WM Technology, Inc. Reports Second Quarter 2021 Financial Results and Affirms 2021 Outlook
Second Quarter Revenue increased to
Total Revenue grew 21% year-over-year with
Company reaffirms prior full year 2021 Revenue and Adjusted EBITDA Guidance of
“Our second quarter results and momentum are evidence of the opportunities we have across our end-markets. We saw strong growth in both users accessing the Weedmaps marketplace, and clients leveraging our WM Business software offering within our
Second Quarter 2021 Highlights
-
Revenue increased to
$46.9 million , up 21% from the second quarter of 2020 or 55% when adjusting the prior second quarter to exclude revenue associated withCanada -based retail operators who failed to provide valid license information and were subsequently removed from Weedmaps marketplace.-
Monthly active users (“MAUs”)(1)(2) increased to 12.3 million at
June 30, 2021 or 75% compared to the prior year period (or 56% when adjusting the current period to exclude the MAUs attributed to the Learn section of weedmaps.com that we were not able to track during the prior period). -
Average monthly revenue per paying client(1)(3) increased to
$3,706 or 24% compared to the prior year period (or 21% when excluding revenue fromCanada -based retail operators who failed to provide valid license information from the prior year period). -
Average monthly paying clients(1)(4) decreased to 4,221 or (2)% compared to the prior year period (or increased 28% when excluding
Canada -based retail operators who failed to provide valid license information from the prior year period).
-
Monthly active users (“MAUs”)(1)(2) increased to 12.3 million at
-
Net income was
$16.8 million as compared to$9.4 million from the prior year period. -
Adjusted EBITDA(5) was
$8.5 million as compared to$10.4 million from the prior year period. -
Basic net income per share(6) was
$0.07 based on 63.7 million of Class A Common Stock weighted average shares outstanding. Diluted net loss per share(7) was$(0.17) based on 71.3 million Class A Common Stock weighted average diluted shares outstanding. The weighted average share count used in the basic GAAP net income per share calculation excludes:-
65.5 million shares of Class A Common Stock issuable upon exchange of Class A units representing limited liability company interests of
WM Holding Company, LLC (“WMH”) combined with an equivalent number of shares of Class V Common Stock. -
7.0 million shares of Class A Common Stock issuable upon exercise of warrants originally issued in a private placement in connection with the initial public offering of
Silver Spike Acquisition Corp. (“Silver Spike”). - 12.5 million shares of Class A Common Stock issuable upon exercise of the public warrants originally issued in the initial public offering of Silver Spike.
- Up to 25.7 million shares of Class A Common Stock issuable upon exchange of Class P units representing limited liability company interests of WMH (“Class P Units”).
-
65.5 million shares of Class A Common Stock issuable upon exchange of Class A units representing limited liability company interests of
-
Cash totaled
$91.7 million as ofJune 30, 2021 .
Reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.
| ______________________________ | ||
| (1) |
We have modified the definition and calculation of three of our Key Operating and Financial Metrics: (a) average monthly revenue per paying client, (b) average monthly paying clients, and (c) MAUs. We made these modifications in order to better reflect our performance during a reporting period and to make these key metrics more easily comparable on a period-to-period basis. For comparison of these metrics to previous calculations see “Selected Current and Previous Operating Key Metrics” below. |
|
| (2) |
MAUs are defined as the number of unique users opening our Weedmaps mobile app or accessing our Weedmaps.com website over the course of a calendar month. This metric previously excluded the MAUs attributed to the Learn section of weedmaps.com, which we began tracking in |
|
| (3) |
Average monthly revenue per paying client is defined as the average monthly revenue for any particular period divided by the average monthly paying clients in the same respective period. See “Selected Current and Previous Operating Metrics” below for a description of how we used to calculate average monthly revenue per paying client and what our average monthly revenue per paying client would have been using our prior definition for the applicable periods. |
|
| (4) |
Average monthly paying clients are defined as the average of the number of paying clients billed in a month across a particular period (and for which services were provided). See “Selected Current and Previous Operating Metrics” below for a description of how we used to calculate average monthly paying clients and what our average monthly paying clients would have been using our prior definition for the applicable periods. |
|
| (5) |
For further information about how we calculate EBITDA and Adjusted EBITDA as well as limitations of their use and a reconciliation of EBITDA and Adjusted EBITDA to net income, see “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” below. |
|
| (6) |
Basic Net Income per share is only for Net Income attributable to controlling interests after the business combination (the “Business Combination”) on |
|
| (7) |
Diluted Net Income per share is only for Net Income attributable to controlling interests after the Business Combination on |
|
Investor Conference Call and Webcasts
The Company will host a conference call and webcast today,
A telephone replay of the call may be accessed the same day from
About
The Company’s mission is to power a transparent and inclusive global cannabis economy. Now in its second decade,
Founded in 2008,
Headquartered in
Forward-Looking Statements
This press release includes “forward-looking statements” regarding our future business expectations which involve risks and uncertainties. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and projections of market opportunity and market share. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of the projected financial information with respect to the Company; future global, regional or local economic and market conditions affecting the cannabis industry; the development, effects and enforcement of laws and regulations, including with respect to the cannabis industry; the Company’s ability to successfully capitalize on new and existing cannabis markets, including its ability to successfully monetize its solutions in those markets; the Company’s ability to manage future growth; the Company’s ability to develop new products and solutions, bring them to market in a timely manner, and make enhancements to its platform and the Company’s ability to maintain and grow its two-sided digital network, including its ability to acquire and retain paying customers; the effects of competition on the Company’s future business; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors discussed in the Company’s registration statement on Form S-4/A filed in connection with the Business Combination on
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, we have disclosed EBITDA and Adjusted EBITDA, both of which are non-GAAP financial measures that we calculate as net income before taxes and depreciation and amortization in the case of EBITDA and further adjusted to exclude non-cash, unusual and/or infrequent costs in the case of Adjusted EBITDA. Below we have provided a reconciliation of net income (the most directly comparable GAAP financial measure) to EBITDA and from EBITDA to Adjusted EBITDA.
We present EBITDA and Adjusted EBITDA because these metrics are a key measure used by our management to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of investment capacity. Accordingly, we believe that EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.
EBITDA and Adjusted EBITDA have limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and both EBITDA and Adjusted EBITDA do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
- EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and
- EBITDA and Adjusted EBITDA do not reflect tax payments that may represent a reduction in cash available to us.
Because of these limitations, you should consider EBITDA and Adjusted EBITDA alongside other financial performance measures, including net income and our other GAAP results.
Definition of Key Operating and Financial Metrics
- Average Monthly Revenue Per Paying Client: Average monthly revenue per paying client measures how much clients, for the period of measurement, are willing to pay us for our subscription and additional offerings and the efficiency of the bid-auction process for our featured listings placements. We calculate this metric by dividing the average monthly revenue for any particular period by the average monthly number of paying clients in the same respective period. The calculation of monthly revenue includes revenue from any clients that cease to be paying clients during the applicable month.
- Average Monthly Paying Clients: We define average monthly paying clients as the monthly average of clients billed each month over a particular period (and for which services were provided).
- MAUs: We define MAUs as the number of unique users opening our Weedmaps mobile app or accessing our Weedmaps.com website over the course of a calendar month. In any particular period, we determine our number of MAUs by counting the total number of users who have engaged with the weedmaps.com site during the final calendar month of the given period.
|
|
||||||||
|
CONSOLIDATED BALANCE SHEETS |
||||||||
|
(Unaudited) |
||||||||
|
(In thousands, except for share data) |
||||||||
|
|
|
|
|
|
||||
|
Assets |
|
|
|
|
||||
|
Current assets |
|
|
|
|
||||
|
Cash |
|
$ |
91,662 |
|
|
$ |
19,919 |
|
|
Accounts receivable, net |
|
10,872 |
|
|
9,428 |
|
||
|
Prepaid expenses and other current assets |
|
18,110 |
|
|
4,820 |
|
||
|
Total current assets |
|
120,644 |
|
|
34,167 |
|
||
|
Property and equipment, net |
|
6,682 |
|
|
7,387 |
|
||
|
|
|
3,961 |
|
|
3,961 |
|
||
|
Intangible assets, net |
|
4,055 |
|
|
4,505 |
|
||
|
Right-of-use assets |
|
38,779 |
|
|
— |
|
||
|
Deferred tax asset |
|
148,365 |
|
|
— |
|
||
|
Other assets |
|
3,842 |
|
|
3,874 |
|
||
|
Total assets |
|
$ |
326,328 |
|
|
$ |
53,894 |
|
|
Liabilities and Equity |
|
|
|
|
||||
|
Current liabilities |
|
|
|
|
||||
|
Accounts payable and accrued expenses |
|
$ |
25,512 |
|
|
$ |
12,651 |
|
|
Deferred revenue |
|
6,936 |
|
|
5,264 |
|
||
|
Deferred rent |
|
— |
|
|
5,129 |
|
||
|
Operating lease liabilities, current portion |
|
5,052 |
|
|
— |
|
||
|
Notes payable to members |
|
— |
|
|
205 |
|
||
|
Total current liabilities |
|
37,500 |
|
|
23,249 |
|
||
|
Operating lease liabilities, non-current portion |
|
42,206 |
|
|
— |
|
||
|
Tax receivable agreement liability |
|
126,150 |
|
|
— |
|
||
|
Warrant liability |
|
156,187 |
|
|
— |
|
||
|
Other long-term liabilities |
|
— |
|
|
1,374 |
|
||
|
Total liabilities |
|
362,043 |
|
|
24,623 |
|
||
|
Stockholders’ equity/Members’ equity |
|
|
|
|
||||
|
Preferred Stock - |
|
— |
|
|
— |
|
||
|
Class A Common Stock - |
|
6 |
|
|
— |
|
||
|
Class V Common Stock - |
|
7 |
|
|
— |
|
||
|
Additional paid-in capital |
|
(20,212 |
) |
|
— |
|
||
|
Retained earnings |
|
5,249 |
|
|
— |
|
||
|
|
|
(14,950 |
) |
|
— |
|
||
|
Noncontrolling interests |
|
(20,765 |
) |
|
— |
|
||
|
Members’ equity |
|
— |
|
|
29,271 |
|
||
|
Total (deficit) equity |
|
(35,715 |
) |
|
29,271 |
|
||
|
Total liabilities and (deficit) equity |
|
$ |
326,328 |
|
|
$ |
53,894 |
|
|
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
(In thousands, except for share data) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
|
Revenues |
$ |
46,931 |
|
|
$ |
38,755 |
|
|
$ |
88,085 |
|
|
$ |
70,965 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Operating expenses |
|
|
|
|
|
|
|
|||||||||
|
Cost of revenues |
1,908 |
|
|
1,856 |
|
|
3,765 |
|
|
3,463 |
|
|||||
|
Sales and marketing |
15,271 |
|
|
7,422 |
|
|
24,388 |
|
|
14,053 |
|
|||||
|
Product development |
10,271 |
|
|
6,694 |
|
|
18,139 |
|
|
13,402 |
|
|||||
|
General and administrative |
33,770 |
|
|
12,242 |
|
|
47,136 |
|
|
24,241 |
|
|||||
|
Depreciation and amortization |
988 |
|
|
990 |
|
|
1,990 |
|
|
1,989 |
|
|||||
|
Total operating expenses |
62,208 |
|
|
29,204 |
|
|
95,418 |
|
|
57,148 |
|
|||||
|
Operating (loss) income |
(15,277 |
) |
|
9,551 |
|
|
(7,333 |
) |
|
13,817 |
|
|||||
|
Other income (expenses) |
|
|
|
|
|
|
|
|||||||||
|
Change in fair value of warrant liability |
37,791 |
|
|
— |
|
|
37,791 |
|
|
— |
|
|||||
|
Other expense, net |
(6,069 |
) |
|
(158 |
) |
|
(6,041 |
) |
|
(615 |
) |
|||||
|
Income before income taxes |
16,445 |
|
|
9,393 |
|
|
24,417 |
|
|
13,202 |
|
|||||
|
Benefit from income taxes |
(392 |
) |
|
— |
|
|
(151 |
) |
|
— |
|
|||||
|
Net income |
16,837 |
|
|
9,393 |
|
|
24,568 |
|
|
13,202 |
|
|||||
|
Net income attributable to noncontrolling interests |
12,574 |
|
|
— |
|
|
20,305 |
|
|
— |
|
|||||
|
Net income attributable to |
$ |
4,263 |
|
|
$ |
9,393 |
|
|
$ |
4,263 |
|
|
$ |
13,202 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Class A Common Stock: |
|
|
|
|
|
|
|
|||||||||
|
Basic income per share |
$ |
0.07 |
|
|
N/A1 |
|
$ |
0.07 |
|
|
N/A1 |
|||||
|
Diluted income per share |
$ |
(0.17 |
) |
|
N/A1 |
|
$ |
(0.17 |
) |
|
N/A1 |
|||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Class A Common Stock: |
|
|
|
|
|
|
|
|||||||||
|
Weighted average basic shares outstanding |
63,738,563 |
|
|
N/A1 |
|
63,738,563 |
|
|
N/A1 |
|||||||
|
Weighted average diluted shares outstanding |
71,347,746 |
|
|
N/A1 |
|
71,347,746 |
|
|
N/A1 |
|||||||
|
______________________________ |
||||||||||||||||
|
1 Prior to the Business Combination on |
||||||||||||||||
|
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
(Unaudited) |
||||||||
|
(In thousands) |
||||||||
|
|
Six Months Ended |
|||||||
|
|
2021 |
|
2020 |
|||||
|
Cash flows from operating activities |
|
|
|
|||||
|
Net income |
$ |
24,568 |
|
|
$ |
13,202 |
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
|
Depreciation and amortization |
1,990 |
|
|
1,989 |
|
|||
|
Change in fair value of warrant liability |
(37,791 |
) |
|
— |
|
|||
|
Impairment loss on right-of-use asset |
2,372 |
|
|
— |
|
|||
|
Share-based compensation |
19,433 |
|
|
— |
|
|||
|
Deferred tax assets |
(392 |
) |
|
— |
|
|||
|
Changes in operating assets and liabilities: |
|
|
|
|||||
|
Accounts receivable |
(1,444 |
) |
|
(1,421 |
) |
|||
|
Prepaid expenses and other current assets |
3,691 |
|
|
(508 |
) |
|||
|
Other assets |
32 |
|
|
491 |
|
|||
|
Accounts payable and accrued expenses |
2,044 |
|
|
(1,138 |
) |
|||
|
Deferred revenue |
1,672 |
|
|
1,790 |
|
|||
|
Net cash provided by operating activities |
16,175 |
|
|
14,405 |
|
|||
|
|
|
|
|
|||||
|
Cash flows from investing activities |
|
|
|
|||||
|
Purchases of property and equipment |
(836 |
) |
|
(502 |
) |
|||
|
Net cash used in investing activities |
(836 |
) |
|
(502 |
) |
|||
|
|
|
|
|
|||||
|
Cash flows from financing activities |
|
|
|
|||||
|
Proceeds from the Business Combination |
80,284 |
|
|
— |
|
|||
|
Payment of note payable |
(205 |
) |
|
— |
|
|||
|
Distributions to members |
(18,110 |
) |
|
(5,867 |
) |
|||
|
Repurchase of Class |
(5,565 |
) |
|
(195 |
) |
|||
|
Net cash provided by (used in) financing activities |
56,404 |
|
|
(6,062 |
) |
|||
|
|
|
|
|
|||||
|
Net increase in cash |
71,743 |
|
|
7,841 |
|
|||
|
Cash – beginning of period |
19,919 |
|
|
4,968 |
|
|||
|
Cash – end of period |
$ |
91,662 |
|
|
$ |
12,809 |
|
|
|
|
||||||||||||||||
|
RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
(In thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
|
Net income |
$ |
16,837 |
|
|
$ |
9,393 |
|
|
$ |
24,568 |
|
|
$ |
13,202 |
|
|
|
Benefit from income taxes |
(392 |
) |
|
— |
|
|
(151 |
) |
|
— |
|
|||||
|
Depreciation and amortization expenses |
988 |
|
|
990 |
|
|
1,990 |
|
|
1,989 |
|
|||||
|
EBITDA |
17,433 |
|
|
10,383 |
|
|
26,407 |
|
|
15,191 |
|
|||||
|
Share-based compensation(1) |
19,433 |
|
|
— |
|
|
19,433 |
|
|
— |
|
|||||
|
Change in fair value of warrant liability |
(37,791 |
) |
|
— |
|
|
(37,791 |
) |
|
— |
|
|||||
|
Warrant transaction costs |
5,506 |
|
|
— |
|
|
5,506 |
|
|
— |
|
|||||
|
Impairment of right-of-use asset |
2,372 |
|
|
— |
|
|
2,372 |
|
|
— |
|
|||||
|
Transaction related bonus expense |
1,550 |
|
|
— |
|
|
1,550 |
|
|
— |
|
|||||
|
Adjusted EBITDA |
$ |
8,503 |
|
|
$ |
10,383 |
|
|
$ |
17,477 |
|
|
$ |
15,191 |
|
|
| ______________________________ | ||
|
(1) |
Share-based compensation expense is recorded in the following expense categories on the accompanying consolidated statements of income for the three and six months ended |
|
|
Sales and marketing |
$ |
3,826 |
|
|
|
Product development |
1,994 |
|
||
|
General and administrative |
13,613 |
|
||
|
Total stock-based compensation |
$ |
19,433 |
|
|
|
|
||||||||||||||||||||||||||||||||
|
SELECTED CURRENT AND PREVIOUS OPERATING KEY METRICS |
||||||||||||||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||||||||||||||
|
Selected Key Operating and Financial Metrics |
||||||||||||||||||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Year Ended |
|||||||||||||||||||||||||||
|
|
2021 |
2020 |
|
2021 |
2020 |
|
2020 |
2019 |
2018 |
2017 |
||||||||||||||||||||||
|
Average monthly paying clients |
4,221 |
4,311 |
|
4,068 |
4,168 |
|
4,140 |
4,699 |
4,041 |
4,374 |
||||||||||||||||||||||
|
Average monthly revenue per paying client |
$ |
3,706 |
|
$ |
2,997 |
|
|
$ |
3,609 |
|
$ |
2,838 |
|
|
$ |
3,256 |
|
$ |
2,558 |
|
$ |
2,091 |
|
$ |
1,709 |
|
||||||
|
MAUs (in thousands) |
12,302 |
7,027 |
|
12,302 |
7,027 |
|
10,000 |
8,009 |
4,684 |
3,695 |
||||||||||||||||||||||
|
Selected Previously Reported Key Operating and Financial Metrics |
||||||||||||||||||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Year Ended |
|||||||||||||||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2020 |
|
2019 |
|
2018 |
|
2017 |
|||||||||||||||||
|
Paying clients(1) |
4,318 |
4,400 |
|
4,318 |
4,400 |
|
3,786 |
4,644 |
4,024 |
4,543 |
||||||||||||||||||||||
|
Monthly revenue per paying client(2) |
$ |
3,617 |
|
$ |
3,172 |
|
|
$ |
3,617 |
|
$ |
3,172 |
|
|
$ |
3,609 |
|
$ |
2,888 |
|
$ |
2,526 |
|
$ |
1,651 |
|
||||||
|
MAUs (in thousands)(3) |
10,963 |
7,027 |
|
10,963 |
7,027 |
|
10,000 |
8,009 |
4,684 |
3,695 |
||||||||||||||||||||||
| ______________________________ | ||
|
(1) |
Metric was previously defined as the number of clients billed during the last month of a particular period. We changed our definition because we believe using the average number of paying clients across the entire period is a better reflection of our results during such period than the average paying clients for only the last month of the period and believe our modified definition will be less susceptible to monthly fluctuations and therefore more reliable when comparing period-to-period results. |
|
|
(2) |
Metric was previously calculated by dividing total monthly revenue for the last month of any particular period by the number of paying clients in that last month of a particular period. We changed our definition because we believe using monthly revenue across the entire period is a better reflection of our results during such period than monthly revenue for only the last month of the period and believe our modified definition will be less susceptible to monthly fluctuations and therefore more reliable when comparing period-to-period results. |
|
|
(3) |
Metric previously excluded the MAUs attributed to the Learn section of weedmaps.com, which we began tracking in |
|
|
|
||||||||||||||||||||||||
|
SELECTED KEY OPERATING AND FINANCIAL METRICS |
||||||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||||||
|
Selected Key Operating and Financial Metrics (including |
||||||||||||||||||||||||
|
|
Three Months Ended |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Average monthly paying clients |
4,025 |
4,311 |
4,363 |
3,863 |
|
3,916 |
4,221 |
|||||||||||||||||
|
Average monthly revenue per paying client |
$ |
2,668 |
|
$ |
2,997 |
|
$ |
3,553 |
|
$ |
3,825 |
|
|
$ |
3,503 |
|
$ |
3,706 |
|
|||||
|
|
Six Months Ended |
|
Year Ended |
|||||||||||||||||||||
|
|
|
|
|
2017 |
2018 |
2019 |
2020 |
|||||||||||||||||
|
Average monthly paying clients |
4,168 |
4,068 |
|
4,374 |
4,041 |
4,699 |
4,140 |
|||||||||||||||||
|
Average monthly revenue per paying client |
$ |
2,838 |
|
$ |
3,609 |
|
|
$ |
1,709 |
|
$ |
2,091 |
|
$ |
2,558 |
|
$ |
3,256 |
|
|||||
|
Selected Key Operating and Financial Metrics (excluding |
||||||||||||||||||||||||
|
|
Three Months Ended |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Revenue (in thousands) |
$ |
26,047 |
|
$ |
30,351 |
|
$ |
34,876 |
|
$ |
39,099 |
|
|
$ |
41,154 |
|
$ |
46,931 |
|
|||||
|
Average monthly paying clients |
3,238 |
3,301 |
3,590 |
3,752 |
|
3,916 |
4,221 |
|||||||||||||||||
|
Average monthly revenue per paying client |
$ |
2,681 |
|
$ |
3,065 |
|
$ |
3,238 |
|
$ |
3,474 |
|
|
$ |
3,503 |
|
$ |
3,706 |
|
|||||
|
|
Six Months Ended |
|
Year Ended |
|||||||||||||||||||||
|
|
|
|
|
|
2017 |
|
2018 |
|
2019 |
|
2020 |
|||||||||||||
|
Revenue (in thousands) |
$ |
56,398 |
|
$ |
88,085 |
|
|
$ |
89,720 |
|
$ |
100,671 |
|
$ |
132,077 |
|
$ |
130,373 |
|
|||||
|
Average monthly paying clients |
3,270 |
4,068 |
|
4,374 |
3,997 |
4,165 |
3,470 |
|||||||||||||||||
|
Average monthly revenue per paying client |
$ |
2,875 |
|
$ |
3,609 |
|
|
$ |
1,709 |
|
$ |
2,099 |
|
$ |
2,643 |
|
$ |
3,131 |
|
|||||
| ______________________________ | ||
|
(1) |
Metrics exclude impact from the removal of |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005795/en/
Investor Relations:
gstolowitz@weedmaps.com
(949) 345-7579
Media:
trexroad@weedmaps.com
Source: