MINDBODY, Inc. (MB) saw its loss narrow to $3.91 million, or $0.10 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $6.59 million, or $0.17 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.24 million, or $0.03 a share from a loss of $4.60 million or $0.12 a share, a year ago. Revenue during the quarter surged 31.89 percent to $42.21 million from $32.01 million in the previous year period. Gross margin for the quarter expanded 269 basis points over the previous year period to 71.53 percent. Operating margin for the quarter stood at negative 8.23 percent as compared to a negative 19.17 percent for the previous year period.
Operating loss for the quarter was $3.47 million, compared with an operating loss of $6.14 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.11 million compared to negative $2.37 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 2.64 percent for the quarter compared to negative 7.42 percent in the last year period.
"We had a strong start to the year, with positive early returns from our high value subscriber growth strategy, the nationwide rollout of our Google integration, and the timely acquisition of Lymber,” said Rick Stollmeyer, Co-founder and chief executive officer of MINDBODY. "These developments reflect our focus on accelerating business and consumer engagement across our platform, fueling the growth of wellness businesses worldwide and helping millions more people live healthier, happier lives."
For the second-quarter, MINDBODY, Inc. projects revenue to be in the range of $43.60 million to $44.60 million. MINDBODY projects revenue to be in the range of $179 million to $182 million for financial year 2017. MINDBODY, Inc. forecasts adjusted net loss to be in the range of $2.70 million to $1.70 million for the second-quarter. For the fiscal year 2017, MINDBODY, Inc. forecasts adjusted net loss to be in the range of $8 million to $5 million.
Operating cash flow turns positiveMINDBODY, Inc. has generated cash of $1.03 million from operating activities during the quarter as against cash outgo of $2.70 million in the last year period. The company has spent $2.86 million cash to meet investing activities during the quarter as against cash outgo of $1.14 million in the last year period.
Cash flow from financing activities was $3.78 million for the quarter, up 103.39 percent or $1.92 million, when compared with the last year period.
Cash and cash equivalents stood at $87.94 million as on Mar. 31, 2017, down 3.84 percent or $3.51 million from $91.45 million on Mar. 31, 2016.
Working capital decreases marginally
MINDBODY, Inc. has witnessed a decline in the working capital over the last year. It stood at $78.70 million as at Mar. 31, 2017, down 4.91 percent or $4.06 million from $82.76 million on Mar. 31, 2016. Current ratio was at 4.39 as on Mar. 31, 2017, down from 5.17 on Mar. 31, 2016.
Days sales outstanding went down to 18 days for the quarter compared with 21 days for the same period last year.
At the same time, days payable outstanding went down to 35 days for the quarter from 50 for the same period last year.
Debt comes down marginally
MINDBODY, Inc. has recorded a decline in total debt over the last one year. It stood at $15.33 million as on Mar. 31, 2017, down 3.35 percent or $0.53 million from $15.86 million on Mar. 31, 2016. MINDBODY, Inc. has recorded a decline in long-term debt over the last one year. Total debt was 10.01 percent of total assets as on Mar. 31, 2017, compared with 11.13 percent on Mar. 31, 2016. Debt to equity ratio was at 0.14 as on Mar. 31, 2017, down from 0.15 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
