Groupon reports Q1 earnings: Revenues of $559.3 million – Shares soar in after hours trading

Groupon reports Q1 earnings: Revenues of $559.3 million – Shares soar in after hours trading

Today Groupon released its first quarter earnings, marking the second time that it has done so since its initial public offering. The company had revenues of$559.3 million and earnings per share of $0.02 (non-GAAP). On a GAAP basis, the company lost $0.02 per share.

On a year by year basis, Groupon grew its revenues 89%, compared to the same quarter in 2011. Here’s what analysts, according to Bloomberg, had anticipated: Sales of $530.8 million are expected for the quarter, with a net loss of $28.9 million. As we noted previously, that anticipated sales figure would represent an 80% year over year rise.

According to the company, the total value of sold Groupon’s was up even more on a yearly basis:

Gross billings, which reflects the gross amounts collected from customers for Groupons sold, excluding any applicable taxes and net of estimated refunds, increased 103% to $1.35 billion in the first quarter 2012, compared with $668.2 million in the first quarter 2011.

Groupon grew more quickly overseas than in the North America region, but it still managed to grow nearly 75% (year over year), in its slower, and more saturated, home market. The company reported that it broached the 35 million active user mark during the quarter.

In after hours trading, the company is up sharply. Groupon rose in normal trading, up over 10% through most of the day. At the end of regular trading, the company’s stock was up 18.54%. Total for the day? Groupon is surging towards a +30% value change.

What follows is the full Groupon announcement:

Revenue increased 89% to $559.3 million in the first quarter 2012, compared with $295.5 million in the first quarter 2011. Gross billings, which reflects the gross amounts collected from customers for Groupons sold, excluding any applicable taxes and net of estimated refunds, increased 103% to $1.35 billion in the first quarter 2012, compared with $668.2 million in the first quarter 2011.

Operating income was $39.6 million in the first quarter 2012, which includes an expense of $28.0 million related to non-cash stock-based compensation. This compares with a loss from operations of $117.1 million in the first quarter 2011, which included stock-based expense of $18.9 million.

“We are pleased to report a record quarter that demonstrates our progress in unlocking the opportunity in local commerce for merchants and customers worldwide,” said Andrew Mason, CEO of Groupon.

Operating cash flow increased 367% to $83.7 million, compared with $17.9 million for the prior-year quarter. Free cash flow, a non-GAAP financial measure, was $70.6 million for the first quarter 2012. At the end of the quarter, Groupon had $1.2 billion in cash and cash equivalents and no long-term debt.

First quarter 2012 net loss attributable to common stockholders improved to $11.7 million, or a loss of $0.02 per share, from a net loss attributable to common stockholders of $146.5 million, or a loss of $0.48 per share, in the first quarter 2011. The net loss in the first quarter 2012 included $34.6 million in tax expense, or $0.05 per share. Non-GAAP earnings per share attributable to common stockholders for the first quarter 2012 improved to $0.02 versus a non-GAAP loss per share attributable to common stockholders of $0.41 for the first quarter 2011.

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