Earnings Day: Millennial Media raises revenue forecast for Q4
Today Apple announces its quarterly earnings after the bell. iPad sales are expected to be at record levels – if they are not, investors would consider that a miss.
Other companies are, or will be reporting quarterly results soon, while others are adjusting their forecasts. Today Millennial Media adjusted their revenue forecast up to between $106 and $109 million, up from the previous guidance of $95 million to $100 million.
BALTIMORE, Maryland – January 27, 2014 — Millennial Media today announced preliminary financial results that exceeded the Company’s previously announced expectations for the fourth quarter of 2013.
Fourth Quarter Preliminary Financial Results
- Revenue: For the fourth quarter of 2013, pro forma combined revenue (including results of the Company’s Jumptap, Inc. subsidiary for the entire quarter) is expected to be between $106 million and $109 million, up from the Company’s previous expectation of $95 million to $100 million. GAAP revenues are expected to be in the range of $93 million to $96 million for the fourth quarter of 2013. For GAAP purposes, the Company began to combine revenue from Jumptap as of November 6, 2013.
- Adjusted EBITDA: Pro forma combined Adjusted EBITDA, a non-GAAP financial measure (see definition below), is expected to be in the range of $5 million to $6 million for the fourth quarter of 2013, as compared to the Company’s previously expected range of breakeven to $2 million. On a non pro forma basis, Adjusted EBITDA for the quarter (based on GAAP revenue and expenses) is also expected to be in the range of $5 million to $6 million.
- Share Count: The Company expects its basic and diluted weighted-average share count at the end of the fourth quarter of 2013 to be approximately 96 million and 99 million, respectively.
“We are very pleased with Millennial Media’s strong fourth quarter performance,” said Michael Avon, Chief Financial Officer & Executive Vice President at Millennial Media. “With the addition of Jumptap’s capabilities, we bring to market an expanded suite of offerings, delivering solid results for our brand and performance clients. The integration plan is ahead of schedule, enabling us to complement our historical strength among brand advertisers with market leading solutions for our performance clients through our demand-side programmatic buying capabilities and our premium exchange (MMX). Millennial Media enters 2014 with a much stronger and more comprehensive suite of capabilities than at this time last year positioning us well to capitalize on these assets in the year ahead.”
For reference, the Company has included tables following this release that show financial information for Millennial Media, Jumptap and pro forma combined for each quarter of 2012 and the first three quarters of 2013, as well as the full year ended December 31, 2012 and the nine months ended September 30, 2013.
Millennial Media today also announced that it will hold its quarterly conference call to discuss its 2013 fourth quarter and full year financial results and its Q1 outlook on Wednesday, February 19, 2014 at 5:00 p.m. ET. Millennial Media will release its 2013 fourth quarter and full year financial results the same day after the market close.