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OpenTable Management Discusses Q2 2012 Results - Earnings Call Transcript

Also, I would like to remind you that during the course of this conference call, we may discuss some non-GAAP measures in talking about the company's performance. Reconciliations to the most directly comparable GAAP financial measures are provided in the tables in the press release. This conference call is also being broadcast on the Internet and is available through the Investor Relations section of the OpenTable website. And now I'll turn it over to Matt.

Matthew J. Roberts

Great. Thank you, Tiffany. And welcome everyone to our conference call. OpenTable had a strong second quarter. Revenue for the quarter totaled $39.6 million, a 15% increase over last year. And in the second quarter, our adjusted EBITDA profit margin was 44% on a consolidated basis, and 52% in our North America business.

Now let's take a look at our key metrics by geography. In North America, which includes the U.S., Canada and Mexico, seated diners grew to 28 million in the second quarter, a 26% increase over last year and worth noting, approximately 28% of the seated diners in North America in the second quarter originated on a mobile device, either smartphone or tablet, which compares to 25% in the prior quarter.

To add some additional context to our seated diner growth. During the second quarter, North America industry-diner counts were essentially flat year-over-year.

Turning to our installed base of restaurants in North America. We exited the quarter with 18,373 restaurants, representing an 18% year-over-year increase. This total includes 16,250 restaurants using our core Electronic Reservation Book product or ERB, and 2,123 restaurants using our Connect product, which is designed primarily for walk-in restaurants that accept reservations.

In international, which includes the U.K., Germany and Japan, seated diners grew to 2.2 million in the second quarter, a 39% increase over last year.

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