Sales increased by $10 million at both Backcountry.com and Bodybuilding.com in the first quarter ended March 31, according to Liberty Ventures Group.
Liberty Venture Group reported consolidated revenue from its continuing Digital Commerce companies increased 10 percent to $276 million in the first quarter thanks to the increases at the two online retailers and a $6 million increase in revenues at CommerceHub, which helps vendors and retailers manage drop-shipping programs that enable retailers to enhance omnichannel fulfillment.
The increase in Backcountry.com revenue was primarily due to increased average order value and consistent order volume, compared to last year. A larger percentage of Backcountry.com sales came through their main websites versus the discounted flash websites.
At Bodybuilding.com revenue was primarily due to increased order volume on slightly decreased average order values. A portion of the decreased average order values for Bodybuilding.com was due to international sales and the foreign exchange impacts.
CommerceHub revenue growth was primarily attributed to growth in active customers and transactions as well as the impact of the Mercent acquisition.
Adjusted OIBDA for the continuing Digital Commerce companies increased 29 percent to $22 million in the first quarter. For the quarter, the growth in Adjusted OIBDA was primarily the result of increased revenue, as discussed above, with the most noticeable increase being at Backcountry.com. Adjusted OIBDA represented 8.0 percent of revenue in the first quarter of 2015, as compared to 6.8 percent of revenue in the first quarter of 2014, primarily the result of improved product margins and cost containment efforts offset by increased marketing and promotional spend.
Operating income for the continuing Digital Commerce companies increased 25 percent to $5 million in the first quarter.
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| (amounts in millions) |
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1Q14 |
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1Q15 |
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% Change |
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Revenue
(1) |
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| Digital Commerce companies – continuing |
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$ |
250 |
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$ |
276 |
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10 |
% |
| Provide |
|
|
198 |
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|
NA |
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|
NM |
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| Digital Commerce Companies Revenue |
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|
$ |
448 |
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|
$ |
276 |
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NM |
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Adjusted OIBDA
(1) |
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| Digital Commerce companies – continuing |
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|
$ |
17 |
|
|
$ |
22 |
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|
29 |
% |
| Provide |
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|
12 |
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NA |
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NM |
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| Digital Commerce Companies Adjusted OIBDA |
|
|
$ |
29 |
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$ |
22 |
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NM |
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Operating Income
(1) |
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| Digital Commerce companies – continuing |
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$ |
4 |
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$ |
5 |
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25 |
% |
| Provide |
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|
1 |
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NA |
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NM |
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| Digital Commerce Companies Operating Income |
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$ |
5 |
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$ |
5 |
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NM |
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| (1) | Non-GAAP presentation. For GAAP purposes, the Digital Commerce companies have been recorded as part of Liberty Ventures Group subsequent to September 30, 2014 (the date of the reattribution). For presentation purposes in this table, the results of the Digital Commerce companies are included in Liberty Ventures Group for all periods shown. In addition, Provide was included in the Digital Commerce companies prior to the sale of Provide to FTD Companies, Inc. on December 31, 2014. |
