The Meet Group Reports Second Quarter 2020 Financial Results

8/6/20

NEW HOPE, Pa.--(BUSINESS WIRE)--The Meet Group, Inc. (NASDAQ: MEET), a leading provider of interactive dating solutions, today reported financial results for its second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

  • Total revenue of $90.3 million, up 74% from the second quarter of 2019.
  • GAAP net income of $10.4 million, or $0.14 per diluted share, compared with GAAP net income of $2.2 million, or $0.03 per diluted share in the second quarter of 2019.
  • Adjusted EBITDA of $20.8 million, compared with $9.8 million in the second quarter of 2019.
  • Non-GAAP net income of $19.7 million, or $0.26 per diluted share, compared with $8.8 million, or $0.11 per diluted share, in the second quarter of 2019.
  • Transaction with ProSiebenSat.1’s and General Atlantic’s joint company NuCom Group expected to close in the second half of 2020.

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

“We continue to expect to close our acquisition by ProSiebenSat.1 and General Atlantic by the end of this year,” said Geoff Cook, Chief Executive Officer of The Meet Group. “We have received antitrust clearance in the United States, Germany and Austria, and our stockholders have approved the transaction.”

Second Quarter Financial Results

For the second quarter of 2020, the Company reported revenue of $90.3 million, an increase of $38.3 million, or 74%, from $52.0 million in the second quarter of 2019. GAAP net income for the second quarter of 2020 was $10.4 million, or $0.14 per diluted share, compared with GAAP net income of $2.2 million, or $0.03 per diluted share, in the second quarter of 2019. Adjusted EBITDA for the second quarter of 2020 was $20.8 million, compared with $9.8 million in the second quarter of 2019. Non-GAAP net income for the second quarter of 2020 was $19.7 million, or $0.26 per diluted share, compared with $8.8 million, or $0.11 per diluted share, in the second quarter of 2019.

The Company ended the quarter with $47.6 million in cash and cash equivalents.

About The Meet Group

The Meet Group (NASDAQ: MEET) is a leading provider of interactive dating solutions designed to meet the universal need for human connection. Our ecosystem of dating 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.