NEW YORK and CHICAGO, Aug. 24,
2021 /PRNewswire/ -- AdTheorent Holding Company, LLC
("AdTheorent" or "the Company"), a programmatic digital advertising
leader using advanced machine learning technology and solutions to
deliver real-world value for advertisers and marketers, today
announced financial highlights for the second quarter ended
June 30, 2021.
Second Quarter 2021 Financial Highlights
- Revenue increased $18.8 million
or 89% to $39.9 million, from
$21.1 million in the second quarter
2020
- Revenue Less TAC* increased $12.9
million or 94% to $26.7
million, from $13.7 million in
the second quarter 2020
- Net income increased by $3.2
million to $1.4 million, from
negative $1.9 million in the second
quarter 2020
- Adjusted EBITDA* grew by $10.5
million to $12.0 million, from
$1.6 million in the second quarter
2020
Financial Outlook
As a result of the record first half
2021 revenue performance and positive business trends expected for
the balance of the year, AdTheorent is raising its outlook for
full-year 2021 revenue to at least $161.6
million, compared to its prior outlook for 2021 revenue of
$157.7 million, and it is raising its
outlook for full-year 2021 Revenue Less TAC* to at least
$106.2 million, compared to its prior
outlook for 2021 Revenue Less TAC* of $102.4
million.
Jim Lawson, Chief Executive
Officer of AdTheorent stated, "Our accelerated growth in the second
quarter of 2021 demonstrates the power of AdTheorent Predictive
Advertising and the measurable value we provide to advertisers
seeking top campaign performance using privacy-forward targeting
methods. We have never been more optimistic about the business and
our growing market opportunity, and we are confident we can drive
long-term durable growth and redefine how digital ads are targeted.
As a result, we are raising our 2021 outlook to 34.5% growth in
Revenue Less TAC* versus 29.7% previously."
*Non-GAAP measure; complete definitions of AdTheorent's
non-GAAP measures are provided herein under "Non-GAAP Financial
Measures."
Business Combination
On August
23, 2021, MCAP Acquisition Corporation (NASDAQ: MACQ)
("MCAP"), a publicly-traded special purpose acquisition company,
sponsored by an affiliate of Chicago-based asset manager Monroe Capital
LLC, filed its preliminary proxy statement / prospectus with the
Securities and Exchange Commission (the "SEC") in connection with
its proposed business combination with AdTheorent, which includes
AdTheorent's complete second quarter 2021 financial results. Upon
closing of the transaction, the combined company will be named
AdTheorent and it is expected to remain listed on the NASDAQ
Capital Market under the new ticker symbol "ADTH."
About AdTheorent
AdTheorent uses advanced
machine learning technology and solutions to deliver impactful
advertising campaigns for marketers. AdTheorent's
industry-leading machine learning platform powers its predictive
targeting, geo-intelligence, audience extension solutions and
in-house creative capability, Studio AT. Leveraging only
non-sensitive data and focused on the predictive value of machine
learning models, AdTheorent's product suite and flexible
transaction models allow advertisers to identify the most qualified
potential consumers coupled with the optimal creative experience
to deliver superior results, measured by each advertiser's
real-world business goals.
AdTheorent is consistently recognized with numerous technology,
product, growth and workplace awards. AdTheorent was awarded
"Best AI-Based Advertising Solution" (AI Breakthrough Awards) and
"Most Innovative Product" (B.I.G. Innovation Awards) for four
consecutive years. Additionally, AdTheorent is the only
five-time recipient of Frost & Sullivan's "Digital Advertising
Leadership Award." AdTheorent is headquartered in New York, with fourteen offices across
the United States and
Canada. For more information, visit adtheorent.com.
About MCAP Acquisition Corporation
MCAP Acquisition
Corporation raised $316 million in
March 2021 and its securities are
listed on the NASDAQ Capital Market under the ticker symbols
"MACQU," "MACQ" and "MACQW." MCAP is a blank check company
organized for the purpose of effecting a merger, capital stock
exchange, asset acquisition, or other similar business combination
with one or more businesses or entities. MCAP is sponsored by an
affiliate of Monroe Capital LLC ("Monroe Capital"), a boutique
asset management firm specializing in investing across various
strategies, including direct lending, asset-based lending,
specialty finance, opportunistic and structured credit, and equity.
Monroe Capital is headquartered in Chicago and maintains offices in Atlanta, Boston, Los
Angeles, Naples, New York,
and San Francisco.
MCAP is the third SPAC in which Monroe has participated as a
sponsor. In 2018, Monroe co-sponsored Thunder Bridge Acquisition,
Ltd. and supported its successful business combination with Repay
Holdings Corporation (NASDAQ: RPAY). In 2019, Monroe co-sponsored
Thunder Bridge Acquisition II, Ltd. and supported its successful
business combination with indie Semiconductor (NASDAQ: INDI).
MCAP is led by Chairman and Chief Executive Officer Theodore Koenig, who is President, CEO &
Founder of Monroe Capital and has been the CEO and Chairman of
Monroe Capital Corporation (NASDAQ: MRCC) since 2011. He is joined
by Co-President Zia Uddin, who is a
Partner at Monroe Capital; Co-President Mark Solovy, who serves as a Managing Director
and Co-Head of the Technology Finance Group at Monroe Capital; and
CFO Scott Marienau, who is the CFO
of Monroe Capital's management company.
As of July 1, 2021, Monroe Capital
had approximately $10.3 billion in
assets under management. Monroe Capital's assets under management
are comprised of a diverse portfolio of over 475 current
investments. From Monroe Capital's
formation in 2004 through March 31,
2021, Monroe Capital's investment professionals have
invested in over 1,450 loans and related investments in an
aggregate amount of $21.5 billion,
including over $6.1 billion in 330
software, technology-enabled and business services companies.
To learn more please, visit www.mcapacquisitioncorp.com. The
information that may be contained on or accessed through this
website is not incorporated into this release.
Cautionary Language Regarding Forward-Looking
Statements
This communication contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. In general, forward-looking statements usually
may be identified by through the use of words such as "will likely
result," "are expected to," "will continue," "is anticipated,"
"estimated," "may," "believe," "intend," "plan," "projection,"
"outlook" or the negative of these terms or other comparable
terminology and in this press release include, but are not limited
to, future opportunities for AdTheorent and MCAP, AdTheorent's
financial guidance for the full year 2021 and, the proposed
business combination between MCAP and AdTheorent, including the
expected listing on Nasdaq. Such forward-looking statements are
based upon the current beliefs and expectations of our management
and are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and generally beyond our control. Actual
results and the timing of events may differ materially from the
results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results
and the timing of events to differ materially from the anticipated
results or other expectations expressed in the forward-looking
statements: inability to meet the closing conditions to the
business combination, including the occurrence of any event, change
or other circumstances that could give rise to the termination of
the definitive agreement; the inability to complete the
transactions contemplated by the definitive agreement due to the
failure to obtain approval of MCAP's stockholders; the failure to
achieve the minimum amount of cash available following any
redemptions by MCAP stockholders; redemptions exceeding a maximum
threshold or the failure to meet The Nasdaq Stock Market's initial
listing standards in connection with the consummation of the
contemplated transactions; costs related to the transactions
contemplated by the definitive agreement; a delay or failure to
realize the expected benefits from the proposed transaction; risks
related to disruption of management's time from ongoing business
operations due to the proposed transaction; changes in the digital
advertising markets in which AdTheorent competes, including with
respect to its competitive landscape, technology evolution or
regulatory changes; changes in domestic and global general economic
conditions; risk that AdTheorent may not be able to execute its
growth strategies, including identifying and executing
acquisitions; risks related to the ongoing COVID-19 pandemic and
response; and risk that AdTheorent may not be able to develop and
maintain effective internal controls.
Actual results, performance or achievements may differ
materially, and potentially adversely, from any projections and
forward-looking statements and the assumptions on which those
forward-looking statements are based. There can be no assurance
that the data contained herein is reflective of future performance
to any degree. You are cautioned not to place undue reliance on
forward-looking statements as a predictor of future performance as
projected financial information and other information are based on
estimates and assumptions that are inherently subject to various
significant risks, uncertainties and other factors, many of which
are beyond our control. All information set forth herein speaks
only as of the date hereof in the case of information about MCAP
and AdTheorent or the date of such information in the case of
information from persons other than MCAP or AdTheorent, and we
disclaim any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this communication. Forecasts and estimates regarding AdTheorent's
industry and markets are based on sources we believe to be
reliable, however there can be no assurance these forecasts and
estimates will prove accurate in whole or in part. Annualized, pro
forma, projected and estimated numbers are used for illustrative
purpose only, are not forecasts and may not reflect actual
results.
Non-GAAP Financial Measures
This press release also
includes certain non-GAAP financial measures that AdTheorent's
management uses to evaluate its operations, measure its performance
and make strategic decisions, including Revenue Less TAC and
Adjusted EBITDA. Revenue Less TAC is defined as GAAP revenue
less the following costs incurred to execute customer campaigns:
advertising inventory, third party inventory validation and
measurement, and data (collectively referred to as "traffic
acquisition costs" or "TAC"). Adjusted EBITDA is defined by
us as net income (loss), before interest expense, net,
depreciation, amortization and income tax expense, and Adjusted
EBITDA is defined as EBITDA before stock compensation expense,
transaction costs, management fees, non-core operations and other
potential non-recurring items. We believe that Revenue Less TAC and
Adjusted EBITDA provide useful information to investors and others
in understanding and evaluating AdTheorent's operating results in
the same manner as management. However, Revenue Less TAC and
Adjusted EBITDA are not financial measures calculated in accordance
with GAAP and should not be considered as substitutes for revenue,
net income, operating profit or any other operating performance
measures calculated in accordance with GAAP.
No Offer or Solicitation
This press release shall not
constitute a solicitation of a proxy, consent, or authorization
with respect to any securities or in respect of the proposed
business combination. This press release shall also not constitute
an offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any states
or jurisdictions in which such offer, solicitation, or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Additional Information About the Proposed Business
Combination and Where to Find It
For additional information
on the proposed transaction, see MCAP's Current Report on Form 8-K,
which will be furnished to the SEC concurrently with the issuance
of this press release. In connection with the proposed transaction,
MCAP filed with the U.S. Securities and Exchange Commission (the
"SEC"), a registration statement on Form S-4, which includes a
proxy statement/prospectus, and will file other documents regarding
the proposed transaction with the SEC. MCAP's stockholders and
other interested persons are advised to read the preliminary proxy
statement/prospectus and the amendments thereto and the definitive
proxy statement and documents incorporated by reference therein
filed in connection with the proposed business combination, as
these materials will contain important information about
AdTheorent, MCAP and the proposed business combination. Promptly
after the Form S-4 is declared effective by the SEC, MCAP will mail
the definitive proxy statement/prospectus and a proxy card to each
stockholder entitled to vote at the meeting relating to the
approval of the business combination and other proposals set forth
in the proxy statement/prospectus. Before making any voting or
investment decision, investors and stockholders of MCAP are urged
to carefully read the entire registration statement and proxy
statement/prospectus, when they become available, and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to these documents, because they will contain important
information about the proposed transaction. The documents filed by
MCAP with the SEC may be obtained free of charge at the SEC's
website at www.sec.gov, or by directing a request to MCAP
Acquisition Corporation, 311 South Wacker Drive, Suite 6400,
Chicago, Illinois 60606.
Participants in the Solicitation
MCAP, AdTheorent and
certain of their respective directors and executive officers may be
deemed participants in the solicitation of proxies from MCAP's
stockholders with respect to the business combination. A list of
the names of those directors and executive officers and a
description of their interests in MCAP will be included in the
proxy statement/prospectus for the proposed business combination
when available at www.sec.gov. Information about MCAP's directors
and executive officers and their ownership of MCAP common stock is
set forth in MCAP's prospectus, dated February 25, 2021, as modified or supplemented by
any Form 3 or Form 4 filed with the SEC since the date of such
filing. Other information regarding the interests of the
participants in the proxy solicitation (including AdTheorent and
its members and executive officers) will be included in the proxy
statement/prospectus pertaining to the proposed business
combination when it becomes available. These documents can be
obtained free of charge as indicated above.
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SOURCE AdTheorent Holding Company, LLC