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Direct Digital Holdings, Inc. (DRCT) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Direct Digital Holdings, Inc.

CIK: 1880613 Ticker: DRCT

 

Exhibit 99.1

 

 

Direct Digital Holdings Reports First Quarter 2022 Financial Results

 

First Quarter 2022 Revenue Up 100% Year-Over-Year to $11.4 Million

 

Houston, May 12, 2022 -- Direct Digital Holdings, Inc. (Nasdaq: DRCT) (“Direct Digital”), a leading advertising and marketing technology platform, announced financial results for the first quarter ended March 31, 2022.

 

Chairman and Chief Executive Officer Mark Walker said, “we are pleased to report record revenue for the first quarter of 2022, which demonstrates the increasing value of Direct Digital’s world-class buy- and sell-side advertising platform for middle-market clients. Our quarterly growth was primarily driven by our sell-side advertising segment, and we are excited about the prospect of maintaining this momentum throughout 2022 by continuing to innovate our programmatic advertising offerings for the middle market segment, enhance our publisher partner engagement and monetization strategies, and further extend our reach into the underserved and underrepresented publisher communities.”

 

Keith Smith, President, added, “our recent IPO, strategic debt refinance, and successful repurchase of equity from one of Direct Digital’s pre-IPO owners have optimally positioned Direct Digital to achieve its ambitious goals for 2022 and beyond.”

  

First Quarter 2022 Financial Highlights:

 

  · Revenue increased to $11.4 million in the first quarter of 2022, an increase of $5.7 million, or 100% over the $5.7 million in the same period of 2021.

 

  § Our sell-side advertising segment grew to $5.6 million, or 540% over the $0.9 million in the same period of 2021, and contributed $4.7 million of the increase in overall revenue.

 

  § Our buy-side advertising segment grew to $5.8 million, or 21% over the $4.8 million in the same period of 2021, and contributed $1.0 million of the increase in overall revenue.

 

  · Operating income increased to $0.6 million for the first quarter of 2022 compared to an operating loss of approximately ($26,000) in the same period of 2021.

 

  · Net loss was $(0.7) million in the first quarter of 2022, compared to $(0.8) million in the same period of 2021.

 

  · Adjusted EBITDA(1) increased 113% to $1.1 million in the first quarter 2022, compared to $0.5 million in the same period of 2021.

 

  · Net operating cash used in the first quarter was ($0.9) million compared to a net operating cash of $3.6 million generated in the same period of 2021.
     

Business Highlights

 

  § For the first quarter ended March 31, 2022, we processed approximately 90 billion monthly impressions through our sell-side advertising segment, an increase of 93% growth in the same period of 2021, with over 570 billion bid requests for the quarter.

 

  § In addition, our sell-side advertising platforms received over 3 billion bid responses, an increase of over 849% over the same period in 2021, through 69,000 buyers for the quarter.  

 

  § Our buy-side advertising segment served over 128 customers, an increase of 41% in comparison to the same period of 2021.   

 

Financial Outlook

 

Our guidance assumes that the U.S. economy continues to recover, and we do not have any major COVID-19-related setbacks or other major shocks that may cause economic conditions to deteriorate or otherwise significantly reduce advertiser demand. We plan to offer annual guidance and update it throughout the year, accordingly, we estimate the following:

 


The following information was filed by Direct Digital Holdings, Inc. (DRCT) on Thursday, May 12, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Direct Digital Holdings, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholder's Or Member's Equity (Deficit)
Consolidated Statements Of Operations
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Accounts Receivable (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Advertising Costs (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Cash And Cash Equivalents (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Concentrations Of Credit Risk (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Deferred Financing Costs (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Goodwill (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Income Taxes (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Liquidity And Capital Resources (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Property And Equipment, Net (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Segment Information (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Leases (Details)
Commitments And Contingencies - Litigation (Details)
Commitments And Contingencies - Maturity Of Leases (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Intangible Assets - Future Amortization Expense (Details)
Intangible Assets - Schedule Of Intangible Assets And Related Accumulated Amortization (Details)
Long-Term Debt
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Long-Term Debt (Tables)
Long-Term Debt - 2020 Term Loan Facility (Details)
Long-Term Debt - Future Minimum Payments (Details)
Long-Term Debt - Interest Expense (Details)
Long-Term Debt - Interest Expense And Related Fees 2020 Term Loan Facility And 2021 Credit Facility (Details)
Long-Term Debt - Lafayette Square (Details)
Long-Term Debt - U.S. Small Business Administration Loans (Details)
Loss Per Share Or Unit
Loss Per Share Or Unit (Details)
Loss Per Share Or Unit (Tables)
Mandatorily Redeemable Preferred Units
Mandatorily Redeemable Preferred Units (Details)
Organization And Description Of Business
Organization And Description Of Business (Details)
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Related Party Transactions
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Segment Information
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Segment Information - Assets (Details)
Segment Information - Operating Income (Loss) (Details)
Segment Information - Revenue (Details)
Stockholders' Or Members' Equity (Deficit)
Stockholders' Or Members' Equity (Deficit) (Tables)
Stockholders' Or Members' Equity (Deficit) - Members' Equity (Details)
Stockholders' Or Members' Equity (Deficit) - Stockholder's Equity (Details)
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Direct Digital Holdings, Inc. provided additional information to their SEC Filing as exhibits

Ticker: DRCT
CIK: 1880613
Form Type: 10-Q Quarterly Report
Accession Number: 0001410578-22-001714
Submitted to the SEC: Mon May 16 2022 5:02:23 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Computer Programming Data Processing

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