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OpenTable - Internet-Restaurantreservierungen


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...wie immer auf der Suche nach Firmen mit Netzwerkeffekten und verteidigbaren Wettbewerbspositionen bin ich auf Opentable gestoßen; leider abstrus tuerr, deswegen watchlist:

September 15, 2010
OpenTable to Acquire toptable.com

LONDON and SAN FRANCISCO, Sep 15, 2010 (GlobeNewswire via COMTEX News Network) -- OpenTable, Inc. (Nasdaq:OPEN) (www.opentable.com), a leading provider of free online reservations for diners and guest management systems for restaurants, today announced that it has entered into a definitive agreement to acquire toptable.com, a leading restaurant reservation site in the United Kingdom, for approximately $55 million USD in cash.

"This acquisition of toptable.com is designed to accelerate the growth of our business in the United Kingdom in a meaningful way," said Jeff Jordan, President and CEO, OpenTable. "By combining toptable.com's robust consumer destination site for diners with our best-in-class software for restaurants, we will be able to provide a superior service to restaurants and diners in the United Kingdom."

"This is an important milestone in toptable's history. There's always been mutual admiration between the two companies, and we're really excited about the future, working as a combined force," said Karen Hanton MBE, founder of toptable.com.

Transaction and Financial Information

OpenTable will acquire the entire issued share capital, including outstanding options, of privately-held toptable.com for approximately $55 million USD. The transaction is expected to close in the fourth quarter of 2010 and is subject to customary closing conditions. OpenTable plans to finance the acquisition with existing cash, cash equivalents and short-term investments. For the fiscal year 2009, toptable.com reported revenues of approximately POUND6.3 million GBP and net income of POUND750,000 GBP. OpenTable believes it will incur approximately $500,000 in non-recurring transaction and integration costs in both Q3 and Q4, or a total of $1 million through the end of the year. OpenTable will file a Current Report on Form 8-K that will include as an exhibit the Share Purchase Agreement for the acquisition. BofA Merrill Lynch is acting as financial advisor and Latham & Watkins LLP as legal counsel to OpenTable; Allen & Company is acting as financial advisor and Bird & Bird LLP as legal counsel to toptable.com.
LONDON and SAN FRANCISCO, Oct. 1, 2010 (GLOBE NEWSWIRE) -- OpenTable, Inc. (Nasdaq:OPEN) (www.opentable.com), a leading provider of free online reservations for diners and guest management systems for restaurants, today announced the closing of its acquisition of all of the shares of toptable.com, a leading restaurant reservation site in the United Kingdom, for approximately $55 million USD in cash.

toptable.com provides a free and easy-to-use online restaurant reservation service for diners, allowing them to browse and book at more than 3,000 restaurants across the United Kingdom. Nearly three million diners are seated at restaurants each year through reservations booked via toptable.com.
Antwort auf Beitrag Nr.: 40.253.298 von R-BgO am 02.10.10 13:37:18Interessanter Wert und eine gute Geschäftsidee, aber das aktuelle KGV über 100 ist schon sehr happig - was schützt opentable vor Mitbewerben, welche die Idee aufgreifen und dann für sich nutzen?
OpenTable coupons follow Groupon's lead

Brad Stone, Bloomberg Businessweek
Sunday, October 3, 2010

The Essex, on Manhattan's Lower East Side, offers creative cocktails, $1 oysters and its signature Colorado lamb chops over ricotta gnocchi. On weekday nights and during off-peak hours, it also features lots of empty tables.

To fill his 150-seat restaurant in an economy that can spoil anyone's appetite, the Essex's owner, David Perlman, has turned to Internet coupons. Last spring, he used one of the hottest startups on the Web, Groupon, to sell $30 coupons at $15 each to about 1,500 people on the site's New York e-mail list.

In August, Perlman went the discount route again, this time with the just-launched coupon service of OpenTable, the online restaurant-reservation booker based in San Francisco. Slightly fewer than 1,000 people purchased that deal, a $50 coupon for $25. Still, Perlman says he favors OpenTable's service because it brought in gourmet diners who were more likely to turn into repeat customers.

"We had a positive, profitable experience with both, but I liked OpenTable better, just because it is more geared toward restaurants," he says. "The people we attracted with OpenTable are people we want to add to our customer base."

Daily deals are everywhere online. That has a lot to do with privately held Groupon, based in Chicago, which has emerged from nowhere to revolutionize local advertising and build a business recently valued at $1.35 billion, according to two people familiar with the company.

Groupon works like this: It sends a daily e-mail to more than 17 million subscribers in over 230 cities, employing flowery prose ("A love of layers may even lead your archeological side through the house lasagna") to offer group discounts on everything from pastries and spa treatments to pilot lessons and restaurant meals.

If enough people take the offer and pay in advance, the deal is activated and Groupon splits the resulting revenue 50-50 with the merchant. Subscribers get only one offer per day, which has left room for hundreds of copycats to offer their own variations on the formula.

"We stuck a pin in something and now there's a giant eruption," says Andrew Mason, Groupon's 29-year-old founder. "The demand from business owners is much greater than anything a single business like Groupon can meet."

Restaurants account for nearly half of Groupon's deals, making OpenTable the imitator best positioned to eat its lunch.

OpenTable, started 12 years ago, has put its reservation-management system into more than 14,000 restaurants. (Restaurants either lease computers for a $600 installation fee plus a $199 monthly subscription or they use the cheaper, Web-only option.) It seats about 4 million diners each month. Restaurants pay OpenTable up to $1 dollar per head; diners make reservations for free.

The company has the e-mail addresses of tens of millions of gourmands, as well as a sales force devoted to pitching additional marketing services to restaurants using OpenTable.

And like Groupon, OpenTable has its own overcooked valuation: Its stock, valued at $1.56 billion, is trading at 72 times its estimated 2011 earnings - more than six times the S&P 500 average.

OpenTable unveiled its Spotlight coupon service in August and has rolled it out in San Francisco, Boston, New York, Chicago, Washington and Philadelphia. Spotlight is Groupon-like right down to the verbiage. ("Their menus showcase artisanally grown, fresh fare that sings.")

CEO Jeff Jordan says Groupon's deals aren't tailored to people's individual interests. "Groupon is sending me ads for hair removal. Nature is doing that for me," he jokes. That lack of focus, he says, has created an opening for him to hone in on foodies.

Groupon believes its size and some upcoming features meant to personalize pitches will keep the competition at bay. It has raised money at a ferocious pace.

In April, it received a $135 million infusion from two Facebook investors - the Russian-based investment group DST and venture capital firm Accel Partners - and others.

Groupon has used the cash to enter new cities, buy competitors in Chile and Germany, and expand its 1,600-person sales force, which makes up about half its head count.

The company is beginning to tailor deals to subscribers' location, gender and any information they volunteer about their buying interests on Groupon's website.

Analysts are divided on how this coupon contest will play out.

"What Groupon lacks in protective competitive moats, I think they get in the fact that this is a scale business," says Scot Wingo, CEO of e-commerce consulting firm ChannelAdvisor. He says the size of Groupon's sales staff is its best competitive advantage.

Mark Mahaney, an analyst at Citigroup, downgraded OpenTable's stock in June because he believed the shares were overvalued. He reversed course in September after the company sold 16,000 Spotlight offers in the program's first six weeks, bringing in an estimated $200,000 in revenue.

"OpenTable can go right to its customers, all of whom are interested in restaurants," he says.

Another formidable competitor is also joining the fray: Yelp, the local-business review site based in San Francisco, is introducing a daily-deal service. With its 300-strong sales force focused on local ads, Yelp, too, has relationships with merchants.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/10/03/BU8S1FN0O8.DTL#ixzz11MvBO12O
Oct. 8, 2010, 4:17 p.m. EDT
Cancel your reservation for OpenTable
Commentary: Seating service is Stupid Investment of the Week

By Chuck Jaffe, MarketWatch

BOSTON (MarketWatch) -- Sometimes a stock captures the investing public’s imagination. Regardless of market conditions or cycle of the economy, a game-changing stock takes over an industry or creates its own. It’s the next big thing, making a big footprint its product captures imaginations and its growth boggles the mind.

The latest of these stocks appears to be OpenTable Inc., the reservations-taking platform for restaurants that is sweeping the nation, and maybe the world.

In a nutshell, the case for OpenTable is compelling. It has built a terrific business virtually from scratch, leaving would-be competitors eating dust, it has a pristine balance sheet, it has barely scratched the surface of its potential, and the stock itself is up more than 150% this year.

But if you put it all together and consider just how frothy OpenTable has become, it might make you want to take your money off the table, because the stock is the Stupid Investment of the Week, more likely to take a significant step backwards from here before it next cashes in on its enormous potential.

Stupid Investment of the Week highlights the concerns and characteristics that make a security less than ideal for the average investor, and is written in the hope that spotlighting danger in one case will make trouble easier to avoid elsewhere. While obviously not a purchase recommendation, the column is not intended as an automatic sell signal, as unloading a worrisome investment sometimes compounds trouble. For OpenTable investors lucky enough to get in when the stock was more fairly valued, selling now would unlock big capital gains.

OpenTable is a stock that investors want to like. It’s in a business they understand, and anyone who has successfully used OpenTable.com to make a reservation can vouch for the technology. It’s not just the company website that drives business, however.

Restaurants that require reservations most frequently are independents or small chains; as such, they have not rushed out to embrace online reservations technology, due to the expense. While they may have a Web site to showcase the food and location, historically these restaurateurs have been reluctant to do reservations online.

OpenTable solves that problem, with a solution that automates the process. The firm gets paid $1 for every seated customer booking on OpenTable.com, and 25 cents for every seated booking made through the restaurant’s own site. With its system now in more than 12,250 restaurants nationwide -- out of roughly 30,000 restaurants that industry officials believe take or regularly require reservations — OpenTable hasn’t just jumped to the forefront of the business, it is rapidly boxing out the competition.

That said, there is competition, especially in any successful technology driven business, and OpenTable has a slew of would-be competitors. Even if they can’t pick away at the customer base, those up-and-comers will make it harder to maintain growth rates and profit margins going forward; they will put pricing pressure on OpenTable (some in the restaurant industry suggest that the competition’s pricing for reservations systems will soon force OpenTable to respond with price-cutting of its own.

Applications that let users make reservations from their smartphones and a loyalty program that could help to build repeat customers will certainly help to stave off the competition, for now. And while OpenTable’s growth has been astronomical, the company has an experienced management team that comes from some other big names — CEO Jeffrey Jordan was president of eBay’s PayPal division, for example — so they have an idea of how to handle rapid growth and expansion.

In short, it’s easy to sing the company’s praises, especially for an average investor looking for a stock’s long-term potential.

Alas, those great expectations are already priced into the stock, and the result is that the stock is so overpriced that there appears to be no way to sustain the current stock price.

Indeed, technical analysts and chartists hate this stock now. They’ve been coming out of the woodwork on stock message boards with reasons why the stock’s pattern looks terrible.

Investors typically can overlook the chartists, relying on fundamentals like OPEN’s debt-free balance sheet and $80 million cash stash as reasons to believe they can outlast the technicians.

But the stock’s current float is nearly one-third short. Short sellers bet against a stock, profiting when it declines in price. When the short-sellers are swarming around an issue, average investors typically should stay away, as the short-term price pressure frequently can overcome long-term potential to the point where even an optimist has to surrender to the trend.

What’s more, that kind of pressure adds to a stock’s volatility; if an ordinary stock might ride along with the market through a 5% downturn or 10% correction, a hyperactive issue like OPEN is likely to plunge two or three times the market move, a real concern for average folks unhappy with current market conditions.

And with OpenTable trading at more than 60 times forward-looking earnings, the stock is way past the point where anyone buying in can reasonably expect things to get better from here. The most diehard OpenTable supporter might suggest that revenues will equal market capitalization in roughly six years, based on current projections of the growth rate. At that level, current valuations could seem reasonable.

But OPEN’s earnings have grown at 659%, year over year, and that’s just not going to continue. Even if the competition simply gave up, that kind of growth is unsustainable.

Indeed, the stock has had several volatile days this week, apparently in response to the shorts and chartists, but the market seems to be catching on to the idea that it got a bit too excited here and needs to step back. It’s an old story on Wall Street, countless hot stocks have made this journey before.

Based on a more normal earnings multiple, it’s easy to make the case that the fair market value for OPEN stock is somewhere between $18 and $25 per share. OpenTable is more likely to regress toward fair value than to make another great run.

“This is what stocks felt like during the days of the Internet bubble,” said Brent Wilsey of Wilsey Asset Management in San Diego. “It’s like playing musical chairs. It’s fine, so long as the music is playing, but once it stops and there’s no place for it to sit — and that’s going to happen — it’s going to fall quickly and people left holding it will feel like the loser.”
Is OpenTable the Next Ticketmaster?
1 comment | by: The Operations Room December 22, 2010 | about: OPEN

by Martin Lariviere

There was one episode of Duckman in which the hero is grabbed by some nameless thugs and he screams something along the lines of “Who are you guys? The FBI? The mafia? Oh, God, Ticketmaster!”

I rather agree with this sentiment. Few firms are as infuriating as the gatekeeper to all tickets worth owning. I was consequently a little taken aback to see a New York Times article in which some link a firm I like a lot, OpenTable (OPEN), with the unholy (The Online Reservations That Restaurants Love to Hate, Dec 12).

"Have the ascent of OpenTable and its astronomical market value resulted from delivering $1.5 billion in value to its paying clients, or by cunningly diverting that value from them?” Mark Pastore, the owner of Incanto, a San Francisco restaurant, recently asked in his restaurant’s blog. (With Friday’s close at nearly $72, OpenTable’s market valuation is now over $1.6 billion.) …

OpenTable is in about one-third of restaurants in the United States that accept reservations. When I spoke with Mr. Pastore last month, he said he was concerned that OpenTable was “becoming a Ticketmaster, a tollbooth to the nation’s restaurant tables."

So just how much money is at stake here?

OpenTable costs a restaurant about $650 on average to get set up. A client restaurant then pays an average of $270 a month for the terminals and table-management software. What perhaps most rankles restaurateurs is the reservation fee: $1 per patron. All in, OpenTable receives an average of $635 a month from each of its client restaurants, the company says.

One should note that the dollar per person fee is a little bit off. If a customer makes the reservation through the restaurant’s web site (as opposed to through OpenTable.com), that costs only 25 cents. So restaurants are arguably only paying a premium for reservations that they won when a customer picked them out of a list of restaurants. It is also worth noting that this break on reservations generated from one’s own site is a relatively recent change in their policy.

Now as anyone who has ever bought tickets through Ticketmaster (TKTM) can tell you, these fees seem fairly small compared to what Ticketmaster imposes on getting a pair of bleacher seats (those chumps charge you to print your own tickets!). But is OpenTable = Ticketmaster a fair comparison?

There is one way in which it seems comparable. Ticketmaster has kept individual venues from having to create its own system for automating searching for seats and selling tickets on line. (It’s worth remembering that the real value in Ticketmaster is in that first step and that they were doing this before they went on the Web.) OpenTable similarly automates the quotation of table availability and allows restaurants to take reservations around the clock (fun fact: One-third of OpenTable’s reservations are made between 10 p.m. and 10 a.m.).

The real value to consumers from OpenTable comes from searching multiple options at once. A customer can see who has tables at the right time at the right place at the right price point in one search. That is so much easier and more enjoyable than making multiple phone calls. The value then comes from having so many restaurants signed up to the system. There is not the same network value to Ticketmaster. If I want to see the Bulls, I have to see them at the United Center. I can’t shop for venues the way I can shop for restaurants. This network effect leaves some restauranteurs caught between a rock and a hard place (this point is nicely articulated in the Pastore post cited above). They feel that they are paying too much to OpenTable but fear losing too many customers if they leave it.

Let me offer that there may be better analogy than Ticketmaster: credit cards. Firms take credit cards because they lose sales if they only take cash but they are then at the mercy of Visa (V) and Amex (AXP) on interchange fees. Further, those fees fall on the firms not on the consumers and they create an incentive for card issuers to encourage customers to use their cards for everything — just as OpenTable at least implicitly suggests that consumers make every reservation on line.

Not surprisingly, credit card fees also piss off retailers. Enough that the Feds are stepping up to limit what can be charged. Certainly, at some point, one could imagine something similar happening to OpenTable — particularly if they ever got involved in an acquisition (although there is currently no one else in their space worth buying). In the near term, I don’t see why they would change their pricing structure. Until there is credible alternative for restaurants, they are in the driver’s seat.
February 8, 2011
OpenTable, Inc. Announces Fourth Quarter and Full Year 2010 Financial Results

-- Increases Revenue by 61% to $30.8 Million --

-- Grows Installed Restaurants by 62% and Seated Diners by 59% Over Q4 2009 --

-- Achieves EPS of $0.21 and Non-GAAP EPS of $0.33 --

SAN FRANCISCO, Feb. 8, 2011 (GLOBE NEWSWIRE) -- OpenTable, Inc. (Nasdaq:OPEN), a leading provider of free, real-time online restaurant reservations for diners and reservation and guest management solutions for restaurants, today reported its financial results for the fourth quarter and fiscal year ended December 31, 2010.

OpenTable reported consolidated net revenues for Q4 2010 of $30.8 million, a 61% increase over Q4 2009. Consolidated net income for Q4 2010 was $5.1 million, or $0.21 per diluted share. Non-GAAP consolidated net income for Q4 2010, which excludes tax-affected stock-based compensation expense, tax-affected acquisition-related expense and tax-affected amortization of acquired intangibles, was $8.0 million, or $0.33 per diluted share.

OpenTable provides operating results by geography as the Company is at different stages of development in its North America and International operations. International operations include for the first time the operating results of toptable.com, a recent acquisition which closed on October 1, 2010.

North America Results

Installed restaurant base as of December 31, 2010, totaled 13,795, a 27% increase over December 31, 2009.
Seated diners totaled 17.8 million, a 51% increase over Q4 2009.
Revenues totaled $25.9 million, a 44% increase over Q4 2009.
Non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation, and acquisition-related expense) totaled $12.1 million, or 47% of North America revenues, a 68% increase over Q4 2009.
International Results

Installed restaurant base as of December 31, 2010, totaled 6,254, a 317% increase over December 31, 2009.
Seated diners totaled 1.5 million, a 352% increase over Q4 2009.
Revenues totaled $4.9 million, a 308% increase over Q4 2009.
Non-GAAP adjusted EBITDA totaled a loss of $0.7 million compared to a loss of $1.2 million in Q4 2009.
In Q4 2010, toptable.com contributed 3,680 installed restaurant additions, approximately 774,000 seated diners, $3.0 million of revenue, and $0.5 million of Non-GAAP adjusted EBITDA to the Company's results.
International results for Q4 2010 include approximately $0.6 million of acquisition-related expense.
"We're pleased with the continued momentum in the OpenTable business," said Jeff Jordan, CEO of OpenTable. "The growth of online reservations helps our partner restaurants grow their revenue and optimize their operations."

Q4 2010 Consolidated Financial and Operating Summary

Installed restaurant base as of December 31, 2010, totaled 20,049, a 62% increase over December 31, 2009.
Seated diners totaled 19.4 million, a 59% increase over Q4 2009.
Total revenues were $30.8 million in Q4 2010, up 61% over Q4 2009 revenues of $19.2 million.
Subscription revenues were $11.6 million in Q4 2010, up 21% over Q4 2009 revenues of $9.6 million. Subscription revenues increased as a result of the increase in installed restaurants using our Electronic Reservation Book solution.
Reservation revenues were $15.4 million in Q4 2010, up 80% over Q4 2009 revenues of $8.5 million. Reservation revenues primarily increased as a result of the increase in seated diners. In Q4 2010, toptable.com contributed $2.3 million to reservation revenues.
Installation and other revenues were $3.8 million in Q4 2010, up 274% over Q4 2009 revenues of $1.0 million. Installation and other revenues increased primarily as a result of an increase in revenue from other product offerings, including advertising sales, web service licensing, featured private dining listings and third-party restaurant coupon sales. In Q4 2010, toptable.com contributed $0.7 million to installation and other revenues.
Total operating expenses were $25.4 million in Q4 2010, up 68% over Q4 2009 operating expenses of $15.1 million. The increase was primarily driven by a 55% increase in headcount including 66 headcount from toptable.com, an increase in amortization of acquired intangibles, and an increase in stock-based compensation.
Total operating income was $5.4 million in Q4 2010 compared to $4.1 million in Q4 2009. Non-GAAP consolidated operating income, excluding stock-based compensation expense, acquisition-related expense, and amortization of acquired intangibles, was $9.7 million in Q4 2010 compared to $4.7 million in Q4 2009.
The Q4 2010 GAAP income tax expense was $0.3 million or a 6% tax rate. In Q4 2010, the Company completed income tax projects related to a California Enterprise Zone Credit and a Domestic Manufacturing Deduction. These projects resulted in a $1.2 million, or $0.05 per diluted share, reduction in Q4 income tax expense.
Consolidated net income was $5.1 million, or $0.21 per diluted share, in Q4 2010 compared to $3.1 million, or $0.13 per diluted share, in Q4 2009. Non-GAAP consolidated net income, which excludes tax-affected stock-based compensation expense, tax-affected acquisition-related expense, and tax-affected amortization of acquired intangibles was $8.0 million, or $0.33 per diluted share, in Q4 2010 compared to $3.3 million, or $0.14 per diluted share, in Q4 2009.
As of December 31, 2010, OpenTable had cash and cash equivalents and short-term investments of $42.5 million.
2010 Consolidated Financial and Operating Summary

Total revenues were $99.0 million in 2010, up 44% over 2009 revenues of $68.6 million.

Operating income was $17.9 million in 2010 compared to $8.7 million in 2009. Non-GAAP consolidated operating income, excluding stock-based compensation expense, acquisition-related expense, and amortization of acquired intangibles, was $28.5 million in 2010 compared to $11.7 million in 2009, a 143% increase over 2009.

Non-GAAP adjusted EBITDA totaled $34.8 million in 2010, or 35% of consolidated revenues, a 106% increase over 2009.
"The fourth quarter highlights continued growth in our key operating and financial metrics," said Matt Roberts, CFO of OpenTable. "With strong revenues and EBITDA margins, the business continues to demonstrate solid results."

Quarterly Conference Call

A conference call will be webcast live today at 2 p.m. PT/5 p.m. ET and will be available through February 28, 2011, at http://investors.opentable.com/events.cfm. This call may contain forward-looking statements and other material information regarding the Company's financial and operating results.

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