- Q1 Revenue Increased 71% Year over Year
-
TORONTO and NEW YORK, May 11,
2016 /CNW/ - AcuityAds Holdings Inc. (TSXV:AT) ("AcuityAds"
or "Company"), a technology leader that provides targeted digital
media solutions enabling advertisers to connect intelligently with
audiences across online display, video, social and mobile
campaigns, today announced financial results for the three month
period ended March 31, 2016.
"We are extremely pleased with our Q1 results particularly in a
quarter that is traditionally weaker due to the seasonality of our
industry," stated Tal Hayek, CEO of
AcuityAds. "We continued to build on the strong momentum from
2015 and experienced significant growth in both our U.S. and our
SaaS-based Self-Service revenues which grew 69% and 352%
respectively year over year. This growth is attributed to the
value our clients continue to derive from our programmatic platform
to successfully enable their digital initiatives. This also
validates our recently announced decision to expand our service
offerings into the European market in Q2 to better serve our
clients' needs on a global level."
First Quarter Financial Highlights
- Total revenue for Q1 2016 increased 71% to $5,202,647, compared to $3,048,732 in Q1 2015.
- AcuityAds grew its Self-Service partner base by adding 14
additional platform Licensees in Q1 2016. Total Licensees of our
SaaS-based Self-Service platform now stands at 78 compared to 28 at
the end of Q1 2015.
- SaaS-based Self-Service revenue for Q1 2016 increased 352% to
$2,660,481, compared to $588,303 in Q1 2015 and represented 51% of
overall revenue compared to 19% in the same period last year.
- US revenue for Q1 2016 increased by 69% to $1,264,826 compared to $746,535 in Q1 2015.
- Revenue less media costs (gross margin) remained strong at 50%
for Q1 2016 compared to 49% for the twelve months ended
December 31, 2015.
- Operating expenses for the quarter were $3,146,307 before adjusting for an approximate
$400,000 reduction attributable to
Investment Tax Credits ("ITC") from 2011, 2012, 2013 and 2014 as
reported on April 15, 2016. Excluding
the ITC related adjustment, operating expenses increased by 21%
against a backdrop of 71% revenue growth in the same period.
Operating expenses for the quarter net of ITC were $2,746,307. Adjusted EBITDA and comprehensive
loss have both been positively affected as a result of this ITC
adjustment.
- The Company posted an adjusted EBITDA loss of $81,178 in Q1 2016 compared to an adjusted EBITDA
loss of $960,695 in Q1 2015.
- Net loss and comprehensive loss for Q1 2016 was $500,991 compared to a net loss of $1,437,999 in Q1 2015.
- As at March 31, 2016, the
Company's cash and restricted cash balance was $3,461,780 compared to $4,252,754 at the end of Q4 2015. During the
quarter approximately $1,300,000 of
payables were retired.
- Subsequent to the quarter, the Company issued an aggregate of
47,220 Deferred Share Units ("DSUs") pursuant to the Company's
Deferred Share Unit Plan to the six independent directors of the
Company, in lieu of quarterly cash compensation. In addition, an
aggregate of 141,200 DSUs were issued to officers and senior
employees of the Company, in lieu of quarterly cash bonus
compensation and long term incentive compensation.
About AcuityAds:
AcuityAds has developed a Programmatic Marketing Platform
powered by proprietary machine learning technology that allows
advertisers to target and connect intelligently with their
audiences across online display, video, social and mobile
campaigns. With sales operations in New
York, Boston, Los Angeles, Toronto and Montreal, AcuityAds' customers include both
large Fortune 500 enterprises and small to mid-sized businesses.
For more information, visit www.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.