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MeetMe Reports Record Second Quarter Financial Results

NEW HOPE, Pa.--(BUSINESS WIRE)--MeetMe, Inc. (NASDAQ: MEET), a public market leader for social discovery, today reported financial results for its second quarter ended June 30, 2016.

Second Quarter 2016 Financial Highlights

  • Total revenue increased 48% year over year to $16.4 million.
  • Mobile revenue increased 82% year over year to $15.1 million.
  • Adjusted EBITDA increased 109% year over year to $6.0 million. (See the important discussion about the presentation of non-GAAP financial measures, and reconciliation to the most direct comparable GAAP financial measure, below.)
  • Adjusted EBITDA margin increased to 37%, up from 26% in the second quarter of 2015.
  • GAAP net income was $29.6 million, or $0.55 per diluted share. GAAP net income included a one-time deferred tax benefit of $27.3 million. Excluding the deferred tax benefit, GAAP net income was $2.3 million, up 94% from the second quarter 2015.
  • Non-GAAP net income increased 103% year over year to $4.9 million, or $0.09 per diluted share.
  • Cash and Cash Equivalents totaled $32.1 million at June 30, 2016, an increase of 22% or $5.7 million from $26.4 million at March 31, 2016.

Geoff Cook, Chief Executive Officer of MeetMe, stated, “Our record quarterly results reflect continued growth in our mobile user engagement. Our mobile traffic is at an all-time high, with mobile daily active users for the quarter increasing 15% year over year to 1.22 million and mobile monthly active users increasing 32% year over year to 4.84 million. During the quarter, we launched Discuss, our interest-based group conversation platform, which we believe is helping drive increased user engagement. In fact, last week we achieved a new mobile DAU record surpassing 1.37 million daily active users for the first time and reached a new record of 32.2 million chats in a single day.

“We continue to expect our recently announced acquisition of Skout to close in October of this year and for the combination to provide greater scale for monetization and increased profitability for the combined company. We are thrilled to bring two of the largest mobile apps for meeting and chatting with new people into the same portfolio.”

David Clark, Chief Financial Officer of MeetMe, added, “Mobile revenue for the quarter increased 82% year over year and represented 92% of our total revenue, up from 75% in 2015. We believe our increasing mobile revenue was driven by continued strength in the mobile advertising industry, which resulted in higher advertising rates on mobile devices. Much of the increased revenue flowed through to adjusted EBITDA, which increased 109% to $6.0 million for the quarter, resulting in a 37% adjusted EBITDA margin.”

Webcast and Conference Call Details

Management will host a webcast and conference call to discuss second quarter 2016 financial results today, August 1, 2016 at 8:30 a.m. Eastern time. To access the call dial 888-364-3108 (+1 719-457-2628 outside the United States) and when prompted provide the participant passcode 4406220 to the operator. In addition, a webcast of the conference call will be available live on the Investor Relations section of the Company’s website at www.meetmecorp.com and a replay of the webcast will be available for 90 days.

About MeetMe, Inc.

MeetMe® is a leading social network for meeting new people in the US and a public market leader for social discovery (NASDAQ: MEET). MeetMe makes it easy to discover new people to chat with on mobile devices. With approximately 90 percent of traffic coming from mobile and more than one million total daily active users, MeetMe is fast becoming the social gathering place for the mobile generation. MeetMe is a leader in mobile monetization with a diverse revenue model comprising advertising, native advertising, virtual currency, and subscription. MeetMe apps are available on iPhone, iPad, and Android in multiple languages, including English, Spanish, Portuguese, French, Italian, German, Chinese (Traditional and Simplified), Russian, Japanese, Dutch, Turkish and Korean. For more information, please visit meetmecorp.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including whether our total revenue and mobile revenue will continue to grow, whether our adjusted EBITDA will continue to grow, whether our net income will continue to grow, whether our mobile revenue will continue to constitute an increasing percentage of our total revenue, whether our revenue, adjusted EBITDA and net income will reflect the increasing value that our audience provides to mobile advertisers and the continued growth in mobile engagement by our users, whether our mobile user engagement will continue to grow, whether our mobile traffic will continue at all-time high levels, whether our mobile daily active users will continue to increase, whether our mobile monthly active users will continue to increase, whether Discuss will continue to drive user engagement, whether chats will...


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