Full year revenue of $68.0 million; driven
by CTV revenue of $29.7 million, up 99% year-over-year
Telaria, Inc. (NYSE:TLRA), the complete software platform that
optimizes yield for leading video publishers, today announced
financial results for the quarter December 31, 2019.
Fourth Quarter 2019 Highlights:
- Revenue of $19.6 million
- CTV revenue of $10.1 million
- Loss from continuing operations, net of income taxes $(0.4)
million
- Adjusted EBITDA(1) of $2.7 million
Full Year 2019 Highlights:
- Revenue of $68.0 million
- CTV revenue of $29.7 million
- Loss from continuing operations, net of income taxes $(9.0)
million
- Adjusted EBITDA(1) of $1.0 million
- Merger with Rubicon Project on track to close in early April
2020
(1) Adjusted EBITDA is a non-GAAP financial measure. Please see
the discussion in the section called “Non-GAAP Financial Measures”
and the reconciliation included at the end of this press
release.
Q1 2020 Outlook
Based on information available as of March 10, 2020, the Company
expects Q1 2020 revenue of $15.0 - $16.0 million, with CTV revenue
expected to represent the majority of revenue at $8.5-$9.5 million,
implying a year-over-year increase in CTV revenue of 63%-82%.
"Our CTV business continues to drive our results, growing nearly
100% year-over-year, outperforming our expectations for the fourth
quarter and the full year. As we look ahead, the market tailwinds
powering CTV show no signs of abating and our platform is extremely
well positioned to capitalize on these trends and capture market
share,” said Mark Zagorski, Telaria CEO. “Additionally, our
integration planning activities for our merger with The Rubicon
Project are proceeding well. Clients, partners and employees are
excited about aligning capabilities to become the world's largest
independent omnichannel sell-side advertising platform.”
Fourth Quarter and Full-Year Results
Summary (in millions), (unaudited)
Three Months Ended
Twelve Months Ended
December 31,
2019
December 31,
2018
% Change
December 31,
2019
December 31,
2018
% Change
Revenue
$19.6
$19.7
(0.01)%
$68.0
$55.2
23%
Gross profit
$15.3
$16.8
(9)%
$54.4
$48.3
13%
Income (loss) from continuing operations,
net of income taxes
$(0.4)
$1.4
NM
$(9.0)
$(9.2)
2%
Adjusted EBITDA
$2.7
$4.0
(33)%
$1.0
$(0.4)
NM
About Telaria
Telaria, Inc. (NYSE:TLRA) powers the future of TV advertising
with proprietary, programmatic software that optimizes ad yield for
leading video publishers, enabling the most effective advertising
experience across desktop, mobile and CTV. Telaria’s clients
include the most innovative video content publishers across the
globe such as Hulu, SlingTV, Viacom’s PlutoTV, TubiTV, Singtel, and
Australia’s Channel Nine and Channel Ten.
Telaria is headquartered in New York City and supports its
global client base out of 13 offices worldwide across North
America, EMEA, LATAM and APAC.
“Safe Harbor" Statement: This press release contains
forward-looking statements that involve risks, uncertainties,
assumptions and other factors that could cause actual results and
the timing of certain events to differ materially from those set
forth in or implied by such forward-looking statements. All
statements other than statements of historical fact are
forward-looking statements, including statements related to our Q1
2020 outlook and any anticipated benefits arising from the
previously announced stock-for-stock merger with The Rubicon
Project, Inc. Important factors that could cause actual results or
the timing of events to differ materially from those set forth in
or implied by any forward-looking statements include, without
limitation, risks and uncertainties associated with: the ability to
close the merger with Rubicon Project and realize the anticipated
benefits of the merger; the company’s continuing development of its
business model; unfavorable conditions in the global economy or
reductions in digital advertising spend; the company’s ability to
effectively innovate and adapt to rapidly changing technology and
client needs; increased competition as well as innovations by new
and existing competitors; expansion of the programmatic advertising
market; the company’s ability to attract new demand partners and
maintain relationships with current demand partners; the company’s
ability to increase or maintain spend from existing demand
partners; growth of ad-supported CTV and the shift in video
consumption from linear TV to digital mediums such as CTV;
political uncertainty and the ability of the company to attract
political advertising; risks of entering new markets in which we
have limited or no experience and difficulty adapting our solutions
for new markets; the company’s ability to attract sellers of
premium video advertising inventory to its platform and secure
inventory on terms that are favorable to it; the adoption of
programmatic advertising by CTV publishers; the impact of increased
transparency in programmatic transactions executed through our
platform; the company’s ability to detect fraudulent or malicious
activity and ensure a high level of brand safety for its clients;
identifying, attracting and retaining qualified personnel; defects,
errors or interruptions in the company’s solutions; the company’s
ability to collect, use and process data to deliver its solutions;
the impact of tools that block the display of video ads; the effect
of legal, regulatory developments and industry standards regarding
Internet privacy and other matters; maintaining, protecting and
enhancing the company’s intellectual property; costs associated
with defending intellectual property infringement, securities
litigation and other claims, including shareholder litigation
relating to the merger with Rubicon Project; future opportunities
and plans, including the uncertainty of expected future financial
performance and results; as well as other risks and uncertainties
detailed from time-to-time under the caption “Risk Factors” and
elsewhere in the company’s filings with the U.S. Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2018, filed with the U.S. Securities
and Exchange Commission on March 19, 2019, its Quarterly Report on
Form 10-Q for the period ended March 31, 2019 filed with the U.S
Securities and Exchange Commission on May 9, 2019, its quarterly
Report on Form 10-Q for the period ended June 30, 2019 filed with
the U.S Securities and Exchange Commission on August 8, 2019, its
Quarterly Report on Form 10-Q for the period ended September 30,
2019, filed with the U.S. Securities and Exchange Commission on
November 6, 2019, our Definitive Proxy Statement filed with the
U.S. Securities and Exchange Commission on February 13, 2020, and
future filings by us, including our Annual Report on Form 10-K for
the year ended December 31, 2019.
Forward-looking statements are based on current expectations and
beliefs and are not guarantees of future performance or events.
Investors are cautioned not to place undue reliance on any
forward-looking statements. Furthermore, forward-looking statements
speak only as of the date on which they are made, and, except as
required by law, the Company disclaims any obligation to update
these forward-looking statements to reflect future events or
circumstances.
(1) Non-GAAP Financial Measures: To supplement its
consolidated financial statements, which are prepared and presented
in accordance with U.S. generally accepted accounting principles
(“GAAP”), the Company reports Adjusted EBITDA, which is a non-GAAP
financial measure. The Company defines Adjusted EBITDA as our
income (loss) from continuing operations, net of income taxes,
before depreciation and amortization expense, total interest and
other income (expense), net and provision for income taxes, and as
adjusted to eliminate the impact of non-cash stock-based
compensation expense, acquisition related costs, transaction costs,
expenses for prior corporate facilities required to be recorded as
operating expenses as a result of the adoption of certain
accounting standards, mark-to-market expense, executive severance,
retention and recruiting costs, expenses for transitional services
and other adjustments. We use Adjusted EBITDA for financial and
operational decision-making and as a means to evaluate
period-to-period comparisons. We believe that the use of Adjusted
EBITDA provides useful information about our operating results,
enhances the overall understanding of our past financial
performance and future prospects, and allows for greater
transparency with respect to a key metric that is used by
management in its financial and operational decision making.
Non-GAAP financial measures should be considered in addition to
results and guidance prepared in accordance with GAAP, but should
not be considered a substitute for, or superior to, GAAP
results.
Exhibit A
Telaria, Inc. Consolidated
Balance Sheets (in thousands) (unaudited)
December 31,
2019
2018
Assets
Current assets:
Cash and cash equivalents
$
54,164
$
47,659
Accounts receivable, net allowance for
doubtful accounts of $1,288 and $982 as of December 31, 2019 and
December 31, 2018 respectively
157,317
104,387
Prepaid expenses and other current
assets
4,605
3,381
Total current assets
216,086
155,427
Long-term assets:
Operating lease right-of-use asset, net of
amortization
23,793
—
Property and equipment, net
1,990
2,789
Intangible assets, net
3,548
4,379
Goodwill
9,403
9,478
Other assets
2,030
2,633
Total long-term assets
40,764
19,279
Total assets
$
256,850
$
174,706
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable and accrued expenses
$
168,818
$
109,991
Operating lease liability
5,487
—
Deferred rent
—
797
Contingent consideration on
acquisition
—
1,500
Other current liabilities
349
886
Total current liabilities
174,654
113,174
Long-term liabilities:
Operating lease liability, net of current
portion
24,046
—
Deferred rent
—
5,759
Deferred tax liabilities
1,050
1,153
Other liabilities
323
225
Total liabilities
200,073
120,311
Commitments and contingencies
Stockholders’ equity:
Common stock
4
4
Treasury stock
(31,980)
(31,980)
Additional paid-in capital
304,781
293,154
Accumulated other comprehensive loss
(1,187)
(949)
Accumulated deficit
(214,841)
(205,834)
Total stockholders’ equity
56,777
54,395
Total liabilities and stockholders’
equity
$
256,850
$
174,706
Telaria, Inc.
Consolidated Statements of Operations (in thousands,
except share and per share data) (unaudited)
Three Months Ended December
31,
Years Ended December
31,
2019
2018
2019
2018
Revenue
$
19,636
$
19,656
$
68,038
$
55,165
Cost of revenue
4,287
2,812
13,625
6,844
Gross profit
15,349
16,844
54,413
48,321
Operating expenses:
Technology and development(1)
2,609
2,881
11,140
9,925
Sales and marketing(1)
5,718
6,646
25,503
25,424
General and administrative(1)
7,996
5,517
29,200
20,187
Restructuring costs
—
—
—
149
Depreciation and amortization
333
507
1,486
3,705
Mark-to-market(2)
—
57
—
57
Total operating expenses
16,656
15,608
67,329
59,447
Income (loss) from continuing
operations
(1,307)
1,236
(12,916)
(11,126)
Interest income (expense) and other income
(expense), net:
Interest income (expense)
2
(15)
—
(89)
Other income
1,287
58
4,385
1,975
Total interest expense and other income
(expense), net
1,289
43
4,385
1,886
Income (loss) from continuing operations
before income taxes
(18)
1,279
(8,531)
(9,240)
Provision (benefit) from income taxes
372
(156)
476
(10)
Income (loss) from continuing operations,
net of income taxes
(390)
1,435
(9,007)
(9,230)
Loss on sale of discontinued operations,
net of income taxes
—
—
—
(136)
Net income (loss)
$
(390)
$
1,435
$
(9,007)
$
(9,366)
Net income (loss) per share -
basic
Income (loss) from continuing operations,
net of income taxes
$
(0.01)
$
0.03
$
(0.20)
$
(0.18)
Net income (loss)
$
(0.01)
$
0.03
$
(0.20)
$
(0.18)
Net income (loss) per share -
diluted
Income (loss) from continuing operations,
net of income taxes
$
(0.01)
$
0.03
$
(0.20)
$
(0.18)
Net income (loss)
$
(0.01)
$
0.03
$
(0.20)
$
(0.18)
Weighted-average number of shares of
common stock outstanding:
Basic
46,710,402
50,278,668
45,864,500
51,764,506
Diluted
46,710,402
51,266,321
45,864,500
51,764,506
(1) Stock-based compensation expenses included above:
Telaria, Inc.
Consolidated Statements of Operations (in thousands,
except share and per share data) (unaudited)
Three Months Ended December
31,
Years Ended December
31,
2019
2018
2019
2018
Stock-based compensation expense:
Technology and development
$
174
$
122
$
818
$
492
Sales and marketing
292
415
2,196
1,470
General and administrative
321
514
2,745
1,858
Total in continuing operations
$
787
$
1,051
$
5,759
$
3,820
(2) Reflects expense incurred based on the Company’s
re-measurement of the estimated fair value of certain earn-out
payments that were paid in connection with the acquisition of
SlimCut.
Telaria, Inc.
Consolidated Statements of Cash Flows (in thousands)
(unaudited)
Years Ended December
31,
2019
2018
Cash flows from operating activities
Net loss from continuing operations, net
of income taxes
$
(9,007)
$
(9,230)
Net loss from discontinued operations, net
of income taxes
—
(136)
Adjustments required to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization expense
1,486
3,705
Amortization of acquired technology
190
—
Bad debt expense
27
190
Amortization of right to use asset
4,035
—
Deferred tax benefit (liability)
6
(4)
Loss on disposal of property and
equipment
145
21
Stock based compensation expense
5,759
3,820
Net change in operating assets and
liabilities:
Increase in accounts receivable
(53,616)
(43,283)
Increase in prepaid expenses, other
current assets and other long-term assets
(2,087)
(1,781)
Increase in accounts payable and accrued
expenses
59,407
48,779
Increase in other current liabilities
710
322
Decrease in operating lease liability
(4,788)
—
Increase in deferred rent and security
deposits payable
7
488
Decrease in deferred income
—
(619)
Increase (decrease) in other
liabilities
100
(512)
Net cash provided by operating
activities
2,374
1,760
Cash flows from investing activities:
Purchase of property and equipment
(253)
(2,740)
Purchase of patents not subject to
amortization
(41)
—
Acquisition, net of cash acquired
—
(4,771)
Net cash used in investing activities
(294)
(7,511)
Cash flows from financing activities:
Proceeds from issuance of common stock
under employee stock purchase plan
511
523
Decrease in contingent consideration on
acquisition
(1,500)
—
Proceeds from the exercise of stock option
awards
6,749
1,845
Treasury stock — repurchase of stock
—
(23,537)
Tax withholdings related to net share
settlements of restricted stock units
(1,391)
(1,312)
Net cash provided by (used in) financing
activities
4,369
(22,481)
Net increase (decrease) in cash and cash
equivalents
6,449
(28,232)
Effect of exchange rate changes in cash
and cash equivalents
56
(429)
Cash, cash equivalents at beginning of
year
47,659
76,320
Cash, cash equivalents at end of year
$
54,164
$
47,659
Exhibit B
Telaria, Inc.
Reconciliation of Net Loss from Continuing Operations to
Adjusted EBITDA (in thousands) (unaudited)
Three Months Ended December
31,
For the Years Ended December
31,
2019
2018
2019
2018
Income (loss) from continuing operations,
net of income taxes
$
(390)
$
1,435
$
(9,007)
$
(9,230)
Adjustments:
Depreciation and amortization expense
379
507
1,676
3,705
Total interest and other income (expense),
net(1)
(1,290)
(43)
(4,385)
(1,886)
Provision (benefit) for income taxes
373
(156)
476
(10)
Stock-based compensation expense
787
1,051
5,759
3,820
Acquisition-related costs(2)
—
81
—
483
Transaction costs(3)
1,715
—
1,715
—
Expenses for prior corporate
facilities(4)
1,082
—
4,212
—
Mark-to market expense(5)
—
57
—
57
Executive severance, retention and
recruiting costs(6)
84
616
557
839
Expenses for transitional services(7)
—
—
—
697
Other adjustments(8)
—
453
—
1,165
Total net adjustments
3,130
2,566
10,010
8,870
Adjusted EBITDA
$
2,740
$
4,001
$
1,003
$
(360)
(1) For the three months and year ended December 31 2019,
includes other income (expense), net and only sublease income (not
sublease expense) for our former office locations due to the
adoption of ASC 842. During three months and year ended December
31, 2018, includes other income (expense), net and sublease income
and sublease expense. In addition for the year ended December 31,
2018, includes income received from the transfer of rights in the
name "Tremor Video".
(2) For the three months and year ended December 31, 2018,
reflects acquisition-related costs incurred in connection with our
acquisition of SlimCut Media ("SlimCut") in June 2018.
(3) For the three months and year ended December 31, 2019,
reflects the transaction costs incurred as a result of the merger
with The Rubicon Project that is expected to close in April
2020.
(4) For the three months and year ended December 31, 2019,
reflects lease costs for prior corporate facilities, previously
recorded in interest and other income (expenses), which are now
required to be recorded in operating expenses as a result of the
adoption of ASC 842.
(5) For the three months and year ended December 31, 2018,
reflects expense incurred based on the re-measurement of the
estimated fair value of earn-out payments paid in connection with
the acquisition of SlimCut.
(6) Reflects certain executive severance, recruiting and
retention costs.
(7) Reflects costs incurred providing transitional services
following the sale of our buyer platform.
(8) For the three months and year ended December 31, 2018,
includes rent expense for our current corporate headquarters during
the period of time in which such space was unoccupied as well as
expenses relating to the reversal of certain capitalized
professional fees.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200310005494/en/
Investor Relations: Andrew Posen Vice President, Head of
Investor Relations 212-792-2315 IR@telaria.com Media: Lekha
Rao Vice President, Media Relations & Corporate Communications
646-226-0254 lrao@telaria.com
Telaria (NYSE:TLRA)
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