Groupon(GRPN) - 2024 Q4 - Annual Results

Revenue Performance - Full year 2024 revenue was $492.6 million, down 4% compared to $514.9 million in 2023[4] - Full year gross billings totaled $1.6 billion, down 5% from $1.65 billion in 2023[3] - Fourth quarter 2024 revenue was $130.4 million, down 5% compared to the prior year period[6] - Revenue for Q4 2024 was $130,379,000, a decrease of 5.4% from $137,716,000 in Q4 2023[36] - Total revenue for Q4 2024 was $137.7 million, reflecting a decline of 5.3% compared to the previous year[41] Customer Metrics - Active customers as of December 31, 2024, were 15.4 million, a decrease of 6% year-over-year[6] - Active customers in North America remained stable at 10.3 million in Q4 2024, while international active customers decreased to 5.1 million[42] Profitability and Loss - Fourth quarter 2024 net loss was $50.1 million, compared to net income of $28.5 million in the prior year period[6] - Net loss attributable to Groupon, Inc. for Q4 2024 was $50,649,000, compared to a net income of $27,702,000 in Q4 2023[36] - Net income for Q4 2024 was a loss of $50,118 thousand, compared to a profit of $28,489 thousand in Q4 2023[38] - The company reported a basic net loss per share of $1.20 for Q4 2024, compared to a net income per share of $0.87 in Q4 2023[36] Operating Performance - Fourth quarter 2024 adjusted EBITDA was $18.7 million, down from $26.9 million in the prior year period[6] - Contribution profit for Q4 2024 was $75.6 million, down 14.0% year-over-year[41] - Adjusted EBITDA for Q4 2023 was $26,938, decreasing to $18,661 in Q4 2024[46] Cash Flow and Liquidity - Operating cash flow for the full year 2024 was $55.9 million, with free cash flow of $40.6 million[4] - The company exited Q4 2024 with $228.8 million in cash and cash equivalents[6] - Cash and cash equivalents increased to $228,843,000 in Q4 2024, compared to $141,563,000 in Q4 2023, a significant increase of 61.5%[34] - Free cash flow for Q4 2024 was $63.2 million, representing a 23.6% increase year-over-year[41] - Total net cash provided by operating activities for Q4 2024 was $66,963 thousand, an increase from $54,500 thousand in Q4 2023[38] Expenses - Operating expenses increased to $115,535,000 in Q4 2024, up from $104,657,000 in Q4 2023, representing a rise of 10.4%[36] - Marketing expenses for Q4 2024 were $42,620,000, an increase of 23.5% from $34,492,000 in Q4 2023[36] - Total depreciation and amortization for the year ended December 31, 2024 was $27,889 thousand, down from $43,401 thousand in 2023[38] - Depreciation and amortization expenses decreased from $10,902 in Q4 2023 to $6,504 in Q4 2024[46] Assets and Liabilities - Total current assets rose to $315,361,000 as of December 31, 2024, compared to $255,583,000 at the end of 2023, an increase of 23.4%[34] - Total liabilities decreased to $571,639,000 as of December 31, 2024, down from $611,268,000 at the end of 2023, a reduction of 6.5%[34] - The company’s total assets increased to $612,690,000 as of December 31, 2024, compared to $570,956,000 at the end of 2023, an increase of 7.1%[34] Segment Performance - North America Local billings grew 8% in Q4 2024, indicating a rebound from previous quarters[2] - The North America segment reported gross billings of $300.3 million in Q4 2024, with a year-over-year growth of 1.8%[41] - International segment gross billings totaled $136.1 million in Q4 2024, reflecting a decline of 8.7% year-over-year[41] - International revenue in Q4 2024 was $33.7 million, down 11% year-over-year, primarily due to exiting the Local business in Italy[13] Other Financial Metrics - Stock-based compensation for Q4 2024 was $9,052 thousand, significantly higher than $710 thousand in Q4 2023[38] - The company recorded a foreign currency gain of $34,837 thousand in Q4 2024, compared to a loss of $14,633 thousand in Q4 2023[38] - Net cash used in investing activities for Q4 2024 was $(3,742) thousand, a decrease from net cash provided of $15,568 thousand in Q4 2023[38] - Net cash provided by financing activities for Q4 2024 was $14,861 thousand, compared to a net cash used of $(4,737) thousand in Q4 2023[38]