MeetMe, Inc. (NASDAQ:MEET), a public market leader for social discovery, today reported financial results for its third quarter ended September 30, 2016.
Third Quarter 2016 Financial Highlights
| ● | Total revenue increased 20% year over year to a third quarter record $17.2 million. |
| ● | Mobile revenue increased 39% year over year to $16.0 million. |
| ● | Adjusted EBITDA increased 31% year over year to $6.9 million. (See the important discussion about the presentation of non-GAAP financial measures, and reconciliation to the most direct comparable GAAP financial measure, below.) |
| ● | Adjusted EBITDA margin increased to 40%, up from 37% in the third quarter of 2015. |
| ● | GAAP net income increased 316% year over year to $4.4 million, or $0.07 per diluted share. |
| ● | Non-GAAP net income increased 30% year over year to $6.2 million, or $0.10 per diluted share. |
| ● | Cash and Cash Equivalents totaled $46 million at September 30, 2016, an increase of 43% or $13.9 million from $32.1 million at June 30, 2016. |
Geoff Cook, Chief Executive Officer of MeetMe, stated, “Our strong quarterly results reflect continued solid growth in our mobile user engagement. MeetMe’s mobile daily active users for the quarter increased 18% year over year while our mobile monthly active users increased 32% year over year. Mobile ARPU also grew both sequentially and year over year.
“We made tremendous progress during the quarter on multiple fronts. We completed our acquisition of Skout on October 3rd and have begun executing against our integration plan. With our new Discuss platform, we increased comments and likes on topical posts by 70%. Our innovative team also made strides toward the launch of an exciting new mobile video product that is currently planned for the first quarter of 2017. Combined with Skout, MeetMe now has more than eight million monthly active users and one of the largest mobile user bases of millennials, and we remain focused on continuing to capitalize on this significant mobile opportunity.”
David Clark, Chief Financial Officer of MeetMe, added, “Mobile revenue for the quarter increased 39% year over year, driven by growth in mobile user engagement and continued strength in the mobile advertising industry, which resulted in higher advertising rates on mobile devices. Adjusted EBITDA increased 31% to $6.9 million for the quarter with a 40% adjusted EBITDA margin. We internally funded $5 million of stock buybacks which occurred in September and October, as well as the cash portion of our acquisition of Skout, which closed on October 3rd. Currently we have more than $14 million in cash on our balance sheet.”
Webcast and Conference Call Details
Management will host a webcast and conference call to discuss third quarter 2016 financial results today, November 7, 2016 at 8:00 a.m. Eastern time. To access the call dial 877-857-6149 (+1 719-325-4907 outside the United States) and when prompted provide the participant passcode 5252198 to the operator. In addition, a webcast of the conference call will be available live on the Investor Relations section of the Company’s website at www.meetmecorp.com and a replay of the webcast will be available for 90 days.
About MeetMe, Inc.
Through its MeetMe® and Skout® mobile apps and websites, MeetMe is a leading social network for meeting new people in the US and the public market leader for social discovery (NASDAQ: MEET). MeetMe makes it easy to discover new people to chat with on mobile devices. With approximately two million total daily active users, MeetMe is fast becoming the social gathering place for the mobile generation. MeetMe is a leader in mobile monetization with a diverse revenue model comprising advertising, user credits, and subscriptions. MeetMe’s apps are available on iPhone, iPad, and Android in multiple languages worldwide. For more information, please visit meetmecorp.com.
