Lower year-on-year revenue for FTD
John C. Walden, FTD's President and Chief Executive Officer, said, "I am only two weeks into my role with FTD but I am excited to be leading the company at this interesting time in its long history. Although I believe the company has recently performed below its potential, it has several assets to build upon - strong brands, reliable partners including our member florists, and financial flexibility. With an innovative and ambitious new strategy, I believe FTD can extend its leadership in the floral and gifting industry and restore growth. I look forward to undertaking this challenge with the FTD team."
Fourth Quarter Results
Consolidated revenues were $280.7 million for the fourth quarter of 2016, compared to $297.3 million for the fourth quarter of 2015. Changes in foreign currency exchange rates negatively impacted 2016 fourth quarter revenues by $7.8 million. The decrease in consolidated revenues was due to decreases in revenues in the Provide Commerce and Consumer segments. Revenues in the Florist segment and the International segment, excluding foreign currency fluctuations, for the fourth quarter of 2016 were relatively flat compared to the prior year period.
Net loss was $86.4 million for the fourth quarter of 2016, compared to a net loss of $82.6 million for the fourth quarter of 2015. Net losses in the fourth quarters of both 2016 and 2015 were primarily due to goodwill impairment charges related to the Provide Commerce segment of $84.0 million and $85.0 million, respectively. Adjusted Net Income for the fourth quarter of 2016 was $13.3 million, compared to $15.2 million for the same period of the prior year. Adjusted Net Income excludes the after-tax impact of stock-based compensation, amortization, transaction-related costs, litigation and dispute settlement charges, restructuring and other exit costs, and impairment of goodwill and intangible assets.
Adjusted EBITDA was $29.8 million, or 10.6% of consolidated revenues, for the fourth quarter of 2016, compared to $31.3 million, or 10.5% of consolidated revenues, for the fourth quarter of 2015. Adjusted Net Income and Adjusted EBITDA are non-GAAP financial measures. Please refer to the tables in this press release for a reconciliation of all non-GAAP financial measures.
Full Year Results
Consolidated revenues were $1.12 billion for the year ended December 31, 2016, compared to $1.22 billion for the prior year. The decrease in consolidated revenues compared to the prior year was primarily due to a decrease in revenues in the Provide Commerce and Consumer segments. Changes in foreign currency exchange rates negatively impacted revenues by $18.7 million for the year ended December 31, 2016.
Net loss was $83.2 million for the year ended December 31, 2016, compared to a net loss of $80.1 million for the prior year. Net loss for each year reflects the previously referenced goodwill impairment charges. Adjusted Net Income was $55.6 million for the year ended December 31, 2016, compared to $59.0 million for the prior year.
Adjusted EBITDA was $119.8 million, or 10.7% of consolidated revenues, for the year ended December 31, 2016, compared to $123.4 million, or 10.1% of consolidated revenues, for the prior year.
View the full results here.