The Meet Group Reports Third Quarter 2019 Financial Results

NEW HOPE, Pa.–(BUSINESS WIRE)–The Meet Group, Inc. (NASDAQ: MEET), a leading provider of interactive livestreaming solutions, today reported financial results for its third quarter ended September 30, 2019.

Third Quarter 2019 Financial Highlights

  • Total revenue of $52.6 million, up 15% from the prior year quarter.
  • GAAP net income of $3.0 million, or $0.04 per diluted share, compared to a GAAP net income of $1.3 million or $0.02 per diluted share in the prior year quarter.
  • Adjusted EBITDA of $11.0 million, compared to Adjusted EBITDA of $8.7 million in the prior year quarter.
  • Non-GAAP net income of $10.1 million, or $0.13 per diluted share, compared to $7.6 million, or $0.10 per diluted share, in the prior year quarter.

(See the important discussion about the presentation of non-GAAP financial measures, and reconciliation to the most direct comparable GAAP financial measures, below.)

“We had a strong third quarter and we are off to a good start in the fourth quarter,” said Geoff Cook, Chief Executive Officer of The Meet Group. “Our product strategy and execution contributed to growing revenue and adjusted EBITDA, resulting in record-high free cash flow in the third quarter that we used to repurchase our stock. With the launch of Streamer Levels and one-on-one video chat, we are giving users even more reasons to engage in video. Just last week we further expanded our product portfolio with the launch of NextDate, our new livestreaming dating game. While early, in markets where NextDate is available, we’re seeing an approximately 20% increase in daily video users versus September, the month prior to launch.

“Video revenue for the third quarter grew approximately 85% from the prior year quarter to $20.3 million,” continued Cook. “Global average revenue per daily active video user was $0.27 cents in the quarter, and across our apps we had an average of 829,000 daily video users (20% of our total mobile daily active users where video is available). We expect to grow video revenue in the fourth quarter by 10-16% sequentially as new products and features contribute to increasing user engagement. Video revenue in October exceeded video revenue in every month of the third quarter. Furthermore the Company expects November and December video revenue to continue to increase from October.

“Advertising results for the quarter were also solid. Mobile ad revenue, which comprises approximately 90% of our total advertising revenue, grew year-over-year for the first time since the first quarter of 2017. We believe this progress sets the stage for continued positive momentum in the fourth quarter of 2019 and throughout 2020.

“In the third quarter we repurchased 3.4 million shares of our stock for $12 million, directing 100% of our free cash flow in the quarter toward repurchases. Since authorizing our share repurchase plan in June 2019, the Company has repurchased $17.7 million (4.8 million shares) through November 5, 2019. We expect to continue to repurchase shares pursuant to our share repurchase program.

“Looking to the fourth quarter and longer term, we believe we have compelling products that position us well for future growth. We remain confident that our product pipeline and capital allocation strategy will continue to deliver value to our shareholders.”

Third Quarter Financial Results

For the third quarter of 2019, the Company reported revenue of $52.6 million, an increase of $6.9 million, or 15%, from $45.7 million in the third quarter of 2018. GAAP net income for the third quarter of 2019 was $3.0 million, or $0.04 per diluted share, compared to GAAP net income of $1.3 million or $0.02 per diluted share in the third quarter of 2018. Adjusted EBITDA for the third quarter of 2019 was $11.0 million, compared to $8.7 million in the third quarter of 2018. Non-GAAP net income for the third quarter of 2019 was $10.1 million, or $0.13 per diluted share, compared to $7.6 million, or $0.10 per diluted share, in the third quarter of 2018.

The Company ended the quarter with $27.5 million in cash and cash equivalents.

Company Outlook

The Company is providing the following outlook for the fourth quarter and full year 2019.

Fourth quarter 2019:

  • Revenue in the range of $56.9 million to $58.4 million.
  • Adjusted EBITDA in the range of $12.6 million to $13.1 million.

Full year 2019:

  • Revenue in the range of $211.0 million to $212.5 million
  • Adjusted EBITDA in the range of $41.5 million to $42.0 million.

THE MEET GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

(Unaudited)

 

 

 

September 30,

2019

 

December 31,

2018

Assets:

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$

27,488,790

 

 

$

28,365,725

 

Accounts receivable, net of allowance of $600,070 and $383,579 as of September 30, 2019 and December 31, 2018, respectively

23,922,049

 

 

27,148,484

 

Prepaid expenses and other current assets

5,177,333

 

 

4,911,057

 

Total current assets

56,588,172

 

 

60,425,266

 

Goodwill

155,307,593

 

 

148,132,873

 

Property and equipment, net

3,832,875

 

 

4,633,764

 

Operating lease right-of-use assets

4,995,799

 

 

 

Intangible assets, net

31,444,141

 

 

36,558,439

 

Deferred taxes

15,380,576

 

 

15,648,572

 

Other assets

1,541,514

 

 

2,453,255

 

Total assets

$

269,090,670

 

 

$

267,852,169

 

Liabilities and Stockholders’ Equity:

 

 

 

Current Liabilities:

 

 

 

Accounts payable

$

4,672,207

 

 

$

9,071,193

 

Accrued liabilities

20,070,961

 

 

19,112,303

 

Current portion of long-term debt, net

3,500,000

 

 

18,566,584

 

Current portion of finance lease obligations

12,913

 

 

134,067

 

Current portion of operating lease liabilities

2,138,029

 

 

 

Deferred revenue

4,071,239

 

 

4,620,690

 

Total current liabilities

34,465,349

 

 

51,504,837

 

Long-term finance lease obligations

8,323

 

 

58,683

 

Long-term debt, net

31,251,928

 

 

18,087,956

 

Long-term operating lease liabilities

2,900,105

 

 

 

Long-term derivative liability

636,612

 

 

940,216

 

Other liabilities

871,084

 

 

39,651

 

Total liabilities

70,133,401

 

 

70,631,343

 

Commitments and contingencies

 

 

 

Stockholders’ Equity:

 

 

 

Preferred stock, $0.001 par value; authorized – 5,000,000 shares; no shares issued and outstanding as of September 30, 2019 and December 31, 2018

 

 

 

Common stock, $0.001 par value; authorized – 100,000,000 shares; 72,834,032 and 74,697,526 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively

72,834

 

 

74,700

 

Additional paid-in capital

428,106,985

 

 

419,455,818

 

Accumulated deficit

(226,077,248

)

 

(220,276,025

)

Accumulated other comprehensive loss

(3,145,302

)

 

(2,033,667

)

Total stockholders’ equity

198,957,269

 

 

197,220,826

 

Total liabilities and stockholders’ equity

$

269,090,670

 

 

$

267,852,169

 

THE MEET GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2019

 

2018

 

2019

 

2018

Revenues

$

52,621,250

 

 

$

45,716,053

 

 

$

154,134,591

 

 

$

126,155,591

 

Operating costs and expenses:

 

 

 

 

 

 

 

Sales and marketing

8,748,021

 

 

8,753,156

 

 

25,648,417

 

 

23,554,635

 

Product development and content

30,573,574

 

 

26,134,682

 

 

91,846,746

 

 

72,647,507

 

General and administrative

5,320,424

 

 

4,938,844

 

 

16,140,643

 

 

15,562,125

 

Depreciation and amortization

3,451,197

 

 

3,423,929

 

 

10,079,319

 

 

10,558,712

 

Acquisition and restructuring

244,432

 

 

416,141

 

 

748,881

 

 

4,802,694

 

Total operating costs and expenses

48,337,648

 

 

43,666,752

 

 

144,464,006

 

 

127,125,673

 

Income (loss) from operations

4,283,602

 

 

2,049,301

 

 

9,670,585

 

 

(970,082

)

Other income (expense):

 

 

 

 

 

 

 

Interest income

28,752

 

 

3,823

 

 

88,746

 

 

13,773

 

Interest expense

(300,319

)

 

(559,345

)

 

(1,031,379

)

 

(1,838,325

)

(Loss) gain on foreign currency transactions

(27,051

)

 

(6,229

)

 

(94,640

)

 

101,030

 

Gain on disposal of assets

40,376

 

 

 

 

40,376

 

 

 

Other items of income, net

2,030

 

 

6,527

 

 

4,792

 

 

28,154

 

Total other expense

(256,212

)

 

(555,224

)

 

(992,105

)

 

(1,695,368

)

Income (loss) before income tax expense

4,027,390

 

 

1,494,077

 

 

8,678,480

 

 

(2,665,450

)

Income tax expense

(1,036,410

)

 

(196,146

)

 

(2,226,075

)

 

(484,552

)

Net income (loss)

$

2,990,980

 

 

$

1,297,931

 

 

$

6,452,405

 

 

$

(3,150,002

)

 

 

 

 

 

 

 

 

Basic and diluted net income (loss) per share:

 

 

 

 

 

 

 

Basic net income (loss) per share

$

0.04

 

 

$

0.02

 

 

$

0.09

 

 

$

(0.04

)

Diluted net income (loss) per share

$

0.04

 

 

$

0.02

 

 

$

0.08

 

 

$

(0.04

)

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

Basic

74,674,981

 

 

73,362,467

 

 

75,056,593

 

 

72,704,205

 

Diluted

76,205,022

 

 

79,365,576

 

 

77,836,975

 

 

72,704,205

 

THE MEET GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

Nine Months Ended

September 30,

 

2019

 

2018

Cash flows from operating activities:

 

 

 

Net income (loss)

$

6,452,405

 

 

$

(3,150,002

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

Depreciation and amortization

10,079,319

 

 

10,558,712

 

Amortization of right-of-use assets

1,902,760

 

 

 

Stock-based compensation expense

8,321,345

 

 

7,026,991

 

Deferred tax expense (benefit)

211,533

 

 

(694,951

)

Gain on disposal of assets

(40,376

)

 

 

Loss (gain) on foreign currency transactions

94,640

 

 

(101,030

)

Bad debt expense

1,661,987

 

 

408,998

 

Non-cash interest expense

214,063

 

 

261,373

 

Changes in derivative financial instruments

 

 

(18,412

)

Changes in contingent consideration obligations

111,417

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

1,878,915

 

 

1,302,954

 

Prepaid expenses, other current assets and other assets

2,355,628

 

 

(2,326,004

)

Accounts payable and accrued liabilities

(6,080,069

)

 

4,414,400

 

Deferred revenue

(510,352

)

 

515,743

 

Net cash provided by operating activities

26,653,215

 

 

18,198,772

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

(1,158,070

)

 

(404,446

)

Acquisition of business, net of cash acquired

(11,807,925

)

 

 

Net cash used in investing activities

(12,965,995

)

 

(404,446

)

Cash flows from financing activities:

 

 

 

Proceeds from exercise of stock options

702,717

 

 

824,307

 

Repurchases of common stock

(12,257,073

)

 

 

Payments of finance leases

(167,378

)

 

(211,290

)

Proceeds from revolving loan

7,000,000

 

 

 

Proceeds from term loan, net

34,954,373

 

 

 

Payments for restricted stock awards withheld for taxes

(371,316

)

 

(306,127

)

Payments of loan origination costs

(125,170

)

 

 

Payments of revolving loan

(7,000,000

)

 

 

Payments of contingent consideration

 

 

(5,000,000

)

Payments of term loan

(36,940,158

)

 

(15,559,842

)

Net cash used in financing activities

(14,204,005

)

 

(20,252,952

)

Change in cash and cash equivalents prior to effect of foreign currency exchange rate

(516,785

)

 

(2,458,626

)

Effect of foreign currency exchange rate

(360,150

)

 

(271,982

)

Net decrease in cash and cash equivalents

(876,935

)

 

(2,730,608

)

Cash and cash equivalents at beginning of period

28,365,725

 

 

25,052,995

 

Cash and cash equivalents at end of period

$

27,488,790

 

 

$

22,322,387

 

Supplemental disclosure of cash flow information:

 

 

 

Cash paid for interest

$

865,260

 

 

$

1,598,781

 

THE MEET GROUP, INC.

DISAGGREGATION OF REVENUES

(UNAUDITED)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2019

 

2018

 

2019

 

2018

 

$

 

%

 

$

 

%

 

$

 

%

 

$

 

%

User pay revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Video

$

20,333,310

 

 

38.6

%

 

$

10,968,643

 

 

24.0

%

 

$

61,841,899

 

 

40.1

%

 

$

24,093,019

 

 

19.1

%

Subscription and other in-app products

15,532,335

 

 

29.5

%

 

17,090,200

 

 

37.4

%

 

46,770,156

 

 

30.4

%

 

51,941,907

 

 

41.2

%

Total user pay revenue

35,865,645

 

 

68.1

%

 

28,058,843

 

 

61.4

%

 

108,612,055

 

 

70.5

%

 

76,034,926

 

 

60.3

%

Advertising

16,755,605

 

 

31.9

%

 

17,657,210

 

 

38.6

%

 

45,522,536

 

 

29.5

%

 

50,120,665

 

 

39.7

%

Total revenues

$

52,621,250

 

 

100.0

%

 

$

45,716,053

 

 

100.0

%

 

$

154,134,591

 

 

100.0

%

 

$

126,155,591

 

 

100.0

%

THE MEET GROUP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(UNAUDITED)

 

 

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2019

 

2018

 

2019

 

2018

Net income (loss)

$

2,990,980

 

 

$

1,297,931

 

 

$

6,452,405

 

 

$

(3,150,002

)

Interest expense

300,319

 

 

559,345

 

 

1,031,379

 

 

1,838,325

 

Income tax expense

1,036,410

 

 

196,146

 

 

2,226,075

 

 

484,552

 

Depreciation and amortization

3,451,197

 

 

3,423,929

 

 

10,079,319

 

 

10,558,712

 

Stock-based compensation expense

3,031,292

 

 

2,767,196

 

 

8,321,345

 

 

7,026,991

 

Acquisition and restructuring

244,432

 

 

416,141

 

 

748,881

 

 

4,802,694

 

Gain on disposal of assets

(40,376

)

 

 

 

(40,376

)

 

 

Loss (gain) on foreign currency transactions

27,051

 

 

6,229

 

 

94,640

 

 

(101,030

)

Adjusted EBITDA

$

11,041,305

 

 

$

8,666,917

 

 

$

28,913,668

 

 

$

21,460,242

 

THE MEET GROUP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

(UNAUDITED)

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2019

 

2018

 

2019

 

2018

GAAP Net income (loss)

$

2,990,980

 

 

$

1,297,931

 

 

$

6,452,405

 

 

$

(3,150,002

)

Stock-based compensation expense

3,031,292

 

 

2,767,196

 

 

8,321,345

 

 

7,026,991

 

Amortization of intangibles

2,791,272

 

 

2,904,120

 

 

8,130,836

 

 

8,915,214

 

Income tax expense

1,036,410

 

 

196,146

 

 

2,226,075

 

 

484,552

 

Acquisition and restructuring

244,432

 

 

416,141

 

 

748,881

 

 

4,802,694

 

Non-GAAP net income

$

10,094,386

 

 

$

7,581,534

 

 

$

25,879,542

 

 

$

18,079,449

 

 

 

 

 

 

 

 

 

GAAP basic net income (loss) per share

$

0.04

 

 

$

0.02

 

 

$

0.09

 

 

$

(0.04

)

GAAP diluted net income (loss) per share

$

0.04

 

 

$

0.02

 

 

$

0.08

 

 

$

(0.04

)

Basic Non-GAAP net income per share

$

0.14

 

 

$

0.10

 

 

$

0.34

 

 

$

0.25

 

Diluted Non-GAAP net income per share

$

0.13

 

 

$

0.10

 

 

$

0.33

 

 

$

0.23

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

Basic

74,674,981

 

 

73,362,467

 

 

75,056,593

 

 

72,704,205

 

Diluted

76,205,022

 

 

79,365,576

 

 

77,836,975

 

 

77,831,545

 

THE MEET GROUP, INC. AND SUBSIDIARIES

RECONCILIATION OF NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(UNAUDITED)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2019

 

2018

 

2019

 

2018

Net cash provided by operating activities

$

12,686,403

 

 

$

8,600,354

 

 

$

26,653,215

 

 

$

18,198,772

 

Less: Purchase of property and equipment

470,345

 

 

148,055

 

 

1,158,070

 

 

404,446

 

Free cash flow

$

12,216,058

 

 

$

8,452,299

 

 

$

25,495,145

 

 

$

17,794,326

 

Webcast and Conference Call Details

Management will host a webcast and conference call to discuss third quarter 2019 financial results today, November 7, 2019 at 8:30 a.m. Eastern time. To access the call dial 866-572-9351 (US and Canada) or 703-736-7482 (International) and when prompted provide the participant passcode 5917786 to the operator. An audio replay will be available at 855-859-2056 domestically or 404-537-3406 internationally, using passcode 5917786 through November 14, 2019. In addition, a webcast of the conference call will be available live on the Investor Relations section of the Company’s website at www.themeetgroup.com and a replay of the webcast will be available for 90 days.

About The Meet Group

The Meet Group (NASDAQ: MEET) is a leading provider of interactive livestreaming solutions designed to meet the universal need for human connection. Our ecosystem of livestreaming apps enables users around the world to interact through one-to-many livestreaming broadcasts and text-based conversations. Our top apps, MeetMe®, LOVOO®, Skout®, Tagged® and Growlr®, deliver live interactions and meaningful connections to millions of users daily. Headquartered in New Hope, PA, we have offices in Philadelphia, San Francisco, Dresden, and Berlin. The Meet Group is committed to safety. You can find a description of current safety practices here: https://www.themeetgroup.com/safety-practices/. For more information, visit themeetgroup.com, and follow us on Facebook, Twitter or LinkedIn.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including whether the start of our fourth quarter will be indicative of the rest of the quarter; the launch of Streamer Levels and one-on-one video chat will give users more reasons to engage in video; whether the increase in daily video users following the release of NextDate will continue; whether we will grow video revenue and daily active video users in the fourth quarter as expected; whether our new products and features will contribute to increasing user engagement as expected; whether November and December video revenue to continue to increase from October; whether video revenue in November and December 2019 will continue to grow as expected; whether we will experience positive ad momentum in the fourth quarter and throughout 2020; whether we will continue our share repurchase program as expected; whether in the fourth quarter and beyond our video products will position us well for future growth; whether our product pipeline and capital allocation strategy will continue to deliver value to our shareholders; whether fourth quarter and full year 2019 revenue will be within our predicted range; and whether fourth quarter and full year 2019 adjusted EBITDA will be within our predicted range. All statements other than statements of historical facts contained herein are forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “project,” “outlook,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the risk that our applications will not function easily or otherwise as anticipated, the risk that we will not launch additional features and upgrades as anticipated, the risk that unanticipated events affect the functionality of our applications with popular mobile operating systems, any changes in such operating systems that degrade our mobile applications’ functionality and other unexpected issues which could adversely affect usage on mobile devices. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019 and June 30, 2019 filed with the SEC on May 9, 2019 and July 31, 2019, respectively. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Regulation G – Non-GAAP Measures

The Company defines mobile traffic and engagement metrics (including MAU, DAU, chats per day, and new users per day) to include mobile app traffic for all properties and mobile web traffic for MeetMe, Skout and LOVOO. The Company defines Video Daily Active User (vDAU) as a registered user of one of our platforms who has logged in and visited the Live feature, either as a broadcaster or viewer, on the day of measurement. The Company defines Average Video Revenue per Daily Active User (vARPDAU) as the average daily revenue per vDAU. The Company uses these user metrics for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company presents user metrics because it believes them to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in its industry and because it believes that these metrics provide useful information to investors regarding the Company’s financial condition and results of operations. There is no directly comparable U.S. generally accepted accounting principles (GAAP) measure to vARPDAU provided in the Company’s financial statements and therefore no reconciliation is provided.

The Company uses Adjusted EBITDA, Non-GAAP Net Income and Free Cash Flow, which are not calculated and presented in accordance with GAAP, in evaluating its financial and operational decision making and as a means to evaluate period-to period comparison. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company presents these non-GAAP financial measures because it believes them to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We refer you to the reconciliations below for these historical non-GAAP financial measures to their directly comparable GAAP financial measures. Information reconciling forward-looking Adjusted EBITDA to GAAP financial measures is unavailable to the Company without unreasonable effort. The Company is not able to provide reconciliations of Adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of the Company’s control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. The Company provides a range for its Adjusted EBITDA outlook that it believes will be achieved, however it cannot accurately predict all the components of the Adjusted EBITDA calculation.

The Company defines Adjusted EBITDA as earnings (or loss) from operations before interest expense, benefit or provision for income taxes, depreciation and amortization, stock-based compensation, non-recurring acquisition, restructuring or other expenses, gain or loss on disposal of assets, gain or loss on foreign currency transactions, bad debt expense outside the normal range, and goodwill and long-lived asset impairment charges, if any. The Company excludes stock-based compensation because it is non-cash in nature. The Company defines Non-GAAP Net Income as earnings (or loss) before benefit or provision for income taxes, amortization on intangibles, non-recurring acquisition and restructuring costs, goodwill and long-lived asset impairment charges and non-cash stock-based compensation. The Company defines Free Cash Flow as net cash provided by or used in its operating activities, minus purchases of property and equipment, as shown in the consolidated statements of cash flows.

Non-GAAP financial measures should not be considered as an alternative to net income, operating income, cash flow from operating activities, as a measure of liquidity or any other financial measure. They may not be indicative of the historical operating results of the Company nor is it intended to be predictive of potential future results.

Contacts

Investor Contact:

Leslie Arena

larena@themeetgroup.com
267 714 6418

Media Contact:

Brandyn Bissinger

bbissinger@themeetgroup.com
267 446 7010

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