Companies and Brands
Groupon Shows More Financial Details Ahead of IPO (GRPN)
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Groupon, Inc. has filed its second amendment to its initial public offering and the data contains some updates on the financials. The company will trade under the “GRPN” ticker. This remains one of our Top 17 IPOs to Watch in 2011.
The underwriting group is massive: Morgan Stanley; Goldman Sachs; Credit Suisse; J.P. Morgan; Allen & Company; Merrill Lynch; Barclays Capital; Citigroup Global Markets; Deutsche Bank Securities; William Blair; Citadel Securities; Loop Capital Markets; RBC Capital Markets; and The Williams Capital Group.
The updated financial details show that Groupon increased revenue from $3.3 million in the second quarter of 2009 to $878.0 million in the second quarter of 2011; net income was $21,000 for the second quarter of 2009 versus a net loss of $102.7 million for the second quarter of 2011. Revenue from international and North American operations was $535.1 million and $342.9 million, respectively, in the second quarter of 2011.
Groupon served five North American markets at June 30, 2009, and serves 175 North American markets and 45 countries as of June 30, 2011. Groupon grew from 37 employees as of June 30, 2009 to 9,625 employees as of June 30, 2011.
The company increased the subscriber base from 152,203 as of June 30, 2009 to 115.7 million as of June 30, 2011; and it noted that some 43,014 customers purchased Groupons through the end of the second quarter of 2009 versus more than 23 million through the end of the second quarter of 2011. It also increased the number of merchants featured in its marketplace from 212 in the second quarter of 2009 to 78,466 in the second quarter of 2011; and Groupon sold 116,231 Groupons in the second quarter of 2009 versus 32.5 million Groupons in the second quarter of 2011.
What is interesting is that the company is removing its controversial revenue calculation of gross revenues. Still, no financial details such as terms nor shares have been signaled as of yet.
Groupon showed that the number of Class A common shares outstanding will be 297,813,591 at June 30, 2011, but this excludes almost 20 million more from conversions of options and other B share conversions. Groupon will still have the controversial Class B shares.
The full amended filing is here.
JON C. OGG
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