For this initiative, we first prioritized our top merchants in our top markets, which allows us to scale more quickly. Slides Press Release 10-Q. Is the gating factor for going after that TAM more aggressively, just getting the value prop right for the merchants and customers? The forward-looking statements reflect our expectations as of the date of this presentation. She is looking for a massage in her area and she quickly is introduced to massages near location, a natural search intent and she chooses a service to purchase. And one example of that is all [Indecipherable] as we think about the second and third quarter of the year, we typically mix into categories like things to do. It operates in two segments, North America and International. As we noted with our fourth quarter results, we expect our active customer balance which is a trailing 12 month metric to stabilize mid year. Good morning everyone and thank you for joining us to talk about our first quarter results. Such risks and uncertainties include, but are not limited to, effects of COVID-19 or other pandemics or disease outbreaks on our business; our ability to execute, and achieve the expected benefits of our go-forward strategy; execution of our business and marketing strategies; volatility in our operating results; challenges arising from our international operations, including fluctuations in currency exchange rates, legal and regulatory developments and any potential adverse impact from the United Kingdom's exit from the European Union; global economic uncertainty; retaining and adding high quality merchants; retaining existing customers and adding new customers; competing successfully in our industry; providing a strong mobile experience for our customers; managing refund risks; retaining and attracting members of our executive team and other qualified personnel; customer and merchant fraud; payment-related risks; our reliance on email, internet search engines and mobile application marketplaces to drive traffic to our marketplace; cybersecurity breaches; maintaining and improving our information technology infrastructure; reliance on cloud-based computing platforms; completing and realizing the anticipated benefits from acquisitions, dispositions, joint ventures and strategic investments; lack of control over minority investments; managing inventory and order fulfillment risks; claims related to product and service offerings; protecting our intellectual property; maintaining a strong brand; litigation; compliance with domestic and foreign laws and regulations, including the CARD Act, GDPR and regulation of the Internet and e-commerce; classification of our independent contractors or employees; tax liabilities; tax legislation; risks related to our outstanding indebtedness, including our convertible senior notes; our common stock, including volatility in our stock price; our ability to realize the anticipated benefits from the hedge and warrant transactions; and other risks and uncertainties, we urge you to refer to the factors included under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended December 31, 2020, and our other filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained by visiting the company's Investor Relations web site at investor.groupon.com or the SEC's web site at www.sec.gov. As you recall, last quarter we outlined plans to leverage a new CX to drive sell-through of our expanding inventory base, grow purchase frequency over time, and begin to bend the perception of Groupon as a destination for local experiences. So as these things gradually roll out, we expect the impact to engage with the ramp [Phonetic]. And we know that our merchants want to be able to do more with us, so they can have always on inventory with us. So what does this actually mean for our customers? Okay, thanks for that color. Adjusted EBITDA is … Trevor, two things I'd add on. Please go ahead. Offers have even allowed us to reengage with merchants who previously left our platform, because our offers product can address previously unmet needs. The company sells goods or services on behalf of third-party merchan ... 2021/05/11 00:00: Earnings: 2021/03/31: Annual Earnings: 2020/12/31: And we see recovery very much as being a marketing opportunity for us in order to help customers and merchants understand all the changes that we've made to help them do more with Groupon. Ygal Arounian -- Wedbush Securities -- Analyst. We're delivering an experience that is familiar with modern consumer marketplaces, one that is uniquely Groupon and one that we see changing from inspiration to needs based purchases, more frequent purchases, allowing us to attract more customers over time. While we have more work to do on this area, we are prioritizing progress on this front, as this is a key component of the modern merchant experience we want to offer. The company provided earnings per share (EPS) guidance of - for the period. Next, I'll provide an update on our inventory initiatives. And then just [Speech Overlap] sorry Ygal, so I'll just add on there on March and April and what's attributed to reopenings versus growth. Groupon Inc (NASDAQ:GRPN) Q1 2021 Earnings Call May 7, 2021, 10:00 a.m. At Groupon, we promise to treat your data with respect and will not share your information with any third party. Lastly, we intend to lean into marketing and expect marketing as a percentage of gross profit to significantly step up, beginning in the second quarter and for the remainder of the year. So all of that is working and all of that's on track. First, on your question around balancing profitability and growth and around the $250 million, what I'd say there is really given the significant reductions that we've made to our cost structure, we believe we are well positioned to deliver substantial adjusted EBITDA levels if our business just recovers to 80% of 2019 gross profit levels. Lastly, I want to provide you with some insights on our marketing plans. We made important progress in 2020, and I'm encouraged by the momentum we've brought into 2021. But that's not the type of impact that you're seeing in March and April. But if you just step back and think about 2021 and what's going to be driving our results, we continue to believe that recovery will be the biggest driver of our results for this year with the growth strategy really having the opportunity to accelerate that recovery for us. Corrected Transcript 19-Feb-2020 Groupon, Inc. Q4 2019 Earnings Call ... | February 19, 2021 In International Local, the restrictions on consumers and businesses that were put in place in late October 2020 continued to heavily impact results throughout the first quarter. You know, let me start and I'll ask for Melissa's thoughts as well. Melissa? Q1 2021 Groupon Inc Earnings Release. Groupon Announces First Quarter 2021 Results Raises Full Year 2021 Revenue and Adjusted EBITDA Guidance ... cumulative foreign currency translation adjustment gain that was reclassified into earnings in the first quarter 2021 as a result of the substantial liquidation of our subsidiary in Japan And there is no better destination for customers and merchants to reconnect than Groupon. The team has been hard at work on the most important priorities and their efforts are showing up in our financial results and in the progress we're making on our growth strategy. The statements contained in this presentation that refer to plans and expectations for the next quarter, the full year or the future are 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, including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations. We believe that we are well on our way to improving our customer and merchant value propositions. We ended the quarter with 26 million active customer, consistent with our expectation as we lap the onset of the pandemic. Groupon revenue from 2009 to 2021. The idea behind this campaign is simple. So we're rolling out a full suite of products and tools that had numerous components and dimension. First, North America Local accelerated faster than our expectations in both March and April. All of this hard work and results are foundational to our ability to execute on our growth strategy. Likewise, for customers, we intend to expand our wallet share with them by giving them the value, selection and convenience they want. The consensus estimate was a loss of $1.10 per share on revenue of $225.0 million. And we expect that they continue more and more into recovery. And it seems like you could take profitability down over the medium term to accelerate the top line and it sounds like maybe we're getting a little bit of that in 2Q. Actual results may differ materially from those expressed or implied in our forward-looking statements. As we think about our strategy overall, we see huge opportunity in all of our verticals. Thank you. It's worth doing this for this customer who will make up a greater share of our customer base. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. As we've mentioned in the past, we are prepared to lean back into marketing spend when the time is right essentially when we begin to see the green shoots of recovery take hold. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. The words "may," "will," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "continue" and other similar expressions are intended to identify forward-looking statements. We ended the … Just one quick follow-up on that. Aaron Cooper -- Interim Chief Executive Officer. So very much right now, the recovery is a core focus and that's what's driving a lot of the energy on our platform, and we see that recovery as being the catalyzing factor to advance our marketing and help customers and merchants understand. Moreover, neither Groupon nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Based on these drivers, we continue to believe we will be able to deliver sequentially improving gross profit as we progress throughout 2021. So over time, we will expect us to build a greater concentration of this type of customer that's more valuable to us. Such risks and uncertainties include, but are not limited to, our ability to execute, and achieve the expected benefits of our go-forward strategy, execution of the phase down of the Goods category and transition to a third-party marketplace model; volatility in our operating results; effects of pandemics or disease outbreaks, including COVID-19, on our business; execution of our business and marketing strategies; retaining existing customers and adding new customers; challenges arising from our international operations, including fluctuations in currency exchange rates, legal and regulatory developments and any potential adverse impact from the United Kingdom's exit from the European Union; retaining and adding high quality merchants; our reliance on email, internet search engines and mobile application marketplaces to drive traffic to our marketplace; cybersecurity breaches; reliance on cloud-based computing platforms; competing successfully in our industry; providing a strong mobile experience for our customers; maintaining and improving our information technology infrastructure; our voucherless offerings; claims related to product and service offerings; managing inventory and order fulfillment risks; litigation; managing refund risks; retaining and attracting members of our executive team and other qualified personnel; completing and realizing the anticipated benefits from acquisitions, dispositions, joint ventures and strategic investments; lack of control over minority investments; compliance with domestic and foreign laws and regulations, including the CARD Act, GDPR and regulation of the Internet and e-commerce; classification of our independent contractors or employees; tax liabilities; tax legislation; protecting our intellectual property; maintaining a strong brand; customer and merchant fraud; payment-related risks; our ability to raise capital if necessary and our outstanding indebtedness; global economic uncertainty; our common stock, including volatility in our stock price; our convertible senior notes; our ability to realize the anticipated benefits from the hedge and warrant transactions; and those risks and other factors discussed in Part I, Item 1A, Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2019, Part II, Item 1A. We're tapping into the raw emotions and pent-up demand for activities and services we've all been missing. I encourage you to review our slides and press release which each contain additional detail on our outlook for the remainder of the year. ET. Good morning, and welcome to Groupon's First Quarter 2021 Financial Results Conference Call. Groupon Cl Preferred Dividends Income Statement Impact is quite stable at the moment as compared to the past year. It reflects the content that more closely matches our preferences and includes duration of seasonally relevant inventory. Next, I'll provide more details on our first quarter results, including key operating metrics. Thanks. And we are excited to announce that in April we started to roll out a new customer experience to millions of our North American app and mobile web users. The forward-looking statements reflect our expectations as of March 1, 2021. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. So maybe just an update on that as that progresses. Our recent focus has been on launching a new customer experience in North America that we believe will drive greater sell-through of our expanding inventory. Also we want to give them the ability to do more. Groupon last issued its quarterly earnings results on February 25th, 2021. On the call today, we will also discuss the following non-GAAP financial measures: Adjusted EBITDA, free cash flow and FX-neutral results. And you know what else our merchants want? Next, I'll provide insights into the continued progress we're making to modernize our merchant experience. If you experience any issues with this process, please contact us for further assistance. Looking ahead into the second quarter and beyond, we feel confident that we can continue navigating the uncertainty of COVID recovery and at the same time execute on our strategy to return Groupon to growth. Thanks, Aaron. And while on the North America Local side in particular, we're cautiously optimistic there. There's a lot of power in just being able to drive more engagement in purchase frequency out of our existing scaled customer base that we have. Based on this, we believe that we are well positioned to deliver value to all of our stakeholders over the coming quarters and continue to benefit from the macro recovery. The forward-looking statements reflect our expectations as of March 1, 2021. From a geography perspective, the lift was broad based across the US. For opening remarks, I would like to turn the call over to the Chief Communications Officer, Jennifer Beugelmans. [Operator Instructions]. North America goods successfully completed its first full quarter on the third-party model, which allows us to run the category at a lower cost. That will likely be in connection with the reporting of our fourth quarter results. This is just one example of how we're leveraging Groupon's unique position to help reconnect millions of consumers who are ready get -- to get back to enjoying local experiences with all the local small businesses who are ready to serve them. As Aaron mentioned, it's important to note that the international restrictions have been more prolonged and stricter, and the vaccination rollout slower. Additional information about risks and other factors that could potentially impact our financial results is included in our earnings press release and in our filings with the SEC, including our annual report on Form 10-K. We encourage investors to use our Investor Relations website at investor.groupon.com as a way of easily finding information about the Company. Investors’ optimism about the company’s current quarter earnings report is understandable. Turning to our operating expenses, marketing expense was $34 million for the first quarter. The statements contained in this presentation that refer to plans and expectations for the next quarter, the full year or the future are 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, including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations. Now to your question of timing and impact, these things are rolling out now. Information is provided 'as-is' and solely for info We are now watching week by week, greater adoption of all of these across our merchant base. We delivered $554 million of gross billings, $264 million of revenue, $167 million of gross profit and $30 million of adjusted EBITDA. Although Groupon believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. And we're making progress against both those goals. In the fourth quarter of 2019, Groupon had reported non-GAAP earnings per share of 7 cents. In order to become the destination for Local, we believe we need to update our customers' perceptions about how to use the Groupon marketplace. GRPN: Get the latest Groupon stock price and detailed information including GRPN news, historical charts and realtime prices. The words "may," "will," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "continue" and other similar expressions are intended to identify forward-looking statements. As we continue to make progress toward recovering to pre-COVID levels, we are executing on a strategy that we believe will put Groupon on a path to long-term profitable growth. We are freeing up bandwidth for our sales team to educate, pitch and sign merchants up for more and more Groupon products and services. So why? So, everything we're doing in our inventory test and the things we said we're going to roll out are happening, and are on track. When we talk about the value propositions that we're changing for the merchants that will put on more supply for it, we talk about the changes we're making for the customers as more inventory she can buy and buy again with an interface that's communicative of that. 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