Buzz

Buzz

Tremor Video Reports Fourth Quarter and Full Year 2013 Financial Results

Tremor Video Reports Fourth Quarter and Full Year 2013 Financial Results

Full year 2013 revenue growth tops 25%

 For the full year:

  • Total revenue grew 25.3% year-over-year to $131.8 million
  • In-stream revenue grew 28.7% year-over-year to $128.3 million
  • Net loss of ($13.5) million; Non-GAAP Adjusted EBITDA of ($2.1) million
  • Net loss per share of ($0.47); Non-GAAP Adjusted EBITDA per share of ($0.07)

 For the fourth quarter:

  •  Total revenue grew 11.7% year-over-year to $36.3 million
  • In-stream revenue grew 13% year-over-year to $35.5 million
  • Net loss of ($5.8) million; Non-GAAP Adjusted EBITDA of ($1.5) million
  • Net loss per share of ($0.12); Non-GAAP Adjusted EBITDA per share of ($0.03)

New York, NY –February 20, 2014 – Tremor Video, Inc. (NYSE: TRMR), a leading provider of technology-driven video advertising solutions, today announced financial results for the fourth quarter and full year ended December 31, 2013.

“We believe our results in 2013 leave us strategically well-positioned to continue to deliver high quality revenue growth, which is increasingly driven by programmatic and performance based buying,” said Bill Day, President & CEO of Tremor Video. “Furthermore, we continue to corner the market on premium desktop and mobile video content across all screens with new exclusive relationships with Meredith Digital and USA Today Sports.”

Q4 2013 Financial Summary

Revenue: For the fourth quarter of 2013, total revenue was $36.3 million compared to $32.5 million for the fourth quarter of 2012, representing an 11.7% increase over the same period one year ago. In-stream revenue was $35.5 million, representing a 13% increase over the same period one year ago.

Gross Margin: For the fourth quarter 2013, gross margin was 33.7% compared to 45.1% for the same period one year ago.

Net Loss:  For the fourth quarter 2013, net loss was ($5.8) million compared to a net loss of ($1.1) million for the same period one year ago.

Adjusted EBITDA: For the fourth quarter 2013, Adjusted EBITDA, a non-GAAP financial measure, was ($1.5) million compared to Adjusted EBITDA of $1.3 million for the same period one year ago.

EPS:  For the fourth quarter 2013, basic and diluted net loss per share was ($0.12). Non-GAAP basic and diluted Adjusted EBITDA per share was ($0.03). Basic and diluted net loss per share are based on 49.8 million weighted average shares of common stock for the quarter ended December 31, 2013. Non-GAAP basic and diluted Adjusted EBITDA per share are based on 49.8 million weighted average shares of common stock for the quarter ended December 31, 2013.

Full Year 2013 Financial Summary

Revenue: For the full year 2013, total revenue was $131.8 million, representing a 25.3% increase over the same period one year ago. In-stream revenue was $128.3 million, representing a 28.7% increase over the same period one year ago.

Gross Margin: For the full year 2013, gross margin was 40.9% compared to 41.7% for the full year 2012.

Net Loss:  For the full year 2013, net loss was ($13.5) million compared to a net loss of ($16.6) million for the full year 2012.

Adjusted EBITDA: For the full year 2013, Adjusted EBITDA, a non-GAAP financial measure, was ($2.1) million compared to Adjusted EBITDA of ($7.2) million for the full year 2012.

EPS:  For the full year of 2013, basic and diluted net loss per share was ($0.47). Non-GAAP basic and diluted Adjusted EBITDA per share was $(0.07). Basic and diluted net loss per share is based on 28.8 million weighted average shares of common stock for the year ended  December 31, 2013. Non-GAAP basic and diluted Adjusted EBITDA per share is based on 28.8 million weighted average shares of common stock for the year ended December 31, 2013.

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 fourth quarter of 2013 was 25.4% compared to 25.0% for the same period one year ago and for the full year of 2013 was 29.8% compared to 22.7% for the full year 2012.

As a percentage of total revenue, mobile revenue for the fourth quarter of 2013 was 14.7% compared to 8.2% for the same period one year ago and for the full year of 2013 was 11.8% compared to 6.2% for the full year 2012.

Guidance

Based on information available as of February 20, 2014, the Company expects the following:

Q1 2014:  First quarter revenue is expected to be in the range of $29.0 million to $31.0 million and Adjusted EBITDA is expected to be in the range of ($7.5) million to ($6.5) million.

Full Year 2014:  Full year 2014 revenue is expected to be in the range of $155.0 million to $160.0 million and Adjusted EBITDA is expected to be in the range of ($11.0) million to ($8.0) million.

Q4 2013 and Full Year 2013 Financial Results Conference Call: Tremor Video will host a conference call today at 4:30 p.m. ET to discuss its fourth quarter and full year 2013 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 13575434. Until March 6, 2014, a domestic replay will be available at (877) 870-5176 or internationally at (858) 384-5517, using passcode 13575434, and via webcast on the Tremor Video Investor Relations website.

About Tremor Video
Tremor Video, Inc. is a leading provider of technology-driven video advertising solutions enabling brand advertisers to engage consumers across multiple internet-connected devices including computers, smartphones, tablets and connected TVs. Our clients include some of the largest brand advertisers and agencies in the world. These relationships have helped us create a robust online video ecosystem that includes more than 500 premium websites and mobile applications, over 200 of which partner with us on an exclusive basis. Our proprietary technology, VideoHub, analyzes in-stream video content, detects viewer and system attributes, and leverages our large repository of stored data to optimize video ad campaigns for brand-centric metrics. Through our VideoHub for Advertisers (VHA) enterprise solution, VideoHub also provides advertisers and agencies with advanced analytics and measurement tools enabling them to understand why, when and where viewers engage with their video ads.

Tremor Video is based in New York and has offices in Atlanta, Boston, Chicago, Dallas, Detroit, Los Angeles, and San Francisco, with international offices in London, Singapore, and Toronto. 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.