MINDBODY (MB) Tops Q2 EPS by 2c, Slight Beat on Revenues; Offers FY18 Revenue Outlook

MINDBODY (NASDAQ: MB) reported Q2 EPS of ($0.06), $0.02 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $61.6 million versus the consensus estimate of $60.51 million.

“Q2 marks our first quarter post-Booker acquisition, and we are pleased to report strong operating results and progress on integration of the two companies,” said Rick Stollmeyer, co-founder and chief executive officer of MINDBODY. “With more fitness, beauty and wellness businesses on our platform than ever before, and the best go-to-market team in the industry, we have taken a substantial step towards our purpose of helping hundreds of millions of people live healthier, happier lives.”

"We delivered strong revenue growth in the second quarter, driven by the continued shift of our subscriber base into higher priced software tiers," said Brett White, chief operating officer and chief financial officer. "These customers drive our business as they deliver the vast majority of GMV and payments volume.”

Second Quarter 2018 Financial Results

• Total revenue for the second quarter of 2018 was $61.6 million, a 40% increase year over year.
• Subscription and services revenue for the second quarter of 2018 was $38.5 million, a 48% increase year over year.
• Payments revenue for the second quarter of 2018 was $22.3 million, a 26% increase year over year.
• GAAP net loss for the second quarter of 2018 was $(16.9) million, or $(0.36) per share, compared to a GAAP net loss for the second quarter of 2017 of $(4.4) million, or $(0.10) per share.
• Non-GAAP net loss1 for the second quarter of 2018 was $(2.9) million, or $(0.06) per share, compared to a non-GAAP net loss for the second quarter of 2017 of $(0.5) million, or $(0.01) per share.
• Adjusted EBITDA1 for the second quarter of 2018 was $(0.5) million, compared to Adjusted EBITDA for the second quarter of 2017 of $1.7 million.

Outlook

For the third quarter and full year 2018, MINDBODY expects to report:

• Revenue for the third quarter of 2018 in the range of $63.0 million to $65.0 million, representing 35% to 39% growth over the third quarter of 2017.
• Revenue for the full year of 2018 in the range of $246.0 million to $250.0 million, representing 35% to 37% growth over the full year of 2017.
• Non-GAAP net loss for the third quarter of 2018 in the range of $(4.0) million to $(2.5) million and weighted average shares outstanding for the third quarter of approximately 47.9 million shares.
• Non-GAAP net loss for the full year of 2018 in the range of $(7.5) million to $(4.5) million and weighted average shares outstanding for the full year of approximately 47.7 million shares.

GUIDANCE:

MINDBODY sees FY2018 revenue of $246-250 million, versus the consensus of $249.23 million.

For earnings history and earnings-related data on MINDBODY (MB) click here.

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