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It looks like Groupon has amended its IPO document once again, this time changing how it reports revenue. Gross billings or the amount collected will now be separate from net revenue or what is left once merchants are paid. Initially gross billings had been listed as gross revenue.

In its third amended filing to date, Groupon said:

We consistently have stated that the amount we retain — rather than bill or collect — from the sale of Groupons is the key measure of the value we create. This change in presentation is consistent with that belief.

This latest filing also includes much of Andrew Mason’s email memo to employees that was leaked last month, attempting to dispel negative press against the company. There were questions as to how the leak occurred and as to whether it violated the quite period required by the SEC.

Last month, in its second amended filing, the company removed the “Adjusted Consolidated Segment Operating Income,” or ACSOI, which did not include marketing expenses.

In its first amended filing in July, Groupon asked potential investors to ignore the comments made by co-founder Eric Lefkofsky the month before, saying that Groupon was going to be wildly profitable. The company also made additional accounting changes at that time.

Source: All Things D

GRPN-20110923-S1A-0

Krissa Ashton

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