- Delivered record quarterly revenue of $82.8 million and Adjusted Revenue of $85.1 million, 1 up 10% and 11% quarter over quarter, respectively, and up 44% and 43% year over year, respectively.
- Increased insurance revenue growth by 13%, including 8% from top 10 insurance clients, with strong open enrollment acceleration expected in the fourth quarter.
- Gross profit of $25.1 million, or 30.2% gross margin.
- Net loss of $2.2 million (which includes $3.2 million of business combination and acquisition-related costs and $1.0 million of facilities lease restructuring costs).
- Combined Adjusted EBITDA of $14.0 million,1 up 7.7% from the second quarter.
- Surpassed 6 million milestone for number of consumers matched with insurance providers.
- Anticipates over-indexed growth in the fourth quarter, as the digital advertising transformation continues with digital ad spend expected to reach $130 billion in 2021, although the environment remains uncertain with expected volatility.
CLEARWATER, Fla. – Digital Media Solutions, Inc. (NYSE: DMS), a leading provider of technology and digital performance advertising solutions leveraging innovative, performance-driven brand-direct and marketplace solutions to connect consumers and advertisers, today announced financial results for the third quarter ended September 30, 2020.
“We are happy to report another quarter of strong growth as we execute on our proven strategy of providing digital performance advertising solutions that connect digital advertising clients and their prospective customers,” said Joe Marinucci, co-founder and CEO of DMS. “During the third quarter, we saw significant expansion in our insurance vertical, reaching a meaningful volume milestone, as we grew both our client base and the revenue from existing clients.”
“Because our digital performance advertising solutions help our advertiser clients to de-risk ad spend and connect with more consumers to expand the number of customers to which they deliver products and services, we are anticipating over-indexed growth in the fourth quarter as the accelerating shift to digital advertising coincides with the anticipated strong holiday e-commerce season and potentially record-setting open enrollment period,” concluded Marinucci.