Groupon, Inc. (NASDAQ:GRPN) Q4 2022 Results Conference Call March 16, 2023 5:00 PM ET
Company Participants
Jennifer Beugelmans - Chief Communications Officer
Kedar Deshpande - Chief Executive Officer
Damien Schmitz - Chief Financial Officer
Conference Call Participants
Eric Sheridan - Goldman Sachs
Alex Hughes - Barclays
Operator
Good day, everyone, and welcome to Groupon's Fourth Quarter 2022 Financial Results Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the Company's formal remarks. [Operator Instructions] And just a reminder, today's conference is being recorded.
And now for opening remarks, I would like to turn the call over to the Chief Communications Officer, Jennifer Beugelmans. Jennifer, please go ahead.
Jennifer Beugelmans
Hello and welcome to Groupon's fourth quarter 2022 financial results conference call. On the call today are CEO Kedar Deshpande; and CFO Damien Schmitz. The following discussion and responses to your questions reflect management's views as of today, March 16, 2023 only and will include forward-looking statements.
Actual results may differ materially from those expressed or implied in our forward-looking statements. Additional information about risks and other factors that could potentially impact our financial results is included in our earnings press release and in our filings with the SEC, including our annual report on Form 10-K.
We encourage investors to use our Investor Relations website at investor.groupon.com as a way of easily finding information about the Company. Groupon promptly makes available on this website the reports that the Company files or furnishes with the SEC, corporate governance information and select press releases and social media postings.
On the call today, we will also discuss the following non-GAAP financial measures, adjusted EBITDA, adjusted EBITDA margin, non-GAAP SG&A, free cash flow and FX-neutral results. In our press release and our filings with the SEC, each of which is posted on our Investor Relations website, you will find additional disclosures regarding the non-GAAP measures, including reconciliations of these measures to the most comparable measures under U.S. GAAP. Unless otherwise noted, all comparisons to 2019 are provided on an FX mutual basis.
And with that, I'm happy to turn the call over to Kedar.
Kedar Deshpande
Hello, and thanks for joining us for our fourth quarter 2022 earnings call. In the fourth quarter, we delivered local billings of $366 million, up 6% compared with the third quarter. While we drove a sequential improvement from the third to fourth quarter, there is no way to sugarcoat it. Our results for our local category were disappointed. Though, local billings performance was better in November, our business began experiencing significant headwinds in December, and as you will hear us discuss, these headwinds continued in early 2023.