August 14, 2017
Revenues increased 38% and Operating Income Increased 196% for the 2nd quarter of 2017 as compared to the 2nd quarter of 2016
Adjusted EBITDA increased 94% to $17.1 million for the 1st half of 2017 as compared to $8.8 million for the 1st half of 2016
Completed acquisition of DeepIntent, a leading artificial intelligence, programmatic buying platform
Irvine, California – August 14, 2017. Propel Media, Inc. (OTCPink:PROM), a performance focused digital media and advertising company, today announced its 2017 second quarter and first half results. The Company achieved revenue of $21.5 million, operating income of $8.9 million and adjusted EBITDA of $9.7 million in its 2017 second quarter.
“We are very pleased to report that in the second quarter of 2017, Propel Media continued its outstanding revenue and adjusted EBITDA performance generating the highest quarterly adjusted EBITDA result since its debut as a public company in January 2015,” says Marv Tseu, Chief Executive Officer of Propel Media. “The Company continues to expand its presence in the online advertising market, and in the recent quarter, it completed the acquisition of DeepIntent, a state-of-the-art artificial intelligence, programmatic buying platform. DeepIntent works to guarantee that ads appear in only the most impactful, brand safe contexts and environments. We believe that DeepIntent will change the advertising landscape as brands continue to see consistent and outsized returns on their advertising investments by using the DeepIntent platform,” Tseu continued.
Further details concerning the results of operations for the three and six months ended June 30, 2017 is set forth in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2017.
Propel Media connects digital marketers with unique audiences through intent-based technology that delivers superior performance with measurable results. We ‘Do Digital Differently™’ with a distinctive approach to digital powered by proprietary contextualization technology and a unique supply of ad inventory. Headquartered in Irvine, California, Propel Media is distinguished by its ability to deliver consistent results and its commitment to providing the highest level of client services to its partners.
For more information, visit: www.propelmedia.com
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those statements regarding Propel Media’s capital structure, ability to execute its operating plan, anticipated financial flexibility and future financial performance and any other statements that are not statements of historical fact. These statements may be identified, without limitation, by the use of forward-looking terminology such as “anticipates”, “expects,” “will” or comparable terms or the negative thereof. Such statements are based on management’s current estimates, assumptions that management believes to be reasonable, and currently available competitive, financial, and economic data as of the date hereof. Forward-looking statements are inherently uncertain and subject to a variety of events, factors and conditions, many of which are beyond the control of Propel Media and not all of which are known to Propel Media, including, without limitation those risk factors described from time to time in Propel Media’s reports filed with the SEC. Among the factors that could cause Propel Media’s actual results to differ materially are: loss of key advertising customers; inability to acquire new advertising customers; limitations on its ability to acquire new users profitably or at all; inability to protect its intellectual property; inability to comply with the covenants in its credit facility; inability to obtain necessary financing or enter into equity arrangements with existing or new institutional shareholders; inability to execute its acquisition strategy; inability to effectively manage its growth; failure to effectively integrate the operations of acquired businesses; competition; loss of key personnel; increases in costs of operations; continued compliance with government regulations; and general economic conditions. Further, investors should keep in mind that Propel Media’s financial results in any particular period may not be indicative of future results. Propel Media is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by law.
In addition to the results presented in accordance with generally accepted accounting principles, or GAAP, we present Adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA, which is based upon the adjusted EBITDA which we report to our lenders, is a key measurement monitored by management, and is determined by taking net (loss) income (the nearest GAAP measure) and adding interest, taxes, depreciation, amortization, impairment charges, stock based compensation, bank fees, losses from extraordinary, unusual or nonrecurring items, noncash items, merger and other onetime expenses and severance. We believe that this non-GAAP measure, viewed in addition to and not in lieu of our reported GAAP results, provides useful information to investors by providing a more focused measure of operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies. Adjusted EBITDA has been reconciled to the nearest GAAP measure in the table following the financial statements attached to this press release.