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Velti Announces Record Q2 Financial Results And Free Cash Flow Generation Revenue Growth Of 71 Percent And Adjusted EBITDA Of 100 Percent Year-Over-Year

Stocks in this article: VELT

  • Announces second quarter revenue of $58.7 million, growth of 71 percent, compared with Q2 2011
  • Announces second quarter adjusted EBITDA of $6.2 million, growth of 100 percent, compared with Q2 2011
  • Generates $25.0 million in operating cash flow. Generated $7.0 million in free cash flow excluding acquisition and debt payments, $4.4 million inclusive of acquisition and debt payments
  • Increases annual revenue and adjusted EBITDA guidance, reiterates expectation for neutral operating cash flow in the third quarter and sustainable positive free cash flow by Q4 2012

DUBLIN, Ireland and SAN FRANCISCO, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Velti plc (Nasdaq:VELT), the leading global provider of mobile marketing and advertising technology and solutions, today announced its financial results for the second quarter ended June 30, 2012.

"The second quarter was excellent for Velti," said Alex Moukas, chief executive officer. "In addition to solid revenue and adjusted EBITDA growth, we achieved positive free and operating cash flow, reduced our comprehensive DSOs, successfully integrated our two recent acquisitions, Air2Web and Mobile Interactive Group (MIG), and signed up significant new customers that will drive Q4 revenue. Despite global macro-economic weakness, the secular growth story of the mobile channel overwhelms any cyclical macro concerns. We experienced healthy growth across our products and geographies, especially in the Americas, Western Europe and Asia.

"Looking forward, we expect our net cash position to trough in Q3 as we deploy working capital ahead of our large Q4 campaigns. We remain highly confident that we will achieve approximately neutral operating cash flow in Q3 and consistent positive free cash flow beginning Q4, while improving comprehensive DSOs throughout the rest of 2012.

"Our ending cash balance for Q2 was $44.7 million, and our net cash position improved by $5.1 million between Q1 and Q2. We are also pleased to report that we have closed a $50 million credit facility with HSBC.

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