EmailGroupon (GRPN $14.66 +2.93) reported first quarter earnings of $0.02 per share, excluding non-recurring items, in-line with the consensus of $0.02, while revenues rose 89.6% year/year to $559.3 million versus the $530.45 million Capital IQ consensus. Gross billings, which reflects the gross amounts collected from customers for Groupons sold, excluding any applicable taxes and net of estimated refunds, increased 103% to $1.35 billion in the first quarter 2012, compared with $668.2 million in the first quarter 2011.
Free cash flow, a non-GAAP financial measure, was $70.6 million for the first quarter 2012. At the end of the quarter, Groupon had $1.2 billion in cash and cash equivalents and no long-term debt.The company issued in-line guidance for the second quarter with revenues of $550-590 million versus the $560.11 million consensus. Income from operations for the second quarter 2012 is expected to be between $25 million and $45 million, compared with a loss from operations of $101.0 million in the second quarter 2011.
