Millennial Media Inc.

CIK:0001372375|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue	$ 65,862	$ 67,308	$ 129,032	$ 139,928
Cost of revenue	36,931	40,277	71,895	83,002
Gross profit	28,931	27,031	57,137	56,926
Operating expenses:
Sales and marketing	12,942	13,433	27,258	26,970
Technology and development	7,173	7,458	15,056	14,967
General and administrative	24,109	21,184	49,750	42,936
Total operating expenses	44,224	42,075	92,064	84,873
Loss from operations	(15,293)	(15,044)	(34,927)	(27,947)
Other expense
Interest expense, net	(100)	(35)	(155)	(63)
Total other expense	(100)	(35)	(155)	(63)
Loss before income taxes	(15,393)	(15,079)	(35,082)	(28,010)
Income tax expense	(65)	(11)	(159)	(27)
Net loss	$ (15,458)	$ (15,090)	$ (35,241)	$ (28,037)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.11)	$ (0.14)	$ (0.25)	$ (0.26)
Weighted average common shares outstanding:
Basic and diluted (in shares)	140,427	107,038	139,760	106,795
Stock-based compensation expense included above:
Stock-based compensation expense	$ 3,483	$ 3,693	$ 6,741	$ 7,465
Sales and marketing
Stock-based compensation expense included above:
Stock-based compensation expense	209	176	437	637
Technology and development
Stock-based compensation expense included above:
Stock-based compensation expense	142	168	283	338
General and administrative
Stock-based compensation expense included above:
Stock-based compensation expense	$ 3,132	$ 3,349	$ 6,021	$ 6,490

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net loss	$ (35,241)	$ (28,037)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Stock-based compensation expense	6,741	7,465
Bad debt expense	898	706
Depreciation and amortization	9,644	8,211
Unrealized foreign currency (gain) loss	(190)	44
Changes in assets and liabilities, net of acquired balances:
Release of restricted cash	622	234
Accounts receivable	15,181	36,681
Prepaid expenses and other current assets	19	(1,611)
Other assets	369	(1,410)
Accounts payable and accrued expenses	3,312	599
Accrued cost of revenue and developer costs	(16,372)	(25,135)
Accrued payroll and payroll related expenses	(1,705)	(489)
Other long-term liabilities	(1,580)	804
Deferred revenue	217	23
Net cash and cash equivalents used in (provided by) operating activities	(18,085)	(1,915)
Cash flows from investing activities
Purchases of property and equipment	(2,176)	(6,100)
Net cash and cash equivalents used in investing activities	(2,176)	(6,100)
Cash flows from financing activities
Proceeds from borrowing on credit line	10,000
Repayment of credit line	(5,000)
Common stock offering costs	(58)
Proceeds from exercises of stock options	657	1,895
Withholdings payments for vesting of restricted stock units	(81)	(691)
Net cash and cash equivalents provided by financing activities	5,518	1,204
Effect of exchange rates on cash and cash equivalents	(83)	(67)
Net decrease in cash and cash equivalents	(14,826)	(6,878)
Cash and cash equivalents, beginning of the period	49,463	99,237
Cash and cash equivalents, end of the period	$ 34,637	92,359
Supplemental disclosure of noncash investing and financing activities
Purchases of property and equipment with tenant improvement allowance		$ 1,980

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 34,637	$ 49,463
Restricted cash		272
Accounts receivable, net of allowances of $3,417 and $3,016 as of June 30, 2015 and December 31, 2014, respectively	85,459	101,348
Prepaid expenses and other current assets	3,799	3,946
Total current assets	123,895	155,029
Long-term assets:
Property and equipment, net	24,986	27,164
Restricted cash		350
Goodwill	139,004	139,004
Intangible assets, net	29,751	33,724
Other assets	1,835	2,369
Total long-term assets	195,576	202,611
Total assets	319,471	357,640
Current liabilities:
Short-term borrowings	5,000
Accounts payable and accrued expenses	15,170	10,520
Accrued cost of revenue and developer costs	55,578	71,951
Accrued payroll and payroll related expenses	7,987	9,708
Deferred revenue	959	742
Total current liabilities	84,694	92,921
Other long-term liabilities	4,500	6,079
Total liabilities	$ 89,194	$ 99,000
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of June 30, 2015 and December 31, 2014
Common stock, $0.001 par value, 250,000,000 shares authorized, 141,053,716 and 138,818,285 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 141	$ 139
Additional paid-in capital	480,173	473,217
Accumulated other comprehensive loss	(553)	(473)
Accumulated deficit	(249,484)	(214,243)
Total stockholders' equity	230,277	258,640
Total liabilities and stockholders' equity	$ 319,471	$ 357,640