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illumin Holdings Inc T.ILLM

Alternate Symbol(s):  ILLMF

illumin Holdings Inc. provides a journey advertising platform, which enables marketers to reach consumers at every stage of their journey by leveraging advanced machine learning algorithms and real-time data analytics. It enables advertisers to connect intelligently with audiences across online display, video, social and mobile campaigns. Its Programmatic Marketing Platform, powered by machine learning technology, is at the core of its business, accompanied by patented solutions for analytics-led video and mobile targeting that leverages data. It enables marketers by offering near real-time reporting and analytics, bringing accountability to programmatic advertising to deliver business results and help solve the challenges that digital advertisers face. Its illumin software offers advertising automation technology that offers planning, media buying and omnichannel intelligence from a single platform.


TSX:ILLM - Post by User

Post by retiredcfon Nov 10, 2022 9:19am
301 Views
Post# 35087921

RBC

RBCNovember 10, 2022

AcuityAds Holdings Inc
Q3/22 Results - Slightly Below Expectations; illumin Adoption Continues

TSX: AT | CAD 2.05 | Sector Perform | Price Target CAD 5.00

Sentiment: Neutral

Our view

Q3/22 results were slightly below our expectations. Despite rising macro headwinds, management expects positive YoY revenue growth in Q4/22 along with continued illumin adoption. We view the results as neutral for the shares.

First impression

• Q3/22 slightly below expectations. Revenues and adjusted EBITDA were $28.9MM (+5.3% YoY) and $1.6MM (-62.9%) versus our estimates of $30.3MM and $1.7MM (consensus is $30.3MM and $2.4MM). Excluding media costs, net revenue of $14.8MM was slightly below our estimate of $15.3MM but largely in line with consensus of $15.0MM. Please see Exhibit 1 for a summary of Q3/22 results versus expectations.

• illumin adoption continues. illumin revenues were $13.2MM in Q3/22, representing 46% of total revenues and up +29.4% sequentially versus $10.2MM in Q2/22, and up +78.4% YoY versus $7.4MM in Q3/21. illumin self-serve revenue increased +20% sequentially to $1.2MM with the number of self-serve clients up +42% sequentially.

• Other notables. (i) Management continues to expect the benefits of ongoing reinvestments in sales and marketing, R&D and talent to flow through with positive YoY revenue growth expected in Q4/22 despite macro headwinds; (ii) 1.8MM shares were repurchased for $5.9MM in Q3/22 at an average per-share price of $3.23; (iii) the company had cash of $88.2MM as of Q3/22; and (iv) Nadeem Ahmed joined the company as Chief Revenue Officer and Tony Vlismas joined as VP of Marketing.

• Issues in focus for the 8:30am ET call. (i) The extent to which rising macro headwinds are having an impact on revenue growth; and (ii) an update on strategic and FCF priorities given the changing macro environment.


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