Millennial Media Reports Q2’12 Financial Results

Forward-Looking Statements

The statements in this press release that are not historical facts constitute “forward-looking statements” that involve risks and uncertainties and are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking statements include expectations regarding financial results for the third quarter and full year of 2012, our growth and that of the mobile app economy, and our continued expansion as the leading mobile advertising platform company. The achievement or success of the matters covered by such forward-looking statements involve risks, uncertainties and assumptions, and if any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. These risks and uncertainties include, but are not limited to risks associated with our ability to expand our developer and advertiser base, keep pace with technological and market developments and remain competitive against larger companies in our industry as well as potential new entrants into our markets. Further information on these and other factors that could affect our results is included in our Quarterly Report on Form 10-Q that will be filed for the quarter ended June 30, 2012 and other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the ‘SEC Filings’ section of the Investor Relations page of our website at http://investors.millennialmedia.com.

The statements made in this release are based on information available to us as of the date of this release, and we assume no obligation and do not intend to update these forward-looking statements, except as required by law.

Millennial Media, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
			December 31,					June 30,
			2011					2012
Assets								(unaudited)
Current assets:
Cash and cash equivalents			$	16,707				$	123,472
Accounts receivable, net of allowances of $1,216 and $1,634
as of December 31, 2011 and June 30, 2012, respectively				34,986					43,123
Prepaid expenses and other current assets				1,417					1,808
Total current assets				53,110					168,403
Property and equipment, net				3,688					4,781
Goodwill				1,348					1,348
Intangible assets, net				1,179					1,046
Deferred offering costs				1,985					–
Other assets				575					636
Total assets			$	61,885				$	176,214
Liabilities, redeemable convertible preferred stock and stockholders’ (deficit) equity
Current liabilities:
Accounts payable and accrued expenses			$	2,883				$	2,687
Accrued cost of revenue				20,963					24,011
Accrued payroll and payroll related expenses				5,153					4,750
Deferred revenue				157					100
Total current liabilities				29,156					31,548
Series B warrant outstanding				183					–
Other long-term liabilities				299					287
Total liabilities				29,638					31,835
Redeemable convertible preferred stock:
Series A-1 preferred stock, $0.001 par value, 6,341,465 and 0
shares authorized, issued and outstanding as of December 31, 2011
and June 30, 2012, respectively				1,880					–
Series A-2 preferred stock, $0.001 par value, 9,448,220 and 0
shares authorized, issued and outstanding as of December 31, 2011
and June 30, 2012, respectively				7,033					–
Series B preferred stock, $0.001 par value, 12,737,605 and 0
shares authorized, 12,686,855 and 0 issued and outstanding
as of December 31, 2011 and June 30, 2012, respectively				19,882					–
Series C preferred stock, $0.001 par value, 10,759,630 and 0
shares authorized, issued and outstanding as of December 31, 2011
and June 30, 2012, respectively				18,441					–
Series D preferred stock, $0.001 par value, 8,442,833 and 0
shares authorized, issued and outstanding as of December 31, 2011
and June 30, 2012, respectively				29,432					–
Total redeemable convertible preferred stock				76,668					–
Stockholders’ (deficit) equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized,
0 shares issued and outstanding as of December 31, 2011
and June 30, 2012				–					–
Common stock, $0.001 par value, 250,000,000 shares authorized,
18,011,035 and 76,122,017 shares issued and outstanding as of
December 31, 2011 and June 30, 2012, respectively				17					75
Additional paid-in capital				–					195,184
Accumulated other comprehensive loss				(25	)				(59	)
Accumulated deficit				(44,413	)				(50,821	)
Total stockholders’ (deficit) equity				(44,421	)				144,379
Total liabilities, redeemable convertible preferred stock and stockholders’ (deficit) equity			$	61,885				$	176,214

Millennial Media, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)
			Three Months Ended June 30,										Six Months Ended June 30,
			2011					2012					2011					2012
Revenue			$	22,447				$	39,411				$	43,940				$	72,342
Cost of revenue				13,675					23,761					27,244					43,677
Gross profit				8,772					15,650					16,696					28,665
Operating expenses:
Sales and marketing				3,582					5,992					6,974					10,638
Technology and development				1,150					2,769					1,798					5,417
General and administrative				4,658					9,228					8,565					17,939
Total operating expenses				9,390					17,989					17,337					33,994
Loss from operations				(618	)				(2,339	)				(641	)				(5,329	)
Other income (expense)
Interest expense				(1	)				(17	)				(1	)				(37	)
Other income (expense)				(26	)				123					(26	)				(834	)
Total other income (expense)				(27	)				106					(27	)				(871	)
Loss before income taxes				(645	)				(2,233	)				(668	)				(6,200	)
Income tax benefit (expense)				493					(5	)				493					(10	)
Net loss				(152	)				(2,238	)				(175	)				(6,210	)
Accretion of dividends on redeemable convertible preferred stock				(1,241	)				-					(2,469	)				(1,328	)
Net loss attributable to common stockholders			$	(1,393	)			$	(2,238	)			$	(2,644	)			$	(7,538	)
Net loss per share:
Basic and diluted			$	(0.09	)			$	(0.03	)			$	(0.16	)			$	(0.17	)
Weighted average common shares outstanding:
Basic and diluted				16,327,305					73,033,280					16,303,807					44,860,018
Stock-based compensation expense included above:
Sales and marketing			$	40				$	78				$	63				$	124
Technology and development				232					468					236					852
General and administrative				125					418					200					1,071

Millennial Media, Inc.
The following table presents a reconciliation of adjusted EBITDA to net loss for each of the periods indicated:
							Three Months Ended
							June 30,
							2011					2012
							(in thousands)
Net loss							$	(152	)			$	(2,238	)
Adjustments:
Interest (income) expense, net								1					17
Income tax (benefit) expense								(493	)				5
Depreciation and amortization expense								148					522
Stock-based compensation expense								397					963
Total net adjustments								53					1,507
Adjusted EBITDA							$	(99	)			$	(731	)
							Six Months Ended
							June 30,
							2011					2012
							(in thousands)
Net loss							$	(175	)			$	(6,210	)
Adjustments:
Interest (income) expense, net								1					37
Income tax (benefit) expense								(493	)				10
Depreciation and amortization expense								236					962
Stock-based compensation expense								499					2,047
Total net adjustments								243					3,056
Adjusted EBITDA							$	68				$	(3,154	)

« First ‹ Previous 1 2 3 4 Next › Last »