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Spark Networks SE Reports Second Half And Full Year 2017 Results

BERLIN, April 25, 2018 /PRNewswire/ -- Spark Networks SE (NYSE American: LOV), one of the world's leading online dating platforms, leveraging premium, complementary brands including EliteSingles, eDarling, Jdate, Christian Mingle, JSwipe, SilverSingles, and Attractive World reported its second half and full year 2017 financial results today.

"With the close of the merger between Affinitas GmbH ("Affinitas") and Spark Networks, Inc. ("Spark") in November 2017, we have created a pure-play leader in the dating industry with increased scale and a portfolio of well-known brands," said Jeronimo Folgueira, Chief Executive Officer of Spark Networks SE.  "We have only just begun to realize the benefits of the merger, as the results we reported today include just two months of Spark's performance. While we look forward to our first full year of operating our newly expanded portfolio, we are also pleased with the strong standalone performance of Affinitas in 2017.  Affinitas revenue grew by more than 12% in 2017, resulting in Adjusted EBITDA growth before the addition of Spark.  We are energized by our 2017 momentum, our post-merger integration progress and the early success of our 2018 growth initiatives.

"We enter 2018 with three clear priorities, all of which are aimed at positioning Spark Networks for sustainable, long-term, and profitable growth," continued Folgueira. "First, we aim to build on the consistent growth momentum that Affinitas has achieved over the last several years, driven primarily by the success of EliteSingles.  Second, we are taking actions to stabilize and grow the Christian and Jewish brands that were added to our portfolio through the merger with Spark. Finally, we will launch and grow new, complementary brands in key markets such as North America.

"Nearly four full months into 2018, we are very pleased with the trajectory of our business and, more importantly, that we have multiple brands contributing to our growth," concluded Folgueira. "EliteSingles continues to grow strongly in North America, our Jewish and Christian brands have seen growth in new subscription sales in Q1, and SilverSingles, our newest platform, scaled rapidly and generated approximately 15% of our registrations in the first three months of 2018, despite launching in mid-December.  The initial performance of the SilverSingles brand reinforces our confidence in the brand and our ability to deploy capital effectively with positive returns. We expect this new addition to our portfolio to be a meaningful contributor to revenue growth in 2018 and beyond as we continue to invest in it as one of our key strategic priorities.  In the short-term, investments in marketing to SilverSingles are critical to building a sustainable base of subscribers that will position us for long-term growth and profitability in 2019 and beyond.  We believe these investments are essential to capitalizing on the tremendous growth potential we see with customers in the 50 and over age demographic, although they will negatively impact our Adjusted EBITDA in 2018.

"Our core brands are on-pace to exceed the 2018 goals we set twelve months ago when we announced the Affinitas / Spark Merger, and we now see an opportunity to continue to invest in additional marketing to build SilverSingles to become a meaningful part of our portfolio.  Given that the marketing investments for growing a new brand are recognized up-front while the resulting revenue is recognized over the life of the subscriptions we add, we are lowering our 2018 Adjusted EBITDA guidance while simultaneously raising our 2018 revenue guidance.  

"Capitalizing on the growth opportunities in front of us is an exciting challenge, and I am looking forward to providing updates as we execute against our 2018 plans." 

 

Key Metrics – Half Year


Six months ended


Growth Rates %


12/31/2017


6/30/2017


12/31/2016


2nd Half 2017 vs.


2nd Half 2017


1st Half 2017


2nd Half 2016


1st Half 2017


2nd Half 2016

Revenue

€43.5 Million


€42.1 Million


€37.9 Million


3.3%


15.0%

Contribution1

€17.5 Million


€14.6 Million


€14.7 Million


19.9%


19.7%

Net (Loss)/Profit

€(3.9) Million


€(1.7) Million


€760 Thousand


N.M.


N.M.

Adjusted EBITDA2

€4.2 Million


€2.4 Million


€4.4 Million


78.7%


(2.7%)

Cash Balance

€8.2 Million


€6.8 Million


€8.1 Million


21.3%


1.9%

Total Registrations3

4,329,541


4,122,092


3,543,594


5.0%


22.2%

Avg. Paying Subs4

393,979


364,825


326,989


8.0%


20.5%

Monthly ARPU5

€ 18.41


€ 19.24


€ 19.29


(4.3%)


(4.6%)

 

Six Months Ended December 31, 2017 Financial Results

Revenue:  For the six months ended December 31, 2017, total revenue was €43.5 million, an increase of 15.0% compared to the six months ended December 31, 2016, and a 3.3% increase from the six months ended June 30, 2017. The year over year and sequential increases were driven by growth in our average paying subscribers resulting from marketing efforts in North America and the addition of Jdate and Christian Mingle following the Affinitas / Spark Merger in November 2017.

Revenue in the six months ended December 31, 2017 includes €2.7 million of post-merger revenue from Spark, net of a €603 thousand write-off of deferred revenue relating to the Affinitas / Spark Merger.

Contribution:  Contribution was €17.5 million for the six months ended December 31, 2017, an increase of 19.7% compared to the six months ended December 31, 2016, and a 19.9% increase from the six months ended June 30, 2017. Our contribution margin increased to 40.3% from 38.7% in the six months ended December 31, 2016, and from 34.7% in the six months ended June 30, 2017. The margin expansion was primarily driven by revenue growth in North America.  North America contribution margin increased to 11.1% from 3.1% in the six months ended December 31, 2016and from 4.2% in the six months ended June 30, 2017.

Contribution in the six months ended December 31, 2017 includes €2.2 million of post-merger contribution from Spark, net of a €603 thousand write-off of deferred revenue relating to the Affinitas / Spark Merger.

Net Loss:  Net Loss was €(3.9) million in the six months ended December 31, 2017, a €4.6 million decline versus the six months ended December 31, 2016 and a €2.2 million decline from the six months ended June 30, 2017. The decline was primarily due to higher professional fees resulting from the Affinitas / Spark Merger in 2017.

Adjusted EBITDA:  For the six months ended December 31, 2017, Adjusted EBITDA was €4.2 million, a decrease of €118 thousand versus the six months ended December 31, 2016, and an increase of €1.9 million from the six months ended June 30, 2017.

Adjusted EBITDA in the six months ended December 31, 2017 includes €509 thousand of post-merger adjusted EBITDA from Spark.

Cash:  Cash used in operating activities in 2017 was €1.2 million.  At December 31, 2017, the Group had €8.2 million in cash and cash equivalents, compared to €8.1 million at the end of 2016. At year end, the Group had €5.9 million of debt outstanding, which was fully repaid in March 2018.

 

Key Metrics – Full Year






Growth Rates %


2017


2016


2017


2016

Revenue

€85.6 Million


€73.5 Million


16.5%


21.6%

Contribution1

€32.2 Million


€25.1 Million


28.1%


40.7%

Net (Loss)/Profit

€(5.6) Million


€691 Thousand


N.M.


N.M.

Adjusted EBITDA2

€6.6 Million


€5.9 Million


12.5%


248.5%

Cash Balance

€8.2 Million


€8.1 Million


1.9%


N.M.

Total Registrations3

8,451,633


6,897,649


22.5%


18.1%

Avg. Paying Subs4

379,403


317,276


19.6%


12.5%

Monthly ARPU5

€ 18.81


€ 19.30


(2.6%)


8.0%

 

Full Year 2017 Financial Results

Revenue:  For the full year 2017, revenue increased 16.5% to €85.6 million, as compared to €73.5 million during the year ended December 31, 2016. The increase was attributable to 19.6% growth in our average paying subscribers resulting from marketing efforts in North America and the addition of Jdate and Christian Mingle following the Affinitas / Spark Merger in November 2017. 

Revenue in 2017 includes €2.7 million of post-merger revenue from Spark, net of a €603 thousand write-off of deferred revenue relating to the Affinitas / Spark Merger.

Contribution:  For the full year 2017, contribution was €32.2 million, an increase of 28.1% compared to the year ago period. Our contribution margin increased to 37.6% from 34.2% in the year ago period. The margin expansion was primarily driven by growth in North America following the Affinitas / Spark Merger, which increased contribution margin to 7.7% from 1.3% in the year ago period.

Contribution in 2017 includes €2.2 million of post-merger contribution from Spark, net of a €603 thousand write-off of deferred revenue relating to the Affinitas / Spark Merger.

Net Loss:  For the full year 2017, Net Loss was €(5.6) million, a €6.3 million decline versus the year ago period. The decline was primarily due to higher professional fees resulting from the Affinitas / Spark Merger in 2017.

Adjusted EBITDA:  For the full year 2017, Adjusted EBITDA was €6.6 million, an increase from €5.9 million in the year ago period. 

Adjusted EBITDA in 2017 includes €509 thousand of post-merger adjusted EBITDA from Spark.

 

Full Year 2018 Financial Guidance

Spark Networks expects $127$133 million of revenue and $13$18 million in Adjusted EBITDA in 2018. This replaces the 2018 targets established in May 2017 of $118$122 million of revenue and $18$22 million of Adjusted EBITDA. 

The May 2017 Adjusted EBITDA range for 2018 assumed $5 million of realized cost synergies in 2018, which we are on-pace to achieve.

SPARK NETWORKS SE

SEGMENT6 RESULTS FROM OPERATIONS

(Revenue, Direct Marketing and Contribution figures in € thousands)



Six Months Ended


Growth Rates %


12/31/2017


6/30/2017


12/31/2016


2nd Half 2017 vs.


2nd Half 2017


1st Half 2017


2nd Half 2016


1st Half 2017


2nd Half 2016

# of Registrations










North America

1,233,455


1,055,581


878,756


16.9%


40.4%

International

3,096,086


3,066,511


2,664,838


1.0%


16.2%

Total # of Registrations

4,329,541


4,122,092


3,543,594


5.0%


22.2%











Average Paying Subscribers










North America

97,786


69,953


53,914


39.8%


81.4%

International

296,193


294,872


273,075


0.4%


8.5%

Total Average Paying Subscribers

393,979


364,825


326,989


8.0%


20.5%











Monthly ARPU










North America

€ 22.87


€ 26.58


€ 27.18


(13.9%)


(15.9%)

International

€ 16.94


€ 17.50


€ 17.74


(3.2%)


(4.5%)

Monthly ARPU

€ 18.41


€ 19.24


€ 19.29


(4.3%)


(4.6%)











Total Net Revenue










North America

€ 13,419


€ 11,155


€ 8,793


20.3%


52.6%

International

€ 30,102


€ 30,961


€ 29,061


(2.8%)


3.6%

Total Net Revenue

€ 43,521


€ 42,116


€ 37,854


3.3%


15.0%











Direct Marketing










North America

€ 8,585


€ 9,395


€ 7,631


(8.6%)


12.5%

International

€ 17,394


€ 18,095


€ 15,569


(3.9%)


11.7%

Total Direct Marketing

€ 25,979


€ 27,490


€ 23,200


(5.5%)


12.0%











Contribution










North America

€ 4,834


€ 1,760


€ 1,162


174.7%


316.1%

International

€ 12,708


€ 12,866


€ 13,492


(1.2%)


(5.8%)

Total Contribution

€ 17,542


€ 14,626


€ 14,654


19.9%


19.7%


 

SPARK NETWORKS SE

SEGMENT6 RESULTS FROM OPERATIONS

(Revenue, Direct Marketing and Contribution figures in € thousands)



12 Months Ended December 31,


Growth Rates %


2017


2016


2015


2017


2016

# of Registrations










North America

2,289,036


1,616,963


759,351


41.6%


112.9%

International

6,162,597


5,280,686


5,081,606


16.7%


3.9%

Total # of Registrations

8,451,633


6,897,649


5,840,957


22.5%


18.1%











Average Paying Subscribers










North America

83,870


46,453


15,240


80.5%


204.8%

International

295,533


270,823


266,675


9.1%


1.6%

Total Average Paying Subscribers

379,403


317,276


281,915


19.6%


12.5%











Monthly ARPU










North America

€ 24.42


€ 28.71


€ 28.81


(15.0%)


(0.3%)

International

€ 17.22


€ 17.69


€ 17.24


(2.7%)


2.6%

Monthly ARPU

€ 18.81


€ 19.30


€ 17.87


(2.6%)


8.0%











Total Net Revenue










North America

€ 24,574


€ 16,004


€ 5,268


53.6%


203.8%

International

€ 61,063


€ 57,487


€ 55,174


6.2%


4.2%

Total Net Revenue

€ 85,637


€ 73,491


€ 60,442


16.5%


21.6%











Direct Marketing










North America

€ 17,980


€ 15,059


€ 8,355


19.4%


80.3%

International

€ 35,489


€ 33,311


€ 34,234


6.5%


(2.7%)

Total Direct Marketing

€ 53,469


€ 48,370


€ 42,589


10.5%


13.6%











Contribution










North America

€ 6,594


€ 944


(€ 3,087)


598.2%


(130.6%)

International

€ 25,574


€ 24,177


€ 20,940


5.8%


15.5%

Total Contribution

€ 32,168


€ 25,121


€ 17,853


28.1%


40.7%


 

SPARK NETWORKS SE

UNAUDITED PRO FORMA FINANCIAL INFORMATION

(in € thousands)



Years ended December 31,

(in € thousands)

2017


2016

Revenue(7)

105,911


109,731

Net Loss(7)

(3,134)


(6,738)


The following table presents certain selected information and Adjusted EBITDA(2) for the unaudited pro forma periods presented:



Years ended December 31,

(in € thousands)

2017


2016

Net (loss)/profit

(3,134)


(6,738)

Net finance expenses

261


674

Income tax (expense) benefit

5,057


(838)

Depreciation and amortization

4,266


6,164

Impairment of intangibles

46


4,182

Stock-based compensation

1,175


1,878

Non-recurring costs

943


1,880

Adjusted EBITDA(2)

8,614


7,202



Years ended December 31,

Summary of non-recurring costs

2017


2016

 Deferred revenue write-offs 

943


-

 Restructuring expenses 

-


642

 Transaction and advisory fees 

-


349

 Severance costs 

-


889

 Total adjustments 

943


1,880


 

Investor Conference Call

The Group will discuss its financial results during a live teleconference today at 8:30 a.m. Eastern time.

Toll-Free (United States):

1-877-705-6003

Toll-Free (Germany):

0-800-182-0040

International:

1-201-493-6725

In addition, the Group will host a webcast of the call which will be accessible in the Investor Relations section of the Group's website at http://investor.spark.net.

A replay will begin approximately three hours after completion of the call and run until May 9, 2018.

Replay

Toll-Free (United States):

1-844-512-2921

International:

1-412-317-6671

Passcode:

13677787

Safe Harbor Statement:

This press release contains 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, statements involving known and unknown risks, uncertainties, and other factors that may cause Spark Networks' performance or achievements to be materially different from those of any expected future results, performance, or achievements.

Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements.  Written words, such as "believes," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates," and variations thereof, or the use of future tense, identify forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future.  There are a number of factors that could cause actual results and developments to differ materially, including, but not limited to, the risk that the benefits from the Affinitas / Spark Merger may not be fully realized or may take longer to realize than expected; risks related to the degree of competition in the markets in which Spark Networks operates; risks related to disruption of management's attention from Spark Networks' ongoing business operations due to the transaction; the ability of Spark Networks to retain and hire key personnel, operating results and business generally; Spark Networks' ability to continue to control costs and operating expenses; Spark Networks' ability to achieve the intended cost savings; the ability to promptly and effectively integrate the businesses of Spark Networks, Inc. and Affinitas GmbH; Spark Networks' ability to generate cash from operations, lower-than-expected revenues, credit quality deterioration or a reduction in net earnings; Spark Networks' ability to raise outside capital and to repay debt as it comes due; Spark Networks' ability to introduce new competitive products and the degree of market acceptance of such new products; the timing and market acceptance of new products introduced by Spark Networks' competitors; Spark Networks' ability to maintain strong relationships with branded channel partners; changes in Spark Networks' stock price due to broader stock market movements and the performance of peer group companies; Spark Networks' ability to enforce intellectual property rights and protect their respective intellectual property; general competition and price measures in the market place; general economic conditions; and the other concerns. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Group's filings with the Securities and Exchange Commission ("SEC"), and in the Group's other current and periodic reports filed or furnished from time to time with the SEC.  All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Spark Networks SE:

Spark Networks SE is a leading global dating company with a portfolio of premium brands designed for singles seeking serious relationships. These brands include EliteSingles, Jdate, Christian Mingle, SilverSingles, eDarling, JSwipe and Attractive World. Formed in 2017 through the merger of Affinitas GmbH and Spark Networks, Inc., the company has a presence in 29 countries worldwide and is publicly listed on the NYSE American exchange under the ticker symbol "LOV."

For More Information          

Investors:
Robert O'Hare
Chief Financial Officer
rohare@spark.net

1 Contribution is defined as revenue, net of credits, less direct marketing. Direct Marketing is defined as online and offline advertising spend, and is included within Cost of Revenue within the Group's Consolidated Statement of Comprehensive (Loss)/Income.

2 Adjusted EBITDA is not a measure defined by IFRS. The most directly comparable IFRS measure for Adjusted EBITDA is our net (loss)/profit for the relevant period. This measure is one of the primary metrics by which we evaluate the performance of our businesses, budget, forecast and compensate management. We believe this measure provides management and investors with a consistent view, period to period, of the core earnings generated from ongoing operations and excludes the impact of items that we do not consider representative of our ongoing operating performance, including: (i) non-cash items such as stock-based compensation, asset impairments, non-cash currency translation adjustments and (ii) one-time items that have not occurred in the past two years and are not expected to recur in the next two years including severance, transaction advisory fees, and merger integration costs, and (iii) discontinued operations. Adjusted EBITDA should not be construed as a substitute for net loss (as determined in accordance with IFRS) for the purpose of analyzing our operating performance or financial position, as Adjusted EBITDA is not defined by IFRS. A reconciliation of the Adjusted EBITDA for the six and twelve months ended December 31, 2017 and December 31, 2016 can be found in the table below.

Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment of intangible and long-lived assets, and non-recurring costs.

3 Total registrations are defined as the total number of new members registering to the platforms with their email address. Those include members who enter into premium subscriptions and free memberships.

4 Paying subscribers are defined as individuals who have paid a monthly fee for access to premium services, which include, among others, unlimited communication with other registered users, access to user profile pictures and enhanced search functionality. Average paying subscribers for each month are calculated as the sum of the paying subscribers at the beginning and the end of the month, divided by two. Average paying subscribers for periods longer than one month are calculated as the sum of the average paying subscribers for each month, divided by the number of months in such period.

5 Monthly Average Net Revenue Per User, or Monthly ARPU, represents the total net subscriber revenue for the period divided by the number of average paying subscribers for the period, divided by the number of months in the period.

6 In accordance with Segment Reporting guidance, the Group's financial reporting includes detailed data on two separate operating segments. The North America segment consists of operations in the United States and Canada, and the International segment consists of all other operations except for the United States and Canada.

7 The unaudited pro forma financial information presents the combined results of the Company and Spark and Samadhi as if these mergers and acquisitions had occurred on January 1, 2016. The unaudited pro forma financial information includes adjustments required under the acquisition method of accounting and is presented for informational purposes only. This presentation is not necessarily indicative of the results that would have been achieved had the acquisitions actually occurred on January 1, 2016.

SPARK NETWORKS SE

CONSOLIDATED BALANCE SHEETS

(in € thousands, except share data)



December 31, 


2017


2016

 Non-current assets 

47,148


20,141

 Intangible assets 

35,136


9,634

 Internally generated software 

3,503


1,007

 Licenses and domains 

128


37

 Brands and trademarks 

4,917


2,605

 Intangible assets under development 

1,090


-

 Other intangible assets 

2,314


2,661

 Goodwill 

23,184


3,324

 Property, plant and equipment 

2,082


485

 Leasehold improvements 

186


245

 Other and office equipment 

373


240

 Property, plant and equipment under construction 

1,523


-

 Other non-current financial assets 

23


21

 Deferred tax assets 

9,907


10,001

 Current assets 

22,034


17,127

 Current trade and other receivables 

13,820


9,063

 Trade receivables 

6,814


4,272

 Other financial current assets 

3,156


2,489

 Other assets 

3,850


2,302

 Cash and cash equivalents 

8,214


8,064

 TOTAL ASSETS 

69,182


37,268

 SHAREHOLDER'S EQUITY AND LIABILITIES 




 Shareholder's equity 

19,477


(24,723)

 Subscribed capital 

1,317


25

 Capital reserves 

48,877


-

 Share-based payment reserve 

2,747


2,259

 Accumulated deficit 

(32,581)


(27,007)

 Accumulated other comprehensive income 

(883)


-

 Non-current liabilities 

765


33,161

 Non-current borrowings 

-


5,850

 Other non-current provisions 

17


17

 Other non-current financial liabilities 

-


26,280

 Deferred tax liabilities 

725


929

 Non-current deferred income 

23


85

 Current liabilities 

48,940


28,830

 Current borrowings 

5,850


5

 Other current provisions 

1,159


806

 Current trade and other payables 

21,291


9,637

 Trade payables 

11,489


5,568

 Other financial current liabilities 

6,515


1,337

 Other liabilities 

3,287


2,732

 Current income tax liabilities 

286


335

 Current deferred income 

20,354


18,047

 TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES 

69,182


37,268

 

SPARK NETWORKS SE

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in € thousands, except per share data)



For the Six Months Ended
December 31,


Years Ended December 31,


2017


2016


2017


2016

Revenue 

43,521


37,854


85,637


73,491

Cost of revenue 

(29,737)


(24,703)


(58,776)


(51,202)

Gross Profit 

13,784


13,151


26,861


22,289

Other income 

5


118


54


126

Other operating expenses 

(16,930)


(11,454)


(32,030)


(19,742)

Sales and marketing expenses 

(2,775)


(2,394)


(5,540)


(3,919)

Customer service expenses 

(1,776)


(1,476)


(3,971)


(2,791)

Technical operations and development expenses 

(3,664)


(1,805)


(6,428)


(3,305)

General and administrative expenses 

(8,715)


(5,779)


(16,091)


(9,727)

Operating profit/(loss) 

(3,141)


1,815


(5,115)


2,673

Interest income and similar income 

166


94


239


157

Interest expense and similar charges 

(363)


(281)


(782)


(425)

Net finance expenses 

(197)


(187)


(543)


(268)

(Loss)/Income before taxes 

(3,338)


1,628


(5,658)


2,405

Income taxes 

(532)


(843)


84


(1,082)

(Loss)/profit from continuing operations 

(3,870)


785


(5,574)


1,323

Discontinued operations 

-


(25)


-


(632)

(Loss)/profit for the period 

(3,870)


760


(5,574)


691

Other comprehensive income 

(883)


-


(883)


-

Total comprehensive (loss)/income for the period 

(4,753)


760


(6,457)


691









Earnings per share 








Basic earnings/(loss) per share (€) 

(8.97)


30.40


(24.23)


27.64

Diluted earnings/(loss) per share (€) 

(8.97)


30.40


(24.23)


27.64

Earnings per share - continuing operations 








Basic earnings/(loss) per share (€) 

(8.97)


31.40


(24.23)


52.92

Diluted earnings/(loss) per share (€) 

(8.97)


31.40


(24.23)


52.92









Reconciliation of Net (Loss)/Profit to Adjusted EBITDA: 








Net (loss)/profit 

(3,870)


760


(5,574)


691

Discontinued operations 

-


25


-


632

Net finance expenses 

197


187


543


268

Income tax (benefit) provision  

532


843


(84)


1,082

Depreciation and amortization 

1,579


1,225


3,084


1,278

Impairment of intangibles 

-


-


25


-

Stock-based compensation  

112


435


488


991

Non-recurring costs 

5,685


878


8,123


927

Adjusted EBITDA 

4,235


4,353


6,605


5,869









Summary of non-recurring costs:








Deferred revenue write-offs 

603


-


603


-

Restructuring expenses 

-


642


-


642

Transaction and advisory fees 

1,660


113


3,995


162

Merger integration costs 

2,042


-


2,042


-

Other employee payments 

1,053


-


1,053


-

Severance costs 

327


123


430


123

Total adjustments 

5,685


878


8,123


927

 

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Cision View original content:http://www.prnewswire.com/news-releases/spark-networks-se-reports-second-half-and-full-year-2017-results-300635971.html

SOURCE Spark Networks SE