TD's Flash Notes Q4/21 Results
Event
Q4/21 Results
Impact: SLIGHTLY POSITIVE
Consolidated revenue, gross profit, and adjusted EBITDA all exceeded our
expectations in Q4/21 as outlined in the exhibit below. Self-service revenues were
particularly strong, up 40% y/y, which we believe are being supported by the adoption
of illumin. Revenues for illumin were $10.2mm in Q4/21 (+37% q/q) and totaled
$26.0mm for the full year. Positively, EBITDA did not decline quite as much as we had
expected despite the growth of illumin. Recall that EBITDA was expected to decline
owing to previously disclosed investments in marketing and sales to drive illumin
adoption. We also note that Q4/21 connected TV (CTV) segment, a key growth
vertical for the adtech industry as a whole, revenue grew +171% y/y and +19% q/q.
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Revenue of $36.8 million versus TD/consensus $36.2mm/$36.4mm
Net revenue of $19.1 million versus TD/consensus $18.1mm/$18.3mm
Adjusted EBITDA of $5.9 million versus TD/consensus $5.2mm/$6.7mm
EPS of $0.04 versus TD/consensus $0.04/$0.06