The Incremental Minute Could Introduce MeetMe to 52 Week Highs

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1 The Incremental Minute Could Introduce MeetMe to 52 Week Highs - The Incremental Minute of user engagement has extremely high contribution margins, and recent app modifications should yield better engagement. - Management is in the early innings of optimizing its mobile ad management strategy. - MeetMe trades a 50-80% discount to comps with similar growth rates or margins. - MEET s financial leverage is powerful; ~65% of incremental revenue dollars should convert to in 2016, and ~85% of 2016 converts to Free Cash Flow ( FCF ). MeetMe, Inc. (NASDAQ: MEET) BUY Recommendation. Current Price $3.34, Price Target $6.50. Stock Price $ 3.34 Enterprise Value ($m) $ 153 Shares Outstanding ($m) 53.7 Cash ($m) $ 26.4 Market Cap ($m) $ 179 Debt ($m) $ - December Fiscal Year End Pinnacle Fund Dallas, TX greg@pinnaclefund.com

2 I recommended buying MeetMe when the stock was $3.20 with a $5.70 target price on February 19, Please see my recommendation on SeekingAlpha Pro. I m increasing my price target to $6.50 based on increased confidence in the business model. Here is a brief summary of my initial recommendation for non-seekingalpha Pro members. My best stock successes have occurred when I ve been able to find stocks that were undervalued/trading at a discount to peers and were able to deliver revenue and profitability growth in excess of expectations. MEET fits those criteria and is well positioned to trade 95% higher to $6.50 over the next year. MeetMe is a location based mobile chat app for connecting with new people. MeetMe s users are able to see somebody s interests, a brief description, and pictures. The CEO describes MeetMe as a digital bar targeting year olds. In 2014, Meeker/Kleiner Internet Trends Report estimated that 20% of time spent consuming media was on mobile devices versus only 4% of advertising spend was on mobile devices. The time spent consuming media on a specific device roughly matches the advertising spend for that device. For example, according to Meeker/Kleiner s 2015 estimates, 24% of time spent consuming media is on the internet and 23% of advertising budgets are spent on the internet. The mobile advertising industry is relatively young, and percentage of ad dollars spent on mobile devices is trying to approach the percentage of time spent on mobile devices. Meeker/Kleiner updated their mobile estimate in 2015 to 24% of time consuming media was on mobile devices and 8% of advertising spend was on mobile devices. This trend would indicate that advertising budgets are moving rapidly (approximately doubled as a percentage of ad budgets from 4% to 8% in 2015) towards mobile devices. MeetMe generates revenue from three business lines: Mobile (~88% of Q1 16 Revenue), Web (~6% of Q1 16 Revenue), and Social Theater (~6% of Q1 16 Revenue). 90% of Mobile and Web revenue (85% of total revenue) is from advertising, which differentiates MEET from subscription centric dating companies. Subscription revenue is approximately 4% of Mobile revenue, and in-app purchases make up the balance of Mobile revenue. Therefore, MeetMe is a near pure play on the massive shift in advertising dollars towards mobile. Mobile revenue grew 84% year-over-year in 2015 due to a fundamental change in the business: bringing mobile ad inventory management in-house.

3 MeetMe outsourced mobile ad inventory management from October 31, 2013 to June 2, 2015 to Pinsight, a division of Sprint, and BeanStock. Pinsight and Beanstock paid MeetMe a fixed price per ad request. Outsourcing ad inventory management allowed MEET to focus on building the best app possible while relying on fixed rate advertising revenue that did not experience seasonality. On June 3, 2015, MeetMe terminated its outsourcing relationships and brought mobile ad inventory management in-house in order to capture additional economics. Concurrently, MEET reduced the number of ads served to focus on achieving higher Click-Thru-Rates ( CTRs ). In Q1 15, MEET served 18 billion ads through Pinsight and Beanstock at a fixed advertising rate (aka Cost Per Thousand Impressions or CPM ), therefore more ad requests equaled more revenue for MEET. In Q1 16, MEET served 10 billion ads, but those ads came at higher CPMs. MEET is optimizing the number of ads served and CPMs to generate the most revenue from its users. I estimate that MeetMe earned a $0.40 CPM in Q1 15 before MEET brought mobile ad inventory management in-house and reduced the number of ad requests. MEET generated a $1.07 CPM in Q1 16 after executing those changes. Multiplying ads served by average CPM and Monthly Active Users ( MAU ) calculates mobile advertising revenue. Mobile revenue grew 42% year-over-year in Q1 16 despite only growing MAU 24%. Therefore, the delta between 42% revenue growth and 24% MAU growth is explained by better monetization per user aka Average Revenue Per User ( ARPU ), and I expect management to continue to grow ARPU sequentially throughout Investors should want to own MeetMe now because: - MeetMe trades at ~6.2x EV/Consensus 2016, 8.5x consensus 2016 adjusted EPS, and a 12.5% FCF yield, which is a 50-80% discount to comps with similar growth rates or margins. - MEET s financial leverage is powerful; ~65% of incremental revenue dollars convert to, and ~85% of converts to FCF. Therefore, ~55% of incremental revenue converts to FCF. - Management is in the early innings of optimizing its mobile ad management strategy and will be able to continue to grow revenue for several years by serving targeted ads that demand higher CPMs. - 33% of Daily Active Users ( DAU ) and 50% of new user registrations are international users, which are not yet monetized through advertising; management plans to begin monetizing international users in 2H MeetMe has a significant amount of user data that management could monetize in the future. - The incremental minute of user engagement could drive high incremental margin revenue dollars. - Below is a summary of MeetMe s Income Statement. Summary Income Statement E 2016E* 2017E* Mobile Revenue 12,574 24,589 45,200 Web Revenue 21,682 12,795 5,755 Social Theater Revenue 6,122 7,433 5,949 Total Revenue 40,378 44,817 56,904 65,140 73,950 1,811 5,018 20,233 24,530 29,040 Diluted adj. EPS (0.29) (0.10) * Analyst Consensus Estimates - I would like to evaluate MeetMe by examining its: o o o o Incremental Minute Opportunity Discuss Revamp Investment Risks Valuation

4 Incremental Minute Opportunity MeetMe is making improvements to the mobile app, which has made me interested in answering the following question: how much money does MeetMe make if its DAU spend an average of 1 minute longer in the app every day? Understanding the answer to this question is important because management is making changes to the app to improve user engagement, and increased user engagement could drive upside to guidance. First, can investors answer that question? Yes, investors can make some reasonable assumptions to make this calculation. We need to know 1) monetized Mobile DAU, 2) number of ads served per minute, and 3) Mobile CPMs. Monetized Mobile DAU Materially all of MeetMe s mobile advertising revenue is generated from four countries: the US, the UK, Australia and Canada. CEO Geoff Cook explained on MEET s Q earnings call that our non-english users, who constitute approximately 33% of our mobile DAU, do not see ads and therefore do not contribute at all to our mobile advertising revenue. Therefore, 66% of 1.14 million DAU equals ~750,000 monetized/english speaking DAU. Ads Served Per Minute Please see a picture with annotations denoting native and banner ads. Prior to April/May 2015, MeetMe banner ads refreshed as users navigated between the Meet, Chat, Feed, Me, and m+ tabs. Often, users were navigating between these tabs very quickly, and ads may not have had time to load. Ads may not have loaded in an astounding 30% of all ad impressions. This means that users may not have had a chance to determine if they wanted to click on banner ads because users never even saw an ad. As a result, these 30% of ad requests saw a 0.0% CTR. Changing ad request logic to request a banner ad after a specific amount of time as opposed to every time a user navigated through tabs in the app removed poor performing ad units and increased overall CTR, which resulted in higher CPMs. Very simplistically, higher CTRs result in higher CPMs, and achieving CTRs above 0.4% results in significantly more competition for inventory. In other words, achieving CTRs greater than 0.4% means that more advertisers want to advertise in your app, which drives more competition for your ad inventory and higher CPMs. Anecdotally, I have timed banner ad requests and believe banner ads are reloading approximately every seconds. I believe 4-6 banner ads are loading every minute. After timing native ad requests, I do not believe that native ad requests are based on the same ad logic as banner ads. Native ads appear to refresh every seconds depending on the user s movements within the app. I believe 2-4 native ads are loading every minute.

5 Mobile CPMs MeetMe provides investors with mobile revenue by source in its quarterly investor presentation. In Q1 2016, mobile revenue was $11.7 million. Banner ads, native ads, credits, and subscriptions represented 50%, 41%, 5%, and 4% of mobile revenue, respectively. Therefore, investors know that mobile banner and native ads represented $5.85 million and $4.80 million of revenue in Q1 2016, respectively. Management also disclosed that MeetMe generated 10 billion ad impressions in the first quarter on mobile, and 40% of those were native, and approximately 60% banner in Q Therefore, banner CPMs were approximately $0.97, and native CPMs were approximately $1.20. The Math Management commentary and some reasonable assumptions allow investors to calculate the effect an incremental minute of monetized DAU engagement could have had on Q1 16 revenues. 1Q'16 Source Mobile Revenue by Source ($mm) Banner Ads $ Q1'16 Investor Presentation Native Ads $ Q1'16 Investor Presentation Credits $ Q1'16 Investor Presentation Subscription $ Q1'16 Investor Presentation Total Mobile Revenue $ Q1'16 Investor Presentation Mobile Ads served (mm) Banner Ads 6,000 Q1'16 Earnings Call Native Ads 4,000 Q1'16 Earnings Call Total Ads Served 10,000 Q1'16 Earnings Call Mobile CPMs Banner CPM $ Pinnacle Calculation Native CPM $ Pinnacle Calculation Blended CPM ex-credits/subscription $ Pinnacle Calculation DAU (mm) Mobile DAU Q1'16 Earnings Release % Mobile DAU Monetized 66.0% Q1'16 Earnings Call Monetized Mobile DAU Pinnacle Calculation Incremental Minute Assumptions Banners Per Minute Natives Per Minute Total Ads Per Minute 5 Pinnacle Estimate 3 Pinnacle Estimate 8 Pinnacle Estimate Incremental Revenue Opportunity ($mm) Incremental Banner Revenue $ Pinnacle Estimate Incremental Native Revenue $ Pinnacle Estimate Total Incremental Revenue $ Pinnacle Estimate

6 Incremental Minute Conclusion Based on these reasonable assumptions, MEET could have potentially generated $580,000 incremental revenue in Q had user engagement increased by 1 minute per day per monetized DAU. Moreover, that incremental revenue should have extremely high margins. Similar to how investors look at same-store-sales for restaurants, incremental revenue from increased user engagement should have very high margins because that revenue should not have any meaningful variable OPEX. Who cares?!? Good question. This exercise is not meaningful unless investors understand: 1) Is a 1 minute per day increase a realistic increase in engagement, and 2) why would user engagement increase? First, lets try to understand how long the average user spends in the app. Various industry sources point to MEET weekly average users ( WAU ) spending approximately minutes per week in the MeetMe app. That would equate to approximately minutes in the MeetMe app per day. Let s sanity check that industry estimate with data that MeetMe provided in Q My calculation estimates that monetized Mobile DAU spent about 20 minutes per day in the app in Q4 15. In either the 12.5 minute per day per WAU or 20 minute per day per DAU scenario, I would argue that a 1 minute increase (or a 5-8% increase) in app usage per day is reasonable. Q4'15 Source DAU (mm) Mobile DAU Q5'15 Earnings Release % Mobile DAU Monetized 66.0% Q1'16 Earnings Call Monetized DAU (mm) Pinnacle Calculation Ad Impressions/Q (mm) 12,600.0 Q4'15 Investor Presentation Ad Impressions/Day (mm) Pinnacle Calculation Ad Impressions/Day/Monetized DAU Pinnacle Calculation Total Ads/Minute 9.0 Pinnacle Estimate Minutes/Monetized DAU 20.7 Pinnacle Estimate Second, MeetMe s revamp of the Discuss tab significantly improved the app experience and could drive better user engagement. Lets explore why I think Discuss is important to MeetMe.

7 Discuss Revamp On May 16, 2016, MeetMe completed its first major app refresh in over a year when the legacy Feed feature was replaced with Discuss. Discuss significantly improved users ability to find relevant topics of conversation with nearby users. In the pictures below, you can see how discuss is displayed in the picture below to a MeetMe user. The significant change is at the top of the landing page where the app lists several topics displayed below as Sports, Video Games, TV, and more. I count 38 different categories that users can utilize to search for interesting conversations with nearby people. For example, a user that clicked on the video game button at the top of the picture on the left would see the picture on the right. The first conversation shows a women looking for friends that want to play Xbox. If I was a gamer looking to make new friends on MeetMe, playing a video game online with a girl in my geographic area seems like a great way to potentially make a new friend or start a relationship. Users that click on the Sports button may see a conversation thread talking about the Oklahoma City Thunder basketball game against the Golden State Warriors. Meeting people and making new friends through common interests is significantly easier and more natural. The ability to seek out conversations by a specific topic in Discuss dramatically improves MeetMe s relevance to users, and I think user engagement could easily increase by 1 minute or more per DAU. New Discuss Topic Buttons Banner Ads

8 You might be saying great, MeetMe has made a material improvement to the app that could drive incremental revenue and earnings, but what is the revenue and earnings opportunity for the rest of the year? That s the right question. Using reasonable assumptions (in the table below), I think MEET could generate an additional $1.6 million in Revenue in 2H 16 from an incremental 1 minute per day of monetized DAU engagement. As I highlighted earlier, I think this revenue comes at extremely high margin and could potentially contribute as much as $1.5 million in because there isn t any variable marketing spend for this incremental revenue. Consensus is currently estimating $36.6 million in Revenue and $16.5 million in in 2H 16. A 1 minute, or 5-8%, increase in monetized DAU engagement could increase 2H 16 estimates by 9% ($1.5m incremental /$16.5m consensus estimate). Discuss could be a catalyst that drives 1 minute or more improved monetized user engagement. Discuss is just one feature that management has improved. MeetMe attended the B.Riley conference in Santa Monica on May 25, 2016, and management disclosed in its investor presentation that it plans to enable multi-photo upload and Facebook/Instragram integration to facilitate better photo sharing.

9 Investment Risks - The mobile advertising market is nascent and has not gone through a major recession. The effect an economic recession would have on mobile CPMs is uncertain; however, internet advertising rates fared better than all other media platforms during the Great Recession. I believe the mobile advertising space today is very similar to the internet advertising market in Internet advertising spend outperformed all other media platforms in the Great Recession. - Mobile CPMs generally increase from Q1 sequentially through Q4 due to seasonality in advertising budgets. If Mobile CPMs do not increase seasonally for any reason, MeetMe s business could be negatively impacted. - Facebook has been slowly rolling out ads on Instagram since 2014, and Match Group could monetize Tinder through ads in the future. Mobile CPMs could decrease if many publishers all turn on mobile ads simultaneously before demand has sufficiently developed. - MeetMe increased its 2016 marketing spend guidance from 10%, which was issued on the Q4 15 earnings call, to 15%, which was issued on the Q1 16 earnings call. CEO Geoff Cook said that marketing spend will be accretive, especially within the United States on the Q1 16 earnings call. Management continued the way we typically think about our spend is we allocate some portion to English speaking countries, that tends to be the majority, some portion to international markets, and in Q1, we saw better results than we had seen in the past in terms of quality of the spend and our ability to drive users for less than their lifetime value. My model is conservatively modeling a 50% year-over-year reduction in marketing spend productivity, which is not in-line with management s commentary about the better productivity of marketing spend, and my model is still outlining potential for upside to guidance. Financial results could be negatively impacted if management acts irrationally and spends marketing dollars in a dilutive manner. - MeetMe grew Mobile DAU and MAU from 772,000 and 2.45 million users in Q1 14 to 1.14 million and million, respectively. The stock could be negatively impacted if MeetMe is unable to continue to grow its users. - MeetMe has $26.4m in cash on the balance sheet and $0 debt at the end of Q1 16. Management has said that it is evaluating acquisitions along with a share repurchase plan. At the May 2016 B. Riley conference, CFO David Clark said that management is looking for tuck-in acquisitions that could be accretive in the very short term. The stock could be negatively affected if management acquires a company that is not accretive in the very short term.

10 Valuation MEET is the cheapest stock that I know relative to its growth rate. Companies that trade for the cheapest valuation in its comp group are often experiencing some sort of degradation in their respective businesses. I do not believe MeetMe is facing any large macro headwinds, but MEET still trades for a 50-80% discount to peers based on EV/, P/E, PEG and FCF Yield. MEET should screen well for growth, GARP, and value investors. The Case for Growth Investors Consensus estimates expect MEET to grow consolidated revenues and Mobile revenues 14.6% and 28.5% in 2016, respectively. I expect MEET s Mobile revenue to be 90% of total revenue exiting 2016, and total revenue growth could accelerate in 2017 when management monetizes international users. MeetMe trades at a 1 turn discount on EV/2016 Revenue to accelerating growth internet peers. The Case for GARP Investors MEET is growing revenues 14.6% according to its guidance and showing operating leverage with ~65% of incremental revenue converting to in 2016 (compared to consolidated margins of 37.5%). MEET is trading for 6.2x EV/2016, 11x GAAP EPS, 8.5x adjusted EPS, and has a PEG ratio. I believe MEET will continue to grow in The Case for Value Investors MEET is trading for a 12.1% consensus 2016 FCF yield assuming a fully diluted share count of 53.7 million shares. Approximately 55% of incremental revenue falls through to FCF, and management is evaluating accretive acquisitions as well as initiating a share repurchase plan. The company has $57 million in net operating losses to offset cash taxes for the next 2+ years. MEET has $26 million in net cash and could add $22 million in free cash to end the year with $48 million in cash on the balance sheet, which would equal 27% of its current market cap. I ve compared MEET to several different peer groups to examine relative valuation. Gaming and Dating/Chat Apps When comparing MEET to Gaming and Dating/Chat Apps, MEET trades for a 73%, 85% and 75% discount to peer average EV/2016, Price to 2016 EPS, and 2016 PEG basis, respectively. Ticker Shares Out Mkt Cap EV EV 2015 EV 2016 EV 2017 Rev Rev Rev EV 2015 EV 2016 EV CY P/E CY P/E 2017 CY P/E 2016 PEG FCF 2016 FCF 2017 FCF PEG Yield Yield Yield Gaming and Dating/Chat % -0.6% 4.9% GLUU NM NM NM NM NM NA NA -5.1% -9.3% 5.3% ZNGA ,931 1, NM NA % 2.4% 5.3% MOMO ,727 0 NM NM NM NM NM NM NA NA NA KING ,691 4, NA NA 7.43 NA NA 11.1 NA NA NA NA NA NA NA MTCH ,533 4, % 6.9% 8.9% LOV NM NM 12.1 NA NA NA NA NA SINA ,517 2, % -2.5% 0.0% MEET % 12.5% 13.9%

11 Social Comps When comparing MEET to Social comps, MEET trades for a 66%, 76%, 81%, and 81% discount to peer average EV/2016, Price to 2016 EPS, 2016 PEG, and 2016 FCF yield, respectively. Ticker Shares Out Mkt Cap EV EV 2015 EV 2016 EV 2017 Rev Rev Rev EV 2015 EV 2016 EV CY P/E CY P/E 2017 CY P/E 2016 PEG FCF 2016 FCF 2017 FCF PEG Yield Yield Yield Social % 2.4% 3.9% FB 2, , , NA NA NA NA NA 2.1% 3.1% 4.4% LNKD ,276 15, NM NA % 2.7% 4.1% TWTR ,107 8, NM NA % 1.6% 2.1% LOV NA NA 12.1 NA NA NA NA NA MTCH ,533 4, NA % 6.9% 8.9% YELP ,753 1, NM NM NM NA NA 1.3% 2.3% 3.8% SINA ,517 2, % -2.5% 0.0% MEET % 12.5% 13.9% Internet Comps Growing Revenue 10-30% When comparing MEET to Internet comps growing revenue 10-30%, MEET trades for a 59%, 82%, 79%, and 62% discount to peer average EV/2016, Price to 2016 EPS, 2016 PEG, and 2016 FCF yield, respectively. Ticker Shares Out Mkt Cap EV EV 2015 EV 2016 EV 2017 Rev Rev Rev EV 2015 EV 2016 EV CY P/E CY P/E 2017 CY P/E 2016 PEG FCF 2016 FCF 2017 FCF PEG Yield Yield Yield Revenue growth (teens% to 30%) % 4.8% 7.4% GOOG , , % 7.9% 9.8% BIDU ,597 43, NM % 4.6% 6.9% RUBI NM NA % 4.5% 7.4% CRTO ,783 2, % 3.3% 4.9% EIGI ,311 3, NM NA NM 16.9% 11.8% 17.2% Z ,424 4, NM NA NA -0.3% 2.2% 4.0% MTCH ,533 4, % 6.9% 8.9% TREE NM % 4.2% 6.1% LNKD ,276 15, NM NA % 2.7% 4.1% SINA ,517 2, % -2.5% 0.0% YELP ,753 1, NM NM NM NA NA 1.3% 2.3% 3.8% TRIP ,922 9, % 3.9% 4.6% EXPE ,450 18, NM % 6.5% 6.9% PCLN ,268 66, % 5.1% 5.9% EVDY NM NA % 8.7% 20.3% MEET % 12.5% 13.9%

12 Internet Comps with 10-40% Margins When comparing MEET to Internet comps with 10-40% margins, MEET trades for a 56%, 80%, 76%, and 56% discount to peer average EV/2016, Price to 2016 EPS, 2016 PEG, and 2016 FCF yield, respectively. Ticker Shares Out Mkt Cap EV EV 2015 EV 2016 EV 2017 Rev Rev Rev EV 2015 EV 2016 EV CY P/E CY P/E 2017 CY P/E 2016 PEG FCF 2016 FCF 2017 FCF PEG Yield Yield Yield margins (teens to 40%) % 5.5% 7.8% YHOO ,270 29, NM NA % 1.1% 0.8% BIDU ,597 43, NM % 4.6% 6.9% RUBI NM NA % 4.5% 7.4% EIGI ,311 3, NM NA NM 16.9% 11.8% 17.2% CRTO ,783 2, % 3.3% 4.9% WWWW , % 14.2% 17.1% Z ,424 4, NM NA NA -0.3% 2.2% 4.0% ANGI NA NM % 4.1% 7.3% XOXO % 5.7% 6.1% DATE NA NA NA NA NA NA NA NA NA NA NA NA NA NA MTCH ,533 4, NA % 6.9% 8.9% TREE NM % 4.2% 6.1% RATE NM 17.4 NA NA NA 10.5% 7.0% 9.2% LNKD ,276 15, NM NA % 2.7% 4.1% MWW NM % 9.0% 13.4% SINA ,517 2, % -2.5% 0.0% TWTR ,107 8, NM NA % 1.6% 2.1% YELP ,753 1, NM NM NM NA NA 1.3% 2.3% 3.8% TRIP ,922 9, % 3.9% 4.6% EXPE ,450 18, NM % 6.5% 6.9% PCLN ,268 66, % 5.1% 5.9% IACI ,072 4, % 6.7% 9.4% EVDY NM NA % 8.7% 20.3% WBMD ,581 2, % 4.9% 5.9% BCOR NM NA % 13.3% 16.1% MEET % 12.5% 13.9% Internet Comps with High Single Digit or Greater FCF Yields When comparing MEET to high FCF Yield Internet comps, MEET trades for a 33%, 50%, 75%, and 31% discount to peer average EV/2016, Price to 2016 EPS, 2016 PEG, and 2016 FCF yield, respectively. Ticker Shares Out Mkt Cap EV EV 2015 EV 2016 EV 2017 Rev Rev Rev EV 2015 EV 2016 EV CY P/E CY P/E I am going to argue that MEET should trade for 12x the high end of management s guidance of $26 million based on the massive relative discount to public peers. A 12x multiple is still a discount to this comp group, and I think very defensible given that competitor PlentyOfFish was acquired by MTCH for ~13 forward, and MOMO, MeetMe s closest comp according to CEO Geoff Cook at the B. Riley conference, recently received an investment from Alibaba (NYSE: BABA) valuing the company at 13.3x forward. Assuming 53.7 million fully diluted shares, $48 million in cash at the end of 2016, and applying 12x to $26m in 2016 generates a ~$6.50 target price CY P/E 2016 PEG FCF 2016 FCF 2017 FCF PEG Yield Yield Yield FCF yield (High Single Digits % or gre % 8.7% 11.5% BIDU ,597 43, NM % 4.6% 6.9% RUBI NA NA 14.8 NA % 4.5% 7.4% EIGI ,311 3, NM NA NA NA NA 16.9% 11.8% 17.2% WWWW , NA % 14.2% 17.1% MTCH ,533 4, NA % 6.9% 8.9% RATE NA NA 13.9 NA % 7.0% 9.2% MWW NA 9.6 NA NM NA 19.5% 9.0% 13.4% EXPE ,450 18, NM % 6.5% 6.9% BCOR NA NA NA NA NA -3.1% 13.3% 16.1% MEET % 12.5% 13.9%

13 Conclusion MEET is attractively positioned as a pure play investment opportunity levered to the shift in advertising dollars towards mobile devices. The management team is taking positive steps to increase the user experience and relevance of MeetMe to its year old demographic, and increased user engagement could drive upside to numbers. MeetMe s financial metrics offer a rare combination of growth and value that should appeal to a broad set of investors. I want to own MEET while the stock goes through discovery and receives more investor interest. Disclosure The author of this posting and related persons or entities ("Author") currently holds a long position in this security which can currently be considered a short-term holding. Author may buy additional shares, or sell some or all of Author's shares, at any time. Author has no obligation to inform anyone of any changes to Author's view of MEET. Please consult your financial, legal, and/or tax advisors before making any investment decisions. While Author has tried to present facts it believes are accurate, Author makes no representation as to the accuracy or completeness of any information contained in this note. The reader agrees not to invest based on this note, and to perform his or her own due diligence and research before taking a position in MEET. READER AGREES TO HOLD HARMLESS AND HEREBY WAIVES ANY CAUSES OF ACTION AGAINST AUTHOR RELATED TO THE NOTE ABOVE. As with all investments, caveat emptor.