UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
__________________________
FORM
8-K
__________________________
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
August
6, 2014
Date
of Report (Date of earliest event reported)
__________________________
Tremor
Video, Inc.
(Exact
name of registrant as specified in its charter)
__________________________
Delaware
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001-35982
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20-5480343
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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53 West 23rd Street
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New York, New York
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10010
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (646)
723-5300
__________________________
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under
any of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On August
6, 2014, Tremor Video, Inc., or the Company, issued a press release
announcing its financial results for the quarter ended June 30, 2014.
The Company’s press release is furnished as Exhibit 99.1 to this report.
The information included in this report and the Exhibit
attached hereto shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject
to the liabilities of that section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended,
except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The Company hereby furnishes the following exhibit:
99.1 Press release dated August 6, 2014.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Tremor Video, Inc.
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Dated: August 6, 2014
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By:
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/s/ Todd Sloan
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Todd Sloan
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Senior Vice President, Chief Financial Officer and Treasurer
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INDEX TO EXHIBITS
Exhibit No.
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Description
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99.1
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Press release dated August 6, 2014.
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Exhibit 99.1
Tremor
Video Reports Second Quarter 2014 Financial Results
Q2
2014 record revenue as growth tops 23%
-
Revenue
for the three months ended June 30, 2014 grew 23.2% year-over-year to
a record $43.7 million
-
Revenue
for the six months ended June 30, 2014 grew 30.4% year-over-year to
$78.6 million
-
Net
loss of ($5.4) million; Non-GAAP Adjusted EBITDA of ($2.3) million
-
Net
loss per share of ($0.11); Non-GAAP Adjusted EBITDA per share of
($0.05)
NEW YORK--(BUSINESS WIRE)--August 6, 2014--Tremor Video, Inc.
(NYSE:TRMR), an advertising technology company elevating brand
performance across all screens for the world’s leading brands and
publishers, today announced financial results for the second quarter
2014.
“Our second quarter results included record revenues as we continued to
grow our business while increasing our investment in technology,” said
Bill Day, President and CEO of Tremor Video. “Our all screen product is
gaining traction rapidly, with the number of advertisers using the
product increasing steadily since its introduction at the beginning of
the quarter. We’re looking to continue this momentum as we launch our
SSP and move closer to our complete programmatic solution for brand
advertisers and premium publishers.”
Q2 & YTD 2014 Financial Summary
Revenue: For the three months ended June 30, 2014, revenue was a
record $43.7 million compared to $35.5 million for the three months
ended June 30, 2013, representing a 23.2% increase over the same period
one year ago.
For the six months ended June 30, 2014, revenue was $78.6 million
compared to $60.2 million for the six months ended June 30, 2013,
representing a 30.4% increase over the same period one year ago.
Gross Margin: For the three months ended June 30, 2014, gross
margin was 33.9% compared to 46.5% for the same period one year ago.
For the six months ended June 30, 2014, gross margin was 34.0% compared
to 45.5% for the same period one year ago.
Net Loss: For the three months ended June 30, 2014, net loss was
($5.4) million compared to a net loss of ($0.3) million for the same
period one year ago.
For the six months ended June 30, 2014, net loss was ($12.6) million
compared to a net loss of ($5.4) million for the same period one year
ago.
Adjusted EBITDA: For the three months ended June 30, 2014,
Adjusted EBITDA, a non-GAAP financial measure, was ($2.3) million
compared to Adjusted EBITDA of $2.0 million for the same period one year
ago.
For the six months ended June 30, 2014, Adjusted EBITDA, a non-GAAP
financial measure, was ($6.9) million compared to Adjusted EBITDA of
($0.8) million for the same period one year ago.
EPS: For the three months ended June 30, 2014, basic and diluted
net loss per share was ($0.11). Non-GAAP basic and diluted Adjusted
EBITDA per share was ($0.05). Basic and diluted net loss per share and
Non-GAAP basic and diluted Adjusted EBITDA per share are based on 50.4
million weighted average shares of common stock for the three months
ended June 30, 2014.
For the six months ended June 30, 2014, basic and diluted net loss per
share was ($0.25). Non-GAAP basic and diluted Adjusted EBITDA per share
was ($0.14). Basic and diluted net loss per share and Non-GAAP basic and
diluted Adjusted EBITDA per share are based on 50.4 million weighted
average shares of common stock for the six months ended June 30, 2014.
A description of the non-GAAP calculations and reconciliation to
comparable GAAP measures is provided in the accompanying tables entitled
“Reconciliation of Non-GAAP Financial Information” and “Reconciliation
of Non-GAAP Financial Information-Per Share.”
Business & Financial Highlights
As a percentage of total revenue, revenue attributable to
performance-based pricing for the three months ended June 30, 2014 was
27% compared to 34% for the same period one year ago and for the six
months ended June 30, 2014 was 25% compared to 35% for the same period
one year ago.
As a percentage of total revenue, revenue attributable to our all-screen
product for the three months ended June 30, 2014 was 21%. Our all-screen
product, which we introduced during the second quarter, optimizes
delivery of video ad campaigns across screens, eliminating the need for
advertisers to allocate campaign budgets to a specific device.
Guidance
Based on information available as of August 6, 2014, the Company expects
the following:
Q3 2014: Third quarter revenue is expected to be in the range of
$39 million to $41 million and Adjusted EBITDA is expected to be in the
range of ($4.0) million to ($3.0) million.
Full Year 2014: Full year 2014 revenue is expected to be in the
range of $158 million to $163 million and Adjusted EBITDA is expected to
be in the range of ($11.0) million to ($8.0) million.
Q2 2014 Financial Results Conference Call: Tremor Video will host
a conference call today at 4:30 p.m. ET to discuss its second quarter
financial results with the investment community. A live webcast of the
event will be available on the Tremor Video Investor Relations website
at http://investor.tremorvideo.com. A live domestic dial-in is
available at (877)407-9039 or internationally at (201)689-8470. Until
August 20, 2014, a domestic replay will be available at (877)870-5176 or
internationally at (858)384-5517, using passcode 13586367, and via
webcast on the Tremor Video Investor Relations website.
About Tremor Video
Tremor Video (NYSE: TRMR) is transforming the video advertising
experience across all screens for the world’s leading brands. Our
proprietary technology, VideoHub®, offers advertisers and publishers a
complete programmatic solution to reach and engage consumers while
providing new insights into what drives the success of brand advertising
performance across multiple devices. Tremor Video is based in New York
with offices throughout the US and across the globe. For more
information, visit tremorvideo.com and find Tremor Video on Twitter,
Facebook and LinkedIn.
"Safe harbor" Statement:
This press release contains forward-looking statements that involve
risks, uncertainties, assumptions and other factors that could cause
actual results and the timing of certain events to differ materially
from those set forth in or implied by such forward-looking statements.
All statements other than statements of historical fact are
forward-looking statements, including, but not limited to, statements
related to Tremor Video’s future financial results or growth potential,
including third quarter 2014 and 2014 full year financial guidance, and
statements with respect to future revenue mix or the development or
adoption of the company’s solutions. Important factors that could cause
actual results or the timing of events to differ materially from those
set forth in or implied by any forward-looking statements include,
without limitation, risks and uncertainties associated with: the
company’s limited operating history and the continuing development of
its business model; unfavorable conditions in the global economy or
reductions in digital advertising spend; the company’s ability to
effectively innovate and adapt to rapidly changing technology and client
needs; increased competition as well as innovations by new and existing
competitors; expansion of the online video advertising market; the
company’s ability to attract new advertisers and increase spend from
existing advertisers; the company’s ability to attract advertising spend
from TV media buyers; adoption of brand-centric metrics, advanced ad
formats and performance-based pricing models by advertisers; the
company’s ability to effectively deliver video ad campaigns with demo
guarantees; a delay in, or failure of advertisers or publishers to
adopt, the company’s programmatic solutions; adoption of the company’s
all-screen buying solution by advertisers; the company’s ability to
acquire an adequate supply of premium video advertising inventory from
publishers on terms that are favorable to it; the company’s ability to
detect fraudulent or malicious activity and ensure a high level of brand
safety for its clients; identifying, attracting and retaining qualified
personnel; defects, errors or interruptions in the company’s solutions;
the company’s ability to collect and use data to deliver video ads; the
effect of regulatory developments and industry standards regarding
internet privacy and other matters; maintaining, protecting and
enhancing the company’s intellectual property; costs associated with
defending intellectual property infringement, securities litigation and
other claims; future opportunities and plans, including the uncertainty
of expected future financial performance and results; as well as other
risks and uncertainties detailed from time-to-time under the caption
“Risk Factors” and elsewhere in Tremor Video’s filings with the
Securities and Exchange Commission, including its Annual Report on Form
10-K for the year ended December 31, 2013 filed with the U.S. Securities
and Exchange Commission on March 28, 2014, its Quarterly Report on Form
10-Q for the three months ended March 31, 2014 filed with the U.S.
Securities and Exchange Commission on May 15, 2014, and future filings
and reports by the company, including its Quarterly Report on Form 10-Q
for the quarter ended June 30, 2014.
Forward-looking statements are based on current expectations and beliefs
and are not guarantees of future performance or events. Investors are
cautioned not to place undue reliance on any forward-looking statements.
Furthermore, forward-looking statements speak only as of the date on
which they are made, and, except as required by law, Tremor Video
disclaims any obligation to update these forward-looking statements to
reflect future events or circumstances.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared
and presented in accordance with U.S. generally accepted accounting
principles (“GAAP”), Tremor Video reports Adjusted EBITDA and basic and
diluted Adjusted EBITDA per share which are non-GAAP financial measures.
We define Adjusted EBITDA as net loss plus (minus): interest expense,
net and other expense (income), income tax expense, depreciation and
amortization expense, non-cash stock-based compensation expense,
non-cash stock-based long-term incentive compensation, and litigation
costs associated with pending class action securities litigation. We
define Adjusted EBITDA per share as Adjusted EBITDA divided by weighted
average common shares outstanding. We use these non-GAAP financial
measures for financial and operational decision making and as a means to
evaluate period-to-period comparisons. We believe that these measures
provide useful information about our operating results, enhance the
overall understanding of our past financial performance and future
prospects, and allow for greater transparency with respect to key
metrics used by management in its financial and operational decision
making. Non-GAAP financial measures should be considered in addition to
results and guidance prepared in accordance with GAAP, but should not be
considered a substitute for, or superior to, GAAP results. The non-GAAP
financial measures included in this press release have been reconciled
to the nearest GAAP measure in the table following the financial
statements attached to this press release. With respect to our
expectations under “Guidance” above, reconciliation of Adjusted EBITDA
guidance to the closest corresponding GAAP measure is not available
without unreasonable efforts on a forward-looking basis due to the high
variability, complexity and low visibility with respect to the charges
excluded from these non-GAAP measures, in particular, the measures and
effects of stock-based compensation expense specific to equity
compensation awards that are directly impacted by unpredictable
fluctuations in our stock price. We expect the variability of the above
charges to have a significant, and potentially unpredictable, impact on
our future GAAP financial results.
|
Tremor Video, Inc.
Consolidated Balance Sheets
(in thousands)
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June 30,
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December 31,
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2014
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|
|
2013
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(unaudited)
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|
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|
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Assets
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Current assets:
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Cash and cash equivalents
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$
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83,767
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$
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92,691
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Accounts receivable, net
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|
|
49,070
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|
|
|
|
41,458
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Prepaid expenses and other current assets
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|
1,778
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|
|
|
|
1,912
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Total current assets
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|
|
134,615
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|
|
|
|
136,061
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Long-term assets:
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|
|
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|
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Restricted cash
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600
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|
|
|
|
600
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Property and equipment, net
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4,349
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|
|
|
|
3,388
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Intangible assets, net
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|
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17,969
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|
|
|
|
20,387
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Goodwill
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|
|
29,719
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|
|
|
|
29,719
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Deferred tax assets
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|
|
189
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|
|
|
|
189
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Other assets
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|
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252
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|
|
|
|
216
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|
Total long-term assets
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|
|
53,078
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|
|
|
|
54,499
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|
Total assets
|
|
$
|
187,693
|
|
|
|
$
|
190,560
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
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Current liabilities:
|
|
|
|
|
|
|
|
|
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Accounts payable and accrued expenses
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|
$
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39,246
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|
|
|
$
|
32,312
|
|
Deferred rent and security deposits payable, short-term
|
|
|
10
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|
|
|
|
14
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|
Deferred revenue
|
|
|
379
|
|
|
|
|
271
|
|
Deferred tax liabilities, short-term
|
|
|
189
|
|
|
|
|
189
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|
Total current liabilities
|
|
|
39,824
|
|
|
|
|
32,786
|
|
Deferred rent, long-term
|
|
|
745
|
|
|
|
|
742
|
|
Total liabilities
|
|
|
40,569
|
|
|
|
|
33,528
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
5
|
|
|
|
|
5
|
|
Additional paid-in capital
|
|
|
270,455
|
|
|
|
|
267,767
|
|
Accumulated other comprehensive income
|
|
|
200
|
|
|
|
|
195
|
|
Accumulated deficit
|
|
|
(123,536
|
)
|
|
|
|
(110,935
|
)
|
Total stockholders’ equity
|
|
|
147,124
|
|
|
|
|
157,032
|
|
Total liabilities and stockholders’ equity
|
|
$
|
187,693
|
|
|
|
$
|
190,560
|
|
|
|
|
|
|
|
|
|
|
|
|
Tremor Video, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
June 30,
|
|
|
June 30,
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
Revenue
|
|
$
|
43,701
|
|
|
$
|
35,465
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|
|
|
$
|
78,570
|
|
|
$
|
60,230
|
|
Cost of revenue
|
|
|
28,893
|
|
|
|
18,971
|
|
|
|
|
51,836
|
|
|
|
32,812
|
|
Gross profit
|
|
|
14,808
|
|
|
|
16,494
|
|
|
|
|
26,734
|
|
|
|
27,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and development(1)
|
|
|
3,982
|
|
|
|
2,818
|
|
|
|
|
8,313
|
|
|
|
5,515
|
|
Sales and marketing(1)
|
|
|
10,906
|
|
|
|
9,943
|
|
|
|
|
20,357
|
|
|
|
18,786
|
|
General and administrative(1)
|
|
|
3,600
|
|
|
|
2,468
|
|
|
|
|
7,313
|
|
|
|
5,388
|
|
Depreciation and amortization
|
|
|
1,643
|
|
|
|
1,493
|
|
|
|
|
3,229
|
|
|
|
2,995
|
|
Total operating expenses
|
|
|
20,131
|
|
|
|
16,722
|
|
|
|
|
39,212
|
|
|
|
32,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(5,323
|
)
|
|
|
(228
|
)
|
|
|
|
(12,478
|
)
|
|
|
(5,266
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other (expense) income, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
--
|
|
|
|
(57
|
)
|
|
|
|
--
|
|
|
|
(113
|
)
|
Other (expense) income, net
|
|
|
(28
|
)
|
|
|
165
|
|
|
|
|
(23
|
)
|
|
|
170
|
|
Total interest and other (expense) income, net
|
|
|
(28
|
)
|
|
|
108
|
|
|
|
|
(23
|
)
|
|
|
57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
|
(5,351
|
)
|
|
|
(120
|
)
|
|
|
|
(12,501
|
)
|
|
|
(5,209
|
)
|
Income tax expense
|
|
|
21
|
|
|
|
153
|
|
|
|
|
100
|
|
|
|
223
|
|
Net loss
|
|
$
|
(5,372
|
)
|
|
$
|
(273
|
)
|
|
|
$
|
(12,601
|
)
|
|
$
|
(5,432
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.11
|
)
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.25
|
)
|
|
$
|
(0.70
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares of common stock outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
50,403,168
|
|
|
|
7,760,494
|
|
|
|
|
50,350,749
|
|
|
|
7,744,943
|
|
|
|
|
|
(1) Stock-based compensation expense included above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
June 30,
|
|
|
June 30,
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
Technology and development
|
|
$
|
220
|
|
|
$
|
134
|
|
|
|
$
|
414
|
|
|
$
|
249
|
|
Sales and marketing
|
|
|
362
|
|
|
|
287
|
|
|
|
|
721
|
|
|
|
566
|
|
General and administrative
|
|
|
557
|
|
|
|
341
|
|
|
|
|
971
|
|
|
|
686
|
|
Total stock-based compensation expense
|
|
$
|
1,139
|
|
|
$
|
762
|
|
|
|
$
|
2,106
|
|
|
$
|
1,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tremor Video, Inc.
Reconciliation of Non-GAAP Financial Information
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
June 30,
|
|
|
June 30,
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
Net loss
|
|
$
|
(5,372
|
)
|
|
$
|
(273
|
)
|
|
|
$
|
(12,601
|
)
|
|
$
|
(5,432
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense
|
|
|
1,643
|
|
|
|
1,493
|
|
|
|
|
3,229
|
|
|
|
2,995
|
|
Stock-based compensation expense
|
|
|
1,139
|
|
|
|
762
|
|
|
|
|
2,106
|
|
|
|
1,501
|
|
Stock-based long-term incentive compensation
|
|
|
154
|
|
|
|
--
|
|
|
|
|
114
|
|
|
|
--
|
|
Interest and other expense (income), net
|
|
|
28
|
|
|
|
(108
|
)
|
|
|
|
23
|
|
|
|
(57
|
)
|
Income tax expense
|
|
|
21
|
|
|
|
153
|
|
|
|
|
100
|
|
|
|
223
|
|
Litigation costs
|
|
|
78
|
|
|
|
--
|
|
|
|
|
147
|
|
|
|
--
|
|
Total net adjustments
|
|
|
3,063
|
|
|
|
2,300
|
|
|
|
|
5,719
|
|
|
|
4,662
|
|
Adjusted EBITDA
|
|
$
|
(2,309
|
)
|
|
$
|
2,027
|
|
|
|
$
|
(6,882
|
)
|
|
$
|
(770
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tremor Video, Inc.
Reconciliation of Non-GAAP Financial Information-Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
June 30,
|
|
|
June 30,
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
Net loss
|
|
$
|
(0.11
|
)
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.25
|
)
|
|
$
|
(0.70
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense
|
|
|
0.03
|
|
|
|
0.19
|
|
|
|
|
0.06
|
|
|
|
0.39
|
|
Stock-based compensation expense
|
|
|
0.02
|
|
|
|
0.10
|
|
|
|
|
0.04
|
|
|
|
0.19
|
|
Stock-based long-term incentive compensation
|
|
|
0.01
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
--
|
|
Interest and other expense (income), net
|
|
|
--
|
|
|
|
(0.01
|
)
|
|
|
|
--
|
|
|
|
(0.01
|
)
|
Income tax expense
|
|
|
--
|
|
|
|
0.02
|
|
|
|
|
--
|
|
|
|
0.03
|
|
Litigation costs
|
|
|
--
|
|
|
|
--
|
|
|
|
|
0.01
|
|
|
|
--
|
|
Total net adjustments
|
|
|
0.06
|
|
|
|
0.30
|
|
|
|
|
0.11
|
|
|
|
0.60
|
|
Adjusted EBITDA per share - basic
|
|
$
|
(0.05
|
)
|
|
$
|
0.26
|
|
|
|
$
|
(0.14
|
)
|
|
$
|
(0.10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares of common stock outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
50,403,168
|
|
|
|
7,760,494
|
|
|
|
|
50,350,749
|
|
|
|
7,744,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA per share – diluted
|
|
$
|
(0.05
|
)
|
|
$
|
0.05
|
|
|
|
$
|
(0.14
|
)
|
|
$
|
(0.10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares of common stock outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
50,403,168
|
|
|
|
44,598,832
|
|
|
|
|
50,350,749
|
|
|
|
7,744,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tremor Video, Inc.
Consolidated Statements of Cash Flows
(in thousands)
|
|
|
|
|
|
Six Months Ended
|
|
|
June 30,
|
|
|
2014
|
|
|
2013
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(12,601
|
)
|
|
|
$
|
(5,432
|
)
|
Adjustments required to reconcile net loss to net cash (used in)
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation of property and equipment
|
|
|
811
|
|
|
|
|
557
|
|
Amortization of intangible assets
|
|
|
2,418
|
|
|
|
|
2,438
|
|
Bad debt (recovery) expense
|
|
|
(5
|
)
|
|
|
|
30
|
|
Mark-to-market income
|
|
|
--
|
|
|
|
|
(177
|
)
|
Contingent stock grant to third party vendor
|
|
|
24
|
|
|
|
|
--
|
|
Stock-based compensation expense
|
|
|
2,106
|
|
|
|
|
1,501
|
|
Stock-based long-term incentive compensation
|
|
|
114
|
|
|
|
|
--
|
|
Net changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Increase in accounts receivable
|
|
|
(7,572
|
)
|
|
|
|
(3,232
|
)
|
Decrease (increase) in prepaid expenses and other long-term assets
|
|
|
98
|
|
|
|
|
(1,402
|
)
|
Increase in accounts payable and accrued expenses
|
|
|
6,741
|
|
|
|
|
6,029
|
|
(Decrease) increase in deferred rent and security deposits payable
|
|
|
(1
|
)
|
|
|
|
80
|
|
Increase (decrease) in deferred revenue
|
|
|
108
|
|
|
|
|
(21
|
)
|
Net cash (used in) provided by operating activities
|
|
|
(7,759
|
)
|
|
|
|
371
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(1,772
|
)
|
|
|
|
(1,404
|
)
|
Changes in restricted cash
|
|
|
--
|
|
|
|
|
621
|
|
Net cash used in investing activities
|
|
|
(1,772
|
)
|
|
|
|
(783
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from the exercise of stock options
|
|
|
582
|
|
|
|
|
173
|
|
Net cash provided by financing activities
|
|
|
582
|
|
|
|
|
173
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(8,949
|
)
|
|
|
|
(239
|
)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes in cash and cash equivalents
|
|
|
25
|
|
|
|
|
(150
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
92,691
|
|
|
|
|
32,533
|
|
Cash and cash equivalents at end of period
|
|
$
|
83,767
|
|
|
|
$
|
32,144
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow activities:
|
|
|
|
|
|
|
|
|
|
Cash paid for income taxes
|
|
$
|
--
|
|
|
|
$
|
224
|
|
Cash paid for interest expense
|
|
$
|
--
|
|
|
|
$
|
113
|
|
CONTACT:
Tremor Video, Inc.
Investor Relations:
Andrew Posen
Senior
Director Investor Relations
212-792-2315
IR@TremorVideo.com
or
Public
Relations:
Tremor Video Corporate Communications
Billy Kenny,
646-421-6217
BKenny@TremorVideo.com
Tremor Video, Inc. (NYSE:TRMR)
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