, of the core earnings generated from ongoing operations and excludes the impact of items that we do not consider representative of our ongoing operating performance. This includes: (i) items such as share-based compensation, asset impairments, gains or losses on foreign currency transactions and interest expense, and (ii) items related to acquisitions or other costs that are non-recurring, infrequent, or unusual in nature including gains realized upon sublease commencement, transaction and advisory fees, merger integration costs, other employee payments, and severance. Adjusted EBIDA should not be construed as a substitute for net (loss) / profit (as determined in accordance with IFRS) for the purpose of analyzing our operating performance or financial position, as Adjusted EBITDA is not defined by IFRS. Statements regarding our anticipation of 2020 Adjusted EBITDA do not include certain charges and costs. The adjustments to EBITDA in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, including (i) items such as share-based compensation, asset impairments, gains or losses on foreign currency transactions and interest expense, and (ii) items related to acquisitions or other costs that are non-recurring, infrequent, or unusual in nature including transaction and advisory fees, merger integration costs, other employee payments, and severance. The exclusion of these charges and costs in future periods will have a significant impact on our Adjusted EBITDA. We are not able to provide a reconciliation of our non-IFRS financial guidance to the corresponding IFRS measures without unreasonable effort because of the uncertainty and variability of the nature and amount of these future charges and costs. Foreign Currency Exchange Rate: Euro guidance referenced in this release applied a Euro to USD conversion of rate of 1-1.18, which reflects the conversion rate as of August 10, 2020. Prior Euro guidance referenced in this release, which used a Euro to USD conversion rate of 1-1.10, has been adjusted to reflect the current conversion rate of 1-1.18 as of August 10, 2020. Safe Harbor Statement: About Spark Networks SE: Investors:
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