RetailMeNot jumped 17% after the previous earnings. However, the stock keeps going down, there are some positive news. Looking through their earnings call I found some interesting points. First of all they increased their non-significant decline in revenues - 6%. Their biggest problem right now is increasing sales and marketing expenses, it grew up from $48M last year to $52M this year. But what about operating metrics, their mobile traffic is going up:Moving to our key audience metrics. Total visits in the quarter were $214.8 million, down 5%, however, for the full year visits grew 3% to $718.4 million. For the full year mobile web visits increased 51% to $297.9 million, representing 41% of total visits for the year. Desktop visits declined 18% for the quarter and 16% for the full year. Mobile unique visitors in the quarter grew 9% to $23.2 million. Moreover, it means that their retention rate is really high. Their mobile unique visitors number grew up by 9%, however the overall mobile traffic grew up more than 51%. According to this statistics, I assume that the average revenue per visitor (customer) decreased. Another big issue is an issue with margins. Analysts expected a lower net income and EBITDA, the company beats the analysts estimation though. Adjusted EBITDA came in above our quarterly guidance at $30.8 million and hit $71.9 million for the year, equating to adjusted EBITDA margins of 37% and 29%. Over the course of the year, we've been making investments in our business to improve the consumer, retailer and brand experiences. They are transforming their business from just a coupon based revenue to advertising revenue. With such a high numbers in traffic, they can do it efficiently. I think it's too risky to invest in this stock right now, but as soon as they can stop this margins reduction, I will be the first to buy some calls.