Groupon, Inc. (NASDAQ:GRPN) Q1 2022 Earnings Conference Call May 9, 2022 5:30 PM ET

Company Participants

Jennifer Beugelmans - Chief Communications Officer

Kedar Deshpande - Chief Executive Officer

Damien Schmitz - Interim Chief Financial Officer

Conference Call Participants

Trevor Young - Barclays

Michael Ng - Goldman Sachs

Operator

Good day, everyone, and welcome to the Groupon's First Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the company’s formal remarks. [Operator Instructions]. Today's conference call is being recorded.

For opening remarks, I would like to turn the call over to the Chief Communications Officer, Jennifer Beugelmans.

Jennifer Beugelmans

Hello, and welcome to Groupon's first quarter 2022 financial results conference call. On the call today are CEO, Kedar Deshpande; and Interim CFO, Damien Schmitz. The following discussion and responses to your questions reflect management's views as of today, May 9, 2022, 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, 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.

And with that, I am happy to turn the call over to Kedar.

Kedar Deshpande

Hi, everyone, and thank you for joining us. Today, I will use my time to talk about our first quarter results and how we intend to address our performance challenges by reducing our cost structure and creating a more differentiated inventory offering. Since starting as CEO in December, I have spent a substantial amount of time studying our business, trying to understand why we have not been able to successfully translate our significant assets, scale, data and customers into a sustainable growth engine. Let me be clear, I have good news and bad news. The bad news is that our first quarter results fell short of our expectations and did not demonstrate our potential to create value for our customers, merchant partners, employees and shareholders.