Platform and Product Rollouts Completed
New iOS app fully deployed across North America; new Android app launched in North America at end of Q1 to new users; new international web platform live in all markets. Customer Data Platform (CDP) live in all major markets, enabling managed channel strategies anchored on customer lifetime value.
AI-Native Transformation (Project Foundry) Progress
Project Foundry: AI agents and AI-driven workflows deployed across marketing, product and merchant outreach. Groupon IQ (AI deal creation) is in production, AI-generated review summaries are live, and AI voice agent pilots are conducting outbound merchant outreach with the objective of majority of new merchant meetings set by AI voice agents by end of 2026.
Early Signal of Demand Rebound in April
April performance improved with North America local reaccelerating; managed channels recovering (email returned to positive year-over-year growth) and SEO trajectory turned positive in mid-April — early indicators supporting confidence for H2 execution.
Share Repurchase Activity and Liquidity
Repurchased 2.8 million shares for $29.7 million at a weighted average price of $10.58 (~7% of shares outstanding repurchased in this program). Approximately $215 million remains available under the buyback authorization, preserving capital optionality.
Affirmed Full-Year Financial Guidance
Management reaffirmed FY2026 targets: billings growth of 3%–5%, revenue guidance of $513M–$523M, adjusted EBITDA of $70M–$75M, and free cash flow of at least $60M, indicating confidence in underlying plan despite Q1 softness.
‘Things to Do’ and International Strength
’Things to Do’ category continues to grow across North America and international markets. International business (excluding Giftcloud) described as resilient/strong with focused country-level sales teams.