Tremor Video Reports First Quarter 2014 Financial Results
May 6, 2014
Q1 2014 revenue growth tops 40%
- Total revenue grew 40.8% year-over-year to $34.9 million
- Net loss of ($7.2) million; Non-GAAP Adjusted EBITDA of ($4.6) million
- Net loss per share of ($0.14); Non-GAAP Adjusted EBITDA per share of ($0.09)
Tremor Video, Inc. (NYSE: TRMR), an advertising technology company elevating brand performance across all screens for the world’s leading brands and publishers, today announced financial results for the first quarter 2014.
“Our first quarter top line growth of over 40% demonstrates our customer traction in delivering brand performance solutions across all screens,” said Bill Day, President and CEO of Tremor Video. “We’ve been a great strategic partner to the largest TV advertisers and as a result have grown revenue across our key verticals this quarter.”
“We are also continuing to make great strides towards building a complete end-to-end programmatic offering. Our DSP goes live in the second quarter, and we expect to release a SSP for premium publishers later this year.”
Q1 2014 Financial Summary
Revenue: For the first quarter of 2014, total revenue was $34.9 million compared to $24.8 million for the first quarter of 2013, representing a 40.8% increase over the same period one year ago.
Gross Margin: For the first quarter of 2014, gross margin was 34.2% compared to 44.1% for the same period one year ago.
Net Loss: For the first quarter of 2014, net loss was ($7.2) million compared to a net loss of ($5.2) million for the same period one year ago.
Adjusted EBITDA: For the first quarter of 2014, Adjusted EBITDA, a non-GAAP financial measure, was ($4.6) million compared to Adjusted EBITDA of ($2.8) million for the same period one year ago.
EPS: For the first quarter of 2014, basic and diluted net loss per share was ($0.14). Non-GAAP basic and diluted Adjusted EBITDA per share was ($0.09). Basic and diluted net loss per share and Non-GAAP basic and diluted Adjusted EBITDA per share are based on 50.3 million weighted average shares of common stock for the quarter ended March 31, 2014.
A description of the non-GAAP calculations and reconciliation to comparable GAAP measures is provided in the accompanying tables entitled “Reconciliation of Non-GAAP Financial Information” and “Reconciliation of Non-GAAP Financial Information-Per Share.”
Business & Financial Highlights
As a percentage of total revenue, revenue attributable to performance-based pricing for the first quarter of 2014 was 22.6% compared to 36.1% for the same period one year ago.
As a percentage of total revenue, mobile revenue for the first quarter of 2014 was 13.2% compared to 9.3% for the same period one year ago.
Based on information available as of May 6, 2014, the Company expects the following:
Q2 2014: Second quarter revenue is expected to be in the range of $39 million to $41 million and Adjusted EBITDA is expected to be in the range of ($5.8) million to ($4.8) million.
Full Year 2014: Full year 2014 revenue is expected to be in the range of $158 million to $163 million (updated from previous guidance in the range of $155 million to $160 million) and Adjusted EBITDA is expected to be in the range of ($11.0) million to ($8.0) million.
Q1 2014 Financial Results Conference Call: Tremor Video will host a conference call today at 4:30 p.m. ET to discuss its first quarter financial results with the investment community. A live webcast of the event will be available on the Tremor Video Investor Relations website at http://investor.tremorvideo.com. A live domestic dial-in is available at (877) 407-9039 or internationally at (201) 689-8470, using passcode 13580283. Until May 20, 2014, a domestic replay will be available at (877) 870-5176 or internationally at (858) 384-5517, using passcode 13580283, and via webcast on the Tremor Video Investor Relations website.
About Tremor Video
Tremor Video (NYSE: TRMR) is transforming the video advertising experience across all screens for the world’s leading brands. Our proprietary technology, VideoHub®, offers advertisers and publishers a complete programmatic solution to reach and engage consumers while providing new insights into what drives the success of brand advertising performance across multiple devices. Tremor Video is based in New York with offices throughout the US and across the globe. For more information, visit tremorvideo.com and find Tremor Video on Twitter, Facebook and LinkedIn.
Read the complete release including financial tables at our INVESTOR RELATIONS page.
Investor Relations Contact:
Senior Director Investor Relations
Public Relations Contact:
Tremor Video Corporate Communications