Groupon expects to see ‘slight improvement’ in rate of revenue decline in H2

The company states: “For our third and fourth quarter revenue expectations, we expect to see slight improvements in the rate of year-over-year declines each quarter. As our transformation strategy takes hold, we expect to see an increase in year-over-year Local billings by early 2024, though our total revenue growth trends may diverge from our Local billings trends depending on the trajectory of our other categories and the timing of our transformation strategy. We expect our full-year 2023 non-GAAP SG&A* will be approximately $320 million. Beyond 2023, while it is too early to give a formal outlook for 2024, we do expect our annual non-GAAP SG&A for 2024 will be below our prior outlook of $290 million. We are evaluating higher investments into our sales network, which may offset some of our expected savings in 2024. We expect to generate positive Adjusted EBITDA for the remainder of the year. For our third quarter, we expect our Free Cash Flow will still be negative, however we expect the outflow will be less than in the second quarter. For our fourth quarter, we expect to generate positive Free Cash Flow.” Comments taken from investor presentation slides.