News Feed Item

Viggle Releases F2Q 2014 Results: Revenue Increases 30 Percent as Company Creates Leading Entertainment Marketing and Rewards Platform

Viggle Inc. (OTCQB:VGGL), the entertainment marketing and rewards platform that includes the Viggle, Dijit, and Wetpaint brands, today released its results for F2Q 2014, ended December 31, 2013, showing a 30 percent increase in year-over-year revenue as the Company embarked on a new strategic roadmap.

Viggle generated $5.032 million in revenue during F2Q 2014, an increase of $1.157 million, or 30 percent, over F2Q 2013 revenue of $3.875 million. The F2Q 2014 revenue represents a 16 percent increase ($694,000) over F1Q 2014 revenue of $4.338 million. Fiscal 2014 YTD revenue of $9.371 million is a 58 percent increase from the $5.927 million YTD at the end of FQ2 2013.

The Viggle app’s registered users totaled 3,690,832 at the end of F2Q 2014, an increase of 127 percent on the 1,623,645 Viggle registered users recorded at the end of F2Q 2013.

F2Q 2014 marked a pivotal time for Viggle Inc., as it successfully broadened its market offering and position through a strategic acquisition and a product extension into a second entertainment vertical, music. Specifically, Viggle acquired Wetpaint, a leading entertainment media and technology company focused on television fans, with more than seven million Facebook fans and 16.6 million monthly unique users in December 2013. Wetpaint is a major source for deep, independent coverage of top TV shows, stars, entertainment news and fashion, producing more than 150 new articles, videos and galleries per day.

In addition to the Wetpaint acquisition, Viggle also launched a new music product that allows users to discover music and earn Viggle Points that can be redeemed for real rewards. The music feature is integrated seamlessly within the Viggle app so the user can toggle between earning points for TV and Music. Viggle plans to roll out new music features and benefits in the coming months.

The Viggle platform now offers an entertainment experience not only during a show on the Viggle app, but also before and after an airing on the Wetpaint properties. Brand and network advertisers can now better leverage Viggle Inc.’s end-to-end marketing and promotions platform to reach a passionate and engaged audience said Greg Consiglio, President and COO of Viggle.

“We continue our improvements in revenue, EBITDA and net registered users,” continued Consiglio. “Entertainment fans today have an overabundance of choices, and it’s our goal to create the singular marketing and promotional platform to not only reach them from an advertiser’s perspective, but also to provide the tools and services they need to take greater control of how they consume entertainment.”

Through the end of F2Q 2014, Viggle users have checked into 355,483,807 TV programs – including 222,141,854 from January 1, 2013, through the end of F2Q 2014. In addition, users have checked into 4,231,881 songs using the new Viggle MUSIC option between December 4, 2013 and December 31, 2013. Overall, users’ average time in the app has been 64 minutes and 58 seconds per session.

For F2Q 2014, Viggle had an Adjusted EBITDA loss of $5.209 million as compared to an Adjusted EBITDA loss of $5.916 million in F1Q 2014, as compared to an Adjusted EBITDA loss of $6.451 million in F2Q 2013. The sequential and year-over-year decreases in Adjusted EBITDA losses are directly attributable to increased revenue and less SG&A spending.

Please refer to the Company’s Quarterly Report on Form 10-Q filed today with the SEC for additional information.

About Viggle Inc.

Viggle is an entertainment marketing and promotions platform whose free app rewards its members for watching their favorite TV shows and discovering new music. The Viggle app enhances TV with interactive games like Viggle LIVE trivia and MYGUY real-time sports. Viggle Inc. operates Wetpaint, which is revolutionizing media with its expertise in social publishing and its Wetpaint Entertainment media property that offers audiences their daily fix of entertainment and celebrity news. Viggle Inc. also operates Dijit Media, maker of award-winning technology that helps consumers search for, find, and set reminders for their favorite TV shows and movies wherever they are offered. This includes the NextGuide discovery service and the cutting-edge Reminder Button.

Viggle members get rewarded for watching TV and discovering music with real rewards, including electronics, trips, exclusive entertainment experiences, gift cards, and more. Viggle also allows like-minded fans of their favorite shows and artists to connect through Viggle social features. Viggle’s audio verification technology recognizes shows on TV and allows members to check into live and DVR’d TV content from more than 180 of the most popular broadcast and cable channels. For more information, visit www.viggle.com or follow us on Twitter @Viggle.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. All information provided in this press release is as of February 10, 2014. Except as required by law, Viggle Inc. undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Non-GAAP Adjusted Rewards Costs and Adjusted EBITDA

The Company provides a non-GAAP measure for adjusted rewards costs as an alternative view of the Company’s cost of providing rewards to its users. The Company reports rewards costs in its Consolidated Statement of Operations in both cost of watchpoints and engagement points and in Selling, general and administrative expenses. Management believes that due to the lack of operating history associated with user point accumulation and redemption activity that a useful financial measure for investors is to provide to them the amount of cash the Company has actually paid to provide rewards to its users. The Company also presents Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure that represents operating loss (as reported) plus depreciation and amortization, stock based compensation and adjustment to rewards costs. Management believes these non-GAAP measures enhance investors’ understanding of the Company’s financial performance. The information on adjusted rewards costs and Adjusted EBITDA should be considered in addition to, but not in lieu of operating income prepared in accordance with generally accepted accounting principles in the United States (GAAP). Since adjusted reward costs and Adjusted EBITDA are not measures determined in accordance with GAAP, they have no standardized meaning prescribed by GAAP and therefore, may not be comparable to the calculation of similar measures of other companies. A reconciliation between GAAP financial measures and non-GAAP financial measures is as follows.

Reconciliation of rewards cost to adjusted rewards cost and selling, general and administrative expenses to adjusted selling, general and administrative expenses (amounts in thousands)
  Quarter Ended December 31, 2013   6 Months Ended December 31, 2013   Quarter Ended September 30, 2013   Quarter Ended December 31, 2012   6 Months Ended December 31, 2012
Cost of watchpoints and engagement points as reported $ (82 )   $ (2,657 )   $ (2,579 )   $ (1,571 )   $ (3,800 )
Adjustment to cost of watchpoints and engagement points   (1,102 )     (108 )     855       329       733  

Adjusted cost of watchpoints and engagement points

  (1,184 )     (2,765 )     (1,724 )     (1,242 )     (3,067 )
Selling, general and administrative expenses as reported (17,569 ) (42,906 ) (25,334 ) (15,143 ) (36,842 )
Adjustment to selling, general and administrative expenses   (120 )     (212 )     46       186       403  

Adjusted selling, general and administrative expenses

$ (17,689 )   $ (43,118 )   $ (25,288 )   $ (14,957 )   $ (36,439 )
Reconciliation of operating loss to Adjusted EBITDA (amounts in thousands)
Quarter Ended December 31, 2013   6 Months Ended December 31, 2013   Quarter Ended September 30, 2013   Quarter Ended December 31, 2012   6 Months Ended December 31, 2012
Revenue $ 5,032 $ 9,371 $ 4,338 $ 3,875 $ 5,927
Operating loss as reported (12,619 ) (36,192 ) (23,575 ) (12,839 ) (34,715 )
Stock compensation costs 7,638 23,434 15,796 4,936 16,775

Adjustment to cost of watchpoints and engagement points

(1,102 ) (108 ) 855 329 733
Adjustment to Selling, general and administrative expenses (120 ) (212 ) 46 186 403
Depreciation and amortization costs   994       2,064       962       937       1,870  
Adjusted EBITDA * $ (5,209 )   $ (11,014 )   $ (5,916 )   $ (6,451 )   $ (14,934 )

* Adjusted EBITA is a non-GAAP measure, but shown above it represents operating loss plus depreciation and amortization, stock based compensation, interest (expense) income, net and adjustment to rewards costs

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his session at @DevOpsSummit 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will show how customers are able to achieve a level of transparency that enables everyon...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...