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TubeMogul Reports Financial Results for Third Quarter 2016

EMERYVILLE, Calif., Nov. 09, 2016 (GLOBE NEWSWIRE) -- TubeMogul, Inc. (TUBE), a leading software platform for brand advertising, today reported financial results for its third quarter ended September 30, 2016.

“We had a strong third quarter and are encouraged by the continued momentum we are seeing across the business,” said Brett Wilson, CEO of TubeMogul. “Our results exceeded the midpoint of our guidance across all key metrics, and we are particularly pleased with the improved operating leverage we demonstrated in the quarter. Programmatic TV spend nearly tripled year over year, while other cross screen channels such as social, display and mobile continued to see strong adoption.”

Wilson concluded, “As brand advertisers are increasingly seeking to consolidate their spend on a single platform, TubeMogul’s focus on cross-screen planning and automating channels beyond video is positioning us well to win new brands globally.”

Third Quarter 2016 Financial Highlights:

  • GAAP Revenue was $56.1 million, an increase of 21% compared to $46.5 million in the third quarter of 2015.
  • Total Spend1 was $138.3 million, an increase of 34% compared to $103.4 million in the third quarter of 2015.
  • Gross profit was $36.8 million, an increase of 18% compared to $31.1 million in the third quarter of 2015.
  • Operating loss was $(11.1) million, compared to $(3.0) million in the third quarter of 2015.
  • GAAP Net loss was $(12.4) million, compared to $(3.8) million in the third quarter of 2015.
  • Adjusted EBITDA2 loss was $(0.3) million, compared to Adjusted EBITDA gain of $1.0 million in the third quarter of 2015.
  • Stock-based compensation was $9.4 million, compared to $3.4 million in the third quarter of 2015. There was a one-time accelerated stock-based compensation expense of $4.0 million due to the surrender and cancellation of 803,683 shares of certain executive options.

1 Total Spend is a non-GAAP financial measure. Please see the discussion below under the heading “Use of Non-GAAP Measures” and the reconciliation at the end of this release.

2 Adjusted EBITDA is a non-GAAP financial measure. In March 2016 we revised our definition of Adjusted EBITDA to exclude all amortization, including amortization of internal-use software. Please see the discussion below under the heading “Use of Non-GAAP Measures” and the reconciliation at the end of this release.

Third Quarter and Recent Business Highlights include:

  • Ongoing momentum in Programmatic TV (PTV). PTV spend grew 271% year over year, accelerating from 143% growth in Q2 2016, and totaled more than $21.1 million in spend.
  • Continued strength in cross-screen spend. Spend from non-desktop channels, including mobile, display, social and PTV accounted for 49% of overall Total Spend.
  • Numerous enhancements to the TubeMogul software platform, including:
    • The addition of native advertising formats spanning both display and video across desktop and mobile devices. TubeMogul’s integration with TripleLift enables marketers to incorporate native display and video ads into their cross-channel strategy.
    • An overhaul of the software platform’s interface, including a redesigned Placement Editor. These enhancements will simplify routine tasks, increase productivity and...

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