| Selected Quarterly Financial Data (unaudited) |
Selected Quarterly Financial Data (unaudited)
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Quarter ended |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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2016 |
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2016 |
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2016 |
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2016 |
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2017 |
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2017 |
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2017 |
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2017 |
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(in thousands, except per share data) |
Revenue |
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Advertising |
$ |
220,308 |
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$ |
265,126 |
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$ |
273,716 |
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$ |
313,340 |
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$ |
223,308 |
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$ |
278,204 |
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$ |
275,741 |
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$ |
297,674 |
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Subscription and other |
54,732 |
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55,125 |
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56,100 |
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59,829 |
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64,878 |
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68,900 |
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84,414 |
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97,661 |
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Ticketing service (1) |
22,265 |
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22,771 |
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22,085 |
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19,429 |
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27,818 |
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29,730 |
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18,484 |
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— |
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Total revenue |
297,305 |
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343,022 |
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351,901 |
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392,598 |
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316,004 |
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376,834 |
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378,639 |
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395,335 |
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Cost of revenue |
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Cost of revenue—Content acquisition costs |
171,264 |
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176,633 |
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174,334 |
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212,122 |
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187,420 |
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195,875 |
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204,222 |
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216,515 |
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Cost of revenue—Other |
21,195 |
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25,106 |
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25,896 |
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30,520 |
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25,532 |
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27,440 |
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27,287 |
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32,379 |
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Cost of revenue—Ticketing service (1) |
14,646 |
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15,259 |
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15,318 |
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14,057 |
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18,618 |
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20,510 |
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11,269 |
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— |
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Total cost of revenue |
207,105 |
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216,998 |
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215,548 |
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256,699 |
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231,570 |
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243,825 |
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242,778 |
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248,894 |
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Gross profit |
90,200 |
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126,024 |
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136,353 |
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135,899 |
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84,434 |
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133,009 |
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135,861 |
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146,441 |
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Operating expenses |
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Product development (1) |
35,611 |
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33,560 |
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33,560 |
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37,976 |
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39,588 |
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41,233 |
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39,469 |
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34,035 |
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Sales and marketing (1) |
117,433 |
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123,589 |
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116,091 |
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133,251 |
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125,102 |
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145,891 |
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107,588 |
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113,961 |
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General and administrative (1) |
46,524 |
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40,760 |
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41,909 |
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46,971 |
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44,525 |
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57,954 |
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48,171 |
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40,061 |
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Goodwill impairment |
— |
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— |
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— |
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— |
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— |
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131,997 |
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— |
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— |
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Contract termination fees (benefit) |
— |
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— |
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— |
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— |
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— |
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23,467 |
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(423 |
) |
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— |
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Total operating expenses |
199,568 |
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197,909 |
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191,560 |
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218,198 |
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209,215 |
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400,542 |
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194,805 |
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188,057 |
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Loss from operations |
(109,368 |
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(71,885 |
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(55,207 |
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(82,299 |
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(124,781 |
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(267,533 |
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(58,944 |
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(41,616 |
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Net loss |
(115,102 |
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(76,333 |
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(61,534 |
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(90,009 |
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(132,267 |
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(275,136 |
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(66,243 |
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(44,749 |
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Net loss available to common stockholders |
(115,102 |
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(76,333 |
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(61,534 |
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(90,009 |
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(132,267 |
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(289,664 |
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(84,562 |
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(52,068 |
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Net loss per common share, basic and diluted |
$ |
(0.51 |
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$ |
(0.33 |
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$ |
(0.27 |
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$ |
(0.38 |
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$ |
(0.56 |
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$ |
(1.20 |
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$ |
(0.34 |
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$ |
(0.21 |
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(1) Includes approximately two months of revenue and expense for Ticketfly from July 1, 2017 to the disposition date of September 1, 2017. |
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