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OpenTable Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: OPEN

Looking at our installed base of international restaurants, we exited the second quarter with 6,664 installed restaurants. This total includes 3,052 ERB restaurants and 3,612 Connect restaurants. Prior to the relaunch of TopTable site, we targeted and successfully migrated the TopTable restaurants that accounted for more than 90% of the TopTable seated diners in the first quarter of 2012.

At the time of the TopTable relaunch in May of 2012, we proactively removed TopTable restaurants from our international installed restaurant base that had not migrated to OpenTable technology. This removal of restaurants from our installed base was an anticipated onetime event and reflects a group of restaurants that accounted for, in aggregate, less than 10% of TopTable seated diners in the first quarter of 2012.

As a comparison, we had 5,670 technology-enabled international restaurants at the end of the first quarter, so Q2 represents an 18% sequential increase of almost 1,000 restaurants.

Before I turn to a broader update on the business, I'd like to say how thrilled we are to have Joseph Essas onboard as our new Chief Technology Officer. As the former CTO of eHarmony and VP of Engineering at Yahoo!, Joseph was -- has deep experience in personalization, search and driving innovation, which make him well suited to help us find new ways to delight our customers and create value.

Now I'd like to provide you with a few updates and comments on trends in the business. The most significant trends is the major shift we are seeing toward mobile devices, specifically smartphones and tablets. The shift to mobile is a long-term positive for us. First, our primary and fastest-growing source of revenue is reservation transactions, which monetize well on mobile devices. Second, we believe that mobile is an ideal fit for our business as it enables us to put our solution in the hands of diners wherever and whenever they are thinking about dining out, which is often not when they're sitting in front of a computer.

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