Q3 2023 illumin Holdings Inc Earnings Call

November 9, 2023

Speaker 1: in the official remarks, I will read the cautionary note regarding forward-looking information.

To read the cautionary note regarding forward looking information.

Certain information to be discussed during this call contains forward looking statements within the meaning of applicable security laws, including among others statements concerning the company's objectives. The company strategy to achieve those objectives as well as statements with respect to management's beliefs plans estimates and intention.

Speaker 1: Certain information to be discussed during this call contains forward-looking statements within the meaning of applicable security laws, including, among others, statements concerning the company's objectives, the company's strategy to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts.

Similar statements concerning anticipated future events results circumstances performance or expectations that are not historical facts.

Such forward looking statements reflect management's current beliefs and are based on information currently available to management and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated.

Speaker 1: Such forward-looking statements reflect management's current beliefs and are based on information currently available to management and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated.

Speaker 1: Please refer to the cautionary statements and the risk factors identified in our filings with CDAR and EDGAR for a more detailed explanation of the inherent risks and uncertainties that could affect such forward-looking statements.

Please refer to the cautionary statements and the risk factors identified in our filings with SEDAR and Edgar for a more detailed explanation of the inherent risks and uncertainties that could affect such forward looking statements.

Speaker 1: Following the presentation, we will conduct a Q&A session. I would now like to turn the conference call over to Tal Hayek, the co-founder and chief executive officer.

Following the presentation, we will conduct the Q&A session I would now like to turn the conference call over to Tom <unk> Co founder and Chief Executive Officer.

Good morning, everyone and welcome to our Q3 2023.

Speaker 2: Good morning everyone and welcome to our Q3 2023 investor presentation.

Investor presentation, while I like to see.

<unk> by the news that we already shared that it is time for a new leader to take.

Speaker 2: by the news that we already shared that it is time for a new leader to take the lead here at Ellumin. I will be taking the role of a vice chair of the board and will continue to work in the company and as an advisor role to the new CEO and of course in the board itself as well. We will be looking for a new leader to scale this company.

The lead here, a tailwind I will be taking the role of the Vice chair of the board and will continue to work in the company and as an advisor role to the new CEO and of course in Nevada itself as well, we will be looking for a new leader to scale. This company.

Speaker 2: to a much, much bigger company. So somebody with experience in scaling a company, I have been doing this for 14 years now, and I think it's time for the next leader to come in and take it to, really, to the next level. When I made this announcement, it was a sad and proud day for me, as I shared with the Illumin community.

Too much.

A much much bigger company, so somebody with experience in scaling <unk> company.

I've been doing this for 14 years now and I think it's time for the next leader to come in and take it.

To really to the next level when I made this announcement it was.

Sad and proud day for me as I shared with the Illumina community.

Speaker 2: I co-founded this company many years ago, 14 years ago, and I always feel like it's my baby.

Co founded this company many years ago 14 years ago.

And always feel like it's my baby.

And <unk>.

Speaker 2: Just like the analogy I use is just like bringing a baby into this world, the baby becomes bigger and bigger and more mature, and one day they go to university. And when they go to university, it's a very sad day for the parents, but it's also a very proud day because they know that they prepped them to the world and now it's time for that baby to go and succeed on its own.

Just like the analogy I use is just like bringing a baby into this world the baby becomes bigger and bigger and more mature and one day. They go to University and when do you go to University, it's a very sad day.

For for the parents, but it's also a very proud day, because they know that they prep them to the world and now it's time for that baby to go and succeed on its own.

I think that illumine is in its best shape of its life Illumina is now a very differentiated product is a product that allows.

Marketers to create a consumer journey.

Something that.

That's exactly how they want to do it that's how they design at such high the desire to do it but up until now they couldnt have a way of doing it the lumen they have that and we've seen the adoption of alumina, taking place and we've seen the adoption of our self serve illumina growing very aggressively year over year.

And we expect that to continue growing we have some bumps around the road and we have to make some slight adjustments in order to make it go.

ROE on a consistent basis, but we do feel like we have the formula for success on that.

I like to do share that me and the other co founder started this company in 2009, and a very small room.

We scaled it very very fast we took it public first time in 2014, and we celebrated many successes and stood together through many hard times and we do believe that alumina.

Illumina is changing the world of advertising.

I would like to thank Michael Fonder, the rest of the executive team the.

The management team of ILUVIEN in the entire Illumina community alongside with the investors for all the support.

They gave me personally alone or the time I've been receiving a lot of amazing. Thank you a lot of support for for my decision and.

And it just heartfelt to to see what ive been getting.

Well till the time that we do find the new CEO I will still be running this company and we expect this search process that will take some time. So we do feel that sometimes in 2024, it will take place.

And for that we hired a search firm to help us search and we will be looking for somebody that's aligned with our with our vision.

Is to grow aggressively through self serve and do it in a conscious way.

Let's look at our Q3 financial results.

So we delivered $29 $6 million in revenue in Q3.

Again, as I mentioned before we would like to see higher.

Revenue growth year over year.

We're still seeing revenue growth, while many of our competitors are showing that.

That revenue is going down.

However, there are two things that I would like to mention number one we are seeing reduction in our managed service.

This was always predicted it's reducing a little bit faster than we expected I think its duty to a couple of things. One is people are moving more and more into self serve.

And.

The economic situation people are a little bit more.

Scared about their or their budget and so that's the reason, we're saying that we're that we are pleased that we're still seeing growth. Most importantly, what we've been tracking is our self serve revenue we would like to see the stacking effect every month on a self serve revenue and in Q3, we've seen that we were virtually.

The flat from Q2, we have a I want to remind everyone that it's a it's a new journey for us. It really started in Q3 of last year or two to start recruiting new customers, new logos and we have been focusing on bringing in a lot of new logos and we now found out that some of those new logos are not the right logos.

To bring in.

So I would say that we are making great progress in bringing in that engine. The engine of growth on self serve but we do need to make some adjustments and we started makes them, making some adjustments and as you can see we brought in less logos this quarter and we're expecting the results from those less logo to be better in the future we're already seeing.

The stacking effect back happening in in Q4, and we're pleased by that as far as Q4 is concerned in general we're still seeing challenges on the managed side of the business.

So again Q4 is neither with the results that we would like to see and again I think it's due to.

<unk>.

Their financial situation out there and due to the fact that more and more customers are moving into self serve some of those customers are moving to our self serve and it takes them a little longer to do.

Art Spendings at the same levels.

Is it something new for them and I do believe we'll see the results in the future as well and now I would like to call on Nadeem to share some of his thoughts about the sell side.

Thank you, Tom and then delve deeper into our third quarter numbers and give you a sense of how our pipeline our self service business. Overall is progressing I really wanted to thank our incredible team and our wonderful customers I am so proud.

And lucky to be part of this amazing team in vivo serve these truly transformational customers as we had guided we had a challenging Q3 with 2.4% year over year revenue growth.

Quarter over quarter, our self service business was flat, despite low seasonal spending and a longer time to ramp with many customers on holiday during August.

We're happy with these results.

Alumina continues to be a product that is resonating as a unique and differentiated value proposition.

And customers that will spend money through this platform.

The business overall is coming into balance or showing very moderate growth rates. Our strategy is to have a balanced business given the durability of our self service revenue now comprising almost 40% of our revenue in Q3 on.

In the last few calls I had been talking about how important is for us to track key kpis in our business.

We will delve deeper into a couple of those kpis that we've been discussing over the last few calls and you'll continue to see what I see that we're establishing that fundamentals are great long term sustainable business. Our late stage demo growth slowed a bit to 162 as we're looking at a qualified poor quality spenders out of the business out of the pipeline earlier.

We can focus on those customers and those deals that will bring us great revenue, they're what we call our ideal customer profiling of delve deeper into that in this call. We've learned a lot in the first half of the year relative to what target customers will spend which ones won't spend how they spend how much they cost to serve how much of the cost of.

Sell while we saw a bit of a decrease in new logo growth in self serve is as a result of our focus on the right proper ideal customer profile targeting the right ideal customer profile will provide a higher probability that a customer will spend on our platform solely increasing spending over time.

<unk> and lower our total cost to serve last quarter I mentioned, we entered the quarter with 245 deals in pipe.

We're entering Q4 with 316 deals in pipe continued momentum.

While increasing the right customers the ideal customers make sure we narrow list of high quality spenders.

Our Q3 brand direct pipeline growth slowed as well due to seasonality as expected. It continues to increase as a percentage of our overall total pipeline again, providing balance of the business and increasing our total addressable market, providing more predictability and more sustainability to the business.

Looking at our self service run rate number we continue to see growth quarter over quarter coming in at $25 million.

It's a $3 million increase from Q2, and again that run rate is taken the final months of the quarter and multiplying it by 12 I want to remind everybody that we are a consumption based model. We will have seasonal spenders wheel will have companies that when they enter their fiscal year. They will take a little bit of time to ramp that spur.

Ending as they enter that year.

Over time, as we diversify across industries that seasonality will decrease for our business as we diversify across companies at a multiple year end will also decrease that seasonality in our spend and our lead to great business overall, although we expect similar results in Q4, we are.

We're excited about the changes, we're making changes that are going to transform our business bring our business in the balance and materially growing our self service business.

I would now like to turn the call over to Elliot to update you on our business financials and thank everybody for their time today Elliott.

Elliot.

Thank you Nadeem Hello, everyone and thank you for joining us today on our Q3 2023 earnings call. Today, We reported third quarter 2023, total revenue of $29 6 million, an increase of over 2.4% year over year, mainly driven by growth in our alumina self serve business.

Which was up 348% on a year over year basis. In addition to this top line growth we achieved positive adjusted EBITDA for the quarter and were consistent with our commitment to remaining operating cash flow positive and to maintaining a solid balance sheet.

Our topline growth continues to be driven by aluminum self serve offering and our focus remains on expanding and enhancing our unique journey advertising platform. We made significant progress during the quarter by Onboarding, new self serve clients focusing on ramp up of existing and previously on boarded clients, while increasing our product demos. This S.

Translated the substantial organic alumina sales growth and we are thrilled with these results to date, having said that we believe this is just the beginning and we maintain a more positive outlook on the platforms long term growth prospects. This optimism stems from a lumens groundbreaking technology and extremely positive client feedback we received with recent and ongoing ads.

Vance mints and enhancements, we expect this feedback will be even greater as we substantially improve and broaden the opportunity for our customers with that I'll now move to a more detailed review of our financial results for the third quarter. As noted earlier total revenue for the third quarter 2023 was $29 6 million up two 4% comp.

Paired with $28 9 million for Q3 2022.

For the nine months ended September 30th 2023 revenue was $89 3 million up 10, 3% compared to $81 million in the same period last year.

As mentioned earlier this year over year increase was mainly driven by growth in our alumina self serve business. In addition to expanding our customer base. We also had an increased spending from our current customers. Thanks in part to their adoption of our aluminum platform.

Making down our revenue results revenue for managed services was $17 3 million in the third quarter of 2023 compared to $20 4 million in the same period last year. This decline was expected and consistent with what we saw earlier in the year relating to weakening advertiser confidence around consumer demand we.

See the similar trend continuing for the balance of the year.

For the nine months ended September 32023 revenue from managed services remained unchanged year over year at $54 3 million Rev.

Revenue from self serve for the third quarter grew 45% year over year to $12 4 million.

While self serve revenue for the nine months ended September 30th 2023 grew 31% to $35 million compared to the same period previous year again this year over year increase was due to growth in our alumina self serve business.

Gross profit or net revenue, which is defined as total revenue less media and related costs was 13 9 million for the third quarter of 2023 compared to $14 8 million in the same period previous year.

Net revenue margin for the third quarter was 47% compared to 51% in the comparable 2022 period.

The decrease in net revenue margin is largely attributable to an increase in self service revenue, which has lower margins.

For the nine months ended September 30th 2023, net revenue was $42 2 million compared to $41 4 million in the same period prior year net.

Net revenue margin for the first nine months of 20th twenty-three was 47% compared to 51 in the same period last year again this year over year change reflects the factors described earlier.

Total operating expenses for the third quarter were $16 8 million compared to $16 million in the same period last year as a percentage of revenue operating expenses were 56, 8% in Q3 compared to 55, 4% in the prior year period.

Total operating expenses for the nine months ended September 32023 were $52 6 million compared to $46 7 million during the same period in the prior year as a percentage of revenue operating expenses were 58, 9% compared to 57, 7% for the same period prior year.

This year over year increase reflects ongoing strategic investments in research and development.

Marketing and sales both to use to support continued growth and enhancements of our aluminum platform adjusted EBITDA for the third quarter of 2023 was 194000 compared to $1 6 million in the same period prior year, mainly due to the higher year over year operating expenses I noted earlier for the nine months ended.

September 30th 2023, adjusted EBITDA was approximately negative one 1 million compared with EBITDA of $3 3 million in the same prior year period. This year over year change reflects the factors mentioned earlier as well as higher sales outside of North America, which typically have lower margins.

Net income for the third quarter of 2023 was 762000 compared to $3 2 million for the same period in 2022 and for the nine months ended September 32023, net loss was $8 4 million compared to net income of 66000 in the same period prior year.

This decrease in net income is attributable to the factors discussed earlier as well as a foreign exchange impact and offsetting tax benefit from losses carried back within the company turning to our balance sheet. The company generated positive cash from operations of $1 3 million for the nine months ended an improvement of $2 5 million from the prior.

A year as of September 30th 2023, cash and cash equivalents were $60 million compared to $86 million as of December 31, 2022.

This decrease was attributable to approximately $15 million of share repurchases strategic investments in our business of $5 5 million $4 4 million of net loan repayments and $2 4 million of lease payments, partially offset by the $1 3 million of positive cash generated from operations as I mentioned effective November 13, two.

Twenty-three and subject to tears flex approval the company intends to commence a normal course issuer bid to purchase and cancel up to $4 3 million of its outstanding common shares as previously announced on September 11th 2023, the company voluntarily delisted and cease trading on the NASDAQ capital market.

The reasons for this decision included high insurance, and accounting and legal and compliance costs associated with the continued U S stock exchange listing and given the current macroeconomic environment. We feel this prudent move will allow us to utilize our capital more effectively to enhance overall shareholder value.

The company shares continue to be listed on the Toronto stock exchange in Canada under the trading symbol I L. L. M. Looking at shares outstanding as of September 30th 2023, and lumen had approximately 51 7 million shares outstanding compared to $56 8 million as of December 31st 2022 on <unk>.

July 27, 2023, the company commenced a substantial issuer bid to purchase for cancellation after $15 8 million of its outstanding common shares during the.

Actual issuer bid period that expired on August 31, 2023, the company had purchased for cancellation approximately $4.6 million of its outstanding common shares at a purchase price of $2 65 per share for an aggregate purchase price of approximately $12 2 million in summary, we continue to be pleased with the growth and adoption.

<unk> of our innovative aluminum platform, although challenging macroeconomic conditions are impacting advertiser spend we remain focused on driving alumina sales growth and building on our differentiated and unique platform solution.

We will continue to maintain a prudent approach to capital allocation carefully managing our expenses and making targeted strategic choices when choosing to deploy capital our strong balance sheet and solid cash position give us continued flexibility to be opportunistic in the current market.

We continue to believe that one of the best investments, we can make in today's market is and ourselves and hence the reason that we are continuing with our NCI V program.

Additionally, we will continue to explore acquisition opportunities that are accretive and align with our strategic vision for the future that we believe will ultimately build greater value for our shareholders and with that I'd like to turn it back over to Tao for his closing remarks.

Thank you Elliot.

Well just to highlight a few items from Q3, starting with our cash balance as you know we have a very healthy cash balance at Illumina.

And very proud of the fact that we have positive cash flow from operations, so not burning cash and having a great cash balance.

It allows us to introduce a new and CIB. We do believe that ILUVIEN is the best investment we can make and therefore, that's what are we buying more of our stocks back I'm also very excited that after talking.

About this for a while about the roadmap of how to add more items into alumina that is not programmatic, we launch Facebook and Instagram into it. So now we have social in the future we will add more things.

But it's important to for this to be an all rounded our system not just on the programmatic side I think we are the first company that brought those two together at the moment and.

Very very proud of our team.

For doing that.

And most important is the self serve numbers.

And I want to remind everyone that.

Last year, we had hardly any self serve illumina numbers.

And this year, we have quite a bit we exited Q3 in a run rate of $25 million.

Which again is a great achievement and we expect that number the exit from the year to be even higher than that so.

That continues to be our focus we are making adjustments minor adjustment in order to making sure that the engine is working well, but what's important is customers are signing up in the right customers are spending money on on it and coming back for more and more and more.

And loving the product and this is what I'm most excited by and this is what I'm focusing by and I do believe that this will continue going on with that we will now open the floor for questions.

Good morning, everyone and thank you for joining the Q3 presentation for Illumina as we present, our financial and operating results I would like to begin by.

Reminding our analysts that in order to present your questions you must first click on the I would like to join the stage button at the top of your screen, if you're a kohl's limit your time to two questions would be appreciated. Please wait a moment as we load the questions.

Okay.

Yes.

My apologies everyone. If you would please be patient as we address a minor technical issue.

Greatly appreciate it.

Thank you.

Okay.

Sure.

Well I hope people can hear us and see us.

So Meanwhile.

While they're working out.

Hi, Good morning, gentlemen, can you hear me.

Yet we can thank you again I apologize for the technical difficulties.

I would like to ask Rob Goff of echelon wealth partners to join the stage.

Rob proceed when you're ready.

Okay. Thank you very much and.

Good morning, gentlemen.

Good morning, good morning.

Now first of all like to start by saying, yeah, extending thanks, and congratulations to Tao on his stewardship and all the best in your transition.

Thank you Rob and thank you for all the support since we started this journey has been quite the journey.

Yes.

Like Illumina, yes, very exciting.

In terms of questions I have two questions. There first thing can you talk to the significance of adding social.

And then the second question to leave with you is you did talk to targeting higher revenue clients on self serve you toxins thresholds and how you are balancing there.

Yes, absolutely so.

I would say that.

From a social perspective, I want I would like to answer it in.

And in a way that.

Not just social outlets everything.

Well rounded so outside of programmatic.

Obviously, we started with programmatic of though is our core business before.

Then we added out of home.

And.

Now we added the social and the.

And in the roadmap I think next is gonna be email marketing it just a way of tying it altogether you'd wanted to our consumer journey and you need to start using multiple different systems to do it you cannot tie it altogether. So that is the powerful ness of the system and.

The more and more things that we add to it that the that are outside.

Of the more programmatic than the more well rounded it isn't that you can target your consumer.

And in the journey of wherever it is that they are at so.

I think it's very significant.

We'll change the way that.

Advertisers use the used systems out there and ensign and where it's early days and we're really really looking forward to see how it impacts the entire debate on the consumer journey.

So that's our that's about that regarding the are targeting a higher or.

Logos from our self serve perspective.

I would say this a year ago we've.

We virtually had no illusions self serve.

Revenue we.

We had no long term contract and.

And and we had hardly any.

Any pipeline on the self serve side.

We ended up last year at $4 $3 million in revenue on enrolment seltzer.

And we know just exited the quarter at $25 million run rate.

So I would say that really an amazing accomplishment and at the same time I would say that it's also been a transformational year for us and our learning here. So we loaded up a lot of logos on the system.

And there was a lot of reasons for it number one.

For learning to understand what resonate what works what doesn't work is also on your product.

The feedback that we're getting from the user is extremely important and as we're getting that feedback we have to make changes and.

And because of that but also.

Improving the flow and the user experience and everything that goes with that.

That was the focus we also need to do to get the buy in from our own people.

The change is real and the transformation is real and.

It's a huge DNA change for the company so.

I would say, we're very happy about loading a lot of logos on and yes, a lot of the overlap with other non where smaller logos and now it's about starting to buy during the the growth engine at the end of the day, we would like to see the stacking effect have been every month.

And it did show that is happening most months, but not every month and we need to make the adjustment in order to have it happening every month so.

We're working on that we're working on different sales methodologies into the larger accounts.

Different ones, but the smaller accounts.

And you know making.

<unk> four for next year in order to implement all of that.

Once we have more.

Our results on that well be able to share the.

The results.

Okay. Thank you.

Thank you.

Our next question comes from Laura Martin of Needham and company. Laura. Please proceed when you are ready.

Hi, guys.

Hey, Laura Miller Lite like you can tell it's dark in L. A where we go.

Yes.

Okay. So my first question is on this flat longer saying so our self service was flat at around 5.1 million. My question is and you said some logos sort of weren't ready for prime time, yet to learn.

Watson law, though that's not ready.

For alumina self service can you explain to me why a logo isn't a good fit what does that mean.

Sure you want me to take that one.

Sure.

So a couple of things on that one is.

And it was to judge our describing Rob's question as well, which is we're targeting folks with our revenue. It's really what we're targeting folks with is healthier media budgets.

In the addressable web, which is where we derive most of our revenue from is a smaller component overall media budget.

The media budget is not large enough, we're not getting enough lift or an up revenue from that particular client. So it's really around the overall media budget and then what percentage of that paid media budget. We can take both now with addressable web and now Additionally, with social and digital waterfall so that that.

Probus, there as well as the capabilities of the client to onboard and use.

So those are the two factors that we really looked at and when they when those factors exist, we see great span and we see great staffing as a result, so we get.

A few of those logos every quarter, we're seeing that stacking effect every single month, the Cal speaks about quite often.

I would add that using a Roman is different than what they're used to.

As you know they're used to.

Having.

You know limited amount of betas, and sending the more or less the same message over and over and over again now we're asking them to do things differently. Now we're asking them. This is a constellation of the consumer journey now. So you have to set up a different set of creatives for the the first days of in second third and a third.

And once people go through it the creative change and all of that so a lot of people are not ready on the first day after they sign up they love the concept.

No that's how they want to do it but it is a game changer. So.

It needs a lot of changes within the orange themselves as well.

Okay. That's super helpful. My second question is he a delisting from the NASDAQ and then you put in this.

Auction to buy up to 15 million shares, which you bought a subset of that my question is that 25% of your total flow and already the liquidity erez with de Minimis like $60000. A day, so you're trying to take this company private is that the new strategy.

That's not the new strategy that we would love to stay public and.

No plans to go private at all the reason we went off the NASDAQ is mostly for AR.

We're saving expenses, it's it's many millions of dollars to be on the NASDAQ performer from a cost perspective.

And for the size of the company that we are today. It just didn't make sense, we don't want to go back on the NASDAQ when with the right size for it.

And we.

Are we.

Wouldn't necessarily want to buy our stock back if we didn't think it was so cheap but at the prices. They are today, we don't think there's a better investment out there and this is why we're buying it back.

And.

And we're going to continue doing that as long as we can and as long as it's a.

It's undervalued.

And.

We'll see how the the the long term effect and the stock market is going to be I believe that once we get to <unk>.

Critical size on our self serve revenue, which is probably going to happen.

<unk> next year, and it's going to be the majority of our revenue.

Then we will start seeing.

No better traction on that.

So hope that helps okay sounds good those are my two questions. Thanks, guys.

Thanks, Laura you in July.

Gentlemen, it looks like we have no. Other questions. This morning, he did a great job of presenting the story as usual.

What I'd like to do now is thank everyone for their time this morning.

Thank you tell Elliot and Nadeem for presenting the information. Please join US next time as we present, our Q4 2023 financial and operating results I will now turn it back to tell for his closing remarks.

Thank you and thanks, everyone for joining us and just before we go I would I like to refocus everyone on what we are focusing on.

<unk> is our illumine self serve revenue so.

I will repeat it again, a year ago, we had no long term contracts and hardly any revenue from it we exited the quarter now at $25 million run rate on illumined Seltzer.

We feel that it's happening we are making slight adjustments to that to that growth engine in order to make the stacking effect happened every month, we already see great results in Q4 on the lumen self serve that aside and.

Just looking forward to seeing this fall.

Bold transformation happen are right in front of us so with that I would like to thank our everyone involved and the lumen community of course and.

And our investors for.

Really since we started thank you everyone.

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