Fourth quarter results Reported $36.8 million in Fourth Quarter Total Revenue
illumin Revenue of $10.2 million in the Fourth Quarter
Generated $26.0 million of illumin Revenue for the Full Year
TORONTO and NEW YORK, March 10, 2022 /PRNewswire/ - AcuityAds Holdings Inc. (TSX: AT) (NASDAQ: ATY) ("AcuityAds" or "Company"), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across all digital advertising channels, today announced its financial results for the three and twelve months ended December 31, 2021.
Fourth Quarter 2021 Highlights
- Total revenue for the three months ended December 31, 2021, was $36.8 million, a 33.9% sequential increase from the third quarter of 2021, a 5% year over year increase and an 8.3% year over year increase on a constant currency basis. The sequential increase was due to both illumin and legacy revenue growth.
- illumin revenue was $10.2 million for the fourth quarter of 2021 or 28% of overall revenues, up 37% sequentially.
- Gross margin for the three months ended December 31, 2021 was 52.0%, compared to 52.1% for the same period in 2020.
- Net revenue or gross profit (revenue less media costs) for the three months ended December 31, 2021 was $19.1 million, compared to $18.3 million for the same period in 2020.
- Adjusted EBITDA was $5.9 million for the three months ended December 31, 2021, compared to $7.8 million for the three months ended December 31, 2020, reflecting the Company's investments to scale the business and capitalize on illumin market momentum and the one-time benefit realized last year from the forgiveness of a pandemic related loan of $1.8 million. Adjusted EBITDA margin as a percent of total and net revenue was 16% and 31%, respectively.
- Q4 total Connected TV segment revenue grew approximately 171% year-over-year and 19% sequentially from the third quarter of 2021.
- Net income for the three months ended December 31, 2021 was $2.5 million, compared to net income of $4.2 million for the three months ended December 31, 2020.
- Operating cash flow for the three months ended December 31, 2021, was $3.6 million, compared to operating cash flow of $3.4 million for the same period in 2020.
- At December 31, 2021, the Company had cash and cash equivalents of $102.2 million, compared to $22.6 million as of December 31, 2020.