Q3 2022 Spark Networks SE Earnings Call
Speaker 1: ...............
Speaker 1: And.
Speaker 2: Good afternoon and welcome to the Spark Network's Fiscal 2022 Third Quarter Earnings Conference call
Speaker 2: All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.
Speaker 2: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your touch tone phone. To withdraw from the question queue, please press star then 2.
Speaker 2: Please note this event is being recorded.
Speaker 2: I would now like to turn the conference over to Todd Curley, MKR Investor Relations. Please go ahead.
Speaker 3: Thank you, operator. Good afternoon and welcome to SPARK Network's fiscal 2022 third quarter earnings conference call. With me on today's call are SPARK's CEO , Eric Eichmann, and Chief Financial Officer, David Clark.
Speaker 3: Before I turn the call over to Eric, I'd like to cover a few quick items.
Speaker 3: This afternoon Spark Networks issued a press release announcing its fiscal 2022 third quarter financial results. This release is available on the company's website at spark.net. Additionally this call is being broadcast live over the internet for all interested parties and the webcast will be archived on the investor relations page of the company's website.
Speaker 3: I want to remind everyone that on today's call, management will discuss certain factors that are likely to influence the business going forward. Any factors discussed today that are not historical facts, particularly comments regarding our long-term prospects and market opportunities.
Speaker 3: should be considered forward-looking statements. These forward-looking statements may include comments about the company's plans and expectations of future performance, including comments regarding our review of strategic alternatives.
Speaker 3: Forward-looking statements are subject to a number of risks and uncertainties, which could cause actual results to differ materially. We encourage all of our listeners to review our SEC filings, including our most recent 10-K and 10-Q for a complete description of these risks.
Speaker 3: Our statements on this call are made as of today, November 8, 2022, and the company undertakes no obligation to revise or update publicly any of the forward-looking statements contained herein, whether as a result of new information, future events, changes in expectations, or otherwise.
Speaker 3: Additionally, throughout this call we will be discussing certain non-GAAP financial measures. Today's earnings release and the related current report on Form 8K describe the differences between our non-GAAP and GAAP reporting and present the reconciliation between the two for the periods reported in the release.
Speaker 3: With that said, I'll now turn the call over to Eric Eichmann, CEO of Sport Networks. Eric, please go ahead.
Speaker 4: Thank you Todd and good afternoon everyone.
Speaker 4: Before we begin our regular earnings commentary, I wanted to remind everyone that on June 1st, we announced that Spark had initiated a comprehensive review of strategic alternatives for the company. At this time, the review is still ongoing.
Speaker 4: Spark is the fourth largest online subscription dating company across North America and Europe by revenue and is a leader in social dating for meaningful relationships, targeting the 40 plus demographic and people with religious affiliations. We estimate the worldwide online dating market for meaningful relationships is approximately $2.3 billion of spend annually with anticipated single digit annual percentage growth over the next five years.
Speaker 4: We capture about 30% of these market in the US with our strong portfolio of brands which includes ZUSC, Elite Singles, Silver Singles, Christian Mingle and JDate.
Speaker 4: Let me first review our third quarter results. We continue to be impacted by foreign exchange headlines in the third quarter as the US dollar strengthened against all major currencies.
Speaker 4: These contributed to our third quarter revenue being down nine point six percent year-over-year to forty eight point two million
Speaker 4: On a constant currency basis, third quarter revenue would have been $51.5 million, down 3.4% year over year. During the quarter, we scaled back our user acquisition spend to focus on profitability and to account for a seasonally slow time of the year for online dating, which impacted our ability to grow revenue during the quarter.
Speaker 4: Despite this, we delivered initial subscriber growth of 5.1% and total average subscriber growth of 3.4% for our largest brand, ZUSC, in the third quarter.
Speaker 4: Since we acquired ZUSC three years ago, its subscriber base has declined every quarter until last quarter. So we are excited to see our hard work to turn these around, paying off with the second consecutive quarter of ZUSC subscriber growth.
Speaker 4: From a profitability perspective, we delivered a 66% increase in adjusted EBITDA of $8.3 million or 17% of revenue, compared to $5 million or 9% of revenue in the third quarter of last year.
Speaker 4: Now, let me provide some detail around the significant product improvements we made during the quarter, which we believe drove increased conversion rates and engagement.
Speaker 4: In fact, our subscription conversion rates for both ZUSC and non-ZUSC brands increased 11%, which we attribute to product improvements we made during the quarter, as well as our ability to drive higher quality traffic.
Speaker 4: First, by modernizing Zeus profile content and streamlining the profile completion experience, we encourage users to create high-quality profiles, driving increased engagement between users. As a result, our user profile completion rates improve dramatically with completion rates of new users' profiles improving fivefold.
Speaker 4: stronger profiles drive greater interaction between users and positively impact engagement and subscriptions.
Speaker 4: During the quarter, we launched a refresh of the ZUSC Android app in the UK with improved engagement and retention metrics and an uplift in conversion rates.
Speaker 4: Following the app refresh, Zoosk's Google Play Store ratings improved 0.5 points.
Speaker 4: We expect that our other app ratings will also improve as we continue to update our apps.
Speaker 4: We are rolling out these updates to the US and other markets.
Speaker 4: We plan to launch updated apps for Elite Singles on iOS and Android and Zeus on iOS in the next couple of months.
Speaker 4: We also made product improvements during the quarter to combat fraud, reducing increases in fraud during the first half of the year by as much as 80% on some of our brands.
Speaker 4: During the quarter, we successfully deployed new ZUSC prices, leading to increased conversion and a higher average price for ZUSC subscriptions.
Speaker 4: Based on these successful changes, we believe there is additional room for improvement on pricing in the future.
Speaker 4: As a result of these efforts, we saw a meaningful increase in positive customer feedback in the quarter to the highest levels we have seen since acquiring ZUSC.
Speaker 4: On the marketing front, after expanding our user acquisition spend in Q2, our focus shifted to driving profitability for Q3 and Q4.
Speaker 4: With this new focus, we increased our measure of subscriber profitability by 13% during the third quarter versus last year. In addition, we made great progress implementing a CRM tool that should significantly advance or lifecycle communications with potential subscribers, which we believe will drive increased revenue and profitability in Q4 and beyond.
Speaker 4: The product improvements, including enhanced payment configurations, and marketing's focus on higher quality traffic, led to an increase in our subscription conversion rates across all brands by 11% over the quarter.
Speaker 4: Finally, I want to touch on the macro environment.
Speaker 4: While I am happy with the progress we are making, we are facing a tougher economic climate.
Speaker 4: Publicly issued results from other established dating brands showed year-over-year revenue declines of 15%. And while our quarterly revenue trajectory compares favorably to these other brands, it suggests a temporary slowdown in demand for our products.
Speaker 4: As a result, we plan to continue to contain costs and further prioritize investments throughout the rest of the years to focus on profitability.
Speaker 4: In summary, in Q3 we significantly increased profitability and made good progress in evolving our products.
Speaker 4: We saw improved conversion and engagement metrics and for the second quarter in a row self subscription growth at ZUSC.
Speaker 4: We will continue to execute on product improvements while we focus on profitability and on strengthening or market position and financial outlook.
Speaker 4: With that, I'll ask David Clark, our Chief Financial Officer, to add more color around our financial performance for the quarter. David? David, thank you so much for being here.
Speaker 5: Thank you, Eric, and good afternoon, everyone.
Speaker 5: Revenue for the third quarter of 2022 was $48.2 million compared to $53.3 million in the third quarter of 2021.
Speaker 5: We attribute the year-over-year decrease in total revenues largely to currency fluctuation and lower user acquisitions than during this period.
Speaker 5: On a constant currency basis, revenue would have been $51.5 million.
Speaker 5: For the third quarter, end of period paying subscribers were 804,000 down sequentially.
Speaker 5: from $838,000 in the second quarter.
Speaker 5: Spark's monthly average revenue per user, or monthly RPU, decreased to $19.50 in the third quarter of 2022, compared to $20.52 in the same period of 2021.
Speaker 5: We attribute the client in ARPU to several factors, including currency fluctuations and our emphasis on longer duration subscriptions through price incentives.
Speaker 5: Net loss was $10.7 million in the third quarter of 2022.
Speaker 5: compared to a net loss of $2.7 million in the same period of 2021.
Speaker 5: During the third quarter, we incurred an $11.8 million non-cash impairment charge related to the ZUSC trade name.
Speaker 5: Adjusted EVA dial was $8.3 million in the third quarter, a 17% adjusted EVA dial margin, and a 66% increase when compared to adjusted EVA dial $5 million in the third quarter of 2021. The EVA dial is $8.3 million in the third quarter of 2021.
Speaker 5: We attribute the year-over-year increase in adjusted EBITDA, primarily lower acquisition spend during the quarter as we increased our focus on increasing profitability.
Speaker 5: Shifting to the balance sheet, the company ended the third quarter with $12.7 million in cash and a GAAP debt balance of $94.5 million or net debt of $81.8 million.
Speaker 5: As a reminder, there is no principal amortization required this year under the new MGG agreement.
Speaker 5: Turning to guidance.
Speaker 5: Due to a number of factors, the largest of which is the depreciation of the US dollar, we are revising down our expectations for the full year 2022 revenue. We now expect total revenue of the year to be down low double digits on a percentage basis.
Speaker 5: as compared to 2021.
Speaker 5: On a constant currency basis, we expect full year revenue to be down single digits on a percentage basis.
Speaker 5: On the profitability side, we expect full year adjusted EBITDA margins to be in the high single digits and fourth quarter adjusted EBITDA margins to be approximately 20%.
Speaker 5: And with that, we're happy to take your questions. Operator? Thank you for your time and good night.
Speaker 2: We will now begin the question and answer session.
Speaker 2: To ask a question, you may press star then 1 on your touch tone phone.
Speaker 2: If you're using a speakerphone, please pick up your handset before pressing the keys.
Speaker 2: To withdraw from the question queue, please press Start and 2.
Speaker 2: At this time, we will pause momentarily to assemble our roster.
Speaker 2: Our first question will come from Raj Sharma with B Riley. You may now go ahead.
Speaker 6: Hi, hello thank you for taking my questions. Could you give some color on...
Speaker 6: You gave some color on the Zeus. Could you give some color on the non-Zeus brands? Does the subscriber growth or any sort of and then any color on churn?
Speaker 6: what is specifically working.
Speaker 6: and what is not.
Speaker 4: Great, thank you Raj, appreciate the question. So on ZUSC we did mention that we saw initials, some new subscribers coming to ZUSC going up 5.1% versus last year, and average subscribers going up 3.4%. One of the effects of us sort of focusing on profitability, in particular in the second half of the quarter.
Speaker 4: is that if you look at the numbers that we've provided in terms of end subscribers that David talked about, they're a bit down, they're about down 4%. And so expect that that's across the board the same. As we look at the numbers that we've provided in terms of
Speaker 4: At the future and we focus more on profitability We are sort of focusing on a more balanced approach from customer acquisition Which sort of the emphasizes a bit Zeus can emphasize with some of the other? Brands, so you should expect that that will be reflected in the future churn We haven't seen significant changes in in turn for all properties We have seen as we as we mentioned due to the micro environment a bit of a softening in demand, but sure
Speaker 4: going forward. I know the ARPU was a little lower year on year. Any sort of color on that? Yeah, it's interesting because obviously ARPU has been hurt in part by the strengthening of the dollar, right? Because we have, you know, over a third of our sort of billings that come in in foreign currencies, so as the dollar strengthened those sort of decrease the ARPU. But we have had at the same time sort of test some prices.
Speaker 4: against some of the other major currencies. If it does, that ARPU would sort of recover some of the lost ground that it had in this quarter.
Speaker 6: Got it. Is there any sort of.
Speaker 6: new color on the new products, you know, the introductions that you talked about, that you were going to do, you know, virtual dating, live streaming or anything else.
Speaker 4: Is that helping? No big updates on that front. I mean, they continue to be products. The satisfaction ratings continue to be high on that. That, as I mentioned, I think in the last call,
Speaker 4: A lot of the video trips, the virtual trips that people can take, or virtual dates to other locations have been reviewed very favorably. I think what we are focusing on now is how can we get more and more people to connect so that those become opportunities for them to take advantage of that feature. I would say one of the big things that we are proud of this quarter is we focus quite a bit on reducing fraud.
Speaker 4: and through a number of initiatives we were able to decrease fraud significantly. In particular on brands like Elite Silver and Silver Singles where we had seen a big increase in fraud in the first half of the year. And so we almost brought all of that down to the levels that it was before that increase. So that obviously has a big effect on engagement, because when you have real people talking to real people that drive engagement up, as opposed to obviously fraudsters.
Speaker 4: an update. We've obviously talked to the market about it.
Speaker 6: Great. All right. Thank you. I'll take my questions offline. Thank you.
Speaker 4: Thank you. Appreciate it, Drash.
Speaker 7: Yeah, sure.
Speaker 2: Again, if you have a question, please press star then 1.
Speaker 2: It appears there are no further questions. This concludes our question and answer session. I would like to turn the conference back over to Erik Eichmann for any closing remarks.
Speaker 4: Thanks everyone for your interest in Spark Networks and thank you for joining our call. Have a great day.
Speaker 2: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
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