AdTheorent Holding Company, Inc. (Nasdaq: ADTH) (“AdTheorent” or
“the Company”), a machine learning pioneer and industry leader
using privacy-forward solutions to deliver measurable value for
programmatic advertisers, today announced its third quarter 2023
financial results.
Third Quarter 2023 Financial Overview:
- Revenue was $40.9 million, an 8.8%
increase compared to $37.6 million in the third quarter of
2022.
- Gross profit was $18.9 million, up
4.8%, from $18.0 million in the third quarter of 2022. Gross Profit
Margin was 46.2%, compared to 47.9% in the third quarter of
2022.
- Adjusted Gross Profit* increased $1.6
million, or 6.7%, to $26.4 million compared to the third quarter of
2022. Adjusted Gross Profit Margin was 64.5% compared to 65.8% in
the third quarter of 2022.
- Net loss was $4.2 million compared to
net income of $5.7 million in the third quarter of 2022. In the
third quarter of 2023, the Company recognized a total of $1.5
million of mark to market gains related to fair value of the
Seller's Earn-Out and Warrants liabilities compared to gains of
$8.6 million in the third quarter of 2022.
- Adjusted EBITDA* increased $1.1
million, or 32.0%, to $4.7 million compared to third quarter 2022.
Adjusted EBITDA as a percentage of Adjusted Gross Profit of 17.9%
represented an increase from 14.5% in the third quarter of
2022.
“We made tangible progress in the third quarter and are
encouraged by our return to growth. Results were particularly
robust in areas of investment, including self-service, AdTheorent
Health, and our algorithm-based Predictive Audience solutions, all
of which saw exceptional growth during the quarter, as customers
responded enthusiastically to our differentiated offerings,” said
James Lawson, CEO of AdTheorent. “We expect this momentum to
continue, we remain on track to meet or exceed our full-year
projections for 2023, and we are looking ahead to 2024 with
optimism.”
Third Quarter and Recent Business and Operating
Highlights:
- The third quarter was the most active
quarter to date for AdTheorent’s self-service adoption with a 28%
sequential increase in self-service platform revenue and 57%
sequential increase in advertiser count.
- AdTheorent Health momentum
accelerated, with 28% year-over-year revenue growth and a 51%
sequential increase in advertiser count in the third quarter of
2023; adoption of AdTheorent Health Audiences gained momentum, with
36 active campaigns in the third quarter, up 89% compared to the
second quarter.
- AdTheorent’s algorithm-based and
ID-independent predictive audiences continued to yield strong
customer adoption with 66 active campaigns in the third
quarter.
- AdTheorent formed a strategic
partnership with Hero Media that establishes the first Black-owned
demand-side platform (“DSP”) in programmatic advertising, Hero One,
combining AdTheorent’s award-winning platform and technology with
Hero Media’s media network, exclusive properties, and unique data
and insights, allowing platform users to reach diverse audiences at
scale.
- AdTheorent Health Audiences received
Neutronian's Quality Index (“NQI”) Certification based on
AdTheorent’s superior capabilities in areas including: consent and
compliance, data quality and sourcing transparency, privacy and
performance.
- AdTheorent received prestigious
industry recognition in third quarter including:
- AdTheorent was named “Best Buy-Side
Programmatic Platform” in the Digiday Technology Awards.
- AdTheorent Health won a “Programmatic
Marketing Innovation Award” in the MarTech Breakthrough
Awards.
- AdTheorent was named a 2023 Crain’s
Best Places to Work in New York City, marking the Company’s 10th
consecutive year receiving this recognition.
*We prepare our consolidated financial statements in accordance
with the U.S. generally accepted accounting principles (“GAAP”).
Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial
measures. See the supplementary schedules in this press release for
a discussion of how we define and calculate these measures and a
reconciliation thereof to the most directly comparable GAAP
measures.
Fourth Quarter and Full-Year 2023 Financial
Outlook:
The Company's growth may continue to be impacted in the
remainder of 2023 by macroeconomic factors beyond its control, such
as inflationary pressures and recessionary fears. Based on the
current business environment, recent performance and the current
trends in the marketplace and subject to the risks and
uncertainties inherent in forward-looking statements, the Company's
outlook for the fourth quarter and full-year 2023 includes the
following:
Fourth quarter 2023:
- Revenue in the range of $55.0 million to $57.0 million.
- Adjusted Gross Profit* of at least 64% of revenue.
- Adjusted EBITDA* in the range of $10.0 million to $11.5
million.
Full-year ending December 31, 2023:
- Revenue growth compared to 2022.
- Adjusted Gross Profit* between 64% to 65% of revenue.
- Adjusted EBITDA* margin of between 16% and 19%.
Although the Company provides guidance for Adjusted EBITDA, it
is not able to provide guidance for net income, the most directly
comparable GAAP measure. Certain elements of the composition of net
income, including equity-based compensation, are not predictable,
making it impractical for the Company to provide guidance on net
income or to reconcile its Adjusted EBITDA guidance to net income
without unreasonable efforts. Similarly, although the Company
provides guidance for Adjusted Gross Profit, it is not able to
provide guidance for Gross Profit, the most directly comparable
GAAP measure. Certain elements of the composition of Gross Profit,
including equity-based compensation, are not predictable, making it
impractical for the Company to provide guidance on Gross Profit or
to reconcile its Adjusted Gross Profit guidance to Gross Profit
without unreasonable efforts. For the same reasons, the Company is
unable to address the probable significance of the unavailable
information regarding net income and Gross Profit, which could be
material to future results.
About AdTheorent:
AdTheorent uses advanced machine learning technology and
privacy-forward solutions to deliver impactful advertising
campaigns for marketers. AdTheorent's advanced machine
learning-powered media buying platform powers its predictive
targeting, predictive audiences, geo-intelligence, audience
extension solutions and in-house creative capability, Studio AT.
Leveraging only non-sensitive data and focused on the predictive
value of machine learning models, AdTheorent's product suite and
flexible transaction models allow advertisers to identify the most
qualified potential consumers coupled with the optimal creative
experience to deliver superior results, measured by each
advertiser's real-world business goals. AdTheorent is headquartered
in New York, with fourteen locations across the United States and
Canada.
AdTheorent is consistently recognized with numerous technology,
product, growth and workplace awards. AdTheorent was named “Best
Buy-Side Programmatic Platform” in the 2023 Digiday Technology
Awards and was honored with an AI Breakthrough Award and “Most
Innovative Product” (B.I.G. Innovation Awards) for six consecutive
years. Additionally, AdTheorent is the only seven-time recipient of
Frost & Sullivan's “Digital Advertising Leadership Award.” In
September 2023, evidencing its continued prioritization of its
team, AdTheorent was named a Crain’s Top 100 Best Place to Work in
NYC for the tenth consecutive year. AdTheorent ranked tenth in the
Large Employer Category and 26th Overall in 2023. For more
information, visit adtheorent.com.
Conference Call and Webcast Details:
AdTheorent will host a conference call and webcast at 4:30 p.m.
ET today, November 7, 2023, to discuss its third quarter 2023
financial results and business highlights. The conference call can
be accessed by dialing (800) 715-9871 from the United States and
Canada or (646) 307-1963 International with Conference ID 7894988.
The live webcast of the conference call and other materials related
to AdTheorent’s financial performance can be accessed from
AdTheorent’s investor relations website at
investors.adtheorent.com.
Following the completion of the call until 11:59 p.m. ET on
Tuesday, November 14, 2023, a telephone replay will be available by
dialing (800) 770-2030 from the United States and Canada, or (609)
800-9909 International with Conference ID 7894988. A webcast replay
will also be available at investors.adtheorent.com for 12
months.
Forward-Looking Statements:
This communication contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and may contain words such as “believe,”
“anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or
words or phrases with similar meaning. Forward-looking statements
should not be read as a guarantee of future performance or results
and will not necessarily be accurate indications of the times at,
or by, which such performance or results will be achieved.
Forward-looking statements contained in this press release relate
to, among other things, the Company’s projected financial
performance and operating results, including projected revenue,
Adjusted Gross Profit and Adjusted EBITDA, as well as statements
regarding inflationary pressures and recessionary fears.
Forward-looking statements are based on current expectations,
forecasts and assumptions that involve risks and uncertainties,
including, but not limited to, the market for programmatic
advertising developing slower or differently than the Company’s
expectations, the demands and expectations of clients and the
ability to attract and retain clients and other economic,
competitive, governmental and technological factors outside of the
Company's control, that may cause the Company's business, strategy
or actual results to differ materially from the forward-looking
statements. The Company does not intend and undertakes no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be required by applicable law. Investors are referred to
AdTheorent's filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K and any subsequent filings
on Forms 10-Q or 8-K, for additional information regarding the
risks and uncertainties that may cause actual results to differ
materially from those expressed in any forward-looking
statement.
Investor Contact:David DeStefano,
ICRAdTheorentIR@icrinc.com (203) 682-8383
Press Contact:Melanie Berger,
AdTheorentPress@adtheorent.com(850) 567-0082
ADTHEORENT HOLDING COMPANY, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited; in thousands) |
|
|
September 30, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
74,339 |
|
|
$ |
72,579 |
|
Accounts receivable, net |
|
48,693 |
|
|
|
56,027 |
|
Income tax recoverable |
|
177 |
|
|
|
145 |
|
Prepaid expenses |
|
2,673 |
|
|
|
1,466 |
|
Total current assets |
|
125,882 |
|
|
|
130,217 |
|
Property and equipment, net |
|
465 |
|
|
|
520 |
|
Operating lease right of use assets |
|
4,987 |
|
|
|
5,732 |
|
Investment in SymetryML Holdings |
|
636 |
|
|
|
789 |
|
Customer relationships, net |
|
1,119 |
|
|
|
4,475 |
|
Other intangible assets, net |
|
7,854 |
|
|
|
6,708 |
|
Goodwill |
|
34,842 |
|
|
|
34,842 |
|
Deferred income taxes, net |
|
12,067 |
|
|
|
6,962 |
|
Other assets |
|
308 |
|
|
|
359 |
|
Total assets |
$ |
188,160 |
|
|
$ |
190,604 |
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
10,294 |
|
|
$ |
9,479 |
|
Accrued compensation |
|
5,117 |
|
|
|
8,939 |
|
Accrued expenses |
|
5,076 |
|
|
|
6,224 |
|
Operating lease liabilities, current |
|
1,265 |
|
|
|
1,265 |
|
Total current liabilities |
|
21,752 |
|
|
|
25,907 |
|
Warrants |
|
862 |
|
|
|
2,298 |
|
Seller's Earn-Out |
|
23 |
|
|
|
773 |
|
Operating lease liabilities, non-current |
|
5,253 |
|
|
|
6,201 |
|
Total liabilities |
|
27,890 |
|
|
|
35,179 |
|
Stockholders’ equity |
|
|
|
|
|
Preferred Stock |
|
— |
|
|
|
— |
|
Common Stock |
|
9 |
|
|
|
9 |
|
Additional paid-in capital |
|
89,746 |
|
|
|
83,566 |
|
Retained earnings |
|
70,515 |
|
|
|
71,850 |
|
Total stockholders' equity |
|
160,270 |
|
|
|
155,425 |
|
Total liabilities and
stockholders’ equity |
$ |
188,160 |
|
|
$ |
190,604 |
|
ADTHEORENT HOLDING COMPANY, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited; in thousands, except share
and per share data) |
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
$ |
40,890 |
|
|
$ |
37,584 |
|
|
$ |
111,151 |
|
|
$ |
114,301 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Platform operations |
|
22,019 |
|
|
|
19,581 |
|
|
|
61,141 |
|
|
|
58,207 |
|
Sales and marketing |
|
11,119 |
|
|
|
11,127 |
|
|
|
32,050 |
|
|
|
32,540 |
|
Technology and development |
|
3,794 |
|
|
|
3,955 |
|
|
|
10,453 |
|
|
|
12,393 |
|
General and administrative |
|
4,113 |
|
|
|
4,729 |
|
|
|
11,638 |
|
|
|
15,433 |
|
Total operating expenses |
|
41,045 |
|
|
|
39,392 |
|
|
|
115,282 |
|
|
|
118,573 |
|
Loss from operations |
|
(155 |
) |
|
|
(1,808 |
) |
|
|
(4,131 |
) |
|
|
(4,272 |
) |
Interest income (expense), net |
|
707 |
|
|
|
97 |
|
|
|
1,750 |
|
|
|
(59 |
) |
Gain on change in fair value of Seller's Earn-Out |
|
225 |
|
|
|
2,901 |
|
|
|
750 |
|
|
|
15,664 |
|
Gain on change in fair value of warrants |
|
1,290 |
|
|
|
5,674 |
|
|
|
1,436 |
|
|
|
8,261 |
|
Gain on deconsolidation of SymetryML |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,939 |
|
Loss on change in fair value of SAFE Notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(788 |
) |
Gain (loss) on fair value of investment in SymetryML Holdings |
|
5 |
|
|
|
(39 |
) |
|
|
(153 |
) |
|
|
(49 |
) |
Other expense, net |
|
(12 |
) |
|
|
(5 |
) |
|
|
(49 |
) |
|
|
(24 |
) |
Total other income, net |
|
2,215 |
|
|
|
8,628 |
|
|
|
3,734 |
|
|
|
24,944 |
|
Net income (loss) before income
taxes |
|
2,060 |
|
|
|
6,820 |
|
|
|
(397 |
) |
|
|
20,672 |
|
(Provision) benefit for income
taxes |
|
(6,254 |
) |
|
|
(1,095 |
) |
|
|
(938 |
) |
|
|
540 |
|
Net (loss) income |
$ |
(4,194 |
) |
|
$ |
5,725 |
|
|
$ |
(1,335 |
) |
|
$ |
21,212 |
|
Less: Net loss attributable to noncontrolling interest |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
550 |
|
Net (loss) income attributable to
AdTheorent Holding Company, Inc. |
$ |
(4,194 |
) |
|
$ |
5,725 |
|
|
$ |
(1,335 |
) |
|
$ |
21,762 |
|
(Loss) earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.05 |
) |
|
$ |
0.07 |
|
|
$ |
(0.02 |
) |
|
$ |
0.25 |
|
Diluted |
$ |
(0.05 |
) |
|
$ |
0.06 |
|
|
$ |
(0.02 |
) |
|
$ |
0.23 |
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
88,175,813 |
|
|
|
86,492,025 |
|
|
|
87,869,345 |
|
|
|
86,003,514 |
|
Diluted |
|
88,175,813 |
|
|
|
92,122,421 |
|
|
|
87,869,345 |
|
|
|
92,885,851 |
|
ADTHEORENT HOLDING COMPANY, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited; in thousands) |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
Cash flows from operating
activities |
|
|
|
|
|
Net (loss) income |
$ |
(1,335 |
) |
|
$ |
21,212 |
|
Adjustments to reconcile net
(loss) income to net cash provided by operating activities: |
|
|
|
|
|
Provision for credit losses |
|
10 |
|
|
|
240 |
|
Amortization expense |
|
6,473 |
|
|
|
5,872 |
|
Depreciation expense |
|
146 |
|
|
|
143 |
|
Amortization of debt issuance costs |
|
42 |
|
|
|
42 |
|
Gain on change in fair value of Seller's Earn-Out |
|
(750 |
) |
|
|
(15,664 |
) |
Gain on change in fair value of warrants |
|
(1,436 |
) |
|
|
(8,261 |
) |
Gain on deconsolidation of SymetryML |
|
— |
|
|
|
(1,939 |
) |
Loss on change in fair value of SAFE Notes |
|
— |
|
|
|
788 |
|
Loss on fair value of investment in SymetryML Holdings |
|
153 |
|
|
|
49 |
|
Deferred tax benefit |
|
(5,105 |
) |
|
|
(5,455 |
) |
Equity-based compensation |
|
5,924 |
|
|
|
8,627 |
|
Seller's Earn-Out equity-based compensation |
|
— |
|
|
|
1,364 |
|
Changes in operating assets and
liabilities: |
|
|
|
|
|
Accounts receivable |
|
7,324 |
|
|
|
13,103 |
|
Income taxes recoverable |
|
(32 |
) |
|
|
(4 |
) |
Prepaid expenses and other assets |
|
(453 |
) |
|
|
337 |
|
Accounts payable |
|
775 |
|
|
|
(3,911 |
) |
Accrued compensation, accrued expenses, and other liabilities |
|
(5,918 |
) |
|
|
(8,104 |
) |
Net cash provided by operating
activities |
|
5,818 |
|
|
|
8,439 |
|
Cash flows from investing
activities |
|
|
|
|
|
Capitalized software development costs |
|
(3,969 |
) |
|
|
(2,008 |
) |
Purchase of property and equipment |
|
(88 |
) |
|
|
(311 |
) |
Decrease in cash from deconsolidation of SymetryML |
|
— |
|
|
|
(69 |
) |
Net cash used in investing
activities |
|
(4,057 |
) |
|
|
(2,388 |
) |
Cash flows from financing
activities |
|
|
|
|
|
Cash received for exercised options |
|
150 |
|
|
|
346 |
|
Payment of revolver borrowings |
|
— |
|
|
|
(39,017 |
) |
Proceeds from SAFE Notes |
|
— |
|
|
|
200 |
|
Proceeds from SymetryML preferred stock issuance |
|
— |
|
|
|
400 |
|
Taxes paid related to net settlement of restricted stock
awards |
|
(466 |
) |
|
|
(231 |
) |
Proceeds from employee stock purchase plan |
|
315 |
|
|
|
— |
|
Net cash used in financing
activities |
|
(1 |
) |
|
|
(38,302 |
) |
Net increase (decrease)
in cash and cash equivalents |
|
1,760 |
|
|
|
(32,251 |
) |
Cash and cash equivalents
at beginning of period |
|
72,579 |
|
|
|
100,093 |
|
Cash and cash equivalents
at end of period |
$ |
74,339 |
|
|
$ |
67,842 |
|
Non-GAAP Financial Measures
The Company uses financial measures that are not calculated in
accordance with GAAP including Adjusted EBITDA and Adjusted Gross
Profit. The Company's management believes that this information can
assist investors in evaluating the Company's operational trends,
financial performance, and cash generating capacity and make
strategic decisions. Management believes these non-GAAP measures
allow investors to evaluate the Company’s financial performance
using some of the same measures as management.
Because of the limitations associated with these non-GAAP
financial measures, “Adjusted Gross Profit,” “EBITDA,” “Adjusted
EBITDA,” “Adjusted Gross Profit as a percentage of Revenue” and
“Adjusted EBITDA as a percent of Adjusted Gross Profit” should not
be considered in isolation or as a substitute for performance
measures calculated in accordance with GAAP. The Company
compensates for these limitations by relying primarily on its GAAP
results and using non-GAAP measures on a supplemental basis. You
should review the reconciliation of the non-GAAP financial measures
below and not rely on any single financial measure to evaluate
AdTheorent's business.
The tables below show the Company’s non-GAAP financial metrics
reconciled to the comparable GAAP financial metrics included in
this release.
Adjusted Gross Profit
Adjusted Gross Profit is a non-GAAP profitability measure.
Adjusted Gross Profit is a non-GAAP financial measure of campaign
profitability, monitored by management and the board, used to
evaluate the Company's operating performance and trends, develop
short- and long-term operational plans, and make strategic
decisions regarding the allocation of capital. The Company believes
this measure provides a useful period-to-period comparison of
campaign profitability and is useful information to investors and
the market in understanding and evaluating its operating results in
the same manner as its management and board. Gross profit is the
most comparable GAAP measurement, which is calculated as revenue
less platform operations costs. In calculating Adjusted Gross
Profit, the Company adds back other platform operations costs,
which consist of amortization expense related to capitalized
software, depreciation expense, allocated costs of personnel which
set up and monitor campaign performance, and platform hosting,
license, and maintenance costs, to gross profit.
The following table sets forth a reconciliation of revenue to
Adjusted Gross Profit for the periods presented:
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
(In thousands) |
|
Revenue |
$ |
40,890 |
|
|
$ |
37,584 |
|
|
$ |
111,151 |
|
|
$ |
114,301 |
|
Less: Platform operations |
|
22,019 |
|
|
|
19,581 |
|
|
|
61,141 |
|
|
|
58,207 |
|
Gross Profit |
|
18,871 |
|
|
|
18,003 |
|
|
|
50,010 |
|
|
|
56,094 |
|
Add back: Other platform
operations |
|
7,519 |
|
|
|
6,739 |
|
|
|
21,319 |
|
|
|
19,979 |
|
Adjusted Gross Profit |
$ |
26,390 |
|
|
$ |
24,742 |
|
|
$ |
71,329 |
|
|
$ |
76,073 |
|
EBITDA and Adjusted EBITDA
EBITDA is a non-GAAP financial measure defined by us as net
(loss) income, before interest (income) expense, net; depreciation,
amortization; and income tax provision (benefit). Adjusted EBITDA
is defined as EBITDA before equity-based compensation expense,
transaction costs, non-core operations and other non-recurring
items. Net (loss) income is the most comparable GAAP
measurement.
Collectively these non-GAAP financial measures are key
profitability measures used by the Company's management and board
to understand and evaluate its operating performance and trends,
develop short-and long-term operational plans and make strategic
decisions regarding the allocation of capital. The Company believes
that these measures can provide useful period-to-period comparisons
of campaign profitability. Accordingly, the Company believes that
these measures provide useful information to investors and the
market in understanding and evaluating its operating results in the
same manner as its management and board.
The following table sets forth a reconciliation of
net (loss) income to Adjusted EBITDA for the periods
presented:
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
(In thousands) |
|
Net (loss) income |
$ |
(4,194 |
) |
|
$ |
5,725 |
|
|
$ |
(1,335 |
) |
|
$ |
21,212 |
|
Interest (income) expense, net |
|
(707 |
) |
|
|
(97 |
) |
|
|
(1,750 |
) |
|
|
59 |
|
Tax provision (benefit) |
|
6,254 |
|
|
|
1,095 |
|
|
|
938 |
|
|
|
(540 |
) |
Depreciation and amortization |
|
2,317 |
|
|
|
1,973 |
|
|
|
6,619 |
|
|
|
6,015 |
|
EBITDA |
$ |
3,670 |
|
|
$ |
8,696 |
|
|
$ |
4,472 |
|
|
$ |
26,746 |
|
Equity-based compensation |
|
2,584 |
|
|
|
2,783 |
|
|
|
5,924 |
|
|
|
8,627 |
|
Seller's Earn-Out equity-based compensation |
|
— |
|
|
|
373 |
|
|
|
— |
|
|
|
1,364 |
|
Transaction costs (1) |
|
— |
|
|
|
— |
|
|
|
166 |
|
|
|
(131 |
) |
Gain on change in fair value of Seller's Earn-Out (2) |
|
(225 |
) |
|
|
(2,901 |
) |
|
|
(750 |
) |
|
|
(15,664 |
) |
Gain on change in fair value of warrants (3) |
|
(1,290 |
) |
|
|
(5,674 |
) |
|
|
(1,436 |
) |
|
|
(8,261 |
) |
Gain on deconsolidation of SymetryML (4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,939 |
) |
Loss on change in fair value of SAFE Notes (5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
788 |
|
(Gain) loss on fair value of investment in SymetryML Holdings |
|
(5 |
) |
|
|
39 |
|
|
|
153 |
|
|
|
49 |
|
Separation expense related to headcount reductions |
|
— |
|
|
|
270 |
|
|
|
— |
|
|
|
270 |
|
Non-core operations (6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
351 |
|
Adjusted EBITDA |
$ |
4,734 |
|
|
$ |
3,586 |
|
|
$ |
8,529 |
|
|
$ |
12,200 |
|
(1) |
Includes
professional fees directly related to the SPAC merger with MCAP
Acquisition Corporation (the “Business Combination”) on December
22, 2021. |
(2) |
In connection with the Business Combination, a Seller's
Earn-Out liability was recorded. The gain represents the decrease
in fair value of the Seller's Earn-Out in the three and nine months
ended September 30, 2023 and 2022. |
(3) |
In connection with the Business Combination, a liability for
warrants was recorded. The gain represents the decrease in fair
value of the warrants in the three and nine months ended
September 30, 2023 and 2022. |
(4) |
On March 31, 2022, the Company deconsolidated SymetryML which
resulted in a gain. Refer to Note 16 — SymetryML and SymetryML
Holdings of the Company's Condensed Consolidated Financial
Statements, included in its Form 10-Q as of September 30,
2023, filed today, for more information. |
(5) |
On March 31, 2022, the SAFE Notes (defined below) were valued
which resulted in a loss. Refer to Note 16 — SymetryML and
SymetryML Holdings of the Company's Condensed Consolidated
Financial Statements, included in its Form 10-Q as of
September 30, 2023, filed today, for more information. |
(6) |
Effective as of March 1, 2020, the Company effectuated a
contribution of its SymetryML department into a new subsidiary,
SymetryML, Inc. The Company periodically raised capital to fund
Symetry operations, by entering into Simple Agreement for Future
Equity Notes (“SAFE Notes”) with several parties. The Company
viewed SymetryML operations as non-core, and did not fund future
operational expenses incurred in excess of SAFE Note funding
secured. Effective March 31, 2022, the Company deconsolidated
SymetryML. Refer to Note 16 — SymetryML and SymetryML Holdings of
the Company's Condensed Consolidated Financial Statements, included
in its Form 10-Q as of September 30, 2023, filed today, for
more information. |
The following table presents Adjusted EBITDA as
a Percentage of Adjusted Gross Profit and Adjusted Gross
Profit as a Percentage of Revenue:
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
(In thousands, except percentages) |
|
Gross Profit |
$ |
18,871 |
|
|
$ |
18,003 |
|
|
$ |
50,010 |
|
|
$ |
56,094 |
|
Net (loss) income |
$ |
(4,194 |
) |
|
$ |
5,725 |
|
|
$ |
(1,335 |
) |
|
$ |
21,212 |
|
Net (loss) income as a
percentage of Gross Profit |
|
-22.2 |
% |
|
|
31.8 |
% |
|
|
-2.7 |
% |
|
|
37.8 |
% |
Adjusted Gross Profit |
$ |
26,390 |
|
|
$ |
24,742 |
|
|
$ |
71,329 |
|
|
$ |
76,073 |
|
Adjusted EBITDA |
$ |
4,734 |
|
|
$ |
3,586 |
|
|
$ |
8,529 |
|
|
$ |
12,200 |
|
Adjusted EBITDA as a
percentage of Adjusted Gross Profit |
|
17.9 |
% |
|
|
14.5 |
% |
|
|
12.0 |
% |
|
|
16.0 |
% |
Gross Profit |
$ |
18,871 |
|
|
$ |
18,003 |
|
|
$ |
50,010 |
|
|
$ |
56,094 |
|
Revenue |
$ |
40,890 |
|
|
$ |
37,584 |
|
|
$ |
111,151 |
|
|
$ |
114,301 |
|
Gross Profit as a percentage
of Revenue |
|
46.2 |
% |
|
|
47.9 |
% |
|
|
45.0 |
% |
|
|
49.1 |
% |
Revenue |
$ |
40,890 |
|
|
$ |
37,584 |
|
|
$ |
111,151 |
|
|
$ |
114,301 |
|
Adjusted Gross Profit |
$ |
26,390 |
|
|
$ |
24,742 |
|
|
$ |
71,329 |
|
|
$ |
76,073 |
|
Adjusted Gross Profit as a
percentage of Revenue |
|
64.5 |
% |
|
|
65.8 |
% |
|
|
64.2 |
% |
|
|
66.6 |
% |
AdTheorent (NASDAQ:ADTH)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
AdTheorent (NASDAQ:ADTH)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024