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XO Group Inc. Reports Third Quarter 2012 Financial Results

Conference Call Today at 4:30 p.m. ET, Dial-In (866) 430-3457 (ID# 58988149)

NEW YORK, Nov. 8, 2012 /PRNewswire/ -- XO Group Inc. (NYSE: XOXO, www.xogroupinc.com), the premier media and technology company devoted to weddings, pregnancy, and everything in between, today reported financial results for the three months ended September 30, 2012.

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Third Quarter Summary Results

Total revenue for the third quarter was $31.7 million, up 2.2% compared to the prior year.  The results were led by publishing and other, local online and national online which grew 18.2%, 12.5%, and 9.8% respectively, year over year.  The e-commerce and registry businesses were down, 25.4% and 5.2% year over year, respectively.

For the quarter ended September 30, 2012, gross margin improved by 370 basis points over the prior year.  The Company's operating profit was $3.3 million compared to an operating profit of $1.9 million in the prior year quarter.  The $1.4 million increase in operating profit was due to revenue growth and improved gross margins, which were partly offset by an increase in compensation expenses. Net income for the quarter was $2.1 million or $0.08 per diluted share, compared to net income of $1.3 million or $0.04 per diluted share in the prior year quarter.

The Company's balance sheet at September 30, 2012 reflects cash and cash equivalents of $72.7 million, down $4.7 million from $77.4 million at December 31, 2011.  Cash declined during the first nine months of the year, primarily due to the repurchase of 2.1 million shares of common stock for $18.9 million which was completed on June 12, 2012 and capital expenditures of $2.0 million, offset in part by positive cash flow from operations of $18.4 million.

"We are pleased by the continued growth of our local and publishing businesses, although we acknowledge the challenges in our merchandising businesses. Heading into the final quarter of the year we are optimistic our innovative products, high quality content and services will continue to deliver value to our audience and advertisers," said Chief Executive Officer David Liu.

Recent Developments

  • Local online advertising growth is still strong, with third quarter revenue up 12.5% over the prior year quarter. The Knot had approximately 22,100 vendors with paid directory listings at the close of the third quarter, and the trailing twelve month churn rate was 29.8% at the end of September, up 60 basis points year over year.  The average annual revenue per vendor was approximately $2,300 (see supplemental data tables, below).
  • National online advertising showed strong growth, with third quarter revenues up 9.8% over the prior year quarter. Growth was mainly driven by the finance and insurance category, partially offset by declines in the travel category.
  • The e-commerce business revenue decline is mainly due to SEO and mobile challenges.    However, gross margins improved 190 basis points year over year as the business recovers from the disruptions caused by last year's implementation of a new back office warehouse system.
  • Registry was down in the third quarter compared to last year as the business was impacted by lower sales from our partners.
  • Our product development team continues to introduce a variety of new tools and updates to our sites, including The Bump pregnancy calendar, personalization tools on ijie.com, and a new real weddings photo gallery, among others.
  • In October, the Company announced an exclusive agreement with Men's Wearhouse, which will be the tuxedo provider of choice on theknot.com. This arrangement will give brides-to-be the opportunity to view and interact with Men's Wearhouse brand-name tuxedo merchandise at an early stage of the wedding planning process.
  • In September, theknot.com announced The Knot Dream Wedding, the first-ever live streamed wedding on TheKnot.com, Facebook, Google+, The Knot YouTube channel, MSN Living and other media platforms straight from iconic Citi Pond at Bryant Park in New York City on February 14, 2013. The winner will receive a wedding with every single element provided by our partners, including flight and hotel accommodations for the couple and 20 of their lucky friends and family to be provided by Expedia®, the largest online travel company in the world.

Third Quarter and Year-to-Date 2012 Financial Highlights

"Nine months into the year we continue to show impressive growth in our local and publishing businesses as well as continued cost control. We are optimistic that our strong brands, community, and advertiser relationships put us in a position to grow profitably over the long term," said Chief Financial Officer John Mueller

  • For the three months ended September 30, 2012, XO Group reported revenue of $31.7 million, up 2.2% compared to revenue in the third quarter of 2011. Net income for the third quarter was $2.1 million, or $0.08 per diluted share, as compared with net income of $1.3 million, or $0.04 per diluted share, for the quarter ended September 30, 2011.
  • For the nine months ended September 30, 2012, XO Group reported revenue of $96.9 million and net income of $5.5 million or $0.22 per diluted share. This compares to revenue of $93.3 million and net income of $3.5 million or $0.11 per diluted share for the nine months of 2011. Revenue growth year to date was 3.9% compared to the same period in 2011, while net income was up 59.2% in the first nine months of this year compared to the same period of 2011.
  • National online advertising revenue was $6.5 million for the three months ended September 30, 2012, up 9.8% from $5.9 million for the corresponding period in 2011. National online revenue was $19.5 million for the nine months ended September 30, 2012, which was a slight decline compared to $19.6 million for the corresponding period in 2011.
  • Local online advertising revenue was $12.5 million for the quarter ended September 30, 2012, growing 12.5% from $11.1 million for the third quarter of 2011.  Local online revenue was $37.0 million for the nine months ended September 30, 2012, up 16.3% compared to $31.9 million for the corresponding period in 2011. Please see the attached supplemental data tables for additional information regarding the local online business.
  • Merchandise revenue from the sale of wedding and baby supplies was $5.7 million and $18.2 million for the three and nine months ended September 30, 2012, respectively, as compared to $7.6 million and $21.4 million for the corresponding periods in 2011. Revenue declined 25.4% in the third quarter 2012, and 15.0% for the first nine months of the year. The decline was mainly due to SEO challenges and user behavioral shifts to mobile browsing, as our ecommerce mobile interface is not yet optimized.   
  • Registry commission revenue was $2.1 million in the third quarter of 2012, down 5.2% from $2.2 million in the same period in 2011.  Year-to-date registry revenue was $5.1 million, down 6.3% compared with $5.4 million in 2011.
  • Gross profit for the third quarter of 2012 was $26.4 million, up 7.0% year over year, and gross margin was 83.2% for the three months ended September 30, 2012, compared with 79.5% for the corresponding period in 2011. In the nine months ended September 30, 2012, gross profit margins were 82.5%, compared to 79.2% in the corresponding period in 2011. Please see the supplemental data tables for additional information regarding gross profit margins.
  • Operating expense was $23.2 million and $70.9 million for the three and nine months ended September 30, 2012, respectively, compared with $22.8 million and $68.1 million for the corresponding period in 2011.  The increase in operating expense for the third quarter and year-to-date was primarily due to increased employee expenses including higher stock-based compensation and increased headcount in Ijie's sales organization, as well as the impairment charges discussed below. In the third quarter, XO Group incurred operating expenses of approximately $1.2 million for Ijie.com, compared to expenses of approximately $1.0 million in the third quarter of 2011.
  • In the third quarter, the Company recorded impairment charges totaling approximately $1.0 million related to the WeddingChannel trade name and the tradename of an e-commerce company acquired in May 2009. Impairment charges for the trade names resulted from trending of lower overall e-commerce sales, as well as lower advertising and registry sales attributable to the WeddingChannel trade name. Impairment charges for the e-commerce company also resulted from changes in the SEO environment which has unfavorably impacted this business.
  • Stock-based compensation expense was $2.0 million and $6.4 million for the three and nine months ended September 30, 2012, respectively, as compared to $1.3 million and $4.1 million for the corresponding periods in 2011. Please see the supplemental data tables for additional information regarding stock based compensation.
  • Net cash provided by operating activities was $4.1 million for the quarter ended September 30, 2012, while capital expenditures amounted to $0.8 million for the same period. Net cash provided by operating activities was $18.4 million for the nine months ended September 30, 2012, while capital expenditures amounted to $2.0 million for the same period.

Supplemental Data Tables

Local Online Advertising Metrics


3Q2011

4Q2011

1Q2012

2Q2012

3Q2012

Profile Count

26,900

28,400

29,300

29,700

29,700

Vendor Count

20,500

20,900

21,500

21,800

22,100

Churn Rate

29.2%

29.1%

29.3%

29.7%

29.8%

Avg. Revenue/Vendor

$2,200

$2,300

$2,300

$2,300

$2,300

Gross Profit/Margin by Business

Three months ended September 30,

2012

2012

2011

2011

($000s)

Gross Profit

Gross Margin

Gross Profit

Gross Margin

Online sponsorship & advertising

$18,533

97.7%

$16,477

96.9%

Registry services

2,054

100.0%

2,166

100.0%

Merchandise

2,418

42.4%

3,100

40.5%

Publishing & other

3,412

68.2%

2,935

69.3%

Total gross profit

$26,417

83.2%

$24,678

79.5%

Stock Based Compensation


Three Months Ended

 September 30,

Nine Months Ended

 September 30,

($000s)

2012

2011

2012

2011

Product & content development

$658

$477

$2,134

$1,423

Sales & marketing

574

375

1,987

1,368

General & administrative

732

423

2,313

1,284

Total stock-based compensation

$1,964

$1,275

$6,434

$4,075

Stock Repurchase Summary Since Inception, Through Third Quarter 2012

 

 

($000s)

Three Months Ended

 

Total Cost

 

Common Stock

Repurchased

(000s shares)

Percentage of
Outstanding

Common Stock

At 12/31/2010

March 31, 2011

$37,670

3,672

10.7%

June 30, 2011

8,744

886

2.7%

September 30, 2011

13,796

1,558

4.5%

December 31, 2011

10,895

1,344

3.9%

March 31, 2012

12,699

1,434

4.2%

June 30, 2012

6,196

675

1.9%

Total, Since Inception

$90,000

9,569

27.9%

Conference Call and Replay Information

XO Group Inc. will host a conference call with investors at 4:30 p.m. ET on November 8, 2012, to discuss its third quarter 2012 financial results. Participants should dial (866) 430-3457 and use Conference ID# 58988149 at least 10 minutes before the call is scheduled to begin. Participants can also access the live broadcast over the Internet on the Investor Relations section of the Company's website, accessible at http://ir.xogroupinc.com. To access the webcast, participants should visit XO Group's website at least 15 minutes prior to the conference call in order to download or install any necessary audio software.

A replay of the webcast will also be archived on the Company's website approximately two hours after the conference call ends. A replay of the call will be available at (855) 859-2056 or (404) 537-3406, conference ID # 58988149.

About XO Group Inc.

XO Group Inc. (NYSE: XOXO; http://www.xogroupinc.com) is the premier media and technology company devoted to weddings, pregnancy and everything in between, providing young women with the trusted information, products and advice they need to guide them through the most transformative events of their lives. Our family of premium brands began with the #1 wedding brand, The Knot, and has grown to include WeddingChannel.com, The Nest, The Bump, The Blush and Ijie.com. XO Group is recognized by the industry for being innovative in all media - from the web to social media and mobile, magazines and books, and video - and our groundbreaking social platforms have ignited passionate communities across the world. XO Group has leveraged its customer loyalty into successful businesses in online sponsorship and advertising, registry services, ecommerce and publishing. The company is publicly listed on the New York Stock Exchange (XOXO) and is headquartered in New York City.

This release may contain projections or other forward-looking statements regarding future events or our future financial performance. These statements are only predictions and reflect our current beliefs and expectations. Actual events or results may differ materially from those contained in the projections or forward-looking statements. It is routine for internal projections and expectations to change as the quarter progresses, and therefore it should be clearly understood that the internal projections and beliefs upon which we base our expectations may change prior to the end of the quarter. Although these expectations may change, we will not necessarily inform you if they do. Our policy is to provide expectations not more than once per quarter, and not to update that information until the next quarter. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation, (i) our online wedding-related and other websites may fail to generate sufficient revenue to survive over the long term, (ii) our history of losses, (iii) inability to adjust spending quickly enough to offset any unexpected revenue shortfall, (iv) delays or cancellations in spending by our advertisers and sponsors, (v) the significant fluctuation to which our quarterly revenue and operating results are subject, (vi) the seasonality of the wedding industry, (vii) the dependence of our e-commerce sites on search engine rankings and the limits of our search engine optimization efforts to influence those rankings, (viii) the dependence of the WeddingChannel.com registry services business on third parties, and (ix) other factors detailed in documents we file from time to time with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Contact:
Ivan Marmolejos
Investor Relations Associate
(212) 219-8555 x1004
[email protected]

 

 

XO GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except for per share amounts)





Three Months Ended September 30,




2012
(Unaudited)


2011
(Unaudited)

Net revenue:






 Online sponsorship and advertising


$            18,973


$            17,003


 Registry services


2,054


2,166


 Merchandise


5,703


7,647


 Publishing and other


5,004


4,233


 Total net revenue


31,734


31,049







Cost of revenue:






 Online sponsorship and advertising


440


526


 Merchandise


3,285


4,547


 Publishing and other


1,592


1,298


 Total cost of revenue


5,317


6,371








 Gross profit


26,417


24,678







Operating expenses:






    Product and content development


6,768


5,827


    Sales and marketing


9,096


9,468


    General and administrative


5,461


5,898


    Long-lived asset impairment charges


958


716


    Depreciation and amortization


867


892


Total operating expenses


23,150


22,801








 Income from operations


3,267


1,877


 Loss in equity interest


(19)


(29)


 Interest and other income, net


82


423


 Income before income taxes


3,330


2,271


 Provision for income taxes


1,271


1,010


 Net income


2,059


1,261


 Plus: net loss attributable to non-controlling interest


-


22


 Net income attributable to the controlling interest


$                 2,059


$                1,283







Net income per share attributable to XO Group common shareholders:






Basic


$                 0.08


$                0.05


Diluted


$                 0.08


$                0.04







Weighted average number of shares used in calculating net income per share






Basic


24,285


28,259


Diluted


24,818


28,822

 

XO GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except for per share amounts)





Nine Months Ended September 30,




2012
(Unaudited)


2011
(Unaudited)

Net revenue:






 Online sponsorship and advertising


$            56,574


$            51,425


 Registry services


5,056


5,395


 Merchandise


18,228


21,450


 Publishing and other


17,092


15,042


 Total net revenue


96,950


93,312







Cost of revenue:






 Online sponsorship and advertising


1,332


1,651


 Merchandise


10,255


12,817


 Publishing and other


5,359


4,923


 Total cost of revenue


16,946


19,391








 Gross profit


80,004


73,921







Operating expenses:






    Product and content development


20,234


18,662


    Sales and marketing


30,507


29,631


    General and administrative


16,497


15,713


    Long-lived asset impairment charges


958


716


    Depreciation and amortization


2,740


3,417


Total operating expenses


70,936


68,139








 Income from operations


9,068


5,782


 Loss in equity interest


(29)


(269)


 Interest and other income , net


73


516


 Income before income taxes


9,112


6,029


 Provision for income taxes


3,584


2,557


 Net income


5,528


3,472


 Plus: net loss attributable to non-controlling interest


65


22


 Net income attributable to the controlling interest


$                5,593


$                3,494







Net income per share attributable to XO Group common shareholders:






Basic


$                 0.23


$                0.12


Diluted


$                 0.22


$                0.11







Weighted average number of shares used in calculating net income per share






Basic


24,762


29,856


Diluted


25,328


30,522

 

XO GROUP INC.

 CONSOLIDATED BALANCE SHEETS

 (amounts in thousands)




September 30,


 December 31,



2012


2011



(unaudited)



 ASSETS





 Current assets:





 Cash and cash equivalents


$             72,707


$           77,376

 Accounts receivable, net


13,704


16,723

 Inventories


2,416


3,591

 Deferred production and marketing costs


830


1,050

 Deferred tax assets, current portion


3,015


3,015

Assets held for sale


1,290


-

 Other current assets


5,418


4,860

 Total current assets


99,380


106,615






 Long-term restricted cash


2,598


2,599

 Property and equipment, net


12,929


13,535

 Intangible assets, net 


5,931


6,938

 Goodwill


37,750


39,089

 Deferred tax  assets


15,607


15,605

 Other assets


523


58

 Total assets


$           174,718


$           184,439











 LIABILITIES AND EQUITY





 Current liabilities:





 Accounts payable and accrued expenses


$               7,951


$             11,054

 Deferred revenue


14,919


13,745

 Total current liabilities


22,870


24,799

 Deferred tax  liabilities


2,668


2,665

 Other liabilities


6,980


6,096

 Total liabilities


32,518


33,560






 Common stock


259


276

 Additional paid-in-capital


165,041


172,935

 Accumulated other comprehensive loss


(91)


-

 Accumulated deficit


(23,009)


(22,868)

 Total stockholders' equity


142,200


150,343

 Non-controlling interest in subsidiary


-


536

  Total equity


142,200


150,879

 Total liabilities and stockholders' equity


$           174,718


$          184,439

 

SOURCE XO Group Inc.

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