Technology
Sabio Announces First Quarter 2024 Financial Results; Revenues of US$6.4 million led by 29% Connected TV/OTT Growth
Published
7 months agoon
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Revenues of US$6.4 million in Q1/2024 and gross profit margin of 59%Connected TV/OTT sales of US$4.9 million, representing 77% of the Company’s sales mix Improved operating leverage resulted in Adjusted EBITDA1 Loss of US$1.3 million compared to a loss of US$2.2 million in Q1/2023
TORONTO, May 29, 2024 /CNW/ — Sabio Holdings Inc . (TSXV: SBIO) (OTCQX: SABOF) (the “Company” or “Sabio”), a California-based ad-tech company that specializes in delivering highly targeted ads, insights, and services in ad-supported streaming to top Fortune 100 brands, is pleased to announce its unaudited financial results for the first quarter ended March 31, 2024. Unless otherwise indicated, all amounts are expressed in U.S. dollars.
“While cord-cutting continues, the bigger story is the aggressive growth of Connected TV/OTT, which we’re capitalizing on with our impressive 29% YoY growth in the category — outpacing the broader market and leading to market share capture within the ad-supported streaming space,” said Aziz Rahimtoola, CEO of Sabio.
He continued, “Our focus on operating efficiency has been aided by this shift. Sabio’s Connected TV/OTT sales feature larger deals, lower operating expenses, and higher customer retention. Additionally, longer campaign lifespans in Connected TV/OTT allow us to upsell other high-margin offerings like App Science’s campaign measurement AI, powered by their unique, cookie-free household graph. This innovative solution is particularly well-positioned to capitalize on the uncertainty surrounding Google’s cookie deprecation.
The positive trends associated with streaming viewership and our Connected TV/OTT opportunities are expected to continue throughout and well beyond our 2024 revenue cycle. Complemented with our recently announced record upfront revenue commitments and improved operating leverage, we believe Q1 will provide a springboard to record sales and profitability for Sabio in 2024.”
“For the second straight quarter, we continued to see material improvements in operating leverage during the first quarter as a 21% decrease in first quarter OPEX, normalized for sales commissions and bonuses, narrowed our Adjusted EBITDA1 loss by close to US$1 million in what is traditionally the slowest quarter of the calendar year,” added Sajid Premji, CFO of Sabio. “Complemented by high rates of reoccurring revenue, the continued addition of top nameplates, over US$10 million in remaining upfront media commitments, and over US$15 million in political & advocacy sales orders from Q2-onwards during the 2024 U.S. election cycle, we continue to believe that Sabio will generate record sales and positive Adjusted EBITDA1 in 2024. After quarter-end, Sabio leveraged its improved operating model to execute a term sheet on a multi-year asset-based lending credit facility with a new lender to replace its existing facility with Avidbank. Subject to final credit approval and the finalization of loan documentation, the material terms of the new facility are comparable to the Company’s existing one and is expected to provide greater balance sheet flexibility and stability as we drive towards continued growth on both the top and bottom lines.
1 See “Use of Non-IFRS Measures” below.
First Quarter 2024 Financial Highlights
Sabio delivered revenues of US$6.4 million in Q1/2024, in line with US$6.5 million in Q1/2023.Connected TV/OTT sales as a category increased by 29% to US$4.9 million, compared to US$3.8 million in the prior year’s quarter, continuing the trend of Sabio’s dominant sales category, representing 77% of the Company’s sales mix.Mobile generated revenues of US$1.3 million in Q1/2024, down 50% from US$2.5 million in Q1/2023. More mobile campaigns continue to shift from mobile display to mobile streaming, which is recognized under the Company’s Connected TV/OTT revenue category.Gross profit of US$3.8 million in Q1/2024, compared to US$4 million in Q1/2023. Gross margin was 59% compared to 62% in Q1/2023. This decline was primarily due to marginal rate concessions to secure larger upfront deals.Adjusted EBITDA1 loss of US$1.3 million in Q1/2024 compared to a loss of US$2.2 million in Q1/2023. The quarter-over-quarter decrease in loss was primarily driven by several cost and operational efficiency initiatives implemented during the second and third quarters of 2023.As of March 31, 2024, the Company had cash of US$2.3 million, as compared to US$3.3 million on March 31, 2023. Management believes it is well funded, with sufficient cash on hand to meet its growth objectives.As of March 31, 2024, the Company had US$4.8 million outstanding under its credit facility with Avidbank.
1 See “Use of Non-IFRS Measures” below
First Quarter 2024 Business Highlights
On March 26, 2024, the TSX Venture Exchange accepted a notice filed by the Company to implement a Normal Course Issuer Bid, whereupon the Company may, during the 12-month period commencing April 2, 2024 and ending April 1, 2025, purchase up to 852,184 shares in total, being 5% of the total number of 17,043,687 shares outstanding as at March 19, 2024.On February 29, 2024, the Company announced a strategic collaboration with McDonald’s USA, through a partnership with Publicis Groupe. McDonald’s will leverage Sabio’s Connected TV/OTT inventory, customized audience segments, and App Science’s proprietary 55 million household graph data to effectively connect with and reach the growing U.S. multicultural audience.On February 6, 2024, the Company appointed President of GroupM Multicultural, Gonzalo Del Fa as an independent member of the Board of Directors. As President of GroupM Multicultural, Del Fa plays a key role in all aspects of multicultural marketing, diverse media, and inclusive investment efforts across GroupM, WPP’s media investment group. In addition to his role at GroupM, he is the past-chairman of the Hispanic Marketing Council. Prior to joining GroupM, Del Fa worked at American Express Argentina, BBVA, Hachette Filipacchi, and Editorial Televisa.
Events Subsequent to March 31, 2024:
On May 17, 2024, the Company signed a term sheet on a new, multi-year asset-based lending credit facility with an alternative lender to replace its existing credit facility with Avidbank. The material terms wherein, including the total credit available, are comparable to the Company’s existing facility. The facility, pending final credit approval and loan documentation, is expected to close during the second quarter of 2024, with the Company’s current facility with Avidbank continuing through the transition period. On April 24, 2024, the current Avidbank credit facility was extended for a 90-day period until August 21, 2024, based on certain conditions, and provides for an Accounts Receivable Line of Credit, with $6,500,000 maximum loans outstanding, during the extended period.On April 24, 2024, the Company announced annual commitments and orders exceeding $27 million for the 2024, representing close to 75% of 2023’s consolidated revenues. The Company anticipates record top-line and bottom-line numbers in 2024, underpinned by strong second-half revenue pipeline visibility and fiscal discipline.On April 22, 2024, Sabio’s App Science™ subsidiary announced a multi-year renewal with Pivot Marketing Group to support their clients including Toyota Motor North America. App Science’s cross-platform measurement solutions will empower Pivot to reach, engage, and validate their audiences and their behaviors at a deeper level, and will leverage the platform’s AI capabilities.
1 See “Use of Non-IFRS Measures” below
Leadership Update
In connection with the Company’s continuing efforts to reallocate resources to higher growth opportunities, such as AI and programmatic offerings, the Company also announces that Tim Russell, Sabio’s chief revenue officer, will be leaving the Company effective May 31, 2024. “We thank Tim for his many contributions to Sabio and wish him success in his future endeavors,” said Aziz Rahimtoola, Founder and CEO of Sabio.
Outlook
As Connected TV/OTT streaming continues to be one of the fastest growing categories in advertising, Sabio’s 29% revenue growth in this category during the first quarter of 2024 demonstrates we are gaining market share, and our growth in this space continues to outpace growth in the market.
Building on the material improvements in operating leverage that drove over $2 million in Adjusted EBITDA and an expansion of Adjusted EBITDA margins in fourth quarter 2023, the inherent cost efficiencies in transitioning to this growing Connected TV/OTT streaming sales model away from one more dependent on mobile display has resulted in continued gains in operating leverage in the first quarter of 2024. As our operating infrastructure continues to become more efficient, our sales model continues to become more predictable.
This creates great opportunity for our continued growth as we are armed with:
High rates of reoccurring revenue as 85% of consolidated first quarter 2024 revenues were from repeat customers (up from 79% in the same quarter in 2023);The continued addition of top name plates as new logos made up ~20% of first quarter 2024 spend;Material upfront commitments including $15+ million in signed political & advocacy insertion orders for campaigns to run during the last three quarters of 2024; andThe most diversified vertical mix in Sabio’s history.
Management continues to expect a return to double digit consolidated revenue growth in 2024 over both 2023 and our record 2022 mid-term election year. Complemented by a reduced operating infrastructure, Sabio expects improvements in operating leverage with a return to Adjusted EBITDA profitability for the year. Management also expects to allocate material improvements in cash flows to bolster its working capital, through both debt repayment and improved cash reserves, which in combination with the continuation of our credit line, will provide greater balance sheet flexibility as we drive towards continued growth on both the top and bottom lines.
1 See “Use of Non-IFRS Measures” below
Selected Financials
The tables below set out selected financial information relating to Sabio and should be read in conjunction with the Company’s audited condensed interim consolidated financial statements, including the notes thereto, and MD&A for the three months ended March 31, 2024, and March 31, 2023, copies of which can be found under the Company’s profile on SEDAR+ at http://www.sedarplus.ca/.
For the three months ended
March 31, 2024
March 31, 2023
$
$
Revenue
6,351,533
6,481,572
Gross profit
3,762,004
4,011,050
Gross margin
59 %
62 %
Adjusted EBITDA(1)
(1,308,784)
(2,221,004)
Net increase in cash and cash equivalents during the period
(292,116)
(706,971)
Cash and cash equivalents – end of the period
2,319,996
3,292,431
For the three months ended
March 31, 2024
March 31, 2023
$
$
Income (Loss) for the period
(2,012,107)
(2,779,648)
Finance Costs
314,346
170,481
Interest earned
(8,092)
–
Amortization of intangible Assets
51,147
37,140
Stock-based compensation
46,177
145,888
Amortization of lease
179,552
120,845
Income taxes
11,949
7,303
Foreign exchange differences
2,043
–
State and local taxes
19,868
32,001
Severance expenses
86,333
44,986
Adjusted EBITDA
(1,308,784)
(2,221,004)
1 See “Use of Non-IFRS Measures” below.
The financial disclosures in this news release are subject to a number of cautionary statements, assumptions, contingencies, and risks as set forth in this news release. The foregoing outlook and expectations constitute forward-looking statements and financial outlook and are qualified in their entirety by the “Forward-Looking Statements” cautionary statement below. Readers are cautioned that this release is for information purposes only and may not be appropriate for other purposes.
Conference Call:
The Company will release its financial results for the first quarter in a press release prior to the investor conference call.
The webinar details are below:
Webinar Details
Date: Thursday, May 30, 2024
Time: 9:00 a.m. ET (6:00 a.m. PT)
Webinar Registration:
https://bit.ly/3K2m0qu
Or dial:
For higher quality, dial a number based on your current location.
Canada:
+1 647 374 4685 (Toronto local)
+1 778 907 2071 (Vancouver local)
Webinar ID: 840 0807 9906
International numbers available: https://us02web.zoom.us/u/kbmWagiHz6
Please connect five minutes prior to the conference call to ensure time for any software download that may be required.
About Sabio
Sabio Holdings (TSXV: SBIO, OTCQX: SABOF) is a technology and services leader in the fast-growing ad-supported streaming space. Its cloud-based, end-to-end technology stack works with top blue chip, global brands and the agencies that represent them to reach, engage, and validate streaming audiences. Sabio Holdings’ companies consist of Sabio – a demand-side platform (DSP) powered through our proprietary ad-serving technology; App Science™ – a non-cookie based software as a service (SAAS) analytics and insights platform with AI natural language capabilities; and FWD (formerly known as Vidillion) – an ad-supported streaming supply side platform (SSP) that includes server-side ad-insertion (SSAI) technology.
For more information, visit: sabioholding.com.
Use of Non-IFRS Measures
This press release makes reference to certain non-IFRS (International Financial Reporting Standards) measures including, but not limited to, Adjusted EBITDA. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. Rather, these non-IFRS measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management’s perspective.
Management uses adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) as a key financial metric to evaluate Sabio’s operating performance as a complement to results provided in accordance with IFRS. The term “Adjusted EBITDA”, as defined by management, refers to net income (loss) before adjusting earnings for finance costs, income taxes, stock-based compensation, amortization, non-recurring items, and severance costs. Refer to reconciliation to Adjusted EBITDA in the Company’s MD&A for the three months ended March 31, 2024 and March 31, 2023, copies of which can be found under Sabio Holdings Inc.’s profile on SEDAR Plus at www.sedarplus.ca.
Management believes that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of Sabio. Management believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by Sabio’s main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, restructuring costs, other expense (income), and foreign exchange (gain) loss. Accordingly, management believes that this measure may also be useful to investors in enhancing their understanding of Sabio’s operating performance. It is a key measure used by Sabio’s management and board of directors to understand and evaluate Sabio’s operating performance, to prepare annual budgets, and to help develop operating plans.
Forward-Looking Statements
This press release may contain certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, which is often, but not always, identified by the use of words such as “believes,” “anticipates,” “plans,” “intends,” “will,” “should,” “expects,” “continue,” “estimate,” “forecasts,” or the negative thereof and other similar expressions. All statements herein other than statements of historical fact constitute forward-looking information, including but not limited to statements in respect of; the Company’s operations, growth, market share, sales expectations, and business plans; results, including sales, expenses, and customer retention, of the Connected TV/OTT sales; streaming viewership and Connected TV/OTT opportunities and growth well beyond the Company’s 2024 revenue cycle; achievement of record sales, positive adjusted EBITDA, and profitability in 2024; entering into definitive agreements in respect of the multi-year asset-based lending credit facility; achievement of greater balance sheet flexibility and stability; reduced operating infrastructure and higher efficiency; sales model predictability; double digit consolidated revenue growth in 2024; improvements in operating leverage; material improvements in cash flows; use of funds; the Company’s outlook for the remainder of fiscal 2024, and balance sheet and cash flow management. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company undertakes no obligation to comment on analyses, expectations, or statements made by third parties in respect of the Company, its securities, or financial or operating results (as applicable). Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors, and assumptions concerning future events that may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including the effect of the macro-economic environment adversely impacting the Company’s business more than anticipated, unexpected funding and cash flow management difficulties, and the other risk factors disclosed in the Company’s filing statement and management’s discussion and analysis (MD&A), which are publicly available on SEDAR Plus at www.sedarplus.ca. The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Sajid Premji, Chief Financial Officer, investor@sabio.inc, Phone: 1.844.974.2662; Aideen McDermott, Investor Relations, investor@sabio.inc
SOURCE Sabio Inc.
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View original content to download multimedia:https://www.prnewswire.com/news-releases/higer-new-v-series-leading-bus-new-trend-302339047.html
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