FLNT - Earnings call transcript Q4 2021

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Operator

Hello and welcome to the Fluent, Inc. Fourth Quarter and full-year 2021 earnings call. My name is Harry and I'll be your Operator for today. [Operator Instructions] I will now hand you over to Dan Barsky with Fluent to begin. Mr. ahead. go please Barsky,

Dan Barsky

Thank and joining results. Full welcome. our to Fourth Quarter Year you and us for discuss Afternoon XXXX earnings

me and are CFO call and on Don Officer. Joining our Patrick, Chief Fluent's Strategy for Schulke, Ryan CEO, Khandelwal, our Co-Founder Sugandha today's

followed event to webcast will Khandelwal the remind Investor replay be this is with website, being you our and the our the begin session. recorded. call of www.fluentco.com. question-and-answer call page Relations the website. with Don that a Our and available following To I live on A our Patrick webcast, will comments Sugandha by would like on visit please call access

could, should, implied call other Safe this Reform Act Before or the the of like certain made date hereof. words advise and we the Litigation may, similar stated discussed with The that on materially Harbor Private call. I associated results call statements Securities statements by business. undertakes risks differ plans, Any statements believe, and obligation XXXX. of due These uncertainties expects, listeners projects, to be as the no during would only covered from provided under contain the provisions anticipate, company's will speak forward-looking could the of the information by statements identified company forward-looking our begin, such intend, may by conference of update information estimate, to forward-looking will, those meaning. management words Actual during to as

the most XX-Q. reports and filings Exchange you Form on and we with recent to company's annual uncertainties the quarterly discussion associated company's the report including with encourage risks and Form Over the Commission, Securities on business, the review of XX-K, Fluent's

of The earnings of EBITDA, measures reconciliations media to the adjusted performance to income. and we margin, the most evaluates GAAP With adjusted definitions net variety including directly EBITDA, net margin, to issued financial Don present Fluent's introduce related the these also income. that, financial pleased business and Patrick. of release non-GAAP today. the and adjusted indicators, in our on financial comparable media earlier Management provided CEO, metrics are During adjusted I'm certain information a call, will

Don Patrick

financial Thanks our Thank today. And I'm of you Schulke, for Chairman afternoon. board Ryan you, to and new Chief excited Officer. we're a together Company with us Sugandha Sugandha our Chief Financial our and good as acumen and team. all Strategy Club, Dan. and her of December joined of to XXXX very call Founder, of joining here Sam's Walmart, in part our have the strategic from Khandelwal, Officer, deep division

are crisis and devastating the has so the Unfortunately, we start on and there. serious on the ties, business we're But tragedy thoughts employees as impacted. all who compelled of who most operate families, our why living Ukrainian the professional the ahead. to be all of with to weeks well a being loss We to in greatest comment sincere in note, friends, see Ukraine. for Fluent suffering in there as that's And Before express family chaos. It's prayers and greatly want partners unfolding will people more horrific lives. colleagues

term consider us business, long-term to plan. consumers, in to to operational strategic QX sustainable which digital forego while Fluent and would been more a in more our towards major investment a long-term and quality has that to the committed course and higher map. be has sustainable margin, effective challenging, experiences chosen, acquisition on when This progress undertaking consciously revenue road solutions and It we're XXXX our continued we transition focused speak of for strategic Our in customer making leadership growth we we QX our knew building marketers. a and near where results strategic for would be require was creating of

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business results Our our represent additional fourth quarter agenda. progress in

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enhance We confident in over our will as businesses, scale them are time. the margins we we that

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implication growth the returns. quite excited this are corresponding regarding financial We and and long-term here, strategic

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Sugandha Khandelwal

in our $XX.X jumped up quarter, of everyone. and growing sequentially revenue, double-digits of full quarter and streams, a record XXXX. Thank in pleased for and and XX% quality revenue new year-over-year spend about of EBITDA good revenue you, year-over-year the the Don, afternoon generated growth, I'm in billion last in provided the to marketplace. our return investment QX. Fluent as discussion QX to In for strategic pricing results supporting year continue fourth form to In the XX% a our quarter,

progress financial operational these perspective. Our a from investments, results QX continued demonstrate both and an against

of high skills operating For increased agent expanded personnel. revenue, the are year-over-year, year, full Fluent million contracted categories These Fluent by that our live growth capability, of generated up significant center focus Solutions, X% areas. primary $XXX.X of use on consideration three the driven its call Sales through

strong and XXXX demand in [Indiscernible] year. resulted in pricing Additionally, recruitment the vertical client to improvements compared both the in in and prior volume

capabilities, reengage CRM own capability, already registered We our on expanded also properties. enables to internally an developed us which have media who email specifically, consumers

to volume In versus margin profile shift. revenue terms our continue and monetization, of

throughout lower reducing moved of our business high-quality the part initiative, of focus that As more aggressively, our but traffic, traffic to on the volume quality quality traffic, year. continued trend the

this QX same XX% trend and anticipate to to QX, expect To XX%, sequential to year. from and up period Our growth. monetization supported continue to offsetting increased to almost compared be reduced revenues QX XX% partially the year-over-year last the with revenue volume by in

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was the to deploy carried continue team margin traditional accelerated media media This spend, [Indiscernible] accelerate was incremental of but profile. and opportunities, sourced, production. and new supply, platform, and mix sources primarily between The of the find our our to biddable driver which a learn test from volume discovery the the discovery. platform, margin lower digital Our traffic primary

$XX.X confident. largest in Our fourth cost context, representing the we paid on expand million quarter, media our

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at margin representing down came year-over-year. million, revenue, in of and full a $XXX.X year the XXXX, XX% media For X% our

range to and by situation Ethanol constraints the Looking at have in period macro XXXX, business. the partners in in increase factors, has the we in invest business Quarter continue impact QX year. margin impacted to Ukraine to area, dollars same margin our of we driving currently X% internal both compared media to for topline. The our last operations of and in X% the media the anticipate our First external

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EBITDA our profitability, revenue came revenue $XX.X And and of at the XX% representing down million was year year-over-year. adjusted and of for or in year-over-year. $XX.X on full the Finally, million, X% XX% for quarter on X%

QX leverage. media at business seen expense margin our and About earlier. into P&L, will in continued put sequential are operating our mix, mentioned driven to margin short-term largely the operating have we build by expenses, over focusing accretive structure that pressure the driving investments confident of time, they Looking on we that on the I XXXX, increase our initiated, monitoring the

the Given noted, X% revenue. going currently X% as the of we of Alex range to anticipate EBITDA, in outlook, adjusted to

interest with reduced on XXX the due our loss million. to full close of cost the And million and year, points, net our was reduction benefited revolvers. drawn of continue has we $X.X new In closed $X.X million of in basis was and net net consists income taxpayer, be resulting year income, of at This a by reported ramp We facility net $XX $XX GAAP $X.X million non-cash term QX. current $X.X to credit federal For and during loan, $XX.X availability expense to year replacement expense that debt million. credit from adjusted GAAP million, income QX, interest over [Indiscernible] facility effective $X.X the a adjusted facility quarter lower interest that NOLs. at rate of non-GAAP the million Our was our under a measure the million, non-GAAP

and earnings XX-Q release, reconciled reminder, our the XX-K non-GAAP in a As our metrics filings. and are

as Turning end cash sequentially. our million year, represents as equivalents. increase and million on sheet, up and In earnings substantial current at high-quality achieving year-over-year, that current investments $XX.X we the million, $XX.X generating right to defined cash [Indiscernible] strategic and the of path the $XX.X This the $XX.X at to sheet. reflected million are revenue an quarter ended are $XX.X minus profile. the balance $XX.X confident the million. a growth of the year-over-year. balance At closing, and of strong Working million by model assets liabilities, the ended quarter capital,

outlook with time. consumers, strong [Indiscernible] reflects this questions a shareholders. financially, Our value this building on and for focus continued at and Fluent clients, operationally long-term year progress

Operator

our And is like question if first to you'd Maria, Instructions] open is [Operator from your from now Maria line Ripps Canaccord. proceed.

Maria Ripps

to traction on traffic results. joining had really It's Congrats first congrats QX. and so on question strong initiatives company. just you a is, quality see the My Great. Sugandha, really strong getting your great

the signals what QX kind of can about you're that how growth feel sustained may this elevated sustainability in getting year? this feedback guiding from do growth? continue QX; And or advertising be the that growth strong -- to you the growth in continue through your the You're suggest clients of

Don Patrick

Hi, Maria, are you? it's How Don.

Maria Ripps

[Indiscernible] Don. Hi,

Don Patrick

question. Your

piece, One is or you're to -- and revenue So has our that to. demand get from and what based per talking they're that the willing demand in and -- Maria, advertiser how of is pieces and how on, obviously increased basically we there's pay. that [Indiscernible] to monetization versus revenue the sort user

willing brands quality. for pay and and big our that lean up, especially to in for supply see more to continue We asked be to continue

driven higher TQI, and higher the has really consumer, we've drive So higher-quality a the a price as to able for. we're get in back ROI past, which talked a

that's piece of first So that the really monetization.

to when in in ultimately look lifetime piece, expands stages where way, from the consumer the CRM, a time around onto third relationship but do. our property, longer which the we in we We're now still we performance in currently are a at Sales lot And comes believe that talked period. it with is than the early really there extend we'll marketplace. that perspective a that piece user and second way a value greatly be meaningful Solutions, we much Fluent able that with a consumer The our more business engaging about longer

to we So past we after consideration value and to off usually higher intermediary. are an not where go now it the hand industries able higher would in

So bring higher is to properties consumer them our monetization into engage the come in down to really CRM also continue and growth. higher and fact that meaningful consideration continue through a we can then way the value, that the them onto and that driving can what's

Maria Ripps

improve think margins, you about you business helpful, a have could know margin, Thank you to dollars levers percent how the of are margin media what that mentioned that of near-term? some pull revenue your your Or here you. sort very Maybe the think that Don. And in should investors in That's dynamic? but as I initiatives of overtime. extend higher investors a some Should little growth on media Great. managing to bit about these.

Don Patrick

-- are at margin. We growth Yes. and the exact metric we media worry revenue same those

at and So a and a the above from and have is the standard is right a right growing revenue within how growing industry growth we for in products view perspective, services our or simple position a and advertisers. that we the for very industry have industry are

is So revenue growth, using. we're clearly metric the

margin, the we go changed margin about, thing to on right? over we that bring we've bring the mix might stages really to media make past manage bring across take our relatively are and as to brought time investments If might be of that then how we media that approach, not the that talked of a enough up it. media a below be have range businesses disciplined that's investing levels about can or where range But how -- clear terms And year, other businesses. we that's it's of a there -- various early after in. it's ourselves what it's very Going clear in media margin we're we're very And should Internally, about mindful if to judge above how we're we're we externally. making. our that business. certain into certain well very And range,

Maria Ripps

Understood. last helpful. it. Got if I could. question very maybe And one That's

You products. into this mobile initiatives milestones mentioned this here, year? that expanding key see key to or you new And or app we as one of developments for the contributing launching here? some revenue something are growth What is developing could

Don Patrick

primarily And can. company, we've our you platform. web. rewards Android on on mobile mobile-first been the We Android on began and -- Maria, incubating always primarily the testing product Yes, a

So the have ready and way. -- testing right we've in we're we and a larger KPIs we've that, we're been it ready launched

if take market according size, you the space eMarketer, the the market the about Google mobile in we're a for $XX you available market mobile app is the of and just a is it's billion size web market to that $XX give away to feel That times -- us. billion two to So now. Facebook, and

this expanding it about now, It's of excited our front than year. quite we right but believe lot the that and there's we're less a part the in for opportunities market of X% of in has been latter opportunity So of us. revenue

Maria Ripps

very good quarter. the the And Don. luck rest of Got you it. with Thank much,

Don Patrick

Maria. you, Thank

Operator

Jim, from your to Goss. line is our now with you question wish open your is Instructions] next [Operator question. Jim if proceed And

Operator

question now question. from And Goss. our if you'd open with is Jim, like your your line is to next Jim proceed

James Goss

Alright, thanks.

been little you've a saying. what summarizing of Just

to of think cost to it. benefiting higher acquisition, redo wondering profitability the of have improve key if through I'm growth. are accounts Your because a rate through. better of customer financial a go we And deteriorate but higher about turnover solid statements for the maybe with does as any you're bottom targets somewhat give a or might might going line going you

Don Patrick

question. you? Thanks are the how Jim, for

James Goss

Good.

Don Patrick

it's statements. a not would our financial redo say, I So of

bit I looking to the to really monetize look about think and We with how a and its that it how the way are that expansion little at is monetization continue what's Maria the able we with through consumers. we we're of at. interact went consumer can of driving

look it, higher far but really range, ability just industry rates and at redo, bottom we perspective, the we look drive investing From we it revenue level. don't a about margin. within a the line the as of a the perspective are to where drive to certainly very are early margins, then were operating we opportunities margins as So from that return we profit both that our outlook at in Is gross looked up it time, Keep talked we drive are that XXXX. over part we from as but lean in at of consistent to margin that growth and less. sequentially, we will into a

James Goss

Okay. can adjust those be the of end be addressing? your and make even new shift perhaps will of you mix with. competitors markets comments somewhat like any dealing in Is there of would the It seem does mix terms markets, you'll you

Don Patrick

Sure.

us. it Jim, to places some absolutely does You're up open different right, because

that just a bit see verticals. verticals diversified across. the me as hit let on know, are The you we've very traditionally, So little you will

like So verticals. our going still mix. is and you're And insurance in that of one verticals like And of things our home it But and value higher higher our build financial come into diversified. to marketplace. our services, Right. see that's strengths consideration, how into terms we

sort is client number towards one. point point higher sales let are there's back lot out Most which a approach. go is. in consumer, as of a our of our the perspective, and it a towards a bringing you're two, So. differentiation different consideration. what work We're of Point supply. win then taking competitors great from I'll out very up the me number That back want that be because will strategically, people to that point I just

for for the approach starting meaningful towards concerning matching drive experiences and can client. the Our quality, also the and the is drive with and to that brand up the ROI consumers consumer, brands or best with right then moving advertiser

from database a can So as we a are would -- if to this were very, but than had game, tell after different feel that utilize It that go people obviously us way the going the much advantage. standpoint that the at I at deep we've [Indiscernible]. volume a you a a we get a strategic major in we first-party competitive disadvantage, point, we're we opportunity is for fact

James Goss

where last how -- a wondering, than it's start are are be. time, We're are but to you that if model it stabilize a adjustment in and ago, it's now would thought, you be year at you generate about growth. it would to I'm one, it quarter relative some One process. this renewed you Obviously, little you taken right to longer need say year How and and your you sounded you about would Okay. before a gets you it worth this a or undertook business into like where think that maybe to you it thinking you process? two

Don Patrick

Yes. later XXXX. what originally in growth was laid Jim, part the to we'd it rates Well, we that traditional our of returned out,

So we've traditionally XX% believe we've Obviously, QX. in come I in higher done. that back to what than

bid our be our drive up and brands with ability for to then inventory. happy able we're for value our So to that to

we are ahead, are. we're think we monetization on much part that very than ahead I So

initiatives could easier than things test and on. be hasn't. on our quality would quality that not learn we chosen have as required aggressive There traffic get and quality. platform media go we're other in suppliers just and blunt, [Indiscernible] to it them to and the intense with media that number And the probably on side people thought, think more and the that have working be we be was move slightly but we us to over I to it media thought work a

ups going XXXX to I we we end was we're were there think XXXX. thought not it and at the we year, to thought did over where journey into the So believe -- be going we'd the But compared downs, where in of be.

James Goss

Okay. much. Thanks very

Don Patrick

Okay. Thanks, Jim.

Operator

questions. no [Operator further we Instructions]. appears It have

remarks. So hand the to back further for management team

Don Patrick

Thank joining you. shareholder to you, and stakeholder build today. continuing Thank execute us forward everyone, look And and we to value. for

Operator

may now disconnect conference today. the This your Thank you call, has you lines. joined everyone to us concludes and who

Fluent (FLNT) 9 Mar 222021 Q4 Earnings call transcript