Question · Q1 2018
Alex Hu, on for Michael Nemeroff, asked about future technology integration between Booker and MINDBODY, the average GMV per high-value subscriber for each platform, the reasons for Booker's lower payments penetration, and its historical growth rate.
Answer
CEO Rick Stollmeyer explained that back-end integration will begin immediately due to similar tech stacks, though a full platform convergence is a multi-year goal. He confirmed Booker's average GMV is significantly higher than MINDBODY's. Booker's lower payments adoption was attributed to a lack of international partnerships and slower e-commerce adoption in the salon industry. CFO and COO Brett White added that Booker's recurring revenue streams grew in the low-teens in Q1, and MINDBODY's average GMV per high-value sub was about $18,000 per month.