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THOMSON REUTERS STREETEVENTS
EDITED TRANSCRIPT
MXPT - Q1 2015 MaxPoint Interactive Inc Earnings Call
EVENT DATE/TIME: MAY 13, 2015 / 8:30PM GMT
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MAY 13, 2015 / 8:30PM, MXPT - Q1 2015 MaxPoint Interactive Inc Earnings Call
CORPORATE PARTICIPANTS
Michael Purcell MaxPoint Interactive, Inc. - VP, Corporate Strategy & IR
Joe Epperson MaxPoint Interactive, Inc. - Co-founder & CEO
Brad Schomber MaxPoint Interactive, Inc. - CFO
CONFERENCE CALL PARTICIPANTS
Shawn Rassouli Deutsche Bank - Analyst
Deb Schwartz Goldman Sachs - Analyst
Ralph Schackart William Blair & Company - Analyst
Kerry Rice Needham & Company - Analyst
Evan Wilson Pacific Crest Securities - Analyst
PRESENTATION
Operator
Good day, and welcome to MaxPoint Interactive's first-quarter 2015 earnings conference call. Today's call is being recorded. At this time, I would
like to turn the call over to Michael Purcell, Vice President, Corporate Strategy and Investor Relations. Please go ahead.
Michael Purcell - MaxPoint Interactive, Inc. - VP, Corporate Strategy & IR
Good afternoon to all of you, and welcome to MaxPoint's first-quarter 2015 financial results conference call. Joining me on the call today are Joe
Epperson, Co-Founder and Chief Executive Officer; and Brad Schomber, Chief Financial Officer. Please note that the earnings release issued after
the market closed today, along with a live broadcast of this earnings call, are both available on our Investor Relations website at ir.maxpoint.com.
A replay of this call will also be available later today on our Investor Relations website.
Before we begin discussing our earnings, I would like to remind you that our earnings release, this presentation, and our comments include
forward-looking statements. These statements may include information concerning our possible or assumed future results of operations and
expenses, business strategies and plans, market sizing, competitive position, industry environment, and potential growth opportunities. Words
such as expect, believe, anticipate, plan, or other similar words are also intended to identify such forward-looking statements. These statements
are subject to risks, uncertainties, and assumptions. Actual results and the timing of certain events may differ materially from the results anticipated
by our forward-looking statements.
Please see our press release issued today, as well as our financial prospectus dated March 5, 2015 for more details. We make these statements as
of May 13, 2015 and disclaim any obligation or duty to update any forward-looking statements made during this call. If this call is replayed or
reviewed after today, the information presented during the call may not contain current or accurate information. During this call, all financial
measures are presented on a GAAP basis unless specifically identified as non-GAAP. These non-GAAP measures are not intended to be considered
in isolation from, or a substitute for, or superior to our GAAP results. A reconciliation of our non-GAAP measures to our comparable GAAP measures
can be found in our earnings release. Unless otherwise stated, growth comparisons made in the course of this call are against the same period of
the prior year.
With that, I'd like to turn the call over to Joe Epperson, MaxPoint's, Co-Founder and Chief Executive Officer.
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Joe Epperson - MaxPoint Interactive, Inc. - Co-founder & CEO
Thank you, Michael. Good afternoon, everyone, and thank you for joining our first earnings call as a public Company. We are pleased with our
results in the first quarter which we believe reflects the value of MaxPoint to our customers. Revenue, excluding traffic acquisition costs, increased
90% compared to Q1 of the prior year to $16.8 million. Gross profit increased 83% to $13.8 million. We ended the quarter with 529 enterprise
customers, up 62% on a year-over-year basis, and up 50 customers from Q4 of 2014. Brad will provide more details on our financial results shortly.
Since this is our first earnings call with you, I wanted to start by providing some background on the Company, our technology, and our value
proposition for our customers.
MaxPoint uses technology to understand neighborhoods, the communities in which we all live. We use technology to connect these neighborhoods
to local commerce. Over eight years ago, Gretchen Joyce, Kurt Carlson and I set out to create a technology solution focused on store-level marketing
to drive in-store sales. At the time we started, online technology innovation was focused on e-commerce and direct response marketing.
In contrast to the industry trend at the time, we designed MaxPoint to transform store-level marketing. We believe that mass market retail has been
underserved by marketing technology. We purpose built our software platform to plan, execute, and measured digital advertising programs for a
specific product or service. Our customers can provide their first party data, which we connect to our platform, to monitor and measure marketing
programs on an individual store level.
In-store sales is a huge segment of retail that has not been adequately measured. Our mission is to deliver better informed marketing for our
customers by marrying our proprietary technology and data to their inventory and point-of-sale data. While you hear us discuss local or hyper-local
advertising, we are not serving the local SMB market that is often associated with the term local advertising. Our customers are national advertisers
from the consumer products, retail, automotive, healthcare, telecommunications, and entertainment industries that sell products and services at
local stores.
We have worked with 20 of the top 20 US advertisers as ranked in 2014 by Advertising Age. Our customers have dedicated marketing budgets to
drive in-store sales. According to Euromonitor in 2014, 88% of retail purchases took place at physical stores. BIA/Kelsey puts the US local advertising
market at $137 billion in 2014. And from this, we estimate that our current addressable market is $20 billion, growing to $36 billion over the next
five years. I want to briefly discuss the MaxPoint Intelligence Platform and then highlight a few use cases.
When we started, we understood the importance of reaching a critical mass of consumers in a highly focused area around a particular store. The
Internet was not designed on a geographic basis. So we designed our own proprietary mapping technology, which we refer to as our Digital Zips.
We have 44,000 Digital Zips, or neighborhoods, and we believe that neighborhoods matter because although they might be close in proximity,
they are often vastly different from each other even if they are adjacent and share a common postal ZIP code.
To understand these neighborhoods better and to predict purchase intent, we have built our own proprietary data sets to discern attributes unique
to each neighborhood. We call this our consumer purchase intent model. In order to deeply understand real-time consumer purchase intent at
the individual neighborhood, we developed our own proprietary search-based technology. This provides the vast majority of our data. We index
and analyze massive amounts of data in real-time to understand the cumulative content consumption within each of our Digital Zips. We are proud
of this technology which is unique to MaxPoint, and gives us a huge data advantage from the years of learning.
Our platform automatically analyzes, designs, and executes programmatic media campaigns via the advertising exchanges across any device or
channel, such as mobile, video, social, and desktop. Since we are not relying on cookies, we can reach virtually the entire digital population within
a Digital Zip. The final step is [closed loop] measurement to physical retail. I want to underscore and emphasize MaxPoint's unique ability to measure
the impact of our customers' digital advertising on in-store sales. MaxPoint can deliver these business measures at the individual product and store
level.
Our ability to measure programs in near real-time provides our customers with tremendous value in the form of results and insights, ranging from
campaign analysis to audience response modeling, to in-store sales lift. To give you a further sense of MaxPoint's value proposition, here are a few
examples of how our customers are using the platform. A customer wanted to officially promote batteries as part of a weather preparedness
campaign in the case of a power outage.
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The batteries were available at Walmart. Our platform recommended and executed a program placing ads three days ahead of tropical storm and
hurricane conditions in selected markets in Texas and coastal cities. The platform turned the advertising on and off automatically in the targeted
Digital Zips around the selected retail locations as the weather moved. This weather-trigger program was later expanded to include winter weather
situations. There isn't another digital offering that can so precisely target the media effectively and efficiently with virtually no waste.
In our second example, a CPG customer was experiencing a high inventory buildup of one of its candy products at Walgreens. Using our supply
chain aware capabilities, MaxPoint targeted the advertising to only the selected overstocked stores using our Digital Zips. The platform used the
customer's first party inventory data to identify high inventory stores and adjust the advertising accordingly. We measured both sales lift and
inventory reductions providing valuable insights. Our ability to adjust the inventory data made the customer's marketing more efficient and
impactful.
Our last example is matching a specific product featured at specific stores with carefully selected consumers from targeted neighborhoods. A
national food producer promoting three varieties of unique flavored appetizers used MaxPoint to deliver specific creative messages to match the
flavored products availability in select markets at select Sam's Club stores. Our platform supported each Sam's Club store by delivering the right
message for the product at that store. The advertising was synchronized with the product availability at each store.
MaxPoint delivered sales lift measurement and consumer insights based on audience segments. This is an example of our data, targeting, analytics
and measurement delivering superior value for our customer. I hope this provides you with a better sense of our Company, our technology, and
how customers integrate with MaxPoint. We have a large market opportunity before us, as the majority of local spending is currently still in the
traditional offline media channels, including newspapers and direct mail. Going forward, you should expect to see us continue on the innovation
curve as we strive to help our customers leverage both their data and MaxPoint's data to deliver business outcomes including business intelligence
and sales.
We believe that MaxPoint is a compelling solution for physical retail. On March 5, we became a publicly traded Company. In our view, the IPO was
a natural step in the evolution of MaxPoint. We connect to our customers' enterprise systems, and being a public Company is important to our
customers. Three-quarters of our revenue come from public companies. Of the customers that are public, almost two-thirds are listed on the New
York Stock Exchange, as we are. We also believe that being a public Company brings internal, operational, and financial discipline to a business,
something I learned early on at eBay.
We believe in balancing growth and achieving profitability. We remain a founder-led Company. Gretchen, Kurt, and I want to thank all of the
employees at MaxPoint for their hard work, dedication and daily enthusiasm. Now would like to turn the call over to Brad to discuss our financial
operating results.
Brad Schomber - MaxPoint Interactive, Inc. - CFO
Thanks, Joe. I'm glad to be with all of you today. I will walk you through our financial performance in detail, as well as our guidance for the second
quarter and the FY15. We will then open the line for questions.
Overall, we continue to experience solid growth at MaxPoint. Our business model delivers a single unified software platform encompassing digital
media, proprietary data, planning and measurement, all for single fixed [CPM]. This familiar media pricing structure enables our customers to utilize
business intelligence software using their media dollars. Our pricing model frees our customers from contracting with multiple disparate vendors
utilizing different pricing methodologies in order to execute their local media programs. We recognize our customers' spending on a gross revenue
basis in accordance with GAAP.
However, we consider revenue excluding traffic acquisition cost, or media cost, as a key financial metric, and the measure we use to evaluate the
growth of the business. In the first quarter, our gross revenue increased 87% year-over-year to $28.7 million. Moreover, revenue ex-TAC increased
90% to $16.8 million. Our revenue ex-TAC margin was 58.5%, improving 100 basis points compared with Q1 2014. We added 50 enterprise customers
since the beginning of the year to end the quarter with a total of 529. Our enterprise customer base is up 62% year-over-year. As a reminder, we
define enterprise customers as those customers who have spent more than $10,000 with us during the trailing 12 months.
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We also define a customer at the parent company level, so a company with many brands would still be considered one customer under our definition.
The $10,000 cut-off is useful when viewing our customer base, since customers spending less than $10,000 represents less than 2% of our revenue,
but a higher percentage of our total customer count. We have a larger head-in to our customer base, as we noted in our IPO, that our top 25
customers represent approximately half of our total revenue base. Our revenue growth was driven by a balance of new customers and increased
spending by existing customers.
Please note, if you were to take our trailing 12 months of revenue and divide it by our enterprise customer base, which is also a TTM metric, you
would observe that the average revenue per customer of approximately $225,000 increased at a low-single-digit rate year-over-year in the first
quarter. However, this calculation does not truly represent what we are seeing in the business. We are experiencing faster growth in the number
of new customers we are on-boarding with initial spend levels below the average. These customers represent opportunities for growth and upsell
in the future, while the underlying spend of our largest customers continues to grow nicely. In our IPO prospectus, we shared some key insights
into our top 25 customer activity over the past few years that I want to revisit. Particularly, in 2011, our top 25 customers had an average spend of
$440,000 on our platform.
Last year, our top 25 customers had an average spend of over $2 million with us. I mention this to reinforce that we are seeing very solid trends,
increasing per customer spend greater than the total average revenue per customer calculation would imply. Non-display advertising, which
includes mobile, video, and social, was 24% of our total revenue, up from 20% in the first quarter of last year. In the first quarter, 62% of our customers
utilized both display and non-display channels through MaxPoint, up from 41% a year ago. While mobile remains our fastest-growing channel, our
top priority is to utilize the most appropriate channels and platforms to deliver business results for our customers.
Moving back to the P&L, our gross profit increased 83% to $13.8 million which represented 82.4% of revenue ex-TAC. Moving to the expense side.
Other cost of revenues was $2.95 million, increasing at a faster pace than revenue ex-TAC due mainly to our increased investment in CapEx and
corresponding depreciation, and increased technical and analytic personnel. This resulted in 331 basis points of deleveraging in the other cost of
revenue line. As the platform grows, we expect to see leverage on this line item as the scale of the operation outpaces the near-term increases in
semi-fixed costs of revenue.
Sales and marketing expense was $12.8 million, or 76.3% of revenue ex-TAC, a 249-basis-point improvement over the same period last year. Our
first quarter sales and marketing hiring was to plan, which was below the rate of last year's increase on both a gross and percentage basis. We
ended the first quarter with 187 people in sales and marketing versus a total of 157 at year end, and 117 for the end of the first quarter last year.
We also increased marketing for the MaxPoint brand, which was not part of our operating expenses in Q1 2014.
Research and development expense was $4.6 million, or 27.7% of revenue ex-TAC, a 638-basis-point improvement versus last year. We will continue
to invest in engineering talent and our technology platform. General and administrative expense was $3.4 million, or 20.1% of revenue ex-TAC, a
112-basis-point increase versus last year, as we absorb the new administrative expense of being a public Company.
Adjusted EBITDA was a loss of $5.2 million in the first quarter compared to a loss of $3.1 million in the first quarter of 2014. The change was due
mainly to the increase in operating expenses from both increased hiring and infrastructure investments incurred during 2014, associated with our
product development, enhanced sales efforts, and public Company costs. Adjusted EBITDA, as a percentage of revenue ex-TAC, was negative 31%
for the quarter, an improvement of approximately 4 percentage points from negative 35% in the first quarter of 2014. Earnings per share on a GAAP
basis was a loss of $0.90. Non-GAAP earnings per share was a loss of $0.37, based on non-GAAP weighted average basic and diluted share count
of 20.6 million shares.
Capital expenditures, including both PP&E and an internal use software, were $3.1 million in the first quarter of 2015, and primarily include both
the purchases of equipment to support our growth and capitalized internal use software development costs. Cash flow from operations was a
positive $1.8 million. This was primarily driven by a net loss of $8.1 million offset by increased operating cash flow due to a $9.7 million decrease
in accounts receivable as a result of improved collections subsequent to increased advertising activity during the holiday season.
Now for a few comments on the balance sheet. We closed Q1 2015 with $65.3 million in cash which included $65.7 million in proceeds from our
March IPO net of expenses. We be repaid $15 million of our mezzanine debt in the first quarter, the remaining $5 million in mezzanine was repaid
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in April. As of March 31, 2015, all of the Company's debt was classified as long term. The debt consisted of $5 million in mezzanine debt, $23.7
million of the Company's revolver, and was offset by debt discounts of $300,000. As a reminder, we use the revolver as a working capital bridge
between the time we pay the real-time bidding exchanges to when we receive customer payments. The revolver is currently classified as long-term
debt due to its maturity date in June 2016.
Now moving on to guidance. For the second quarter, we expect revenue ex-TAC to be in the range of $21.2 million to $22.6 million. We expect our
adjusted EBITDA loss to be in the range of $3.6 million to $3 million. For the full year, we expect revenue ex-TAC to be in the range of $91.5 million
to $93 million. We expect our adjusted EBITDA loss to be in the range of $15.5 million to $14.5 million. For your modeling purposes, we expect our
non-GAAP basic and diluted share counts to be between 25.5 million and 26.5 million shares in the second quarter, and between 21.25 million and
22.25 million shares for the FY15.
In closing, we are pleased with our first quarter results and the strength of our business operations. Our avenues of growth are twofold. First, we
are increasing spend from our existing customers by increasing the frequency of their activity, adding more stores and locations, and adding more
brands from existing customers. Second, we are also expanding by adding all new customers. We are excited about the future of MaxPoint in
creating value for both our customers and our shareholders.
And with that, I'd like to open it up for questions.
QUESTIONS AND ANSWERS
Operator
(Operator Instructions) Your first question comes from the line of Ross Sandler with Deutsche Bank. Your line is open.
Shawn Rassouli - Deutsche Bank - Analyst
Hi, there, this is Shawn for Ross. Congratulations on a solid first quarter out of the gate.
Thank you.
A few questions, please. First, wondering if you could comment on overall visibility in the business, maybe give us a sense for how far out your
conversations with your larger accounts go as they plan out their future spend?
And as an add-on to that, what portion of the remaining, roughly, $75 million to $76 million net revenue that is implied by your full-year guidance
is already more or less secured? And then I have a couple more.
Shawn, this is Brad. So on our guidance. We took a look at -- we have a very strong understanding of our customer base, our new customer adds
that we've added over the past few quarters, how they are adopting on our adoption scale, how they're running on our adoption scale, as well as
our pipeline.
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And so we use that all combined to create a measured forecast. I won't get into details as to what percentage and what portion, but we take into
account everything that we see and weigh the opportunities and the risks against us as we look towards providing a very measured forecast both
for Q2 and for the year.
Okay, that's helpful. And then on your sales productivity, I think previously you had said that your second year quota of carrying reps due 2x the
volume of first-year reps, and then it doubles again into their third year. Wondering if you are continuing to see those trends as you build out those
sales teams?
We are very pleased with the productivity of our sales team. You can see we levered by 2.5% this quarter. We do continue to see that our salespeople
become more productive as they tenure up with us.
Okay. And maybe one last one for Joe. I know you touched on this in your prepared remarks, but it's been a couple of months since you've been a
public Company.
Can you maybe give us a sense for how that's changed the tone of conversations you're having with existing and prospective customers, maybe
the larger ones? Are you seeing an impact yet or is it pretty early still? Thank you.
Yes. No, we have definitely seen that impact into our business in that, the fact that MaxPoint develops very deep connections with its customers,
our ability to become a publicly traded Company and that -- the credentials that go with that are allowing those conversations for that deepening
connection to continue and, if not, increase in pace.
All right. Thanks very much. Great quarter.
Thank you.
Operator
Your next question comes from the line of Deb Schwartz with Goldman Sachs. Your line is open.
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Deb Schwartz - Goldman Sachs - Analyst
Great. Thanks, and congratulations on the quarter. Two questions. First, looking at the acceleration of customer growth this quarter, can you talk
a little bit about where you are from a category standpoint? Specifically, for the new customers that are coming in, are you going deeper within
your core CPG on retail verticals, or are you seeing greater penetration in some of the emerging categories?
And then secondly, you have been making a lot of investments in the technology platform. Curious, if you could sort of talk specifically about what
those investments are and what have you been seeing as it relates to performance from it? Thanks.
Sure. I can take both of those.
So from a new customer, we are seeing them come across all of our verticals in a relative consistent manner. We continue to see excellent penetration
with verticals like CBG, automotive, retail, in those areas. And we are making headway in the emerging verticals, in the healthcare, entertainment,
and other areas like that.
So we see that as being broad-based and consistent with what we've seen in the past. As far as the areas of investment, we continue to invest along
the themes of driving first and foremost greater intelligence into the platform, so our ability to improve, our ability to understand the neighborhoods,
understand those intense signals inside of those neighborhoods: we continue to invest in the areas of data science and engineering in those areas.
A second area that we have invested in, and it's an area that we also are doing partnerships in, which is the area of -- the ability for us to connect
to our customers' first party data. That is an area where we have announced several partnerships in that area. We continue to build partnerships
with key folks in that area, and we continue to invest in our -- in the platform to allow our customers to easily and readily connect their first party
data into our system.
Deb Schwartz - Goldman Sachs - Analyst
Great. Thank you.
Operator
Your next question comes from the line of Ralph Schackart with William Blair. Your line is open.
Ralph Schackart - William Blair & Company - Analyst
Good afternoon. Maybe just kind of piggyback off Deb's question a little bit. Your net growth of net enterprise customers in the quarter was
significantly above our model. Anything that you call out, either with the sales force or a particular vertical that caused the strength, or is it just
more continue the same as the sales force seasoning you've seen added growth there?
Yes, Ralph, this is Brad. I would say it's more continued of the same. We grew 50 customers. It is slightly over what we were expecting. We are very
pleased with that.
And we will -- we're very happy with the results. But there isn't anything specifically to point to in trends within the sales force or different activities
happening in different verticals. It really is more of a broad-based addition across the line and more of the same as what we have seen before.
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Just maybe one more. I know it's early days, international front, but how are you thinking about that market as you grow going forward?
Yes, we are really excited about the market right now in the UK, which is our only international market. We have an outstanding team that we've
built in the UK and we are just really excited about that. The technology from an international standpoint extends itself very well around the globe,
and so our ability to extend our technology into new markets, we really excited about that.
Great. Thanks a lot.
Operator
Your next question comes from the line of Kerry Rice with Needham. Your line is open.
Kerry Rice - Needham & Company - Analyst
Thanks a lot. Two high-level questions for you. This is for Joe. Can you talk a little bit about why it's easier to scale using your Digital Zips or the
technology behind the Digital Zips to scale a campaign, and why it's more cost effective?
And then, I think, Brad, you talked about being -- having a fixed price structure. Can you talk about that and how that relates to transparency for
the CMO or the brand advertiser that wants to buy the platform? Thank you.
Yes. So on the scale portion of it, it comes down to a couple of key attributes of the MaxPoint platform. First, it's the seamless ability to plan. So our
ability to give our customers the ability to see, if you will, to see the entire scale of opportunities before them.
Secondly, it's not being a cookie-reliant solution allows us to address virtually the entire population inside of our Digital Zip. And then the third
piece of it is the business intelligence piece, which allows us -- allows our customers to focus their advertising only on the neighborhoods that
matter in and around the stores that matter.
That enables them to get highly focused, highly effective campaigns that have -- that avoid the waste that is common with most advertising when
it's attempted to go at the local level.
And I'll say also that this enables them to do this in the -- in a way of buying that they are used to through this CPM methodology. They are not
dealing with any unusual types of purchasing. It's what they do every day, and so it's easier for us to produce it that way. And then, Kerry, you had
a second question, as well?
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Yes, just around, you have mentioned that you have a fixed pricing structure. I was just curious how that translates, or helps transparency for those
customers or advertisers that are looking at buying the platform, as opposed to maybe an arbitrage model that we've seen in other companies
that would do ADTECH.
Yes. We find, we want to deliver great value to our customers, and we find that delivering all these different pieces in one fixed CPM is the best
way to do it, and to give them the data, the planning, and the closed loop measurement with the ability to tell how our campaigns perform from
online advertisements to in-store sales is really the way that we create the best value for our customers.
Maybe a follow-up. When you say fixed price, you're talking -- does that change per advertiser based upon the campaign, or is it kind of just the
same CPM price for every advertiser? Any more insight would be great?
No, it's the same for every advertiser within a small range.
Okay. Thank you.
Operator
Your last question comes from the line of Evan Wilson with Pacific Crest. Your line is open.
Evan Wilson - Pacific Crest Securities - Analyst
Hi, thanks.
Two questions for you. One, sorry if you already answered this, I know the enterprise customers have already come up, but you certainly have
added quite a few lately. Curious if you can give any comment on how we should expect the enterprise customer adds to look as we exit 2015, if
there's any seasonality there? And then, the second question would be, specifically, what trends are you seeing in the price and the availability of
the exchange rated advertising that you're buying? Thanks.
The first part, Evan, this is Brad.
Yes, we're pleased with the enterprise customer growth. We are forecasting us to be at a little bit lower rate during the year, during the rest of the
year, but we will take any overages and be pleased with that success. As far as price and availability, while we don't manage the business to TAC,
we manage to revenue ex-TAC, we really have not seen any pressures significantly one way or the other on the price or in the quality of the inventory
that's available to us.
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Evan Wilson - Pacific Crest Securities - Analyst
Thanks.
Operator
There are no further questions at this time. I will turn the call back over to the presenter.
Michael Purcell - MaxPoint Interactive, Inc. - VP, Corporate Strategy & IR
Okay. This is Michael Purcell. Thank you, everybody, for joining us and we look forward to speaking with you soon.
Operator
Ladies and gentlemen, this concludes today's conference call. You may now disconnect.
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