• Revenues. Our total revenues for the three months ended March 31, 2014 were $67.5 million, consisting of advertising and marketing revenues of $51.9 million and other revenues of $15.6 million, as compared to total revenues of $25.9 million for the three months ended March 31, 2013, consisting of advertising and marketing revenues of $18.8 million and other revenues of $7.1 million. Our total revenues for the three months ended March 31, 2014 decreased from the total revenues of $71.4 million for the three months ended December 31, 2013 primarily due to seasonality.
• Net Loss. Our net loss for the three months ended March 31, 2014 was $47.4 million, as compared to a net loss of $19.2 million for the three months ended March 31, 2013. Our net loss for the three months ended March 31, 2014 reflects a loss of $40.2 million in change in fair value of investor option liability and $2.2 million in stock-based compensation expenses.
• Adjusted Net Loss. Our adjusted net loss for the three months ended March 31, 2014 was $4.8 million, as compared to an adjusted net loss of $18.4 million for the three months ended March 31, 2013.
• Adjusted EBITDA. Our adjusted EBITDA for the three months ended March 31, 2014 was negative $0.6 million, as compared to adjusted EBITDA of negative $11.5 million for the three months ended March 31, 2013.