Revenue increased 146% to $17.3M with Positive EBITDA
TORONTO and NEW YORK, Aug. 8,
2017 /CNW/ - AcuityAds Holdings Inc. (TSXV:AT, OTCQB:ACUIF)
("AcuityAds" or "Company"), a technology leader that enables
advertisers to connect intelligently with audiences across video,
mobile, social and online display advertising campaigns, today
announced its second quarter financial results for the period ended
June 30, 2017.
"We are very pleased with our second quarter results as we
continued to see revenue growth in both the self-serve and
full-serve segments of our business," said Tal Hayek, CEO of AcuityAds. "I am also
delighted to report that the integration of Visible Measures, the
analytics-led video advertising company we acquired at the end of
March, is on track and delivering incremental wins as a result of
our enhanced value proposition. Furthermore, our newly combined
team and superior technology assets have played a significant role
in meeting our key objective of continued revenue growth while
remaining EBITDA positive."
Second Quarter Financial Highlights
- Total revenue for Q2 2017 increased 146% to $17,265,803, compared to $7,006,538 in Q2 2016. Total revenue for the six
months ended June 30, 2017 was
$28,792,570 as compared to
$12,209,185 for the same period in
2016, representing an increase of 136%.
- AcuityAds grew its Self-Serve partner base by adding 44 new
platform partners in Q2 2017. Total partners of the Company's
SaaS-based Self-Serve programmatic platform now stands at 237
compared to 103 at the end of Q2 2016. The number of platform
partners that spent greater than $5,000 in the quarter totaled 66 compared to 44
in Q2 2016.
- Self-Serve revenue for Q2 2017 increased 86% to $5,929,566, compared to $3,195,204 in Q2 2016 and represented 34% of
overall revenue compared to 46% in the same period last year.
Self-Serve revenue for the six months ended June 30, 2017 was $12,237,318 as compared to $5,855,685 for the same period in 2016,
representing an increase of 109%.
- US revenue for Q2 2017 increased by 341% to $10,655,260 compared to $2,414,167 in Q2 2016. US revenue for the six
months ended June 30, 2017 was
$15,404,745 as compared to
$3,678,993 for the same period in
2016, representing an increase of 319%.
- Revenue less media costs (gross margin) remained strong at 50%
for Q2 2017 compared to 53% for the three months ended June 30, 2016.
- The Company posted Adjusted EBITDA of $589,786 in Q2 2017 compared to an Adjusted
EBITDA of $195,549 in Q2 2016, an
increase of 202%. Adjusted EBITDA for the six months ended
June 30, 2017 was $776,835 as compared to $114,371 for the same period in 2016,
representing an increase of 579%.
- Comprehensive loss for Q2 2017 was $1,063,628 compared to a comprehensive loss of
$420,791 in Q2 2016. Comprehensive
loss for the six months ended June 30,
2017 was $2,343,753 as
compared to $921,782 for the same
period in 2016. The major increases in the comprehensive loss were
attributable primarily to one-time acquisition related costs and
non-cash charges for share-based compensation, depreciation,
amortization and foreign exchange charges.
- As at June 30, 2017, the
Company's cash and restricted cash balance was $2,042,046 compared to $3,049,172 at the end of June 30, 2016. The reduced cash balance for the
three months ended June 30, 2017
reflects net cash used to acquire Visible Measures Corp. of
approximately $3.0 million and
acquisition-related earn-out fees of approximately $1.4 million attributed to 140 Proof, Inc. In
addition, while Visible Measures delivered the working capital
prescribed for in the Purchase Agreement, many of its accounts
receivables were quite current, while many of the accounts payable
were overdue and required a net payment in excess of $2.0 million in the quarter. We expect this will
normalize over the next few quarters.
Other Matters:
- The Company granted an aggregate of 130,000 stock options to
employees in accordance with the provisions of the Company's Stock
Option Plan, subject to approval of the TSX Venture Exchange. Each
option entitles the holder to purchase one common share of the
Company at an exercise price of $4.47. The stock options granted are vested
annually over 3 years.
- The Company also issued an aggregate of 12,250 Deferred Share
Units ("DSUs") pursuant to the Company's Deferred Share Unit Plan
to the independent directors of the Company, in lieu of quarterly
cash compensation. In addition, an aggregate of 8,600 DSUs were
issued to officers and executives of the Company for long term
incentive compensation.
About AcuityAds:
AcuityAds is a technology company that enables marketers to
connect intelligently with their most meaningful audiences through
digital media. A Self-Serve programmatic marketing platform,
powered by proprietary machine learning technology, is at the core
of its business, accompanied by a patented solution for mobile
targeting that leverages social data. AcuityAds empowers marketers
by offering transparency on costs and brand safety, and real-time
reporting and analytics, bringing accountability to programmatic
advertising to deliver business results.
AcuityAds is headquartered in Toronto, Canada with
sales offices in New York City, Boston, Chicago, Dallas, Los Angeles, San
Francisco, San Diego, Vancouver, Calgary, Montreal and London, England. For more information,
visit AcuityAds.com.
Disclaimer in regards to Forward-looking
Statements
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Investors are cautioned not to put undue reliance on
forward-looking statements. Except as required by law, AcuityAds
does not intend, and undertakes no obligation, to update any
forward-looking statements to reflect, in particular, new
information or future events. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE AcuityAds Inc.