MeetMe®, Inc. (NYSE MKT:MEET), the public market leader in social discovery, today reported financial results for the fourth quarter and full year ended December 31, 2013.
Fourth Quarter 2013 Financial Highlights
- Mobile average revenue per user (ARPU) exceeded web ARPU for the first time in Company history.
- In line with recently upwardly revised expectations, total revenue was $13.0 million, a 12% increase from the fourth quarter of 2012.
- Mobile revenue was up 128% from the year ago quarter to a record $5.1 million, driven primarily by a significant increase in mobile advertising. Mobile represented nearly 40% of total MeetMe fourth quarter revenue, the highest proportion in Company history.
- Adjusted EBITDA increased to $2.4 million, or 18.5% of total revenues, up from $977,000 in the fourth quarter of 2012. Net income for the quarter was $15,290. (See the important discussion about the presentation of non-GAAP financial measures, and reconciliation to the most directly comparable GAAP financial measures, below.)
Full Year 2013 Financial Highlights
- Mobile revenue was a record of $12.6 million, up 106% from $6.1 million in 2012.
- Adjusted EBITDA was $1.8 million for the year. Over the final three quarters of the year, the Company generated Adjusted EBITDA of $3.5 million. Net loss for 2013 was $11 million. (See the important discussion about the presentation of non-GAAP financial measures, and reconciliation to the most directly comparable GAAP financial measures, below.)
- Cash and Cash Equivalents totaled $6.3 million at December 31, 2013, up from $5.0 million at December 31, 2012.
Geoff Cook, CEO of MeetMe, said, “We successfully built a number of strong mobile monetization products in 2013, including advertising, freemium, and subscription products. Our mobile native advertising product, launched in March of 2013, accounted for 29% of mobile revenue in the fourth quarter, as a result of both increased ad impressions and stronger CPMs on native units versus traditional mobile banners. Moreover, the fourth quarter was the first time in our Company’s history that mobile ARPU exceeded web ARPU. Our mobile users login 100 times a month on average, compared to nine times on the web, and we believe that higher level of engagement now translates to higher levels of monetization as a result of these successful new products.”