1Q23 Earnings at the High End of Guidance and Reaffirms Full-Year Guidance for Growth
1Q23 revenue of $32.7 million above the midpoint of guidance of $32 million. Challenging advertising market conditions have continued but adjusted gross profit of $20.9 million was slightly above the midpoint of guidance of $20.8 million. AdTheorent (which has no debt) generated $2.9 million in FCF in the quarter (up Y/Y) and reaffirmed its full-year guidance. The stock was flat in the aftermarket... While the impact of the current macro environment remains uncertain, the company guided for full-year revenue growth, with adjusted gross profit margin of 64-65% and adjusted EBITDA of 16-19% of AGP... For a comp group, we have used similar-growth, similar-margin ad software companies. These comps have an average forward P/E of 22.4x, while ADTH is trading at 5.1x, a 77% discount; similarly, ADTH is trading at a P/S discount of 72%.
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